Dfa Investment Dimensions Group Inc – ‘N-30D’ for 12/31/97

As of:  Thursday, 2/5/98   ·   For:  12/31/97   ·   Accession #:  1047469-98-3651   ·   File #:  811-03258

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 1: N-30D       Annual or Semi-Annual Report Mailed to               568±  2.58M 
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--------------------------------------------------------------------------------

DFA Investment Dimensions Group Inc.
and 
The DFA Investment Trust Company

ANNUAL
REPORT

Year Ended November 30, 1997

--------------------------------------------- 

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DFA INVESTMENT DIMENSIONS GROUP INC.

ANNUAL REPORT 

TABLE OF CONTENTS 

                                                                [Download Table]
                                                                                
Performance Charts....................................................       1-7
Schedules of Investments                                                        
    The U.S. 9-10 Small Company Portfolio.............................      8-32
    The U.S. 6-10 Small Company Portfolio.............................        33
    The U.S. Large Company Portfolio..................................        33
    The Enhanced U.S. Large Company Portfolio.........................        33
    The U.S. 6-10 Value Portfolio.....................................        33
    The U.S. Large Cap Value Portfolio................................        33
    The DFA Real Estate Securities Portfolio..........................     34-35
    The Japanese Small Company Portfolio..............................        36
    The Pacific Rim Small Company Portfolio...........................        36
    The United Kingdom Small Company Portfolio........................        36
    The Continental Small Company Portfolio...........................        36
    The International Small Company Portfolio.........................        37
    The RWB/DFA International High Book to Market Portfolio...........        37
    The Emerging Markets Portfolio....................................        37
    The Large Cap International Portfolio.............................     38-42
    The DFA International Small Cap Value Portfolio...................     43-58
    The DFA Intermediate Government Fixed Income Portfolio............        59
    The DFA One-Year Fixed Income Portfolio...........................        60
    The DFA Five-Year Government Portfolio............................        60
    The DFA Two-Year Global Fixed Income Portfolio....................        60
    The DFA Global Fixed Income Portfolio.............................     61-62

Statements of Assets and Liabilities..................................     63-65

Statements of Operations..............................................     66-71

Statements of Changes in Net Assets...................................     72-78

Financial Highlights..................................................     79-92

Notes to Financial Statements.........................................    93-100

Report of Independent Accountants.....................................       101

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.                                         

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THE DFA INVESTMENT TRUST COMPANY

ANNUAL REPORT 

TABLE OF CONTENTS 

                                                                [Download Table]
                                                                                
Performance Charts....................................................   102-106
Statements of Net Assets                                                        
    The U.S. 6-10 Small Company Series................................   107-138
    The U.S. Large Company Series.....................................   139-143
    The Enhanced U.S. Large Company Series............................   144-145
    The U.S. 6-10 Value Series........................................   146-161
    The U.S. Large Cap Value Series...................................   162-163
    The Japanese Small Company Series.................................   164-170
    The Pacific Rim Small Company Series..............................   171-182
    The United Kingdom Small Company Series...........................   183-189
    The Continental Small Company Series..............................   190-200
    The DFA International Value Series................................   201-208
    The Emerging Markets Series.......................................   209-216
    The Emerging Markets Small Cap Series.............................   217-222
    The DFA One-Year Fixed Income Series..............................   223-225
    The DFA Two-Year Global Fixed Income Series.......................   226-228

Statements of Operations..............................................   229-231

Statements of Changes in Net Assets...................................   232-238

Financial Highlights..................................................   239-244

Notes to Financial Statements.........................................   245-251

Report of Independent Accountants.....................................       252

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DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

                                                        [Enlarge/Download Table]

                U.S. 9-10 SMALL COMPANY PORTFOLIO VS.                                                                     
                           CRSP 9-10 INDEX                                                                                
                     DECEMBER 1987-NOVEMBER 1997                                                                          
                          GROWTH OF $10,000                                                                               
                                                                               U.S. 9-10          CRSP 9-10 INDEX         
                                                                        SMALL COMPANY PORTFOLIO                           
                                                                                                                          

                                                                                         $10,000            $10,000       
Dec-87                                                                                   $10,520            $10,320       
                                                                                         $11,105            $11,102       
                                                                                         $11,949            $11,851       
                                                                                         $12,436            $12,351       
                                                                                         $12,696            $12,526       
                                                                                         $12,469            $12,197       
                                                                                         $13,107            $12,839       
                                                                                         $13,075            $12,818       
                                                                                         $12,753            $12,539       
                                                                                         $13,043            $12,724       
                                                                                         $12,882            $12,520       
                                                                                         $12,319            $12,049       
Dec-88                                                                                   $12,805            $12,376       
                                                                                         $13,322            $12,969       
                                                                                         $13,432            $13,065       
                                                                                         $13,913            $13,366       
                                                                                         $14,302            $13,706       
                                                                                         $14,819            $14,098       
                                                                                         $14,523            $13,954       
                                                                                         $15,114            $14,381       
                                                                                         $15,298            $14,669       
                                                                                         $15,298            $14,694       
                                                                                         $14,374            $13,749       
                                                                                         $14,301            $13,632       
Dec-89                                                                                   $14,109            $13,394       
                                                                                         $13,031            $12,539       
                                                                                         $13,275            $12,716       
                                                                                         $13,764            $12,975       
                                                                                         $13,397            $12,572       
                                                                                         $14,149            $13,073       
                                                                                         $14,353            $13,161       
                                                                                         $13,805            $12,588       
                                                                                         $12,015            $10,964       
                                                                                         $11,019             $9,938       
                                                                                         $10,389             $9,279       
                                                                                         $10,857             $9,641       
Dec-90                                                                                   $11,067             $9,639       
                                                                                         $11,998            $10,630       
                                                                                         $13,333            $12,175       
                                                                                         $14,240            $13,149       
                                                                                         $14,288            $13,331       
                                                                                         $14,766            $13,685       
                                                                                         $14,050            $13,148       
                                                                                         $14,621            $13,611       
                                                                                         $15,003            $14,026       
                                                                                         $15,051            $14,204       
                                                                                         $15,528            $14,533       
                                                                                         $15,100            $14,027       
Dec-91                                                                                   $16,007            $14,615       
                                                                                         $17,813            $16,642       
                                                                                         $18,618            $17,537       
                                                                                         $18,154            $17,125       
                                                                                         $17,423            $16,322       
                                                                                         $17,398            $16,341       
                                                                                         $16,495            $15,491       
                                                                                         $17,105            $15,986       
                                                                                         $16,715            $15,533       
                                                                                         $16,934            $15,780       
                                                                                         $17,373            $16,214       
                                                                                         $18,911            $17,787       
Dec-92                                                                                   $19,745            $18,418       
                                                                                         $20,817            $19,485       
                                                                                         $20,442            $18,939       
                                                                                         $21,033            $19,490       
                                                                                         $20,389            $18,892       
                                                                                         $21,086            $19,610       
                                                                                         $21,006            $19,645       
                                                                                         $21,355            $19,950       
                                                                                         $22,079            $20,796       
                                                                                         $22,777            $21,436       
                                                                                         $23,849            $22,437       
                                                                                         $23,432            $21,820       
Dec-93                                                                                   $23,887            $22,075       
                                                                                         $25,363            $23,173       
                                                                                         $25,304            $23,085       
                                                                                         $24,176            $21,963       
                                                                                         $24,321            $21,747       
                                                                                         $24,292            $21,730       
                                                                                         $23,655            $21,154       
                                                                                         $24,091            $21,260       
                                                                                         $24,902            $22,210       
                                                                                         $25,164            $22,568       
                                                                                         $25,453            $22,701       
                                                                                         $24,624            $21,825       
Dec-94                                                                                   $24,628            $21,567       
                                                                                         $25,325            $22,173       
                                                                                         $25,964            $22,894       
                                                                                         $26,340            $23,306       
                                                                                         $27,267            $23,949       
                                                                                         $28,080            $24,466       
                                                                                         $29,675            $25,886       
                                                                                         $31,589            $27,527       
                                                                                         $32,720            $28,633       
                                                                                         $33,358            $29,315       
                                                                                         $31,733            $27,799       
                                                                                         $32,342            $28,252       
Dec-95                                                                                   $33,115            $28,603       
                                                                                         $33,208            $29,003       
                                                                                         $34,434            $29,891       
                                                                                         $35,219            $30,742       
                                                                                         $38,205            $33,343       
                                                                                         $41,067            $35,731       
                                                                                         $38,677            $33,615       
                                                                                         $35,029            $30,694       
                                                                                         $36,697            $32,177       
                                                                                         $37,765            $33,248       
                                                                                         $37,104            $32,513       
                                                                                         $38,172            $33,307       
Dec-96                                                                                   $38,951            $33,996       
                                                                                         $40,587            $35,784       
                                                                                         $39,751            $35,169       
                                                                                         $37,803            $33,175       
                                                                                         $36,760            $31,848       
                                                                                         $40,517            $35,361       
                                                                                         $42,534            $37,175       
                                                                                         $45,108            $39,271       
                                                                                         $47,404            $41,054       
                                                                                         $51,405            $44,942       
                                                                                         $49,420            $43,639       
Nov-97                                                                                   $48,654            $42,748       
Annualized                                                                                   One               Five    Ten
Total Return (%)                                                                            Year              Years  Years
                                                                                           27.46              20.80  17.14
The portfolio seeks 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 U.S. small companies with a market capitalization of                                                               
approximately $150 million or less.                                                                                       
The portfolio's return in fiscal 1997 reflected the performance of                                                        
decile 9-10 companies in the U.S.                                                                                         
Past performance is not predictive of future performance.                                                                 
CRSP 9-10 Index courtesy of the Center for Research in Security                                                           
Prices, University of Chicago.                                                                                            

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

                                                        [Enlarge/Download Table]

                 U.S. 6-10 SMALL COMPANY PORTFOLIO VS.                                                                          
                            CRSP 6-10 INDEX                                                                                     
                        APRIL 1992-NOVEMBER 1997                                                                                
                           GROWTH OF $10,000                                                                                    
                                                                                U.S. 6-10          CRSP 6-10 INDEX              
                                                                         SMALL COMPANY PORTFOLIO                                
                                                                                                                                

                                                                                          $10,000            $10,000            
Apr-92                                                                                     $9,588             $9,606            
                                                                                           $9,567             $9,677            
                                                                                           $9,103             $9,289            
                                                                                           $9,505             $9,649            
                                                                                           $9,309             $9,383            
                                                                                           $9,464             $9,587            
                                                                                           $9,763             $9,892            
                                                                                          $10,670            $10,729            
                                                                                          $11,079            $11,096            
                                                                                          $11,454            $11,511            
                                                                                          $11,193            $11,229            
                                                                                          $11,454            $11,581            
Apr-93                                                                                    $11,099            $11,231            
                                                                                          $11,547            $11,743            
                                                                                          $11,495            $11,788            
                                                                                          $11,579            $11,928            
                                                                                          $11,975            $12,478            
                                                                                          $12,288            $12,837            
                                                                                          $12,548            $13,234            
                                                                                          $12,240            $12,827            
                                                                                          $12,592            $13,215            
                                                                                          $12,970            $13,671            
                                                                                          $12,873            $13,590            
                                                                                          $12,247            $12,850            
Apr-94                                                                                    $12,269            $12,798            
                                                                                          $12,204            $12,683            
                                                                                          $11,848            $12,355            
                                                                                          $12,021            $12,568            
                                                                                          $12,593            $13,287            
                                                                                          $12,657            $13,335            
                                                                                          $12,700            $13,322            
                                                                                          $12,267            $12,806            
                                                                                          $12,423            $12,974            
                                                                                          $12,496            $12,996            
                                                                                          $12,908            $13,476            
                                                                                          $13,151            $13,764            
Apr-95                                                                                    $13,576            $14,123            
                                                                                          $13,854            $14,380            
                                                                                          $14,557            $15,173            
                                                                                          $15,453            $16,141            
                                                                                          $15,889            $16,559            
                                                                                          $16,180            $16,913            
                                                                                          $15,343            $16,050            
                                                                                          $15,794            $16,609            
                                                                                          $16,172            $17,019            
                                                                                          $16,211            $17,132            
                                                                                          $16,752            $17,712            
                                                                                          $17,114            $18,127            
Apr-96                                                                                    $18,250            $19,490            
                                                                                          $19,192            $20,439            
                                                                                          $18,315            $19,505            
                                                                                          $16,791            $17,703            
                                                                                          $17,772            $18,756            
                                                                                          $18,326            $19,529            
                                                                                          $18,055            $19,158            
                                                                                          $18,752            $19,740            
                                                                                          $19,029            $20,137            
                                                                                          $19,659            $20,864            
                                                                                          $19,239            $20,365            
                                                                                          $18,329            $19,257            
Apr-97                                                                                    $18,118            $18,938            
                                                                                          $20,176            $21,347            
                                                                                          $21,213            $22,657            
                                                                                          $22,473            $23,897            
                                                                                          $23,300            $24,731            
                                                                                          $25,092            $26,811            
                                                                                          $24,000            $25,762            
Nov-97                                                                                    $23,636            $25,327            
Annualized                                                                                    One               Five        From
Total Return (%)                                                                             Year              Years  April 1992
                                                                                            26.04              17.24       16.39
The portfolio seeks to capture premium returns and diversification                                                              
benefits by investing in the U.S. 6-10 Small Company Series of the DFA                                                          
Investment Trust Company which in turn invests in a broad cross-section                                                         
of U.S. small companies on a market cap-weighted basis.                                                                         
The portfolio's return in fiscal 1997 reflected the performance of                                                              
decile                                                                                                                          
6-10 companies in the U.S.                                                                                                      
Past performance is not predictive of future performance.                                                                       
CRSP 6-10 Index courtesy of the Center for Research in Security Prices,                                                         
University of Chicago.                                                                                                          

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

                                                        [Enlarge/Download Table]

                    U.S. LARGE COMPANY PORTFOLIO VS.                                                                    
                             S&P 500 INDEX                                                                              
                       JANUARY 1991-NOVEMBER 1997                                                                       
                           GROWTH OF $10,000                                                                            
                                                                          U.S. LARGE       S&P 500 INDEX                
                                                                       COMPANY PORTFOLIO                                
                                                                                                                        

                                                                                  $10,000          $10,000              
Jan-91                                                                            $10,440          $10,442              
                                                                                  $11,180          $11,190              
                                                                                  $11,441          $11,456              
                                                                                  $11,461          $11,488              
                                                                                  $11,954          $11,980              
                                                                                  $11,409          $11,432              
                                                                                  $11,936          $11,967              
                                                                                  $12,220          $12,249              
                                                                                  $12,008          $12,048              
                                                                                  $12,171          $12,209              
                                                                                  $11,680          $11,716              
                                                                                  $13,012          $13,055              
Jan-92                                                                            $12,774          $12,812              
                                                                                  $12,939          $12,976              
                                                                                  $12,690          $12,722              
                                                                                  $13,053          $13,092              
                                                                                  $13,126          $13,163              
                                                                                  $12,928          $12,972              
                                                                                  $13,440          $13,495              
                                                                                  $13,168          $13,222              
                                                                                  $13,315          $13,374              
                                                                                  $13,357          $13,422              
                                                                                  $13,810          $13,875              
                                                                                  $13,963          $14,056              
Jan-93                                                                            $14,069          $14,159              
                                                                                  $14,250          $14,350              
                                                                                  $14,546          $14,659              
                                                                                  $14,184          $14,299              
                                                                                  $14,557          $14,686              
                                                                                  $14,590          $14,734              
                                                                                  $14,526          $14,665              
                                                                                  $15,064          $15,223              
                                                                                  $14,957          $15,111              
                                                                                  $15,259          $15,418              
                                                                                  $15,117          $15,273              
                                                                                  $15,306          $15,460              
Jan-94                                                                            $15,800          $15,978              
                                                                                  $15,372          $15,547              
                                                                                  $14,711          $14,871              
                                                                                  $14,910          $15,064              
                                                                                  $15,141          $15,310              
                                                                                  $14,774          $14,931              
                                                                                  $15,251          $15,426              
                                                                                  $15,872          $16,053              
                                                                                  $15,504          $15,667              
                                                                                  $15,839          $16,025              
                                                                                  $15,275          $15,437              
                                                                                  $15,503          $15,663              
Jan-95                                                                            $15,898          $16,070              
                                                                                  $16,518          $16,693              
                                                                                  $16,995          $17,187              
                                                                                  $17,481          $17,688              
                                                                                  $18,184          $18,386              
                                                                                  $18,606          $18,818              
                                                                                  $19,220          $19,445              
                                                                                  $19,255          $19,498              
                                                                                  $20,077          $20,314              
                                                                                  $19,996          $20,243              
                                                                                  $20,856          $21,134              
                                                                                  $21,250          $21,525              
Jan-96                                                                            $21,979          $22,265              
                                                                                  $22,164          $22,479              
                                                                                  $22,381          $22,695              
                                                                                  $22,706          $23,029              
                                                                                  $23,273          $23,623              
                                                                                  $23,366          $23,720              
                                                                                  $22,327          $22,664              
                                                                                  $22,804          $23,145              
                                                                                  $24,072          $24,445              
                                                                                  $24,727          $25,115              
                                                                                  $26,587          $27,021              
                                                                                  $26,058          $26,492              
Jan-97                                                                            $27,681          $28,137              
                                                                                  $27,894          $28,365              
                                                                                  $26,742          $27,185              
                                                                                  $28,336          $28,808              
                                                                                  $30,047          $30,577              
                                                                                  $31,387          $31,940              
                                                                                  $33,883          $34,476              
                                                                                  $31,995          $32,559              
                                                                                  $33,739          $34,344              
                                                                                  $32,612          $33,197              
Nov-97                                                                            $34,096          $34,734              
Annualized                                                                            One             Five          From
Total Return (%)                                                                     Year            Years  January 1991
                                                                                    28.25            19.81         19.40
The portfolio provides access to U.S. large companies by investing in                                                   
the                                                                                                                     
U.S. Large Company Series of the DFA Investment Trust Company                                                           
which in turn invests primarily in the securities comprising the                                                        
S&P 500 Index.                                                                                                          
The portfolio's return in fiscal 1997 reflected the performance of                                                      
the S&P 500 Index.                                                                                                      
Past performance is not predictive of future performance.                                                               

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DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

                                                        [Enlarge/Download Table]

             ENHANCED U.S. LARGE COMPANY PORTFOLIO VS.                                                         
                           S&P 500 INDEX                                                                       
                     AUGUST 1996-NOVEMBER 1997                                                                 
                         GROWTH OF $10,000                                                                     
                                                                          ENHANCED U.S.         S&P 500 INDEX  
                                                                     LARGE COMPANY PORTFOLIO                   
                                                                                                               

                                                                                       $10,000          $10,000
Aug-96                                                                                 $10,203          $10,212
                                                                                       $10,802          $10,786
                                                                                       $11,167          $11,081
                                                                                       $12,010          $11,923
                                                                                       $11,709          $11,689
                                                                                       $12,455          $12,415
Feb-97                                                                                 $12,553          $12,515
                                                                                       $11,947          $11,995
                                                                                       $12,697          $12,711
                                                                                       $13,525          $13,491
                                                                                       $14,105          $14,093
                                                                                       $15,242          $15,212
Aug-97                                                                                 $14,407          $14,366
                                                                                       $15,156          $15,153
                                                                                       $14,730          $14,647
Nov-97                                                                                 $15,279          $15,325
Annualized                                                                                 One             From
Total Return (%)                                                                          Year      August 1996
                                                                                         27.22            37.43
The portfolio invests in the Enhanced U.S. Large Company                                                       
Series of the DFA Investment Trust Company, which in turn seeks                                                
to capture return premiums associated with an enhanced cash                                                    
portfolio in combination with the S&P 500 Index futures and swaps.                                             
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]

                   U.S. 6-10 VALUE PORTFOLIO VS.                                                             
                 FAMA-FRENCH SMALL CAP VALUE INDEX                                                           
                      APRIL 1993-NOVEMBER 1997                                                               
                         GROWTH OF $10,000                                                                   
                                                                        U.S. 6-10           FAMA-FRENCH      
                                                                     VALUE PORTFOLIO   SMALL CAP VALUE INDEX 
                                                                                                             

                                                                              $10,000                 $10,000
Apr-93                                                                         $9,788                  $9,687
                                                                              $10,050                 $10,081
                                                                              $10,050                 $10,069
                                                                              $10,353                 $10,209
                                                                              $10,685                 $10,536
                                                                              $11,058                 $10,727
                                                                              $11,431                 $11,156
                                                                              $11,228                 $10,978
                                                                              $11,453                 $11,257
                                                                              $12,044                 $11,791
                                                                              $12,003                 $11,720
                                                                              $11,606                 $11,235
Apr-94                                                                        $11,687                 $11,317
                                                                              $11,717                 $11,279
                                                                              $11,503                 $11,047
                                                                              $11,696                 $11,320
                                                                              $12,094                 $11,726
                                                                              $12,053                 $11,676
                                                                              $11,879                 $11,477
                                                                              $11,472                 $11,096
                                                                              $11,591                 $11,188
                                                                              $11,705                 $11,370
                                                                              $12,118                 $11,831
                                                                              $12,262                 $11,968
Apr-95                                                                        $12,696                 $12,344
                                                                              $13,046                 $12,607
                                                                              $13,563                 $13,023
                                                                              $14,295                 $13,547
                                                                              $14,750                 $13,982
                                                                              $14,936                 $14,215
                                                                              $14,203                 $13,581
                                                                              $14,731                 $13,963
                                                                              $14,986                 $14,182
                                                                              $14,933                 $14,382
                                                                              $15,260                 $14,606
                                                                              $15,682                 $15,099
Apr-96                                                                        $16,494                 $15,619
                                                                              $17,137                 $16,233
                                                                              $16,779                 $15,975
                                                                              $15,735                 $15,124
                                                                              $16,453                 $15,750
                                                                              $17,001                 $16,151
                                                                              $17,126                 $16,105
                                                                              $17,938                 $16,842
                                                                              $18,331                 $17,081
                                                                              $18,797                 $17,686
                                                                              $18,797                 $17,774
                                                                              $18,299                 $17,307
Apr-97                                                                        $18,224                 $17,184
                                                                              $19,948                 $18,815
                                                                              $21,194                 $19,808
                                                                              $22,462                 $20,842
                                                                              $23,252                 $21,618
                                                                              $25,040                 $23,189
                                                                              $24,152                 $22,716
Nov-97                                                                        $23,946                 $22,575
Annualized                                                                        One                    From
Total Return (%)                                                                 Year              April 1993
                                                                                33.49                   20.58
The portfolio seeks to capture return premiums associated with                                               
high book-to-market ratios by investing in the U.S. 6-10 Value                                               
Series                                                                                                       
of the DFA Investment Trust Company which in turn invests 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                     

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                 U.S. LARGE CAP VALUE PORTFOLIO VS.                                                          
                 FAMA-FRENCH LARGE CAP VALUE INDEX                                                           
                      MARCH 1993-NOVEMBER 1997                                                               
                         GROWTH OF $10,000                                                                   
                                                                      U.S. LARGE CAP        FAMA-FRENCH      
                                                                     VALUE PORTFOLIO   LARGE CAP VALUE INDEX 
                                                                                                             

                                                                              $10,000                 $10,000
Mar-93                                                                        $10,109                 $10,302
                                                                              $10,080                 $10,247
                                                                              $10,189                 $10,333
                                                                              $10,396                 $10,501
                                                                              $10,545                 $10,623
                                                                              $10,802                 $10,980
                                                                              $10,614                 $10,869
                                                                              $10,743                 $10,907
                                                                              $10,633                 $10,742
                                                                              $10,895                 $11,018
                                                                              $11,198                 $11,242
                                                                              $10,694                 $10,748
Mar-94                                                                        $10,261                 $10,273
                                                                              $10,422                 $10,418
                                                                              $10,351                 $10,291
                                                                              $10,136                 $10,097
                                                                              $10,575                 $10,542
                                                                              $10,881                 $10,821
                                                                              $10,563                 $10,423
                                                                              $10,769                 $10,621
                                                                              $10,286                 $10,372
                                                                              $10,400                 $10,404
                                                                              $10,639                 $10,809
                                                                              $11,243                 $11,312
Mar-95                                                                        $11,419                 $11,355
                                                                              $11,827                 $11,718
                                                                              $12,443                 $12,346
                                                                              $12,715                 $12,550
                                                                              $13,272                 $12,927
                                                                              $13,661                 $13,163
                                                                              $14,134                 $13,695
                                                                              $13,553                 $13,395
                                                                              $14,296                 $13,887
                                                                              $14,390                 $14,234
                                                                              $14,800                 $14,571
                                                                              $15,016                 $14,568
Mar-96                                                                        $15,534                 $14,807
                                                                              $15,794                 $14,823
                                                                              $16,053                 $15,047
                                                                              $15,582                 $15,044
                                                                              $14,886                 $14,212
                                                                              $15,484                 $14,676
                                                                              $15,785                 $14,962
                                                                              $16,298                 $15,414
                                                                              $17,478                 $16,281
                                                                              $17,299                 $16,233
                                                                              $17,919                 $16,643
                                                                              $18,268                 $16,926
Mar-97                                                                        $17,431                 $16,222
                                                                              $18,007                 $16,493
                                                                              $19,395                 $17,535
                                                                              $19,990                 $18,114
                                                                              $21,995                 $19,449
                                                                              $21,668                 $19,171
                                                                              $22,807                 $20,139
                                                                              $21,637                 $19,785
Nov-97                                                                        $21,864                 $20,574
Annualized                                                                        One                    From
Total Return (%)                                                                 Year              March 1993
                                                                                25.10                   18.36
The portfolio seeks to capture return premiums associated                                                    
with high book-to-market ratios by investing in the U.S. Large                                               
Cap Value Series of the DFA Investment Trust Company which in                                                
turn invests 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 Large Cap Value Index courtesy of                                                                
Fama-French and CRSP, University of Chicago.                                                                 

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DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

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            DFA REAL ESTATE SECURITIES PORTFOLIO VS.                                                   
                          S&P 500 INDEX                                                                
                   JANUARY 1993-NOVEMBER 1997                                                          
                        GROWTH OF $10,000                                                              
                                                                    DFA REAL ESTATE     S&P 500 INDEX  
                                                                  SECURITIES PORTFOLIO                 
                                                                                                       

                                                                               $10,000          $10,000
Jan-93                                                                         $10,370          $10,073
                                                                               $10,420          $10,209
                                                                               $10,779          $10,428
                                                                               $10,339          $10,173
                                                                               $10,350          $10,448
                                                                               $10,660          $10,482
                                                                               $10,941          $10,433
                                                                               $11,341          $10,830
                                                                               $11,851          $10,750
                                                                               $11,691          $10,968
                                                                               $11,109          $10,865
                                                                               $11,546          $10,999
Jan-94                                                                         $11,801          $11,367
                                                                               $11,740          $11,061
                                                                               $11,096          $10,579
                                                                               $11,065          $10,717
                                                                               $11,004          $10,892
                                                                               $10,729          $10,623
                                                                               $10,760          $10,974
                                                                               $10,944          $11,421
                                                                               $10,588          $11,146
                                                                               $10,148          $11,401
                                                                                $9,804          $10,982
                                                                               $10,577          $11,143
Jan-95                                                                         $10,278          $11,432
                                                                               $10,449          $11,876
                                                                               $10,428          $12,228
                                                                               $10,375          $12,583
                                                                               $10,791          $13,080
                                                                               $11,015          $13,388
                                                                               $11,143          $13,834
                                                                               $11,218          $13,871
                                                                               $11,410          $14,452
                                                                               $11,047          $14,402
                                                                               $11,178          $15,035
                                                                               $11,854          $15,313
Jan-96                                                                         $11,967          $15,840
                                                                               $12,115          $15,992
                                                                               $12,125          $16,146
                                                                               $12,115          $16,383
                                                                               $12,375          $16,806
                                                                               $12,601          $16,875
                                                                               $12,658          $16,124
                                                                               $13,111          $16,466
                                                                               $13,395          $17,391
                                                                               $13,723          $17,868
                                                                               $14,335          $19,224
                                                                               $15,864          $18,847
Jan-97                                                                         $15,959          $20,017
                                                                               $15,900          $20,179
                                                                               $15,996          $19,340
                                                                               $15,484          $20,495
                                                                               $15,938          $21,753
                                                                               $16,784          $22,723
                                                                               $17,225          $24,527
                                                                               $17,143          $23,164
                                                                               $18,704          $24,433
                                                                               $18,181          $23,617
Nov-97                                                                         $18,515          $24,710
Annualized                                                                         One             From
Total Return (%)                                                                  Year     January 1993
                                                                                 29.16            13.35
The portfolio invests in equity REITs. The portfolio                                                   
invests on a market cap-weighted basis.                                                                
The portfolio does not purchase health care REITs.                                                     
The portfolio's returns in fiscal 1997 reflected the performance                                       
of                                                                                                     
U.S. Equity REITs.                                                                                     
Past performance is not predictive of future performance.                                              

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

                                                        [Enlarge/Download Table]

                   JAPANESE SMALL COMPANY PORTFOLIO VS.                                                             
                      JAPANESE LARGE COMPANY STOCKS                                                                 
                       DECEMBER 1987-NOVEMBER 1997                                                                  
                            GROWTH OF $10,000                                                                       
                                                                          JAPANESE SMALL     JAPANESE LARGE         
                                                                         COMPANY PORTFOLIO   COMPANY STOCKS         
                                                                                                                    

                                                                                    $10,000           $10,000       
Dec-87                                                                              $10,939           $10,136       
                                                                                    $11,324           $10,640       
                                                                                    $12,056           $11,479       
                                                                                    $12,831           $12,306       
                                                                                    $13,639           $12,431       
                                                                                    $14,515           $11,883       
                                                                                    $13,968           $11,465       
                                                                                    $13,131           $11,928       
                                                                                    $12,659           $11,077       
                                                                                    $12,697           $11,617       
                                                                                    $13,368           $12,460       
                                                                                    $14,762           $13,681       
Dec-88                                                                              $14,489           $13,718       
                                                                                    $15,535           $13,694       
                                                                                    $15,832           $14,000       
                                                                                    $15,636           $13,515       
                                                                                    $16,536           $13,517       
                                                                                    $16,033           $12,825       
                                                                                    $15,516           $12,163       
                                                                                    $17,201           $13,784       
                                                                                    $16,547           $12,764       
                                                                                    $18,761           $13,666       
                                                                                    $18,354           $13,303       
                                                                                    $19,284           $13,980       
Dec-89                                                                              $20,069           $14,016       
                                                                                    $19,710           $13,115       
                                                                                    $19,034           $11,776       
                                                                                    $16,074            $9,514       
                                                                                    $14,653            $9,604       
                                                                                    $17,499           $10,974       
                                                                                    $17,660           $10,443       
                                                                                    $18,492           $10,338       
                                                                                    $15,698            $9,298       
                                                                                    $13,144            $7,782       
                                                                                    $17,229            $9,719       
                                                                                    $13,669            $8,506       
Dec-90                                                                              $13,374            $8,945       
                                                                                    $12,769            $9,204       
                                                                                    $15,674           $10,298       
                                                                                    $15,248            $9,646       
                                                                                    $15,791            $9,964       
                                                                                    $15,535            $9,885       
                                                                                    $14,486            $9,173       
                                                                                    $14,447            $9,477       
                                                                                    $12,851            $8,947       
                                                                                    $14,492            $9,729       
                                                                                    $15,546           $10,204       
                                                                                    $13,888            $9,437       
Dec-91                                                                              $14,325            $9,734       
                                                                                    $13,822            $9,298       
                                                                                    $13,172            $8,515       
                                                                                    $11,686            $7,594       
                                                                                    $10,528            $7,129       
                                                                                    $11,969            $7,710       
                                                                                    $10,862            $7,005       
                                                                                    $10,026            $6,913       
                                                                                    $11,388            $8,146       
                                                                                    $11,293            $7,947       
                                                                                    $10,631            $7,590       
                                                                                    $10,693            $7,788       
Dec-92                                                                              $10,586            $7,679       
                                                                                    $10,359            $7,633       
                                                                                    $10,911            $7,966       
                                                                                    $12,660            $9,089       
                                                                                    $14,868           $10,669       
                                                                                    $16,833           $10,973       
                                                                                    $15,908           $10,823       
                                                                                    $16,518           $11,554       
                                                                                    $16,779           $11,809       
                                                                                    $15,884           $11,205       
                                                                                    $14,583           $11,176       
                                                                                    $11,712            $9,340       
Dec-93                                                                              $12,084            $9,602       
                                                                                    $14,495           $11,219       
                                                                                    $15,221           $11,698       
                                                                                    $15,521           $11,205       
                                                                                    $16,133           $11,648       
                                                                                    $16,294           $11,920       
                                                                                    $17,674           $12,531       
                                                                                    $17,038           $12,078       
                                                                                    $16,834           $12,162       
                                                                                    $16,073           $11,844       
                                                                                    $16,499           $12,198       
                                                                                    $15,177           $11,580       
Dec-94                                                                              $15,648           $11,731       
                                                                                    $15,114           $10,971       
                                                                                    $14,110           $10,500       
                                                                                    $14,922           $11,450       
                                                                                    $15,455           $12,026       
                                                                                    $13,850           $11,264       
                                                                                    $13,113           $10,757       
                                                                                    $14,186           $11,545       
                                                                                    $14,199           $11,155       
                                                                                    $13,709           $11,169       
                                                                                    $13,225           $10,613       
                                                                                    $14,184           $11,236       
Dec-95                                                                              $15,089           $11,825       
                                                                                    $15,412           $11,656       
                                                                                    $15,127           $11,452       
                                                                                    $15,658           $11,850       
                                                                                    $17,295           $12,536       
                                                                                    $16,588           $11,898       
                                                                                    $16,404           $11,953       
                                                                                    $15,121           $11,408       
                                                                                    $14,698           $10,900       
                                                                                    $14,755           $11,269       
                                                                                    $13,718           $10,527       
                                                                                    $13,294           $10,732       
Dec-96                                                                              $11,651           $10,015       
                                                                                    $10,521            $8,910       
                                                                                    $10,432            $9,112       
                                                                                     $9,675            $8,833       
                                                                                     $9,512            $9,138       
                                                                                    $11,089           $10,161       
                                                                                    $11,265           $10,908       
                                                                                     $9,980           $10,571       
                                                                                     $8,904            $9,630       
                                                                                     $7,558            $9,521       
                                                                                     $7,754            $8,640       
Nov-97                                                                               $6,394            $8,105       
Annualized                                                                              One              Five    Ten
Total Return (%)                                                                       Year             Years  Years
                                                                                     -51.90             -9.77  -4.37
The portfolio's objective is to capture premium returns and                                                         
diversification benefits by investing in the Japanese Small Company                                                 
Series of the DFA Investment Trust Company which in turn invests in                                                 
a broad cross-section of small companies on a market cap-weighted basis.                                            
The Japanese Small Company Series provides access to publicly traded                                                
small companies listed on the lower half of companies on the First                                                  
Section of Tokyo Stock Exchange.                                                                                    
Prior to August 9, 1996, the portfolio invested directly                                                            
in Japanese small company stocks.                                                                                   
The portfolio's returns in fiscal 1997 reflected the performance of                                                 
small cap companies in Japan.                                                                                       
Past performance is not predictive of future performance.                                                           
Japanese Large Company Stocks courtesy of Morgan Stanley Capital                                                    
International.                                                                                                      

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

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             PACIFIC RIM SMALL COMPANY PORTFOLIO VS.                                                                
                 PACIFIC RIM LARGE COMPANY STOCKS                                                                   
                   FEBRUARY 1993-NOVEMBER 1997                                                                      
                        GROWTH OF $10,000                                                                           
                                                                          PACIFIC RIM             PACIFIC RIM       
                                                                    SMALL COMPANY PORTFOLIO   LARGE COMPANY STOCKS  
                                                                                                                    

                                                                                     $10,000                 $10,000
Feb-93                                                                               $10,741                 $10,770
                                                                                     $11,294                 $10,953
                                                                                     $12,401                 $11,512
                                                                                     $13,419                 $11,949
                                                                                     $13,043                 $11,591
                                                                                     $13,281                 $11,996
                                                                                     $13,626                 $12,908
                                                                                     $14,179                 $13,153
                                                                                     $16,017                 $15,284
                                                                                     $16,374                 $14,826
                                                                                     $19,035                 $17,909
                                                                                     $17,986                 $17,426
Feb-94                                                                               $18,177                 $16,572
                                                                                     $16,257                 $14,782
                                                                                     $16,677                 $15,462
                                                                                     $16,687                 $15,972
                                                                                     $16,226                 $15,270
                                                                                     $16,685                 $16,079
                                                                                     $17,655                 $17,156
                                                                                     $18,255                 $16,710
                                                                                     $18,416                 $16,977
                                                                                     $17,073                 $15,619
                                                                                     $16,739                 $15,385
                                                                                     $14,953                 $14,062
Feb-95                                                                               $15,494                 $15,370
                                                                                     $15,548                 $15,539
                                                                                     $15,299                 $15,741
                                                                                     $15,830                 $16,811
                                                                                     $15,895                 $16,492
                                                                                     $16,923                 $17,168
                                                                                     $16,610                 $16,721
                                                                                     $16,752                 $16,939
                                                                                     $16,242                 $16,634
                                                                                     $16,005                 $16,784
                                                                                     $16,260                 $17,438
                                                                                     $17,383                 $18,589
Feb-96                                                                               $17,486                 $18,868
                                                                                     $17,760                 $19,113
                                                                                     $19,181                 $19,648
                                                                                     $18,631                 $19,452
                                                                                     $18,115                 $19,082
                                                                                     $17,508                 $18,128
                                                                                     $18,012                 $18,944
                                                                                     $18,288                 $19,437
                                                                                     $18,483                 $19,961
                                                                                     $19,056                 $21,039
                                                                                     $18,595                 $21,081
                                                                                     $18,991                 $20,828
Feb-97                                                                               $20,045                 $21,120
                                                                                     $19,153                 $20,148
                                                                                     $18,695                 $19,745
                                                                                     $19,389                 $20,970
                                                                                     $19,550                 $21,431
                                                                                     $19,464                 $21,388
                                                                                     $18,372                 $18,415
                                                                                     $17,554                 $19,041
                                                                                     $13,278                 $15,005
Nov-97                                                                               $11,803                 $14,539
Annualized                                                                               One                    From
Total Return (%)                                                                        Year                  Feb-93
                                                                                      -38.06                   -3.49
The portfolio's objective is to capture premium returns                                                             
and diversification benefits by investing in the Pacific Rim Small                                                  
Company Series of the DFA Investment Trust Company                                                                  
which in turn invests in a broad cross-section of small                                                             
companies on a market cap-weighted basis. The Pacific Rim Small                                                     
Company Series provides access to publicly traded small                                                             
companies listed on the major exchanges of Australia, Hong Kong,                                                    
Malaysia, New Zealand, and Singapore.                                                                               
Prior to August 9, 1996, the portfolio invested directly in                                                         
Pacific Rim small company stocks.                                                                                   
The portfolio's return in fiscal 1997 reflected the performance of                                                  
small companies in the Pacific Rim Region.                                                                          
Past performance is not predictive of future performance.                                                           
Pacific Rim Large Company Stocks courtesy of Morgan Stanley                                                         
Capital International.                                                                                              

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DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

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     UNITED KINGDOM SMALL COMPANY PORTFOLIO VS. UNITED KINGDOM                                                              
                        LARGE COMPANY STOCKS                                                                                
                    DECEMBER 1987-NOVEMBER 1997                                                                             
                         GROWTH OF $10,000                                                                                  
                                                                         UNITED KINGDOM           UNITED KINGDOM            
                                                                     SMALL COMPANY PORTFOLIO   LARGE COMPANY STOCKS         
                                                                                                                            

                                                                                      $10,000                 $10,000       
Dec-87                                                                                $10,931                 $11,300       
                                                                                      $10,852                 $11,136       
                                                                                      $10,830                 $11,007       
                                                                                      $11,722                 $11,765       
                                                                                      $12,015                 $12,172       
                                                                                      $12,055                 $11,901       
                                                                                      $11,622                 $11,593       
                                                                                      $11,840                 $11,641       
                                                                                      $11,132                 $10,902       
                                                                                      $11,286                 $11,412       
                                                                                      $12,113                 $12,188       
                                                                                      $12,366                 $12,410       
Dec-88                                                                                $11,663                 $12,106       
                                                                                      $12,359                 $13,340       
                                                                                      $12,721                 $13,184       
                                                                                      $12,670                 $13,214       
                                                                                      $12,679                 $13,478       
                                                                                      $11,816                 $12,613       
                                                                                      $11,625                 $12,614       
                                                                                      $12,762                 $14,481       
                                                                                      $11,960                 $14,073       
                                                                                      $12,164                 $14,122       
                                                                                      $10,527                 $12,785       
                                                                                      $10,461                 $13,430       
Dec-89                                                                                $10,932                 $14,592       
                                                                                      $11,499                 $14,823       
                                                                                      $11,218                 $14,396       
                                                                                      $10,676                 $14,006       
                                                                                      $10,014                 $13,111       
                                                                                      $10,796                 $14,920       
                                                                                      $11,589                 $15,815       
                                                                                      $12,225                 $16,595       
                                                                                      $10,996                 $15,531       
                                                                                       $9,868                 $14,144       
                                                                                      $10,365                 $15,212       
                                                                                      $10,229                 $15,805       
Dec-90                                                                                $10,203                 $15,829       
                                                                                       $9,912                 $16,233       
                                                                                      $10,936                 $17,548       
                                                                                      $10,953                 $16,612       
                                                                                      $10,920                 $16,729       
                                                                                      $10,661                 $16,595       
                                                                                       $9,810                 $15,314       
                                                                                      $10,268                 $17,059       
                                                                                      $10,635                 $17,503       
                                                                                      $11,756                 $18,343       
                                                                                      $11,648                 $17,857       
                                                                                      $11,513                 $17,100       
Dec-91                                                                                $11,710                 $18,548       
                                                                                      $11,554                 $18,417       
                                                                                      $11,498                 $18,150       
                                                                                      $10,920                 $16,953       
                                                                                      $12,138                 $19,337       
                                                                                      $13,183                 $20,424       
                                                                                      $12,654                 $19,803       
                                                                                      $11,387                 $18,878       
                                                                                      $11,004                 $18,839       
                                                                                      $10,397                 $18,643       
                                                                                       $9,214                 $17,133       
                                                                                       $9,103                 $17,342       
Dec-92                                                                                $10,075                 $18,077       
                                                                                      $10,708                 $17,795       
                                                                                      $10,513                 $17,444       
                                                                                      $11,354                 $18,808       
                                                                                      $12,131                 $19,425       
                                                                                      $12,282                 $19,577       
                                                                                      $12,068                 $19,279       
                                                                                      $11,860                 $19,231       
                                                                                      $12,834                 $20,600       
                                                                                      $12,788                 $20,411       
                                                                                      $12,829                 $21,125       
                                                                                      $12,418                 $21,043       
Dec-93                                                                                $13,160                 $22,703       
                                                                                      $14,945                 $23,940       
                                                                                      $14,881                 $22,830       
                                                                                      $14,024                 $21,442       
                                                                                      $14,529                 $22,117       
                                                                                      $14,077                 $21,024       
                                                                                      $13,648                 $21,031       
                                                                                      $13,982                 $22,250       
                                                                                      $14,470                 $23,414       
                                                                                      $14,276                 $22,396       
                                                                                      $14,546                 $23,704       
                                                                                      $13,890                 $22,646       
Dec-94                                                                                $13,771                 $22,601       
                                                                                      $13,729                 $22,271       
                                                                                      $13,514                 $22,436       
                                                                                      $14,077                 $24,018       
                                                                                      $14,438                 $24,505       
                                                                                      $14,936                 $25,093       
                                                                                      $14,894                 $25,116       
                                                                                      $15,536                 $26,487       
                                                                                      $15,517                 $26,026       
                                                                                      $15,829                 $26,903       
                                                                                      $15,614                 $27,016       
                                                                                      $15,056                 $27,008       
Dec-95                                                                                $15,251                 $27,732       
                                                                                      $15,318                 $27,677       
                                                                                      $15,860                 $28,106       
                                                                                      $16,336                 $28,286       
                                                                                      $17,113                 $29,015       
                                                                                      $17,743                 $29,532       
                                                                                      $17,582                 $29,222       
                                                                                      $16,993                 $29,163       
                                                                                      $17,575                 $30,706       
                                                                                      $17,702                 $31,283       
                                                                                      $18,553                 $32,866       
                                                                                      $19,082                 $34,490       
Dec-96                                                                                $19,794                 $35,776       
                                                                                      $19,549                 $34,649       
                                                                                      $20,198                 $35,682       
                                                                                      $20,335                 $36,142       
                                                                                      $19,995                 $36,428       
                                                                                      $19,893                 $37,863       
                                                                                      $19,676                 $38,431       
                                                                                      $19,027                 $39,788       
                                                                                      $19,518                 $39,195       
                                                                                      $20,225                 $42,264       
                                                                                      $20,939                 $40,970       
Nov-97                                                                                $20,694                 $41,151       
Annualized                                                                                One                    Five    Ten
Total Return (%)                                                                         Year                   Years  Years
                                                                                         8.44                   17.85   7.54
The portfolio's objective is to capture premium returns and                                                                 
diversification benefits by investing in the U.K. Small Company                                                             
Series of the DFA Investment Trust Company which in turn                                                                    
invests in a broad cross-section of small companies on a market                                                             
cap-weighted basis. The United Kingdom Small Company Series                                                                 
provides access to publicly traded small companies in the lower                                                             
half by market cap of companies traded on the International                                                                 
Stock Exchange of the United Kingdom.                                                                                       
Prior to August 9, 1996, the portfolio invested directly in                                                                 
United Kingdom small company stocks.                                                                                        
The portfolio's returns in fiscal 1997 reflected the performance of                                                         
small companies in the United Kingdom.                                                                                      
Past performance is not predictive of future performance.                                                                   
United Kingdom Large Company Stocks courtesy of Morgan Stanley                                                              
Capital International.                                                                                                      

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

                                                        [Enlarge/Download Table]

     CONTINENTAL SMALL COMPANY PORTFOLIO VS.                                                                
         CONTINENTAL LARGE COMPANY STOCKS                                                                   
             JULY 1988-NOVEMBER 1997                                                                        
                GROWTH OF $10,000                                                                           
                                                       CONTINENTAL             CONTINENTAL                  
                                                 SMALL COMPANY PORTFOLIO   LARGE COMPANY STOCKS             
                                                                                                            

                                                                  $10,000                 $10,000           
Jul-88                                                             $9,841                  $9,978           
                                                                   $9,792                  $9,679           
                                                                  $10,437                 $10,245           
                                                                  $11,399                 $11,289           
                                                                  $11,906                 $11,445           
                                                                  $12,046                 $11,676           
                                                                  $12,256                 $11,570           
                                                                  $12,316                 $11,557           
                                                                  $12,476                 $11,655           
                                                                  $13,285                 $12,090           
                                                                  $13,005                 $11,617           
                                                                  $13,465                 $12,333           
Jul-89                                                            $14,475                 $13,557           
                                                                  $14,496                 $13,490           
                                                                  $15,755                 $13,909           
                                                                  $15,196                 $13,236           
                                                                  $16,146                 $13,994           
                                                                  $17,429                 $15,559           
                                                                  $17,347                 $15,447           
                                                                  $17,049                 $15,113           
                                                                  $17,832                 $15,684           
                                                                  $18,274                 $15,576           
                                                                  $18,789                 $16,355           
                                                                  $19,437                 $16,733           
Jul-90                                                            $20,631                 $17,439           
                                                                  $18,285                 $15,290           
                                                                  $16,371                 $13,246           
                                                                  $17,328                 $14,401           
                                                                  $16,711                 $14,174           
                                                                  $16,720                 $13,916           
                                                                  $16,248                 $14,357           
                                                                  $17,363                 $15,682           
                                                                  $15,950                 $14,493           
                                                                  $15,950                 $14,374           
                                                                  $16,013                 $15,020           
                                                                  $15,081                 $13,772           
Jul-91                                                            $15,413                 $14,323           
                                                                  $15,413                 $14,520           
                                                                  $15,874                 $14,886           
                                                                  $15,371                 $14,627           
                                                                  $15,189                 $14,532           
                                                                  $16,031                 $15,606           
                                                                  $15,766                 $15,710           
                                                                  $15,686                 $15,934           
                                                                  $15,490                 $15,605           
                                                                  $15,420                 $15,857           
                                                                  $16,017                 $16,768           
                                                                  $16,086                 $16,684           
Jul-92                                                            $15,684                 $16,119           
                                                                  $15,742                 $16,067           
                                                                  $14,833                 $15,826           
                                                                  $13,662                 $14,829           
                                                                  $13,086                 $14,711           
                                                                  $12,851                 $14,872           
                                                                  $13,253                 $15,140           
                                                                  $13,253                 $15,670           
                                                                  $13,962                 $16,281           
                                                                  $14,577                 $16,574           
                                                                  $14,600                 $16,806           
                                                                  $13,832                 $16,521           
Jul-93                                                            $13,772                 $16,653           
                                                                  $15,274                 $18,301           
                                                                  $15,309                 $18,338           
                                                                  $15,427                 $19,145           
                                                                  $15,083                 $18,456           
                                                                  $16,102                 $19,858           
                                                                  $17,316                 $20,950           
                                                                  $17,545                 $20,385           
                                                                  $18,110                 $20,262           
                                                                  $18,807                 $21,174           
                                                                  $18,531                 $20,391           
                                                                  $18,351                 $20,044           
Jul-94                                                            $18,808                 $21,086           
                                                                  $19,000                 $21,487           
                                                                  $18,580                 $20,714           
                                                                  $18,591                 $21,459           
                                                                  $17,827                 $20,708           
                                                                  $17,875                 $20,895           
                                                                  $17,753                 $20,832           
                                                                  $18,082                 $21,499           
                                                                  $18,349                 $22,186           
                                                                  $18,715                 $23,118           
                                                                  $19,020                 $23,581           
                                                                  $19,276                 $23,911           
Jul-95                                                            $19,753                 $25,130           
                                                                  $18,791                 $23,974           
                                                                  $18,802                 $24,717           
                                                                  $18,193                 $24,569           
                                                                  $17,591                 $24,766           
                                                                  $17,879                 $25,632           
                                                                  $18,247                 $25,914           
                                                                  $19,036                 $26,536           
                                                                  $19,338                 $27,094           
                                                                  $19,338                 $27,148           
                                                                  $19,785                 $27,311           
                                                                  $19,955                 $27,830           
Jul-96                                                            $19,522                 $27,245           
                                                                  $19,600                 $27,763           
                                                                  $19,338                 $28,318           
                                                                  $19,680                 $28,658           
                                                                  $20,048                 $30,034           
                                                                  $20,441                 $30,394           
                                                                  $20,923                 $31,002           
                                                                  $20,965                 $31,157           
                                                                  $21,705                 $32,528           
                                                                  $21,108                 $32,007           
                                                                  $21,961                 $33,352           
                                                                  $22,714                 $35,619           
Jul-97                                                            $22,657                 $37,294           
                                                                  $22,288                 $34,459           
                                                                  $23,866                 $37,974           
                                                                  $23,184                 $35,924           
Nov-97                                                            $22,657                 $36,678           
Annualized                                                            One                    Five       From
Total Return (%)                                                     Year                   Years  July 1988
                                                                    13.02                   11.60      09.07
The portfolio's objective is to capture premium                                                             
returns and diversification benefits by                                                                     
investing in the Continental Small Company                                                                  
Series of the DFA Investment Trust Company                                                                  
which in turn invests in a broad cross-section                                                              
of small companies on a market cap-weighted                                                                 
basis. The Continental Small Company Series                                                                 
provides access to publicly traded small                                                                    
companies listed on the major exchanges of                                                                  
Belgium, Denmark, France, Germany, Italy, the                                                               
Netherlands, Spain, Sweden, and Switzerland.                                                                
Prior to August 9, 1996, the portfolio                                                                      
invested directly in Continental small company                                                              
stocks.                                                                                                     
The portfolio's returns in fiscal 1997                                                                      
reflected the performance of small companies in                                                             
Continental Europe.                                                                                         
Past performance is not predictive of future                                                                
performance.                                                                                                
Continental Large Company Stocks courtesy of                                                                
Morgan Stanley Capital International.                                                                       

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

                                                        [Enlarge/Download Table]

      INTERNATIONAL SMALL COMPANY PORTFOLIO VS. EAFE INDEX                                     
                   OCTOBER 1996-NOVEMBER 1997                                                  
                        GROWTH OF $10,000                                                      
                                                                  INTERNATIONAL    EAFE INDEX  
                                                                  SMALL COMPANY                
                                                                    PORTFOLIO                  
                                                                                               

                                                                          $10,000       $10,000
Oct-96                                                                     $9,910        $9,900
                                                                           $9,960       $10,296
                                                                           $9,637       $10,162
                                                                           $9,416        $9,806
                                                                           $9,526        $9,973
                                                                           $9,346       $10,013
Apr-97                                                                     $9,146       $10,073
                                                                           $9,808       $10,728
                                                                           $9,988       $11,318
                                                                           $9,578       $11,499
                                                                           $9,147       $10,648
                                                                           $8,926       $11,244
                                                                           $8,525       $10,379
Nov-97                                                                     $7,834       $10,275
Annualized                                                                    One          From
Total Return (%)                                                             Year  October-1996
                                                                           -21.34        -18.88
The portfolio invests in four international series of the                                      
DFA Investment Trust Company. The portfolio invests 30% in                                     
the Japanese Small Company Series, 20% in the Pacific Rim                                      
Small Company Series, 35% in the Continental Small Company                                     
Series, and 15% in the United Kingdom Small Company Series.                                    
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.                                   

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PERFORMANCE CHARTS

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

                                                        [Enlarge/Download Table]

 RWB/DFA INTERNATIONAL HIGH BOOK TO MARKET PORTFOLIO VS. EAFE INDEX                                              
                      JULY 1993-NOVEMBER 1997                                                                    
                         GROWTH OF $10,000                                                                       
                                                                                RWB/DFA              EAFE INDEX  
                                                                             INTERNATIONAL                       
                                                                     HIGH BOOK TO MARKET PORTFOLIO               
                                                                                                                 

                                                                                            $10,000       $10,000
Jul-93                                                                                      $10,383       $10,350
                                                                                            $10,983       $10,909
                                                                                            $10,777       $10,669
                                                                                            $11,046       $11,000
                                                                                            $10,291       $10,043
                                                                                            $11,111       $10,766
                                                                                            $12,045       $11,681
                                                                                            $11,921       $11,646
                                                                                            $11,599       $11,145
                                                                                            $11,983       $11,624
                                                                                            $12,056       $11,555
                                                                                            $12,191       $11,716
Jul-94                                                                                      $12,430       $11,833
                                                                                            $12,617       $12,117
                                                                                            $12,170       $11,742
                                                                                            $12,679       $12,141
                                                                                            $12,011       $11,558
                                                                                            $12,085       $11,628
                                                                                            $11,602       $11,186
                                                                                            $11,570       $11,152
                                                                                            $12,253       $11,855
                                                                                            $12,632       $12,305
                                                                                            $12,558       $12,158
                                                                                            $12,433       $11,951
Jul-95                                                                                      $13,126       $12,704
                                                                                            $12,675       $12,221
                                                                                            $12,748       $12,466
                                                                                            $12,506       $12,129
                                                                                            $12,845       $12,469
                                                                                            $13,471       $12,980
                                                                                            $13,599       $13,032
                                                                                            $13,684       $13,084
                                                                                            $13,877       $13,359
                                                                                            $14,413       $13,746
                                                                                            $14,273       $13,499
                                                                                            $14,326       $13,580
Jul-96                                                                                      $13,941       $13,186
                                                                                            $13,994       $13,212
                                                                                            $14,240       $13,569
                                                                                            $14,100       $13,433
                                                                                            $14,721       $13,970
                                                                                            $14,534       $13,789
                                                                                            $14,038       $13,306
                                                                                            $14,170       $13,532
                                                                                            $14,214       $13,587
                                                                                            $14,137       $13,668
                                                                                            $15,216       $14,557
                                                                                            $15,866       $15,357
Jul-97                                                                                      $16,086       $15,603
                                                                                            $15,029       $14,448
                                                                                            $15,579       $15,257
                                                                                            $14,765       $14,083
Nov-97                                                                                      $14,137       $13,942
Annualized                                                                                      One          From
Total Return (%)                                                                               Year     July 1993
                                                                                              -3.96          8.15
The portfolio invests in the DFA International Value                                                             
Series of the DFA Investment Trust Company which in turn                                                         
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                                              
large, non-U.S. companies with high book-to-market ratios.                                                       
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]

       EMERGING MARKETS PORTFOLIO VS. MSCI EMERGING MARKETS FREE                                                
                          EQUAL-WEIGHTED INDEX                                                                  
                         MAY 1994-NOVEMBER 1997                                                                 
                           GROWTH OF $10,000                                                                    
                                                                          EMERGING      MSCI EMERGING MARKETS   
                                                                           MARKETS    FREE EQUAL-WEIGHTED INDEX 
                                                                          PORTFOLIO                             
                                                                                                                

                                                                             $10,000                     $10,000
May-94                                                                       $10,150                     $10,456
                                                                             $10,200                     $10,170
                                                                             $10,939                     $10,928
                                                                             $11,919                     $12,247
                                                                             $12,040                     $12,316
                                                                             $11,680                     $12,126
                                                                             $11,300                     $11,594
                                                                             $10,480                     $10,722
                                                                              $9,509                      $9,530
                                                                              $9,449                      $9,352
                                                                              $9,860                      $9,719
                                                                             $10,340                     $10,340
May-95                                                                       $11,070                     $11,054
                                                                             $11,129                     $11,012
                                                                             $11,569                     $11,368
                                                                             $11,129                     $10,815
                                                                             $10,919                     $10,637
                                                                             $10,539                     $10,226
                                                                             $10,399                     $10,090
                                                                             $10,705                     $10,517
                                                                             $11,850                     $11,591
                                                                             $11,599                     $11,438
                                                                             $11,689                     $11,510
                                                                             $12,021                     $11,845
May-96                                                                       $12,021                     $11,941
                                                                             $12,111                     $12,105
                                                                             $11,076                     $11,107
                                                                             $11,387                     $11,456
                                                                             $11,629                     $11,746
                                                                             $11,367                     $11,436
                                                                             $11,769                     $11,940
                                                                             $11,925                     $12,123
                                                                             $13,130                     $13,532
                                                                             $13,292                     $13,705
                                                                             $12,917                     $13,339
                                                                             $12,421                     $12,812
May-97                                                                       $13,028                     $13,408
                                                                             $13,565                     $13,750
                                                                             $13,575                     $13,777
                                                                             $11,599                     $11,545
                                                                             $12,075                     $12,084
                                                                             $10,282                     $10,151
Nov-97                                                                        $9,735                      $9,601
Annualized                                                                       One                        From
Total Return (%)                                                                Year                    May 1994
                                                                              -17.29                       -0.75
The portfolio invests in the Emerging Markets Series                                                            
of the DFA Investment Trust Company which in turn provides access                                               
to non-U.S. large companies in "emerging market" countries                                                      
including Argentina, Brazil, Indonesia, Israel, Malaysia, Mexico,                                               
Philippines, Portugal, South Korea, Thailand, and Turkey. The                                                   
portfolio invests across all market capitalizations, specifically those                                         
deemed to be value stocks.                                                                                      
The portfolio's returns in fiscal 1997 reflected the performance of                                             
an equally-weighted emerging markets country portfolio.                                                         
Past performance is not predictive of future performance.                                                       
MSCI Emerging Markets Free Equal-Weighted Index is created by                                                   
equal-weighting the MSCI country returns for the 11 countries that                                              
Dimensional is currently invested in. Courtesy of Morgan Stanley Capital                                        
International.                                                                                                  

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

                                                        [Enlarge/Download Table]

        LARGE CAP INTERNATIONAL PORTFOLIO VS. EAFE INDEX                                                       
                    AUGUST 1991-NOVEMBER 1997                                                                  
                        GROWTH OF $10,000                                                                      
                                                                    LARGE CAP         EAFE INDEX               
                                                                  INTERNATIONAL                                
                                                                    PORTFOLIO                                  
                                                                                                               

                                                                             $10,000       $10,000             
Aug-91                                                                        $9,865        $9,799             
                                                                             $10,338       $10,354             
                                                                             $10,636       $10,503             
                                                                             $10,288       $10,015             
                                                                             $10,880       $10,535             
                                                                             $10,540       $10,313             
                                                                             $10,073        $9,947             
                                                                              $9,402        $9,293             
                                                                              $9,392        $9,340             
                                                                              $9,966        $9,968             
                                                                              $9,539        $9,499             
                                                                              $9,412        $9,258             
Aug-92                                                                       $10,121        $9,843             
                                                                              $9,868        $9,656             
                                                                              $9,295        $9,154             
                                                                              $9,363        $9,245             
                                                                              $9,451        $9,291             
                                                                              $9,362        $9,291             
                                                                              $9,607        $9,579             
                                                                             $10,364       $10,413             
                                                                             $11,090       $11,402             
                                                                             $11,326       $11,641             
                                                                             $11,130       $11,467             
                                                                             $11,494       $11,868             
Aug-93                                                                       $12,103       $12,509             
                                                                             $11,819       $12,234             
                                                                             $12,143       $12,613             
                                                                             $11,194       $11,516             
                                                                             $11,894       $12,345             
                                                                             $12,730       $13,394             
                                                                             $12,362       $13,354             
                                                                             $12,004       $12,780             
                                                                             $12,432       $13,329             
                                                                             $12,313       $13,249             
                                                                             $12,503       $13,435             
                                                                             $12,661       $13,569             
Aug-94                                                                       $12,970       $13,895             
                                                                             $12,502       $13,464             
                                                                             $13,010       $13,922             
                                                                             $12,398       $13,254             
                                                                             $12,525       $13,333             
                                                                             $12,164       $12,827             
                                                                             $12,079       $12,788             
                                                                             $12,886       $13,594             
                                                                             $13,342       $14,110             
                                                                             $13,183       $13,941             
                                                                             $12,981       $13,704             
                                                                             $13,715       $14,567             
Aug-95                                                                       $13,173       $14,014             
                                                                             $13,396       $14,294             
                                                                             $13,204       $13,908             
                                                                             $13,559       $14,297             
                                                                             $14,159       $14,884             
                                                                             $14,126       $14,943             
                                                                             $14,082       $15,003             
                                                                             $14,374       $15,318             
                                                                             $14,762       $15,762             
                                                                             $14,579       $15,479             
                                                                             $14,665       $15,571             
                                                                             $14,244       $15,120             
Aug-96                                                                       $14,308       $15,150             
                                                                             $14,729       $15,559             
                                                                             $14,599       $15,404             
                                                                             $15,278       $16,020             
                                                                             $15,057       $15,811             
                                                                             $14,385       $15,258             
                                                                             $14,605       $15,517             
                                                                             $14,804       $15,579             
                                                                             $14,925       $15,673             
                                                                             $15,871       $16,692             
                                                                             $16,971       $17,610             
                                                                             $17,268       $17,891             
Aug-97                                                                       $16,080       $16,568             
                                                                             $17,125       $17,495             
                                                                             $15,716       $16,148             
Nov-97                                                                       $15,705       $15,987             
Annualized                                                                       One          Five         From
Total Return (%)                                                                Year         Years  August 1991
                                                                                2.79         10.90         7.39
The portfolio provides access to non-U.S. large companies                                                      
in Europe, Australia and the Far East (currently 13 countries).                                                
Investment will be approximately market cap weighted, with                                                     
investments made in the largest 50% of companies in each                                                       
country. Country weighting is designed to reflect each country's                                               
market capitalization relative to the overall index, adjusted                                                  
to reflect cross-ownership.                                                                                    
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.                                                   

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      DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO VS. EAFE INDEX                                        
                      JANUARY 1995-NOVEMBER 1997                                                        
                          GROWTH OF $10,000                                                             
                                                                        DFA INTERNATIONAL   EAFE INDEX  
                                                                            SMALL CAP                   
                                                                         VALUE PORTFOLIO                
                                                                                                        

                                                                                   $10,000       $10,000
Jan-95                                                                              $9,930        $9,620
                                                                                    $9,780        $9,591
                                                                                   $10,100       $10,195
                                                                                   $10,359       $10,583
                                                                                   $10,170       $10,456
                                                                                    $9,980       $10,278
                                                                                   $10,370       $10,926
                                                                                   $10,110       $10,510
                                                                                    $9,960       $10,721
                                                                                    $9,640       $10,431
                                                                                    $9,729       $10,723
                                                                                   $10,116       $11,163
Jan-96                                                                             $10,317       $11,208
                                                                                   $10,428       $11,252
                                                                                   $10,569       $11,489
                                                                                   $11,121       $11,822
                                                                                   $11,181       $11,609
                                                                                   $11,030       $11,679
                                                                                   $10,578       $11,340
                                                                                   $10,527       $11,363
                                                                                   $10,527       $11,669
                                                                                   $10,397       $11,553
                                                                                   $10,507       $12,015
                                                                                   $10,211       $11,859
Jan-97                                                                              $9,959       $11,444
                                                                                   $10,042       $11,638
                                                                                    $9,958       $11,685
                                                                                    $9,727       $11,755
                                                                                   $10,378       $12,519
                                                                                   $10,535       $13,207
                                                                                   $10,127       $13,419
                                                                                    $9,665       $12,426
                                                                                    $9,486       $13,122
                                                                                    $9,108       $12,111
Nov-97                                                                              $8,342       $11,990
Annualized                                                                             One          From
Total Return (%)                                                                      Year  January 1995
                                                                                    -20.60        -06.02
This portfolio invests in companies with market capitalizations                                         
no larger than $800 million and book-to-market ratios in the upper 30%                                  
of small publicly traded international 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.                                            

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

                                                        [Enlarge/Download Table]

DFA INTERMEDIATE GOVERNMENT FIXED INCOME PORTFOLIO                                                         
            VS. LEHMAN TREASURY INDEX                                                                      
           NOVEMBER 1990-NOVEMBER 1997                                                                     
                GROWTH OF $10,000                                                                          
                                                       DFA INTERMEDIATE          LEHMAN                    
                                                          GOVERNMENT         TREASURY INDEX                
                                                    FIXED INCOME PORTFOLIO                                 
                                                                                                           

                                                                    $10,000          $10,000               
Nov-90                                                              $10,263          $10,221               
                                                                    $10,450          $10,380               
                                                                    $10,573          $10,492               
                                                                    $10,649          $10,547               
                                                                    $10,680          $10,601               
                                                                    $10,794          $10,718               
                                                                    $10,862          $10,757               
                                                                    $10,828          $10,741               
                                                                    $10,972          $10,867               
                                                                    $11,234          $11,119               
                                                                    $11,509          $11,353               
                                                                    $11,637          $11,454               
Nov-91                                                              $11,796          $11,569               
                                                                    $12,214          $11,969               
                                                                    $11,970          $11,778               
                                                                    $11,985          $11,824               
                                                                    $11,901          $11,753               
                                                                    $12,036          $11,827               
                                                                    $12,244          $12,044               
                                                                    $12,486          $12,219               
                                                                    $12,862          $12,531               
                                                                    $13,035          $12,650               
                                                                    $13,256          $12,834               
                                                                    $13,018          $12,646               
Nov-92                                                              $12,941          $12,620               
                                                                    $13,143          $12,835               
                                                                    $13,459          $13,111               
                                                                    $13,784          $13,374               
                                                                    $13,869          $13,419               
                                                                    $13,982          $13,523               
                                                                    $13,973          $13,508               
                                                                    $14,293          $13,811               
                                                                    $14,335          $13,892               
                                                                    $14,653          $14,202               
                                                                    $14,773          $14,258               
                                                                    $14,802          $14,310               
Nov-93                                                              $14,603          $14,153               
                                                                    $14,671          $14,208               
                                                                    $14,875          $14,404               
                                                                    $14,536          $14,095               
                                                                    $14,183          $13,779               
                                                                    $14,006          $13,671               
                                                                    $13,989          $13,655               
                                                                    $13,944          $13,625               
                                                                    $14,185          $13,873               
                                                                    $14,232          $13,876               
                                                                    $14,004          $13,681               
                                                                    $13,986          $13,673               
Nov-94                                                              $13,915          $13,646               
                                                                    $13,976          $13,729               
                                                                    $14,232          $13,983               
                                                                    $14,607          $14,281               
                                                                    $14,683          $14,371               
                                                                    $14,912          $14,559               
                                                                    $15,564          $15,147               
                                                                    $15,692          $15,267               
                                                                    $15,613          $15,211               
                                                                    $15,794          $15,387               
                                                                    $15,929          $15,535               
                                                                    $16,152          $15,775               
Nov-95                                                              $16,428          $16,020               
                                                                    $16,643          $16,249               
                                                                    $16,776          $16,351               
                                                                    $16,466          $16,016               
                                                                    $16,270          $15,877               
                                                                    $16,120          $15,775               
                                                                    $16,061          $15,750               
                                                                    $16,277          $15,950               
                                                                    $16,308          $15,988               
                                                                    $16,263          $15,955               
                                                                    $16,555          $16,216               
                                                                    $16,940          $16,573               
Nov-96                                                              $17,246          $16,860               
                                                                    $17,037          $16,686               
                                                                    $17,068          $16,703               
                                                                    $17,083          $16,723               
                                                                    $16,873          $16,542               
                                                                    $17,111          $16,781               
                                                                    $17,270          $16,925               
                                                                    $17,457          $17,114               
                                                                    $17,988          $17,606               
                                                                    $17,763          $17,428               
                                                                    $18,052          $17,693               
                                                                    $18,379          $18,001               
Nov-97                                                              $18,412          $18,094               
Annualized                                                              One             Five           From
Total Return (%)                                                       Year            Years  November 1990
                                                                       6.76             7.31           9.00
The portfolio employs a buy and hold strategy                                                              
investing in securities with a maturity                                                                    
generally between five and fifteen years and                                                               
ordinarily maintaining an average weighted                                                                 
maturity of seven to ten years. The investment                                                             
universe includes obligations of the U.S.                                                                  
Government, U.S. Government Agencies and                                                                   
AAA-rated dollar denominated obligations of                                                                
foreign securities and supranationals.                                                                     
Performance is expected to match or exceed the                                                             
returns of the Lehman Brothers Treasury Index                                                              
without exceeding the volatility of that index.                                                            
This portfolio's returns in fiscal 1997                                                                    
reflected the performance of its strategy.                                                                 
Past performance is not predictive of future                                                               
performance.                                                                                               
Lehman Treasury Index courtesy of Lehman                                                                   
Brothers.                                                                                                  

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

                                                        [Enlarge/Download Table]

       DFA ONE-YEAR FIXED INCOME PORTFOLIO VS. ONE MONTH CD'S                                                         
                    DECEMBER 1987-NOVEMBER 1997                                                                       
                         GROWTH OF $10,000                                                                            
                                                                           DFA ONE-YEAR        ONE MONTH CD'S         
                                                                      FIXED INCOME PORTFOLIO                          
                                                                                                                      

                                                                                      $10,000           $10,000       
Dec-87                                                                                $10,081           $10,054       
                                                                                      $10,192           $10,105       
                                                                                      $10,273           $10,159       
                                                                                      $10,321           $10,214       
                                                                                      $10,355           $10,266       
                                                                                      $10,384           $10,324       
                                                                                      $10,464           $10,384       
                                                                                      $10,502           $10,443       
                                                                                      $10,552           $10,514       
                                                                                      $10,644           $10,582       
                                                                                      $10,727           $10,652       
                                                                                      $10,761           $10,720       
Dec-88                                                                                $10,827           $10,792       
                                                                                      $10,914           $10,874       
                                                                                      $10,958           $10,945       
                                                                                      $11,039           $11,034       
                                                                                      $11,146           $11,113       
                                                                                      $11,264           $11,208       
                                                                                      $11,361           $11,293       
                                                                                      $11,457           $11,379       
                                                                                      $11,534           $11,462       
                                                                                      $11,612           $11,539       
                                                                                      $11,705           $11,631       
                                                                                      $11,787           $11,709       
Dec-89                                                                                $11,866           $11,782       
                                                                                      $11,953           $11,866       
                                                                                      $12,026           $11,938       
                                                                                      $12,103           $12,014       
                                                                                      $12,178           $12,094       
                                                                                      $12,283           $12,176       
                                                                                      $12,376           $12,252       
                                                                                      $12,490           $12,336       
                                                                                      $12,565           $12,417       
                                                                                      $12,641           $12,491       
                                                                                      $12,742           $12,580       
                                                                                      $12,833           $12,661       
Dec-90                                                                                $12,944           $12,743       
                                                                                      $13,033           $12,824       
                                                                                      $13,114           $12,894       
                                                                                      $13,195           $12,960       
                                                                                      $13,289           $13,031       
                                                                                      $13,371           $13,093       
                                                                                      $13,422           $13,151       
                                                                                      $13,517           $13,219       
                                                                                      $13,627           $13,280       
                                                                                      $13,741           $13,341       
                                                                                      $13,825           $13,400       
                                                                                      $13,938           $13,452       
Dec-91                                                                                $14,074           $13,503       
                                                                                      $14,120           $13,553       
                                                                                      $14,167           $13,591       
                                                                                      $14,196           $13,635       
                                                                                      $14,290           $13,677       
                                                                                      $14,363           $13,714       
                                                                                      $14,458           $13,755       
                                                                                      $14,566           $13,795       
                                                                                      $14,636           $13,829       
                                                                                      $14,731           $13,863       
                                                                                      $14,740           $13,893       
                                                                                      $14,724           $13,925       
Dec-92                                                                                $14,803           $13,963       
                                                                                      $14,897           $13,995       
                                                                                      $14,958           $14,024       
                                                                                      $15,028           $14,058       
                                                                                      $15,100           $14,089       
                                                                                      $15,111           $14,117       
                                                                                      $15,174           $14,148       
                                                                                      $15,220           $14,179       
                                                                                      $15,291           $14,212       
                                                                                      $15,348           $14,242       
                                                                                      $15,377           $14,270       
                                                                                      $15,405           $14,303       
Dec-93                                                                                $15,456           $14,334       
                                                                                      $15,533           $14,366       
                                                                                      $15,502           $14,395       
                                                                                      $15,496           $14,429       
                                                                                      $15,486           $14,464       
                                                                                      $15,519           $14,507       
                                                                                      $15,570           $14,552       
                                                                                      $15,662           $14,597       
                                                                                      $15,721           $14,647       
                                                                                      $15,748           $14,695       
                                                                                      $15,800           $14,750       
                                                                                      $15,789           $14,803       
Dec-94                                                                                $15,836           $14,863       
                                                                                      $15,985           $14,930       
                                                                                      $16,137           $14,991       
                                                                                      $16,236           $15,060       
                                                                                      $16,341           $15,122       
                                                                                      $16,514           $15,195       
                                                                                      $16,607           $15,262       
                                                                                      $16,693           $15,330       
                                                                                      $16,777           $15,398       
                                                                                      $16,850           $15,461       
                                                                                      $16,940           $15,532       
                                                                                      $17,019           $15,599       
Dec-95                                                                                $17,099           $15,663       
                                                                                      $17,173           $15,735       
                                                                                      $17,240           $15,796       
                                                                                      $17,316           $15,856       
                                                                                      $17,375           $15,921       
                                                                                      $17,432           $15,983       
                                                                                      $17,524           $16,041       
                                                                                      $17,605           $16,111       
                                                                                      $17,689           $16,176       
                                                                                      $17,794           $16,241       
                                                                                      $17,922           $16,307       
                                                                                      $18,026           $16,369       
Dec-96                                                                                $18,087           $16,438       
                                                                                      $18,176           $16,507       
                                                                                      $18,250           $16,570       
                                                                                      $18,281           $16,641       
                                                                                      $18,402           $16,714       
                                                                                      $18,490           $16,788       
                                                                                      $18,599           $16,863       
                                                                                      $18,726           $16,939       
                                                                                      $18,780           $17,010       
                                                                                      $18,891           $17,088       
                                                                                      $19,001           $17,165       
Nov-97                                                                                $19,058           $17,236       
Annualized                                                                                One              Five    Ten
Total Return (%)                                                                         Year             Years  Years
                                                                                         5.72              5.30   6.66
The portfolio maximizes expected returns by investing in the DFA                                                      
One-Year Fixed Income Series of the DFA Investment Trust Company                                                      
which uses 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.                                                             

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DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

                                                        [Enlarge/Download Table]

                 DFA FIVE-YEAR GOVERNMENT PORTFOLIO VS.                                                          
                  LEHMAN INTERMEDIATE GOVERNMENT INDEX                                                           
                      DECEMBER 1987-NOVEMBER 1997                                                                
                           GROWTH OF $10, 000                                                                    
                                                                        DFA FIVE-YEAR        LEHMAN              
                                                                         GOVERNMENT       INTERMEDIATE           
                                                                          PORTFOLIO     GOVERNMENT INDEX         
                                                                                                                 

                                                                               $10,000             $10,000       
Dec-87                                                                         $10,118             $10,105       
                                                                               $10,426             $10,364       
                                                                               $10,534             $10,479       
                                                                               $10,459             $10,439       
                                                                               $10,431             $10,421       
                                                                               $10,384             $10,375       
                                                                               $10,533             $10,540       
                                                                               $10,502             $10,518       
                                                                               $10,497             $10,534       
                                                                               $10,671             $10,717       
                                                                               $10,829             $10,863       
                                                                               $10,713             $10,771       
Dec-88                                                                         $10,757             $10,780       
                                                                               $10,851             $10,894       
                                                                               $10,893             $10,848       
                                                                               $10,961             $10,893       
                                                                               $11,071             $11,111       
                                                                               $11,182             $11,331       
                                                                               $11,318             $11,617       
                                                                               $11,424             $11,855       
                                                                               $11,454             $11,702       
                                                                               $11,508             $11,757       
                                                                               $11,631             $12,006       
                                                                               $11,713             $12,120       
Dec-89                                                                         $11,777             $12,154       
                                                                               $11,844             $12,076       
                                                                               $11,911             $12,121       
                                                                               $11,955             $12,137       
                                                                               $11,987             $12,094       
                                                                               $12,157             $12,360       
                                                                               $12,262             $12,526       
                                                                               $12,397             $12,700       
                                                                               $12,337             $12,648       
                                                                               $12,449             $12,746       
                                                                               $12,650             $12,893       
                                                                               $12,851             $13,089       
Dec-90                                                                         $13,051             $13,269       
                                                                               $13,178             $13,404       
                                                                               $13,245             $13,511       
                                                                               $13,293             $13,603       
                                                                               $13,446             $13,751       
                                                                               $13,514             $13,835       
                                                                               $13,485             $13,845       
                                                                               $13,669             $14,000       
                                                                               $13,945             $14,267       
                                                                               $14,217             $14,513       
                                                                               $14,392             $14,678       
                                                                               $14,578             $14,847       
Dec-91                                                                         $14,960             $15,209       
                                                                               $14,780             $15,071       
                                                                               $14,813             $15,130       
                                                                               $14,724             $15,071       
                                                                               $14,892             $15,203       
                                                                               $15,124             $15,439       
                                                                               $15,404             $15,667       
                                                                               $15,751             $15,979       
                                                                               $15,951             $16,139       
                                                                               $16,214             $16,359       
                                                                               $15,940             $16,146       
                                                                               $15,830             $16,085       
Dec-92                                                                         $16,051             $16,300       
                                                                               $16,364             $16,616       
                                                                               $16,616             $16,879       
                                                                               $16,686             $16,946       
                                                                               $16,831             $17,082       
                                                                               $16,757             $17,044       
                                                                               $17,022             $17,312       
                                                                               $17,027             $17,353       
                                                                               $17,351             $17,629       
                                                                               $17,417             $17,702       
                                                                               $17,457             $17,749       
                                                                               $17,329             $17,650       
Dec-93                                                                         $17,385             $17,731       
                                                                               $17,595             $17,928       
                                                                               $17,278             $17,663       
                                                                               $16,976             $17,371       
                                                                               $16,805             $17,253       
                                                                               $16,830             $17,265       
                                                                               $16,820             $17,227       
                                                                               $17,047             $17,475       
                                                                               $17,096             $17,529       
                                                                               $16,922             $17,368       
                                                                               $16,918             $17,366       
                                                                               $16,788             $17,288       
Dec-94                                                                         $16,837             $17,349       
                                                                               $17,029             $17,640       
                                                                               $17,209             $18,005       
                                                                               $17,295             $18,108       
                                                                               $17,422             $18,333       
                                                                               $17,746             $18,886       
                                                                               $17,847             $19,013       
                                                                               $17,918             $19,015       
                                                                               $18,051             $19,188       
                                                                               $18,139             $19,326       
                                                                               $18,266             $19,540       
                                                                               $18,357             $19,796       
Dec-95                                                                         $18,446             $20,004       
                                                                               $18,534             $20,176       
                                                                               $18,608             $19,940       
                                                                               $18,664             $19,839       
                                                                               $18,701             $19,769       
                                                                               $18,756             $19,753       
                                                                               $18,924             $19,963       
                                                                               $18,981             $20,023       
                                                                               $19,019             $20,039       
                                                                               $19,247             $20,317       
                                                                               $19,532             $20,677       
                                                                               $19,741             $20,950       
Dec-96                                                                         $19,664             $20,816       
                                                                               $19,743             $20,897       
                                                                               $19,763             $20,936       
                                                                               $19,703             $20,792       
                                                                               $19,881             $21,037       
                                                                               $20,018             $21,212       
                                                                               $20,164             $21,405       
                                                                               $20,424             $21,840       
                                                                               $20,424             $21,730       
                                                                               $20,585             $21,982       
                                                                               $20,746             $22,226       
Nov-97                                                                         $20,806             $22,275       
Annualized                                                                         One                Five    Ten
Total Return (%)                                                                  Year               Years  Years
                                                                                  5.39                5.62   7.60
The portfolio maximizes expected returns by 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. Maturities are shifted if sufficient                                           
premiums can be documented. Investments are made in U.S. government                                              
securities with a maximum maturity of five years.                                                                
This portfolio's returns in fiscal 1997 reflected the performance of                                             
its strategy.                                                                                                    
Past performance is not predictive of future performance.                                                        
Lehman Intermediate Government Index courtesy of Lehman Brothers.                                                

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

                                                        [Enlarge/Download Table]

              DFA TWO-YEAR GLOBAL FIXED INCOME PORTFOLIO VS.                                                                    
    MERRILL LYNCH GOVERNMENTS, U.S. TREASURY, SHORT TERM (1-2.99 YEARS)                                                         
                         MARCH 1996-NOVEMBER 1997                                                                               
                             GROWTH OF $10,000                                                                                  
                                                                                                     MERRILL LYNCH GOVERNMENTS, 
                                                                              DFA TWO-YEAR GLOBAL    U.S. TREASURY, SHORT TERM  
                                                                            FIXED INCOME PORTFOLIO         (1-2.99 YEARS)       
                                                                                                                                

                                                                                            $10,000                      $10,000
Mar-96                                                                                      $10,046                       $9,991
                                                                                            $10,096                       $9,999
                                                                                            $10,147                      $10,020
                                                                                            $10,184                      $10,092
                                                                                            $10,256                      $10,131
                                                                                            $10,357                      $10,166
Sep-96                                                                                      $10,429                      $10,258
                                                                                            $10,520                      $10,374
                                                                                            $10,592                      $10,454
                                                                                            $10,635                      $10,454
                                                                                            $10,709                      $10,503
                                                                                            $10,750                      $10,528
Mar-97                                                                                      $10,747                      $10,523
                                                                                            $10,811                      $10,610
                                                                                            $10,884                      $10,682
                                                                                            $10,962                      $10,755
                                                                                            $11,016                      $10,874
                                                                                            $11,059                      $10,884
Sep-97                                                                                      $11,128                      $10,966
                                                                                            $11,171                      $11,047
Nov-97                                                                                      $11,204                      $11,074
Annualized Total Return (%)                                                                One Year              From March 1996
                                                                                               5.77                         6.71
The portfolio invests in the DFA Two-Year Global Fixed Income Series                                                            
of the DFA Investment Trust Company, which in turn seeks to maximize                                                            
expected returns by 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. Maturities are shifted if                                                               
sufficient premiums can be documented. Investments are made in U.S.                                                             
government securities, high-quality corporate securities and                                                                    
currency hedged global bonds with a maximum maturity of two years.                                                              
The portfolio's returns in fiscal 1997 reflected the performance                                                                
of its strategy.                                                                                                                
Past performance is not predictive of future performance.                                                                       
Merrill Lynch Governments, U.S. Treasury, Short-Term                                                                            
(1-2.99 Years) courtesy of Merrill Lynch.                                                                                       

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

                                                        [Enlarge/Download Table]

      DFA GLOBAL FIXED INCOME PORTFOLIO VS.                                                             
       SALOMON WORLD GOVERNMENT BOND INDEX                                                              
           DECEMBER 1990-NOVEMBER 1997                                                                  
                GROWTH OF $10,000                                                                       
                                                 DFA GLOBAL FIXED   SALOMON WORLD FIXED                 
                                                 INCOME PORTFOLIO       INCOME INDEX                    
                                                                                                        

                                                           $10,000                $10,000               
Dec-90                                                     $10,060                $10,126               
                                                           $10,126                $10,277               
                                                           $10,185                $10,375               
                                                           $10,214                $10,405               
                                                           $10,320                $10,491               
                                                           $10,427                $10,540               
                                                           $10,425                $10,508               
                                                           $10,529                $10,621               
                                                           $10,706                $10,807               
                                                           $10,871                $11,012               
                                                           $10,994                $11,095               
                                                           $11,100                $11,170               
Dec-91                                                     $11,396                $11,461               
                                                           $11,252                $11,422               
                                                           $11,278                $11,464               
                                                           $11,208                $11,396               
                                                           $11,309                $11,432               
                                                           $11,481                $11,592               
                                                           $11,675                $11,700               
                                                           $11,924                $11,882               
                                                           $12,066                $11,960               
                                                           $12,254                $12,143               
                                                           $12,068                $12,192               
                                                           $11,988                $12,185               
Dec-92                                                     $12,135                $12,340               
                                                           $12,350                $12,533               
                                                           $12,537                $12,769               
                                                           $12,568                $12,762               
                                                           $12,573                $12,806               
                                                           $12,565                $12,833               
                                                           $12,807                $13,092               
                                                           $12,916                $13,210               
                                                           $13,156                $13,483               
                                                           $13,187                $13,561               
                                                           $13,323                $13,681               
                                                           $13,358                $13,690               
Dec-93                                                     $13,538                $13,871               
                                                           $13,628                $13,881               
                                                           $13,314                $13,602               
                                                           $12,981                $13,429               
                                                           $12,897                $13,344               
                                                           $12,796                $13,275               
                                                           $12,684                $13,174               
                                                           $12,778                $13,315               
                                                           $12,876                $13,238               
                                                           $12,813                $13,194               
                                                           $12,837                $13,218               
                                                           $12,969                $13,317               
Dec-94                                                     $12,953                $13,353               
                                                           $13,057                $13,537               
                                                           $13,249                $13,749               
                                                           $13,513                $13,973               
                                                           $13,697                $14,181               
                                                           $14,032                $14,676               
                                                           $14,059                $14,698               
                                                           $14,181                $14,798               
                                                           $14,282                $14,922               
                                                           $14,483                $15,128               
                                                           $14,631                $15,312               
                                                           $14,947                $15,603               
Dec-95                                                     $15,032                $15,764               
                                                           $15,157                $15,914               
                                                           $14,998                $15,688               
                                                           $15,109                $15,741               
                                                           $15,197                $15,803               
                                                           $15,344                $15,882               
                                                           $15,401                $16,034               
                                                           $15,535                $16,117               
                                                           $15,773                $16,258               
                                                           $16,055                $16,567               
                                                           $16,355                $16,871               
                                                           $16,610                $17,175               
Dec-96                                                     $16,652                $17,136               
                                                           $16,795                $17,285               
                                                           $16,955                $17,361               
                                                           $16,839                $17,260               
                                                           $16,969                $17,450               
                                                           $17,098                $17,556               
                                                           $17,361                $17,818               
                                                           $17,573                $18,171               
                                                           $17,606                $18,131               
                                                           $17,770                $18,424               
                                                           $17,836                $18,618               
Nov-97                                                     $17,918                $18,735               
                                                                                           From December
Annualized Total Return (%)                               One Year             Five Years           1990
                                                              7.87                   8.37           8.69
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.                                                                                       

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DFA INVESTMENT DIMENSIONS GROUP INC.

THE U.S. 9-10 SMALL COMPANY PORTFOLIO 

SCHEDULE OF INVESTMENTS 

NOVEMBER 30, 1997 

                                                                [Download Table]

                                                            SHARES           VALUE+
                                                        ----------  ---------------
                                                                                   
COMMON STOCKS -- (97.5%)                                                           
  *3-D Geophysical, Inc................................    20,800   $       137,150
  *3-D Systems Corp....................................    83,700           700,988
  *3D0 Co..............................................   120,100           365,930
  *4 Health, Inc.......................................     6,700            43,131
  *4Front Software International, Inc..................    26,400           229,350
  *7Th Level, Inc......................................    11,200            22,750
  *AAON, Inc...........................................    39,490           296,175
  ABC Bancorp..........................................    26,825           450,995
  *ABC Rail Products Corp..............................    67,000         1,352,563
  *ABT Building Products Corp..........................     3,000            54,000
  *ACT Manufacturing, Inc..............................     8,800           125,125
  *ACT Networks, Inc...................................    44,000           360,250
  *AEP Industries, Inc.................................    31,850         1,029,153
  *AER Energy Resources, Inc...........................   120,200           219,741
  *AFC Cable Systems, Inc..............................    46,625         1,255,961
  *AG Associates, Inc..................................    13,200            79,200
  *AG Services America, Inc............................    23,650           427,178
  *#AMBI, Inc..........................................   124,200           306,619
  *AML Communications, Inc.............................    26,600           162,094
  *AMX Corp............................................    34,300           222,950
  *APS Holding Corp. Class A...........................    75,900           292,927
  *ARI Network Services, Inc...........................    23,875            76,102
  *ARV Assisted Living, Inc............................    66,000         1,010,625
  *ASV, Inc............................................    11,200           296,100
  *#ATC Communications Group, Inc......................     9,100            21,044
  *ATC Group Services, Inc.............................    65,800           740,250
  *ATMI, Inc...........................................    33,300         1,088,494
  *ATS Medical, Inc....................................   154,900           900,356
  Aaron Rents, Inc. Class A............................    41,500           658,813
  Aaron Rents, Inc. Class B............................   139,800         2,315,438
  *#Aasche Transportation                                                          
    Services, Inc......................................    19,300            59,709
  *Aavid Thermal Technologies, Inc.....................    22,400           653,800
  *Abaxis, Inc.........................................    74,800           194,013
  Abington Bancorp, Inc................................    18,400           669,300
  *Abiomed, Inc........................................    35,500           600,172
  *Able Telcom Holding Corp............................    45,500           378,219
  Abrams Industries, Inc...............................    12,900            99,975
  *Abraxas Petroleum Corp..............................    50,000           818,750
  *Acacia Research Corp................................     2,400            19,500
  *Accell International Corp...........................    97,293           367,889
  *#Access Beyond, Inc.................................    89,033           481,335
  *Acclaim Entertainment, Inc..........................    42,100           171,689
  *Accumed International, Inc..........................    19,000            37,109
  *Ace Cash Express, Inc...............................    35,150           637,094
  Aceto Corp...........................................    20,681           411,035
  *Acme Electric Corp..................................    28,784           181,699
  *Acme Metals, Inc....................................   108,500         1,349,469
  *Acme United Corp....................................    28,707           166,859
  *Active Apparel Group, Inc...........................     5,600            12,775
  *Active Voice Corp...................................     4,500            62,438
  *#Activision, Inc....................................   106,600         1,705,600
  *#Actrade International, Ltd.........................    33,200           952,425
  *Adage, Inc..........................................    50,941           316,795
  *Adam Software, Inc..................................     2,000             5,594
  Adams Resources & Energy, Inc........................    74,150         1,102,981


                                                            SHARES           VALUE+
                                                        ----------  ---------------
                                                                                   
  *Adelphia Communications Corp. Class A...............    43,500   $       628,031
  *Adept Technology, Inc...............................    79,000           930,719
  *Adflex Solutions, Inc...............................    41,900           807,884
  *Advanced Digital Information Corp...................    48,000           885,000
  *Advanced Magnetics, Inc.............................    57,550           535,934
  *Advanced Marketing Services, Inc....................    36,900           477,394
  *Advanced Photonix, Inc. Class A.....................    90,950           125,056
  *Advanced Polymer Systems, Inc.......................   144,000         1,053,000
  *Advanced Promotion Technologies, Inc................   159,451             2,551
  Advantage Bancorp, Inc...............................    11,225           705,772
  *Advent Software, Inc................................    24,000           577,500
  Advest Group, Inc....................................    42,800           973,700
  *Advocat, Inc........................................    50,700           430,950
  *Aeroflex, Inc.......................................   102,152           874,677
  *Aerosonic Corp. DE..................................    17,100           181,688
  *Aerovox, Inc........................................    41,800           227,288
  *Aetrium, Inc........................................    39,500           733,219
  Affiliated Community Bancorp.........................    13,000           371,313
  *Affinity Technology Group, Inc......................   140,300           403,363
  *Ag-Chem Equipment Co., Inc..........................    48,600           807,975
  *Agri-Nutrition Group, Ltd...........................    16,800            24,150
  *Air & Water Technologies Corp. Class A..............   272,000           340,000
  *Air Methods Corp....................................    39,700           145,153
  *Airtran Holdings, Inc...............................    60,700           310,139
  *Akorn, Inc..........................................    32,100           125,892
  Alabama National Bancorporation......................    11,400           284,288
  Alamo Group, Inc.....................................    42,500           871,250
  *Alaris Medical, Inc.................................    84,600           452,081
  *Alarmguard Holdings, Inc............................    40,106           431,140
  *Alba-Waldensian, Inc................................    21,000           115,500
  *Alcide Corp.........................................    11,100           659,063
  *Aldila, Inc.........................................    77,500           356,016
  *Alfin, Inc..........................................       217               115
  Alico, Inc...........................................    55,700         1,364,650
  *Align-Rite International, Inc.......................    17,700           298,688
  *Alkermes, Inc.......................................     7,900           156,519
  *All American Semiconductor, Inc.....................    38,400            70,200
  *Allcity Insurance Co................................       200             1,550
  Allen Organ Co. Class B..............................     4,200           179,025
  Alliance Bancorp.....................................    40,456         1,061,970
  Alliance Bancorp of New England, Inc.................       266             4,672
  *Alliance Entertainment Corp.........................   113,000             9,040
  *Alliance Gaming Corp................................   274,189         1,126,745
  *Allied Capital Advisers, Inc........................    58,500           352,828
  Allied Capital Lending Corp..........................    25,100           518,472
  *Allied Digital Technologies Corp....................     3,200             8,400
  *Allied Healthcare Products, Inc.....................    54,600           431,681
  *Allied Holdings, Inc................................    66,435         1,307,939
  Allied Life Financial Corp...........................    20,000           422,500
  Allied Products Corp.................................    79,141         1,909,277
  *Allied Research Corp................................    41,040           507,870
  *Allou Health & Beauty Care, Inc. Class A............    29,200           229,950

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THE U.S. 9-10 SMALL COMPANY PORTFOLIO                                           

CONTINUED                                                                       

                                                                [Download Table]

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Allstate Financial Corp.............................    11,500   $        70,438
*Alltrista Corp......................................    38,874         1,122,487
*Aloette Cosmetics, Inc..............................     7,200            21,375
*Alpha Beta Technology, Inc..........................   108,000           320,625
*Alpha Industries, Inc...............................    89,700         1,670,663
*Alpha Microsystems, Inc.............................    48,600            57,713
*Alpha Technologies Group, Inc.......................   107,200           395,300
*Alpine Group, Inc...................................   159,544         3,121,080
*Alpine Lace Brands, Inc.............................    28,500           258,281
*Alrenco, Inc........................................    15,100           244,431
*Alta Gold Co........................................   127,043           202,475
*Alteon, Inc.........................................   117,000           676,406
*Alternative Living Services.........................    22,850           608,381
*Altris Software, Inc................................    52,750           209,352
*Altron, Inc.........................................    93,000         1,482,188
*Amati Communications Corp...........................   214,500         4,256,484
Amcast Industrial Corp...............................    34,600           856,350
*Amedisys, Inc.......................................    12,700            73,819
*America Services Group, Inc.........................    29,000           503,875
American Bancorporation Ohio.........................       400             8,850
American Bank of Connecticut.........................     6,100           287,081
*American Banknote Corp..............................   100,400           539,650
American Biltrite, Inc...............................    57,850         1,352,244
*American Biogenetic Sciences, Inc. Class A..........   130,700           269,569
*American Buildings Co...............................    50,000         1,362,500
*American Claims Evaluation, Inc.....................     3,100             6,588
*American Classic Voyages Co.........................   100,200         1,728,450
*American Coin Merchandising, Inc....................     5,800            99,325
*American Communications Services, Inc...............     9,000           119,813
*American Eagle Group, Inc...........................    54,500             2,507
*American Eagle Outfitters, Inc......................    38,600         1,305,163
*American Ecology Corp...............................    62,800            92,238
*American Educational Products, Inc..................     2,760            19,061
*American Healthcorp, Inc............................    68,700           884,513
*American Homestar Corp..............................   130,218         1,863,745
American Indemnity Financial Corp....................    16,700           211,881
*American International Petroleum Corp...............    40,400           222,200
*American Locker Group, Inc..........................     8,800           204,600
*American Media, Inc. Class A........................    29,600           229,400
*American Medical Electronics, Inc. (Escrow-Bonus)...   102,100                 0
*American Medical Electronics, Inc.                                              
  (Escrow-Earnings)..................................   102,100                 0
*American Mobile Satellite Corp......................    17,800           140,175
*American Oilfield Divers, Inc.......................    56,900           748,591
*American Pacific Corp...............................    73,500           542,063
*American Paging, Inc................................   112,200           224,400
*American Physicians Services Group, Inc.............    46,800           339,300
American Precision Industries, Inc...................   160,375         3,508,203
*American Safety Razor Co............................    48,400           910,525
*American Science & Engineering, Inc.................    75,000           853,125
*American Shared Hospital Services...................    14,800            21,275
*American Software, Inc. Class A.....................   140,800         1,311,200
*American Superconductor Corp........................    54,500           572,250
*American Technical Ceramics Corp....................    17,200           276,275
*American Telecasting, Inc...........................    22,000            30,938
*American United Global, Inc.........................    46,900            95,998

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*#American Waste Services, Inc. Class A..............   123,800   $       185,700
American Woodmark Corp...............................    44,329           969,697
Americana Bancorp, Inc...............................    18,199           359,449
*Amerihost Properties, Inc...........................    63,600           419,363
*AmeriLink Corp......................................    16,800           423,150
*Ameristar Casinos, Inc..............................   126,350           665,312
*Ameriwood Industries International Corp.............    52,900           333,931
Ameron, Inc..........................................    15,500           999,750
*Ames Department Stores, Inc.........................    93,000         1,569,375
*Amistar Corp........................................    28,300           102,588
Ampco-Pittsburgh Corp................................    72,100         1,369,900
*Ampex Corp. Class A.................................    90,700           235,253
Amplicon, Inc........................................    58,000           960,625
*Amrep Corp..........................................    63,610           349,855
*Amtech Corp.........................................    84,800           394,850
*Amtran, Inc.........................................    88,200           711,113
Amvestors Financial Corp.............................    88,268         1,936,379
Amwest Insurance Group, Inc..........................    46,850           652,972
*Amylin Pharmaceuticals, Inc.........................    10,500            71,203
*Analogy, Inc........................................    20,600           113,300
Analysis & Technology, Inc...........................    26,800           633,150
*Analytical Surveys, Inc.............................    19,900           514,913
*#Anaren Microwave, Inc..............................    41,700           839,213
Anchor Bancorp Wisconsin, Inc........................    20,200           632,513
*Andersen Group, Inc.................................    15,000           112,500
Andover Bancorp, Inc. DE.............................    25,780           965,944
*Andrea Electronics Corp.............................    34,900           706,725
*Anergen, Inc........................................   138,300           363,038
*Anesta Corp.........................................    86,700         1,384,491
*Angeion Corp........................................   109,600           359,625
Angelica Corp........................................    85,700         1,842,550
*Anicom, Inc.........................................    60,500         1,054,969
*Ansaldo Signal N.V..................................    56,000           253,750
*Apertus Technologies, Inc...........................   126,300           217,078
*Aphton Corp.........................................    52,600           601,613
*Apogee, Inc.........................................    39,900            97,256
*Appliance Recycling Centers of America, Inc.........     3,500            10,281
*Applied Digital Access, Inc.........................    83,900           608,275
*Applied Extrusion Technologies, Inc.................    70,000           553,438
*Applied Innovation, Inc.............................    89,600           641,200
*Applied Microsystems Corp...........................    32,200           313,950
*Applied Science & Technology, Inc...................    22,300           469,694
*Applied Signal Technologies, Inc....................    75,000         1,129,688
*Applied Voice Technology, Inc.......................    28,300           787,094
*Applix, Inc.........................................    36,300           200,217
*#Aquagenix, Inc.....................................    22,300           165,159
Aquarion Co..........................................    27,400           832,275
*Aquila Biopharmaceuticals, Inc......................        44               206
*Arabian Shield Development Co.......................    66,200           161,363
*Arch Communications Group, Inc......................   135,800           929,381
*Arch Petroleum, Inc.................................    85,826           240,045
*Argosy Gaming Corp..................................   199,300           809,656
*Ariad Pharmaceuticals, Inc..........................   168,500           821,438
*Ariel Corp..........................................    89,400           645,356
*#Ark Restaurants Corp...............................    17,200           196,725
*Arkansas Best Corp..................................   151,500         1,675,969
*Aronex Pharmaceuticals, Inc.........................   133,550           671,923
*Arrhythmia Research Technology, Inc.................    11,375            23,461

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THE U.S. 9-10 SMALL COMPANY PORTFOLIO                                           

CONTINUED                                                                       

                                                                [Download Table]

                                                           SHARES           VALUE+
                                                       ----------  ---------------
                                                                                  
*#Arris Pharmaceutical Corp..........................    105,000   $     1,004,063
*Arrow Automotive Industries, Inc....................     31,300           101,725
Arrow Financial Corp.................................     26,159           858,365
*Arthrocare Corp.....................................     32,500           375,781
*Artisoft, Inc.......................................     54,400           117,300
*Artistic Greetings, Inc.............................     29,200           138,700
*Artra Group, Inc....................................     65,200           191,525
*Arts Way Manufacturing Co., Inc.....................        100             1,038
*Asahi/Amer, Inc.....................................      3,300            21,863
*Asante Technologies, Inc............................     45,000           219,375
*Aseco Corp..........................................     20,100           201,000
*Ashworth, Inc.......................................    102,200         1,101,844
*#Assisted Living Concepts, Inc......................     78,800         1,349,450
*Astea International, Inc............................     15,700            35,816
*Astec Industries, Inc...............................     98,100         1,581,863
Astro-Med, Inc.......................................     58,175           479,944
*Astronics Corp......................................     22,850           214,219
*Asyst Technologies, Inc.............................     35,800         1,103,088
Atalanta Sosnoff Capital Corp........................     20,900           246,881
*Atchison Casting Corp...............................     46,900           809,025
*Athey Products Corp.................................     31,085           133,083
*Atkinson (Guy F.) of California.....................     33,200           121,388
*Atlantic American Corp..............................    112,825           567,651
*Atlantic Bank and Trust Co..........................      9,200           135,700
*Atlantic Coast Airlines, Inc........................     65,000         1,523,438
*Atlantic Gulf Communities Corp......................     74,300           311,131
*Atlantic Premium Brands, Ltd........................     20,000            65,000
*Atlantic Tele-Network, Inc..........................     76,100           922,713
*Atlantis Plastics, Inc..............................     31,400           178,588
Atrion Corp..........................................     59,850           879,047
*Atrix Labs, Inc.....................................     51,506           753,275
*Au Bon Pain, Inc. Class A...........................     64,900           588,156
*Audiovox Corp. Class A..............................     72,500           638,906
Audits & Surveys Worldwide, Inc......................     52,922           145,536
*Ault, Inc...........................................     34,500           238,266
*Aura Systems, Inc...................................     11,200            41,825
Autocam Corp.........................................     58,448           767,130
*Autoimmune, Inc.....................................     70,500           204,891
*Autoinfo, Inc.......................................     73,413            43,589
*Autologic Information International, Inc............     27,500           206,250
*Automobile Protection Corp..........................     49,800           298,800
*Autonomous Technologies Corp........................     10,000            54,063
*Autote Corp. Class A................................    247,000           663,813
*#Avatex Corp........................................     26,200            45,850
*Avecor Cardiovascular, Inc..........................     65,700           542,025
*Avert, Inc..........................................     17,400           140,288
*Aviall, Inc.........................................     41,700           591,619
*Avigen, Inc.........................................     58,000           192,125
*Aviva Petroleum, Inc. Deposit Shares (Representing 5                             
  Shares)............................................      5,000             7,500
*Avondale Financial Corp.............................      9,400           150,400
*Avondale Industries, Inc............................     34,800           985,275
*Axent Technologies, Inc.............................     30,000           630,000
*Axiohm Transaction Solutions, Inc...................      3,136            52,724
*Axsys Technologies, Inc.............................      8,900           176,888
*Aydin Corp..........................................     43,250           497,375
Aztec Manufacturing Co...............................     55,826           952,531
*BCT International, Inc..............................     14,200            45,263
*BEC Group, Inc......................................     58,300           342,513
BEI Electronics, Inc.................................     42,100           168,400
*BEI Technologies, Inc...............................     42,100           505,200

                                                           SHARES           VALUE+
                                                       ----------  ---------------
                                                                                  
*BFX Hospitality Group, Inc..........................     33,000   $        86,625
BGS Systems, Inc.....................................     12,800           426,400
BHA Group Holdings, Inc. Class A.....................     77,231         1,419,120
*BI, Inc.............................................     85,900           606,669
*BPI Packaging Technologies, Inc.....................     19,800            21,347
*BRC Holdings, Inc...................................      8,300           346,006
BSB Bancorp, Inc.....................................    111,562         3,479,340
BT Financial Corp....................................     13,304           616,973
*BTG, Inc............................................     21,000           225,750
*BTU International, Inc..............................     42,700           242,856
*BWAY Corp...........................................     83,550         1,801,547
*Back Bay Restaurant Group, Inc......................     26,600           171,238
Badger Meter, Inc....................................     48,100         1,996,150
Badger Meter, Inc. Class B...........................     16,500           684,750
Badger Paper Mills, Inc..............................        200             1,688
Bairnco Corp.........................................    105,400         1,040,825
Baker (J.), Inc......................................    114,000           780,188
*Baker (Michael) Corp................................     72,214           681,520
*Baker (Michael) Corp. Class B.......................     15,400           145,338
Balchem Corp.........................................      5,200            98,150
*Baldwin Piano & Organ Co............................     37,900           625,350
*Baldwin Technology, Inc. Class A....................    135,000           675,000
*Ballantyne Omaha, Inc...............................     81,600         1,499,400
*Baltek Corp.........................................     21,562           202,144
Bancfirst Ohio Corp..................................      8,200           363,875
*Bancinsurance Corp..................................     30,200           145,338
Bancorp Connecticut, Inc.............................      9,640           383,190
Bangor Hydro-Electric Co.............................     52,600           299,163
Bank of Southington..................................        210             4,331
*Bank Plus Corp......................................    100,000         1,106,250
*Bank United Financial Corp. Class A.................     16,700           216,056
BankAtlantic Bancorp, Inc. Class B...................     40,212           569,251
*Banner Aerospace, Inc...............................    178,100         1,691,950
*Banyan System, Inc..................................    155,000           518,281
*Barnwell Industries, Inc............................     11,800           210,925
*Barra, Inc..........................................    113,100         3,110,250
*Barrett Business Services, Inc......................     49,800           602,269
*#Barringer Technologies, Inc........................     28,600           310,131
*Barrister Information Systems Corp..................      7,866            11,307
*Barry (R.G.) Corp...................................    178,235         2,083,122
*Barrys Jewelers, Inc................................        192                30
*#Base Ten Systems, Inc. Class A.....................     35,800           456,450
*Basin Exploration, Inc..............................     87,000         1,620,375
*Baycorp Holdings, Ltd...............................      4,200            30,975
*Bayou Steel Corp. Class A...........................     45,150           163,669
*Beard Co............................................     26,533           142,615
Beauticontrol Cosmetics, Inc.........................     32,200           262,631
*Beazer Homes USA, Inc...............................     61,800         1,102,744
*Bel Fuse, Inc.......................................     86,500         1,692,156
*Bell Industries, Inc................................     76,472         1,271,347
*Bell Microproducts, Inc.............................     52,200           440,438
*Bell Sports Corp....................................    119,112         1,001,285
*Bellwether Exploration Co...........................     84,700           884,056
*Belmont Homes, Inc..................................     10,700            80,919
*Ben & Jerry's Homemade, Inc. Class A................     29,200           469,025
*Benchmark Electronics, Inc..........................     42,600         1,198,125
*Benchmarq Microelectron.............................     34,300           623,831
*Benihana, Inc.......................................      9,500           121,125
*Benihana, Inc. Class A..............................      1,400            15,925
*Bentley Pharmaceuticals, Inc........................     14,850            40,838
Berkshire Gas Co.....................................      8,300           141,619

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Berlitz International, Inc..........................    67,100   $     1,732,019
*Bertuccis, Inc......................................    51,500           328,313
*Bethlehem Corp......................................       200               638
Binks Sames Corp.....................................    61,300         2,635,900
*Bio Vascular, Inc...................................     5,000            17,656
*Bio-Logic Systems Corp..............................    23,400           118,463
*Bio-Plexus, Inc.....................................    13,200            71,363
*Bio-Response, Inc...................................    68,000             3,400
*#Biocircuits Corp...................................    25,250            20,516
*Biocryst Pharmaceuticals, Inc.......................    76,900           557,525
*Biomatrix, Inc......................................    86,400         2,575,800
*Biomerica, Inc......................................    26,100            59,541
*Biosepra, Inc.......................................    37,900            85,275
*#Biosource International, Inc.......................    70,000           417,813
*Biospecifics Technologies Corp......................    21,000           120,750
*#Biospherics, Inc...................................    38,300           222,619
*Bird Corp...........................................    36,400           147,875
*Black Hawk Gaming & Development, Inc................    10,500            76,125
Blair Corp...........................................    55,300         1,054,156
Blessings Corp.......................................   161,912         2,307,246
Blimpie International................................    41,450           182,639
*Bluegreen Corp......................................    89,134           389,961
*Boca Research, Inc..................................    43,600           307,925
*Bolt Technology Corp................................    10,350            79,566
*Bombay Co., Inc.....................................    96,800           502,150
*Bon-Ton Stores, Inc.................................    52,100           820,575
*Bonded Motors, Inc..................................    13,400           110,131
*Bone Care International, Inc........................    40,500           410,063
*Bontex, Inc.........................................     2,200            12,650
*Books-a-Million, Inc................................   140,000           949,375
Boston Acoustics, Inc................................    37,300         1,002,438
*Boston Communications Group, Inc....................    67,000           626,031
Bostonfed Bancorp, Inc...............................     8,000           164,500
Bowl America, Inc. Class A...........................    56,160           475,605
*Bowmar Instrument Corp..............................    55,800           115,088
*Box Energy Corp. Class B............................   129,100           931,941
*Boyds Wheels, Inc...................................     5,300             9,606
*Bradley Pharmaceuticals, Inc. Class A...............     8,400            15,094
Branford Savings Bank CT.............................       610             3,584
*Brauns Fashions Corp................................    13,500           129,938
*Brazos Sportswear, Inc..............................     5,570            50,130
Brenton Banks, Inc...................................       242             7,933
*Brewer (C.) Homes, Inc. Class A.....................    39,300            80,442
Bridgford Foods Corp.................................    60,200           903,000
*Brite Voice Systems, Inc............................   104,000           955,500
Broad National Bancorporation........................    17,820           365,310
*Broadband Technologies, Inc.........................    57,200           337,838
*Broadway & Seymour, Inc.............................    66,600           649,350
*Brock International, Inc............................    34,700           143,138
#Brooke Group, Ltd...................................   106,600           959,400
*Brooks Automation, Inc..............................    22,100           469,625
*Brookstone, Inc.....................................    57,800           700,825
*Brooktrout Technology, Inc..........................    90,150         1,025,456
*Brothers Gourmet Coffees, Inc.......................    58,600            71,419
*Brown & Sharpe Manufacturing Co. Class A............    95,675           980,669
Bryn Mawr Bank Corp..................................     1,000            47,063
*Buckhead America Corp...............................     3,500            28,875
*Builders Transport, Inc.............................    52,100           156,300
*Building Materials Holding Corp.....................   104,900         1,186,681

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Bull Run Corp. GA...................................   171,700   $       525,831
*Business Resource Group.............................    16,200            59,738
*Butler International, Inc...........................    41,727           704,143
Butler Manufacturing Co..............................     7,000           237,125
*Buttrey Food & Drug Stores Co.......................    51,000           551,438
C & D Technologies, Inc..............................    35,800         1,653,513
*C ATS Software, Inc.................................    21,900           124,556
*C-COR Electronics, Inc..............................    43,700           682,813
*#C-Phone Corp.......................................    36,300           283,594
*C.P. Clare Corp.....................................    37,100           498,531
CB Bancshares, Inc. HI...............................       818            33,947
*CCA Industries, Inc.................................    33,300            81,169
*CE Software Holdings, Inc...........................     2,180             5,450
*CEM Corp............................................    41,500           448,719
*CET Environmental Services, Inc.....................     7,000            47,688
*CFI Proservices, Inc................................    35,600           449,450
CFSB Bancorp, Inc....................................     6,497           230,644
CFW Communications Co................................     2,500            57,031
CFX Corp.............................................    77,000         2,136,750
*CMC Industries, Inc.................................    40,800           497,250
*CMG Information Services, Inc.......................    41,000           863,563
CMI Corp. Class A....................................   264,699         1,422,757
*CML Group, Inc......................................   263,800           923,300
CNA Surety Corp......................................    35,200           510,400
*CNS Income..........................................    80,600           639,763
*CPAC, Inc...........................................    37,453           402,620
CPB, Inc.............................................    23,800           494,594
*#CPI Aerostructures, Inc............................     2,500             8,438
*CSP, Inc............................................    59,300           459,575
*CTC Communications Corp. Class 1....................    58,000           859,125
CVB Financial Corp...................................    28,325           814,344
*Cache, Inc..........................................    80,125           315,492
*Caci International, Inc. Class A....................     8,100           160,228
*Cade Industries, Inc................................    22,900            55,819
*Cadiz Land, Inc.....................................   134,400           974,400
Cadmus Communications Corp...........................    58,900         1,258,988
*Caere Corp..........................................   105,000           920,391
Cagle's, Inc. Class A................................   104,900         1,226,019
*Cal-Maine Foods, Inc................................     3,000            18,750
*Calcomp Technology, Inc.............................    27,800           125,100
*California Amplifier, Inc...........................    62,900           208,356
*#California Culinary Academy, Inc...................    17,300           131,913
*California Micro Devices Corp.......................    48,200           298,238
California State Bank................................    20,459           662,360
*#Callon Petroleum Co................................    45,900           817,594
*Calumet Bancorp, Inc................................     5,925           191,081
*Cambex Corp.........................................    82,300            15,431
*Cambridge Heart, Inc................................    32,000           291,000
*Cambridge Neuroscience, Inc.........................    80,900           170,648
*Cambridge Soundworks, Inc...........................    14,400           152,100
*Cameron Ashley Building Products, Inc...............    23,500           368,656
Cameron Financial Corp...............................     8,200           160,925
*Campo Eletronics, Appliances & Computers, Inc.......    49,700            48,923
*Candela Laser Corp..................................    28,200           154,219
*Candies, Inc........................................    57,000           388,313
*Canisco Resources, Inc..............................     8,600            24,188
*Cannon Express, Inc. Class A........................     3,250            26,609
*#Cannondale Corp....................................    73,200         1,512,038
*Cantel Industries, Inc. Class B.....................    26,000           188,500
*Canyon Resources Corp...............................   226,000           268,375

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
Cape Cod Bank & Trust Co.............................    29,600   $     1,154,400
*Capital Associates, Inc.............................    21,050            61,834
*Capital Pacific Holdings, Inc.......................    55,700           186,247
Capitol Bancorp, Ltd.................................    13,904           377,146
Capitol Transamerica Corp............................    19,845           468,838
*Cardiotech International, Inc.......................    12,957            37,251
*Cardiovascular Diagnostics..........................    28,900           180,625
*Cardiovascular Dynamics, Inc........................    54,036           293,821
*Care Group, Inc.....................................    77,100            39,755
*Caretenders Healthcorp..............................     6,500            54,844
*Carlyle Industries, Inc.............................     4,675             7,306
Carnegie Bancorp.....................................     6,160           190,960
*Carnegie Group, Inc.................................    25,000           107,813
Carolina First Corp..................................    73,861         1,442,615
*Carr-Gottstein Foods Co.............................    71,766           354,345
*Carrington Laboratories, Inc........................    76,300           379,116
*Carson, Inc.........................................     4,000            32,500
*Carver Corp. WA.....................................    60,803            62,703
Cascade Corp.........................................    50,900           916,200
Cascade Natural Gas Corp.............................    51,300           872,100
*Casco International, Inc............................     5,022            18,833
Cash America International, Inc......................   102,700         1,283,750
*Casino America, Inc.................................   200,500           576,438
*Casino Data Systems.................................    90,200           408,719
*Casino Magic Corp...................................    71,300            86,897
*Casino Resource Corp................................    10,700            15,047
*Castelle............................................    12,400            48,050
*Catalina Lighting, Inc..............................    60,600           374,963
*Catalyst International, Inc.........................    18,400           104,650
*Catalyst Semiconductor, Inc.........................    58,300            93,827
*Catalytica, Inc.....................................   173,500         1,794,641
*Catherines Stores Corp..............................    59,900           376,247
Cato Corp. Class A...................................   194,900         1,827,188
Cavalier Homes, Inc..................................    81,530           794,918
*Cayenne Software, Inc...............................    91,600           224,706
*Cel-Sci Corp........................................    23,700           186,638
*Celadon Group, Inc..................................    69,000         1,043,625
*Celebrity, Inc......................................    54,000           108,000
*Celeritek, Inc......................................    43,000           698,750
*Celestial Seasonings, Inc...........................    18,200           561,925
*Celgene Corp........................................   115,300         1,037,700
*#Cell Genesys, Inc..................................   216,005         1,849,543
*Cellpro, Inc........................................    71,400           200,813
*Cellular Technical Services Co., Inc................    83,300           234,281
*Celtrix Pharmaceuticals, Inc........................    91,800           219,459
Cenfed Financial Corp................................    27,695         1,110,396
Cenit Bancorp, Inc...................................     2,500           170,938
*Centennial Bancorp..................................    34,142           970,913
*Centigram Communications Corp.......................    50,600           830,156
Central Co-Operative Bank Somerville, MA.............     7,500           198,750
Central Reserve Life Corp............................    33,700           168,500
*Central Sprinkler Corp..............................    41,600           748,800
Central Vermont Public Service Corp..................    49,000           679,875
Centris Group, Inc...................................    54,100         1,173,294
*Centura Software Corp...............................    63,100           106,481
Century Bancorp Income Class A.......................     1,000            18,250
*Ceradyne, Inc.......................................   115,100           530,539
Cerberonics, Inc. Class A............................     3,500            33,250
*Cerion Technologies, Inc............................    30,000            65,625
*Cerprobe Corp.......................................    33,800           605,231

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Chad Therapeutics...................................    69,458   $       642,487
#Champion Industries, Inc............................    42,000           813,750
*Charles, JW Financial Services, Inc.................     5,600            68,600
*Chart House Enterprises, Inc........................    72,900           510,300
Chart Industries, Inc................................   104,600         2,418,875
*Charter Federal Savings Bank (Escrow)...............    43,340                 0
Charter Financial, Inc...............................    17,700           392,166
*Chartwell Leisure, Inc..............................    49,600           829,250
*Chase Corp..........................................    10,500           137,813
*Chase Industries, Inc...............................    60,500         1,474,688
*Chattem, Inc........................................    39,500           604,844
*Chaus (Bernard), Inc................................    53,600            50,250
*Check Technology Corp...............................    30,900           122,634
*Checkmate Electronics, Inc..........................    26,600           196,175
*Chemfab Corp........................................   141,300         3,241,069
*#Chemtrak, Inc......................................    31,250            38,086
*Cherry Corp. Class A................................     3,600            55,013
*Cherry Corp. Class B................................     9,900           144,788
Chesapeake Utilities Corp............................    21,575           436,894
Chester Valley Bancorp...............................       957            25,600
*Chic by His, Inc....................................    80,000           590,000
Chicago Rivet & Machine Co...........................    20,000           595,000
*Chicos Fas, Inc.....................................    66,900           485,025
*Children's Comprehensive Services, Inc..............    27,000           464,063
*Children's Discovery Centers of America, Inc. Class                             
  A..................................................    52,100           423,313
*Childrens Broadcasting Corp.........................    27,000           102,938
*Childtime Learning Centers, Inc.....................    22,500           310,781
*#Chock Full O' Nuts Corp............................    92,330           663,622
*Cholestech Corp.....................................    71,000           938,531
*Christiana Companies, Inc...........................    22,100           828,750
*Chromcraft Revington, Inc...........................    56,000         1,771,000
*Chronimed, Inc......................................    63,800           737,688
*Chrysalis International Corp........................    90,000           354,375
*Chyron Corp.........................................    14,553            63,669
*Cidco, Inc..........................................    15,900           324,956
*Cima Laboratories, Inc..............................    45,500           261,625
*Cinergi Pictures Entertainment, Inc.................    39,200            91,875
*Ciprico, Inc........................................    41,895           527,615
*Circon Corp.........................................    42,322           648,056
*Circuit Systems, Inc................................    25,100           111,381
*Citadel Holding Corp................................    35,000           142,188
*Citation Computer System, Inc.......................    30,000           204,375
*Citation Corp.......................................    12,000           204,750
Citfed Bancorp, Inc..................................    25,700         1,301,063
*Citizens, Inc. Class A..............................    60,550           420,066
City Holding Co......................................     2,142            88,358
*Civic Bancorp.......................................    39,690           642,482
*Claremont Technology Group, Inc.....................    90,000         1,636,875
*Clark (Dick) Productions, Inc.......................    11,600           165,300
*Clean Harbors, Inc..................................    82,400           160,938
*Clintrials Research, Inc............................   150,600         1,289,513
*Coast Distribution System...........................    43,600           147,150
Coastal Bancorp, Inc.................................    29,400           856,275
*Coastal Physician Group, Inc........................    58,400            65,700
*Coastcast Corp......................................    58,200           818,438
*Cobra Electronic Corp...............................   125,100           992,981
*Cocensys, Inc.......................................   168,700           579,906
*Code-Alarm, Inc.....................................    20,300            48,213
*Coeur d'Alene Mines Corp. ID........................    20,000           172,500

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Cognitronics Corp...................................    57,450   $     1,030,509
*Coho Energy, Inc....................................   139,000         1,416,063
*Cohr, Inc...........................................    28,700           354,266
*Cold Metal Products, Inc............................    50,400           302,400
*Cole (Kenneth) Productions, Inc. Class A............    62,400         1,041,300
Collagen Corp........................................    51,200         1,017,600
*Collagenex Pharmaceuticals, Inc.....................    20,000           273,750
Collins Industries, Inc..............................    86,325           577,298
Colonial Gas Co......................................    25,650           642,853
*Columbia Banking System, Inc........................    23,329           621,135
*Columbus Energy Corp................................    14,825           127,866
*Comarco, Inc........................................    47,200         1,126,900
*Comdial Corp........................................   151,433         1,608,976
*#Comforce Corp......................................    83,200           629,200
Commercial Bancshares, Inc...........................    18,060           443,599
Commercial Bank of New York..........................    12,550           284,728
Commercial Intertech Corp............................    53,400           954,525
*#Commodore Applied Technologies, Inc................    20,000            33,750
*Commodore Applied Technologies, Inc. (Private                                   
  Placement).........................................   157,700           239,507
Commonwealth Industries, Inc.........................    37,800           633,150
*Communications Central, Inc.........................    22,000           221,375
Communications Systems, Inc..........................   118,500         2,170,031
Community Bank System, Inc...........................    53,600         1,547,700
Community Banks, Inc.................................       231             9,760
*Community Medical Transport, Inc....................    15,300            26,297
*Comnet Corp.........................................    30,300           234,825
*Compdent Corp.......................................    36,000           744,750
*Competitive Technologies, Inc.......................   109,100           954,625
*#Complete Management, Inc...........................    68,099         1,132,146
*Comprehensive Care Corp.............................    22,820           201,101
*Comptek Research, Inc...............................    59,300           429,925
*Computational Systems, Inc..........................    12,400           365,800
Computer Data Systems, Inc...........................   104,700         4,246,894
Computer Language Research, Inc......................    83,800           979,413
*Computer Manangement Sciences, Inc..................    22,700           373,131
*Computer Network Technology Corp....................   164,300           662,334
*Computer Outsourcing Services, Inc..................    16,400           144,525
*Computervision Corp.................................    31,400           115,788
*Computrac, Inc......................................    59,900            59,900
*Comshare, Inc.......................................    63,150           371,006
*Comstock Resources, Inc.............................    59,400           779,625
*Comtech Telecommunications Corp.....................     9,300            42,286
*Concentra Corp......................................    30,200           163,269
*Concord Camera Corp.................................    27,700           116,859
*Concord Fabrics, Inc. Class A.......................    45,500           408,078
*Concord Fabrics, Inc. Class B.......................    25,700           229,694
*Concurrent Computer Corp............................    57,180           162,606
*Conductus, Inc......................................    34,500           159,563
*Cone Mills Corp. NC.................................    38,000           299,250
*Congoleum Corp. Class A.............................    21,800           222,088
*Conmed Corp.........................................    26,199           618,951
Connecticut Energy Corp..............................    22,650           586,069
Connecticut Water Services, Inc......................    42,350         1,286,381
*Connitics Corp......................................    29,100            83,663
*Consep, Inc.........................................    49,700            94,741
*Consilium, Inc......................................    68,700           234,009
*Conso Products Co...................................    59,000           468,313

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Consolidated Delivery and Logistics, Inc............     9,500   $        26,125
*Consolidated Products, Inc..........................     5,000            96,250
*Consolidated Stainless, Inc.........................    16,150             7,570
Consolidated Tokoma Land Co..........................     6,100           114,375
*Consumer Portfolio Services, Inc....................   112,000         1,162,000
*Consumers Financial Corp............................    26,000            30,875
Consumers Water Co...................................    37,000           694,906
*Continental Can, Inc. DE............................    20,500           451,000
*Continental Circuits Corp...........................    31,800           584,325
Continental Homes Holding Corp.......................    70,100         2,282,631
*Continental Materials Corp..........................     9,700           265,538
*Converse, Inc.......................................    73,800           539,663
Cooker Restaurant Corp...............................    82,600           820,838
*Cooper Development Co...............................        13             5,688
*Cooperative Bankshares, Inc.........................     3,000            51,563
*Copart, Inc.........................................    34,250           597,234
*Copley Pharmaceutical, Inc..........................    52,400           373,350
*Copytele, Inc.......................................    12,000            42,375
*Cor Therapeutics, Inc...............................    75,600         1,724,625
*Coram Healthcare Corp...............................   155,000           561,875
*Corcom, Inc.........................................    63,400           622,113
*Core Materials Corp.................................     1,200             4,650
*Core, Inc...........................................    31,200           326,625
*Cornerstone Imaging, Inc............................    54,900           262,491
*Corporate Express, Inc..............................     5,060            79,537
*Correctional Services Corp..........................    32,500           360,547
*Corrpro Companies, Inc..............................    32,700           461,888
*Cortech, Inc........................................   114,300            71,438
*Corvas International, Inc...........................    95,100           427,950
*Corvel Corp.........................................     6,200           228,625
*Cosmetic Centers, Inc. Class C......................     8,570            26,781
*Cotelligent Group, Inc..............................    83,700         1,605,994
Cotton States Life Insurance Co......................     8,000           148,500
Courier Corp.........................................    31,700           879,675
*Covenant Transport, Inc. Class A....................    63,000         1,002,094
*Cover-All Technologies, Inc.........................    83,445           325,957
Covest Bancshares, Inc...............................    30,000           795,000
*Coyote Network Systems, Inc.........................    11,930            82,210
Craftmade International, Inc.........................    45,000           457,031
*#Craig (Jenny), Inc.................................    51,050           382,875
*Craig Corp..........................................    43,900           839,588
*Creative Biomolecules, Inc..........................   131,100         1,032,413
*Creative Computers, Inc.............................    40,800           492,150
*Cree Research, Inc..................................    90,600         1,945,069
*Criticare Systems, Inc..............................    45,400           184,438
Cross (A.T.) Co. Class A.............................    63,200           683,350
*Crossman Communities, Inc...........................    90,000         2,047,500
*Crowley, Milner & Co................................    12,200           125,050
*Crown Books Corp....................................    11,900            88,878
*Crown Central Petroleum Corp. Class A...............    21,700           436,713
*Crown Central Petroleum Corp. Class B...............    21,300           404,700
Crown Crafts, Inc....................................    35,500           576,875
*Crown Resources Corp................................   117,700           511,259
*Crown Vantage, Inc..................................    17,800           178,000
*Crown-Andersen, Inc.................................    10,500            70,875
*Cruise America, Inc.................................    37,100           340,856
*Cryolife, Inc.......................................    73,400         1,068,888
*Crystal Oil Co......................................     5,000           195,000
Cubic Corp...........................................    29,850           958,931

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Cuisine Solutions, Inc..............................   211,800   $       284,606
Culp, Inc............................................   178,580         3,326,053
*Curative Health Services, Inc.......................    44,100         1,259,606
*Cyanotech Corp......................................    42,050           168,200
*Cyberguard Corp.....................................    34,500           215,625
*Cyberonics, Inc.....................................    84,700           963,463
*Cyberoptics Corp....................................    29,600           804,750
*Cybex Corp..........................................    26,600           691,600
*Cybex International, Inc............................    72,300           786,263
*Cypros Pharmaceutical Corp..........................    99,900           518,231
*Cyrk, Inc...........................................   100,200         1,171,088
*Cytel Corp..........................................   170,500           338,336
*Cytogen Corp........................................   145,700           468,972
*Cytotherapeutics, Inc...............................   131,100           667,791
*Cytrx Corp..........................................    43,300           179,966
D&N Financial Corp...................................    57,800         1,405,263
*DBA Systems, Inc....................................    27,500           194,219
*DDL Electronics, Inc................................   171,500           128,625
*DIY Home Warehouse, Inc.............................    70,000           280,000
*DLB Oil & Gas, Inc..................................     7,600            85,500
*DM Management Co....................................    21,100           375,844
*DNAP Holding Corp...................................     5,400            25,313
*#DRS Technologies, Inc..............................    30,700           377,994
*DSP Group, Inc......................................    45,700         1,496,675
*DSP Technology, Inc.................................     8,200            88,150
*DVI, Inc............................................    73,100         1,334,075
*Daily Journal Corp..................................       200             8,100
*Dakotah, Inc........................................     8,700            17,672
*Daktronics, Inc.....................................    12,200            78,538
*Damark International, Inc. Class A..................    32,000           396,000
Dames & Moore, Inc...................................    49,300           610,088
Daniel Industries, Inc...............................   101,369         1,881,662
*Danielson Holding Corp..............................       153             1,243
*Darling International, Inc..........................    53,400           513,975
Dart Group Corp. Class A.............................       200            23,350
*Data Broadcasting Corp..............................   100,336           708,623
*Data Dimensions, Inc................................    12,000           217,875
*Data I/O Corp.......................................    65,600           483,800
*Data Processing Resources Corp......................     5,900           134,594
*#Data Race, Inc.....................................    23,300           110,675
Data Research Association, Inc.......................    44,950           592,778
*Data Systems & Software, Inc........................    46,400           247,950
*Data Systems Network Corp...........................     3,641            42,327
*Data Translation, Inc...............................    20,650            65,822
*Data Transmission Network Corp......................    21,300           574,434
*Dataflex Corp.......................................    38,325           164,079
*Datakey, Inc........................................    11,100            44,747
*Datamarine International, Inc.......................       200               838
*Datametrics Corp....................................    56,000           129,500
*Datapoint Corp......................................   117,600           338,100
*Dataram Corp........................................    14,300           123,338
*Datastream Systems, Inc.............................    50,000         1,587,500
*Dataware Technologies, Inc..........................    46,000           146,625
*Datawatch Corp......................................    58,600           159,319
*Dataworks Corp......................................    20,573           392,173
*Datron Systems, Inc.................................    23,200           236,350
*Datum, Inc..........................................    72,600         1,365,788
*Davco Restaurants, Inc..............................    56,300         1,104,888
*Dave and Busters, Inc...............................    21,150           549,900
*Davel Communications Group, Inc.....................    27,100           660,563
*Davox Corp..........................................    40,650         1,341,450
*#Daw Technologies, Inc..............................   100,600           204,344

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Dawson Geophysical Co...............................    44,700   $       852,094
Daxor Corp...........................................    46,000           552,000
*Day Runner, Inc.....................................    26,050         1,019,206
*Dayton Superior Corp. Class A.......................       600            10,275
Deb Shops, Inc.......................................    66,400           381,800
*Deckers Outdoor Corp................................    44,800           373,800
Decorator Industries, Inc............................    12,050           109,956
*Deeptech International, Inc.........................    89,900           994,519
Defiance, Inc........................................    65,200           518,544
*Deflecta-Shield Corp................................    20,200           317,519
*Del Global Technologies Corp........................    59,016           582,783
Del Laboratories, Inc................................   123,690         4,506,954
Delta Natural Gas Co., Inc...........................    18,800           340,750
Delta Woodside Industries, Inc.......................   144,000           846,000
*Denamerica Corp.....................................    41,800           109,725
*Dendrite International, Inc.........................    34,500           657,656
*Dense-Pac Microsystems, Inc.........................    48,800           167,750
*Depotech Corp.......................................    56,600           868,456
*Designer Holdings, Ltd..............................    74,900           702,188
*Designs, Inc........................................   129,600           443,475
*Desktop Data, Inc...................................    41,500           330,703
*Detection Systems, Inc..............................    66,186           976,244
*Detrex Corp.........................................     9,500            97,969
*Devcon International Corp...........................    25,100           123,931
*Devlieg-Bullard, Inc................................   105,000           452,813
*Dewolfe Companies, Inc..............................     4,400            25,300
*Diagnostic Health Services, Inc.....................    75,000           883,594
*#Diametrics Medical, Inc............................   129,300           747,516
*Dianon Systems, Inc.................................    33,900           286,031
*Digene Corp.........................................    59,500           542,938
*Digi International, Inc.............................    51,200         1,001,600
*Digital Biometrics, Inc.............................    72,000           147,375
*Digital Communications Technology Corp..............     3,675               919
*Digital Generation Systems, Inc.....................    24,100            85,856
*Digital Link Corp...................................    72,700         1,658,469
*Digital Power Corp..................................    11,000            89,375
*Digital Sound Corp..................................    17,900            20,697
Dime Financial Corp..................................    22,200           692,363
*Diodes, Inc.........................................    31,400           376,800
*Dixie Group, Inc....................................    47,119           518,309
*Dixon Ticonderoga Co................................    27,450           386,016
*#Dominion Bridge Corp...............................    74,600           145,703
*Dominion Homes, Inc.................................    26,500           241,398
Donegal Group, Inc...................................    18,533           384,560
Donnelly Corp. Class A...............................    59,750         1,097,906
*Donnkenny, Inc......................................    60,500           207,969
*Dorsey Trailers, Inc................................    39,000           109,688
*Dotronix, Inc.......................................    87,000            82,922
*Dravo Corp..........................................    63,500           631,031
*Drew Industries, Inc................................    84,200         1,073,550
*#Drexler Technology Corp............................   112,550         1,255,636
*Driver-Harris Co....................................    23,498           261,415
*Drug Emporium, Inc..................................    90,000           354,375
*#Drypers Corp.......................................    46,300           258,991
*Duckwall-Alco Stores, Inc...........................    37,200           577,763
*Ducommun, Inc.......................................    52,100         1,689,994
Duff & Phelps Credit Rating Co.......................    16,300           585,781
*Durakon Industries, Inc.............................    54,500           495,609
*Duramed Pharmaceuticals, Inc........................    98,000           422,625
*Dwyer Group, Inc....................................    14,700            30,319
*Dycom Industries, Inc...............................   100,700         2,265,750

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
Dyersburg Corp.......................................    94,500   $     1,172,391
*Dynamic Healthcare Technologies, Inc................    32,000           132,000
*Dynamic Materials Corp..............................     2,300            18,688
*Dynamics Research Corp..............................    59,382           745,986
*E-Z-Em, Inc. Class A................................    37,000           272,875
*E-Z-Em, Inc. Class B................................    52,733           362,539
*EA Engineering Science & Technology, Inc............    78,975           160,418
*#EA Industries, Inc.................................    42,050           244,416
*ECC International Corp..............................   139,750           550,266
*ECCS, Inc...........................................     6,900            53,044
*EFI Electronics Corp................................    65,400           157,369
*EFTC Corp...........................................    36,100           539,244
*EIP Microwave, Inc..................................     3,140             6,379
*EIS International, Inc..............................    83,300           551,863
*ELXSI Corp..........................................     8,300           109,975
EMC Insurance Group, Inc.............................    20,300           271,513
*ERLY Industries, Inc................................    28,834           207,244
*ESCO Electronics Corp. Trust Receipts...............   101,076         1,655,120
*ESSEF Corp..........................................   107,140         1,727,633
*EXX, Inc. Class A...................................       300             1,313
*EXX, Inc. Class B...................................       100               394
Eagle Bancshares, Inc................................    37,500           714,844
*Eagle Finance Corp..................................    24,200            39,325
Eagle Financial Corp.................................    54,527         2,808,141
*Eagle Food Centers, Inc.............................    82,600           413,000
*Eagle Point Software Corp...........................    40,500           140,484
Easco, Inc...........................................    68,800           804,100
Eastern Co...........................................    26,000           468,000
*Eastern Environment Services, Inc...................    36,700           867,038
*Eateries, Inc.......................................    16,600            81,963
*Eclipse Surgical Technologies, Inc..................    10,000            83,125
*Ecogen, Inc.........................................    35,700            87,019
Ecology & Environment, Inc. Class A..................    11,400           126,825
*Edelbrock Corp......................................    47,200           767,000
*#Edison Brothers Stores, Inc........................    24,300                 0
*Edison Control Corp.................................     7,000            32,594
Edo Corp.............................................    51,200           454,400
*Education Alternatives, Inc.........................    49,100           227,088
Educational Development Corp.........................     2,800            15,838
*Educational Insights, Inc...........................    50,900           124,864
*Egghead, Inc........................................   124,700           907,972
*Ekco Group, Inc.....................................   134,900           944,300
*El Chico Restaurants, Inc...........................    84,400           975,875
*Elantec Semiconductor, Inc..........................    40,500           243,000
Elcor Corp...........................................    76,250         1,849,063
*Elcotel, Inc........................................    39,700           258,050
*Electric Fuel Corp..................................    87,200           569,525
*Electro Rent Corp...................................    99,325         3,718,480
Electro Sensors, Inc.................................     2,300             9,056
*Electromagnetic Sciences, Inc.......................   142,199         2,541,807
*Electronic Retailing System International, Inc......    16,400            91,225
Electronic Tele Communications, Inc. Class A.........    15,500            35,359
*#Elek-Tek, Inc......................................    40,000             4,000
Ellett Brothers, Inc.................................    44,000           250,250
*Eltron International, Inc...........................    43,900         1,388,338
*Embrex, Inc.........................................   123,200           716,100
*Emcee Broadcast Products, Inc.......................    30,000           100,313

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Emcon...............................................    71,450   $       395,208
*Emcor Group, Inc....................................    31,900           626,038
Emerald Isle Bancorp, Inc............................       937            30,101
*Emergent Group, Inc.................................    17,200           228,975
*Emerson Radio Corp..................................    77,100            38,550
*Emisphere Technologies, Inc.........................    46,000           930,063
*Empi, Inc...........................................    34,300           746,025
*#Empire of Carolina, Inc............................    42,500            85,000
*Employee Solutions, Inc. Class B....................   195,800         1,083,019
*Emulex Corp.........................................    53,800           857,438
*Encore Computer Corp................................   318,300           129,389
*Encore Wire Corp....................................    75,450         2,598,309
*Endosonics Corp.....................................   100,900         1,179,269
*Energy Biosystems Corp..............................    89,000           342,094
*Energy Conversion Devices, Inc......................    61,400           959,375
*Energy Research Corp................................    18,000           263,250
Energynorth, Inc.....................................    32,526           750,131
Engineered Support Systems, Inc......................    22,000           474,375
*Engineering Measurements Co.........................    28,400           152,206
Engle Homes, Inc.....................................    34,700           508,572
*Enlighten Software Solutions, Inc...................     5,300            13,084
Ennis Business Forms, Inc............................   139,200         1,383,300
*Enstar, Inc.........................................     9,266            75,286
*Envirogen, Inc......................................    13,900            31,492
*Environmental Elements Corp.........................    47,800           131,450
*Environmental Technologies Corp.....................    32,600           222,088
*Environmental Tectonics Corp........................    12,900           117,713
*Envirosource, Inc...................................   345,100           970,594
*Envirotest Systems Corp. Class A....................    74,100           407,550
*Enzon, Inc..........................................   128,500           766,984
*#Epitope, Inc.......................................    79,800           486,281
*Equimed, Inc........................................     6,533           118,002
*Equinox Systems, Inc................................    14,400           265,050
*Equitex, Inc........................................     1,300             1,259
*Equitrac Corp.......................................    15,000           252,188
*Equity Marketing, Inc...............................    25,400           735,013
*Equity Oil Co.......................................   109,700           363,381
*Ergo Science Corp...................................    52,700           879,431
Eskimo Pie Corp......................................    27,000           285,188
Espey Manufacturing & Electronics Corp...............    21,000           362,250
Essex County Gas Co..................................     1,400            43,925
*Evans & Sutherland Computer Corp....................    33,100         1,017,825
*Evans Systems, Inc..................................    10,185            18,142
*Evans, Inc..........................................   102,900           247,603
Evergreen Bancorp, Inc. DE...........................    43,800         1,037,513
*Evergreen Resources, Inc............................    39,100           608,494
*Exabyte Corp........................................    11,500           112,484
*Exar Corp...........................................    59,400         1,488,713
*Excalibur Technologies Corp.........................   115,500         1,263,281
Excel Industries, Inc................................    91,500         1,778,531
*Excel Technology, Inc...............................    41,822           529,310
*Excite, Inc.........................................    18,500           474,641
*Executive Telecard, Ltd.............................    86,575           224,554
*Executone Information Systems, Inc..................   190,500           413,742
*Exogen, Inc.........................................    43,900           168,741
*Expert Software, Inc................................    50,000           328,125
*Ezcorp, Inc. Class A Non-Voting.....................    69,900           792,928
F & M Bancorp (MD)...................................    16,175           578,256
F & M Bancorporation, Inc............................    10,285           383,116
FCB Financial Corp...................................    17,500           479,063
FCNB Corp............................................     5,900           172,575

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
FDP Corp.............................................    84,300   $       869,344
FFLC Bancorp.........................................    12,733           289,676
FFVA Financial Corp..................................     2,700            90,788
FFY Financial Corp...................................    19,400           579,575
*FLIR Systems, Inc...................................    32,350           622,738
*FM Properties, Inc..................................    51,900           257,878
FNB Rochester Corp...................................    17,100           291,769
*FPA Corp............................................   101,400           117,244
*FRP Properties, Inc.................................    31,700         1,101,575
FSF Financial Corp...................................     5,600           111,650
*FTP Software, Inc...................................   135,800           307,672
Fab Industries, Inc..................................    29,500           877,625
*Factset Research Systems, Inc.......................    10,000           252,500
*Failure Group, Inc..................................    73,000           688,938
Falcon Products, Inc.................................    62,290           957,709
*Fansteel, Inc.......................................    73,951           656,315
*Farah, Inc..........................................    87,100           451,831
*Farr Co.............................................    48,975           768,295
Farrel Corp..........................................    25,000            88,281
*Fastcomm Communications Corp........................    50,200           183,544
*Faulding Corp.......................................    63,900           842,681
*Featherlite Manufacturing, Inc......................    29,200           228,125
Fed One Bancorp......................................     2,500            61,563
Fedders Corp.........................................    15,000            87,188
Fedders Corp. Class A................................    23,712           134,862
Federal Screw Works..................................    21,600         1,298,700
*Female Health Co....................................    40,900           176,381
*Ferrofluidics Corp..................................    36,700           227,081
*Fibermark, Inc......................................    49,275         1,044,014
*Fiberstars, Inc.....................................    14,600            82,125
Fidelity Bancorp, Inc................................       242             6,353
Fidelity Bancorp, Inc. Delaware......................    13,300           304,238
Fidelity Federal Bancorp.............................    16,500           160,875
*Fieldcrest Cannon, Inc..............................    50,000         1,684,375
*Figgie International, Inc. Class A..................    10,000           138,438
*Filenes Basement Corp...............................   176,050         1,105,814
Financial Bancorp., Inc..............................    15,000           374,063
*Financial Federal Corp..............................   110,250         2,349,703
*Finishmaster, Inc...................................    27,600           208,725
First Albany Companies, Inc..........................     2,794            41,387
*First Alert, Inc....................................   125,300           352,406
*First American Health Concepts, Inc.................     4,200            16,538
First Bancorp........................................       400            11,900
*First Banks America, Inc............................     4,879            86,145
First Bell Bancorp, Inc..............................     1,200            20,700
*First Cash, Inc.....................................    16,400           133,763
First Central Financial Corp.........................    78,000            43,875
First Charter Corp...................................     6,960           171,825
First Defiance Financial Corp........................    38,592           595,764
*#First Enterprise Financial Group, Inc..............    25,000            75,000
First Essex Bancorp..................................    31,700           624,094
First Federal Capital Corp...........................    74,850         2,077,088
First Federal Savings & Loan Association of East                                 
  Hartford, CT.......................................    24,100           891,700
First Financial Holdings, Inc........................    42,200         1,796,138
First Home Bancorp, Inc. NJ..........................       266             6,185
First Indiana Corp...................................    92,450         2,415,256
*First Investors Financial Services Group, Inc.......    27,800           205,025
First Liberty Financial Corp.........................    48,800         1,338,950
*#First Merchants Acceptance Corp....................    39,100             1,222
First Merchants Corp.................................    25,550           859,119

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
First Midwest Financial, Inc.........................     9,400   $       192,113
First Mutual Bancorp, Inc............................     6,100           122,000
First Mutual Savings Bank............................    14,985           270,667
First Northern Capital Corp..........................    35,400           469,050
First Oak Brook Bancshares, Inc. Class A.............    10,000           412,500
First Palm Beach Bancorp, Inc........................    21,400           834,600
*First Republic Bank.................................   157,149         4,341,241
First Savings Bancorp, Inc. North Carolina...........    19,400           465,600
First Savings Bank...................................    16,000           403,000
*First Team Sports, Inc..............................    41,550           158,409
First Western Bancorp, Inc...........................    48,075         1,334,081
First Years, Inc.....................................    34,000           807,500
First Federal Financial Services Corp................    16,832           744,838
*Fischer Imaging Corp................................    50,800           292,100
Flag Financial Corp..................................     4,500            83,813
*Flagstar Companies, Inc.............................    12,500             2,375
Flamemaster Corp.....................................       206               753
*Flanigan's Enterprises, Inc.........................    10,300            93,988
Flexsteel Industries, Inc............................    61,800           726,150
Florida Public Utilities Co..........................     5,200           118,300
*Florsheim Group, Inc................................    41,700           376,603
*Flow International Corp.............................   158,200         1,567,169
*Fluor Daniel/GTI, Inc...............................     4,008            37,325
Flushing Financial Corp..............................    20,500           451,000
*Foilmark, Inc.......................................    19,700            62,486
*Foodarama Supermarkets, Inc.........................    22,000           486,750
*Foothill Independent Bancorp........................    18,567           301,714
*Forefront Group, Inc................................    15,500           123,516
*#Forensic Technologies International Corp...........    27,000           326,531
*Forte Software, Inc.................................    29,000           291,813
*Fortune Natural Resources Corp......................    49,107           135,044
*Fossil, Inc.........................................    47,500         1,050,938
*Foster (L.B.) Co. Class A...........................   126,600           664,650
*Fountain Oil, Inc...................................    98,300           107,516
*Fountain Powerboat Industries, Inc..................    22,700           265,306
*Four Kids Entertainment, Inc........................    19,900            72,138
*Four Media Co.......................................    20,000           153,750
*Fourth Shift Corp...................................    48,500           147,016
Frankfort First Bancorp, Inc.........................     4,300            40,581
Franklin Bank National Associaton Southfield, MI.....    15,876           263,939
*Franklin Electronic Publishers, Inc.................    39,000           555,750
Freds, Inc. Class A..................................    60,000         1,470,000
*French Fragrances, Inc..............................    41,500           409,813
Frequency Electronics, Inc...........................    41,693         1,084,018
*Fresh America Corp..................................    17,800           433,875
*Fresh Choice, Inc...................................    50,000           210,938
Friedman Industries, Inc.............................   135,454           948,178
*Friedmans, Inc. Class A.............................    53,700           782,006
Frisch's Restaurants, Inc............................    64,568           855,526
Frontier Adjusters of America, Inc...................     1,000             3,125
Frozen Food Express Industries, Inc..................   100,000           987,500
*#Fuisz Technologies, Ltd............................    51,200           454,400
*Funco, Inc..........................................    50,500           953,188
*Fuqua Enterprises, Inc..............................    40,500         1,230,188
Furon Co.............................................    43,100         1,702,450
*G-III Apparel Group, Ltd............................    43,470           226,859
GBC Bancorp..........................................    56,700         3,107,869

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*GKN Holding Corp....................................    12,700   $        53,181
*GNI Group, Inc......................................    76,800           446,400
*GRC International, Inc..............................   131,600           838,950
*GT Bicycles, Inc....................................    35,600           241,413
*GTI Corp............................................    53,600           318,250
*GTS Duratek, Inc....................................   104,800         1,224,850
*GZA Geoenvironmental Technologies, Inc..............    15,800            80,481
*#Gadzooks, Inc......................................    28,400           789,875
Gainsco, Inc.........................................    90,300           756,263
*Galey & Lord, Inc...................................    95,000         1,710,000
*Galileo Corp........................................    69,300           775,294
*Galoob Toys, Inc. DE................................    17,400           206,625
*Game Financial Corp.................................    22,600           241,538
Gamma Biologicals, Inc...............................    39,200           196,000
*Gantos, Inc.........................................    27,300            32,419
Garan, Inc...........................................    32,900           814,275
*Garden Botanika, Inc................................    33,200           145,250
*Garden Fresh Restaurant Corp........................    19,600           278,075
*Garden Ridge Corp...................................    18,000           275,063
*Gardenburger, Inc...................................    55,200           534,750
*Gardner Denver Machinery, Inc.......................    35,200         1,320,000
*Garnet Resources Corp...............................    44,200            10,359
*Gasonics International, Inc.........................   112,000         1,491,000
*Gatefield Corp......................................   170,800           269,544
*Gateway Industries, Inc.............................    11,120            27,455
*#Geerling & Wade, Inc...............................    18,000            80,438
*Gehl Co.............................................    26,300           599,969
Gencor Industries, Inc...............................    15,200           262,200
*Genelabs Technologies, Inc..........................   168,600           500,531
*Genemedicine, Inc...................................   131,400           689,850
*General Acceptance Corp.............................    12,500            27,734
*General Communications, Inc. Class A................    32,400           223,763
*#General Datacomm Industries, Inc...................    90,000           472,500
General Employment Enterprises, Inc..................    18,471           251,667
*General Host Corp...................................   104,986           557,738
General Housewares Corp..............................    34,830           326,531
*General Magic, Inc..................................     7,500            13,359
General Magnaplate Corp..............................     4,200            64,050
*General Microwave Corp..............................     8,600            81,700
*General Scanning, Inc...............................    20,200           527,725
*General Surgical Innovations, Inc...................    70,100           324,213
Genesee Corp. Class B................................       200             8,975
*#Geneva Steel Co. Class A...........................   108,300           270,750
*Genicom Corp........................................   109,900         1,511,125
*Genlyte Group, Inc..................................    67,100         1,161,669
*Genome Therapeutics Corp............................   131,600         1,056,913
Genovese Drug Stores, Inc. Class A...................   116,895         2,133,334
*Gensia Sicor, Inc...................................   205,100         1,031,909
*Gensym Corp.........................................    38,500           208,141
*Genus, Inc..........................................   104,100           445,678
*Genzyme Transgenics Corp............................    69,200           702,813
George Mason Bankshares, Inc.........................    30,300         1,166,550
*Geoscience Corp.....................................    25,000           306,250
*#Geotek Communications, Inc.........................    11,200            21,875
*Geoworks............................................    68,000           871,250
*Getty Petroleum Marketing, Inc......................   104,500           555,156
Getty Realty Corp....................................    28,900           559,938
*Giant Cement Holding, Inc...........................    42,000         1,015,875
*Giant Group, Ltd....................................    53,300           399,750

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
Giant Industries, Inc................................    87,500   $     1,607,813
*Gibraltar Packaging Group, Inc......................    33,100            88,956
*Gibraltar Steel Corp................................     8,000           164,500
*Giga-Tronics, Inc...................................    35,000           353,281
*Gish Biomedical, Inc................................    74,750           364,406
Glacier Bancorp, Inc.................................    15,880           333,480
*Glacier Water Services, Inc.........................    30,600           921,825
Gleason Corp.........................................   233,400         6,053,813
*Gliatech, Inc.......................................    63,100           678,325
*Global Motorsport Group, Inc........................    36,300           501,394
*Global Payment Technologies, Inc....................     8,800            88,000
*Global Village Communication, Inc...................    97,000           190,969
*Globalink, Inc......................................    30,500            95,313
*Globe Business Resources, Inc.......................    15,900           330,919
*Go Video, Inc.......................................    86,400           210,600
*Golden Books Family Entertainment, Inc..............    12,000           113,250
Golden Enterprises, Inc..............................    31,600           224,163
*Golden Oil Co. DE...................................        69                32
*Good Guys, Inc......................................   114,500           944,625
GoodMark Foods, Inc..................................    90,400         1,525,500
Gorman-Rupp Co.......................................    35,000           656,250
*Gottschalks, Inc....................................    57,700           494,056
*Government Technology Services, Inc.................    41,000           217,813
*Gradco Systems, Inc.................................   146,411         1,189,589
*Graham Corp.........................................    13,450           282,450
*Graham-Field Health Products, Inc...................    63,500           948,531
Grand Premier Financial, Inc.........................     1,450            20,527
Granite State Bankshares, Inc........................    14,250           317,953
Gray Communications Systems, Inc.....................    10,700           294,919
Great Southern Bancorp, Inc..........................    10,700           237,406
*Great Train Store Co., Inc..........................     6,100            42,700
*Greate Bay Casino Corp..............................    50,819            52,407
Greater Bay Bancorp..................................     4,279           221,171
Green (A.P.) Industries, Inc.........................   123,100         1,431,038
*Green Mountain Coffee, Inc..........................     2,700            21,094
Green Mountain Power Corp............................    38,500           688,188
*Greenbriar Corp.....................................     5,700           106,163
Greenbrier Companies, Inc............................   111,000         1,900,875
*Greyhound Lines, Inc................................   168,900           665,044
*Grist Mill & Co.....................................    60,450           562,941
*Gristede's Sloans, Inc..............................    33,339            75,013
*Grossmans, Inc......................................   130,500             1,175
*Group 1 Software, Inc...............................    31,400           266,900
*Group Technologies Corp.............................   106,000           337,875
*Grow Biz International, Inc.........................    53,600           649,900
*Grubb & Ellis Co....................................    37,352           464,566
*Gryphon Holdings, Inc...............................    54,000           887,625
Guarantee Life Companies, Inc........................     2,300            57,644
*Guest Supply, Inc...................................   107,100         1,472,625
*Gulfmark Offshore, Inc..............................    51,600         1,735,050
*Gull Laboratories, Inc..............................    33,100           341,344
*Gundle/SLT Environmental, Inc.......................   149,600           738,650
*HCIA, Inc...........................................    42,100           506,516
*HD Vest, Inc........................................    10,500            56,438
*HEI, Inc............................................    18,700            82,981
HF Financial Corp....................................    11,900           303,450
*HMI Industries, Inc.................................    84,200           473,625
*HMN Financial, Inc..................................    18,700           485,031
*HPR, Inc............................................    82,500         2,193,984
*HPSC, Inc...........................................    74,800           439,450

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*HS Resources, Inc...................................    45,528   $       725,603
Hach Co..............................................       300             3,188
Hach Co. Class A.....................................       300             2,822
Haggar Corp..........................................    53,500           849,313
*Hahn Automotive Warehouse, Inc......................    35,368           225,471
*Hain Food Group, Inc................................    38,200           384,388
Halifax Corp.........................................     8,450            92,950
*Hallmark Capital Corp...............................     7,000           104,125
*Hallwood Group, Inc.................................       969            34,642
*Halsey Drug Co., Inc................................    64,422           136,897
*Hammons (John Q.) Hotels, Inc. Class A..............    55,700           480,413
*Hampshire Group, Ltd................................     4,900            93,100
*Hampton Industries, Inc.............................    39,440           340,170
Hancock Fabrics, Inc.................................   108,100         1,526,913
*Handleman Co........................................   257,000         1,718,688
Handy & Harman.......................................    15,900           355,763
*Hanger Orthopedic Group, Inc........................    46,700           577,913
*Harbor Federal Bancorp, Inc.........................       100             2,138
*Harcor Energy, Inc..................................   130,500           387,422
*Harding Lawson Associates Group, Inc................    41,700           398,756
Hardinge Brothers, Inc...............................     9,800           360,150
Harleysville National Corp PA........................     2,215            81,678
Harmon Industries, Inc...............................    54,300         1,435,556
*Harmonic Lightwaves, Inc............................    86,000         1,112,625
*Harolds Stores, Inc.................................    37,996           261,223
*Harris & Harris Group, Inc..........................    31,600           112,575
*#Harry's Farmers Market, Inc. Class A...............    20,200            42,294
*Hartmarx Corp.......................................   159,200         1,293,500
*Harvey Entertainment Co.............................    30,000           423,750
Harvey's Casino Resorts..............................    67,800         1,343,288
Haskel International, Inc............................    22,500           272,109
Hastings Manufacturing Co............................     6,850           280,850
*Hathaway Corp.......................................    34,580            99,418
*Hauser, Inc.........................................    51,800           346,413
Haven Bancorp, Inc...................................    18,700           804,100
Haverty Furniture Co., Inc...........................    74,200           953,006
Haverty Furniture Co., Inc. Class A..................    13,550           169,375
*Hawaiian Airlines, Inc..............................    69,800           279,200
Hawkins Chemical, Inc................................    41,284           425,741
*Hawthorne Financial Corp............................    14,100           295,219
*Health Management Systems, Inc......................    73,000           451,688
*Health Power, Inc...................................    13,700           106,175
*Health Professionals, Inc...........................     4,922             3,231
*Health Risk Management, Inc.........................    34,700           373,025
*Health Systems Design Corp..........................     6,500            80,844
*Health-Chem Corp....................................    68,645            42,903
*Healthcare Services Group, Inc......................    78,800         1,002,238
*Healthcor Holdings..................................    30,000           138,750
*Healthdyne Information Enterprises, Inc.............    16,800            30,450
*Healthdyne Technologies, Inc........................    95,931         1,846,672
Healthplan Services Corp.............................       874            16,880
*Healthy Planet Products, Inc........................     6,000            22,125
*#Heartland Wireless Communications, Inc.............    27,700            53,669
*Heartstream, Inc....................................    45,500           554,531
*Hector Communications Corp..........................    21,300           193,031
Heico Corp...........................................   113,532         3,831,705
*Hein-Werner Corp....................................    38,904           274,760
*Heist (C.H.) Corp...................................    10,600            73,206

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Hello Direct, Inc...................................    43,500   $       315,375
*Hemasure, Inc.......................................    56,400            57,281
Heritage Financial Services, Inc.....................    20,100           515,063
*Herley Industries, Inc..............................    15,333           211,308
*Hf Bancorp, Inc.....................................    13,750           230,313
*Hi-Lo Automotive, Inc...............................    92,456           254,254
*Hi-Shear Technology Corp............................    22,500           177,188
*Hi-Tech Pharmacal, Inc..............................    37,500           189,844
*Hibbett Sporting Goods, Inc.........................    16,000           437,000
*High Plains Corp....................................   137,576           434,224
*#Highway Master Communications, Inc.................   193,100         1,267,219
Hilb Rogal Hamilton Co...............................    39,435           754,194
Hilite Industries, Inc...............................    11,200            77,000
Hingham Institution for Savings MA...................     1,900            51,656
*Hirsch International Corp. Class A..................    53,900         1,062,841
Hoenig Group, Inc....................................    32,900           187,119
*Holiday RV Superstores, Inc.........................     9,600            15,000
Holly Corp...........................................    45,000         1,212,188
*Hollywood Casino Corp. Class A......................   213,400           526,831
*Hologic, Inc........................................    21,930           570,180
*Holopak Technologies, Inc...........................    32,000           112,000
*Holophane Corp......................................    12,800           297,600
Home Federal Bancorp.................................    33,300           899,100
*Home Health Corp. of America........................    23,800           223,125
Home Port Bancorp, Inc...............................     2,400            56,700
*Home Products International, Inc....................    32,000           358,000
*Home State Holdings, Inc............................    60,000             9,360
*Homecorp, Inc.......................................       300             7,538
*Homeowners Group, Inc...............................    47,800            39,602
*Hondo Oil and Gas Co................................    55,300           435,488
Hooper Holmes, Inc...................................   125,600         1,993,900
Horizon Financial Corp...............................    30,408           507,434
*Hospital Staffing Services, Inc.....................    54,789            51,365
*Housecall Medical Resources, Inc....................    23,600            76,700
*Hovnanian Enterprises, Inc. Class A.................   109,800           802,913
#Howell Corp.........................................   108,200         2,103,138
*#Howtek, Inc........................................    37,500            63,281
Hudson Chartered Bancorp, Inc........................    11,100           238,650
Hudson General Corp..................................    25,300         1,227,050
*#Hudson Technologies, Inc...........................    21,800           101,506
Huffy Corp...........................................   105,800         1,593,613
*Hugoton Energy Corp.................................   152,900         1,462,106
Hunt Corp............................................    59,200         1,272,800
Huntco, Inc. Class A.................................    41,200           520,150
*Hurco Companies, Inc................................    46,900           395,719
*Hycor Biomedical, Inc...............................    69,316           147,297
*Hyde Athletic Industries, Inc. Class A..............    56,700           260,466
*Hyde Athletic Industries, Inc. Class B..............    63,800           319,000
Hydron Technologies, Inc.............................    97,500            59,414
*I-Stat Corp.........................................    41,900           776,459
IBS Financial Corp...................................    13,300           231,919
*ICC Technologies, Inc...............................    32,100           103,322
*ICF Kaiser International, Inc.......................   199,000           422,875
ICO, Inc.............................................   171,518         1,045,188
*ICU Medical, Inc....................................    72,550           793,516
*#IDM Environmental Corp.............................    36,000           222,750
*#IDT Corp...........................................   165,000         3,552,656
*IEC Electronics Corp................................    59,800           919,425
IFR Systems, Inc.....................................    62,935         1,903,784

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*IGEN, Inc...........................................    63,800   $       929,088
*IGI, Inc............................................    65,500           282,469
*II-VI, Inc..........................................    39,200           962,850
*ILC Technology, Inc.................................    54,600           791,700
IMCO Recycling, Inc..................................    59,800           941,850
*IMP, Inc............................................   250,800           254,719
*IPC Information Systems, Inc........................    44,800           820,400
*IQ Software Corp....................................    23,200           181,250
ISB Financial Corp. LA...............................    23,000           593,688
*ITC Learning Corp...................................    25,300           112,269
*ITEQ, Inc...........................................    99,555         1,172,882
*ITI Technologies, Inc...............................    27,500           685,781
*ITLA Capital Corp...................................    24,400           437,675
*#IVI Publishing, Inc................................    65,000           197,031
*Ibah, Inc...........................................   190,200           647,869
*Ibis Technology Corp................................    25,600           236,800
*Identix, Inc........................................    88,600           886,000
*Ikos Systems, Inc...................................    51,550           414,011
*#Illinois Superconductor Corp.......................    25,800            79,819
*Image Entertainment, Inc............................   107,600           430,400
*Imagyn Medical Technologies, Inc....................   107,200           326,625
*Imatron, Inc........................................   219,200           753,500
*Imclone Systems, Inc................................   143,000           956,313
*Immucor, Inc........................................    54,000           529,875
*Immulogic Pharmaceutical Corp.......................    88,900           202,803
*Immune Response Corp. DE............................   150,100         1,763,675
*Immunogen, Inc......................................    58,200            57,291
*Immunomedics, Inc...................................   131,700           633,806
*#Imnet Systems, Inc.................................    71,100         1,168,706
*Impact Systems, Inc.................................   192,100           351,183
*Impath, Inc.........................................    22,700           638,438
*Impco Technologies, Inc.............................    28,000           318,500
#Imperial Holly Corp.................................    83,200           899,600
*In Focus Systems, Inc...............................    11,100           365,606
*In Home Health, Inc.................................    27,500            30,508
*Incontrol, Inc......................................    72,700           577,056
*Indenet, Inc........................................   150,350           331,240
Independence Holding Co..............................    10,919           133,758
Independent Bank Corp. MA............................   118,100         1,926,506
Independent Bank East................................    11,867           381,969
Independent Bankshares, Inc..........................       982            16,019
*Individual, Inc.....................................   114,000           407,906
Industrial Acoustics Co., Inc........................       900            10,013
Industrial Bancorp, Inc..............................       700            12,600
*#Industrial Holdings, Inc...........................    27,100           364,156
Industrial Scientific Corp...........................    10,000           220,000
*Inference Corp. Class A.............................    60,000           307,500
*Infinium Software, Inc..............................    30,600           395,888
*Infonautics Corp. Class A...........................    11,400            29,569
*Information Resource Engineering, Inc...............    25,300           205,563
*Information Storage Devices, Inc....................    64,000           452,000
*Infu-tech, Inc......................................    12,600            74,025
*Inhale Therapeutic Systems..........................    60,500         1,883,063
*Innerdyne, Inc......................................   139,700           475,853
*Innodata Corp.......................................     8,350             6,915
*Innoserv Technologies, Inc..........................    13,640            32,821
*Innovative Gaming Corp. of America..................    32,350            98,061
Innovex, Inc.........................................    74,100         1,718,194
*Insight Enterprises, Inc............................    27,000         1,053,000
*Insite Vision, Inc..................................    83,300           296,756
Insituform East, Inc.................................    19,600            52,675

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Insituform Technologies, Inc. Class A...............   116,500   $     1,033,938
*Inso Corp...........................................    69,100           742,825
Insteel Industries, Inc..............................    59,944           449,580
Instron Corp.........................................   118,200         2,009,400
*Insurance Auto Auctions, Inc........................    50,000           531,250
*Integra Lifesciences Corp...........................    28,600            92,056
*Integramed America, Inc.............................    62,200           119,541
*Integrated Circuit Systems, Inc.....................    18,800           527,575
*Integrated Measurement System, Inc..................    33,700           615,025
*Integrated Orthopedics, Inc.........................    45,000           376,875
*Integrated Packaging Assembly Corp..................    23,500            24,969
*Integrated Silicon Solution, Inc....................    75,200           742,600
*Integrated Systems Consulting Group, Inc............    21,000           217,875
*Intellicall, Inc....................................    68,907           378,989
*Intellicorp, Inc....................................     6,900            25,444
*Intellidata Technologies Corp.......................    12,000            25,875
*Intelligent Electronics, Inc........................   110,274           568,600
*Intelligent Systems Corp............................    21,300           111,825
Intercargo Corp......................................    36,800           496,800
Interchange Financial Services Corp. Saddle Brook....    21,420           610,470
*Interdigital Communications Corp....................    21,700            93,581
*Interface Systems, Inc..............................    29,800            89,400
*Interferon Sciences, Inc............................    61,400           573,706
*Interlake Corp......................................   196,200           895,163
*Interleaf, Inc......................................   143,100           527,681
*Interlink Electronics...............................    21,700           161,394
*Interlinq Software Corp.............................    34,200           145,350
*Interlott Technologies, Inc.........................    14,400           116,100
*Intermagnetics General Corp.........................   162,119         1,448,939
International Aluminum Corp..........................     6,800           210,800
*#International Lottery & Totalizer Systems, Inc.....    34,700            53,677
*International Microcomputer Software, Inc...........     4,000            63,250
*International Remote Imaging Systems, Inc...........    34,350           137,400
International Shipholding Corp.......................    53,950           967,728
*International Technology Corp.......................    76,175           628,444
*International Thoroughbred Breeders, Inc............    56,650           198,275
*Interphase Corp.....................................    33,500           216,703
*Interpore International.............................    50,000           356,250
*Intersolv, Inc......................................    60,200           961,319
Interstate Johnson Lane, Inc.........................    22,850           591,244
*Interstate National Dealers Services, Inc...........    12,700           118,269
*Intersystems, Inc...................................    52,700           111,988
*Intertan, Inc.......................................    71,900           408,931
*Intervisual Books, Inc. Class A.....................     1,500             3,844
*Intervoice, Inc.....................................    59,500           581,984
Interwest Bancorp....................................    18,200           706,388
*Intevac, Inc........................................    61,200           612,000
Investors Title Co...................................    24,000           525,000
*#Invision Technologies, Inc.........................    28,800           216,000
*Invivo Corp.........................................    13,700           119,019
*#Ion Laser Technology, Inc..........................    26,400            84,150
*Iridex Corp.........................................    32,000           314,000
Iroquois Bancorp.....................................       400            10,100

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
Isco, Inc............................................   101,341   $       931,070
*Isolyser Co., Inc...................................   227,900           683,700
*Iwerks Entertainment, Inc...........................   100,924           372,157
*J & J Snack Foods Corp..............................    40,000           650,000
*J. Alexander's Corp.................................   120,200           653,588
*#JMAR Industries, Inc...............................    82,400           289,688
*JPE, Inc............................................    29,500           169,625
*Jackpot Enterprises, Inc............................    50,775           615,647
Jacksonville Bancorp, Inc............................    11,300           215,406
*Jaclyn, Inc.........................................    23,227           101,618
*Jaco Electronics, Inc...............................    18,873           127,393
*Jacobson Stores, Inc................................    49,700           546,700
*Jalate, Ltd.........................................    11,000            21,313
*Jan Bell Marketing, Inc.............................   224,900           632,531
*Jason, Inc..........................................    97,400           748,763
*Jean Philippe Fragrances, Inc.......................    69,000           534,750
Jeffbanks, Inc.......................................    13,587           525,647
Jefferson Savings Bancorp, Inc.......................    40,000         1,715,000
*Jennifer Convertibles, Inc..........................    41,000           102,521
*Jerry's Famous Deli, Inc............................    25,300            69,180
*Johnson Worldwide Associates, Inc. Class A..........    64,000         1,072,000
Johnston Industries, Inc.............................   197,813         1,026,155
*Johnstown American Industries, Inc..................    86,700           915,769
*Jos. A. Bank Clothiers, Inc.........................    57,900           405,300
*Joule, Inc..........................................    42,100           247,338
*Jumbosports, Inc....................................   174,400           512,300
*Just Toys, Inc......................................    28,300            30,953
*K & G Men's Center, Inc.............................    56,500         1,077,031
K Swiss, Inc. Class A................................    31,200           516,750
*K-Tel International, Inc............................     9,700            70,931
*K-Tron International, Inc...........................    63,400         1,117,425
*K-V Pharmaceutical Co. Class A......................    29,250           639,844
*K-V Pharmaceutical Co. Class B......................    19,400           428,013
*KBK Capital Corp....................................     5,000            49,375
*#KFX, Inc...........................................    38,000           118,750
*KLLM Transport Services, Inc........................    37,400           474,513
*KTI, Inc............................................    22,619           361,904
*KVH Industries, Inc.................................     1,100             7,013
*Kaiser Ventures, Inc................................    78,900         1,065,150
*Kaneb Services, Inc.................................   162,300           821,644
*Karrington Health, Inc..............................    35,000           406,875
Katy Industries, Inc.................................    48,200           843,500
*Katz Digital Technologies, Inc......................    14,800            56,888
Kaye Group, Inc......................................    41,000           276,750
Keithley Instruments, Inc............................     6,600            70,125
*Kelley Oil & Gas Corp...............................    56,100           166,547
Kenan Transport Co...................................       200             4,975
*Kensey Nash Corp....................................    10,400           175,500
*Kent Financial Services, Inc........................    14,278            85,668
*Kentucky Electric Steel, Inc........................    15,700           111,863
Kentucky First Bancorp, Inc..........................     2,700            39,150
Kewaunee Scientific Corp.............................    20,400           240,975
*Key Energy Group, Inc...............................    12,658           307,748
*Key Production Co., Inc.............................    48,172           514,838
*Key Technology, Inc.................................    27,000           340,875
*Key Tronic Corp.....................................   129,100           718,119
*Keystone Consolidated Industries, Inc...............    88,600         1,129,650
Keystone Heritage Group, Inc.........................    29,600         1,583,600
*Kimmins Corp........................................    16,400            77,900
*Kinark Corp.........................................    52,800           171,600

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Kinnard Investment, Inc.............................    26,900   $       158,878
*Kit Manufacturing Co................................    12,000           105,000
Klamath First Bancorp, Inc...........................    41,800           901,313
Knape & Vogt Manufacturing Co........................    54,599         1,078,330
*Knickerbocker (L.L.) Co., Inc.......................    60,000           420,000
*Knight Transportation, Inc..........................    16,000           439,000
*Koala Corp..........................................    11,300           178,681
Kollmorgen Corp......................................    41,800           731,500
*Koo Koo Roo, Inc....................................   216,111           746,258
*Kopin Corp..........................................    85,900         1,825,375
*Koss Corp...........................................    52,000           715,000
*Krauses Furniture, Inc..............................     2,933             8,249
*Kronos, Inc.........................................    29,000           899,000
*Krug International Corp.............................    32,465           204,935
*#L.A. Gear, Inc.....................................    45,600            19,950
LCS Industries, Inc..................................    21,460           380,915
LSB Bancshares, Inc. NC..............................    18,472           487,199
LSB Industries, Inc..................................   108,900           476,438
LSI Industries, Inc..................................   143,403         2,482,664
*LTX Corp............................................    93,000           517,313
*LXR Biotechnology, Inc..............................    63,300           114,731
*La Jolla Pharmceutical Co...........................   139,300           683,441
*LaBarge, Inc........................................   221,650           997,425
LaCrosse Footwear, Inc...............................    13,300           187,863
Lab Holdings, Inc....................................     1,800            42,469
Labone, Inc..........................................     7,400           123,488
*Labor Ready, Inc....................................     8,750           196,328
*Laclede Steel Co....................................    25,450           119,297
*Ladd Furniture, Inc.................................    46,333           709,474
*Laidlaw Environmental Services, Inc.................       200               900
*Lakeland Industries, Inc............................    11,900            89,994
Lakeview Financial Corp..............................     7,000           172,813
*Lamson & Sessions Co................................   143,800           934,700
*Lancer Corp.........................................    99,225         1,227,909
*Lancit Media Productions, Ltd.......................    53,200           131,338
*Landair Services, Inc...............................    50,100         1,384,013
Landauer, Inc........................................    71,000         1,899,250
*Landec Corp.........................................    55,900           265,525
*Lanvision Systems, Inc..............................     4,700            28,788
*Larson Davis, Inc...................................     5,600            25,725
*Laser Vision Centers, Inc...........................    13,500           108,000
*Lasermaster Technologies, Inc.......................    98,700           428,728
*Laserscope..........................................    66,600           353,813
*#LaserSight Corporation.............................    41,600           143,000
*Lawrence Savings Bank MA............................     7,700           105,394
Lawyers Title Corp...................................    57,300         1,819,275
*Layne Christensen Co................................    41,800           728,888
*Lazare Kaplan International, Inc....................    72,800         1,041,950
*Leasing Solutions, Inc..............................    66,100         1,582,269
*Leather Factory, Inc................................       200               131
*Lechters, Inc.......................................   124,500           708,094
*Lectec Corp.........................................    18,380            96,495
Lesco, Inc...........................................    87,100         1,853,597
*Leslie Building Products, Inc.......................    27,800            53,001
*Level 8 Systems, Inc................................    29,400           431,813
*Levitz Furniture, Inc...............................   122,200            53,463
*Lexford, Inc........................................    22,100           678,194
*Lexington Global Asset Managers, Inc................     7,800            68,738
Liberty Homes, Inc. Class A..........................       200             2,050
*Liberty Technologies, Inc...........................    21,000            59,063
*Lidak Pharmaceuticals Class A.......................   118,000           252,594

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
Life Bancorp, Inc....................................     4,300   $       133,300
*Life Medical Sciences, Inc..........................    70,100           357,072
*Life Quest Medical, Inc.............................     8,100            36,956
*Life USA Holdings, Inc..............................    85,400         1,433,119
*Lifecore Biomedical, Inc............................    48,900           950,494
*Lifeline Systems, Inc...............................    21,500           481,063
Lifetime Hoan Corp...................................    81,092           826,125
Lillian Vernon Corp..................................    49,000           682,938
*Lindal Cedar Homes, Inc.............................    40,777           165,657
Lindberg Corp........................................    53,200           771,400
*Liposome Co., Inc...................................    15,000            89,531
Liqui Box Corp.......................................    12,400           460,350
Litchfield Financial Corp............................    22,863           452,973
*Littlefield, Adams & Co.............................    16,500             5,676
*Liuski International, Inc...........................     7,700             7,219
*Lodgenet Entertainment Corp.........................    79,500         1,003,688
*Loehmanns, Inc......................................    54,500           357,656
*Logans Roadhouse, Inc...............................    34,000           608,813
*#Logic Devices, Inc.................................    49,300           138,656
*Logic Works, Inc....................................    94,000           787,250
*Loronix Information Systems, Inc....................    17,700            36,506
*Louis Dreyfus Natural Gas Corp......................    32,472           671,765
Lufkin Industries, Inc...............................    28,400         1,008,200
*Lumisy, Inc.........................................    25,300           156,544
*Lunar Corp..........................................    83,100         1,885,331
*Lund International Holdings, Inc....................    15,800           204,413
*#Luria (L.) & Son, Inc..............................    79,297             1,150
*Lynch Corp..........................................    29,600         2,545,600
*M-Wave, Inc.........................................    10,600            44,388
*#M.H. Meyerson & Co., Inc...........................    25,150           135,181
M/A/R/C, Inc.........................................    20,757           396,978
*MAI Systems Corp....................................    42,507           146,118
#MDC Holdings, Inc...................................   141,400         1,564,238
MFB Corp.............................................     3,700            84,638
*MFRI, Inc...........................................    20,000           195,000
*MGI Pharma, Inc.....................................   137,700           589,528
*MHM Services, Inc...................................        75                84
*MI Schottenstein Homes, Inc.........................    43,800           648,788
*MK Gold Corp........................................    58,500            86,836
*MLX Corp............................................    22,645           441,578
*MRS Technology, Inc.................................    47,500            48,984
*MS Carriers, Inc....................................    42,600         1,027,725
MSB Bancorp, Inc.....................................     6,200           179,025
*MTI Technology Corp.................................    18,500           253,219
MTS Systems Corp.....................................    30,400         1,160,900
*#MVSI, Inc..........................................    25,400           146,844
MYR Group, Inc.......................................    39,200           874,650
*Macheezmo Mouse Restaurants, Inc....................    10,800             4,223
*MacNeal-Schwendler Corp.............................   123,500         1,258,156
*Madden (Steven), Ltd................................     3,200            22,400
*Magainin Pharmaceuticals, Inc.......................   135,600         1,097,513
*#Magnum Hunter Resources, Inc.......................    68,000           391,000
*Main Street & Main, Inc.............................     9,850            28,627
Maine Public Service Co..............................    32,700           412,838
Mainstreet Bankgroup, Inc............................    20,600           566,500
*Mallon Resources Corp...............................    21,175           211,750
*Managed Care Solutions, Inc.........................    19,700            54,175
*Manatron, Inc.......................................       115               225
*#Manhattan Bagel Co., Inc...........................    33,100            44,995
*Mapics, Inc.........................................    73,900           808,281
*Mapinfo Corp........................................    46,000           621,000
*Marcam Solutions, Inc...............................    34,550           300,153

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Marisa Christina, Inc...............................    72,200   $       342,950
Maritrans, Inc.......................................    65,900           593,100
*Mark VII, Inc.......................................    95,600         1,720,800
*Marker International................................    83,900           393,281
*Marlton Technologies, Inc...........................    62,300           412,738
Marsh Supermarkets, Inc. Class A.....................    15,700           241,388
Marsh Supermarkets, Inc. Class B.....................    18,500           278,656
*Martek Biosciences Corp.............................    60,700           677,184
*Marten Transport, Ltd...............................    35,200           765,600
Maryland Federal Bancorp.............................    34,230           893,189
Mason Dixon Bancshares, Inc..........................     8,400           236,775
Massbank Corp. Reading, MA...........................    11,000           492,938
*Mastering, Inc......................................   116,000         1,007,750
*Matec Corp. DE......................................    23,800            98,175
*Material Sciences Corp..............................     9,367           137,578
*Mathsoft, Inc.......................................    40,100           131,578
*Matlack Systems, Inc................................    75,650           657,209
*Matria Healthcare, Inc..............................   106,000           556,500
*Matrix Pharmaceutical, Inc..........................   152,000           536,750
*Matrix Service Co...................................    83,600           663,575
*Matthews Studio Equipment Group.....................    30,500           122,000
*Mattson Technology, Inc.............................   123,000         1,203,094
*Maverick Tube Corp..................................    80,000         2,287,500
*Max & Ermas Restaurants, Inc........................    15,657            95,899
*Maxco, Inc..........................................    17,100           197,719
*Maxicare Health Plans, Inc..........................    12,000           155,250
*Maxim Group, Inc....................................    76,000         1,168,500
*Maxwell Technologies, Inc...........................    58,492         1,551,866
*Maxxim Medical, Inc.................................    69,479         1,519,853
Mayflower Co-Operative Bank Middleboro...............       200             5,025
*Maynard Oil Co......................................   103,200         1,264,200
*Mays (J.W.), Inc....................................     2,100            20,770
*McClain Industries, Inc.............................    91,066           415,489
McGrath Rent Corp....................................    58,200         1,282,219
*McMoran Oil & Gas Co................................    57,800           187,850
*McWhorter Technologies, Inc.........................    11,000           261,250
*Meadow Valley Corp..................................     1,300             7,759
Meadowbrook Insurance Group, Inc.....................    35,800           845,775
*Measurement Specialties, Inc........................    12,550            50,984
*Mecklermedia Corp...................................    34,100           752,331
*Mecon, Inc..........................................    58,000           393,313
*Medalliance, Inc. Liquidating Trust Escrow..........    25,000                 0
*Medar, Inc..........................................   105,500           570,359
*Medarex, Inc........................................   121,200           712,050
*#Medcath, Inc.......................................    26,700           450,563
*Medco Research, Inc.................................    54,000           877,500
Medford Savings Bank MA..............................    37,900         1,407,038
*Media 100, Inc......................................    82,600           384,606
*Media Arts Group, Inc...............................    47,400           524,363
*#Media Logic, Inc...................................    21,800            29,975
*Medical Action Industries, Inc......................    35,500           127,578
*Medical Graphics Corp...............................    12,700            53,181
*Medical Resources, Inc..............................    93,600           845,325
*Medicalcontrol, Inc.................................    16,400            88,150
*Medicore, Inc.......................................    47,500           109,844
*Medicus Systems Corp................................    42,000           307,125
*Mediq, Inc..........................................    72,000           733,500
*Medplus, Inc........................................    47,000           447,969
*Medquist Inc........................................    81,900         2,165,231
*Medstone International, Inc.........................    43,700           434,269

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
Merchants Bancorp, Inc...............................    20,000   $       483,750
Merchants Bancshares, Inc............................     9,600           268,800
Merchants Group, Inc.................................    11,200           218,400
Merchants New York Bancorp, Inc......................       800            22,875
#Mercury Air Group, Inc..............................    30,053           173,744
*Mercury Interactive Corp............................    10,800           263,250
*Meridian Data, Inc..................................    61,600           259,875
Meridian Diagnostics, Inc............................   118,854         1,266,538
Meridian Insurance Group, Inc........................    20,000           368,750
*Meridian Medical Technology, Inc....................    17,900           156,625
*Meridian Resource Corp..............................   127,772         1,365,563
*#Merisel, Inc.......................................   240,800         1,136,275
*Merit Medical Systems, Inc..........................    36,450           230,091
*Merix Corp..........................................    48,000           717,000
Merrill Corp.........................................    60,200         1,215,288
Merrimac Industries, Inc.............................    12,332           174,190
*Mesa Air Group, Inc.................................   200,500         1,115,281
*Mesa Labs, Inc......................................    17,800           137,950
*Mesaba Holdings, Inc................................   104,700         2,303,400
*Mestek, Inc.........................................   118,750         2,115,234
*Met-Coil Systems Corp...............................    27,500            86,804
Met-Pro Corp.........................................   151,665         2,474,035
*#Metal Management, Inc..............................   106,906         2,238,344
*Metatec Corp. Class A...............................    65,100           325,500
*Metra Biosystems, Inc...............................    71,100           268,847
*#Metricom, Inc......................................    68,400           912,713
*Metrocall, Inc......................................   158,399           836,545
*Metrologic Instruments, Inc.........................    57,300           809,363
*Metrotrans Corp.....................................     7,000            78,313
Metrowest Bank MA....................................    64,700           525,688
*Michael Anthony Jewelers, Inc.......................    74,300           204,325
*Micrion Corp........................................    19,700           426,628
*#Micro Component Technology, Inc....................    22,000            54,313
*Micro Linear Corp...................................    93,500           715,859
*Microage, Inc.......................................    86,200         1,740,163
*Microdyne Corp......................................    64,500           465,609
*Microfluidics International Corp....................    12,500            37,891
*Micrografx, Inc.....................................    78,500           740,844
*Microlog Corp.......................................    26,000           183,625
*Micronics Computers, Inc............................   108,600           230,775
*Microprose, Inc.....................................    95,600           457,088
*Micros to Mainframes, Inc...........................    10,100            47,344
*Microsemi Corp......................................   135,875         2,326,859
*Microtest, Inc......................................    64,200           384,197
*Microtouch Systems, Inc.............................    71,200         1,486,300
*#Microware Systems Corp.............................    36,900           154,519
*Microwave Power Dynamics, Inc.......................    80,000           600,000
Mid America Banccorp.................................    32,004           968,126
*#Midcom Communications, Inc.........................   129,000            60,469
*Middleby Corp.......................................    65,200           670,338
Middlesex Water Co...................................    15,600           295,425
*#Midisoft Corp......................................    58,300            71,068
Midland Co...........................................    14,700           888,431
*Midwest Grain Products, Inc.........................    30,100           421,400
Mikasa, Inc..........................................     1,000            13,313
*Mikohn Gaming Corp..................................    66,650           551,945
*Miller Building Systems, Inc........................    72,800           614,250
*Miltope Group, Inc..................................    50,500           173,594
*Mindspring Enterprises, Inc.........................    31,600           922,325
Minntech Corp........................................    29,930           347,942
Minuteman International, Inc.........................    15,000           161,250
*Mitcham Industries, Inc.............................    45,100         1,265,619

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Mity-Lite, Inc......................................    28,100   $       554,975
*Mobile America Corp.................................     9,200           109,250
Mobile Gas Service Corp..............................    34,100         1,325,638
*Mobile Mini, Inc....................................    28,100           149,281
Modern Controls, Inc.................................    84,975           993,145
*Modtech, Inc........................................    29,000           601,750
*Molecular Biosystems, Inc...........................   121,400         1,236,763
*Molecular Devices Corp..............................    18,500           379,250
*Molecular Dynamics, Inc.............................    51,100         1,037,969
*#Molten Metal Technology, Inc.......................   103,000            32,188
*Monaco Coach Corp...................................    25,100           633,775
*Monaco Finance, Inc. Class A........................    16,300            17,319
*Monarch Casino and Resort, Inc......................    82,100           431,025
Monarch Machine Tool Co..............................    39,761           332,998
*Moneygram Payment Systems, Inc......................    33,500           433,406
*Monro Muffler Brake, Inc............................    33,686           486,342
*Monroc, Inc.........................................    15,500           170,500
Monterey Bay Bancorp, Inc............................     9,600           186,000
*#Monterey Pasta Co..................................    32,400            45,563
*Moog, Inc. Class A..................................    25,250           918,469
*Moog, Inc. Class B..................................     1,500            55,125
*Moore Handley, Inc..................................     1,500             4,125
*Moore Medical Corp..................................    25,100           279,238
*Moore Products Co...................................    21,900           791,138
*Moovies, Inc........................................   106,500           133,125
*Morgan Products, Ltd................................    65,300           399,963
*#Morrow Snowboards, Inc.............................    12,000            32,250
*Morton's Restaurant Group, Inc......................    54,900         1,235,250
*Mosaix, Inc.........................................    96,900           884,213
*Moscom Corp.........................................    36,100           250,444
*#Mossimo, Inc.......................................   128,750           675,938
*Mother's Work, Inc..................................    33,500           301,500
*Motor Car Parts & Accessories, Inc..................    40,500           674,578
*Motor Club of America...............................    20,500           279,313
Movado Group, Inc....................................    18,150           326,700
*Movie Gallery, Inc..................................   110,000           360,938
*Moviefone, Inc. Class A.............................    28,300           189,256
Mueller (Paul) Co....................................    26,700         1,034,625
*Multi Color Corp....................................     9,600            62,400
*Multigraphics, Inc..................................     3,400             8,925
*Musicland Stores Corp...............................   210,600         1,145,138
*Mutual Savings Bank FSB Bay City, MI................    19,700           253,638
*Mylex Corp..........................................    42,000           338,625
*Myriad Genetics, Inc................................     3,300            90,234
*Mysoftware Co.......................................    14,000            34,125
*N & F Worldwide Corp................................    80,100           770,963
*NABI, Inc...........................................   160,600           677,531
*NAI Technologies, Inc...............................    82,813           186,329
NBT Bancorp..........................................    38,655           997,802
NN Ball & Roller, Inc................................   124,300         1,064,319
*NPS Pharmaceuticals, Inc............................    75,600           699,300
*NS Group, Inc.......................................    60,000         1,125,000
*NSA International, Inc..............................    30,500            52,422
NSC Corp.............................................    79,800           187,031
*NTN Communications, Inc.............................   167,500           251,250
NUI Corp.............................................    24,200           595,925
NYMAGIC, Inc.........................................    62,700         1,598,850
*Nanometrics, Inc....................................    30,300           268,913
*Nantucket Industries, Inc...........................    28,135            12,309
*Napco Security Systems, Inc.........................    64,100           396,619
*#Napro Biotherapeutics, Inc.........................    90,500           576,938

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
Nash Finch Co........................................    30,500   $       571,875
*Nashua Corp.........................................    43,200           564,300
*Nastech Pharmaceutical Co., Inc.....................     6,300            85,444
*Nathans Famous, Inc.................................    17,500            66,719
*National Auto Credit, Inc...........................    35,300           237,172
*National Beverage Corp..............................    49,200           485,850
*National City Bancorp...............................    26,067           729,876
*National Dentex Corp................................    32,900           703,238
*National Energy Group, Inc..........................   185,700           795,028
National Gas & Oil Co................................   137,489         1,589,727
*National Home Centers, Inc..........................    60,000            69,375
*National Home Health Care Corp......................    22,077           117,288
National Insurance Group.............................    45,200           477,425
*National Media Corp.................................   127,000           523,875
*National Patent Development Corp....................    69,850           942,975
*National Record Mart, Inc...........................    15,200            57,475
*National RV Holdings, Inc...........................    29,100           697,491
National Security Group, Inc.........................    10,500           179,156
*National Standard Co................................    96,500           566,938
National Technical Systems, Inc......................    47,184           402,539
*National Techteam, Inc..............................    88,300           960,263
*National Vision Association, Ltd....................   123,800           646,081
*Natural Alternatives International, Inc.............    47,000           425,938
*Natural Wonders, Inc................................    35,900           271,494
*Navarre Corp........................................    54,200           159,213
*Navigators Group, Inc...............................    20,520           388,598
Nelson (Thomas), Inc.................................    39,400           449,406
*Neogen Corp.........................................    25,800           287,025
*Neopath, Inc........................................    30,100           500,413
*Neoprobe Corp.......................................    63,000           507,938
*Neorx Corp..........................................   139,700           772,716
*Neose Technologies, Inc.............................    31,600           548,063
*#Neoware Systems, Inc...............................    27,200            79,900
*Netcom On-Line Communication Services, Inc..........    38,500           770,000
*Netmanage, Inc......................................    97,300           276,697
*Netrix Corp.........................................    83,200           111,800
*Netvantage, Inc. Class A............................    12,200            86,163
*Network Computing Devices, Inc......................   130,000         1,072,500
*#Network Imaging Corp...............................    85,000           104,922
*Network Peripherals, Inc............................    56,800           298,200
*Network Six, Inc....................................       775             2,083
*Neurex Co...........................................    57,100           897,541
*Neurobiological Technologies, Inc...................    14,600            28,288
*Neuromedical Systems, Inc...........................    77,700           288,947
*New Brunswick Scientific Co., Inc...................    37,537           290,912
New England Community Bancorp, Inc. Class A..........    18,600           434,775
New Hampsire Thrift BancShares, Inc..................       200             4,125
*New Horizons Worldwide, Inc.........................    57,400           889,700
*New Jersey Steel Corp...............................    29,800           671,431
*New Mexico & Arizona Land Co........................    33,046           495,690
Newcor, Inc..........................................    86,126           742,837
Newmil Bancorp, Inc..................................    44,200           618,800
#Newport Corp........................................    74,600         1,258,875
*Nexthealth, Inc.....................................    26,700            29,620
*#Niagara Corp.......................................     4,500            41,906
*Nichols Research Corp...............................    55,250         1,277,656
*Nimbus CD International, Inc........................    17,500           173,906
*Nitches, Inc........................................    10,194            61,164

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Nobel Education Dynamics, Inc.......................    23,050   $       137,580
*Nobility Homes......................................    11,250           175,781
*Noel Group, Inc.....................................    43,600           155,325
Noland Co............................................       500            11,938
*Noodle Kidoodle, Inc................................    65,000           186,875
*Nord Resources Corp.................................   138,700           242,725
*Norland Medical System, Inc.........................    31,300           235,728
*Norstan, Inc........................................    90,400         2,192,200
*Nortek, Inc.........................................    19,700           480,188
North Carolina Natural Gas Corp......................    14,450           478,656
North Central Bancshares, Inc........................     9,400           178,306
Northern Technologies International..................    17,600           198,000
*#Northfield Laboratories, Inc.......................    59,200           669,700
#Northland Cranberries, Inc. Class A.................    56,800           796,975
Northrim Bank........................................     8,300           115,163
*Northwest Pipe Co...................................    11,000           250,938
*Northwest Teleproductions, Inc......................    15,800            37,525
*Northwestern Steel & Wire Co........................   159,100           596,625
*Norton McNaughton, Inc..............................    62,500           378,906
Norwich Financial Corp...............................    23,800           709,538
*Norwood Promotional Products, Inc...................    31,200           473,850
*Novadigm, Inc.......................................    26,100           129,684
*Novametrix Medical Systems, Inc.....................    59,700           453,347
*Novavax, Inc........................................    65,500           286,563
*Noven Pharmaceuticals, Inc..........................    85,900           614,722
*Novitron International, Inc.........................     4,283            12,046
*Nu Horizons Electronics Corp........................    71,054           501,819
*Nu-Kote Holding, Inc. Class A.......................   101,700            55,617
*#Nuko Information Systems, Inc......................    29,200            13,987
*Numerex Corp. Class A...............................    11,500            84,094
*Nutramax Products, Inc..............................    44,000           514,250
*Nview Corp..........................................    20,650            25,167
*O'Charleys, Inc.....................................    60,650         1,080,328
O'Sullivan Corp......................................    78,600           781,088
*O'Sullivan Industries Holdings, Inc.................   133,400         1,700,850
*O.I. Corp...........................................    13,800            60,375
*ODS Networks, Inc...................................    47,900           405,653
*OEC Medical Systems, Inc............................    62,100         1,335,150
*OHM Corp............................................    43,600           370,600
*OSI Pharmaceutical, Inc.............................   132,400           947,488
*#OTR Express, Inc...................................    16,600            98,563
*Oacis Healthcare Holdings Corp......................    33,000           158,813
*Oak Hill Sportswear Corp............................    21,600            83,700
*Objectshare, Inc....................................    40,300            28,336
*Ocal, Inc...........................................    11,000            33,000
*#Odwalla, Inc.......................................    21,100           166,163
Oglebay Norton Co....................................    50,000         1,531,250
Ohio Art Co..........................................     1,000            15,000
Oil-Dri Corp. of America.............................    60,900         1,020,075
*Old America Stores, Inc.............................    14,700             4,138
*Old Dominion Freight Lines, Inc.....................    71,600         1,132,175
*Olympic Steel, Inc..................................    94,000         1,318,938
*Omega Environmental, Inc............................    88,600             5,538
*Omni Multimedia Group, Inc..........................     6,700             2,513
*On Assignment, Inc..................................    40,800           923,100
*On Technology Corp..................................    25,000            49,219
*On-Point Technology Systems, Inc....................     2,200             5,981
*Oncor, Inc..........................................   185,800           812,875
*Oncormed, Inc.......................................    32,300           213,988
*One Price Clothing Stores, Inc......................    65,600           135,300
*Oneita Industries, Inc..............................    59,020            20,288
*Onyx Acceptance Corp................................     8,500            65,875

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THE U.S. 9-10 SMALL COMPANY PORTFOLIO                                           

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Opinion Research Corp...............................    15,500   $        77,500
*Opta Food Ingredients, Inc..........................    93,600           479,700
*Optek Technology, Inc...............................       300             5,738
*Opti, Inc...........................................    60,000           371,250
Optical Coating Laboratory, Inc......................    67,092         1,031,540
*Option Care, Inc....................................    44,900           193,631
Orange Co., Inc......................................    91,747           733,976
*Oravax, Inc.........................................    27,400            82,200
*Orbit International Corp............................    27,600            68,138
*Orcad, Inc..........................................     6,000            50,063
*Oriole Homes Corp. Class A Convertible..............    66,300           314,925
*Oriole Homes Corp. Class B..........................    23,000           109,250
*Orion Network Systems, Inc..........................    25,700           440,916
*Oroamerica, Inc.....................................    45,200           251,425
*Orphan Medical, Inc.................................    40,500           222,750
*Ortel Corp..........................................    38,100           678,656
*Orthologic Corp.....................................   128,200           661,031
Oshkosh Truck Corp. Class B..........................    43,200           761,400
*Oshman's Sporting Goods, Inc........................    50,200           288,650
*Osmonics, Inc.......................................     9,600           139,200
*Osteotech, Inc......................................    54,100         1,633,144
*Ostex International, Inc............................   104,500           329,828
Ottawa Financial Corp................................     3,140            86,939
*Outlook Group Corp..................................    37,900           253,456
Owosso Corp..........................................    29,500           229,547
Oxford Industries, Inc...............................    53,100         1,865,138
*#Oxigene, Inc.......................................    19,800           358,875
*Oxis International, Inc.............................    89,800            56,125
*P&F Industries, Inc. Class A........................       600             3,956
*PAM Transportation Services, Inc....................    33,650           331,242
*PC Quote, Inc.......................................    54,100            74,388
*PC Service Source, Inc..............................    24,200           136,125
PCA International, Inc...............................    32,900           806,050
*#PHP Healthcare Corp................................    39,490           636,776
*PICO Holdings, Inc..................................    48,559           295,906
PLM International, Inc...............................    41,900           235,688
*PMR Corp............................................    29,400           663,338
*PPT Vision, Inc.....................................    46,200           363,825
PS Group Holdings, Inc...............................     2,000            28,500
*PSC, Inc............................................    53,600           619,750
*PST Vans, Inc.......................................    17,800            77,875
*Pacific Aerospace and Electroncis, Inc..............     7,700            48,727
*Pacific Pharmaceuticals, Inc........................    28,200            42,300
Pacific Scientific Co................................    71,900         1,141,413
*Pacific Sunwear of California, Inc..................     1,750            57,203
*Pagemart Wireless, Inc. Class A.....................    22,600           224,588
*Pages, Inc..........................................    31,000            60,063
*Palatin Technologies, Inc...........................       875             6,234
Palfed, Inc..........................................    22,350           596,466
*Palmer (Arnold) Golf Co.............................    33,700            91,622
*Pamida Holdings Corp................................    52,000           279,500
Pamrapo Bancorp, Inc.................................    12,200           298,138
*Panaco, Inc.........................................     9,800            44,713
Pancho's Mexican Buffet, Inc.........................    47,600           105,613
*#Panda Project, Inc.................................    19,000           122,906
*Par Technology Corp.................................    81,800           874,238
*Paragon Trade Brands, Inc...........................    40,800           918,000
*Parallel Petroleum Corp.............................    79,800           451,369
*Paris Corp..........................................       200               338
*Park-Ohio Industries, Inc...........................   141,225         2,533,223

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*#Parkervision, Inc..................................    44,800   $       856,800
Parkvale Financial Corp..............................    55,356         1,622,623
*Parlex Corp.........................................    29,850           452,414
*Parlux Fragrances, Inc..............................   108,200           246,831
*Patina Oil & Gas Corp...............................    53,989           438,661
Patrick Industries, Inc..............................    46,050           661,969
*Paul Harris Stores, Inc.............................    79,175         1,667,623
*#Paul-Son Gaming Corp...............................    32,500           540,313
*Paxar Corp..........................................    17,900           268,500
*Payless Cashways, Inc...............................   212,000            10,812
*Pediatric Services of America, Inc..................    51,200           998,400
Peerless Manufacturing Co............................     9,250           108,688
*Penederm, Inc.......................................    70,000           796,250
Penn Engineering & Manufacturing Corp. Class A.......    33,600           866,250
Penn Engineering & Manufacturing Corp. Non-voting....   100,800         2,646,000
*Penn National Gaming, Inc...........................    85,000           969,531
*#Penn Traffic Co....................................    87,800           768,250
*Penn Treaty American Corp...........................    44,400         1,434,675
Penn Virginia Corp...................................    74,200         2,008,038
Penn-America Group, Inc..............................    36,500           670,688
Pennfed Financial Services, Inc......................    20,300           670,534
Pennfirst Bancorp, Inc...............................       220             4,098
Pennsylvania Enterprises, Inc........................       800            20,150
Penobscot Shoe Co....................................    32,000           193,000
*Pentech International, Inc..........................    28,900            83,991
Penwest, Ltd.........................................    26,200           971,038
Peoples Bancorp......................................       300             6,975
Peoples Bancshares, Inc. Massachusetts...............    24,545           486,298
*Peoples Choice TV Corp..............................   110,596           252,297
*Peoples Telephone Co., Inc..........................    64,800           234,900
*Perceptron, Inc.....................................    32,050           713,113
*Performance Food Group Co...........................   107,150         2,276,938
*Performance Technologies, Inc.......................    20,400           304,725
*Perfumania, Inc.....................................    43,700           145,439
*Perini Corp.........................................    40,000           352,500
*Periphonics Corp....................................    59,900           582,153
*Perseptive Biosystems, Inc..........................   108,300         1,299,600
*Personnel Management, Inc...........................     9,000           110,250
*Pete's Brewing Co...................................    23,000           114,281
*Petrocorp, Inc......................................    36,100           327,156
*Petroleum Development Corp..........................    44,000           269,500
Petroleum Heat & Power Co., Inc. Class A.............   148,300           424,045
*Phar-Mor, Inc.......................................     8,500            71,984
*#Pharmaceutical Marketing Services, Inc.............   117,600         1,205,400
*Pharmaceutical Resources, Inc.......................    84,055           131,336
*Pharmacopeia, Inc...................................    33,800           640,088
*Pharmchem Laboratories, Inc.........................    47,800           143,400
*#Pharmos Corp.......................................    88,000           199,375
*Phildelphia Consolidated Holding Corp...............    54,000           901,125
*Phillips (R.H.), Inc................................     2,300             8,194
*Phoenix Gold International, Inc.....................    13,000            63,375
*Phoenix Network, Inc................................    89,200            61,325
*Phoenix Technologies, Ltd...........................    24,000           354,750
*Photo Control Corp..................................     1,000             2,813
*Photon Dynamics, Inc................................    26,800           115,575
*Photran Corp........................................     3,300            15,263

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Physician Support Systems, Inc......................    16,800   $       250,950
*Physicians Health Services, Inc. Class A............    21,000           580,125
*Physicians Resource Group, Inc......................    17,000            96,688
*Physiometrix, Inc...................................    31,500            80,719
Piccadilly Cafeterias, Inc...........................    60,100           755,006
*Pico Products, Inc..................................    34,400            53,750
#Piedmont Bancorp, Inc...............................       250             2,594
*Piercing Pagoda, Inc................................    41,400         1,076,400
*Pilgrim America Capital Corp........................    42,000           805,875
Pillowtex Corp.......................................    66,700         1,767,550
*Pinkertons, Inc.....................................    19,350           442,631
Pinnacle Bancshares, Inc.............................       400             6,550
Pinnacle Financial Services, Inc.....................    29,449         1,229,496
*#Pinnacle Micro, Inc................................    32,700             8,175
*Pinnacle Systems, Inc...............................    65,900         1,598,075
Pitt-Des Moines, Inc.................................    36,450         1,262,081
Pittston Co. Minerals Group..........................    72,200           658,825
*Plains Resources, Inc...............................    70,700         1,166,550
*Planar Systems, Inc.................................    86,100         1,017,056
*Plasma-Therm, Inc...................................    27,900           235,406
Plasti-Line, Inc.....................................    10,000           136,875
*Platinum Software Corp..............................   179,400         1,401,563
*Play By Play Toys and Novelties, Inc................    16,300           269,969
*Playboy Enterprises, Inc. Class A...................     1,500            18,281
*Playboy Enterprises, Inc. Class B...................   136,400         1,866,975
*Players International, Inc..........................   217,900           701,366
Plenum Publishing Corp...............................    14,800           711,325
*Plexus Corp.........................................     9,800           260,925
*Plymouth Rubber, Inc. Class A.......................       100               575
*Plymouth Rubber, Inc. Class B non-voting............         5                21
*Polk Audio, Inc.....................................     5,000            45,313
*Pollo Tropical, Inc.................................    69,300           459,113
*Polycom, Inc........................................    92,600           555,600
*Polymedica Industries, Inc..........................    41,950           388,038
*Polyphase Corp......................................    46,000            48,875
*Pomeroy Computer Resource, Inc......................    39,442           986,050
Pope & Talbot, Inc...................................     9,000           148,500
*Porta Systems Corp..................................    12,640            42,660
Portec, Inc..........................................    37,237           516,663
*Positive Response Television, Inc. Escrow...........     9,750                 0
*Positron Corp.......................................    12,600             7,875
*Possis Medical, Inc.................................    97,800         1,369,200
Poughkeepsie Financial Corp..........................    61,400           610,163
*Powell Industries, Inc..............................    44,000           616,000
*Powercerv Corp......................................   100,000           293,750
*Praegitzer Industries, Inc..........................    86,500         1,097,469
*Precision Standard, Inc.............................     1,000               719
*Premenos Technology Corp............................    73,600           970,600
Premier Bancshares, Inc..............................    19,700           398,925
*#Premier Laser Systems, Inc. Class A................    45,200           435,050
Premiumwear, Inc.....................................     6,145            28,805
*President Casinos, Inc..............................    16,666            64,581
*Presley Companies Class A...........................     8,900             7,788
*Price Communications Corp...........................    71,257           783,827
*Prima Energy Corp...................................    23,500           475,875
Prime Bancorp, Inc...................................    19,042           643,858
*Prime Medical Services, Inc.........................    93,200         1,240,725
Primesource Corp.....................................    24,843           301,221

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Primus Telecommunications Group, Inc................   130,000   $     1,787,500
*Printrak International, Inc.........................    50,000           493,750
*Printronix, Inc.....................................    67,050         1,198,519
*Prism Solutions, Inc................................    11,400            60,563
*Procept, Inc........................................    10,114            18,332
*Procyte Corp........................................    45,700            49,984
*Professional Bancorp, Inc...........................    10,720           163,480
*Profit Recovery Group International, Inc............    77,000         1,179,063
*Programmers Paradise, Inc...........................    20,200           198,213
Progress Financial Corp..............................    11,080           168,278
*Progress Software Corp..............................    56,000         1,162,000
Progressive Bank, Inc................................    43,650         1,489,556
*Project Software & Development, Inc.................    95,700         1,860,169
*Pronet, Inc.........................................    47,300           209,894
#Protection One, Inc.................................    23,300           270,134
*Proteon, Inc........................................    58,150            94,494
*Protocol Systems, Inc...............................    71,600           738,375
Provena Foods, Inc...................................       200               563
Providence & Worcester Railroad Co...................     5,000            77,500
Providence Energy Corp...............................    61,950         1,173,178
*Provident American Corp.............................    83,600           224,675
*Proxim, Inc.........................................    42,200           501,125
*Proxima Corp........................................    62,100           457,988
*Proxymed, Inc.......................................    27,300           246,553
Psychemedics Corp....................................   105,577           620,265
Pulaski Furniture Corp...............................    15,400           296,450
*Pure World, Inc.....................................    66,300           430,950
*Pyramid Breweries, Inc..............................    23,600            63,425
*Q Logic Corp........................................    53,800         1,765,313
*QMS, Inc............................................    72,300           230,456
*Quad Systems Corp...................................    35,700           228,703
Quaker Chemical Corp.................................    30,300           570,019
*Quaker City Bancorp, Inc............................    18,125           369,297
*Quaker Fabric Corp..................................    72,300         1,432,444
*Quality Dining, Inc.................................    98,400           408,975
*Quality Semiconductor, Inc..........................    43,400           250,906
*Quality Systems, Inc................................    44,500           328,188
*Quarterdeck Office Systems, Inc.....................   298,000           628,594
*Quest Medical, Inc..................................    98,928           689,405
*Quickresponse Services, Inc.........................    10,000           351,875
*Quickturn Design Systems, Inc.......................   114,650         1,339,972
*Quidel Corp.........................................   110,100           421,477
*Quiksilver, Inc.....................................    63,400         1,672,175
*Quintel Entertainment, Inc..........................    36,700           211,025
*Quipp, Inc..........................................    13,800           236,325
Quixote Corp.........................................    67,600           587,275
*R & B, Inc..........................................    68,600           660,275
*RCM Technologies, Inc...............................    13,500           211,781
*RDM Sports Group, Inc...............................   301,000             2,408
*RF Monolithics, Inc.................................    26,000           321,750
RPC, Inc.............................................    52,100         1,393,675
*RTI, Inc............................................     5,890            48,224
*RTW, Inc............................................    27,200           181,050
*Racotek, Inc........................................   130,500           173,320
*Rag Shops, Inc......................................    32,000            99,500
*Ragan (Brad), Inc...................................    40,900         1,390,600
*#Railamerica, Inc...................................    20,400           123,675
*Railtex, Inc........................................    40,500           599,906

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Rainbow Technologies, Inc...........................    48,800   $     1,177,300
*Rally's Hamburgers, Inc.............................   171,800           590,563
Ramapo Financial Corp................................    34,800           319,725
*Ramsay Health Care, Inc.............................    51,366           223,121
*Ramtron International Corp..........................    75,650           491,725
*Rare Hospitality International, Inc.................    66,562           715,542
Raritan Bancorp, Inc. DE.............................     1,125            30,656
*Raster Graphics, Inc................................     9,000            52,313
Raven Industries, Inc................................    99,150         2,048,067
*Rawlings Sporting Goods, Inc........................    64,700           727,875
*Raytech Corp. DE....................................    27,795           149,398
*Reading Entertainment, Inc..........................    16,300           205,788
*Recoton Corp........................................    91,916         1,252,356
*Recovery Engineering, Inc...........................    19,100           496,600
*Recycling Industries, Inc...........................    37,100           288,684
*#Redhook Ale Brewery, Inc...........................    45,000           298,125
*#Redwood Empire Bancorp.............................     9,900           155,306
*Reeds Jewelers, Inc.................................    11,495            79,028
Refac Technology Development Corp....................    45,597           632,658
*Regeneron Pharmaceuticals, Inc......................    37,400           366,988
*Rehabcare Group, Inc................................    27,900           754,172
*Rehabilicare, Inc...................................    17,700            69,694
*Reliability, Inc....................................   120,000         2,561,250
Reliv International, Inc.............................    45,960           175,223
*#Reno Air, Inc......................................    79,700           465,747
*#Rent-Way, Inc......................................    57,000           985,031
*Rentrak Corp........................................    56,500           280,734
*Repligen Corp.......................................    54,000            54,844
*#Reptron Electronics, Inc...........................    25,500           381,703
*Republic Automotive Parts, Inc......................    39,200           588,000
Republic Bancorp, Inc................................    51,152           882,375
*Republic Bankshares, Inc............................     1,740            43,826
*Republic Engineered Steels, Inc.....................   173,000           254,094
*Republic First Bancorp, Inc.........................     5,900            77,069
Republic Group, Inc..................................   111,804         2,131,264
Republic Security Financial Corp.....................    45,932           467,932
*#Res-Care, Inc......................................    67,800         1,584,825
Research, Inc........................................    20,200           220,938
*Resound Corp........................................   123,900           762,759
Resource America, Inc................................    15,060           714,409
*Response Oncology, Inc..............................    92,740           904,215
*Retirement Care Association, Inc....................    43,035           373,867
*Retix, Inc..........................................    95,200           458,150
*Rex Stores Corp.....................................    72,600           825,825
*Rexhall Industries, Inc.............................    11,025            54,436
*Rexworks, Inc.......................................     6,000            28,875
*Rheometric Scientific, Inc..........................       110               124
*Ribi Immunochem Research, Inc.......................   158,200           622,913
Richardson Electronics, Ltd..........................    41,700           484,763
*Richton International Corp..........................     1,500             9,563
*Riddell Sports, Inc.................................    38,582           155,534
*Ride, Inc...........................................    46,700           119,669
*Right Management Consultants, Inc...................    49,450           547,041
*Right Start, Inc....................................    48,200            97,906
*Rightchoice Managed Care, Inc. Class A..............    25,100           271,394
*Rimage Corp.........................................    29,000           184,875
*Ringer Corp.........................................    76,600           113,703
Rival Co.............................................    33,700           499,181
*River Oaks Furniture, Inc...........................    41,500            72,625
*Riverside Group, Inc................................     1,300             1,788

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Riviera Holdings Corporation........................     6,200   $        84,863
Roanoke Electric Steel Corp..........................    41,500           923,375
*Roberds, Inc........................................    31,400           123,638
*Robertson-Ceco Corp.................................    46,957           428,483
Robinson Nugent, Inc.................................    42,100           226,288
*Robotic Vision Systems, Inc.........................    11,235           154,832
*Rochester Medical Corp..............................    19,100           261,431
*Rock Bottom Restaurants, Inc........................    45,700           491,275
*Rockford Industries, Inc............................    33,500           285,797
*Rocky Mountain Chocolate Factory....................    25,000           121,875
*Rocky Shoes & Boots, Inc............................    21,500           366,844
*Rodman & Renshaw Capital Group, Inc.................    19,000             7,125
*Rogers Corp.........................................   122,100         4,983,206
*Ross Systems, Inc...................................   116,437           433,000
Rotonics Manufacturing, Inc..........................    11,300            16,244
*Rottlund, Inc.......................................    18,150            72,600
Rouge Industries, Inc. Class A.......................    28,400           433,100
Rowe Furniture Corp..................................   115,062           769,477
*Royal Appliance Manufacturing Co....................   197,500         1,370,156
Royal Bancshares of Pennsylvania Class A.............       232             5,003
*Royal Energy, Inc...................................     1,500             6,656
*Royal Gold, Inc.....................................   114,700           681,031
*Royal Precision, Inc................................     5,600            47,425
*Rural Cellular Corp. Class A........................    12,100           148,981
Ryan Beck & Co.......................................       210             1,391
Ryland Group, Inc....................................    90,900         1,982,756
*S&K Famous Brands, Inc..............................    31,700           429,931
*SABA Petroleum Co...................................    42,900           426,319
*SBE, Inc............................................    11,000           158,469
*SBM Industries, Inc.................................       500             1,500
*SBS Technologies, Inc...............................    30,200           877,688
*SDL, Inc............................................    47,400           802,838
*SED International Holdings, Inc.....................    35,300           451,178
SEMCO Energy, Inc....................................    49,700           877,516
SI Handling, Inc.....................................    41,625           561,938
SIS Bancorp, Inc.....................................    19,700           662,413
SJNB Financial Corp..................................     5,000           183,750
SJW Corp.............................................    16,600           946,200
SL Industries, Inc...................................    96,685         1,256,905
*SMC Corp............................................    52,200           398,025
*SOS Staffing Services, Inc..........................    31,600           655,700
*SPSS, Inc...........................................    40,700         1,014,956
*SSE Telecom, Inc....................................    30,500           150,594
*STB Systems, Inc....................................    29,250           820,828
*STM Wireless, Inc. Class A..........................    36,500           536,094
*STV Group, Inc......................................    17,500           141,094
*SYNC Research, Inc..................................    46,700           188,259
*Safeguard Health Enterprises, Inc...................    84,600         1,105,088
*Safety 1st, Inc.....................................    54,500           374,688
*Safety Components International, Inc................    41,100           565,125
*Saga Communications, Inc. Class A...................    67,577         1,326,199
*Salant Corp. DE.....................................    80,500           155,969
Salient 3 Communications, Inc. Class A...............    45,000           576,563
*Salton/Maxim Housewares, Inc........................    58,000           565,500
*San Filippo (John B.) & Son, Inc....................    67,400           532,881
Sanderson Farms, Inc.................................    50,700           611,569
*Sands Regent Casino Hotel...........................    42,210            89,037
Sandwich Bancorp, Inc................................    15,400           652,575

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Sano Corp...........................................     9,900   $       215,944
*Santa Cruz Operation, Inc...........................    94,200           553,425
*Santa Fe Gaming Corp................................    22,450            16,838
Santa Monica Bank CA.................................    41,900         1,157,488
*Satcon Technology Corp..............................    36,600           361,425
*Savoir Technology Group, Inc........................    37,500           386,719
*Scan-Optics, Inc....................................    56,200           500,531
*ScanSource, Inc.....................................    15,800           299,706
Schawk, Inc. Class A.................................    26,200           298,025
*Schein (Henry), Inc.................................    60,637         2,139,349
*Scherer Healthcare, Inc.............................       200               738
*Schieb (Earl), Inc..................................    74,400           651,000
*Schlotzskys, Inc....................................    28,200           493,500
*Schmitt Industries, Inc.............................     8,100            75,938
Schnitzer Steel Industries, Inc. Class A.............     5,200           145,600
*Schuler Homes, Inc..................................   143,700         1,014,881
Schult Homes Corp....................................    42,960           762,540
Schultz Sav-O Stores, Inc............................    60,000           952,500
*Sciclone Pharmaceuticals, Inc.......................   125,800           507,131
*Scientific Games Holdings Corp......................     4,500            94,781
Scientific Technologies, Inc.........................    25,700           276,275
*Scios-Nova, Inc.....................................   257,700         1,956,909
Scope Industries, Inc................................    18,650         1,146,975
*Scott's Liquid Gold, Inc............................    84,000           330,750
Seacoast Banking Corp. Class A.......................    21,600           753,300
*Sealright Co., Inc..................................    36,300           451,481
*Seattle Filmworks, Inc..............................   145,575         1,430,729
Seaway Food Town, Inc................................    16,000           352,000
*Secom General Corp..................................    25,000            56,250
Second Bancorp, Inc..................................       600            15,525
*Secure Computing Corp...............................    50,700           605,231
*Security Capital Corp...............................         5                17
Security First Corp..................................    17,200           326,800
*Seeq Technology, Inc. DE............................   179,600           637,019
*Segue Software, Inc.................................    36,000           391,500
*Seibels Bruce Group, Inc............................     2,400            18,750
Selas Corp. of America...............................    44,700           463,763
*Selfcare, Inc.......................................    10,900           115,813
*Semiconductor Packaging Materials Co., Inc..........    49,100           444,969
*Semitool, Inc.......................................    85,200         1,325,925
*Semtech Corp........................................    56,000         2,730,000
*Seneca Foods Corp. Class A..........................       200             3,350
*Seneca Foods Corp. Class B..........................     6,300           106,313
*Sentry Technology Corp..............................    60,555           128,679
*Sequana Therapeutics, Inc...........................    71,200           885,550
*Sequus Pharmaceuticals, Inc.........................   177,000         1,377,281
*Seragen, Inc........................................    51,600            26,058
*Servico, Inc........................................    31,300           541,881
*Servotronics, Inc...................................    24,804           279,045
Sevenson Environmental Services, Inc.................    13,280           159,360
*#Shaman Pharmaceuticals.............................   141,100           696,681
*Shared Technologies Fairchild, Inc..................    76,000         1,113,875
*Sharper Image Corp..................................    67,300           277,613
*Shaw Group, Inc.....................................    15,450           376,594
*Sheffield Medical Technologies, Inc.................    68,300           128,063
Shelby Williams Industries, Inc......................    74,600         1,212,250
*Sheldahl, Inc.......................................    84,650         1,293,558
Shelter Components, Inc..............................    52,608           914,064
*Sheridan Healthcare, Inc............................    26,300           343,544

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Sherwood Group, Inc.................................    53,300   $       659,588
*Shiloh Industries, Inc..............................   111,500         2,104,563
*Sho Me Financial Corp...............................       400            19,000
*Shoe Carnival, Inc..................................    85,000           780,938
*Sholodge, Inc.......................................    52,300           846,606
*Shoney's, Inc.......................................   204,000           892,500
Shoreline Financial Corp.............................     8,358           286,262
*Showscan Entertainment, Inc.........................    44,350           101,173
*Shuffle Master, Inc.................................    51,700           415,216
Sierrawest Bancorp...................................     6,410           201,114
Sifco Industries, Inc................................    46,275           948,638
*Sight Resource Corp.................................    45,300           206,681
*Sigma Circuits, Inc.................................    15,200           118,275
*Sigma Designs, Inc..................................    53,400           270,338
*Sigmatron International, Inc........................    10,100           124,356
*#Signal Apparel Co., Inc. Class A...................    73,600           121,900
*Signal Technology Corp..............................    62,000           325,500
*Signature Brands USA, Inc...........................    54,700           256,406
*Silicon Storage Technology, Inc.....................    92,000           327,750
*Siliconix, Inc......................................     7,800           383,175
*#Silverado Foods, Inc...............................    12,800             8,800
Simmons First National Corp. Class A.................    13,650           482,442
Simpson Industries, Inc..............................   126,900         1,467,281
*Simula, Inc.........................................    77,250         1,236,000
*Sirena Apparel Group, Inc...........................    17,100            63,056
*Sizzler International, Inc..........................   218,400           641,550
Skaneateles Bancorp, Inc.............................    16,800           456,750
Skywest, Inc.........................................    87,300         2,127,938
*Smartflex Systems, Inc..............................    22,200           220,613
*Smith Environmental Technologies Corp...............       700                 8
*Sodak Gaming, Inc...................................    85,700           755,231
*#Softech, Inc.......................................    35,300            82,734
*Softnet Systems, Inc................................    34,836           250,384
*#Software Spectrum, Inc.............................    36,100           485,094
*Somatogen, Inc......................................    87,650           503,988
Somerset Group, Inc..................................       312             6,006
*Somerset Savings Bank...............................       440             2,173
Sonesta International Hotels Corp. Class A...........       200             2,900
*Sonic Corp..........................................    19,000           525,469
*Sonic Solutions.....................................    32,450           212,953
*Sonics & Materials, Inc.............................     1,000             2,563
*Sound Advice, Inc...................................    60,425            98,191
Southern California Water Co.........................    40,000           902,500
*Southern Energy Homes, Inc..........................   127,125         1,195,770
*Southern Mineral Corp...............................     3,600            22,725
*Southwall Technologies, Inc.........................    74,600           592,138
Southwest Bancorp, Inc...............................    11,700           292,500
Southwest Bancshares, Inc. DE........................     5,550           141,178
Southwest National Corp..............................     6,000           309,000
Southwest Securities Group, Inc......................    39,600           935,550
Southwest Water Co...................................    15,110           275,285
*Spacehab, Inc.......................................    19,000           195,938
*Spacelabs Medical, Inc..............................    37,500           815,625
*Spacetec IMC Corp...................................    14,100            51,553
*Spaghetti Warehouse, Inc............................    51,900           353,569
Span-American Medical System, Inc....................    40,500           308,813
Spartan Motors, Inc..................................   119,300           682,247
*Sparton Corp........................................    69,200           709,300
*Spec's Music, Inc...................................    44,866            47,670

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Special Devices, Inc................................    29,200   $       766,500
*Specialty Chemical Resources, Inc...................    37,800            40,163
*Specialty Teleconstructors, Inc.....................    19,600           285,425
*Spectran Corp.......................................    51,000           584,906
*Spectranetics Corp..................................   114,702           430,133
*Spectrian Corp......................................    42,600           870,638
*Spectrum Control, Inc...............................    68,800           365,500
*Speizman Industries, Inc............................    28,900           180,625
*Spice Entertainment Companies, Inc..................    71,600           271,856
*Spire Corp..........................................    56,200         1,046,725
*Sport Chalet, Inc...................................    55,000           264,688
*Sport Supply Group, Inc.............................    40,700           320,513
*Sport-Haley, Inc....................................    19,600           233,975
*#Sportmart, Inc.....................................    24,700            74,100
*Sportmart, Inc. Class A.............................    31,000            83,313
*Sports Club Co., Inc................................    41,300           335,563
*#Spyglass, Inc......................................    20,500           155,031
St. Francis Capital Corp.............................    24,400           942,450
St. Joseph Light & Power Co..........................    52,500           885,938
*Staar Surgical Co...................................    79,175         1,380,614
*#Stac, Inc..........................................    41,400           244,519
*Stacey's Buffet, Inc................................    13,900            21,719
*Staff Builders, Inc. Class A........................    86,000           235,156
*Staff Builders, Inc. Class B........................   118,100           322,930
*Stage II Apparel Corp...............................    14,600            17,338
*Standard Commercial Corp............................    52,176           906,558
*Standard Management Corp............................    23,565           163,482
*Standard Microsystems Corp..........................    73,900           801,353
Standard Motor Products, Inc. Class A................    45,600           897,750
*Stanford Telecommunications, Inc....................   108,100         2,405,225
*Stanley Furniture, Inc..............................    17,700           486,750
*Star Multi Care Services, Inc.......................    16,729            96,192
*Starcraft Corp......................................    16,500            44,344
*Starmet Corp........................................   126,100         3,341,650
Starret Corp.........................................   102,300         1,227,600
Starrett (L.S.) Co. Class A..........................    13,500           519,750
*Starter Corp........................................    85,400           288,225
State Financial Services Corp. Class A...............     4,400           115,500
*State of the Art, Inc...............................    48,300           733,556
*Steck-Vaughn Publishing Corp........................    33,900           507,441
*Steel of West Virginia, Inc.........................    50,700           494,325
Steel Technologies, Inc..............................    48,900           556,238
Stepan Co............................................    51,700         1,441,138
Stephan Co...........................................    24,100           307,275
Sterling Bancorp.....................................   150,400         3,299,400
Sterling Bancshares..................................    61,375         1,179,551
*Sterling Electronics Corp...........................    55,455         1,150,691
*Sterling Financial Corp. WA.........................    25,250           538,141
*#Sterling Vision, Inc...............................    52,300           379,175
*Stevens International, Inc. Class A.................    59,800            71,013
Stewart Information Services Corp....................    25,550           691,447
Stifel Financial Corp................................    16,394           235,664
*Stimsonite Corp.....................................    49,800           256,781
*Stokely USA, Inc....................................    92,200            70,591
*Storage Computer Corp...............................    71,292           481,221
*Stormedia, Inc. Class A.............................    14,400            53,550
*#Stratasys, Inc.....................................    17,600           235,400
*Strategic Diagnostics, Inc..........................    48,000           103,500
*Strategic Distribution, Inc.........................   254,048         1,222,606
*Strattec Security Corp..............................    17,000           425,000

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
Strawbridge and Clothier Liquidating Trust...........     5,200   $        47,128
*Strouds, Inc........................................    72,800           143,325
*Stuart Entertainment, Inc...........................    20,100            49,622
*#Submicron Systems Corp.............................   102,700           311,309
*Substance Abuse Technologies, Inc...................    91,400               777
*Successories, Inc...................................    24,200           161,081
Suffolk Bancorp......................................    17,800           551,800
*Sugen, Inc..........................................    74,800         1,047,200
*Sulcus Computer Corp................................    78,600           240,713
*Summa Four, Inc.....................................    43,300           506,069
*Summa Industries, Inc...............................       200             1,963
Summit Bancshares, Inc...............................    11,500           428,375
*Summit Care Corp....................................    40,900           649,288
*Summitt Medical Systems, Inc........................    89,300           248,366
*Sun City Industries, Inc............................       150               131
*Sun Coast Industries, Inc...........................    33,000           165,000
*Sun Television and Appliances, Inc..................   147,300           333,727
*Sunair Electronics, Inc.............................    33,900            88,988
*Sunbelt Nursery Group, Inc..........................     6,800             6,800
*Sundance Homes, Inc.................................    50,000            62,500
*Sunrise Resources, Inc..............................    35,300           103,694
*Superconductor Technologies, Inc....................    33,950            93,363
*Supergen, Inc.......................................       400             6,600
*#Superior Energy Services, Inc......................    68,000           720,375
*Superior National Insurance Group, Inc..............     8,400           119,175
Superior Surgical Manufacturing Co., Inc.............    90,100         1,362,763
*Supertex, Inc.......................................   177,300         2,205,169
*Suprema Specialties, Inc............................    37,300           121,225
*Supreme Industries, Inc.............................    64,527           580,743
*Supreme International Corp..........................    28,650           333,056
*Surety Capital Corp.................................    23,250           148,219
*Surgical Laser Technologies, Inc....................    54,500           103,891
*Swing-n-Slide Corp..................................    24,194           101,312
*Swisher International, Inc..........................     8,500            75,969
*Swiss Army Brands, Inc..............................    65,500           671,375
*Sybron Chemicals, Inc...............................    33,200         1,064,475
*Sylvan, Inc.........................................    54,800           760,350
*Symetrics Industries, Inc...........................     4,400            24,613
*Symix Systems, Inc..................................    48,200           716,975
*Symmetricom, Inc....................................   136,600         1,750,188
*Syms Corp...........................................    75,900           877,594
Synalloy Corp. DE....................................    89,158         1,331,798
*Synaptic Pharmaceutical Corp........................    65,700           823,303
*Synbiotics Corp.....................................    34,200           115,959
*Syncor International Corp. DE.......................    60,900           970,594
*Syntellect, Inc.....................................   114,200           242,675
*Synthetech, Inc.....................................    29,100           157,322
*#Syquest Technology, Inc............................   277,600           906,538
*Systemsoft Corp.....................................   111,400           807,650
*T Cell Sciences, Inc................................   142,300           329,069
*T-Netix, Inc........................................    30,200           294,450
*TBC Corp............................................   135,000         1,375,313
TCBY Enterprises, Inc................................    80,300           506,894
*TCC Industries, Inc.................................    23,800            99,663
*TCI International, Inc..............................    32,060           186,349
*TCI Music, Inc. Class A.............................    51,450           385,875
*TCSI Corp...........................................   110,000           684,063
*TESSCO Technologies, Inc............................    15,800           353,525
TF Financial Corp....................................     3,100            85,250

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*TFC Enterprises, Inc................................   101,000   $       132,563
*TII Industries, Inc.................................    35,620           208,154
*TII Industries, Inc. Class B........................    13,440            77,280
*#TMBR/Sharp Drilling, Inc...........................    21,900           475,641
*TRC Companies, Inc..................................    60,400           234,050
*TRM Copy Centers Corp...............................    61,000           579,500
*#TRO Learning, Inc..................................    28,200           183,300
TSI, Inc. MN.........................................    93,200           926,175
*#TSR, Inc...........................................   102,000         1,555,500
*TST/Impreso, Inc....................................    16,100           152,950
Tab Products Co. DE..................................    41,750           605,375
*Taco Cabana, Inc....................................   134,700           690,338
*Talley Industries, Inc..............................    89,700         1,059,581
*Tandy Brand Accessories, Inc........................    55,977           818,664
*Tandy Crafts, Inc...................................   138,200           621,900
*Tanknology Environmental, Inc.......................    19,800            38,053
*Targeted Genetics Corp..............................   134,000           422,938
Tasty Baking Co......................................    53,200         1,250,200
*Team, Inc...........................................    44,400           160,950
*Tech-Sym Corp.......................................    67,300         2,040,031
Tech/Ops Sevcon, Inc.................................    61,400           840,413
*Techdyne, Inc.......................................     7,300            26,919
Teche Holding Co.....................................     1,100            24,063
*Techforce Corp......................................     9,100            64,553
*#Technical Chemicals & Products, Inc................    42,000           543,375
*Technical Communications Corp.......................     7,300            58,400
Technology Research Corp.............................    25,800            85,463
*Technology Service Group, Inc.......................    21,000           127,313
*Tegal Corp..........................................    36,700           267,222
*Telco Systems, Inc..................................    88,300           877,481
*Telcom Semiconductor, Inc...........................   108,200           889,269
*#Telemundo Group, Inc. Class A......................    26,500         1,098,094
*Teltrend, Inc.......................................     6,000           100,875
*#Telular Corp.......................................    70,300           195,522
Telxon Corp..........................................    45,000         1,108,125
*Temtex Industries, Inc..............................    34,100           103,366
*Tetra Technologies, Inc.............................    20,100           471,094
*Texas Biotechnology Corp............................   111,000           672,938
*Texas Micro, Inc....................................    72,900           350,831
Texas Regional Banchshares, Inc. Class A.............     6,600           182,325
*Texfi Industries, Inc...............................    75,200           390,100
*Thackeray Corp......................................    74,700           266,119
*Theratech, Inc. UT..................................    82,600           833,744
*Thermo Fibergen, Inc................................    13,500           128,250
*Thermo Power Corp...................................   105,100           959,038
Thermo Remediation, Inc..............................    71,600           447,500
*Thermo Sentron, Inc.................................    71,900           790,900
*Thermo Terratech, Inc...............................    75,800           660,881
*#Thermo Voltek Corp.................................   120,450           760,341
*Thermospectra Corp..................................    21,500           201,563
*Thermwood Corp......................................     4,600            10,350
*Thomas Group, Inc...................................    50,800           606,425
Thomaston Mills, Inc.................................    11,400            99,750
Thor Industries, Inc.................................    26,800           845,875
*Thoratec Laboratories Corp..........................     7,200            36,900
*Thorn Apple Valley, Inc.............................    49,900           701,719
*Three-Five Systems, Inc.............................    33,100           659,931
Timberline Software Corp.............................    28,281           399,473
*Tipperary Corp......................................    54,300           278,288
*#Titan Corp.........................................   138,200           889,663
Titan Holdings, Inc..................................    77,264         1,632,202

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
Toastmaster, Inc.....................................    39,600   $       207,900
*#Today's Man, Inc...................................    63,600           172,913
*Todd Shipyards Corp.................................    38,600           173,700
Todd-AO Corp. Class A................................    12,100           120,244
*Toddhunter International, Inc.......................    48,000           490,500
*Tokheim Corp........................................    64,800         1,219,050
*Tollgrade Communications, Inc.......................     4,500           107,156
Tompkins County Trustco, Inc.........................       220             9,020
*#Top Source Technologies, Inc.......................    68,500           102,750
*Topps, Inc..........................................   273,600           709,650
*Tops Appliance City, Inc............................    27,900            32,259
*Toreador Royalty Corp...............................    41,700           172,013
*Torotel, Inc........................................    24,235            19,691
*Total-Telephone USA Communications, Inc.............    10,200           297,713
*#Touchstone Software Corp...........................    18,200            48,913
*Tower Air, Inc......................................   129,000           653,063
*Tractor Supply Co...................................    68,500         1,087,438
*Trak Auto Corp......................................    92,000         1,150,000
*Trans World Entertainment Corp......................    80,000         2,865,000
*Transact Technologies, Inc..........................    39,496           593,674
*Transaction Network Services, Inc...................   102,900         1,775,025
*Transcend Services, Inc.............................    43,800           126,609
*Transfinancial Holdings, Inc........................    25,800           241,875
*Transition Analysis Component Technology............     2,538            16,656
*Transmation, Inc....................................     7,600            58,900
Transmedia Network, Inc..............................    43,850           274,063
*TransNet Corp.......................................    29,200            78,475
*Transport Industries, Inc...........................     1,000            10,875
Transport Leasing International, Inc.................    14,800           144,300
#Transport Lux Corp..................................    14,245           196,759
*Transpro, Inc.......................................     5,000            45,000
Transtechnology Corp.................................    99,100         2,675,700
*Transwitch Corp.....................................   102,000           969,000
*Transworld Healthcare, Inc..........................    47,650           357,375
Tranzonic Companies Class A..........................    66,850         1,884,334
*#Travel Ports of America, Inc.......................    25,440            97,785
Treadco, Inc.........................................    43,900           447,231
*Trega Biosciences, Inc..............................    62,400           228,150
*Trend-Lines, Inc. Class A...........................    50,650           371,961
*Trescom International, Inc..........................    19,500           187,688
*Tri-Lite, Inc.......................................       109                 0
*Triad Guaranty, Inc.................................    47,600         1,386,350
*Triad Park L.L.C....................................   111,100           141,097
Triangle Bancorp, Inc................................    32,600           902,613
Trico Bancshares.....................................     4,700           131,894
*Tricord Systems, Inc................................    81,000            64,547
*Trident Microsystems, Inc...........................    98,400         1,122,375
*Trident Rowan Group, Inc............................     7,000            33,688
*Tridex Corp.........................................    44,300           227,038
*#Trikon Technologies, Inc...........................    13,000            28,031
*Trimark Holdings, Inc...............................     6,400            36,000
*Trimedyne, Inc......................................    48,800           112,850
*Trinitec Systems, Inc. Class A......................    35,600           213,600
Trion, Inc...........................................    67,550           291,309
*Triple S Plastics, Inc..............................     7,800            54,113
*Tripos, Inc.........................................    12,200           184,525
*Triquint Semiconductor, Inc.........................    52,200         1,045,631
*Trism, Inc..........................................    35,900           145,844
*Tristar Corp........................................     3,300            35,063
*Truevision, Inc.....................................   102,700           343,403

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THE U.S. 9-10 SMALL COMPANY PORTFOLIO                                           

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                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*Trump Hotels & Casino Resorts, Inc..................    31,900   $       278,128
*Tseng Laboratories, Inc.............................    76,200           154,781
*Tuesday Morning Corp................................    54,000         1,346,625
*Tultex Corp.........................................   123,800           557,100
*Turner Corp.........................................    43,900         1,015,188
Tuscarora, Inc.......................................    36,650           687,188
Twin Disc, Inc.......................................    41,200         1,333,850
*Tyler Corp..........................................   152,800           783,100
U.S. Bancorp, Inc....................................    11,525           746,263
*U.S. Bioscience, Inc................................    18,000           166,500
*U.S. China Industrial Exchange, Inc.................     2,400             7,200
*U.S. Diagnostic, Inc................................    73,900           321,003
*UFP Technologies, Inc...............................     6,700            27,009
UNR Industries, Inc..................................   169,000           876,688
*URS Corp............................................    75,986         1,215,776
*US Can Corp.........................................    89,300         1,473,450
*#US Servis, Inc.....................................    23,500            66,094
*US Xpress Enterprises, Inc. Class A.................     9,000           196,313
*#USA Detergents, Inc................................    20,800           221,000
*USA Truck, Inc......................................     5,600            70,000
*USANA, Inc..........................................     2,600            47,125
*USCI, Inc...........................................    59,400           400,950
*USData Corp.........................................    35,900           151,453
*USLD Communications Corp............................    52,400         1,090,575
USX-Delhi Group......................................    80,000         1,570,000
*UTI Energy Corp.....................................    18,400           515,200
*Ultimate Electronics, Inc...........................    41,200           136,475
*Ultra Pacific, Inc..................................    16,200           161,494
*Ultradata Corp......................................    18,000            69,750
*Ultradata Systems, Inc..............................    11,400            75,169
*#Ultrafem, Inc......................................    62,400           234,000
*Ultrak, Inc.........................................    65,000           733,281
*#Ultralife Batteries, Inc...........................    33,400           482,213
*#Unapix Entertainment, Inc..........................    28,200           130,425
Uni-Marts, Inc.......................................    64,600           290,700
Unico American Corp..................................   117,600         1,447,950
*UniComp, Inc........................................    38,200           374,838
Unifirst Corp........................................    16,900           436,231
*Uniflex, Inc........................................    16,150           100,938
Uniforce Temporary Personnel, Inc....................    72,200         2,274,300
*Unify Corp..........................................    13,300            34,497
*Unigene Laboratories, Inc...........................   204,400           657,913
*Unilab Corp.........................................       600             1,013
*Unimark Group, Inc..................................    42,400           192,125
*Unimed Pharmaceuticals, Inc.........................    35,700           303,450
*Union Acceptance Corp. Class A......................    16,900            94,534
*Union Corp. DE......................................    20,700           521,381
*Unique Casual Restaurants, Inc......................    42,267           290,586
*Unique Mobility, Inc................................    58,100           493,850
*Uniroyal Technology Corp............................   112,900           624,478
*Unison Software, Inc................................    85,500         1,298,531
*Unit Corp...........................................   155,400         1,699,688
*Unit Instruments, Inc...............................    35,680           361,260
*United American Healthcare Corp.,...................    53,850           154,819
*United Capital Corp.................................    50,754         1,230,785
United Financial Corp. MN............................       700            18,288
*United Foods, Inc. Class A..........................     1,496             3,927
*United Foods, Inc. Class B..........................    13,166            36,207
United Guardian, Inc.................................    41,020           235,865
United Industrial Corp...............................   102,800         1,130,800
United National Bancorp..............................    35,427           912,245
*United Retail Group, Inc............................    51,200           192,000

                                                          SHARES           VALUE+
                                                      ----------  ---------------
                                                                                 
*United States Energy Corp...........................    54,470   $       541,296
United States Lime & Minerals, Inc...................    14,300           116,188
*Unitel Video, Inc...................................    23,200           165,300
Unitil Corp..........................................    39,552           865,200
Unitog Co............................................     5,850           131,625
*Universal American Financial Corp...................     3,200             9,200
*Universal Electronics, Inc..........................    25,000           262,500
Universal Forest Products, Inc.......................   125,700         1,901,213
*Universal Hospital Services, Inc....................    46,300           685,819
*Universal International, Inc........................    15,700            40,967
*Universal Seismic Association, Inc..................    17,800            30,038
*Universal Stainless & Alloy Products, Inc...........    25,100           371,794
*Universal Standard Medical Labs, Inc................    27,300            76,781
*University Genetics Co. Class A.....................    76,100                 0
*Uno Restaurant Corp.................................   231,491         1,475,755
Upper Peninsula Energy Corp..........................    20,400           494,700
*Uranuim Resources, Inc..............................    98,100           469,041
*Urban Outfitters, Inc...............................    46,000           816,500
*Urocor, Inc.........................................    23,800           177,756
*Urogen Corp. (Restricted)...........................    28,200                 0
*Urologix, Inc.......................................    25,700           512,394
*#Uromed Corp........................................    91,300           453,647
*Utah Medical, Inc...................................    34,900           274,838
*Utilx Corp..........................................   144,800           918,575
*V Band Systems, Inc.................................     5,300             7,784
*V Mark Software, Inc................................    35,464           316,960
*VTEL Corp...........................................    83,406           603,390
*Valence Technology, Inc.............................   170,100         1,116,281
*Vallen Corp.........................................    61,400         1,239,513
Valley Forge Corp....................................     3,525            52,655
Valley Resources, Inc................................    36,687           405,850
*Value City Department Stores, Inc...................    11,700            88,481
*Valuevision International, Inc. Class A.............   117,600           474,075
*Vans, Inc...........................................    89,500         1,440,391
*#Vari L Co., Inc....................................    17,600           173,800
*Variflex, Inc.......................................    51,100           300,213
Varlen Corp..........................................    46,692         1,278,194
*Vaughn Communications, Inc..........................    28,100           172,113
*Vectra Banking Corp.................................    20,200           537,194
*Vectra Technologies, Inc............................    34,500             2,070
*Ventana Medical Systems, Inc........................    78,500         1,202,031
*Venture Stores, Inc.................................   153,800           240,313
*Venturian Corp......................................    14,000           140,000
*Verilink Corp.......................................     5,000            32,969
*Verity, Inc.........................................    82,900           406,728
Vermont Financial Services Corp......................    35,826           989,693
*Vermont Teddy Bear, Inc.............................    15,500            19,859
*Versar, Inc.........................................    46,100           242,025
*Versatility, Inc....................................     1,000             5,719
*Vertex Communications Corp..........................    43,300         1,060,850
*Veterinary Centers of America, Inc..................    18,000           228,375
*Viatel, Inc.........................................    80,000           510,000
*Vical, Inc..........................................    89,700         1,244,588
*Vicon Industries, Inc...............................    46,250           335,313
*Vicorp Restaurants, Inc.............................    64,300         1,008,706
*Vidamed, Inc........................................    72,000           414,000
*Video Display Corp..................................    41,750           383,578
*Video Lottery Technologies, Inc.....................    49,000           560,438
*Video Services Corp.................................     5,000            15,156

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CONTINUED                                                                       

                                                                [Download Table]

                                                            SHARES           VALUE+
                                                        ----------  ---------------
                                                                                   
  *Video Update, Inc...................................   153,900   $       408,797
  *Videonics, Inc......................................     5,400            30,038
  *Vidioserver, Inc....................................    51,800           777,000
  *View Technology, Inc................................    26,000           175,500
  *Viewlogic Systems, Inc..............................    10,200           269,981
  *Vimrx Pharmaceuticals, Inc..........................    44,500            98,039
  Virco Manufacturing Corp.............................   103,990         2,482,761
  Virginia Beach Federal Financial Corp................    87,950         1,467,666
  Virginia First Financial Corp........................    21,570           539,250
  *#Vision Sciences, Inc...............................    23,250            34,875
  *Visioneer, Inc......................................   104,200           371,213
  Vital Signs, Inc.....................................   101,500         2,023,656
  *Vitalcom, Inc.......................................    59,000           303,297
  *#Vivid Technologies, Inc............................    19,000           298,063
  *Vodavi Technology, Inc..............................     6,000            30,188
  *Voice Control Systems, Inc..........................    33,400           121,075
  #Vulcan International Corp...........................    10,951           428,458
  *WCI Steel, Inc. (Escrow)............................   194,000                 0
  *#WHX Corp...........................................    18,000           212,625
  WLR Foods, Inc.......................................    30,340           273,060
  *WPI Group, Inc......................................    27,250           204,375
  *WSFS Financial Corp.................................    12,200           241,713
  *#WSMP, Inc..........................................     2,375            57,891
  *WTD Industries, Inc.................................    51,740           113,181
  Wackenhut Corp. Class A..............................    26,897           581,648
  Wackenhut Corp. Class B Non-Voting...................    91,592         1,814,667
  *Wainoco Oil Corp....................................   209,300         1,465,100
  Wainwright Bank & Trust Co...........................       200             2,100
  #Walbro Corp.........................................    36,400           525,525
  *Walker Interactive Systems, Inc.....................   109,000         1,423,813
  *Wall Data, Inc......................................    79,050         1,289,503
  *Wall Street Deli, Inc...............................    13,200            49,088
  *Walsh International, Inc............................     5,800            51,838
  Walshire Assurance Co................................    36,963           418,144
  *Wandel & Goltermann Technologies, Inc...............    19,600           243,775
  *Warrantech Corp.....................................    55,800           652,163
  Warren Bancorp, Inc..................................    81,400         1,663,613
  *Washington Homes, Inc...............................    59,600           230,950
  Washington Savings Bank FSB Waldorf, MD..............    28,912           213,226
  Waters Instruments, Inc..............................       500             3,344
  Watkins-Johnson Co...................................    21,600           675,000
  *Wave Technologies International, Inc................    14,900           120,364
  *#Wavephore, Inc.....................................    64,400           601,738
  Waverly, Inc.........................................    62,200         2,643,500
  *Waxman Industries, Inc..............................    50,400           189,000
  *Waxman Industries, Inc. Class B.....................     9,750            36,563
  *Webco Industries, Inc...............................    21,350           152,119
  *Weirton Steel Corp..................................   179,900           528,456
  *Wellcare Management Group, Inc......................    15,700            45,138
  Wellco Enterprises, Inc..............................    12,300           176,813
  *Wells-Gardner Electronics Corp......................    35,000           203,438
  West Coast Bancorp...................................    24,150           636,956
  *West Coast Entertainment Corp.......................    71,000           124,250
  *#Westbridge Capital Corp............................    33,700            23,169
  Westco Bancorp, Inc..................................     1,600            43,400

                                                            SHARES           VALUE+
                                                        ----------  ---------------
                                                                                   
  *Westerbeke Corp.....................................    20,000   $        85,000
  Westerfed Financial Corp.............................    21,800           518,431
  *Western Beef, Inc...................................    42,386           323,193
  *#Western Pacific Airlines, Inc......................    35,100            14,259
  *Western Staff Services, Inc.........................    29,300           487,113
  *Western Water Co....................................    39,900           508,725
  *Weston (Roy F.), Inc. Class A.......................    28,100           116,352
  *Whitehall Corp......................................   123,200         2,094,126
  *Whitman Education Group, Inc........................   118,100           760,269
  *Whittaker Corp......................................    88,800           804,750
  *Wickes Lumber Co....................................    53,500           193,938
  *Williams Clayton Energy, Inc........................    50,000           803,125
  *Williams Controls, Inc..............................    61,900           142,177
  *Wilshire Financial Services Group, Inc..............    19,900           547,250
  Wilshire Oil Co. of Texas............................   138,811           789,488
  Winnebago Industries, Inc............................   132,100         1,015,519
  *Winsloew Furniture, Inc.............................    20,700           305,325
  *Winston Resources, Inc..............................     3,900            22,669
  Wireless Telecom Group, Inc..........................   149,200         1,072,375
  Wiser Oil Co.........................................    56,500           861,625
  Wolf (Howard B.), Inc................................     6,000            36,375
  Wolohan Lumber Co....................................    47,700           626,063
  *Wonderware Corp.....................................    87,600         1,606,913
  Woodhead Industries, Inc.............................   176,550         3,365,484
  *Workgroup Technology Corp...........................    27,200            97,750
  *World Acceptance Corp...............................   174,000           913,500
  *#World Airways, Inc.................................    16,000           125,500
  World Fuel Services Corp.............................    55,147         1,551,009
  *Worldcorp, Inc......................................   136,000           153,000
  *Worldtex, Inc.......................................   141,800         1,205,300
  Worthington Foods, Inc...............................    67,066         1,542,518
  *Wyant Corp..........................................       500             3,313
  *Xcellent, Inc.......................................    25,100           315,319
  *Xeta Corp...........................................     2,000            43,125
  *Xetel Corp..........................................    13,400            54,856
  *Xicor, Inc..........................................    79,700           386,047
  *Xircom, Inc.........................................    10,100           107,944
  *Xoma Corp...........................................   113,000           775,109
  *Xpedite Systems, Inc................................    36,100           967,931
  Yankee Energy Systems, Inc...........................       400             9,513
  Yardville National Bancorp...........................     6,600           220,275
  *#Yes Entertainment Corp.............................    28,600            41,113
  York Financial Corp..................................    37,006           964,475
  *York Research Corp..................................    62,000           490,188
  *Youth Services International, Inc...................    65,500           949,750
  *Zaring National Corp................................    19,800           186,863
  *Zemex Corp..........................................    51,413           488,424
  Ziegler Co., Inc.....................................       500            10,688
  *Zila, Inc...........................................     6,435            40,420
  *Zing Technologies, Inc..............................    12,700           121,444
  *Zitel Corp..........................................    12,000           134,625
  *Zoll Medical Corp...................................    50,500           349,555
  *Zoran Corp..........................................    25,500           435,094
  *Zygo Corp...........................................    33,700           722,444
  *Zytec Corp..........................................    37,300           969,800
                                                                    ---------------
TOTAL COMMON STOCKS (Cost $1,112,848,600)..............               1,489,400,848
                                                                    ---------------

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THE U.S. 9-10 SMALL COMPANY PORTFOLIO                                           

CONTINUED                                                                       

                                                                [Download Table]

                                                             SHARES           VALUE+
                                                         ----------  ---------------
                                                                                    
RIGHTS/WARRANTS -- (0.0%)                                                           
  *Amvestors Financial Corp. Warrants Class A                                       
    04/02/02...........................................      5,588   $        45,403
  *Buell Industries, Inc. Contingent Payment Rights....     59,800                 0
  *Fusion Systems Corp. Contingent Payment Rights                                   
    03/31/99...........................................     26,400            28,463
  *National Mercantile Bancorp Warrants 06/02/99.......         50                 0
  *PC Quote, Inc. Rights 12/19/97......................     54,100           112,771
  *Today's Man, Inc. Rights 12/05/97...................     47,700                 0
  *Xytronyx, Inc. Warrants 08/11/01....................        492                 0
                                                                     ---------------
TOTAL RIGHTS/WARRANTS (Cost $69,156)...................                      186,637
                                                                     ---------------
PREFERRED STOCKS -- (0.0%)                                                          
  *Fonar Corp. Class A (Cost $0).......................     34,390                 0
                                                                     ---------------
                                                            FACE                    
                                                           AMOUNT                   
                                                         ----------                 
                                                           (000)                    
TEMPORARY CASH INVESTMENTS -- (2.5%)                                                
  Repurchase Agreement, PNC Capital Markets Inc. 5.45%,                             
    12/01/97 (Collateralized by U.S. Treasury Notes                                 
    6.25%, 07/31/98, valued at $38,006,719) to be                                   
    repurchased at $37,457,004. (Cost $37,440,000).....  $  37,440        37,440,000
                                                                     ---------------
TOTAL INVESTMENTS -- (100.0%)                                                       
  (Cost $1,150,357,756)++..............................              $ 1,527,027,485
                                                                     ---------------
                                                                     ---------------
--------------------                                                                
+See Note B to Financial Statements.                                                
*Non-Income Producing Securities                                                    
#Total or Partial Securities on Loan                                                
++The cost for federal income tax purposes is $1,151,311,005.                       

See accompanying Notes to Financial Statements. 

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SCHEDULES OF INVESTMENTS
THE U.S. 6-10 SMALL COMPANY PORTFOLIO 
NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                                                               SHARES           VALUE+     
                                                                                            -------------  ----------------
                                                                                                                           
Investment in The U.S. 6-10 Small Company Series of The DFA Investment Trust Company.......    24,456,741  $    338,105,164
                                                                                                           ----------------
    Total Investments (100%) (Cost $235,193,064)++.........................................                $    338,105,164
                                                                                                           ----------------
                                                                                                           ----------------

--------------                                                                  
++The cost for federal income tax purposes is $236,907,235.                     

THE U.S. LARGE COMPANY PORTFOLIO
NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                                                                   VALUE+     
                                                                                              ----------------
                                                                                                              
Investment in The U.S. Large Company Series of The DFA Investment Trust Company.............. $    343,544,108
                                                                                              ----------------
    Total Investments (100%) (Cost $223,539,451)++........................................... $    343,544,108
                                                                                              ----------------
                                                                                              ----------------

--------------                                                                  
++The cost for federal income tax purposes is $224,936,543.                     

THE ENHANCED U.S. LARGE COMPANY PORTFOLIO 
NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                                                               SHARES          VALUE+    
                                                                                            -------------  --------------
                                                                                                                         
Investment in The Enhanced U.S. Large Company Series of The DFA Investment Trust Company...     3,791,304  $   47,616,211
                                                                                                           --------------
    Total Investments (100%) (Cost $41,060,537)++..........................................                $   47,616,211
                                                                                                           --------------
                                                                                                           --------------

--------------                                                                  
++Approximates cost for federal income tax purposes.                            

THE U.S. 6-10 VALUE PORTFOLIO 
NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                                                               SHARES            VALUE+      
                                                                                            -------------  ------------------
                                                                                                                             
Investment in The U.S. 6-10 Value Series of The DFA Investment Trust Company...............    99,478,673  $    2,099,208,823
                                                                                                           ------------------
    Total Investments (100%) (Cost $1,396,176,298)++.......................................                $    2,099,208,823
                                                                                                           ------------------
                                                                                                           ------------------

--------------                                                                  
++The cost for federal income tax purposes is $1,398,838,397.                   

THE U.S. LARGE CAP VALUE PORTFOLIO
NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                                                               SHARES           VALUE+     
                                                                                            -------------  ----------------
                                                                                                                           
Investment in The U.S. Large Cap Value Series of The DFA Investment                                                        
  Trust Company............................................................................    46,451,172  $    840,114,346
                                                                                                           ----------------
    Total Investments (100%) (Cost $604,893,770)++.........................................                $    840,114,346
                                                                                                           ----------------
                                                                                                           ----------------

--------------                                                                  
++The cost for federal income tax purposes is $606,745,914.                     

--------------                                                                  
+See Note B to Financial Statements.                                            

See accompanying Notes to Financial Statements. 

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THE DFA REAL ESTATE SECURITIES PORTFOLIO

SCHEDULE OF INVESTMENTS 

NOVEMBER 30, 1997 

                                                                [Download Table]

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
COMMON STOCKS -- (99.0%)                                                          
  AMLI Residential Properties Trust....................       15,900  $    365,700
  Agree Realty Corp....................................        4,300        90,300
  Alexandria Real Estate Equities, Inc.................          100         3,112
  Ambassador Apartments................................        3,700        73,769
  American General Hospitality Corp....................       12,100       328,212
  *American Industrial Properties......................        2,000        27,000
  American Real Estate Investment Corp.................        1,600        24,100
  American Realty Trust, Inc...........................       15,300       224,241
  Apartment Investment & Management Co. Class A........       28,800     1,018,800
  Arbor Property Trust.................................       15,400       165,550
  Arden Realty Group, Inc..............................       29,000       882,687
  Associated Estates Realty Corp.......................       16,700       376,794
  Avalon Properties, Inc...............................       37,500     1,153,125
  BRE Properties, Inc. Class A.........................       36,060     1,036,725
  Bay Apartment Communities, Inc.......................       20,100       802,744
  Beacon Properties Corp...............................       54,300     2,443,500
  Bedford Property Investors, Inc......................       10,950       223,791
  Berkshire Realty Co..................................       25,200       286,650
  Boddie-Noell Properties, Inc.........................        3,000        43,312
  Boston Properties, Inc...............................       32,900     1,073,362
  Boykin Lodging Trust, Inc............................        9,300       241,219
  Bradley Real Estate, Inc.............................       21,355       432,439
  Brandywine Realty Trust..............................       17,200       416,025
  Burnham Pacific Properties, Inc......................       23,000       329,187
  CBL & Associates Properties, Inc.....................       23,500       565,469
  Cali Realty Corp.....................................       40,500     1,607,344
  Camden Property Trust................................       26,180       855,759
  *Capital Trust Class A...............................        8,900       108,469
  Carramerica Realty Corp..............................       56,100     1,690,012
  Centerpoint Properties Corp..........................       18,500       612,812
  Chateau Communities, Inc.............................       24,776       755,668
  Chelsea GCA Realty, Inc..............................       13,600       516,800
  *Clevetrust Realty Investors.........................        5,800         8,337
  Colonial Properties Trust............................       20,400       585,225
  Commercial Net Lease Realty, Inc.....................       23,000       370,875
  Cornerstone Properties, Inc..........................       42,000       811,125
  Cousins Properties, Inc..............................       28,700       868,175
  Crescent Real Estate Equities, Inc...................       99,400     3,826,900
  Crown American Realty Trust..........................       27,200       243,100
  Developers Diversified Realty Corp...................       25,700     1,000,694
  Duke Realty Investments, Inc.........................       62,000     1,426,000
  *EQK Realty Investors................................        7,000         7,000
  Eastgroup Properties, Inc............................       13,177       283,305
  Equity Inns, Inc.....................................       31,000       470,812
  *#Equity Office Properties Trust.....................      124,400     4,035,225
  Equity Residential Properties Corp...................       68,853     3,442,650
  Essex Property Trust.................................       13,600       491,300
  Evans Withycombe Residential, Inc....................       19,900       495,012
  Excel Realty Trust, Inc..............................       18,500       564,250
  *FAC Realty, Inc.....................................       12,000        87,000
  Federal Realty Investment Trust......................       38,300       964,681
  Felcor Suite Hotels, Inc.............................       32,200     1,169,262
  First Industrial Realty Trust, Inc...................       29,600     1,045,250
  First Union Real Estate Equity & Mortgage                                       
    Investments........................................       27,300       406,087
  First Washington Realty Trust, Inc...................        5,100       128,456


                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  Franklin Select Realty Trust Class A.................       12,100  $     80,162
  Gables Residential Trust.............................       19,100       519,281
  General Growth Properties............................       34,300     1,264,812
  Glenborough Realty Trust, Inc........................       17,800       480,600
  Glimcher Realty Trust................................       21,500       471,656
  *HMG Courtland Properties, Inc.......................        1,100         6,531
  HRE Properties, Inc..................................        5,000        91,250
  Haagen (Alexander) Properties, Inc...................        4,700        81,662
  Highwood Properties, Inc.............................       35,200     1,265,000
  Home Properties of New York, Inc.....................        6,800       180,625
  Horizon Group, Inc...................................       23,400       277,875
  Hospitality Properties Trust.........................       32,000     1,138,000
  IRT Property Co......................................       31,400       378,762
  Innkeepers USA Trust.................................       28,200       452,962
  Irvine Apartment Communities, Inc....................       24,500       761,031
  JDN Realty Corp......................................       15,200       472,150
  JP Realty, Inc.......................................       17,300       432,500
  Jameson Inns, Inc....................................        9,600       111,300
  Kimco Realty Corp....................................       35,600     1,223,750
  Koger Equity, Inc....................................       20,700       432,112
  Kranzco Realty Trust, Inc............................       10,200       194,438
  Lexington Corp. Properties, Inc......................       11,200       163,100
  Liberty Property Trust...............................       38,700     1,081,181
  MGI Properties.......................................       13,400       310,713
  Macerich Co..........................................       25,400       688,975
  #Malan Realty Investors, Inc.........................        3,400        61,200
  Manufactured Home Communities, Inc...................       24,500       667,625
  Mark Centers Trust...................................       10,000        90,000
  Merry Land & Investment Co., Inc.....................       37,500       878,906
  Mid-America Apartment Communities, Inc...............       13,200       364,650
  Mid-America Realty Investments, Inc..................        8,200        84,050
  Mid-Atlantic Realty Trust............................        7,800       107,250
  *Milestone Properties, Inc...........................        3,300         2,063
  Mills Corp...........................................       21,900       606,356
  Monmouth Real Estate Investment Corp. Class A........        3,700        23,009
  National Golf Properties, Inc........................       11,000       349,250
  New Plan Realty Trust................................       57,700     1,399,225
  Oasis Residential, Inc...............................       16,000       349,000
  *Pacific Gateway Properties, Inc.....................        3,800        19,238
  Pacific Gulf Properties, Inc.........................       14,000       313,250
  Parkway Properties, Inc..............................        5,650       186,097
  Patriot American Hospitality, Inc....................       42,300     1,321,875
  Pennsylvania Real Estate Investment Trust............        7,800       186,713
  Post Properties, Inc.................................       29,670     1,146,004
  Prentiss Properties Trust............................       25,800       667,575
  Price Real Estate Investment Trust, Inc. Class B.....       10,500       414,750
  Prime Retail, Inc....................................       28,800       415,800
  Property Capital Trust...............................        9,300        36,038
  Public Storage Properties XI, Inc. Class A...........        1,600        36,000
  Public Storage Properties XX, Inc. Class A...........          800        16,800
  Public Storage, Inc..................................       93,596     2,585,590
  RFS Hotel Investors, Inc.............................       23,900       454,100

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CONTINUED                                                                       

                                                                [Download Table]

                                                               SHARES        VALUE+
                                                         ------------  ------------
                                                                                   
  Realty Income Corp...................................        22,600  $    591,838
  Reckson Associates Realty Corp.......................        33,700       895,156
  Regency Realty Corp..................................        19,500       517,969
  Saul Centers, Inc....................................        12,100       213,263
  Security Capital Atlantic, Inc.......................        40,300       871,488
  Security Capital Industrial Trust....................        97,300     2,450,744
  Security Capital Pacific Trust.......................        71,400     1,735,913
  Shurgard Storage Centers, Inc. Class A...............        27,200       749,700
  Simon Debartolo Group, Inc...........................        92,648     3,028,432
  Sizeler Property Investors, Inc......................         8,200        81,488
  Smith (Charles E.) Residential Realty, Inc...........        11,800       407,100
  Sovran Self Storage, Inc.............................        10,900       332,450
  Spieker Properties, Inc..............................        38,700     1,572,188
  #Starwood Lodging Trust..............................        44,550     2,388,994
  Storage Trust Realty.................................        12,100       300,988
  Storage USA, Inc.....................................        25,000       976,563
  Summit Properties, Inc...............................        22,700       471,025
  Sun Communities, Inc.................................        14,400       524,700
  Sunstone Hotel Investors, Inc........................        18,100       317,881
  Tanger Factory Outlet Centers, Inc...................         6,100       176,519
  Taubman Centers, Inc.................................        45,300       560,588
  Town & Country Trust.................................        14,000       248,500
  Transcontinental Realty Investors, Inc...............         3,500        48,125
  Trinet Corporate Realty Trust, Inc...................        18,100       696,850
  United Dominion Realty Trust, Inc....................        78,082     1,146,829
  United Mobile Homes, Inc.............................         5,800        68,875
  Urban Shopping Centers, Inc..........................        15,200       506,350
  *Value Property Trust................................        10,000       157,500
  #Vornado Realty Trust................................        47,300     2,119,631

                                                               SHARES        VALUE+
                                                         ------------  ------------
                                                                                   
  #Walden Residential Properties, Inc..................        15,600  $    380,250
  Washington Real Estate Investment Trust..............        31,500       511,875
  Weeks Corp...........................................        15,600       499,200
  Weingarten Realty Investors..........................        23,800       992,163
  *Wellsford Real Properties, Inc......................         4,081        64,021
  Western Investment Real Estate Trust.................        15,300       210,375
  Winston Hotels, Inc..................................        14,100       197,400
                                                                       ------------
TOTAL COMMON STOCKS                                                                
  (Cost $77,132,442)...................................                  93,861,171
                                                                       ------------
                                                             FACE                  
                                                            AMOUNT                 
                                                         ------------              
                                                            (000)                  
TEMPORARY CASH INVESTMENTS -- (1.0%)                                               
  Repurchase Agreement, PNC Capital Markets Inc. 5.45%,                            
    12/01/97 (Collateralized by U.S. Treasury Notes                                
    6.25%, 07/31/98, valued at $962,325) to be                                     
    repurchased at $945,429 (Cost $945,000)............  $        945       945,000
                                                                       ------------
TOTAL INVESTMENTS -- (100.0%)                                                      
  (Cost $78,077,442)++.................................                $ 94,806,171
                                                                       ------------
                                                                       ------------
--------------------                                                               
+See Note B to Financial Statements.                                               
*Non-Income Producing Securities                                                   
#Total or Partial Securities on Loan                                               
++The cost for federal income tax purposes is $76,255,921.                         

See accompanying Notes to Financial Statements. 

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SCHEDULES OF INVESTMENTS
THE JAPANESE SMALL COMPANY PORTFOLIO
NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                                                              VALUE+    
                                                                                           -------------
                                                                                                        
Investment in The Japanese Small Company Series of The DFA Investment Trust Company....... $ 114,071,679
                                                                                           -------------
    Total Investments (100%) (Cost $282,514,843 )++....................................... $ 114,071,679
                                                                                           -------------
                                                                                           -------------

--------------                                                                  

++The cost for federal income tax purposes is $285,504,014.                     

THE PACIFIC RIM SMALL COMPANY PORTFOLIO 
NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                                                              VALUE+    
                                                                                           -------------
                                                                                                        
Investment in The Pacific Rim Small Company Series of The DFA Investment Trust Company.... $ 111,369,054
                                                                                           -------------
    Total Investments (100%) (Cost $162,813,076)++........................................ $ 111,369,054
                                                                                           -------------
                                                                                           -------------

--------------                                                                  

++The cost for federal income tax purposes is $268,688,645.                     

THE UNITED KINGDOM SMALL COMPANY PORTFOLIO
NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                                                              VALUE+    
                                                                                           -------------
                                                                                                        
Investment in The United Kingdom Small Company Series of The DFA Investment Trust                       
  Company................................................................................. $ 130,935,477
                                                                                           -------------
    Total Investments (100%) (Cost $103,397,410)++........................................ $ 130,935,477
                                                                                           -------------
                                                                                           -------------

--------------                                                                  

++Approximates cost for federal income tax purposes.                            

THE CONTINENTAL SMALL COMPANY PORTFOLIO 
NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                                                              VALUE+    
                                                                                           -------------
                                                                                                        
Investment in The Continental Small Company Series of The DFA Investment Trust Company.... $ 232,840,670
                                                                                           -------------
    Total Investments (100%) (Cost $188,032,876)++........................................ $ 232,840,670
                                                                                           -------------
                                                                                           -------------

--------------                                                                  

++Approximates cost for federal income tax purposes.                            

--------------                                                                  

+See Note B to Financial Statements.                                            

See accompanying Notes to Financial Statements. 

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SCHEDULES OF INVESTMENTS
THE INTERNATIONAL SMALL COMPANY PORTFOLIO 
NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                                                               VALUE+    
                                                                                            -------------
                                                                                                         
Investment in The Japanese Small Company Series of The DFA Investment Trust Company (27%)                
  (Cost $110,458,178).....................................................................  $  61,270,285
Investment in The Pacific Rim Small Company Series of The DFA Investment Trust Company                   
  (16%) (Cost $55,467,072)................................................................     36,425,552
Investment in The United Kingdom Small Company Series of The DFA Investment Trust Company                
  (18%) (Cost $38,350,242)................................................................     40,914,178
Investment in The Continental Small Company Series of The DFA Investment Trust Company                   
  (39%) (Cost $85,204,841)................................................................     90,767,862
Temporary Cash Investments (0%)                                                                          
  Repurchase Agreement, PNC Capital Markets Inc. 5.45%, 12/01/97 (collateralized by U.S.                 
  Treasury Notes 8.50%, 11/15/00, valued at $638,881) to be repurchased at $627,285. (Cost               
  $627,000)...............................................................................        627,000
                                                                                            -------------
    Total Investments (100%) (Cost $290,107,333)++........................................  $ 230,004,877
                                                                                            -------------
                                                                                            -------------

--------------                                                                  

++Approximates cost for federal income tax purposes.                            

THE RWB/DFA INTERNATIONAL HIGH BOOK TO MARKET PORTFOLIO 
NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                                              SHARES         VALUE+    
                                                                           -------------  -------------
                                                                                                       
Investment in The DFA International Value Series of The DFA Investment                                 
  Trust Company...........................................................    25,249,539  $ 275,097,834
                                                                                          -------------
    Total Investments (100%) (Cost $257,996,572 )++.......................                $ 275,097,834
                                                                                          -------------
                                                                                          -------------

--------------                                                                  

++The cost for federal income tax purposes is $259,230,053.                     

THE EMERGING MARKETS PORTFOLIO
NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                                                              VALUE+    
                                                                                           -------------
                                                                                                        
Investment in The Emerging Markets Series of The DFA Investment Trust Company............. $ 212,113,671
                                                                                           -------------
    Total Investments (100%) (Cost $266,677,080)++........................................ $ 212,113,671
                                                                                           -------------
                                                                                           -------------

--------------                                                                  

++The cost for federal income tax purposes is $268,688,645.                     

--------------                                                                  

+See Note B to Financial Statements.                                            

See accompanying Notes to Financial Statements. 

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THE LARGE CAP INTERNATIONAL PORTFOLIO 

SCHEDULE OF INVESTMENTS 

NOVEMBER 30, 1997 

                                                                [Download Table]

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
JAPAN -- (25.2%)                                                                  
COMMON STOCKS -- (25.2%)                                                          
  Acom Co., Ltd........................................       1,000   $     54,143
  Advantest Corp.......................................         700         48,431
  Ajinomoto Co., Inc...................................      11,000         99,980
  #All Nippon Airways Co., Ltd.........................      24,000        114,523
  #Asahi Bank, Ltd.....................................      41,000        173,477
  Asahi Breweries, Ltd.................................       3,000         42,076
  Asahi Chemical Industry Co., Ltd.....................      21,000         90,500
  Asahi Glass Co., Ltd.................................      21,000        134,104
  #Bank of Tokyo-Mitsubishi, Ltd.......................      94,200      1,365,485
  Bank of Yokohama, Ltd................................      20,000         62,057
  Bridgestone Corp.....................................      13,000        282,155
  Canon, Inc...........................................      15,000        361,998
  #Chiba Bank, Ltd.....................................      11,000         42,923
  Chubu Electric Power Co., Ltd........................      12,600        202,390
  Chugoku Electric Power Co., Ltd......................       6,600         98,257
  Dai Nippon Printing Co., Ltd.........................      13,000        257,708
  #Dai-Ichi Kangyo Bank, Ltd...........................      56,000        438,785
  Daiwa Bank, Ltd......................................      23,000         41,450
  Daiwa House Industry Co., Ltd........................       9,000         72,635
  Daiwa Securities Co., Ltd............................      22,000         76,709
  #Denso Corp..........................................      15,000        273,849
  East Japan Railway Co................................          32        145,426
  Fanuc, Ltd...........................................       4,300        161,724
  #Fuji Bank, Ltd......................................      52,000        279,099
  Fuji Photo Film Co., Ltd.............................       9,000        323,683
  #Fujitsu, Ltd........................................      31,000        347,346
  *Hanwa Co., Ltd......................................       5,000          8,737
  Hitachi, Ltd.........................................      59,000        418,374
  Honda Motor Co., Ltd.................................      17,000        615,397
  #Industrial Bank of Japan............................      45,120        403,031
  Ito-Yokado Co., Ltd..................................       7,000        315,926
  Itochu Corp..........................................      21,000         54,464
  *#Japan Air Lines Co., Ltd...........................      14,000         43,549
  Jusco Co., Ltd.......................................       2,000         33,536
  #Kajima Corp.........................................      17,000         55,945
  Kansai Electric Power Co., Inc.......................      17,600        299,252
  Kao Corp.............................................       6,000         79,922
  Kawasaki Steel Corp..................................      58,000         95,436
  Kinki Nippon Railway Co., Ltd........................      29,000        160,650
  Kirin Brewery Co., Ltd...............................      18,000        138,641
  *Kobe Steel, Ltd.....................................      42,000         40,149
  Komatsu, Ltd.........................................      15,000         90,029
  Kubota Corp..........................................      25,000         86,386
  Kyocera Corp.........................................       2,000         96,533
  Kyushu Electric Power Co., Inc.......................       8,500        130,539
  Long Term Credit Bank of Japan, Ltd..................      40,000         67,385
  Marubeni Corp........................................      22,000         54,989
  Marui Co., Ltd.......................................       2,000         31,342
  Matsushita Communication Industrial Co., Ltd.........       1,000         30,245
  Matsushita Electric Industrial Co., Ltd..............      38,000        592,517
  #Matsushita Electric Works, Ltd......................      11,000         89,638
  Mitsubishi Chemical Corp.............................      16,000         31,216
  Mitsubishi Corp......................................      26,000        202,907
  Mitsubishi Electric Corp.............................      36,000         99,573


                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  Mitsubishi Estate Co., Ltd...........................      17,000   $    197,140
  Mitsubishi Heavy Industries, Ltd.....................      60,000        236,004
  Mitsubishi Trust & Banking Corp......................      23,000        306,366
  Mitsui & Co., Ltd....................................      26,000        180,701
  Mitsui Trust & Banking Co., Ltd......................      20,000         33,692
  Murata Manufacturing Co., Ltd........................       1,000         30,245
  #NEC Corp............................................      26,000        275,024
  NKK Corp.............................................      63,000         63,679
  #Nikko Securities Co., Ltd...........................      24,000         73,340
  Nintendo Co., Ltd., Kyoto............................       1,000        103,428
  #Nippon Credit Bank, Ltd.............................      26,000         23,021
  Nippon Express Co., Ltd..............................      19,000         99,448
  Nippon Oil Co., Ltd..................................      22,000         76,709
  Nippon Steel Corp....................................     124,000        229,297
  Nissan Motor Co., Ltd................................      42,000        182,644
  Nomura Securities Co., Ltd...........................      35,000        433,301
  Osaka Gas Co., Ltd...................................      37,000         82,625
  Pioneer Electronic...................................       2,000         34,789
  Ricoh Co., Ltd., Tokyo...............................       5,000         60,333
  *SMC Corp............................................         500         44,270
  #Sakura Bank, Ltd....................................      61,000        213,171
  Sankyo Co., Ltd......................................       4,000        127,561
  #Sanwa Bank, Ltd.....................................      52,000        570,421
  Sanyo Electric.......................................      33,000         93,085
  Secom Co., Ltd.......................................       2,000        125,367
  Sega Enterprises, Ltd................................       1,500         33,379
  Seibu Railway Co., Ltd...............................       7,000        330,186
  Seksui House.........................................      12,000         86,315
  #Seven-Eleven Japan Co., Ltd.........................       7,000        485,406
  Sharp Corp. Osaka....................................      19,000        127,138
  Shikoku Electric Power Co., Inc......................       4,200         63,185
  #Shimizu Corp........................................      12,000         38,550
  Shin-Etsu Chemical Co., Ltd..........................       3,000         71,224
  Shiseido Co., Ltd....................................       3,000         40,666
  Shizuoka Bank, Ltd...................................      14,000        129,442
  Sony Corp............................................       6,700        572,223
  #Sumitomo Bank, Ltd..................................      56,000        710,833
  Sumitomo Chemical Co., Ltd...........................      29,000         96,572
  Sumitomo Corp........................................      19,000        119,843
  Sumitomo Electric Industries, Ltd....................      11,000        147,385
  Sumitomo Metal Industries, Ltd. Osaka................      56,000        114,084
  Sumitomo Trust & Banking Co., Ltd....................      22,000        145,144
  TDK Corp.............................................       1,000         81,489
  #Taisei Corp.........................................      15,000         34,672
  #Taisho Pharmaceutical Co., Ltd......................       6,000        150,441
  Takeda Chemical Industries, Ltd......................      14,000        409,167
  Tohuku Electric Power Co., Inc.......................       9,000        136,102
  #Tokai Bank, Ltd.....................................      34,000        182,488
  Tokio Marine & Fire Insurance Co., Ltd...............      26,000        246,503
  Tokyo Electric Power Co., Ltd........................      24,300        436,020
  Tokyo Electron, Ltd..................................       1,000         38,315
  Tokyo Gas Co., Ltd...................................      44,000        105,152
  Tokyu Corp...........................................      17,000         72,595
  Tonen Corp...........................................      11,000         82,829
  Toppan Printing Co., Ltd.............................      12,000        162,664
  Toray Industries, Inc................................      25,000        113,614
  Toshiba Corp.........................................      54,000        242,868

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CONTINUED                                                                       

                                                                [Download Table]

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  Toyo Seikan Kaisha, Ltd..............................       3,300   $     55,075
  #Toyo Trust & Banking Co., Ltd.......................      12,000         78,511
  Toyota Motor Corp....................................      68,000      1,960,744
  Yamanouchi Pharmaceutical Co., Ltd...................       5,000        121,450
  #Yasuda Trust & Banking Co., Ltd.....................      16,000         13,665
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $25,789,469)...................................                 21,888,821
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
  *Japanese Yen (Cost $2,487)..........................                      2,448
                                                                      ------------
TOTAL -- JAPAN                                                                    
  (Cost $25,791,956)...................................                 21,891,269
                                                                      ------------
UNITED KINGDOM -- (22.5%)                                                         
COMMON STOCKS -- (22.5%)                                                          
  Abbey National P.L.C.................................      27,800        439,104
  BAT Industries P.L.C.................................      61,799        550,792
  BG P.L.C.............................................      81,353        379,668
  BOC Group P.L.C......................................      10,645        170,381
  BTR P.L.C............................................      82,177        284,174
  Barclays P.L.C.......................................      31,438        757,959
  Bass P.L.C...........................................      18,400        262,729
  Boots Co., P.L.C.....................................      20,298        297,696
  British Petroleum Co., P.L.C.........................     118,687      1,619,717
  British Telecommunications P.L.C.....................     133,400      1,020,382
  Cable and Wireless P.L.C.............................      45,778        401,833
  Cadbury Schweppes P.L.C..............................      21,986        228,180
  EMI Group P.L.C......................................      14,688        111,483
  General Electric Co. P.L.C...........................      57,881        378,128
  Glaxo Wellcome P.L.C.................................      72,176      1,669,607
  Granada Group P.L.C..................................      17,275        246,084
  Grand Metropolitan P.L.C.............................      52,707        479,527
  Great Universal Stores P.L.C.........................      21,200        248,954
  Guinness P.L.C.......................................      43,200        392,669
  HSBC Holdings P.L.C..................................      17,000        435,068
  Imperial Chemical Industries P.L.C...................      15,800        230,263
  Lloyds TSB Group P.L.C...............................     125,666      1,443,953
  Marks & Spencer P.L.C................................      60,750        628,954
  National Power P.L.C.................................      23,900        226,502
  National Westminster Bank P.L.C......................      39,980        603,197
  Prudential Corp. P.L.C...............................      44,788        487,844
  Reuters Holdings P.L.C...............................      34,200        383,752
  Rio Tinto P.L.C......................................      25,526        310,077
  Royal & Sun Alliance Insurance Group, Inc. P.L.C.....      16,927        154,714
  Safeway P.L.C........................................      24,008        130,549
  Sainsbury (J.) P.L.C.................................      38,532        316,318
  Shell Transport & Trading Co., P.L.C.................     201,600      1,381,558
  Smithkline Beecham P.L.C.............................      71,821        716,953
  Standard Chartered P.L.C.............................      19,336        214,197
  Tesco P.L.C..........................................      47,813        384,654
  Unilever P.L.C.......................................      68,800        543,931
  Vendome Luxury Group P.L.C. Units (consisting of one                            
    share Vendome Luxury Group P.L.C. and one share of                            
    Vendome Luxury Group SA)...........................      15,100        120,207
  Vodafone Group P.L.C.................................      62,000        411,043
  Zeneca Group P.L.C...................................      15,200        484,780
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $10,261,710)...................................                 19,547,581
                                                                      ------------
                                                              SHARES        VALUE+
                                                        ------------  ------------

INVESTMENT IN CURRENCY -- (0.0%)                                                  
  *British Pound Sterling (Cost $2,973)................               $      2,985
                                                                      ------------
TOTAL -- UNITED KINGDOM                                                           
  (Cost $10,264,683)...................................                 19,550,566
                                                                      ------------
GERMANY -- (9.3%)                                                                 
COMMON STOCKS -- (9.3%)                                                           
  #BASF AG.............................................      15,000        530,663
  #Bayer AG............................................      14,000        518,066
  Bayerische Hypotheken und Wechselbank AG.............       4,800        208,183
  Bayerische Motorenwerke AG BMW, Muenchen.............         481        359,149
  #Bayerische Vereinsbank AG...........................       4,400        261,306
  #Commerzbank AG......................................       8,490        295,061
  #Daimler-Benz AG.....................................      10,450        739,983
  Deutsche Bank AG.....................................       9,800        628,394
  Deutsche Telekom AG..................................      12,500        253,355
  #Dresdner Bank AG, Frankfurt.........................       9,880        383,139
  Hochtief AG..........................................       1,510         62,495
  #Hoechst AG..........................................      12,000        423,850
  Mannesmann AG........................................         743        345,840
  #RWE AG..............................................      13,250        649,418
  SAP AG (Systeme Anwendungen Produkte in der                                     
    Datenverarbeitung).................................       1,100        319,929
  #Siemens AG..........................................      11,000        645,782
  Thyssen..............................................         650        154,777
  #Veba AG.............................................      12,000        712,994
  Viag AG..............................................         546        277,422
  #Volkswagen AG.......................................         550        311,821
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $4,396,792)....................................                  8,081,627
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
  *German Marks (Cost $6,344)..........................                      6,311
                                                                      ------------
TOTAL -- GERMANY                                                                  
  (Cost $4,403,136)....................................                  8,087,938
                                                                      ------------
FRANCE -- (8.4%)                                                                  
COMMON STOCKS -- (8.4%)                                                           
  AXA-UAP..............................................       7,692        555,972
  Accor SA.............................................         508         96,377
  Air Liquide..........................................         700        108,614
  Air Liquide Prime Fidelite...........................       1,471        228,244
  Air Liquide Prime Fidelite 1998......................         355         55,083
  Alcatel Alsthom Cie Generale d'Electricite SA........       5,100        637,555
  Banque Nationale de Paris............................       2,247        109,657
  Canal Plus SA........................................         483         83,289
  Carrefour Supermarche SA.............................         900        477,175
  Elf Aquitaine........................................       5,127        590,559
  *Euro Disney SCA.....................................      15,150         20,145
  Financiere de Paribas SA Series A....................       2,350        169,100
  Generale des Eaux....................................       2,786        367,157
  Generale des Establissements Michelin SA Series B....         509         27,470
  Groupe Danone........................................       2,346        375,536
  Havas SA.............................................         974         62,959
  L'Oreal..............................................       1,540        586,419
  LVMH (Louis Vuitton Moet Hennessy)...................       2,016        348,323

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CONTINUED                                                                       

                                                                [Download Table]

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  LaFarge Coppee SA....................................       1,887   $    123,733
  Lyonnais des Eaux SA.................................       2,754        297,629
  Pechiney International...............................       1,600         31,060
  Pernod-Ricard........................................       1,260         63,795
  Peugeot SA...........................................         950        108,622
  Pinault Printemps Redoute SA.........................         200        102,007
  #Rhone-Poulenc SA Series A...........................       3,765        166,583
  #Saint-Gobain........................................       1,984        266,169
  Sanofi SA............................................       2,414        240,848
  Schneider SA.........................................       2,519        133,769
  #Societe Generale Paris..............................       1,782        232,731
  Thomson-CSF..........................................       2,324         66,333
  Total SA.............................................       5,485        571,404
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $4,943,005)....................................                  7,304,317
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
  *French Francs (Cost $3,137).........................                      3,150
                                                                      ------------
TOTAL -- FRANCE                                                                   
  (Cost $4,946,142)....................................                  7,307,467
                                                                      ------------
SWITZERLAND -- (7.6%)                                                             
COMMON STOCKS -- (7.6%)                                                           
  ABB AG, Baden........................................         186        247,488
  Credit Suisse Holding, Zuerich (Namen)...............       3,575        523,453
  Financiere Richemont AG Units -A-....................         106        117,845
  Nestle SA, Cham et Vevey.............................         853      1,255,248
  Novartis AG, Basel...................................       1,334      2,131,495
  Roche Holding AG, Basel..............................          79      1,202,435
  SBG (Schweizerische Bankgesellschaft)................         556        707,826
  *SBV (Schweizerischer Bankverein) (Namen)............       1,546        443,514
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $2,441,930)....................................                  6,629,304
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
  *Swiss Francs (Cost $396)............................                        421
                                                                      ------------
TOTAL -- SWITZERLAND                                                              
  (Cost $2,442,326)....................................                  6,629,725
                                                                      ------------
NETHERLANDS -- (5.8%)                                                             
COMMON STOCKS -- (5.8%)                                                           
  ABN Amro Holding NV..................................       5,959        113,607
  Aegon NV.............................................         946         80,755
  Heineken NV..........................................         200         33,854
  Ing Groep NV.........................................      20,727        842,446
  Philips Electronics NV...............................       1,100         72,653
  Polygram NV..........................................         600         30,393
  Royal Dutch Petroleum Co., Den Haag..................      53,200      2,769,788
  #Unilever NV.........................................      19,200      1,116,487
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $2,301,212)....................................                  5,059,983
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
  *Netherlands Guilder (Cost $308).....................                        311
                                                                      ------------
TOTAL -- NETHERLANDS                                                              
  (Cost $2,301,520)....................................                  5,060,294
                                                                      ------------
                                                              SHARES        VALUE+
                                                        ------------  ------------

ITALY -- (4.0%)                                                                   
COMMON STOCKS -- (3.9%)                                                           
  #Alleanza Assicurazioni SpA..........................      12,375   $    113,864
  Alleanza Assicurazioni SpA (Risp)....................         113            550
  Assicurazioni Generali SpA, Trieste..................      18,452        413,770
  #Banca Commerciale Italiana SpA......................      34,000         97,196
  *Banca di Roma.......................................      66,500         54,876
  Banco Ambrosiano Veneto SpA..........................      12,000         39,200
  *Campart SpA.........................................      38,769         20,483
  Credito Italiano.....................................      39,000        106,299
  #Edison SpA..........................................      10,000         54,078
  #Fiat SpA............................................      75,900        219,173
  *HPI SpA (Holding di Partecipazioni Industriale).....      18,000          9,812
  ITALGAS SpA, Torino..................................      11,000         42,554
  #Ifil Finanziaria Partecipazioni SpA, Torino.........       8,000         29,559
  #Istituto Bancario San Paolo Torino SpA..............      18,500        152,342
  Istituto Mobiliare Italiano IMI SpA..................      13,500        140,816
  Italcementi Fabbriche Riunite Cemento SpA, Bergamo...       1,500          9,574
  La Fondiara Assicurazioni SpA........................       4,200         19,614
  Montedison SpA.......................................      73,260         60,200
  Pirelli SpA..........................................      20,000         50,288
  RAS SpA (Riunione Adriatica di Sicurta)..............       7,465         69,464
  RAS SpA (Riunione Adriatica di Sicurta) (Risp).......         371          2,330
  SAI SpA (Sta Assicuratrice Industriale SpA)..........       2,000         20,185
  *SEAT SpA............................................      86,000         34,041
  Sirti SpA............................................       4,000         24,004
  Telecom Italia Mobile SpA............................     134,740        542,297
  Telecom Italia SpA, Torino...........................     176,965      1,103,439
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $1,947,930)....................................                  3,430,008
                                                                      ------------
RIGHTS/WARRANTS -- (0.1%)                                                         
  *Banco Ambrosiano Veneto SpA Rights 01/02/98 (Cost                              
    $17,235)...........................................      12,000         43,610
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
  *Italian Lira (Cost $1,573)..........................                      1,547
                                                                      ------------
TOTAL -- ITALY                                                                    
  (Cost $1,966,738)....................................                  3,475,165
                                                                      ------------
SWEDEN -- (2.9%)                                                                  
COMMON STOCKS -- (2.9%)                                                           
  AGA AB Series A......................................       2,900         38,311
  AGA AB Series B......................................       2,500         31,408
  Asea AB Series A.....................................      13,000        165,005
  Asea AB Series B.....................................       5,000         62,168
  Astra AB Series A....................................      29,866        516,400
  Astra AB Series B....................................       6,133        102,071
  Sandvik AB Series A..................................       3,200         96,568
  Sandvik AB Series B..................................       1,300         38,978
  #Skandinaviska Enskilda Banken Series A..............      10,300        122,064

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CONTINUED                                                                       

                                                                [Download Table]

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  Skanska AB...........................................       2,400   $     98,848
  Svenska Handelsbanken Series A.......................       4,200        148,233
  Swedish Match AB (Frueher Svenska Taendsticks AB)....       8,800         29,634
  Sydkraft AB Series C.................................       2,400         52,532
  Telefon AB L.M. Ericsson Series A....................       1,500         62,945
  Telefon AB L.M. Ericsson Series B....................      18,300        747,787
  Volvo AB Series A....................................       2,200         58,412
  Volvo AB Series B....................................       6,600        175,237
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $1,712,053)....................................                  2,546,601
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
  *Swedish Krona (Cost $43)............................                         43
                                                                      ------------
TOTAL -- SWEDEN                                                                   
  (Cost $1,712,096)....................................                  2,546,644
                                                                      ------------
HONG KONG -- (2.9%)                                                               
COMMON STOCKS -- (2.9%)                                                           
  Cathay Pacific Airways, Ltd..........................      61,000         53,264
  China Light & Power Co., Ltd.........................      35,500        179,101
  Citic Pacific, Ltd...................................      24,000         95,624
  Hang Seng Bank, Ltd..................................      39,000        343,066
  #Henderson Land Development Co., Ltd.................      18,000         88,949
  Hong Kong Telecommunications, Ltd....................     231,058        439,382
  Hong Kong Electric Holdings, Ltd.....................      30,500        103,175
  Hutchison Whampoa, Ltd...............................      73,000        486,334
  New World Development Co. Ltd........................      31,000        114,892
  Sung Hungkai Properties, Ltd.........................      47,000        358,719
  Swire Pacific, Ltd. Series A.........................      27,000        135,169
  Wharf Holdings, Ltd..................................      41,000         83,535
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $2,605,712)....................................                  2,481,210
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
  *Hong Kong Dollars (Cost $13,899)....................                     13,899
                                                                      ------------
TOTAL -- HONG KONG                                                                
  (Cost $2,619,611)....................................                  2,495,109
                                                                      ------------
AUSTRALIA -- (2.8%)                                                               
COMMON STOCKS -- (2.8%)                                                           
  #Amcor, Ltd..........................................      12,538         56,192
  Australia & New Zealand Banking Group, Ltd...........      30,193        207,418
  #Boral, Ltd..........................................      23,456         59,383
  Brambles Industries, Ltd.............................       3,950         75,696
  #Broken Hill Proprietary Co., Ltd....................      39,080        359,119
  #CSR, Ltd............................................      16,243         53,348
  Coca-Cola Amatil, Ltd................................       5,066         37,790
  Coles Myer, Ltd......................................      21,391        105,383
  #Commonwealth Bank of Australia......................      11,183        132,767
  #Fosters Brewing Group, Ltd..........................      34,148         63,320
  MIM Holdings.........................................      48,835         35,420
  National Australia Bank, Ltd.........................      36,187        479,611
  News Corp., Ltd......................................      19,556        104,639
  Pacific Dunlop, Ltd..................................      19,238         39,490
  Rio Tinto, Ltd.......................................      12,510        137,813
  #WMC, Ltd............................................      30,062         96,368
                                                              SHARES        VALUE+
                                                        ------------  ------------

  #Westpac Banking Corp................................      49,144   $    309,025
  Woodside Petroleum, Ltd..............................       6,666         47,887
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $1,814,569)....................................                  2,400,669
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
  *Australian Dollar (Cost $7,831).....................                      7,449
                                                                      ------------
TOTAL -- AUSTRALIA                                                                
  (Cost $1,822,400)....................................                  2,408,118
                                                                      ------------
SPAIN -- (2.6%)                                                                   
COMMON STOCKS -- (2.6%)                                                           
  Banco Popular Espanol SA, Madrid.....................       2,000        127,812
  Banco Santander SA, Santander........................       9,300        280,013
  Bilbao Vizcaya SA, Bilbao............................      12,800        387,541
  #ENDESA SA, Madrid...................................      19,700        370,552
  #Iberdrola SA........................................      15,500        198,525
  Repsol SA............................................       5,600        241,462
  SDG SA, Barcelona....................................       2,800        138,005
  Telefonica de Espana SA..............................      17,800        515,648
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $1,552,162)....................................                  2,259,558
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
  *Spanish Peseta (Cost $7,536)........................                      7,530
                                                                      ------------
TOTAL -- SPAIN                                                                    
  (Cost $1,559,698)....................................                  2,267,088
                                                                      ------------
SINGAPORE -- (1.0%)                                                               
COMMON STOCKS -- (1.0%)                                                           
  Cerebos Pacific, Ltd.................................      10,000         27,754
  City Developments, Ltd...............................      26,000        128,161
  *Creative Technology Co., Ltd........................       3,000         83,452
  Cycle & Carriage, Ltd................................       7,000         29,670
  Fraser & Neave, Ltd..................................      10,000         49,920
  Keppel Bank of Singapore, Ltd........................      20,000         32,904
  #Keppel Corp., Ltd...................................      25,000         84,771
  Singapore Land, Ltd..................................      11,000         32,326
  #Singapore Telecommunications, Ltd...................     161,000        311,379
  Straits Steamship Land, Ltd..........................      22,000         34,812
  Tat Lee Bank.........................................      18,000         27,466
  Wing Tai Holdings, Ltd...............................      19,000         24,458
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $908,313)......................................                    867,073
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
  *Singapore Dollars (Cost $59)........................                         59
                                                                      ------------
TOTAL -- SINGAPORE                                                                
  (Cost $908,372)......................................                    867,132
                                                                      ------------
BELGIUM -- (0.8%)                                                                 
COMMON STOCKS -- (0.8%)                                                           
  Banque Bruxelles Lambert.............................         200         51,058
  Electrabel SA........................................         700        156,581
  Etablissement Delhaize Freres & Cie le Lion SA                                  
    Molenbeek-Saint-Jean...............................         700         35,394
  Fortis AG............................................         800        159,165
  Generale de Banque SA................................         200         82,715

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CONTINUED                                                                       

                                                                [Download Table]

                                                                                   
                                                               SHARES        VALUE+
                                                         ------------  ------------
  Petrofina SA, Bruxelles..............................          400   $    154,438
  Solvay SA............................................        1,600         96,070
                                                                       ------------
TOTAL COMMON STOCKS                                                                
  (Cost $696,563)......................................                     735,421
                                                                       ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                   
  *Belgian Francs (Cost $11)...........................                          11
                                                                       ------------
TOTAL -- BELGIUM                                                                   
  (Cost $696,574)......................................                     735,432
                                                                       ------------
                                                             FACE                  
                                                            AMOUNT                 
                                                         ------------              
                                                            (000)                  
TEMPORARY CASH INVESTMENTS -- (4.2%)                                               
  Repurchase Agreement, PNC Capital Markets Inc. 5.45%,                            
    12/01/97 (Collateralized by U.S. Treasury Notes                                
    8.50%, 11/15/00, valued at $3,747,388) to be                                   
    repurchased at $3,689,675 (Cost $3,688,000)........  $     3,688      3,688,000
                                                                       ------------
TOTAL INVESTMENTS -- (100.0%) (Cost $65,123,252)++.....                $ 87,009,947
                                                                       ------------
                                                                       ------------
--------------------                                                               
+See Note B to Financial Statements.                                               
*Non-Income Producing Securities                                                   
#Total or Partial Securities on Loan                                               
++The cost for federal income tax purposes is $65,726,410.                         

See accompanying Notes to Financial Statements. 

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THE DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO 

SCHEDULE OF INVESTMENTS 

NOVEMBER 30, 1997 

                                                                [Download Table]

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
JAPAN -- (23.5%)                                                                  
COMMON STOCKS -- (23.2%)                                                          
 ASK Corp., Yokohama...................................       13,000  $     22,409
 Aica Kogyo Co., Ltd...................................       75,000       282,664
 Aichi Corp............................................      126,500       426,210
 Aichi Steel Works, Ltd................................      261,000       613,516
 Aida Engineering, Ltd.................................       84,000       355,416
 Amada Metrecs Co., Ltd................................       71,000       428,364
 Amada Sonoike Co., Ltd................................      133,000       347,024
 *Amada Wasino Co., Ltd................................      300,000       300,881
 Ando Corp.............................................      306,000       491,518
 *#Aoki Corp...........................................      361,000        84,858
 #Arai-Gumi, Ltd.......................................       19,600        28,719
 Araya Industrial Co., Ltd.............................      194,000       221,931
 Asahi Kogyosha Co., Ltd...............................      114,000       321,567
 Asanuma Corp..........................................      311,000       392,329
 *Asics Corp...........................................      384,000       361,058
 Atsugi Nylon Industrial Co., Ltd......................      352,000       598,503
 Azel Corp., Tokyo.....................................      152,000       339,432
 #Bank of Okinawa, Ltd.................................       36,700       632,635
 *#Bank of Osaka, Ltd..................................      223,000       279,569
 #Bank of the Ryukyus, Ltd.............................       48,490       531,918
 Bunka Shutter Co., Ltd................................      246,000       676,560
 *#Cabin Co., Ltd......................................      164,000       199,177
 Calpis Co., Ltd.......................................       71,000       241,998
 Central Finance Co., Ltd..............................      387,000       570,076
 #Chiba Kogyo Bank, Ltd................................       46,200       832,595
 Chisan Tokan Co., Ltd.................................      165,000       155,142
 *#Chiyoda Corp........................................      191,000       323,260
 Chuetsu Pulp and Paper Co., Ltd.......................      215,000       409,363
 Chugoku Marine Paints, Ltd............................       21,000        41,630
 Chuo Spring Co., Ltd., Nagoya.........................      222,000       561,849
 Cleanup Corp..........................................       68,000       338,335
 #Dai Nippon Construction..............................      186,000       291,479
 Dai-Dan Co., Ltd......................................       42,000       299,142
 Dai-Ichi Hotel, Ltd., Tokyo...........................      121,000       365,015
 *#Dai-Ichi Katei Denki Co., Ltd.......................      225,000       137,512
 Dai-Ichi Kogyo Seiyaku Co., Ltd.......................        9,000        21,226
 *#Dai-Ichi Securities Co., Ltd........................      200,000       159,843
 Daido Hoxan, Inc......................................      124,000       228,325
 Daidoh, Ltd...........................................      135,000       630,441
 *Daiei OMC, Inc.......................................      264,000       401,301
 Daiho Corp............................................       83,000       149,579
 #Daiichi Cement Co., Ltd..............................       77,000       108,599
 #Daikyo, Inc..........................................      176,000       201,340
 *Daisue Construction Co., Ltd.........................       25,000        17,042
 *#Daiwa Danchi Co., Ltd...............................      150,000       273,849
 Daiwabo Co., Ltd......................................      189,000       245,830
 *Deodeo Corp..........................................       57,600       500,968
 #Descente, Ltd........................................      189,000       404,286
 *Dijet Industrial Co., Ltd............................       10,000        15,593
 Eagle Industry Co., Ltd...............................       35,000        95,984
 First Baking Co., Ltd.................................       70,000        81,724
 Fuji Denki Reiki Co., Ltd.............................       67,000       234,139
 Fuji Kiko Co., Ltd....................................       45,000       116,357
 Fujirebio, Inc........................................      144,000       451,322
 #Fujita Corp..........................................      491,000       184,666
 Fukuda Corp...........................................      160,000       470,127
 Fukushima Bank, Ltd...................................       32,000        52,654


                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  

 #Gakken Co., Ltd......................................      127,000  $    260,717
 Gastec Service, Inc...................................       98,000       399,295
 *#Godo Steel, Ltd.....................................      206,000       242,116
 Goldwin, Inc..........................................       54,000        48,658
 *#Graphtec Corp.......................................       99,000       255,984
 Gun-Ei Chemical Industry Co., Ltd.....................      306,000       469,939
 *Gunze Sangyo, Inc., Tokyo............................      222,000       344,415
 Hanshin Sogo Bank, Ltd................................      198,000       229,610
 Harima Chemicals, Inc.................................       83,000       422,723
 *Haseko Corp..........................................      390,000       244,466
 Hazama Corp...........................................      305,000       181,626
 #Heiwado Co., Ltd.....................................       73,000       543,389
 Hibiya Engineering, Ltd...............................       53,000       240,862
 Hisaka Works, Ltd.....................................      106,000       536,541
 Hisamitsu Pharmaceutical Co., Inc.....................       58,000       384,925
 Hitachi Koki Co., Ltd.................................      153,000       632,979
 Hitachi Medical Corp..................................       39,000       351,420
 Hochiki Corp..........................................       17,000        56,345
 Hokkai Can Co., Ltd., Tokyo...........................      239,000       490,641
 *#Hokkaido Bank, Ltd..................................      477,000       467,189
 Hokkaido Gas Co., Ltd.................................        8,000        18,617
 Hokko Chemical Industry Co., Ltd......................       12,000        28,866
 Hokuriku Electrical Construction Co., Ltd.............       81,000       258,946
 Hokushin Co., Ltd.....................................       32,600        89,403
 Ichikawa Co., Ltd.....................................      117,000       212,686
 Ichiken Co., Ltd......................................       45,000        52,889
 Idec Izumi Corp.......................................      130,000       611,166
 Ikegami Tsushinki Co., Ltd............................      129,000       425,536
 #Inabata and Co., Ltd., Osaka.........................      178,000       739,197
 Intec, Inc............................................       21,000       162,735
 *Inui Steamship Co., Ltd..............................       32,000        32,345
 Ishizuka Glass Co., Ltd...............................      119,000       233,105
 Itochu Fuel Corp......................................      140,000       390,519
 Itoki Crebio Corp.....................................      127,000       333,359
 Iwasaki Electric Co., Ltd.............................       21,000        35,871
 Izumi Co., Ltd........................................       82,000       479,310
 #JDC Corp.............................................      128,000        47,138
 #JGC Corp.............................................      226,000       529,473
 JMS Co., Ltd..........................................      135,000       401,959
 Japan Oil Transportation Co., Ltd.....................       41,000        78,386
 Japan Paperboard Industries Co., Ltd., Tokyo..........       35,000        52,380
 Japan Transcity Corp..................................       79,000       187,557
 Japan Vilene Co., Ltd.................................      202,000       501,736
 Joban Kosan Co., Ltd..................................       87,000       164,286
 Joshin Denki Co., Ltd.................................       71,000       209,732
 *#Jujiya Co., Ltd.....................................      265,000       249,167
 Kahma Co., Ltd........................................       41,000       225,520
 #Kamei Corp...........................................      131,000       983,334
 Kanaden Corp..........................................       11,000        50,076
 #Kanematsu Electronics, Ltd...........................       87,000       365,383
 *#Kankaku Securities Co., Ltd.........................      645,000       454,848
 #Kansei Corp..........................................      179,000     1,061,728
 Kanto Auto Works, Ltd., Yokosuka......................      220,000       698,139
 #Kanto Bank, Ltd......................................       30,700       254,981
 Kanto Natural Gas Development Co., Ltd................      198,000       713,653
 #Kasumi Co., Ltd......................................       43,000       170,484

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CONTINUED                                                                       

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                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
Kato Works Co., Ltd...................................      201,000  $    346,484
Kawada Industries, Inc................................      181,000       297,826
*Kawashima Textile Manufacturers, Ltd.................      306,000       455,553
Kawasho Corp..........................................      452,000       644,576
Kawasho Gecoss Corp...................................       45,300       160,081
#Kinseki, Ltd.........................................      113,000       770,304
*Kinsho-Mataichi Corp.................................       51,000        60,341
*Kioritz Corp.........................................      237,000       345,403
Kita-Nippon Bank, Ltd.................................        9,814       447,541
Kitano Construction Corp..............................       98,000       173,540
Kitz Corp.............................................      174,000       256,313
#Kiyo Bank, Ltd.......................................      375,000       719,882
Kokune Corp...........................................       99,000        87,655
Kokusai Kogyo Co., Ltd................................      127,000       500,537
Komai Tekko, Inc......................................      126,000       325,798
Komatsu Construction Co., Ltd.........................       16,000        17,551
Komatsu Forklift Co., Ltd.............................       96,000       225,661
Kosei Securities Co., Ltd.............................      118,000       216,353
Kurabo Industries, Ltd................................      337,000       475,299
Kyokuto Kaihatsu Kogyo Co., Ltd.......................       39,000       156,458
Kyowa Leather Cloth Co., Ltd..........................       75,000       381,978
Kyudenko Corp.........................................      107,000       566,754
#Kyushu Bank, Ltd.....................................      314,000       996,435
Life Corp.............................................       14,000        62,527
Maeda Road Construction Co., Ltd......................      103,000       517,320
Magara Construction Co., Ltd..........................       57,000        63,867
*Marudai Food Co., Ltd................................      170,000       380,960
#Maruetsu, Inc........................................      192,000       565,657
Marusan Securities Co., Ltd...........................      101,000       300,725
Maruzen Showa Unyu Co., Ltd...........................      126,000       303,091
Matsui Construction Co., Ltd..........................       90,000       252,458
Matsuo Bridge Co., Ltd................................       90,000       147,385
Meito Sangyo Co., Ltd.................................       90,000       818,022
#Mitsuba Corp.........................................       97,000       554,829
*Mitsubishi Steel Manufacturing Co., Ltd..............      185,000       250,774
Mitsui Construction Co., Ltd..........................      199,000       182,433
*Mitsui Mining Co., Ltd...............................      129,000       150,605
Mitsui Wood Systems, Inc..............................       37,000       129,011
Mitsuuroko Co., Ltd...................................      174,000       613,516
Miyazaki Bank, Ltd....................................      127,260       493,584
#Miyuki Keori Co., Ltd................................      124,000       505,230
Mizuno Corp...........................................      176,000       639,875
Morita Corp...........................................      168,000       394,907
*Morozoff, Ltd., Osaka................................      119,000       289,050
Mory Industries, Inc..................................       56,000       108,819
*Mutoh Industries, Ltd................................      147,000       162,405
*Mutow Co., Ltd.......................................       89,000       313,810
Nabco, Ltd............................................      107,000       205,406
Naigai Co., Ltd.......................................      281,000       495,397
Nakamuraya Co., Ltd...................................        8,000        23,757
#Nakano Corp..........................................      157,000       177,144
Nakayama Steel Works, Ltd.............................      151,000       261,477
*National Securities Co., Ltd.........................      124,000       102,989
Neturen Co., Ltd., Tokyo..............................      146,000       457,591
*New Japan Securities Co., Ltd........................      558,000       467,824
Nichia Steel Works, Ltd...............................      156,200       416,125
Nichimo Co., Ltd......................................      127,000       205,986
Nichimo Corp..........................................      209,000       212,889
Nihon Kohden Corp.....................................      164,000       587,252
Nihon Matai Co., Ltd..................................      119,000       307,698

                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 

*Nihon Nohyaku Co., Ltd...............................       90,000  $    218,609
Nihon Parkerizing Co., Ltd............................      228,000       643,134
Nihon Tokushu Toryo Co., Ltd..........................       79,000       154,750
Niigata Chuo Bank, Ltd................................      321,000       741,978
Nikko Co., Ltd., Akashi...............................      123,000       311,295
Nippon Beet Sugar Manufacturing Co., Ltd..............      191,000       342,715
Nippon Chemiphar Co., Ltd.............................      115,000       243,291
Nippon Concrete Industries Co., Ltd...................       23,000        41,810
Nippon Conlux Co., Ltd................................       78,000       320,862
*Nippon Conveyor Co., Ltd.............................       52,000        68,043
Nippon Denko Co., Ltd.................................      137,000       170,680
Nippon Densetsu Kogyo Co., Ltd........................       86,000       303,232
Nippon Hume Pipe Co., Ltd.............................       95,000       238,198
Nippon Koei Co., Ltd., Tokyo..........................      121,000       273,050
Nippon Koshuha Steel Co., Ltd.........................      133,000       124,012
Nippon Metal Industry Co., Ltd........................      210,000       294,535
#Nippon Paint Co., Ltd................................      315,000       629,383
Nippon Road Co., Ltd..................................      125,000       161,606
Nippon Seisen Co., Ltd................................       35,000        82,272
Nippon Synthetic Chemical Industry Co., Ltd...........      133,000       239,687
Nippon Valqua Industries, Ltd.........................      294,000       495,279
*Nippon Yakin Kogyo Co., Ltd..........................      237,000       209,841
Nissan Construction Co., Ltd..........................      106,000       153,653
Nisshin Oil Mills, Ltd................................      189,000       542,010
Nissin Electric Co., Ltd..............................      134,000       293,986
Nittetsu Mining Co., Ltd..............................       77,000       361,395
#Nitto Construction Co., Ltd..........................       10,000        15,749
Nittoc Construction Co., Ltd..........................      147,000       387,009
Noritz Corp...........................................       70,000       501,861
Obayashi Road Corp....................................      152,000       270,355
Ohki Corp.............................................      168,000       250,108
Okabe Co., Ltd........................................       98,000       464,564
*Okasan Securities Co., Ltd...........................      247,000       305,786
Oki Electric Cable Co., Ltd...........................       10,000        17,238
Okura Industrial Co., Ltd.............................      240,000       517,140
*Ono Sokki Co., Ltd...................................        9,000        38,080
Optec Dai-Ichi Denko Co., Ltd.........................      157,000       182,065
Pacific Industrial Co., Ltd...........................      187,000       537,739
Parco Co., Ltd........................................       77,000       355,361
#Pokka Corp...........................................      110,000       448,188
*Prima Meat Packers, Ltd..............................       93,000        95,459
Renown Look, Inc......................................      114,000       138,452
*Renown, Inc..........................................      357,000       268,537
Rheon Automatic Machinery Co., Ltd....................       93,000       313,340
Rhythm Watch Co., Ltd.................................      120,000       197,453
Ryoden Trading Co., Ltd...............................      170,000       620,725
S.T. Chemical Co., Ltd................................      115,000       459,549
SXL Corp..............................................      108,000       294,488
Sagami Co., Ltd.......................................      141,000       387,785
Sakai Chemical Industry Co., Ltd......................      202,000       580,874
Sakai Heavy Industries, Ltd...........................       43,000       107,142
Sakurada Co., Ltd.....................................       36,000        46,825
San-Ai Oil Co., Ltd...................................      100,000       220,176
Sankei Building Co., Ltd..............................       18,000        56,697
Sanko Metal Industrial Co., Ltd., Tokyo...............       49,000        61,430
Sankyo Aluminum Industry Co., Ltd.....................      328,000       375,224
Sankyo Seiko Co., Ltd.................................       75,000       161,606
Sanyo Industries, Ltd., Tokyo.........................      121,000       327,091
Sanyo Special Steel Co., Ltd..........................      248,000       310,911

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
 Sata Construction Co., Ltd., Gumma....................      134,000  $    215,240
 Sato Shoji Corp.......................................       49,000       215,005
 *Seikitokyu Kogyo Co., Ltd............................      211,000       163,675
 Seiren Co., Ltd.......................................      204,000       359,647
 Sekisui Plastics Co., Ltd.............................      296,000       510,245
 Senko Co., Ltd........................................      150,000       319,687
 Senshukai Co., Ltd....................................       88,000       369,583
 *#Settsu Corp.........................................      308,000       260,639
 Shibuya Kogyo Co., Ltd................................       61,000       506,641
 #Shin Nippon Air Technologies Co., Ltd................       89,320       405,920
 Shinagawa Fuel Co., Ltd...............................       86,000       336,925
 Shinko Shoji Co., Ltd.................................       80,000       505,230
 Shinmaywa Industries, Ltd.............................      154,000       504,384
 *#Shokusan Jutaku Sogo Co., Ltd.......................      116,000        46,355
 #Sintokogio, Ltd., Nagoya.............................      205,000       777,434
 Soda Nikka Co., Ltd...................................       82,000       163,839
 Sokkisha Co., Ltd.....................................       35,000       100,098
 Sotetsu Rosen Co., Ltd................................        5,000        22,919
 Star Micronics Co., Ltd...............................       74,000       236,568
 *#Sumitomo Corporation's Leasing, Ltd.................       85,000       199,804
 #Sumitomo Precision Products Co., Ltd., Amagasaki                                
   City................................................       16,000        62,684
 Sun Wave Corp.........................................       62,000       309,453
 SunTelephone Co., Ltd.................................      157,000       541,273
 *#Suzutan Co., Ltd....................................      156,000       157,681
 Taihei Dengyo Kaisha, Ltd.............................       58,000       193,144
 Taihei Kogyo Co., Ltd.................................      101,000       142,449
 *#Taiheiyo Securities Co., Ltd........................      392,000       172,004
 *Taisei Prefab Construction Co., Ltd..................      265,000       253,320
 Taisei Rotec Corp.....................................      220,000       389,579
 Taiyo Toyo Sanso Co., Ltd.............................       69,000       130,296
 *Taka-Q Co., Ltd......................................      196,000       136,682
 #Takada Kiko Co., Ltd.................................       73,000       240,235
 Takara Co., Ltd.......................................       97,000       273,614
 Takiron Co., Ltd......................................      301,000       754,711
 Tamura Corp...........................................       73,000       284,850
 #Tasaki Shinju Co., Ltd...............................      130,000       427,816
 *#Tayca Corp..........................................      169,000       178,766
 Teikoku Hormone Manufacturing Co., Ltd................       76,000       458,531
 Teikoku Tsushin Kogyo Co., Ltd........................       63,000       153,026
 Tekken Corp...........................................      204,000       300,505
 Tenma Corp............................................       32,000       371,087
 *Tetra Co., Ltd., Tokyo...............................       31,000        54,166
 *Titan Kogyo K.K......................................       86,000       181,939
 Toa Doro Kogyo Co., Ltd...............................       76,000       104,212
 *Toa Steel Co., Ltd...................................      261,000       157,469
 *Toa Wool Spinning & Weaving Co., Ltd.................      185,000       244,976
 Tobu Store Co., Ltd...................................      168,000       344,885
 Tochigi Bank, Ltd.....................................       86,000       475,738
 Tochigi Fuji Industrial Co., Ltd......................      125,000       323,213
 Toda Kogyo Corp.......................................      156,000       552,494
 Toenec Corp...........................................      124,000       514,946
 Tohto Suisan Co., Ltd.................................      135,000       215,788
 Tokai Maruman Securities Co., Ltd.....................      100,000       144,172
 *Tokai Senko K.K., Nagoya.............................      118,000       124,819
 #Tokico, Ltd..........................................      160,000       322,194
 Tokimec, Inc..........................................      107,000       184,447
 Tokushu Paper Manufacturing Co., Ltd..................       42,000       296,509

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  

 *#Tokuyo City Bank, Ltd...............................      275,000  $      4,309
 Tokyo Denki Komusho Co., Ltd..........................      128,000       451,322
 *Tokyo Nissan Auto Sales Co., Ltd.....................       34,000        97,504
 *Tokyo Securities Co., Ltd............................      271,000       227,205
 *Tokyo Tekko Co., Ltd.................................      170,000       161,175
 Tokyu Car Corp........................................      154,000       199,099
 #Tokyu Construction Co., Ltd..........................      223,000       178,225
 *Tokyu Tourist Corp...................................       54,000        80,392
 Tomoe Corp............................................       50,000        86,190
 Tonami Transportation Co., Ltd........................      126,000       246,817
 Topcon Corp...........................................      129,000       434,633
 Topre Corp............................................      184,000       726,629
 Torishima Pump Manufacturing Co., Ltd., Osaka.........       93,000       516,646
 Toshiba Engineering & Construction Co., Ltd...........       94,000       244,529
 *Toshoku, Ltd.........................................      195,000       132,928
 Tostem Viva Corp......................................       87,000       211,322
 Totenko Co., Ltd......................................       83,000       234,123
 Totetsu Kogyo Co., Ltd................................      117,000       220,020
 Totoku Electric Co., Ltd., Tokyo......................       57,000       129,520
 Toyo Construction Co., Ltd............................      266,000       177,160
 *Toyo Electric Co., Ltd...............................       14,000        16,454
 Toyo Engineering Corp.................................      226,000       288,643
 Toyo Kanetsu K.K......................................      182,000       131,197
 Toyo Radiator Co., Ltd................................       93,000       163,957
 *Toyo Securities Co., Ltd.............................      267,000       292,889
 Toyo Shutter Co., Ltd.................................       66,000       179,965
 #Toyoda Boshoku Corp..................................       71,000       134,629
 Tsubaki Nakashima Co., Ltd............................       28,000       160,157
 #Tsudakoma Corp.......................................      237,000       557,101
 *Tsugami Corp.........................................      282,000       408,776
 Tsurumi Manufacturing Co., Ltd........................        7,000        39,491
 Tsutsumi Jewelry Co., Ltd.............................       25,000       309,500
 Tsutsunaka Plastic Industry Co., Ltd..................       61,000       195,965
 Uchida Yoko Co., Ltd..................................      202,000       462,167
 Ueki Corp.............................................      113,000       177,081
 Wakachiku Construction Co., Ltd.......................      167,000       171,416
 #Yahagi Construction Co., Ltd.........................      130,000       509,305
 Yamamura Glass Co., Ltd...............................      227,000       430,433
 Yamatane Corp.........................................      105,000       180,999
 *#Yamatane Securities Co., Ltd........................       83,000        57,881
 Yamato International, Inc.............................       72,000        99,855
 Yokogawa Bridge Corp..................................       66,000       227,542
 Yokohama Reito Co., Ltd...............................        8,000        64,564
 Yomeishu Seizo Co., Ltd...............................        9,000        47,882
 Yondenko Corp.........................................      139,650       547,111
 Yurtec Corp...........................................       80,000       463,859
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $213,025,224)..................................                101,054,308
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.3%)                                                  
 *Japanese Yen (Cost $1,346,714).......................                  1,341,445
                                                                      ------------
TOTAL -- JAPAN                                                                    
  (Cost $214,371,938)..................................                102,395,753
                                                                      ------------
UNITED KINGDOM -- (17.7%)                                                         
COMMON STOCKS -- (17.5%)                                                          
 600 Group P.L.C.......................................      144,000       291,135
 ABI Leisure Group P.L.C...............................       65,000        34,497
 ASDA Property Holdings P.L.C..........................      111,000       315,118
 *ASW Holdings P.L.C...................................      404,000       262,055

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                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
Abbeycrest P.L.C......................................       70,000  $    137,396
Acatos & Hutcheson P.L.C..............................       60,404       291,060
Adam & Harvey Group P.L.C.............................        8,000        45,490
Adscene Group P.L.C...................................       60,000       138,997
Adwest Group P.L.C....................................      150,000       379,082
Airflow Streamlines P.L.C.............................       19,305        52,040
Alexanders Holdings P.L.C.............................       71,000        11,962
Alexandra Workwear P.L.C..............................       46,000        94,164
Allders P.L.C.........................................      131,842       495,347
Allied London Properties P.L.C........................      183,000       271,322
Allied Textile Companies P.L.C........................      102,000       223,406
Amec P.L.C............................................      119,571       256,854
Anglo Eastern Plantations P.L.C.......................       57,195        85,281
*Anite Group P.L.C....................................      800,000       552,618
Apollo Metals P.L.C...................................       20,000        35,886
Appleyard Group P.L.C.................................      139,000       183,838
Arcadian International P.L.C..........................      106,666       107,827
Arlen P.L.C...........................................      100,000        53,493
Ascot Holdings P.L.C..................................       52,000       220,339
Associated Nursing Services P.L.C.....................       85,000       193,332
Austin Reed Group P.L.C...............................       55,000       180,696
Avesco P.L.C..........................................       30,857       194,176
Avon Rubber P.L.C.....................................       27,766       292,378
Avonside Group P.L.C..................................       75,000        48,649
BLP Group P.L.C.......................................       35,000        90,811
BSG International P.L.C...............................      552,500     1,149,609
BSM Group P.L.C.......................................       50,000       160,478
Babcock International Group P.L.C.....................      300,000       389,191
Baggeridge Brick P.L.C................................       72,000       110,995
Baird (William) P.L.C.................................      236,500       862,661
Baldwin P.L.C.........................................       30,000        58,126
Bandt P.L.C...........................................      326,334       162,194
Banks (Sidney C.) P.L.C...............................       37,000       181,715
Barcom P.L.C..........................................       70,000        59,558
Bardon Group P.L.C....................................    1,822,114     1,565,657
Barr & Wallace Arnold Trust P.L.C.....................       40,000       111,871
Barr (A.G.) P.L.C.....................................        7,500        50,418
Beales Hunter P.L.C...................................        6,000         6,217
Bellway P.L.C.........................................       50,000       292,736
*Bellwinch P.L.C......................................      240,000        78,849
Bentalls P.L.C........................................      102,000       250,043
Betacom P.L.C.........................................       86,077        51,483
Bett Brothers P.L.C...................................       14,000        37,976
Bilton P.L.C..........................................      205,000       901,458
Birkby P.L.C..........................................       63,000       160,807
Birse Group P.L.C.....................................      435,278       165,006
Black Arrow Group P.L.C...............................       35,000        59,263
Blagden Industries P.L.C..............................      168,000       427,403
Blockleys P.L.C.......................................       45,000        32,222
Boot (Henry) & Sons P.L.C.............................       50,000       245,140
Bourne End Properties P.L.C...........................      245,042       212,617
Brasway P.L.C.........................................      103,883        36,317
Breedon P.L.C.........................................       16,000        27,361
Bridport-Gundry P.L.C.................................       17,500        35,823
Bristol United Press P.L.C............................       61,511       435,264
Britannia Group P.L.C.................................       90,000        47,764
British Dredging P.L.C................................       42,000        98,005
British Fittings Group P.L.C..........................       76,000       121,643
British Mohair Holdings P.L.C.........................       10,000        16,848
*Brown & Jackson P.L.C................................      600,000       328,538
Brunel Holdings P.L.C.................................      200,000        52,229
Bruntcliffe Aggregates P.L.C..........................       76,000        39,054

                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 

Bryant Group P.L.C....................................      160,999  $    310,584
Budgens P.L.C.........................................      223,000       203,824
Bullough P.L.C........................................      235,000       449,381
Burn Stewart Distillers P.L.C.........................       65,000        52,566
Burndene Investments P.L.C............................      113,903        54,693
Burtonwood Brewery P.L.C..............................       29,580        76,001
CLS Holdings P.L.C....................................      247,000       549,315
CNC Properties P.L.C..................................       24,800        31,129
Cala P.L.C............................................      175,000       305,161
Calderburn P.L.C......................................      150,000       120,043
Cape P.L.C............................................      225,000       437,840
Capital & Regional Properties P.L.C...................      102,400       454,602
Carclo Engineering Group P.L.C........................      100,000       364,761
*Carlisle Group P.L.C.................................      465,000        68,551
Carr's Milling Industries P.L.C.......................       11,000        51,892
*Cathay International P.L.C...........................      920,000       197,628
Charles Sidney P.L.C..................................      109,000       153,343
Chesterfield Properties P.L.C.........................       27,000       270,210
Chime Communications P.L.C............................      100,000        80,450
Chloride Group P.L.C..................................      316,000       211,629
Church & Co. P.L.C....................................       24,000       163,764
Clarkson (Horace) P.L.C...............................       59,305       107,412
Clinton Cards P.L.C...................................       93,000       159,038
*Clubhaus P.L.C.......................................       24,267        32,913
Colefax & Fowler Group P.L.C..........................       96,000       167,403
Community Hospitals Group P.L.C.......................       67,000       440,805
Concentric P.L.C......................................      150,000       309,584
Conrad Ritblat Group P.L.C............................       43,344       207,030
Cook (D.C.) Holdings, Ltd.............................      200,000       144,894
Cornwell Parker P.L.C.................................       13,333        37,627
Cosalt P.L.C..........................................       20,000        79,018
*Costain Group P.L.C..................................       73,000        26,443
Countryside Property P.L.C............................      129,660       203,161
Courtaulds Textiles P.L.C.............................      152,150       907,457
Courts P.L.C..........................................      125,000       974,031
Cradley Group Holdings P.L.C..........................       38,466        24,951
*Creative Publishing P.L.C............................       30,000        69,246
*Creighton Naturally P.L.C............................      100,000        33,696
Crest Nicholson P.L.C.................................      310,000       561,463
Crest Packaging P.L.C.................................       75,000        84,030
Crestacare P.L.C......................................      427,000       203,234
Cropper (James) P.L.C.................................       14,000        60,502
Cussins Property Group P.L.C..........................       25,000        40,646
*DRS Data Research Services P.L.C.....................       51,000        20,192
Daejan Holdings P.L.C.................................       27,000       718,740
Dagenham Motors Group P.L.C...........................       41,000        68,386
Dawson Group P.L.C....................................       68,000       240,591
Dawson International P.L.C............................      606,389       710,047
Debenham Tewson & Chinnocks Holdings P.L.C............       42,423        60,396
Delyn Group P.L.C.....................................       18,000        28,810
Dencora P.L.C.........................................       20,000        68,235
Derwent Valley Holdings P.L.C.........................       86,000       818,649
Development Securities P.L.C..........................       70,000       333,171
Dolphin Packaging P.L.C...............................       21,000        90,222
Domino Printing Sciences P.L.C........................       88,000       573,038
Dwyer Estates P.L.C...................................       50,000        58,126
EIS Group P.L.C.......................................      192,400     1,000,026
*Eleco Holdings P.L.C.................................       68,900        20,315
Electronic Data Processing P.L.C......................       25,000        23,377
Emess P.L.C...........................................      200,000        75,816
*English & Overseas Properties P.L.C..................      100,000        28,642

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                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
Etam P.L.C............................................       95,000  $    213,676
Eurodollar (Holdings) P.L.C...........................       63,000       199,549
European Motor Holdings P.L.C.........................      250,000       395,930
Evans Halshaw Holdings P.L.C..........................       60,000       293,157
Evans of Leeds P.L.C..................................      210,000       534,253
Ewart P.L.C...........................................       10,000        11,794
Exco P.L.C............................................      200,000       124,676
*Eyecare Products P.L.C...............................       88,988        17,617
FII Group P.L.C.......................................       80,000       120,969
Faber Prest P.L.C.....................................       24,000       138,491
Fenner P.L.C..........................................      175,000       555,777
Fine Art Developments P.L.C...........................       30,000        77,586
Finlay (James) P.L.C..................................      180,000       344,207
Firth Rixson P.L.C....................................      220,511       396,597
Five Oaks Investments P.L.C...........................      168,000        89,160
French P.L.C..........................................       17,000        14,321
Friendly Hotels P.L.C.................................       35,538        74,245
Frogmore Estates P.L.C................................       93,039       751,631
Frost Group P.L.C.....................................      196,000       328,572
GBE International P.L.C...............................      309,427        62,559
GEI International P.L.C...............................      150,000       257,776
Galliford P.L.C.......................................      160,000        52,566
Gerrard Group P.L.C...................................       75,010       393,666
Gleeson (M.J.) Group P.L.C............................       14,300       248,758
Grainger Trust, Ltd...................................       42,000       222,900
*Greene King P.L.C....................................       47,000       516,293
*Greenwich Resources P.L.C............................      156,000        42,053
Greycoat P.L.C........................................      232,000       805,204
Hall Engineering (Holdings) P.L.C.....................       81,000       242,916
Hamlet Group P.L.C....................................       42,000        15,921
Hampden Group P.L.C...................................       25,000        39,804
Hampson Industries P.L.C..............................       95,295       118,007
*Hampton Trust P.L.C..................................      200,475        89,507
Hardy Oil & Gas P.L.C.................................      169,000       798,676
Hardys & Hansons P.L.C................................       72,500       262,620
Harris (Philip) P.L.C.................................       35,000       168,060
Hartstone Group P.L.C.................................    1,182,431       139,452
Hazlewood Foods P.L.C.................................      395,500     1,036,162
Healthcall Group P.L.C................................       72,000        80,669
*Helene P.L.C.........................................      282,000        33,258
Helical Bar P.L.C.....................................       23,000       213,322
Hemingway Properties P.L.C............................      300,000       241,349
Hi-Tech Sports P.L.C..................................       61,000        42,137
*Hickson International P.L.C..........................      741,000       742,824
Hill & Smith Holdings P.L.C...........................       56,639        54,870
*Hollas Group P.L.C...................................      100,000         4,212
Holt (Joseph) P.L.C...................................        5,878       215,397
Hopkinsons Group P.L.C................................      312,000       165,583
*Horace Small Apparel P.L.C...........................       48,000        61,866
How Group P.L.C.......................................       66,000        76,170
Howard Holdings P.L.C.................................      100,000        30,327
Hunters Armley Group P.L.C............................       59,394        86,559
Hunting P.L.C.........................................      155,000       540,571
*Huntingdon Life Sciences Group P.L.C.................      107,000        90,137
IAF Group P.L.C.......................................       66,500       102,517
Ibstock P.L.C.........................................    1,583,000     1,413,539
*Iceland Group P.L.C..................................      569,000     1,203,114
Independent Insurance Group P.L.C.....................       66,500     1,145,608
Inn Business Group....................................      150,000       147,842
Inveresk P.L.C........................................       20,000        26,452
JLI Group P.L.C.......................................      114,000       113,320

                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 

Jacobs (John I.) P.L.C................................      117,419  $    179,035
Jeyes Group P.L.C.....................................       39,000        83,777
Johnson Group Cleaners P.L.C..........................       37,000       131,845
Johnston Group P.L.C..................................       14,000        82,556
Jones & Shipman P.L.C.................................       35,000        19,754
Joseph (Leopold) Holdings P.L.C.......................        9,000        95,529
Kalamazoo Computer Group P.L.C........................       12,200        14,286
Kelsey Industries P.L.C...............................        3,000        20,976
Kenwood Appliances P.L.C..............................      100,000       196,280
Kunick P.L.C..........................................      799,000       296,156
Laing (John) P.L.C....................................       71,897       413,668
Lambert Fenchurch P.L.C...............................       72,220       136,887
Lambert Howarth Group P.L.C...........................       15,073        52,060
Leeds Group P.L.C.....................................      107,000       201,006
Liberty P.L.C.........................................        4,900        29,307
Lilleshall P.L.C......................................       29,000        37,378
Linton Park P.L.C.....................................       30,500       196,297
Locker (Thomas) Holdings P.L.C........................      300,000       199,650
London Industrial P.L.C...............................       30,000       195,354
London Merchant Securities P.L.C......................      305,222       586,235
Lookers P.L.C.........................................       43,000        79,329
*Lovell (Y.J.) Holdings P.L.C.........................       29,000         5,375
MS International P.L.C................................       49,000        16,098
*Mackie International Group P.L.C.....................       33,250        12,605
Mallett P.L.C.........................................       25,000        44,016
Manders P.L.C.........................................       54,485       137,236
Mansfield Brewery P.L.C...............................      151,000       756,859
Marshalls P.L.C.......................................      198,001       465,364
Marston Thompson & Evershed P.L.C.....................      142,000       648,349
Martin International Holdings P.L.C...................      162,000        95,529
Marylebone Warwick Balfour Group P.L.C................       36,400        60,101
Matthews (Bernard) P.L.C..............................      195,000       310,468
Maunders (John) Group P.L.C...........................       52,000       158,574
McAlpine (Alfred) P.L.C...............................      101,000       217,812
McCarthy & Stone P.L.C................................      155,000       329,043
McKay Securities P.L.C................................       36,000        74,603
Mentmore Abbey P.L.C..................................       31,200        23,655
Merchant Retail Group P.L.C...........................      153,000        82,488
Meristem P.L.C........................................       66,000        52,819
Merrydown P.L.C.......................................       55,000        46,332
*Micro Focus Group P.L.C..............................       19,500       652,969
Mid-States P.L.C......................................       50,000        17,269
Moorfield Estates P.L.C...............................      220,000        98,224
Morland & Co. P.L.C...................................       73,800       612,369
Mowlem (John) & Co. P.L.C.............................      409,037       658,138
Mucklow (A & J) Group P.L.C...........................      133,000       355,166
Neepsend P.L.C........................................       43,000        28,617
Nightfreight P.L.C....................................       75,000        34,749
Norcor Holdings P.L.C.................................       20,000        29,147
Norcros P.L.C.........................................      262,000       337,686
OMI International P.L.C...............................       99,000        28,355
*Oliver Group P.L.C...................................       43,000        20,647
Olives Property P.L.C.................................      125,000        58,968
Owen (H.R.) P.L.C.....................................      250,000        53,703
PGA European Tour Courses P.L.C.......................       80,000        47,175
Panther Securities P.L.C..............................       40,000        94,012
Parkland Group P.L.C..................................       60,000       165,785
Partridge Fine Arts P.L.C.............................       33,000        45,313
Paterson Zochonis P.L.C...............................       35,000       258,871
Peel Holdings P.L.C...................................       74,000       769,874

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
 Perry Group P.L.C.....................................       59,000  $    179,424
 Persimmon P.L.C.......................................       15,000        54,082
 Photo-Me International P.L.C..........................       94,000       175,793
 Pifco Holdings P.L.C..................................       10,000        34,370
 Pillar Property Investments P.L.C.....................       60,428       286,594
 Pittards P.L.C........................................       39,000        45,667
 *Pittencrieff Resources P.L.C.........................      204,394       216,950
 Plantation & General Investment P.L.C.................       24,000        36,594
 Plysu P.L.C...........................................      100,000       268,727
 Premier Consolidated Oilfields P.L.C..................    1,639,916     1,505,806
 Property Partnerships P.L.C...........................       10,000        44,058
 Prowting P.L.C........................................      101,261       201,315
 *QS Holdings P.L.C....................................      102,000        51,555
 *Quadrant Group P.L.C.................................        5,900         4,970
 *Quality Software Products Holdings P.L.C.............       11,000        43,552
 Quick Group P.L.C.....................................       71,732       148,047
 *Quicks Group P.L.C. Issue 97.........................       39,126        78,033
 Quintain Estates & Development P.L.C..................       39,107       103,773
 RCO Holdings P.L.C....................................       20,000        57,284
 Raglan Property P.L.C.................................      313,895       137,502
 *Raine P.L.C..........................................      838,000       261,196
 Ransom (William) & Son P.L.C..........................       75,000        80,239
 Rea Brothers Group P.L.C..............................       67,906        62,925
 Rea Holdings P.L.C....................................       39,959       195,238
 Readicut International P.L.C..........................      305,810       215,109
 Record Holdings P.L.C.................................       69,000        63,357
 Regal Hotel Group P.L.C...............................      400,000       299,896
 Ricardo Group P.L.C...................................       95,000       236,884
 Richards P.L.C........................................       62,000        36,560
 Richardsons Westgarth P.L.C...........................       24,000        34,977
 *Ropner P.L.C.........................................       21,000        51,302
 Rowe Evans Investments P.L.C..........................       66,400       101,244
 Royal Doulton P.L.C...................................       78,000       285,171
 Ruberoid P.L.C........................................      150,000       218,604
 Rugby Estates P.L.C...................................       16,000        42,727
 Russell (Alexander) P.L.C.............................       40,000        57,621
 SEP Industrial Holdings P.L.C.........................      370,000       174,546
 Safeland P.L.C........................................      100,000        68,235
 Salvesen (Christian) P.L.C............................       32,000        50,140
 Saville (J.) Gordon Group P.L.C.......................      275,000       275,677
 Savills P.L.C.........................................       66,000       121,205
 Scholl P.L.C..........................................       20,000        92,328
 Scottish Metropolitan Property P.L.C..................      380,400       621,675
 *Seafield Resources P.L.C.............................       70,000        83,145
 Shaftesbury P.L.C.....................................      150,000       507,970
 Shani Group P.L.C.....................................       30,000        26,788
 Sharpe & Fisher P.L.C.................................       14,531        55,452
 Sherwood Group P.L.C..................................      202,000        98,696
 *ShopRite Group P.L.C.................................      146,000        49,811
 Sidlaw Group P.L.C....................................       88,000       140,109
 *Signet Group P.L.C...................................      438,700       223,586
 Silentnight Holdings P.L.C............................       30,000       142,788
 *Simon Engineering P.L.C..............................      175,847       118,508
 Sinclair (William) Holdings P.L.C.....................       40,000       146,578
 Sirdar P.L.C..........................................       95,000        81,629
 Sketchley P.L.C.......................................       84,000        65,809
 Smart (J.) & Co. (Contractors) P.L.C..................        5,000        21,271
 Smith (James) Estates P.L.C...........................       95,000       221,679
 Specialty Shops P.L.C.................................       18,000        45,945

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  

 *Spring Ram Corp. P.L.C...............................      846,888  $    178,356
 St. James Beach Hotels P.L.C..........................       29,894       100,480
 St. Modwen Properties P.L.C...........................      166,000       199,970
 Stanley Leisure Organisation P.L.C....................      152,932       646,730
 Stoddard Sekers International P.L.C...................       98,000        23,528
 Stratagem Group P.L.C.................................       47,000        50,283
 Sunleigh P.L.C........................................    2,000,000        33,696
 Swan Hill Group P.L.C.................................       87,000       129,722
 *Tadpole Technology P.L.C.............................       24,000         3,336
 *Tandem Group P.L.C...................................      472,000        41,750
 Tay Homes P.L.C.......................................       92,000       208,478
 Telemetrix P.L.C......................................      126,000       124,187
 Tibbett & Britten Group P.L.C.........................        3,692        34,118
 Tomkinsons P.L.C......................................       10,000        26,367
 Tops Estates P.L.C....................................       63,315       196,280
 Town Centre Securities P.L.C..........................      240,000       432,659
 Trafford Park Estates P.L.C...........................      102,721       259,598
 Transport Development Group P.L.C.....................      460,100     1,499,975
 *Tring International Group P.L.C......................       60,000         5,560
 Tunstall Group P.L.C..................................      120,000       206,221
 Ugland International Holdings P.L.C...................      146,666       200,155
 *Union P.L.C..........................................       50,000        68,656
 United Industries P.L.C...............................       58,000        52,280
 Vardon P.L.C..........................................      110,000       222,395
 Vaux Group P.L.C......................................       45,766       196,623
 *Vert (Jacques) P.L.C.................................       45,000        16,301
 Vibroplant P.L.C......................................      185,000       193,248
 *Viglen Technology P.L.C..............................      196,000       239,412
 *Villiers Group P.L.C.................................      167,000        20,399
 Wainhomes P.L.C.......................................       86,000       173,872
 Ward Holdings P.L.C...................................      145,000       128,256
 Warner Estate Holdings P.L.C..........................       99,000       372,790
 Warnford Investments P.L.C............................       12,000        52,566
 *Wates City of London Properties P.L.C................      281,099       528,062
 Watts, Blake, Bearne & Co. P.L.C......................       53,000       398,255
 Wembley P.L.C.........................................       11,000        51,892
 Westbury P.L.C........................................      127,050       513,732
 Westminster Health Care Holdings P.L.C................       37,500       217,656
 Wilson (Connolly) Holdings P.L.C......................      238,400       672,778
 Wilson Bowden P.L.C...................................        7,700        67,784
 Wintrust P.L.C........................................       24,000       144,557
 Wyevale Garden Centres P.L.C..........................       50,000       230,398
 Yorklyde P.L.C........................................       14,000        33,022
 *Yorkshire Food Group P.L.C...........................       70,000        10,025
 Yorkshire Group P.L.C.................................      107,500       392,118
 Young & Co's Brewery P.L.C. Class A...................        5,000        55,809
 Young (H.) Holdings P.L.C.............................       38,666        96,740
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $66,317,222)...................................                 76,260,788
                                                                      ------------
                                                            FACE                  
                                                          AMOUNT@                 
                                                        ------------              
                                                           (000)                  
BONDS -- (0.2%)                                                                   
 *Viglen Technology P.L.C. 6.375%, 09/01/00 (Cost                                 
   $424,373)...........................................          319       877,369
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
 *British Pound Sterling                                                          
   (Cost $49,622)*.....................................                     55,683
                                                                      ------------

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
PREFERRED STOCKS -- (0.0%)                                                        
 Rea Holdings P.L.C. 9% Cumulative (Cost $1,753).......        1,790  $      3,016
                                                                      ------------
RIGHTS/WARRANTS -- (0.0%)                                                         
 *Viglen Technology P.L.C. Entitlement Letters (Cost                              
   $0).................................................      196,000             0
                                                                      ------------
TOTAL -- UNITED KINGDOM                                                           
  (Cost $66,792,970)...................................                 77,196,856
                                                                      ------------
FRANCE -- (8.2%)                                                                  
COMMON STOCKS -- (8.1%)                                                           
 Agricole de la Crau...................................          200        19,344
 Airfeu SA.............................................        3,141        94,706
 Alain Manoukian SA....................................        8,198       270,791
 *Arbel SA.............................................        1,583        13,407
 Bail-Investissement (Societe Immobiliere pour le                                 
   Commerce & l'Industrie).............................          100        13,873
 Bains de Mer et du Cercle des Etrangers a Monaco......        6,329       569,273
 Banque de la Reunion..................................          504        29,881
 Bazar de l'Hotel de Ville SA..........................        9,361       843,578
 Bongrain SA...........................................          190        79,495
 Burelle SA............................................       10,986       543,392
 *CEE (Continentale d'Equipements Electriques).........        2,215        25,889
 Caisse Regionale de Credit Agricole Mutuel de la                                 
   Brie................................................        5,680       327,129
 *Cascades SA..........................................        8,281        33,665
 *Cofigeo (Cie Financiere Geo).........................          205        27,086
 *Compagnie Financiere pour l'Immobilier d'Enterprise                             
   Fidei...............................................       23,759       132,006
 Conflandey SA.........................................        1,939        96,269
 Continentale d'Entreprises SA.........................       19,198       682,915
 *DMC (Dollfus Mieg et Cie)............................       38,146       648,099
 *Desquenne et Giral SA................................        4,761        64,558
 Devanlay SA...........................................        6,472       652,299
 Dietrich et Cie.......................................       38,762     1,831,899
 Fimalac SA............................................       10,590       835,936
 Fonderies Franco Belge................................          913        77,327
 *Francaise des Ferrailles.............................        4,855       359,387
 Frankoparis SA........................................       31,700       398,432
 Galeries Lafayette SA.................................        4,985     2,165,926
 Gantois Series A......................................          465        71,757
 Gascogne SA...........................................       10,334       822,730
 Gautier France SA.....................................        2,227        94,648
 *Gel 2000 SA..........................................        4,629        39,990
 *Genefim..............................................        9,854       367,220
 *Generale de Transport et d'Industrie.................       15,753       466,707
 Gevelot...............................................        1,200       229,695
 Groupe du Louvre SA...................................        4,856       253,103
 Groupe Zannier SA.....................................       26,650       550,742
 Guerbet SA............................................       15,148       538,847
 ICBT Groupe SA........................................        8,110       245,904
 *Immeubles de France..................................       36,161     2,047,095
 Immobanque............................................        9,394       959,531
 Immobiliere Complexes Commerciaux SA..................        3,078        72,473
 *Immobiliere et Hoteliere SA..........................       27,700       102,289
 Locindus (Cie Financiere pour la Location d'Immeubles                            
   Industrials et Commerciaux).........................       12,163     1,561,712
                                                              SHARES        VALUE+
                                                        ------------  ------------

 Maire (Henri).........................................        1,252  $     23,986
 Marie Brizard & Roger International SA................        2,745       231,560
 Matussiere et Forest SA...............................        1,020         9,434
 *Maxi-livre/Profrance SA..............................        8,442        54,197
 Metal Deploye.........................................          300        16,821
 Michel Thierry SA.....................................        3,269       348,856
 *Mors.................................................       37,132        28,619
 *NAF NAF SA...........................................       36,191       410,740
 *Nordon & Cie.........................................        1,600       104,481
 PSB Industries SA.....................................        1,838       158,784
 *Pier Import Europe SA................................       18,642       119,049
 Plastic Omnium........................................       16,250     1,734,144
 *Primisteres Reynoird SA..............................        5,349       164,181
 *#Rochette............................................      138,121       584,912
 Rougier SA............................................        2,715       147,167
 *Rouleau-Guichard SA..................................        2,495        99,318
 Rue Imperiale de Lyon.................................        2,519     2,210,289
 SAT SA (SA des Telecommunications)....................        1,068       280,410
 *SEDIVER (Societe Europeene d'Isolateurs en Verre et                             
   Composite)..........................................        9,285       212,328
 *SFIM (Societe de Fabrication d'Instruments de                                   
   Mesure).............................................        3,403       593,732
 Sabeton...............................................        1,846       207,943
 Securidev SA..........................................       16,908       277,815
 *Selectibanque SA.....................................       46,567       525,344
 Signaux et d'Equipements Electroniques SA.............       26,939       812,255
 Signaux Girod SA......................................        5,407       103,039
 Silic (Societe Immobiliere de Location pour                                      
   l'Industrie et le Commerce).........................        3,483       461,962
 Societe d'Etudes et de Realizations pour les                                     
   Industries du Bois Seribo...........................        4,015        98,275
 Societe Financiere Immobail SA........................        9,997       247,237
 Societe Financiere Interbail SA.......................       27,370       755,707
 *Sofco SA.............................................        2,308         3,049
 Taittinger SA.........................................        2,853     1,570,155
 *Teisseire France SA..................................        6,492       176,280
 *Teleflex Lionel-Dupont...............................          500         8,876
 Tivoly SA.............................................        1,904        36,767
 Touax SA..............................................        1,425        49,001
 *Trouvay et Cauvin SA.................................        9,481       152,570
 VM Materiaux SA.......................................        1,636        67,507
 Vallourec (Usines a Tubes de Lorraine Escaut et                                  
   Vallourec Reunies)..................................       43,572     2,642,297
 *Via Banque...........................................       21,658       612,669
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $38,434,199)...................................                 35,602,761
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.1%)                                                  
 *French Francs (Cost $323,485)........................                    323,094
                                                                      ------------
RIGHTS/WARRANTS -- (0.0%)                                                         
 *Derichebourg Finances Warrants 07/15/98 (Cost                                   
   $57,964)............................................        4,855         3,989
                                                                      ------------
TOTAL -- FRANCE                                                                   
  (Cost $38,815,648)...................................                 35,929,844
                                                                      ------------

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
GERMANY -- (8.1%)                                                                 
COMMON STOCKS -- (8.1%)                                                           
 Aachener und Muenchener Lebensversicherung AG.........        1,466  $    706,474
 *Anterra Vermoegensverwaltungs AG.....................        3,920       311,141
 BDAG Balcke-Duerr AG..................................        2,420       343,004
 Bayerische Handelsbank AG.............................        3,463       975,781
 *Bremer Woll-Kaemmerei AG.............................        5,310       463,616
 *DLW AG...............................................        8,900     1,019,259
 DSL Holding AG........................................       11,850     1,981,909
 Deutsche Hypotheken Bank AG, Hannover/Berlin..........        6,387     1,430,333
 Deutsche Verkehrs-Bank AG.............................        1,908       185,518
 *Dierig Holding AG....................................        1,250        96,381
 Dyckerhoff & Widmann AG...............................       12,224     1,413,796
 Escada AG.............................................        5,709       809,177
 *Felten & Guilleaume Energietechnik AG................        9,100       722,292
 *Flender (A. Friedrich) AG............................        9,832     1,070,253
 Fuchs Petrolub AG Oel & Chemie........................        3,517       394,803
 Heilit & Woerner Bau AG...............................        8,542       668,316
 #Herlitz AG...........................................       13,643       978,461
 *Honsel-Werke AG......................................        3,450       254,276
 *Hutschenreuther AG Em 97.............................        8,591       165,602
 #KM Europa Metal AG...................................       13,005     1,301,363
 KM Europa Metal AG Em 95..............................        1,484       139,664
 *Kaufhalle AG.........................................       12,007     1,307,010
 Kaufring AG...........................................       12,600       607,201
 *Leffers AG, Bielefeld................................        1,875       260,442
 *Mauser Waldeck AG....................................        1,151       117,460
 *Mueller-Weingarten AG................................          389        58,444
 *Neue Baumwoll-Spinnerei und Weberei Hof AG...........        1,473       150,321
 Norddeutsche Steingutfabrik AG........................          715         9,303
 Nuernberger Hypothekenbank AG.........................        1,634       453,933
 *Orenstein & Koppel AG................................       13,550       318,809
 Otto Reichelt AG......................................       36,354       515,271
 Phoenix AG, Hamburg...................................       18,540       319,541
 Rheinboden Hypothekenbank AG..........................        3,900       689,862
 Rheinmetall Berlin AG.................................      124,700     2,545,143
 *Salamander AG, Kornwesteim...........................       12,999     2,019,314
 Scor Deutschland Rueckversicherungs AG................          415        54,115
 *Sinn AG..............................................        2,340       490,864
 Stern-Brauerei Carl Funke AG..........................          300        18,539
 *Stoehr & Co. AG......................................        4,431       427,065
 *Strabag AG...........................................       15,450     1,017,836
 Sueddeutsche Bodencreditbank AG.......................        4,248     1,259,591
 *Triton-Belco AG, Hamburg.............................        2,977       127,429
 *Tucher Braeu AG......................................        1,047        83,697
 *Varta AG.............................................        5,611       858,909
 *Verseidag AG.........................................        1,205       114,773
 *Voegele (Joseph) AG..................................        1,559       243,153
 WMF (Wuerttembergische Metallwarenfabrik AG)..........        6,462     1,099,086
 Walter Bau AG.........................................        4,427       577,272
 Weru AG...............................................          950       401,258
 Westag & Getalit......................................        1,980       432,185
 Wuerttembergische AG..................................        2,474     2,580,838
 *Zanders Feinpapiere AG...............................       10,902       772,608
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $36,937,228)...................................                 35,362,691
                                                                      ------------
                                                              SHARES        VALUE+
                                                        ------------  ------------

INVESTMENT IN CURRENCY -- (0.0%)                                                  
 *German Marks (Cost $50,349)..........................               $     49,539
                                                                      ------------
RIGHTS/WARRANTS -- (0.0%)                                                         
 *Fuchs Petrolub AG Oel & Chemie Rights 12/08/97.......        3,517           598
 *Rheinboden Hypothekenbank AG Rights 12/01/97.........        3,900             0
                                                                      ------------
TOTAL RIGHTS/WARRANTS                                                             
  (Cost $0)............................................                        598
                                                                      ------------
TOTAL -- GERMANY                                                                  
  (Cost $36,987,577)...................................                 35,412,828
                                                                      ------------
HONG KONG -- (4.9%)                                                               
COMMON STOCKS -- (4.9%)                                                           
 ALCO Holdings, Ltd....................................      710,000        41,331
 Acme Landis Holdings, Ltd.............................      130,000         9,754
 *Allied Group, Ltd....................................    5,364,000       527,359
 Allied Properties (Hong Kong), Ltd....................    4,856,000       483,697
 *Applied International Holdings, Ltd..................    1,150,000        46,117
 *Asia Commercial Holdings, Ltd........................       35,960         2,303
 *Asia Securities International, Ltd...................    1,356,000       224,530
 #Asia Standard International Group, Ltd...............    2,940,000       612,319
 Associated International Hotels, Ltd..................      604,000       304,723
 Beauforte Investors Corp., Ltd........................       44,000        73,995
 Burlingame International Co., Ltd.....................      675,000       174,638
 Burwill Holdings, Ltd.................................      350,000        48,446
 CDL Hotels International, Ltd.........................    2,489,041       780,815
 CNT Group, Ltd........................................    1,428,000       142,240
 *Capetronic International Holdings, Ltd...............      107,000        16,056
 #Century City International Holdings, Ltd.............    5,467,067     1,159,852
 Cheuk Nang Properties (Holdings), Ltd.................      318,000        67,053
 *Cheung Wah Development Co., Ltd......................      898,000        33,107
 Chevalier Construction Holdings, Ltd..................      194,857        17,645
 Chevalier Development International, Ltd..............      608,000       157,303
 Chevalier International Holdings, Ltd.................    1,364,110       167,640
 China Foods Holdings, Ltd.............................    1,032,000       363,790
 *China Investments Holdings, Ltd......................      654,000        66,836
 Chinney Investments, Ltd..............................      752,000       154,675
 Chow Sang Sang Holdings International, Ltd............      738,000       200,484
 *Chuang's China Investments, Inc......................    3,185,000        83,227
 Chuang's Consortium International, Ltd................    3,051,760       244,763
 *City Chiu Chow (Holdings), Ltd.......................      298,000        15,420
 Continental Holdings, Ltd.............................      382,000        28,167
 Crocodile Garments, Ltd...............................      986,000        57,398
 *Culturecom Holdings, Ltd.............................    1,326,000        33,620
 *Dransfield Holdings, Ltd.............................      780,000        20,180
 Dynamic Holdings, Ltd.................................      320,000        73,684
 Emporer (China Concept) Investments, Ltd..............      558,000       126,321
 Emporer International Holdings, Ltd...................      636,000       152,206
 *Fairwood Holdings, Ltd...............................      675,000        29,688
 Far East Consortium International, Ltd................    1,326,041       183,546
 *Far East Holdings International, Ltd.................      408,000        39,585

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                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
Fountain Set Holdings, Ltd............................    1,350,000  $    237,507
Four Seas Travel International, Ltd...................      236,000        30,529
*Fu Hui Jewelry Co. (Hong Kong), Ltd..................      670,000        70,204
Furama Hotel Enterprises, Ltd.........................      229,029       965,856
Golden Resources Development International, Ltd.......      722,000        75,653
Grande Holdings, Ltd..................................      448,000       173,862
Great Wall Electronic International, Ltd..............    2,278,565       162,117
Harbour Centre Development, Ltd.......................      478,000       479,219
Harbour Ring International Holdings, Ltd..............    2,890,000       132,718
*High Fashion International, Ltd......................      344,000        24,030
Hong Kong Ferry (Holdings) Co., Ltd...................      200,000       258,722
Hong Kong Parkview Group, Ltd.........................      648,000       427,513
Hop Hing Holdings, Ltd................................      604,000        76,572
Huey Tai International, Ltd...........................    2,148,338       183,422
Hwa Kay Thai Holdings, Ltd............................    3,235,600        97,525
International Tak Cheung Holdings, Ltd................      484,353        70,175
*Jinhui Holdings Co., Ltd.............................      694,000        43,991
Joyce Boutique Holdings, Ltd..........................      404,000        22,473
K Wah International Holdings, Ltd.....................      849,249       168,086
KTP Holdings, Ltd.....................................      115,000        29,158
*Kader Holdings Co., Ltd..............................      517,000        28,089
Keck Seng Investments (Hong Kong), Ltd................      380,000        85,042
Kee-Shing Holdings Co., Ltd...........................      256,000        28,811
King Fook Holdings, Ltd...............................      338,000        28,421
Kwong Sang Hong International, Ltd....................    1,060,000       311,955
Lai Sun Development Co., Ltd..........................    1,390,800       512,760
Lai Sun Garment (International), Ltd..................      448,000       279,627
Lai Sun Hotels International, Ltd.....................      382,000        28,661
*Lam Soon (Hong Kong), Ltd............................      203,250        60,473
*Lam Soon Food Industries, Ltd........................      156,000        58,523
Lane Crawford International, Ltd. Series A............       63,000        62,753
Laws International Holdings, Ltd......................      460,000        61,886
Leefung-Asco Printers Holdings, Ltd...................      128,000        19,539
*Linkful International Holdings, Ltd..................      582,000        19,575
#Lippo, Ltd...........................................      534,000       279,770
Liu Chong Hing Investment, Ltd........................      538,000       515,013
*Luks Industrial Co., Ltd.............................    1,556,000        85,547
*Magnificent Estates, Ltd.............................    3,678,600        81,373
*Mansion Holdings, Ltd................................      566,000        35,145
*Megga (S.) International Holdings, Ltd...............    1,399,200        55,206
Melbourne Enterprises, Ltd............................       41,000       251,931
Melco International Development, Ltd..................      170,000        43,983
Min Xin Holdings, Ltd.................................      432,000       105,621
*Mui Hong Kong, Ltd...................................      514,000        12,633
Nam Hing Holdings, Ltd................................      538,000        31,318
*Nam Pei Hong (Holdings), Ltd.........................      408,000        52,779
Nanyang Holdings, Ltd.................................       73,500        78,917
National Electronics Holdings, Ltd....................    1,106,000        58,660
#Onfem Holdings, Ltd..................................      684,000        99,986
Orient Power Holdings, Ltd............................      420,000        32,056
Orient Telecom & Technology Holdings, Ltd.............      137,800        31,730
#Pacific Concord Holding, Ltd.........................    1,648,000       419,979
*Paul Y. Properties Group, Ltd........................      113,084         7,022

                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 

Peregrine Investments Holdings, Ltd...................      589,000  $    556,215
Pokfulam Development Co., Ltd.........................      166,000        81,601
*Poly Investments Holdings, Ltd.......................    1,428,000       166,255
Prestige Properties Holdings, Ltd.....................    1,112,000       149,604
Process Automation Holdings, Ltd......................      400,000        31,564
*Prod-Art Technology (Holdings), Ltd..................      618,000        99,132
*RJP Electronics, Ltd.................................    1,350,000        29,339
*Rhine Holdings, Ltd..................................      260,000         9,754
*Rivera Holdings, Ltd.................................    1,912,000        53,178
Ryoden Development, Ltd...............................    1,580,000       304,542
*S.A.S.Dragon Holdings, Ltd...........................      944,000        21,493
SIS International Holdings, Ltd.......................      326,000        17,501
San Miguel Brewery Hong Kong, Ltd.....................      653,600       164,873
Sea Holdings, Ltd.....................................      948,000       493,604
Seapower Resources International, Ltd.................    2,050,000       196,241
Semi-Tech (Global) Co., Ltd...........................    2,804,148       573,142
Shaw Brothers Hong Kong, Ltd..........................      158,000       117,525
Shell Electric Manufacturing (Holdings) Co., Ltd......      686,000       135,775
*#Shougang Concord Century Holdings, Ltd..............      658,000        51,923
*Shun Ho Construction (Holdings), Ltd.................      814,380        40,033
*Shun Ho Resources Holdings, Ltd......................      510,000        30,348
Sincere Co., Ltd......................................      872,000        90,242
*Singamas Container Holdings, Ltd.....................      360,000        19,094
South China Holdings, Ltd.............................      262,000        54,906
South China Industries, Ltd...........................      772,000        79,893
*South Sea Development Co., Ltd.......................      967,000        56,292
Starlight International Holdings, Ltd.................      708,000        44,878
#Stelux Holdings International, Ltd...................    1,862,552       199,982
*Sun Fook Kong Holdings, Ltd..........................    1,018,000       247,577
*Swank International Manufacturing Co., Ltd...........      226,000        24,558
Tai Cheung Holdings, Ltd..............................    1,080,000       468,029
Tai Sang Land Development, Ltd........................      482,900       171,788
Tak Sing Alliance Holdings, Ltd.......................      537,335        41,706
Tak Wing Investment Holdings, Ltd.....................      200,000        22,509
*Team Concepts Holdings, Ltd..........................      378,000        14,181
Tern Properties Co., Ltd..............................      168,000        44,009
Tian An China Investments Co., Ltd....................    2,287,000       156,800
Tian Teck Land, Ltd...................................      800,000       172,827
*Top Form International, Ltd..........................      494,000        11,822
Tse Sui Luen Jewellry (International), Ltd............      386,176        84,926
Tungtex (Holdings) Co., Ltd...........................      558,000        54,138
*UDL Holdings, Ltd....................................    1,210,000        98,612
USI Holdings, Ltd.....................................      671,999       146,043
*Wah Nam Group, Ltd...................................      630,000        10,187
*Winfoong International, Ltd..........................      499,000        35,503
*Wing Fai International, Ltd..........................      342,000        26,103
Wing On Co. International, Ltd........................      517,000       394,591
Wing Shan International, Ltd..........................      870,000       112,544
Winsor Industrial Corp., Ltd..........................      394,500        99,004
Winsor Properties Holdings, Ltd.......................       55,000        54,784
*Wo Kee Hong (Holdings), Ltd..........................    1,946,400       104,492
*Wong's Kong King International (Holdings), Ltd.......      874,000        29,396
World Houseware (Holdings), Ltd.......................      594,000        32,273
*Yaohan International Holdings, Ltd...................    1,660,000       130,991

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
 Yau Lee Holdings, Ltd.................................    1,022,000  $     45,611
 *Yoshiya International Corp., Ltd.....................      216,000        13,412
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $24,181,246)...................................                 21,275,974
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
 *Hong Kong Dollars (Cost $111,720)....................                    111,850
                                                                      ------------
RIGHTS/WARRANTS -- (0.0%)                                                         
 *Applied International Holdings, Ltd. Rights                                     
   12/09/97............................................      460,000             0
 *Far East Consortium International, Ltd. Warrants                                
   10/31/98............................................      132,604         1,544
 *Far East Consortium International, Ltd. Warrants                                
   10/31/99............................................      132,604         1,561
 *Grande Holdings, Ltd. Warrants 10/15/00..............       89,600         6,954
 *KTP Holdings, Ltd. Warrants 09/30/99.................       23,000           524
 *Orient Telecom & Technology Holdings, Ltd. Warrants                             
   12/31/00............................................       27,560             0
                                                                      ------------
TOTAL RIGHTS/WARRANTS                                                             
  (Cost $0)............................................                     10,583
                                                                      ------------
TOTAL -- HONG KONG                                                                
  (Cost $24,292,966)...................................                 21,398,407
                                                                      ------------
AUSTRALIA -- (4.4%)                                                               
COMMON STOCKS -- (4.2%)                                                           
 A.P. Eagers, Ltd......................................       16,699        38,963
 AAPC, Ltd.............................................      938,643       314,705
 *AWA, Ltd.............................................      295,133       129,242
 Aberfoyle, Ltd........................................      148,372       258,880
 *Acacia Resources, Ltd................................      400,664       287,857
 #Adelaide Brighton, Ltd...............................      249,901       239,388
 *Aerodata Holdings, Ltd...............................       52,987        16,315
 *An Feng Kingstream Steel, Ltd........................       81,521        22,312
 *Anzoil NL............................................      571,982         9,784
 Ashton Mining, Ltd....................................      439,713       406,172
 Atkins Carlyle, Ltd...................................       40,465       119,057
 Australian Chemical Holdings, Ltd.....................       46,022        68,648
 Australian Oil & Gas Corp., Ltd.......................       60,837        77,010
 *Australian Resources, Ltd............................      352,493        37,384
 Avatar Industries, Ltd................................      107,586        81,712
 Bridgestone Australia, Ltd............................       26,822        54,140
 CIM Resources, Ltd....................................      325,177        58,962
 Caltex Australia, Ltd.................................      291,565       907,724
 *Cambridge Gulf Exploration NL........................       93,366         8,624
 Capral Aluminium, Ltd.................................      298,167       561,047
 Centennial Coal, Ltd..................................       50,911        13,237
 Central Equity, Ltd...................................      116,473       111,573
 Centro Properties, Ltd................................      175,272       268,638
 *Climax Mining, Ltd...................................      139,697        32,499
 Consd Paper...........................................        3,000         5,337
 Consolidated Rutile, Ltd..............................      437,974       149,839
 *Coplex Resources NL..................................      261,219        60,770
 Country Road, Ltd.....................................       73,108       105,049
 Coventry Group, Ltd...................................       46,430       181,084
 Crane (G.E) Holdings, Ltd.............................       43,269       401,165
 *Crevet, Ltd..........................................       46,997        25,726
 *Croesus Mining NL....................................      154,735        25,410
 *Crown, Ltd...........................................      525,904       313,064
 Cudgen RZ, Ltd........................................       47,724        21,226
 *Cumnock Coal, Ltd....................................       40,710        36,908
                                                              SHARES        VALUE+
                                                        ------------  ------------

 Davids Limited........................................      699,874  $    363,949
 *Denehurst, Ltd.......................................       78,163         2,674
 *Devex, Ltd...........................................      141,218        32,853
 *Dome Resources NL....................................      195,839        11,390
 *Dominion Mining, Ltd.................................      116,119        31,781
 ERG, Ltd..............................................      254,177       219,136
 Eltin, Ltd............................................      103,876        85,291
 *Emporer Mines, Ltd...................................      135,024        49,890
 Energy Resources of Australia, Ltd. Series A..........      354,731       995,154
 *Equatorial Mining NL.................................      439,930        51,173
 FAI Insurances, Ltd...................................      460,508       176,454
 FAI Life, Ltd.........................................      159,405        75,259
 Finemore Holdings, Ltd................................       38,076        67,738
 Forrester Parker Group, Ltd...........................       70,669        67,696
 Gazal Corp., Ltd......................................       89,069        82,275
 *General Gold Resources NL............................      135,245         7,866
 *Gold Mines of Australia, Ltd.........................       39,934         4,509
 Goldfields, Ltd.......................................      379,222       212,772
 Gowing Bros., Ltd.....................................       61,627       111,744
 Green's Foods, Ltd....................................       81,301        25,033
 Gwalia Consolidated, Ltd..............................      115,618        64,870
 Hancock and Gore, Ltd.................................       48,711        45,995
 Harris Scarfe Holdings, Ltd...........................       63,600       124,025
 *Healthscope, Ltd.....................................       84,380        37,528
 Hudson Conway, Ltd....................................       71,174       266,876
 Hudson Timber & Hardware, Ltd.........................       59,500        45,598
 Iama, Ltd.............................................      119,915       184,613
 *Intag International, Ltd.............................       93,568         9,123
 Ipoh, Ltd.............................................      155,899       229,345
 JNA Telecommunications, Ltd...........................       38,610        26,418
 Jupiters, Ltd.........................................      378,930       674,124
 KLZ, Ltd..............................................       77,628       128,541
 *Kidston Gold Mines, Ltd..............................      198,750        69,356
 Kurts (Peter) Properties, Ltd.........................       95,367        75,042
 *Lachlan Resources NL.................................      217,903        23,110
 *MRI Holdings, Ltd....................................       87,075        37,535
 MacMahon Holdings, Ltd................................      242,682        78,045
 Magellan Petroleum Australia, Ltd.....................       28,131        53,895
 *Meekatharra Minerals, Ltd............................      184,462        23,981
 Memtec, Ltd...........................................       16,221       577,704
 Metal Manufactures, Ltd...............................      296,567       395,699
 Mirvac, Ltd...........................................      208,575       328,244
 *Mirvac, Ltd. Issue 97................................       51,109        75,887
 National Consolidated, Ltd............................      318,229        88,187
 National Foods, Ltd...................................      420,282       621,157
 *New Hampton Goldfields NL............................      145,700        12,462
 *Newcrest Mining, Ltd.................................      384,951       384,561
 Normandy Mt. Leyshon, Ltd.............................      123,978       125,549
 Northern Building Society, Ltd........................       23,034        37,195
 *Orbital Engine Corp., Ltd............................      165,000        88,061
 PMP Communications, Ltd...............................      401,031       809,482
 *Payce Consolidated, Ltd..............................       74,466        39,233
 *Peptide Technology, Ltd..............................      153,432        18,372
 Permanent Trustee Co., Ltd............................       17,733        71,588
 Pirelli Cables Australia, Ltd.........................      111,800        50,489
 Plutonic Resources, Ltd...............................      201,947       294,323
 Primac Holdings, Ltd..................................       22,084        45,332
 #QCT Resources, Ltd...................................      234,528       185,988
 #QUF Industries, Ltd..................................      128,286       279,135
 RCG, Ltd..............................................      333,947       491,273
 Resolute, Ltd.........................................      274,868       193,717

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                                                               SHARES        VALUE+
                                                         ------------  ------------
                                                                                   
 Savage Resources, Ltd.................................       843,143  $    432,683
 Schaffer Corp., Ltd...................................        14,106        21,813
 Sea World Property Trust..............................        61,000        45,078
 *Solution 6 Holdings, Ltd.............................        28,900        16,017
 Southern Cross Broadcasting (Australia), Ltd..........        42,306       179,474
 *Spectrum Network Systems, Ltd. Series B..............       149,597        42,991
 Spicers Paper, Ltd....................................       184,193       189,048
 *St. Barbara Mines, Ltd...............................       329,338        45,069
 *Star Mining Corp. NL.................................       302,691         2,900
 Tassal, Ltd...........................................        35,823        31,130
 *Techniche, Ltd.......................................        34,687        22,548
 Thakral Holdings Group................................       712,266       292,416
 *Ticor, Ltd...........................................       394,560       134,987
 *Titan Resources NL...................................       182,857        18,768
 *Union Gold Mining Co. NL.............................       118,986        20,354
 Visions Systems, Ltd..................................        15,999        74,988
 #Walker Corp., Ltd....................................       349,769       175,904
 Wesfi, Ltd............................................        76,263        88,710
 Westralian Sands, Ltd.................................       131,301       270,422
 White (Joe) Maltings, Ltd.............................        25,607        86,730
 Wide Bay Capricorn Building Society, Ltd..............        24,909        50,790
 Wills (W.D. & H.O.) Holdings, Ltd.....................       207,241       248,154
 Yates (Arthur) and Co. Property, Ltd..................       119,804        72,138
                                                                       ------------
TOTAL COMMON STOCKS                                                                
  (Cost $24,068,002)...................................                  18,098,858
                                                                       ------------
INVESTMENT IN CURRENCY -- (0.2%)                                                   
 *Australian Dollar (Cost $947,709)....................                     945,783
                                                                       ------------
RIGHTS/WARRANTS -- (0.0%)                                                          
 *Anzoil NL Rights 12/01/97 (Cost $0)..................       197,235           270
                                                                       ------------
TOTAL -- AUSTRALIA                                                                 
  (Cost $25,015,711)...................................                  19,044,911
                                                                       ------------
NETHERLANDS -- (4.3%)                                                              
COMMON STOCKS -- (4.2%)                                                            
 ACF Holding NV (Certificate)..........................        53,200       963,404
 Athlon Groep NV.......................................           210        17,958
 Bam Groep NV..........................................        16,798     1,073,139
 Beers NV..............................................         6,330       216,525
 Begemann Groep NV.....................................        44,600       453,190
 *Begemann Groep NV Series B...........................        44,600       242,300
 *Beleggingsfonds Het Zonnespectrum NV.................        26,600       152,539
 Cindu International NV................................         1,790       193,591
 Econosto NV...........................................        22,327       315,596
 Gamma Holding NV......................................        53,690     2,781,795
 *Gemeenschappeljk Bezit Crown van Gelder NV...........        40,320       632,805
 Kas-Associatie NV.....................................        16,350     1,151,437
 Koninklijke Ten Cate NV...............................        37,878     1,724,369
 Krasnapolsky Hotels & Restaurants NV..................        17,450       468,739
 Landre & Glinderman NV................................         3,218       131,119
 MacIntosh NV..........................................        62,550     1,305,780
 NKF Holding NV........................................        37,664     1,021,198
 Nagron Nationaal Grondbezit NV........................         2,182        51,588
 Nedlloyd Groep NV, Rotterdam..........................        14,000       321,839
 Norit NV..............................................        78,571     1,276,613

                                                               SHARES        VALUE+
                                                         ------------  ------------
                                                                                   

 Polynorm NV...........................................        12,800  $  1,236,248
 Roto Smeets de Boer NV................................        20,100       744,164
 *Sphinx NV............................................        36,562       365,997
 *Textielgroep Twenthe NV..............................         1,200        22,636
 *Tulip Computers NV...................................        38,643       227,432
 *Ubbink NV............................................           900        23,542
 *Van der Giessen de Noord.............................        13,950       561,382
 *Van Dorp Groep NV....................................        11,400       157,127
 Vredestein NV.........................................        64,470       642,122
                                                                       ------------
TOTAL COMMON STOCKS                                                                
  (Cost $17,787,790)...................................                  18,476,174
                                                                       ------------
INVESTMENT IN CURRENCY -- (0.1%)                                                   
 *Netherlands Guilder (Cost $353,023)..................                     350,561
                                                                       ------------
TOTAL -- NETHERLANDS                                                               
  (Cost $18,140,813)...................................                  18,826,735
                                                                       ------------
ITALY -- (4.2%)                                                                    
COMMON STOCKS -- (4.2%)                                                            
 *Ansaldo Trasporti SpA................................       497,000       673,001
 *Banca Nazionale dell'Agricoltura SpA.................     1,857,500     1,619,891
 Banca Toscana.........................................       607,000     1,412,077
 Banco di Chiavari e della Riviera Ligure SpA,                                     
   Chiavari............................................       172,500       342,894
 Bassetti SpA..........................................        69,000       461,184
 *Brioschi Finanziaria SpA, Milano.....................       100,000        10,416
 CEMENTIR (Cementarie del Tirreno SpA), Roma...........     1,400,000     1,333,526
 Caltagirone SpA.......................................     1,145,000       814,331
 Cementeria di Augusta SpA.............................       142,500       220,588
 Cia Assicuratrice Unipol SpA..........................       215,464       635,900
 Comau SpA.............................................       295,500       752,409
 Ericsson SpA..........................................        71,000     2,765,140
 *FONSPA (Credito Fondiaro e Industriale Istituto per i                            
   Finanziamenti a Medio e Lungo Termine SpA)..........       527,000       731,923
 Finarte Casa d'Aste SpA (Milano)......................       135,000        96,091
 Finarte Partecipazioni Pro Arte SpA...................       221,640       132,877
 *Fincasa 44 SpA.......................................       175,000        19,646
 *Gabetti Holding SpA..................................       175,000       184,514
 *Grassetto SpA........................................       110,000        25,793
 *Impregilo SpA........................................       655,000       464,324
 Ipi SpA...............................................       447,500       564,538
 *Linificio & Canapificio Nazionale SpA................       185,000        92,069
 Maffei SpA............................................        90,500       114,169
 Marangoni SpA, Rovereto...............................        68,000       200,689
 Montefibre SpA, Milano................................       262,464       205,044
 *Necchi SpA...........................................        50,000        17,361
 *Premafin Finanziaria SpA.............................     2,615,000       960,924
 Previdente Cia Italiana Assicurazione SpA.............        59,000       409,710
 Riva Finanziaria SpA..................................        86,000       313,781
 SISA (Societa Imballaggi Speciali Asti SpA)...........       175,000       116,461
 *SMI STA Metallurgica Italiana SpA....................       290,000       116,131
 *SOPAF (Societa Partecipazioni Finanziarie SpA).......       640,000       551,836
 *#Saffa SpA, Milano...................................       172,060       479,922
 *Stayer SpA...........................................       117,500       102,674
 Vianini Industria SpA.................................       315,000       215,098

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
 Vianini Lavori SpA....................................      407,500  $    669,714
 Zucchi (Vincenzo) SpA.................................       74,000       457,348
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $14,543,164)...................................                 18,283,994
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
 *Italian Lira (Cost $596).............................                        619
                                                                      ------------
TOTAL -- ITALY                                                                    
  (Cost $14,543,760)...................................                 18,284,613
                                                                      ------------
SPAIN -- (4.0%)                                                                   
COMMON STOCKS -- (4.0%)                                                           
 Acieras y Forjas de Azcoita SA........................        2,613        84,317
 *BAMI SA (Inmobiliara de Construcciones y Terrenos)...       36,200       140,066
 *Banco de Vitoria SA..................................        3,678        56,110
 Banco Guipuzcoano SA..................................       19,247       797,629
 Banco Pastor SA.......................................       25,800     1,833,898
 Banco Zaragozano SA...................................       51,800     1,346,018
 Bodegas y Bebidas SA..................................        5,959       233,765
 Construcciones Lain SA................................      173,980       330,168
 ESSA (Estacionamientos Subterraneos SA)...............        9,400       186,582
 Elecnor SA............................................        5,770       143,162
 Empresa Nacional de Celulosa SA.......................       54,900       815,447
 Europistas Concesionaria Espanola SA..................      158,900     1,049,566
 Fabricacion de Automoviles Renault de Espana SA.......       12,690       291,030
 *#Filo SA.............................................       65,600       186,957
 GESA (Gas y Electricidad SA)..........................       34,800     2,321,945
 Grupo Anaya SA........................................       12,500       233,026
 *Grupo Fosforera SA...................................       12,060        18,196
 Inbesos SA............................................        3,200        39,698
 *Inmobiliaria Urbis SA................................      144,300     1,253,100
 Inmobiliaria Zabalburu SA.............................       30,004       237,416
 *Nueva Montana Quijano SA Series B....................      122,740        95,476
 OCP Construcciones SA, Madrid.........................       80,400     1,951,705
 Omsa Alimentacion SA..................................       38,675       194,510
 Papelera de Navarra SA................................        7,851        95,291
 Pescanova SA..........................................       24,900       292,205
 Sarrio SA.............................................      216,615       755,338
 Tableros de Fibras SA Series B........................       38,487       562,626
 *Tableros de Fibras SA Series B Em 97.................       19,243       276,789
 Tavex Algodonera SA...................................       17,800       240,516
 Transportes Ferroviarios Especiales Tranfesa..........       25,580       223,852
 Unipapel SA...........................................       17,029       353,998
 Uralita SA............................................       63,500       738,793
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $13,103,066)...................................                 17,379,195
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
 *Spanish Peseta (Cost $261,792).......................                    258,079
                                                                      ------------
RIGHTS/WARRANTS -- (0.0%)                                                         
 *Tableros de Fibras SA, Madrid Rights 12/11/97 (Cost                             
   $0).................................................            1             0
                                                                      ------------
TOTAL -- SPAIN                                                                    
  (Cost $13,364,858)...................................                 17,637,274
                                                                      ------------

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  

SWITZERLAND -- (3.6%)                                                             
COMMON STOCKS -- (3.6%)                                                           
 *Attisholz Holding AG, Attisholz......................        1,670  $    755,529
 Banque Privee Edmond de Rothschild SA, Geneve.........          105       405,067
 Bucher Holding AG, Niederweningen.....................        2,125     1,892,943
 Calida Holding AG, Oberkirch..........................          100        96,795
 Canon (Schweiz) AG, Dietlikon.........................        9,900       604,129
 Carlo Gavazzi Holding AG, Baar Series B...............          230       170,198
 Coop Bank, Basel......................................          370       241,357
 Daetwyler Holding AG, Atldorf.........................          940     1,714,258
 Feldschloesschen-Huerlimann Holding AG, Rheinfelden...        5,035     1,977,709
 Financiere Tradition, Lausanne........................           30        34,194
 *Galenica Holding AG, Bern Series B...................        3,115     1,562,208
 Golay-Buchel Holding SA, Lausanne.....................          125       133,269
 Industrieholding Cham AG, Cham........................          325       237,078
 Keramik Holding AG Laufen, Laufen.....................        1,540       694,555
 Kuehne & Nagel International AG, Schindellegi.........          700       473,806
 *Maag Holding AG, Zuerich.............................        1,900       314,514
 *Porst Holding AG, Jegenstorf.........................        1,500       182,017
 *Sihl Zuercher Papierfabriek an der Sihl, Zuerich.....           50        31,213
 UMS Schweizerische Metallwerke Holding AG, Bern.......        3,200       227,820
 Unigestion Holding, Geneve............................        9,200       451,711
 Vaudoise Assurances Holding, Lausanne.................          189       450,066
 Vaudoise d'Electricite SA, Morges.....................           95       176,581
 *Von Moos Holding AG, Luzern..........................        9,000        88,378
 *WMH Walter Meier Holding AG, Staefa..................          260       183,280
 Zellweger Luwa AG, Uster..............................          590       420,042
 *Zschokke Holding SA, Geneve..........................        1,950       403,489
 *Zueblin Holding AG, Zuerich..........................        3,300        94,901
 Zuercher Ziegeleien Holding, Zuerich..................        2,000     1,655,339
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $14,081,093)...................................                 15,672,446
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
 *Swiss Francs (Cost $40)..............................                         43
                                                                      ------------
TOTAL -- SWITZERLAND                                                              
  (Cost $14,081,133)...................................                 15,672,489
                                                                      ------------
MALAYSIA -- (3.5%)                                                                
COMMON STOCKS -- (3.4%)                                                           
 Advance Synergy Berhad................................      523,000       113,857
 Affin Holdings Berhad.................................      529,000       236,388
 Amsteel Corp. Berhad..................................    1,912,000       484,704
 Ancom Berhad..........................................      171,000        52,411
 Angkasa Marketing Berhad..............................      206,000        83,202
 Anson Perdana Berhad..................................      122,000        90,512
 Antah Holding Berhad..................................      275,000        90,589
 *Aokam Perdana Berhad.................................      310,000        59,495
 Arab Malaysia Corp. Berhad............................      276,000       124,123
 Asia Pacific Land Berhad..............................    1,101,000       159,266
 Austral Amalgamated Berhad............................      256,000        45,832
 Austral Enterprises Berhad............................      224,000       250,241
 BIMB Holdings Berhad..................................      163,800        54,897
 Bandar Raya Developments Berhad.......................      605,000       178,500

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                                                                [Download Table]

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
 Batu Kawan Berhad.....................................      358,000  $    436,855
 Berjaya Industrial Berhad.............................      130,000        27,929
 *Best World Land Berhad...............................      232,000        43,196
 Bolton Properties Berhad..............................      291,000        79,188
 Boustead Holdings Berhad..............................      541,000       560,985
 *CHG Industries Berhad................................       60,000        19,077
 Cahya Mata Sarawak Berhad.............................      113,000        79,303
 Cement Industries of Malaysia Berhad..................      204,000       178,812
 Chin Teck Plantations Berhad..........................       55,000        64,279
 Chocolate Products (Malaysia) Berhad..................      540,000        95,903
 Cold Storage (Malaysia) Berhad........................      125,000        39,387
 *DNP Holdings Berhad..................................      487,000       104,625
 *Damansara Realty Berhad..............................    1,136,000       255,442
 Diethelm Holdings (Malaysia) Berhad...................      101,000        25,459
 Diversified Resources Berhad..........................      257,000       123,677
 Eastern & Oriental Berhad.............................      143,000        45,877
 Eastern Pacific Industrial Corp. Berhad...............      125,000        30,435
 FACB Berhad...........................................      969,000       140,172
 FCW Holdings Berhad...................................      182,000        39,621
 *Faber Group Berhad Issue 96..........................      502,000       112,161
 Far East Holdings Berhad..............................       78,000        29,493
 Federal Flour Mills Berhad............................      274,000       301,389
 Gadek (Malaysia) Berhad...............................      103,000        92,053
 *General Corp. Berhad.................................      521,000        91,036
 George Town Holdings Berhad...........................      171,000        78,372
 Gold Coin (Malaysia) Berhad...........................       47,000        34,061
 Golden Plus Holdings Berhad...........................      143,000        62,672
 *Granite Industries Berhad............................      345,000       126,495
 *Gula Perak Berhad....................................      357,000       111,465
 Guthrie Ropel Berhad..................................      196,000       128,569
 IGB Corp. Berhad......................................      583,000       202,069
 *Insas Berhad.........................................      794,000       183,089
 Integrated Logistics Berhad...........................      107,000        33,715
 *Intria Behard........................................    1,127,500       161,485
 Island & Peninsular Berhad............................      242,000       183,699
 Jasa Megah Industries Berhad..........................      226,000       129,474
 Jeram Kuantan (Malaysia) Berhad.......................       42,000         9,143
 KIG Glass Industrial Berhad...........................      218,000        49,332
 Kamunting Corp. Berhad................................    1,648,000       325,725
 Kanzen Berhad.........................................       83,000        22,111
 Keck Seng (Malaysia) Berhad...........................      373,000       181,636
 *Kelanamas Industries Berhad..........................      162,000        32,483
 Kim Hin Industry Berhad...............................      131,000        31,145
 Kuala Sidim Berhad....................................      203,000       203,521
 *Kumpulan Emas Berhad.................................      652,000        95,250
 Land & General Berhad.................................      541,000       170,465
 Landmarks Berhad......................................      452,000       114,585
 Larut Consolidated Berhad.............................      291,000        90,858
 Leader Universal Holdings Berhad......................      636,000       218,617
 *Leong Hup Holdings Berhad............................      230,000        53,695
 *Lion Corp. Berhad....................................      189,000        94,201
 Lion Land Berhad......................................    1,534,000       364,711
 *MBF Holdings Berhad..................................    1,155,000       201,817
 *MBF Land Berhad......................................      842,000       130,242
 *MCB Holdings Berhad..................................      173,000        35,432
 MMC Engineering Group Berhad..........................       25,000        12,174
 MUI Properties Berhad.................................    1,017,400       182,145
 MWE Holdings Berhad...................................      228,000        55,514
 Malayan Flour Mills Berhad............................      137,000        39,243

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  

 Malayawata Steel Berhad...............................      306,000  $     87,653
 Malaysia Building Society Berhad......................      170,000        61,844
 Malaysia Mining Corp. Berhad..........................    1,531,000       684,140
 Malaysian Helicopter Services Berhad..................    1,070,000       186,964
 Malaysian Industrial Development Finance Berhad.......      964,000       375,544
 Malaysian Mosaics Berhad..............................       79,000        40,733
 Malaysian Plantations Berhad..........................      497,000       170,837
 Mechmar Corp..........................................       67,000        15,354
 Mega First Corp. Berhad...............................      358,000        57,940
 Metrojaya Berhad......................................       34,000         8,960
 Metroplex Berhad......................................    1,210,000       426,320
 *Minho (Malaysia) Berhad..............................      153,000        32,432
 Muda Holdings Berhad..................................      223,000        57,171
 Nam Fatt Berhad.......................................      143,000        68,407
 OSK Holdings..........................................      133,000        57,908
 Oriental Holdings Berhad..............................      197,200       299,384
 *PJ Development Holdings Berhad.......................      380,000        76,739
 Palmco Holdings Berhad................................      229,000        56,741
 Paramount Corp. Berhad................................      100,000        25,494
 *Parit Perak Holdings Berhad..........................      228,000        52,248
 Pernas International Holdings Berhad..................      601,000       179,041
 SCB Developments Berhad...............................      215,000        81,910
 *Sarawak Enterprise Corp. Berhad......................      264,000        96,796
 *Sateras Resources (Malaysia) Berhad..................      292,000        49,767
 Selangor Dredging Berhad..............................      356,000        71,383
 Selangor Properties Berhad............................      532,000       185,916
 Shangri-la Hotels (Malaysia) Berhad...................      682,000       222,707
 Siah Brothers Corp. Berhad............................       52,000        14,597
 South Malaysia Industries Berhad......................      240,000        39,186
 TA Enterprise Berhad..................................      941,000       283,025
 Taiping Consolidated Berhad...........................      332,000        48,026
 Talam Corp. Berhad....................................      191,000        60,183
 Tan & Tan Developments Berhad.........................      496,000       160,548
 Tan Chong Motor Holdings Berhad.......................      981,000       533,910
 Time Engineering Berhad...............................      731,000       234,520
 Tradewinds Malaysia Berhad............................      219,000       112,290
 Tronoh Mines Malaysia Berhad..........................       62,000        47,951
 UMW Holdings Berhad...................................       95,000        89,801
 Uniphone Telecommunications Berhad....................      212,000        58,298
 Utusan Melayu (Malaysia) Berhad.......................       95,000        26,804
 *Wembley Industries Holdings Berhad...................      128,000        41,065
 *Westmont Industries Berhad...........................      361,000        69,283
 Wing Tiek Holdings Berhad.............................       86,000        22,171
 Worldwide Holdings Berhad.............................      156,000        48,261
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $40,696,718)...................................                 14,809,833
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.1%)                                                  
 *Malaysian Ringetts (Cost $293,201)...................                    296,631
                                                                      ------------
TOTAL -- MALAYSIA                                                                 
  (Cost $40,989,919)...................................                 15,106,464
                                                                      ------------
SWEDEN -- (2.9%)                                                                  
COMMON STOCKS -- (2.9%)                                                           
 Alma Industri & Handel AB Series B....................        8,000       203,083
 Angpannefoereningen AB Series B.......................        7,650       118,897
 *Argonaut AB Series A.................................       62,600       135,400
 *Argonaut AB Series B.................................      106,600       226,427
 B & N Bylock & Nordsjoefrakt AB Series B..............       91,800       405,438

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                                                                [Download Table]

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
 BPA AB Series A.......................................       64,900  $    156,345
 BPA AB Series B.......................................       49,700       119,728
 Beijer AB Series B....................................        8,000       123,300
 Benima Ferator Engineering AB.........................       10,600        43,658
 Berg (C.F.) & Co. AB Series B.........................       19,200        67,142
 Bong Ljungdahl AB.....................................       15,200       125,994
 Boras Waefveri AB Series B............................       15,900       129,737
 Celsius Industrier AB Series B........................       24,200       388,655
 *#Concordia Maritime AB Series B......................      118,100       397,696
 *Evidentia Fastigheter AB Series A....................       40,410       198,884
 *Evidentia Fastigheter AB Series B....................        3,900        19,195
 FFNS Gruppen AB Series B..............................       47,050       396,096
 *Fastighits AB Celtica................................       11,000        46,302
 *Firefly AB...........................................        5,800         6,761
 Forcenergy AB Series B................................       40,700       477,057
 Geveko AB Series B....................................       16,800       213,237
 *Gorthon Lines AB Series B............................       69,300       408,387
 ICB Shipping AB Series B..............................      135,200     1,821,116
 Intelligent Micro Systems Data AB.....................        7,500        44,198
 JP Bank Series A......................................       44,500       270,885
 JP Bank Series B......................................       23,100       139,121
 Jacobson and Widmark AB...............................       31,000       128,481
 Kjessler & Mannerstrale AB............................       20,200        96,801
 *Klippans Finpappersbruk AB...........................       30,800       107,308
 Kloevern Foervaltnings AB Series B....................      282,900       901,355
 Marieberg Tidnings AB Series A........................       24,000       618,574
 NH Nordiska Holding AB................................       86,500       156,845
 *Nordstroem & Thulin AB Series B......................      357,600       963,360
 Piren AB..............................................       16,018       105,805
 Platzer Bygg AB Series B..............................       87,900       144,584
 Prifast AB............................................       10,000        95,843
 Sandblom & Stohne AB Series B.........................        5,800        48,077
 Scandiaconsult AB.....................................       28,700       185,857
 *Sifab Fastignets AB..................................       35,500       243,687
 *Solitair Kapital AB..................................      265,600       270,038
 Spendrups Bryggeri AB Series B........................       23,600       213,963
 *#Stena Line AB Series B..............................      212,300       852,392
 Wallenstam Byggnads AB Series B.......................       73,700       464,862
 Westergyllen AB Series B..............................        6,800       174,382
 *Wihlborg & Son AB Series B...........................      224,800       381,413
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $11,631,426)...................................                 12,836,366
                                                                      ------------
RIGHTS/WARRANTS -- (0.0%)                                                         
 *Wihlborg & Son AB Warrants Series B 12/20/00 (Cost                              
   $0).................................................       26,000        13,638
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
 *Swedish Krona (Cost $9,077)..........................                      8,967
                                                                      ------------
TOTAL -- SWEDEN                                                                   
  (Cost $11,640,503)...................................                 12,858,971
                                                                      ------------
SINGAPORE -- (2.7%)                                                               
COMMON STOCKS -- (2.7%)                                                           
 Apollo Enterprises, Ltd...............................      192,000       148,292
 Bonvests Holdings, Ltd................................      471,000       186,326
 *CK Tang, Ltd.........................................       57,000        41,877
 Carnaudmetalbox Asia, Ltd.............................      163,000       184,235
 Chevalier Singapore Holdings, Ltd.....................      200,000        40,188
 Chuan Hup Holdings, Ltd...............................      516,000       204,128
 Cosco Investment (Singapore), Ltd.....................      223,000       106,422
 Focal Finance, Ltd....................................      101,000       139,526
 *General Magnetics, Ltd...............................      187,000        33,466

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  

 #Haw Par Brothers International, Ltd..................      411,000  $    572,937
 Hind Hotels International, Ltd........................      147,000       193,842
 Hong Kok Corp., Ltd...................................      307,000       277,596
 Hotel Grand Central, Ltd..............................      327,700       144,041
 Hotel Plaza, Ltd......................................      892,000       274,456
 Hotel Properties, Ltd.................................      760,000       548,812
 Hour Glass, Ltd.......................................      210,000        92,306
 Hwa Hong Corp., Ltd...................................      402,000       335,730
 *Hwa Tat Lee, Ltd.....................................      330,000        55,949
 Insurance Corp. of Singapore, Ltd.....................      112,000       152,613
 Intraco, Ltd..........................................      215,000       117,455
 Isetan (Singapore), Ltd...............................       64,000       105,693
 Jack Chia-MPH, Ltd....................................      208,000       116,896
 Jurong Engineering, Ltd...............................       91,000       102,284
 Keppel Marine Industries, Ltd.........................      409,000       328,735
 LC Development, Ltd...................................      292,000        95,345
 Lee Kim Tah Holdings, Ltd.............................       72,000        39,786
 Liang Court Holdings, Ltd.............................    1,052,600       317,261
 Lim Kah Ngam, Ltd.....................................      221,000       131,834
 Low Keng Huat Singapore, Ltd..........................      232,000        43,704
 Metro Holdings, Ltd...................................      233,800       438,963
 Neptune Orient Lines, Ltd.............................    1,394,000       831,570
 Orchard Parade Holdings, Ltd..........................      459,000       259,399
 Pacific Carriers, Ltd.................................      669,000       291,960
 Prima, Ltd............................................       83,000       197,007
 Republic Hotels and Resorts, Ltd......................      470,000       256,761
 Resources Development Corp., Ltd......................       88,000       116,042
 SNP Corp., Ltd........................................       72,500        27,315
 *Scotts Holdings, Ltd.................................      529,000       262,419
 Shangri-la Hotel, Ltd.................................      354,200       680,585
 Singapura Building Society, Ltd.......................       84,000        51,691
 *Singatronics, Ltd....................................      433,000        96,523
 Tat Lee Finance, Ltd..................................      160,000       115,539
 Tibs Holdings, Ltd....................................      203,000       115,998
 Times Publishing, Ltd.................................      271,000       513,912
 #Tuan Sing Holdings, Ltd..............................    1,462,000       243,280
 United Engineers, Ltd.................................      334,000       253,772
 United Overseas Finance, Ltd..........................      129,000        97,204
 United Overseas Land, Ltd.............................    1,321,000     1,285,721
 Vickers Ballas Holdings, Ltd..........................      543,000       298,346
 WBL Corp., Ltd........................................       82,000       120,488
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $18,769,547)...................................                 11,686,230
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
 *Singapore Dollars (Cost $80,443).....................                     80,261
                                                                      ------------
RIGHTS/WARRANTS -- (0.0%)                                                         
 *Sembawang Resources, Ltd. Rights 12/01/97 (Cost                                 
   $0).................................................       13,200             0
                                                                      ------------
TOTAL -- SINGAPORE                                                                
  (Cost $18,849,990)...................................                 11,766,491
                                                                      ------------
DENMARK -- (2.1%)                                                                 
COMMON STOCKS -- (2.1%)                                                           
 Aalborg Portland Holding A.S. Series A................        4,056       471,183
 Aalborg Portland Holding A.S. Series B................          680        78,995
 Alm Brand A.S. Series B...............................       22,464       736,050
 Amagerbanken A.S......................................        2,754       139,457
 *Amagerbanken A.S. Issue 97...........................          688        20,442
 Ambu International A.S. Series B......................          358        30,392

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CONTINUED                                                                       

                                                                [Download Table]

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
 Amtssparekassen Fyn A.S...............................        3,411  $    228,608
 Bording (F.E.) A.S. Series B..........................          475        23,346
 Broedrene Hartmann A.S. Series B......................        1,102       172,333
 *Dalhoff, Larsen & Hornemann A.S. Series B............        1,813        89,106
 Dampskibsselsk et Torm A.S............................        3,257       295,900
 Dampskibsselskabet Norden A.S.........................          737        93,300
 Dansk Kautionsforsikring A.S..........................        3,329       156,179
 Djursland Bank........................................          473        41,211
 *#East Asiatic Co., Ltd...............................       38,762       398,339
 Egnsbank Han Herred...................................        1,745        42,882
 Egnsbank Nord A.S.....................................          508        43,126
 Fih A.S. Series B.....................................       27,964       703,855
 Foras Holding A.S. Series B...........................        2,379       100,778
 Forstaedernes Bank....................................        2,575        51,774
 Fredgaard Radio AS....................................        1,747        93,148
 *Haandvaerkerbanken I Naestved........................          519        37,876
 Hedegaard (Peder P.) A.S..............................        1,406        62,821
 *Hoejgaard Holding A.S. Series A......................        1,876       251,462
 Hoejgaard Holding A.S. Series B.......................        1,415       189,669
 Hoffman & Sonner A.S. Series B........................        1,261        61,789
 *Junckers (F.) Industrier A.S.........................        2,975       130,709
 Kalkvaerksgrunde KVG A.S..............................        1,303        91,209
 Korn-Og Foderstof Kompagnet A.S.......................       21,980       605,615
 Lan & Spar Bank A.S...................................        5,006       160,297
 *Lauritzen (J.) Holding Series B......................        4,378       378,182
 Lokalbanken I Nordsjaelland A.S.......................          381        26,102
 *Lokalbanken I Nordsjaelland A.S. Issue 97............            7           480
 *Lokalbanken I Nordsjaelland A.S. Issue 97I...........            2           134
 *Midtbank A.S.........................................        5,100       167,105
 Migatronic Series B...................................        1,294        51,842
 Moens Bank A.S........................................          424        22,102
 Morso Bank............................................          240        18,766
 Naestved Diskontobanken...............................          651        71,748
 Nordvestbank..........................................          673        70,665
 Norresundby Bank......................................          100        16,085
 Ove Arkil Series B....................................          399        42,192
 Rederiet Knud I. Larsen A.S...........................        3,619        79,772
 Ringkjoebing Bank.....................................          244        48,696
 Ringkjoebing Landbobank...............................          413       108,258
 Skjern Bank A.S.......................................          306        25,066
 Spaencom A.S..........................................          300        29,936
 Spar Nord Holding.....................................        9,999       588,235
 Sparbank Vest A.S.....................................        2,374       176,786
 Sparekassen Faaborg A.S...............................        1,314        96,872
 Sydbank A.S...........................................       15,770       845,535
 Totalbanken A.S.......................................          200         8,191
 Vestjysk Bank.........................................        1,116        65,820
 Wessel & Vett Magasin du Nord A.S. Series C...........        5,448       348,090
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $9,366,216)....................................                  8,888,511
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
 *Denmark Krone (Cost $116,297)........................                    115,680
                                                                      ------------
TOTAL -- DENMARK                                                                  
  (Cost $9,482,513)....................................                  9,004,191
                                                                      ------------

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  

BELGIUM -- (1.5%)                                                                 
COMMON STOCKS -- (1.5%)                                                           
 Banque Belgo-Zairoise Belgolaise SA...................           83  $     26,458
 Belge des Betons......................................          626       267,069
 Bernheim-Comofi SA....................................        9,640       442,396
 CFE (Compagnie Francois d'Entreprises)................        2,996       856,235
 CMB (Cie Martime Belge)...............................        7,500       577,081
 Cofinimmo SA..........................................        4,850       497,128
 Fabrique de Fer de Charleroi..........................          220     1,300,109
 Floridienne NV........................................        1,900        85,889
 *Forges de Clabecq SA.................................        1,760           145
 *Franki NV (Cie Internationale des Pieux Armes                                   
   Frankignoul SA).....................................        1,800        21,764
 Ibel..................................................        2,500       127,095
 *Immobel (Cie Immobiliere de Belgique SA).............       17,260     1,052,959
 *Papeteries de Catala SA..............................          450        53,050
 *Recticel SA..........................................       58,686       628,951
 SIPEF (Societe Internationale de Plantations & de                                
   Finance), Anvers....................................          275        49,877
 Sapec SA..............................................        6,401       286,717
 Ter Beke NV...........................................        1,600       140,698
 Uco Textiles NV.......................................        2,000       268,755
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $5,869,764)....................................                  6,682,376
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
 *Belgian Francs (Cost $6,694).........................                      6,733
                                                                      ------------
TOTAL -- BELGIUM                                                                  
  (Cost $5,876,458)....................................                  6,689,109
                                                                      ------------
NORWAY -- (1.3%)                                                                  
COMMON STOCKS -- (0.9%)                                                           
 Bergensbanken ASA.....................................       18,042       188,153
 Color Line ASA........................................       13,300        49,932
 Dyno Industrier ASA...................................       53,971     1,065,646
 Elkem ASA.............................................       26,613       381,149
 Fesil ASA.............................................       15,518       194,197
 Helicopter Services Group ASA.........................       42,452       454,520
 Hunsfos ASA...........................................        4,300        16,741
 *Kongsberg Automotive ASA.............................        8,299        92,317
 Kverneland ASA........................................       18,732       330,790
 Leif Hoegh & Co. ASA..................................        1,620        31,761
 *Nomadic Shipping ASA.................................       21,876        39,544
 Nordlandsbanken ASA...................................       13,108       324,430
 Nydalens Compagnie ASA Series A.......................        9,312        63,446
 *Raufoss Ammunisjonfabrikker ASA......................        3,100        45,260
 Storli ASA Series A...................................       26,270       504,084
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $4,028,921)....................................                  3,781,970
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.4%)                                                  
 *Norwegian Krone (Cost $1,919,600)....................                  1,907,308
                                                                      ------------
TOTAL -- NORWAY                                                                   
  (Cost $5,948,521)....................................                  5,689,278
                                                                      ------------

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CONTINUED                                                                       

                                                                [Download Table]

                                                            FACE                  
                                                           AMOUNT           VALUE+
                                                        ------------  ------------
                                                           (000)                  
                                                                                  
TEMPORARY CASH INVESTMENTS -- (3.1%)                                              
 Repurchase Agreement, PNC Capital Markets Inc. 5.45%,                            
   12/01/97 (Collateralized by U.S. Treasury Notes                                
   8.50%, 11/15/00, valued at $13,792,319) to be                                  
   repurchased at $13,589,169                                                     
   (Cost $13,583,000).................................. $     13,583  $ 13,583,000
                                                                      ------------
TOTAL INVESTMENTS -- (100.0%)                                                     
  (Cost $572,778,278)++................................               $436,497,214
                                                                      ------------
                                                                      ------------
--------------------                                                              
+See Note B to Financial Statements.                                              
*Non-Income Producing Securities                                                  
#Total or Partial Securities on Loan                                              
@Denominated in local currency.                                                   
++Approximates cost for federal income tax purposes.                              

See accompanying Notes to Financial Statements. 

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THE DFA INTERMEDIATE GOVERNMENT FIXED INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS 

NOVEMBER 30, 1997 

                                                                [Download Table]

                                                            FACE                  
                                                           AMOUNT           VALUE+
                                                        ------------  ------------
                                                           (000)                  
                                                                                  
AGENCY OBLIGATIONS -- (55.3%)                                                     
Farm Credit System Financial Assistance Corp.                                     
    9.375%, 07/21/03................................... $     2,000   $  2,302,500
    8.800%, 06/10/05...................................       1,000      1,145,000
Federal Farm Credit Bank                                                          
    6.560%, 08/05/02...................................       2,000      2,040,740
    6.320%, 09/09/02...................................       1,000      1,008,440
    6.875%, 04/04/03...................................       1,190      1,234,767
    7.030%, 06/24/03...................................       2,000      2,086,900
    6.450%, 10/07/09...................................       2,000      2,024,400
    7.160%, 05/19/10...................................       3,000      3,222,030
Federal Home Loan Bank                                                            
    6.290%, 07/03/02...................................       3,100      3,125,326
    6.225%, 10/17/02...................................       2,000      2,014,420
    5.930%, 03/07/03...................................      10,085     10,012,891
    5.440%, 10/15/03...................................       8,550      8,279,904
Federal Home Loan Mortgage Corp.                                                  
    7.350%, 03/22/05...................................       2,000      2,145,320
    6.130%, 02/27/06...................................       1,000        996,710
    7.100%, 04/10/07...................................       2,000      2,134,320
    6.480%, 12/05/11...................................       2,000      2,021,360
Federal National Mortgage Association                                             
    7.050%, 11/12/02...................................       2,000      2,084,420
    6.800%, 01/10/03...................................       6,000      6,205,799
    6.710%, 05/21/03...................................       2,000      2,055,360
    6.050%, 06/30/03...................................       3,000      2,991,840
    5.450%, 10/10/03...................................       2,000      1,937,900
    7.400%, 07/01/04...................................       1,000      1,068,290
    7.375%, 03/28/05...................................       1,000      1,074,260
    6.220%, 03/13/06...................................       3,070      3,077,613
    6.570%, 08/22/07...................................       2,000      2,050,680
Student Loan Marketing Association                                                
    5.850%, 06/01/07...................................       1,000        974,600
Tennessee Valley Authority                                                        
    6.375%, 06/15/05...................................       5,000      5,062,500
                                                                      ------------
TOTAL AGENCY OBLIGATIONS                                                          
  (Cost $72,564,581)...................................                 74,378,290
                                                                      ------------


                                                            FACE                  
                                                           AMOUNT           VALUE+
                                                        ------------  ------------
                                                           (000)                  
                                                                                  

U.S. TREASURY OBLIGATIONS -- (43.1%)                                              
U.S. Treasury Bonds                                                               
    11.625%, 11/15/02.................................. $     5,340   $  6,643,921
    10.750%, 02/15/03..................................       4,000      4,863,480
    10.750%, 05/15/03..................................       8,000      9,794,640
    11.125%, 08/15/03..................................       2,000      2,502,820
    11.875%, 11/15/03..................................       3,000      3,890,640
    12.375%, 05/15/04..................................       2,000      2,688,100
    12.000%, 05/15/05..................................       5,000      6,815,000
    10.750%, 08/15/05..................................       2,000      2,590,620
    9.375%, 02/15/06...................................       7,000      8,568,979
U.S. Treasury Notes                                                               
    7.250%, 05/15/04...................................       3,000      3,219,450
    11.625%, 11/15/04..................................       1,000      1,322,090
    6.125%, 08/15/07...................................       5,000      5,096,999
                                                                      ------------
TOTAL U.S. TREASURY OBLIGATIONS                                                   
  (Cost $56,457,029)...................................                 57,996,739
                                                                      ------------
SUPRANATIONAL OBLIGATIONS -- (0.8%)                                               
European Investment Bank                                                          
    9.125%, 06/01/02                                                              
      (Cost $1,092,795)................................       1,000      1,116,250
                                                                      ------------
TEMPORARY CASH INVESTMENTS -- (0.8%)                                              
    Repurchase Agreement, PNC Capital Markets, Inc.                               
      5.45%, 12/01/97 (Collateralized by U.S. Treasury                            
      Notes 6.25%, 07/31/98, valued at $1,146,600) to                             
      be repurchased at $1,122,510 (Cost $1,122,000)...       1,122      1,122,000
                                                                      ------------
TOTAL INVESTMENTS -- (100.0%)                                                     
  (Cost $131,236,405)++................................               $134,613,279
                                                                      ------------
                                                                      ------------
--------------------                                                              
+See Note B to Financial Statements.                                              
++Approximates cost for federal income tax purposes.                              

See accompanying Notes to Financial Statements. 

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SCHEDULES OF INVESTMENTS
THE DFA ONE-YEAR FIXED INCOME PORTFOLIO 
NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                                                              SHARES         VALUE+    
                                                                                           -------------  -------------
                                                                                                                       
Investment in The DFA One-Year Fixed Income Series of The DFA Investment Trust Company....    75,119,478  $ 752,306,769
                                                                                                          -------------
    Total Investments (100%) (Cost $745,079,536)++........................................                $ 752,306,769
                                                                                                          -------------
                                                                                                          -------------

--------------                                                                  

++ The cost for federal income tax purposes is $749,300,441.                    

THE DFA FIVE-YEAR GOVERNMENT PORTFOLIO
NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                                                               FACE                    
                                                                                              AMOUNT         VALUE+    
                                                                                           -------------  -------------
                                                                                               (000)                   
                                                                                                                       
U.S. TREASURY OBLIGATIONS -- (99.1%)                                                                                   
U.S. Treasury Notes                                                                                                    
  4.750%, 10/31/98........................................................................ $      70,000  $  69,392,393
  5.875%, 10/31/98........................................................................        52,000     52,072,280
  5.500%, 11/15/98........................................................................         3,000      2,993,280
  8.875%, 11/15/98........................................................................        60,000     61,738,794
  5.750%, 12/31/98........................................................................         2,000      2,000,920
  5.875%, 01/31/99........................................................................        11,000     11,015,509
  5.875%, 02/28/99........................................................................         2,000      2,002,980
                                                                                                          -------------
TOTAL U.S. TREASURY OBLIGATIONS (Cost $201,305,799).......................................                  201,216,156
                                                                                                          -------------
TEMPORARY CASH INVESTMENTS -- (0.9%)                                                                                   
  Repurchase Agreement, PNC Capital Markets, Inc. 5.45%, 12/01/97 (Collateralized by U.S.                              
    Treasury Notes 6.25%, 07/31/98, valued at $1,883,700) to be repurchased at $1,850,840                              
    (Cost $1,850,000).....................................................................         1,850      1,850,000
                                                                                                          -------------
TOTAL INVESTMENTS -- (100.0%) (Cost $203,155,799)++.......................................                $ 203,066,156
                                                                                                          -------------
                                                                                                          -------------

--------------                                                                  

++Approximates cost for federal income tax purposes.                            

THE DFA TWO-YEAR GLOBAL FIXED INCOME PORTFOLIO
NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                                                              SHARES         VALUE+    
                                                                                           -------------  -------------
                                                                                                                       
Investment in The DFA Two-Year Global Fixed                                                                            
  Income Series of The DFA Investment Trust Company.......................................    40,996,217  $ 418,906,560
                                                                                                          -------------
    Total Investments (100%) (Cost $413,497,994)++........................................                $ 418,906,560
                                                                                                          -------------
                                                                                                          -------------

--------------                                                                  

++ Approximates cost for federal income tax purposes.                           

--------------                                                                  

+ See Note B to Financial Statements.                                           

See accompanying Notes to Financial Statements. 

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THE DFA GLOBAL FIXED INCOME PORTFOLIO 

SCHEDULE OF INVESTMENTS 

NOVEMBER 30, 1997 

                                                                [Download Table]

                                                             FACE                  
                                                           AMOUNT@           VALUE+
                                                         ------------  ------------
                                                            (000)                  
                                                                                   
GERMANY -- (22.6%)                                                                 
BONDS -- (22.6%)                                                                   
European Economic Community                                                        
    6.500%, 03/10/00...................................         5,500  $  3,245,126
Federal Home Loan Bank                                                             
    6.000%, 08/23/00...................................         9,000     5,266,834
Federal National Mortgage Association                                              
    5.000%, 02/16/01...................................         7,000     3,988,479
Germany (Federal Republic of)                                                      
    8.000%, 07/22/02...................................        21,000    13,364,383
LB Rheinland-Pfalz Finance BV                                                      
    5.375%, 02/12/02...................................        14,700     8,413,311
Minnesota Mining and Manufacturing Co.                                             
    5.000%, 10/15/01...................................        19,700    11,190,656
Suedwest Landesbank Capital Markets                                                
    5.375%, 02/06/02...................................         7,000     4,020,229
Tokyo Electric Power                                                               
    7.625%, 11/06/02...................................         7,000     4,363,119
                                                                       ------------
TOTAL BONDS                                                                        
  (Cost $54,971,155)...................................                  53,852,137
                                                                       ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                   
 *German Marks (Cost $187).............................                         182
                                                                       ------------
TOTAL -- GERMANY                                                                   
  (Cost $54,971,342)...................................                  53,852,319
                                                                       ------------
FRANCE -- (21.9%)                                                                  
BONDS -- (21.9%)                                                                   
Belgium (Kingdom of)                                                               
    6.875%, 05/30/02...................................        35,000     6,344,298
Caisse d'Amortissement et de Dette Sociale                                         
    5.500%, 04/25/02...................................        49,200     8,487,400
Credit Locale de France SA Euro Medium Term Notes                                  
    5.375%, 10/11/01...................................        31,000     5,326,747
France (Government of) BTAN                                                        
    4.750%, 03/12/02...................................        30,000     5,055,315
France (Republic of)                                                               
    5.500%, 10/12/01...................................        38,000     6,588,780
France Telecom SA                                                                  
    9.000%, 07/27/01...................................        50,000     9,591,784
KFW International Finance, Inc.                                                    
    8.750%, 06/26/02...................................        15,000     2,916,919
Suedwestdeutsche Landesbank Giro & Suedwestlb Capital                              
  Markets P.L.C.                                                                   
    6.000%, 03/08/02...................................        15,500     2,713,522
Toyota Motor Credit Corp. Euro Medium Term Notes                                   
    6.250%, 04/11/02...................................        30,000     5,322,106
                                                                       ------------
TOTAL BONDS                                                                        
  (Cost $52,840,149)...................................                  52,346,871
                                                                       ------------


                                                             FACE                  
                                                           AMOUNT@           VALUE+
                                                         ------------  ------------
                                                            (000)                  
                                                                                   
INVESTMENT IN CURRENCY -- (0.0%)                                                   
 *French Francs (Cost $1)..............................                $          1
                                                                       ------------
TOTAL -- FRANCE                                                                    
  (Cost $52,840,150)...................................                  52,346,872
                                                                       ------------
JAPAN -- (20.4%)                                                                   
BONDS -- (20.4%)                                                                   
Asian Development Bank                                                             
    5.625%, 02/18/02...................................       400,000     3,706,484
Credit Locale de France SA                                                         
    6.000%, 10/31/01...................................       400,000     3,709,305
Deutsche Siedlungs Landesrentenbank                                                
    2.600%, 07/10/02...................................       868,000     7,222,848
Inter-American Development Bank                                                    
    2.250%, 02/05/02...................................     1,358,000    11,135,334
Japan Development Bank                                                             
    6.500%, 09/20/01...................................     1,130,000    10,647,013
World Bank (International Bank for Reconstruction and                              
  Development)                                                                     
    5.250%, 03/20/02...................................     1,290,000    11,881,645
Nordic Investment Bank                                                             
    2.600%, 06/28/02...................................        60,000       499,275
                                                                       ------------
TOTAL -- JAPAN                                                                     
  (Cost $51,024,408)...................................                  48,801,904
                                                                       ------------
CANADA -- (17.3%)                                                                  
BONDS -- (17.3%)                                                                   
Bayerische Landesbank Girozentrale                                                 
    6.750%, 12/29/00...................................         2,000     1,459,152
    7.250%, 10/31/01...................................         4,000     2,975,910
Canada (Government of)                                                             
    7.500%, 09/01/00...................................         5,000     3,721,995
European Investment Bank                                                           
    11.250%, 01/08/01..................................         4,000     3,276,311
    9.000%, 12/06/01...................................         2,000     1,577,598
    6.625%, 12/31/01...................................         8,000     5,843,912
General Electric Capital Canada, Inc.                                              
    8.000%, 12/29/00...................................         5,000     3,762,040
    8.250%, 12/29/00...................................         6,684     5,064,312
Oesterreichische Kontrollbank AG Euro Medium Term Notes                            
    7.000%, 12/31/01...................................         7,140     5,281,904
Oesterreichische Postsparkasse PSK                                                 
    10.750%, 08/08/01..................................         1,600     1,315,695
SNCF (Societe Nationale des Chemins de Fer Francaise)                              
    9.250%, 12/20/01...................................         3,570     2,832,816
Toyota Credit Canada, Inc.                                                         
    7.375%, 12/31/01...................................         5,603     4,192,124
                                                                       ------------
TOTAL -- CANADA                                                                    
  (Cost $42,400,366)...................................                  41,303,769
                                                                       ------------

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THE DFA GLOBAL FIXED INCOME PORTFOLIO                                           

CONTINUED                                                                       

                                                                [Download Table]

                                                             FACE                  
                                                           AMOUNT@           VALUE+
                                                         ------------  ------------
                                                            (000)                  
                                                                                   
AUSTRALIA -- (8.0%)                                                                
BONDS -- (8.0%)                                                                    
ABN-Amro Australia, Ltd.                                                           
    8.250%, 11/03/00...................................        5,800   $  4,210,663
Airservices Australia                                                              
    7.375%, 11/15/01...................................        2,750      1,974,608
New South Wales Treasury Corp.                                                     
    8.000%, 12/01/01...................................        7,000      5,170,923
New South Wales Treasury Corp. Euro Medium Term Notes                              
    8.750%, 04/18/02...................................        2,000      1,507,376
State Bank of New South Wales                                                      
    11.750%, 08/16/01..................................        3,800      3,084,763
    10.750%, 03/12/02..................................        2,000      1,600,433
State Bank of South Australia                                                      
    11.000%, 04/10/02..................................        2,000      1,614,801
                                                                       ------------
TOTAL BONDS                                                                        
  (Cost $20,341,765)...................................                  19,163,567
                                                                       ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                   
  *Australian Dollar (Cost $1).........................                           1
                                                                       ------------
TOTAL -- AUSTRALIA                                                                 
  (Cost $20,341,766)...................................                  19,163,568
                                                                       ------------
UNITED STATES -- (6.9%)                                                            
COMMERCIAL PAPER -- (6.9%)                                                         
Barton Capital Corp. C.P.                                                          
    5.750%, 01/16/98...................................        4,999      4,962,271
Den Norske Stats Olejeselskap                                                      
  A.S. C.P.                                                                        
    5.800%, 12/01/97...................................       11,000     11,000,000
Hahn Issuing Corp. C.P.                                                            
    5.620%, 12/17/97...................................          600        598,502
                                                                       ------------
TOTAL -- UNITED STATES                                                             
  (Cost $16,560,772)...................................                  16,560,773
                                                                       ------------

                                                             FACE                  
                                                           AMOUNT@           VALUE+
                                                         ------------  ------------
                                                            (000)                  
                                                                                   
NETHERLANDS -- (2.2%)                                                              
BONDS -- (2.2%)                                                                    
Netherlands (Kingdom of)                                                           
  5.750%, 09/15/02                                                                 
    (Cost $5,365,481)..................................       10,000   $  5,181,217
                                                                       ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                   
  Netherlands Guilder                                                              
    (Cost $5)..........................................                           4
                                                                       ------------
TOTAL -- NETHERLANDS                                                               
  (Cost $5,365,486)....................................                   5,181,221
                                                                       ------------
UNITED KINGDOM -- (0.0%)                                                           
INVESTMENT IN CURRENCY -- (0.0%)                                                   
  *British Pound Sterling                                                          
    (Cost $70).........................................                          71
                                                                       ------------
TEMPORARY CASH INVESTMENTS -- (0.7%)                                               
  Repurchase Agreement, PNC Capital Markets Inc. 5.45%,                            
    12/01/97 (Collateralized by U.S. Treasury Notes                                
    8.50%, 11/15/00, valued at $1,637,469) to be                                   
    repurchased at $1,608,730                                                      
    (Cost $1,608,000)..................................        1,608      1,608,000
                                                                       ------------
TOTAL INVESTMENTS -- (100.0%) (Cost $245,112,360)++....                $238,818,497
                                                                       ------------
                                                                       ------------
--------------------                                                               
+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. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

STATEMENTS OF ASSETS AND LIABILITIES

NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                                        THE U.S.      THE U.S.     THE ENHANCED 
                                                       THE U.S. 9-10   6-10 SMALL      LARGE        U.S. LARGE  
                                                       SMALL COMPANY    COMPANY       COMPANY        COMPANY    
                                                         PORTFOLIO     PORTFOLIO     PORTFOLIO      PORTFOLIO   
                                                       -------------  ------------  ------------  --------------
                                                             (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)       
                                                                                                                
ASSETS:                                                                                                         
Investments at Value.................................. $   1,527,027  $    338,105  $    343,544   $     47,616 
Receivables                                                                                                     
    Dividends and Interest............................           944            --            --             -- 
    Investment Securities Sold........................         3,585            --           176             -- 
    Fund Shares Sold..................................           377           133            76            105 
Prepaid Expenses and Other Assets.....................            38             7            19             30 
                                                       -------------  ------------  ------------  --------------
        Total Assets..................................     1,531,971       338,245       343,815         47,751 
                                                       -------------  ------------  ------------  --------------
LIABILITIES:                                                                                                    
Payable for Investment Securities Purchased...........        20,805           133            --             98 
Payable for Fund Shares Redeemed......................           319            --           252              7 
Accrued Expenses and Other Liabilities................         1,420           120            26              4 
                                                       -------------  ------------  ------------  --------------
        Total Liabilities.............................        22,544           253           278            109 
                                                       -------------  ------------  ------------  --------------
NET ASSETS............................................ $   1,509,427  $    337,992  $    343,537   $     47,642 
                                                       -------------  ------------  ------------  --------------
                                                       -------------  ------------  ------------  --------------
SHARES OUTSTANDING $.01 PAR VALUE.....................   107,861,234    20,012,310    12,060,809      3,499,867 
                                                       -------------  ------------  ------------  --------------
                                                       -------------  ------------  ------------  --------------
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE........ $       13.99  $      16.89  $      28.48  $       13.61 
                                                       -------------  ------------  ------------  --------------
                                                       -------------  ------------  ------------  --------------
PUBLIC OFFERING PRICE PER SHARE....................... $       13.99  $      16.89  $      28.48  $       13.61 
                                                       -------------  ------------  ------------  --------------
                                                       -------------  ------------  ------------  --------------
Investments at Cost................................... $   1,150,358  $    235,193  $    223,539  $      41,061 
                                                       -------------  ------------  ------------  --------------
                                                       -------------  ------------  ------------  --------------

                                                        [Enlarge/Download Table]

                                                                                           THE U.S.    THE DFA REAL 
                                                                             THE U.S.     LARGE CAP       ESTATE    
                                                                            6-10 VALUE      VALUE       SECURITIES  
                                                                            PORTFOLIO     PORTFOLIO      PORTFOLIO  
                                                                           ------------  ------------  -------------
                                                                              (AMOUNTS IN THOUSANDS, EXCEPT SHARE   
                                                                                           AMOUNTS)                 
                                                                                                                    
ASSETS:                                                                                                             
Investments at Value...................................................... $  2,099,209  $    840,114   $    94,806 
Receivables                                                                                                         
    Dividends and Interest................................................           --            --           180 
    Investment Securities Sold............................................           --            --        26,511 
    Fund Shares Sold......................................................          595           724            76 
Prepaid Expenses and Other Assets.........................................           33            22            14 
                                                                           ------------  ------------  -------------
        Total Assets......................................................    2,099,837       840,860       121,587 
                                                                           ------------  ------------  -------------
LIABILITIES:                                                                                                        
Payable for Investment Securities Purchased...............................          241           572            -- 
Payable for Fund Shares Redeemed..........................................          354           152        26,459 
Accrued Expenses and Other Liabilities....................................          588           133            56 
                                                                           ------------  ------------  -------------
        Total Liabilities.................................................        1,183           857        26,515 
                                                                           ------------  ------------  -------------
NET ASSETS................................................................ $  2,098,654  $    840,003   $    95,072 
                                                                           ------------  ------------  -------------
                                                                           ------------  ------------  -------------
SHARES OUTSTANDING $.01 PAR VALUE.........................................   94,995,843    43,702,326     6,121,811 
                                                                           ------------  ------------  -------------
                                                                           ------------  ------------  -------------
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE............................ $      22.09  $      19.22  $      15.53 
                                                                           ------------  ------------  -------------
                                                                           ------------  ------------  -------------
PUBLIC OFFERING PRICE PER SHARE........................................... $      22.09  $      19.22  $      15.53 
                                                                           ------------  ------------  -------------
                                                                           ------------  ------------  -------------
Investments at Cost....................................................... $  1,396,176  $    604,894  $     78,077 
                                                                           ------------  ------------  -------------
                                                                           ------------  ------------  -------------

See accompanying Notes to Financial Statements. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

STATEMENTS OF ASSETS AND LIABILITIES

NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                                                     THE PACIFIC      THE UNITED   
                                                                     THE JAPANESE     RIM SMALL      KINGDOM SMALL 
                                                                    SMALL COMPANY      COMPANY          COMPANY    
                                                                      PORTFOLIO       PORTFOLIO        PORTFOLIO   
                                                                    --------------  --------------  ---------------
                                                                     (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)  
                                                                                                                   
ASSETS:                                                                                                            
Investments at Value...............................................  $    114,072    $    111,369     $   130,935  
Receivables                                                                                                        
    Investment Securities Sold.....................................         5,355           6,247              --  
    Fund Shares Sold...............................................            32              10              13  
Prepaid Expenses and Other Assets..................................             7               6               9  
                                                                    --------------  --------------  ---------------
        Total Assets...............................................       119,466         117,632         130,957  
                                                                    --------------  --------------  ---------------
LIABILITIES:                                                                                                       
Payable for Investment Securities Purchased........................            --              --              12  
Payable for Fund Shares Redeemed...................................         5,387           6,257               1  
Accrued Expenses and Other Liabilities.............................            62              55              53  
                                                                    --------------  --------------  ---------------
        Total Liabilities..........................................         5,449           6,312              66  
                                                                    --------------  --------------  ---------------
NET ASSETS.........................................................  $    114,017    $    111,320     $   130,891  
                                                                    --------------  --------------  ---------------
                                                                    --------------  --------------  ---------------
SHARES OUTSTANDING $.01 PAR VALUE..................................    12,067,337      11,691,318       4,561,540  
                                                                    --------------  --------------  ---------------
                                                                    --------------  --------------  ---------------
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE..................... $        9.45   $        9.52   $       28.69  
                                                                    --------------  --------------  ---------------
                                                                    --------------  --------------  ---------------
PUBLIC OFFERING PRICE PER SHARE.................................... $        9.50   $        9.62   $       28.69  
                                                                    --------------  --------------  ---------------
                                                                    --------------  --------------  ---------------
Investments at Cost................................................ $     282,515   $     162,813   $     103,397  
                                                                    --------------  --------------  ---------------
                                                                    --------------  --------------  ---------------

                                                        [Enlarge/Download Table]

                                                                           THE           THE             THE       
                                                                       CONTINENTAL   INTERNATIONAL     RWB/DFA     
                                                                          SMALL         SMALL       INTERNATIONAL  
                                                                         COMPANY       COMPANY       HIGH BOOK TO  
                                                                        PORTFOLIO     PORTFOLIO    MARKET PORTFOLIO
                                                                       ------------  ------------  ----------------
                                                                       (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
                                                                                                                   
ASSETS:                                                                                                            
Investments at Value.................................................. $    232,841   $  230,005     $    275,098  
Cash..................................................................           --           17               --  
Receivables                                                                                                        
    Investment Securities Sold........................................       17,217           --               94  
    Fund Shares Sold..................................................           13        1,084              110  
Prepaid Expenses and Other Assets.....................................            7           48               10  
                                                                       ------------  ------------  ----------------
        Total Assets..................................................      250,078      231,154          275,312  
                                                                       ------------  ------------  ----------------
LIABILITIES:                                                                                                       
Payable for Fund Shares Redeemed......................................       17,230          590              204  
Accrued Expenses and Other Liabilities................................          104           95               51  
                                                                       ------------  ------------  ----------------
        Total Liabilities.............................................       17,334          685              255  
                                                                       ------------  ------------  ----------------
NET ASSETS............................................................ $    232,744   $  230,469     $    275,057  
                                                                       ------------  ------------  ----------------
                                                                       ------------  ------------  ----------------
SHARES OUTSTANDING $.01 PAR VALUE.....................................   14,600,074   29,455,463       21,419,739  
                                                                       ------------  ------------  ----------------
                                                                       ------------  ------------  ----------------
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE........................ $      15.94  $      7.82   $        12.84  
                                                                       ------------  ------------  ----------------
                                                                       ------------  ------------  ----------------
PUBLIC OFFERING PRICE PER SHARE....................................... $      16.10  $      7.87   $        12.84  
                                                                       ------------  ------------  ----------------
                                                                       ------------  ------------  ----------------
Investments at Cost................................................... $    188,033  $   290,107   $      257,997  
                                                                       ------------  ------------  ----------------
                                                                       ------------  ------------  ----------------

See accompanying Notes to Financial Statements. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

STATEMENTS OF ASSETS AND LIABILITIES

NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                                                                   THE DFA        THE DFA    
                                                                                                INTERNATIONAL   INTERMEDIATE 
                                                                   THE EMERGING  THE LARGE CAP    SMALL CAP      GOVERNMENT  
                                                                     MARKETS     INTERNATIONAL      VALUE       FIXED INCOME 
                                                                    PORTFOLIO      PORTFOLIO      PORTFOLIO      PORTFOLIO   
                                                                   ------------  -------------  -------------  --------------
                                                                          (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)       
                                                                                                                             
ASSETS:                                                                                                                      
Investments at Value.............................................. $    212,114   $    87,010    $   436,497    $    134,613 
Cash..............................................................           --            15          1,475              -- 
Receivables                                                                                                                  
    Dividends and Interest........................................           --           255          1,678           1,969 
    Investment Securities Sold....................................          120             2          1,900              -- 
    Fund Shares Sold..............................................          145            14            401              10 
Prepaid Expenses and Other Assets.................................           19             9             46               7 
                                                                   ------------  -------------  -------------  --------------
        Total Assets..............................................      212,398        87,305        441,997         136,599 
                                                                   ------------  -------------  -------------  --------------
LIABILITIES:                                                                                                                 
Payable for Investment Securities Purchased.......................           --            --         10,326              -- 
Payable for Fund Shares Redeemed..................................          265            40             35               3 
Accrued Expenses and Other Liabilities............................           85            42            379              41 
                                                                   ------------  -------------  -------------  --------------
        Total Liabilities.........................................          350            82         10,740              44 
                                                                   ------------  -------------  -------------  --------------
NET ASSETS........................................................ $    212,048   $    87,223    $   431,257    $    136,555 
                                                                   ------------  -------------  -------------  --------------
                                                                   ------------  -------------  -------------  --------------
SHARES OUTSTANDING $.01 PAR VALUE.................................   22,065,103     6,112,974     54,272,582      12,111,202 
                                                                   ------------  -------------  -------------  --------------
                                                                   ------------  -------------  -------------  --------------
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE.................... $       9.61  $      14.27   $       7.95   $       11.28 
                                                                   ------------  -------------  -------------  --------------
                                                                   ------------  -------------  -------------  --------------
PUBLIC OFFERING PRICE PER SHARE................................... $       9.66  $      14.27   $       8.01   $       11.28 
                                                                   ------------  -------------  -------------  --------------
                                                                   ------------  -------------  -------------  --------------
Investments at Cost............................................... $    266,677  $     65,123   $    572,778   $     131,236 
                                                                   ------------  -------------  -------------  --------------
                                                                   ------------  -------------  -------------  --------------

                                                        [Enlarge/Download Table]

                                                                                                   THE DFA                   
                                                                    THE DFA         THE DFA       TWO-YEAR                   
                                                                 ONE-YEAR FIXED    FIVE-YEAR    GLOBAL FIXED   THE DFA GLOBAL
                                                                     INCOME       GOVERNMENT       INCOME       FIXED INCOME 
                                                                   PORTFOLIO       PORTFOLIO      PORTFOLIO      PORTFOLIO   
                                                                 --------------  -------------  -------------  --------------
                                                                         (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)        
                                                                                                                             
ASSETS:                                                                                                                      
Investments at Value............................................  $    752,307    $   203,066    $   418,907    $    238,818 
Cash............................................................            --             --             --              15 
Receivables                                                                                                                  
    Dividends and Interest......................................            --          1,084             --           6,337 
    Investment Securities Sold..................................            --             --             --          12,618 
    Fund Shares Sold............................................           668            320            963             376 
    Unrealized Gain on Forward Currency Contracts...............            --             --             --           4,733 
Prepaid Expenses and Other Assets...............................            21             12             45              18 
                                                                 --------------  -------------  -------------  --------------
        Total Assets............................................       752,996        204,482        419,915         262,915 
                                                                 --------------  -------------  -------------  --------------
LIABILITIES:                                                                                                                 
Payable for Investment Securities Purchased.....................           448             --            775          12,615 
Payable for Fund Shares Redeemed................................           220             46            188             109 
Accrued Expenses and Other Liabilities..........................            91             59             47             113 
                                                                 --------------  -------------  -------------  --------------
        Total Liabilities.......................................           759            105          1,010          12,837 
                                                                 --------------  -------------  -------------  --------------
NET ASSETS......................................................  $    752,237    $   204,377    $   418,905    $    250,078 
                                                                 --------------  -------------  -------------  --------------
                                                                 --------------  -------------  -------------  --------------
SHARES OUTSTANDING $.01 PAR VALUE...............................    73,563,755     19,718,713     40,270,906      22,976,497 
                                                                 --------------  -------------  -------------  --------------
                                                                 --------------  -------------  -------------  --------------
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE.................. $       10.23   $      10.36   $      10.40   $       10.88 
                                                                 --------------  -------------  -------------  --------------
                                                                 --------------  -------------  -------------  --------------
PUBLIC OFFERING PRICE PER SHARE................................. $       10.23   $      10.36   $      10.40   $       10.88 
                                                                 --------------  -------------  -------------  --------------
                                                                 --------------  -------------  -------------  --------------
Investments at Cost............................................. $     745,080   $    203,156   $    413,498   $     245,112 
                                                                 --------------  -------------  -------------  --------------
                                                                 --------------  -------------  -------------  --------------

See accompanying Notes to Financial Statements. 

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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]

                                                                                                          THE    
                                                                THE U.S.     THE U.S.     THE U.S.     ENHANCED  
                                                               9-10 SMALL   6-10 SMALL      LARGE     U.S. LARGE 
                                                                 COMPANY      COMPANY      COMPANY      COMPANY  
                                                                PORTFOLIO    PORTFOLIO    PORTFOLIO    PORTFOLIO 
                                                               -----------  -----------  -----------  -----------
                                                                                                                 
INVESTMENT INCOME                                                                                                
  Dividends................................................... $     8,607          --           --           -- 
  Interest....................................................       1,222          --           --           -- 
  Income from Securities Lending..............................         738          --           --           -- 
  Income Distributions Received...............................          --   $   2,341           --    $   1,590 
  Net Investment Income from The DFA Investment Trust                                                            
    Company...................................................          --          --    $   4,639           -- 
                                                               -----------  -----------  -----------  -----------
        Total Investment Income...............................      10,567       2,341        4,639        1,590 
                                                               -----------  -----------  -----------  -----------

EXPENSES                                                                                                         
  Investment Advisory Services................................       6,538          --           --           -- 
  Administrative Services.....................................          --         908          572           50 
  Accounting & Transfer Agent Fees............................         649          19          105           19 
  Custodian's Fee.............................................         230          --           --           -- 
  Legal Fees..................................................          62           3            4            1 
  Audit Fees..................................................          73           1            1           -- 
  Filing Fees.................................................          93          27           48           15 
  Shareholders' Reports.......................................          49          11           11            1 
  Directors' Fees and Expenses................................          30           2            2            2 
  Other.......................................................          59           1            2            7 
                                                               -----------  -----------  -----------  -----------
        Total Expenses........................................       7,783         972          745           95 
  Less: Expenses Waived.......................................          --          --         (535)          (6)
                                                               -----------  -----------  -----------  -----------
  Net Expenses................................................       7,783         972          210           89 
                                                               -----------  -----------  -----------  -----------
  NET INVESTMENT INCOME.......................................       2,784       1,369        4,429        1,501 
                                                               -----------  -----------  -----------  -----------

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS                                                           
  Capital Gain Distributions Received.........................          --      25,830           --        3,438 
  Net Realized Gain (Loss) on Investment Securities...........     203,572       3,502          386         (223)
  Change in Unrealized Appreciation (Depreciation) of                                                            
    Investment Securities.....................................     117,414      34,002       61,568        2,464 
                                                               -----------  -----------  -----------  -----------
  NET GAIN ON INVESTMENT SECURITIES...........................     320,986      63,334       61,954        5,679 
                                                               -----------  -----------  -----------  -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......... $   323,770   $  64,703    $  66,383    $   7,180 
                                                               -----------  -----------  -----------  -----------
                                                               -----------  -----------  -----------  -----------

See accompanying Notes to Financial Statements. 

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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]

                                                                                               THE U.S.      THE DFA  
                                                                                   THE U.S     LARGE CAP   REAL ESTATE
                                                                                 6-10 VALUE      VALUE     SECURITIES 
                                                                                  PORTFOLIO    PORTFOLIO    PORTFOLIO 
                                                                                 -----------  -----------  -----------
                                                                                                                      
INVESTMENT INCOME                                                                                                     
  Dividends.....................................................................          --           --   $   5,735 
  Interest......................................................................          --           --         118 
  Income from Securities Lending................................................          --           --          17 
  Income Distributions Received................................................. $    11,533  $    13,012          -- 
                                                                                 -----------  -----------  -----------
        Total Investment Income.................................................      11,533       13,012       5,870 
                                                                                 -----------  -----------  -----------
EXPENSES                                                                                                              
  Investment Advisory Services..................................................          --           --         290 
  Administrative Services.......................................................       5,061        1,045          -- 
  Accounting & Transfer Agent Fees..............................................          19           19         104 
  Custodian's Fee...............................................................          --           --          17 
  Legal Fees....................................................................          14            6           6 
  Audit Fees....................................................................           6            2           6 
  Filing Fees...................................................................         172           85          23 
  Shareholders' Reports.........................................................          68           28           4 
  Directors' Fees and Expenses..................................................           8            4           3 
  Other.........................................................................           9            9           4 
                                                                                 -----------  -----------  -----------
        Total Expenses..........................................................       5,357        1,198         457 
                                                                                 -----------  -----------  -----------
  NET INVESTMENT INCOME.........................................................       6,176       11,814       5,413 
                                                                                 -----------  -----------  -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS                                                                
  Capital Gain Distributions Received...........................................      55,250       28,840          -- 
  Net Realized Gain (Loss) on Investment Securities.............................        (793)        (374)      9,447 
  Change in Unrealized Appreciation (Depreciation) of Investment Securities.....     429,999      112,833       8,112 
                                                                                 -----------  -----------  -----------
  NET GAIN ON INVESTMENT SECURITIES.............................................     484,456      141,299      17,559 
                                                                                 -----------  -----------  -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............................ $   490,632  $   153,113   $  22,972 
                                                                                 -----------  -----------  -----------
                                                                                 -----------  -----------  -----------

See accompanying Notes to Financial Statements. 

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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]

                                                                                          THE PACIFIC    THE UNITED   
                                                                           THE JAPANESE    RIM SMALL    KINGDOM SMALL 
                                                                          SMALL COMPANY     COMPANY        COMPANY    
                                                                            PORTFOLIO      PORTFOLIO      PORTFOLIO   
                                                                          --------------  -----------  ---------------
                                                                                                                      
INVESTMENT INCOME                                                                                                     
  Net Investment Income From The DFA Investment Trust Company............  $      1,884    $   4,684     $     4,308  
                                                                          --------------  -----------  ---------------
EXPENSES                                                                                                              
  Administrative Services................................................           809          784             605  
  Accounting & Transfer Agent Fees.......................................            38           38              38  
  Legal Fees.............................................................             3            3               3  
  Audit Fees.............................................................             1            1              --  
  Filing Fees............................................................            21           21              17  
  Shareholders' Reports..................................................             7            7               5  
  Directors' Fees and Expenses...........................................             2            2               1  
  Other..................................................................             2            1               4  
                                                                          --------------  -----------  ---------------
        Total Expenses...................................................           883          857             673  
                                                                          --------------  -----------  ---------------
  NET INVESTMENT INCOME..................................................         1,001        3,827           3,635  
                                                                          --------------  -----------  ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN                                                    
  CURRENCY                                                                                                            
  Net Realized Gain (Loss) on Investment Securities......................        (1,544)       5,758          12,752  
  Net Realized Gain (Loss) on Foreign Currency Transactions..............            62         (370)            117  
  Change in Unrealized Appreciation (Depreciation) of:                                                                
    Investment Securities and Foreign Currency...........................      (134,974)     (81,707)         (4,795) 
    Translation of Foreign Currency Denominated Amounts..................           (17)         (10)             (1) 
                                                                          --------------  -----------  ---------------
  NET GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY..........      (136,473)     (76,329)          8,073  
                                                                          --------------  -----------  ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS..........  $   (135,472)   $ (72,502)    $    11,708  
                                                                          --------------  -----------  ---------------
                                                                          --------------  -----------  ---------------

See accompanying Notes to Financial Statements. 

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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]

                                                                                 THE          THE        THE RWB/DFA  
                                                                             CONTINENTAL  INTERNATIONAL INTERNATIONAL 
                                                                                SMALL        SMALL       HIGH BOOK TO 
                                                                               COMPANY      COMPANY         MARKET    
                                                                              PORTFOLIO    PORTFOLIO      PORTFOLIO   
                                                                             -----------  ------------  --------------
                                                                                                                      
INVESTMENT INCOME                                                                                                     
    Interest...............................................................          --    $       60              -- 
    Income Distributions Received..........................................          --            --    $      5,209 
    Net Investment Income from The DFA Investment Trust                                                               
      Company..............................................................   $   5,225         3,529              -- 
                                                                             -----------  ------------  --------------
        Total Investment Income............................................       5,225         3,589           5,209 
                                                                             -----------  ------------  --------------
EXPENSES                                                                                                              
    Administrative Services................................................       1,134           753              27 
    Accounting & Transfer Agent Fees.......................................          38            31              19 
    Client Service Fee.....................................................          --            --             357 
    Legal Fees.............................................................           4             3               3 
    Audit Fees.............................................................           1             1               1 
    Filing Fees............................................................          28            38              60 
    Shareholders' Reports..................................................          10             9              10 
    Directors' Fees and Expenses...........................................           2             2               2 
    Other..................................................................           1            10              12 
                                                                             -----------  ------------  --------------
        Total Expenses.....................................................       1,218           847             491 
                                                                             -----------  ------------  --------------
    NET INVESTMENT INCOME..................................................       4,007         2,742           4,718 
                                                                             -----------  ------------  --------------

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY                                           
    Capital Gain Distributions Received....................................          --            --           5,179 
    Net Realized Gain (Loss) on Investment Securities......................      16,008          (813)             44 
    Net Realized Loss on Foreign Currency Transactions.....................        (405)         (109)             -- 
    Change in Unrealized Appreciation (Depreciation) of:                                                              
        Investment Securities and Foreign Currency.........................      16,460       (59,544)        (21,705)
        Translation of Foreign Currency Denominated Amounts................        (144)          (70)             -- 
                                                                             -----------  ------------  --------------
    NET GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY..........      31,919       (60,536)        (16,482)
                                                                             -----------  ------------  --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS............   $  35,926    $  (57,794)   $    (11,764)
                                                                             -----------  ------------  --------------
                                                                             -----------  ------------  --------------

See accompanying Notes to Financial Statements. 

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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]

                                                                                                   THE DFA        THE DFA   
                                                                       THE         THE LARGE     INTERNATIONAL INTERMEDIATE 
                                                                     EMERGING         CAP         SMALL CAP     GOVERNMENT  
                                                                     MARKETS     INTERNATIONAL      VALUE      FIXED INCOME 
                                                                    PORTFOLIO      PORTFOLIO      PORTFOLIO      PORTFOLIO  
                                                                    ----------  ---------------  ------------  -------------
                                                                                                                            
INVESTMENT INCOME                                                                                                           
    Dividends, (Net of Foreign Taxes Withheld of $0, $171, $972                                                             
      and $0, respectively).......................................          --     $   1,662      $    9,040            --  
    Interest......................................................          --           107             868     $   7,925  
    Income from Securities Lending................................          --            56             250            --  
    Net Investment Income from The DFA Investment Trust Company...  $    3,661            --              --            --  
                                                                    ----------       -------     ------------  -------------
        Total Investment Income...................................       3,661         1,825          10,158         7,925  
                                                                    ----------       -------     ------------  -------------
EXPENSES                                                                                                                    
    Investment Advisory Services..................................          --           211           2,783           184  
    Administrative Services.......................................         890            --              --            --  
    Accounting & Transfer Agent Fees..............................          38           111             455            66  
    Custodian's Fee...............................................          --            37             372            15  
    Legal Fees....................................................           4             7              29             4  
    Audit Fees....................................................           1             5              25             7  
    Filing Fees...................................................          57            14             114            25  
    Shareholders' Reports.........................................          10             3              21             5  
    Directors' Fees and Expenses..................................           2             4              25             3  
    Other.........................................................           8             8              46             3  
                                                                    ----------       -------     ------------  -------------
        Total Expenses............................................       1,010           400           3,870           312  
                                                                    ----------       -------     ------------  -------------
    NET INVESTMENT INCOME.........................................       2,651         1,425           6,288         7,613  
                                                                    ----------       -------     ------------  -------------

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN                                                          
  CURRENCY                                                                                                                  
    Net Realized Gain (Loss) on Investment Securities.............         151           (71)         15,347           604  
    Net Realized Gain (Loss) on Foreign Currency Transactions.....         698           (12)            (18)           --  
    Change in Unrealized Appreciation (Depreciation) of:                                                                    
        Investment Securities and Foreign Currency................     (58,004)        1,055        (126,164)          281  
        Translation of Foreign Currency Denominated Amounts.......         (18)           (6)             (8)           --  
                                                                    ----------       -------     ------------  -------------
    NET GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN                                                                    
      CURRENCY....................................................     (57,173)          966        (110,843)          885  
                                                                    ----------       -------     ------------  -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...  $  (54,522)    $   2,391      $ (104,555)    $   8,498  
                                                                    ----------       -------     ------------  -------------
                                                                    ----------       -------     ------------  -------------

See accompanying Notes to Financial Statements. 

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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]

                                                                                                 THE DFA                  
                                                                    THE DFA       THE DFA       TWO-YEAR        THE DFA   
                                                                   ONE-YEAR      FIVE-YEAR    GLOBAL FIXED   GLOBAL FIXED 
                                                                 FIXED INCOME    GOVERNMENT      INCOME         INCOME    
                                                                   PORTFOLIO     PORTFOLIO      PORTFOLIO      PORTFOLIO  
                                                                 -------------  ------------  -------------  -------------
                                                                                                                          
INVESTMENT INCOME                                                                                                         
  Interest......................................................           --    $   11,919             --    $    10,217 
  Income Distributions Received.................................  $    45,390            --    $    25,359             -- 
                                                                 -------------  ------------  -------------  -------------
        Total Investment Income.................................       45,390        11,919         25,359         10,217 
                                                                 -------------  ------------  -------------  -------------
EXPENSES                                                                                                                  
  Investment Advisory Services..................................           --           382             --            519 
  Administrative Fees...........................................          768            --            370             -- 
  Accounting & Transfer Agent Fees..............................           19            87             19            239 
  Custodian's Fee...............................................           --            24             --             48 
  Legal Fees....................................................            6             6              3             14 
  Audit Fees....................................................            2            10              1             12 
  Filing Fees...................................................           95            23            157             27 
  Shareholders' Reports.........................................           26             7             14              8 
  Directors' Fees and Expenses..................................            3             4              2              8 
  Other.........................................................            2             3              9              3 
                                                                 -------------  ------------  -------------  -------------
        Total Expenses..........................................          921           546            575            878 
                                                                 -------------  ------------  -------------  -------------
  NET INVESTMENT INCOME.........................................       44,469        11,373         24,784          9,339 
                                                                 -------------  ------------  -------------  -------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND                                                                
  FOREIGN CURRENCY                                                                                                        
  Capital Gain Distributions Received...........................           --            --            251             -- 
  Net Realized Gain (Loss) on Investment Securities.............         (153)        2,329           (257)         1,496 
  Net Realized Gain on Foreign Currency Transactions............           --            --             --         10,999 
  Change in Unrealized (Depreciation) of:                                                                                 
    Investment Securities and Foreign Currency..................       (1,625)       (3,322)        (4,154)        (9,751)
    Translation of Foreign Currency Denominated Amounts.........           --            --             --          3,858 
                                                                 -------------  ------------  -------------  -------------
  NET GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN                                                                    
    CURRENCY....................................................       (1,778)         (993)        (4,160)         6,602 
                                                                 -------------  ------------  -------------  -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............  $    42,691    $   10,380    $    20,624    $    15,941 
                                                                 -------------  ------------  -------------  -------------
                                                                 -------------  ------------  -------------  -------------

See accompanying Notes to Financial Statements. 

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DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS 
(AMOUNTS IN THOUSANDS)

                                                        [Enlarge/Download Table]

                                                                 THE U.S. 6-10                                  THE ENHANCED      
                                        THE U.S. 9-10            SMALL COMPANY         THE U.S. LARGE            U.S. LARGE       
                                        SMALL COMPANY              PORTFOLIO         COMPANY PORTFOLIO       COMPANY PORTFOLIO    
                                          PORTFOLIO          ---------------------  --------------------  ------------------------
                                   ------------------------                YEAR       YEAR       YEAR                    JULY 3,  
                                   YEAR ENDED   YEAR ENDED   YEAR ENDED    ENDED      ENDED      ENDED    YEAR ENDED       TO     
                                    NOV. 30,     NOV. 30,     NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,    NOV. 30,     NOV. 30,  
                                      1997         1996         1997       1996       1997       1996        1997         1996    
                                   -----------  -----------  ----------  ---------  ---------  ---------  -----------  -----------
                                                                                                                                  
INCREASE (DECREASE) IN NET ASSETS                                                                                                 
Operations:                                                                                                                       
  Net Investment Income..........  $     2,784  $     2,408  $    1,369  $   1,695  $   4,429  $   2,729   $   1,501    $     300 
  Capital Gain Distributions                                                                                                      
    Received.....................           --           --      25,830     10,281         --        685       3,438           -- 
  Net Realized Gain (Loss) on                                                                                                     
    Investment Securities........      203,572      112,062       3,502       (840)       386         83        (223)           1 
  Change in Unrealized                                                                                                            
    Appreciation (Depreciation)                                                                                                   
    of Investment Securities.....      117,414       61,134      34,002     25,253     61,568     30,957       2,464        4,091 
                                   -----------  -----------  ----------  ---------  ---------  ---------  -----------  -----------
      Net Increase in Net Assets                                                                                                  
        Resulting from                                                                                                            
        Operations...............      323,770      175,604      64,703     36,389     66,383     34,454       7,180        4,392 
                                   -----------  -----------  ----------  ---------  ---------  ---------  -----------  -----------

Distributions From:                                                                                                               
  Net Investment Income..........       (2,613)        (505)     (1,724)      (218)    (4,238)    (1,899)     (1,430)          -- 
  Net Realized Gains.............     (112,075)     (63,526)    (14,685)    (5,838)    (1,083)       (32)     (1,462)          -- 
                                   -----------  -----------  ----------  ---------  ---------  ---------  -----------  -----------
      Total Distributions........     (114,688)     (64,031)    (16,409)    (6,056)    (5,321)    (1,931)     (2,892)          -- 
                                   -----------  -----------  ----------  ---------  ---------  ---------  -----------  -----------

Capital Share Transactions (1):                                                                                                   
  Shares Issued..................      280,065      244,685     150,640     72,430    129,228     84,328      30,747       25,636 
  Shares Issued in Lieu of Cash                                                                                                   
    Distributions................      102,836       59,632      14,417      5,852      4,190      1,569         796           -- 
  Shares Redeemed................     (264,360)    (159,560)   (109,553)   (61,065)   (38,700)   (27,774)    (17,425)        (792)
                                   -----------  -----------  ----------  ---------  ---------  ---------  -----------  -----------
      Net Increase From Capital                                                                                                   
        Shares Transactions......      118,541      144,757      55,504     17,217     94,718     58,123      14,118       24,844 
                                   -----------  -----------  ----------  ---------  ---------  ---------  -----------  -----------
      Total Increase.............      327,623      256,330     103,798     47,550    155,780     90,646      18,406       29,236 

NET ASSETS                                                                                                                        
  Beginning of Period............    1,181,804      925,474     234,194    186,644    187,757     97,111      29,236           -- 
                                   -----------  -----------  ----------  ---------  ---------  ---------  -----------  -----------
  End of Period..................  $ 1,509,427  $ 1,181,804  $  337,992  $ 234,194  $ 343,537  $ 187,757   $  47,642    $  29,236 
                                   -----------  -----------  ----------  ---------  ---------  ---------  -----------  -----------
                                   -----------  -----------  ----------  ---------  ---------  ---------  -----------  -----------

(1) SHARES ISSUED AND REDEEMED:                                                                                                   
   Shares Issued.................       22,996       21,310      10,399      5,343      5,125      4,258       2,448        2,543 
   Shares Issued in Lieu of Cash                                                                                                  
     Distributions...............        9,206        5,684       1,066        469        173         80          68           -- 
   Shares Redeemed...............      (21,719)     (13,545)     (7,570)    (4,459)    (1,498)    (1,436)     (1,488)         (71)
                                   -----------  -----------  ----------  ---------  ---------  ---------  -----------  -----------
                                        10,483       13,449       3,895      1,353      3,800      2,902       1,028        2,472 
                                   -----------  -----------  ----------  ---------  ---------  ---------  -----------  -----------
                                   -----------  -----------  ----------  ---------  ---------  ---------  -----------  -----------

See accompanying Notes to Financial Statements. 

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STATEMENTS OF CHANGES IN NET ASSETS 
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                                                               THE U.S.                THE U.S.                THE DFA         
                                                              6-10 VALUE           LARGE CAP VALUE     REAL ESTATE SECURITIES  
                                                              PORTFOLIO               PORTFOLIO               PORTFOLIO        
                                                       ------------------------  --------------------  ----------------------- 
                                                                       YEAR        YEAR       YEAR         YEAR        YEAR    
                                                       YEAR ENDED      ENDED       ENDED      ENDED       ENDED        ENDED   
                                                        NOV. 30,     NOV. 30,    NOV. 30,   NOV. 30,     NOV. 30,    NOV. 30,  
                                                          1997         1996        1997       1996         1997        1996    
                                                       -----------  -----------  ---------  ---------  ------------  --------- 
                                                                                                                               
INCREASE (DECREASE) IN NET ASSETS                                                                                              
Operations:                                                                                                                    
  Net Investment Income..............................  $     6,176  $     7,300  $  11,814  $   8,545   $    5,413   $   3,547 
  Capital Gain Distributions Received................       55,250       15,384     28,840      7,389           --          -- 
  Net Realized Gain (Loss) on Investment                                                                                       
    Securities.......................................         (793)        (917)      (374)      (293)       9,447        (381)
  Change in Unrealized Appreciation (Depreciation) of                                                                          
    Investment                                                                                                                 
    Securities.......................................      429,999      169,583    112,833     69,244        8,112       9,679 
                                                       -----------  -----------  ---------  ---------  ------------  --------- 
      Net Increase in Net Assets Resulting from                                                                                
        Operations...................................      490,632      191,350    153,113     84,885       22,972      12,845 
                                                       -----------  -----------  ---------  ---------  ------------  --------- 

Distributions From:                                                                                                            
  Net Investment Income..............................       (7,821)        (761)   (11,318)    (6,174)      (3,559)       (628)
  Net Realized Gains.................................      (26,324)      (2,190)   (11,813)       (22)          --          -- 
                                                       -----------  -----------  ---------  ---------  ------------  --------- 
      Total Distributions............................      (34,145)      (2,951)   (23,131)    (6,196)      (3,559)       (628)
                                                       -----------  -----------  ---------  ---------  ------------  --------- 

Capital Share Transactions (1):                                                                                                
  Shares Issued......................................      644,816      503,665    244,279    254,835       44,305      21,011 
  Shares Issued in Lieu of Cash Distributions........       28,379        2,393     17,570      4,665        2,916         571 
  Shares Redeemed....................................     (238,326)     (97,109)   (92,977)   (77,955)     (35,952)    (12,844)
                                                       -----------  -----------  ---------  ---------  ------------  --------- 
      Net Increase From Capital Shares                                                                                         
        Transactions.................................      434,869      408,949    168,872    181,545       11,269       8,738 
                                                       -----------  -----------  ---------  ---------  ------------  --------- 

      Total Increase.................................      891,356      597,348    298,854    260,234       30,682      20,955 

NET ASSETS                                                                                                                     
  Beginning of Period................................    1,207,298      609,950    541,149    280,915       64,390      43,435 
                                                       -----------  -----------  ---------  ---------  ------------  --------- 
  End of Period......................................  $ 2,098,654  $ 1,207,298  $ 840,003  $ 541,149   $   95,072   $  64,390 
                                                       -----------  -----------  ---------  ---------  ------------  --------- 
                                                       -----------  -----------  ---------  ---------  ------------  --------- 

(1) SHARES ISSUED AND REDEEMED:                                                                                                
   Shares Issued.....................................       34,268       33,774     14,060     17,878        3,193       1,878 
   Shares Issued in Lieu of Cash Distributions.......        1,683          169      1,083        329          222          54 
   Shares Redeemed...................................      (11,957)      (6,426)    (5,299)    (5,490)      (2,384)     (1,184)
                                                       -----------  -----------  ---------  ---------  ------------  --------- 
                                                            23,994       27,517      9,844     12,717        1,031         748 
                                                       -----------  -----------  ---------  ---------  ------------  --------- 
                                                       -----------  -----------  ---------  ---------  ------------  --------- 

See accompanying Notes to Financial Statements. 

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STATEMENTS OF CHANGES IN NET ASSETS 
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                                                             THE JAPANESE          THE PACIFIC RIM       THE UNITED KINGDOM   
                                                            SMALL COMPANY           SMALL COMPANY          SMALL COMPANY      
                                                              PORTFOLIO               PORTFOLIO              PORTFOLIO        
                                                        ----------------------  ---------------------  ---------------------- 
                                                           YEAR        YEAR        YEAR       YEAR        YEAR        YEAR    
                                                          ENDED       ENDED       ENDED       ENDED       ENDED       ENDED   
                                                         NOV. 30,    NOV. 30,    NOV. 30,   NOV. 30,    NOV. 30,    NOV. 30,  
                                                           1997        1996        1997       1996        1997        1996    
                                                        ----------  ----------  ----------  ---------  -----------  --------- 
                                                                                                                              
INCREASE (DECREASE) IN NET ASSETS                                                                                             
Operations:                                                                                                                   
  Net Investment Income................................ $    1,001  $      884  $    3,827  $   3,482   $   3,635   $   4,164 
  Net Realized Gain (Loss) on Investment Securities....     (1,544)     17,037       5,758     11,893      12,752       8,116 
  Net Realized Gain (Loss) on Foreign Currency                                                                                
    Transactions.......................................         62        (141)       (370)       (15)        117         (13)
  Change in Unrealized Appreciation                                                                                           
    (Depreciation) of :                                                                                                       
    Investment Securities and Foreign Currency.........   (134,974)    (31,890)    (81,707)    19,876      (4,795)     27,016 
    Translation of Foreign Currency Denominated                                                                               
      Amounts..........................................        (17)         (5)        (10)         8          (1)         26 
                                                        ----------  ----------  ----------  ---------  -----------  --------- 

      Net Increase (Decrease) in Net Assets                                                                                   
        Resulting from Operations......................   (135,472)    (14,115)    (72,502)    35,244      11,708      39,309 
                                                        ----------  ----------  ----------  ---------  -----------  --------- 
Distributions From:                                                                                                           
  Net Investment Income................................       (778)        (81)     (4,235)      (223)     (4,223)       (414)
  Net Realized Gains...................................    (16,082)     (5,829)    (11,345)    (5,234)     (7,613)    (10,649)
                                                        ----------  ----------  ----------  ---------  -----------  --------- 
      Total Distributions..............................    (16,860)     (5,910)    (15,580)    (5,457)    (11,836)    (11,063)
                                                        ----------  ----------  ----------  ---------  -----------  --------- 
Capital Share Transactions (1):                                                                                               
  Shares Issued........................................     47,734      60,653      11,716     37,822       9,340      23,463 
  Shares Issued in Lieu of Cash Distributions..........     16,860       5,910      15,580      5,457      11,836      11,063 
  Shares Redeemed......................................    (92,365)   (123,531)    (43,436)   (50,661)    (56,946)    (63,713)
                                                        ----------  ----------  ----------  ---------  -----------  --------- 

      Net Increase (Decrease) From Capital Shares                                                                             
        Transactions...................................    (27,771)    (56,968)    (16,140)    (7,382)    (35,770)    (29,187)
                                                        ----------  ----------  ----------  ---------  -----------  --------- 

      Total Increase (Decrease)........................   (180,103)    (76,993)   (104,222)    22,405     (35,898)       (941)

NET ASSETS                                                                                                                    
  Beginning of Period..................................    294,120     371,113     215,542    193,137     166,789     167,730 
                                                        ----------  ----------  ----------  ---------  -----------  --------- 
  End of Period........................................ $  114,017  $  294,120  $  111,320  $ 215,542   $ 130,891   $ 166,789 
                                                        ----------  ----------  ----------  ---------  -----------  --------- 
                                                        ----------  ----------  ----------  ---------  -----------  --------- 

(1) SHARES ISSUED AND REDEEMED:                                                                                               
   Shares Issued.......................................      3,244       2,514         789      2,370         337         931 
   Shares Issued in Lieu of Cash Distribution..........        978         247       1,051        387         440         485 
   Shares Redeemed.....................................     (6,140)     (5,069)     (3,110)    (3,225)     (2,073)     (2,522)
                                                        ----------  ----------  ----------  ---------  -----------  --------- 
                                                            (1,918)     (2,308)     (1,270)      (468)     (1,296)     (1,106)
                                                        ----------  ----------  ----------  ---------  -----------  --------- 
                                                        ----------  ----------  ----------  ---------  -----------  --------- 

See accompanying Notes to Financial Statements. 

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STATEMENTS OF CHANGES IN NET ASSETS 
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                                                                                                            THE RWB/DFA       
                                                        THE CONTINENTAL         THE INTERNATIONAL          INTERNATIONAL      
                                                         SMALL COMPANY            SMALL COMPANY         HIGH BOOK TO MARKET   
                                                           PORTFOLIO                PORTFOLIO                PORTFOLIO        
                                                    -----------------------  -----------------------  ----------------------- 
                                                        YEAR        YEAR         YEAR       OCT. 1,       YEAR        YEAR    
                                                       ENDED        ENDED       ENDED         TO         ENDED        ENDED   
                                                      NOV. 30,    NOV. 30,     NOV. 30,    NOV. 30,     NOV. 30,    NOV. 30,  
                                                        1997        1996         1997        1996         1997        1996    
                                                    ------------  ---------  ------------  ---------  ------------  --------- 
                                                                                                                              
INCREASE (DECREASE) IN NET ASSETS                                                                                             
Operations:                                                                                                                   
  Net Investment Income...........................   $    4,007   $   5,883   $    2,742   $      85   $    4,718   $   4,140 
  Capital Gain Distributions Received.............           --          --           --          --        5,179       1,341 
  Net Realized Gain (Loss) on Investment                                                                                      
    Securities....................................       16,008      18,140         (813)        (75)          44        (162)
  Net Realized Gain (Loss) on Foreign Currency                                                                                
    Transactions..................................         (405)        (82)        (109)         11           --          -- 
  Change in Unrealized Appreciation (Depreciation)                                                                            
    of:                                                                                                                       
    Investment Securities and Foreign Currency....       16,460      18,297      (59,544)       (558)     (21,705)     23,232 
    Translation of Foreign Currency Denominated                                                                               
      Amounts.....................................         (144)        (64)         (70)         (7)          --          -- 
                                                    ------------  ---------  ------------  ---------  ------------  --------- 

      Net Increase (Decrease) in Net Assets                                                                                   
        Resulting from Operations.................       35,926      42,174      (57,794)       (544)     (11,764)     28,551 
                                                    ------------  ---------  ------------  ---------  ------------  --------- 

Distributions From:                                                                                                           
  Net Investment Income...........................       (5,597)       (447)        (200)         --       (4,329)       (187)
  Net Realized Gains..............................      (16,811)    (16,253)          --          --       (2,675)        (33)
                                                    ------------  ---------  ------------  ---------  ------------  --------- 
      Total Distributions.........................      (22,408)    (16,700)        (200)         --       (7,004)       (220)
                                                    ------------  ---------  ------------  ---------  ------------  --------- 

Capital Share Transactions (1):                                                                                               
  Shares Issued...................................       11,783      36,520      211,077     104,726      101,480      98,529 
  Shares Issued in Lieu of Cash Distributions.....       22,408      16,700          200          --        7,004         220 
  Shares Redeemed.................................     (114,290)    (93,485)     (26,932)        (64)     (72,030)    (41,726)
                                                    ------------  ---------  ------------  ---------  ------------  --------- 

      Net Increase (Decrease) From Capital Shares                                                                             
        Transactions..............................      (80,099)    (40,265)     184,345     104,662       36,454      57,023 
                                                    ------------  ---------  ------------  ---------  ------------  --------- 

      Total Increase (Decrease)...................      (66,581)    (14,791)     126,351     104,118       17,686      85,354 

NET ASSETS                                                                                                                    
  Beginning of Period.............................      299,325     314,116      104,118          --      257,371     172,017 
                                                    ------------  ---------  ------------  ---------  ------------  --------- 
  End of Period...................................   $  232,744   $ 299,325   $  230,469   $ 104,118   $  275,057   $ 257,371 
                                                    ------------  ---------  ------------  ---------  ------------  --------- 
                                                    ------------  ---------  ------------  ---------  ------------  --------- 

(1) SHARES ISSUED AND REDEEMED:                                                                                               
   Shares Issued..................................          775       2,469       21,979      10,456        7,480       7,546 
   Shares Issued in Lieu of Cash Distributions....        1,582       1,233           21          --          535          17 
   Shares Redeemed................................       (7,367)     (6,315)      (2,995)         (6)      (5,300)     (3,173)
                                                    ------------  ---------  ------------  ---------  ------------  --------- 
                                                         (5,010)     (2,613)      19,005      10,450        2,715       4,390 
                                                    ------------  ---------  ------------  ---------  ------------  --------- 
                                                    ------------  ---------  ------------  ---------  ------------  --------- 

See accompanying Notes to Financial Statements. 

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STATEMENTS OF CHANGES IN NET ASSETS 
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                                                                                                              THE DFA        
                                                                THE EMERGING         THE LARGE CAP         INTERNATIONAL     
                                                                  MARKETS            INTERNATIONAL        SMALL CAP VALUE    
                                                                 PORTFOLIO             PORTFOLIO             PORTFOLIO       
                                                            --------------------  --------------------  -------------------- 
                                                              YEAR       YEAR       YEAR       YEAR       YEAR       YEAR    
                                                              ENDED      ENDED      ENDED      ENDED      ENDED      ENDED   
                                                            NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,  
                                                              1997       1996       1997       1996       1997       1996    
                                                            ---------  ---------  ---------  ---------  ---------  --------- 
                                                                                                                             
INCREASE (DECREASE) IN NET ASSETS                                                                                            
Operations:                                                                                                                  
  Net Investment Income.................................... $   2,651  $   1,259  $   1,425  $   1,151  $   6,288  $   3,974 
  Net Realized Gain (Loss) on Investment Securities........       151         42        (71)       553     15,347     10,843 
  Net Realized Gain (Loss) on Foreign Currency                                                                               
    Transactions...........................................       698        (78)       (12)         5        (18)         8 
  Change in Unrealized Appreciation (Depreciation) of:                                                                       
    Investment Securities and Foreign Currency.............   (58,004)     5,535      1,055      6,974   (126,164)    (3,936)
    Translation of Foreign Currency Denominated Amounts....       (18)         8         (6)         1         (8)      (216)
                                                            ---------  ---------  ---------  ---------  ---------  --------- 

      Net Increase (Decrease) in Net Assets Resulting from                                                                   
        Operations.........................................   (54,522)     6,766      2,391      8,684   (104,555)    10,673 
                                                            ---------  ---------  ---------  ---------  ---------  --------- 

Distributions From:                                                                                                          
  Net Investment Income....................................    (1,330)       (19)    (1,189)       (93)    (4,587)       (69)
  Net Realized Gains.......................................        --         --       (464)        --    (10,863)       (18)
                                                            ---------  ---------  ---------  ---------  ---------  --------- 
      Total Distributions..................................    (1,330)       (19)    (1,653)       (93)   (15,450)       (87)
                                                            ---------  ---------  ---------  ---------  ---------  --------- 

Capital Share Transactions (1):                                                                                              
  Shares Issued............................................   146,704    116,568     29,793     32,545    221,239    231,671 
  Shares Issued in Lieu of Cash Distributions..............     1,330         19      1,653         93     15,450         87 
  Shares Redeemed..........................................   (42,159)   (10,646)   (24,283)   (29,847)   (60,915)   (13,981)
                                                            ---------  ---------  ---------  ---------  ---------  --------- 

      Net Increase From Capital Shares Transactions........   105,875    105,941      7,163      2,791    175,774    217,777 
                                                            ---------  ---------  ---------  ---------  ---------  --------- 

      Total Increase.......................................    50,023    112,688      7,901     11,382     55,769    228,363 

NET ASSETS                                                                                                                   
  Beginning of Period......................................   162,025     49,337     79,322     67,940    375,488    147,125 
                                                            ---------  ---------  ---------  ---------  ---------  --------- 
  End of Period............................................ $ 212,048  $ 162,025  $  87,223  $  79,322  $ 431,257  $ 375,488 
                                                            ---------  ---------  ---------  ---------  ---------  --------- 
                                                            ---------  ---------  ---------  ---------  ---------  --------- 

(1) SHARES ISSUED AND REDEEMED:                                                                                              
   Shares Issued...........................................    11,652     10,008      2,101      2,443     23,265     22,038 
   Shares Issued in Lieu of Cash Distributions.............       114          1        122          7      1,604          9 
   Shares Redeemed.........................................    (3,541)      (935)    (1,703)    (2,249)    (6,517)    (1,330)
                                                            ---------  ---------  ---------  ---------  ---------  --------- 
                                                                8,225      9,074        520        201     18,352     20,717 
                                                            ---------  ---------  ---------  ---------  ---------  --------- 
                                                            ---------  ---------  ---------  ---------  ---------  --------- 

See accompanying Notes to Financial Statements. 

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STATEMENTS OF CHANGES IN NET ASSETS 
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                                                           THE DFA                                                        
                                                        INTERMEDIATE               THE DFA                 THE DFA        
                                                         GOVERNMENT               ONE-YEAR                FIVE-YEAR       
                                                        FIXED INCOME            FIXED INCOME             GOVERNMENT       
                                                          PORTFOLIO               PORTFOLIO               PORTFOLIO       
                                                    ---------------------   ---------------------   --------------------- 
                                                      YEAR        YEAR        YEAR        YEAR        YEAR        YEAR    
                                                      ENDED       ENDED       ENDED       ENDED       ENDED       ENDED   
                                                    NOV. 30,    NOV. 30,    NOV. 30,    NOV. 30,    NOV. 30,    NOV. 30,  
                                                      1997        1996        1997        1996        1997        1996    
                                                    ---------   ---------   ---------   ---------   ---------   --------- 
                                                                                                                          
INCREASE (DECREASE) IN NET ASSETS                                                                                         
Operations:                                                                                                               
  Net Investment Income...........................  $   7,613   $   5,416   $  44,469   $  41,526   $  11,373   $  11,329 
  Net Realized Gain (Loss) on Investment                                                                                  
    Securities....................................        604         (28)       (153)       (278)      2,329        (887)
  Change in Unrealized Appreciation (Depreciation)                                                                        
    of Investment Securities......................        281        (323)     (1,625)      4,048      (3,322)      3,233 
                                                    ---------   ---------   ---------   ---------   ---------   --------- 
    Net Increase in Net Assets Resulting from                                                                             
      Operations..................................      8,498       5,065      42,691      45,296      10,380      13,675 
                                                    ---------   ---------   ---------   ---------   ---------   --------- 

Distributions From:                                                                                                       
  Net Investment Income...........................     (7,137)     (3,946)    (44,616)    (41,474)    (10,523)     (6,632)
  Net Realized Gains..............................         --        (313)        (81)         --          --          -- 
                                                    ---------   ---------   ---------   ---------   ---------   --------- 
    Total Distributions...........................     (7,137)     (4,259)    (44,697)    (41,474)    (10,523)     (6,632)
                                                    ---------   ---------   ---------   ---------   ---------   --------- 

Capital Share Transactions (1):                                                                                           
  Shares Issued...................................     42,284      39,452     430,934     671,259      79,939      92,309 
  Shares Issued in Lieu of Cash Distributions.....      1,171       1,047      36,040      31,884       8,591       4,746 
  Shares Redeemed.................................    (16,205)    (11,448)   (567,252)   (557,394)    (58,396)   (230,633)
                                                    ---------   ---------   ---------   ---------   ---------   --------- 

    Net Increase (Decrease) From Capital Shares                                                                           
      Transactions................................     27,250      29,051    (100,278)    145,749      30,134    (133,578)
                                                    ---------   ---------   ---------   ---------   ---------   --------- 

    Total Increase (Decrease).....................     28,611      29,857    (102,284)    149,571      29,991    (126,535)

NET ASSETS                                                                                                                
  Beginning of Period.............................    107,944      78,087     854,521     704,950     174,386     300,921 
                                                    ---------   ---------   ---------   ---------   ---------   --------- 
  End of Period...................................  $ 136,555   $ 107,944   $ 752,237   $ 854,521   $ 204,377   $ 174,386 
                                                    ---------   ---------   ---------   ---------   ---------   --------- 
                                                    ---------   ---------   ---------   ---------   ---------   --------- 

(1) SHARES ISSUED AND REDEEMED:                                                                                           
   Shares Issued..................................      3,872       3,606      42,250      65,904       7,877       9,105 
   Shares Issued in Lieu of Cash Distributions....        108          97       3,541       3,139         857         479 
   Shares Redeemed................................     (1,487)     (1,033)    (55,639)    (54,688)     (5,752)    (22,787)
                                                    ---------   ---------   ---------   ---------   ---------   --------- 
                                                        2,493       2,670      (9,848)     14,355       2,982     (13,203)
                                                    ---------   ---------   ---------   ---------   ---------   --------- 
                                                    ---------   ---------   ---------   ---------   ---------   --------- 

See accompanying Notes to Financial Statements. 

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DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS 
(AMOUNTS IN THOUSANDS)

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                                                      THE DFA TWO-YEAR             THE DFA        
                                                     GLOBAL FIXED INCOME     GLOBAL FIXED INCOME  
                                                          PORTFOLIO               PORTFOLIO       
                                                    ---------------------   --------------------- 
                                                      YEAR                    YEAR        YEAR    
                                                      ENDED      FEB. 9,      ENDED       ENDED   
                                                    NOV. 30,     TO NOV.    NOV. 30,    NOV. 30,  
                                                      1997      30, 1996      1997        1996    
                                                    ---------   ---------   ---------   --------- 
                                                                                                  
INCREASE (DECREASE) IN NET ASSETS                                                                 
Operations:                                                                                       
  Net Investment Income...........................  $  24,784   $   6,638   $   9,339   $   7,357 
  Capital Gain Distributions Received.............        251          --          --          -- 
  Net Realized Gain (Loss) on Investment                                                          
    Securities....................................       (257)        (24)      1,496       4,823 
  Net Realized Gain on Foreign Currency                                                           
    Transactions..................................         --          --      10,999       7,527 
  Change in Unrealized Appreciation (Depreciation)                                                
    of:                                                                                           
    Investment Securities and Foreign Currency....     (4,154)      9,563      (9,751)     (1,894)
    Translation of Foreign Currency Denominated                                                   
      Amounts.....................................         --          --       3,858      (1,417)
                                                    ---------   ---------   ---------   --------- 

      Net Increase in Net Assets Resulting from                                                   
        Operations................................     20,624      16,177      15,941      16,396 
                                                    ---------   ---------   ---------   --------- 
Distributions From:                                                                               
  Net Investment Income...........................    (18,076)     (6,015)    (14,771)     (8,834)
  Net Capital Gains...............................       (251)         --      (1,383)         -- 
                                                    ---------   ---------   ---------   --------- 
      Total Distributions.........................    (18,327)     (6,015)    (16,154)     (8,834)
                                                    ---------   ---------   ---------   --------- 

Capital Share Transactions (1):                                                                   
  Shares Issued...................................    155,724     338,432     106,837      73,085 
  Shares Issued in Lieu of Cash Distributions.....      8,378       5,844       8,538       5,176 
  Shares Redeemed.................................    (66,837)    (35,095)    (30,856)   (128,217)
                                                    ---------   ---------   ---------   --------- 

      Net Increase (Decrease) From Capital Shares                                                 
        Transactions..............................     97,265     309,181      84,519     (49,956)
                                                    ---------   ---------   ---------   --------- 

      Total Increase (Decrease)...................     99,562     319,343      84,306     (42,394)

NET ASSETS                                                                                        
  Beginning of Period.............................    319,343          --     165,772     208,166 
                                                    ---------   ---------   ---------   --------- 
  End of Period...................................  $ 418,905   $ 319,343   $ 250,078   $ 165,772 
                                                    ---------   ---------   ---------   --------- 
                                                    ---------   ---------   ---------   --------- 

(1) SHARES ISSUED AND REDEEMED:                                                                   
   Shares Issued..................................     15,130      33,694       9,896       7,056 
   Shares Issued in Lieu of Cash Distributions....        820         580         956         286 
   Shares Redeemed................................     (6,488)     (3,465)     (2,889)    (12,144)
                                                    ---------   ---------   ---------   --------- 
                                                        9,462      30,809       7,963      (4,802)
                                                    ---------   ---------   ---------   --------- 
                                                    ---------   ---------   ---------   --------- 

See accompanying Notes to Financial Statements. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

                                                        [Enlarge/Download Table]

                                                  THE U.S. 9-10 SMALL COMPANY PORTFOLIO             
                                      ------------------------------------------------------------- 
                                          YEAR          YEAR         YEAR        YEAR        YEAR   
                                         ENDED          ENDED        ENDED       ENDED      ENDED   
                                        NOV. 30,      NOV. 30,     NOV. 30,    NOV. 30,    NOV. 30, 
                                          1997          1996         1995        1994        1993   
                                                                                                    
--------------------------------------------------------------------------------------------------- 
Net Asset Value, Beginning of                                                                       
  Period............................   $     12.14   $     11.03   $    8.49   $    8.69   $   7.75 
                                      ------------   -----------   ---------   ---------   -------- 
INCOME FROM INVESTMENT OPERATIONS                                                                   
  Net Investment Income.............          0.03          0.03        0.05        0.01       0.03 
  Net Gain (Losses) on Securities                                                                   
    (Realized and Unrealized).......          3.01          1.85        2.61        0.40       1.67 
                                      ------------   -----------   ---------   ---------   -------- 
    Total From Investment                                                                           
      Operations....................          3.04          1.88        2.66        0.41       1.70 
--------------------------------------------------------------------------------------------------- 
LESS DISTRIBUTIONS                                                                                  
  Net Investment Income.............         (0.03)        (0.01)      (0.04)      (0.03)     (0.05)
  Net Realized Gains................         (1.16)        (0.76)      (0.08)      (0.58)     (0.71)
                                      ------------   -----------   ---------   ---------   -------- 
    Total Distributions.............         (1.19)        (0.77)      (0.12)      (0.61)     (0.76)
--------------------------------------------------------------------------------------------------- 
Net Asset Value, End of Period......   $     13.99   $     12.14   $   11.03   $    8.49   $   8.69 
--------------------------------------------------------------------------------------------------- 
--------------------------------------------------------------------------------------------------- 
Total Return........................         27.46%        18.05%      31.37%       5.06%     23.91%
--------------------------------------------------------------------------------------------------- 
Net Assets, End of Period                                                                           
  (thousands).......................   $ 1,509,427   $ 1,181,804   $ 925,474   $ 659,221   $630,918 
Ratio of Expenses to Average Net                                                                    
  Assets............................          0.60%         0.61%       0.62%       0.65%      0.70%
Ratio of Net Investment Income to                                                                   
  Average Net Assets................          0.21%         0.22%       0.45%       0.16%      0.26%
Portfolio Turnover Rate.............         27.81%        23.68%      24.65%      16.56%      9.87%
Average Commission Rate (1).........   $    0.0579   $    0.0604         N/A         N/A        N/A 
--------------------------------------------------------------------------------------------------- 



                                             THE U.S. 9-10 SMALL COMPANY PORTFOLIO                  
                                      ----------------------------------------------------          
                                        YEAR       YEAR       YEAR       YEAR       YEAR            
                                       ENDED      ENDED      ENDED      ENDED      ENDED            
                                      NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,          
                                        1992       1991       1990       1989       1988            
                                                                                                    
------------------------------------  ----------------------------------------------------          
Net Asset Value, Beginning of                                                                       
  Period............................  $   6.33   $   5.34   $   7.74   $   7.66   $   7.50          
                                      --------   --------   --------   --------   --------          
INCOME FROM INVESTMENT OPERATIONS                                                                   
  Net Investment Income.............      0.04       0.04       0.07       0.07       0.10          
  Net Gain (Losses) on Securities                                                                   
    (Realized and Unrealized).......      1.53       1.64      (1.77)      0.98       1.48          
                                      --------   --------   --------   --------   --------          
    Total From Investment                                                                           
      Operations....................      1.57       1.68      (1.70)      1.05       1.58          
------------------------------------  ----------------------------------------------------          
LESS DISTRIBUTIONS                                                                                  
  Net Investment Income.............     (0.05)     (0.07)     (0.08)     (0.09)     (0.11)         
  Net Realized Gains................     (0.10)     (0.62)     (0.62)     (0.88)     (1.31)         
                                      --------   --------   --------   --------   --------          
    Total Distributions.............     (0.15)     (0.69)     (0.70)     (0.97)     (1.42)         
------------------------------------  ----------------------------------------------------          
Net Asset Value, End of Period......  $   7.75   $   6.33   $   5.34   $   7.74   $   7.66          
------------------------------------  ----------------------------------------------------          
------------------------------------  ----------------------------------------------------          
Total Return........................     25.24%     39.08%    (24.09)%    16.09%     24.36%         
------------------------------------  ----------------------------------------------------          
Net Assets, End of Period                                                                           
  (thousands).......................  $651,313   $722,289   $561,102   $949,291   $912,518          
Ratio of Expenses to Average Net                                                                    
  Assets............................      0.68%      0.64%      0.62%      0.62%      0.62%         
Ratio of Net Investment Income to                                                                   
  Average Net Assets................      0.53%      0.75%      0.99%      0.86%      1.19%         
Portfolio Turnover Rate.............      9.72%     10.13%      3.79%      7.86%     25.98%         
Average Commission Rate (1).........       N/A        N/A        N/A        N/A        N/A          
------------------------------------  ----------------------------------------------------          

                                                        [Enlarge/Download Table]
                                                                                                                     
(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. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

                                                        [Enlarge/Download Table]

                                                         THE U.S. 6-10 SMALL COMPANY PORTFOLIO                                   
                                    --------------------------------------------------------------------------------             
                                       YEAR         YEAR          YEAR          YEAR          YEAR         MARCH 20              
                                       ENDED       ENDED         ENDED         ENDED         ENDED            TO                 
                                     NOV. 30,     NOV. 30,      NOV. 30,      NOV. 30,      NOV. 30,       NOV. 30,              
                                       1997         1996          1995          1994          1993           1992                
--------------------------------------------------------------------------------------------------------------------             
                                                                                                                                 
Net Asset Value, Beginning of                                                                                                    
  Period......................      $     14.53   $  12.64      $  11.08      $  11.43      $  10.35      $  10.00               
                                    -----------   --------      --------      --------      --------      ----------             
INCOME FROM INVESTMENT                                                                                                           
  OPERATIONS                                                                                                                     
  Net Investment Income.......             0.09       0.11          0.09          0.09          0.08          0.04               
  Net Gain (Losses) on                                                                                                           
    Securities (Realized and                                                                                                     
    Unrealized)...............             3.42       2.20          2.81         (0.07)         1.43          0.31               
                                    -----------   --------      --------      --------      --------      ----------             
    Total From Investment                                                                                                        
      Operations..............             3.51       2.31          2.90          0.02          1.51          0.35               
--------------------------------------------------------------------------------------------------------------------             
LESS DISTRIBUTIONS                                                                                                               
  Net Investment Income.......            (0.12)     (0.02)        (0.14)        (0.09)        (0.11)           --               
  Net Realized Gains..........            (1.03)     (0.40)        (1.20)        (0.28)        (0.32)           --               
                                    -----------   --------      --------      --------      --------      ----------             
    Total Distributions.......            (1.15)     (0.42)        (1.34)        (0.37)        (0.43)           --               
--------------------------------------------------------------------------------------------------------------------             
Net Asset Value, End of                                                                                                          
  Period......................      $     16.89   $  14.53      $  12.64      $  11.08      $  11.43      $  10.35               
--------------------------------------------------------------------------------------------------------------------             
--------------------------------------------------------------------------------------------------------------------             
Total Return..................            26.12%     18.73%        28.75%         0.22%        14.72%         6.70%#             
--------------------------------------------------------------------------------------------------------------------             
Net Assets, End of Period                                                                                                        
  (thousands).................      $   337,992   $234,194      $186,644      $112,137      $136,863      $134,418               
Ratio of Expenses to Average                                                                                                     
  Net Assets**................             0.45%      0.48%         0.49%         0.53%         0.58%         0.48%*             
Ratio of Net Investment Income                                                                                                   
  to Average Net Assets.......             0.48%      0.75%         0.83%         0.72%         0.70%         0.96%*             
Portfolio Turnover Rate.......              N/A        N/A           N/A           N/A          1.81%*(b)     3.41%*             
Average Commission Rate.......              N/A        N/A           N/A           N/A           N/A           N/A               
Portfolio Turnover Rate of                                                                                                       
  Master Fund Series..........            30.04%     32.38%        21.16%        27.65%        32.88%*(c)      N/A               
Average Commission Rate of                                                                                                       
  Master Fund Series (1)......      $    0.0583   $ 0.0586           N/A           N/A           N/A           N/A               
--------------------------------------------------------------------------------------------------------------------             


                                                                THE U.S. LARGE COMPANY PORTFOLIO                                 
                                    -----------------------------------------------------------------------------------------    
                                      YEAR        YEAR        YEAR          YEAR          YEAR          YEAR        DEC. 31,     
                                      ENDED       ENDED       ENDED         ENDED         ENDED         ENDED        1990 TO     
                                    NOV. 30,    NOV. 30,    NOV. 30,      NOV. 30,      NOV. 30,      NOV. 30,      NOV. 30,     
                                      1997        1996        1995          1994          1993          1992          1991       
------------------------------      -----------------------------------------------------------------------------------------    
                                                                                                                                 
Net Asset Value, Beginning of                                                                                                    
  Period......................      $   22.73   $   18.12   $  13.58      $  13.91      $  13.12      $  11.44      $  10.00     
                                    ---------   ---------   ---------     ---------     ---------     ---------     ---------    
INCOME FROM INVESTMENT                                                                                                           
  OPERATIONS                                                                                                                     
  Net Investment Income.......           0.42        0.41       0.35          0.37          0.36          0.36          0.34     
  Net Gain (Losses) on                                                                                                           
    Securities (Realized and                                                                                                     
    Unrealized)...............           5.89        4.52       4.57         (0.22)         0.87          1.69          1.34     
                                    ---------   ---------   ---------     ---------     ---------     ---------     ---------    
    Total From Investment                                                                                                        
      Operations..............           6.31        4.93       4.92          0.15          1.23          2.05          1.68     
------------------------------      -----------------------------------------------------------------------------------------    
LESS DISTRIBUTIONS                                                                                                               
  Net Investment Income.......          (0.43)      (0.31)     (0.36)        (0.37)        (0.44)        (0.37)        (0.24)    
  Net Realized Gains..........          (0.13)      (0.01)     (0.02)        (0.11)           --            --            --     
                                    ---------   ---------   ---------     ---------     ---------     ---------     ---------    
    Total Distributions.......          (0.56)      (0.32)     (0.38)        (0.48)        (0.44)        (0.37)        (0.24)    
------------------------------      -----------------------------------------------------------------------------------------    
Net Asset Value, End of                                                                                                          
  Period......................      $   28.48   $   22.73   $  18.12      $  13.58      $  13.91      $  13.12      $  11.44     
------------------------------      -----------------------------------------------------------------------------------------    
------------------------------      -----------------------------------------------------------------------------------------    
Total Return..................          28.26%      27.49%     36.54%         1.04%         9.48%        18.23%        16.80%#   
------------------------------      -----------------------------------------------------------------------------------------    
Net Assets, End of Period                                                                                                        
  (thousands).................      $ 343,537   $ 187,757   $ 97,111      $ 48,638      $ 37,830      $ 34,908      $ 22,279     
Ratio of Expenses to Average                                                                                                     
  Net Assets**................           0.15%(a)      0.21%(a)     0.24%(a)     0.24%(a)     0.24%(a)     0.11%(a)     0.00%*(a)
Ratio of Net Investment Income                                                                                                   
  to Average Net Assets.......           1.66%(a)      2.10%(a)     2.29%(a)     2.75%(a)     2.48%(a)     2.86%(a)     3.42%*(a)
Portfolio Turnover Rate.......            N/A         N/A        N/A           N/A         27.67%*(b)     3.56%         0.97%*   
Average Commission Rate.......            N/A         N/A        N/A           N/A           N/A           N/A           N/A     
Portfolio Turnover Rate of                                                                                                       
  Master Fund Series..........           4.28%      14.09%      2.38%         8.52%        34.36%*(c)      N/A           N/A     
Average Commission Rate of                                                                                                       
  Master Fund Series (1)......      $  0.0202   $  0.0212        N/A           N/A           N/A           N/A           N/A     
------------------------------      -----------------------------------------------------------------------------------------    

                                                        [Enlarge/Download Table]
                                                                                                                              
  *  Annualized                                                                                                               
  #  Non-annualized                                                                                                           
 **  Represents the combined ratios for the respective portfolio and its respective pro-rata share of its Master Fund Series  
     for the year ended November 30, 1993 and subsequent periods.                                                             
(a)  Had certain waivers and reimbursements not been in effect the ratios of expenses to average net assets for the periods   
     ended November 30, 1997 through 1991 would have been 0.35%, 0.45%, 0.46%, 0.66%, 0.79%, 0.53% and 0.52%, respectively,   
     and the ratios of net investment income to average net assets for the periods ended November 30, 1997 through 1991 would 
     have been 1.46%, 1.85%, 2.23%, 2.64%, 2.28%, 2.44% and 2.90%, respectively.                                              
(b)  Portfolio turnover calculated for the period December 1, 1992 to February 2, 1993 and December 1, 1992 to February 7,    
     1993, respectively (through date of Exchange transaction, see respective Master Fund Series for rate subsequent to       
     Exchange transaction.)                                                                                                   
(c)  Master Fund Series turnover calculated for the period February 3 to November 30, 1993 and February 8 to November 3, 1993,
     respectively.                                                                                                            
(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. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

                                                        [Enlarge/Download Table]

                                  THE ENHANCED U.S.                                                                            
                                    LARGE COMPANY                                                                              
                                      PORTFOLIO                              THE U.S. 6-10 VALUE PORTFOLIO                     
                                ----------------------   --------------------------------------------------------------------- 
                                  YEAR        JULY 3        YEAR            YEAR           YEAR          YEAR         MARCH 2  
                                  ENDED         TO          ENDED           ENDED          ENDED         ENDED          TO     
                                NOV. 30,     NOV. 30,     NOV. 30,        NOV. 30,       NOV. 30,      NOV. 30,      NOV. 30,  
                                  1997         1996         1997            1996           1995          1994          1993    
------------------------------------------------------------------------------------------------------------------------------ 
                                                                                                                               
Net Asset Value, Beginning of                                                                                                  
  Period......................  $  11.83     $  10.00    $     17.00     $     14.03     $   11.13     $   11.04     $  10.00  
                                ---------    ---------   -----------     -----------     ---------     ---------     --------- 
INCOME FROM INVESTMENT                                                                                                         
  OPERATIONS                                                                                                                   
  Net Investment Income.......      0.54         0.12           0.07            0.11          0.10          0.14         0.11  
  Net Gain (Losses) on                                                                                                         
    Securities (Realized and                                                                                                   
    Unrealized)...............      2.40         1.71           5.49            2.93          3.06          0.10         1.03  
                                ---------    ---------   -----------     -----------     ---------     ---------     --------- 
    Total From Investment                                                                                                      
      Operations..............      2.94         1.83           5.56            3.04          3.16          0.24         1.14  
------------------------------------------------------------------------------------------------------------------------------ 
LESS DISTRIBUTIONS                                                                                                             
  Net Investment Income.......     (0.55)          --          (0.11)          (0.02)        (0.10)        (0.15)       (0.10) 
  Net Realized Gains..........     (0.61)          --          (0.36)          (0.05)        (0.16)           --           --  
                                ---------    ---------   -----------     -----------     ---------     ---------     --------- 
    Total Distributions.......     (1.16)          --          (0.47)          (0.07)        (0.26)        (0.15)       (0.10) 
------------------------------------------------------------------------------------------------------------------------------ 
Net Asset Value, End of                                                                                                        
  Period......................  $  13.61     $  11.83    $     22.09     $     17.00     $   14.03     $   11.13     $  11.04  
------------------------------------------------------------------------------------------------------------------------------ 
------------------------------------------------------------------------------------------------------------------------------ 
Total Return..................     27.22%       18.30%#        33.57%          21.70%        28.41%         2.19%       11.39%#
------------------------------------------------------------------------------------------------------------------------------ 
Net Assets, End of Period                                                                                                      
  (thousands).................  $ 47,642     $ 29,236    $ 2,098,654     $ 1,207,298     $ 609,950     $ 344,148     $ 95,682  
Ratio of Expenses to Average                                                                                                   
  Net Assets**................      0.52%(a)     0.65%*         0.60%           0.61%         0.64%         0.66%        0.70%*
Ratio of Net Investment Income                                                                                                 
  to Average Net Assets.......      4.51%(a)     3.44%*         0.37%           0.78%         0.85%         1.69%        1.97%*
Portfolio Turnover Rate.......       N/A          N/A            N/A             N/A           N/A           N/A          N/A  
Average Commission Rate.......       N/A          N/A            N/A             N/A           N/A           N/A          N/A  
Portfolio Turnover Rate of                                                                                                     
  Master Fund Series..........    193.78%      211.07%*        25.47%          14.91%        20.62%         8.22%        1.07%*
Average Commission Rate of                                                                                                     
  Master Fund Series (1)......  $ 0.0246     $ 0.0200    $    0.0645     $    0.0658           N/A           N/A          N/A  
------------------------------------------------------------------------------------------------------------------------------ 

                                                        [Enlarge/Download Table]
                                                                                                                             
  *  Annualized                                                                                                              
  #  Non-annualized                                                                                                          
 **  Represents the combined ratios for the respective portfolio and its respective pro-rata share of its Master Fund Series.
(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.                                                                                      
(a)  Had certain waivers and reimbursments not been in effect, the ratio of expenses to average net assets for the year ended
     November 30, 1997 would have been 0.54% and the ratio of net investment income to average net assets for the year ended 
     November 30, 1997 would have been 4.49%.                                                                                

See accompanying Notes to Financial Statements. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

                                                        [Enlarge/Download Table]


                                                             THE U.S. LARGE CAP VALUE PORTFOLIO                    
                                               --------------------------------------------------------------      
                                                                 YEAR        YEAR        YEAR       FEB. 19        
                                               YEAR ENDED       ENDED       ENDED       ENDED          TO          
                                                NOV. 30,       NOV. 30,    NOV. 30,    NOV. 30,     NOV. 30,       
                                                  1997           1996        1995        1994         1993         
-------------------------------------------------------------------------------------------------------------      
                                                                                                                   
Net Asset Value, Beginning of Period....        $    15.98     $  13.29    $   9.91    $  10.60      $ 10.00       
                                               -----------     --------    --------    --------    ----------      
INCOME FROM INVESTMENT OPERATIONS                                                                                  
  Net Investment Income (Loss)..........              0.29         0.30        0.29        0.32         0.18       
  Net Gain (Losses) on Securities                                                                                  
    (Realized and Unrealized)...........              3.60         2.62        3.55       (0.68)        0.59       
                                               -----------     --------    --------    --------    ----------      
    Total From Investment Operations....              3.89         2.92        3.84       (0.36)        0.77       
-------------------------------------------------------------------------------------------------------------      
LESS DISTRIBUTIONS                                                                                                 
  Net Investment Income.................             (0.30)       (0.23)      (0.29)      (0.33)       (0.17)      
  Net Realized Gain.....................             (0.35)          --       (0.17)         --           --       
  Tax Return of Capital.................                --           --          --          --           --       
                                               -----------     --------    --------    --------    ----------      
    Total Distributions.................             (0.65)       (0.23)      (0.46)      (0.33)       (0.17)      
-------------------------------------------------------------------------------------------------------------      
Net Asset Value, End of Period..........        $    19.22     $  15.98    $  13.29    $   9.91      $ 10.60       
-------------------------------------------------------------------------------------------------------------      
-------------------------------------------------------------------------------------------------------------      
Total Return............................             25.10%       22.20%      39.13%      (3.27)%       7.59%#     
-------------------------------------------------------------------------------------------------------------      
Net Assets, End of Period (thousands)...        $  840,003     $541,149    $280,915    $197,566      $90,288       
Ratio of Expenses to Average Net                                                                                   
  Assets**..............................              0.35%        0.36%       0.42%       0.44%        0.47%*     
Ratio of Net Investment Income to                                                                                  
  Average Net Assets....................              1.70%        2.17%       2.49%       3.50%        3.38%*     
Portfolio Turnover Rate.................               N/A          N/A         N/A         N/A          N/A       
Average Commission Rate (1).............               N/A          N/A         N/A         N/A          N/A       
Portfolio Turnover Rate of Master Fund                                                                             
  Series................................             17.71%       20.12%      29.41%      39.33%        0.75%*     
Average Commission Rate of Master Fund                                                                             
  Series (1)............................        $   0.0494     $ 0.0499         N/A         N/A          N/A       
-------------------------------------------------------------------------------------------------------------      


                                                            THE DFA REAL ESTATE SECURITIES PORTFOLIO               
                                               ------------------------------------------------------------------- 
                                                                   YEAR         YEAR         YEAR         JAN. 5   
                                                YEAR ENDED        ENDED        ENDED        ENDED           TO     
                                                 NOV. 30,        NOV. 30,     NOV. 30,     NOV. 30,      NOV. 30,  
                                                   1997            1996         1995         1994          1993    
----------------------------------------       ------------------------------------------------------------------- 
                                                                                                                   
Net Asset Value, Beginning of Period....          $ 12.65        $ 10.00      $  9.28      $ 10.92        $ 10.00  
                                               -------------     --------     --------     --------     ---------- 
INCOME FROM INVESTMENT OPERATIONS                                                                                  
  Net Investment Income (Loss)..........             0.88           0.71         0.61         0.37           0.20  
  Net Gain (Losses) on Securities                                                                                  
    (Realized and Unrealized)...........             2.68           2.08         0.68        (1.65)          0.91  
                                               -------------     --------     --------     --------     ---------- 
    Total From Investment Operations....             3.56           2.79         1.29        (1.28)          1.11  
----------------------------------------       ------------------------------------------------------------------- 
LESS DISTRIBUTIONS                                                                                                 
  Net Investment Income.................            (0.68)         (0.14)       (0.46)       (0.28)         (0.19) 
  Net Realized Gain.....................               --             --           --           --             --  
  Tax Return of Capital.................               --             --        (0.11)       (0.08)            --  
                                               -------------     --------     --------     --------     ---------- 
    Total Distributions.................            (0.68)         (0.14)       (0.57)       (0.36)         (0.19) 
----------------------------------------       ------------------------------------------------------------------- 
Net Asset Value, End of Period..........          $ 15.53        $ 12.65      $ 10.00      $  9.28        $ 10.92  
----------------------------------------       ------------------------------------------------------------------- 
----------------------------------------       ------------------------------------------------------------------- 
Total Return............................            29.13%         28.24%       14.00%      (11.76)%        11.08%#
----------------------------------------       ------------------------------------------------------------------- 
Net Assets, End of Period (thousands)...          $95,072        $64,390      $43,435      $30,456        $22,106  
Ratio of Expenses to Average Net                                                                                   
  Assets**..............................             0.48%          0.71%        0.82%        0.90%          0.88%*
Ratio of Net Investment Income to                                                                                  
  Average Net Assets....................             5.73%          7.08%        6.76%        3.90%          2.63%*
Portfolio Turnover Rate.................            30.73%         11.25%        0.66%       28.87%         0.55%* 
Average Commission Rate (1).............          $0.0449        $0.0455          N/A          N/A            N/A  
Portfolio Turnover Rate of Master Fund                                                                             
  Series................................              N/A            N/A          N/A          N/A            N/A  
Average Commission Rate of Master Fund                                                                             
  Series (1)............................              N/A            N/A          N/A          N/A            N/A  
----------------------------------------       ------------------------------------------------------------------- 

                                                        [Enlarge/Download Table]
                                                                                                                          
  *  Annualized                                                                                                           

  #  Non-annualized.                                                                                                      

 **  Represents the respective combined ratios for The U.S. Large Cap Value Portfolio and its pro-rata share of its Master
     Fund Series.                                                                                                         

(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. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR

                                                        [Enlarge/Download Table]

                                                    THE JAPANESE SMALL COMPANY PORTFOLIO                   
                                   ----------------------------------------------------------------------- 
                                                      YEAR           YEAR           YEAR           YEAR    
                                   YEAR ENDED         ENDED          ENDED          ENDED          ENDED   
                                    NOV. 30,        NOV. 30,       NOV. 30,       NOV. 30,       NOV. 30,  
                                      1997            1996           1995           1994           1993    
                                                                                                           
---------------------------------------------------------------------------------------------------------- 
Net Asset Value, Beginning of                                                                              
  Period......................      $    21.03      $   22.78      $   25.06      $   19.96      $   18.92 
                                   -----------      ---------      ---------      ---------      --------- 
INCOME FROM INVESTMENT                                                                                     
  OPERATIONS                                                                                               
  Net Investment Income                                                                                    
    (Loss)....................            0.09           0.07           0.06           0.05           0.04 
  Net Gain (Losses) on                                                                                     
    Securities                                                                                             
    (Realized and                                                                                          
    Unrealized)...............          (10.45)         (1.45)         (1.65)          5.76           1.75 
                                   -----------      ---------      ---------      ---------      --------- 
    Total From Investment                                                                                  
      Operations..............          (10.36)         (1.38)         (1.59)          5.81           1.79 
---------------------------------------------------------------------------------------------------------- 
LESS DISTRIBUTIONS                                                                                         
  Net Investment Income.......           (0.06)         (0.01)         (0.06)         (0.04)         (0.05)
  Net Realized Gains..........           (1.16)         (0.36)         (0.63)         (0.67)         (0.70)
                                   -----------      ---------      ---------      ---------      --------- 
    Total Distributions.......           (1.22)         (0.37)         (0.69)         (0.71)         (0.75)
---------------------------------------------------------------------------------------------------------- 
Net Asset Value, End of                                                                                    
  Period......................      $     9.45      $   21.03      $   22.78      $   25.06      $   19.96 
---------------------------------------------------------------------------------------------------------- 
---------------------------------------------------------------------------------------------------------- 
Total Return..................          (51.90)%        (6.28)%        (6.54)%        29.59%          9.52%
---------------------------------------------------------------------------------------------------------- 
Net Assets, End of Period                                                                                  
  (thousands).................      $  114,017      $ 294,120      $ 371,113      $ 330,674      $ 209,244 
Ratio of Expenses to Average                                                                               
  Net Assets**................            0.73%          0.72%          0.74%          0.76%          0.82%
Ratio of Net Investment Income                                                                             
  to Average Net Assets.......            0.50%          0.24%          0.25%          0.10%          0.06%
Portfolio Turnover Rate.......             N/A          18.52%*(a)      7.79%         10.51%          9.36%
Average Commission Rate (1)...             N/A      $  0.0458(a)         N/A            N/A            N/A 
Portfolio Turnover Rate of                                                                                 
  Master Fund Series..........           13.17%          1.67%*(b)       N/A            N/A            N/A 
Average Commission Rate of                                                                                 
  Master Fund Series (1)......      $   0.0282      $  0.0427(b)         N/A            N/A            N/A 
---------------------------------------------------------------------------------------------------------- 



                                                   THE JAPANESE SMALL COMPANY PORTFOLIO                    
                                   ---------------------------------------------------------------------   
                                     YEAR           YEAR           YEAR           YEAR           YEAR      
                                     ENDED          ENDED          ENDED          ENDED          ENDED     
                                   NOV. 30,       NOV. 30,       NOV. 30,       NOV. 30,       NOV. 30,    
                                     1992           1991           1990           1989           1988      
                                                                                                           
------------------------------     ---------------------------------------------------------------------   
Net Asset Value, Beginning of                                                                              
  Period......................     $   25.05      $   26.27      $   38.33      $   31.03      $   24.87   
                                   ---------      ---------      ---------      ---------      ---------   
INCOME FROM INVESTMENT                                                                                     
  OPERATIONS                                                                                               
  Net Investment Income                                                                                    
    (Loss)....................          0.04          (0.01)         (0.03)         (0.09)         (0.05)  
  Net Gain (Losses) on                                                                                     
    Securities                                                                                             
    (Realized and                                                                                          
    Unrealized)...............         (5.69)          0.51         (10.74)          9.09          10.42   
                                   ---------      ---------      ---------      ---------      ---------   
    Total From Investment                                                                                  
      Operations..............         (5.65)          0.50         (10.77)          9.00          10.37   
------------------------------     ---------------------------------------------------------------------   
LESS DISTRIBUTIONS                                                                                         
  Net Investment Income.......            --             --             --             --             --   
  Net Realized Gains..........         (0.48)         (1.72)         (1.29)         (1.70)         (4.21)  
                                   ---------      ---------      ---------      ---------      ---------   
    Total Distributions.......         (0.48)         (1.72)         (1.29)         (1.70)         (4.21)  
------------------------------     ---------------------------------------------------------------------   
Net Asset Value, End of                                                                                    
  Period......................     $   18.92      $   25.05      $   26.27      $   38.33      $   31.03   
------------------------------     ---------------------------------------------------------------------   
------------------------------     ---------------------------------------------------------------------   
Total Return..................        (23.01)%         1.68%        (29.12)%        30.63%         47.62%  
------------------------------     ---------------------------------------------------------------------   
Net Assets, End of Period                                                                                  
  (thousands).................     $ 139,892      $ 159,475      $ 149,100      $ 168,820      $ 107,863   
Ratio of Expenses to Average                                                                               
  Net Assets**................          0.78%          0.78%          0.83%          0.76%          0.76%  
Ratio of Net Investment Income                                                                             
  to Average Net Assets.......          0.10%         (0.11)%        (0.22)%        (0.34)%        (0.23)% 
Portfolio Turnover Rate.......          5.00%          2.71%         10.26%          5.76%          9.14%  
Average Commission Rate (1)...           N/A            N/A            N/A            N/A            N/A   
Portfolio Turnover Rate of                                                                                 
  Master Fund Series..........           N/A            N/A            N/A            N/A            N/A   
Average Commission Rate of                                                                                 
  Master Fund Series (1)......           N/A            N/A            N/A            N/A            N/A   
------------------------------     ---------------------------------------------------------------------   

                                                        [Enlarge/Download Table]
                                                                                                                             
  *  Annualized                                                                                                              

 **  Represents the combined ratios for the portfolio and its pro-rata share of its Master Fund Series for the period ended  
     November 30, 1996 and subsequent periods.                                                                               

(a)  Portfolio turnover and average commission calculated for the period December 1, 1995 to August 9, 1996, (through date of
     Transfer transaction).                                                                                                  

(b)  Items calculated for the period August 9 to November 30, 1996.                                                          

(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. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

                                                        [Enlarge/Download Table]

                                                             THE PACIFIC RIM SMALL COMPANY PORTFOLIO                    
                                            --------------------------------------------------------------------------  
                                               YEAR             YEAR            YEAR            YEAR           JAN. 5   
                                               ENDED            ENDED           ENDED           ENDED            TO     
                                             NOV. 30,         NOV. 30,        NOV. 30,        NOV. 30,        NOV. 30,  
                                               1997             1996            1995            1994            1993    
----------------------------------------------------------------------------------------------------------------------  
                                                                                                                        
Net Asset Value, Beginning of Period......   $    16.63       $   14.38       $   15.98       $   16.45       $  10.00  
                                            -----------       ---------       ---------       ---------       --------  
INCOME FROM INVESTMENT OPERATIONS                                                                                       
  Net Investment Income...................         0.32            0.27            0.34            0.23           0.11  
  Net Gain (Losses) on Securities                                                                                       
    (Realized and Unrealized).............        (6.22)           2.40           (1.33)           0.47           6.46  
                                            -----------       ---------       ---------       ---------       --------  
    Total From Investment Operations......        (5.90)           2.67           (0.99)           0.70           6.57  
----------------------------------------------------------------------------------------------------------------------  
LESS DISTRIBUTIONS                                                                                                      
  Net Investment Income...................        (0.33)          (0.02)          (0.34)          (0.23)         (0.09) 
  Net Realized Gains......................        (0.88)          (0.40)          (0.27)          (0.94)         (0.03) 
                                            -----------       ---------       ---------       ---------       --------  
    Total Distributions...................        (1.21)          (0.42)          (0.61)          (1.17)         (0.12) 
----------------------------------------------------------------------------------------------------------------------  
Net Asset Value, End of Period............   $     9.52       $   16.63       $   14.38       $   15.98       $  16.45  
----------------------------------------------------------------------------------------------------------------------  
----------------------------------------------------------------------------------------------------------------------  
Total Return..............................       (38.07)%         19.06%          (6.27)%          4.26%         65.71%#
----------------------------------------------------------------------------------------------------------------------  
Net Assets, End of Period (thousands).....   $  111,320       $ 215,542       $ 193,137       $ 212,953       $164,623  
Ratio of Expenses to Average Net                                                                                        
  Assets**................................         0.84%           0.84%           0.83%           0.95%          1.16%*
Ratio of Net Investment Income to Average                                                                               
  Net Assets..............................         1.95%           1.70%           2.22%           1.47%          1.27%*
Portfolio Turnover Rate...................          N/A            7.05%*(a)       5.95%          26.05%          2.77%*
Average Commission Rate (1)...............          N/A       $  0.0094(a)          N/A             N/A            N/A  
Portfolio Turnover Rate of Master Fund                                                                                  
  Series..................................        24.00%           8.04%(b)         N/A             N/A            N/A  
Average Commission Rate of Master Fund                                                                                  
  Series (1)..............................   $   0.0042       $  0.0102(b)          N/A             N/A            N/A  
----------------------------------------------------------------------------------------------------------------------  

                                                        [Enlarge/Download Table]
                                                                                                                             
  *  Annualized                                                                                                              

  #  Non-annualized                                                                                                          

 **  Represents the combined ratios for the respective portfolio and its respective pro-rata share of its Master Fund Series 
     for the period ended November 30, 1996 and subsequent periods.                                                          

(a)  Portfolio turnover and average commission calculated for the period December 1, 1995 to August 9, 1996, (through date of
     Transfer transaction).                                                                                                  

(b)  Items calculated for the period August 9 to November 30, 1996.                                                          

(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. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

                                                        [Enlarge/Download Table]

                                               THE UNITED KINGDOM SMALL COMPANY PORTFOLIO          
                                      ------------------------------------------------------------ 
                                        YEAR         YEAR          YEAR          YEAR       YEAR   
                                       ENDED        ENDED         ENDED         ENDED      ENDED   
                                      NOV. 30,     NOV. 30,      NOV. 30,      NOV. 30,   NOV. 30, 
                                        1997         1996          1995          1994       1993   
                                                                                                   
-------------------------------------------------------------------------------------------------- 
Net Asset Value, Beginning of                                                                      
  Period............................  $  28.47     $  24.09      $  23.20      $  21.22   $  16.38 
                                      --------     --------      --------      --------   -------- 
INCOME FROM INVESTMENT OPERATIONS                                                                  
  Net Investment Income.............      0.81         0.72          0.84          0.48       0.45 
  Net Gain (Losses) on Securities                                                                  
    (Realized and Unrealized).......      1.46         5.31          1.12          2.03       5.34 
                                      --------     --------      --------      --------   -------- 
    Total From Investment                                                                          
      Operations....................      2.27         6.03          1.96          2.51       5.79 
-------------------------------------------------------------------------------------------------- 
LESS DISTRIBUTIONS                                                                                 
  Net Investment Income.............     (0.73)       (0.06)        (0.76)        (0.53)     (0.95)
  Net Realized Gains................     (1.32)       (1.59)        (0.31)           --         -- 
                                      --------     --------      --------      --------   -------- 
    Total Distributions.............     (2.05)       (1.65)        (1.07)        (0.53)     (0.95)
-------------------------------------------------------------------------------------------------- 
Net Asset Value, End of Period......  $  28.69     $  28.47      $  24.09      $  23.20   $  21.22 
-------------------------------------------------------------------------------------------------- 
-------------------------------------------------------------------------------------------------- 
Total Return........................      8.45%       26.76%         8.39%        11.85%     36.42%
-------------------------------------------------------------------------------------------------- 
Net Assets, End of Period                                                                          
  (thousands).......................  $130,891     $166,789      $167,730      $214,113   $181,789 
Ratio of Expenses to Average Net                                                                   
  Assets**..........................      0.70%        0.73%         0.72%         0.74%      0.78%
Ratio of Net Investment Income to                                                                  
  Average Net Assets................      2.40%        2.49%         2.51%         1.95%      2.22%
Portfolio Turnover Rate.............       N/A         3.72%*(a)     7.82%        10.75%      8.21%
Average Commission Rate (1).........       N/A     $ 0.0103(a)        N/A           N/A        N/A 
Portfolio Turnover Rate of Master                                                                  
  Fund Series.......................      4.26%        4.55%*(b)      N/A           N/A        N/A 
Average Commission Rate of Master                                                                  
  Fund Series (1)...................  $ 0.0073     $ 0.0050(b)        N/A           N/A        N/A 
-------------------------------------------------------------------------------------------------- 



                                           THE UNITED KINGDOM SMALL COMPANY PORTFOLIO              
                                      ----------------------------------------------------         
                                        YEAR       YEAR       YEAR       YEAR       YEAR           
                                       ENDED      ENDED      ENDED      ENDED      ENDED           
                                      NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,         
                                        1992       1991       1990       1989       1988           
                                                                                                   
------------------------------------  ----------------------------------------------------         
Net Asset Value, Beginning of                                                                      
  Period............................  $  21.37   $  20.41   $  22.55   $  28.29   $  23.41         
                                      --------   --------   --------   --------   --------         
INCOME FROM INVESTMENT OPERATIONS                                                                  
  Net Investment Income.............      0.64       0.69       0.92       0.52       0.61         
  Net Gain (Losses) on Securities                                                                  
    (Realized and Unrealized).......     (4.98)      1.71      (1.34)     (4.75)      5.18         
                                      --------   --------   --------   --------   --------         
    Total From Investment                                                                          
      Operations....................     (4.34)      2.40      (0.42)     (4.23)      5.79         
------------------------------------  ----------------------------------------------------         
LESS DISTRIBUTIONS                                                                                 
  Net Investment Income.............     (0.65)     (0.90)     (0.75)     (0.54)     (0.28)        
  Net Realized Gains................        --      (0.54)     (0.97)     (0.97)     (0.63)        
                                      --------   --------   --------   --------   --------         
    Total Distributions.............     (0.65)     (1.44)     (1.72)     (1.51)     (0.91)        
------------------------------------  ----------------------------------------------------         
Net Asset Value, End of Period......  $  16.38   $  21.37   $  20.41   $  22.55   $  28.29         
------------------------------------  ----------------------------------------------------         
------------------------------------  ----------------------------------------------------         
Total Return........................    (20.93)%    12.55%     (2.22)%   (15.40)%    23.66%        
------------------------------------  ----------------------------------------------------         
Net Assets, End of Period                                                                          
  (thousands).......................  $121,086   $146,873   $127,137   $119,385   $121,337         
Ratio of Expenses to Average Net                                                                   
  Assets**..........................      0.76%      0.84%      0.83%      0.70%      0.71%        
Ratio of Net Investment Income to                                                                  
  Average Net Assets................      3.19%      3.44%      4.34%      2.24%      2.58%        
Portfolio Turnover Rate.............      4.41%      4.50%     10.86%     11.38%     12.55%        
Average Commission Rate (1).........       N/A        N/A        N/A        N/A        N/A         
Portfolio Turnover Rate of Master                                                                  
  Fund Series.......................       N/A        N/A        N/A        N/A        N/A         
Average Commission Rate of Master                                                                  
  Fund Series (1)...................       N/A        N/A        N/A        N/A        N/A         
------------------------------------  ----------------------------------------------------         

                                                        [Enlarge/Download Table]
                                                                                                                             
  *  Annualized                                                                                                              

  #  Non-annualized                                                                                                          

 **  Represents the combined ratios for the respective portfolio and its respective pro-rata share of its Master Fund Series 
     for the period ended November 30, 1996 and subsequent periods.                                                          

(a)  Portfolio turnover and average commission calculated for the period December 1, 1995 to August 9, 1996, (through date of
     Transfer transaction).                                                                                                  

(b)  Items calculated for the period August 9 to November 30, 1996.                                                          

(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. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

                                                        [Enlarge/Download Table]

                                                    THE CONTINENTAL SMALL COMPANY PORTFOLIO                                    
                                      -------------------------------------------------------------------                      
                                         YEAR           YEAR            YEAR          YEAR        YEAR                         
                                         ENDED          ENDED           ENDED         ENDED       ENDED                        
                                       NOV. 30,       NOV. 30,        NOV. 30,      NOV. 30,    NOV. 30,                       
                                         1997           1996            1995          1994        1993                         
                                                                                                                               
---------------------------------------------------------------------------------------------------------                      
Net Asset Value, Beginning of                                                                                                  
  Period............................   $    15.26     $   14.13       $   14.63     $   12.62   $   11.39                      
                                      -----------     ---------       ---------     ---------   ---------                      
INCOME FROM INVESTMENT OPERATIONS                                                                                              
  Net Investment Income (Loss)......         0.29          0.30            0.29          0.18        0.23                      
  Net Gain (Losses) on Securities                                                                                              
    (Realized and Unrealized).......         1.55          1.58           (0.48)         2.10        1.46                      
                                      -----------     ---------       ---------     ---------   ---------                      
    Total From Investment                                                                                                      
      Operations....................         1.84          1.88           (0.19)         2.28        1.69                      
---------------------------------------------------------------------------------------------------------                      
LESS DISTRIBUTIONS                                                                                                             
  Net Investment Income.............        (0.29)        (0.02)          (0.29)        (0.19)      (0.44)                     
  Net Realized Gains................        (0.87)        (0.73)          (0.02)        (0.07)      (0.02)                     
  Tax Return of Capital.............           --            --              --         (0.01)         --                      
                                      -----------     ---------       ---------     ---------   ---------                      
    Total Distributions.............        (1.16)        (0.75)          (0.31)        (0.27)      (0.46)                     
---------------------------------------------------------------------------------------------------------                      
Net Asset Value, End of Period......   $    15.94     $   15.26       $   14.13     $   14.63   $   12.62                      
---------------------------------------------------------------------------------------------------------                      
---------------------------------------------------------------------------------------------------------                      
Total Return........................        13.02%        13.96%          (1.33)%       18.19%      15.27%                     
---------------------------------------------------------------------------------------------------------                      
Net Assets, End of Period                                                                                                      
  (thousands).......................   $  232,744     $ 299,325       $ 314,116     $ 340,992   $ 266,175                      
Ratio of Expenses to Average Net                                                                                               
  Assets**..........................         0.72%         0.73%           0.74%         0.77%       0.83%                     
Ratio of Net Investment Income to                                                                                              
  Average Net Assets................         1.41%         1.81%           1.69%         1.21%       1.61%                     
Portfolio Turnover Rate.............          N/A          3.67%*(a)       9.79%        10.22%       8.99%                     
Average Commission Rate (1).........          N/A     $  0.1030(a)          N/A           N/A         N/A                      
Portfolio Turnover Rate of Master                                                                                              
  Fund Series.......................         3.46%         6.69%*(c)        N/A           N/A         N/A                      
Average Commission Rate of Master                                                                                              
  Fund Series (1)...................   $   0.0586     $  0.0392(c)          N/A           N/A         N/A                      
---------------------------------------------------------------------------------------------------------                      


                                                                                                  THE INTERNATIONAL SMALL      
                                             THE CONTINENTAL SMALL COMPANY PORTFOLIO                  COMPANY PORTFOLIO        
                                      ------------------------------------------------------      ------------------------     
                                        YEAR        YEAR        YEAR      YEAR      APRIL 15        YEAR          OCT. 1,      
                                       ENDED       ENDED       ENDED     ENDED         TO           ENDED           TO         
                                      NOV. 30,    NOV. 30,    NOV. 30,  NOV. 30,    NOV. 30,      NOV. 30,       NOV. 30,      
                                        1992        1991        1990      1989        1988          1997           1996        
                                                                                                                               
------------------------------------  ------------------------------------------------------------------------------------     
Net Asset Value, Beginning of                                                                                                  
  Period............................  $  14.18    $  16.24    $  16.15  $  12.02    $ 10.00       $   9.96       $   10.00     
                                      --------    --------    --------  --------    --------      ---------      ---------     
INCOME FROM INVESTMENT OPERATIONS                                                                                              
  Net Investment Income (Loss)......      0.28        0.27        0.25      0.12       0.17           0.10            0.01     
  Net Gain (Losses) on Securities                                                                                              
    (Realized and Unrealized).......     (2.11)      (1.66)       0.31      4.10       1.85          (2.22)          (0.05)    
                                      --------    --------    --------  --------    --------      ---------      ---------     
    Total From Investment                                                                                                      
      Operations....................     (1.83)      (1.39)       0.56      4.22       2.02          (2.12)          (0.04)    
------------------------------------  ------------------------------------------------------------------------------------     
LESS DISTRIBUTIONS                                                                                                             
  Net Investment Income.............     (0.26)      (0.29)      (0.20)    (0.09)        --          (0.02)             --     
  Net Realized Gains................     (0.70)      (0.38)      (0.27)       --         --             --              --     
  Tax Return of Capital.............        --          --          --        --         --             --              --     
                                      --------    --------    --------  --------    --------      ---------      ---------     
    Total Distributions.............     (0.96)      (0.67)      (0.47)    (0.09)        --          (0.02)             --     
------------------------------------  ------------------------------------------------------------------------------------     
Net Asset Value, End of Period......  $  11.39    $  14.18    $  16.24  $  16.15    $ 12.02       $   7.82       $    9.96     
------------------------------------  ------------------------------------------------------------------------------------     
------------------------------------  ------------------------------------------------------------------------------------     
Total Return........................    (13.85)%     (9.11)%      3.50%    35.62%     20.01%#       (21.35)%         (0.40)%#  
------------------------------------  ------------------------------------------------------------------------------------     
Net Assets, End of Period                                                                                                      
  (thousands).......................  $196,845    $214,054    $245,465  $199,065    $78,689       $230,469       $ 104,118     
Ratio of Expenses to Average Net                                                                                               
  Assets**..........................      0.90%       0.86%       0.89%     0.82%      1.05%*         0.75%           0.70%*(b)
Ratio of Net Investment Income to                                                                                              
  Average Net Assets................      2.11%       1.68%       1.63%     1.41%      3.27%*         1.46%           0.54%*(b)
Portfolio Turnover Rate.............      6.35%       7.69%       6.24%     5.70%      0.26%*          N/A***          N/A***  
Average Commission Rate (1).........       N/A         N/A         N/A       N/A        N/A            N/A***          N/A***  
Portfolio Turnover Rate of Master                                                                                              
  Fund Series.......................       N/A         N/A         N/A       N/A        N/A            N/A             N/A     
Average Commission Rate of Master                                                                                              
  Fund Series (1)...................       N/A         N/A         N/A       N/A        N/A            N/A             N/A     
------------------------------------  ------------------------------------------------------------------------------------     

                                                        [Enlarge/Download Table]
                                                                                                                              
  *  Annualized                                                                                                               
  #  Non-annualized                                                                                                           
 **  Represents the combined ratios for the respective portfolio and its respective pro-rata shares of its Master Fund Series 
     for the period ended November 30, 1996 and subsequent periods.                                                           
***  Refer to the respective Master Fund Series.                                                                              
(a)  Portfolio turnover and average commission calculated for the period December 1, 1995 to August 9, 1996 (through date of  
     Transfer transaction).                                                                                                   
(b)  Had certain waivers and reimbursements not been in effect, the ratio of expenses to average net assets for the period    
     ended November 30, 1996 would have been 0.79%, respectively, and the ratio of net investment income to average net assets
     for the period ended November 30, 1996 would have been 0.45%, respectively.                                              
(c)  Items calculated for the period August 9 to November 30, 1996.                                                           
(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. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

                                                        [Enlarge/Download Table]


                                                  THE RWB/DFA INTERNATIONAL HIGH BOOK TO MARKET PORTFOLIO            
                                         -------------------------------------------------------------------------   
                                         YEAR ENDED    YEAR ENDED    YEAR ENDED       YEAR ENDED       JUNE 10 TO    
                                          NOV. 30,      NOV. 30,      NOV. 30,         NOV. 30,         NOV. 30,     
                                            1997          1996          1995             1994             1993       
------------------------------------------------------------------------------------------------------------------   
                                                                                                                     
Net Asset Value, Beginning of                                                                                        
  Period...........................       $    13.76    $    12.02    $    11.44       $     9.92       $  10.00     
                                         -----------   -----------   -----------      -----------      -----------   
INCOME FROM INVESTMENT OPERATIONS                                                                                    
  Net Investment Income (Loss).....             0.22          0.22          0.19             0.14           0.06     
  Net Gain (Losses) on Securities                                                                                    
    (Realized and Unrealized)......            (0.77)         1.53          0.60             1.52          (0.11)    
                                         -----------   -----------   -----------      -----------      -----------   
    Total From Investment                                                                                            
      Operations...................            (0.55)         1.75          0.79             1.66          (0.05)    
------------------------------------------------------------------------------------------------------------------   
LESS DISTRIBUTIONS                                                                                                   
  Net Investment Income............            (0.23)        (0.01)        (0.19)           (0.14)         (0.03)    
  Net Realized Gains...............            (0.14)           --         (0.02)              --             --     
                                         -----------   -----------   -----------      -----------      -----------   
    Total Distributions............            (0.37)        (0.01)        (0.21)           (0.14)         (0.03)    
------------------------------------------------------------------------------------------------------------------   
Net Asset Value, End of Period.....       $    12.84    $    13.76    $    12.02       $    11.44       $   9.92     
------------------------------------------------------------------------------------------------------------------   
------------------------------------------------------------------------------------------------------------------   
Total Return.......................            (4.04)%       14.61%         6.95%           16.71%         (0.50)%#  
------------------------------------------------------------------------------------------------------------------   
Net Assets, End of Period                                                                                            
  (thousands)......................       $  275,057    $  257,371    $  172,017       $  112,952       $ 63,235     
Ratio of Expenses to Average Net                                                                                     
  Assets**.........................             0.50%         0.54%         0.68%            0.69%(a)       0.65%*(a)
Ratio of Net Investment Income to                                                                                    
  Average Net Assets...............             1.72%         1.88%         1.85%            1.39%(a)       1.40%*(a)
Portfolio Turnover Rate............              N/A           N/A           N/A             0.15%*(b)      0.41%*   
Average Commission Rate............              N/A           N/A           N/A              N/A            N/A     
Portfolio Turnover Rate of Master                                                                                    
  Fund Series......................            22.55%        12.23%         9.75%            1.90%*(c)       N/A     
Average Commission Rate of Master                                                                                    
  Fund Series (1)..................       $   0.0068    $   0.0112           N/A              N/A            N/A     
------------------------------------------------------------------------------------------------------------------   


                                                         THE EMERGING MARKETS PORTFOLIO                              
                                         --------------------------------------------------------------              
                                         YEAR ENDED       YEAR ENDED       YEAR ENDED       APRIL 25 TO              
                                          NOV. 30,         NOV. 30,         NOV. 30,         NOV. 30,                
                                            1997             1996             1995             1994                  
-----------------------------------      --------------------------------------------------------------              
                                                                                                                     
Net Asset Value, Beginning of                                                                                        
  Period...........................       $    11.71       $    10.35       $  11.30         $  10.00                
                                         -----------      -----------      -----------      -----------              
INCOME FROM INVESTMENT OPERATIONS                                                                                    
  Net Investment Income (Loss).....             0.12             0.09           0.06            (0.02)               
  Net Gain (Losses) on Securities                                                                                    
    (Realized and Unrealized)......            (2.13)            1.27          (0.96)            1.32                
                                         -----------      -----------      -----------      -----------              
    Total From Investment                                                                                            
      Operations...................            (2.01)            1.36          (0.90)            1.30                
-----------------------------------      --------------------------------------------------------------              
LESS DISTRIBUTIONS                                                                                                   
  Net Investment Income............            (0.09)              --          (0.05)              --                
  Net Realized Gains...............               --               --             --               --                
                                         -----------      -----------      -----------      -----------              
    Total Distributions............            (0.09)              --          (0.05)              --                
-----------------------------------      --------------------------------------------------------------              
Net Asset Value, End of Period.....       $     9.61       $    11.71       $  10.35         $  11.30                
-----------------------------------      --------------------------------------------------------------              
-----------------------------------      --------------------------------------------------------------              
Total Return.......................           (17.27)%          13.18%         (7.96)%          13.00%#              
-----------------------------------      --------------------------------------------------------------              
Net Assets, End of Period                                                                                            
  (thousands)......................       $  212,048       $  162,025       $ 49,337         $ 15,731                
Ratio of Expenses to Average Net                                                                                     
  Assets**.........................             0.99%            1.15%          1.58%            2.43%*              
Ratio of Net Investment Income to                                                                                    
  Average Net Assets...............             1.19%            1.14%          0.98%           (0.44)%*             
Portfolio Turnover Rate............              N/A              N/A            N/A              N/A                
Average Commission Rate............              N/A              N/A            N/A              N/A                
Portfolio Turnover Rate of Master                                                                                    
  Fund Series......................             0.54%            0.37%          8.17%            1.28%*              
Average Commission Rate of Master                                                                                    
  Fund Series (1)..................       $   0.0010       $   0.0010            N/A              N/A                
-----------------------------------      --------------------------------------------------------------              

                                                        [Enlarge/Download Table]
                                                                                                                              
  *  Annualized                                                                                                               

  #  Non-annualized                                                                                                           

 **  Represents the combined ratios for the respective portfolio and its respective pro-rata share of its Master Fund Series  
     for the period ended November 30, 1994 and subsequent periods.                                                           

(a)  Had certain waivers and reimbursements not been in effect, the ratios of expenses to average net assets for the periods  
     ended November 30, 1994 and 1993 would have been 0.73% and 0.82%, respectively, and the ratios of net investment income  
     to average net assets for the periods ended November 30, 1994 and 1993 would have been 1.38% and 1.23%, respectively.    

(b)  Portfolio turnover calculated for the period December 1, 1993 to February 15, 1994 (through date of Exchange transaction,
     see respective Master Fund Series for rate subsequent to Exchange transaction).                                          

(c)  Master Fund Series turnover calculated for the period February 16 to November 30, 1994.                                  

(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. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

                                                        [Enlarge/Download Table]


                                                             THE LARGE CAP INTERNATIONAL PORTFOLIO                                
                                -----------------------------------------------------------------------------------------------   
                                                                                                                     JULY 15,     
                                YEAR ENDED    YEAR ENDED    YEAR ENDED    YEAR ENDED    YEAR ENDED    YEAR ENDED        TO        
                                 NOV. 30,      NOV. 30,      NOV. 30,      NOV. 30,      NOV. 30,      NOV. 30,      NOV. 30,     
                                   1997          1996          1995          1994          1993          1992          1991       
-------------------------------------------------------------------------------------------------------------------------------   
                                                                                                                                  
Net Asset Value, Beginning of                                                                                                     
  Period......................   $  14.18      $  12.60      $  11.91      $  11.26      $   9.63      $  10.64      $  10.00     
                                -----------   -----------   -----------   -----------   -----------   -----------   -----------   
INCOME FROM INVESTMENT                                                                                                            
  OPERATIONS                                                                                                                      
  Net Investment Income.......       0.23          0.21          0.15          0.09          0.15          0.11          0.06     
  Net Gains (Losses) on                                                                                                           
    Securities (Realized and                                                                                                      
    Unrealized)...............       0.15          1.39          0.95          1.11          1.72         (1.04)         0.58     
                                -----------   -----------   -----------   -----------   -----------   -----------   -----------   
    Total From Investment                                                                                                         
      Operations                     0.38          1.60          1.10          1.20          1.87         (0.93)         0.64     
-------------------------------------------------------------------------------------------------------------------------------   
LESS DISTRIBUTIONS                                                                                                                
  Net Investment Income.......      (0.21)        (0.02)        (0.18)        (0.09)        (0.24)        (0.07)           --     
  Net Realized Gains..........      (0.08)           --         (0.23)        (0.46)           --         (0.01)           --     
                                -----------   -----------   -----------   -----------   -----------   -----------   -----------   
    Total Distributions.......      (0.29)        (0.02)        (0.41)        (0.55)        (0.24)        (0.08)           --     
-------------------------------------------------------------------------------------------------------------------------------   
Net Asset Value, End of                                                                                                           
  Period......................   $  14.27      $  14.18      $  12.60      $  11.91      $  11.26      $   9.63      $  10.64     
-------------------------------------------------------------------------------------------------------------------------------   
-------------------------------------------------------------------------------------------------------------------------------   
Total Return..................       2.80%        12.68%         9.37%        10.74%        19.55%        (9.00)%        2.88%#   
-------------------------------------------------------------------------------------------------------------------------------   
Net Assets, End of Period                                                                                                         
  (thousands).................   $ 87,223      $ 79,322      $ 67,940      $ 55,635      $ 78,472      $ 26,041      $  4,360     
Ratio of Expenses to Average                                                                                                      
  Net Assets..................       0.47%         0.58%         0.57%         0.66%         0.55%(a)      0.50%(a)      0.50%*(a)
Ratio of Net Investment Income                                                                                                    
  to Average Net Assets.......       1.69%         1.57%         1.84%         1.18%         1.94%(a)      1.75%(a)      1.96%*(a)
Portfolio Turnover Rate.......       2.31%        17.65%        24.44%        33.15%         0.28%         0.20%         2.38%*   
Average Commission Rate (1)...   $ 0.0169      $ 0.0160           N/A           N/A           N/A           N/A           N/A     
-------------------------------------------------------------------------------------------------------------------------------   


                                  THE DFA INTERNATIONAL SMALL CAP VALUE                                                           
                                                PORTFOLIO                                                                         
                                ------------------------------------------                                                        
                                    YEAR                                                                                          
                                   ENDED        YEAR ENDED      DEC. 30,                                                          
                                  NOV. 30,       NOV. 30,     1994 TO NOV.                                                        
                                    1997           1996         30, 1995                                                          
------------------------------  ------------------------------------------                                                        
                                                                                                                                  
Net Asset Value, Beginning of                                                                                                     
  Period......................    $    10.45     $     9.68     $    10.00                                                        
                                ------------   ------------   ------------                                                        
INCOME FROM INVESTMENT                                                                                                            
  OPERATIONS                                                                                                                      
  Net Investment Income.......          0.12           0.11           0.05                                                        
  Net Gains (Losses) on                                                                                                           
    Securities (Realized and                                                                                                      
    Unrealized)...............         (2.19)          0.66          (0.32)                                                       
                                ------------   ------------   ------------                                                        
    Total From Investment                                                                                                         
      Operations                       (2.07)          0.77          (0.27)                                                       
------------------------------  ------------------------------------------                                                        
LESS DISTRIBUTIONS                                                                                                                
  Net Investment Income.......         (0.13)            --          (0.04)                                                       
  Net Realized Gains..........         (0.30)            --          (0.01)                                                       
                                ------------   ------------   ------------                                                        
    Total Distributions.......         (0.43)            --          (0.05)                                                       
------------------------------  ------------------------------------------                                                        
Net Asset Value, End of                                                                                                           
  Period......................    $     7.95     $    10.45     $     9.68                                                        
------------------------------  ------------------------------------------                                                        
------------------------------  ------------------------------------------                                                        
Total Return..................        (20.60)%         8.01%         (2.73)%#                                                     
------------------------------  ------------------------------------------                                                        
Net Assets, End of Period                                                                                                         
  (thousands).................    $  431,257     $  375,488     $  147,125                                                        
Ratio of Expenses to Average                                                                                                      
  Net Assets..................          0.90%          0.99%          1.23%*                                                      
Ratio of Net Investment Income                                                                                                    
  to Average Net Assets.......          1.47%          1.38%          1.43%*                                                      
Portfolio Turnover Rate.......         13.63%         14.52%          1.62%*                                                      
Average Commission Rate (1)...    $   0.0056     $   0.0092            N/A                                                        
------------------------------  ------------------------------------------                                                        

                                                        [Enlarge/Download Table]
                                                                                                                              
  *  Annualized                                                                                                               

  #  Non-annualized                                                                                                           

(a)  Had certain fees and expenses not been waived or reimbursed, the ratios of expenses to average net assets for the periods
     ended November 30, 1993, 1992 and 1991 would have been 0.66%, 1.35% and 2.31%, respectively, and the ratios of net       
     investment income to average net assets for the periods ended November 30, 1993, 1992 and 1991 would have been 1.83%,    
     0.90% and 0.15%, respectively.                                                                                           

(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. 

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FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

                                                        [Enlarge/Download Table]

                                                       THE DFA INTERMEDIATE GOVERNMENT FIXED INCOME PORTFOLIO                    
                                     ------------------------------------------------------------------------------------------- 
                                        YEAR        YEAR      YEAR        YEAR        YEAR        YEAR        YEAR      OCT. 22  
                                       ENDED       ENDED      ENDED       ENDED       ENDED       ENDED       ENDED        TO    
                                      NOV. 30,    NOV. 30,  NOV. 30,    NOV. 30,    NOV. 30,    NOV. 30,    NOV. 30,    NOV. 30, 
                                        1997        1996      1995        1994        1993        1992        1991        1990   
-------------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                                 
Net Asset Value, Beginning of                                                                                                    
  Period...........................  $    11.22   $  11.24  $  10.22    $  11.59    $  11.20    $  11.02    $  10.27    $ 10.00  
                                     ----------   --------  ---------   ---------   ---------   ---------   ---------   -------- 
INCOME FROM INVESTMENT OPERATIONS                                                                                                
  Net Investment Income............        0.66       0.65      0.70        0.69        0.55        0.76        0.84       0.09  
  Net Gain (Losses) on Securities                                                                                                
    (Realized and Unrealized)......        0.06      (0.13)     1.11       (1.22)       0.66        0.26        0.63       0.18  
                                     ----------   --------  ---------   ---------   ---------   ---------   ---------   -------- 
    Total From Investment                                                                                                        
      Operations...................        0.72       0.52      1.81       (0.53)       1.21        1.02        1.47       0.27  
-------------------------------------------------------------------------------------------------------------------------------- 
LESS DISTRIBUTIONS                                                                                                               
  Net Investment Income............       (0.66)     (0.50)    (0.70)      (0.68)      (0.73)      (0.78)      (0.72)        --  
  Net Realized Gains...............          --      (0.04)    (0.09)      (0.16)      (0.09)      (0.06)         --         --  
                                     ----------   --------  ---------   ---------   ---------   ---------   ---------   -------- 
    Total Distributions............       (0.66)     (0.54)    (0.79)      (0.84)      (0.82)      (0.84)      (0.72)        --  
-------------------------------------------------------------------------------------------------------------------------------- 
Net Asset Value, End of Period.....  $    11.28   $  11.22  $  11.24    $  10.22    $  11.59    $  11.20    $  11.02    $ 10.27  
-------------------------------------------------------------------------------------------------------------------------------- 
-------------------------------------------------------------------------------------------------------------------------------- 
Total Return.......................        6.75%      4.98%    18.04%      (4.72)%     12.84%       9.70%      14.94%      2.63%#
-------------------------------------------------------------------------------------------------------------------------------- 
Net Assets, End of Period                                                                                                        
  (thousands)......................  $  136,555   $107,944  $ 78,087    $ 60,827    $ 53,051    $ 40,160    $ 29,393    $25,567  
Ratio of Expenses to Average Net                                                                                                 
  Assets...........................        0.25%      0.26%     0.27%       0.29%       0.32%       0.29%       0.28%      0.23%*
Ratio of Net Investment Income to                                                                                                
  Average Net Assets...............        6.20%      6.22%     6.44%       6.45%       6.41%       7.05%       7.86%      8.73%*
Portfolio Turnover Rate............       24.06%     30.84%    40.79%      27.15%      16.91%      17.91%      19.72%      0.00%*
-------------------------------------------------------------------------------------------------------------------------------- 

                                                                [Download Table]
                                                               
(Restated to reflect 900% stock dividend as of January 2, 1996)

        *  Annualized                                          

        #  Non-annualized                                      

See accompanying Notes to Financial Statements. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR

                                                        [Enlarge/Download Table]

                                                  THE DFA ONE-YEAR FIXED INCOME PORTFOLIO               
                                        -----------------------------------------------------------     
                                           YEAR         YEAR        YEAR        YEAR        YEAR        
                                           ENDED        ENDED       ENDED       ENDED       ENDED       
                                         NOV. 30,     NOV. 30,    NOV. 30,    NOV. 30,    NOV. 30,      
                                           1997         1996        1995        1994        1993        
                                                                                                        
---------------------------------------------------------------------------------------------------     
Net Asset Value, Beginning of                                                                           
  Period............................     $    10.24   $   10.21   $   10.05   $   10.28   $   10.35     
                                        -----------   ---------   ---------   ---------   ---------     
INCOME FROM INVESTMENT OPERATIONS                                                                       
  Net Investment Income.............           0.59        0.56        0.60        0.46        0.35     
  Net Gain (Losses) on Securities                                                                       
    (Realized and Unrealized).......          (0.01)       0.03        0.17       (0.21)       0.11     
                                        -----------   ---------   ---------   ---------   ---------     
    Total From Investment                                                                               
      Operations....................           0.58        0.59        0.77        0.25        0.46     
---------------------------------------------------------------------------------------------------     
LESS DISTRIBUTIONS                                                                                      
  Net Investment Income.............          (0.59)      (0.56)      (0.60)      (0.46)      (0.38)    
  Net Realized Gains................             --          --       (0.01)      (0.02)      (0.15)    
                                        -----------   ---------   ---------   ---------   ---------     
    Total Distributions.............          (0.59)      (0.56)      (0.61)      (0.48)      (0.53)    
---------------------------------------------------------------------------------------------------     
Net Asset Value, End of Period......     $    10.23   $   10.24   $   10.21   $   10.05   $   10.28     
---------------------------------------------------------------------------------------------------     
---------------------------------------------------------------------------------------------------     
Total Return........................           5.84%       5.94%       7.80%       2.48%       4.62%    
---------------------------------------------------------------------------------------------------     
Net Assets, End of Period                                                                               
  (thousands).......................     $  752,237   $ 854,521   $ 704,950   $ 592,226   $ 608,400     
Ratio of Expenses to Average Net                                                                        
  Assets**..........................           0.22%       0.21%       0.20%       0.21%       0.21%    
Ratio of Net Investment Income to                                                                       
  Average Net Assets................           5.79%       5.39%       5.86%       4.47%       3.38%    
Portfolio Turnover Rate.............            N/A         N/A         N/A         N/A       61.95%(a) 
Portfolio Turnover Rate of Master                                                                       
  Fund Series.......................          82.84%      95.84%      81.31%     140.82%     111.67%*(b)
---------------------------------------------------------------------------------------------------     



                                               THE DFA ONE-YEAR FIXED INCOME PORTFOLIO                  
                                      ---------------------------------------------------------         
                                        YEAR        YEAR        YEAR        YEAR        YEAR            
                                        ENDED       ENDED       ENDED       ENDED       ENDED           
                                      NOV. 30,    NOV. 30,    NOV. 30,    NOV. 30,    NOV. 30,          
                                        1992        1991        1990        1989        1988            
                                                                                                        
------------------------------------  ---------------------------------------------------------         
Net Asset Value, Beginning of                                                                           
  Period............................  $   10.33   $   10.19   $   10.16   $   10.12   $   10.12         
                                      ---------   ---------   ---------   ---------   ---------         
INCOME FROM INVESTMENT OPERATIONS                                                                       
  Net Investment Income.............       0.43        0.68        0.83        0.82        0.78         
  Net Gain (Losses) on Securities                                                                       
    (Realized and Unrealized).......       0.06        0.16        0.04        0.03       (0.04)        
                                      ---------   ---------   ---------   ---------   ---------         
    Total From Investment                                                                               
      Operations....................       0.49        0.84        0.87        0.85        0.74         
------------------------------------  ---------------------------------------------------------         
LESS DISTRIBUTIONS                                                                                      
  Net Investment Income.............      (0.44)      (0.70)      (0.84)      (0.81)      (0.74)        
  Net Realized Gains................      (0.03)         --          --          --          --         
                                      ---------   ---------   ---------   ---------   ---------         
    Total Distributions.............      (0.47)      (0.70)      (0.84)      (0.81)      (0.74)        
------------------------------------  ---------------------------------------------------------         
Net Asset Value, End of Period......  $   10.35   $   10.33   $   10.19   $   10.16   $   10.12         
------------------------------------  ---------------------------------------------------------         
------------------------------------  ---------------------------------------------------------         
Total Return........................       5.64%       8.61%       8.88%       9.53%       7.61%        
------------------------------------  ---------------------------------------------------------         
Net Assets, End of Period                                                                               
  (thousands).......................  $ 561,879   $ 469,276   $ 412,907   $ 360,146   $ 341,551         
Ratio of Expenses to Average Net                                                                        
  Assets**..........................       0.21%       0.21%       0.21%       0.22%       0.22%        
Ratio of Net Investment Income to                                                                       
  Average Net Assets................       4.81%       6.75%       8.27%       8.77%       7.70%        
Portfolio Turnover Rate.............     125.56%      82.26%      96.30%       0.00%      80.74%        
Portfolio Turnover Rate of Master                                                                       
  Fund Series.......................        N/A         N/A         N/A         N/A         N/A         
------------------------------------  ---------------------------------------------------------         

                                                        [Enlarge/Download Table]
                                                                                                                                
(Restated to reflect 900% stock dividend as of January 2, 1996)                                                                 

       **  Represents the combined ratio for the portfolio and its pro-rata share of its Master Fund Series for the period ended
           November 30, 1993 and subsequent years.                                                                              

      (a)  Portfolio turnover calculated for period December 1, 1992 to February 7, 1993 (through date of Exchange transaction).

      (b)  Master Fund Series turnover calculated for the period February 8 to November 30, 1993.                               

See accompanying Notes to Financial Statements. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

                                                        [Enlarge/Download Table]

                                                 THE DFA FIVE-YEAR GOVERNMENT PORTFOLIO (1)             
                                      ----------------------------------------------------------------  
                                         YEAR         YEAR      YEAR      YEAR        YEAR      YEAR    
                                         ENDED       ENDED     ENDED     ENDED       ENDED     ENDED    
                                       NOV. 30,     NOV. 30,  NOV. 30,  NOV. 30,    NOV. 30,  NOV. 30,  
                                         1997         1996      1995      1994        1993      1992    
                                                                                                        
------------------------------------------------------------------------------------------------------  
Net Asset Value, Beginning of                                                                           
  Period............................   $    10.42   $  10.05  $   9.75  $  10.55    $  10.88  $ 11.25   
                                      -----------   --------  --------  --------    --------  --------  
INCOME FROM INVESTMENT OPERATIONS                                                                       
  Net Investment Income.............         0.59       0.65      0.59      0.48        0.47     0.57   
  Net Gain (Losses) on Securities                                                                       
    (Realized and Unrealized).......        (0.06)      0.09      0.30     (0.80)       0.49     0.31   
                                      -----------   --------  --------  --------    --------  --------  
    Total From Investment                                                                               
      Operations....................         0.53       0.74      0.89     (0.32)       0.96     0.88   
------------------------------------------------------------------------------------------------------  
LESS DISTRIBUTIONS                                                                                      
  Net Investment Income.............        (0.59)     (0.37)    (0.59)    (0.48)      (0.73)   (0.76)  
  Net Realized Gains................           --         --        --        --       (0.56)   (0.49)  
                                      -----------   --------  --------  --------    --------  --------  
    Total Distributions.............        (0.59)     (0.37)    (0.59)    (0.48)      (1.29)   (1.25)  
------------------------------------------------------------------------------------------------------  
Net Asset Value, End of Period......   $    10.36   $  10.42  $  10.05  $   9.75    $  10.55  $ 10.88   
------------------------------------------------------------------------------------------------------  
------------------------------------------------------------------------------------------------------  
Total Return........................         5.39%      7.51%     9.35%    (3.13)%      9.46%    8.59%  
------------------------------------------------------------------------------------------------------  
Net Assets, End of Period                                                                               
  (thousands).......................   $  204,377   $174,386  $300,921  $235,554    $164,504  $83,543   
Ratio of Expenses to Average Net                                                                        
  Assets **.........................         0.29%      0.30%     0.28%     0.31%       0.31%    0.31%  
Ratio of Net Investment Income to                                                                       
  Average Net Assets................         5.95%      5.63%     6.14%     5.08%       4.75%    5.82%  
Portfolio Turnover Rate.............        27.78%    211.97%   398.09%    52.39%     152.10%  218.60%  
Portfolio Turnover Rate of Master                                                                       
  Fund Series.......................          N/A        N/A       N/A       N/A         N/A      N/A   
------------------------------------------------------------------------------------------------------  


                                                                                   THE DFA TWO-YEAR     
                                     THE DFA FIVE-YEAR GOVERNMENT PORTFOLIO      GLOBAL FIXED INCOME    
                                                       (1)                            PORTFOLIO         
                                    -----------------------------------------   ----------------------  
                                      YEAR       YEAR       YEAR       YEAR        YEAR        FEB. 9   
                                     ENDED      ENDED      ENDED      ENDED        ENDED         TO     
                                    NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,    NOV. 30,     NOV. 30,  
                                      1991       1990       1989       1988        1997         1996    
                                                                                                        
------------------------------------------------------------------------------------------------------  
Net Asset Value, Beginning of                                                                           
  Period............................$ 10.64    $ 10.46    $ 10.42     $10.33     $    10.37   $  10.00  
                                    --------   --------   --------   --------   -----------   --------  
INCOME FROM INVESTMENT OPERATIONS                                                                       
  Net Investment Income.............   0.81       0.76       0.85       0.62           0.69       0.24  
  Net Gain (Losses) on Securities                                                                       
    (Realized and Unrealized).......   0.54       0.20       0.05       0.09          (0.12)      0.35  
                                    --------   --------   --------   --------   -----------   --------  
    Total From Investment                                                                               
      Operations....................   1.35       0.96       0.90       0.71           0.57       0.59  
------------------------------------------------------------------------------------------------------  
LESS DISTRIBUTIONS                                                                                      
  Net Investment Income.............  (0.74)     (0.78)     (0.86)     (0.58)         (0.53)     (0.22) 
  Net Realized Gains................     --         --         --      (0.04)         (0.01)        --  
                                    --------   --------   --------   --------   -----------   --------  
    Total Distributions.............  (0.74)     (0.78)     (0.86)     (0.62)         (0.54)     (0.22) 
------------------------------------------------------------------------------------------------------  
Net Asset Value, End of Period......$ 11.25    $ 10.64    $ 10.46     $10.42     $    10.40   $  10.37  
------------------------------------------------------------------------------------------------------  
------------------------------------------------------------------------------------------------------  
Total Return........................  13.44%      9.72%      9.33%      7.13%          5.66%      6.01%#
------------------------------------------------------------------------------------------------------  
Net Assets, End of Period                                                                               
  (thousands).......................$56,971    $52,260    $53,039     $4,863     $  418,905   $319,343  
Ratio of Expenses to Average Net                                                                        
  Assets **.........................   0.30%      0.30%      0.30%      0.28%          0.34%      0.33%*
Ratio of Net Investment Income to                                                                       
  Average Net Assets................   7.16%      7.91%      8.49%      7.97%          6.70%      3.10%*
Portfolio Turnover Rate............. 223.18%    165.50%    312.59%    253.31%           N/A        N/A  
Portfolio Turnover Rate of Master                                                                       
  Fund Series.......................    N/A        N/A        N/A        N/A         119.27%     87.07%*
------------------------------------------------------------------------------------------------------  

                                                                [Download Table]
                                          
(1) Restated to reflect a 900% stock      
   dividend as of January 2, 1996.        

  * Annualized                            

  # Non-annualized                        

 ** Represents the combined ratio for The 
   DFA Two-Year Global Fixed Income       
   Portfolio and its pro-rata share of its
   Master Fund Series.                    

See accompanying Notes to Financial Statements. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

                                                        [Enlarge/Download Table]

                                                               THE DFA GLOBAL FIXED INCOME PORTFOLIO                            
                                    ------------------------------------------------------------------------------------------- 
                                       YEAR        YEAR        YEAR        YEAR        YEAR        YEAR       YEAR      NOV. 6  
                                      ENDED        ENDED       ENDED       ENDED       ENDED      ENDED      ENDED        TO    
                                     NOV. 30,    NOV. 30,    NOV. 30,    NOV. 30,    NOV. 30,    NOV. 30,   NOV. 30,   NOV. 30, 
                                       1997        1996        1995        1994        1993        1992       1991       1990   
------------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                                
Net Asset Value, Beginning of                                                                                                   
  Period..........................  $    11.04   $   10.51   $    9.81   $   10.56   $   10.36   $ 10.47    $ 10.02     $10.00  
                                    ----------   ---------   ---------   ---------   ---------   --------   --------   -------- 
INCOME FROM INVESTMENT OPERATIONS                                                                                               
  Net Investment Income (Loss)....        0.48        0.50        0.39        0.35        0.40      0.54       0.66       0.04  
  Net Gain (Losses) on Securities                                                                                               
    (Realized and Unrealized).....        0.33        0.61        1.08       (0.65)       0.73      0.26       0.26      (0.02) 
                                    ----------   ---------   ---------   ---------   ---------   --------   --------   -------- 
    Total From Investment                                                                                                       
      Operations..................        0.81        1.11        1.47       (0.30)       1.13      0.80       0.92       0.02  
------------------------------------------------------------------------------------------------------------------------------- 
LESS DISTRIBUTIONS                                                                                                              
  Net Investment Income...........       (0.88)      (0.58)      (0.77)      (0.44)      (0.45)    (0.64)     (0.47)        --  
  Net Realized Gains..............       (0.09)         --          --       (0.01)      (0.48)    (0.27)        --         --  
                                    ----------   ---------   ---------   ---------   ---------   --------   --------   -------- 
    Total Distributions...........       (0.97)      (0.58)      (0.77)      (0.45)      (0.93)    (0.91)     (0.47)        --  
------------------------------------------------------------------------------------------------------------------------------- 
Net Asset Value, End of Period....  $    10.88   $   11.04   $   10.51   $    9.81   $   10.56   $ 10.36    $ 10.47     $10.02  
------------------------------------------------------------------------------------------------------------------------------- 
------------------------------------------------------------------------------------------------------------------------------- 
Total Return......................        7.87%      11.13%      15.23%      (2.91)%     11.42%     8.00%     11.00%      0.22%#
------------------------------------------------------------------------------------------------------------------------------- 
Net Assets, End of Period                                                                                                       
  (thousands).....................  $  250,078   $ 165,772   $ 208,166   $ 135,529   $ 101,528   $54,607    $31,647     $8,474  
Ratio of Expenses to Average Net                                                                                                
  Assets..........................        0.42%       0.46%       0.46%       0.49%       0.52%     0.58%      0.67%      0.51%*
Ratio of Net Investment Income to                                                                                               
  Average Net Assets..............        4.50%       4.88%       5.80%       5.75%       5.09%     5.52%      6.74%      6.92%*
Portfolio Turnover Rate...........       95.12%      97.78%     130.41%     113.55%     139.57%   210.39%    194.25%      0.00%*
------------------------------------------------------------------------------------------------------------------------------- 

                                                                [Download Table]
                                                
(Restated to reflect a 900% stock dividend as of
January 2, 1996)                                

*  Annualized                                   

#  Non-annualized                               

See accompanying Notes to Financial Statements. 

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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 whose shares are offered, without a sales charge, generally  
to institutional investors and clients of registered investment advisors.       
Twenty-one of the Fund's twenty-eight portfolios (the "Portfolios") are included
in this report. Of the remaining seven portfolios, six portfolios are only      
available through a select group of insurance products and are presented in a   
separate report and the remaining portfolio has not yet commenced operations.   

 On June 1, 1996, pursuant to an amendment to the organization document of
the U.S. Large Company Series ("the Series") which resulted in the              
reorganization of the Series from an entity taxed as a corporation to an entity 
taxed as a partnership for income tax purposes, the U.S. Large Company Portfolio
("this Portfolio") redeemed its shares invested in the Series in exchange for   
the assets of the Series valued at $130,671,442. These assets were immediately  
contributed to the Series from this Portfolio, along with a nominal contribution
from the Advisor, to create the partnership in exchange for an interest in the  
Series. At the time of this event, this Portfolio had $37,143,056 of unrealized 
appreciation on its investment in the Series. Immediately following the         
reorganization, this Portfolio owned 99.9% of the Series. This transaction was  
treated as a tax-free event to the shareholders of this Portfolio based on      
rulings obtained from the Internal Revenue Service. Subsequent to the           
reorganization, an unrelated investment company became a partner of the Series  
and reduced this Portfolio's percentage of ownership to 36.6%.                  

On August 9, 1996, The Japanese Small Company Portfolio, The Pacific Rim
Small Company Portfolio, The United Kingdom Small Company Portfolio and The     
Continental Small Company Portfolio each transferred their investable assets in 
exchange for assets of a corresponding series of The DFA Investment Trust       
Company (the "Transfer"). At the same time, the Advisor also made a nominal     
contribution to each series. Each corresponding series (The Japanese Small      
Company Series, The Pacific Rim Small Company Series, The United Kingdom Small  
Company Series and The Continental Small Company Series) is taxed as a          
partnership for federal income tax purposes. The Transfer is not expected to    
have any adverse tax effects on the Portfolios. In the opinion of counsel to the
Fund, the Transfer was a tax-free event and therefore resulted in no recognition
of taxable gain (loss) for each Portfolio.                                      

Effective August 1, 1997, The U.S. Small Cap Value Portfolio changed its
name to The U.S. 6-10 Value Portfolio.                                          

The following Portfolios (the "Feeder Funds") invest in a corresponding 
series of The DFA Investment Trust Company (the "Master Funds"):                

                                                        [Enlarge/Download Table]

                                                                                                                   PERCENTAGE  
                                                                                                                    OWNERSHIP  
PORTFOLIOS (FEEDER FUNDS)                                CORRESPONDING SERIES (MASTER FUNDS)                       AT 11/30/97 
-------------------------------------------------------  -------------------------------------------------------  -------------
                                                                                                                               
The U.S. 6-10 Small Company Portfolio                    The U.S. 6-10 Small Company Series                               78%  

The U.S. Large Company Portfolio                         The U.S. Large Company Series                                    42%  

The Enhanced U.S. Large Company Portfolio                The Enhanced U.S. Large Company Series                          100%  

The U.S. 6-10 Value Portfolio                            The U.S. 6-10 Value Series                                       94%  

The U.S. Large Cap Value Portfolio                       The U.S. Large Cap Value Series                                  56%  

The Japanese Small Company Portfolio                     The Japanese Small Company Series                                66%  

The Pacific Rim Small Company Portfolio                  The Pacific Rim Small Company Series                             76%  

The United Kingdom Small Company Portfolio               The United Kingdom Small Company Series                          76%  

The Continental Small Company Portfolio                  The Continental Small Company Series                             73%  

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                                                        [Enlarge/Download Table]

                                                                                                                   PERCENTAGE  
                                                                                                                    OWNERSHIP  
PORTFOLIOS (FEEDER FUNDS)                                CORRESPONDING SERIES (MASTER FUNDS)                       AT 11/30/97 
-------------------------------------------------------  -------------------------------------------------------  -------------
                                                                                                                               
The International Small Company Portfolio                The Japanese Small Company Series                                34%  
                                                         The Pacific Rim Small Company Series                             24%  
                                                         The United Kingdom Small Company Series                          24%  
                                                         The Continental Small Company Series                             27%  

The RWB/DFA International High Book to Market Portfolio  The DFA International Value Series                               17%  

The Emerging Markets Portfolio                           The Emerging Markets Series                                      96%  

The DFA One-Year Fixed Income Portfolio                  The DFA One-Year Fixed Income Series                             96%  

The DFA Two-Year Global Fixed Income Portfolio           The DFA Two-Year Global Fixed Income Series                     100%  

Each Feeder Fund, with the exception of The International Small Company 
Portfolio, invests solely in a corresponding Master Fund. The International     
Small Company Portfolio also invests in short term temporary cash investments   
from time to time.                                                              

   The financial statements of the Master Funds are included elsewhere in this
report and should be read in conjunction with the financial statements of the   
Feeder Funds.                                                                   

 On December 20, 1995, the Board of Directors of DFA Investment Dimensions
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 The   
DFA One-Year Fixed Income Portfolio, The DFA Five-Year Government Portfolio, The
DFA Global Fixed Income Portfolio and The DFA Intermediate Government Fixed     
Income Portfolio. The record date of the stock dividend was January 1, 1996. The
ex-date and payable dates were January 2, 1996. This was a tax-free event to the
shareholders of these portfolios. Additionally, on this date, the Board approved
an amendment to increase the authorized number of shares of each of these       
portfolios to 100,000,000. All share and per share data as of and for the period
ended November 30, 1995 and all prior periods 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 The U.S. 9-10 Small Company
Portfolio and The DFA Real Estate Securities 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 The Large Cap International Portfolio  
and The DFA International Small Cap Value 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 The DFA Intermediate Government Fixed Income Portfolio,
The DFA Five-Year Government Portfolio and The DFA Global Fixed Income Portfolio
(the "Fixed Income Portfolios"), 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.                                                                      

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  Master Fund shares held by the Feeder Funds are valued at their respective
daily net asset values or for The U.S. Large Company Portfolio, The Japanese    
Small Company Portfolio, The Pacific Rim Small Company Portfolio, The United    
Kingdom Small Company Portfolio, The Continental Small Company Portfolio, The   
International Small Company Portfolio and The Emerging Markets Portfolio, their 
investment reflects their proportionate interest in the net assets of the       
corresponding Master Fund.                                                      

2.  FOREIGN CURRENCY:   Securities, other assets and liabilities of the 
International Equity Portfolios and The DFA Global Fixed Income 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. The DFA Global Fixed Income Portfolio    
also enters into forward foreign currency contracts solely for the purpose of   
hedging against fluctuations in currency exchange rates.                        

    The International Equity Portfolios do not isolate the effect of fluctuation
in foreign exchange rates from the effect of fluctuations in the market prices  
of securities whether realized or unrealized. However, The DFA Global Fixed     
Income Portfolio does isolate the effect of fluctuations in foreign currency    
rates when determining the realized gain or loss upon the sale or maturity of   
foreign currency denominated debt obligations pursuant to U.S. Federal income   
tax regulations; such amounts are categorized as foreign exchange gain or loss  
for 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 amounts of interest,        
dividends and foreign withholding taxes recorded on the books of the            
International Equity Portfolios and The DFA Global Fixed Income Portfolio and   
the U.S. dollar equivalent amounts actually received or paid.                   

    3.  FEDERAL INCOME TAXES:   It is each Portfolio's intention to qualify as a
regulated investment company and distribute all of its 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 an accrual basis. Discount and 
premium on debt securities purchased are amortized over the lives of the        
respective securities. Expenses directly attributable to a Portfolio are        
directly charged. Common expenses are allocated using methods determined by the 
Board of Directors.                                                             

   The U.S. Large Company Portfolio, The Japanese Small Company Portfolio, The
Pacific Rim Small Company Portfolio, The United Kingdom Small Company Portfolio,
The Continental Small Company Portfolio, The International Small Company        
Portfolio and The Emerging Markets Portfolio each accrue their respective share 
of income, net of expenses daily on their investment in their corresponding     
Master Fund, which are treated as partnerships for federal income tax purposes. 
All of the net investment income and realized and unrealized gains and losses   
from the security transactions and foreign currency of the Master Funds are     
allocated pro rata among its investors at the time of such determination.       

C. INVESTMENT ADVISOR AND ADMINISTRATOR:                                        

   Dimensional Fund Advisors Inc. ("DFA" or the "Advisor") provides investment
advisory services to all Portfolios except the Feeder Funds. The Advisor        
provides administrative services to the Feeder Funds, including supervision of  
services provided by others, providing information to shareholders and the Board
of Directors, and other administrative services.                                

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For the year ended November 30, 1997, the Portfolios' advisory fees were
computed daily and paid monthly to the Advisor based on the following effective 
annual rates:                                                                   

                                                                [Download Table]
                                                                         
The U.S. 9-10 Small Company Portfolio..................... .50 of 1%     
The DFA Real Estate Securities Portfolio.................. .30 of 1%  (a)
The Large Cap International Portfolio..................... .25 of 1%     
The DFA International Small Cap Value Portfolio........... .65 of 1%     
The DFA Intermediate Government Fixed Income Portfolio.... .15 of 1%     
The DFA Five-Year Government Portfolio.................... .20 of 1%     
The DFA Global Fixed Income Portfolio..................... .25 of 1%     

(a)  Effective December 11, 1996, the sub-advisory agreement between The DFA/AEW
Real Estate Securities Portfolio and Aldrich, Eastman & Waltch L.P. terminated. 
Effective December 20, 1996, the advisory fee for The DFA/ AEW Real Estate      
Securities Portfolio was reduced from .325% to .30% and the name of the         
portfolio was changed to The DFA Real Estate Securities Portfolio.              

 For the year ended November 30, 1997, the Feeder Funds computed daily and
paid monthly to the Advisor an administrative fee based on the following        
effective annual rates:                                                         

                                                                [Download Table]
                                                                          
The U.S. 6-10 Small Company Portfolio.....................  .32 of 1%     
The U.S. Large Company Portfolio.......................... .215 of 1%     
The Enhanced U.S. Large Company Portfolio.................  .15 of 1%     
The U.S. 6-10 Value Portfolio.............................  .30 of 1%     
The U.S. Large Cap Value Portfolio........................  .15 of 1%     
The Japanese Small Company Portfolio......................  .40 of 1%  (b)
The Pacific Rim Small Company Portfolio...................  .40 of 1%  (b)
The United Kingdom Small Company Portfolio................  .40 of 1%  (b)
The Continental Small Company Portfolio...................  .40 of 1%  (b)
The International Small Company Portfolio.................  .40 of 1%     
The RWB/DFA International High Book to Market Portfolio...  .01 of 1%  (c)
The Emerging Markets Portfolio............................  .40 of 1%     
The DFA One-Year Fixed Income Portfolio...................  .10 of 1%     
The DFA Two-Year Global Fixed Income Portfolio............  .10 of 1%     

(b)  For the period December 1, 1995 to August 8, 1996, the advisory fee was    
computed daily and paid monthly to the Advisor at an effective annual ratio of  
.50 of 1%. The administrative fee rate of .40 of 1% became effective on August
9, 1996 in connection with the Transfer.                                        

(c)  For the period December 1, 1995 to February 7, 1996, the administrative fee
was computed daily and paid monthly to the Advisor at an effective annual rate  
of .20 of 1% of the first $40 million of average net assets. The rate of .01 of 
1% became effective on February 8, 1996.                                        

Effective February 8, 1996 pursuant to a Client Service Agreement with  
Reinhardt Werba Bowen Advisory Services, ("RWBAS"), The RWB/DFA International   
High Book to Market Portfolio pays to RWBAS a fee at the effective annual rate  
of .13% of the average net assets of the portfolio. Prior to that time the      
effective annual rate was .20% of the average net assets of the Portfolio in    
excess of $40 million.                                                          

Effective August 9, 1996, the Advisor agreed to waive its administrative
service fee and/or assume the direct and indirect expenses of The U.S. Large    
Company Portfolio to the extent necessary to keep the annual combined expenses  
of the Portfolio and its respective Master Fund to not more than 0.15% of the   
average daily net assets of the Portfolio. Prior to that date, the Advisor      
agreed to waive its fees and reimburse the Portfolio to the extent necessary to 
keep the annual combined expenses to not more than 0.24% of average daily net   
assets. At November 30, 1997, approximately $535,000 of previously waived fees  
are subject to future reimbursement to the Advisor.                             

Effective August 9, 1996, the Advisor agreed to waive its administrative
service fee and/or assume the direct expenses of The Japanese Small Company     
Portfolio, The Pacific Rim Small Company Portfolio, The United Kingdom Small    
Company Portfolio and The Continental Small Company Portfolio to the extent     
necessary to keep the direct annual expenses of each Portfolio to not more than 
0.47% of the average daily net assets of the Portfolio.                         

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    The Advisor has agreed to waive its administrative service fee and/or assume
the direct expenses of The International Small Company Portfolio to the extent  
necessary to keep the direct annual expenses of the Portfolio to not more than  
0.45% of the average daily net assets of the Portfolio.                         

Effective August 1, 1997, the Advisor agreed to waive its administrative
service fee and/or assume the direct and indirect expenses of The Enhanced U.S. 
Large Company Portfolio to the extent necessary to keep the annual combined     
expenses of the portfolio and its respective Master Fund to not more than 0.45% 
of the average daily net assets of the portfolio. At November 30, 1997,         
approximately $6,000 of previously waived fees are subject to future            
reimbursement to the Advisor.                                                   

Certain officers of the Portfolios are also officers, directors and     
shareholders of the Advisor.                                                    

D. PURCHASES AND SALES OF SECURITIES:                                           

For the year ended November 30, 1997, the Portfolios made the following 
purchases and sales of investment securities:                                   

                                                        [Enlarge/Download Table]

                                                              U.S. GOVERNMENT        OTHER INVESTMENT  
                                                                 SECURITIES             SECURITIES     
                                                           ----------------------  --------------------
                                                            PURCHASES     SALES    PURCHASES    SALES  
                                                           -----------  ---------  ---------  ---------
                                                              (000)       (000)      (000)      (000)  
                                                                                                       
The U.S. 9-10 Small Company Portfolio.....................         --          --  $ 357,210  $ 357,813
The DFA Real Estate Securities Portfolio..................         --          --     41,353     27,790
The Large Cap International Portfolio.....................         --          --      6,168      1,894
The DFA International Small Cap Value Portfolio...........         --          --    221,905     55,964
The DFA Intermediate Government Fixed Income Portfolio....  $  30,361   $  20,362     26,287      8,270
The DFA Five-Year Government Portfolio....................     50,416      63,515         --         --
The DFA Global Fixed Income Portfolio.....................      5,002      13,478    245,352    172,389

E. INVESTMENT TRANSACTIONS:                                                     

At November 30, 1997, gross unrealized appreciation and depreciation for
federal income tax purposes of investment securities and foreign currencies for 
each Portfolio were as follows:                                                 

                                                        [Enlarge/Download Table]

                                                                GROSS           GROSS                 
                                                              UNREALIZED      UNREALIZED              
                                                             APPRECIATION    DEPRECIATION      NET    
                                                            --------------  --------------  --------- 
                                                                (000)           (000)         (000)   
                                                                                                      
The U.S. 9-10 Small Company Portfolio......................   $  537,368      $ (161,652)   $ 375,716 
The U.S. 6-10 Small Company Portfolio......................      101,198              --      101,198 
The U.S. Large Company Portfolio...........................      120,305          (1,698)     118,607 
The Enhanced U.S. Large Company Portfolio..................        6,555              --        6,555 
The U.S. 6-10 Value Portfolio..............................      700,371              --      700,371 
The U.S. Large Cap Value Portfolio.........................      233,368              --      233,368 
The DFA Real Estate Securities Portfolio...................       19,649          (1,099)      18,550 
The Japanese Small Company Portfolio.......................       24,224        (195,656)    (171,432)
The Pacific Rim Small Company Portfolio....................       48,962        (100,406)     (51,444)
The United Kingdom Small Company Portfolio.................       62,525         (34,987)      27,538 
The Continental Small Company Portfolio....................       97,733         (52,925)      44,808 
The International Small Company Portfolio..................        8,131         (68,233)     (60,102)
The RWB/DFA International High Book to Market Portfolio....       15,868              --       15,868 
The Emerging Markets Portfolio.............................       48,916        (105,491)     (56,575)
The Large Cap International Portfolio......................       29,141          (7,857)      21,284 
The DFA International Small Cap Value Portfolio............       44,107        (180,388)    (136,281)
The DFA Intermediate Government Fixed Income Portfolio.....        3,418             (41)       3,377 
The DFA One-Year Fixed Income Portfolio....................        3,007              --        3,007 
The DFA Five-Year Government Portfolio.....................           24            (114)         (90)
The DFA Two-Year Global Fixed Income Portfolio.............        5,409              --        5,409 
The DFA Global Fixed Income Portfolio......................          612          (6,906)      (6,294)

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  At November 30, 1997, the following Portfolios had capital loss carryovers
for federal income tax purposes:                                                

                                                        [Enlarge/Download Table]

                                                                         EXPIRES ON NOVEMBER 30                     
                                                               ------------------------------------------           
                                                                         (AMOUNTS IN THOUSANDS)                     
                                                                 2002       2003       2004       2005       TOTAL  
                                                               ---------  ---------  ---------  ---------  ---------
                                                                                                                    
The DFA Real Estate Securities Portfolio...................... $     551         --  $     381         --  $     932
The Japanese Small Company Portfolio..........................        --         --         --  $   1,532      1,532
The International Small Company Portfolio.....................        --         --         74        807        881
The Large Cap International Portfolio.........................        --         --         --         74         74
The DFA Five-Year Government Portfolio........................        --  $   8,130        887         --      9,017
The DFA Two-Year Global Fixed Income Portfolio................        --         --         --         83         83

F. COMPONENTS OF NET ASSETS AND SHARES AUTHORIZED:                              

                                                        [Enlarge/Download Table]

                                                         AT NOVEMBER 30, 1997 NET ASSETS CONSIST OF:                             
                            -----------------------------------------------------------------------------------------------------
                                                        (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)                             
                                                                                                  UNREALIZED                     
                                            UNDISTRIBUTED                   UNDISTRIBUTED        APPRECIATION                    
                                                NET                          NET REALIZED     (DEPRECIATION) OF      UNREALIZED  
                                             INVESTMENT    UNDISTRIBUTED       FOREIGN            INVESTMENT         NET FOREIGN 
                               PAID-IN         INCOME       NET REALIZED       EXCHANGE         SECURITIES AND        EXCHANGE   
                               CAPITAL         (LOSS)       GAIN (LOSS)      GAIN (LOSS)       FOREIGN CURRENCY      GAIN (LOSS) 
                            -------------   ------------   --------------   --------------   --------------------   -------------
                                                                                                                                 
The U.S. 9-10 Small                                                                                                              
 Company Portfolio........  $     927,774        $7,217    $     197,767               --          $     376,669              -- 
The U.S. 6-10 Small                                                                                                              
 Company Portfolio........        210,431         1,111           23,538               --                102,912              -- 
The U.S. Large Company                                                                                                           
 Portfolio................        222,720         1,023             (211)              --                120,005              -- 
The Enhanced U.S. Large                                                                                                          
 Company Portfolio........         38,962           371            1,754               --                  6,555              -- 
The U.S. 6-10 Value                                                                                                              
 Portfolio................      1,349,515         4,873           41,233               --                703,033              -- 
The U.S. Large Cap Value                                                                                                         
 Portfolio................        579,760         2,882           22,141               --                235,220              -- 
The DFA Real Estate                                                                                                              
 Securities Portfolio.....         75,244         4,031             (932)              --                 16,729              -- 
The Japanese Small Company                                                                                                       
 Portfolio................        285,196         1,199           (3,967)   $          62               (168,443)   $        (30)
The Pacific Rim Small                                                                                                            
 Company Portfolio........        153,957         2,918            6,261             (370)               (51,444)             (2)
The United Kingdom Small                                                                                                         
 Company Portfolio........         82,279         3,693           17,257              117                 27,538               7 
The Continental Small                                                                                                            
 Company Portfolio........        167,472         4,799           16,241             (405)                44,808            (171)
The International Small                                                                                                          
 Company Portfolio........        289,007         2,638             (888)            (109)               (60,102)            (77)
The RWB/DFA International                                                                                                        
 High Book to Market                                                                                                             
 Portfolio................        250,165         4,361            3,430               --                 17,101              -- 
The Emerging Markets                                                                                                             
 Portfolio................        263,407         2,494               24              698                (54,563)            (12)
The Large Cap                                                                                                                    
 International                                                                                                                   
 Portfolio................         64,666         1,348             (660)             (12)                21,887              (6)
The DFA International                                                                                                            
 Small Cap Value                                                                                                                 
 Portfolio................        546,592         5,679           15,319              (18)              (136,281)            (34)
The DFA Intermediate                                                                                                             
 Government Fixed Income                                                                                                         
 Portfolio................        130,580         2,022              576               --                  3,377              -- 
The DFA One-Year Fixed                                                                                                           
 Income Portfolio.........        748,928           (82)          (3,836)              --                  7,227              -- 
The DFA Five-Year                                                                                                                
 Government Portfolio.....        207,641         5,841           (9,015)              --                    (90)             -- 
The DFA Two-Year Global                                                                                                          
 Fixed Income Portfolio...        406,446         7,331             (281)              --                  5,409              -- 
The DFA Global Fixed                                                                                                             
 Income Portfolio.........        237,724         1,500            1,483           10,999                 (6,294)          4,666 



                                              NUMBER OF                                                                          
                              TOTAL NET        SHARES                                                                            
                               ASSETS        AUTHORIZED                                                                          
                            -------------   -------------                                                                        
                                                                                                                                 
The U.S. 9-10 Small                                                                                                              
 Company Portfolio........  $   1,509,427     300,000,000                                                                        
The U.S. 6-10 Small                                                                                                              
 Company Portfolio........        337,992     100,000,000                                                                        
The U.S. Large Company                                                                                                           
 Portfolio................        343,537     200,000,000                                                                        
The Enhanced U.S. Large                                                                                                          
 Company Portfolio........         47,642     100,000,000                                                                        
The U.S. 6-10 Value                                                                                                              
 Portfolio................      2,098,654     100,000,000                                                                        
The U.S. Large Cap Value                                                                                                         
 Portfolio................        840,003     100,000,000                                                                        
The DFA Real Estate                                                                                                              
 Securities Portfolio.....         95,072     100,000,000                                                                        
The Japanese Small Company                                                                                                       
 Portfolio................        114,017      20,000,000                                                                        
The Pacific Rim Small                                                                                                            
 Company Portfolio........        111,320      20,000,000                                                                        
The United Kingdom Small                                                                                                         
 Company Portfolio........        130,891      20,000,000                                                                        
The Continental Small                                                                                                            
 Company Portfolio........        232,744      50,000,000                                                                        
The International Small                                                                                                          
 Company Portfolio........        230,469     100,000,000                                                                        
The RWB/DFA International                                                                                                        
 High Book to Market                                                                                                             
 Portfolio................        275,057     100,000,000                                                                        
The Emerging Markets                                                                                                             
 Portfolio................        212,048     100,000,000                                                                        
The Large Cap                                                                                                                    
 International                                                                                                                   
 Portfolio................         87,223     150,000,000                                                                        
The DFA International                                                                                                            
 Small Cap Value                                                                                                                 
 Portfolio................        431,257     100,000,000                                                                        
The DFA Intermediate                                                                                                             
 Government Fixed Income                                                                                                         
 Portfolio................        136,555     100,000,000                                                                        
The DFA One-Year Fixed                                                                                                           
 Income Portfolio.........        752,237     100,000,000                                                                        
The DFA Five-Year                                                                                                                
 Government Portfolio.....        204,377     100,000,000                                                                        
The DFA Two-Year Global                                                                                                          
 Fixed Income Portfolio...        418,905     100,000,000                                                                        
The DFA Global Fixed                                                                                                             
 Income Portfolio.........        250,078     100,000,000                                                                        

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G. FINANCIAL INSTRUMENTS:                                                       

  In accordance with the Portfolios' Investment Objectives and Policies, the
Portfolios may invest, either directly or through its investment in a           
corresponding Master Fund, 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 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 
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:  The DFA Global Fixed Income 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, The DFA Global Fixed Income 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   
                                                                          VALUE AT         FOREIGN    
EXPIRATION                                                              NOVEMBER 30,      EXCHANGE    
   DATE      CURRENCY SOLD                          CONTRACT AMOUNT         1997         GAIN (LOSS)  
----------  ----------------                        ----------------  ----------------  ------------- 
                                                                                                      
12/08/97..     6,317,908,402      Japanese Yen      $     51,892,471  $     49,314,978  $   2,577,493 
12/17/97..        28,694,886   Australian Dollars         19,945,816        19,627,900        317,916 
12/22/97..       316,016,693     French Francs            54,650,531        53,490,480      1,160,051 
12/30/97..        97,935,567      German Marks            56,139,620        55,506,472        633,148 
12/31/97..        59,724,342    Canadian Dollars          41,932,417        41,948,906        (16,489)
12/31/97..        10,471,708  Netherlands Guilders         5,326,403         5,265,827         60,576 
                                                    ----------------  ----------------  ------------- 
                                                    $    229,887,258  $    225,154,563  $   4,732,695 
                                                    ----------------  ----------------  ------------- 
                                                    ----------------  ----------------  ------------- 

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. The DFA Global Fixed Income 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.                                                                      

H. 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. For the year ended November 30, 1997, borrowings 
under the line were as follows:                                                 

                                                        [Enlarge/Download Table]

                                                                                             MAXIMUM  
                                                                                             AMOUNT   
                                         WEIGHTED                                           BORROWED  
                                         AVERAGE     WEIGHTED       NUMBER OF    INTEREST    DURING   
                                         INTEREST  AVERAGE LOAN       DAYS        EXPENSE      THE    
                                         RATE         BALANCE      OUTSTANDING   INCURRED    PERIOD   
                                         -------   -------------  -------------  ---------  --------- 
                                                                                                      
The United Kingdom Small Company                                                                      
 Portfolio..............................      5.98% $  1,937,500             8   $  2,576   $3,000,000

 There were no outstanding borrowings under the line of credit at November
30, 1997.                                                                       

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I. REIMBURSEMENT FEES:                                                          

Shares of The Japanese Small Company Portfolio, The Pacific Rim Small   
Company Portfolio, The Continental Small Company Portfolio, The International   
Small Company Portfolio, The Emerging Markets Portfolio and The DFA             
International Small Cap Value Portfolio are sold at a public offering price     
which is equal to the current net asset value of such shares plus a             
reimbursement fee. Reimbursement fees are recorded as an addition to paid in    
capital.                                                                        

The reimbursement fees for The Japanese Small Company Portfolio and The 
Emerging Markets Portfolio are .50% of the net asset value of their shares. The 
reimbursement fees for The Pacific Rim Small Company Portfolio and The          
Continental Small Company Portfolio are 1.00% of the net asset value of their   
shares. The reimbursement fee for The DFA International Small Cap Value         
Portfolio is .70% of the net asset value of its shares. The current             
reimbursement fee for The International Small Company Portfolio is .70% of the  
net asset value of its shares.                                                  

J. SECURITIES LENDING:                                                          

Loans of domestic security are required at all times to be secured by   
collateral at least equal to 102% of the market value of the securities on loan.
Loans of international securities are required at all times to be secured by    
collateral at least equal to 105% of the market value of the securities on loan.
However, in the event of default or bankruptcy by the other party to the        
agreement, realization and/or retention of the collateral may be subject to     
legal proceedings. In the event that the borrower fails to return loaned        
securities, and cash collateral being maintained by the borrower is insufficient
to cover the value of loaned securities and provided such collateral            
insufficiency is not the result of investment losses, the lending agent has     
agreed to pay the amount of the shortfall to the Portfolio 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 by each Portfolio at
November 30, 1997, is as follows:                                               

                                                        [Enlarge/Download Table]

                                                                                      VALUE                     
                                                                                  OF SECURITIES      VALUE OF   
                                                                                     ON LOAN        COLLATERAL  
                                                                                  --------------  --------------

                                                                                                                
DOMESTIC EQUITY PORTFOLIOS                                                                                      
--------------------------------------------------------------------------------                                
The U.S. 9-10 Small Company Portfolio...........................................  $   54,916,463  $   59,365,092
The DFA Real Estate Securities Portfolio........................................       9,481,711       9,843,975

INTERNATIONAL EQUITY PORTFOLIOS                                                                                 
--------------------------------------------------------------------------------                                
The Large Cap International Portfolio...........................................  $   15,995,271  $   16,928,841
The DFA International Small Cap Value Portfolio.................................      18,399,692      19,823,256

K. SUBSEQUENT EVENT:                                                            

  On December 1, 1997, The U.S. 9-10 Small Company Portfolio transferred its
investable assets for shares with an equal value of The U.S. 9-10 Small Company 
Series of The DFA Investment Trust Company. This portfolio now invests solely in
this series.                                                                    

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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 assets and liabilities, including
the schedules of investments of DFA Investment Dimensions Group Inc.            
(comprising, respectively, The U.S. 9-10 Small Company, The U.S. 6-10 Small     
Company, The U.S. Large Company, The Enhanced U.S. Large Company, The U.S. 6-10 
Value, The U.S. Large Cap Value, The DFA Real Estate Securities, The Japanese   
Small Company, The Pacific Rim Small Company, The United Kingdom Small Company, 
The Continental Small Company, The International Small Company, The RWB/DFA     
International High Book to Market, The Emerging Markets, The Large Cap          
International, The DFA International Small Cap Value, The DFA Intermediate      
Government Fixed Income, The DFA One-Year Fixed Income, The DFA Five-Year       
Government, The DFA Two-Year Global Fixed Income, and The DFA Global Fixed      
Income Portfolios) as of November 30, 1997, and the related statements of       
operations for the year (or period) then ended, the statement of changes in net 
assets for each of the two years (or periods) in the period then ended and, the 
financial highlights for each of the five years (or periods) in the period then 
ended. 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. The financial highlights of the DFA Investment Dimensions Group Inc. for
the years ended November 30, 1992 and each of the prior periods presented were  
audited by other auditors, whose report dated January 19, 1993 expressed an     
unqualified opinion thereon.                                                    

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 (or period) then ended, the changes in their net assets for each of the two
years (or periods) in the period then ended, and their financial highlights for 
each of the five years (or periods) in the period then ended, in conformity with
generally accepted accounting principles.                                       

COOPERS & LYBRAND L.L.P.                                                        

2400 Eleven Penn Center                                                         
Philadelphia, Pennsylvania                                                      
January 16, 1998                                                                

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THE DFA INVESTMENT TRUST COMPANY

PERFORMANCE CHARTS

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

                                                        [Enlarge/Download Table]

           U.S. 6-10 SMALL COMPANY SERIES VS.                                              
                     CRSP 6-10 INDEX                                                       
                MARCH 1993-NOVEMBER 1997                                                   
                    GROWTH OF $10,000                                                      
                                                          U.S. 6-10 SMALL    CRSP 6-10     
                                                          COMPANY SERIES       INDEX       
                                                                                           

                                                                   $10,000          $10,000
Mar-93                                                             $10,237          $10,313
                                                                    $9,928          $10,002
                                                                   $10,330          $10,458
                                                                   $10,289          $10,497
                                                                   $10,371          $10,622
                                                                   $10,721          $11,112
                                                                   $11,010          $11,432
                                                                   $11,248          $11,785
                                                                   $10,974          $11,422
                                                                   $11,289          $11,768
                                                                   $11,639          $12,174
                                                                   $11,548          $12,103
                                                                   $10,995          $11,443
Mar-94                                                             $11,018          $11,397
                                                                   $10,962          $11,295
                                                                   $10,647          $11,002
                                                                   $10,804          $11,192
                                                                   $11,323          $11,833
                                                                   $11,379          $11,875
                                                                   $11,425          $11,863
                                                                   $11,039          $11,404
                                                                   $11,178          $11,554
                                                                   $11,252          $11,573
                                                                   $11,621          $12,000
                                                                   $11,841          $12,257
Mar-95                                                             $12,234          $12,577
                                                                   $12,480          $12,806
                                                                   $13,119          $13,512
                                                                   $13,931          $14,374
                                                                   $14,337          $14,746
                                                                   $14,595          $15,061
                                                                   $13,845          $14,293
                                                                   $14,259          $14,791
                                                                   $14,598          $15,156
                                                                   $14,639          $15,256
                                                                   $15,135          $15,773
                                                                   $15,470          $16,142
Mar-96                                                             $16,502          $17,356
                                                                   $17,360          $18,201
                                                                   $16,568          $17,370
                                                                   $15,188          $15,765
                                                                   $16,086          $16,703
                                                                   $16,595          $17,391
                                                                   $16,355          $17,060
                                                                   $16,993          $17,579
                                                                   $17,248          $17,932
                                                                   $17,820          $18,580
                                                                   $17,449          $18,136
                                                                   $16,631          $17,149
Mar-97                                                             $16,445          $16,864
                                                                   $18,315          $19,010
                                                                   $19,258          $20,177
                                                                   $20,402          $21,280
                                                                   $21,159          $22,023
                                                                   $22,796          $23,875
                                                                   $21,807          $22,942
Nov-97                                                             $21,491          $22,554
Annualized Total Return (%)                                       One Year  From March 1993
                                                                     26.47            17.48
The series seeks to capture premium returns and                                            
diversification benefits by investing in a                                                 
broad cross-section of small companies on a                                                
market cap-weighted basis. The Series provides access                                      
to publicly traded U.S. Small Companies with                                               
market capitalization of approximately $500                                                
million or less.                                                                           
The series' returns in fiscal 1997 reflected the                                           
performance of decile 6-10 companies in the U.S.                                           
Past performance is not predictive of future performance.                                  
CRSP 6-10 Index courtesy of the Center for Research in                                     
Security Prices, University of Chicago.                                                    

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

                                                        [Enlarge/Download Table]

       U.S. LARGE COMPANY SERIES VS. S&P 500 INDEX                                          
                 MARCH 1993-NOVEMBER 1997                                                   
                    GROWTH OF $10,000                                                       
                                                             U.S. LARGE        S&P 500      
                                                           COMPANY SERIES       INDEX       
                                                                                            

                                                                    $10,000          $10,000
Mar-93                                                              $10,212          $10,215
                                                                     $9,959           $9,965
                                                                    $10,222          $10,234
                                                                    $10,243          $10,268
                                                                    $10,202          $10,219
                                                                    $10,580          $10,609
                                                                    $10,509          $10,530
                                                                    $10,724          $10,744
                                                                    $10,621          $10,643
                                                                    $10,756          $10,774
                                                                    $11,109          $11,135
                                                                    $10,808          $10,834
Mar-94                                                              $10,350          $10,363
                                                                    $10,485          $10,498
                                                                    $10,652          $10,669
                                                                    $10,401          $10,405
                                                                    $10,736          $10,750
                                                                    $11,177          $11,187
                                                                    $10,913          $10,917
                                                                    $11,155          $11,167
                                                                    $10,759          $10,758
                                                                    $10,918          $10,915
                                                                    $11,197          $11,198
                                                                    $11,636          $11,633
Mar-95                                                              $11,978          $11,977
                                                                    $12,322          $12,326
                                                                    $12,816          $12,813
                                                                    $13,118          $13,114
                                                                    $13,551          $13,550
                                                                    $13,584          $13,587
                                                                    $14,158          $14,156
                                                                    $14,104          $14,107
                                                                    $14,714          $14,728
                                                                    $14,996          $15,000
                                                                    $15,512          $15,516
                                                                    $15,644          $15,665
Mar-96                                                              $15,797          $15,815
                                                                    $16,028          $16,048
                                                                    $16,420          $16,462
                                                                    $16,488          $16,529
                                                                    $15,767          $15,794
                                                                    $16,089          $16,129
                                                                    $16,988          $17,035
                                                                    $17,454          $17,502
                                                                    $18,775          $18,830
                                                                    $18,398          $18,461
                                                                    $19,551          $19,608
                                                                    $19,696          $19,766
Mar-97                                                              $18,886          $18,944
                                                                    $20,006          $20,075
                                                                    $21,227          $21,308
                                                                    $22,169          $22,258
                                                                    $23,934          $24,025
                                                                    $22,603          $22,689
                                                                    $23,835          $23,933
                                                                    $23,046          $23,133
Nov-97                                                              $24,099          $24,205
Annualized Total Return (%)                                        One Year  From March 1993
                                                                      28.36            20.34
The series intends to invest in all of the stocks that                                      
comprise the S&P 500 Index in approximately                                                 
the same proportions as they are represented in the Index.                                  
The series' returns in fiscal 1997 reflected the                                            
performance of the S&P 500 Index.                                                           
Past performance is not predictive of future performance.                                   

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

                                                        [Enlarge/Download Table]

   ENHANCED U.S. LARGE COMPANY SERIES VS.                                             
                S&P 500 INDEX                                                         
          AUGUST 1996-NOVEMBER 1997                                                   
              GROWTH OF $10,000                                                       
                                               ENHANCED U.S. LARGE       S&P 500      
                                                  COMPANY SERIES          INDEX       
                                                                                      

                                                             $10,000           $10,000
Aug-96                                                       $10,202           $10,212
                                                             $10,809           $10,786
                                                             $11,183           $11,081
                                                             $12,027           $11,923
                                                             $11,730           $11,689
                                                             $12,474           $12,415
Feb-97                                                       $12,580           $12,515
                                                             $11,972           $11,995
                                                             $12,734           $12,711
                                                             $13,567           $13,491
                                                             $14,149           $14,093
                                                             $15,303           $15,212
Aug-97                                                       $14,461           $14,366
                                                             $15,215           $15,153
                                                             $14,790           $14,647
Nov-97                                                       $15,349           $15,325
Annualized Total Return (%)                                 One Year  From August 1996
                                                               27.62             37.90
The series seeks to capture return premiums                                           
by investing in an enhanced cash portfolio in                                         
combination with the S&P 500 Index futures                                            
and swaps.                                                                            
The series' returns in fiscal 1997 reflected                                          
the performance of its strategy.                                                      
Past performance is not predictive of                                                 
future performance.                                                                   

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               U.S. 6-10 VALUE SERIES VS.                                                   
            FAMA-FRENCH SMALL CAP VALUE INDEX                                               
                APRIL 1993-NOVEMBER 1997                                                    
                    GROWTH OF $10,000                                                       
                                                            U.S. 6-10    FAMA-FRENCH SMALL  
                                                          VALUE SERIES    CAP VALUE INDEX   
                                                                                            

                                                                $10,000              $10,000
Apr-93                                                           $9,788               $9,687
                                                                $10,050              $10,081
                                                                $10,060              $10,069
                                                                $10,363              $10,209
                                                                $10,706              $10,536
                                                                $11,079              $10,727
                                                                $11,452              $11,156
                                                                $11,260              $10,978
                                                                $11,486              $11,257
                                                                $12,079              $11,791
                                                                $12,049              $11,720
                                                                $11,650              $11,235
Apr-94                                                          $11,731              $11,317
                                                                $11,772              $11,279
                                                                $11,558              $11,047
                                                                $11,752              $11,320
                                                                $12,161              $11,726
                                                                $12,120              $11,676
                                                                $11,947              $11,477
                                                                $11,545              $11,096
                                                                $11,664              $11,188
                                                                $11,789              $11,370
                                                                $12,205              $11,831
                                                                $12,350              $11,968
Apr-95                                                          $12,787              $12,344
                                                                $13,152              $12,607
                                                                $13,673              $13,023
                                                                $14,422              $13,547
                                                                $14,879              $13,982
                                                                $15,067              $14,215
                                                                $14,339              $13,581
                                                                $14,872              $13,963
                                                                $15,133              $14,182
                                                                $15,089              $14,382
                                                                $15,415              $14,606
                                                                $15,849              $15,099
Apr-96                                                          $16,675              $15,619
                                                                $17,327              $16,233
                                                                $16,968              $15,975
                                                                $15,915              $15,124
                                                                $16,644              $15,750
                                                                $17,209              $16,151
                                                                $17,340              $16,105
                                                                $18,166              $16,842
                                                                $18,569              $17,081
                                                                $19,052              $17,686
                                                                $19,052              $17,774
                                                                $18,558              $17,307
Apr-97                                                          $18,478              $17,184
                                                                $20,234              $18,815
                                                                $21,509              $19,808
                                                                $22,795              $20,842
                                                                $23,611              $21,618
                                                                $25,436              $23,189
                                                                $24,541              $22,716
Nov-97                                                          $24,335              $22,575
Annualized Total Return (%)                                    One Year      From April 1993
                                                                  33.96                20.99
The series 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 series' 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]

             U.S. LARGE CAP VALUE SERIES VS.                                                  
            FAMA-FRENCH LARGE CAP VALUE INDEX                                                 
                MARCH 1993-NOVEMBER 1997                                                      
                    GROWTH OF $10,000                                                         
                                                          U.S. LARGE CAP   FAMA-FRENCH LARGE  
                                                           VALUE SERIES     CAP VALUE INDEX   
                                                                                              
$9,302                                                            $10,000              $10,000
$9,303                                                            $10,298              $10,302
$9,304                                                            $10,268              $10,247
$9,305                                                            $10,379              $10,333
$9,306                                                            $10,600              $10,501
$9,307                                                            $10,751              $10,623
$9,308                                                            $11,012              $10,980
$9,309                                                            $10,820              $10,869
$9,310                                                            $10,951              $10,907
$9,311                                                            $10,849              $10,742
$9,312                                                            $11,110              $11,018
$9,401                                                            $11,429              $11,242
$9,402                                                            $10,914              $10,748
$9,403                                                            $10,472              $10,273
$9,404                                                            $10,637              $10,418
$9,405                                                            $10,564              $10,291
$9,406                                                            $10,345              $10,097
$9,407                                                            $10,803              $10,542
$9,408                                                            $11,115              $10,821
$9,409                                                            $10,791              $10,423
$9,410                                                            $11,001              $10,621
$9,411                                                            $10,508              $10,372
$9,412                                                            $10,635              $10,404
$9,501                                                            $10,880              $10,809
$9,502                                                            $11,496              $11,312
$9,503                                                            $11,672              $11,355
$9,504                                                            $12,099              $11,718
$9,505                                                            $12,729              $12,346
$9,506                                                            $13,008              $12,550
$9,507                                                            $13,578              $12,927
$9,508                                                            $13,986              $13,163
$9,509                                                            $14,470              $13,695
$9,510                                                            $13,875              $13,395
$9,511                                                            $14,634              $13,887
$9,512                                                            $14,740              $14,234
$9,601                                                            $15,158              $14,571
$9,602                                                            $15,384              $14,568
$9,603                                                            $15,920              $14,807
$9,604                                                            $16,181              $14,823
$9,605                                                            $16,454              $15,047
$9,606                                                            $15,975              $15,044
$9,607                                                            $15,266              $14,212
$9,608                                                            $15,872              $14,676
$9,609                                                            $16,190              $14,962
$9,610                                                            $16,719              $15,414
$9,611                                                            $17,924              $16,281
$9,612                                                            $17,749              $16,233
$9,701                                                            $18,384              $16,643
$9,702                                                            $18,750              $16,926
$9,703                                                            $17,891              $16,222
$9,704                                                            $18,480              $16,493
$9,705                                                            $19,914              $17,535
$9,706                                                            $20,527              $18,114
$9,707                                                            $22,584              $19,449
$9,708                                                            $22,252              $19,171
$9,709                                                            $23,425              $20,139
$9,710                                                            $22,225              $19,785
$9,711                                                            $22,461              $20,574
Annualized Total Return (%)                                      One Year      From March 1993
                                                                    25.31                18.57
The series' multifactor portfolios attempt to capture                                         
return premiums associated with high book-to-market                                           
ratios and market capitalization. The U.S. Large Cap                                          
Value Series invests on a market cap-weighted basis in                                        
companies that have market caps of approximately                                              
$600 million or larger and book-to-market ratios                                              
in the upper 30% of publicly traded U.S. companies.                                           
The series' returns in fiscal 1997 reflected the                                              
performance of large cap high book-to-market                                                  
U.S. companies.                                                                               
Past performance is not predictive of future performance.                                     
Fama-French Large Cap Value Index courtesy of                                                 
Fama-French and CRSP, University of Chicago.                                                  

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

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             JAPANESE SMALL COMPANY SERIES VS.                                                    
               JAPANESE LARGE COMPANY STOCKS                                                      
                SEPTEMBER 1996-NOVEMBER 1997                                                      
                     GROWTH OF $10,000                                                            
                                                             JAPANESE SMALL    JAPANESE LARGE     
                                                             COMPANY SERIES    COMPANY STOCKS     
                                                                                                  

                                                                      $10,000              $10,000
Sep-96                                                                $10,050              $10,339
                                                                       $9,344               $9,658
                                                                       $9,057               $9,846
                                                                       $7,945               $9,188
                                                                       $7,170               $8,175
                                                                       $7,120               $8,360
Mar-97                                                                 $6,604               $8,104
                                                                       $6,495               $8,383
                                                                       $7,578               $9,322
                                                                       $7,697              $10,007
                                                                       $6,823               $9,698
                                                                       $6,089               $8,835
Sep-97                                                                 $5,165               $8,735
                                                                       $5,304               $7,926
Nov-97                                                                 $4,380               $7,436
Annualized Total Return (%)                                          One Year  From September 1996
                                                                       -51.64               -48.34
The portfolio's 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 Japanese Small Company Series provides access to                                              
publicly traded small companies listed on the lower half of                                       
companies on the First Section of Tokyo Stock Exchange.                                           
The portfolio's returns in fiscal 1997 reflected the                                              
performance of small companies in the Japan.                                                      
Past performance is not predictive of future performance.                                         
Japanese Large Company Stocks courtesy of                                                         
Morgan Stanley Capital International.                                                             

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               PACIFIC RIM SMALL COMPANY SERIES VS.                                                       
                 PACIFIC RIM LARGE COMPANY STOCKS                                                         
                   SEPTEMBER 1996-NOVEMBER 1997                                                           
                        GROWTH OF $10,000                                                                 
                                                                  PACIFIC RIM SMALL   PACIFIC RIM LARGE   
                                                                    COMPANY SERIES     COMPANY STOCKS     
                                                                                                          

                                                                             $10,000               $10,000
Sep-96                                                                       $10,158               $10,260
                                                                             $10,267               $10,537
                                                                             $10,583               $11,106
                                                                             $10,335               $11,128
                                                                             $10,553               $10,995
                                                                             $11,146               $11,149
Mar-97                                                                       $10,652               $10,636
                                                                             $10,404               $10,423
                                                                             $10,790               $11,069
                                                                             $10,890               $11,313
                                                                             $10,841               $11,290
                                                                             $10,237                $9,721
Sep-97                                                                        $9,782               $10,051
                                                                              $7,408                $7,920
Nov-97                                                                        $6,587                $7,675
Annualized Total Return (%)                                                 One Year   From September 1996
                                                                              -37.75                -28.39
The portfolio's 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 Pacific Rim Small Company Series provides access to publicly                                          
traded small companies listed on the major exchanges of                                                   
Australia, Hong Kong, Malaysia, New Zealand, and Singapore.                                               
The portfolio's returns in fiscal 1997 reflected the                                                      
performance of small companies in the Pacific Rim.                                                        
Past performance is not predictive of future performance.                                                 
Pacific Rim Large Company Stocks courtesy of                                                              
Morgan Stanley Capital International.                                                                     

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

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            UNITED KINGDOM SMALL COMPANY SERIES VS.                                                        
              UNITED KINGDOM LARGE COMPANY STOCKS                                                          
                 SEPTEMBER 1996-NOVEMBER 1997                                                              
                       GROWTH OF $10,000                                                                   
                                                             UNITED KINGDOM SMALL    UNITED KINGDOM LARGE  
                                                                COMPANY SERIES          COMPANY STOCKS     
                                                                                                           

                                                                            $10,000                 $10,000
Sep-96                                                                      $10,078                 $10,188
                                                                            $10,566                 $10,704
                                                                            $10,869                 $11,232
                                                                            $11,279                 $11,651
                                                                            $11,142                 $11,284
                                                                            $11,523                 $11,620
Mar-97                                                                      $11,602                 $11,770
                                                                            $11,416                 $11,863
                                                                            $11,358                 $12,331
                                                                            $11,241                 $12,516
                                                                            $10,880                 $12,958
                                                                            $11,163                 $12,764
Sep-97                                                                      $11,564                 $13,764
                                                                            $11,974                 $13,343
Nov-97                                                                      $11,847                 $13,401
Annualized Total Return (%)                                                One Year     From September 1996
                                                                               9.00                   14.52
The portfolio's 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 United Kingdom Small Company Series provides access to                                                 
publicly traded small companies in the lower half by                                                       
market cap of companies traded on the International Stock                                                  
Exchange of the United Kingdom.                                                                            
The portfolio's returns in fiscal 1997 reflected the                                                       
performance of small companies in the                                                                      
United Kingdom.                                                                                            
Past performance is not predictive of future performance.                                                  
United Kingdom Large Company Stocks courtesy of                                                            
Morgan Stanley Capital International.                                                                      

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

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             CONTINENTAL SMALL COMPANY SERIES VS.                                                       
               CONTINENTAL LARGE COMPANY STOCKS                                                         
                 SEPTEMBER 1996-NOVEMBER 1997                                                           
                      GROWTH OF $10,000                                                                 
                                                                CONTINENTAL SMALL   CONTINENTAL LARGE   
                                                                 COMPANY SERIES      COMPANY STOCKS     
                                                                                                        

                                                                           $10,000               $10,000
Sep-96                                                                      $9,860               $10,200
                                                                           $10,040               $10,322
                                                                           $10,230               $10,818
                                                                           $10,431               $10,948
                                                                           $10,690               $11,167
                                                                           $10,711               $11,222
Mar-97                                                                     $11,091               $11,716
                                                                           $10,790               $11,529
                                                                           $11,231               $12,013
                                                                           $11,620               $12,830
                                                                           $11,590               $13,433
                                                                           $11,411               $12,412
Sep-97                                                                     $12,221               $13,678
                                                                           $11,871               $12,939
Nov-97                                                                     $11,611               $13,211
Annualized Total Return (%)                                               One Year   From September 1996
                                                                             13.50                 12.69
The portfolio's 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                                                  
Continental Small Company Series provides access to publicly                                            
traded small companies listed on the major exchanges of                                                 
Belgium, Denmark, France, Germany, Italy, the Netherlands,                                              
Spain, Sweden, and Switzerland.                                                                         
The portfolio's returns in fiscal 1997 reflected the                                                    
performance of small companies in Continental Europe.                                                   
Past performance is not predictive of future performance.                                               
Continental Large Company Stocks courtesy of                                                            
Morgan Stanley Capital International.                                                                   

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             DFA INTERNATIONAL VALUE SERIES VS.                                                 
                         EAFE INDEX                                                             
                  MARCH 1994-NOVEMBER 1997                                                      
                      GROWTH OF $10,000                                                         
                                                             DFA INTERNATIONAL                  
                                                                VALUE SERIES      EAFE INDEX    
                                                                                                

                                                                        $10,000          $10,000
Mar-94                                                                   $9,733           $9,570
                                                                        $10,060           $9,982
                                                                        $10,119           $9,922
                                                                        $10,239          $10,061
                                                                        $10,438          $10,161
                                                                        $10,598          $10,405
                                                                        $10,228          $10,082
                                                                        $10,658          $10,425
                                                                        $10,099           $9,925
                                                                        $10,159           $9,984
                                                                         $9,757           $9,605
                                                                         $9,736           $9,576
Mar-95                                                                  $10,312          $10,179
                                                                        $10,633          $10,566
                                                                        $10,573          $10,439
                                                                        $10,463          $10,262
                                                                        $11,052          $10,909
                                                                        $10,676          $10,494
                                                                        $10,740          $10,704
                                                                        $10,536          $10,415
                                                                        $10,826          $10,706
                                                                        $11,351          $11,145
                                                                        $11,464          $11,190
                                                                        $11,537          $11,235
Mar-96                                                                  $11,698          $11,471
                                                                        $12,154          $11,803
                                                                        $12,040          $11,591
                                                                        $12,083          $11,660
                                                                        $11,760          $11,322
                                                                        $11,811          $11,345
                                                                        $12,019          $11,651
                                                                        $11,904          $11,535
                                                                        $12,434          $11,996
                                                                        $12,271          $11,840
                                                                        $11,861          $11,426
                                                                        $11,969          $11,620
Mar-97                                                                  $12,013          $11,667
                                                                        $11,948          $11,737
                                                                        $12,855          $12,499
                                                                        $13,413          $13,187
                                                                        $13,598          $13,398
                                                                        $12,706          $12,406
                                                                        $13,174          $13,101
                                                                        $12,483          $12,092
Nov-97                                                                  $11,955          $11,971
Annualized Total Return (%)                                            One Year  From March 1994
                                                                          -3.85             4.88
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 series' returns in fiscal 1997 reflected the                                                
performance of large, non-U.S. companies with high                                              
book-to-market ratios.                                                                          
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                     

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                  EMERGING MARKETS SERIES VS.                                                               
        MSCI EMERGING MARKETS FREE EQUAL-WEIGHTED INDEX                                                     
                    MAY 1994-NOVEMBER 1997                                                                  
                       GROWTH OF $10,000                                                                    
                                                                    EMERGING        MSCI EMERGING MARKETS   
                                                                 MARKETS SERIES   FREE EQUAL-WEIGHTED INDEX 
                                                                                                            

                                                                         $10,000                     $10,000
May-94                                                                   $10,330                     $10,456
                                                                         $10,210                     $10,170
                                                                         $10,970                     $10,928
                                                                         $11,959                     $12,247
                                                                         $12,090                     $12,316
                                                                         $11,740                     $12,126
                                                                         $11,370                     $11,594
                                                                         $10,551                     $10,722
                                                                          $9,570                      $9,530
                                                                          $9,521                      $9,352
                                                                          $9,941                      $9,719
                                                                         $10,431                     $10,340
May-95                                                                   $11,170                     $11,054
                                                                         $11,241                     $11,012
                                                                         $11,690                     $11,368
                                                                         $11,251                     $10,815
                                                                         $11,040                     $10,637
                                                                         $10,670                     $10,226
                                                                         $10,626                     $10,090
                                                                         $10,948                     $10,517
                                                                         $12,129                     $11,591
                                                                         $11,876                     $11,438
                                                                         $11,977                     $11,510
                                                                         $12,321                     $11,845
May-96                                                                   $12,321                     $11,941
                                                                         $12,422                     $12,105
                                                                         $11,361                     $11,107
                                                                         $11,684                     $11,456
                                                                         $11,936                     $11,746
                                                                         $11,674                     $11,436
                                                                         $12,088                     $11,940
                                                                         $12,250                     $12,123
                                                                         $13,502                     $13,532
                                                                         $13,674                     $13,705
                                                                         $13,289                     $13,339
                                                                         $12,774                     $12,812
May-97                                                                   $13,410                     $13,408
                                                                         $13,965                     $13,750
                                                                         $13,985                     $13,777
                                                                         $11,946                     $11,545
                                                                         $12,440                     $12,084
                                                                         $10,603                     $10,151
Nov-97                                                                   $10,038                      $9,601
Annualized Total Return (%)                                             One Year               From May 1994
                                                                          -16.96                        0.10
The series provides access to non-U.S. large companies                                                      
in "emerging market" countries including Argentina,                                                         
Brazil, Indonesia, Israel, Malaysia, Mexico, Philippines,                                                   
Portugal, South Korea, Thailand, and Turkey. The series invests                                             
across all market capitalizations, specifically those deemed                                                
to be value stocks.                                                                                         
The series' returns in fiscal 1997 reflected the performance                                                
of an equally-weighted emerging markets country portfolio.                                                  
Past performance is not predictive of future performance.                                                   
MSCI Emerging Markets Free Equal-Weighted Index is created                                                  
by equal-weighting the MSCI country returns for the                                                         
11 countries that Dimensional is currently invested in.                                                     
Courtesy of Morgan Stanley Capital International.                                                           

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

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           EMERGING MARKETS SMALL CAP SERIES VS.                                                           
      MSCI EMERGING MARKETS FREE EQUAL-WEIGHTED INDEX                                                      
                 JANUARY 1997-NOVEMBER 1997                                                                
                     GROWTH OF $10,000                                                                     
                                                             EMERGING MARKETS      MSCI EMERGING MARKETS   
                                                             SMALL CAP SERIES    FREE EQUAL-WEIGHTED INDEX 
                                                                                                           

                                                                        $10,000                     $10,000
Jan-97                                                                  $11,012                     $11,162
                                                                        $11,273                     $11,305
                                                                        $10,822                     $11,003
Apr-97                                                                  $10,211                     $10,568
                                                                        $10,371                     $11,060
                                                                        $10,782                     $11,342
Jul-97                                                                  $10,822                     $11,365
                                                                         $9,408                      $9,523
                                                                         $9,598                      $9,968
Oct-97                                                                   $8,526                      $8,373
Nov-97                                                                   $7,945                      $7,919
Total Return (%)                                              From January 1997                            
                                                                         -20.55                            
The series provides access to non-U.S. small companies                                                     
in "emerging market" countries including Argentina,                                                        
Brazil, Indonesia, Israel, Malaysia, Mexico, Philippines,                                                  
South Korea, Thailand, and Turkey. The series invests                                                      
across all market capitalizations, specifically those                                                      
deemed to be value stocks.                                                                                 
This was a new portfolio and its year-to-date returns                                                      
in fiscal 1997 reflect the performance of its strategy.                                                    
Past performance is not predictive of future performance.                                                  
MSCI Emerging Markets Free Equal-Weighted Index is                                                         
created by equal-weighting the MSCI country returns for the                                                
11 countries that Dimensional is currently invested in.                                                    
Courtesy of Morgan Stanley Capital International.                                                          

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PERFORMANCE CHARTS

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

                                                        [Enlarge/Download Table]

              DFA ONE-YEAR FIXED INCOME SERIES VS.                                                     
                         ONE MONTH CD'S                                                                
                    MARCH 1993-NOVEMBER 1997                                                           
                       GROWTH OF $10,000                                                               
                                                                     DFA ONE-YEAR        ONE MONTH     
                                                                  FIXED INCOME SERIES       CD'S       
                                                                                                       

                                                                               $10,000          $10,000
Mar-93                                                                         $10,048          $10,024
                                                                               $10,097          $10,046
                                                                               $10,104          $10,066
                                                                               $10,149          $10,088
                                                                               $10,180          $10,110
                                                                               $10,229          $10,134
                                                                               $10,268          $10,155
                                                                               $10,290          $10,175
                                                                               $10,308          $10,199
                                                                               $10,343          $10,221
                                                                               $10,395          $10,244
                                                                               $10,376          $10,264
Mar-94                                                                         $10,373          $10,289
                                                                               $10,368          $10,313
                                                                               $10,390          $10,344
                                                                               $10,425          $10,376
                                                                               $10,486          $10,409
                                                                               $10,527          $10,444
                                                                               $10,545          $10,479
                                                                               $10,580          $10,517
                                                                               $10,575          $10,555
                                                                               $10,607          $10,598
                                                                               $10,708          $10,646
                                                                               $10,810          $10,690
Mar-95                                                                         $10,877          $10,739
                                                                               $10,949          $10,783
                                                                               $11,066          $10,835
                                                                               $11,129          $10,882
                                                                               $11,188          $10,931
                                                                               $11,245          $10,979
                                                                               $11,296          $11,024
                                                                               $11,356          $11,075
                                                                               $11,410          $11,123
                                                                               $11,465          $11,168
                                                                               $11,518          $11,220
                                                                               $11,564          $11,264
Mar-96                                                                         $11,616          $11,306
                                                                               $11,656          $11,353
                                                                               $11,696          $11,397
                                                                               $11,759          $11,438
                                                                               $11,814          $11,488
                                                                               $11,872          $11,534
                                                                               $11,943          $11,580
                                                                               $12,031          $11,628
                                                                               $12,103          $11,672
                                                                               $12,142          $11,721
                                                                               $12,202          $11,770
                                                                               $12,254          $11,815
Mar-97                                                                         $12,274          $11,866
                                                                               $12,357          $11,918
                                                                               $12,417          $11,971
                                                                               $12,492          $12,024
                                                                               $12,578          $12,078
                                                                               $12,616          $12,129
                                                                               $12,691          $12,185
                                                                               $12,766          $12,240
Nov-97                                                                         $12,806          $12,290
Annualized Total Return (%)                                                   One Year  From March 1993
                                                                                  5.81             5.34
The series maximizes expected returns by 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 levels are further evaluated for business                                         
risk. Maturities are shifted if sufficient premiums can be                                             
documented. Investments are made in high quality obligations,                                          
including BA's, CD's, corporate debt obligations and commercial                                        
paper of U.S. as well as non-U.S. issuers (Yankees). Average                                           
maturity is maintained under one year with no individual issue                                         
longer than two years.                                                                                 
This series' 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]

         DFA TWO-YEAR GLOBAL FIXED INCOME SERIES VS.                                           
          MERRILL LYNCH GOVERNMENTS, U.S. TREASURY,                                            
                  SHORT TERM (1-2.99 YEARS)                                                    
                  MARCH 1996-NOVEMBER 1997                                                     
                      GROWTH OF $10,000                                                        
                                                                               MERRILL LYNCH   
                                                                                GOVERNMENTS,   
                                                               DFA TWO-YEAR    U.S. TREASURY,  
                                                               GLOBAL FIXED      SHORT TERM    
                                                               INCOME SERIES   (1-2.99 YEARS)  
                                                                                               

                                                                      $10,000           $10,000
Mar-96                                                                $10,047            $9,991
                                                                      $10,097            $9,999
                                                                      $10,148           $10,020
                                                                      $10,188           $10,092
                                                                      $10,260           $10,131
                                                                      $10,361           $10,166
Sep-96                                                                $10,439           $10,258
                                                                      $10,531           $10,374
                                                                      $10,602           $10,454
                                                                      $10,647           $10,454
                                                                      $10,720           $10,503
                                                                      $10,762           $10,528
Mar-97                                                                $10,766           $10,523
                                                                      $10,830           $10,610
                                                                      $10,904           $10,682
                                                                      $10,982           $10,755
                                                                      $11,036           $10,874
                                                                      $11,079           $10,884
Sep-97                                                                $11,149           $10,966
                                                                      $11,192           $11,047
Nov-97                                                                $11,236           $11,074
Annualized Total Return (%)                                          One Year   From March 1996
                                                                         5.98              6.89
The series seeks to maximize expected returns by 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.                                       
Maturities are shifted if sufficient premiums can be                                           
documented. Investments are made in U.S. government                                            
securities, high-quality corporate securities and currency                                     
hedged global bonds with a maximum maturity of two years.                                      
This series' returns in fiscal 1997 reflected the                                              
performance of its strategy.                                                                   
Past performance is not predictive of future performance.                                      
Merrill Lynch Governments, U.S. Treasury, Short Term                                           
(1-2.99 Years) courtesy of Merrill Lynch.                                                      

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THE U.S. 6-10 SMALL COMPANY SERIES

STATEMENT OF NET ASSETS 

NOVEMBER 30, 1997 

                                                                [Download Table]

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
COMMON STOCKS -- (98.6%)                                                          
  *3-D Geophysical, Inc................................       5,800   $     38,244
  *3-D Systems Corp....................................       7,700         64,488
  *3D0 Co..............................................      20,000         60,938
  *4 Health, Inc.......................................       3,500         22,531
  *4Front Software International, Inc..................       3,100         26,931
  *7Th Level, Inc......................................       3,400          6,906
  *AAON, Inc...........................................       3,600         27,000
  AAR Corp.............................................      10,800        416,475
  ABC Bancorp..........................................       2,525         42,452
  *ABC Rail Products Corp..............................       5,400        109,013
  ABM Industries, Inc..................................      13,100        365,163
  *ABR Information Services, Inc.......................      13,700        330,084
  *ABT Building Products Corp..........................       6,300        113,400
  *ACC Corp............................................      12,450        582,427
  *ACT Manufacturing, Inc..............................       5,700         81,047
  *ACT Networks, Inc...................................       7,400         60,588
  *ACX Technologies, Inc...............................      17,000        455,813
  *ADE Corp............................................       6,900        155,681
  *AEP Industries, Inc.................................       3,900        126,019
  *AER Energy Resources, Inc...........................      14,200         25,959
  *AFC Cable Systems, Inc..............................       4,375        117,852
  *AG Associates, Inc..................................       4,400         26,400
  *AG Services America, Inc............................       2,800         50,575
  *#AMBI, Inc..........................................      12,400         30,613
  *#AMC Entertainment, Inc.............................       6,300        138,206
  *AML Communications, Inc.............................       3,600         21,938
  *AMX Corp............................................       6,300         41,738
  *#APAC Teleservices, Inc.............................      18,300        258,488
  *APS Holding Corp. Class A...........................      11,000         42,453
  *ARI Network Services, Inc...........................       1,700          5,419
  *ARV Assisted Living, Inc............................       7,500        114,844
  ASB Financial Corp...................................       1,000         13,313
  *ASV, Inc............................................       2,500         66,094
  *#ATC Communications Group, Inc......................       5,900         13,644
  *ATC Group Services, Inc.............................       3,900         43,875
  *ATL Products, Inc. Class A..........................         330          3,764
  *ATL Ultrasound, Inc.................................       8,500        367,625
  *ATMI, Inc...........................................       5,300        173,244
  *ATS Medical, Inc....................................      12,700         73,819
  #Aames Financial Corp................................      19,450        262,575
  Aaron Rents, Inc. Class A............................       1,500         23,813
  Aaron Rents, Inc. Class B............................      14,400        238,500
  *#Aasche Transportation Services, Inc................       2,000          6,188
  *Aavid Thermal Technologies, Inc.....................       4,000        116,750
  *Abaxis, Inc.........................................       7,100         18,416
  Abington Bancorp, Inc................................         700         25,463
  *Abiomed, Inc........................................       3,400         57,481
  *Able Telcom Holding Corp............................       6,700         55,694
  Abrams Industries, Inc...............................         200          1,550
  *Abraxas Petroleum Corp..............................       2,900         47,488
  *Acacia Research Corp................................       1,200          9,750
  *Accell International Corp...........................       2,700         10,209
  *Acceptance Insurance Companies, Inc.................       9,100        221,244
  *#Access Beyond, Inc.................................         300          1,622
  *Access Health Marketing, Inc........................      14,000        417,375


                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  

  *Acclaim Entertainment, Inc..........................      38,400   $    156,600
  *Accumed International, Inc..........................       2,000          3,906
  *Ace Cash Express, Inc...............................       3,800         68,875
  Aceto Corp...........................................       2,200         43,725
  Ackerley Group, Inc..................................      15,600        249,600
  *Acme Electric Corp..................................       2,500         15,781
  *Acme Metals, Inc....................................      11,000        136,813
  *Acme United Corp....................................       1,300          7,556
  *Actel Corp..........................................      14,400        212,850
  *Action Performance Companies, Inc...................      11,000        316,938
  *Active Apparel Group, Inc...........................       1,500          3,492
  *Active Voice Corp...................................       1,300         18,038
  *#Activision, Inc....................................      12,500        200,000
  *#Actrade International, Ltd.........................       5,100        146,306
  *Acuson Corp.........................................      19,100        364,094
  *Adac Laboratories...................................      16,766        351,038
  *Adage, Inc..........................................       3,100         19,278
  *Adam Software, Inc..................................       1,000          2,797
  Adams Resources & Energy, Inc........................       2,100         31,238
  *Adelphia Communications Corp. Class A...............      12,900        186,244
  *Adept Technology, Inc...............................       5,000         58,906
  *Adflex Solutions, Inc...............................       5,200        100,263
  *Advanced Digital Information Corp...................       6,000        110,625
  *Advanced Energy Industries, Inc.....................       4,000         79,250
  *Advanced Magnetics, Inc.............................       6,000         55,875
  *Advanced Marketing Services, Inc....................       2,700         34,931
  *Advanced Photonix, Inc. Class A.....................       5,300          7,288
  *Advanced Polymer Systems, Inc.......................      14,700        107,494
  *Advanced Promotion Technologies, Inc................      11,624            186
  *Advanced Tissue Sciences, Inc.......................      28,600        367,331
  Advantage Bancorp, Inc...............................       1,250         78,594
  *Advent Software, Inc................................       6,000        144,375
  Advest Group, Inc....................................       5,000        113,750
  *Advo, Inc...........................................      16,100        350,175
  *Advocat, Inc........................................       3,200         27,200
  *Aeroflex, Inc.......................................      10,000         85,625
  *Aerosonic Corp. DE..................................       2,000         21,250
  *Aerovox, Inc........................................       2,700         14,681
  *Aetrium, Inc........................................       6,800        126,225
  Affiliated Community Bancorp.........................       3,200         91,400
  *Affiliated Computer Services, Inc. Class A..........      16,900        395,038
  *Affinity Technology Group, Inc......................      16,800         48,300
  *Ag-Chem Equipment Co., Inc..........................       7,600        126,350
  *Agri-Nutrition Group, Ltd...........................       1,600          2,300
  *Air & Water Technologies Corp. Class A..............      25,500         31,875
  Air Express International Corp.......................      13,875        401,941
  *Air Methods Corp....................................       4,000         14,625
  *Airtran Holdings, Inc...............................       2,600         13,284
  *Akorn, Inc..........................................       8,700         34,120
  Alabama National Bancorporation......................       2,400         59,850
  Alamo Group, Inc.....................................       5,800        118,900
  *Alaris Medical, Inc.................................      42,300        226,041

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THE U.S. 6-10 SMALL COMPANY SERIES                                              

CONTINUED                                                                       

                                                                [Download Table]

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Alarmguard Holdings, Inc............................       5,000   $     53,750
*#Alaska Air Group, Inc..............................       8,700        325,163
*Alba-Waldensian, Inc................................         600          3,300
Albank Financial Corp................................       8,040        374,865
Albany International Corp. Class A...................       8,000        194,500
*Alcide Corp.........................................         900         53,438
*Aldila, Inc.........................................      10,900         50,072
Alfa Corp............................................      28,500        466,688
*Alfin, Inc..........................................       4,500          2,391
Aliant Communications, Inc...........................      21,900        663,844
Alico, Inc...........................................       3,500         85,750
*Align-Rite International, Inc.......................       2,200         37,125
*Alkermes, Inc.......................................      18,100        358,606
*All American Semiconductor, Inc.....................       7,100         12,980
*Allcity Insurance Co................................         200          1,550
Allen Organ Co. Class B..............................         200          8,525
*Allen Telecom, Inc..................................      18,800        381,875
Alliance Bancorp.....................................       3,238         84,998
*Alliance Entertainment Corp.........................      18,100          1,448
*Alliance Gaming Corp................................      24,928        102,439
*Alliance Pharmaceuticals Corp.......................      24,400        237,138
*#Alliance Semiconductor Corp........................      30,900        196,022
*Alliant Techsystems, Inc............................       7,800        463,613
*Allied Capital Advisers, Inc........................       4,500         27,000
Allied Capital Lending Corp..........................       2,800         57,838
*Allied Digital Technologies Corp....................         700          1,838
Allied Group, Inc....................................       5,025        205,711
*Allied Healthcare Products, Inc.....................       4,700         37,159
*Allied Holdings, Inc................................       5,000         98,438
Allied Life Financial Corp...........................       2,000         42,250
Allied Products Corp.................................       6,750        162,844
*Allied Research Corp................................       2,200         27,225
*Allou Health & Beauty Care, Inc. Class A............       1,900         14,963
*Allstate Financial Corp.............................       1,600          9,800
*Alltrista Corp......................................       3,953        114,143
*Aloette Cosmetics, Inc..............................       1,000          2,969
*#Alpha Beta Technology, Inc.........................      13,400         39,781
*Alpha Industries, Inc...............................       6,200        115,475
*Alpha Microsystems, Inc.............................       3,300          3,919
*Alpha Technologies Group, Inc.......................       4,000         14,750
Alpharma, Inc. Class A...............................       8,100        185,288
*Alpine Group, Inc...................................      15,736        307,836
*Alpine Lace Brands, Inc.............................       2,600         23,563
*Alrenco, Inc........................................       2,400         38,850
*#Alta Gold Co.......................................      17,400         27,731
*Alteon, Inc.........................................      12,600         72,844
*Alternative Living Services.........................       2,090         55,646
*Alternative Resources Corp..........................      12,500        307,813
*Altris Software, Inc................................       7,200         28,575
*Altron, Inc.........................................      12,100        192,844
*Amati Communications Corp...........................      14,300        283,766
*Amax Gold, Inc......................................      68,200        149,188
Amcast Industrial Corp...............................       4,300        106,425
Amcol International Corp.............................      15,200        365,750
Amcore Financial, Inc................................      15,025        359,661
*Amedisys, Inc.......................................       1,400          8,138
*America Services Group, Inc.........................       1,600         27,800
*America West Holdings Corp. Class B.................      29,700        473,344
American Annuity Group, Inc..........................      18,200        378,788
American Bancorporation Ohio.........................         400          8,850

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

American Bank of Connecticut.........................       1,100   $     51,769
*American Banknote Corp..............................      12,200         65,575
American Biltrite, Inc...............................       1,400         32,725
*American Biogenetic Sciences, Inc. Class A..........      13,700         28,256
*American Buildings Co...............................       2,700         73,575
*American Business Information, Inc..................      14,600        166,988
*American Business Information, Inc. Class A.........      14,600        165,163
American Business Products, Inc......................      13,100        271,825
*American Claims Evaluation, Inc.....................       1,000          2,125
*American Classic Voyages Co.........................      11,100        191,475
*American Coin Merchandising, Inc....................       2,700         46,238
*#American Communications Services, Inc..............      20,700        275,569
*American Eagle Group, Inc...........................       4,000            184
*American Eagle Outfitters, Inc......................       5,900        199,494
*American Ecology Corp...............................       5,250          7,711
*American Freightways Corp...........................      21,800        318,825
*American Healthcorp, Inc............................       6,400         82,400
American Heritage Life Investment Corp...............       7,900        290,325
*American Homepatient, Inc...........................      11,800        239,688
*American Homestar Corp..............................       9,655        138,187
American Indemnity Financial Corp....................         800         10,150
*American International Petroleum Corp...............      21,500        118,250
*American Media, Inc. Class A........................      13,500        104,625
*American Medical Electronics, Inc. (Escrow-Bonus)...       4,400              0
*American Medical Electronics, Inc.                                             
  (Escrow-Earnings)..................................       4,400              0
*American Mobile Satellite Corp......................      17,600        138,600
*American Oilfield Divers, Inc.......................       8,200        107,881
*American Oncology Resources, Inc....................      17,200        234,888
*American Pacific Corp...............................       4,100         30,238
*American Pad & Paper Co.............................      19,500        282,750
*American Paging, Inc................................      12,000         24,000
*American Physicians Services Group, Inc.............       1,800         13,050
American Precision Industries, Inc...................       7,300        159,688
*American Safety Razor Co............................       6,000        112,875
*American Science & Engineering, Inc.................       6,500         73,938
*American Shared Hospital Services...................         600            863
*American Software, Inc. Class A.....................      14,100        131,306
*American Superconductor Corp........................       7,500         78,750
*American Technical Ceramics Corp....................       1,500         24,094
*American Telecasting, Inc...........................      11,900         16,734
*American United Global, Inc.........................       6,600         13,509
*American Waste Services, Inc. Class A...............      12,400         18,600
American Woodmark Corp...............................       4,660        101,938
Americana Bancorp, Inc...............................       1,600         31,600
*Americredit Corp....................................      19,400        535,925
*Amerihost Properties, Inc...........................       3,000         19,781
*AmeriLink Corp......................................       1,400         35,263
*Amerin Corp.........................................      14,700        344,531
*Ameristar Casinos, Inc..............................      11,600         61,081
*Ameriwood Industries International Corp.............       3,200         20,200
Ameron, Inc..........................................       2,000        129,000

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THE U.S. 6-10 SMALL COMPANY SERIES                                              

CONTINUED                                                                       

                                                                [Download Table]

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Ames Department Stores, Inc.........................      17,100   $    288,563
Ametek, Inc..........................................       2,500         59,375
*Amistar Corp........................................       1,300          4,713
Ampco-Pittsburgh Corp................................       4,800         91,200
*Ampex Corp. Class A.................................      36,400         94,413
*Amrep Corp..........................................       3,900         21,450
*Amresco, Inc........................................      28,000        777,000
*Amtech Corp.........................................      11,800         54,944
*Amtran, Inc.........................................       7,000         56,438
Amvestors Financial Corp.............................       7,800        171,113
Amwest Insurance Group, Inc..........................       1,200         16,725
*Amylin Pharmaceuticals, Inc.........................      33,500        227,172
*Anadigics, Inc......................................       7,550        249,150
Analogic Corp........................................       7,300        276,031
*Analogy, Inc........................................       7,300         40,606
Analysis & Technology, Inc...........................         800         18,900
Analysts International Corp..........................       8,200        390,525
*Analytical Surveys, Inc.............................       2,900         75,038
*Anaren Microwave, Inc...............................       2,000         40,250
Anchor Bancorp Wisconsin, Inc........................       5,400        169,088
*Anchor Gaming, Inc..................................       6,700        533,069
Andover Bancorp, Inc. DE.............................       2,600         97,419
*Andrea Electronics Corp.............................       3,800         76,950
*Anergen, Inc........................................      15,200         39,900
*Anesta Corp.........................................       9,000        143,719
*Angeion Corp........................................      24,200         79,406
Angelica Corp........................................       9,000        193,500
*Anicom, Inc.........................................      10,300        179,606
*Ann Taylor Stores Corp..............................      15,900        226,575
*Ansaldo Signal N.V..................................       5,900         26,734
*Antec Corp..........................................      29,050        446,644
*Apertus Technologies, Inc...........................       5,500          9,453
*Aphton Corp.........................................      10,100        115,519
Apogee Enterprises, Inc..............................      17,400        387,150
*Apogee, Inc.........................................       5,900         14,381
Apple South, Inc.....................................      30,700        563,153
Applebees International, Inc.........................      15,700        332,644
*#Appliance Recycling Centers of America, Inc........         525          1,542
*Applied Digital Access, Inc.........................      10,000         72,500
*Applied Extrusion Technologies, Inc.................       8,400         66,413
Applied Industrial Technologies, Inc.................      11,250        317,813
*Applied Innovation, Inc.............................      11,500         82,297
*#Applied Magnetics Corp.............................      12,800        216,000
*Applied Microsystems Corp...........................       3,400         33,150
Applied Power, Inc. Class A..........................       8,200        500,200
*Applied Science & Technology, Inc...................       2,000         42,125
*Applied Signal Technologies, Inc....................       4,700         70,794
*Applied Voice Technology, Inc.......................       4,500        125,156
*Applix, Inc.........................................       8,000         44,125
*#Aquagenix, Inc.....................................       2,000         14,813
Aquarion Co..........................................       3,500        106,313
*Aquila Biopharmaceuticals, Inc......................       1,130          5,297
Aquila Gas Pipeline Corp.............................      24,700        348,888
*Arabian Shield Development Co.......................         200            488
*Arbor Software Corp.................................       5,000        151,875
*#Arcadia Financial, Ltd.............................      30,400        254,600
Arch Coal, Inc.......................................       8,100        213,131
*Arch Communications Group, Inc......................      17,600        120,450
*Arch Petroleum, Inc.................................      13,700         38,317
Arctic Cat, Inc......................................      20,100        211,678
*#Argosy Gaming Corp.................................      20,600         83,688

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

*Ariad Pharmaceuticals, Inc..........................      14,400   $     71,100
*Ariel Corp..........................................       9,300         67,134
*#Ark Restaurants Corp...............................       1,600         18,300
*Arkansas Best Corp..................................      15,600        172,575
*Armco, Inc..........................................      83,000        440,938
Arnold Industries, Inc...............................      21,000        378,000
*Aronex Pharmaceuticals, Inc.........................      15,700         78,991
*Arrhythmia Research Technology, Inc.................       1,800          3,713
*#Arris Pharmaceutical Corp..........................      10,100         96,581
*Arrow Automotive Industries, Inc....................       1,000          3,250
Arrow Financial Corp.................................       3,675        120,586
Arrow International, Inc.............................         200          7,000
*Arthrocare Corp.....................................       5,900         68,219
*Artisoft, Inc.......................................       8,700         18,759
*Artistic Greetings, Inc.............................       2,900         13,775
*Artra Group, Inc....................................       4,800         14,100
*Arts Way Manufacturing Co., Inc.....................         200          2,075
Arvin Industries, Inc................................      15,800        545,100
*Asante Technologies, Inc............................       7,200         35,100
*Aseco Corp..........................................       1,400         14,000
*Ashworth, Inc.......................................       7,400         79,781
*Aspen Technology, Inc...............................       9,900        376,819
*#Assisted Living Concepts, Inc......................       8,600        147,275
*Astea International, Inc............................       7,400         16,881
*Astec Industries, Inc...............................       7,200        116,100
Astoria Financial Corp...............................       2,587        142,932
Astro-Med, Inc.......................................       3,000         24,750
*Astronics Corp......................................       2,375         22,266
*Asyst Technologies, Inc.............................       6,400        197,200
Atalanta Sosnoff Capital Corp........................       4,300         50,794
*Atchison Casting Corp...............................       4,200         72,450
*Athey Products Corp.................................       2,940         12,587
*Atkinson (Guy F.) of California.....................       5,400         19,744
*Atlantic American Corp..............................      10,300         51,822
*Atlantic Bank and Trust Co..........................       2,000         29,500
*#Atlantic Coast Airlines, Inc.......................       5,000        117,188
*Atlantic Gulf Communities Corp......................       5,800         24,288
*Atlantic Premium Brands, Ltd........................       2,000          6,500
*Atlantic Tele-Network, Inc..........................       7,400         89,725
*Atlantis Plastics, Inc..............................       3,300         18,769
*Atlas Air, Inc......................................      13,200        348,150
Atmos Energy Corp....................................      18,100        480,781
Atrion Corp..........................................       1,950         28,641
*Atrix Labs, Inc.....................................       6,600         96,525
*Atwood Oceanics, Inc................................       6,600        325,463
*Au Bon Pain, Inc. Class A...........................       6,000         54,375
*Audiovox Corp. Class A..............................      10,400         91,650
Audits & Surveys Worldwide, Inc......................       5,100         14,025
*Ault, Inc...........................................       3,900         26,934
*Aura Systems, Inc...................................      39,700        148,255
*Auspex Systems, Inc.................................      19,900        223,253
Authentic Fitness Corp...............................      16,400        269,575
Autocam Corp.........................................       4,343         57,002
*Autoimmune, Inc.....................................       9,800         28,481
*Autoinfo, Inc.......................................       3,900          2,316
*Autologic Information International, Inc............       2,300         17,250
*Automobile Protection Corp..........................       8,500         51,000
*Autonomous Technologies Corp........................       2,500         13,516
*Autote Corp. Class A................................      16,458         44,231
*#Avant Corp.........................................      12,000        287,250

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                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
*Avatar Holdings, Inc................................        5,500   $    156,063
*#Avatex Corp........................................        6,300         11,025
*Avecor Cardiovascular, Inc..........................        3,900         32,175
*Avert, Inc..........................................        1,300         10,481
*Aviall, Inc.........................................       15,700        222,744
*#Avid Technology, Inc...............................       18,500        543,438
*Avigen, Inc.........................................        1,000          3,313
*Aviva Petroleum, Inc. Deposit Shares (Representing 5                            
  Shares)............................................        6,500          9,750
*Avondale Financial Corp.............................        2,800         44,800
*Avondale Industries, Inc............................       11,600        328,425
*Axent Technologies, Inc.............................        3,000         63,000
*Axiohm Transaction Solutions, Inc...................          232          3,901
*Axsys Technologies, Inc.............................        1,500         29,813
*Aydin Corp..........................................        2,600         29,900
*Aztar Corp..........................................       31,800        222,600
Aztec Manufacturing Co...............................        4,300         73,369
*BCT International, Inc..............................        2,700          8,606
*BDM International, Inc..............................       14,600        427,506
*BEC Group, Inc......................................       10,683         62,763
BEI Electronics, Inc.................................        3,400         13,600
*BEI Technologies, Inc...............................        3,400         40,800
*BFX Hospitality Group, Inc..........................        4,600         12,075
BGS Systems, Inc.....................................        5,200        173,225
BHA Group Holdings, Inc. Class A.....................        3,267         60,031
*BI, Inc.............................................        3,600         25,425
BMC Industries, Inc..................................       12,000        222,750
*BPI Packaging Technologies, Inc.....................        5,300          5,714
*BRC Holdings, Inc...................................        3,700        154,244
BSB Bancorp, Inc.....................................        4,200        130,988
BT Financial Corp....................................        3,135        145,386
*BT Office Products International, Inc...............       23,100        236,775
*BTG, Inc............................................        2,700         29,025
*BTU International, Inc..............................        3,800         21,613
*BWAY Corp...........................................        4,800        103,500
*Back Bay Restaurant Group, Inc......................        2,000         12,875
Badger Meter, Inc....................................          800         33,200
Badger Paper Mills, Inc..............................        1,000          8,438
Bairnco Corp.........................................        5,300         52,338
Baker (J.), Inc......................................        6,900         47,222
*Baker (Michael) Corp................................        3,900         36,806
Balchem Corp.........................................        1,200         22,650
Baldor Electric Co...................................       10,300        318,656
*Baldwin Piano & Organ Co............................        1,300         21,450
*Baldwin Technology, Inc. Class A....................       10,300         51,500
*Ballantyne Omaha, Inc...............................        7,700        141,488
Ballard Medical Products.............................       20,000        461,250
*Bally Total Fitness Holding Corp....................        9,775        182,670
*Baltek Corp.........................................        1,500         14,063
Bancfirst Ohio Corp..................................          600         26,625
*Bancinsurance Corp..................................        2,900         13,956
Bancorp Connecticut, Inc.............................        1,000         39,750
BancorpSouth, Inc....................................       12,900        491,813
*BancTec, Inc........................................       12,462        308,435
Bangor Hydro-Electric Co.............................        4,400         25,025
Bank of Granite Corp.................................        5,400        164,700
*Bank Plus Corp......................................        9,000         99,563
*Bank United Financial Corp. Class A.................        1,200         15,525
#BankAtlantic Bancorp, Inc. Class A..................        5,279         71,267
BankAtlantic Bancorp, Inc. Class B...................        6,277         88,859
BankNorth Group, Inc. DE.............................        3,900        235,219
*Banner Aerospace, Inc...............................       17,500        166,250

                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 

Banta Corp...........................................        3,000   $     75,750
*Banyan System, Inc..................................       10,300         34,441
Barnes Group, Inc....................................       16,200        423,225
*Barnwell Industries, Inc............................          400          7,150
*Barr Laboratories, Inc..............................        8,250        297,000
*Barra, Inc..........................................        8,700        239,250
*Barrett Business Services, Inc......................        4,100         49,584
*Barringer Technologies, Inc.........................        2,400         26,025
*Barry (R.G.) Corp...................................        4,700         54,931
*#Base Ten Systems, Inc. Class A.....................        3,700         47,175
*Basin Exploration, Inc..............................        5,900        109,888
Bassett Furniture Industries, Inc....................        7,800        229,125
Battle Mountain Gold Co..............................       24,900        126,056
Bay State Gas Co.....................................        7,600        223,250
#Bay View Capital Corp...............................        8,000        267,000
*Baycorp Holdings, Ltd...............................        4,200         30,975
*Bayou Steel Corp. Class A...........................        6,400         23,200
*Be Aerospace, Inc...................................       13,100        411,831
Beauticontrol Cosmetics, Inc.........................        2,900         23,653
*Beazer Homes USA, Inc...............................        6,000        107,063
*Bel Fuse, Inc.......................................        2,500         48,906
*Belco Oil & Gas Corp................................       10,000        205,625
*Bell and Howell Co..................................       11,000        261,250
*Bell Industries, Inc................................        5,440         90,440
*Bell Microproducts, Inc.............................        6,100         51,469
*Bell Sports Corp....................................       11,000         92,469
*Bellwether Exploration Co...........................       11,100        115,856
*Belmont Homes, Inc..................................        6,700         50,669
*Ben & Jerry's Homemade, Inc. Class A................        3,600         57,825
*Benchmark Electronics, Inc..........................        6,900        194,063
*Benchmarq Microelectron.............................        4,100         74,569
*Benihana, Inc.......................................        1,000         12,750
*#Bentley Pharmaceuticals, Inc.......................        1,960          5,390
*Benton Oil & Gas Co.................................       20,300        293,081
Berkshire Gas Co.....................................        1,000         17,063
*Berlitz International, Inc..........................        4,700        121,319
Berry Petroleum Corp. Class A........................       12,600        235,463
*Bertuccis, Inc......................................        7,000         44,625
*Best Buy Co., Inc...................................       29,800        867,925
*Bet Holdings, Inc. Class A..........................        6,700        358,450
*#Big Flower Press Holding, Inc......................        5,400        118,463
*Billing Information Concepts Corp...................        5,400        240,469
Bindley Western Industries, Inc......................        7,800        239,850
Binks Sames Corp.....................................        1,100         47,300
*Bio Technology General Corp.........................       32,700        406,706
*Bio Vascular, Inc...................................        3,000         10,594
*Bio-Logic Systems Corp..............................        2,100         10,631
*Bio-Plexus, Inc.....................................        2,700         14,597
*Bio-Rad Laboratories, Inc. Class A..................        5,800        146,088
*Biocircuits Corp....................................          925            752
*Biocryst Pharmaceuticals, Inc.......................        8,500         61,625
*Biomatrix, Inc......................................        6,300        187,819
*Biosepra, Inc.......................................        5,000         11,250
*Biosource International, Inc........................        7,200         42,975
*Biospecifics Technologies Corp......................        2,300         13,225
*Biospherics, Inc....................................        4,000         23,250
*Bird Corp...........................................        2,500         10,156
Birmingham Steel Corp................................       18,600        284,813
*Black Box Corp......................................       13,200        469,425
*Black Hawk Gaming & Development, Inc................        1,000          7,250

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
Black Hills Corp.....................................       8,700   $    276,769
Blair Corp...........................................       5,600        106,750
Blanch (E.W.) Holdings, Inc..........................       6,600        228,113
Blessings Corp.......................................       6,000         85,500
Blimpie International................................       5,000         22,031
*Bluegreen Corp......................................      13,495         59,041
Bob Evans Farms, Inc.................................      22,500        452,813
*Boca Research, Inc..................................       5,200         36,725
*Bolt Technology Corp................................       2,500         19,219
*Bombay Co., Inc.....................................      22,700        117,756
*Bon-Ton Stores, Inc.................................       5,700         89,775
*Bonded Motors, Inc..................................       1,800         14,794
*Bone Care International, Inc........................       2,250         22,781
*Bontex, Inc.........................................         200          1,150
*Books-a-Million, Inc................................      11,900         80,697
*Boole & Babbage, Inc................................      11,250        329,766
*Borg-Warner Security Corp...........................      15,600        278,850
*Borland International, Inc..........................      25,900        260,619
Boston Acoustics, Inc................................       2,200         59,125
*Boston Communications Group, Inc....................       6,000         56,063
*Boston Technology, Inc..............................      15,200        326,800
Bostonfed Bancorp, Inc...............................       1,000         20,563
*Bowmar Instrument Corp..............................      11,700         24,131
Bowne & Co., Inc.....................................      10,800        412,425
*Box Energy Corp. Class A............................         400          3,125
*Box Energy Corp. Class B............................      14,000        101,063
*Boyd Gaming Corp....................................      43,000        311,750
*Boyds Wheels, Inc...................................       3,100          5,861
*Bradley Pharmaceuticals, Inc. Class A...............       1,500          2,695
Brady (W.H.) Co. Class A.............................      12,100        371,319
*Brauns Fashions Corp................................       2,200         21,175
*Brazos Sportswear, Inc..............................         230          2,070
#Breed Technologies, Inc.............................      15,800        318,963
Brenton Banks, Inc...................................       2,972         97,426
*Brewer (C.) Homes, Inc. Class A.....................       1,800          3,684
Bridgford Foods Corp.................................       3,705         55,575
*Brightpoint, Inc....................................      26,886        432,697
*Brite Voice Systems, Inc............................      12,100        111,169
Broad National Bancorporation........................       2,120         43,460
*Broadband Technologies, Inc.........................      10,600         62,606
*Broadway & Seymour, Inc.............................       5,400         52,650
*Brock International, Inc............................       2,500         10,313
*Broderbund Software, Inc............................      12,500        365,234
#Brooke Group, Ltd...................................      11,100         99,900
*Brooks Automation, Inc..............................       5,100        108,375
*Brookstone, Inc.....................................       3,900         47,288
*Brooktrout Technology, Inc..........................       9,300        105,788
*Brothers Gourmet Coffees, Inc.......................       6,700          8,166
*Brown & Sharpe Manufacturing Co. Class A............       7,900         80,975
*Brown (Tom), Inc....................................      14,400        315,450
Brown Group, Inc.....................................      14,400        233,100
Brush Wellman, Inc...................................       9,800        232,750
Bryn Mawr Bank Corp..................................         400         18,825
*Buckeye Technology, Inc.............................      11,200        490,700
*Buckhead America Corp...............................         900          7,425
*Buckle, Inc.........................................      13,200        433,950
*Buffets, Inc........................................      31,686        282,203
*Builders Transport, Inc.............................       1,800          5,400
*Building Materials Holding Corp.....................      10,600        119,913

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

*Bull Run Corp. GA...................................      21,300   $     65,231
Burlington Coat Factory Warehouse Corp...............      33,480        625,658
*Burr Brown Corp.....................................      14,175        426,136
*Bush Boake Allen, Inc...............................       9,800        275,625
Bush Industries, Inc. Class A........................       5,700        150,338
*Business Resource Group.............................       2,400          8,850
*Butler International, Inc...........................       4,100         69,188
Butler Manufacturing Co..............................       3,800        128,725
*Buttrey Food & Drug Stores Co.......................       5,200         56,225
C & D Technologies, Inc..............................       3,900        180,131
*C ATS Software, Inc.................................       3,000         17,063
*C-COR Electronics, Inc..............................       5,800         90,625
*#C-Phone Corp.......................................       2,500         19,531
*C.P. Clare Corp.....................................       5,500         73,906
*CAI Wireless Systems, Inc...........................       5,115          6,634
CBT Corp.............................................         200          5,950
*CCA Industries, Inc.................................       4,300         10,481
*CDI Corp............................................       3,900        161,363
*CE Software Holdings, Inc...........................         580          1,450
*CEM Corp............................................       3,800         41,088
*CET Environmental Services, Inc.....................       3,500         23,734
*CFI Proservices, Inc................................       1,800         22,725
CFSB Bancorp, Inc....................................       1,464         51,972
CFW Communications Co................................       6,600        150,563
CFX Corp.............................................      12,175        337,856
*CHS Electronics, Inc................................      15,600        295,913
*CMC Industries, Inc.................................       3,300         40,219
*CMG Information Services, Inc.......................       5,800        122,163
CMI Corp. Class A....................................      17,800         95,675
*CML Group, Inc......................................      39,800        139,300
CNA Surety Corp......................................      11,100        160,950
*CNS Income..........................................      14,400        114,300
*CPAC, Inc...........................................       3,520         37,840
CPB, Inc.............................................       5,200        108,063
*#CPI Aerostructures, Inc............................         200            675
CPI Corp.............................................       7,000        130,375
*CSG Systems International, Inc......................       5,000        184,688
*CSP, Inc............................................       2,000         15,500
*CSS Industries, Inc.................................       6,400        211,200
*CTC Communications Corp. Class 1....................       5,500         81,469
CTG Resources, Inc...................................       6,400        154,400
CTS Corp.............................................       7,800        265,200
*CUNO, Inc...........................................       8,000        138,500
CVB Financial Corp...................................       5,997        172,414
*Cable Design Techologies Corp.......................      10,950        443,475
Cabot Oil & Gas Corp. Class A........................      13,700        284,275
*Cache, Inc..........................................       5,025         19,786
*Caci International, Inc. Class A....................       5,300        104,841
*Cade Industries, Inc................................      10,600         25,838
*Cadiz Land, Inc.....................................      24,600        176,813
Cadmus Communications Corp...........................       4,800        102,600
*Caere Corp..........................................      10,600         92,916
Cagle's, Inc. Class A................................       2,000         23,375
*Cal-Maine Foods, Inc................................       2,000         12,500
*Calcomp Technology, Inc.............................       7,000         31,500
*#Caldor Corp........................................       9,700          5,762
Calgon Carbon Corp...................................      28,900        317,900
*#California Amplifier, Inc..........................       7,000         23,188
*#California Culinary Academy, Inc...................       1,200          9,150
*California Micro Devices Corp.......................       6,300         38,981
*California Microwave, Inc...........................       9,700        180,056

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
California State Bank................................       3,100   $    100,363
California Water Service Co..........................       3,100        165,850
*#Callon Petroleum Co................................       2,900         51,656
Calmat Co............................................      13,900        364,006
*Calumet Bancorp, Inc................................       1,650         53,213
*Cambex Corp.........................................       5,200            975
Cambrex Corp.........................................       7,000        317,625
*Cambridge Heart, Inc................................       3,000         27,281
*Cambridge Neuroscience, Inc.........................      13,300         28,055
*Cambridge Soundworks, Inc...........................       2,300         24,294
*Cameron Ashley Building Products, Inc...............       4,600         72,163
Cameron Financial Corp...............................       1,300         25,269
*Campo Eletronics, Appliances & Computers, Inc.......       3,200          3,150
*Canandaigua Wine Co., Inc. Class A..................       8,000        383,250
*Candela Laser Corp..................................       2,700         14,766
*Candies, Inc........................................       9,300         63,356
*Canisco Resources, Inc..............................         500          1,406
*Cannon Express, Inc. Class A........................         900          7,369
*#Cannondale Corp....................................       6,900        142,528
*Cantel Industries, Inc. Class B.....................       2,000         14,500
*Canyon Resources Corp...............................      20,800         24,700
Cape Cod Bank & Trust Co.............................       2,300         89,700
Capital Bancorp (FL).................................       4,500        229,500
*Capital Pacific Holdings, Inc.......................       9,000         30,094
Capital Re Corp......................................       8,100        454,106
Capitol Bancorp, Ltd.................................       2,189         59,377
Capitol Transamerica Corp............................       6,050        142,931
Capmac Holdings, Inc.................................       6,000        203,250
*Capstone Pharmacy Services, Inc.....................      23,200        256,650
Caraustar Industries, Inc............................       2,600         83,769
*Carbide/Graphite Group, Inc.........................       5,000        193,125
Carbo Ceramics, Inc..................................       4,000        131,000
*Cardiotech International, Inc.......................       2,101          6,040
*Cardiovascular Diagnostics..........................       4,000         24,000
*Cardiovascular Dynamics, Inc........................       5,388         29,297
*Care Group, Inc.....................................       3,400          1,753
*Carematrix, Inc.....................................       8,600        228,975
*Caretenders Healthcorp..............................       1,600         13,500
*Carlyle Industries, Inc.............................       1,032          1,614
*Carmike Cinemas, Inc. Class A.......................       6,700        207,281
Carnegie Bancorp.....................................       1,155         35,805
*Carnegie Group, Inc.................................       3,800         16,388
Carolina First Corp..................................      11,433        223,312
*Carr-Gottstein Foods Co.............................       7,654         37,792
*Carrington Laboratories, Inc........................       5,300         26,334
*Carson Pirie Scott & Co.............................       9,600        495,600
*Carson, Inc.........................................         500          4,063
Carter-Wallace, Inc..................................      17,000        281,563
*Carver Corp. WA.....................................       1,400          1,444
Cascade Corp.........................................       7,100        127,800
Cascade Natural Gas Corp.............................       6,500        110,500
*Casco International, Inc............................         275          1,031
Casey's General Stores, Inc..........................      18,400        436,425
Cash America International, Inc......................      14,100        176,250
*Casino America, Inc.................................      19,600         56,350
*Casino Data Systems.................................      14,400         65,250
*Casino Magic Corp...................................      19,500         23,766
*Casino Resource Corp................................       3,000          4,219
*Castelle............................................       2,200          8,525
*Castle & Cooke, Inc.................................       7,200        119,700

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

Castle (A.M.) & Co...................................      13,037   $    304,740
Castle Energy Corp...................................       2,400         33,300
*Catalina Lighting, Inc..............................       3,500         21,656
*Catalyst International, Inc.........................       4,000         22,750
*Catalyst Semiconductor, Inc.........................       4,000          6,438
*Catalytica, Inc.....................................      17,900        185,153
Cathay Bancorp, Inc..................................       1,100         34,925
*Catherines Stores Corp..............................       6,300         39,572
Cato Corp. Class A...................................      21,300        199,688
Cavalier Homes, Inc..................................       9,800         95,550
*Cayenne Software, Inc...............................      15,000         36,797
*#Cel-Sci Corp.......................................       2,500         19,688
*Celadon Group, Inc..................................       6,000         90,750
*Celebrity, Inc......................................       5,200         10,400
*Celeritek, Inc......................................       3,400         55,250
*Celestial Seasonings, Inc...........................       1,600         49,400
*Celgene Corp........................................       8,300         74,700
*#Cell Genesys, Inc..................................      14,366        123,009
*Cellpro, Inc........................................      11,600         32,625
*Cellstar Corp.......................................      14,400        373,500
*Cellular Technical Services Co., Inc................      15,900         44,719
*Celtrix Pharmaceuticals, Inc........................       5,000         11,953
Cenfed Financial Corp................................       2,838        113,786
Cenit Bancorp, Inc...................................         800         54,700
*Centennial Bancorp..................................       4,171        118,613
*Centennial Cellular Corp. Class A...................       9,900        189,028
Centex Construction Products, Inc....................      13,200        404,250
*Centigram Communications Corp.......................       5,200         85,313
Central Co-Operative Bank Somerville, MA.............         700         18,550
*Central Garden & Pet Co.............................       9,100        257,075
Central Hudson Gas & Electric Corp...................      10,500        404,250
Central Louisiana Electric Co., Inc..................      13,500        392,344
Central Maine Power Co...............................      22,700        320,638
Central Reserve Life Corp............................       1,800          9,000
*Central Sprinkler Corp..............................       2,500         45,000
Central Vermont Public Service Corp..................       8,100        112,388
Centris Group, Inc...................................       5,700        123,619
*Centura Software Corp...............................       8,600         14,513
Century Aluminum Co..................................       5,000         74,688
Century Bancorp Income Class A.......................       1,000         18,250
*Century Communications Corp. Class A................      20,600        144,844
*Cephalon, Inc.......................................      17,400        177,263
*Ceradyne, Inc.......................................       6,900         31,805
Cerberonics, Inc. Class A............................         200          1,900
*Cerion Technologies, Inc............................       3,500          7,656
*Cerner Corp.........................................      19,700        474,031
*Cerprobe Corp.......................................       3,800         68,044
*Chad Therapeutics...................................       6,000         55,500
#Champion Industries, Inc............................       4,062         78,701
Chaparral Steel Co...................................      17,000        261,375
*Charles, JW Financial Services, Inc.................       1,300         15,763
*Charming Shoppes, Inc...............................      77,700        380,002
*Chart House Enterprises, Inc........................       7,000         49,000
Chart Industries, Inc................................       9,000        208,125
*Charter Federal Savings Bank (Escrow)...............       2,100              0
#Charter Financial, Inc..............................       2,499         55,370
*Chartwell Leisure, Inc..............................       8,000        133,750
Chartwell Re Corp....................................       4,800        162,000

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Chase Corp..........................................       2,300   $     30,188
*Chase Industries, Inc...............................       6,000        146,250
*Chattem, Inc........................................       4,700         71,969
*Check Technology Corp...............................       3,100         12,303
*#Checkers Drive-In Restaurant, Inc..................      12,000         13,313
*Checkfree Corp......................................      24,900        650,513
*Checkmate Electronics, Inc..........................       2,500         18,438
*Checkpoint System, Inc..............................      20,400        328,950
*#Cheesecake Factory, Inc............................       6,600        203,363
Chemed Corp..........................................       5,900        230,838
*Chemfab Corp........................................       4,850        111,247
Chemfirst, Inc.......................................      13,600        364,650
Chemical Financial Corp..............................       5,130        208,727
*#Chemtrak, Inc......................................       4,400          5,363
*Cherry Corp. Class A................................       3,000         45,844
*Cherry Corp. Class B................................       1,800         26,325
#Chesapeake Energy Corp..............................      37,000        284,438
Chesapeake Utilities Corp............................       2,700         54,675
Chester Valley Bancorp...............................         288          7,704
*Chic by His, Inc....................................       4,900         36,138
*Chicago Miniature Lamp Corp.........................       9,500        319,438
Chicago Rivet & Machine Co...........................         200          5,950
*Chicos Fas, Inc.....................................       4,500         32,625
*Children's Comprehensive Services, Inc..............       3,150         54,141
*Children's Discovery Centers of America, Inc. Class                            
  A..................................................       3,200         26,000
*Childrens Broadcasting Corp.........................       3,700         13,991
*Childtime Learning Centers, Inc.....................       2,300         31,769
*Chips & Technologies, Inc...........................      12,400        191,038
Chittenden Corp......................................       6,733        297,094
*#Chock Full O' Nuts Corp............................      10,130         72,809
*Cholestech Corp.....................................       6,700         88,566
*Christiana Companies, Inc...........................       9,000        337,500
*Chromcraft Revington, Inc...........................       1,000         31,625
*Chronimed, Inc......................................       9,400        108,688
*Chrysalis International Corp........................       6,800         26,775
Church & Dwight Co., Inc.............................      11,700        343,688
*Chyron Corp.........................................      10,600         46,375
*Ciber, Inc..........................................       6,800        299,200
*Cidco, Inc..........................................       8,600        175,763
Cilcorp, Inc.........................................       8,200        359,775
*Cima Laboratories, Inc..............................       6,500         37,781
*Cinergi Pictures Entertainment, Inc.................       2,800          6,563
*Ciprico, Inc........................................       2,500         31,484
Circle International, Inc............................       9,900        249,975
*Circon Corp.........................................       7,390        113,159
*Circuit City Stores, Inc. (Circuit City Group)......      10,500        344,531
*Circuit Systems, Inc................................       2,600         11,538
*Citadel Holding Corp................................       3,200         13,000
*Citation Computer System, Inc.......................       1,500         10,219
*Citation Corp.......................................      12,400        211,575
Citfed Bancorp, Inc..................................       4,250        215,156
Citizens Bancshares, Inc.............................       2,500        155,313
Citizens Banking Corp................................       8,400        245,700
*Citizens, Inc. Class A..............................      12,200         84,638
City Holding Co......................................       3,242        133,733
*Civic Bancorp.......................................       2,835         45,892
Clarcor, Inc.........................................       8,900        263,663
*Claremont Technology Group, Inc.....................       9,000        163,688
*Clark (Dick) Productions, Inc.......................       3,200         45,600

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

*Clean Harbors, Inc..................................       5,000   $      9,766
Cleveland Cliffs, Inc................................       6,800        293,250
*Clintrials Research, Inc............................      15,900        136,144
*Coach USA...........................................       9,800        273,175
Coachmen Industries, Inc.............................      15,100        335,975
*Coast Distribution System...........................       4,000         13,500
Coastal Bancorp, Inc.................................       2,500         72,813
*#Coastal Physician Group, Inc.......................      11,900         13,388
*Coastcast Corp......................................       4,400         61,875
Cobancorp, Inc.......................................         206          8,472
*Cobra Electronic Corp...............................       3,100         24,606
Coca-Cola Bottling Co. Consolidated..................       5,200        319,475
*Cocensys, Inc.......................................      17,600         60,500
*Code-Alarm, Inc.....................................         800          1,900
*Coeur d'Alene Mines Corp. ID........................      13,100        112,988
*Cognitronics Corp...................................       2,100         37,669
*Coherent Communications Systems Corp................       9,100        247,691
*Coherent, Inc.......................................       6,800        255,425
*Coho Energy, Inc....................................      14,100        143,644
*Cohr, Inc...........................................       3,800         46,906
Cohu, Inc............................................       8,200        290,588
*Cold Metal Products, Inc............................       3,500         21,000
*Cole (Kenneth) Productions, Inc. Class A............       5,000         83,438
*Cole National Corp. Class A.........................       8,100        279,450
Collagen Corp........................................       4,800         95,400
*Collagenex Pharmaceuticals, Inc.....................       2,000         27,375
*Collins & Aikman Corp...............................      46,300        410,913
Collins Industries, Inc..............................       5,100         34,106
Colonial Gas Co......................................       8,050        201,753
*Columbia Banking System, Inc........................       3,253         86,611
*Columbia Laboratories, Inc..........................      19,800        272,250
*Columbus Energy Corp................................       1,625         14,016
Columbus McKinnon Corp...............................       7,100        165,075
*Comarco, Inc........................................       2,900         69,238
*Comdial Corp........................................       6,900         73,313
*#Comforce Corp......................................       7,400         55,963
Commerce Bancorp, Inc................................       9,570        401,342
Commercial Bancshares, Inc...........................       1,365         33,528
Commercial Bank of New York..........................       1,700         38,569
Commercial Federal Corp..............................       6,613        317,837
Commercial Intertech Corp............................       7,100        126,913
Commercial Metals Co.................................       9,100        299,731
*Commnet Cellular, Inc...............................       8,200        289,563
*#Commodore Applied Technologies, Inc................       2,000          3,375
*Commodore Applied Technologies, Inc. (Private                                  
  Placement).........................................      16,600         25,211
Commonwealth Bancorp, Inc............................      10,300        207,931
Commonwealth Energy System...........................      12,900        368,456
Commonwealth Industries, Inc.........................       8,200        137,350
*Communications Central, Inc.........................       3,600         36,225
Communications Systems, Inc..........................       6,300        115,369
Community Bank System, Inc...........................       4,500        129,938
Community First Bankshares, Inc......................      12,012        569,069
*Community Medical Transport, Inc....................       2,400          4,125
Community Trust Bancorp, Inc.........................       6,060        184,830
*Comnet Corp.........................................       1,900         14,725
*Compdent Corp.......................................       6,100        126,194
*Competitive Technologies, Inc.......................       3,000         26,250
*#Complete Management, Inc...........................       5,033         83,674

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Comprehensive Care Corp.............................       2,500   $     22,031
*Comptek Research, Inc...............................       2,600         18,850
*Compucom Systems, Inc...............................      31,900        328,969
*Computational Systems, Inc..........................       2,700         79,650
Computer Data Systems, Inc...........................       5,700        231,206
*Computer Horizons Corp..............................      17,530        580,681
Computer Language Research, Inc......................      11,500        134,406
*Computer Manangement Sciences, Inc..................       7,900        129,856
*Computer Network Technology Corp....................      18,300         73,772
*Computer Outsourcing Services, Inc..................       1,900         16,744
*#Computer Products, Inc.............................      15,900        314,522
Computer Task Group, Inc.............................      11,200        352,800
*Computervision Corp.................................      44,500        161,313
*Computrac, Inc......................................       2,400          2,400
*Comshare, Inc.......................................       5,900         34,663
*Comstock Resources, Inc.............................      13,900        182,438
*Comtech Telecommunications Corp.....................       1,000          4,547
*Concentra Corp......................................       2,700         14,597
*Concentra Managed Care, Inc.........................       8,037        272,505
*Concord Camera Corp.................................       7,500         31,641
*Concord Fabrics, Inc. Class A.......................         700          6,278
*Concurrent Computer Corp............................      23,300         66,259
*Conductus, Inc......................................       3,400         15,725
*Cone Mills Corp. NC.................................      15,700        123,638
*Congoleum Corp. Class A.............................       1,900         19,356
*Conmed Corp.........................................       9,575        226,209
Connecticut Energy Corp..............................       5,500        142,313
Connecticut Water Services, Inc......................       1,100         33,413
*Connitics Corp......................................       6,600         18,975
*Consep, Inc.........................................       4,300          8,197
*Consilium, Inc......................................       6,900         23,503
*Conso Products Co...................................       3,550         28,178
*Consolidated Delivery and Logistics, Inc............       3,000          7,875
*Consolidated Graphics, Inc..........................       7,400        353,813
*Consolidated Products, Inc..........................       9,292        178,871
*Consolidated Stainless, Inc.........................       2,200          1,031
Consolidated Tokoma Land Co..........................       3,100         58,125
*#Consumer Portfolio Services, Inc...................       9,000         93,375
Consumers Water Co...................................       5,200         97,663
*Continental Can, Inc. DE............................       1,200         26,400
*Continental Circuits Corp...........................       4,300         79,013
#Continental Homes Holding Corp......................       3,300        107,456
*Converse, Inc.......................................      10,400         76,050
Cooker Restaurant Corp...............................       6,000         59,625
*Cooper Companies, Inc...............................       7,800        304,688
*Cooperative Bankshares, Inc.........................       1,400         24,063
*Copart, Inc.........................................       7,600        132,525
*Copley Pharmaceutical, Inc..........................      11,500         81,938
*Copytele, Inc.......................................      40,400        142,663
*Cor Therapeutics, Inc...............................      12,000        273,750
*Coram Healthcare Corp...............................      22,100         80,113
*Corcom, Inc.........................................       1,900         18,644
*Core Materials Corp.................................       1,800          6,750
*Core, Inc...........................................       4,300         45,016
*Cornerstone Imaging, Inc............................       3,600         17,213
*Corporate Express, Inc..............................       3,410         53,601
*Correctional Services Corp..........................       3,800         42,156
*Corrpro Companies, Inc..............................       3,100         43,788
*Cort Business Services Corp.........................       6,400        213,200
*Cortech, Inc........................................       7,200          4,500

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

Corus Bankshares, Inc................................       8,900   $    310,944
*Corvas International, Inc...........................       8,200         36,900
*Corvel Corp.........................................       1,000         36,875
*Cosmetic Centers, Inc. Class C......................         451          1,409
*Cotelligent Group, Inc..............................       5,900        113,206
Cotton States Life Insurance Co......................       1,687         31,315
Courier Corp.........................................         800         22,200
*Covenant Transport, Inc. Class A....................       6,100         97,028
*Coventry Corp.......................................      22,200        333,000
Covest Bancshares, Inc...............................       1,500         39,750
*Coyote Network Systems, Inc.........................       2,069         14,257
Craftmade International, Inc.........................       3,000         30,469
*#Craig (Jenny), Inc.................................      12,900         96,750
*Craig Corp..........................................       1,600         30,600
*Creative Biomolecules, Inc..........................      23,100        181,913
*#Creative Computers, Inc............................       5,900         71,169
*Credence Systems Corp...............................      15,250        408,414
*Credit Acceptance Corp..............................      31,500        163,406
*Cree Research, Inc..................................       7,400        158,869
*Criticare Systems, Inc..............................       4,500         18,281
Cross (A.T.) Co. Class A.............................      11,800        127,588
Cross Timbers Oil Co.................................      17,300        401,144
*Crossman Communities, Inc...........................       6,000        136,500
*Crowley, Milner & Co................................       1,000         10,250
*Crown Books Corp....................................       2,700         20,166
*Crown Central Petroleum Corp. Class A...............       2,200         44,275
*Crown Central Petroleum Corp. Class B...............       2,600         49,400
Crown Crafts, Inc....................................       4,000         65,000
*#Crown Resources Corp...............................      12,400         53,863
*Crown Vantage, Inc..................................       4,500         45,000
*Crown-Andersen, Inc.................................       1,000          6,750
*Cruise America, Inc.................................       2,600         23,888
*Cryolife, Inc.......................................       5,800         84,463
*Crystal Oil Co......................................       1,200         46,800
Cubic Corp...........................................       4,500        144,563
*Cuisine Solutions, Inc..............................       5,400          7,256
Culp, Inc............................................      13,518        251,773
*Curative Health Services, Inc.......................       7,400        211,363
Curtiss-Wright Corp..................................       3,000        229,313
*Cyanotech Corp......................................      10,300         41,361
*Cyberguard Corp.....................................       4,400         28,050
*Cyberonics, Inc.....................................      11,200        127,400
*Cyberoptics Corp....................................       2,700         73,406
*Cybex Corp..........................................       3,900        101,400
*Cybex International, Inc............................       4,100         44,588
*Cygnus, Inc.........................................      11,200        254,100
*Cypros Pharmaceutical Corp..........................       8,100         42,019
*Cyrk, Inc...........................................       8,200         95,838
*Cytel Corp..........................................      15,000         29,766
*Cytogen Corp........................................      40,825        131,405
*Cytotherapeutics, Inc...............................      13,200         67,238
*Cytrx Corp..........................................       3,800         15,794
*Cytyc Corp..........................................      10,300        223,381
D&N Financial Corp...................................       6,800        165,325
*DBA Systems, Inc....................................       2,700         19,069
*DBT Online, Inc.....................................       1,380         35,535
*DDL Electronics, Inc................................       6,500          4,875
*DII Group, Inc......................................      14,600        327,588
*DIY Home Warehouse, Inc.............................       5,300         21,200
*DLB Oil & Gas, Inc..................................       1,300         14,625

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*DM Management Co....................................       2,700   $     48,094
*DNAP Holding Corp...................................       1,270          5,953
DR Horten, Inc.......................................      26,052        464,051
*#DRS Technologies, Inc..............................       2,500         30,781
*#DSP Communications, Inc............................      30,100        482,541
*DSP Group, Inc......................................       5,800        189,950
*DSP Technology, Inc.................................         800          8,600
DT Industries, Inc...................................       6,800        189,338
*DVI, Inc............................................       5,500        100,375
*Daily Journal Corp..................................         200          8,100
*Dairy Mart Convenience Stores, Inc. Class A.........       1,600          7,200
*Daisytek International Corp.........................       3,300        128,700
*Dakota Mining Corp..................................       5,363          1,676
*Dakotah, Inc........................................       1,800          3,656
*Damark International, Inc. Class A..................       4,200         51,975
Dames & Moore, Inc...................................      10,900        134,888
Daniel Industries, Inc...............................      10,296        191,120
*Darling International, Inc..........................       7,500         72,188
Dart Group Corp. Class A.............................         700         81,725
*Data Broadcasting Corp..............................      27,445        193,830
*#Data Dimensions, Inc...............................       7,000        127,094
*Data I/O Corp.......................................       3,400         25,075
*Data Processing Resources Corp......................       6,500        148,281
*#Data Race, Inc.....................................       2,400         11,400
Data Research Association, Inc.......................       2,600         34,288
*Data Systems & Software, Inc........................       3,700         19,772
*Data Systems Network Corp...........................         165          1,918
*Data Translation, Inc...............................       1,450          4,622
*Data Transmission Network Corp......................       6,100        164,509
*Dataflex Corp.......................................       2,800         11,988
*Datakey, Inc........................................       1,000          4,031
*Datamarine International, Inc.......................         200            838
*Datametrics Corp....................................       4,800         11,100
*Datapoint Corp......................................       8,800         25,300
*Dataram Corp........................................       1,400         12,075
*Datascope Corp......................................      10,000        253,750
*Datastream Systems, Inc.............................       5,000        158,750
*Dataware Technologies, Inc..........................       3,900         12,431
*Datawatch Corp......................................       4,600         12,506
*Dataworks Corp......................................       6,874        131,036
*Datron Systems, Inc.................................       1,800         18,338
*Datum, Inc..........................................       3,100         58,319
*Davco Restaurants, Inc..............................       3,000         58,875
*Dave and Busters, Inc...............................       6,600        171,600
*Davel Communications Group, Inc.....................       2,500         60,938
*Davox Corp..........................................       6,850        226,050
*#Daw Technologies, Inc..............................       7,400         15,031
*Dawson Geophysical Co...............................       2,100         40,031
Daxor Corp...........................................       2,400         28,800
*Day Runner, Inc.....................................       3,200        125,200
*Dayton Superior Corp. Class A.......................       2,100         35,700
Deb Shops, Inc.......................................       9,800         56,350
*Deckers Outdoor Corp................................       4,800         40,050
Decorator Industries, Inc............................       1,250         11,406
*Deeptech International, Inc.........................      12,200        134,963
Defiance, Inc........................................       7,600         60,444
*Deflecta-Shield Corp................................       1,900         29,866
*Del Global Technologies Corp........................       3,610         35,649
Del Laboratories, Inc................................      12,088        440,457
*Delphi Financial Group, Inc. Class A................       1,591         63,839
Delta Natural Gas Co., Inc...........................       1,200         21,750

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

Delta Woodside Industries, Inc.......................      15,400   $     90,475
*Deltic Timber Corp..................................      10,000        289,063
*Denamerica Corp.....................................       7,200         18,900
*Dendrite International, Inc.........................       6,000        114,375
*Dense-Pac Microsystems, Inc.........................      10,300         35,406
*Department 56, Inc..................................      12,500        364,844
*Depotech Corp.......................................       7,200        110,475
*Designer Holdings, Ltd..............................      22,500        210,938
*Designs, Inc........................................      11,700         40,036
*Desktop Data, Inc...................................       5,200         40,706
*Detection Systems, Inc..............................       2,900         42,775
*Detrex Corp.........................................         500          5,156
*Detroit Diesel Corp.................................      19,300        440,281
*Devcon International Corp...........................       2,000          9,875
*Devlieg-Bullard, Inc................................       7,500         32,344
*Devon Group, Inc....................................       3,700        151,238
*Dewolfe Companies, Inc..............................         200          1,150
*Diagnostic Health Services, Inc.....................       8,000         94,250
Diagnostic Products Corp.............................       8,100        224,775
*Dialogic Corp.......................................      10,300        431,956
*#Diametrics Medical, Inc............................      13,800         79,781
*Diamond Multimedia Systems, Inc.....................      23,000        227,844
*Dianon Systems, Inc.................................       3,400         28,688
*Digene Corp.........................................       9,100         83,606
*Digi International, Inc.............................       8,000        156,500
*Digital Biometrics, Inc.............................       6,800         13,919
*Digital Communications Technology Corp..............       2,520            630
*Digital Generation Systems, Inc.....................       6,500         23,156
*Digital Link Corp...................................       4,600        104,938
*Digital Microwave Corp..............................      25,800        409,575
*Digital Power Corp..................................       1,000          8,125
*Digital Sound Corp..................................       7,900          9,134
Dime Bancorp, Inc....................................       6,508        157,819
Dime Financial Corp..................................       2,300         71,731
*Diodes, Inc.........................................       2,500         30,000
*Dionex Corp.........................................       7,200        360,450
*Discount Auto Parts, Inc............................      11,300        211,169
*Dixie Group, Inc....................................       6,700         73,700
*Dixon Ticonderoga Co................................       1,300         18,281
*Documentum, Inc.....................................       9,900        305,663
*#Dominion Bridge Corp...............................       7,300         14,258
*Dominion Homes, Inc.................................       3,100         28,239
Donegal Group, Inc...................................       2,400         49,800
Donnelly Corp. Class A...............................       5,875        107,953
*Donnkenny, Inc......................................       8,400         28,875
*Dorsey Trailers, Inc................................       3,000          8,438
Dover Downs Entertainment, Inc.......................       1,000         22,313
Downey Financial Corp................................      17,787        489,143
*Dravo Corp..........................................       8,900         88,444
*Dress Barn, Inc.....................................      13,600        351,900
*Drew Industries, Inc................................       4,800         61,200
*#Drexler Technology Corp............................       5,300         59,128
Dreyer's Grand Ice Cream, Inc........................      16,400        389,500
*Drug Emporium, Inc..................................       7,900         31,106
*#Drypers Corp.......................................       2,500         13,984
*Duckwall-Alco Stores, Inc...........................       2,800         43,488
*Ducommun, Inc.......................................       3,600        116,775
Duff & Phelps Credit Rating Co.......................       3,200        115,000
*Durakon Industries, Inc.............................       5,200         47,288
*Duramed Pharmaceuticals, Inc........................      11,800         50,888
*Dwyer Group, Inc....................................       2,800          5,775

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Dycom Industries, Inc...............................       5,300   $    119,250
Dyersburg Corp.......................................       7,900         98,009
*Dynamic Healthcare Technologies, Inc................      13,700         56,513
*Dynamic Materials Corp..............................         700          5,688
*Dynamics Research Corp..............................       3,158         39,672
*Dynatech Corp.......................................      10,200        370,388
E'town Corp..........................................       3,900        137,719
*E-Z-Em, Inc. Class A................................       1,700         12,538
*E-Z-Em, Inc. Class B................................       4,274         29,384
*EA Engineering Science & Technology, Inc............       5,625         11,426
*#EA Industries, Inc.................................       4,500         26,156
*ECC International Corp..............................       5,800         22,838
*ECCS, Inc...........................................       1,700         13,069
*EFI Electronics Corp................................         800          1,925
*EFTC Corp...........................................       3,000         44,813
*EIS International, Inc..............................       9,100         60,288
*ELXSI Corp..........................................       1,800         23,850
EMC Insurance Group, Inc.............................       5,900         78,913
*ERLY Industries, Inc................................       2,791         20,060
*ESCO Electronics Corp. Trust Receipts...............      10,100        165,388
ESELCO, Inc..........................................         218          8,775
*ESSEF Corp..........................................       6,820        109,973
*EZ Serve Corp.......................................      17,000          9,563
Eagle Bancshares, Inc................................       3,400         64,813
*Eagle Finance Corp..................................       2,100          3,413
Eagle Financial Corp.................................       2,974        153,161
*Eagle Food Centers, Inc.............................       8,100         40,500
*Eagle Hardware & Garden, Inc........................      19,400        330,406
*Eagle Point Software Corp...........................       4,500         15,609
Easco, Inc...........................................       8,200         95,838
Eastern Co...........................................       3,300         59,400
*Eastern Environment Services, Inc...................      11,000        259,875
Eastern Utilities Associates.........................      12,300        295,200
*Eateries, Inc.......................................       1,500          7,406
Eaton Vance Corp.....................................      11,100        387,806
*Echostar Communications Corp. Class A...............       8,300        148,881
*Eclipse Surgical Technologies, Inc..................         800          6,650
*Ecogen, Inc.........................................       4,340         10,579
Ecology & Environment, Inc. Class A..................         900         10,013
*Edelbrock Corp......................................       2,600         42,250
*#Edison Brothers Stores, Inc........................      11,000              0
*Edison Control Corp.................................       1,000          4,656
Edo Corp.............................................       3,000         26,625
*Education Alternatives, Inc.........................       5,000         23,125
Educational Development Corp.........................       1,800         10,181
*Educational Insights, Inc...........................       2,700          6,623
*Effective Management Systems, Inc...................       1,400          5,994
*Egghead, Inc........................................      14,100        102,666
*Ekco Group, Inc.....................................      11,100         77,700
*El Chico Restaurants, Inc...........................       1,400         16,188
*El Paso Electric Co.................................      15,000        101,250
*Elantec Semiconductor, Inc..........................       5,400         32,738
Elcor Corp...........................................       6,600        160,050
*Elcotel, Inc........................................       4,900         31,850
*Electric Fuel Corp..................................       8,500         55,516
*Electro Rent Corp...................................       8,400        314,475
*Electro Scientific Industries, Inc..................       5,900        245,219
*Electroglas, Inc....................................      10,900        205,056

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

*Electromagnetic Sciences, Inc.......................       9,000   $    160,875
*Electronic Retailing System International, Inc......       2,300         12,794
Electronic Tele Communications, Inc. Class A.........       1,000          2,281
*#Elek-Tek, Inc......................................       4,000            400
Ellett Brothers, Inc.................................       3,000         17,063
*Eltron International, Inc...........................       4,000        126,500
*Embrex, Inc.........................................       4,900         28,481
*Emcee Broadcast Products, Inc.......................       2,000          6,688
*Emcon...............................................       4,200         23,231
*Emcor Group, Inc....................................       4,400         86,350
Emerald Isle Bancorp, Inc............................         250          8,031
*Emergent Group, Inc.................................       4,000         53,250
*Emerson Radio Corp..................................      16,100          8,050
*Emisphere Technologies, Inc.........................       5,700        115,247
*Emmis Broadcasting Corp. Class A....................       4,200        189,131
*Empi, Inc...........................................       4,200         91,350
Empire District Electric Co..........................       9,800        184,363
*#Empire of Carolina, Inc............................       4,400          8,800
*Employee Solutions, Inc. Class B....................      24,100        133,303
*Emulex Corp.........................................       3,050         48,609
*Encad, Inc..........................................       6,700        260,044
*Encore Computer Corp................................      14,700          5,976
*Encore Wire Corp....................................       5,350        184,241
*Endosonics Corp.....................................       9,700        113,369
Energen Corp.........................................       7,800        296,400
*Energy Biosystems Corp..............................       7,100         27,291
*Energy Research Corp................................       2,000         29,250
Energy West, Inc.....................................         200          1,769
Energynorth, Inc.....................................       2,400         55,350
Engineered Support Systems, Inc......................       1,200         25,875
*Engineering Measurements Co.........................       1,000          5,359
#Engle Homes, Inc....................................       3,500         51,297
Enhance Financial Services Group, Inc................       7,100        396,713
*Enlighten Software Solutions, Inc...................       1,100          2,716
Ennis Business Forms, Inc............................       8,900         88,444
*Enstar, Inc.........................................       1,300         10,563
*Envirogen, Inc......................................       3,700          8,383
*Environmental Elements Corp.........................       4,200         11,550
*Environmental Technologies Corp.....................       3,200         21,800
*Environmental Tectonics Corp........................       1,500         13,688
*Envirotest Systems Corp. Class A....................       9,700         53,350
*#Envoy Corp.........................................       9,100        280,963
*Enzo Biochem, Inc...................................      14,000        226,625
*Enzon, Inc..........................................      23,400        139,669
*Epitope, Inc........................................      10,200         62,156
*Equimed, Inc........................................       2,250         40,641
*#Equinox Systems, Inc...............................       1,900         34,972
*Equitex, Inc........................................       1,200          1,163
*Equitrac Corp.......................................       1,300         21,856
*Equity Corp. International..........................      14,500        309,938
*Equity Marketing, Inc...............................       2,800         81,025
*Equity Oil Co.......................................      10,200         33,788
*Ergo Science Corp...................................       7,800        130,163
Eskimo Pie Corp......................................       1,300         13,731
Espey Manufacturing & Electronics Corp...............         400          6,900
Essex County Gas Co..................................         800         25,100
*Esterline Technologies Corp.........................       4,200        148,575
*Ethyl Corp..........................................      10,000         89,375

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Evans & Sutherland Computer Corp....................       4,500   $    138,375
*Evans Systems, Inc..................................       1,050          1,870
*Evans, Inc..........................................       1,000          2,406
*Everen Capital Corp. Class A........................       4,300        171,463
Evergreen Bancorp, Inc. DE...........................       5,500        130,281
*Evergreen Resources, Inc............................       5,600         87,150
*Exabyte Corp........................................      13,400        131,069
*Exar Corp...........................................       4,900        122,806
*Excalibur Technologies Corp.........................      12,500        136,719
Excel Industries, Inc................................       6,400        124,400
*Excel Technology, Inc...............................       7,300         92,391
*#Excite, Inc........................................       2,000         51,313
Executive Risk, Inc..................................       5,700        370,500
*Executive Telecard, Ltd.............................       9,500         24,641
*Executone Information Systems, Inc..................      28,800         62,550
Exide Corp...........................................      14,900        355,738
*Exogen, Inc.........................................       5,700         21,909
Expeditors International of Washington...............      12,100        466,228
*Expert Software, Inc................................       2,500         16,406
*Express Scripts, Inc. Class A.......................       4,500        266,625
*Ezcorp, Inc. Class A Non-Voting.....................       6,300         71,466
F & M Bancorp (MD)...................................       2,390         85,443
F & M Bancorporation, Inc............................       3,410        127,023
F & M National Corp..................................      12,200        388,113
FBL Financial Group, Inc. Class A....................       7,500        296,250
FCB Financial Corp...................................       2,000         54,750
FCNB Corp............................................       1,008         29,484
FDP Corp.............................................       3,250         33,516
*FEI Co..............................................       8,900        144,625
FFLC Bancorp.........................................       2,000         45,500
FFVA Financial Corp..................................       2,700         90,788
FFY Financial Corp...................................       2,500         74,688
*FLIR Systems, Inc...................................       2,700         51,975
*FM Properties, Inc..................................      10,300         51,178
FNB Rochester Corp...................................       1,400         23,888
*FPA Corp............................................       2,000          2,313
*FPA Medical Management, Inc.........................      15,348        396,170
*FRP Properties, Inc.................................       2,500         86,875
FSF Financial Corp...................................       1,800         35,888
*FSI International, Inc..............................      13,500        206,297
*FTP Software, Inc...................................      22,600         51,203
Fab Industries, Inc..................................       4,500        133,875
*Fabri-Centers of America, Inc. Class A..............       3,500         73,281
*Fabri-Centers of America, Inc. Class B..............       3,400         68,425
*Factset Research Systems, Inc.......................       2,000         50,500
*Failure Group, Inc..................................       4,300         40,581
Fair, Isaac & Co., Inc...............................       8,100        347,288
*Fairchild Corp. Class A.............................       8,400        190,575
*Fairfield Communities, Inc..........................      10,200        472,388
Falcon Products, Inc.................................       5,800         89,175
*#Family Golf Centers, Inc...........................       7,100        201,906
*Fansteel, Inc.......................................       4,000         35,500
*Farah, Inc..........................................       9,100         47,206
Farmer Brothers Co...................................         200         31,900
*Farr Co.............................................       3,400         53,338
Farrel Corp..........................................       2,400          8,475
*#Fastcomm Communications Corp.......................       5,900         21,572
*Faulding Corp.......................................      10,100        133,194
*Featherlite Manufacturing, Inc......................       3,100         24,219

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

Fed One Bancorp......................................         600   $     14,775
Fedders Corp.........................................      11,400         66,263
Fedders Corp. Class A................................       7,700         43,794
Federal Screw Works..................................       1,800        108,225
*Female Health Co....................................       5,200         22,425
*Ferrofluidics Corp..................................       3,031         18,754
*Fibermark, Inc......................................       2,400         50,850
*Fiberstars, Inc.....................................       2,000         11,250
Fidelity Bancorp, Inc. Delaware......................       1,300         29,738
Fidelity Federal Bancorp.............................       1,100         10,725
Fidelity National Financial, Inc.....................       8,390        218,140
*Fieldcrest Cannon, Inc..............................       4,500        151,594
*Figgie International, Inc. Class A..................       9,100        125,978
*Figgie International, Inc. Class B..................       2,500         32,500
*Filenes Basement Corp...............................      17,400        109,294
*Filenet Corp........................................       9,100        249,681
Financial Bancorp., Inc..............................       1,000         24,938
*Financial Federal Corp..............................       8,850        188,616
*Finish Line, Inc. Class A...........................      10,600        201,400
*Finishmaster, Inc...................................       3,000         22,688
First Albany Companies, Inc..........................       2,179         32,288
*First Alert, Inc....................................      16,100         45,281
First American Financial Corp........................       6,900        422,625
*First American Health Concepts, Inc.................       1,100          4,331
First Bancorp........................................         400         11,900
First Bell Bancorp, Inc..............................       3,300         58,163
*First Cash, Inc.....................................       1,900         15,497
First Central Financial Corp.........................       9,300          5,231
First Charter Corp...................................       2,980         73,569
First Citizens Bancshares, Inc. NC...................       1,700        187,425
First Colorado Bancorp...............................       8,255        188,833
First Commonwealth Financial Corp....................      13,300        338,319
First Defiance Financial Corp........................       4,959         76,555
*#First Enterprise Financial Group, Inc..............       2,000          6,000
First Essex Bancorp..................................       3,700         72,844
First Federal Capital Corp...........................       4,650        129,038
First Federal Savings & Loan Association of East                                
  Hartford, CT.......................................       1,500         55,500
First Financial Bancorp..............................       6,380        304,645
First Financial Bankshares, Inc......................       5,012        221,468
First Financial Holdings, Inc........................       3,000        127,688
First Franklin Corp..................................         200          5,175
First Georgia Holdings, Inc..........................         450          3,755
First Home Bancorp, Inc. NJ..........................         266          6,185
First Indiana Corp...................................       8,048        210,254
*First Investors Financial Services Group, Inc.......       2,500         18,438
*First Keystone Financial, Inc.......................         500         16,313
First Liberty Financial Corp.........................       5,300        145,419
*#First Merchants Acceptance Corp....................       3,300            103
First Merchants Corp.................................       3,300        110,963
First Midwest Bancorp, Inc...........................      11,575        455,042
First Midwest Financial, Inc.........................       1,400         28,613
First Mutual Bancorp, Inc............................       2,200         44,000
First Mutual Savings Bank............................         435          7,857
First Northern Capital Corp..........................       5,300         70,225
First Oak Brook Bancshares, Inc. Class A.............         700         28,875
First Palm Beach Bancorp, Inc........................       3,000        117,000
*First Republic Bank.................................       6,000        165,750
First Savings Bancorp, Inc. North Carolina...........       2,400         57,600

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
First Savings Bank...................................       7,400   $    186,388
First Source Corp....................................       6,850        196,509
*First Team Sports, Inc..............................       2,900         11,056
First Western Bancorp, Inc...........................       5,775        160,256
First Years, Inc.....................................       2,200         52,250
Firstbank of Illinois Co.............................       9,300        295,566
*FirstFed Financial Corp. DE.........................       6,300        229,950
First Federal Financial Services Corp................       2,802        123,989
*Fischer Imaging Corp................................       4,400         25,300
Flag Financial Corp..................................         800         14,900
*Flagstar Companies, Inc.............................      15,500          2,945
Flamemaster Corp.....................................         206            753
Fleming Companies, Inc...............................      22,700        377,388
Flexsteel Industries, Inc............................       6,200         72,850
Florida Public Utilities Co..........................         500         11,375
Florida Rock Industries, Inc.........................      11,200        291,200
*Florsheim Group, Inc................................       4,300         38,834
*Flow International Corp.............................       8,700         86,184
Flowserve Corp.......................................      23,473        630,837
Fluke Corp...........................................      11,000        261,250
*Fluor Daniel/GTI, Inc...............................       1,265         11,780
Flushing Financial Corp..............................       3,600         79,200
*Foamex International, Inc...........................      17,700        195,806
*Foilmark, Inc.......................................       1,600          5,075
*Foodarama Supermarkets, Inc.........................         300          6,638
*Foodmaker, Inc......................................      29,900        463,450
*Foothill Independent Bancorp........................       2,947         47,889
*Forcenergy, Inc.....................................      11,485        356,753
*Forefront Group, Inc................................       3,200         25,500
Foremost Corp. of America............................       5,000        303,438
*#Forensic Technologies International Corp...........       3,000         36,281
Forest City Enterprises, Inc. Class A................       3,900        222,788
Forest City Enterprises, Inc. Class B................       1,950        112,125
*Forest Oil Corp.....................................      15,540        247,669
Fort Wayne National Corp.............................      10,550        402,219
*Forte Software, Inc.................................      11,200        112,700
*Fortune Natural Resources Corp......................       6,100         16,775
*Fossil, Inc.........................................       7,100        157,088
*Foster (L.B.) Co. Class A...........................      20,900        109,725
*Fountain Oil, Inc...................................      14,000         15,313
*Fountain Powerboat Industries, Inc..................       2,800         32,725
*Four Kids Entertainment, Inc........................       1,100          3,988
*Four Media Co.......................................       2,000         15,375
*Fourth Shift Corp...................................       5,800         17,581
Frankfort First Bancorp, Inc.........................       1,700         16,044
Franklin Bank National Associaton Southfield, MI.....       1,323         21,995
*Franklin Covey Co...................................      17,000        360,188
Franklin Electric Co., Inc...........................       3,200        183,800
*Franklin Electronic Publishers, Inc.................       6,500         92,625
Freds, Inc. Class A..................................       5,600        137,200
Freeport McMoran, Inc................................       8,000        252,000
*French Fragrances, Inc..............................       6,200         61,225
Frequency Electronics, Inc...........................       2,400         62,400
*Fresh America Corp..................................       1,400         34,125
*Fresh Choice, Inc...................................       2,800         11,813
Friedman Industries, Inc.............................       6,821         47,747
*Friedmans, Inc. Class A.............................       7,700        112,131
Frisch's Restaurants, Inc............................      13,983        185,275
*Fritz Companies, Inc................................      17,800        233,625
Frontier Adjusters of America, Inc...................       1,000          3,125

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

Frontier Insurance Group, Inc........................      10,900   $    262,281
Frozen Food Express Industries, Inc..................      11,707        115,607
*#Fuisz Technologies, Ltd............................      14,500        128,688
Fuller (H.B.) Co.....................................       8,500        418,625
Fulton Financial Corp................................         962         29,341
*Funco, Inc..........................................       3,000         56,625
*Fund American Enterprises Holdings, Inc.............       3,200        392,400
*Fuqua Enterprises, Inc..............................       3,600        109,350
Furon Co.............................................       5,400        213,300
G & K Services, Inc. Class A.........................      11,400        423,225
*G-III Apparel Group, Ltd............................       3,200         16,700
GBC Bancorp..........................................       3,300        180,881
*GC Companies, Inc...................................       3,900        169,163
*GKN Holding Corp....................................       5,600         23,450
*GNI Group, Inc......................................       2,400         13,950
*GRC International, Inc..............................       9,100         58,013
*GT Bicycles, Inc....................................       5,900         40,009
*GTI Corp............................................       5,300         31,469
*GTS Duratek, Inc....................................       7,500         87,656
*GZA Geoenvironmental Technologies, Inc..............       1,700          8,659
*#Gadzooks, Inc......................................       5,200        144,625
Gainsco, Inc.........................................      12,600        105,525
*Galey & Lord, Inc...................................       7,000        126,000
*Galileo Corp........................................       3,400         38,038
Gallagher (Arthur J.) & Co...........................      13,100        468,325
*Galoob Toys, Inc. DE................................      10,800        128,250
*Game Financial Corp.................................       2,300         24,581
Gamma Biologicals, Inc...............................       5,500         27,500
*Gantos, Inc.........................................       4,550          5,403
Garan, Inc...........................................       3,042         75,290
*Garden Botanika, Inc................................       5,700         25,650
*Garden Fresh Restaurant Corp........................       2,500         35,469
*Garden Ridge Corp...................................      10,800        165,038
*Gardenburger, Inc...................................       4,300         41,656
*Gardner Denver Machinery, Inc.......................       6,000        225,000
*Gasonics International, Inc.........................       8,150        108,497
*Gatefield Corp......................................      11,400         17,991
*Gaylord Container Corp. Class A.....................      42,000        286,125
*#Geerling & Wade, Inc...............................       1,600          7,150
*Gehl Co.............................................       3,100         70,719
*Geltex Pharmaceuticals, Inc.........................       8,100        228,319
Gencor Industries, Inc...............................       1,800         31,050
Gencorp, Inc.........................................      15,900        398,494
*Genelabs Technologies, Inc..........................      27,500         81,641
*Genemedicine, Inc...................................      11,500         60,375
*General Acceptance Corp.............................       1,800          3,994
General Binding Corp.................................       7,900        240,950
General Chemical Group, Inc..........................       4,800        132,300
*General Cigar Holdings, Inc. Class B................       9,780        229,830
*General Communications, Inc. Class A................      42,200        291,444
*#General Datacomm Industries, Inc...................      11,700         61,425
General Employment Enterprises, Inc..................       1,950         26,569
*General Host Corp...................................      19,580        104,019
General Housewares Corp..............................       1,500         14,063
*General Magic, Inc..................................       5,000          8,906
General Magnaplate Corp..............................         200          3,050
*General Scanning, Inc...............................       6,000        156,750
*General Semiconductor, Inc..........................      18,400        200,100

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*General Surgical Innovations, Inc...................      10,600   $     49,025
*Genesco, Inc........................................      17,600        228,800
Genesee Corp. Class B................................         200          8,975
*#Geneva Steel Co. Class A...........................       9,200         23,000
*Genicom Corp........................................       8,800        121,000
*Genlyte Group, Inc..................................       8,900        154,081
*Genome Therapeutics Corp............................      10,600         85,131
Genovese Drug Stores, Inc. Class A...................       3,110         56,758
*Genrad, Inc.........................................      16,000        425,000
*Gensia Sicor, Inc...................................      43,100        216,847
*Gensym Corp.........................................       5,300         28,653
*Gentex Corp.........................................      19,500        478,969
*Genus, Inc..........................................      13,400         57,369
*Genzyme Transgenics Corp............................      10,300        104,609
Geon Co..............................................      14,000        330,750
George Mason Bankshares, Inc.........................       2,500         96,250
*Geoscience Corp.....................................       3,000         36,750
*#Geotek Communications, Inc.........................      52,800        103,125
*Geoworks............................................      12,400        158,875
Gerber Scientific, Inc...............................      18,600        372,000
*Getty Petroleum Marketing, Inc......................      12,100         64,281
Getty Realty Corp....................................       7,800        151,125
*Giant Cement Holding, Inc...........................       4,900        118,519
*Giant Group, Ltd....................................       1,400         10,500
Giant Industries, Inc................................       6,700        123,113
*Gibraltar Packaging Group, Inc......................       3,000          8,063
*Gibraltar Steel Corp................................      11,100        228,244
*Gibson Greetings, Inc...............................       9,800        231,219
*Giga-Tronics, Inc...................................       1,600         16,150
*Gilead Sciences, Inc................................       2,300         79,494
*Gish Biomedical, Inc................................       1,300          6,338
Glacier Bancorp, Inc.................................       2,313         48,573
*Glacier Water Services, Inc.........................       1,200         36,150
Gleason Corp.........................................       6,000        155,625
*Glenayre Technologies, Inc..........................       5,700         62,344
*Gliatech, Inc.......................................       6,700         72,025
*Global Direct Mail Corp.............................      18,900        340,200
*Global Industrial Technologies, Inc.................      16,800        300,300
*Global Motorsport Group, Inc........................       2,600         35,913
*Global Payment Technologies, Inc....................       3,300         33,000
*Global Village Communication, Inc...................       8,900         17,522
*Globalink, Inc......................................       2,700          8,438
*Globe Business Resources, Inc.......................       2,700         56,194
*Go Video, Inc.......................................       6,100         14,869
*Golden Books Family Entertainment, Inc..............      18,500        174,594
Golden Enterprises, Inc..............................       7,800         55,331
*Good Guys, Inc......................................       8,200         67,650
GoodMark Foods, Inc..................................       6,300        106,313
*Goodys Family Clothing..............................       9,700        322,525
Gorman-Rupp Co.......................................       5,175         97,031
*Gottschalks, Inc....................................       5,200         44,525
*Government Technology Services, Inc.................       3,200         17,000
Graco, Inc...........................................      10,200        364,650
*Gradco Systems, Inc.................................       3,900         31,688
*Graham Corp.........................................       1,000         21,000
*Graham-Field Health Products, Inc...................      13,400        200,163
*Grand Casinos, Inc..................................      25,100        329,438
Grand Premier Financial, Inc.........................       2,901         41,067
Granite Construction, Inc............................      11,000        251,625
Granite State Bankshares, Inc........................       1,200         26,775

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

Gray Communications Systems, Inc.....................       1,600   $     44,100
Great Financial Corp.................................       8,300        402,031
Great Southern Bancorp, Inc..........................       4,200         93,188
*Great Train Store Co., Inc..........................       1,600         11,200
*Greate Bay Casino Corp..............................       4,467          4,607
Greater Bay Bancorp..................................         879         45,433
Green (A.P.) Industries, Inc.........................      11,100        129,038
*Green Mountain Coffee, Inc..........................       1,700         13,281
Green Mountain Power Corp............................       2,500         44,688
*Greenbriar Corp.....................................       3,960         73,755
Greenbrier Companies, Inc............................       7,400        126,725
Grey Advertising, Inc................................         200         72,000
*Greyhound Lines, Inc................................      41,100        161,831
*Griffin Land & Nurseries, Inc. Class A..............       2,200         33,275
*Griffon Corp........................................      51,500        801,469
*Grist Mill & Co.....................................       3,400         31,663
*Gristede's Sloans, Inc..............................       1,200          2,700
*Group 1 Software, Inc...............................       3,000         25,500
*Group Technologies Corp.............................       8,000         25,500
*Grow Biz International, Inc.........................       2,900         35,163
*Grubb & Ellis Co....................................      14,300        177,856
*Gryphon Holdings, Inc...............................       2,800         46,025
Guarantee Life Companies, Inc........................       4,600        115,288
Guaranty National Corp...............................       9,007        323,126
*Guest Supply, Inc...................................       3,100         42,625
Guilford Mills, Inc..................................      15,350        388,547
*Guilford Pharmaceuticals, Inc.......................      10,400        234,650
*Gulfmark Offshore, Inc..............................       3,000        100,875
*Gulfsouth Medical Supply, Inc.......................      10,200        334,688
*Gull Laboratories, Inc..............................       2,900         29,906
*Gundle/SLT Environmental, Inc.......................      13,700         67,644
*Gymboree Corp.......................................      18,600        537,656
HCC Insurance Holdings, Inc..........................       3,400         63,750
*HCIA, Inc...........................................       6,300         75,797
*HD Vest, Inc........................................       2,200         11,825
*HEI, Inc............................................       2,000          8,875
HF Financial Corp....................................       1,200         30,600
*HMI Industries, Inc.................................       5,400         30,375
*HMN Financial, Inc..................................       2,200         57,063
*HMT Technology Corp.................................      28,000        367,500
*HNC Software, Inc...................................       9,800        308,088
*HPR, Inc............................................       2,000         53,188
*HPSC, Inc...........................................       1,800         10,575
*HS Resources, Inc...................................      10,200        162,563
HUBCO, Inc...........................................      13,287        460,478
*Ha-Lo Industries, Inc...............................      12,100        307,794
Hach Co..............................................       5,725         60,828
Hach Co. Class A.....................................       5,725         53,851
*Hadco Corp..........................................       6,500        402,797
*Haemonetics Corp....................................      21,100        309,906
Haggar Corp..........................................       4,300         68,263
*Hahn Automotive Warehouse, Inc......................       2,163         13,789
*Hain Food Group, Inc................................       5,300         53,331
Halifax Corp.........................................       1,000         11,000
*#Halsey Drug Co., Inc...............................      11,200         23,800
*Hammons (John Q.) Hotels, Inc. Class A..............       3,200         27,600
*Hampshire Group, Ltd................................       1,400         26,600
*Hampton Industries, Inc.............................       1,900         16,388
Hancock Fabrics, Inc.................................      12,900        182,213
Hancock Holding Co...................................       5,080        298,450

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Handleman Co........................................      25,600   $    171,200
Handy & Harman.......................................       7,200        161,100
*Hanger Orthopedic Group, Inc........................       7,500         92,813
*Harbinger Corp......................................      11,400        346,275
*Harbor Federal Bancorp, Inc.........................         700         14,963
*Harcor Energy, Inc..................................      12,000         35,625
*Harding Lawson Associates Group, Inc................       5,000         47,813
Hardinge Brothers, Inc...............................       2,600         95,550
*#Harken Energy Corp.................................      90,100        501,181
#Harland (John H.) Co................................      20,000        413,750
Harleysville Group, Inc..............................      16,200        379,688
Harleysville National Corp PA........................       2,335         86,103
Harmon Industries, Inc...............................       3,400         89,888
*Harmonic Lightwaves, Inc............................       9,100        117,731
*Harolds Stores, Inc.................................       2,199         15,118
*Harris & Harris Group, Inc..........................       4,100         14,606
Harris Financial, Inc................................      11,800        225,675
*#Harry's Farmers Market, Inc. Class A...............       2,100          4,397
*Hartmarx Corp.......................................      22,600        183,625
*Harvey Entertainment Co.............................       2,000         28,250
Harvey's Casino Resorts..............................       5,900        116,894
Haskel International, Inc............................       1,900         22,978
Hastings Manufacturing Co............................         350         14,350
*Hathaway Corp.......................................       2,600          7,475
*Hauser, Inc.........................................       6,400         42,800
Haven Bancorp, Inc...................................       2,200         94,600
Haverty Furniture Co., Inc...........................       4,400         56,513
Haverty Furniture Co., Inc. Class A..................         200          2,500
*Hawaiian Airlines, Inc..............................      24,100         96,400
Hawkins Chemical, Inc................................       5,145         53,058
*Hawthorne Financial Corp............................       1,300         27,219
*Hays Wheels International, Inc......................       7,960        237,556
*Health Management Systems, Inc......................      13,300         82,294
*Health Power, Inc...................................       1,900         14,725
*Health Professionals, Inc...........................       1,250            820
*Health Risk Management, Inc.........................       1,600         17,200
*Health Systems Design Corp..........................       2,600         32,338
*Health-Chem Corp....................................       4,789          2,993
*Healthcare Imaging Services, Inc....................       1,200          1,238
*Healthcare Services Group, Inc......................       4,000         50,875
*Healthcor Holdings..................................       3,000         13,875
*Healthdyne Information Enterprises, Inc.............      10,100         18,306
*Healthdyne Technologies, Inc........................       9,272        178,486
Healthplan Services Corp.............................       9,130        176,323
*Healthy Planet Products, Inc........................         700          2,581
*Heartland Express, Inc..............................      14,976        353,808
*#Heartland Wireless Communications, Inc.............       9,316         18,050
*#Heartport, Inc.....................................      14,800        333,925
*Heartstream, Inc....................................       6,300         76,781
*Hecla Mining Co.....................................      38,600        190,588
*Hector Communications Corp..........................       1,200         10,875
Heico Corp...........................................       2,080         70,200
Heilig-Meyers Co.....................................       8,000        103,500
*Hein-Werner Corp....................................       2,161         15,262
*Heist (C.H.) Corp...................................       2,100         14,503
Helix Technology Corp................................      29,600        699,300
*Hello Direct, Inc...................................       5,000         36,250
*Hemasure, Inc.......................................       6,600          6,703
Henry Jack & Associates, Inc.........................      10,900        273,863

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

Herbalife International, Inc.........................      18,300   $    359,138
Heritage Financial Services, Inc.....................       7,400        189,625
*Hexcel Corp.........................................         100          2,531
*Hf Bancorp, Inc.....................................       2,500         41,406
*Hi-Lo Automotive, Inc...............................       6,500         17,875
*Hi-Shear Industries, Inc............................         500          1,235
*Hi-Shear Technology Corp............................       2,400         18,900
*Hi-Tech Pharmacal, Inc..............................       2,200         11,138
*Hibbett Sporting Goods, Inc.........................       2,000         54,625
*High Plains Corp....................................      11,900         37,559
*Highlands Insurance Group, Inc......................       6,600        185,625
*#Highway Master Communications, Inc.................      19,900        130,594
Hilb Rogal Hamilton Co...............................       7,900        151,088
Hilite Industries, Inc...............................       1,900         13,063
*Hirsch International Corp. Class A..................       4,000         78,875
Hoenig Group, Inc....................................       5,400         30,713
*Holiday RV Superstores, Inc.........................       3,000          4,688
Holly Corp...........................................       5,100        137,700
*Hollywood Casino Corp. Class A......................      18,600         45,919
*Hollywood Entertainment Corp........................      32,100        276,361
*Hollywood Park, Inc.................................       3,500         67,594
*Hologic, Inc........................................       7,800        202,800
*Holopak Technologies, Inc...........................       2,500          8,750
*Holophane Corp......................................       5,950        138,338
Home Federal Bancorp.................................       2,025         54,675
*Home Health Corp. of America........................       2,500         23,438
Home Port Bancorp, Inc...............................         600         14,175
*Home Products International, Inc....................       5,100         57,056
*Home State Holdings, Inc............................       3,700            577
*Homebase, Inc.......................................      14,750        123,992
*Homecorp, Inc.......................................         300          7,538
*Homeowners Group, Inc...............................       1,700          1,408
*Hondo Oil and Gas Co................................      10,500         82,688
Hooper Holmes, Inc...................................       8,300        131,763
Horizon Bancorp, Inc.................................         400         11,000
Horizon Financial Corp...............................       3,953         65,966
*Hospital Staffing Services, Inc.....................       2,390          2,241
*Host Marriott Services Corp.........................      14,800        218,300
*Housecall Medical Resources, Inc....................       8,200         26,394
*Hovnanian Enterprises, Inc. Class A.................      10,600         77,513
*Hovnanian Enterprises, Inc. Class B.................       1,150          8,409
#Howell Corp.........................................       1,900         36,931
*Howtek, Inc.........................................       3,600          6,075
Hudson Chartered Bancorp, Inc........................       2,850         61,275
Hudson Foods, Inc. Class A...........................      16,800        318,150
Hudson General Corp..................................         400         19,400
*#Hudson Technologies, Inc...........................       2,200         10,244
Huffy Corp...........................................       8,000        120,500
Hughes Supply, Inc...................................      10,600        347,150
*Hugoton Energy Corp.................................      16,900        161,606
*Human Genome Sciences, Inc..........................       2,100         85,838
Hunt (J.B.) Transport Services, Inc..................      19,700        321,356
Hunt Corp............................................       6,600        141,900
Huntco, Inc. Class A.................................       2,600         32,825
*Hurco Companies, Inc................................       3,300         27,844
*#Hutchinson Technology, Inc.........................      11,700        278,606
*#Hvide Marine, Inc. Class A.........................       3,000         84,938
*Hycor Biomedical, Inc...............................       5,600         11,900
*Hyde Athletic Industries, Inc. Class A..............       1,000          4,594

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Hyde Athletic Industries, Inc. Class B..............       1,500   $      7,500
Hydron Technologies, Inc.............................       9,000          5,484
*Hyperion Software Corp..............................      10,500        452,484
*#I-Stat Corp........................................       6,600        122,306
IBS Financial Corp...................................       6,000        104,063
*ICC Technologies, Inc...............................      14,900         47,959
*ICF Kaiser International, Inc.......................      17,900         38,038
*#ICG Communications, Inc............................      12,900        300,328
ICO, Inc.............................................      12,620         76,903
*ICOS Corp...........................................      28,200        390,394
*ICU Medical, Inc....................................       4,500         49,219
*IDEC Pharmaceuticals Corp...........................      13,100        458,091
*IDEXX Laboratories, Inc.............................      25,700        411,200
*#IDM Environmental Corp.............................       6,900         42,694
*#IDT Corp...........................................      16,000        344,500
*IEC Electronics Corp................................       6,700        103,013
IFR Systems, Inc.....................................       3,700        111,925
*IGEN, Inc...........................................       8,200        119,413
*IGI, Inc............................................       6,200         26,738
*IHOP Corp...........................................       4,700        160,681
*II-VI, Inc..........................................       3,200         78,600
*ILC Technology, Inc.................................       1,800         26,100
IMCO Recycling, Inc..................................       7,500        118,125
*IMP, Inc............................................      13,200         13,406
*IPC Information Systems, Inc........................       6,400        117,200
*IQ Software Corp....................................       2,300         17,969
ISB Financial Corp. LA...............................       4,100        105,831
*ITC Learning Corp...................................       2,800         12,425
*ITEQ, Inc...........................................      15,187        178,922
*ITI Technologies, Inc...............................       4,500        112,219
*ITLA Capital Corp...................................       3,100         55,606
*ITT Educational Services, Inc.......................      16,050        337,050
*#IVI Publishing, Inc................................       3,800         11,519
*Ibah, Inc...........................................      17,700         60,291
*Ibis Technology Corp................................       3,100         28,675
*Identix, Inc........................................      17,100        171,000
*Ikos Systems, Inc...................................       6,100         48,991
*#Illinois Superconductor Corp.......................       2,300          7,116
*Image Entertainment, Inc............................       8,900         35,600
*Imagyn Medical Technologies, Inc....................      16,700         50,883
*Imatron, Inc........................................      53,300        183,219
*Imclone Systems, Inc................................      16,900        113,019
*Immucor, Inc........................................       4,000         39,250
*Immulogic Pharmaceutical Corp.......................      16,200         36,956
*Immune Response Corp. DE............................      13,600        159,800
*Immunogen, Inc......................................       8,500          8,367
*Immunomedics, Inc...................................      25,300        121,756
*#Imnet Systems, Inc.................................       8,300        136,431
*Impact Systems, Inc.................................       4,000          7,313
*Impath, Inc.........................................       2,400         67,500
*Impco Technologies, Inc.............................       3,400         38,675
*Imperial Credit Industries, Inc.....................       9,150        217,598
#Imperial Holly Corp.................................       9,100         98,394
*In Focus Systems, Inc...............................       6,500        214,094
*In Home Health, Inc.................................       6,400          7,100
*#Inacom Corp........................................       9,300        263,888
*Incontrol, Inc......................................      10,300         81,434
*Incyte Pharmaceuticals, Inc.........................      10,200        418,200
*Indenet, Inc........................................      14,900         32,827
Independence Holding Co..............................       2,500         30,625
Independent Bank Corp. MA............................      12,100        197,381

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

Independent Bank East................................       1,735   $     55,845
Indiana Energy, Inc..................................      13,500        379,688
*Individual Investor Group, Inc......................       1,600         11,550
*Individual, Inc.....................................      12,700         45,442
Industrial Acoustics Co., Inc........................         200          2,225
Industrial Bancorp, Inc..............................         500          9,000
*#Industrial Holdings, Inc...........................       3,600         48,375
Industrial Scientific Corp...........................         700         15,400
*Inference Corp. Class A.............................       6,400         32,800
*Infinity Financial Technology, Inc..................       2,000         34,000
*Infinium Software, Inc..............................       6,000         77,625
*Infonautics Corp. Class A...........................       4,700         12,191
*Information Resource Engineering, Inc...............       2,700         21,938
*Information Resources, Inc..........................      24,900        373,500
*Information Storage Devices, Inc....................       7,500         52,969
*Infu-tech, Inc......................................         800          4,600
Ingles Market, Inc. Class A..........................       4,900         65,538
*Inhale Therapeutic Systems..........................       8,300        258,338
*Innerdyne, Inc......................................      17,300         58,928
*Innodata Corp.......................................       1,800          1,491
*Innoserv Technologies, Inc..........................         200            481
*Innovative Gaming Corp. of America..................       3,200          9,700
#Innovex, Inc........................................       8,700        201,731
*Insight Enterprises, Inc............................       5,150        200,850
*Insignia Financial Group, Inc. Class A..............      15,200        300,200
*Insilco Corp........................................       5,700        203,063
*Insite Vision, Inc..................................       9,800         34,913
Insituform East, Inc.................................       1,700          4,569
*Insituform Technologies, Inc. Class A...............      17,710        157,176
*Inso Corp...........................................      10,000        107,500
Insteel Industries, Inc..............................       4,300         32,250
Instron Corp.........................................       9,600        163,200
*Insurance Auto Auctions, Inc........................       6,800         72,250
*Integra Lifesciences Corp...........................      15,500         49,891
*Integramed America, Inc.............................       3,600          6,919
*Integrated Circuit Systems, Inc.....................       8,300        232,919
Integrated Health Services, Inc......................       9,115        277,438
*Integrated Measurement System, Inc..................       4,600         83,950
*Integrated Orthopedics, Inc.........................       2,600         21,775
*Integrated Packaging Assembly Corp..................      10,200         11,475
*#Integrated Process Equipment Corp..................       9,900        212,850
*Integrated Silicon Solution, Inc....................      12,400        122,450
*Integrated Systems Consulting Group, Inc............       4,700         48,175
*Integrated Systems, Inc.............................      13,900        215,016
*Intellicall, Inc....................................       5,600         30,800
*Intellidata Technologies Corp.......................      13,700         29,541
*Intelligent Electronics, Inc........................      26,228        135,238
*Intelligent Systems Corp............................       2,200         11,550
*Inter-Tel, Inc......................................      15,600        328,575
Intercargo Corp......................................       3,800         51,300
Interchange Financial Services Corp. Saddle Brook....       2,580         73,530
*Interdigital Communications Corp....................      28,900        124,631
*Interface Systems, Inc..............................       3,400         10,200
Interface, Inc. Class A..............................      11,700        347,709
*Interferon Sciences, Inc............................       7,375         68,910
*Intergraph Corp.....................................      33,500        350,703

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Interlake Corp......................................      17,000   $     77,563
*Interleaf, Inc......................................      13,100         48,306
*Interlink Electronics...............................       2,200         16,363
*Interlinq Software Corp.............................       2,900         12,325
*Interlott Technologies, Inc.........................       1,600         12,900
*Intermagnetics General Corp.........................       7,554         67,514
*#Intermedia Communications of Florida, Inc..........       9,800        484,488
Intermet Corp........................................      17,600        323,400
*International Alliance Services, Inc................       8,200        118,388
International Aluminum Corp..........................       2,100         65,100
*International Dairy Queen, Inc. Class A.............       6,900        182,634
*International Microcomputer Software, Inc...........       2,600         41,113
International Multifoods Corp........................      12,700        341,313
*International Rectifier Corp........................      28,800        406,800
*International Remote Imaging Systems, Inc...........       3,000         12,000
International Shipholding Corp.......................       3,375         60,539
*International Technology Corp.......................       7,325         60,431
*International Thoroughbred Breeders, Inc............       5,800         20,300
*Interneuron Pharmaceuticals, Inc....................      20,500        245,359
*Interphase Corp.....................................       2,700         17,466
Interpool, Inc.......................................      17,550        244,603
*Interpore International.............................       3,500         24,938
Interra Financial, Inc...............................       8,600        474,613
*Intersolv, Inc......................................      12,300        196,416
Interstate Johnson Lane, Inc.........................       2,300         59,513
*Interstate National Dealers Services, Inc...........       2,000         18,813
Interstate Power Co..................................       2,400         79,650
*Intertan, Inc.......................................       5,700         32,419
*Intervisual Books, Inc. Class A.....................       1,000          2,563
*Intervoice, Inc.....................................      11,300        110,528
Interwest Bancorp....................................       3,900        151,369
*Intevac, Inc........................................       8,000         80,000
Invacare Corp........................................      16,900        392,925
*Investment Technology Group, Inc....................      11,500        336,375
Investors Financial Services Corp....................       3,099        130,933
Investors Title Co...................................       1,400         30,625
*#Invision Technologies, Inc.........................       5,600         42,000
*Invivo Corp.........................................       1,600         13,900
*Ion Laser Technology, Inc...........................       2,900          9,244
*Ionics, Inc.........................................       8,000        295,000
*Iridex Corp.........................................       3,800         37,288
Iroquois Bancorp.....................................         400         10,100
Irwin Financial Corp.................................       6,800        276,250
Isco, Inc............................................      38,935        357,715
*#Isis Pharmaceuticals, Inc..........................      15,800        233,050
*Isolyser Co., Inc...................................      32,010         96,030
*#Itron, Inc.........................................       8,100        146,306
*Iwerks Entertainment, Inc...........................       9,824         36,226
*J & J Snack Foods Corp..............................       4,400         71,500
J & L Specialty Steel, Inc...........................      26,500        257,547
*J. Alexander's Corp.................................       2,000         10,875
*JDA Software Group, Inc.............................       9,100        280,109
JLG Industries, Inc..................................      39,300        503,531
*#JMAR Industries, Inc...............................      10,100         35,508
*#JP Foodservice, Inc................................       8,100        238,444
*JPE, Inc............................................       2,800         16,100

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

JSB Financial, Inc...................................       5,000   $    233,125
*Jackpot Enterprises, Inc............................       4,700         56,988
Jacksonville Bancorp, Inc............................       1,600         30,500
*Jaclyn, Inc.........................................       1,000          4,375
*Jaco Electronics, Inc...............................       1,973         13,318
*Jacobs Engineering Group, Inc.......................      12,800        338,400
*Jacobson Stores, Inc................................       2,900         31,900
*Jalate, Ltd.........................................       1,000          1,938
*Jan Bell Marketing, Inc.............................      14,300         40,219
*Jason, Inc..........................................      10,087         77,544
*Jayhawk Acceptance Corp.............................       1,000          1,500
*Jean Philippe Fragrances, Inc.......................       5,150         39,913
Jeffbanks, Inc.......................................       1,706         66,001
Jefferies Group, Inc.................................       6,000        425,250
Jefferson Savings Bancorp, Inc.......................       1,600         68,600
*Jennifer Convertibles, Inc..........................       1,300          3,251
*Jerry's Famous Deli, Inc............................       7,400         20,234
John Alden Financial Corp............................      15,400        414,838
*Johnson Worldwide Associates, Inc. Class A..........       6,700        112,225
Johnston Industries, Inc.............................       6,000         31,125
*Johnstown American Industries, Inc..................       5,800         61,263
*Jones Intercable, Inc...............................       2,300         30,188
*Jones Intercable, Inc. Class A......................      18,400        254,150
*Jos. A. Bank Clothiers, Inc.........................       5,400         37,800
*#Jumbosports, Inc...................................      18,000         52,875
Juno Lighting, Inc...................................      11,100        212,288
*Just for Feet, Inc..................................      19,200        324,600
*Just Toys, Inc......................................       1,600          1,750
Justin Industries, Inc...............................      20,200        296,688
*K & G Men's Center, Inc.............................       6,000        114,375
K Swiss, Inc. Class A................................       1,600         26,500
*K-Tel International, Inc............................         600          4,388
*K-Tron International, Inc...........................       6,200        109,275
*K-V Pharmaceutical Co. Class A......................       4,400         96,250
*K-V Pharmaceutical Co. Class B......................       1,800         39,713
K2, Inc..............................................       9,100        250,250
KCS Energy, Inc......................................      17,600        418,000
*#KFX, Inc...........................................       4,000         12,500
*KLLM Transport Services, Inc........................       1,600         20,300
*KTI, Inc............................................       4,100         65,600
*KVH Industries, Inc.................................       2,400         15,300
*Kaiser Ventures, Inc................................       9,700        130,950
Kaman Corp. Class A..................................      12,700        232,569
*Kaneb Services, Inc.................................      25,300        128,081
*Karrington Health, Inc..............................       3,500         40,688
Katy Industries, Inc.................................       4,100         71,750
*Katz Digital Technologies, Inc......................       1,800          6,919
Kaye Group, Inc......................................       3,000         20,250
Keithley Instruments, Inc............................       1,000         10,625
*Kelley Oil & Gas Corp...............................      69,600        206,625
Kellwood Co..........................................      10,600        363,713
*Kensey Nash Corp....................................         600         10,125
*Kentucky Electric Steel, Inc........................       1,800         12,825
Kentucky First Bancorp, Inc..........................         200          2,900
Kewaunee Scientific Corp.............................       1,500         17,719
*Key Energy Group, Inc...............................       9,000        218,813
*Key Production Co., Inc.............................       6,900         73,744
*Key Technology, Inc.................................       2,300         29,038
*Key Tronic Corp.....................................      13,000         72,313
*Keystone Consolidated Industries, Inc...............       5,400         68,850

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
Keystone Heritage Group, Inc.........................       1,600   $     85,600
Kimball International, Inc. Class B..................       5,900        236,922
*Kimmins Corp........................................       3,400         16,150
*Kinark Corp.........................................       3,000          9,750
*Kinnard Investment, Inc.............................       3,100         18,309
*Kirby Corp..........................................      14,600        271,013
*Kit Manufacturing Co................................         300          2,625
Klamath First Bancorp, Inc...........................       6,100        131,531
Knape & Vogt Manufacturing Co........................       2,900         57,275
*Knickerbocker (L.L.) Co., Inc.......................       5,000         35,000
*Knight Transportation, Inc..........................       5,000        137,188
*Koala Corp..........................................       1,200         18,975
Kollmorgen Corp......................................       5,900        103,250
*Koo Koo Roo, Inc....................................      21,564         74,463
*Kopin Corp..........................................       6,300        133,875
*Koss Corp...........................................       1,600         22,000
*Kronos, Inc.........................................       4,100        127,100
*Krug International Corp.............................       1,048          6,616
Kuhlman Corp.........................................       9,699        342,496
*Kulicke & Soffa Industries, Inc.....................      11,600        320,813
*#L.A. Gear, Inc.....................................      12,600          5,513
LCS Industries, Inc..................................       1,700         30,175
LSB Bancshares, Inc. NC..............................       2,525         66,597
LSB Industries, Inc..................................       6,000         26,250
LSI Industries, Inc..................................       5,767         99,841
*LTX Corp............................................      21,300        118,481
*LXR Biotechnology, Inc..............................       8,000         14,500
*La Jolla Pharmceutical Co...........................      13,800         67,706
La-Z-Boy, Inc........................................      13,100        563,300
*LaBarge, Inc........................................       8,600         38,700
LaCrosse Footwear, Inc...............................       3,000         42,375
Lab Holdings, Inc....................................       3,500         82,578
#Labone, Inc.........................................       7,900        131,831
*Labor Ready, Inc....................................       9,250        207,547
*#Laboratory Corp. of America Holdings, Inc..........      42,500         87,656
Laclede Gas Co.......................................      10,500        271,031
*Laclede Steel Co....................................       2,700         12,656
*Ladd Furniture, Inc.................................       3,666         56,136
*#Laidlaw Environmental Services, Inc................      36,200        162,900
*Lakeland Industries, Inc............................       1,000          7,563
Lakeview Financial Corp..............................       1,400         34,563
*Lamson & Sessions Co................................      10,200         66,300
Lance, Inc...........................................      16,600        422,781
*Lancer Corp.........................................       8,100        100,238
*Lancit Media Productions, Ltd.......................       3,300          8,147
*Landair Services, Inc...............................       2,900         80,113
Landauer, Inc........................................       4,100        109,675
*Landec Corp.........................................       4,600         21,850
*Landrys Seafood Restaurants, Inc....................      14,518        409,226
*Landstar Systems, Inc...............................       7,600        197,125
*Lanvision Systems, Inc..............................       2,200         13,475
*Larson Davis, Inc...................................       5,800         26,644
*Lasermaster Technologies, Inc.......................       7,120         30,928
*Laserscope..........................................       9,700         51,531
*#LaserSight Corporation.............................       5,600         19,250
Lawson Products, Inc.................................       5,800        172,913
Lawter International, Inc............................      24,800        285,200
Lawyers Title Corp...................................       6,400        203,200
*Layne Christensen Co................................       5,100         88,931
*Lazare Kaplan International, Inc....................       5,100         72,994
*Learning Co., Inc...................................      25,100        454,938

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

*Learning Tree International, Inc....................      11,000   $    271,563
Learonal, Inc........................................       6,450        170,925
*Leasing Solutions, Inc..............................       4,100         98,144
*Lechters, Inc.......................................      12,600         71,663
*Lectec Corp.........................................       1,902          9,986
*Legato Systems, Inc.................................      14,600        556,625
Lennar Corp..........................................       2,276         47,512
Lesco, Inc...........................................       6,725        143,116
*Leslie Building Products, Inc.......................       3,200          6,101
*Level 8 Systems, Inc................................       4,200         61,688
*Level One Communications, Inc.......................       9,750        408,891
*#Levitz Furniture, Inc..............................      14,200          6,213
*Lexford, Inc........................................       2,700         82,856
Libbey, Inc..........................................       8,500        335,750
Liberty Homes, Inc. Class A..........................         200          2,050
*Liberty Technologies, Inc...........................       3,000          8,438
*Lidak Pharmaceuticals Class A.......................      18,300         39,173
Life Bancorp, Inc....................................       6,900        213,900
*#Life Medical Sciences, Inc.........................       8,900         45,334
*Life Quest Medical, Inc.............................       1,000          4,563
Life Re Corp.........................................       6,800        388,450
Life Technologies, Inc...............................      11,500        347,156
*Life USA Holdings, Inc..............................      12,800        214,800
*Lifecore Biomedical, Inc............................       7,300        141,894
*Lifeline Systems, Inc...............................       2,800         62,650
Lifetime Hoan Corp...................................       6,262         63,794
*Ligand Pharmaceuticals, Inc. Class B................      17,979        232,615
Lillian Vernon Corp..................................       4,900         68,294
Lilly Industry, Inc. Class A.........................      13,500        248,063
*Lindal Cedar Homes, Inc.............................       4,482         18,208
Lindberg Corp........................................       8,200        118,900
Lindsay Manufacturer Co..............................       4,800        194,700
*Liposome Co., Inc...................................      26,100        155,784
Liqui Box Corp.......................................       2,500         92,813
Litchfield Financial Corp............................       2,600         51,513
*Littlefield, Adams & Co.............................         900            310
*Littlefuse, Inc.....................................      16,000        440,000
*Liuski International, Inc...........................       1,800          1,688
*Lodgenet Entertainment Corp.........................       7,200         90,900
*Loehmanns, Inc......................................       5,800         38,063
*Logans Roadhouse, Inc...............................       4,600         82,369
*#Logic Devices, Inc.................................       2,400          6,750
*Logic Works, Inc....................................       4,500         37,688
*Lojack Corp.........................................      11,400        158,531
Lomak Petroleum, Inc.................................      11,400        198,075
Lone Star Industries, Inc............................       4,800        250,200
*Lone Star Steakhouse Saloon.........................       9,900        185,006
*Lone Star Technologies, Inc.........................      11,500        333,500
*Loronix Information Systems, Inc....................       2,200          4,538
*Louis Dreyfus Natural Gas Corp......................      24,052        497,576
Luby's Cafeterias, Inc...............................      16,400        323,900
Lufkin Industries, Inc...............................       3,300        117,150
Lukens, Inc. DE......................................      13,400        224,450
*Lumisy, Inc.........................................       2,800         17,325
*Lunar Corp..........................................       8,150        184,903
*Lund International Holdings, Inc....................       2,200         28,463
*#Luria (L.) & Son, Inc..............................       2,500             36
*Lydall, Inc. DE.....................................       8,500        172,125
*Lynch Corp..........................................       2,200        189,200
*M-Wave, Inc.........................................       1,500          6,281
*#M.H. Meyerson & Co., Inc...........................       2,500         13,438

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
M/A/R/C, Inc.........................................       1,527   $     29,204
MAF Bancorp, Inc.....................................      11,900        388,238
*MAI Systems Corp....................................       4,700         16,156
#MDC Holdings, Inc...................................      15,000        165,938
MDU Resources Group, Inc.............................      12,400        370,450
*MFRI, Inc...........................................       1,700         16,575
*MGI Pharma, Inc.....................................      11,400         48,806
*MI Schottenstein Homes, Inc.........................       4,500         66,656
*MK Gold Corp........................................       7,800         11,578
ML Bancorp, Inc......................................       5,100        147,741
*MLX Corp............................................       1,000         19,500
MMI Companies, Inc...................................       7,100        171,288
*MRS Technology, Inc.................................       3,300          3,403
*MRV Communications, Inc.............................      13,700        385,313
*MS Carriers, Inc....................................       8,900        214,713
*MSC Industrial Direct Co., Inc. Class A.............       6,600        256,575
*MTI Technology Corp.................................       5,900         80,756
MTS Systems Corp.....................................       4,200        160,388
*#MVSI, Inc..........................................       5,000         28,906
MYR Group, Inc.......................................       1,200         26,775
MacDermid, Inc.......................................       4,100        291,869
*MacFrugals Bargain Close-outs, Inc..................      13,100        561,663
*Macheezmo Mouse Restaurants, Inc....................       1,500            587
*MacNeal-Schwendler Corp.............................       6,700         68,256
*Macromedia, Inc.....................................      24,600        247,153
*Madden (Steven), Ltd................................         600          4,200
Madison Gas & Electric Co............................       8,150        164,528
*Magainin Pharmaceuticals, Inc.......................      14,900        120,597
*Magellan Health Services, Inc.......................       6,000        142,875
*Magnetek, Inc.......................................      16,300        340,263
*#Magnum Hunter Resources, Inc.......................      10,900         62,675
*Mail-Well, Inc......................................       2,100         68,513
*Main Street & Main, Inc.............................       3,550         10,317
Maine Public Service Co..............................         700          8,838
Mainstreet Bankgroup, Inc............................       8,000        220,000
*Mallon Resources Corp...............................       2,200         22,000
*Managed Care Solutions, Inc.........................       2,366          6,507
*Manatron, Inc.......................................       1,102          2,152
*Manhattan Bagel Co., Inc............................       3,700          5,030
Manitowoc Co., Inc...................................       8,700        289,819
*Manugistic Group, Inc...............................      10,800        377,663
*Mapics, Inc.........................................       8,400         91,875
*Mapinfo Corp........................................       4,800         64,800
*Marcam Solutions, Inc...............................       2,700         23,456
Marcus Corp..........................................      11,450        323,463
*Marine Drilling Companies, Inc......................       1,000         22,781
*Mariner Health Group, Inc...........................      20,300        294,984
*Marisa Christina, Inc...............................       6,700         31,825
Maritrans, Inc.......................................       7,700         69,300
*Mark VII, Inc.......................................       3,600         64,800
*Markel Corp.........................................       2,700        415,800
*Marker International................................       8,100         37,969
*Marlton Technologies, Inc...........................       2,200         14,575
*Marquette Medical Systems, Inc......................       8,800        199,100
Marsh Supermarkets, Inc. Class A.....................       1,600         24,600
Marsh Supermarkets, Inc. Class B.....................       1,900         28,619
*Marshall Industries.................................       8,500        293,250
*Martek Biosciences Corp.............................      10,200        113,794
*Marten Transport, Ltd...............................       2,800         60,900
*#Marvel Entertainment Group, Inc....................       1,000          1,375
Maryland Federal Bancorp.............................       2,520         65,756

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

Massbank Corp. Reading, MA...........................       1,333   $     59,735
*Mastec, Inc.........................................       6,800        173,188
*Mastering, Inc......................................      12,100        105,119
*Matec Corp. DE......................................       1,100          4,538
*Material Sciences Corp..............................      13,500        198,281
*Mathsoft, Inc.......................................       6,300         20,672
*Matlack Systems, Inc................................       7,500         65,156
*Matria Healthcare, Inc..............................      16,300         85,575
*Matrix Pharmaceutical, Inc..........................      16,600         58,619
*Matrix Service Co...................................       7,500         60,000
Matthews International Corp. Class A.................       3,400        142,163
*Matthews Studio Equipment Group.....................       6,200         24,800
*Mattson Technology, Inc.............................       8,400         82,163
*Maverick Tube Corp..................................       8,400        240,188
*Max & Ermas Restaurants, Inc........................       2,037         12,477
*Maxco, Inc..........................................       1,900         21,969
*Maxicare Health Plans, Inc..........................      10,800        139,725
*Maxim Group, Inc....................................      11,700        179,888
*Maxwell Technologies, Inc...........................       2,900         76,941
*Maxxam, Inc.........................................       5,200        242,125
*Maxxim Medical, Inc.................................       6,600        144,375
*May & Speh, Inc.....................................      12,600        168,525
*Maynard Oil Co......................................       2,400         29,400
*Mays (J.W.), Inc....................................         200          1,978
*McClain Industries, Inc.............................         266          1,214
McDonald & Co. Investment, Inc.......................       9,000        242,438
McGrath Rent Corp....................................      10,500        231,328
*McMoran Oil & Gas Co................................      11,200         36,750
*McWhorter Technologies, Inc.........................       5,200        123,500
#Meadowbrook Insurance Group, Inc....................       4,300        101,588
*Measurement Specialties, Inc........................       1,400          5,688
*Mecklermedia Corp...................................       4,200         92,663
*#Mecon, Inc.........................................       5,400         36,619
*Medalliance, Inc. Liquidating Trust Escrow..........       3,800              0
*Medaphis Corp.......................................      56,300        283,259
*Medar, Inc..........................................       4,400         23,788
*Medarex, Inc........................................      13,900         81,663
*#Medcath, Inc.......................................       6,700        113,063
*Medco Research, Inc.................................       7,000        113,750
Medford Savings Bank MA..............................       2,300         85,388
*Media 100, Inc......................................       5,800         27,006
*Media Arts Group, Inc...............................       8,800         97,350
*Media Logic, Inc....................................       2,400          3,300
*Medical Action Industries, Inc......................       3,200         11,500
*Medical Assurance, Inc..............................      10,232        290,973
*Medical Graphics Corp...............................       1,000          4,188
*Medical Resources, Inc..............................      10,650         96,183
*Medicalcontrol, Inc.................................       1,500          8,063
*#Medicis Pharmaceutical Corp. Class A...............       7,000        301,875
*Medicore, Inc.......................................       2,200          5,088
*Medicus Systems Corp................................       3,200         23,400
*Medimmune, Inc......................................      15,300        582,834
*Mediq, Inc..........................................      11,600        118,175
*Medplus, Inc........................................       3,000         28,594
*Medquist Inc........................................       8,850        233,972
*Medstone International, Inc.........................       4,800         47,700
Medusa Corp..........................................       8,100        328,556
*Mego Financial Corp.................................       3,600         16,425
*Mego Mortgage Corp..................................       1,713         16,969

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Mens Warehouse, Inc.................................      13,200   $    464,063
Mentor Corp. MN......................................      12,400        419,663
*Mentor Graphics Corp................................      47,100        448,186
Merchants Bancorp, Inc...............................       2,100         50,794
Merchants Bancshares, Inc............................       2,700         75,600
Merchants Group, Inc.................................       1,300         25,350
Merchants New York Bancorp, Inc......................         800         22,875
#Mercury Air Group, Inc..............................       3,700         21,391
*Mercury Interactive Corp............................      14,000        341,250
*Meridian Data, Inc..................................       7,100         29,953
Meridian Diagnostics, Inc............................       8,600         91,644
*Meridian Gold, Inc..................................      29,300         65,925
Meridian Insurance Group, Inc........................       2,700         49,781
*Meridian Medical Technology, Inc....................       2,400         21,000
*Meridian Resource Corp..............................      18,540        198,146
*#Merisel, Inc.......................................      11,900         56,153
*Merit Medical Systems, Inc..........................       3,500         22,094
*Merix Corp..........................................       2,400         35,850
Merrill Corp.........................................       8,100        163,519
Merrimac Industries, Inc.............................         600          8,475
*Mesa Air Group, Inc.................................      22,100        122,931
*Mesa Labs, Inc......................................       2,200         17,050
*Mesaba Holdings, Inc................................       9,400        206,800
*Mestek, Inc.........................................       4,200         74,813
*Met-Coil Systems Corp...............................       1,000          3,157
Met-Pro Corp.........................................      11,175        182,292
*Metacreations Corp..................................      11,500        136,922
*#Metal Management, Inc..............................       7,421        155,377
*Metatec Corp. Class A...............................       5,300         26,500
Methode Electronics, Inc. Class A....................      19,500        314,438
Methode Electronics, Inc. Class B....................         500          8,875
*Metra Biosystems, Inc...............................       6,000         22,688
*#Metricom, Inc......................................      10,900        145,447
*Metrocall, Inc......................................      17,564         92,760
*Metrologic Instruments, Inc.........................       2,600         36,725
*Metromedia International Group, Inc.................      12,000        117,000
*Metrotrans Corp.....................................       1,600         17,900
Metrowest Bank MA....................................       9,900         80,438
*Michael Anthony Jewelers, Inc.......................       4,100         11,275
Michael Foods, Inc...................................      12,891        284,005
*Michaels Stores, Inc................................      18,200        586,381
*Micrel, Inc.........................................       3,400        119,213
*Micrion Corp........................................       2,000         43,313
*#Micro Component Technology, Inc....................       3,000          7,406
*Micro Linear Corp...................................       7,200         55,125
*Micro Warehouse, Inc................................      22,700        333,406
*Microage, Inc.......................................       9,250        186,734
*Microdyne Corp......................................      10,300         74,353
*Microfluidics International Corp....................       1,000          3,031
*Micrografx, Inc.....................................       8,200         77,388
*Microlog Corp.......................................       1,500         10,594
*Micronics Computers, Inc............................      11,300         24,013
*Microprose, Inc.....................................      18,700         89,409
*Micros Systems, Inc.................................       4,000        208,750
*Micros to Mainframes, Inc...........................       1,800          8,438
*Microsemi Corp......................................       4,000         68,500
*Microtest, Inc......................................       5,800         34,709
*Microtouch Systems, Inc.............................       7,300        152,388
*Microware Systems Corp..............................       6,700         28,056
*Microwave Power Dynamics, Inc.......................       7,500         56,250
Mid Am, Inc..........................................      13,866        285,120
Mid America Banccorp.................................       5,347        161,770

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

*Mid Atlantic Medical Services, Inc..................      12,000   $    160,125
*Midcom Communications, Inc..........................      13,000          6,094
*Middleby Corp.......................................       3,400         34,956
Middlesex Water Co...................................       2,300         43,556
*Midisoft Corp.......................................       1,800          2,194
Midland Co...........................................       1,100         66,481
*Midwest Express Holdings, Inc.......................       1,050         35,766
*Midwest Grain Products, Inc.........................       4,400         61,600
Mikasa, Inc..........................................      10,700        142,444
*Mikohn Gaming Corp..................................       6,400         53,000
*Millennia, Inc......................................       1,100          4,950
*Millennium Pharmaceuticals, Inc.....................      24,100        480,494
*Miller Building Systems, Inc........................       1,600         13,500
*Miller Industries, Inc..............................      40,200        391,950
*Miltope Group, Inc..................................      11,000         37,813
*Mindspring Enterprises, Inc.........................       4,500        131,344
Mine Safety Appliances Co............................       1,900        129,675
Minntech Corp........................................       3,700         43,013
Minuteman International, Inc.........................       1,000         10,750
*#Miravant Medical Technologies......................       6,200        289,463
#Mississippi Chemical Corp...........................      16,642        324,519
*Mitcham Industries, Inc.............................       6,200        173,988
*Mity-Lite, Inc......................................       1,600         31,600
*Mobile America Corp.................................       2,900         34,438
Mobile Gas Service Corp..............................       2,000         77,750
*Mobile Mini, Inc....................................       4,000         21,250
*Mobile Telecommunications Technologies Corp.........      26,800        466,488
Modern Controls, Inc.................................       6,450         75,384
*Modtech, Inc........................................       3,500         72,625
*Mohawk Industries, Inc..............................       8,400        254,625
*Molecular Biosystems, Inc...........................      10,700        109,006
*Molecular Devices Corp..............................       4,000         82,000
*Molecular Dynamics, Inc.............................       5,200        105,625
*#Molten Metal Technology, Inc.......................      15,800          4,938
*Monaco Coach Corp...................................       2,100         53,025
*Monaco Finance, Inc. Class A........................       2,300          2,444
*Monarch Casino and Resort, Inc......................       5,800         30,450
Monarch Machine Tool Co..............................       1,400         11,725
*Mondavi (Robert) Corp. Class A......................       3,700        174,594
*Moneygram Payment Systems, Inc......................      14,500        186,688
*Monro Muffler Brake, Inc............................       3,944         56,942
*Monroc, Inc.........................................       1,700         18,700
Monterey Bay Bancorp, Inc............................       1,000         19,375
*#Monterey Pasta Co..................................       3,400          4,781
*Moog, Inc. Class A..................................       2,700         98,213
*Moog, Inc. Class B..................................         600         22,050
*Moore Medical Corp..................................       2,100         23,363
*Moore Products Co...................................       2,200         79,475
*Moovies, Inc........................................      11,200         14,000
Morgan Keegan, Inc...................................      18,900        379,181
*Morgan Products, Ltd................................       8,100         49,613
Morrison Health Care, Inc............................       4,033         72,090
*Morrison Knudsen Corp...............................      42,900        423,638
Morrison Restaurants, Inc............................       3,025          9,453
*#Morrow Snowboards, Inc.............................       1,000          2,688
*Morton's Restaurant Group, Inc......................       3,200         72,000
*Mosaix, Inc.........................................       8,000         73,000
*Moscom Corp.........................................       3,400         23,588
Mosinee Paper Corp...................................      10,600        318,663
*#Mossimo, Inc.......................................      13,500         70,875
*Mother's Work, Inc..................................       1,200         10,800

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Motivepower Industries, Inc.........................      10,600   $    280,900
*Motor Car Parts & Accessories, Inc..................       2,400         39,975
*Motor Club of America...............................         700          9,538
Movado Group, Inc....................................       4,450         80,100
*Movie Gallery, Inc..................................      11,500         37,734
*Moviefone, Inc. Class A.............................       3,400         22,738
Mueller (Paul) Co....................................       2,200         85,250
*Mueller Industries, Inc.............................      14,200        661,188
*Multi Color Corp....................................       1,000          6,500
*Musicland Stores Corp...............................      20,600        112,013
*Mutual Savings Bank FSB Bay City, MI................       1,700         21,888
*Mycogen Corp........................................      16,900        333,775
Myers Industries, Inc................................       9,460        163,185
*Mylex Corp..........................................      14,600        117,713
*Myriad Genetics, Inc................................       4,600        125,781
*Mysoftware Co.......................................       1,000          2,438
*N & F Worldwide Corp................................       7,800         75,075
NAB Asset Corp. Liquidating Trust....................         200             60
*NABI, Inc...........................................      27,800        117,281
*NAI Technologies, Inc...............................       5,487         12,346
NBT Bancorp..........................................       3,828         98,818
*NBTY, Inc...........................................      16,200        350,325
NCH Corp.............................................       3,900        265,931
*NCI Building Systems, Inc...........................       4,800        186,900
*NCS Healthcare, Inc.................................       4,200        111,038
*NL Industries, Inc..................................      25,600        414,400
NN Ball & Roller, Inc................................      12,300        105,319
*NPC International, Inc..............................      16,300        219,031
*NPS Pharmaceuticals, Inc............................       7,200         66,600
*NS Group, Inc.......................................      11,600        217,500
*NSA International, Inc..............................       2,400          4,125
NSC Corp.............................................       5,700         13,359
*NTL, Inc............................................       5,000        141,250
*NTN Communications, Inc.............................      12,400         18,600
NUI Corp.............................................       5,500        135,438
NYMAGIC, Inc.........................................       7,600        193,800
Nacco Industries, Inc. Class A.......................       4,050        440,944
*#Nanometrics, Inc...................................       4,900         43,488
*Nantucket Industries, Inc...........................       1,200            525
*Napco Security Systems, Inc.........................       4,850         30,009
*#Napro Biotherapeutics, Inc.........................       9,500         60,563
Nash Finch Co........................................       6,800        127,500
*Nashua Corp.........................................       4,800         62,700
*Nastech Pharmaceutical Co., Inc.....................       2,500         33,906
*Nathans Famous, Inc.................................       1,900          7,244
*National Auto Credit, Inc...........................      21,560        142,835
National Bancorp of Alaska, Inc......................       2,200        266,475
*National Beverage Corp..............................      10,400        102,700
*National City Bancorp...............................       3,990        111,720
National City Bankshares, Inc........................       4,254        199,966
National Computer Systems, Inc.......................       9,200        337,525
*National Dentex Corp................................       3,000         64,125
*National Energy Group, Inc..........................      24,470        104,762
National Gas & Oil Co................................       6,785         78,452
*National Home Centers, Inc..........................       3,000          3,469
*National Home Health Care Corp......................       2,115         11,239
*National Instruments Corp...........................       2,250         60,188
National Insurance Group.............................       2,600         27,463
*National Media Corp.................................      15,500         63,938
*National Patent Development Corp....................       6,580         88,830
National Penn Bancshares, Inc........................       3,966        127,160

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

National Presto Industries, Inc......................       3,700   $    144,994
*National Processing, Inc............................      11,500        119,313
*National Record Mart, Inc...........................       1,900          7,184
*National RV Holdings, Inc...........................       3,100         74,303
*National Standard Co................................       6,500         38,188
*National Steel Corp. Class B........................      10,500        157,500
*National Surgery Centers, Inc.......................       4,700        119,263
National Technical Systems, Inc......................       3,400         29,006
*National Techteam, Inc..............................      12,100        131,588
*National Vision Association, Ltd....................      10,200         53,231
*National Western Life Insurance Co. Class A.........       1,000         95,250
*Natural Alternatives International, Inc.............       3,400         30,813
*Natural Microsystems Corp...........................       6,200        295,275
*Natural Wonders, Inc................................       4,000         30,250
Natures Sunshine Products, Inc.......................      11,259        246,994
*Navarre Corp........................................       3,400          9,988
*Navigators Group, Inc...............................       3,200         60,600
Nelson (Thomas), Inc.................................       8,900        100,681
*Neogen Corp.........................................       2,700         30,038
*Neopath, Inc........................................       8,600        142,975
*Neoprobe Corp.......................................      13,600        109,650
*Neorx Corp..........................................      14,225         78,682
*Neose Technologies, Inc.............................       4,700         81,516
*#Neoware Systems, Inc...............................       3,100          9,106
*Netcom On-Line Communication Services, Inc..........       5,800        116,000
*Netmanage, Inc......................................      30,300         86,166
*Netrix Corp.........................................       4,700          6,316
*Netvantage, Inc. Class A............................       4,200         29,663
*Network Appliance Corp..............................       7,000        356,125
*Network Computing Devices, Inc......................      11,000         90,750
*Network Equipment Technologies, Inc.................      13,100        190,769
*Network General Corp................................      25,600        481,600
*#Network Imaging Corp...............................      11,600         14,319
*Network Peripherals, Inc............................       9,700         50,925
*Network Six, Inc....................................         275            739
*Neurex Co...........................................      19,800        311,231
*Neurobiological Technologies, Inc...................       2,700          5,231
*Neurogen Corp.......................................       8,600        168,238
*Neuromedical Systems, Inc...........................      20,800         77,350
*New Brunswick Scientific Co., Inc...................       2,541         19,693
New England Business Services, Inc...................       8,100        256,669
New England Community Bancorp, Inc. Class A..........       1,700         39,738
New Hampsire Thrift BancShares, Inc..................         200          4,125
*New Horizons Worldwide, Inc.........................       3,400         52,700
New Jersey Resources Corp............................       9,100        316,794
*New Jersey Steel Corp...............................       2,300         51,822
*New Mexico & Arizona Land Co........................       1,870         28,050
New York Bancorp, Inc................................      11,333        400,905
Newcor, Inc..........................................       2,415         20,829
Newmil Bancorp, Inc..................................       3,500         49,000
#Newport Corp........................................       6,800        114,750
*#Nexstar Pharmaceuticals, Inc.......................      18,496        254,320
*Nextel Communications Corp. Class A.................       3,221         81,431
*Nexthealth, Inc.....................................       3,400          3,772

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*#Niagara Corp.......................................       1,300   $     12,106
*Nichols Research Corp...............................       8,250        190,781
*Nimbus CD International, Inc........................       2,000         19,875
*Nitches, Inc........................................         785          4,710
*Nobel Education Dynamics, Inc.......................       2,400         14,325
*Nobility Homes......................................       1,500         23,438
*Noel Group, Inc.....................................       8,000         28,500
Noland Co............................................         200          4,775
*Noodle Kidoodle, Inc................................       3,800         10,925
*Nord Resources Corp.................................      17,500         30,625
*Norland Medical System, Inc.........................       4,900         36,903
Norrell Corp.........................................       8,500        207,188
*Norstan, Inc........................................       4,600        111,550
*Nortek, Inc.........................................       5,000        121,875
North Carolina Natural Gas Corp......................       3,200        106,000
North Central Bancshares, Inc........................       2,700         51,216
Northern Technologies International..................       1,700         19,125
*#Northfield Laboratories, Inc.......................       9,800        110,863
#Northland Cranberries, Inc. Class A.................       9,100        127,684
Northrim Bank........................................         300          4,163
Northwest Natural Gas Co.............................      11,250        312,891
*Northwest Pipe Co...................................       2,600         59,313
*Northwest Teleproductions, Inc......................         200            475
Northwestern Public Service Co.......................      12,500        260,156
*Northwestern Steel & Wire Co........................      18,500         69,375
*Norton McNaughton, Inc..............................       6,000         36,375
Norwich Financial Corp...............................       2,400         71,550
*Norwood Promotional Products, Inc...................       2,200         33,413
*Novacare, Inc.......................................      10,000        123,750
*#Novadigm, Inc......................................       8,300         41,241
*Novametrix Medical Systems, Inc.....................       6,100         46,322
*Novavax, Inc........................................       8,700         38,063
*Noven Pharmaceuticals, Inc..........................      13,400         95,894
*Novitron International, Inc.........................       1,300          3,656
*Nu Horizons Electronics Corp........................       6,400         45,200
*Nu-Kote Holding, Inc. Class A.......................      17,600          9,625
*Nuko Information Systems, Inc.......................       3,300          1,581
*Numerex Corp. Class A...............................       2,000         14,625
*Nutramax Products, Inc..............................       3,300         38,569
*Nview Corp..........................................       3,000          3,656
*O'Charleys, Inc.....................................       4,100         73,031
*O'Reilly Automotive, Inc............................      12,400        296,050
O'Sullivan Corp......................................      10,100        100,369
*O'Sullivan Industries Holdings, Inc.................       9,400        119,850
*O.I. Corp...........................................       1,600          7,000
*ODS Networks, Inc...................................       8,200         69,444
*OEC Medical Systems, Inc............................       6,600        141,900
*OHM Corp............................................      15,500        131,750
OM Group, Inc........................................       9,300        356,888
*OMI Corp............................................      31,500        322,875
*OSI Pharmaceutical, Inc.............................      12,600         90,169
*#OTR Express, Inc...................................         200          1,188
*Oacis Healthcare Holdings Corp......................       3,500         16,844
*Oak Hill Sportswear Corp............................         800          3,100
*Oak Industries, Inc.................................       9,200        254,725
*Oak Technology, Inc.................................      35,700        295,641
*Objectshare, Inc....................................       4,600          3,234
*Ocal, Inc...........................................       2,300          6,900
*Oceaneering International, Inc......................      14,300        294,938
*Odetics, Inc. Class A...............................         300          2,025
*#Odwalla, Inc.......................................       2,500         19,688
*Offshore Logistics, Inc.............................      17,300        396,819

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

Oglebay Norton Co....................................       4,400   $    134,750
Oil-Dri Corp. of America.............................       4,000         67,000
*Old America Stores, Inc.............................       1,800            507
*Old Dominion Freight Lines, Inc.....................       7,200        113,850
*Olympic Steel, Inc..................................      10,000        140,313
*Omega Environmental, Inc............................      18,065          1,129
Omega Financial Corp.................................       4,450        152,691
*Omni Multimedia Group, Inc..........................       1,500            563
*On Assignment, Inc..................................       5,200        117,650
*On Technology Corp..................................       1,700          3,347
*#On-Point Technology Systems, Inc...................       2,900          7,884
OnbanCorp, Inc.......................................       6,200        418,113
*Oncor, Inc..........................................      17,600         77,000
*Oncormed, Inc.......................................       3,400         22,525
*One Price Clothing Stores, Inc......................       5,200         10,725
Oneida, Ltd..........................................       7,600        285,475
*Oneita Industries, Inc..............................       2,700            928
*Onyx Acceptance Corp................................         200          1,550
*Open Market, Inc....................................      12,000        122,625
*Opinion Research Corp...............................       1,700          8,500
*Opta Food Ingredients, Inc..........................       9,000         46,125
*Optek Technology, Inc...............................       1,600         30,600
*Opti, Inc...........................................       9,200         56,925
Optical Coating Laboratory, Inc......................       6,900        106,088
*Option Care, Inc....................................       5,300         22,856
Orange & Rockland Utilities, Inc.....................       8,700        347,456
Orange Co., Inc......................................       4,800         38,400
*Oravax, Inc.........................................       3,600         10,575
*Orbit International Corp............................       2,400          5,925
*Orbital Sciences Corp...............................      22,500        577,969
*Orcad, Inc..........................................         300          2,503
*Oregon Metallurgical Corp...........................       9,800        316,050
Oregon Steel Mills, Inc..............................      15,400        302,225
*#Organogenesis, Inc.................................       8,875        303,969
*Oriole Homes Corp. Class A Convertible..............         800          3,800
*Oriole Homes Corp. Class B..........................       1,000          4,750
*Orion Network Systems, Inc..........................       5,300         90,928
*Oroamerica, Inc.....................................       2,500         13,906
*Orphan Medical, Inc.................................       4,585         25,218
*Ortel Corp..........................................       8,100        144,281
*Orthodontic Centers of America, Inc.................       4,400         79,750
*Orthologic Corp.....................................      17,500         90,234
Oshkosh B'Gosh, Inc. Class A.........................       6,200        201,500
Oshkosh Truck Corp. Class B..........................       3,800         66,975
*Oshman's Sporting Goods, Inc........................       2,900         16,675
*Osmonics, Inc.......................................       7,100        102,950
*Osteotech, Inc......................................       3,900        117,731
*Ostex International, Inc............................      10,000         31,563
Ottawa Financial Corp................................       2,750         76,141
Otter Tail Power Co..................................       6,300        217,350
*Outlook Group Corp..................................       1,800         12,038
Overseas Shipholding Group, Inc......................      11,200        273,700
Owens & Minor, Inc...................................      19,200        266,400
Owosso Corp..........................................       3,600         28,013
Oxford Industries, Inc...............................       4,400        154,550
*#Oxigene, Inc.......................................       6,900        125,063
*Oxis International, Inc.............................       8,400          5,250
*P&F Industries, Inc. Class A........................       1,300          8,572
*P-Com, Inc..........................................      23,800        417,988
*PAM Transportation Services, Inc....................       4,100         40,359
*PC Quote, Inc.......................................       3,600          4,950

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*PC Service Source, Inc..............................       3,400   $     19,125
PCA International, Inc...............................       3,400         83,300
*#PHP Healthcare Corp................................       8,000        129,000
*PICO Holdings, Inc..................................      13,009         79,274
PLM International, Inc...............................       5,100         28,688
*PMC Sierra, Inc.....................................      14,300        395,931
*PMR Corp............................................       2,400         54,150
*PMT Services, Inc...................................      22,900        357,813
*PPT Vision, Inc.....................................       2,700         21,263
*PRI Automation, Inc.................................       7,200        245,250
PS Group Holdings, Inc...............................       3,000         42,750
*PSC, Inc............................................       8,900        102,906
*PST Vans, Inc.......................................       1,300          5,931
PXRE Corp............................................       9,320        275,523
*Pacific Aerospace and Electronics, Inc..............       3,800         24,047
*Pacific Crest Capital, Inc..........................       1,060         17,291
*Pacific Pharmaceuticals, Inc........................       3,200          4,800
Pacific Scientific Co................................       9,600        152,400
*Pacific Sunwear of California, Inc..................       6,000        196,125
*Pagemart Wireless, Inc. Class A.....................       2,500         24,844
*Pages, Inc..........................................       1,700          3,294
*Palatin Technologies, Inc...........................          62            442
Palfed, Inc..........................................       2,000         53,375
*Palm Harbor Homes, Inc..............................       4,375        128,516
*Palmer (Arnold) Golf Co.............................       1,600          4,350
*Pamida Holdings Corp................................       4,000         21,500
Pamrapo Bancorp, Inc.................................       1,300         31,769
*Panaco, Inc.........................................       5,000         22,813
Pancho's Mexican Buffet, Inc.........................       5,000         11,094
*#Panda Project, Inc.................................       4,500         29,109
*Par Technology Corp.................................       7,500         80,156
*Paracelsus Healthcare Corp..........................      24,500        134,750
*Paragon Health Networks, Inc........................       4,420        229,302
*Paragon Trade Brands, Inc...........................       7,100        159,750
*Parallel Petroleum Corp.............................      12,800         72,400
*Parexel International Corp..........................       7,500        257,813
*Paris Corp..........................................         200            338
Park Electrochemical Corp............................       5,600        147,000
Park National Corp...................................       4,300        377,863
*Park-Ohio Industries, Inc...........................       6,634        118,997
*#Parkervision, Inc..................................       5,500        105,188
Parkvale Financial Corp..............................       2,440         71,523
*Parlux Fragrances, Inc..............................       8,100         18,478
*Pathogenesis Corp...................................      10,500        374,063
*Patina Oil & Gas Corp...............................       3,134         25,464
Patrick Industries, Inc..............................       3,500         50,313
*Patterson Dental Co.................................      10,200        417,881
*Patterson Energy, Inc...............................       8,540        311,710
*Paul Harris Stores, Inc.............................       7,300        153,756
*#Paul-Son Gaming Corp...............................       1,000         16,625
*Paxar Corp..........................................      44,015        660,225
*Paxson Communications Corp..........................      37,800        321,300
*Payless Cashways, Inc...............................      15,900            811
*Paymentech, Inc.....................................      16,100        249,550
*Pediatric Services of America, Inc..................       3,500         68,250
*Pediatrix Medical Group, Inc........................       6,000        265,500
Peerless Manufacturing Co............................         200          2,350
*Penederm, Inc.......................................       6,900         78,488
Penn Engineering & Manufacturing Corp. Class A.......         600         15,469

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

Penn Engineering & Manufacturing Corp. Non-voting....       7,500   $    196,875
*Penn National Gaming, Inc...........................      11,600        132,313
*#Penn Traffic Co....................................       6,300         55,125
*Penn Treaty American Corp...........................       3,800        122,788
Penn Virginia Corp...................................       8,200        221,913
Penn-America Group, Inc..............................       4,350         79,931
Pennfed Financial Services, Inc......................       2,100         69,366
Pennsylvania Enterprises, Inc........................       4,800        120,900
*#Penske Motorsports, Inc............................       6,600        173,663
*Pentech International, Inc..........................       5,900         17,147
Penwest, Ltd.........................................       3,200        118,600
Peoples Bancorp......................................         300          6,975
Peoples Bancshares, Inc. Massachusetts...............       2,500         49,531
*Peoples Choice TV Corp..............................       6,350         14,486
Peoples Heritage Financial Group, Inc................         800         34,100
*Peoples Telephone Co., Inc..........................      12,950         46,944
*Perceptron, Inc.....................................       6,550        145,738
*Performance Food Group Co...........................       5,800        123,250
*Performance Technologies, Inc.......................       3,100         46,306
*Perfumania, Inc.....................................       3,900         12,980
*Perini Corp.........................................       2,800         24,675
*Periphonics Corp....................................       8,900         86,497
*Perseptive Biosystems, Inc..........................      15,000        180,000
*Personnel Group of America, Inc.....................      10,800        394,875
*Personnel Management, Inc...........................         500          6,125
*Petco Animal Supplies, Inc..........................      12,804        381,719
*Pete's Brewing Co...................................       4,300         21,366
*Petersen Companies, Inc. Class A....................      12,000        216,000
*Petrocorp, Inc......................................       6,900         62,531
*Petroleum Development Corp..........................       5,200         31,850
Petroleum Heat & Power Co., Inc. Class A.............      13,500         38,602
*PetSmart, Inc.......................................      41,500        325,516
*Phar-Mor, Inc.......................................       4,900         41,497
*#Pharmaceutical Marketing Services, Inc.............      12,600        129,150
*Pharmaceutical Products Development Service Co......      14,300        218,075
*Pharmaceutical Resources, Inc.......................      10,800         16,875
*Pharmacopeia, Inc...................................       5,300        100,369
*Pharmchem Laboratories, Inc.........................       3,300          9,900
*Pharmos Corp........................................       6,200         14,047
Philadelphia Suburban Corp...........................      11,600        287,825
*Phildelphia Consolidated Holding Corp...............       6,000        100,125
*Philip Services Corp................................      13,144        207,840
Phillips-Van Heusen Corp.............................      21,900        301,125
Phoenix Duff & Phelps Corp...........................      34,100        255,750
*Phoenix Gold International, Inc.....................       1,000          4,875
*Phoenix Network, Inc................................      10,200          7,013
*Phoenix Technologies, Ltd...........................      12,700        187,722
*Photo Control Corp..................................       1,000          2,813
*Photon Dynamics, Inc................................       4,000         17,250
*Photran Corp........................................       1,100          5,088
*Photronics, Inc.....................................       5,900        282,463
*Physician Computer Network, Inc.....................      46,100        221,856
*Physician Reliance Network, Inc.....................      33,000        325,875
*Physician Sales & Service, Inc......................      21,200        484,950
*Physician Support Systems, Inc......................       3,600         53,775

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Physicians Health Services, Inc. Class A............       2,800   $     77,350
*Physicians Resource Group, Inc......................      20,700        117,731
*Physiometrix, Inc...................................       3,300          8,456
Piccadilly Cafeterias, Inc...........................       5,300         66,581
*Picturetel Corp.....................................      26,400        230,588
Piedmont Natural Gas Co..............................       9,600        313,800
*Piercing Pagoda, Inc................................       4,200        109,200
*Pilgrim America Capital Corp........................       1,900         36,456
Pilgrim Pride Corp...................................      16,600        265,600
#Pillowtex Corp......................................       5,100        135,150
*Pinkertons, Inc.....................................       6,250        142,969
Pinnacle Financial Services, Inc.....................       3,300        137,775
*#Pinnacle Micro, Inc................................       3,800            950
*Pinnacle Systems, Inc...............................       3,700         89,725
Pioneer Group, Inc...................................      15,100        479,425
Pioneer Natural Resouces Co..........................       4,714        150,553
Pioneer Standard Electronics, Inc....................      21,900        360,666
Piper Jaffray Companies, Inc.........................      11,200        310,100
Pitt-Des Moines, Inc.................................       3,600        124,650
Pittston Co. Burlington Group........................      13,800        380,363
Pittston Co. Minerals Group..........................       4,200         38,325
*Plains Resources, Inc...............................      11,600        191,400
*Planar Systems, Inc.................................       8,600        101,588
*Plantronics, Inc....................................       9,800        363,825
*Plasma-Therm, Inc...................................       4,400         37,125
Plasti-Line, Inc.....................................         800         10,950
*Platinum Software Corp..............................      16,600        129,688
*Play By Play Toys and Novelties, Inc................       1,800         29,813
*Playboy Enterprises, Inc. Class A...................       2,800         34,125
*Playboy Enterprises, Inc. Class B...................       7,800        106,763
*Players International, Inc..........................      27,550         88,677
*Playtex Products, Inc...............................      32,100        312,975
Plenum Publishing Corp...............................       1,500         72,094
*Plexus Corp.........................................       6,400        170,400
Poe & Brown, Inc.....................................       4,400        181,775
*Polk Audio, Inc.....................................         500          4,531
*Pollo Tropical, Inc.................................       4,100         27,163
*Polycom, Inc........................................      14,500         87,000
*Polymedica Industries, Inc..........................       3,700         34,225
*Polymer Group, Inc..................................      27,000        266,625
*Polyphase Corp......................................       6,600          7,013
*Pomeroy Computer Resource, Inc......................       4,875        121,875
*Pool Energy Services Co.............................      11,500        296,844
Pope & Talbot, Inc...................................       7,600        125,400
*Porta Systems Corp..................................         880          2,970
Portec, Inc..........................................       7,610        105,589
*Positive Response Television, Inc. Escrow...........       1,400              0
*Positron Corp.......................................       1,400            875
*Possis Medical, Inc.................................       7,200        100,800
Poughkeepsie Financial Corp..........................       9,100         90,431
*Powell Industries, Inc..............................       5,300         74,200
*Powercerv Corp......................................      10,600         31,138
*Powertel, Inc.......................................      16,500        319,688
*Praegitzer Industries, Inc..........................       9,000        114,188
*Pre-Paid Legal Services, Inc........................      13,200        373,725
*Precision Standard, Inc.............................       3,800          2,731
*Premenos Technology Corp............................       9,500        125,281
Premier Bancshares, Inc..............................       1,400         28,350
*#Premier Laser Systems, Inc. Class A................       5,600         53,725
*Premier Parks, Inc..................................       3,900        153,075

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

Premiumwear, Inc.....................................         800   $      3,750
Presidential Life Corp...............................      16,500        331,547
*Presley Companies Class A...........................       5,600          4,900
*Price Communications Corp...........................       4,600         50,600
Price Enterprises, Inc...............................      14,000        251,125
*Pricellular Corp. Class A...........................      17,500        188,125
*Pricesmart, Inc.....................................       3,500         57,313
*Pride International, Inc............................      11,300        312,163
*Prima Energy Corp...................................       2,400         48,600
*Primadonna Resorts, Inc.............................      17,600        292,050
*Primark Corp........................................         900         30,488
Prime Bancorp, Inc...................................       1,465         49,535
*Prime Medical Services, Inc.........................       9,500        126,469
Primesource Corp.....................................       2,581         31,295
*Primus Telecommunications Group, Inc................      13,500        185,625
*Printrak International, Inc.........................       5,000         49,375
*Printronix, Inc.....................................       3,925         70,159
*Prism Solutions, Inc................................       5,400         28,688
*Procept, Inc........................................         714          1,294
*Procyte Corp........................................       5,200          5,688
*Profit Recovery Group International, Inc............      11,000        168,438
*Programmers Paradise, Inc...........................       2,400         23,550
Progress Financial Corp..............................       1,050         15,947
*Progress Software Corp..............................       6,300        130,725
Progressive Bank, Inc................................       1,500         51,188
*Project Software & Development, Inc.................       8,800        171,050
*Pronet, Inc.........................................      10,100         44,819
#Protection One, Inc.................................      11,000        127,531
*Protein Design Labs, Inc............................      10,900        456,438
*Proteon, Inc........................................       7,700         12,513
*Protocol Systems, Inc...............................       6,300         64,969
Providence & Worcester Railroad Co...................         800         12,400
Providence Energy Corp...............................       5,300        100,369
*Provident American Corp.............................       8,500         22,844
Provident Bankshares Corp............................       5,383        318,270
*Proxim, Inc.........................................       4,900         58,188
*Proxima Corp........................................       6,300         46,463
*Proxymed, Inc.......................................       4,900         44,253
*Psinet, Inc.........................................      28,100        191,431
Psychemedics Corp....................................      12,800         75,200
Public Service Co. of North Carolina.................       9,900        200,475
Pulaski Furniture Corp...............................       1,300         25,025
*Pure World, Inc.....................................       3,800         24,700
*Pyramid Breweries, Inc..............................       3,300          8,869
*Q Logic Corp........................................       4,100        134,531
*QMS, Inc............................................       6,400         20,400
*Quad Systems Corp...................................       3,600         23,063
Quaker Chemical Corp.................................       4,300         80,894
*Quaker City Bancorp, Inc............................       1,750         35,656
*Quaker Fabric Corp..................................       4,000         79,250
Quaker State Corp....................................      19,100        293,663
*Quality Dining, Inc.................................      14,000         58,188
*Quality Semiconductor, Inc..........................       4,200         24,281
*Quality Systems, Inc................................       2,700         19,913
Quanex Corp..........................................       6,700        199,325
*Quarterdeck Office Systems, Inc.....................      32,300         68,133
Queens County Bancorp................................       9,900        345,572
*Quest Medical, Inc..................................       6,700         46,691

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Quickresponse Services, Inc.........................       4,200   $    147,788
*Quickturn Design Systems, Inc.......................      11,700        136,744
*Quidel Corp.........................................      18,800         71,969
*Quiksilver, Inc.....................................       3,500         92,313
*Quintel Entertainment, Inc..........................       8,400         48,300
*Quipp, Inc..........................................       1,400         23,975
Quixote Corp.........................................       4,300         37,356
*R & B, Inc..........................................       4,100         39,463
*RCM Technologies, Inc...............................       3,000         47,063
*RDM Sports Group, Inc...............................      16,900            135
*RF Monolithics, Inc.................................       2,300         28,463
RLI Corp.............................................       4,500        196,594
*RMI Titanium Co.....................................      17,100        406,125
RPC, Inc.............................................      22,700        607,225
*RTW, Inc............................................       7,100         47,259
*Racotek, Inc........................................      15,800         20,984
*Rag Shops, Inc......................................       2,300          7,152
*Ragan (Brad), Inc...................................       3,800        129,200
*#Railamerica, Inc...................................       3,400         20,613
*Railtex, Inc........................................       6,600         97,763
*Rainbow Technologies, Inc...........................       3,700         89,263
*Rainforest Cafe, Inc................................       8,700        312,113
*Ralcorp Holdings, Inc...............................      22,000        372,625
*#Rally's Hamburgers, Inc............................      18,300         62,906
Ramapo Financial Corp................................       4,000         36,750
*Ramsay Health Care, Inc.............................       7,700         33,447
*Ramtron International Corp..........................      24,700        160,550
*Rare Hospitality International, Inc.................       5,781         62,146
Raritan Bancorp, Inc. DE.............................         300          8,175
*Raster Graphics, Inc................................       1,000          5,813
Raven Industries, Inc................................       2,100         43,378
*Rawlings Sporting Goods, Inc........................       3,800         42,750
*Raytech Corp. DE....................................       1,300          6,988
*Reading Entertainment, Inc..........................       2,000         25,250
*Recoton Corp........................................       7,666        104,449
*Recovery Engineering, Inc...........................       1,600         41,600
*Recycling Industries, Inc...........................       6,700         52,134
*#Redhook Ale Brewery, Inc...........................       2,000         13,250
*Redwood Empire Bancorp..............................         900         14,119
*Reeds Jewelers, Inc.................................         220          1,513
Refac Technology Development Corp....................       7,000         97,125
Regal Beloit Corp....................................      10,300        280,031
*Regeneron Pharmaceuticals, Inc......................      15,500        152,094
Regis Corp...........................................      11,270        269,071
*Rehabcare Group, Inc................................       3,450         93,258
*Rehabilicare, Inc...................................       1,800          7,088
*Reliability, Inc....................................       3,200         68,300
Reliance Steel and Aluminum Co.......................      10,600        297,463
Reliv International, Inc.............................       7,750         29,547
*Remec, Inc..........................................       9,900        228,938
*Renal Treatment Centers, Inc........................      12,200        406,413
*#Reno Air, Inc......................................       7,600         44,413
*#Rent-Way, Inc......................................       5,000         86,406
*Renters Choice, Inc.................................      11,700        265,809
*Rentrak Corp........................................       9,300         46,209
*Repligen Corp.......................................       6,100          6,195
*Reptron Electronics, Inc............................       3,200         47,900
*Republic Automotive Parts, Inc......................       1,300         19,500
Republic Bancorp, Inc................................       8,580        148,005
*Republic Engineered Steels, Inc.....................       7,800         11,456
*Republic First Bancorp, Inc.........................       1,700         22,206

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

Republic Group, Inc..................................       5,830   $    111,134
Republic Security Financial Corp.....................       8,000         81,500
*#Res-Care, Inc......................................       6,100        142,588
*Resound Corp........................................      12,600         77,569
Resource America, Inc................................       1,800         85,388
Resource Bancshares Mortgage Group, Inc..............      13,986        194,056
*#Respironics, Inc...................................      13,800        366,563
*Response Oncology, Inc..............................      10,456        101,946
*Retirement Care Association, Inc....................       6,700         58,206
*Retix, Inc..........................................      15,700         75,556
*Rex Stores Corp.....................................       5,000         56,875
*Rexel, Inc..........................................      18,200        408,363
*Rexhall Industries, Inc.............................       1,102          5,441
*Rexworks, Inc.......................................       1,000          4,813
*Ribi Immunochem Research, Inc.......................      16,400         64,575
*Richey Electronics, Inc.............................       2,100         17,981
*Riddell Sports, Inc.................................       4,055         16,347
*Ride, Inc...........................................       5,400         13,838
Riggs National Corp..................................      17,900        436,872
*Right Management Consultants, Inc...................       5,300         58,631
*Right Start, Inc....................................       5,200         10,563
*Rightchoice Managed Care, Inc. Class A..............       1,400         15,138
*Rimage Corp.........................................       2,000         12,750
*Ringer Corp.........................................       6,500          9,648
*Rio Hotel & Casino, Inc.............................      14,100        294,338
Rival Co.............................................       4,900         72,581
*River Oaks Furniture, Inc...........................       2,400          4,200
*Riverside Group, Inc................................       1,000          1,375
Rivianna Foods, Inc..................................       8,200        158,875
*Riviera Holdings Corporation........................       2,500         34,219
Roanoke Electric Steel Corp..........................       4,600        102,350
Robbins & Myers, Inc.................................       6,800        265,200
*Roberds, Inc........................................       3,500         13,781
*Roberts Pharmaceutical Corp.........................      11,100        115,163
*Robertson-Ceco Corp.................................       8,018         73,164
Robinson Nugent, Inc.................................       1,900         10,213
*Robotic Vision Systems, Inc.........................      13,600        187,425
*Rochester Medical Corp..............................       3,100         42,431
*Rock Bottom Restaurants, Inc........................       4,000         43,000
Rock-Tenn Co. Class A................................      19,600        396,900
*Rockford Industries, Inc............................       3,500         29,859
*Rocky Mountain Chocolate Factory....................       1,500          7,313
*Rocky Shoes & Boots, Inc............................       2,000         34,125
*Rodman & Renshaw Capital Group, Inc.................       1,300            488
*Rogers Corp.........................................      10,000        408,125
*Rohr, Inc...........................................      15,200        465,500
Rollins Truck Leasing Corp...........................      32,200        545,388
Rollins, Inc.........................................      16,900        344,338
*Romac International, Inc............................      12,300        239,081
*Ross Systems, Inc...................................      13,600         50,575
Rotonics Manufacturing, Inc..........................       2,500          3,594
*Rottlund, Inc.......................................       2,300          9,200
Rouge Industries, Inc. Class A.......................      12,100        184,525
Rowe Furniture Corp..................................      12,200         81,588
*Royal Appliance Manufacturing Co....................      19,500        135,281
Royal Bancshares of Pennsylvania Class A.............       2,548         54,941
*Royal Energy, Inc...................................         800          3,550
*Royal Precision, Inc................................         550          4,658

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Ruby Tuesday, Inc...................................       9,500   $    249,375
Ruddick Corp.........................................      23,300        474,738
*Rural Cellular Corp. Class A........................       2,300         28,319
*Rural/Metro Corp....................................       8,300        283,238
Russ Berrie & Co., Inc...............................      15,500        463,063
Ryan Beck & Co.......................................         210          1,391
*Ryans Family Steak Houses, Inc......................      28,500        254,719
Rykoff-Sexton, Inc...................................      18,100        406,119
Ryland Group, Inc....................................      11,600        253,025
*S&K Famous Brands, Inc..............................       2,500         33,906
S&T Bancorp, Inc.....................................       6,300        248,063
*S3, Inc.............................................      42,500        272,930
*SABA Petroleum Co...................................       4,600         45,713
*SBE, Inc............................................         900         12,966
*SBS Technologies, Inc...............................       3,500        101,719
*SDL, Inc............................................       8,100        137,194
*SED International Holdings, Inc.....................       4,250         54,320
SEI Investments Co...................................      13,000        546,000
SEMCO Energy, Inc....................................       9,621        169,871
*#SFX Broadcasting, Inc. Class A.....................       4,200        315,656
SI Handling, Inc.....................................       1,575         21,263
SIS Bancorp, Inc.....................................       2,800         94,675
SJNB Financial Corp..................................       1,300         47,775
SJW Corp.............................................       1,600         91,200
SL Industries, Inc...................................       9,200        119,600
*SLH Corp............................................       2,625        140,438
*SMC Corp............................................       5,600         42,700
*SOS Staffing Services, Inc..........................       6,000        124,500
*SPS Technologies, Inc...............................       6,000        262,500
*SPS Transaction Service, Inc........................      13,600        293,250
*SPSS, Inc...........................................       3,700         92,269
SPX Corp.............................................       7,300        499,138
*SSE Telecom, Inc....................................       3,500         17,281
*STB Systems, Inc....................................       3,450         96,816
*STM Wireless, Inc. Class A..........................       2,900         42,594
*SYNC Research, Inc..................................       6,900         27,816
*Safeguard Health Enterprises, Inc...................       4,400         57,475
*Safeskin Corp.......................................      12,700        600,869
*Safety 1st, Inc.....................................       5,900         40,563
*Safety Components International, Inc................       2,600         35,750
*Saga Communications, Inc. Class A...................       4,476         87,842
*Saint Jude Medical, Inc.............................           0              0
*Salant Corp. DE.....................................      11,000         21,313
Salient 3 Communications, Inc. Class A...............       2,400         30,750
*Salton/Maxim Housewares, Inc........................       6,600         64,350
*San Filippo (John B.) & Son, Inc....................       5,000         39,531
Sanderson Farms, Inc.................................       9,200        110,975
*Sandisk Corp........................................      11,400        277,875
*Sands Regent Casino Hotel...........................       2,000          4,219
Sandwich Bancorp, Inc................................         900         38,138
*Sangstat Medical Corp...............................       9,000        311,625
*Sano Corp...........................................       4,500         98,156
*Santa Cruz Operation, Inc...........................      25,600        150,400
*Santa Fe Gaming Corp................................       2,400          1,800
Santa Monica Bank CA.................................       4,500        124,313
*Satcon Technology Corp..............................       4,000         39,500
Savannah Foods & Industries, Inc.....................       8,080        144,430
*Savoir Technology Group, Inc........................       1,600         16,500
*Sawtek, Inc.........................................       8,900        260,881
Sbarro, Inc..........................................      10,200        285,600

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

*Scan-Optics, Inc....................................      14,900   $    132,703
*ScanSource, Inc.....................................       1,600         30,350
Schawk, Inc. Class A.................................       6,200         70,525
*Schein (Henry), Inc.................................       3,528        124,472
*Schieb (Earl), Inc..................................       1,700         14,875
*Schlotzskys, Inc....................................       3,500         61,250
*Schmitt Industries, Inc.............................       2,800         26,250
Schnitzer Steel Industries, Inc. Class A.............       2,300         64,400
*Scholastic Corp.....................................       9,200        351,900
*Schuler Homes, Inc..................................      15,600        110,175
Schult Homes Corp....................................       1,820         32,305
Schultz Sav-O Stores, Inc............................       2,550         40,481
*Sciclone Pharmaceuticals, Inc.......................      13,700         55,228
*Scientific Games Holdings Corp......................       8,600        181,138
Scientific Technologies, Inc.........................       6,700         72,025
*Scios-Nova, Inc.....................................      23,287        176,836
Scope Industries, Inc................................       3,500        215,250
*Scopus Technology, Inc..............................      12,000        144,375
Scotsman Industries, Inc.............................       8,900        226,394
*Scott's Liquid Gold, Inc............................       5,000         19,688
*Scotts Co. Class A..................................       9,600        280,800
Seacoast Banking Corp. Class A.......................       1,500         52,313
*Sealright Co., Inc..................................       5,400         67,163
*Seattle Filmworks, Inc..............................      14,300        140,542
Seaway Food Town, Inc................................         400          8,800
*Secom General Corp..................................         700          1,575
Second Bancorp, Inc..................................         600         15,525
*Secure Computing Corp...............................       6,000         71,625
Security First Corp..................................       1,900         36,100
*Seeq Technology, Inc. DE............................      16,600         58,878
*Segue Software, Inc.................................       3,500         38,063
*Seibels Bruce Group, Inc............................       3,100         24,219
*Seitel, Inc.........................................       5,000        192,500
Selas Corp. of America...............................       1,950         20,231
Selective Insurance Group, Inc.......................       7,300        370,019
*Selfcare, Inc.......................................       4,200         44,625
*Semiconductor Packaging Materials Co., Inc..........       3,000         27,188
*Semitool, Inc.......................................      11,600        180,525
*Semtech Corp........................................       3,000        146,250
*Seneca Foods Corp. Class A..........................         200          3,350
*Seneca Foods Corp. Class B..........................       1,100         18,563
*Sentry Technology Corp..............................       1,829          3,887
*Sepracor, Inc.......................................      24,500        906,500
*Sequa Corp. Class A.................................       2,600        148,850
*Sequa Corp. Class B.................................       1,700        113,475
*Sequana Therapeutics, Inc...........................       8,000         99,500
*Sequent Computer Systems, Inc.......................      16,800        391,125
*Sequus Pharmaceuticals, Inc.........................      25,600        199,200
*Seragen, Inc........................................       8,300          4,192
*Serologicals Corp...................................       7,300        162,425
*Service Merchandise Co., Inc........................      67,800        228,825
*Servico, Inc........................................      10,300        178,319
*Servotronics, Inc...................................         900         10,125
Sevenson Environmental Services, Inc.................       2,080         24,960
*#Shaman Pharmaceuticals.............................      14,000         69,125
*Shared Technologies Fairchild, Inc..................      10,700        156,822
*Sharper Image Corp..................................       5,900         24,338
*Shaw Group, Inc.....................................       5,800        141,375
*Sheffield Medical Technologies, Inc.................       7,000         13,125

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
Shelby Williams Industries, Inc......................       4,400   $     71,500
*Sheldahl, Inc.......................................       6,900        105,441
Shelter Components, Inc..............................       3,800         66,025
*Sheridan Healthcare, Inc............................       4,000         52,250
*Sherwood Group, Inc.................................       6,500         80,438
*Shiloh Industries, Inc..............................       6,500        122,688
*Shiva Corp..........................................      19,300        171,891
*Shoe Carnival, Inc..................................       5,800         53,288
*Sholodge, Inc.......................................       3,600         58,275
*Shoney's, Inc.......................................      40,000        175,000
*Shopko Stores, Inc..................................      19,400        407,400
Shoreline Financial Corp.............................       1,764         60,417
*Shorewood Packaging Corp............................       9,200        221,375
*Show Biz Pizza Time, Inc............................       7,200        156,150
Showboat, Inc........................................      14,300        274,381
*Showscan Entertainment, Inc.........................       2,800          6,388
*Shuffle Master, Inc.................................       6,300         50,597
*Sierra Health Services, Inc.........................       8,900        323,738
Sierrawest Bancorp...................................       1,470         46,121
Sifco Industries, Inc................................       7,000        143,500
Sigcorp, Inc.........................................      11,850        316,988
*Sight Resource Corp.................................       5,000         22,813
*Sigma Circuits, Inc.................................       1,500         11,672
*Sigma Designs, Inc..................................       7,900         39,994
*Sigmatron International, Inc........................       1,400         17,238
*#Signal Apparel Co., Inc. Class A...................       6,200         10,269
*Signal Technology Corp..............................       2,700         14,175
*Signature Brands USA, Inc...........................       6,100         28,594
*Silicon Storage Technology, Inc.....................       3,500         12,469
*Silicon Valley Bancshares...........................       4,700        247,631
*Silicon Valley Group, Inc...........................      13,000        309,969
*Siliconix, Inc......................................       4,000        196,500
*#Silverado Foods, Inc...............................       2,400          1,650
Simmons First National Corp. Class A.................       2,050         72,455
Simpson Industries, Inc..............................       9,950        115,047
*Simula, Inc.........................................       4,950         79,200
*Sirena Apparel Group, Inc...........................       2,100          7,744
*Sitel Corp..........................................      35,000        325,938
*Sizzler International, Inc..........................      11,500         33,781
Skaneateles Bancorp, Inc.............................         600         16,313
Skyline Corp.........................................       5,100        138,338
Skywest, Inc.........................................       5,000        121,875
Smart & Final Food, Inc..............................      10,200        186,150
*Smartflex Systems, Inc..............................       2,800         27,825
Smith (A.O.) Corp....................................       8,500        361,781
Smith (A.O.) Corp. Convertible Class A...............       2,400        102,000
*Smithfield Foods, Inc...............................      13,000        459,063
Smucker (J.M.) Co. Class A...........................       7,200        178,200
Smucker (J.M.) Co. Class B...........................      13,000        296,563
Snyder Oil Corp......................................      17,700        351,788
*#Sodak Gaming, Inc..................................      17,400        153,338
*#Softech, Inc.......................................       1,600          3,750
*Softnet Systems, Inc................................       3,236         23,259
*#Software Spectrum, Inc.............................       1,900         25,531
*Sola International, Inc.............................       6,000        181,500
*Somatogen, Inc......................................      15,800         90,850
Somerset Group, Inc..................................         312          6,006
*Sonic Corp..........................................       9,900        273,797
*Sonic Solutions.....................................       3,300         21,656
*Sonics & Materials, Inc.............................         300            769

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

*Sonus Pharmaceuticals, Inc..........................       4,300   $    166,625
*Sound Advice, Inc...................................       1,422          2,311
South Jersey Industries, Inc.........................       5,348        134,369
Southern California Water Co.........................       4,500        101,531
*Southern Energy Homes, Inc..........................       9,875         92,887
*Southern Mineral Corp...............................       2,000         12,625
*#Southern Pacific Funding Corp......................      18,500        228,938
*Southern Union Co...................................       9,014        229,863
*Southwall Technologies, Inc.........................       4,200         33,338
Southwest Bancorp, Inc...............................       1,500         37,500
Southwest Bancshares, Inc. DE........................       1,350         34,341
Southwest Gas Corp...................................      16,200        301,725
Southwest National Corp..............................         200         10,300
Southwest Securities Group, Inc......................       4,840        114,345
Southwest Water Co...................................       2,080         37,895
Southwestern Energy Co...............................      12,400        144,925
Sovereign Bancorp, Inc...............................       6,055        114,856
*Spacehab, Inc.......................................       1,000         10,313
*Spacelabs Medical, Inc..............................       7,000        152,250
*Spacetec IMC Corp...................................         300          1,097
*Spaghetti Warehouse, Inc............................       5,000         34,063
Span-American Medical System, Inc....................       1,700         12,963
Spartan Motors, Inc..................................       8,900         50,897
Spartech Corp........................................      23,200        382,800
*Sparton Corp........................................       5,100         52,275
*Special Devices, Inc................................       3,800         99,750
*Specialty Chemical Resources, Inc...................       1,500          1,594
*Specialty Equipment Co., Inc........................       8,700        136,481
*Specialty Teleconstructors, Inc.....................       2,600         37,863
*Spectran Corp.......................................       3,300         37,847
*Spectranetics Corp..................................      14,602         54,758
*Spectrian Corp......................................       4,900        100,144
*Spectrum Control, Inc...............................       8,600         45,688
*Speedfam International, Inc.........................       9,300        238,894
*Speizman Industries, Inc............................       1,200          7,500
*Spelling Entertainment Group, Inc...................      12,500        105,469
*Spice Entertainment Companies, Inc..................       6,500         24,680
*Spiegel, Inc. Class A Non-Voting....................      12,500         68,359
*#Spine-Tech, Inc....................................       6,100        201,300
*#Spire Corp.........................................       3,200         59,600
*Sport Chalet, Inc...................................       1,400          6,738
*Sport Supply Group, Inc.............................       5,800         45,675
*Sport-Haley, Inc....................................       2,200         26,263
*Sportmart, Inc......................................       2,100          6,300
*Sportmart, Inc. Class A.............................       2,000          5,375
*Sports Authority, Inc...............................      17,400        341,475
*Sports Club Co., Inc................................       6,700         54,438
Springs Industries, Inc. Class A.....................       7,700        388,369
*#Spyglass, Inc......................................       2,000         15,125
St. Francis Capital Corp.............................       2,900        112,013
St. John Knits, Inc..................................       8,300        316,956
St. Joseph Light & Power Co..........................      54,400        918,000
St. Mary Land & Exploration Co.......................       6,600        272,663
St. Paul Bancorp, Inc................................      16,537        407,224
*Staar Surgical Co...................................       9,200        160,425
*#Stac, Inc..........................................      21,500        126,984
*Staff Builders, Inc. Class A........................      15,300         41,836
*Stage II Apparel Corp...............................       1,700          2,019
*Standard Commercial Corp............................       5,729         99,541
*Standard Management Corp............................       2,100         14,569
*Standard Microsystems Corp..........................      10,300        111,691

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
Standard Motor Products, Inc. Class A................       6,600   $    129,938
Standard Pacific Corp. DE............................      22,100        298,350
Standard Products Co.................................      11,800        296,475
Standex International Corp...........................       6,700        234,919
*Stanford Telecommunications, Inc....................      13,800        307,050
Stanhome, Inc........................................       8,900        229,175
*Stanley Furniture, Inc..............................       1,800         49,500
*Star Multi Care Services, Inc.......................       1,885         10,839
*Starcraft Corp......................................       1,300          3,494
*Starmet Corp........................................      13,000        344,500
Starret Corp.........................................       3,300         39,600
Starrett (L.S.) Co. Class A..........................       3,500        134,750
*Starter Corp........................................      15,700         52,988
State Auto Financial Corp............................       7,500        188,906
State Financial Services Corp. Class A...............       1,560         40,950
*State of the Art, Inc...............................       5,600         85,050
*Station Casinos, Inc................................      27,100        179,538
*Steck-Vaughn Publishing Corp........................       1,700         25,447
*Steel of West Virginia, Inc.........................       4,400         42,900
Steel Technologies, Inc..............................       6,000         68,250
*Stein Mart, Inc.....................................      18,500        552,688
Stepan Co............................................       4,000        111,500
Stephan Co...........................................       1,600         20,400
Sterling Bancorp.....................................       3,700         81,169
Sterling Bancshares..................................       7,225        138,855
*Sterling Electronics Corp...........................       3,600         74,700
*Sterling Financial Corp. WA.........................       2,720         57,970
*#Sterling Vision, Inc...............................       9,300         67,280
*Stevens International, Inc. Class A.................       4,000          4,750
Stewart & Stevenson Services, Inc....................       9,700        211,581
Stewart Information Services Corp....................       2,700         73,322
Stifel Financial Corp................................       2,364         33,983
*Stillwater Mining Co................................      10,200        186,150
*Stimsonite Corp.....................................       5,900         30,422
*Stokely USA, Inc....................................       4,400          3,369
Stone & Webster, Inc.................................       6,400        300,000
*Stone Energy Corp...................................       7,300        209,875
*Storage Computer Corp...............................       8,400         56,700
*Stormedia, Inc. Class A.............................       6,000         22,313
*#Stratasys, Inc.....................................       2,300         30,763
*Strategic Diagnostics, Inc..........................       1,000          2,156
*Strategic Distribution, Inc.........................      26,792        128,937
*Strattec Security Corp..............................       2,800         70,000
Strawbridge and Clothier Liquidating Trust...........       4,200         38,065
Stride Rite Corp.....................................      27,100        323,506
*Strouds, Inc........................................       7,200         14,175
*Structural Dynamics Research Corp...................      16,700        281,291
*Stuart Entertainment, Inc...........................       2,700          6,666
Sturm Ruger & Co., Inc...............................      15,500        280,938
*#Submicron Systems Corp.............................       8,400         25,463
*Substance Abuse Technologies, Inc...................      17,700            150
*Successories, Inc...................................       2,600         17,306
Suffolk Bancorp......................................       3,000         93,000
*Sugen, Inc..........................................       8,500        119,000
*Suiza Foods Corp....................................      10,795        628,134
*Sulcus Computer Corp................................       8,485         25,985
Sumitomo Bank of California..........................       8,500        321,938
*Summa Four, Inc.....................................       3,000         35,063
Summit Bancshares, Inc...............................       1,000         37,250

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

*Summit Care Corp....................................       3,900   $     61,913
*Summit Technology, Inc..............................      12,300         80,334
*Summitt Medical Systems, Inc........................       9,400         26,144
*Sun Coast Industries, Inc...........................       3,200         16,000
*Sun Television and Appliances, Inc..................      10,400         23,563
*Sunair Electronics, Inc.............................       3,000          7,875
*Sunbelt Nursery Group, Inc..........................       2,600          2,600
*Sundance Homes, Inc.................................       3,000          3,750
*Sunglass Hut International, Inc.....................      38,300        245,359
*Sunrise Medical, Inc................................      13,500        213,469
*Sunrise Resources, Inc..............................       3,900         11,456
*Superconductor Technologies, Inc....................       5,400         14,850
*Supergen, Inc.......................................       9,000        148,500
*#Superior Energy Services, Inc......................      13,400        141,956
Superior Industries International, Inc...............      14,000        364,000
*Superior National Insurance Group, Inc..............       1,600         22,700
Superior Surgical Manufacturing Co., Inc.............       9,900        149,738
*Supertex, Inc.......................................      26,500        329,594
*Suprema Specialties, Inc............................       3,400         11,050
*Supreme Industries, Inc.............................       3,858         34,722
*Supreme International Corp..........................       3,300         38,363
*Surety Capital Corp.................................       2,900         18,488
*Surgical Laser Technologies, Inc....................       3,800          7,244
Susquehanna Bancshares, Inc..........................      19,662        637,786
*Swift Energy Corp...................................       8,250        179,438
*Swift Transportation, Inc...........................       9,500        264,516
*Swing-n-Slide Corp..................................       1,936          8,107
*Swisher International, Inc..........................         700          6,256
*Swiss Army Brands, Inc..............................       4,100         42,025
*Sybron Chemicals, Inc...............................       1,100         35,269
*Sylvan Learning Systems, Inc........................       2,250         92,109
*Sylvan, Inc.........................................       5,700         79,088
*Symetrics Industries, Inc...........................         800          4,550
*Symix Systems, Inc..................................       4,800         71,400
*Symmetricom, Inc....................................      14,300        183,219
*Syms Corp...........................................       9,900        114,469
Synalloy Corp. DE....................................      11,500        171,781
*Synaptic Pharmaceutical Corp........................       6,600         82,706
*Synbiotics Corp.....................................       3,700         12,545
*Syncor International Corp. DE.......................       5,500         87,656
*Synetic, Inc........................................      10,500        425,250
*Syntellect, Inc.....................................      12,000         25,500
*Synthetech, Inc.....................................       5,500         29,734
*#Syquest Technology, Inc............................      34,700        113,317
*System Software Associates, Inc.....................      28,400        384,288
*Systems & Computer Technology Corp..................      13,900        648,088
*Systemsoft Corp.....................................      20,300        147,175
*T Cell Sciences, Inc................................       9,900         22,894
*T-HQ, Inc...........................................         200          3,725
*T-Netix, Inc........................................       4,200         40,950
*TBC Corp............................................      15,250        155,359
TCBY Enterprises, Inc................................      16,700        105,419
*TCC Industries, Inc.................................       1,100          4,606
*TCI International, Inc..............................       1,200          6,975
*TCI Music, Inc. Class A.............................       3,250         24,375
*TCSI Corp...........................................      15,000         93,281
*TESSCO Technologies, Inc............................       1,700         38,038
TF Financial Corp....................................       2,600         71,500
*TFC Enterprises, Inc................................       4,500          5,906

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*TII Industries, Inc.................................       4,060   $     23,726
TJ International, Inc................................       8,200        202,694
*#TMBR/Sharp Drilling, Inc...........................       1,300         28,234
TNP Enterprises, Inc.................................       6,500        178,750
TR Financial Corp....................................      10,500        343,875
*TRC Companies, Inc..................................       2,600         10,075
*TRM Copy Centers Corp...............................       4,000         38,000
*#TRO Learning, Inc..................................       2,400         15,600
TSI, Inc. MN.........................................       6,600         65,588
*#TSR, Inc...........................................       4,000         61,000
*TST/Impreso, Inc....................................       2,100         19,950
Tab Products Co. DE..................................       2,100         30,450
*Taco Cabana, Inc....................................      10,200         52,275
*Talbots, Inc........................................       4,500         95,344
*Talley Industries, Inc..............................      10,000        118,125
*Tandy Brand Accessories, Inc........................       2,700         39,488
*Tandy Crafts, Inc...................................       6,300         28,350
*Tanknology Environmental, Inc.......................       5,600         10,763
*Targeted Genetics Corp..............................      13,100         41,347
Tasty Baking Co......................................       3,100         72,850
*Team, Inc...........................................       2,800         10,150
*Tech-Sym Corp.......................................       2,400         72,750
Tech/Ops Sevcon, Inc.................................       1,300         17,794
*Techdyne, Inc.......................................       1,000          3,688
*Techforce Corp......................................       1,700         12,059
*Techne Corp.........................................       9,400        172,725
*#Technical Chemicals & Products, Inc................       5,000         64,688
*Technical Communications Corp.......................         400          3,200
Technitrol, Inc......................................       6,200        196,463
*Technol Medical Products, Inc.......................      10,000        217,500
Technology Research Corp.............................       2,100          6,956
*Technology Solutions Corp...........................      11,700        360,506
*Tegal Corp..........................................       5,100         37,134
Tejon Ranch Co.......................................       9,100        263,900
*Tekelec.............................................      10,400        393,900
*Telco Systems, Inc..................................       5,300         52,669
*Telcom Semiconductor, Inc...........................      13,200        108,488
*#Telemundo Group, Inc. Class A......................       3,200        132,600
*Teletech Holdings, Inc..............................      20,500        220,375
*Teltrend, Inc.......................................       3,200         53,800
*#Telular Corp.......................................      15,100         41,997
Telxon Corp..........................................      10,800        265,950
*Temtex Industries, Inc..............................       1,400          4,244
Tennant Co...........................................       4,000        148,000
*Terex Corp..........................................       9,500        194,750
*Tesoro Petroleum Corp...............................      14,200        236,075
*Tetra Tech, Inc.....................................       5,312        136,784
*Tetra Technologies, Inc.............................       9,200        215,625
*Texas Biotechnology Corp............................      15,400         93,363
Texas Industries, Inc................................      11,200        521,500
*Texas Micro, Inc....................................       7,900         38,019
Texas Regional Banchshares, Inc. Class A.............       6,600        182,325
*Texfi Industries, Inc...............................       6,200         32,163
*Thackeray Corp......................................       3,600         12,825
*Theragenics Corp....................................      10,400        421,850
*Theratech, Inc. UT..................................      14,150        142,827
*Thermedics, Inc.....................................      22,000        349,250
*Thermo Ecotek Corp..................................      14,100        192,113
*Thermo Fibergen, Inc................................       1,500         14,250
*#Thermo Fibertek, Inc...............................      31,100        359,594
*Thermo Power Corp...................................       6,200         56,575

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

Thermo Remediation, Inc..............................       6,400   $     40,000
*Thermo Sentron, Inc.................................       7,900         87,147
*Thermo Terratech, Inc...............................      12,000        104,625
*#Thermo Voltek Corp.................................       4,800         30,300
*#Thermolase Corp....................................      24,800        341,000
*Thermospectra Corp..................................       2,200         20,625
*Thermotrex Corp.....................................       9,600        232,800
*Thermwood Corp......................................       1,000          2,250
*Thomas Group, Inc...................................       5,300         63,269
Thomas Industries, Inc...............................       5,300        168,275
Thomaston Mills, Inc.................................       1,900         16,625
Thor Industries, Inc.................................       4,300        135,719
*Thoratec Laboratories Corp..........................       3,800         19,475
*Thorn Apple Valley, Inc.............................       3,900         54,844
*Three-Five Systems, Inc.............................       3,100         61,806
Timberline Software Corp.............................       2,750         38,844
*Tipperary Corp......................................       6,600         33,825
*#Titan Corp.........................................      13,100         84,331
Titan Holdings, Inc..................................       7,350        155,269
Titan International, Inc.............................       8,800        176,000
Toastmaster, Inc.....................................       3,000         15,750
*#Today's Man, Inc...................................       4,300         11,691
*Todd Shipyards Corp.................................       5,000         22,500
Todd-AO Corp. Class A................................         220          2,186
*Toddhunter International, Inc.......................       3,600         36,788
*Tokheim Corp........................................       3,300         62,081
*Toll Brothers, Inc..................................      20,500        494,563
*Tollgrade Communications, Inc.......................         500         11,906
Tompkins County Trustco, Inc.........................         220          9,020
*#Top Source Technologies, Inc.......................      14,200         21,300
*Topps, Inc..........................................      36,300         94,153
*#Tops Appliance City, Inc...........................       2,900          3,353
*Toreador Royalty Corp...............................       1,500          6,188
Toro Co..............................................       6,000        264,750
*Total-Telephone USA Communications, Inc.............       1,500         43,781
*#Touchstone Software Corp...........................       3,100          8,331
*Tower Air, Inc......................................       7,400         37,463
*Toy Biz, Inc. Class A...............................      10,200         91,800
*Tracor, Inc.........................................      14,900        418,597
*Tractor Supply Co...................................       7,000        111,125
*Trak Auto Corp......................................       3,300         41,250
Trans Financial, Inc.................................       5,100        174,038
*#Trans World Airlines, Inc..........................      34,500        260,906
*Trans World Entertainment Corp......................       4,400        157,575
*Transact Technologies, Inc..........................       1,507         22,652
*Transaction Network Services, Inc...................      10,600        182,850
*Transcend Services, Inc.............................      13,000         37,578
*Transfinancial Holdings, Inc........................       3,300         30,938
*Transition Analysis Component Technology............         299          1,962
*Transition Systems, Inc.............................       8,700        182,156
*Transmation, Inc....................................       2,000         15,500
Transmedia Network, Inc..............................       5,100         31,875
*Transmontaigne Oil Co...............................      12,800        192,000
*TransNet Corp.......................................       2,000          5,375
Transport Leasing International, Inc.................       1,500         14,625
*Transpro, Inc.......................................       1,300         11,700
Transtechnology Corp.................................       2,800         75,600
*Transwitch Corp.....................................      10,000         95,000
*Transworld Healthcare, Inc..........................       9,100         68,250
Tranzonic Companies Class A..........................       2,500         70,469

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Travel Ports of America, Inc........................       2,332   $      8,964
Treadco, Inc.........................................       1,900         19,356
Tredegar Industries, Inc.............................       5,500        362,313
*Trega Biosciences, Inc..............................       8,100         29,869
*Tremont Corp. DE....................................       2,900        165,119
*Trend-Lines, Inc. Class A...........................       2,400         17,625
Trenwick Group, Inc..................................       3,900        144,544
*Trescom International, Inc..........................       2,000         19,250
*Tri-Lite, Inc.......................................          29              0
*Triad Guaranty, Inc.................................       6,600        192,225
*Triad Park L.L.C....................................       8,800         11,176
Triangle Bancorp, Inc................................       5,200        143,975
*Triangle Pacific Corp...............................       7,300        235,425
*Triarc Companies, Inc. Class A......................      12,000        286,500
Trico Bancshares.....................................       2,200         61,738
*Tricord Systems, Inc................................       5,300          4,223
*Trident Microsystems, Inc...........................      10,800        123,188
*Tridex Corp.........................................       4,200         21,525
Trigen Energy Corp...................................      10,000        229,375
*#Trikon Technologies, Inc...........................       1,000          2,156
*Trimark Holdings, Inc...............................       1,700          9,563
*Trimble Navigation, Ltd.............................      11,000        234,094
*Trimedyne, Inc......................................       5,400         12,488
*Trinitec Systems, Inc. Class A......................       4,300         25,800
Trion, Inc...........................................       2,800         12,075
*Triple S Plastics, Inc..............................         700          4,856
*Tripos, Inc.........................................       1,100         16,638
*Triquint Semiconductor, Inc.........................       4,100         82,128
*Trism, Inc..........................................       2,900         11,781
*Tristar Corp........................................       1,000         10,625
True North Communications, Inc.......................      14,900        381,813
*Truevision, Inc.....................................       6,300         21,066
*Trump Hotels & Casino Resorts, Inc..................      18,500        160,719
Trust Co. of New Jersey..............................      11,800        261,075
Trustco Bank Corp. NY................................      13,732        338,580
*Tseng Laboratories, Inc.............................      13,300         27,016
*Tucson Electric Power Co............................      17,680        307,190
*Tuesday Morning Corp................................       7,150        178,303
*Tultex Corp.........................................      19,100         85,950
*Turner Corp.........................................       2,600         60,125
Tuscarora, Inc.......................................       4,700         88,125
Twin Disc, Inc.......................................       1,000         32,375
*Tyler Corp..........................................      10,900         55,863
U.S. Bancorp, Inc....................................       2,000        129,500
*U.S. Bioscience, Inc................................      14,500        134,125
*U.S. China Industrial Exchange, Inc.................       2,400          7,200
*U.S. Diagnostic, Inc................................      13,200         57,338
U.S. Freightways Corp................................      15,500        476,141
*U.S. Office Products Co.............................       7,554        150,372
*UFP Technologies, Inc...............................       2,300          9,272
UNR Industries, Inc..................................      37,400        194,013
*URS Corp............................................       5,300         84,800
*US Can Corp.........................................      10,500        173,250
*#US Servis, Inc.....................................       2,500          7,031
*US Xpress Enterprises, Inc. Class A.................       5,800        126,513
*#USA Detergents, Inc................................       5,500         58,438
*USA Truck, Inc......................................       1,900         23,750
*USCI, Inc...........................................       7,700         51,975
*USCS International, Inc.............................      11,600        221,125
*USData Corp.........................................       3,850         16,242
*USLD Communications Corp............................       9,100        189,394
UST Corp.............................................      15,340        406,989

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

USX-Delhi Group......................................       8,000   $    157,000
*UTI Energy Corp.....................................       8,100        226,800
*Ultimate Electronics, Inc...........................       3,200         10,600
*Ultra Pacific, Inc..................................       1,700         16,947
*Ultradata Corp......................................       1,000          3,875
*Ultradata Systems, Inc..............................       1,000          6,594
*#Ultrafem, Inc......................................       6,400         24,000
*Ultrak, Inc.........................................       8,400         94,763
*#Ultralife Batteries, Inc...........................       3,100         44,756
*#Ultratech Stepper, Inc.............................      10,100        247,450
*#Unapix Entertainment, Inc..........................       2,100          9,713
Uni-Marts, Inc.......................................       4,500         20,250
Unico American Corp..................................       2,300         28,319
*UniComp, Inc........................................       4,000         39,250
Unifirst Corp........................................      10,300        265,869
*Uniflex, Inc........................................       1,700         10,625
Uniforce Temporary Personnel, Inc....................       1,100         34,650
*Unify Corp..........................................       3,300          8,559
*Unigene Laboratories, Inc...........................      25,900         83,366
*Unimark Group, Inc..................................       3,800         17,219
*#Unimed Pharmaceuticals, Inc........................       3,900         33,150
*Union Acceptance Corp. Class A......................       1,600          8,950
*Union Corp. DE......................................       3,900         98,231
*Uniphase Corp.......................................      12,000        487,500
*Unique Casual Restaurants, Inc......................       6,700         46,063
*Unique Mobility, Inc................................       6,900         58,650
*Uniroyal Technology Corp............................      11,600         64,163
*Unison Software, Inc................................       9,200        139,725
*Unit Corp...........................................      12,100        132,344
*Unit Instruments, Inc...............................       3,200         32,400
*United American Healthcare Corp.,...................       4,000         11,500
United Bankshares, Inc. WV...........................       7,400        345,950
#United Companies Financial Corp.....................      15,500        336,156
*United Dental Care, Inc.............................       1,500         19,406
United Financial Corp. MN............................         400         10,450
United Fire Casualty Co..............................       5,400        239,288
*United Foods, Inc. Class A..........................          54            142
United Guardian, Inc.................................       1,900         10,925
United Illuminating Co...............................       7,100        288,881
United Industrial Corp...............................       7,800         85,800
*United International Holdings Class A...............      13,200        141,900
United National Bancorp..............................       3,684         94,863
*United Retail Group, Inc............................       5,500         20,625
*United States Energy Corp...........................       5,600         55,650
*United States Home Corp.............................       5,700        211,613
*United Stationers, Inc..............................         222          9,491
*United Video Satellite Group, Inc. Class A..........       8,700        228,375
United Water Resources, Inc..........................      17,100        307,800
United Wisconsin Services, Inc.......................      13,600        331,500
*Unitel Video, Inc...................................         700          4,988
Unitil Corp..........................................       1,400         30,625
Unitog Co............................................       4,800        108,000
*Unitrode Corp.......................................      11,600        218,225
*Universal American Financial Corp...................       1,300          3,738
*Universal Electronics, Inc..........................       2,700         28,350
Universal Forest Products, Inc.......................      14,000        211,750
*Universal Hospital Services, Inc....................       2,100         31,106
*Universal International, Inc........................       2,000          5,219
*Universal Seismic Association, Inc..................       1,600          2,700
*Universal Stainless & Alloy Products, Inc...........       3,100         45,919

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Universal Standard Medical Labs, Inc................       2,500   $      7,031
*Univision Communications, Inc. Class A..............       2,000        133,125
*Uno Restaurant Corp.................................       7,000         44,625
Upper Peninsula Energy Corp..........................       1,000         24,250
*Uranuim Resources, Inc..............................       9,900         47,334
*Urban Outfitters, Inc...............................      10,300        182,825
*Urocor, Inc.........................................       3,600         26,888
*Urogen Corp. (Restricted)...........................       2,100              0
*Urologix, Inc.......................................       4,000         79,750
*#Uromed Corp........................................      18,600         92,419
*Utah Medical, Inc...................................       4,400         34,650
*Utilx Corp..........................................       2,800         17,763
*V Band Systems, Inc.................................       2,100          3,084
*V Mark Software, Inc................................       4,238         37,877
*VLSI Technology, Inc................................       2,200         49,706
*VTEL Corp...........................................      11,048         79,925
*VWR Scientific Products Corp........................      12,300        329,409
*Valence Technology, Inc.............................      15,300        100,406
*Vallen Corp.........................................       4,200         84,788
Valley Forge Corp....................................       1,275         19,045
Valley Resources, Inc................................       2,600         28,763
Valmont Industries, Inc..............................      16,500        353,719
*Value City Department Stores, Inc...................      22,200        167,888
Value Line, Inc......................................       4,000        144,000
*Valuevision International, Inc. Class A.............      19,600         79,013
*Vanguard Cellular System, Inc. Class A..............      24,200        339,556
*Vans, Inc...........................................       8,000        128,750
*Vanstar Corp........................................      18,600        255,750
*Vantive Corp........................................      12,200        292,800
*#Vari L Co., Inc....................................       1,400         13,825
*Variflex, Inc.......................................       3,900         22,913
Varlen Corp..........................................       5,850        160,144
*Vaughn Communications, Inc..........................       2,800         17,150
*Vectra Banking Corp.................................       1,500         39,891
*Vectra Technologies, Inc............................       2,700            162
*Ventana Medical Systems, Inc........................       8,000        122,500
*Venture Stores, Inc.................................      13,300         20,781
*Venturian Corp......................................         200          2,000
*Verilink Corp.......................................       5,800         38,244
*Veritas DGC, Inc....................................       4,500        180,000
*Verity, Inc.........................................       8,500         41,703
Vermont Financial Services Corp......................       6,600        182,325
*Vermont Teddy Bear, Inc.............................       2,000          2,563
*Versar, Inc.........................................       2,000         10,500
*Vertex Communications Corp..........................       2,800         68,600
*Vertex Pharmaceuticals, Inc.........................      12,500        345,313
*Veterinary Centers of America, Inc..................      11,600        147,175
*Viasoft, Inc........................................       6,900        252,713
*Viatel, Inc.........................................       8,500         54,188
*Vical, Inc..........................................      11,800        163,725
*Vicon Industries, Inc...............................       1,400          9,975
*Vicorp Restaurants, Inc.............................       4,600         72,163
*Vidamed, Inc........................................       7,500         43,125
*Video Display Corp..................................       1,200         11,025
*Video Lottery Technologies, Inc.....................       4,200         48,038
*Video Services Corp.................................       1,000          3,031
*Video Update, Inc...................................      15,900         42,234
*Videonics, Inc......................................       1,100          6,119
*#Vidioserver, Inc...................................       6,500         97,500
*View Technology, Inc................................       2,400         16,200
*Viewlogic Systems, Inc..............................      13,300        352,034

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                

*Vimrx Pharmaceuticals, Inc..........................       7,500   $     16,523
Vintage Petroleum, Inc...............................       1,000         19,375
Virco Manufacturing Corp.............................       4,365        104,214
Virginia Beach Federal Financial Corp................       2,000         33,375
Virginia First Financial Corp........................       2,900         72,500
*#Vision Sciences, Inc...............................       5,100          7,650
*#Visioneer, Inc.....................................      11,700         41,681
*Visx, Inc. DE.......................................      10,800        267,300
Vital Signs, Inc.....................................      11,100        221,306
*Vitalcom, Inc.......................................       6,000         30,844
*Vitalink Pharmacy Services, Inc.....................      12,840        304,950
*#Vivid Technologies, Inc............................       2,000         31,375
*#Vivus, Inc.........................................      13,000        291,281
*Vodavi Technology, Inc..............................       1,400          7,044
*Voice Control Systems, Inc..........................       5,600         20,300
Vulcan International Corp............................         700         27,388
*WCI Steel, Inc. (Escrow)............................      11,600              0
WD-40 Co.............................................       7,800        211,088
*#WFS Financial, Inc.................................      15,800        187,625
*WHG Resorts & Casinos, Inc..........................       3,025         67,306
*#WHX Corp...........................................      16,700        197,269
WICOR, Inc...........................................       8,500        392,063
WLR Foods, Inc.......................................      10,898         97,401
*WMS Industries, Inc.................................      12,100        281,325
*WPI Group, Inc......................................       2,300         17,250
WPS Resources Corp...................................      11,300        342,531
*#WTD Industries, Inc................................       4,400          9,625
Wabash National Corp.................................      10,500        297,281
*Wachovia Corp.......................................       7,842        603,834
Wackenhut Corp. Class A..............................       1,400         30,275
Wackenhut Corp. Class B Non-Voting...................       6,200        122,838
*Wackenhut Corrections Corp..........................      12,500        350,000
*Wainoco Oil Corp....................................      14,900        104,300
#Walbro Corp.........................................       4,300         62,081
*Walker Interactive Systems, Inc.....................       9,200        120,175
*Wall Data, Inc......................................       8,300        135,394
*Wall Street Deli, Inc...............................       1,500          5,578
*Walsh International, Inc............................       4,200         37,538
Walshire Assurance Co................................       2,370         26,811
*Wandel & Goltermann Technologies, Inc...............       2,600         32,338
*Warrantech Corp.....................................       9,300        108,694
Warren Bancorp, Inc..................................       1,400         28,613
*Washington Homes, Inc...............................       4,400         17,050
Washington National Corp.............................       4,800        158,700
Washington Savings Bank FSB Waldorf, MD..............       1,600         11,800
Waters Instruments, Inc..............................         200          1,338
Watkins-Johnson Co...................................       4,200        131,250
Watsco, Inc. Class A.................................       7,450        193,700
Watsco, Inc. Class B.................................         900         22,613
Watts Industries, Inc. Class A.......................       7,900        200,956
Wausau Paper Mills Co................................       6,400        137,200
*Wave Technologies International, Inc................       1,500         12,281
*#Wavephore, Inc.....................................       9,800         91,569
Waverly, Inc.........................................       3,600        153,000
*Waxman Industries, Inc..............................       5,300         19,875
Webb (Del) Corp......................................      15,800        341,675
*Webco Industries, Inc...............................       2,300         16,388
Webster Financial Corp...............................       5,962        375,233
*Weirton Steel Corp..................................      31,500         92,531

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  *Wellcare Management Group, Inc......................       1,900   $      5,463
  Wellman, Inc.........................................      16,700        353,831
  *Wells-Gardner Electronics Corp......................       1,500          8,719
  Werner Enterprises, Inc..............................       8,750        189,219
  Wesbanco, Inc........................................       6,000        177,750
  West Coast Bancorp...................................       3,993        105,315
  *West Coast Entertainment Corp.......................       7,000         12,250
  *#West Marine, Inc...................................      10,000        209,375
  West, Inc............................................       8,800        279,400
  Westamerica Bancorporation...........................       5,543        508,570
  *#Westbridge Capital Corp............................       5,900          4,056
  Westco Bancorp, Inc..................................       1,100         29,838
  Westcorp, Inc........................................      17,496        297,432
  *Westell Technologies, Inc...........................       7,500        124,922
  Westerfed Financial Corp.............................       3,900         92,747
  *Western Bancorp.....................................         911         29,437
  *Western Beef, Inc...................................       2,700         20,588
  Western Gas Resources, Inc...........................      15,600        356,850
  Western Ohio Financial Corp..........................         900         23,400
  *#Western Pacific Airlines, Inc......................       1,500            609
  *Western Staff Services, Inc.........................       4,100         68,163
  *Western Water Co....................................       3,500         44,625
  Westinghouse Air Brake Co............................      12,400        285,200
  *Weston (Roy F.), Inc. Class A.......................       2,900         12,008
  *Westwood One, Inc...................................      14,500        430,469
  *Wet Seal, Inc. Class A..............................       4,900        144,703
  *Whitehall Corp......................................       3,200         54,400
  *Whitman Education Group, Inc........................       8,200         52,788
  Whitney Holdings Corp................................       6,700        337,513
  *Whittaker Corp......................................       5,600         50,750
  *Wickes Lumber Co....................................       5,500         19,938
  Wiley (John) & Sons, Inc. Class A....................         400         18,275
  *Williams Clayton Energy, Inc........................       4,400         70,675
  *Williams Controls, Inc..............................       6,900         15,848
  *Williams-Sonoma, Inc................................       7,625        289,988
  *Wilmar Industries, Inc..............................       6,600        169,125
  *Wilshire Financial Services Group, Inc..............       1,600         44,000
  Wilshire Oil Co. of Texas............................       3,700         21,044
  *Wind River Systems, Inc.............................         900         34,931
  Windmere Corp........................................      12,200        294,325
  Winnebago Industries, Inc............................      19,300        148,369
  *Winsloew Furniture, Inc.............................       4,500         66,656
  *Winstar Communications, Inc.........................      19,800        524,700
  Wireless Telecom Group, Inc..........................      15,600        112,125
  Wiser Oil Co.........................................       5,500         83,875
  Wolohan Lumber Co....................................       2,800         36,750
  *Wolverine Tube, Inc.................................       6,900        219,075
  *Wonderware Corp.....................................       6,900        126,572
  Woodhead Industries, Inc.............................       5,200         99,125
  *Workgroup Technology Corp...........................       3,200         11,500
  *World Acceptance Corp...............................       9,300         48,825
  *World Access, Inc...................................       9,400        229,125
  *#World Airways, Inc.................................       3,600         28,238
  World Fuel Services Corp.............................       4,000        112,500
  *Worldcorp, Inc......................................       9,400         10,575
  *Worldtex, Inc.......................................      13,200        112,200
  Worthington Foods, Inc...............................       7,233        166,359
  *Wyant Corp..........................................         200          1,325
  *#Wyman-Gordon Co....................................       1,000         21,625

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  

  Wynns International, Inc.............................       6,850   $    222,197
  X-Rite, Inc..........................................      10,500        202,125
  *Xcellent, Inc.......................................       4,000         50,250
  *Xeta Corp...........................................       1,000         21,563
  *Xetel Corp..........................................       3,100         12,691
  *Xicor, Inc..........................................      12,200         59,094
  *Xircom, Inc.........................................      13,700        146,419
  *Xoma Corp...........................................      33,200        227,731
  *Xpedite Systems, Inc................................       4,400        117,975
  Xtra Corp............................................       5,000        263,750
  *Xylan Corp..........................................      16,700        341,828
  Yankee Energy Systems, Inc...........................       4,900        116,069
  Yardville National Bancorp...........................       1,100         36,713
  *Yellow Corp.........................................      16,900        447,850
  *#Yes Entertainment Corp.............................       5,600          8,050
  York Financial Corp..................................       4,251        110,792
  *York Research Corp..................................      10,400         82,225
  *Young Broadcasting, Inc. Class A....................       6,100        221,125
  *Youth Services International, Inc...................       7,000        101,500
  *Zale Corp...........................................      17,600        391,600
  *Zaring National Corp................................       1,900         17,931
  *Zebra Technologies Corp. Class A....................       7,300        232,459
  Zeigler Coal Holding Co..............................      14,100        223,838
  *Zemex Corp..........................................       4,995         47,462
  *Zenith Electronics Corp.............................      28,000        215,250
  Zenith National Insurance Corp.......................       8,800        235,400
  Zero Corp............................................       6,100        170,419
  *#Zila, Inc..........................................       2,557         16,061
  *Zilog, Inc..........................................      16,000        306,000
  *Zing Technologies, Inc..............................       1,500         14,344
  *Zitel Corp..........................................      10,700        120,041
  *Zoll Medical Corp...................................       5,200         35,994
  *#Zoltek Companies, Inc..............................       8,100        300,713
  *#Zonagen, Inc.......................................       4,300        134,778
  *#Zoran Corp.........................................       3,500         59,719
  Zurn Industries, Inc.................................       6,200        211,984
  *Zygo Corp...........................................       5,200        111,475
  *Zytec Corp..........................................       4,100        106,600
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $334,723,904)..................................                426,558,729
                                                                      ------------
PREFERRED STOCKS -- (0.1%)                                                        
  News Corp., Ltd. ADR (Representing 4 Preferred                                  
    Shares)                                                                       
    (Cost $263,020)....................................      31,521        622,540
                                                                      ------------
RIGHTS/WARRANTS -- (0.0%)                                                         
  *American Satellite Network, Inc. Warrants                                      
    06/30/99...........................................       2,525              0
  *Amvestors Financial Corp. Warrants Class A                                     
    04/02/02...........................................         391          3,177
  *CSF Holdings, Inc. Litigation Rights 12/30/99.......       3,250              0
  *Fusion Systems Corp. Contingent Payment Rights                                 
    03/31/99...........................................       3,800          4,097
  *Millicom, Inc. Contingent Value Rights..............      10,100              0
  *PC Quote, Inc. Rights 12/19/97......................       3,600          1,350
  *Statesman Group, Inc. Contingent Payment Rights.....       9,765              0
  *Today's Man, Inc. Rights 12/05/97...................       3,225              0
                                                                      ------------
TOTAL RIGHTS/WARRANTS                                                             
  (Cost $5,192)........................................                      8,624
                                                                      ------------

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CONTINUED                                                                       

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                                                             FACE                   
                                                            AMOUNT           VALUE+ 
                                                         ------------  ------------ 
                                                            (000)                   
                                                                                    
TEMPORARY CASH INVESTMENTS -- (2.7%)                                                
  Repurchase Agreement, PNC Capital Markets Inc. 5.45%,                             
    12/01/97 (Collateralized by U.S. Treasury Notes                                 
    6.25%, 07/31/98, valued at $11,988,113) to be                                   
    repurchased at $11,809,361.                                                     
    (Cost $11,804,000).................................  $    11,804   $ 11,804,000 
                                                                       ------------ 
TOTAL INVESTMENTS -- (101.4%)                                                       
  (Cost $346,796,116)++................................                 438,993,893 
                                                                       ------------ 
OTHER ASSETS AND LIABILITIES -- (-1.4%)                                             
  Other Assets.........................................                   1,475,773 
  Payable for Investment Securities Purchased..........                  (7,556,963)
  Other Liabilities....................................                     (79,859)
                                                                       ------------ 
                                                                         (6,161,049)
                                                                       ------------ 
NET ASSETS -- (100.0%) Applicable to 31,308,841                                     
  Outstanding $.01 Par Value Shares (Unlimited Number                               
  of Shares Authorized)................................                $432,832,844 
                                                                       ------------ 
                                                                       ------------ 
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER                                  
  SHARE................................................                $      13.82 
                                                                       ------------ 
                                                                       ------------ 
--------------------                                                                
+See Note B to Financial Statements.                                                
*Non-Income Producing Securities                                                    
#Total or Partial Securities on Loan                                                
++The cost for federal income tax purposes is $347,982,097.                         

See accompanying Notes to Financial Statements. 

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STATEMENT OF NET ASSETS 

NOVEMBER 30, 1997 

                                                                [Download Table]

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
COMMON STOCKS -- (99.8%)                                                          
 *3COM Corp............................................      38,200   $  1,383,556
 AMP, Inc..............................................      24,304      1,055,705
 *AMR Corp.............................................      10,300      1,248,231
 AON Corp..............................................      18,475        978,020
 AT & T Corp...........................................     179,539     10,031,742
 Abbott Laboratories...................................      85,100      5,531,500
 Adobe Systems, Inc....................................       8,300        348,081
 *Advanced Micro Devices, Inc..........................      15,600        340,275
 Aeroquip Vickers, Inc.................................       3,000        153,187
 Aetna, Inc............................................      16,537      1,246,476
 #Ahmanson (H.F.) & Co.................................      10,800        642,600
 Air Products & Chemicals, Inc.........................      12,200        935,587
 *Airtouch Communications, Inc.........................      55,600      2,182,300
 Alberto-Culver Co. Class B............................       6,500        202,719
 Albertson's Inc.......................................      27,200      1,207,000
 Alcan Aluminum, Ltd...................................      25,000        673,437
 Allegheny Teledyne, Inc...............................      19,400        499,550
 Allergan, Inc.........................................       7,000        237,125
 AlliedSignal, Inc.....................................      62,400      2,316,600
 Allstate Corp.........................................      48,127      4,132,906
 Alltel Corp...........................................      20,700        822,825
 Aluminium Co. of America..............................      19,200      1,291,200
 *Alza Corp............................................       9,200        245,525
 Amerada Hess Corp.....................................      10,000        560,000
 American Electric Power Co., Inc......................      21,000      1,040,812
 American Express Co...................................      51,800      4,085,725
 American General Corp.................................      27,480      1,480,485
 American Greetings Corp. Class A......................       8,100        297,169
 American Home Products Corp...........................      71,600      5,003,050
 American International Group, Inc.....................      77,493      7,812,263
 American Stores Co....................................      30,300        600,319
 Ameritech Corp........................................      60,900      4,693,106
 Amgen, Inc............................................      29,300      1,499,794
 Amoco Corp............................................      54,300      4,887,000
 Anadarko Petroleum Corp...............................       6,800        442,000
 Andrew Corp...........................................      10,193        269,796
 Anheuser-Busch Companies, Inc.........................      54,300      2,345,081
 Apache Corp...........................................       9,800        360,150
 *#Apple Computer, Inc.................................      14,200        251,606
 *Applied Materials, Inc...............................      40,200      1,325,344
 Archer-Daniels Midland Co.............................      61,991      1,325,058
 *Armco, Inc...........................................      11,600         61,625
 #Armstrong World Industries, Inc......................       4,500        310,219
 Asarco, Inc...........................................       4,650        115,669
 Ashland, Inc..........................................       8,100        378,169
 #Atlantic Richfield Co................................      35,400      2,885,100
 Autodesk, Inc.........................................       5,600        215,075
 Automatic Data Processing, Inc........................      32,400      1,822,500
 *#Autozone, Inc.......................................      16,700        501,000
 Avery Dennison Corp...................................      11,500        481,562
 #Avon Products, Inc...................................      14,700        849,844
 Baker Hughes, Inc.....................................      18,600        778,875
 Ball Corp.............................................       3,300        127,050
 Baltimore Gas & Electric Co...........................      16,350        501,741
 Banc One Corp.........................................      64,411      3,309,115
 #Bank of New York Co., Inc............................      42,000      2,257,500
 BankAmerica Corp......................................      77,236      5,638,228
 BankBoston Corp.......................................      16,100      1,434,912


                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
 Bankers Trust New York Corp...........................      11,000   $  1,304,187
 Bard (C.R.), Inc......................................       6,300        188,606
 Barnett Banks, Inc....................................      21,900      1,541,212
 #Barrick Gold Corp....................................      41,300        684,031
 Battle Mountain Gold Co...............................      25,200        127,575
 Bausch & Lomb, Inc....................................       6,100        241,712
 Baxter International, Inc.............................      31,000      1,569,375
 *Bay Networks, Inc....................................      23,200        697,450
 Becton Dickinson & Co.................................      13,600        701,250
 Bell Atlantic Corp....................................      85,806      7,658,185
 Bellsouth Corp........................................     109,400      5,989,650
 Bemis Co., Inc........................................       5,800        244,325
 Beneficial Corp.......................................       5,700        442,462
 *#Bethlehem Steel Corp................................      12,600        129,150
 *Beverly Enterprises..................................      12,300        209,100
 Biomet, Inc...........................................      12,500        298,047
 Black & Decker Corp...................................      10,200        374,850
 Block (H.&R.), Inc....................................      11,300        463,300
 Boeing Co.............................................     110,486      5,869,569
 Boise Cascade Corp....................................       6,000        202,125
 *#Boston Scientific Corp..............................      21,500        971,531
 Briggs & Stratton Corp................................       2,800        143,150
 Bristol Myers Squibb Co...............................     110,100     10,308,112
 Brown-Forman Corp. Class B............................       7,900        405,862
 Browning-Ferris Industries, Inc.......................      21,800        777,987
 Brunswick Corp........................................      10,800        361,125
 Burlington Northern Santa Fe Corp.....................      17,237      1,577,185
 #Burlington Resources, Inc............................      19,590        871,755
 CIGNA Corp............................................       8,300      1,388,175
 CPC International, Inc................................      15,900      1,643,662
 CSX Corp..............................................      24,100      1,260,731
 *CUC International, Inc...............................      45,350      1,303,812
 CVS Corp..............................................      19,000      1,261,125
 *#Cabletron Systems, Inc..............................      17,400        400,200
 Caliber Systems, Inc..................................       4,300        229,781
 Campbell Soup Co......................................      50,900      2,850,400
 Cardinal Health, Inc..................................      12,100        916,575
 Carolina Power & Light Co.............................      16,700        624,162
 #Case Corp............................................       8,500        527,000
 Caterpillar, Inc......................................      41,500      1,989,406
 Centex Corp...........................................       3,100        196,462
 Central & South West Corp.............................      23,400        585,000
 *#Ceridian Corp.......................................       8,700        381,712
 Champion International Corp...........................      10,800        578,475
 *Charming Shoppes, Inc................................      11,900         58,198
 Chase Manhattan Corp..................................      46,796      5,083,215
 Chevron Corp..........................................      72,300      5,797,556
 Chrysler Corp.........................................      74,400      2,552,850
 Chubb Corp............................................      19,000      1,347,812
 Cincinnati Milacron, Inc..............................       4,400        130,075
 Cinergy Corp..........................................      17,593        626,751
 *Circuit City Stores, Inc. (Circuit City Group).......      10,700        351,094
 *Cisco Sytems, Inc....................................      73,800      6,362,944
 Citicorp..............................................      50,700      6,080,831
 *Clear Channel Communications, Inc....................      10,900        738,475
 #Clorox Co............................................      11,600        900,450
 Coastal Corp..........................................      11,750        688,109
 Coca-Cola Co..........................................     276,300     17,268,750

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                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
Cognizant Corp........................................      18,100   $    776,037
Colgate-Palmolive Co..................................      32,800      2,191,450
Columbia Gas System, Inc..............................       6,100        443,775
Columbia/HCA Healthcare Corp..........................      72,182      2,129,369
Comcast Corp. Class A Special.........................      38,550      1,080,605
Comerica, Inc.........................................      11,800      1,005,212
*Compaq Computer Corp.................................      83,395      5,206,975
Computer Associates International, Inc................      60,412      3,145,226
*Computer Sciences Corp...............................       8,400        665,175
Conagra, Inc..........................................      52,300      1,879,531
Conseco, Inc..........................................      20,700        963,844
Consolidated Edison Co. of New York, Inc..............      25,900        977,725
Consolidated Natural Gas Co...........................      10,700        646,012
Cooper Industries, Inc................................      13,600        702,100
Cooper Tire & Rubber Co...............................       8,500        190,187
Coors (Adolph) Co. Class B............................       4,000        143,500
Corestates Financial Corp.............................      22,400      1,731,800
#Corning, Inc.........................................      25,600      1,086,400
*Costco Companies, Inc................................      23,403      1,038,508
Countrywide Credit Industries, Inc....................      11,600        474,875
Crane Co..............................................       5,000        210,625
Crown Cork & Seal Co., Inc............................      14,300        698,019
Cummins Engine Co., Inc...............................       4,200        270,375
Cyprus Amax Minerals Co., Inc.........................      10,550        193,197
*DSC Communications Corp..............................      13,200        297,825
#DTE Energy Co........................................      16,100        528,281
Dana Corp.............................................      11,700        546,975
Darden Restaurants, Inc...............................      16,900        200,687
*Data General Corp....................................       5,600        100,450
Dayton-Hudson Corp....................................      24,000      1,594,500
Deere & Co............................................      27,900      1,529,269
*#Dell Computer Corp..................................      36,500      3,071,703
Delta Air Lines, Inc..................................       8,000        891,500
#Deluxe Corp..........................................       9,300        328,406
*Digital Equipment Corp...............................      16,900        832,325
Dillards, Inc. Class A................................      12,100        442,406
Disney (Walt) Co......................................      74,700      7,091,831
Dominion Resources, Inc. VA...........................      20,600        800,825
Donnelley (R.R.) & Sons Co............................      16,200        571,050
Dover Corp............................................      12,400        831,575
Dow Chemical Co.......................................      25,100      2,478,625
Dow Jones & Co., Inc..................................      10,800        546,075
Dresser Industries, Inc...............................      19,300        721,337
DuPont (E.I.) de Nemours & Co.........................     124,800      7,558,200
#Duke Power Co........................................      39,866      2,073,032
Dun & Bradstreet Corp.................................      18,800        526,400
E G & G, Inc..........................................       5,100        100,087
*EMC Corp. MA.........................................      54,400      1,649,000
Eastern Enterprises...................................       2,300         92,575
Eastman Chemical Co...................................       8,550        516,206
Eastman Kodak Co......................................      35,900      2,176,437
Eaton Corp............................................       8,600        812,162
#Echlin, Inc..........................................       6,900        218,644
Echo Bay Mines, Ltd...................................      15,500         35,844
Ecolab, Inc...........................................       7,100        362,100
Edison International..................................      43,900      1,177,069
Emerson Electric Co...................................      49,100      2,700,500
Engelhard Corp........................................      16,174        288,099
Enron Corp............................................      33,900      1,313,625
#Entergy Corp.........................................      26,800        696,800

                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
#Equifax, Inc.........................................      16,700   $    569,887
Exxon Corp............................................     275,700     16,817,700
*FMC Corp.............................................       4,100        299,556
#FPL Group, Inc.......................................      20,100      1,124,344
*Federal Express Corp.................................      12,700        851,694
Federal Home Loan Mortgage Corp.......................      76,900      3,172,125
#Federal National Mortgage Association................     117,300      6,194,906
*Federated Department Stores, Inc.....................      23,100      1,052,494
Fifth Third Bancorp...................................      17,000      1,193,187
First Chicago NBD Corp................................      32,793      2,566,052
#First Data Corp......................................      49,000      1,387,312
First Union Corp......................................      61,880      3,016,650
*FirstEnergy Corp.....................................      25,400        685,800
Fleet Financial Group, Inc............................      27,664      1,827,553
Fleetwood Enterprises, Inc............................       4,000        142,750
Fleming Companies, Inc................................       4,200         69,825
*Fluor Corp...........................................       9,500        341,406
Ford Motor Co.........................................     132,100      5,680,300
Fort James Corp.......................................      20,800        813,800
Fortune Brands, Inc...................................      19,000        687,562
*#Foster Wheeler Corp.................................       4,450        137,116
#Freeport McMoran Copper & Gold, Inc. Class B.........      21,900        458,531
Frontier Corp.........................................      18,100        443,450
*#Fruit of The Loom, Inc. Class A.....................       8,000        186,500
GPU, Inc..............................................      13,500        533,250
GTE Corp..............................................     105,500      5,334,344
Gannett Co., Inc......................................      31,300      1,817,356
Gap, Inc..............................................      29,700      1,594,519
General Dynamics Corp.................................       6,800        589,050
General Electric Co...................................     364,300     26,867,125
General Mills, Inc....................................      17,700      1,309,800
General Motors Corp...................................      80,600      4,916,600
General RE Corp.......................................       8,900      1,766,650
General Signal Corp...................................       5,500        224,469
Genuine Parts Co......................................      19,975        639,200
Georgia-Pacific Corp..................................      10,200        870,825
Giant Food, Inc. Class A..............................       6,500        219,375
Gillette Co...........................................      61,700      5,695,681
Golden West Financial Corp............................       6,200        555,675
Goodrich (B.F.) Co....................................       5,900        262,550
Goodyear Tire & Rubber Co.............................      17,200      1,043,825
Grace (W.R.) and Co...................................       7,900        574,725
Grainger (W.W.), Inc..................................       5,500        514,937
Great Atlantic & Pacific Tea Co., Inc.................       4,200        129,675
*Great Lakes Chemical Corp............................       6,500        291,687
Green Tree Financial Corp.............................      15,100        462,437
Guidant Corp..........................................      16,400      1,053,700
HBO & Co..............................................      21,900        981,394
*HFS, Inc.............................................      17,600      1,207,800
#Halliburton Co.......................................      28,100      1,515,644
#Harcourt General, Inc................................       8,023        439,259
#Harland (John H.) Co.................................       3,350         69,303
Harnischfeger Industries, Inc.........................       5,476        209,115
*Harrahs Entertainment, Inc...........................      11,400        228,712
Harris Corp...........................................       9,000        426,937
Hartford Financial Services Group, Inc................      13,100      1,097,125
#Hasbro, Inc..........................................      14,225        413,414
*Healthsouth Corp.....................................      42,700      1,120,875
Heinz (H.J.) Co.......................................      40,950      2,050,059

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                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
Helmerich & Payne, Inc................................       2,800   $    212,975
#Hercules, Inc........................................      11,100        539,044
Hershey Foods Corp....................................      15,800        969,725
Hewlett-Packard Co....................................     114,800      7,009,975
#Hilton Hotels Corp...................................      27,600        859,050
Home Depot, Inc.......................................      80,772      4,518,184
Homestake Mining Co...................................      16,400        172,200
Honeywell, Inc........................................      14,200        930,100
Household International, Inc..........................      11,800      1,486,800
Houston Industries, Inc...............................      31,500        746,156
*Humana, Inc..........................................      18,100        401,594
Huntington Bancshares, Inc............................      21,000        711,375
*ITT Corp.............................................      13,000        986,375
ITT Industries, Inc...................................      13,300        422,275
Ikon Office Solutions, Inc............................      14,800        450,475
Illinois Tool Works, Inc..............................      27,600      1,512,825
Inco, Ltd.............................................      18,600        354,562
#Ingersoll-Rand Co....................................      18,300        748,012
Inland Steel Industries, Inc..........................       5,400        103,275
Intel Corp............................................     181,500     14,094,609
International Business Machines Corp..................     109,100     11,953,269
International Flavors & Fragrances, Inc...............      12,300        592,706
International Paper Co................................      33,500      1,589,156
#Interpublic Group of Companies, Inc..................      13,850        663,934
Jefferson-Pilot Corp..................................       7,650        583,791
Johnson & Johnson.....................................     146,900      9,245,519
Johnson Controls, Inc.................................       9,100        416,894
Jostens, Inc..........................................       4,300        103,200
*K Mart Corp..........................................      53,700        674,606
*KLA-Tencor Corp......................................       9,500        367,531
Kaufman & Broad Home Corp.............................       4,300         93,256
Kellogg Co............................................      45,700      2,119,337
#Kerr-McGee Corp......................................       5,200        344,825
Keycorp...............................................      23,900      1,611,756
Kimberly Clark Corp...................................      61,584      3,206,217
King World Productions, Inc...........................       4,100        222,937
Knight Ridder, Inc....................................       9,500        476,187
*Kroger Co............................................      28,200        971,138
*LSI Logic Corp.......................................      15,700        365,025
Laidlaw, Inc..........................................      36,500        474,500
Lilly (Eli) & Co......................................     122,800      7,744,075
Limited, Inc..........................................      29,900        719,469
Lincoln National Corp.................................      11,300        806,538
Liz Claiborne, Inc....................................       7,500        376,875
#Lockheed Martin Corp.................................      21,357      2,083,642
Loews Corp............................................      12,800      1,358,400
Longs Drug Stores Corp................................       4,300        125,775
#Louisiana-Pacific Corp...............................      12,300        248,306
Lowe's Companies, Inc.................................      19,300        886,594
Lucent Technologies, Inc..............................      70,890      5,680,061
MBIA, Inc.............................................      10,000        628,750
#MBNA Corp............................................      55,430      1,472,359
MCI Communications Corp...............................      76,400      3,354,438
#MGIC Investment Corp.................................      12,600        736,313
*Mallinckrodt, Inc....................................       7,900        292,300
Manor Care, Inc.......................................       7,300        257,325
Marriott International, Inc...........................      14,200      1,028,613
#Marsh & McLennan Companies, Inc......................      18,600      1,384,538
Masco Corp............................................      18,200        857,675
Mattel, Inc...........................................      32,152      1,288,090

                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
May Department Stores Co..............................      25,600   $  1,376,000
Maytag Corp...........................................      10,700        345,744
McDermott International, Inc..........................       6,100        192,150
#McDonalds Corp.......................................      75,900      3,681,150
McGraw-Hill Companies, Inc............................      11,100        759,656
Mead Corp.............................................       6,000        387,375
Medtronic, Inc........................................      51,700      2,468,675
#Mellon Bank Corp.....................................      27,900      1,581,581
Mercantile Stores Co., Inc............................       4,100        264,963
Merck & Co., Inc......................................     134,500     12,718,656
Meredith Corp.........................................       5,900        205,763
#Merrill Lynch & Co., Inc.............................      36,600      2,568,863
*#Micron Technology, Inc..............................      23,300        579,588
*Microsoft Corp.......................................     133,400     18,871,931
Millipore Corp........................................       4,800        186,000
Minnesota Mining & Manufacturing Co...................      45,800      4,462,638
*#Mirage Resorts, Inc.................................      19,700        467,875
Mobil Corp............................................      86,900      6,251,369
Monsanto Co...........................................      65,200      2,848,425
#Moore Corp., Ltd.....................................       9,600        149,400
Morgan (J.P.) & Co., Inc..............................      19,700      2,249,494
Morgan Stanley Dean Witter Discover & Co..............      64,909      3,525,370
Morton International, Inc.............................      15,200        517,750
Motorola, Inc.........................................      65,800      4,137,175
Nacco Industries, Inc. Class A........................         800         87,100
Nalco Chemical Co.....................................       7,200        279,450
National City Corp....................................      23,700      1,581,975
*#National Semiconductor Corp.........................      17,700        586,313
National Service Industries, Inc......................       5,000        234,063
#NationsBank Corp.....................................      78,576      4,719,471
*Navistar International Corp..........................       7,970        175,340
New York Times Class A................................      10,400        617,500
Newell Co.............................................      17,700        722,381
Newmont Mining Corp...................................      17,313        520,472
*Nextlevel Systems, Inc...............................      16,280        215,710
*Niagara Mohawk Power Corp............................      16,000        153,000
Nicor, Inc............................................       5,300        213,325
#Nike, Inc. Class B...................................      31,900      1,553,131
Nordstrom, Inc........................................       8,400        495,338
Norfolk Southern Corp.................................      41,600      1,323,400
Northern States Power Co. MN..........................       8,400        460,950
#Northern Telecom, Ltd................................      29,000      2,604,563
#Northrop Grumman Corp................................       7,300        823,075
#Norwest Corp.........................................      82,900      3,103,569
*Novell, Inc..........................................      38,600        354,034
#Nucor Corp...........................................       9,600        480,000
Occidental Petroleum Corp.............................      36,500      1,083,594
Oneok, Inc............................................       3,100        115,863
*#Oracle Systems Corp.................................     108,262      3,603,095
*Oryx Energy Co.......................................      11,900        321,300
Owens Corning.........................................       6,200        227,850
*#Owens-Illinois, Inc.................................      15,600        528,450
PECO Energy Co........................................      24,500        595,656
#PG&E Corp. (Holding Co.).............................      48,300      1,364,475
PNC Bank Corp.........................................      33,850      1,821,553
PP&L Resources, Inc...................................      18,400        432,400
#PPG Industries, Inc..................................      19,800      1,147,163
#Paccar, Inc..........................................       8,420        459,943
Pacific Enterprises...................................       9,000        318,375
PacifiCorp............................................      32,800        764,650

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                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
Pall Corp.............................................      14,166   $    299,257
*Parametric Technology Corp...........................      14,200        717,544
Parker-Hannifin Corp..................................      12,425        552,913
Penney (J.C.) Co., Inc................................      27,600      1,773,300
Pennzoil Co...........................................       5,200        346,450
Peoples Energy Corp...................................       3,900        142,838
*Pep Boys - Manny, Moe & Jack.........................       6,900        173,363
Pepsico, Inc..........................................     169,200      6,239,250
Perkin Elmer Corp.....................................       4,700        326,944
Pfizer, Inc...........................................     142,800     10,388,700
Pharmacia & Upjohn, Inc...............................      56,080      1,892,700
Phelps Dodge Corp.....................................       6,600        437,250
Philip Morris Companies, Inc..........................     270,000     11,745,000
Phillips Petroleum Co.................................      29,000      1,404,688
Pioneer Hi-Bred International, Inc....................       7,200        735,300
Pitney Bowes, Inc.....................................      15,900      1,336,594
Placer Dome, Inc......................................      26,300        322,175
Polaroid Corp.........................................       5,000        212,500
Potlatch Corp.........................................       3,200        155,600
Praxair, Inc..........................................      17,500        768,906
Procter & Gamble Co...................................     150,232     11,464,580
Progressive Corp......................................       7,900        805,800
Providian Financial Corp..............................      10,600        467,063
Public Service Enterprise Group, Inc..................      25,500        744,281
Pulte Corp............................................       2,400         97,350
Quaker Oats Co........................................      15,200        805,600
Ralston Purina Group..................................      11,800      1,097,400
Raychem Corp..........................................       4,700        444,444
Raytheon Co...........................................      26,000      1,454,375
*Reebok International, Ltd............................       6,100        239,806
Republic New York Corp................................       6,000        652,500
Reynolds Metals Co....................................       8,000        455,500
#Rite Aid Corp........................................      13,700        900,775
Rockwell International Corp...........................      23,100      1,126,125
#Rohm & Haas Co.......................................       6,800        625,175
*Rowan Companies, Inc.................................       9,400        319,600
Royal Dutch Petroleum Co. Den Haag (N.Y. Registry)....     239,000     12,592,313
Rubbermaid, Inc.......................................      16,600        402,550
Russell Corp..........................................       4,100        125,306
Ryder System, Inc.....................................       8,500        308,656
SBC Communications, Inc...............................     101,004      7,354,354
Safeco Corp...........................................      15,500        760,469
Safety Kleen Corp.....................................       6,400        177,600
*Saint Jude Medical, Inc..............................       9,950        294,769
Saint Paul Companies, Inc.............................       9,400        752,000
Sara Lee Corp.........................................      53,100      2,807,663
Schering-Plough Corp..................................      80,800      5,065,150
#Schlumberger, Ltd....................................      54,800      4,510,725
#Schwab (Charles) Corp................................      29,450      1,135,666
Scientific-Atlanta, Inc...............................       8,800        176,000
*Seagate Technology, Inc..............................      26,800        608,025
#Seagram Co., Ltd.....................................      41,000      1,324,813
Sears, Roebuck & Co...................................      43,300      1,983,681
Service Corp. International...........................      27,900      1,020,094
#Shared Medical Systems Corp..........................       2,700        172,800
Sherwin-Williams Co...................................      19,200        548,400
*Siebel Systems, Inc..................................           0             28
Sigma-Aldrich Corp....................................      10,900        391,038
*Silicon Graphics, Inc................................      19,500        255,938
Snap-On, Inc..........................................       6,600        289,988
#Sonat, Inc...........................................       9,700        422,556

                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
Southern Co...........................................      75,800   $  1,819,200
Southwest Airlines Co.................................      24,300        593,831
Springs Industries, Inc. Class A......................       2,150        108,441
*Sprint Corp..........................................      47,700      2,793,431
Stanley Works.........................................       9,600        423,000
#State Street Corp....................................      17,700      1,053,150
Stone Container Corp..................................      10,800        135,000
#Sun Co., Inc.........................................       8,200        331,588
*Sun Microsystems.....................................      40,840      1,468,964
Sunamerica, Inc.......................................      21,650        876,825
#Suntrust Banks, Inc..................................      23,600      1,675,600
Supervalu, Inc........................................       6,900        271,256
Synovus Financial Corp................................      19,300        616,394
Sysco Corp............................................      19,200        855,600
TJX Companies, Inc....................................      18,000        621,000
#TRW, Inc.............................................      13,700        777,475
Tandy Corp............................................      11,530        495,790
Tektronix, Inc........................................       5,850        245,334
*Tele-Communications, Inc. Class A (TCI Group)........      55,900      1,280,459
*#Tellabs, Inc........................................      20,100      1,044,572
Temple-Inland, Inc....................................       6,600        377,025
*Tenet Healthcare Corp................................      33,400      1,058,363
Tenneco, Inc..........................................      18,800        814,275
Texaco, Inc...........................................      58,500      3,305,250
Texas Instruments, Inc................................      42,500      2,093,125
Texas Utilities Co....................................      26,697      1,067,880
Textron, Inc..........................................      18,200      1,076,075
*Thermo-Electron Corp.................................      16,700        614,769
Thomas & Betts Corp...................................       6,000        272,250
Time Warner, Inc......................................      61,960      3,609,170
#Times Mirror Co. Class A.............................      10,700        635,313
Timken Co.............................................       6,800        240,975
Torchmark Corp........................................      15,100        616,269
*Toys R Us, Inc.......................................      31,500      1,074,938
Transamerica Corp.....................................       6,900        749,081
#Travelers Group, Inc.................................     126,535      6,390,018
Tribune Co............................................      13,600        766,700
*Tricon Global Restaurants, Inc.......................      17,040        576,165
Tupperware Corp.......................................       6,700        159,963
Tyco International, Ltd...............................      59,000      2,315,750
U.S. Bancorp..........................................      26,998      2,903,972
UNUM Corp.............................................      15,400        730,538
US West, Inc. Communications Group Class..............      53,000      2,394,938
*US West, Inc. Media Group Class......................      67,000      1,779,688
*USAir Group, Inc.....................................      10,200        562,275
USF&G Corp............................................      12,400        250,325
UST, Inc..............................................      20,400        629,850
USX-Marathon Group, Inc...............................      31,900      1,092,575
USX-US Steel Group....................................       9,320        291,833
Unicom Corp., Inc.....................................      23,800        693,175
Unilever NV...........................................      70,700      4,105,019
Union Camp Corp.......................................       7,500        450,469
Union Carbide Corp....................................      13,900        613,338
Union Electric Co.....................................      11,100        441,919
Union Pacific Corp....................................      27,400      1,644,000
Union Pacific Resources Group, Inc....................      28,076        698,391
*Unisys Corp..........................................      19,300        276,231
United Healthcare Corp................................      20,700      1,077,694
United States Surgical Corp...........................       8,000        211,000
United Technologies Corp..............................      25,900      1,940,881

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                                                              SHARES        VALUE+ 
                                                        ------------  ------------ 
                                                                                   
 Unocal Corp...........................................      27,400   $  1,090,863 
 *Unova, Inc...........................................       5,700         96,544 
 VF Corp...............................................      14,400        665,100 
 *Viacom, Inc. Class B.................................      39,134      1,369,690 
 *Wachovia Corp........................................      18,700      1,439,900 
 Wal-Mart Stores, Inc..................................     250,600     10,008,338 
 Walgreen Co...........................................      54,400      1,751,000 
 #Warner-Lambert Co....................................      30,100      4,210,238 
 #Washington Mutual, Inc...............................      27,620      1,905,780 
 Waste Management, Inc.................................      50,200      1,236,175 
 #Wells Fargo & Co.....................................       9,899      3,041,468 
 Wendy's International, Inc............................      14,700        308,700 
 *Western Atlas, Inc...................................       5,900        410,419 
 Westinghouse Electric Corp............................      77,900      2,337,000 
 Westvaco Corp.........................................      11,450        373,556 
 Weyerhaeuser Co.......................................      22,100      1,167,156 
 Whirlpool Corp........................................       8,100        443,981 
 Whitman Corp..........................................      11,000        289,438 
 *Willamette Industries, Inc...........................      12,400        435,550 
 Williams Companies, Inc...............................      17,535        937,027 
 #Winn-Dixie Stores, Inc...............................      16,500        667,219 
 *Woolworth Corp.......................................      15,000        324,375 
 *#Worldcom, Inc.......................................      99,720      3,194,156 
 Worthington Industries, Inc...........................      10,875        196,430 
 Wrigley (Wm.) Jr. Co..................................      12,900      1,020,713 
 #Xerox Corp...........................................      35,900      2,788,981 
                                                                      ------------ 
TOTAL COMMON STOCKS                                                                
  (Cost $525,673,682)..................................                820,902,308 
                                                                      ------------ 
                                                            FACE                   
                                                           AMOUNT                  
                                                        ------------               
                                                           (000)                   
TEMPORARY CASH INVESTMENTS -- (0.5%)                                               
 Repurchase Agreement, PNC Capital Markets Inc. 5.45%,                             
   12/01/97 (Collateralized by U.S. Treasury Notes                                 
   6.25%, 07/31/98, valued at $4,146,188) to be                                    
   repurchased at $4,085,855 (Cost $4,084,000)......... $     4,084      4,084,000 
                                                                      ------------ 
TOTAL INVESTMENTS -- (100.3%) (Cost $529,757,682)++....                824,986,308 
                                                                      ------------ 
OTHER ASSETS AND LIABILITIES -- (-0.3%)                                            
 Other Assets..........................................                  1,485,666 
 Payable for Investment Securities Purchased...........                 (3,724,306)
 Payable for Fund Shares Redeemed......................                   (175,855)
 Other Liabilities.....................................                    (78,991)
                                                                      ------------ 
                                                                        (2,493,486)
                                                                      ------------ 
NET ASSETS -- (100.0%).................................               $822,492,822 
                                                                      ------------ 
                                                                      ------------ 
--------------------                                                               
+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. 

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STATEMENT OF NET ASSETS 

NOVEMBER 30, 1997 

                                                                [Download Table]

                                                             FACE                  
                                                           AMOUNT@           VALUE+
                                                         ------------  ------------
                                                            (000)                  
                                                                                   
UNITED STATES -- (36.1%)                                                           
COMMERCIAL PAPER -- (27.4%)                                                        
Barton Capital Corp. C.P.                                                          
   5.590%, 12/05/97....................................        1,720   $  1,718,934
Caisse Centrale des Jardins C.P.                                                   
   5.730%, 01/26/98....................................          736        729,508
Corporate Asset Funding Corp. C.P.                                                 
   5.700%, 01/09/98....................................        1,750      1,739,194
Den Norske Stats Olejeselskap A.S. C.P.                                            
   5.800%, 12/01/97....................................        1,400      1,400,000
Eksportfinas C.P.                                                                  
   5.550%, 12/05/97....................................        1,525      1,524,054
Enterprise Funding Corp. C.P.                                                      
   5.730%, 01/02/98....................................          700        696,435
Matterhorn Capital Corp. C.P.                                                      
   5.720%, 01/12/98....................................          700        695,345
Novartis Finance Corp. C.P.                                                        
   5.600%, 12/10/97....................................          560        559,215
Paccar Financial Corp. C.P.                                                        
   5.750%, 12/01/97....................................        1,000      1,000,000
Sheffield Receivables Corp. C.P.                                                   
   5.580%, 12/01/97....................................        1,500      1,500,000
Sigma Finance Corp. C.P.                                                           
   5.850%, 01/30/98....................................        1,495      1,480,872
                                                                       ------------
TOTAL COMMERCIAL PAPER                                                             
  (Cost $13,043,028)...................................                  13,043,557
                                                                       ------------
VARIABLE RATE OBLIGATIONS -- (4.2%)                                                
American Express Centurion Bank                                                    
   ***5.682%, 12/05/97.................................        1,000      1,000,000
First USA Bank                                                                     
   ***6.299%, 12/01/97.................................        1,000      1,002,700
                                                                       ------------
TOTAL VARIABLE RATE OBLIGATIONS (Cost $2,002,845)......                   2,002,700
                                                                       ------------
U.S. TREASURY OBLIGATIONS -- (4.2%)                                                
U.S. Treasury Bills                                                                
   **4.900%, 01/15/98 (Cost $1,987,700)................        2,000      1,987,500
                                                                       ------------
COMMON STOCKS -- (0.3%)                                                            
 Standard & Poors Depository Receipts                                              
   (Cost $141,861).....................................        1,500        143,437
                                                                       ------------
TOTAL -- UNITED STATES                                                             
  (Cost $17,304,434)...................................                  17,177,194
                                                                       ------------
CANADA -- (25.7%)                                                                  
BONDS -- (25.7%)                                                                   
Alberta (Province of)                                                              
   6.000%, 03/01/99....................................        1,000        713,769
British Columbia (Province of)                                                     
   7.000%, 06/09/99....................................        1,000        725,009
Canada (Government of)                                                             
   6.500%, 08/01/99....................................        2,000      1,440,464
                                                             FACE                  
                                                           AMOUNT@           VALUE+
                                                         ------------  ------------
                                                            (000)                  

Cregem Finance NV                                                                  
   8.625%, 05/18/99....................................        1,542   $  1,137,464
Denmark (Kingdom of)                                                               
   6.500%, 10/29/99....................................        1,064        767,299
Electricite de France                                                              
   9.750%, 09/08/99....................................        1,562      1,178,773
Farm Credit Corp. Euro Medium Term Notes                                           
   6.250%, 01/08/99....................................        2,116      1,510,335
General Electric Capital Canada, Inc.                                              
   7.000%, 07/20/99....................................        2,000      1,448,613
Norwest Financial Canada, Inc.                                                     
   6.250%, 12/21/98....................................        1,238        883,385
Oesterreichische Kontrollbank AG                                                   
   10.250%, 07/27/99...................................        2,000      1,519,569
World Bank (International Bank for Reconstruction and                              
  Development)                                                                     
   10.125%, 07/20/99...................................        1,181        896,061
                                                                       ------------
TOTAL -- CANADA                                                                    
  (Cost $12,616,850)...................................                  12,220,741
                                                                       ------------
GERMANY -- (13.1%)                                                                 
BONDS -- (13.1%)                                                                   
Bank Nederlandse Gemeenten                                                         
   6.500%, 08/25/99....................................        2,099      1,229,771
Bank voor Nederlandsche Gemeenten BNG Euro Medium Term                             
  Notes                                                                            
   4.250%, 04/09/99....................................        1,000        566,665
LKB Bader-Wuerttemberg Finance NV                                                  
   6.000%, 05/10/99....................................        2,000      1,161,110
Societe Nationale des Chemis de fer Francais                                       
   6.750%, 09/30/99....................................        1,400        825,476
Suedwestdeutsche Landesbank Giro & Suedwestlb Capital                              
  Markets P.L.C.                                                                   
   6.500%, 04/26/99....................................        3,191      1,860,655
Treuhandanstalt                                                                    
   6.375%, 07/01/99....................................        1,000        585,374
                                                                       ------------
TOTAL -- GERMANY                                                                   
  (Cost $6,210,322)....................................                   6,229,051
                                                                       ------------
FRANCE -- (12.6%)                                                                  
BONDS -- (12.6%)                                                                   
African Development Bank                                                           
   9.375%, 11/15/99....................................       10,000      1,847,212
Credit d'Equipement des Petites et Moyennes Enterprises                            
   9.000%, 08/19/99....................................        7,000      1,275,974
Eurofima Societe Europeene pour le Financement de                                  
  Material Ferroviaire                                                             
   8.625%, 09/01/99....................................        9,000      1,632,611
European Investment Bank                                                           
   6.250%, 07/28/99....................................        7,000      1,223,090
                                                                       ------------
TOTAL BONDS                                                                        
  (Cost $5,847,674)....................................                   5,978,887
                                                                       ------------

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                                                             FACE                   
                                                           AMOUNT@           VALUE+ 
                                                         ------------  ------------ 
                                                            (000)                   
                                                                                    
INVESTMENT IN CURRENCY -- (0.0%)                                                    
 *French Francs (Cost $1)..............................                $          1 
                                                                       ------------ 
TOTAL -- FRANCE                                                                     
  (Cost $5,847,675)....................................                   5,978,888 
                                                                       ------------ 
NETHERLANDS -- (6.0%)                                                               
BONDS -- (6.0%)                                                                     
Austria (Republic of)                                                               
   6.500%, 05/07/99....................................        1,000        516,864 
Netherlands (Kingdom of)                                                            
   7.000%, 08/15/99....................................        3,000      1,573,229 
Rabobank                                                                            
   6.875%, 07/15/99....................................        1,500        782,464 
                                                                       ------------ 
TOTAL BONDS                                                                         
  (Cost $2,830,905)....................................                   2,872,557 
                                                                       ------------ 
INVESTMENT IN CURRENCY -- (0.0%)                                                    
 *Netherlands Guilder (Cost $4)........................                           4 
                                                                       ------------ 
TOTAL -- NETHERLANDS                                                                
  (Cost $2,830,909)....................................                   2,872,561 
                                                                       ------------ 
AUSTRALIA -- (3.0%)                                                                 
BONDS -- (3.0%)                                                                     
ABN-AMRO Australia, Ltd.                                                            
   8.000%, 06/16/99....................................        1,000        708,186 
Rural & Industries Bank Western Australia                                           
   10.000%, 08/23/99...................................        1,000        733,161 
                                                                       ------------ 
TOTAL BONDS                                                                         
  (Cost $1,560,393)....................................                   1,441,347 
                                                                       ------------ 
INVESTMENT IN CURRENCY -- (0.0%)                                                    
 *Australian Dollar (Cost $48).........................                          47 
                                                                       ------------ 
TOTAL -- AUSTRALIA                                                                  
  (Cost $1,560,441)....................................                   1,441,394 
                                                                       ------------ 

                                                             FACE                   
                                                            AMOUNT           VALUE+ 
                                                         ------------  ------------ 
                                                            (000)                   
JAPAN -- (0.0%)                                                                     
INVESTMENT IN CURRENCY -- (0.0%)                                                    
 *Japanese Yen (Cost $19)..............................                $         18 
                                                                       ------------ 
UNITED KINGDOM -- (0.0%)                                                            
INVESTMENT IN CURRENCY -- (0.0%)                                                    
 *British Pound Sterling (Cost $4).....................                           4 
                                                                       ------------ 
TEMPORARY CASH INVESTMENTS -- (0.2%)                                                
 Repurchase Agreement, PNC Capital Markets Inc. 5.45%,                              
   12/01/97 (Collateralized by U.S. Treasury Notes                                  
   8.50%, 11/15/00, valued at $139,588) to be                                       
   repurchased at $129,059. (Cost $129,000)............  $       129        129,000 
                                                                       ------------ 
TOTAL INVESTMENTS -- (96.7%) (Cost $46,370,654)++......                  46,048,851 
                                                                       ------------ 
OTHER ASSETS AND LIABILITIES -- (3.3%)                                              
 Other Assets..........................................                     683,564 
 Unrealized Gain on Futures............................                     739,500 
 Unrealized Gain on Forward Currency Contracts.........                     207,948 
 Unrealized Gain on Swap Contract......................                      58,449 
 Payable for Futures Variation Margin..................                      (4,600)
 Payable for Investment Securities Purchased...........                     (95,876)
 Other Liabilities.....................................                     (21,625)
                                                                       ------------ 
                                                                          1,567,360 
                                                                       ------------ 
NET ASSETS -- (100.0%) Applicable to 3,791,304                                      
  Outstanding $.01 Par Value Shares (Unlimited Number                               
  of Shares Authorized)................................                $ 47,616,211 
                                                                       ------------ 
                                                                       ------------ 
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER                                  
  SHARE................................................                $      12.56 
                                                                       ------------ 
                                                                       ------------ 
--------------------                                                                
+See Note B to Financial Statements.                                                
@Denominated in local currency.                                                     
*Non-Income Producing Securities                                                    
**Face amount of securities pledged as margin requirement for open futures          
  contracts.                                                                        
***Rates shown are the rates as of November 30, 1997, and maturities shown are      
   the next interest readjustment date.                                             
++Approximates cost for federal income tax purposes.                                

See accompanying Notes to Financial Statements. 

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STATEMENT OF NET ASSETS 

NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                               SHARES           VALUE+
                                                        -------------  ---------------
                                                                                      
COMMON STOCKS -- (98.8%)                                                              
 *3-D Systems Corp.....................................       129,900  $     1,087,913
 AAR Corp..............................................       130,400        5,028,550
 *ABT Building Products Corp...........................        41,000          738,000
 *ACT Networks, Inc....................................       103,000          843,313
 *ACX Technologies, Inc................................       265,200        7,110,675
 *AEP Industries, Inc..................................        37,150        1,200,409
 *AG Associates, Inc...................................        10,200           61,200
 *AG Services America, Inc.............................         2,900           52,381
 *#APS Holding Corp. Class A...........................       167,300          645,673
 *ATL Ultrasound, Inc..................................       100,827        4,360,768
 Aames Financial Corp..................................       287,800        3,885,300
 *#Aasche Transportation Services, Inc.................        43,600          134,888
 Abington Bancorp, Inc.................................        20,800          756,600
 Abrams Industries, Inc................................        10,000           77,500
 *Abraxas Petroleum Corp...............................        68,200        1,116,775
 *Accell International Corp............................        53,000          200,406
 *Acceptance Insurance Companies, Inc..................       168,100        4,086,931
 *Access Beyond, Inc...................................        30,400          164,350
 *Acclaim Entertainment, Inc...........................        77,700          316,870
 Aceto Corp............................................        54,440        1,081,995
 *Acme Metals, Inc.....................................       210,400        2,616,850
 *Acme United Corp.....................................         8,700           50,569
 *Adage, Inc...........................................        59,254          368,486
 *Adam Software, Inc...................................         3,000            8,391
 *Adflex Solutions, Inc................................           800           15,425
 *Advanced Magnetics, Inc..............................         5,000           46,563
 *Advanced Marketing Services, Inc.....................        61,500          795,656
 Advantage Bancorp, Inc................................        41,925        2,636,034
 Advest Group, Inc.....................................        80,200        1,824,550
 *Aeroflex, Inc........................................        46,200          395,588
 *Aerovox, Inc.........................................        60,800          330,600
 Affiliated Community Bancorp..........................        20,500          585,531
 *Air Methods Corp.....................................        91,700          335,278
 *Airtran Holdings, Inc................................        14,600           74,597
 *Alarmguard Holdings, Inc.............................        11,200          120,400
 *#Alaska Air Group, Inc...............................       173,500        6,484,563
 *Alba-Waldensian, Inc.................................         4,700           25,850
 Albank Financial Corp.................................        89,180        4,158,018
 *Aldila, Inc..........................................       178,100          818,147
 Alfa Corp.............................................        80,200        1,313,275
 Alico, Inc............................................        27,800          681,100
 *Alkermes, Inc........................................        68,500        1,357,156
 *All American Semiconductor, Inc......................        23,600           43,144
 Allen Organ Co. Class B...............................         5,000          213,125
 Alliance Bancorp......................................        68,558        1,799,648
 *Alliance Entertainment Corp..........................        67,600            5,408
 *Alliance Semiconductor Corp..........................       364,700        2,313,566
 *Allied Healthcare Products, Inc......................        81,000          640,406
 *Allied Holdings, Inc.................................        61,900        1,218,656
 Allied Life Financial Corp............................        31,600          667,550
 *Allied Research Corp.................................        49,500          612,563
 *Allou Health & Beauty Care, Inc. Class A.............        46,900          369,338
 *Allstate Financial Corp..............................        20,900          128,013
 *Aloette Cosmetics, Inc...............................        17,300           51,359
 *Alpha Beta Technology, Inc...........................        12,000           35,625
 *Alpha Industries, Inc................................        62,200        1,158,475


                                                               SHARES           VALUE+
                                                        -------------  ---------------
                                                                                      
 *Alpha Microsystems, Inc..............................        28,500  $        33,844
 *Alpha Technologies Group, Inc........................        74,400          274,350
 Alpharma, Inc. Class A................................       131,000        2,996,625
 *Alteon, Inc..........................................        13,400           77,469
 Amcast Industrial Corp................................       112,800        2,791,800
 Amcore Financial, Inc.................................        51,850        1,241,159
 *America West Holdings Corp. Class B..................       486,900        7,759,969
 American Annuity Group, Inc...........................        60,850        1,266,441
 American Bank of Connecticut..........................        23,300        1,096,556
 *American Banknote Corp...............................       212,500        1,142,188
 American Biltrite, Inc................................        40,100          937,338
 *American Classic Voyages Co..........................         1,100           18,975
 *American Eagle Group, Inc............................        75,600            3,478
 *American Eagle Outfitters, Inc.......................        33,700        1,139,481
 *American Ecology Corp................................        51,900           76,228
 *American Freightways Corp............................       472,000        6,903,000
 American Heritage Life Investment Corp................       129,400        4,755,450
 *American Homepatient, Inc............................       119,300        2,423,281
 American Indemnity Financial Corp.....................        14,200          180,163
 *American Medical Electronics, Inc. (Escrow-Bonus)....        20,800                0
 *American Medical Electronics, Inc.                                                  
   (Escrow-Earnings)...................................        20,800                0
 *American Mobile Satellite Corp.......................       217,200        1,710,450
 *American Oilfield Divers, Inc........................        53,800          707,806
 *American Pacific Corp................................        90,400          666,700
 *American Physicians Services Group, Inc..............        42,400          307,400
 *American Software, Inc. Class A......................       122,100        1,137,056
 *American Technical Ceramics Corp.....................        32,100          515,606
 *American United Global, Inc..........................        22,100           45,236
 American Vanguard Corp................................         7,040           51,040
 *American Waste Services, Inc. Class A................       200,900          301,350
 American Woodmark Corp................................        35,010          765,844
 Americana Bancorp, Inc................................        23,300          460,175
 *Amerihost Properties, Inc............................        60,600          399,581
 *Ameristar Casinos, Inc...............................        54,800          288,556
 *Ameriwood Industries International Corp..............        47,200          297,950
 Ameron, Inc...........................................        39,900        2,573,550
 *Ames Department Stores, Inc..........................       177,000        2,986,875
 *Amistar Corp.........................................        42,300          153,338
 Ampco-Pittsburgh Corp.................................       133,100        2,528,900
 *Amrep Corp...........................................        76,592          421,256
 *Amresco, Inc.........................................        10,000          277,500
 *Amtech Corp..........................................       157,700          734,291
 *Amtran, Inc..........................................       118,000          951,375
 Amvestors Financial Corp..............................       149,348        3,276,322
 Amwest Insurance Group, Inc...........................        28,050          390,947
 Analogic Corp.........................................        79,500        3,006,094
 Analysis & Technology, Inc............................        19,200          453,600
 *#Anaren Microwave, Inc...............................        35,800          720,475
 Anchor Bancorp Wisconsin, Inc.........................        59,850        1,874,053
 Andover Bancorp, Inc. DE..............................        57,460        2,152,954
 Angelica Corp.........................................       163,400        3,513,100
 *Ann Taylor Stores Corp...............................       395,900        5,641,575

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                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*Ansaldo Signal N.V...................................        69,550  $       315,148
*Antec Corp...........................................       327,800        5,039,925
*Apertus Technologies, Inc............................       107,400          184,594
*Apogee, Inc..........................................       104,800          255,450
*Applied Extrusion Technologies, Inc..................       117,700          930,566
*Applied Magnetics Corp...............................        63,000        1,063,125
*Applied Signal Technologies, Inc.....................        90,500        1,363,156
*#Arcadia Financial, Ltd..............................       413,700        3,464,738
Arch Coal, Inc........................................        55,000        1,447,188
*Arch Communications Group, Inc.......................       287,400        1,966,894
Arctic Cat, Inc.......................................        24,000          252,750
*#Argosy Gaming Corp..................................       355,800        1,445,438
*Arkansas Best Corp...................................       219,000        2,422,688
*Armco, Inc...........................................        90,000          478,125
*Arrow Automotive Industries, Inc.....................        21,600           70,200
Arrow Financial Corp..................................         5,495          180,328
*Artisoft, Inc........................................       157,400          339,394
*Artistic Greetings, Inc..............................        45,700          217,075
Arvin Industries, Inc.................................       156,800        5,409,600
*Asante Technologies, Inc.............................        92,500          450,938
*Ascent Entertainment Group, Inc......................        66,696          721,151
*Aseco Corp...........................................        35,600          356,000
*Ashworth, Inc........................................         7,400           79,781
*Astec Industries, Inc................................        94,800        1,528,650
Astoria Financial Corp................................       172,708        9,542,117
Astro-Med, Inc........................................        49,675          409,819
*Astronics Corp.......................................        20,625          193,359
*Asyst Technologies, Inc..............................        61,200        1,885,725
*Atchison Casting Corp................................        76,200        1,314,450
*Athey Products Corp..................................        17,140           73,381
*Atkinson (Guy F.) of California......................        87,900          321,384
*Atlantic Gulf Communities Corp.......................       109,600          458,950
*Atlantic Tele-Network, Inc...........................       208,700        2,530,488
*Atlantis Plastics, Inc...............................        60,000          341,250
Atrion Corp...........................................        37,750          554,453
*Au Bon Pain, Inc. Class A............................       115,500        1,046,719
*Audiovox Corp. Class A...............................       200,000        1,762,500
*Ault, Inc............................................         9,500           65,609
*Autoimmune, Inc......................................       123,000          357,469
*Autoinfo, Inc........................................        71,700           42,572
*Autologic Information International, Inc.............         7,100           53,250
*Avatar Holdings, Inc.................................        23,000          652,625
*#Avatex Corp.........................................       189,340          331,345
*Aviall, Inc..........................................       117,500        1,667,031
*Avid Technology, Inc.................................       116,500        3,422,188
*Avigen, Inc..........................................       119,500          395,844
*Avondale Industries, Inc.............................       141,500        4,006,219
*Aydin Corp...........................................        54,300          624,450
*Aztar Corp...........................................       559,700        3,917,900
BEI Electronics, Inc..................................        86,000          344,000
*BEI Technologies, Inc................................        86,000        1,032,000
*BF Enterprises, Inc..................................         2,300           19,838
*BFX Hospitality Group, Inc...........................        89,400          234,675
*BHC Communications, Inc. Class A.....................         7,100          891,050
*BI, Inc..............................................       107,300          757,806
*BPI Packaging Technologies, Inc......................        78,200           84,309
*BRC Holdings, Inc....................................        55,400        2,309,488
BSB Bancorp, Inc......................................       104,700        3,265,331
BT Financial Corp.....................................        28,912        1,340,794
*BT Office Products International, Inc................       330,600        3,388,650
*BTU International, Inc...............................        75,800          431,113

                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*BWAY Corp............................................        76,200  $     1,643,063
*Back Bay Restaurant Group, Inc.......................        36,200          233,038
Badger Meter, Inc.....................................        21,200          879,800
Badger Paper Mills, Inc...............................        10,400           87,750
Bairnco Corp..........................................        88,200          870,975
Baker (J.), Inc.......................................       155,818        1,066,379
*Baker (Michael) Corp.................................        62,500          589,844
Baldwin & Lyons, Inc. Class B.........................         1,600           39,400
*Baldwin Piano & Organ Co.............................        27,000          445,500
*Baldwin Technology, Inc. Class A.....................       172,600          863,000
*Bally Total Fitness Holding Corp.....................        22,775          425,608
*Baltek Corp..........................................         4,500           42,188
*Bancinsurance Corp...................................        51,700          248,806
Bancorp Connecticut, Inc..............................        23,700          942,075
*Bank Plus Corp.......................................       169,000        1,869,563
*Bank United Financial Corp. Class A..................        19,900          257,456
#BankAtlantic Bancorp, Inc. Class A...................        80,270        1,083,645
BankAtlantic Bancorp, Inc. Class B....................       115,531        1,635,486
BankNorth Group, Inc. DE..............................        27,200        1,640,500
*Banner Aerospace, Inc................................       310,500        2,949,750
*Banyan System, Inc...................................       153,000          511,594
*Barry (R.G.) Corp....................................        18,000          210,375
*Basin Exploration, Inc...............................        97,900        1,823,388
Bassett Furniture Industries, Inc.....................       135,350        3,975,906
Battle Mountain Gold Co...............................       317,700        1,598,428
#Bay View Capital Corp................................       104,000        3,471,000
*Bayou Steel Corp. Class A............................       121,300          439,713
*Be Aerospace, Inc....................................       100,200        3,150,038
*Beazer Homes USA, Inc................................       111,200        1,984,225
*Bel Fuse, Inc........................................        57,800        1,130,713
*Bell Industries, Inc.................................       101,022        1,679,491
*Bell Microproducts, Inc..............................        99,900          842,906
*Bell Sports Corp.....................................       158,700        1,334,072
*Bellwether Exploration Co............................        81,600          851,700
*Ben & Jerry's Homemade, Inc. Class A.................        70,700        1,135,619
*Berlitz International, Inc...........................        79,100        2,041,769
*Bertuccis, Inc.......................................        99,100          631,763
*Best Buy Co., Inc....................................       176,400        5,137,650
Bindley Western Industries, Inc.......................       133,100        4,092,825
Binks Sames Corp......................................        30,918        1,329,474
*Bio Vascular, Inc....................................         7,000           24,719
*Bio-Rad Laboratories, Inc. Class A...................        43,900        1,105,731
*Bird Corp............................................        18,800           76,375
Birmingham Steel Corp.................................       401,500        6,147,969
*Biscayne Apparel, Inc................................         2,093            1,439
*Black Hawk Gaming & Development, Inc.................        31,600          229,100
Blair Corp............................................       127,100        2,422,844
Blessings Corp........................................        66,700          950,475
*Bluegreen Corp.......................................       213,798          935,366
Bob Evans Farms, Inc..................................       246,100        4,952,763
*Boca Research, Inc...................................        98,700          697,069
*Bombay Co., Inc......................................       372,000        1,929,750
*Bon-Ton Stores, Inc..................................       106,900        1,683,675
*Books-a-Million, Inc.................................       199,000        1,349,469
*Borland International, Inc...........................       124,100        1,248,756
*Boston Chicken, Inc..................................       257,300        2,062,420
Bostonfed Bancorp, Inc................................        15,000          308,438
Bowl America, Inc. Class A............................        45,000          381,094
Bowne & Co., Inc......................................       133,916        5,113,917
*Box Energy Corp. Class B.............................         5,200           37,538

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                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*Boyd Gaming Corp.....................................       353,000  $     2,559,250
*Brauns Fashions Corp.................................        22,200          213,675
*Brazos Sportswear, Inc...............................         4,190           37,710
Brenton Banks, Inc....................................           786           25,766
*Brite Voice Systems, Inc.............................         2,000           18,375
*Brock International, Inc.............................        45,700          188,513
*Brookstone, Inc......................................       111,300        1,349,513
*Brothers Gourmet Coffees, Inc........................       102,500          124,922
*Brown & Sharpe Manufacturing Co. Class A.............       173,600        1,779,400
Brown Group, Inc......................................       297,200        4,810,925
Brush Wellman, Inc....................................       156,000        3,705,000
*Buckhead America Corp................................        15,700          129,525
*Buffets, Inc.........................................       103,000          917,344
*Builders Transport, Inc..............................        61,600          184,800
*Building Materials Holding Corp......................       197,000        2,228,563
*Bull Run Corp. GA....................................        84,500          258,781
Burlington Coat Factory Warehouse Corp................       364,500        6,811,594
*Burlington Industries, Inc...........................        14,000          203,000
*Burr Brown Corp......................................        54,500        1,638,406
*Business Resource Group..............................        33,400          123,163
*Butler International, Inc............................        23,200          391,500
Butler Manufacturing Co...............................        45,500        1,541,313
*Buttrey Food & Drug Stores Co........................       111,400        1,204,513
*C ATS Software, Inc..................................         2,100           11,944
*C-COR Electronics, Inc...............................        12,000          187,500
*C.P. Clare Corp......................................        52,000          698,750
CFX Corp..............................................       151,000        4,190,250
*CMC Industries, Inc..................................        30,700          374,156
*CML Group, Inc.......................................       326,300        1,142,050
CNA Surety Corp.......................................       135,600        1,966,200
*CNS Income...........................................        12,000           95,250
*CPAC, Inc............................................        27,000          290,250
CPB, Inc..............................................       107,000        2,223,594
CPI Corp..............................................       112,400        2,093,450
*CSP, Inc.............................................        29,200          226,300
*CSS Industries, Inc..................................        17,900          590,700
CTS Corp..............................................       180,300        6,130,200
Cadmus Communications Corp............................        94,100        2,011,388
*Caere Corp...........................................        33,900          297,155
*Cal-Maine Foods, Inc.................................         3,000           18,750
*Calcomp Technology, Inc..............................        28,800          129,600
*#Caldor Corp.........................................       111,100           65,993
Calgon Carbon Corp....................................         5,500           60,844
*California Microwave, Inc............................       157,700        2,927,306
Calmat Co.............................................       272,500        7,136,094
*Calumet Bancorp, Inc.................................        27,000          870,750
*Cambridge Soundworks, Inc............................        48,000          507,000
*Cameron Ashley Building Products, Inc................        70,000        1,098,125
*Campo Eletronics, Appliances & Computers, Inc........        43,900           43,214
*Canandaigua Wine Co., Inc. Class A...................        93,100        4,460,072
*Canisco Resources, Inc...............................         5,700           16,031
Cape Cod Bank & Trust Co..............................        11,200          436,800
*Capital Pacific Holdings, Inc........................        92,800          310,300
Capital Re Corp.......................................       101,400        5,684,738
Capitol Bancorp, Ltd..................................        34,727          941,970
Capmac Holdings, Inc..................................       106,600        3,611,075
*Capstone Pharmacy Services, Inc......................        36,000          398,250
*Cardiotech International, Inc........................        15,572           44,770

                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*Cardiovascular Dynamics, Inc.........................       105,000  $       570,938
*Care Group, Inc......................................        71,130           36,676
*Carlyle Industries, Inc..............................        10,231           15,986
*Carmike Cinemas, Inc. Class A........................        67,300        2,082,094
Carnegie Bancorp......................................        18,195          564,045
*Carnegie Group, Inc..................................        20,100           86,681
Carolina First Corp...................................        74,990        1,464,649
*Carr-Gottstein Foods Co..............................       100,657          496,994
*Carson Pirie Scott & Co..............................       180,400        9,313,150
*Carson, Inc..........................................         8,000           65,000
Carter-Wallace, Inc...................................       270,800        4,485,125
*Carver Corp. WA......................................        16,200           16,706
Cascade Corp..........................................        14,600          262,800
*Casco International, Inc.............................         1,911            7,166
Cash America International, Inc.......................       239,200        2,990,000
*Casino America, Inc..................................       323,400          929,775
*Casino Data Systems..................................       206,300          934,797
*Casino Magic Corp....................................       172,600          210,356
*Castle & Cooke, Inc..................................        18,800          312,550
Castle Energy Corp....................................        16,300          226,163
*Catalina Lighting, Inc...............................        85,700          530,269
*Catalyst Semiconductor, Inc..........................        92,400          148,706
*Catherines Stores Corp...............................       114,400          718,575
Cato Corp. Class A....................................       371,700        3,484,688
Cavalier Homes, Inc...................................        13,000          126,750
*Cayenne Software, Inc................................        52,100          127,808
*Celadon Group, Inc...................................       100,000        1,512,500
*Celebrity, Inc.......................................       105,300          210,600
*Cell Genesys, Inc....................................        35,500          303,969
*Cellpro, Inc.........................................       136,800          384,750
*Cellstar Corp........................................        22,800          591,375
Cenfed Financial Corp.................................        58,722        2,354,385
Cenit Bancorp, Inc....................................        18,300        1,251,263
*Centennial Cellular Corp. Class A....................       166,800        3,184,838
*Centigram Communications Corp........................        86,800        1,424,063
Central Co-Operative Bank Somerville, MA..............        24,100          638,650
Central Reserve Life Corp.............................        26,600          133,000
*Central Sprinkler Corp...............................        31,900          574,200
Centris Group, Inc....................................        72,400        1,570,175
*Cephalon, Inc........................................        48,600          495,113
*Ceradyne, Inc........................................        34,800          160,406
*Cerion Technologies, Inc.............................        81,500          185,922
Chaparral Steel Co....................................       225,500        3,467,063
*Charming Shoppes, Inc................................     1,221,500        5,973,898
*Chart House Enterprises, Inc.........................       114,300          800,100
Charter Financial, Inc................................        46,400        1,028,050
*Check Technology Corp................................        47,600          188,913
*#Checkers Drive-In Restaurant, Inc...................           100              111
*Checkmate Electronics, Inc...........................        62,000          457,250
*Checkpoint System, Inc...............................       306,500        4,942,313
Chemed Corp...........................................        29,500        1,154,188
*Chemfab Corp.........................................        16,050          368,147
*Cherry Corp. Class A.................................        48,700          744,197
*Cherry Corp. Class B.................................        32,500          475,313
Chesapeake Corp.......................................         1,500           51,375
#Chesapeake Energy Corp...............................       350,400        2,693,700
Chester Valley Bancorp................................           794           21,240
*Chic by His, Inc.....................................       109,700          809,038
Chicago Rivet & Machine Co............................        11,800          351,050
*Children's Discovery Centers of America, Inc. Class                                 
  A...................................................        76,200          619,125

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THE U.S. 6-10 VALUE SERIES                                                      

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                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*Childtime Learning Centers, Inc......................        37,900  $       523,494
*Chips & Technologies, Inc............................        19,300          297,341
Chittenden Corp.......................................        17,820          786,308
*Chock Full O' Nuts Corp..............................       125,323          900,759
*Christiana Companies, Inc............................        60,000        2,250,000
*Chrysalis International Corp.........................        65,000          255,938
*Cidco, Inc...........................................       128,800        2,632,350
*Cinergi Pictures Entertainment, Inc..................        73,700          172,734
*Ciprico, Inc.........................................        23,800          299,731
*Circon Corp..........................................        26,500          405,781
*Circuit Systems, Inc.................................        53,000          235,188
*Citadel Holding Corp.................................        73,300          297,781
*Citation Computer System, Inc........................        11,200           76,300
*Citation Corp........................................       153,900        2,625,919
Citfed Bancorp, Inc...................................        48,400        2,450,250
Citizens Banking Corp.................................        97,050        2,838,713
*Citizens, Inc. Class A...............................        10,600           72,875
*Civic Bancorp........................................        37,695          610,188
*Clean Harbors, Inc...................................       117,500          229,492
Cleveland Cliffs, Inc.................................       131,300        5,662,313
*Clintrials Research, Inc.............................       286,300        2,451,444
*Coast Distribution System............................        85,100          287,213
Coastal Bancorp, Inc..................................        51,400        1,497,025
*Coastal Physician Group, Inc.........................       197,900          222,638
*Coastcast Corp.......................................        41,800          587,813
*Cobra Electronic Corp................................        54,700          434,181
*Code-Alarm, Inc......................................        23,200           55,100
*Coeur d'Alene Mines Corp. ID.........................       242,800        2,094,150
*Coherent, Inc........................................        36,800        1,382,300
*Coho Energy, Inc.....................................       270,200        2,752,663
*Cohr, Inc............................................        16,400          202,438
Collagen Corp.........................................       107,300        2,132,588
Collins Industries, Inc...............................        12,500           83,594
*Columbia Banking System, Inc.........................        32,697          870,558
*Columbus Energy Corp.................................        22,375          192,984
*Comdial Corp.........................................        91,800          975,375
Commercial Bancshares, Inc............................        24,045          590,605
Commercial Federal Corp...............................         2,294          110,255
Commercial Intertech Corp.............................        86,600        1,547,975
Commercial Metals Co..................................       154,900        5,102,019
Commonwealth Bancorp, Inc.............................        12,500          252,344
Commonwealth Industries, Inc..........................       125,800        2,107,150
*Communications Central, Inc..........................        57,200          575,575
Community Bank System, Inc............................        58,000        1,674,750
Community Trust Bancorp, Inc..........................        43,370        1,322,785
*Compdent Corp........................................        61,600        1,274,350
*#Complete Management, Inc............................        20,000          332,500
Computer Data Systems, Inc............................        18,700          758,519
*Computer Network Technology Corp.....................       282,000        1,136,813
*Computer Outsourcing Services, Inc...................        42,800          377,175
*Computrac, Inc.......................................        25,900           25,900
*Comshare, Inc........................................        14,250           83,719
*Comstock Resources, Inc..............................         5,900           77,438
*Comtech Telecommunications Corp......................        26,900          122,311
*Concord Camera Corp..................................        12,300           51,891
*Concord Fabrics, Inc. Class A........................        16,400          147,088
*Cone Mills Corp. NC..................................       262,300        2,065,613
*Congoleum Corp. Class A..............................         3,400           34,638
*Conmed Corp..........................................       198,561        4,691,004
*Continental Can, Inc. DE.............................        38,400          844,800
Continental Homes Holding Corp........................        79,748        2,596,794
*Continental Materials Corp...........................         2,300           62,963

                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
Cooker Restaurant Corp................................       150,000  $     1,490,625
*Cooperative Bankshares, Inc..........................        20,800          357,500
*Copart, Inc..........................................       122,700        2,139,581
*Copley Pharmaceutical, Inc...........................       148,100        1,055,213
*Coram Healthcare Corp................................        45,800          166,025
*Corcom, Inc..........................................           900            8,831
*Core, Inc............................................         7,400           77,469
*Cornerstone Imaging, Inc.............................        86,400          413,100
*Corrpro Companies, Inc...............................        68,300          964,738
*Cortech, Inc.........................................        71,900           44,938
*Cosmetic Centers, Inc. Class C.......................         8,646           27,019
Courier Corp..........................................        15,600          432,900
*Cover-All Technologies, Inc..........................        31,901          124,613
Covest Bancshares, Inc................................        32,550          862,575
*Craig Corp...........................................        38,600          738,225
*Criticare Systems, Inc...............................        53,900          218,969
Cross (A.T.) Co. Class A..............................       160,300        1,718,216
*Crowley, Milner & Co.................................        18,000          184,500
*Crown Books Corp.....................................        20,300          151,616
*Crown Central Petroleum Corp. Class A................        71,000        1,428,875
*Crown Central Petroleum Corp. Class B................        59,400        1,128,600
Crown Crafts, Inc.....................................        80,900        1,314,625
*Crown Vantage, Inc...................................        21,020          210,200
*Crown-Andersen, Inc..................................        20,000          135,000
*Cruise America, Inc..................................        45,500          418,031
Cubic Corp............................................        89,950        2,889,644
*Cuisine Solutions, Inc...............................        12,000           16,125
Culp, Inc.............................................         8,100          150,863
Curtiss-Wright Corp...................................        43,600        3,332,675
*Cyberoptics Corp.....................................        43,700        1,188,094
*Cybex International, Inc.............................        43,300          470,888
*Cyrk, Inc............................................       193,500        2,261,531
*Cytrx Corp...........................................        86,000          357,438
D&N Financial Corp....................................        49,700        1,208,331
*DBA Systems, Inc.....................................        45,900          324,169
*DII Group, Inc.......................................        66,400        1,489,850
*DIY Home Warehouse, Inc..............................        84,800          339,200
*DM Management Co.....................................        32,300          575,344
*DSP Technology, Inc..................................        13,600          146,200
DT Industries, Inc....................................        59,300        1,651,134
*DVI, Inc.............................................        96,700        1,764,775
*Dairy Mart Convenience Stores, Inc. Class A..........         9,000           40,500
*Dakota Mining Corp...................................        10,909            3,409
*Dakotah, Inc.........................................         5,000           10,156
*Damark International, Inc. Class A...................        80,800          999,900
Dames & Moore, Inc....................................       178,300        2,206,463
Daniel Industries, Inc................................       145,700        2,704,556
Dart Group Corp. Class A..............................         5,600          653,800
*Data Broadcasting Corp...............................       119,470          843,757
*Data I/O Corp........................................        69,400          511,825
*#Data Race, Inc......................................        29,800          141,550
*Data Systems & Software, Inc.........................        86,800          463,838
*Data Systems Network Corp............................         3,228           37,526
*Data Translation, Inc................................         8,250           26,297
*Dataflex Corp........................................        66,500          284,703
*Datakey, Inc.........................................        19,100           76,997
*Dataram Corp.........................................        31,160          268,755
*Datascope Corp.......................................        24,000          609,000
*Dataware Technologies, Inc...........................        65,700          209,419

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                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*Datron Systems, Inc..................................        30,000  $       305,625
*Datum, Inc...........................................        35,800          673,488
*Davco Restaurants, Inc...............................        42,800          839,950
*Daw Technologies, Inc................................       111,900          227,297
*Dawson Geophysical Co................................        36,600          697,688
Daxor Corp............................................        52,000          624,000
*DeGeorge Financial Corp..............................        19,900           17,413
Deb Shops, Inc........................................       142,000          816,500
*Deckers Outdoor Corp.................................       100,100          835,209
Decorator Industries, Inc.............................        16,666          152,077
Defiance, Inc.........................................        73,100          581,373
*Deflecta-Shield Corp.................................        49,600          779,650
*Del Global Technologies Corp.........................        85,877          848,035
Delta Natural Gas Co., Inc............................        26,100          473,063
Delta Woodside Industries, Inc........................       278,200        1,634,425
*Designer Holdings, Ltd...............................       189,000        1,771,875
*Designs, Inc.........................................       178,800          611,831
*Detection Systems, Inc...............................        30,000          442,500
*Detrex Corp..........................................         2,800           28,875
*Detroit Diesel Corp..................................       190,300        4,341,219
*Devcon International Corp............................        50,800          250,825
*Devlieg-Bullard, Inc.................................         6,600           28,463
*Diamond Multimedia Systems, Inc......................       188,400        1,866,338
*Dianon Systems, Inc..................................        40,000          337,500
*Digi International, Inc..............................       124,000        2,425,750
*Digital Sound Corp...................................        25,000           28,906
Dime Bancorp, Inc.....................................        92,004        2,231,097
Dime Financial Corp...................................        38,900        1,213,194
*Discount Auto Parts, Inc.............................       167,900        3,137,631
*Dixie Group, Inc.....................................       122,400        1,346,400
*Dixon Ticonderoga Co.................................        27,250          383,203
*#Dominion Bridge Corp................................       179,500          350,586
*Dominion Homes, Inc..................................        70,100          638,567
Donegal Group, Inc....................................        52,833        1,096,285
Donnelly Corp. Class A................................        78,250        1,437,844
*Donnkenny, Inc.......................................       157,300          540,719
*Dotronix, Inc........................................         1,000              953
Downey Financial Corp.................................       282,927        7,780,493
*Dravo Corp...........................................        22,800          226,575
*Dress Barn, Inc......................................       160,823        4,161,295
*Drug Emporium, Inc...................................       188,400          741,825
*#Drypers Corp........................................        49,400          276,331
*Durakon Industries, Inc..............................       107,400          976,669
Dyersburg Corp........................................       124,200        1,540,856
*Dynamics Research Corp...............................        71,364          896,510
*E-Z-Em, Inc. Class A.................................        43,200          318,600
*E-Z-Em, Inc. Class B.................................         2,473           17,002
*EA Engineering Science & Technology, Inc.............        55,825          113,395
*EA Industries, Inc...................................        44,400          258,075
*ECC International Corp...............................        90,500          356,344
*EFTC Corp............................................        34,700          518,331
*EIS International, Inc...............................       132,800          879,800
*ELXSI Corp...........................................        27,900          369,675
EMC Insurance Group, Inc..............................        33,600          449,400
*ERLY Industries, Inc.................................        21,120          151,800
*ESCO Electronics Corp. Trust Receipts................       193,400        3,166,925
Eagle Bancshares, Inc.................................        64,600        1,231,438
Eagle Financial Corp..................................        52,039        2,680,009
*Eagle Food Centers, Inc..............................        79,200          396,000
*Eagle Hardware & Garden, Inc.........................       165,400        2,816,969

                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*Eagle Point Software Corp............................        80,000  $       277,500
Easco, Inc............................................       108,000        1,262,250
Eastern Co............................................        19,600          352,800
Eaton Vance Corp......................................       159,846        5,584,620
Ecology & Environment, Inc. Class A...................        22,300          248,088
*Edelbrock Corp.......................................        85,000        1,381,250
*#Edison Brothers Stores, Inc.........................        44,500                0
Edo Corp..............................................        31,500          279,563
*Education Alternatives, Inc..........................        80,100          370,463
*Educational Insights, Inc............................        49,300          120,939
*Egghead, Inc.........................................       224,625        1,635,551
*Ekco Group, Inc......................................       214,300        1,500,100
*El Chico Restaurants, Inc............................        42,900          496,031
*El Paso Electric Co..................................       306,700        2,070,225
Elcor Corp............................................        23,550          571,088
*Electro Rent Corp....................................        37,000        1,385,188
*Electro Scientific Industries, Inc...................        42,400        1,762,250
*Electroglas, Inc.....................................       147,500        2,774,844
*Electromagnetic Sciences, Inc........................        70,250        1,255,719
*Elek-Tek, Inc........................................        52,400            5,240
Ellett Brothers, Inc..................................        14,400           81,900
*Emcon................................................        93,200          515,513
*#Empire of Carolina, Inc.............................        87,550          175,100
*Emulex Corp..........................................        11,750          187,266
Energen Corp..........................................       116,700        4,434,600
Engineered Support Systems, Inc.......................        24,500          528,281
#Engle Homes, Inc.....................................        78,700        1,153,447
Enhance Financial Services Group, Inc.................        41,100        2,296,463
*Enstar, Inc..........................................        20,866          169,536
*Environmental Elements Corp..........................        30,300           83,325
*Envirotest Systems Corp. Class A.....................        98,100          539,550
*#Equinox Systems, Inc................................        35,400          651,581
*Equitex, Inc.........................................         9,400            9,106
*Equitrac Corp........................................        26,500          445,531
*Equity Oil Co........................................       142,900          473,356
Eskimo Pie Corp.......................................         3,300           34,856
Espey Manufacturing & Electronics Corp................         3,500           60,375
*Esterline Technologies Corp..........................        63,600        2,249,850
*Evans & Sutherland Computer Corp.....................        93,000        2,859,750
*Evans Systems, Inc...................................        23,585           42,011
*Evans, Inc...........................................        80,800          194,425
Evergreen Bancorp, Inc. DE............................        63,100        1,494,681
*Evergreen Resources, Inc.............................        39,000          606,938
*Exabyte Corp.........................................       225,000        2,200,781
*Exar Corp............................................       101,500        2,543,844
Excel Industries, Inc.................................       125,200        2,433,575
*Executone Information Systems, Inc...................       190,600          413,959
#Exide Corp...........................................       250,100        5,971,138
*Ezcorp, Inc. Class A Non-Voting......................       139,100        1,577,916
FCB Financial Corp....................................        22,600          618,675
FDP Corp..............................................        10,500          108,281
FFLC Bancorp..........................................        50,833        1,156,451
FFY Financial Corp....................................        42,300        1,263,713
*FM Properties, Inc...................................       136,200          676,744
FNB Rochester Corp....................................        30,300          516,994
*FPA Corp.............................................        20,100           23,241
*FSI International, Inc...............................       212,900        3,253,378
*FTP Software, Inc....................................       299,800          679,234
Fab Industries, Inc...................................        67,081        1,995,660

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                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*Fabri-Centers of America, Inc. Class A...............        35,700  $       747,469
*Fabri-Centers of America, Inc. Class B...............        35,700          718,463
*Failure Group, Inc...................................        69,500          655,906
*Fairchild Corp. Class A..............................       143,900        3,264,731
*Fansteel, Inc........................................        74,700          662,963
*Farah, Inc...........................................       163,600          848,675
Farmer Brothers Co....................................            84           13,398
*Farr Co..............................................        34,800          545,925
Farrel Corp...........................................        62,200          219,644
Federal Screw Works...................................         2,000          120,250
*Fibermark, Inc.......................................        46,550          986,278
Fidelity Bancorp, Inc. Delaware.......................        32,700          748,013
Fidelity National Financial, Inc......................         9,000          234,000
*Fieldcrest Cannon, Inc...............................       104,600        3,523,713
*Figgie International, Inc. Class B...................        17,700          230,100
*Filenes Basement Corp................................       246,200        1,546,444
*Filenet Corp.........................................         5,200          142,675
Financial Bancorp., Inc...............................        25,000          623,438
*Finish Line, Inc. Class A............................        15,500          294,500
First Albany Companies, Inc...........................        28,866          427,587
*First Alert, Inc.....................................       270,400          760,500
First American Financial Corp.........................       112,500        6,890,625
First Bell Bancorp, Inc...............................         2,700           47,588
*First Cash, Inc......................................        45,200          368,663
First Central Financial Corp..........................        49,600           27,900
First Citizens Bancshares, Inc. NC....................        30,400        3,351,600
First Colorado Bancorp................................         4,200           96,075
First Commonwealth Financial Corp.....................         9,700          246,744
First Defiance Financial Corp.........................       108,600        1,676,513
First Essex Bancorp...................................        86,400        1,701,000
First Federal Capital Corp............................        65,610        1,820,678
First Federal Savings & Loan Association of East                                     
  Hartford, CT........................................        31,000        1,147,000
First Financial Holdings, Inc.........................        50,300        2,140,894
First Indiana Corp....................................        76,922        2,009,587
First Liberty Financial Corp..........................        47,850        1,312,884
*#First Merchants Acceptance Corp.....................        65,300            2,041
First Northern Capital Corp...........................        98,700        1,307,775
First Oak Brook Bancshares, Inc. Class A..............        14,500          598,125
First Palm Beach Bancorp, Inc.........................        55,200        2,152,800
*First Republic Bank..................................       112,703        3,113,420
First Savings Bancorp, Inc. North Carolina............        48,000        1,152,000
First Savings Bank....................................        77,200        1,944,475
*First Team Sports, Inc...............................        85,600          326,350
First Western Bancorp, Inc............................        19,200          532,800
Firstbank of Illinois Co..............................         1,800           57,206
*FirstFed Financial Corp. DE..........................        95,700        3,493,050
*Fischer Imaging Corp.................................       100,600          578,450
Fleming Companies, Inc................................       260,597        4,332,425
Flexsteel Industries, Inc.............................        78,400          921,200
Florida Rock Industries, Inc..........................       186,000        4,836,000
*Florsheim Group, Inc.................................        82,400          744,175
Fluke Corp............................................        96,620        2,294,725
*Fluor Daniel/GTI, Inc................................        15,822          147,342
Flushing Financial Corp...............................         4,500           99,000
*Foilmark, Inc........................................        36,100          114,505
*Foodarama Supermarkets, Inc..........................        12,400          274,350
*Foothill Independent Bancorp.........................        39,842          647,433

                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
Forest City Enterprises, Inc. Class A.................        38,450  $     2,196,456
*Foster (L.B.) Co. Class A............................       115,800          607,950
*Four Kids Entertainment, Inc.........................        17,000           61,625
Frankfort First Bancorp, Inc..........................         1,300           12,269
Franklin Bank National Associaton Southfield, MI......        36,460          606,148
*Franklin Electronic Publishers, Inc..................        86,100        1,226,925
Freds, Inc. Class A...................................        97,400        2,386,300
*Fresh Choice, Inc....................................        64,900          273,797
Friedman Industries, Inc..............................        55,517          388,619
*Friedmans, Inc. Class A..............................       149,300        2,174,181
Frisch's Restaurants, Inc.............................        77,405        1,025,616
Frozen Food Express Industries, Inc...................        56,300          555,963
*Funco, Inc...........................................        34,300          647,413
*Fund American Enterprises Holdings, Inc..............         1,000          122,625
*Fuqua Enterprises, Inc...............................        44,800        1,360,800
*G-III Apparel Group, Ltd.............................        73,200          382,013
GBC Bancorp...........................................        48,200        2,641,963
*GC Companies, Inc....................................        71,300        3,092,638
*GKN Holding Corp.....................................         8,100           33,919
*GNI Group, Inc.......................................        42,700          248,194
*GT Bicycles, Inc.....................................        93,700          635,403
*GTI Corp.............................................       113,200          672,125
*GZA Geoenvironmental Technologies, Inc...............        36,500          185,922
Gainsco, Inc..........................................        79,000          661,625
*Galey & Lord, Inc....................................       118,500        2,133,000
*Galileo Corp.........................................        66,100          739,494
Gamma Biologicals, Inc................................        52,000          260,000
*Gantos, Inc..........................................        84,350          100,166
Garan, Inc............................................        58,000        1,435,500
*Garden Botanika, Inc.................................        67,200          302,400
*Garden Fresh Restaurant Corp.........................        45,900          651,206
*Garnet Resources Corp................................        39,600            9,281
*Gasonics International, Inc..........................        19,200          255,600
*Gehl Co..............................................        68,600        1,564,938
*General Communications, Inc. Class A.................        72,900          503,466
*#General Datacomm Industries, Inc....................       219,000        1,149,750
*General Host Corp....................................       314,370        1,670,091
General Housewares Corp...............................        38,700          362,813
*General Microwave Corp...............................           400            3,800
*General Surgical Innovations, Inc....................       145,000          670,625
*Genesco, Inc.........................................        27,700          360,100
*#Geneva Steel Co. Class A............................       202,100          505,250
*Genicom Corp.........................................        90,400        1,243,000
*Genlyte Group, Inc...................................        85,500        1,480,219
Genovese Drug Stores, Inc. Class A....................        12,650          230,863
*Gensym Corp..........................................        71,200          384,925
*Genus, Inc...........................................       178,300          763,347
Geon Co...............................................       103,500        2,445,188
George Mason Bankshares, Inc..........................        15,000          577,500
*Geoscience Corp......................................        50,000          612,500
Gerber Scientific, Inc................................       339,500        6,790,000
*Getty Petroleum Marketing, Inc.......................       198,300        1,053,469
*Giant Group, Ltd.....................................        50,600          379,500
Giant Industries, Inc.................................       154,900        2,846,288
*Gibraltar Packaging Group, Inc.......................        67,200          180,600
*Gibson Greetings, Inc................................       185,000        4,364,844
*Giga-Tronics, Inc....................................        19,900          200,866
*Gish Biomedical, Inc.................................        42,300          206,213

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                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
Gleason Corp..........................................        93,800  $     2,432,938
*Global Industrial Technologies, Inc..................       218,300        3,902,113
*Global Motorsport Group, Inc.........................        62,500          863,281
*Global Village Communication, Inc....................        92,200          181,519
*Golden Books Family Entertainment, Inc...............        90,800          856,925
*Good Guys, Inc.......................................       218,300        1,800,975
Gorman-Rupp Co........................................        15,100          283,125
*Gottschalks, Inc.....................................       107,300          918,756
*Government Technology Services, Inc..................        68,200          362,313
*Gradco Systems, Inc..................................        78,000          633,750
*Graham Corp..........................................        25,950          544,950
*Graham-Field Health Products, Inc....................        92,400        1,380,225
*Grand Casinos, Inc...................................       460,900        6,049,313
Grand Premier Financial, Inc..........................        54,907          777,277
Granite Construction, Inc.............................       201,150        4,601,306
Granite State Bankshares, Inc.........................        22,800          508,725
Green (A.P.) Industries, Inc..........................        95,294        1,107,793
Greenbrier Companies, Inc.............................       189,900        3,252,038
*Greyhound Lines, Inc.................................       254,000        1,000,125
*Grist Mill & Co......................................        76,600          713,338
*Grossmans, Inc.......................................       154,000            1,386
*Group Technologies Corp..............................       105,000          334,688
*Gryphon Holdings, Inc................................       106,800        1,755,525
Guaranty National Corp................................        79,305        2,845,067
*Guest Supply, Inc....................................        58,700          807,125
Guilford Mills, Inc...................................       251,500        6,366,094
*Gulfmark Offshore, Inc...............................        22,200          746,475
*Gundle/SLT Environmental, Inc........................       267,900        1,322,756
*HCIA, Inc............................................       114,400        1,376,375
HF Financial Corp.....................................        29,300          747,150
*HMI Industries, Inc..................................         9,000           50,625
*HMN Financial, Inc...................................        44,400        1,151,625
*HPSC, Inc............................................        42,000          246,750
*HS Resources, Inc....................................       221,300        3,526,969
*Haemonetics Corp.....................................        25,000          365,625
Haggar Corp...........................................        96,700        1,535,113
*Hahn Automotive Warehouse, Inc.......................        38,746          247,006
*Hampshire Group, Ltd.................................        19,100          362,900
*Hampton Industries, Inc..............................        47,690          411,326
*Handleman Co.........................................       484,436        3,239,666
Handy & Harman........................................        98,007        2,192,907
*Hanger Orthopedic Group, Inc.........................         5,600           69,300
*Harding Lawson Associates Group, Inc.................        51,700          494,381
Harleysville Group, Inc...............................       305,600        7,162,500
Harris Financial, Inc.................................        29,500          564,188
*#Harry's Farmers Market, Inc. Class A................        46,100           96,522
*Hartmarx Corp........................................       371,800        3,020,875
*Harvey Entertainment Co..............................        36,600          516,975
Harvey's Casino Resorts...............................       112,100        2,220,981
Haskel International, Inc.............................        37,600          454,725
Hastings Manufacturing Co.............................           850           34,850
*Hathaway Corp........................................        45,300          130,238
*Hauser, Inc..........................................       116,700          780,431
Haven Bancorp, Inc....................................        45,300        1,947,900
Haverty Furniture Co., Inc............................       140,100        1,799,409
*Hawthorne Financial Corp.............................        30,600          640,688
*Hays Wheels International, Inc.......................        21,700          647,609
*Health Management Systems, Inc.......................        32,100          198,619
*Health Risk Management, Inc..........................        42,800          460,100

                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*Healthcare Services Group, Inc.......................        92,200  $     1,172,669
*Healthcor Holdings...................................        65,300          302,013
Healthplan Services Corp..............................        19,453          375,686
*#Heartland Wireless Communications, Inc..............        30,000           58,125
*Hector Communications Corp...........................         8,500           77,031
Heilig-Meyers Co......................................       242,750        3,140,578
*Hein-Werner Corp.....................................        18,886          133,382
*Heist (C.H.) Corp....................................        16,800          116,025
*Hello Direct, Inc....................................        84,100          609,725
Heritage Financial Services, Inc......................           500           12,813
*Herley Industries, Inc...............................        20,533          282,970
*Hi-Lo Automotive, Inc................................       126,700          348,425
*Hi-Shear Industries, Inc.............................        53,500          132,092
*Hi-Tech Pharmacal, Inc...............................        48,700          246,544
*High Plains Corp.....................................       177,300          559,603
Hoenig Group, Inc.....................................       104,700          595,481
*Holiday RV Superstores, Inc..........................        60,800           95,000
Holly Corp............................................        88,500        2,389,500
*Hollywood Casino Corp. Class A.......................         5,900           14,566
*Hollywood Entertainment Corp.........................        67,100          577,689
*Hollywood Park, Inc..................................        48,500          936,656
*Hologic, Inc.........................................        19,600          509,600
*Holopak Technologies, Inc............................        27,800           97,300
Home Federal Bancorp..................................        34,875          941,625
Home Port Bancorp, Inc................................        14,500          342,563
*Home Products International, Inc.....................         4,900           54,819
*Home State Holdings, Inc.............................        79,500           12,402
*Homebase, Inc........................................       104,550          875,606
*Homecorp, Inc........................................         7,650          192,206
*Homeowners Group, Inc................................        21,600           17,896
Horizon Financial Corp................................        82,265        1,372,797
*Hospital Staffing Services, Inc......................        62,200           58,313
*Housecall Medical Resources, Inc.....................        29,400           94,631
*Hovnanian Enterprises, Inc. Class A..................       211,784        1,548,671
#Howell Corp..........................................        34,200          664,763
Hudson Foods, Inc. Class A............................       322,250        6,102,609
Hudson General Corp...................................        32,900        1,595,650
*Hudson Technologies, Inc.............................        33,100          154,122
Huffy Corp............................................       128,500        1,935,531
Hughes Supply, Inc....................................       191,000        6,255,250
*Hugoton Energy Corp..................................       291,000        2,782,688
Hunt (J.B.) Transport Services, Inc...................       365,500        5,962,219
Huntco, Inc. Class A..................................        84,500        1,066,813
*Hurco Companies, Inc.................................        23,500          198,281
*#Hutchinson Technology, Inc..........................        12,000          285,750
*Hycor Biomedical, Inc................................        77,700          165,113
*Hyde Athletic Industries, Inc. Class A...............        19,800           90,956
*Hyde Athletic Industries, Inc. Class B...............        30,000          150,000
IBS Financial Corp....................................         4,900           84,984
*ICF Kaiser International, Inc........................        60,300          128,138
ICO, Inc..............................................       241,800        1,473,469
*ICU Medical, Inc.....................................        79,400          868,438
*IEC Electronics Corp.................................       118,600        1,823,475
IFR Systems, Inc......................................        26,000          786,500
*IHOP Corp............................................        33,900        1,158,956
*ILC Technology, Inc..................................        12,000          174,000
*IPC Information Systems, Inc.........................         8,900          162,981
ISB Financial Corp. LA................................        25,100          647,894
*ITC Learning Corp....................................        49,200          218,325
*ITEQ, Inc............................................        76,559          901,961
*ITI Technologies, Inc................................         5,600          139,650

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                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*Ibah, Inc............................................       243,000  $       827,719
*Imation Corp.........................................        10,300          179,606
*Immulogic Pharmaceutical Corp........................       180,100          410,853
#Imperial Holly Corp..................................       172,100        1,860,831
*In Focus Systems, Inc................................        24,000          790,500
*In Home Health, Inc..................................       116,200          128,909
*#Inacom Corp.........................................        89,000        2,525,375
*Inco Homes Corp......................................           156              556
*Indenet, Inc.........................................        68,000          149,813
Independence Holding Co...............................        52,600          644,350
Independent Bank Corp. MA.............................        61,200          998,325
Independent Bank East.................................        13,891          447,117
Industrial Acoustics Co., Inc.........................           700            7,788
*Inference Corp. Class A..............................       115,000          589,375
*Information Resources, Inc...........................        77,600        1,164,000
*Information Storage Devices, Inc.....................       106,000          748,625
Ingles Market, Inc. Class A...........................        99,700        1,333,488
*Innodata Corp........................................        11,600            9,606
*Innoserv Technologies, Inc...........................        13,700           32,966
Insituform East, Inc..................................        31,200           83,850
*Insituform Technologies, Inc. Class A................       256,300        2,274,663
*Inso Corp............................................        36,000          387,000
Insteel Industries, Inc...............................        84,100          630,750
Instron Corp..........................................        63,500        1,079,500
*Insurance Auto Auctions, Inc.........................       121,500        1,290,938
*Integrated Silicon Solution, Inc.....................       106,200        1,048,725
*Intellicall, Inc.....................................        29,500          162,250
*Intelligent Electronics, Inc.........................       334,639        1,725,482
*Intelligent Systems Corp.............................        52,375          274,969
Intercargo Corp.......................................        30,100          406,350
*Interface Systems, Inc...............................        49,600          148,800
Interface, Inc. Class A...............................       144,600        4,297,331
*Intergraph Corp......................................       464,900        4,866,922
*Interlinq Software Corp..............................        62,200          264,350
*International Alliance Services, Inc.................        17,560          253,523
International Aluminum Corp...........................        48,900        1,515,900
*International Lottery & Totalizer Systems, Inc.......         9,600           14,850
International Multifoods Corp.........................       241,400        6,487,625
*International Rectifier Corp.........................       548,400        7,746,150
*International Remote Imaging Systems, Inc............         3,000           12,000
International Shipholding Corp........................        70,475        1,264,145
*International Technology Corp........................       111,725          921,731
*International Thoroughbred Breeders, Inc.............       110,000          385,000
*Interphase Corp......................................        65,100          421,116
Interpool, Inc........................................       125,400        1,747,763
Interra Financial, Inc................................        37,250        2,055,734
Interstate Johnson Lane, Inc..........................        40,100        1,037,588
*Intertan, Inc........................................       131,400          747,338
*Intervisual Books, Inc. Class A......................         9,900           25,369
Interwest Bancorp.....................................        17,600          683,100
Invacare Corp.........................................        12,100          281,325
Investors Financial Services Corp.....................         1,039           43,898
Investors Title Co....................................        18,200          398,125
Isco, Inc.............................................        21,900          201,206
*Isolyser Co., Inc....................................       507,600        1,522,800
*Iwerks Entertainment, Inc............................       191,700          706,894
*J & J Snack Foods Corp...............................       100,100        1,626,625
J & L Specialty Steel, Inc............................       365,800        3,566,550
*J. Alexander's Corp..................................        63,500          345,281

                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*JPE, Inc.............................................        63,300  $       363,975
JSB Financial, Inc....................................       105,400        4,914,275
*Jackpot Enterprises, Inc.............................       100,600        1,219,775
*Jaclyn, Inc..........................................        26,900          117,688
*Jaco Electronics, Inc................................        45,446          306,761
*Jacobson Stores, Inc.................................        62,650          689,150
*Jan Bell Marketing, Inc..............................       262,500          738,281
*Jason, Inc...........................................       197,500        1,518,281
*Jean Philippe Fragrances, Inc........................       103,200          799,800
Jefferson Savings Bancorp, Inc........................        30,000        1,286,250
John Alden Financial Corp.............................       351,200        9,460,450
*Johnson Worldwide Associates, Inc. Class A...........       122,100        2,045,175
Johnston Industries, Inc..............................       113,925          590,986
*Johnstown American Industries, Inc...................       117,900        1,245,319
*Jones Intercable, Inc................................        48,900          641,813
*Jones Intercable, Inc. Class A.......................       335,100        4,691,400
*Jos. A. Bank Clothiers, Inc..........................       117,300          821,100
*Jumbosports, Inc.....................................       335,000          984,063
Juno Lighting, Inc....................................        12,000          229,500
*Just Toys, Inc.......................................        14,000           15,313
Justin Industries, Inc................................       339,800        4,990,813
K Swiss, Inc. Class A.................................        37,000          612,813
*K-Tron International, Inc............................         6,300          111,038
*KBK Capital Corp.....................................         5,000           49,375
*KLLM Transport Services, Inc.........................        52,099          661,006
*Kaiser Aluminum Corp.................................       168,100        1,744,038
*Kaiser Ventures, Inc.................................       102,900        1,389,150
Kaman Corp. Class A...................................       245,800        4,501,213
Katy Industries, Inc..................................       135,800        2,376,500
Kaye Group, Inc.......................................        40,000          270,000
Keithley Instruments, Inc.............................         1,000           10,625
Kellwood Co...........................................       175,518        6,022,461
Kenan Transport Co....................................           200            4,975
*Kentucky Electric Steel, Inc.........................        32,600          232,275
Kewaunee Scientific Corp..............................        22,200          262,238
*Key Production Co., Inc..............................        83,762          895,206
*Key Tronic Corp......................................       108,600          604,088
*Keystone Consolidated Industries, Inc................       100,586        1,282,472
Kimball International, Inc. Class B...................        59,900        2,405,359
*Kimmins Corp.........................................        44,000          209,000
*Kinark Corp..........................................        70,900          230,425
*Kinnard Investment, Inc..............................        71,100          419,934
*Kirby Corp...........................................         6,500          120,656
*Kit Manufacturing Co.................................        11,100           97,125
Klamath First Bancorp, Inc............................       101,100        2,179,969
Knape & Vogt Manufacturing Co.........................        46,531          918,987
*Koss Corp............................................        32,100          441,375
*Krug International Corp..............................        65,400          412,838
LCS Industries, Inc...................................        13,200          234,300
LNR Property Corp.....................................        15,750          366,188
LSB Industries, Inc...................................        99,500          435,313
LSI Industries, Inc...................................        13,230          229,044
*LTX Corp.............................................       343,400        1,910,163
La-Z-Boy, Inc.........................................        12,900          554,700
Lab Holdings, Inc.....................................        61,300        1,446,297
*#Laboratory Corp. of America Holdings, Inc...........       360,700          743,944
*Laclede Steel Co.....................................        39,600          185,625
*Ladd Furniture, Inc..................................        87,327        1,337,195
*Laidlaw Environmental Services, Inc..................       648,134        2,916,603

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                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*Lamson & Sessions Co.................................       154,700  $     1,005,550
*Landair Services, Inc................................        16,200          447,525
*Lasermaster Technologies, Inc........................        27,800          120,756
*Laserscope...........................................        61,000          324,063
*#LaserSight Corporation..............................        26,400           90,750
Lawyers Title Corp....................................       112,112        3,559,556
*Layne Christensen Co.................................        29,600          516,150
*Lazare Kaplan International, Inc.....................           500            7,156
*Learning Co., Inc....................................       465,000        8,428,125
*Leasing Solutions, Inc...............................         9,600          229,800
*Lechters, Inc........................................       226,400        1,287,650
Lennar Corp...........................................        78,250        1,633,469
*Lexford, Inc.........................................        28,500          874,594
*Liberty Technologies, Inc............................        62,300          175,219
Life Bancorp, Inc.....................................        12,000          372,000
*Life USA Holdings, Inc...............................       221,700        3,713,475
*Lifeline Systems, Inc................................        19,500          436,313
Lifetime Hoan Corp....................................        15,200          154,850
*Ligand Pharmaceuticals, Inc. Class B.................         7,599           98,312
Lillian Vernon Corp...................................        97,400        1,357,513
*Lindal Cedar Homes, Inc..............................         8,000           32,500
Lindberg Corp.........................................        64,800          939,600
*Liuski International, Inc............................        30,700           28,781
*Lodgenet Entertainment Corp..........................       134,000        1,691,750
*#Logic Devices, Inc..................................        68,900          193,781
*Lone Star Steakhouse Saloon..........................        63,500        1,186,656
*Loronix Information Systems, Inc.....................        52,800          108,900
*Louis Dreyfus Natural Gas Corp.......................       256,656        5,309,571
Lufkin Industries, Inc................................        66,600        2,364,300
Lukens, Inc. DE.......................................       243,600        4,080,300
*Lumisy, Inc..........................................        14,800           91,575
*Luria (L.) & Son, Inc................................        75,800            1,099
*Lynch Corp...........................................         2,300          197,800
*M-Wave, Inc..........................................        24,800          103,850
*M.H. Meyerson & Co., Inc.............................        43,100          231,663
M/A/R/C, Inc..........................................         5,002           95,663
MAF Bancorp, Inc......................................        73,861        2,409,715
#MDC Holdings, Inc....................................       274,288        3,034,311
*MEMC Electronic Materials, Inc.......................       118,700        2,144,019
MFB Corp..............................................        19,200          439,200
*MFRI, Inc............................................        53,900          525,525
*MHM Services, Inc....................................           712              801
*MI Schottenstein Homes, Inc..........................        93,800        1,389,413
*MK Gold Corp.........................................       140,100          207,961
MMI Companies, Inc....................................       131,200        3,165,200
*MRS Technology, Inc..................................        67,600           69,713
*MS Carriers, Inc.....................................       134,000        3,232,750
*MTI Technology Corp..................................        32,700          447,581
MTS Systems Corp......................................        71,600        2,734,225
MYR Group, Inc........................................        30,966          690,929
*Macheezmo Mouse Restaurants, Inc.....................        25,000            9,775
*Main Street & Main, Inc..............................        24,000           69,750
*Manhattan Bagel Co., Inc.............................         4,100            5,573
*Mapinfo Corp.........................................        88,600        1,196,100
Marcus Corp...........................................       137,500        3,884,375
*Marine Drilling Companies, Inc.......................        30,300          690,272
*Mariner Health Group, Inc............................       307,300        4,465,453
*Marisa Christina, Inc................................        94,000          446,500
Maritrans, Inc........................................       143,700        1,293,300
*Mark VII, Inc........................................        19,800          356,400
*Marker International.................................       115,000          539,063
*Marlton Technologies, Inc............................        28,000          185,500

                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
Marsh Supermarkets, Inc. Class A......................        37,900  $       582,713
Marsh Supermarkets, Inc. Class B......................        50,400          759,150
*Marshall Industries..................................        70,800        2,442,600
Maryland Federal Bancorp..............................        79,130        2,064,798
Massbank Corp. Reading, MA............................        40,266        1,804,420
*Matec Corp. DE.......................................         6,900           28,463
*Material Sciences Corp...............................       241,200        3,542,625
*Matlack Systems, Inc.................................        94,642          822,202
*Matria Healthcare, Inc...............................        58,800          308,700
*Matrix Pharmaceutical, Inc...........................       304,900        1,076,678
*Matrix Service Co....................................       106,900          855,200
*Mattson Technology, Inc..............................         3,900           38,147
*Maverick Tube Corp...................................        72,500        2,073,047
*Max & Ermas Restaurants, Inc.........................        20,400          124,950
*Maxco, Inc...........................................        38,500          445,156
*Maxim Group, Inc.....................................        35,000          538,125
*Maxwell Technologies, Inc............................        32,190          854,041
*Maxxam, Inc..........................................        93,300        4,344,281
*Maxxim Medical, Inc..................................       125,900        2,754,063
*Maynard Oil Co.......................................        49,600          607,600
McDonald & Co. Investment, Inc........................        58,000        1,562,375
McGrath Rent Corp.....................................        80,000        1,762,500
McRae Industries, Inc. Class A........................         1,000            9,000
*Medalliance, Inc. Liquidating Trust Escrow...........        39,500                0
*Medaphis Corp........................................     1,099,800        5,533,369
*#Medcath, Inc........................................        13,400          226,125
Medford Savings Bank MA...............................        51,800        1,923,075
*Media 100, Inc.......................................        92,000          428,375
*Media Logic, Inc.....................................        20,100           27,638
*Medical Action Industries, Inc.......................        19,000           68,281
*Medical Assurance, Inc...............................        27,000          767,813
*Medical Graphics Corp................................        27,800          116,413
*Medical Resources, Inc...............................        41,356          373,496
*Medicore, Inc........................................        58,600          135,513
*Mediq, Inc...........................................         5,200           52,975
*Medstone International, Inc..........................        14,500          144,094
Merchants Bancorp, Inc................................        39,400          952,988
Merchants Group, Inc..................................        25,600          499,200
#Mercury Air Group, Inc...............................        15,300           88,453
*Meridian Data, Inc...................................       105,900          446,766
Meridian Insurance Group, Inc.........................        47,000          866,563
*Merisel, Inc.........................................       335,800        1,584,556
*Merix Corp...........................................        77,100        1,151,681
Merrimac Industries, Inc..............................        10,700          151,138
*Mesa Air Group, Inc..................................       430,100        2,392,431
*Mesaba Holdings, Inc.................................        23,600          519,200
*Mestek, Inc..........................................        13,500          240,469
*Metal Management, Inc................................         7,300          152,844
*Metatec Corp. Class A................................       100,600          503,000
*Metra Biosystems, Inc................................       140,600          531,644
*Metrocall, Inc.......................................       295,700        1,561,666
*Michael Anthony Jewelers, Inc........................        81,500          224,125
Michael Foods, Inc....................................       173,981        3,833,019
*Michaels Stores, Inc.................................       329,900       10,628,966
*Micro Linear Corp....................................        68,100          521,391
*Micro Warehouse, Inc.................................       411,600        6,045,375
*Microage, Inc........................................       153,300        3,094,744
*Microdyne Corp.......................................         8,100           58,472
*Micronics Computers, Inc.............................       157,900          335,538
*Microtest, Inc.......................................        93,700          560,736
*Microwave Power Dynamics, Inc........................       117,900          884,250

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                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
Mid America Banccorp..................................        83,246  $     2,518,211
Middlesex Water Co....................................         7,500          142,031
*#Midisoft Corp.......................................        35,000           42,665
Midland Co............................................         5,600          338,450
*Midwest Grain Products, Inc..........................       100,900        1,412,600
Mikasa, Inc...........................................       175,400        2,335,013
*Mikohn Gaming Corp...................................       120,100          994,578
*Miller Building Systems, Inc.........................        27,300          230,344
*Miltope Group, Inc...................................        68,100          234,094
Mine Safety Appliances Co.............................        37,600        2,566,200
Minuteman International, Inc..........................         9,000           96,750
#Mississippi Chemical Corp............................        76,900        1,499,550
*Molecular Dynamics, Inc..............................         4,500           91,406
*#Molten Metal Technology, Inc........................        43,500           13,594
*Monaco Coach Corp....................................        12,800          323,200
*Monarch Casino and Resort, Inc.......................         5,200           27,300
Monarch Machine Tool Co...............................        42,400          355,100
*Monro Muffler Brake, Inc.............................        24,300          350,831
Monterey Bay Bancorp, Inc.............................        13,200          255,750
*Moog, Inc. Class A...................................        54,000        1,964,250
*Moog, Inc. Class B...................................        12,800          470,400
*Moore Handley, Inc...................................         2,000            5,500
*Moore Medical Corp...................................        42,100          468,363
*Moore Products Co....................................        40,400        1,459,450
*Moovies, Inc.........................................       205,700          257,125
*Morgan Products, Ltd.................................       115,100          704,988
*#Morrow Snowboards, Inc..............................        22,500           60,469
*Mosaix, Inc..........................................        43,100          393,288
*Mother's Work, Inc...................................        67,000          603,000
*Motivepower Industries, Inc..........................       100,700        2,668,550
*Motor Club of America................................         5,600           76,300
Movado Group, Inc.....................................        64,500        1,161,000
*Movie Gallery, Inc...................................       210,500          690,703
*Moviefone, Inc. Class A..............................        29,500          197,281
Mueller (Paul) Co.....................................         3,900          151,125
*Multi Color Corp.....................................         7,600           49,400
*Multigraphics, Inc...................................         8,000           21,000
*Musicland Stores Corp................................       263,000        1,430,063
*Mutual Savings Bank FSB Bay City, MI.................        50,900          655,338
Myers Industries, Inc.................................           500            8,625
*N & F Worldwide Corp.................................        31,000          297,406
*NAI Technologies, Inc................................        26,700           60,075
NBT Bancorp...........................................        68,944        1,779,618
NCH Corp..............................................        43,900        2,993,431
*NCS Healthcare, Inc..................................        82,900        2,191,669
*NPS Pharmaceuticals, Inc.............................       105,500          975,875
*NS Group, Inc........................................       122,000        2,287,500
*NSA International, Inc...............................        51,800           89,031
NSC Corp..............................................        79,900          187,266
NYMAGIC, Inc..........................................       132,700        3,383,850
Nacco Industries, Inc. Class A........................        72,383        7,880,699
*Nantucket Industries, Inc............................         6,500            2,844
*Napco Security Systems, Inc..........................        49,600          306,900
Nash Finch Co.........................................       125,900        2,360,625
*Nashua Corp..........................................        89,800        1,173,013
*Nathans Famous, Inc..................................        58,400          222,650
*National Auto Credit, Inc............................       428,690        2,840,071
*National City Bancorp................................        74,559        2,087,652
*National Energy Group, Inc...........................        53,510          229,090
National Gas & Oil Co.................................        38,306          442,914
*National Home Centers, Inc...........................        54,500           63,016

                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*National Home Health Care Corp.......................        58,211  $       309,248
National Insurance Group..............................        24,400          257,725
*National Media Corp..................................       259,800        1,071,675
*National Patent Development Corp.....................        97,315        1,313,753
National Presto Industries, Inc.......................        78,900        3,091,894
*National Processing, Inc.............................         5,500           57,063
*National Record Mart, Inc............................        31,400          118,731
*National Standard Co.................................         8,100           47,588
*National Steel Corp. Class B.........................       213,100        3,196,500
National Technical Systems, Inc.......................        58,000          494,813
*National Techteam, Inc...............................       164,500        1,788,938
*National Western Life Insurance Co. Class A..........        24,300        2,314,575
*Natural Wonders, Inc.................................        89,100          673,819
*Navigators Group, Inc................................         2,100           39,769
Nelson (Thomas), Inc..................................        57,000          650,156
*#Netmanage, Inc......................................       167,000          474,906
*Netrix Corp..........................................       111,500          149,828
*Network Computing Devices, Inc.......................       162,300        1,338,975
*Network Equipment Technologies, Inc..................       198,900        2,896,481
*Network Peripherals, Inc.............................       100,400          527,100
*New Brunswick Scientific Co., Inc....................        42,088          326,182
*New Horizons Worldwide, Inc..........................        55,100          854,050
New Jersey Resources Corp.............................       137,312        4,780,174
*New Jersey Steel Corp................................        55,800        1,257,244
*New Mexico & Arizona Land Co.........................        34,816          522,240
Newcor, Inc...........................................        50,142          432,475
Newmil Bancorp, Inc...................................        41,100          575,400
#Newport Corp.........................................        74,700        1,260,563
*Nextel Communications Corp. Class A..................        38,120          963,723
*Nexthealth, Inc......................................        62,800           69,669
*Nichols Research Corp................................        13,650          315,656
*Nitches, Inc.........................................         3,679           22,074
*Nobel Education Dynamics, Inc........................        14,500           86,547
*Noel Group, Inc......................................        95,400          339,863
Noland Co.............................................         2,000           47,750
*Noodle Kidoodle, Inc.................................        86,000          247,250
*Nord Resources Corp..................................       250,500          438,375
*Norland Medical System, Inc..........................        23,000          173,219
*Nortek, Inc..........................................        99,300        2,420,438
Northrim Bank.........................................           300            4,163
*Northwestern Steel & Wire Co.........................       312,200        1,170,750
*Norton McNaughton, Inc...............................       105,000          636,563
Norwich Financial Corp................................        56,100        1,672,481
*Norwood Promotional Products, Inc....................         9,500          144,281
*Novacare, Inc........................................       448,900        5,555,138
*Nu Horizons Electronics Corp.........................        88,100          622,206
*Nu-Kote Holding, Inc. Class A........................       207,800          113,641
*Nview Corp...........................................        49,000           59,719
O'Sullivan Corp.......................................       173,600        1,725,150
*O'Sullivan Industries Holdings, Inc..................       219,000        2,792,250
*O.I. Corp............................................        48,200          210,875
*OHM Corp.............................................       201,500        1,712,750
*OMI Corp.............................................       497,700        5,101,425
*OSI Pharmaceutical, Inc..............................        61,500          440,109
*OTR Express, Inc.....................................        15,000           89,063
*Oak Technology, Inc..................................       620,500        5,138,516
*Offshore Logistics, Inc..............................       351,700        8,067,119
Oglebay Norton Co.....................................        32,000          980,000
Oil-Dri Corp. of America..............................        50,800          850,900

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                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*Old America Stores, Inc..............................        39,300  $        11,063
*Old Dominion Freight Lines, Inc......................       133,400        2,109,388
*Olympic Steel, Inc...................................       186,000        2,609,813
*Omega Environmental, Inc.............................        37,000            2,313
OnbanCorp, Inc........................................        73,800        4,976,888
*One Price Clothing Stores, Inc.......................       114,500          236,156
Oneida, Ltd...........................................        93,600        3,515,850
*Oneita Industries, Inc...............................        54,200           18,631
*Onyx Acceptance Corp.................................        10,000           77,500
*Opinion Research Corp................................        43,900          219,500
*Opta Food Ingredients, Inc...........................       171,600          879,450
*Opti, Inc............................................       149,200          923,175
Optical Coating Laboratory, Inc.......................       115,200        1,771,200
*Option Care, Inc.....................................        86,200          371,738
Orange Co., Inc.......................................       103,000          824,000
*Oravax, Inc..........................................        30,000           88,125
*Orbital Sciences Corp................................       268,100        6,886,819
*Oregon Metallurgical Corp............................       100,300        3,234,675
Oregon Steel Mills, Inc...............................       248,061        4,868,197
*Oriole Homes Corp. Class A Convertible...............        20,500           97,375
*Oriole Homes Corp. Class B...........................        29,400          139,650
*Oroamerica, Inc......................................        70,400          391,600
*Orthologic Corp......................................       235,900        1,216,359
Oshkosh B'Gosh, Inc. Class A..........................        46,300        1,504,750
Oshkosh Truck Corp. Class B...........................        86,400        1,522,800
*Oshman's Sporting Goods, Inc.........................        65,700          377,775
*Ostex International, Inc.............................        38,700          122,147
*Outlook Group Corp...................................        45,500          304,281
Overseas Shipholding Group, Inc.......................       167,600        4,095,725
Owosso Corp...........................................        57,000          443,531
Oxford Industries, Inc................................       107,400        3,772,425
*PAM Transportation Services, Inc.....................        43,500          428,203
*PC Service Source, Inc...............................        37,400          210,375
*PICO Holdings, Inc...................................        96,900          590,484
PLM International, Inc................................        90,500          509,063
*PPT Vision, Inc......................................        89,000          700,875
PS Group Holdings, Inc................................        31,500          448,875
*PST Vans, Inc........................................        44,900          204,856
PXRE Corp.............................................       147,583        4,362,922
Pacific Scientific Co.................................       156,000        2,476,500
*Pacific Sunwear of California, Inc...................        29,750          972,453
*Pages, Inc...........................................        11,800           22,863
Palfed, Inc...........................................        55,800        1,489,163
*Palmer (Arnold) Golf Co..............................         9,900           26,916
Pamrapo Bancorp, Inc..................................        32,300          789,331
Pancho's Mexican Buffet, Inc..........................        43,800           97,181
*Par Technology Corp..................................       135,500        1,448,156
*Paragon Trade Brands, Inc............................       142,500        3,206,250
*Park-Ohio Industries, Inc............................       127,300        2,283,444
Parkvale Financial Corp...............................        39,940        1,170,741
*Parlux Fragrances, Inc...............................       189,800          432,981
*Patina Oil & Gas Corp................................        49,126          399,149
Patrick Industries, Inc...............................        68,800          989,000
*Patterson Energy, Inc................................            12              438
*Paxson Communications Corp...........................       252,000        2,142,000
*Payless Cashways, Inc................................       415,300           21,180
*Paymentech, Inc......................................       276,800        4,290,400
Peerless Manufacturing Co.............................        16,000          188,000
*#Penn Traffic Co.....................................       116,000        1,015,000
*Penn Treaty American Corp............................        87,600        2,830,575
Penn Virginia Corp....................................       147,000        3,978,188

                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
Pennfed Financial Services, Inc.......................        56,100  $     1,853,053
*Pentech International, Inc...........................        45,600          132,525
Penwest, Ltd..........................................        50,500        1,871,656
Peoples Bancshares, Inc. Massachusetts................        32,400          641,925
*Peoples Choice TV Corp...............................       212,000          483,625
Peoples Heritage Financial Group, Inc.................        90,013        3,836,804
*Peoples Telephone Co., Inc...........................        91,000          329,875
*Perfumania, Inc......................................        87,200          290,213
*Perini Corp..........................................        59,300          522,581
*Periphonics Corp.....................................        27,200          264,350
*Pete's Brewing Co....................................        14,900           74,034
*Petrocorp, Inc.......................................        95,200          862,750
*Petroleum Development Corp...........................        14,300           87,588
*Phar-Mor, Inc........................................         3,800           32,181
*Pharmaceutical Marketing Services, Inc...............        10,400          106,600
*Pharmaceutical Resources, Inc........................       201,400          314,688
*Pharmchem Laboratories, Inc..........................        64,900          194,700
*Philip Services Corp.................................       109,581        1,732,750
Phillips-Van Heusen Corp..............................       376,100        5,171,375
Phoenix Duff & Phelps Corp............................       434,800        3,261,000
*Photo Control Corp...................................         4,200           11,813
*Physician Reliance Network, Inc......................       513,300        5,068,838
*Physicians Health Services, Inc. Class A.............        45,900        1,267,988
*Physicians Resource Group, Inc.......................       204,500        1,163,094
*Physiometrix, Inc....................................        67,500          172,969
Piccadilly Cafeterias, Inc............................        99,000        1,243,688
*Picturetel Corp......................................       341,000        2,978,422
*Pilgrim America Capital Corp.........................        42,900          823,144
Pilgrim Pride Corp....................................       271,200        4,339,200
#Pillowtex Corp.......................................        18,900          500,850
*Pinkertons, Inc......................................        34,500          789,188
Pinnacle Bancshares, Inc..............................         9,800          160,475
Pinnacle Financial Services, Inc......................        23,950          999,913
*Pinnacle Systems, Inc................................        60,300        1,462,275
Pioneer Natural Resouces Co...........................        17,871          569,638
Piper Jaffray Companies, Inc..........................       100,496        2,782,483
Pitt-Des Moines, Inc..................................        34,650        1,199,756
Pittston Co. Burlington Group.........................       218,900        6,033,431
*Planar Systems, Inc..................................       141,100        1,666,744
Plasti-Line, Inc......................................        10,000          136,875
*Players International, Inc...........................       448,900        1,444,897
*Polk Audio, Inc......................................         5,500           49,844
*Pollo Tropical, Inc..................................        74,800          495,550
*Polymedica Industries, Inc...........................        78,140          722,795
*Polymer Group, Inc...................................       492,500        4,863,438
*Pool Energy Services Co..............................       164,358        4,242,491
Pope & Talbot, Inc....................................       160,500        2,648,250
*Porta Systems Corp...................................         5,100           17,213
Portec, Inc...........................................        48,106          667,471
Poughkeepsie Financial Corp...........................       143,900        1,430,006
*Powell Industries, Inc...............................        49,000          686,000
*Powercerv Corp.......................................       191,000          561,063
*Powertel, Inc........................................       247,600        4,797,250
*Premenos Technology Corp.............................       119,100        1,570,631
Premiumwear, Inc......................................        20,100           94,219
*President Casinos, Inc...............................        17,683           68,522
Presidential Life Corp................................       325,700        6,544,534
*Presley Companies Class A............................        83,300           72,888

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                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*Price Communications Corp............................        81,600  $       897,600
Price Enterprises, Inc................................       205,400        3,684,363
*Pricesmart, Inc......................................        36,850          603,419
*Primark Corp.........................................        71,100        2,408,513
Prime Bancorp, Inc....................................        30,847        1,043,014
Primesource Corp......................................        67,254          815,455
*Printronix, Inc......................................        22,500          402,188
*Procyte Corp.........................................       110,500          120,859
Progress Financial Corp...............................        27,300          414,619
*Progress Software Corp...............................        98,500        2,043,875
Progressive Bank, Inc.................................        38,500        1,313,813
*Pronet, Inc..........................................       120,900          536,494
*Proteon, Inc.........................................       152,200          247,325
*Protocol Systems, Inc................................        99,500        1,026,094
Providence & Worcester Railroad Co....................        19,300          299,150
*Provident American Corp..............................         4,900           13,169
Provident Bankshares Corp.............................        52,400        3,098,150
*Proxim, Inc..........................................        33,600          399,000
*Proxima Corp.........................................       114,900          847,388
Pulaski Furniture Corp................................        33,200          639,100
Pulte Corp............................................         7,400          300,163
*Pure World, Inc......................................        72,000          468,000
*Pyramid Breweries, Inc...............................        17,800           47,838
*QMS, Inc.............................................       119,200          379,950
*Quad Systems Corp....................................        68,000          435,625
Quaker Chemical Corp..................................        71,600        1,346,975
*Quaker City Bancorp, Inc.............................        50,850        1,036,069
*Quaker Fabric Corp...................................        78,400        1,553,300
Quaker State Corp.....................................       388,500        5,973,188
*#Quality Dining, Inc.................................       198,500          825,016
*Quality Semiconductor, Inc...........................        77,400          447,469
*Quality Systems, Inc.................................        78,500          578,938
Quanex Corp...........................................       205,000        6,098,750
*Quarterdeck Office Systems, Inc......................        71,900          151,664
Queens County Bancorp.................................       109,148        3,809,947
*Quest Medical, Inc...................................        25,060          174,637
*Quiksilver, Inc......................................         1,800           47,475
Quixote Corp..........................................        80,600          700,213
*R & B, Inc...........................................        87,100          838,338
*RDM Sports Group, Inc................................       118,500              948
RLI Corp..............................................        88,650        3,872,897
RPC, Inc..............................................        54,000        1,444,500
*RTW, Inc.............................................        36,500          242,953
*Rag Shops, Inc.......................................        53,100          165,108
*Ragan (Brad), Inc....................................        21,000          714,000
*Railtex, Inc.........................................       105,400        1,561,238
*Rainbow Technologies, Inc............................        19,100          460,788
*#Rally's Hamburgers, Inc.............................        60,300          207,281
*Ramsay Health Care, Inc..............................       123,800          537,756
*Rare Hospitality International, Inc..................       133,500        1,435,125
Raritan Bancorp, Inc. DE..............................         1,575           42,919
*Reading Entertainment, Inc...........................        33,736          425,917
*Recoton Corp.........................................       143,300        1,952,463
*Redwood Empire Bancorp...............................        28,200          442,388
Refac Technology Development Corp.....................        41,685          578,379
*Regeneron Pharmaceuticals, Inc.......................        73,200          718,275
*Reliability, Inc.....................................        48,500        1,035,172
Reliance Steel and Aluminum Co........................        62,250        1,746,891
*Rentrak Corp.........................................        63,000          313,031
*Repligen Corp........................................        30,200           30,672
*Republic Automotive Parts, Inc.......................        39,800          597,000
Republic Bancorp, Inc.................................        34,769          599,781

                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*Republic Engineered Steels, Inc......................       340,000  $       499,375
Republic Security Financial Corp......................        47,100          479,831
Resource Bancshares Mortgage Group, Inc...............        24,700          342,713
*Response Oncology, Inc...............................       183,889        1,792,918
*Rex Stores Corp......................................        96,100        1,093,138
*Rexhall Industries, Inc..............................        12,789           63,146
Richardson Electronics, Ltd...........................        41,400          481,275
*Riddell Sports, Inc..................................        94,900          382,566
*Ride, Inc............................................       131,800          337,738
Riggs National Corp...................................       298,400        7,282,825
*Right Management Consultants, Inc....................        78,300          866,194
*Rightchoice Managed Care, Inc. Class A...............        38,200          413,038
*Rimage Corp..........................................         3,300           21,038
*Rio Hotel & Casino, Inc..............................       151,300        3,158,388
Rival Co..............................................        72,600        1,075,388
*River Oaks Furniture, Inc............................        47,600           83,300
*Riverside Group, Inc.................................         3,200            4,400
Roanoke Electric Steel Corp...........................        87,400        1,944,650
*Roberds, Inc.........................................        79,700          313,819
*Roberts Pharmaceutical Corp..........................       251,100        2,605,163
Robinson Nugent, Inc..................................        53,900          289,713
*Rock Bottom Restaurants, Inc.........................        94,400        1,014,800
Rock-Tenn Co. Class A.................................       261,300        5,291,325
*Rocky Shoes & Boots, Inc.............................        33,500          571,594
*Rodman & Renshaw Capital Group, Inc..................        19,700            7,388
*Rohr, Inc............................................        93,100        2,851,188
Rollins Truck Leasing Corp............................       549,600        9,308,850
*Rottlund, Inc........................................        37,800          151,200
Rouge Industries, Inc. Class A........................       220,200        3,358,050
*Royal Precision, Inc.................................        14,150          119,833
*Ruby Tuesday, Inc....................................        68,000        1,785,000
Russ Berrie & Co., Inc................................       169,300        5,057,838
*Ryans Family Steak Houses, Inc.......................       549,400        4,910,263
Rykoff-Sexton, Inc....................................       289,975        6,506,314
Ryland Group, Inc.....................................       213,664        4,660,546
*S&K Famous Brands, Inc...............................        57,700          782,556
*S3, Inc..............................................       421,000        2,703,609
*SBE, Inc.............................................         2,900           41,778
*SBS Technologies, Inc................................        40,000        1,162,500
*SED International Holdings, Inc......................        57,400          733,644
*SLH Corp.............................................        34,575        1,849,763
*SSE Telecom, Inc.....................................        68,100          336,244
*STM Wireless, Inc. Class A...........................        64,000          940,000
*SYNC Research, Inc...................................        29,500          118,922
*Safety 1st, Inc......................................        65,400          449,625
*Salant Corp. DE......................................       153,800          297,988
Salient 3 Communications, Inc. Class A................        72,900          934,031
*San Filippo (John B.) & Son, Inc.....................        74,800          591,388
Sanderson Farms, Inc..................................       108,600        1,309,988
*Sands Regent Casino Hotel............................        43,282           91,298
Sandwich Bancorp, Inc.................................        19,400          822,075
*Santa Cruz Operation, Inc............................       119,100          699,713
Santa Monica Bank CA..................................        43,900        1,212,738
*Savoir Technology Group, Inc.........................        12,300          126,844
*Scan-Optics, Inc.....................................        62,200          553,969
*Schein (Henry), Inc..................................        28,885        1,019,099
*Schieb (Earl), Inc...................................        70,500          616,875
*Scholastic Corp......................................        63,900        2,444,175

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                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*Schuler Homes, Inc...................................       281,500  $     1,988,094
Schultz Sav-O Stores, Inc.............................        15,300          242,888
*Scios-Nova, Inc......................................       145,300        1,103,372
Scope Industries, Inc.................................         4,200          258,300
Seaboard Corp.........................................           100           36,200
*Sealright Co., Inc...................................       111,100        1,381,806
*Secom General Corp...................................        57,500          129,375
*Segue Software, Inc..................................        69,200          752,550
Selas Corp. of America................................        61,500          638,063
Selective Insurance Group, Inc........................       131,900        6,685,681
*Semiconductor Packaging Materials Co., Inc...........         9,100           82,469
*Seneca Foods Corp. Class B...........................        10,500          177,188
*Sentry Technology Corp...............................        16,802           35,704
*Sequa Corp. Class A..................................        68,600        3,927,350
*Sequa Corp. Class B..................................        31,400        2,095,950
*Sequent Computer Systems, Inc........................       390,000        9,079,688
*Service Merchandise Co., Inc.........................     1,081,800        3,651,075
*Servico, Inc.........................................        57,900        1,002,394
*Shaman Pharmaceuticals...............................        35,800          176,763
*Sharper Image Corp...................................        93,400          385,275
Shelby Williams Industries, Inc.......................         8,000          129,500
Shelter Components, Inc...............................        80,600        1,400,425
*Sherwood Group, Inc..................................         2,400           29,700
*Shiloh Industries, Inc...............................       156,300        2,950,163
*Shoe Carnival, Inc...................................       127,300        1,169,569
*Sholodge, Inc........................................        75,000        1,214,063
*Shoney's, Inc........................................       530,304        2,320,080
*Shopko Stores, Inc...................................       246,200        5,170,200
*Show Biz Pizza Time, Inc.............................        86,600        1,878,138
Showboat, Inc.........................................       262,000        5,027,125
Sifco Industries, Inc.................................        41,600          852,800
*Sight Resource Corp..................................        96,800          441,650
*Sigma Circuits, Inc..................................        36,200          281,681
*Sigma Designs, Inc...................................        11,300           57,206
*Signal Technology Corp...............................        79,400          416,850
*Signature Brands USA, Inc............................       108,500          508,594
*Silicon Valley Bancshares............................        22,300        1,174,931
*#Silicon Valley Group, Inc...........................       163,200        3,891,300
Simmons First National Corp. Class A..................        41,600        1,470,300
Simpson Industries, Inc...............................       204,500        2,364,531
*Sizzler International, Inc...........................       212,700          624,806
Skaneateles Bancorp, Inc..............................         9,300          252,844
Skyline Corp..........................................       101,600        2,755,900
Skywest, Inc..........................................       123,900        3,020,063
*Smartflex Systems, Inc...............................        20,800          206,700
Smith (A.O.) Corp.....................................       138,500        5,894,906
Smith (A.O.) Corp. Convertible Class A................        37,900        1,610,750
Snyder Oil Corp.......................................        45,100          896,363
*Sodak Gaming, Inc....................................       112,000          987,000
*#Softech, Inc........................................        31,300           73,359
*#Software Spectrum, Inc..............................        51,900          697,406
*Sound Advice, Inc....................................        16,600           26,975
South Jersey Industries, Inc..........................       110,377        2,773,222
*Southern Energy Homes, Inc...........................           100              941
*Southwall Technologies, Inc..........................        83,600          663,575
Southwest Bancshares, Inc. DE.........................        19,500          496,031
Southwest Securities Group, Inc.......................        66,000        1,559,250
Southwestern Energy Co................................       357,900        4,182,956
Sovereign Bancorp, Inc................................       108,454        2,057,237
*Spacelabs Medical, Inc...............................       138,400        3,010,200

                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*Spaghetti Warehouse, Inc.............................        96,100  $       654,681
Span-American Medical System, Inc.....................        25,300          192,913
Spartan Motors, Inc...................................       130,300          745,153
*Sparton Corp.........................................       100,600        1,031,150
*Spec's Music, Inc....................................        36,900           39,206
*Specialty Chemical Resources, Inc....................        23,000           24,438
*Spectran Corp........................................        76,300          875,066
*Speizman Industries, Inc.............................        37,400          233,750
*Spelling Entertainment Group, Inc....................        56,700          478,406
*Spiegel, Inc. Class A Non-Voting.....................       240,000        1,312,500
*Sport Chalet, Inc....................................        42,300          203,569
*Sport Supply Group, Inc..............................        85,900          676,463
*#Sportmart, Inc......................................        54,300          162,900
*Sportmart, Inc. Class A..............................        43,500          116,906
*Sports Club Co., Inc.................................        69,900          567,938
Springs Industries, Inc. Class A......................       120,700        6,087,806
St. Francis Capital Corp..............................        46,300        1,788,338
St. Paul Bancorp, Inc.................................       255,937        6,302,449
*#Stac, Inc...........................................        89,200          526,838
*Staff Builders, Inc. Class A.........................       233,400          638,203
*Stage II Apparel Corp................................        31,600           37,525
*Standard Commercial Corp.............................        94,680        1,645,065
*Standard Management Corp.............................        53,500          371,156
*Standard Microsystems Corp...........................       189,300        2,052,722
Standard Motor Products, Inc. Class A.................       142,150        2,798,578
Standard Pacific Corp. DE.............................       333,672        4,504,572
Standard Products Co..................................       265,900        6,680,738
*Stanford Telecommunications, Inc.....................        26,100          580,725
*Stanley Furniture, Inc...............................        38,200        1,050,500
*Starcraft Corp.......................................        27,300           73,369
Starret Corp..........................................        69,900          838,800
Starrett (L.S.) Co. Class A...........................        58,400        2,248,400
*Starter Corp.........................................       167,700          565,988
*#Station Casinos, Inc................................       526,100        3,485,413
*Steel of West Virginia, Inc..........................        68,000          663,000
Steel Technologies, Inc...............................       130,500        1,484,438
Stepan Co.............................................       107,600        2,999,350
Stephan Co............................................        49,000          624,750
Sterling Bancorp......................................        63,500        1,393,031
*Sterling Electronics Corp............................        33,100          686,825
*Sterling Financial Corp. WA..........................        66,980        1,427,511
*Stevens International, Inc. Class A..................        53,000           62,938
Stewart & Stevenson Services, Inc.....................        12,000          261,750
Stewart Information Services Corp.....................        69,000        1,867,313
Stifel Financial Corp.................................        59,340          853,013
*Stokely USA, Inc.....................................        84,000           64,313
Stone & Webster, Inc..................................       134,400        6,300,000
*Stormedia, Inc. Class A..............................        36,000          133,875
*Strategic Diagnostics, Inc...........................        45,000           97,031
*Strategic Distribution, Inc..........................       243,600        1,172,325
Strawbridge and Clothier Liquidating Trust............        71,881          651,466
*Strouds, Inc.........................................       136,000          267,750
*Stuart Entertainment, Inc............................        60,000          148,125
*#Sulcus Computer Corp................................       141,900          434,569
Sumitomo Bank of California...........................        86,600        3,279,975
*Summa Four, Inc......................................        68,300          798,256
*Summit Care Corp.....................................        86,200        1,368,425
*Summit Technology, Inc...............................        12,000           78,375
*Summitt Medical Systems, Inc.........................       169,000          470,031
*Sun Coast Industries, Inc............................        56,800          284,000

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                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*Sun Healthcare Group, Inc............................        48,800  $     1,049,200
*Sun Television and Appliances, Inc...................       206,300          467,398
*Sunbelt Nursery Group, Inc...........................        22,700           22,700
*Sunrise Medical, Inc.................................       222,000        3,510,375
*Sunrise Resources, Inc...............................        77,000          226,188
Superior Surgical Manufacturing Co., Inc..............        80,900        1,223,613
*Suprema Specialties, Inc.............................        50,500          164,125
*Supreme International Corp...........................        68,550          796,894
*Surety Capital Corp..................................        66,400          419,150
Susquehanna Bancshares, Inc...........................       156,915        5,089,930
*Swiss Army Brands, Inc...............................        87,300          894,825
*Sybron Chemicals, Inc................................         1,600           51,300
*Sylvan, Inc..........................................       104,000        1,443,000
*Symix Systems, Inc...................................         8,600          127,925
*Syms Corp............................................       128,700        1,488,094
*Synbiotics Corp......................................        53,400          181,059
*Syncor International Corp. DE........................       117,600        1,874,250
*Syntellect, Inc......................................       218,100          463,463
*Syquest Technology, Inc..............................        75,900          247,861
*TBC Corp.............................................       165,000        1,680,938
TCBY Enterprises, Inc.................................       200,966        1,268,598
*TCC Industries, Inc..................................         6,700           28,056
*TCI International, Inc...............................        27,600          160,425
*TCSI Corp............................................        59,500          379,313
*TII Industries, Inc..................................        77,900          455,228
TJ International, Inc.................................       105,800        2,615,244
TR Financial Corp.....................................       136,400        4,467,100
*TRC Companies, Inc...................................        71,450          276,869
*TRM Copy Centers Corp................................        72,000          684,000
Tab Products Co. DE...................................        50,900          738,050
*Taco Cabana, Inc.....................................       187,900          962,988
*Tandy Brand Accessories, Inc.........................        12,600          184,275
*Tandy Crafts, Inc....................................       149,700          673,650
*Tanknology Environmental, Inc........................       111,600          214,481
Tasty Baking Co.......................................         2,400           56,400
*Team, Inc............................................        56,500          204,813
*Tech-Sym Corp........................................        63,400        1,921,813
*Technical Communications Corp........................         6,300           50,400
*Tegal Corp...........................................        47,300          344,403
*Tekelec..............................................        35,200        1,333,200
*Telco Systems, Inc...................................        43,500          432,281
*#Tele-Communications International, Inc. Class A.....        14,300          230,141
Telxon Corp...........................................       130,200        3,206,175
*Temtex Industries, Inc...............................        31,700           96,091
*Tesoro Petroleum Corp................................       285,700        4,749,763
*Tetra Technologies, Inc..............................        37,900          888,281
Texas Industries, Inc.................................       117,562        5,473,981
*Texas Micro, Inc.....................................       137,700          662,681
*Texfi Industries, Inc................................        27,100          140,581
*Thermo Power Corp....................................        82,700          754,638
Thermo Remediation, Inc...............................        78,000          487,500
*Thermo Sentron, Inc..................................       135,500        1,490,500
*#Thermo Terratech, Inc...............................       130,000        1,133,438
*Thermo Voltek Corp...................................         1,500            9,469
Thomas Industries, Inc................................        83,700        2,657,475
Thomaston Mills, Inc..................................        34,800          304,500
Thor Industries, Inc..................................         2,600           82,063
*Thorn Apple Valley, Inc..............................        62,615          880,523
*Tipperary Corp.......................................        88,400          453,050
*#Titan Corp..........................................        45,700          294,194

                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
Titan Holdings, Inc...................................       132,833  $     2,806,097
Titan International, Inc..............................       196,000        3,920,000
Toastmaster, Inc......................................        83,600          438,900
*#Today's Man, Inc....................................        86,000          233,813
*Todd Shipyards Corp..................................       114,200          513,900
Todd-AO Corp. Class A.................................         3,740           37,166
*Topps, Inc...........................................        44,500          115,422
*Tower Air, Inc.......................................       166,400          842,400
*Tracor, Inc..........................................           800           22,475
*Tractor Supply Co....................................         1,000           15,875
*Trak Auto Corp.......................................        40,200          502,500
*#Trans World Airlines, Inc...........................       638,300        4,827,144
*Trans World Entertainment Corp.......................        86,100        3,083,456
*Transcend Services, Inc..............................        20,100           58,102
*Transfinancial Holdings, Inc.........................        68,700          644,063
Transmedia Network, Inc...............................        11,000           68,750
*TransNet Corp........................................        59,500          159,906
Transport Leasing International, Inc..................        45,700          445,575
#Transport Lux Corp...................................         2,546           35,167
Transtechnology Corp..................................        47,300        1,277,100
*#Travel Ports of America, Inc........................        62,018          238,382
Treadco, Inc..........................................        40,000          407,500
*Tremont Corp. DE.....................................        68,133        3,879,323
*Trend-Lines, Inc. Class A............................        70,900          520,672
Trenwick Group, Inc...................................        48,000        1,779,000
*Triangle Pacific Corp................................        30,000          967,500
*Tricord Systems, Inc.................................        89,500           71,320
*Trident Microsystems, Inc............................        63,000          718,594
*Tridex Corp..........................................        71,900          368,488
Trigen Energy Corp....................................       175,200        4,002,225
*Trimark Holdings, Inc................................        30,300          170,438
Trion, Inc............................................         2,100            9,056
*Triple S Plastics, Inc...............................        30,500          211,594
*Tripos, Inc..........................................        16,166          244,511
*Trism, Inc...........................................        64,800          263,250
*Truevision, Inc......................................       117,800          393,894
*Trump Hotels & Casino Resorts, Inc...................       314,800        2,734,825
*Tseng Laboratories, Inc..............................       180,100          365,828
*Tuesday Morning Corp.................................        66,150        1,649,616
*Tultex Corp..........................................       323,307        1,454,882
*Turner Corp..........................................        41,732          965,053
Twin Disc, Inc........................................        33,600        1,087,800
*Tyler Corp...........................................       213,100        1,092,138
U.S. Bancorp, Inc.....................................        40,300        2,609,425
*U.S. Diagnostic, Inc.................................        33,700          146,384
*URS Corp.............................................        68,202        1,091,232
*US Can Corp..........................................       166,100        2,740,650
*US Servis, Inc.......................................        18,400           51,750
*US Xpress Enterprises, Inc. Class A..................        26,100          569,306
*USData Corp..........................................         6,750           28,477
UST Corp..............................................        64,310        1,706,225
*Ultimate Electronics, Inc............................        82,700          273,944
*Ultra Pacific, Inc...................................        31,700          316,009
*Ultradata Corp.......................................        25,000           96,875
*#Ultrafem, Inc.......................................       114,000          427,500
*Ultrak, Inc..........................................       150,500        1,697,828
*#Ultralife Batteries, Inc............................        50,400          727,650
*#Ultratech Stepper, Inc..............................        12,000          294,000
Uni-Marts, Inc........................................        68,200          306,900
Unico American Corp...................................        44,700          550,369
Unifirst Corp.........................................        31,800          820,838
*Unimark Group, Inc...................................        95,900          434,547

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                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*Union Acceptance Corp. Class A.......................        51,400  $       287,519
*Union Corp. DE.......................................        35,200          886,600
*Unique Casual Restaurants, Inc.......................        98,000          673,750
*Uniroyal Technology Corp.............................       163,600          904,913
*Unit Instruments, Inc................................        66,700          675,338
*United American Healthcare Corp.,....................        80,200          230,575
United Companies Financial Corp.......................       213,600        4,632,450
United Fire Casualty Co...............................        18,750          830,859
United Industrial Corp................................       145,100        1,596,100
United National Bancorp...............................         7,865          202,524
*United Retail Group, Inc.............................       116,300          436,125
*United States Energy Corp............................        15,700          156,019
*United States Home Corp..............................       129,100        4,792,838
*United States Homecare Corp..........................        43,400           44,073
United Wisconsin Services, Inc........................       244,800        5,967,000
*Unitel Video, Inc....................................        29,500          210,188
*Universal Electronics, Inc...........................        63,900          670,950
*Universal Hospital Services, Inc.....................        58,900          872,456
*Universal International, Inc.........................        34,600           90,284
*Universal Standard Medical Labs, Inc.................        64,100          180,281
*Uno Restaurant Corp..................................       103,100          657,263
*Uranuim Resources, Inc...............................       180,000          860,625
*Urogen Corp. (Restricted)............................        14,500                0
*Utilx Corp...........................................        81,600          517,650
*V Band Systems, Inc..................................        50,700           74,466
*V Mark Software, Inc.................................         3,000           26,813
*VLSI Technology, Inc.................................       168,200        3,800,269
*VTEL Corp............................................       102,500          741,523
*Valence Technology, Inc..............................       105,800          694,313
*Vallen Corp..........................................        66,300        1,338,431
Valley Forge Corp.....................................        22,500          336,094
*Value City Department Stores, Inc....................       399,100        3,018,194
Value Line, Inc.......................................         4,000          144,000
*Valuevision International, Inc. Class A..............       307,300        1,238,803
*Variflex, Inc........................................        65,500          384,813
Varlen Corp...........................................       100,857        2,760,960
*Vaughn Communications, Inc...........................        54,500          333,813
*Vectra Technologies, Inc.............................        58,100            3,486
*Venture Stores, Inc..................................       266,179          415,905
*Verity, Inc..........................................       125,000          613,281
Vermont Financial Services Corp.......................        86,800        2,397,850
*Versar, Inc..........................................         1,300            6,825
*Versatility, Inc.....................................         3,500           20,016
*Vertex Communications Corp...........................        45,600        1,117,200
*Veterinary Centers of America, Inc...................       184,400        2,339,575
*Vicorp Restaurants, Inc..............................        93,600        1,468,350
*Video Display Corp...................................        44,400          407,925
*Video Lottery Technologies, Inc......................        94,200        1,077,413
*Video Services Corp..................................        10,000           30,313
*Video Update, Inc....................................       293,600          779,875
Vintage Petroleum, Inc................................         4,000           77,500
Virco Manufacturing Corp..............................       102,396        2,444,705
Virginia Beach Federal Financial Corp.................        51,950          866,916
Virginia First Financial Corp.........................        14,700          367,500
Vital Signs, Inc......................................       194,000        3,867,875
*Vitalink Pharmacy Services, Inc......................        11,700          277,875
Vulcan International Corp.............................        12,200          477,325
*#WHX Corp............................................       372,500        4,400,156
WICOR, Inc............................................        40,500        1,868,063
WLR Foods, Inc........................................       176,006        1,573,054

                                                              SHARES           VALUE+
                                                       -------------  ---------------
                                                                                     
*WPI Group, Inc.......................................         9,200  $        69,000
*#WSMP, Inc...........................................         2,000           48,750
Wackenhut Corp. Class A...............................        16,300          352,488
Wackenhut Corp. Class B Non-Voting....................        20,500          406,156
#Walbro Corp..........................................       103,752        1,497,920
*Walker Interactive Systems, Inc......................        47,600          621,775
*Wall Data, Inc.......................................        33,700          549,731
*Wall Street Deli, Inc................................        39,700          147,634
Walshire Assurance Co.................................        50,527          571,587
*Wandel & Goltermann Technologies, Inc................        47,900          595,756
Warren Bancorp, Inc...................................        36,000          735,750
*Washington Homes, Inc................................        74,500          288,688
Washington National Corp..............................       108,800        3,597,200
Washington Savings Bank FSB Waldorf, MD...............        23,500          173,313
Watkins-Johnson Co....................................        93,000        2,906,250
Watts Industries, Inc. Class A........................        59,400        1,510,988
Webb (Del) Corp.......................................       311,188        6,729,441
*Webco Industries, Inc................................         3,000           21,375
Webster Financial Corp................................        51,498        3,241,155
*Weirton Steel Corp...................................       468,700        1,376,806
Wellco Enterprises, Inc...............................         4,800           69,000
Wellman, Inc..........................................       349,900        7,413,506
*Wells-Gardner Electronics Corp.......................        33,700          195,881
Werner Enterprises, Inc...............................       220,500        4,768,313
Wesbanco, Inc.........................................        18,900          559,913
*West Coast Entertainment Corp........................       136,500          238,875
West, Inc.............................................        98,500        3,127,375
*#Westbridge Capital Corp.............................        12,000            8,250
Westco Bancorp, Inc...................................        11,400          309,225
Westcorp, Inc.........................................       247,356        4,205,052
Westerfed Financial Corp..............................        69,900        1,662,309
*Western Beef, Inc....................................        57,400          437,675
*Weston (Roy F.), Inc. Class A........................        87,200          361,063
Weyco Group, Inc......................................         2,400           57,000
Whitney Holdings Corp.................................        90,171        4,542,364
*Whittaker Corp.......................................       131,900        1,195,344
*Wickes Lumber Co.....................................        96,600          350,175
*Williams Clayton Energy, Inc.........................       122,000        1,959,625
Wilshire Oil Co. of Texas.............................       105,354          599,201
Windmere Corp.........................................        50,300        1,213,488
Winnebago Industries, Inc.............................       222,700        1,712,006
Wiser Oil Co..........................................       100,175        1,527,669
Wolf (Howard B.), Inc.................................         5,000           30,313
Wolohan Lumber Co.....................................        74,478          977,524
*Wolverine Tube, Inc..................................         1,000           31,750
*Wonderware Corp......................................       117,000        2,146,219
*Workgroup Technology Corp............................        18,600           66,844
*Worldcorp, Inc.......................................        25,000           28,125
*Worldtex, Inc........................................       242,700        2,062,950
Worthington Foods, Inc................................        17,666          406,318
*Wyant Corp...........................................           600            3,975
Wynns International, Inc..............................        61,350        1,990,041
*Xetel Corp...........................................        15,600           63,863
*Xicor, Inc...........................................        65,300          316,297
Xtra Corp.............................................       103,400        5,454,350
Yankee Energy Systems, Inc............................       101,100        2,394,806
Yardville National Bancorp............................        23,400          780,975
*Yellow Corp..........................................       265,400        7,033,100
York Financial Corp...................................        95,261        2,482,740

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                                                               SHARES           VALUE+ 
                                                        -------------  --------------- 
                                                                                       
 *Zale Corp............................................       248,400  $     5,526,900 
 *Zaring National Corp.................................        46,000          434,125 
 *Zemex Corp...........................................       106,528        1,012,021 
 Zenith National Insurance Corp........................       173,700        4,646,475 
 Ziegler Co., Inc......................................         1,700           36,338 
 *Zilog, Inc...........................................       290,500        5,555,813 
 *Zoll Medical Corp....................................        91,000          629,891 
 Zurn Industries, Inc..................................       115,900        3,969,575 
 *Zygo Corp............................................        23,100          495,206 
                                                                       --------------- 
TOTAL COMMON STOCKS                                                                    
  (Cost $1,676,856,817)................................                  2,198,202,781 
                                                                       --------------- 
RIGHTS/WARRANTS -- (0.0%)                                                              
 *Amvestors Financial Corp. Warrants Class A                                           
   04/02/02............................................         3,620           29,413 
 *CSF Holdings, Inc. Litigation Rights 12/30/99........        40,500                0 
 *Fusion Systems Corp. Contingent Payment Rights                                       
   03/31/99............................................        64,000           69,000 
 *National Mercantile Bancorp Warrants 06/02/99........           165                0 
 *Statesman Group, Inc. Contingent Payment Rights......        37,500                0 
 *Today's Man, Inc. Rights 12/05/97....................        64,500                0 
                                                                       --------------- 
TOTAL RIGHTS/WARRANTS                                                                  
  (Cost $0)............................................                         98,413 
                                                                       --------------- 
                                                            FACE                       
                                                           AMOUNT                      
                                                        -------------                  
                                                            (000)                      
TEMPORARY CASH INVESTMENTS -- (2.1%)                                                   
 Repurchase Agreement, PNC Capital Markets Inc. 5.45%,                                 
   12/01/97 (Collateralized by U.S. Treasury Notes                                     
   6.25%, 07/31/98, valued at $46,841,681) to be                                       
   repurchased at $46,165,958.                                                         
   (Cost $46,145,000).................................. $      46,145       46,145,000 
                                                                       --------------- 
TOTAL INVESTMENTS -- (100.9%)                                                          
  (Cost $1,723,001,817)++..............................                  2,244,446,194 
                                                                       --------------- 
OTHER ASSETS AND LIABILITIES -- (-0.9%)                                                
 Other Assets..........................................                      5,815,430 
 Payable for Investment Securities Purchased...........                    (25,299,333)
 Payable for Fund Shares Redeemed......................                       (126,147)
 Other Liabilities.....................................                       (567,730)
                                                                       --------------- 
                                                                           (20,177,780)
                                                                       --------------- 
NET ASSETS -- (100.0%) Applicable to 105,405,078                                       
  Outstanding $.01 Par Value Shares (Unlimited Number                                  
  of Shares Authorized)................................                $ 2,224,268,414 
                                                                       --------------- 
                                                                       --------------- 
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER                                     
  SHARE................................................                $         21.10 
                                                                       --------------- 
                                                                       --------------- 
--------------------                                                                   
+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. 

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THE U.S. LARGE CAP VALUE SERIES 

STATEMENT OF NET ASSETS 

NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                               SHARES           VALUE+
                                                        -------------  ---------------
                                                                                      
COMMON STOCKS -- (98.8%)                                                              
  AK Steel Holding Corp................................       156,800  $     3,087,000
  *AMR Corp............................................       226,500       27,448,969
  *Advanced Micro Devices, Inc.........................       210,900        4,600,256
  #Advanta Corp. Class A...............................        36,800        1,053,400
  #Advanta Corp. Class B Non-Voting....................        74,000        2,002,625
  Aetna, Inc...........................................       544,726       41,058,722
  #Ahmanson (H.F.) & Co................................       112,800        6,711,600
  Albemarle Corp.......................................        97,500        2,431,406
  Alexander & Baldwin, Inc.............................       109,700        2,958,472
  Alleghany Corp.......................................         8,432        2,272,424
  *Alumax, Inc.........................................       138,500        4,354,094
  Ambac, Inc...........................................       150,200        6,026,775
  Amerada Hess Corp....................................       179,900       10,074,400
  #American General Corp...............................       440,707       23,743,090
  American Greetings Corp. Class A.....................        19,400          711,737
  American National Insurance Co.......................        21,900        2,095,556
  *#Apple Computer, Inc................................       344,800        6,109,425
  Archer-Daniels Midland Co............................     1,098,510       23,480,651
  Argonaut Group, Inc..................................        32,100        1,059,300
  Asarco, Inc..........................................       104,900        2,609,387
  Astoria Financial Corp...............................        13,800          762,450
  Avnet, Inc...........................................        50,600        3,352,250
  Ball Corp............................................       112,500        4,331,250
  Bankers Trust New York Corp..........................       101,900       12,081,519
  Bear Stearns Companies, Inc..........................       204,437        8,484,135
  Berkley (W.R.) Corp..................................        39,600        1,660,725
  *#Bethlehem Steel Corp...............................       275,500        2,823,875
  *Beverly Enterprises.................................       296,100        5,033,700
  Black & Decker Corp..................................       222,800        8,187,900
  Block Drug Co., Inc. Class A.........................        19,494          901,635
  Boise Cascade Corp...................................       162,100        5,460,744
  Borg Warner Automotive, Inc..........................        46,300        2,181,887
  Bowater, Inc.........................................        66,300        2,975,212
  *Brinker International, Inc..........................       194,900        2,874,775
  *Burlington Industries, Inc..........................       100,800        1,461,600
  Burlington Northern Santa Fe Corp....................       273,700       25,043,550
  CIGNA Corp...........................................        84,608       14,150,688
  *#CNA Financial Corp.................................       137,500       16,843,750
  CSX Corp.............................................       419,500       21,945,094
  Capital Re Corp......................................         8,300          465,319
  Carpenter Technology Corp............................         2,000           94,250
  Centex Corp..........................................        47,400        3,003,975
  Century Telephone Enterprises, Inc...................        81,200        3,740,275
  Champion International Corp..........................       196,000       10,498,250
  Chesapeake Corp......................................        15,100          517,175
  #Chiquita Brands International, Inc..................       111,200        1,883,450
  *Chris-Craft Industries, Inc.........................        66,804        3,348,550
  Chrysler Corp........................................     1,751,826       60,109,530
  Cincinnati Financial Corp............................        93,860        9,567,854
  Citizens Corp........................................        21,600          635,850
  Coca-Cola Enterprises, Inc...........................       275,000        8,404,687
  Commerce Bancshares, Inc.............................        53,277        3,309,834
  Commerce Group, Inc..................................        54,700        1,716,212
  Comsat Corp. Series 1................................        96,600        2,209,725
  *Consolidated Freightways Corp.......................        50,450          796,164
  Consolidated Papers, Inc.............................        11,300          608,787
  Coors (Adolph) Co. Class B...........................        80,500        2,887,937
  Countrywide Credit Industries, Inc...................       258,600       10,586,437


                                                               SHARES           VALUE+
                                                        -------------  ---------------
                                                                                      
  Cummins Engine Co., Inc..............................        95,200  $     6,128,500
  *Cypress Semiconductor Corp..........................       184,700        2,020,156
  Cyprus Amax Minerals Co., Inc........................       238,900        4,374,856
  Darden Restaurants, Inc..............................       356,000        4,227,500
  *Digital Equipment Corp..............................       464,300       22,866,775
  Dillards, Inc. Class A...............................       246,700        9,019,969
  Dime Bancorp, Inc....................................       140,300        3,402,275
  Donaldson, Lufkin & Jenrette, Inc....................        53,500        3,898,812
  #Enhance Financial Services Group, Inc...............        13,200          737,550
  Enron Corp...........................................        69,100        2,677,625
  *Enserch Exploration, Inc............................       434,154        3,636,040
  Equitable Companies, Inc.............................        66,800        3,185,525
  *Federated Department Stores, Inc....................       606,300       27,624,544
  Fina, Inc. Class A...................................        35,200        2,305,600
  Financial Security Assurance Holdings, Ltd...........        41,800        1,833,975
  Fingerhut Companies, Inc.............................       106,800        2,216,100
  Finova Group, Inc....................................        73,200        3,449,550
  First Citizens Bancshares, Inc. NC...................        10,100        1,113,525
  First Hawaiian, Inc..................................        98,600        3,715,987
  Florida East Coast Industries, Inc...................        12,400        1,171,800
  Ford Motor Co........................................     2,655,700      114,195,100
  Fort James Corp......................................       177,400        6,940,775
  *#Fruit of The Loom, Inc. Class A....................       120,600        2,811,487
  GATX Corp............................................        42,200        2,563,650
  General Motors Corp..................................     1,556,700       94,958,700
  General Motors Corp. Class H.........................       195,846       13,121,682
  Georgia-Pacific Corp.................................       164,900       14,078,337
  *Golden State Bancorp, Inc...........................       114,900        3,827,606
  #Golden West Financial Corp..........................        90,800        8,137,950
  Great Atlantic & Pacific Tea Co., Inc................        76,700        2,368,112
  Greenpoint Financial Corp............................        71,600        4,770,350
  #Hollinger International, Inc. Class A...............       147,100        1,939,881
  *IVAX Corp...........................................       361,000        2,549,562
  *Ing Groep NV ADR....................................         5,246          213,774
  #Inland Steel Industries, Inc........................       174,600        3,339,225
  *Integrated Device Technology, Inc...................       292,900        2,993,072
  #Integrated Health Services, Inc.....................        22,500          684,844
  #International Paper Co..............................       677,200       32,124,675
  *International Speciality Products, Inc..............       252,000        3,732,750
  *#K Mart Corp........................................     1,417,400       17,806,087
  *#Komag, Inc.........................................       156,300        3,150,422
  LNR Property Corp....................................        60,000        1,395,000
  *#LSI Logic Corp.....................................       151,800        3,529,350
  LTV Corp.............................................       225,900        2,513,138
  #Lafarge Corp........................................       136,700        4,083,912
  Lehman Brothers Holdings, Inc........................       297,600       15,047,400
  Liberty Corp.........................................        35,900        1,615,500
  Liberty Financial Companies, Inc.....................        81,000        4,389,187
  Lincoln National Corp................................       193,050       13,778,944
  Loews Corp...........................................       219,300       23,273,212
  Longs Drug Stores Corp...............................        28,000          819,000
  Longview Fibre Co....................................        62,900        1,014,263
  #Louisiana-Pacific Corp..............................       298,100        6,017,894
  MBIA, Inc............................................       116,600        7,331,225
  Mead Corp............................................       140,500        9,071,031
  Media General, Inc. Class A..........................        11,600          494,450
  Mercantile Stores Co., Inc...........................       140,012        9,048,276

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THE U.S. LARGE CAP VALUE SERIES                                                 

CONTINUED                                                                       

                                                        [Enlarge/Download Table]

                                                                SHARES           VALUE+ 
                                                         -------------  --------------- 
                                                                                        
  *#Micron Technology, Inc.............................        700,200  $    17,417,475 
  Mitchell Energy & Development Corp. Class A..........         68,500        1,823,813 
  Mitchell Energy & Development Corp. Class B..........         41,600        1,102,400 
  #Morgan (J.P.) & Co., Inc............................         94,300       10,767,881 
  *#Navistar International Corp........................        221,900        4,881,800 
  *Nextel Communications Corp. Class A.................        346,200        8,752,369 
  Norfolk Southern Corp................................        607,900       19,338,819 
  *Novell, Inc.........................................      1,021,700        9,370,905 
  Occidental Petroleum Corp............................        632,600       18,780,313 
  *Officemax, Inc......................................        367,200        5,163,750 
  Ogden Corp...........................................        151,696        4,038,906 
  #Ohio Casualty Corp..................................         64,800        2,980,800 
  Old Republic International Corp......................        248,850        8,974,153 
  Overseas Shipholding Group, Inc......................         37,500          916,406 
  Pacific Century Financial Corp.......................         55,800        2,845,800 
  *Pacificare Health Systems, Inc. Class B.............          7,356          395,845 
  Paine Webber Group, Inc..............................        114,450        3,848,381 
  *Pep Boys - Manny, Moe & Jack........................         18,600          467,325 
  #Phelps Dodge Corp...................................        105,900        7,015,875 
  Potlatch Corp........................................         94,600        4,599,925 
  Provident Companies, Inc.............................         95,108        3,120,731 
  Providian Financial Corp.............................        287,600       12,672,375 
  Pulte Corp...........................................         35,700        1,448,081 
  RJR Nabisco Holdings Corp............................        548,880       19,999,815 
  Rayonier, Inc........................................         83,000        4,056,625 
  *#Read-Rite Corp.....................................        204,700        3,908,491 
  Republic New York Corp...............................         64,900        7,057,875 
  Reynolds Metals Co...................................        131,800        7,504,363 
  Russell Corp.........................................         24,400          745,725 
  Ryder System, Inc....................................        195,800        7,109,988 
  Safeco Corp..........................................        279,200       13,698,250 
  #Saint Paul Companies, Inc...........................        213,400       17,072,000 
  *Seagate Technology, Inc.............................        444,100       10,075,519 
  Sensormatic Electronics Corp.........................        270,400        4,394,000 
  *#Silicon Graphics, Inc..............................        436,700        5,731,688 
  *Sprint Corp.........................................         86,700        5,077,369 
  St. Joe Corp.........................................         34,600        3,269,700 
  Stone Container Corp.................................        237,400        2,967,500 
  *Stratus Computer, Inc...............................         88,400        2,878,525 
  *Sun Healthcare Group, Inc...........................         23,600          507,400 
  TIG Holdings, Inc....................................         92,700        2,983,781 
  Tecumseh Products Co. Class A........................         26,300        1,295,275 
  Tecumseh Products Co. Class B........................          5,700          280,725 
  Telephone & Data Systems, Inc........................        152,900        6,718,044 
  Temple-Inland, Inc...................................        138,200        7,894,675 
  Tenneco, Inc.........................................        324,700       14,063,569 
  Terra Industries, Inc................................        153,400        1,869,563 
  Timken Co............................................         92,800        3,288,600 
  Transamerica Corp....................................        231,400       25,121,363 
  Travelers Group, Inc.................................        482,736       24,378,168 
  Trinity Industries, Inc..............................         28,500        1,293,188 
  Tyson Foods, Inc. Class A............................         13,000          235,625 
  UMB Financial Corp...................................         32,381        1,700,003 
  USF&G Corp...........................................        236,900        4,782,419 
  USX-Marathon Group, Inc..............................        384,650       13,174,263 
  #USX-US Steel Group..................................        314,400        9,844,650 
  #Union Camp Corp.....................................        142,600        8,564,913 

                                                                SHARES           VALUE+ 
                                                         -------------  --------------- 
                                                                                        
  Union Pacific Corp...................................        273,200  $    16,392,000 
  Unionbancal Corp.....................................         53,200        4,618,425 
  *United States Cellular Corp.........................         91,300        2,990,075 
  Unitrin, Inc.........................................        111,900        6,902,831 
  Valero Energy Corp...................................         81,100        2,544,513 
  Valhi, Inc...........................................         80,100          760,950 
  *Viacom, Inc. Class A................................        107,100        3,721,725 
  *#Viacom, Inc. Class B...............................        805,200       28,182,000 
  *Vishay Intertechnology, Inc.........................         92,680        1,963,658 
  Weis Markets, Inc....................................         19,300          670,675 
  Wesco Financial Corp.................................          8,500        2,796,500 
  Westvaco Corp........................................        186,650        6,089,456 
  Weyerhaeuser Co......................................        124,000        6,548,750 
  Wheelabrator Technologies, Inc.......................        138,100        2,097,394 
  #Whirlpool Corp......................................         69,000        3,782,063 
  Xtra Corp............................................          1,200           63,300 
                                                                        --------------- 
TOTAL COMMON STOCKS                                                                     
  (Cost $1,153,348,013)................................                   1,472,558,876 
                                                                        --------------- 
PREFERRED STOCKS -- (0.0%)                                                              
  *Pacificare Health Systems, Inc. 5% Cumulative,                                       
    Convertible, Redeemable Class A (Cost $185,737)....          2,340          119,925 
                                                                        --------------- 
                                                             FACE                       
                                                            AMOUNT                      
                                                         -------------                  
                                                             (000)                      
TEMPORARY CASH INVESTMENTS -- (0.3%)                                                    
  Repurchase Agreement, PNC Capital Markets Inc. 5.45%,                                 
    12/01/97 (Collateralized by U.S. Treasury Notes                                     
    6.25%, 07/31/98, valued at $3,915,844) to be                                        
    repurchased at $3,854,750 (Cost $3,853,000)........     $3,853            3,853,000 
                                                                        --------------- 
TOTAL INVESTMENTS -- (99.1%) (Cost $1,157,386,750)++...                   1,476,531,801 
                                                                        --------------- 
OTHER ASSETS AND LIABILITIES -- (0.9%)                                                  
  Other Assets.........................................                      18,221,524 
  Payable for Investment Securities Purchased..........                      (4,491,144)
  Other Liabilities....................................                        (266,031)
                                                                        --------------- 
                                                                             13,464,349 
                                                                        --------------- 
NET ASSETS -- (100.0%) Applicable to 82,384,104                                         
  Outstanding $.01 Par Value Shares (Unlimited Number                                   
  of Shares Authorized)................................                 $ 1,489,996,150 
                                                                        --------------- 
                                                                        --------------- 
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER                                      
  SHARE................................................                 $         18.09 
                                                                        --------------- 
                                                                        --------------- 
--------------------                                                                    
+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. 

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THE JAPANESE SMALL COMPANY SERIES 

STATEMENT OF NET ASSETS 

NOVEMBER 30, 1997 

                                                                [Download Table]

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
JAPAN -- (98.4%)                                                                  
COMMON STOCKS -- (98.4%)                                                          
  ASK Corp., Yokohama..................................        6,000  $     10,343
  Achilles Corp........................................      410,000       600,744
  Aica Kogyo Co., Ltd..................................      139,000       523,871
  Aichi Corp...........................................       57,000       192,047
  Aichi Machine Industry Co., Ltd......................      172,000       454,174
  Aichi Tokei Denki Co., Ltd...........................       67,000       127,044
  Aida Engineering, Ltd................................      160,000       676,983
  Akai Electric Co., Ltd...............................       66,000        58,954
  #Akebono Brake Industry Co., Ltd.....................      141,000       399,937
  Amada Metrecs Co., Ltd...............................       21,000       126,699
  Amada Sonoike Co., Ltd...............................      132,000       344,415
  *#Amada Wasino Co., Ltd..............................      122,000       122,358
  Ando Corp............................................      120,000       192,752
  #Anest Iwata Corp....................................       74,000       132,780
  *#Aoki Corp..........................................       70,000        16,454
  #Arai-Gumi, Ltd......................................       49,300        72,236
  Araya Industrial Co., Ltd............................       84,000        96,094
  #Asahi Denka Kogyo KK................................      139,000       631,694
  Asahi Diamond Industrial Co., Ltd....................       23,000       122,547
  Asahi Kogyosha Co., Ltd..............................       48,000       135,397
  *Asahi Optical Co., Ltd..............................      215,000       461,587
  #Asahi Organic Chemicals Industry Co., Ltd...........      190,000       602,938
  Asahi Tec Corp.......................................       86,000       171,158
  Asanuma Corp.........................................      159,000       200,580
  Ashimori Industry Co., Ltd...........................       84,000       157,963
  *Asics Corp..........................................      333,000       313,105
  Atsugi Nylon Industrial Co., Ltd.....................       79,000       134,323
  Azel Corp., Tokyo....................................       89,000       198,746
  Bando Chemical Industries, Ltd.......................      213,000       567,444
  Bank of Okinawa, Ltd.................................       19,300       332,693
  *#Bank of Osaka, Ltd.................................      393,000       514,249
  #Bank of the Ryukyus, Ltd............................       20,280       222,464
  Bunka Shutter Co., Ltd...............................      146,000       401,536
  CKD Corp.............................................      113,000       460,411
  *#Cabin Co., Ltd.....................................       67,000        81,371
  Calpis Co., Ltd......................................      150,000       511,263
  Central Finance Co., Ltd.............................      180,000       265,152
  Central Glass Co., Ltd...............................      422,000       714,217
  #Chiba Kogyo Bank, Ltd...............................       40,400       728,071
  #Chino Corp..........................................       70,000       173,320
  Chisan Tokan Co., Ltd................................       64,000        60,176
  *Chiyoda Corp........................................       56,000        94,778
  *#Chori Co., Ltd.....................................      150,000       264,447
  Chuetsu Pulp and Paper Co., Ltd......................      172,000       327,491
  #Chugai Ro Co., Ltd..................................      139,000       274,460
  Chugoku Marine Paints, Ltd...........................      111,000       220,043
  Chugokukogyo Co., Ltd................................       45,000        70,519
  Chukyo Coca-Cola Bottling Co., Ltd...................       92,000       583,898
  Chukyo Sogo Bank, Ltd................................      219,000       737,864
  Chuo Paperboard Co., Ltd.............................       62,000        43,722
  Chuo Spring Co., Ltd., Nagoya........................       99,000       250,554
  *Clarion Co., Ltd....................................      172,000       495,953
  Cleanup Corp.........................................       72,000       358,237
  *Co-Op Chemical Co., Ltd.............................       80,000        72,086
  *Copal Co., Ltd......................................       78,000       226,131
  *Cosmo Securities Co., Ltd...........................      102,000        71,929


                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  D'urban, Inc.........................................      114,000  $    218,844
  #Dai Nippon Construction.............................       81,000       126,934
  #Dai Nippon Toryo, Ltd...............................      193,000       314,547
  Dai-Dan Co., Ltd.....................................       80,000       569,794
  Dai-Ichi Hotel, Ltd., Tokyo..........................       52,000       156,866
  *#Dai-Ichi Katei Denki Co., Ltd......................       91,000        55,616
  Dai-Ichi Kogyo Seiyaku Co., Ltd......................       47,000       110,848
  *#Dai-Ichi Securities Co., Ltd.......................      228,000       182,221
  Daido Concrete Co., Ltd..............................       33,000        37,493
  Daido Hoxan, Inc.....................................      196,000       360,901
  Daido Kogyo Co., Ltd.................................       60,000       102,488
  Daido Steel Sheet Corp...............................       84,000       233,653
  Daidoh, Ltd..........................................       54,000       252,176
  *Daiei OMC, Inc......................................      371,000       563,949
  #Daihen Corp.........................................      205,000       401,567
  Daiho Corp...........................................       96,000       173,007
  Daiichi Cement Co., Ltd..............................       33,000        46,543
  *#Daiichi Chuo Kisen Kaisha..........................      390,000       354,476
  #Daiichi Jitsugyo Co., Ltd...........................       80,000       183,036
  Daiki Co., Ltd.......................................        6,000        47,013
  #Daikyo, Inc.........................................       53,000        60,631
  #Daimei Telecom Engineering Corp.....................       66,000       439,569
  Dainichiseika Colour & Chemicals Manufacturing Co.,                             
    Ltd................................................      163,000       717,775
  Daiso Co., Ltd.......................................      112,000       175,514
  *#Daisue Construction Co., Ltd.......................      185,000       126,112
  *#Daito Woolen Spinning & Weaving Co., Ltd., Tokyo...       42,000        37,845
  *#Daiwa Danchi Co., Ltd..............................      222,000       405,297
  #Daiwa Seiko, Inc....................................      145,000       363,565
  Daiwabo Co., Ltd.....................................      288,000       374,597
  *Dantani Corp........................................       68,000       109,226
  Danto Corp...........................................       42,000       273,473
  #Denki Kogyo Co., Ltd................................      123,000       558,981
  *Deodeo Corp.........................................       14,200       123,502
  #Descente, Ltd.......................................      146,000       312,306
  *Dijet Industrial Co., Ltd...........................       34,000        53,015
  #Dynic Corp..........................................       52,000       152,791
  Eagle Industry Co., Ltd..............................       43,000       117,924
  Ehime Bank, Ltd......................................       78,000       238,355
  *Enshu, Ltd..........................................       69,000       111,914
  *FDK Corp............................................       94,000       203,283
  First Baking Co., Ltd................................       67,000        78,221
  #France Bed Co., Ltd.................................      193,000       620,020
  #Fudo Construction Co., Ltd..........................      201,000       314,985
  Fuji Car Manufacturing Co., Ltd......................       36,000        47,107
  Fuji Denki Reiki Co., Ltd............................       81,800       285,859
  *Fuji Kosan Co., Ltd.................................      130,000       147,698
  Fuji Kyuko Co., Ltd..................................      207,000       846,652
  Fuji Oil Co., Ltd....................................      171,000       716,827
  #Fuji Spinning Co., Ltd., Tokyo......................      163,000       275,871
  Fujii & Co., Ltd.....................................       44,000        52,059
  #Fujiko Co., Ltd.....................................       55,000        45,250
  #Fujirebio, Inc......................................       75,000       235,064
  *Fujitsu General, Ltd................................       22,000        87,914
  *Fujiya Co., Ltd.....................................      190,000       330,500
  Fukuda Corp..........................................       65,000       190,989
  Fukusuke Corp........................................       95,000       164,505
  *#Fukutoku Bank, Ltd.................................      177,000       219,126

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Furukawa Battery Co., Ltd...........................       45,000  $     93,438
Furukawa Co., Ltd....................................       38,000        72,948
Fuso Pharmaceutical Industries, Ltd..................      180,000       564,153
*Ga-jo-en Kanko K.K..................................       37,000             0
#Gakken Co., Ltd.....................................      158,000       324,357
Gastec Service, Inc..................................       41,000       167,052
Godo Shusei Co., Ltd.................................       74,000       116,545
*#Godo Steel, Ltd....................................      245,000       287,953
*Graphtec Corp.......................................       39,000       100,842
Gun-Ei Chemical Industry Co., Ltd....................      164,000       251,863
*Gunze Sangyo, Inc., Tokyo...........................       90,000       139,628
*Hakone Tozan Railway Co., Ltd.......................       52,000       150,347
Hakuyosha Co., Ltd...................................       57,000       227,330
#Hanshin Sogo Bank, Ltd..............................      189,000       219,173
Harima Chemicals, Inc................................       37,000       188,443
*#Hayashikane Sangyo Co., Ltd........................      128,000       109,320
Hazama Corp..........................................       19,000        11,314
Hibiya Engineering, Ltd..............................       12,000        54,535
Hisaka Works, Ltd....................................       48,000       242,962
#Hisamitsu Pharmaceutical Co., Inc...................       69,000       457,928
#Hitachi Electronics, Ltd............................      100,000       595,495
Hitachi Medical Corp.................................       11,000        99,119
Hitachi Plant Engineering & Construction Co., Ltd....      229,000       644,161
#Hitachi Seiki Co., Ltd..............................      141,000       249,685
Hochiki Corp.........................................       42,000       139,205
*Hodogaya Chemical Co., Ltd..........................      100,000       150,441
*Hohsui Corp.........................................       56,000        69,767
Hokkai Can Co., Ltd., Tokyo..........................      127,000       260,717
*#Hokkaido Bank, Ltd.................................      100,000        97,943
#Hokkaido Gas Co., Ltd...............................       87,000       202,460
Hokko Chemical Industry Co., Ltd.....................       41,000        98,625
*Hoko Fishing Co., Ltd...............................       79,000        69,947
Hokuriku Electric Industry Co., Ltd..................      112,000       187,800
Hokuriku Electrical Construction Co., Ltd............       36,000       115,087
Honen Corp...........................................      128,000       240,705
#Horiba, Ltd.........................................       54,000       550,049
*Hosiden Corp........................................       37,000       321,802
Hosokawa Micron Corp.................................       40,000       272,674
#Howa Machinery, Ltd.................................      181,000       280,807
Ichida and Co., Ltd..................................       78,000       116,733
Ichikawa Co., Ltd....................................       49,000        89,073
Ichiken Co., Ltd.....................................       48,000        56,415
#Ichikoh Industries, Ltd.............................      141,000       309,344
#Idec Izumi Corp.....................................       60,000       282,076
Ihara Chemical Industry Co., Ltd.....................       80,000       413,712
*Iino Kaiun Kaisha, Ltd..............................      161,000       312,854
#Ikegai Corp.........................................       90,000       119,882
Ikegami Tsushinki Co., Ltd...........................      102,000       336,470
#Inabata and Co., Ltd., Osaka........................       85,000       352,987
Inageya Co., Ltd.....................................       80,000       608,031
#Intec, Inc..........................................       73,000       565,696
*Inui Steamship Co., Ltd.............................       31,000        31,334
#Ishii Iron Works Co., Ltd...........................       52,000       103,491
*#Ishikawa Seisakusho, Ltd...........................       75,000        81,685
Ishizuka Glass Co., Ltd..............................       49,000        95,984
Itochu Fuel Corp.....................................      192,000       535,569
Itoki Crebio Corp....................................       56,000       146,993
Iwasaki Electric Co., Ltd............................      110,000       187,894
*Iwatsu Electric Co., Ltd............................      145,000       180,646
Izumi Co., Ltd.......................................       19,000       111,060

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
#Izutsuya Co., Ltd...................................      118,000  $    165,500
#JDC Corp............................................      256,000        94,276
JMS Co., Ltd.........................................       59,000       175,671
*#Janome Sewing Machine Co., Ltd.....................      224,000       114,084
Japan Aircraft Manufacturing Co., Ltd................       70,000       126,699
Japan Aviation Electronics Industry, Ltd.............       25,000       140,451
Japan Carlit Co., Ltd................................       28,000       122,641
*Japan Coated Paper Manufacturing Co., Ltd...........      132,000       124,114
Japan Digital Laboratory Co., Ltd....................       49,500       643,839
Japan Foundation Engineering Co., Ltd................        9,000        69,109
*#Japan Metals & Chemicals Co., Ltd..................      201,000       211,040
Japan Oil Transportation Co., Ltd....................       45,000        86,033
Japan Paperboard Industries Co., Ltd., Tokyo.........       91,000       136,188
Japan Pulp and Paper Co., Ltd........................      281,000       944,556
*Japan Steel Works, Ltd..............................       81,000        90,758
Japan Transcity Corp.................................       90,000       213,673
Japan Vilene Co., Ltd................................      101,000       250,868
Japan Wool Textile Co., Ltd..........................       27,000       120,799
Jeol, Ltd............................................       97,000       356,458
#Joban Kosan Co., Ltd................................      101,000       190,723
Joshin Denki Co., Ltd................................       98,000       289,489
*#Jujiya Co., Ltd....................................      161,000       151,381
Juken Sangyo Co., Ltd................................       86,000       316,709
Juki Corp............................................      153,000       317,689
Kagawa Bank, Ltd.....................................      149,350       807,455
Kagome Co., Ltd......................................      137,000       729,951
Kahma Co., Ltd.......................................        7,000        38,503
Kaken Pharmaceutical Co., Ltd........................      138,000       322,225
*Kakuei (L.) Corp....................................      100,000        62,684
#Kamei Corp..........................................       59,000       442,876
#Kanaden Corp........................................       50,000       227,620
Kanagawa Chuo Kotsu Co., Ltd.........................       90,000       388,560
Kanematsu Corp.......................................       84,000       100,701
#Kanematsu Electronics, Ltd..........................       38,000       159,593
Kanematsu-NNK Corp...................................        3,000        21,156
*#Kankaku Securities Co., Ltd........................      170,000       119,882
*#Kansai Kisen Kaisha................................      184,000       115,338
Kansei Corp..........................................       93,000       551,624
Kanto Auto Works, Ltd., Yokosuka.....................      122,000       387,150
#Kanto Bank, Ltd.....................................       13,400       111,295
Kanto Denka Kogyo Co., Ltd...........................       83,000       260,787
Kanto Natural Gas Development Co., Ltd...............      104,000       374,848
*#Kanto Special Steel Works, Ltd.....................       84,000        92,803
Kasho Co., Ltd., Tokyo...............................       46,000       432,517
#Kasumi Co., Ltd.....................................      105,000       416,298
Katakura Industries Co., Ltd.........................       49,000       275,283
Kato Works Co., Ltd..................................       82,000       141,352
Katsumura Construction Co., Ltd......................       48,600        59,405
Kawada Industries, Inc...............................       76,000       125,054
Kawai Musical Instruments Manufacturing Co., Ltd.....       99,000       119,459
*Kawashima Textile Manufacturers, Ltd................      126,000       187,581
Kawasho Corp.........................................      229,000       326,566
#Keihin Co., Ltd.....................................      100,000       242,899
#Keiyo Co., Ltd......................................      113,000       546,296

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Kenwood Corp........................................       42,000  $    105,967
Kimmon Manufacturing Co., Ltd........................       41,000        64,251
#Kimura Chemical Plants Co., Ltd.....................       27,000        49,716
*Kinki Nippon Tourist Co., Ltd.......................      101,000       308,639
#Kinki Sharyo Co., Ltd., Nagaokakyo..................      101,000       160,650
#Kinseki, Ltd........................................       61,000       415,828
*Kinsho-Mataichi Corp................................       42,000        49,692
*Kinugawa Rubber Industrial Co., Ltd.................       83,000        76,090
*Kioritz Corp........................................       96,000       139,910
Kita-Nippon Bank, Ltd................................       14,306       652,387
Kitagawa Iron Works Co., Ltd.........................      124,000       202,092
#Kitano Construction Corp............................      116,000       205,414
Kitz Corp............................................      257,000       378,578
#Koa Corp............................................       73,000       772,184
Koatsu Gas Kogyo Co., Ltd............................       78,000       210,852
*#Kobe Kiito Co., Ltd................................       53,000        38,621
Kokune Corp..........................................       42,000        37,187
Kokusai Kogyo Co., Ltd...............................       60,000       236,474
Komai Tekko, Inc.....................................       53,000       137,042
Komatsu Construction Co., Ltd........................       29,000        31,812
Komatsu Forklift Co., Ltd............................      168,000       394,907
Komatsu Seiren Co., Ltd..............................       75,000       416,650
#Komatsu Zenoah Co...................................       75,000       128,110
Kosei Securities Co., Ltd............................      137,000       251,189
Krosaki Corp.........................................       96,000       147,432
Kumiai Chemical Industry Co., Ltd., Tokyo............      153,000       288,917
Kurabo Industries, Ltd...............................       78,000       110,010
Kuraya Corp..........................................       11,000        74,123
#Kyodo Shiryo Co., Ltd...............................      145,000       169,285
Kyoei Tanker Co., Ltd................................       53,000        53,986
Kyokuto Kaihatsu Kogyo Co., Ltd......................        3,300        13,239
*#Kyokuyo Co., Ltd...................................      167,000       251,236
Kyosan Electric Manufacturing Co., Ltd...............       94,000       279,882
#Kyowa Leather Cloth Co., Ltd........................       32,000       162,977
#Kyushu Bank, Ltd....................................      146,000       463,310
Life Corp............................................       83,000       370,695
MR Max Corp..........................................        9,300        36,799
Maezawa Industries, Inc..............................        5,700        66,100
Magara Construction Co., Ltd.........................       61,000        68,349
*#Marudai Food Co., Ltd..............................      232,000       519,898
#Maruei Department Store Co., Ltd....................       72,000       242,586
Maruetsu, Inc........................................       43,000       126,684
Maruha Corp..........................................       87,000        96,799
#Marusan Securities Co., Ltd.........................      154,000       458,531
#Maruwn Corp.........................................       44,000       328,212
*Maruyama Manufacturing Co., Inc.....................       73,000        86,370
Maruzen Co., Ltd.....................................      179,000       504,917
Maruzen Showa Unyu Co., Ltd..........................      192,000       461,853
Matsui Construction Co., Ltd.........................       40,000       112,204
Matsuo Bridge Co., Ltd...............................       37,000        60,592
Matsuya Co., Ltd.....................................       74,000       205,258
*Meiji Shipping Co., Ltd.............................       47,000        82,492
Meisei Industrial Co., Ltd...........................       29,000        49,309
#Meito Sangyo Co., Ltd...............................       38,000       345,387
*Meiwa Trading Co., Ltd..............................       55,000       157,297
Melco, Inc...........................................        8,000       118,472
Mercian Corp.........................................       42,000       147,761
Misawa Homes Co., Ltd................................       37,000       114,225
#Misawa Resort Co., Ltd..............................       40,000       285,211
#Mitsuba Corp........................................       67,000       383,232

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
Mitsubishi Cable Industries, Ltd.....................       56,000  $    129,442
Mitsubishi Kakoki Kaisha, Ltd........................      117,000       200,768
Mitsubishi Pencil Co., Ltd...........................       61,000       540,098
Mitsubishi Plastics, Inc.............................       63,000       111,068
*Mitsubishi Shindoh Co., Ltd.........................       82,000       134,927
*Mitsubishi Steel Manufacturing Co., Ltd.............      253,000       342,950
Mitsuboshi Belting, Ltd..............................      153,000       371,636
Mitsui Construction Co., Ltd.........................      314,000       287,859
Mitsui Home Co., Ltd.................................       19,000       104,212
Mitsui Matsushima Co., Ltd...........................       90,000       112,831
*#Mitsui Mining Co., Ltd.............................      225,000       262,684
#Mitsui Sugar Co., Ltd...............................      116,000       192,690
Mitsuuroko Co., Ltd..................................      106,000       373,751
Miura Co., Ltd.......................................       65,000       718,119
Miyaji Iron Works Co. Ltd............................       90,000       121,293
*Miyakoshi Corp......................................       18,000        14,809
Miyazaki Bank, Ltd...................................      125,420       486,448
#Miyoshi Oil & Fat Co., Ltd..........................      120,000       225,661
Miyuki Keori Co., Ltd................................       50,000       203,722
*Morinaga & Co., Ltd.................................       77,000       106,186
Morita Corp..........................................       72,000       160,784
*Morozoff, Ltd., Osaka...............................       50,000       121,450
Mory Industries, Inc.................................       66,000       128,251
Mos Food Services, Inc...............................       10,000       129,285
*#Mutoh Industries, Ltd..............................       61,000        67,393
*Mutow Co., Ltd......................................       38,000       133,986
NOF Corp.............................................       54,000       121,434
Nabco, Ltd...........................................      120,000       230,362
*Nachi-Fujikoshi Corp................................       65,000       123,761
*#Nagasakiya Co., Ltd. (Tokyo).......................      231,000       255,209
Nagatanien Co., Ltd..................................       53,000       323,918
Naigai Co., Ltd......................................      109,000       192,165
Nakabayashi Co., Ltd.................................       92,000       260,952
Nakamuraya Co., Ltd..................................       85,000       252,419
#Nakano Corp.........................................       66,000        74,468
Nakayama Steel Works, Ltd............................      206,000       356,717
*National Securities Co., Ltd........................      146,000       121,261
*Navix Line, Ltd.....................................      119,000       114,688
Nemic-Lambda K.K.....................................        5,000        71,303
Neturen Co., Ltd., Tokyo.............................       67,000       209,990
*New Japan Securities Co., Ltd.......................      125,000       104,799
Nichia Steel Works, Ltd..............................       64,900       172,897
#Nichias Corp........................................      237,000       505,105
#Nichiban Co., Ltd...................................       58,000       163,604
*#Nichiboshin, Ltd...................................      119,000        72,729
Nichiha Corp.........................................        9,000        70,519
Nichimo Co., Ltd.....................................       54,000        87,585
Nichimo Corp.........................................       85,000        86,582
Nichireki Co., Ltd...................................       44,000       133,077
Nichiro Corp.........................................      289,000       403,071
Nifco, Inc...........................................      114,000       769,081
*#Nihon Kentetsu Co., Ltd............................       27,000        70,872
Nihon Kohden Corp....................................       85,000       304,368
#Nihon Matai Co., Ltd................................       50,000       129,285
*#Nihon Nohyaku Co., Ltd.............................      103,000       250,186
#Nihon Nosan Kogyo K.K...............................      201,000       247,263
Nihon Parkerizing Co., Ltd...........................       92,000       259,510
*Nihon Spindle Manufacturing Co., Ltd................       56,000       111,890
Nihon Tokushu Toryo Co., Ltd.........................       35,000        68,560
Niigata Chuo Bank, Ltd...............................      130,000       300,490

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Niigata Engineering Co., Ltd........................      602,000  $    325,469
Nikken Chemicals Co., Ltd............................      130,000       427,816
Nikkiso Co., Ltd.....................................      114,000       502,895
Nikko Co., Ltd., Akashi..............................       65,000       164,505
Nippon Beet Sugar Manufacturing Co., Ltd.............      291,000       522,147
Nippon Carbide Industries Co., Inc., Tokyo...........      101,000       312,595
*Nippon Carbon Co., Ltd..............................      177,000       328,690
Nippon Chemi-Con Corp................................      218,000       710,582
Nippon Chemical Industrial Co., Ltd..................      131,000       431,107
#Nippon Chemiphar Co., Ltd...........................       49,000       103,663
#Nippon Chutetsukan KK...............................       44,000        89,638
*Nippon Columbia Co., Ltd............................       99,000       165,226
#Nippon Concrete Industries Co., Ltd.................       65,000       118,159
Nippon Conlux Co., Ltd...............................       63,000       259,158
*#Nippon Conveyor Co., Ltd...........................       43,000        56,266
Nippon Denko Co., Ltd................................      159,000       198,088
#Nippon Densetsu Kogyo Co., Ltd......................      118,000       416,063
*#Nippon Electric Industry Co., Ltd..................       67,000        89,246
#Nippon Felt Co., Ltd................................       28,000        75,690
Nippon Flour Mills Co., Ltd..........................       54,000       126,934
*Nippon Formula Feed Manufacturing Co., Ltd..........      100,000       132,419
Nippon Gas Co., Ltd..................................       62,000       225,896
Nippon Hume Pipe Co., Ltd............................       43,000       107,816
*Nippon Kasei Chemical Co., Ltd......................      113,000       115,988
#Nippon Kinzoku Co., Ltd.............................       93,000       142,096
Nippon Koei Co., Ltd., Tokyo.........................      146,000       329,465
#Nippon Koshuha Steel Co., Ltd.......................      151,000       140,795
*#Nippon Lace Co., Ltd...............................       26,000        21,798
Nippon Metal Industry Co., Ltd.......................      310,000       434,789
#Nippon Pipe Manufacturing Co., Ltd..................       35,000        71,303
#Nippon Piston Ring Co., Ltd.........................      133,000       227,181
Nippon Road Co., Ltd.................................      147,000       190,049
#Nippon Sharyo, Ltd..................................       42,000       139,534
Nippon Shinyaku Co., Ltd.............................      133,000       703,428
Nippon Signal Co., Ltd...............................      109,000       445,822
*Nippon Steel Chemical Co., Ltd......................       73,000        92,090
*Nippon Suisan Kaisha, Ltd...........................       86,000       123,314
Nippon Synthetic Chemical Industry Co., Ltd..........      152,000       273,928
Nippon Thompson Co., Ltd.............................      109,000       615,781
Nippon Valqua Industries, Ltd........................      119,000       200,470
*Nippon Yakin Kogyo Co., Ltd.........................      243,000       215,154
#Nippon Yusoki Co., Ltd..............................       49,000       150,503
Nissan Construction Co., Ltd.........................      128,000       185,544
Nissan Shatai Co., Ltd...............................        4,000        12,819
*#Nisseki House Industry Co., Ltd....................      260,000       301,508
Nissha Printing Co., Ltd.............................       81,000       559,146
Nisshin Oil Mills, Ltd...............................       42,000       120,447
Nissin Corp..........................................      150,000       392,556
Nissin Electric Co., Ltd.............................      205,000       449,755
Nitsuko Corp.........................................      157,000       500,678
Nittetsu Mining Co., Ltd.............................      147,000       689,935
#Nitto Chemical Industry Co., Ltd....................      116,000       210,868
Nitto Flour Milling Co., Ltd.........................       54,000       114,241
#Nitto Seiko Co., Ltd................................       56,000       118,472
*Nitto Seimo Co., Ltd................................       32,000        37,861
Nittoc Construction Co., Ltd.........................       61,000       160,595
#Nohmi Bosai, Ltd....................................       59,000       318,981
Noritz Corp..........................................       15,000       107,542

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
North Pacific Bank, Ltd..............................      170,000  $    612,733
*Nozaki and Co., Ltd.................................       56,000        43,879
*O-M, Ltd............................................       46,000        95,514
*OKK Corp............................................      101,000       150,362
Obayashi Road Corp...................................       65,000       115,612
Odakyu Construction Co., Ltd.........................       29,000        70,214
*Odakyu Real Estate Co., Ltd.........................       58,000        98,617
Ohki Corp............................................       73,000       108,678
*Ohkura Electric Co., Ltd............................       34,000        62,605
Okabe Co., Ltd.......................................       39,000       184,878
Okamoto Industries, Inc..............................       44,000       104,807
*Okasan Securities Co., Ltd..........................      379,000       469,203
#Oki Electric Cable Co., Ltd.........................       56,000        96,533
*Okuma and Howa Machinery, Ltd.......................       69,000       135,162
*#Okura and Co., Ltd.................................      228,000       437,689
Okura Industrial Co., Ltd............................       96,000       206,856
*#Ono Sokki Co., Ltd.................................       43,000       181,939
Optec Dai-Ichi Denko Co., Ltd........................      178,000       206,417
Organo Corp..........................................      101,000       408,353
Oriental Construction Co., Ltd.......................        8,000        51,401
Origin Electric Co., Ltd.............................       54,000       291,526
Osaka Oxygen Industries, Ltd.........................      190,000       282,860
#Osaki Electric Co., Ltd.............................       56,000       146,993
Pacific Industrial Co., Ltd..........................       78,000       224,298
*Pacific Metals Co., Ltd.............................      299,000       342,049
Parco Co., Ltd.......................................       82,000       378,437
*#Pasco Corp.........................................      150,000       550,049
Pilot Corp...........................................       32,000       127,373
#Pokka Corp..........................................       48,000       195,573
#Press Kogyo Co., Ltd................................      143,000       178,155
*Prima Meat Packers, Ltd.............................      230,000       236,082
Raito Kogyo Co., Ltd.................................      101,700       567,368
Rasa Industries, Ltd.................................      119,000       416,791
Renown Look, Inc.....................................       50,000        60,725
*Renown, Inc.........................................      154,000       115,839
Rheon Automatic Machinery Co., Ltd...................       40,000       134,770
Rhythm Watch Co., Ltd................................      298,000       490,343
#Riken Corp..........................................      193,000       430,989
#Riken Vinyl Industry Co., Ltd.......................      123,000       479,953
#Rohto Pharmaceutical Co., Ltd.......................       92,000       702,840
#Ryobi, Ltd..........................................      218,000       567,099
Ryoden Trading Co., Ltd..............................       80,000       292,106
Ryoyo Electro Corp...................................       62,000       655,828
S.T. Chemical Co., Ltd...............................       48,000       191,812
SMK Corp.............................................      127,000       367,193
*SS Pharmaceutical Co., Ltd., Tokyo..................      255,000       819,197
SXL Corp.............................................      148,000       403,557
Saeki Kensetsu Kogyo Co., Ltd........................       71,000        63,976
Sagami Co., Ltd......................................       60,000       165,015
Sakai Chemical Industry Co., Ltd.....................      184,000       529,113
Sakai Heavy Industries, Ltd..........................       60,000       149,500
Sakai Ovex Co., Ltd..................................       85,000       149,187
#Sakata Inx Corp.....................................       92,000       390,707
Sakurada Co., Ltd....................................       38,000        49,426
San-Ai Oil Co., Ltd..................................      118,000       259,808
Sankei Building Co., Ltd.............................       97,000       305,536
Sanko Metal Industrial Co., Ltd., Tokyo..............       54,000        67,698
Sankyo Aluminum Industry Co., Ltd....................       73,000        83,510
*#Sankyo Seiki Manufacturing Co., Ltd................       87,000       613,516
Sankyo Seiko Co., Ltd................................       86,000       185,309

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
Sankyu, Inc., Tokyo..................................       82,000  $    118,864
*Sanrio Co., Ltd.....................................       61,000       391,929
*#Sansui Electric Co., Ltd...........................      353,000       160,423
Sanyo Industries, Ltd., Tokyo........................       48,000       112,831
Sanyo Special Steel Co., Ltd.........................      339,000       424,995
Sasaki Glass Co., Ltd................................       56,000        81,614
Sasebo Heavy Industries Co., Ltd., Tokyo.............      257,000       338,304
#Sata Construction Co., Ltd., Gumma..................       61,000        97,982
#Sato Kogyo Co., Ltd.................................       34,000        22,644
Sato Shoji Corp......................................       31,000       136,023
*Sawafugji Electric Co., Ltd.........................       31,000        58,296
Seika Corp...........................................      145,000       306,758
*Seikitokyu Kogyo Co., Ltd...........................       86,000        66,711
Seiren Co., Ltd......................................       81,000       142,801
Seiyo Food Systems, Inc..............................      150,000       661,704
Sekisui Jushi Co., Ltd...............................       93,000       523,205
Sekisui Plastics Co., Ltd............................      150,000       258,570
Senko Co., Ltd.......................................      205,000       436,905
Senshukai Co., Ltd...................................       71,000       298,186
*#Settsu Corp........................................      324,000       274,178
Shibaura Engineering Works Co., Ltd..................       45,000        92,027
Shibusawa Warehouse Co., Ltd.........................      119,000       354,319
Shibuya Kogyo Co., Ltd...............................       54,000       448,501
*Shikibo, Ltd........................................      155,000       132,380
#Shikoku Chemicals Corp..............................       89,000       225,943
Shimizu Bank, Ltd....................................       18,200       909,822
Shimura Kako Co., Ltd................................       55,000        94,809
Shin Nippon Air Technologies Co., Ltd................       37,180       168,967
#Shin-Etsu Polymer Co., Ltd..........................      143,000       557,994
#Shin-Kobe Electric Machinery Co., Ltd...............       71,000       172,458
#Shinagawa Fuel Co., Ltd.............................      160,000       626,836
Shinagawa Refractories Co., Ltd......................      116,000       463,546
*#Shinko Electric Co., Ltd...........................      257,000       545,716
Shinko Shoji Co., Ltd................................       41,000       258,930
Shinmaywa Industries, Ltd............................       34,000       111,357
#Shinsho Corp........................................      110,000       150,833
*#Shintom Co., Ltd...................................       53,000        82,225
*#Shinwa Kaiun Kaisha, Ltd...........................      238,000       255,483
Shinyei Kaisha.......................................       54,000        65,583
Shiroki Co., Ltd.....................................      132,000       273,050
Shoko Co., Ltd.......................................      156,000       206,574
*#Shokusan Jutaku Sogo Co., Ltd......................      207,000        82,719
#Showa Corp..........................................      117,000       825,073
Showa Electric Wire & Cable Co., Ltd., Kawasaki......       63,000       131,800
#Showa Highpolymer Co., Ltd..........................       79,000       272,360
*#Showa Line, Ltd....................................      438,000       223,075
Showa Sangyo Co., Ltd................................      185,000       327,600
*#Silver Seiko, Ltd..................................       87,000        67,487
#Sintokogio, Ltd., Nagoya............................      118,000       447,499
Soda Nikka Co., Ltd..................................       35,000        69,931
*#Sogo Co., Ltd......................................      263,000       459,542
Sokkisha Co., Ltd....................................       40,000       114,398
#Sotetsu Rosen Co., Ltd..............................       42,000       192,517
Star Micronics Co., Ltd..............................       84,000       268,537
#Subaru Enterprise Co., Ltd..........................       36,000       132,012
Suminoe Textile Co., Ltd.............................      142,000       222,527
Sumisho Computer Systems Corp........................       12,000       206,856

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
Sumitomo Coal Mining Co., Ltd........................      107,000  $    146,719
#Sumitomo Construction Co., Ltd......................      320,000       330,970
*Sumitomo Corporation's Leasing, Ltd.................       35,000        82,272
Sumitomo Densetsu Co., Ltd...........................        6,000        33,379
#Sumitomo Light Metal Industries, Ltd................      527,000       478,997
#Sumitomo Precision Products Co., Ltd., Amagasaki                               
  City...............................................       78,000       305,583
Sumitomo Seika Chemicals Co., Ltd....................      102,000       234,970
Sun Wave Corp........................................       96,000       479,154
SunTelephone Co., Ltd................................       65,000       224,094
*#Suzutan Co., Ltd...................................       62,000        62,668
#TYK Corp............................................       67,000       184,266
Tabai Espec Corp.....................................       34,000       214,989
Tadano, Ltd..........................................       23,000       102,182
Taihei Dengyo Kaisha, Ltd............................       66,000       219,785
Taihei Kogyo Co., Ltd................................      114,000       160,784
*Taiheiyo Kaiun Co., Ltd.............................       72,000        50,774
Taiheiyo Kouhatsu, Inc...............................       90,000        98,727
*#Taiheiyo Securities Co., Ltd.......................      218,000        95,655
Taikisha, Ltd........................................       72,000       823,663
Taisei Fire & Marine Insurance Co., Ltd..............      118,000       355,965
*Taisei Prefab Construction Co., Ltd.................      134,000       128,094
Taisei Rotec Corp....................................      127,000       224,893
#Taito Co., Ltd......................................       70,000       180,999
Taiyo Toyo Sanso Co., Ltd............................      256,000       483,416
*Taka-Q Co., Ltd.....................................       77,000        53,696
Takada Kiko Co., Ltd.................................       31,000       100,074
Takaoka Electric Manufacturing Co., Ltd., Tokyo......      156,000       256,690
Takara Co., Ltd......................................       39,000       110,010
*Takarabune Corp.....................................       52,000       185,387
#Takasago International Corp.........................      179,000       827,502
*#Takasaki Paper Manufacturing Co., Ltd..............      157,000       116,866
#Takashima & Co., Ltd................................       60,000       139,158
#Takiron Co., Ltd....................................      153,000       383,624
Tamura Corp..........................................      137,000       534,582
#Tamura Electric Works, Ltd..........................       74,000       237,728
#Tasaki Shinju Co., Ltd..............................       53,000       174,417
*#Tateho Chemical Industries Co., Ltd................      106,000        90,531
Tatsuta Electric Wire & Cable Co., Ltd...............      106,000       216,776
*#Tayca Corp.........................................       74,000        78,276
*#Teac Corp..........................................      109,000       331,377
#Teijin Seiki Co., Ltd...............................      138,000       506,045
#Teikoku Hormone Manufacturing Co., Ltd..............       33,000       199,099
*Teikoku Sen-I Co., Ltd..............................       39,000        78,229
#Teikoku Tsushin Kogyo Co., Ltd......................       73,000       177,316
Teisan K.K...........................................      219,000       499,346
Tekken Corp..........................................      313,000       461,070
Tenma Corp...........................................       60,000       695,788
Tesac Corp...........................................       92,000        87,945
The Daito Bank, Ltd..................................       16,000        50,899
*Titan Kogyo K.K.....................................       36,000        76,161
#Toa Corp............................................       57,000        91,557
Toa Doro Kogyo Co., Ltd..............................       85,000       116,552
*#Toa Steel Co., Ltd.................................      205,000       123,683

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Toa Wool Spinning & Weaving Co., Ltd................       73,000  $     96,666
*#Tobishima Corp.....................................      100,000        47,013
Tobu Store Co., Ltd..................................       71,000       145,755
Tochigi Bank, Ltd....................................       77,000       425,951
Tochigi Fuji Industrial Co., Ltd.....................       51,000       131,871
Toda Kogyo Corp......................................       88,000       311,663
Todentu Corp.........................................       57,000       171,949
Toenec Corp..........................................      170,000       705,975
*Toho Rayon Co., Ltd.................................      128,000       160,470
#Toho Real Estate Co., Ltd...........................       98,000       513,708
#Toho Zinc Co., Ltd..................................      205,000       634,476
*Tohpe Corp..........................................       36,000       131,166
Tohto Suisan Co., Ltd................................       54,000        86,315
#Tokai Corp..........................................      108,000       433,269
*Tokai Kanko Co., Ltd................................      132,000        81,708
Tokai Maruman Securities Co., Ltd....................       99,000       142,731
#Tokai Pulp Co., Ltd.................................       88,000       342,002
Tokai Rika Co., Ltd..................................      139,000       446,543
*Tokai Senko K.K., Nagoya............................       47,000        49,716
Tokico, Ltd..........................................      189,000       380,592
Tokimec, Inc.........................................      119,000       205,132
Tokin Corp...........................................      101,000       791,381
Toko Electric Corp...................................       39,000        95,036
#Tokushu Paper Manufacturing Co., Ltd................       95,000       670,676
*#Tokuyo City Bank, Ltd..............................      115,000         1,802
Tokyo Denki Komusho Co., Ltd.........................       57,000       200,979
#Tokyo Kikai Seisak..................................      157,400       758,480
*Tokyo Nissan Auto Sales Co., Ltd....................       63,000       180,670
#Tokyo Rakutenchi Co., Ltd...........................       92,000       223,467
Tokyo Rope Manufacturing Co., Ltd....................      286,000       459,393
*Tokyo Securities Co., Ltd...........................      193,000       161,810
Tokyo Tanabe Co., Ltd., Tokyo........................      119,000       503,506
*Tokyo Tekko Co., Ltd................................       67,000        63,522
Tokyo Theatres Co., Inc., Tokyo......................      116,000       145,426
*Tokyotokeiba Co., Ltd...............................       77,000       127,303
Tokyu Car Corp.......................................      234,000       302,527
#Tokyu Construction Co., Ltd.........................      356,000       284,521
*Tokyu Hotel Chain Co., Ltd..........................      189,000       429,461
#Tokyu Store Chain Corp..............................      133,000       640,901
*Tokyu Tourist Corp..................................       38,000        56,572
Toli Corp............................................      101,000       217,630
Tomoe Corp...........................................       56,000        96,533
*Tomoegawa Paper Co., Ltd............................       55,000       162,468
Tomoku Co., Ltd......................................      203,000       361,066
Tonami Transportation Co., Ltd.......................      173,000       338,883
Topcon Corp..........................................       68,000       229,109
Topre Corp...........................................       85,000       335,671
Topy Industries, Ltd.................................       65,000       123,252
Torishima Pump Manufacturing Co., Ltd., Osaka........       45,000       249,990
Toshiba Engineering & Construction Co., Ltd..........      128,000       332,976
*#Toshiba Machine Co., Ltd...........................      294,000       697,998
Toshiba Tungaloy Co.,Ltd.............................      124,000       347,832
Tosho Printing Co., Ltd..............................       94,000       232,744
Tostem Viva Corp.....................................      119,000       289,050

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
Totenko Co., Ltd.....................................       35,000  $     98,727
Totetsu Kogyo Co., Ltd...............................       53,000        99,667
Totoku Electric Co., Ltd., Tokyo.....................       62,000       140,881
*#Towa Real Estate Development Co., Ltd..............      160,000        56,415
Toyama Chemicals Co., Ltd............................      192,000       458,844
Toyo Aluminium K.K...................................       81,000       253,869
#Toyo Chemical Co., Ltd..............................       52,000       137,716
#Toyo Construction Co., Ltd..........................      290,000       193,144
Toyo Corp............................................       41,000       366,229
*Toyo Electric Co., Ltd..............................       67,000        78,746
Toyo Engineering Corp................................       31,000        39,593
Toyo Exterior Co., Ltd...............................       18,000       130,460
#Toyo Information System Co., Ltd....................       78,000     1,069,540
Toyo Kanetsu K.K.....................................      206,000       148,498
Toyo Radiator Co., Ltd...............................      104,000       183,350
*Toyo Securities Co., Ltd............................      113,000       123,957
Toyo Shutter Co., Ltd................................       77,000       209,959
#Toyo Sugar Refining Co., Ltd........................       60,000        59,236
Toyo Tire & Rubber Co., Ltd..........................      301,000       759,428
#Toyo Umpanki Co., Ltd...............................      146,000       440,431
Toyo Wharf & Warehouse Co., Ltd......................      118,000       198,786
Tsubaki Nakashima Co., Ltd...........................      111,000       634,907
Tsubakimoto Machinery & Engineering Co., Ltd.........       44,000        94,809
Tsudakoma Corp.......................................      101,000       237,414
*Tsugami Corp........................................      124,000       179,745
Tsukamoto Co., Ltd...................................       44,000       111,357
Tsukishima Kikai Co., Ltd............................        6,000        60,646
#Tsumura & Co., Inc..................................      124,000       718,981
#Tsurumi Manufacturing Co., Ltd......................       42,000       236,944
Tsutsumi Jewelry Co., Ltd............................        5,000        61,900
Tsutsunaka Plastic Industry Co., Ltd.................       71,000       228,090
Uchida Yoko Co., Ltd.................................       72,000       164,733
Ueki Corp............................................       47,000        73,653
Uniden Corp..........................................       57,000       580,607
Utoc Corp............................................       38,000        59,252
Wakachiku Construction Co., Ltd......................      194,000       199,130
#Wakamoto Pharmaceutical Co., Ltd....................       48,000       125,618
#Yahagi Construction Co., Ltd........................       59,000       231,146
*Yahagi Iron Co., Ltd................................       40,000       128,501
Yamamura Glass Co., Ltd..............................      213,000       403,886
#Yamatane Corp.......................................      131,000       225,818
*#Yamatane Securities Co., Ltd.......................      203,000       141,563
Yamato International, Inc............................       43,000        59,636
*#Yamazen Co., Ltd...................................      140,000       290,695
Yokogawa Bridge Corp.................................       70,400       242,711
*Yokohama Matsuzakaya, Ltd...........................       27,000        35,965
Yokohama Reito Co., Ltd..............................       84,000       677,924
Yomeishu Seizo Co., Ltd..............................       46,000       244,733
#Yomiuri Land Co., Ltd...............................      157,000       430,558
Yondenko Corp........................................       58,800       230,362
Yonekyu Corp.........................................        8,000       104,055
Yoshihara Oil Mill, Ltd..............................       36,000        71,083
#Yoshimoto Kogyo Co., Ltd............................       60,000       517,140
*Yuasa Corp..........................................      375,000       473,066
Yuasa Trading Co., Ltd...............................      174,000       289,034
Yuken Kogyo Co., Ltd.................................       60,000       135,867

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CONTINUED                                                                       

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                                                               SHARES        VALUE+ 
                                                         ------------  ------------ 
                                                                                    
  Yurtec Corp..........................................        18,000  $    104,368 
  #Zenchiku Co., Ltd...................................       126,000       194,492 
  Zuken, Inc...........................................         7,000        49,363 
                                                                       ------------ 
TOTAL COMMON STOCKS                                                                 
  (Cost $390,173,449)..................................                 172,544,236 
                                                                       ------------ 
INVESTMENT IN CURRENCY -- (0.0%)                                                    
  *Japanese Yen (Cost $87,533).........................                      86,134 
                                                                       ------------ 
TOTAL -- JAPAN                                                                      
  (Cost $390,260,982)..................................                 172,630,370 
                                                                       ------------ 
                                                             FACE                   
                                                            AMOUNT                  
                                                         ------------               
                                                            (000)                   
TEMPORARY CASH INVESTMENTS -- (4.2%)                                                
  Repurchase Agreement, PNC Capital Markets Inc. 5.45%,                             
    12/01/97                                                                        
    (Collateralized by U.S. Treasury Notes 8.50%,                                   
    11/15/00, valued at $7,408,875)                                                 
    to be repurchased at $7,299,314. (Cost                                          
    $7,296,000)........................................  $      7,296     7,296,000 
                                                                       ------------ 
TOTAL INVESTMENTS -- (102.6%)                                                       
  (Cost $397,556,982)++................................                 179,926,370 
                                                                       ------------ 
OTHER ASSETS AND LIABILITIES -- (-2.6%)                                             
  Other Assets.........................................                     837,666 
  Payable for Fund Shares Redeemed.....................                  (5,354,964)
  Other Liabilities....................................                     (66,638)
                                                                       ------------ 
                                                                         (4,583,936)
                                                                       ------------ 
NET ASSETS -- (100.0%).................................                $175,342,434 
                                                                       ------------ 
                                                                       ------------ 
--------------------                                                                
+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. 

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STATEMENT OF NET ASSETS 

NOVEMBER 30, 1997 

                                                                [Download Table]

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
HONG KONG -- (27.0%)                                                              
COMMON STOCKS -- (26.9%)                                                          
  ABC Communications (Holdings), Ltd...................      338,000  $     87,448
  ALCO Holdings, Ltd...................................      314,000        18,279
  ASM Pacific Technology, Ltd..........................      346,000       214,843
  *AWT World Transport Holdings, Ltd...................      250,800        10,220
  *Allied Group, Ltd...................................    4,622,000       454,410
  Allied Properties (Hong Kong), Ltd...................    1,280,000       127,498
  Anex International Holdings, Ltd.....................      152,000         9,045
  *Applied International Holdings, Ltd.................    1,243,000        49,847
  *Asia Commercial Holdings, Ltd.......................       72,800         4,662
  Asia Financial Holdings, Ltd.........................    1,729,179       438,430
  *Asia Securities International, Ltd..................      523,600        86,699
  #Asia Standard International Group, Ltd..............      890,000       185,362
  Associated International Hotels, Ltd.................      898,000       453,049
  Beauforte Investors Corp., Ltd.......................       72,000       121,082
  *Beijing Development (Hong Kong), Ltd................      166,000        37,150
  *Benelux International, Ltd..........................       30,000           539
  Bossini International Holdings, Ltd..................      122,000        17,992
  Burlingame International Co., Ltd....................      190,000        49,157
  Burwill Holdings, Ltd................................    1,480,000       204,856
  *#CCT Telecom Holdings, Ltd..........................      920,000        92,830
  *CIL Holdings, Ltd...................................      122,000        14,362
  CNT Group, Ltd.......................................      980,000        97,616
  Cafe de Coral Holdings, Ltd..........................      485,000        91,601
  *Capetronic International Holdings, Ltd..............       14,490         2,174
  Capital Asia, Ltd....................................      987,361        91,963
  Century City International Holdings, Ltd.............      542,056       114,999
  Champion Technology Holdings, Ltd....................    1,321,288       162,377
  Cheerful Holdings, Ltd...............................       94,000        20,672
  Chen Hsong Holdings, Ltd.............................    1,275,000       494,807
  Cheuk Nang Properties (Holdings), Ltd................      750,008       158,146
  Cheung Tai Hong Holdings, Ltd........................      332,000        17,609
  *Cheung Wah Development Co., Ltd.....................    1,286,000        47,412
  Chevalier (OA) International, Ltd....................    1,776,251       160,845
  Chevalier Construction Holdings, Ltd.................      131,203        11,881
  Chevalier Development International, Ltd.............      216,524        56,020
  Chevalier International Holdings, Ltd................    1,844,103       226,628
  China Aerospace International Holdings, Ltd..........      853,200       251,094
  *China Development Corp., Ltd........................    1,150,000        81,821
  *China Everbright Technology, Ltd....................      578,000       141,317
  #China Foods Holdings, Ltd...........................    1,232,000       434,292
  *China Investments Holdings, Ltd.....................      175,000        17,884
  China Motor Bus Co., Ltd.............................      114,200     1,063,660
  #China Pharmaceutical Enterprise and Investment                                 
    Corp., Ltd.........................................      396,000        45,592
  *China Star Entertainment, Ltd.......................    1,602,000        36,474
  *China United (Holdings), Ltd........................      115,000         3,317
  China-Hong Kong Photo Products Holdings, Ltd.........      532,000       130,070
  Chinney Investments, Ltd.............................      220,000        45,251


                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  Chow Sang Sang Holdings International, Ltd...........    1,098,400  $    298,390
  *Chuang's China Investments, Inc.....................      820,000        21,427
  Chuang's Consortium International, Ltd...............    1,122,883        90,060
  Chun Wo Holdings, Ltd................................      169,400        21,476
  *Chung Hwa Devlopment Holdings, Ltd..................      891,425        25,254
  Climax International Co., Ltd........................      296,000        33,313
  Companion Building Material (Holdings), Ltd..........    1,193,514        44,002
  Companion Marble (Holdings), Ltd.....................       48,171         4,424
  Continental Holdings, Ltd............................       98,825         7,287
  #Continental Mariner Investment Co., Ltd.............      576,000       230,987
  Cosmos Machinery Enterprises, Ltd....................      500,000       109,957
  Crocodile Garments, Ltd..............................    1,539,000        89,589
  Cross Harbour Tunnel Co., Ltd........................      365,603       603,009
  *Culturecom Holdings, Ltd............................    2,161,000        54,792
  DC Finance (Holdings), Ltd...........................    1,080,000        74,046
  *Dah Hwa International Holdings,                                                
    Ltd................................................      128,000        23,182
  *Daido Concrete (Hong Kong), Ltd.....................      223,000        29,425
  Dong-Jun Holdings, Ltd...............................      354,000        80,139
  *Dransfield Holdings, Ltd............................      190,000         4,916
  Dynamic Holdings, Ltd................................      158,000        36,382
  Easyknit International Holdings, Ltd.................      769,000        27,854
  #Egana International Holdings, Ltd...................    2,140,800       146,776
  Elec & Eltek International Holdings, Ltd.............    2,565,659     1,003,988
  Emporer (China Concept) Investments, Ltd.............      148,000        33,505
  Emporer International Holdings, Ltd..................      148,369        35,507
  *Englong International, Ltd..........................      130,000         5,045
  Esprit Holdings, Ltd.................................      202,000        65,981
  Essential Enterprises Co., Ltd.......................      320,000        40,982
  FPB Bank Holding Co., Ltd............................    1,399,520       324,068
  *Fairwood Holdings, Ltd..............................      426,000        18,737
  *Fairyoung Holdings, Ltd.............................      144,000        45,639
  Far East Consortium International, Ltd...............    1,592,235       220,392
  *Far East Holdings International, Ltd................       70,000         6,791
  *Far East Hotels & Entertainment, Ltd................    1,853,000       521,361
  *Firstone International Holdings, Ltd................      464,000        25,510
  Fong's Industries Co., Ltd...........................      174,000        15,531
  Fortei Holdings, Ltd.................................      242,000         9,079
  Fountain Set Holdings, Ltd...........................      346,000        60,872
  Four Seas Mercantile Holdings, Ltd...................      242,000       124,439
  Frankie Dominion International, Ltd..................      630,173        28,532
  *Fu Hui Jewelry Co. (Hong Kong), Ltd.................      232,000        24,310
  Furama Hotel Enterprises, Ltd........................      475,287     2,004,369
  Giordano International, Ltd..........................      598,000       156,650
  Gold Peak Industries (Holdings), Ltd.................    1,031,400       567,049
  Gold-Face Holdings, Ltd..............................      201,600        69,762
  *Golden Harvest Entertainment Holdings, Ltd..........      254,000        17,415

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
Golden Power International Holdings, Ltd.............       34,000  $      6,509
Golden Resources Development International, Ltd......      971,000       101,744
Goldlion Holdings, Ltd...............................      693,000       226,360
*Goldtron (Bermuda) Holdings, Ltd....................       51,111         3,504
*Golik Holdings, Ltd.................................      114,000        19,761
Grand Hotel Holdings, Ltd. Series A..................    1,333,000       422,474
Grande Holdings, Ltd.................................      420,088       163,029
Great Wall Electronic International, Ltd.............    3,159,034       224,761
Group Sense (International), Ltd.....................      408,000        43,279
H B International Holdings, Ltd......................      396,000        17,673
HKCB Bank Holding Co., Ltd...........................      268,000       143,876
*Hanny Holdings, Ltd.................................      383,280        47,598
Harbour Centre Development, Ltd......................      375,000       375,956
Harbour Ring International Holdings, Ltd.............    1,618,000        74,304
*High Fashion International, Ltd.....................      178,000        12,434
#Hon Kwok Land Investment Co.,                                                  
  Ltd................................................    2,290,145       479,935
Hong Kong Building & Loan Agency,                                               
  Ltd................................................      101,000        15,548
Hong Kong Ferry (Holdings) Co., Ltd..................      771,300       997,763
Hong Kong Parkview Group, Ltd........................    1,130,000       745,509
Hop Hing Holdings, Ltd...............................      660,265        83,704
Hsin Chong Construction Group, Ltd...................      456,224        82,035
*#Hualing Holdings, Ltd..............................      358,000        32,881
Huey Tai International, Ltd..........................      675,000        57,630
Hung Hing Printing Group, Ltd........................      412,442       158,728
Hwa Kay Thai Holdings, Ltd...........................    2,444,238        73,672
IDT International, Ltd...............................    1,171,992        84,902
IMC Holdings, Ltd....................................      604,000       230,496
Ideal Pacific Holdings, Ltd..........................      200,000        24,579
Innovative International (Holdings), Ltd.............      438,000        77,058
Interform Ceramics Technologies, Ltd.................      364,000        46,146
International Bank of Asia, Ltd......................      158,000        58,762
International Pipe, Ltd..............................      642,726        97,278
International Tak Cheung Holdings, Ltd...............      124,000        17,966
*#Island Dyeing & Printing Co., Ltd..................      148,000       153,164
JCG Holdings, Ltd....................................      378,333       154,166
*Jinhui Holdings Co., Ltd............................      370,000        23,453
Joyce Boutique Holdings, Ltd.........................      680,000        37,825
K Wah International Holdings, Ltd....................    2,138,905       423,338
KPI Co., Ltd.........................................      264,000        29,029
KTP Holdings, Ltd....................................       90,200        22,870
*Kader Holdings Co., Ltd.............................      545,600        29,643
*Kantone Holdings, Ltd...............................      123,902        12,021
Keck Seng Investments (Hong Kong), Ltd...............      572,400       128,100
Kee-Shing Holdings Co., Ltd..........................      886,000        99,714
King Fook Holdings, Ltd..............................    1,000,000        84,085
Kingboard Chemical Holdings, Ltd.....................       98,000        22,059
Kingmaker Footwear Holdings, Ltd.....................      194,000        15,058
*Kong Sun Holdings, Ltd..............................      480,000        32,289
*Kong Tai International Holdings Co., Ltd............      745,000        40,477
*Kosonic International Holdings, Ltd.................      198,000         6,301

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
#Kumagai Gumi Hong Kong, Ltd.........................      685,000  $    536,105
Kwong Sang Hong International, Ltd...................      604,000       177,755
Lai Sun Garment (International), Ltd.................      465,000       290,238
Lai Sun Hotels International, Ltd....................      102,000         7,653
*Lam Soon (Hong Kong), Ltd...........................      302,310        89,947
*Lam Soon Food Industries, Ltd.......................       87,000        32,638
Lamex Holdings, Ltd..................................      202,000        41,548
Laws International Holdings, Ltd.....................      410,000        55,160
Le Saunda Holdings, Ltd..............................      236,000        28,392
Leefung-Asco Printers Holdings, Ltd..................      144,000        21,981
*Leung Kee Holdings, Ltd.............................      354,000        12,593
Li & Fung, Ltd.......................................      548,000       737,256
#Lippo, Ltd..........................................      749,760       392,809
Liu Chong Hing Investment, Ltd.......................      635,200       608,060
*Luks Industrial Co., Ltd............................    1,793,212        98,588
Lung Kee (Bermuda) Holdings, Ltd.....................       90,000        25,614
*Magnificent Estates, Ltd............................    1,012,000        22,386
*Magnum International Holdings, Ltd..................      300,000         9,314
*Mansion Holdings, Ltd...............................      151,800         9,426
Mansion House Group, Ltd.............................      698,200       108,384
*Megga (S.) International Holdings, Ltd..............    1,513,400        59,711
Melbourne Enterprises, Ltd...........................       45,500       279,582
Melco International Development, Ltd.................      180,000        46,570
*Millenium Group, Ltd................................    3,712,000       393,755
Min Xin Holdings, Ltd................................      739,200       180,729
Mingly Corp., Ltd....................................    4,032,600       772,060
Moulin International Holdings, Ltd...................      815,887       106,600
*Mui Hong Kong, Ltd..................................    1,230,000        30,232
Nanyang Holdings, Ltd................................      125,000       134,212
National Electronics Holdings, Ltd...................    1,324,000        70,222
New Island Printing Holdings, Ltd....................      176,000        21,857
Ngai Lik Industrial Holdings, Ltd....................      560,000       144,885
*Ocean Information Holdings, Ltd.....................      122,000        15,782
Onfem Holdings, Ltd..................................      222,000        32,452
Orient Telecom & Technology Holdings, Ltd............       94,000        21,645
*Oriental Metals Holdings Co., Ltd...................      319,800        28,131
#Oriental Press Group, Ltd...........................      770,000       204,197
Oxford Properties & Finance, Ltd.....................      110,000       139,451
Pacific Rim Infrastructure Management Enterprises,                              
  Ltd................................................    1,757,560        63,661
*Paramount Publishing Group, Ltd.....................      620,000       134,743
Paul Y. ITC Construction Holdings, Ltd...............       16,610         2,149
*Paul Y. Properties Group, Ltd.......................       50,440         3,132
Peace Mark (Holdings), Ltd...........................    1,264,122        28,454
Perfectech International Holdings, Ltd...............      187,500        33,472
Pico Far East Holdings, Ltd..........................      232,000        59,723
Playmate Toys Holdings, Ltd..........................      837,000        88,786
Pokfulam Development Co., Ltd........................      234,000       115,028
*#Poly Investments Holdings, Ltd.....................    2,670,000       310,855
Prestige Properties Holdings, Ltd....................      965,000       129,827
*Prod-Art Technology (Holdings),                                                
  Ltd................................................      322,000        51,651
QPL International Holdings, Ltd......................      318,000       197,457
RNA Holdings, Ltd....................................       20,600         2,105
Raymond Industrial, Ltd..............................      605,400        64,219
*Rhine Holdings, Ltd.................................       64,000         2,401
*Rivera Holdings, Ltd................................    3,160,000        87,888

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CONTINUED                                                                       

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  Ryoden Development, Ltd..............................      478,000  $     92,134
  Safety Godown Co., Ltd...............................      408,000       245,424
  San Miguel Brewery Hong Kong, Ltd....................      930,800       234,798
  Sea Holdings, Ltd....................................      286,000       148,914
  *Seapower International Holdings, Ltd................      260,000        72,313
  Seapower Resources International, Ltd................    2,528,000       241,999
  Semi-Tech (Global) Co., Ltd..........................    1,395,192       285,164
  Shaw Brothers Hong Kong, Ltd.........................      249,000       185,213
  Shell Electric Manufacturing (Holdings) Co., Ltd.....      990,000       195,943
  Shenyin Wanguo (Hong Kong), Ltd......................      322,500        45,891
  *#Shenzhen International Holdings, Ltd...............    1,865,000       226,783
  *#Shougang Concord Century Holdings, Ltd.............      302,000        23,831
  #Shougang Concord Grand (Group), Ltd.................      354,000        46,710
  #Shougang Concord International Enterprises Co.,                                
    Ltd................................................    1,466,000       182,058
  Shougang Concord Technology Holdings, Ltd............      995,914       128,833
  *Shun Ho Construction (Holdings), Ltd................    1,037,452        50,998
  *Shun Ho Resources Holdings, Ltd.....................      483,000        28,741
  *Shun Shing Holdings, Ltd............................      489,600       254,924
  #Silver Grant International Industries, Ltd..........      765,000       156,359
  Sime Darby Hong Kong, Ltd............................      418,000       243,329
  Sincere Co., Ltd.....................................      505,500        52,314
  Sing Tao Holdings, Ltd...............................      733,000       225,202
  *Singamas Container Holdings, Ltd....................      320,000        16,972
  South China Brokerage Co., Ltd.......................    4,060,000        70,378
  South China Industries, Ltd..........................    1,124,000       116,322
  *South China Strategic Investments, Ltd..............      857,400        61,003
  *South Sea Development Co., Ltd......................      578,158        33,656
  Southeast Asia Properties & Finance, Ltd.............      159,720        55,786
  *Star Telecom International Holdings, Ltd............      388,000       169,399
  Starlight International Holdings, Ltd................    1,049,034        66,495
  #Stelux Holdings International, Ltd..................      735,702        78,992
  *Styland Holdings, Ltd...............................    1,939,200        57,697
  *Sun Fook Kong Holdings, Ltd.........................    1,534,000       373,068
  Sun Hung Kai & Co., Ltd..............................    1,825,600       366,051
  Suwa International Holdings, Ltd.....................    1,062,000        42,588
  *Swank International Manufacturing Co., Ltd..........      638,000        69,327
  Tack Hsin Holdings, Ltd..............................      148,000        28,144
  Tai Cheung Holdings, Ltd.............................      327,000       141,709
  Tai Sang Land Development, Ltd.......................      458,984       163,281
  Tak Sing Alliance Holdings, Ltd......................    2,909,865       225,854
  Tak Wing Investment Holdings, Ltd....................      432,800        48,709
  Techtronic Industries Co., Ltd.......................      954,000       175,243
  #Tem Fat Hing Fung (Holdings), Ltd...................    4,120,000       442,364
  Termbray Industries International (Holdings), Ltd....      112,490       106,228
  Tern Properties Co., Ltd.............................       61,200        16,032
  Texwinca Holdings, Ltd...............................      556,000        88,468

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  Tian An China Investments Co., Ltd...................    4,355,750  $    298,637
  Tian Teck Land, Ltd..................................    1,098,000       237,205
  Triplenic Holdings, Ltd..............................      388,000        91,852
  *Tristate Holdings, Ltd..............................      138,000        48,200
  Truly International Holdings, Ltd....................      214,000        35,711
  Tse Sui Luen Jewellry (International), Ltd...........    1,491,928       328,096
  Tung Fong Hung (Holdings), Ltd.......................    1,114,560        27,683
  Tungtex (Holdings) Co., Ltd..........................      976,000        94,692
  Tysan Holdings, Ltd..................................      369,600        57,374
  *UDL Holdings, Ltd...................................      474,000        38,630
  USI Holdings, Ltd....................................      928,999       201,896
  *Ultronics International Holdings, Ltd...............      168,000        14,344
  #Union Bank of Hong Kong, Ltd........................      633,623       737,696
  *Universal Appliances, Ltd...........................      710,000        22,594
  Varitronix International, Ltd........................      495,000       838,843
  Wah Ha Realty Co., Ltd...............................      278,600        62,349
  Wah Kwong Shipping Holdings, Ltd.....................      125,500        90,915
  *Wah Nam Group, Ltd..................................    1,934,800        31,286
  Wai Kee Holdings, Ltd................................      492,738        84,138
  Wing On Co. International, Ltd.......................      565,000       431,226
  Wing On International Holdings, Ltd..................       50,000        68,561
  Wing Shan International, Ltd.........................      406,000        52,521
  Winsor Industrial Corp., Ltd.........................      498,000       124,978
  Winsor Properties Holdings, Ltd......................      249,000       248,024
  *Wo Kee Hong (Holdings), Ltd.........................    1,944,000       104,363
  Wong's International (Holdings), Ltd.................    1,012,000       274,919
  *Wong's Kong King International (Holdings), Ltd......    1,139,600        38,329
  World Houseware (Holdings), Ltd......................      535,123        29,074
  YGM Trading, Ltd.....................................       70,000        43,918
  Yangtzekiang Garment Manufacturing Co., Ltd..........      405,000        62,870
  *Yaohan Food Processing & Trading Co., Ltd...........      124,000        10,747
  *Yaohan Hong Kong Corp., Ltd.........................      760,000        42,275
  Yaohan International Caterers, Ltd...................      512,000       107,960
  *Yaohan International Holdings, Ltd..................      974,000        76,859
  Yau Lee Holdings, Ltd................................      360,000        16,067
  *Yeebo International Holdings, Ltd...................       40,800         3,536
  *Yiu Wing International Holdings,                                               
    Ltd................................................      282,000        30,643
  *Yoshiya International Corp., Ltd....................      612,300        38,020
  Yugang International, Ltd............................    1,326,000       111,496
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $52,347,707)...................................                 39,730,568
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.1%)                                                  
  *Hong Kong Dollars                                                              
    (Cost $144,341)....................................                    144,472
                                                                      ------------
RIGHTS/WARRANTS -- (0.0%)                                                         
  *Applied International Holdings, Ltd. Rights                                    
    12/09/97...........................................      497,200             0
  *Dransfield Holdings, Ltd. Rights....................       76,000             0
  *Far East Consortium International, Ltd. Warrants                               
    10/31/98...........................................      159,223         1,854
  *Far East Consortium International, Ltd. Warrants                               
    10/31/99...........................................       89,223         1,050
  *Frankie Dominiun International, Ltd. Warrants                                  
    11/27/00...........................................      126,034           978
  *Gold Peak Industries (Holdings), Ltd. Warrants                                 
    08/06/00...........................................      206,280        20,280

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CONTINUED                                                                       

                                                                [Download Table]

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  *Grande Holdings, Ltd. Warrants 10/15/00.............       84,017  $      6,521
  *KTP Holdings, Ltd. Warrants 09/30/99................       18,040           411
  *Millenium Group, Ltd. Warrants 06/30/99.............      165,600         4,284
  *Moulin International Holdings, Ltd. Warrants                                   
    10/16/99...........................................       67,083         1,293
  *Ocean Information Holdings, Ltd. Warrants                                      
    09/30/99...........................................       24,400         1,610
  *Orient Telecom & Technology Holdings, Ltd. Warrants                            
    12/31/00...........................................       18,800             0
  *Rhine Holdings, Ltd. Warrants 12/31/98..............        8,000           102
  *Shell Electric Manufacturing (Holdings) Co., Ltd.                              
    Warrants 05/31/99..................................      165,000         4,376
  *South China Strategic Investments, Ltd. Warrants                               
    09/10/98...........................................      128,610             0
  *Star Telecom International Holdings, Ltd. Warrants                             
    12/31/98...........................................       77,600             0
  *Sun Hung Kai Co., Ltd. Rights.......................      912,800         1,181
  *Yiu Wing International Holdings, Ltd. Warrants                                 
    1998...............................................       28,200           120
                                                                      ------------
TOTAL RIGHTS/WARRANTS                                                             
  (Cost $0)............................................                     44,060
                                                                      ------------
TOTAL -- HONG KONG                                                                
  (Cost $52,492,048)...................................                 39,919,100
                                                                      ------------
AUSTRALIA -- (26.9%)                                                              
COMMON STOCKS -- (26.8%)                                                          
  AAPC, Ltd............................................      774,961       259,826
  *AWA, Ltd............................................      373,000       163,341
  Aberfoyle, Ltd.......................................      185,050       322,877
  Abigroup, Ltd........................................       54,710       112,304
  *Acacia Resources, Ltd...............................      294,603       211,658
  Adelaide Bank, Ltd...................................       53,711       183,756
  #Adelaide Brighton, Ltd..............................      243,923       233,662
  *Agen, Ltd...........................................       71,000         8,016
  *Airboss, Ltd........................................      274,800        11,282
  Allgas Energy, Ltd...................................       20,699       184,120
  Amalgamated Holdings, Ltd............................      207,560       830,819
  *Amity Oil NL........................................       34,527        22,207
  *An Feng Kingstream Steel, Ltd.......................       45,076        12,337
  *Aquarius Platinum NL................................       44,452        12,166
  *Ariadne Australia, Ltd..............................       75,114        23,642
  #Ashanti Goldfields Co., Ltd.........................       16,243       124,478
  #Ashton Mining, Ltd..................................      523,700       483,753
  Atkins Carlyle, Ltd..................................       60,966       179,376
  *Auridiam Consolidated NL............................       63,097         4,317
  *Aurora Gold, Ltd....................................      102,934       102,125
  Ausdoc Group, Ltd....................................       65,734        98,051
  *Ausdoc Group, Ltd. Issue 97.........................        5,362         8,255
  Ausdrill, Ltd........................................       32,318        17,912
  Australian Chemical Holdings, Ltd....................       61,900        92,332
  *Australian Kaolin, Ltd..............................      182,145        28,042
  Australian Oil & Gas Corp., Ltd......................       84,300       106,710
  Australian Provincial Newspaper Holdings, Ltd........      316,860       496,489
  *Australian Resources, Ltd...........................      141,446        15,001
  Avatar Industries, Ltd...............................       31,979        24,288
  BRL Hardy, Ltd.......................................      149,941       451,419
                                                              SHARES        VALUE+
                                                        ------------  ------------
  Bank of Queensland, Ltd..............................      117,294  $    421,349
  *Beach Petroleum NL..................................      165,200        13,564
  *Beaconsfield Gold NL................................       23,206        15,878
  *Beyond International, Ltd...........................       54,450        61,474
  *#Biota Holdings, Ltd................................       82,600       166,728
  Blackmores, Ltd......................................       27,894        77,299
  *Bligh Oil & Minerals NL.............................       58,844        17,716
  *Boulder Group NL....................................       78,500        12,891
  Bridgestone Australia, Ltd...........................       49,000        98,907
  Buderim Ginger, Ltd..................................        7,300         4,945
  CIM Resources, Ltd...................................      209,281        37,948
  #Caltex Australia, Ltd...............................      111,008       345,599
  Campbell Brothers, Ltd...............................       40,379       135,381
  Campbell Brothers, Ltd. Issue 97.....................        9,601        32,190
  *Cape Range, Ltd.....................................      244,600        14,226
  Capral Aluminium, Ltd................................      383,995       722,546
  Carrington Cotton Corp., Ltd.........................       22,200        56,583
  *Centaur Mining & Exploration, Ltd...................      514,948       232,549
  Central Equity, Ltd..................................      123,243       118,059
  Central Norseman Gold Corp., Ltd.....................      409,800        92,532
  Centro Properties, Ltd...............................      229,519       351,782
  *Cityview Energy Corp., Ltd..........................        4,945         9,136
  *Clements Marshall Consolidated, Ltd.................        2,555           892
  Clifford Corp., Ltd..................................       69,664        23,357
  *Climax Mining, Ltd..................................      134,600        31,314
  Coal & Allied Industries, Ltd........................       11,250        55,231
  Computer Power Group, Ltd............................       47,260       109,946
  Computershare, Ltd...................................      102,440       269,859
  Consd Paper..........................................       20,952        37,274
  *Consolidated Gold NL................................      123,748         5,080
  Consolidated Rutile, Ltd.............................      399,003       136,507
  *Coolgardie Gold NL..................................      222,685         7,619
  *Coplex Resources NL.................................      231,400        53,833
  *Cortecs International, Ltd..........................      100,097       319,164
  Country Road, Ltd....................................       99,911       143,562
  Coventry Group, Ltd..................................       63,616       248,112
  Crane (G.E) Holdings, Ltd............................       71,674       664,520
  *Croesus Mining NL...................................       97,100        15,946
  Cudgen RZ, Ltd.......................................       36,650        16,300
  *Cultus Petroleum NL.................................      116,217       206,752
  *DJL, Ltd............................................      277,900         1,521
  Danks Holdings, Ltd..................................       10,425        51,359
  Davids Limited.......................................      521,562       271,223
  Delfin Property Group, Ltd...........................       24,747       105,830
  Delta Gold NL........................................      373,100       331,876
  *Denehurst, Ltd......................................       95,000         3,250
  *Devex, Ltd..........................................      205,364        47,776
  Devine, Ltd..........................................       39,566        17,597
  *Dominion Mining, Ltd................................      168,015        45,985
  ERG, Ltd.............................................      298,635       257,465
  *Eagle Mining Corp. NL...............................       48,026        98,584
  Eltin, Ltd...........................................      138,822       113,985
  *Emporer Mines, Ltd..................................      120,600        44,560
  Energy Developments, Ltd.............................       40,404        71,880
  *Energy Equity Corp., Ltd............................      320,488       195,168
  Energy Resources of Australia, Ltd. Series A.........      231,589       649,694
  *Equatorial Mining NL................................      864,290       100,535
  Evans Deakin Industries, Ltd.........................      196,596       517,896
  FAI Insurances, Ltd..................................      596,966       228,741
  FAI Life, Ltd........................................      201,219        95,000

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THE PACIFIC RIM SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
Finemore Holdings, Ltd...............................       60,000  $    106,741
Fleetwood Corp., Ltd.................................       12,019        16,694
Foodland Associated, Ltd.............................       96,144       723,639
*Formulab Neuronetics Corp., Ltd.....................       74,250         7,621
Forrester Parker Group, Ltd..........................       29,354        28,119
#Futuris Corp., Ltd..................................      643,432       673,599
GUD Holdings, Ltd....................................       73,576       195,836
GWA International, Ltd...............................      150,645       273,154
Gazal Corp., Ltd.....................................       25,365        23,430
Gibson Chemical Industries, Ltd......................       36,300       211,122
*Gold Mines of Australia, Ltd........................       55,307         6,244
*Golden West Refining Corp., Ltd.....................       17,330         8,063
Goldfields, Ltd......................................      282,605       158,563
Gowing Bros., Ltd....................................       51,843        94,003
Great Central Mines, Ltd.............................      162,502       166,785
Gunns, Ltd...........................................       39,400        53,918
Gwalia Consolidated, Ltd.............................      101,623        57,018
Hancock and Gore, Ltd................................       20,233        19,105
*Haoma Mining NL.....................................       98,816        10,649
Harris Scarfe Holdings, Ltd..........................       24,800        48,362
Harvey Norman Holdings, Ltd..........................      127,340       893,091
*Harvey Norman Holdings, Ltd.                                                   
  Issue 97...........................................        5,094        36,424
*Helix Resources NL..................................       25,000         7,185
Henry Walker Group, Ltd..............................      168,957       231,214
*Herald Resources, Ltd...............................       69,910        15,307
Hills Industries, Ltd................................      176,000       242,056
Hudson Conway, Ltd...................................       33,170       124,375
*ISR Group, Ltd......................................       85,500        10,530
Iama, Ltd............................................       95,057       146,344
Incitec, Ltd.........................................      205,935       825,724
*Intellect Holdings, Ltd.............................       23,840        17,454
Ipoh, Ltd............................................      117,000       172,120
*Johnson's Well Mining NL............................       20,000        47,212
Joyce Corp., Ltd.....................................       12,640        12,411
Jupiters, Ltd........................................      200,762       357,159
Just Jeans Holdings, Ltd.............................       94,342       124,586
KLZ, Ltd.............................................      106,594       176,504
*Keycorp, Ltd........................................       36,542        75,010
*Kidston Gold Mines, Ltd.............................      246,300        85,949
*Kingsgate Consolidated NL...........................       12,587         6,029
*Kresta Holdings, Ltd................................      189,000         8,341
Kurts (Peter) Properties, Ltd........................      134,436       105,784
Lemarne Corp., Ltd...................................       20,790        44,098
MMI, Ltd.............................................      141,570       321,600
*MRI Holdings, Ltd...................................       36,169        15,591
MacMahon Holdings, Ltd...............................      192,179        61,803
Magellan Petroleum Australia, Ltd....................       31,200        59,775
Manettas, Ltd........................................       74,250        23,878
Maryborough Sugar Factory, Ltd.......................          600         4,311
*Matrix Telecommunications Group Series A............       99,300        38,389
*McConnell Dowell Corp., Ltd.........................       27,438        39,426
McGuigan (Brian) Wines, Ltd..........................       21,486        23,522
McPherson's, Ltd.....................................       61,500        69,854
*Meekatharra Minerals, Ltd...........................       70,200         9,126
Memtec, Ltd..........................................       15,499       551,990
Metal Manufactures, Ltd..............................      295,010       393,621
Mirvac, Ltd..........................................      307,891       484,543
*Mirvac, Ltd. Issue 97...............................       75,446       112,022
Morgan and Banks, Ltd................................       19,097       128,056
*Mosaic Oil NL.......................................      118,661        20,704

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*Mount Kersey Mining NL..............................       73,076  $     46,001
National Can Industries, Ltd.........................       97,016       155,999
National Consolidated, Ltd...........................      396,328       109,829
National Foods, Ltd..................................      533,577       788,602
Nautronix, Ltd.......................................       26,064        21,757
*Newcrest Mining, Ltd................................      127,708       127,579
Normandy Mt. Leyshon, Ltd............................      133,376       135,066
North Flinders Mines, Ltd............................       70,723       254,055
Northern Building Society, Ltd.......................       11,694        18,884
#OPSM Protector, Ltd.................................      289,801       743,598
Oil Company of Australia, Ltd........................       51,800       106,331
*Orbital Engine Corp., Ltd...........................      537,358       286,791
*Oroton International, Ltd...........................       34,600        20,360
PMP Communications, Ltd..............................      371,610       750,095
Pacific BBA, Ltd.....................................      282,867       880,645
Pacific Hydro, Ltd...................................       26,970        19,930
*Pan Pacific Petroleum NL............................      327,800        33,644
Parbury, Ltd.........................................      163,809        51,559
*Payce Consolidated, Ltd.............................       18,000         9,484
Penfold (W.C.), Ltd..................................       14,100        15,436
*Peptide Technology, Ltd.............................      176,600        21,146
*Perilya Mines NL....................................      123,500        21,126
Permanent Trustee Co., Ltd...........................       14,000        56,518
Petaluma, Ltd........................................       11,319        30,980
*Petroz NL...........................................      308,910       196,572
*Petsec Energy, Ltd..................................       97,992       348,659
Pirelli Cables Australia, Ltd........................       40,420        18,254
Plutonic Resources, Ltd..............................      123,754       180,362
*Polartechnics, Ltd..................................       33,485        75,609
Portman Mining, Ltd..................................      166,100       210,256
*Power Pacific, Ltd..................................      302,000         9,299
Primac Holdings, Ltd.................................        9,173        18,830
Prime Television, Ltd................................      145,863       249,513
#QUF Industries, Ltd.................................      164,814       358,615
*Quantum Resources, Ltd..............................      115,007        31,477
Queensland Cotton Holdings, Ltd......................       29,888       126,793
*Queensland Metals Corp., Ltd........................      327,666       201,781
*Raptis Group, Ltd...................................       12,000         1,478
Rebel Sport, Ltd.....................................       20,908        27,897
Reece Australia, Ltd.................................       32,100       195,480
Resolute, Ltd........................................      320,738       226,045
#Ridley Corp., Ltd...................................      571,191       527,621
Rock Building Society, Ltd...........................       11,373        18,365
Ross Mining NL.......................................      212,544        79,987
Rothmans Holdings, Ltd...............................      205,927     1,056,773
#Rural Press, Ltd....................................      198,599       543,556
SGIO Insurance, Ltd..................................      154,514       142,728
Savage Resources, Ltd................................      834,661       428,330
Schaffer Corp., Ltd..................................       13,800        21,340
Scientific Services, Ltd.............................       35,179        15,405
Scott Corp., Ltd.....................................       43,000        82,382
Siddons Ramset, Ltd..................................       96,453       455,378
Simeon Wines, Ltd....................................        9,313        23,578
Simsmetal, Ltd.......................................      137,307       718,723
Singleton Group, Ltd.................................       10,063        24,099
Sino Securities International, Ltd...................        8,118         9,998
*Sipa Resources International NL.....................       81,000         3,048
Skilled Engineering, Ltd.............................       71,079        63,225
Sonic Healthcare, Ltd................................      140,439       142,219
Sons of Gwalia, Ltd..................................      165,516       387,323
Southern Cross Broadcasting (Australia), Ltd.........       17,785        75,449

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THE PACIFIC RIM SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  *Southern Pacific Petroleum NL.......................      437,600  $    748,556
  *Spectrum Network Systems, Ltd. Series B.............       71,031        20,413
  Spicers Paper, Ltd...................................      246,300       252,792
  Spotless Group, Ltd..................................      224,111       487,638
  Spotless Services, Ltd...............................      584,690       528,089
  *St. Barbara Mines, Ltd..............................      375,500        51,386
  *Strategic Minerals Corp. NL.........................       13,100           385
  Sydney Aquarium, Ltd.................................       10,135        27,046
  *Tandou, Ltd.........................................        3,100         1,994
  *Tanganyika Gold NL..................................       73,800        10,099
  *Target Mining Corp., Ltd............................       54,667         7,481
  Tassal, Ltd..........................................       73,211        63,620
  *Techniche, Ltd......................................       17,610        11,447
  Telecasters Australia, Ltd...........................       20,546        84,350
  Telecasters North Queensland, Ltd....................       49,213       244,132
  Television & Media Services, Ltd.....................      122,461       104,741
  Thakral Holdings Group...............................      424,902       178,801
  *Ticor, Ltd..........................................      287,850        98,479
  *Titan Resources NL..................................       50,000         5,132
  Toll Holdings, Ltd...................................       19,137        27,498
  *Tooth & Co., Ltd....................................      153,000        23,031
  *Transcom International, Ltd.........................      223,200        15,272
  *Triako Resources, Ltd...............................        5,400         1,035
  *Troy Resources NL...................................       22,548         7,251
  *Union Gold Mining Co. NL............................      142,500        24,376
  United Construction Group, Ltd.......................       71,876       137,705
  *Victoria Petroleum NL...............................      147,973        11,137
  Villa World, Ltd.....................................      134,700        97,697
  Visions Systems, Ltd.................................        5,192        24,335
  Waco Kwikform, Ltd...................................      209,000        47,192
  *Walhalla Mining Company NL..........................          681            51
  #Walker Corp., Ltd...................................      216,920       109,092
  Wattyl, Ltd..........................................      155,864       655,886
  Webster, Ltd.........................................       32,700        19,018
  Wesfi, Ltd...........................................       74,725        86,920
  Western Metals, Ltd..................................      158,734        89,062
  Weston (George) Foods, Ltd...........................       23,045       144,910
  Westralian Sands, Ltd................................      168,535       347,107
  White (Joe) Maltings, Ltd............................       25,159        85,213
  Wide Bay Capricorn Building Society, Ltd.............       11,184        22,805
  Wills (W.D. & H.O.) Holdings, Ltd....................      259,700       310,969
  Yates (Arthur) and Co. Property, Ltd.................       33,746        20,319
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $43,611,206)...................................                 39,701,143
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.1%)                                                  
  *Australian Dollar                                                              
    (Cost $109,602)....................................                    108,614
                                                                      ------------
RIGHTS/WARRANTS -- (0.0%)                                                         
  *Biota Holdings, Ltd. Rights.........................        6,948            95
  *Mosaic Oil NL Rights 12/08/97.......................       16,951           615
                                                                      ------------
TOTAL RIGHTS/WARRANTS                                                             
  (Cost $0)............................................                        710
                                                                      ------------
PREFERRED STOCKS -- (0.0%)                                                        
  *Ashanti GSM, Ltd. Redeemable Series A...............       15,990             0
  *Ashanti GSM, Ltd. Redeemable Series B...............       15,990             0

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  *Ashanti GSM, Ltd. Redeemable Series C...............       15,990  $          0
  *Ashanti GSM, Ltd. Redeemable Series D...............       15,990             0
  *Ashanti GSM, Ltd. Redeemable Series E...............       15,990             0
                                                                      ------------
TOTAL PREFERRED STOCKS                                                            
  (Cost $0)............................................                          0
                                                                      ------------
TOTAL -- AUSTRALIA                                                                
  (Cost $43,720,808)...................................                 39,810,467
                                                                      ------------
MALAYSIA -- (21.9%)                                                               
COMMON STOCKS -- (20.7%)                                                          
  A&M Realty Berhad....................................       15,000        10,742
  Actacorp Holdings Berhad.............................       26,000         9,086
  Advance Synergy Berhad...............................      406,800        88,560
  Ajinimoto (Malaysia) Berhad..........................       44,000        30,249
  Aluminum Co. of Malaysia.............................      139,000        54,946
  Amalgamated Containers Berhad........................       47,000        10,097
  Amalgamated Industrial Steel Berhad..................      125,000        61,944
  Anakku Corp. Berhad..................................       10,000         4,583
  Ancom Berhad.........................................      116,000        35,554
  Angkasa Marketing Berhad.............................      164,000        66,238
  Anson Perdana Berhad.................................      116,000        86,060
  Antah Holding Berhad.................................      312,000       102,777
  *Aokam Perdana Berhad................................      213,000        40,879
  Arab Malaysia Corp. Berhad...........................      356,000       160,101
  Arab Malaysia Development Berhad.....................      778,000       144,857
  Arensi Holdings (Malaysia) Berhad....................       33,000        27,035
  Asas Dunia Berhad....................................      226,000        52,761
  Asia Pacific Land Berhad.............................      909,100       131,507
  Asiatic Development Berhad...........................      874,000       275,391
  Austral Amalgamated Berhad...........................      125,333        22,438
  Austral Enterprises Berhad...........................      208,499       232,924
  Autoways Holdings Berhad.............................       10,000        12,661
  Ayer Hitam Planting Syndicate Berhad.................       51,000       186,993
  *Ayer Hitam Tin Dredging Malaysia Berhad.............       36,000        18,046
  *Ayer Molek Rubber Co. Berhad........................        1,000         9,596
  BIMB Holdings Berhad.................................      369,600       123,869
  Ban Hin Lee Bank Berhad..............................       78,500       112,431
  Bandar Raya Developments Berhad......................      622,000       183,516
  Batu Kawan Berhad....................................      394,500       481,395
  Berjaya Industrial Berhad............................      673,000       144,584
  Berjaya Singer Berhad................................      142,000       157,008
  *Berjuntai Tin Dredging Berhad.......................       36,000        30,936
  *Best World Land Berhad..............................      120,100        22,362
  Bina Puri Holdings Berhad............................       49,000        64,285
  Bolton Properties Berhad.............................      207,000        56,330
  Boustead Holdings Berhad.............................      321,000       332,858
  CCM Bioscience Berhad................................          550           473
  *CHG Industries Berhad...............................       33,000        10,493
  CI Holdings Berhad...................................       72,000        62,698
  Cahya Mata Sarawak Berhad............................      390,000       273,701
  Carlsberg Brewery Malaysia Berhad....................       65,000       223,429
  Cement Industries of Malaysia Berhad.................      178,000       156,022
  Chase Perdana Berhad.................................       34,000        29,802
  Chemical Co. of Malaysia Berhad......................      224,000       254,090
  Chin Teck Plantations Berhad.........................       75,000        87,653

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
Chocolate Products (Malaysia) Berhad.................      334,100  $     59,335
Choo Bee Metal Industries Berhad.....................      120,000        30,936
Cold Storage (Malaysia) Berhad.......................      102,000        32,139
Computer Forms Malaysia Berhad.......................       19,000        15,130
Concrete Engineering Products Berhad.................       29,000        10,799
*Construction & Supplies House Berhad................      146,000        50,186
Country Heights Holdings Berhad......................      313,600       325,184
Cycle & Carriage Bintang Berhad......................      130,000       151,932
DMIB Berhad..........................................      288,000        89,097
*DNP Holdings Berhad.................................      412,000        88,512
Daibochi Plastic & Packaging Industry Berhad.........       32,200        11,991
Daiman Development Berhad............................      110,000        38,126
*Damansara Realty Berhad.............................      688,000       154,705
*Dataprep Holdings Berhad............................       36,000        20,418
Datuk Keramat Holdings Berhad........................      295,000       130,978
*Denko Industrial Corp. Berhad.......................       38,000        40,710
Diethelm Holdings (Malaysia) Berhad..................       52,000        13,108
Diperdana Corp. Berhad...............................       43,000        36,952
Diversified Resources Berhad.........................      323,000       155,438
Dutch Baby Milk Industry (Malaysia) Berhad...........       22,000        60,498
Eastern & Oriental Berhad............................       67,500        21,655
Eastern Pacific Industrial Corp. Berhad..............       43,000        10,470
Econstates Berhad....................................      144,000        39,186
Ekran Berhad.........................................      164,000       129,188
*FA Peninsular Berhad................................       95,000        15,239
FACB Berhad..........................................    1,217,000       176,046
FCW Holdings Berhad..................................      224,000        48,765
*Faber Group Berhad Issue 96.........................      303,000        67,699
Far East Holdings Berhad.............................       74,000        27,980
Federal Flour Mills Berhad...........................      271,250       298,364
Fima Corp. Berhad....................................       39,000        20,109
Gadek (Malaysia) Berhad..............................      144,000       128,695
Gadek Capital Berhad.................................       48,000        17,187
*General Corp. Berhad................................      423,000        73,912
George Kent (Malaysia) Berhad........................      122,998        30,828
George Town Holdings Berhad..........................      147,000        67,372
Glenealy Plantations (Malaysia) Berhad...............       88,000       123,516
Goh Ban Huat Berhad..................................       75,000        27,069
Gold Coin (Malaysia) Berhad..........................       52,000        37,685
Golden Frontier Berhad...............................       29,000         8,805
*Golden Pharos Berhad................................       74,000        19,713
Golden Plus Holdings Berhad..........................      172,000        75,382
Gopeng Berhad........................................      171,500        49,126
*Granite Industries Berhad...........................      274,000       100,463
Guinness Anchor Berhad...............................      275,000       333,998
*Gula Perak Berhad...................................      314,000        98,040
Guthrie Ropel Berhad.................................      160,000       104,954
H&R Johnson (Malaysia) Berhad........................       27,000         5,259
HLG Capital Berhad...................................      145,000       112,975
Hap Seng Consolidated Berhad.........................      392,000       547,963
Hexza Corp. Berhad...................................      163,000        28,481
Hil Industries Berhad................................       22,000         8,571
Ho Hup Construction Co. Berhad.......................       80,000        47,665
Hock Hua Bank Berhad (Foreign).......................      137,000       151,479
Hong Leong Industries Berhad.........................      180,000       221,710

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
Hong Leong Properties Berhad.........................      812,000  $    230,269
IGB Corp. Berhad.....................................      625,000       216,626
IJM Corp. Berhad.....................................      430,000       160,124
IOI Properties Berhad................................       52,700        25,361
*Idris Hydraulic (Malaysia) Berhad...................      660,000       189,055
*Inchcape Timuran Berhad.............................      215,250       120,849
*Insas Berhad........................................      644,200       148,546
*Instangreen Corp. Berhad............................       15,000         7,992
Integrated Logistics Berhad..........................       59,000        18,590
*Intria Behard.......................................      802,500       114,937
Ipmuda Berhad........................................       45,000        16,499
Island & Peninsular Berhad...........................      310,000       235,317
Jasa Megah Industries Berhad.........................      170,000        97,392
Jaya Netting Industries Berhad.......................       21,000        11,730
Jeram Kuantan (Malaysia) Berhad......................       64,000        13,933
Johan Holdings Berhad................................      410,000       103,350
*Johor Land Berhad...................................       47,800        47,649
KFC Holdings (Malaysia) Berhad.......................      233,666       348,052
KIG Glass Industrial Berhad..........................       82,000        18,556
KPJ Healthcare Berhad................................       59,000        49,011
Kamunting Corp. Berhad...............................      927,000       183,220
Kanzen Berhad........................................      105,000        27,972
Keck Seng (Malaysia) Berhad..........................      316,500       154,123
Kedah Cement Holdings Berhad.........................      676,000       240,112
*Kelanamas Industries Berhad.........................      142,000        28,473
Kelang Container Terminal Berhad.....................      169,000       101,660
Kemayan Corp. Berhad.................................      432,000       111,990
*Khong Guan Holdings (Malaysia) Berhad...............       21,000        12,512
Kian Joo Can Factory Berhad..........................      121,500       121,812
Kim Hin Industry Berhad..............................      119,900        28,506
Kluang Rubber Co. (Malaysia) Berhad..................        2,000        65,024
*Kramat Tin Dredging Berhad..........................        1,800         3,687
Kretam Holdings Berhad...............................      110,500       125,344
*Kuala Lumpur Industries Holdings Berhad.............      138,000        41,902
Kuala Sidim Berhad...................................      153,000       153,393
*Kuantan Flour Mills Berhad..........................       19,000         7,130
Kuchai Development Berhad............................        1,600         7,104
Kulim Malaysia Berhad................................      239,800       240,415
Kumpulan Belton Berhad...............................       44,100        15,538
*Kumpulan Emas Berhad................................      301,000        43,973
Kym Holdings Berhad..................................       46,000        13,572
Ladang Perbadanan-Fima Berhad........................      130,000       115,811
Land & General Berhad................................      574,000       180,863
Landmarks Berhad.....................................      532,000       134,865
Larut Consolidated Berhad............................      206,000        64,319
Leader Universal Holdings Berhad.....................      514,000       176,681
Leisure Management Berhad............................      149,999       726,140
*Leong Hup Holdings Berhad...........................      186,000        43,423
Lien Hoe Corp. Berhad................................      240,000        59,810
Lim Kim Hai Holdings Berhad..........................       97,000        46,402
*Lingkaran Trans Kota Holdings Berhad................      383,000       331,322
Lingui Development Berhad............................      574,000       282,804
*Lion Corp. Berhad...................................      149,500        74,514
Lion Land Berhad.....................................      664,375       157,956
Long Huat Group Berhad...............................       33,000        12,856
*MBF Holdings Berhad.................................    1,450,250       253,407
*MBF Land Berhad.....................................    1,014,000       156,847
*MCB Holdings Berhad.................................      199,000        40,757

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
MMC Engineering Group Berhad.........................       43,000  $     20,939
MUI Properties Berhad................................      772,800       138,354
MWE Holdings Berhad..................................      184,500        44,922
Malayan Cement Berhad................................      528,500       322,455
Malayan Flour Mills Berhad...........................       92,400        26,468
Malayawata Steel Berhad..............................      273,000        78,200
Malaysia Aica Berhad.................................      126,000        36,814
Malaysia Assurance Alliance Berhad...................      129,938       152,604
Malaysia British Assurance Berhad....................       53,000        47,367
Malaysia Building Society Berhad.....................      155,000        56,387
Malaysia Smelting Corp. Berhad.......................       87,000        31,400
Malaysian Helicopter Services Berhad.................      814,000       142,233
Malaysian Industrial Development Finance Berhad......      731,000       284,775
Malaysian Mosaics Berhad.............................      368,000       189,743
Malaysian Oxygen Berhad..............................      143,500       369,947
Malaysian Pacific Industries.........................      187,000       514,231
Malaysian Packaging Industry.........................       14,000         4,812
Malaysian Plantations Berhad.........................      395,000       135,776
Malaysian Tobacco Co. Berhad.........................      275,000       172,513
Malex Industries Berhad..............................      340,500       263,346
Mamee-Double Decker (Malaysia) Berhad................       18,000        10,518
Mancon Berhad........................................      138,000       105,544
Maruichi Malaysia Steel Tube Berhad..................       75,000        60,154
Matsushita Electric Co. (Malaysia) Berhad............       48,400       122,697
Mechmar Corp.........................................       94,000        21,541
Mega First Corp. Berhad..............................      268,000        43,374
Menang Corp..........................................      272,000        49,865
*Mentiga Corp. Berhad................................       41,000        12,919
Metacorp Berhad......................................      193,333        77,532
Metrojaya Berhad.....................................      153,000        40,320
Metroplex Berhad.....................................      975,000       343,522
*Minho (Malaysia) Berhad.............................       70,000        14,838
Mintye Industries Berhad.............................       45,000        16,886
Muda Holdings Berhad.................................      208,125        53,357
Muhibbah Engineering Berhad..........................       58,000        63,133
Mulpha International Berhad..........................    1,232,750       236,589
*Mun Loong Berhad....................................       40,000        96,819
NCK Corp. Berhad.....................................       18,000        10,261
Nam Fatt Berhad......................................      112,000        53,577
Nanyang Press (Malaya) Berhad........................       70,400        73,001
Negara Properties (Malaysia) Berhad..................       86,000       182,295
Negri Sembilan Oil Palms Berhad......................       34,000        37,399
New Straits Times Press (M) Berhad...................      253,000       281,188
North Borneo Timbers Berhad..........................       30,000       388,853
Nylex (Malaysia) Berhad..............................      304,500       122,113
O'Connor's Corp. Berhad..............................       52,000        92,351
OSK Holdings.........................................      333,000       144,988
*Olympia Industries Berhad...........................      625,000       146,804
*PJ Development Holdings Berhad......................      345,800        69,833
PSC Industries Berhad................................       52,332       464,702
PWE Industries Berhad................................       39,200       218,961
Pacific Chemicals Berhad.............................      105,000        78,200
Palmco Holdings Berhad...............................      179,000        44,352
Pan Pacific Asia Berhad..............................      123,000        68,000
Panglobal Berhad.....................................      134,000        39,535
Paramount Corp. Berhad...............................       73,000        18,610
*Parit Perak Holdings Berhad.........................      200,000        45,832

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
Park May Berhad......................................       48,000  $     13,062
Peladang Kimia Berhad................................      143,000       106,501
Pelangi Berhad.......................................      656,250       289,491
*Perdana Industrial Holdings Berhad..................       46,000        13,835
Pernas International Holdings Berhad.................      762,950       227,287
Petaling Garden Berhad...............................      254,000       232,825
Petaling Tin Berhad..................................       23,000        16,471
Phileo Allied Berhad.................................      403,250       207,918
Phileo Land Berhad...................................      616,000       520,533
Pilecon Engineering Berhad...........................      290,500        84,045
Poly Glass Fibre (Malaysia) Berhad...................       90,000        24,491
Prime Utilities Berhad...............................       58,000        57,152
Projek Penyelenggaraan Lebuhraya Berhad..............       44,000        27,224
*Promet Berhad.......................................      674,000       131,285
Putera Capital Berhad................................       82,000        26,307
RJ Reynolds Berhad...................................      217,000       369,847
Rahman Hydraulic Tin Berhad..........................      111,000        36,565
*Red Box (Malaysia) Berhad...........................       41,000         9,748
Riverview Rubber Estates Berhad......................        5,400        10,750
Road Builders (Malaysia) Holdings Berhad.............      159,000        95,645
S P Setia Berhad.....................................      181,000       108,879
SCB Developments Berhad..............................      240,500        91,625
SCK Group Berhad.....................................       22,000        10,713
*SPK Sentosa Corp. Berhad............................       51,000        14,536
Samanda Holdings Berhad..............................       73,000       116,054
Sanda Plastics Industries Berhad.....................       11,000         5,514
Sanyo Industries (Malaysia) Berhad...................       33,600        33,494
Sapura Telecommunications Berhad.....................      187,000        99,632
Sarawak Oil Palms Berhad.............................      117,600        56,593
*Sateras Resources (Malaysia) Berhad.................      193,000        32,894
Scientex, Inc. Berhad................................       75,000        44,686
Selangor Dredging Berhad.............................      355,000        71,182
Selangor Properties Berhad...........................      459,000       160,405
Setegap Berhad.......................................       33,332        10,694
*Setron (Malaysia) Berhad............................       61,666        15,986
Shangri-la Hotels (Malaysia) Berhad..................      519,000       169,480
Siah Brothers Corp. Berhad...........................       64,000        17,966
Sime UEP Properties Berhad...........................      142,000       102,502
*Sin Heng Chan Berhad................................       20,000        17,531
Sistem Television Malaysia Berhad....................      209,000       101,176
Sitt Tatt Berhad.....................................       85,000        32,626
*South East Asia Lumber, Inc. Berhad.................      137,500        38,599
South Johore Amalgamated Holding Berhad..............       40,500        16,938
South Malaysia Industries Berhad.....................      157,500        25,716
Southern Acids (Malaysia) Berhad.....................       80,700        26,121
Southern Bank Berhad (Foreign).......................      299,000       155,023
*Southern Bank Berhad (Foreign) Issue 97.............      109,500        53,009
Southern Steel Berhad................................       70,000        62,159
Sriwani Holdings Berhad..............................      143,800        53,549
Store Corp. Berhad...................................       31,000        11,988
Sungei Bagan Rubber Co. (Malaysia) Berhad............        2,000        46,261
Sungei Way Holdings Berhad...........................      463,000       185,675
TA Enterprise Berhad.................................      916,000       275,505

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  *Tai Wah Garments Manufacturing Berhad (Foreign).....       60,000  $     13,749
  Taiping Consolidated Berhad..........................      232,000        33,560
  Tajo Berhad..........................................       32,000         9,716
  Talam Corp. Berhad...................................      187,000        58,922
  Tan & Tan Developments Berhad........................      393,000       127,208
  Tasek Cement Berhad..................................      192,000       145,745
  Tenggara Capital Berhad..............................       99,200        22,732
  Time Engineering Berhad..............................      880,000       282,323
  Tiong Nam Transport Holdings Berhad..................       17,000         9,009
  *Tongkah Holdings Berhad.............................      195,000        81,552
  Tractors Malaysia Holdings Berhad....................      398,000       228,012
  Tradewinds Malaysia Berhad...........................      276,000       141,517
  *Trengganu Development & Management Berhad...........       66,000        72,975
  Tronoh Mines Malaysia Berhad.........................       40,000        30,936
  *U-Wood Holdings Berhad..............................       20,000         6,989
  UAC Berhad...........................................       67,000        46,061
  UMW Holdings Berhad..................................      312,000       294,926
  *Union Paper Holdings Berhad.........................       20,000        11,744
  Uniphone Telecommunications Berhad...................      185,000        50,873
  United Chemical Industries Berhad....................       18,000        10,054
  United Malacca Rubber Estates Berhad.................       96,000       144,370
  United Malayan Land Berhad...........................      182,000       224,174
  United Plantations Berhad............................      206,000       224,231
  Utusan Melayu (Malaysia) Berhad......................       34,000         9,593
  *Wembley Industries Holdings                                                    
    Berhad.............................................      138,000        44,273
  *Westmont Industries Berhad..........................      223,520        42,898
  Westmont Land (Asia) Berhad..........................      254,600        77,305
  Wing Tiek Holdings Berhad............................       95,800        24,698
  Worldwide Holdings Berhad............................      213,800        66,142
  Yee Lee Corp. Berhad.................................       14,000         8,823
  Yeo Hiap Seng (Malaysia) Berhad......................      103,000        65,204
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $65,885,480)...................................                 30,595,516
                                                                      ------------
INVESTMENT IN CURRENCY -- (1.2%)                                                  
  *Malaysian Ringetts                                                             
    (Cost $1,771,307)..................................                  1,773,539
                                                                      ------------
TOTAL -- MALAYSIA                                                                 
  (Cost $67,656,787)...................................                 32,369,055
                                                                      ------------
SINGAPORE -- (14.9%)                                                              
COMMON STOCKS -- (14.8%)                                                          
  AV Jennings Homes, Ltd...............................       30,800        10,637
  Acma, Ltd............................................      274,600       246,575
  *Alliance Technology & Development, Ltd..............       48,000        19,290
  Amtek Engineering, Ltd...............................      222,500       169,055
  Ana Hotels Singapore, Ltd............................       89,000       101,712
  Apollo Enterprises, Ltd..............................      162,000       125,122
  Avimo Group, Ltd.....................................      190,250       258,042
  Bonvests Holdings, Ltd...............................      390,000       154,283
  British-American Tobacco Co. (Singapore), Ltd........      149,000       462,195
  Broadway Industrial Group, Ltd.......................      117,000        15,061
  Bukit Sembawang Estates, Ltd.........................       48,334       361,170
  *CK Tang, Ltd........................................       83,000        60,978

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  CSA Holdings, Ltd....................................      212,000  $    113,153
  CWT Distribution, Ltd................................      202,500       101,725
  Carnaudmetalbox Asia, Ltd............................      106,000       119,809
  *Causeway Investment, Ltd............................      133,000        28,395
  Central Properties, Ltd..............................       66,000       600,931
  Chemical Industries (Far East), Ltd..................       77,910       117,413
  Chevalier Singapore Holdings, Ltd....................      114,000        22,907
  Chuan Hup Holdings, Ltd..............................      395,000       156,261
  Comfort Group, Ltd...................................      543,000       264,249
  Compact Metal Industries.............................      196,000        35,076
  Cosco Investment (Singapore), Ltd....................      134,400        64,139
  Courts Singapore, Ltd................................      263,000       115,602
  Econ International, Ltd..............................      339,000       156,459
  *Eltech Electronics, Ltd.............................      237,000        34,229
  Eng Wah Organisation, Ltd............................      116,000        38,787
  Focal Finance, Ltd...................................       95,200       113,580
  Fuji Offset Plates Manufacturing, Ltd................       33,750         6,040
  GB Holdings, Ltd.....................................       90,000        18,084
  GK Goh Holdings......................................      549,000       344,734
  *General Magnetics, Ltd..............................       94,000        16,822
  Goldtron, Ltd........................................      473,000       109,894
  Guthrie GTS, Ltd.....................................    1,174,400       368,721
  HTP Holdings, Ltd....................................      321,000        99,775
  Hai Sun Hup Group, Ltd...............................      689,000       300,688
  #Haw Par Brothers International, Ltd.................      374,200       521,638
  Hind Hotels International, Ltd.......................      112,000       139,953
  Hitachi Zosen (Singapore), Ltd.......................      497,000       152,920
  Hong Kok Corp., Ltd..................................      251,000       226,960
  Hotel Grand Central, Ltd.............................      332,640       146,213
  Hotel Plaza, Ltd.....................................      579,000       178,151
  Hotel Properties, Ltd................................      418,000       301,847
  Hotel Royal, Ltd.....................................       98,333        98,794
  Hour Glass, Ltd......................................      138,000        60,658
  Hup Seng Huat, Ltd...................................      331,000        75,864
  Hwa Hong Corp., Ltd..................................      291,000       243,028
  *Hwa Tat Lee, Ltd....................................      158,000        26,788
  IPC Corp., Ltd.......................................    1,936,000       243,135
  *Inno-Pacific Holdings, Ltd..........................      300,500        23,587
  Insurance Corp. of Singapore, Ltd....................       93,250       127,064
  International Factors (Singapore), Ltd...............      169,000        71,101
  Intraco, Ltd.........................................      167,500        91,505
  Isetan (Singapore), Ltd..............................       61,000       100,739
  Jack Chia-MPH, Ltd...................................      413,000       232,106
  Jaya Holdings, Ltd...................................      122,400        36,892
  Jurong Cement, Ltd...................................       80,500       238,842
  Jurong Engineering, Ltd..............................       87,000        97,788
  Kay Hian Holdings, Ltd. (Foreign)....................      606,000       266,369
  Keppel Finance, Ltd..................................      253,750       164,118
  Keppel Integrated Engineering, Ltd...................      267,000       138,318
  Keppel Marine Industries, Ltd........................      304,500       244,743
  Keppel Telecommunications and Transportation, Ltd....      512,000       376,156
  Khong Guan Flour Milling, Ltd........................       10,000        13,815
  Kim Eng Holdings, Ltd................................      984,200       423,337
  L & M Group Investments, Ltd.........................      209,100        77,467
  LC Development, Ltd..................................      140,333        45,822
  Lee Kim Tah Holdings, Ltd............................      159,000        87,860
  Liang Court Holdings, Ltd............................      783,000       236,002
  Liang Huat Aluminum, Ltd.............................      361,000        69,138
  Lim Kah Ngam, Ltd....................................      270,999       161,660
  Low Keng Huat Singapore, Ltd.........................      144,000        27,127

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  Lum Chang Holdings, Ltd..............................      503,359  $    246,539
  Marco Polo Developments, Ltd.........................      134,000       214,564
  Metalock (Singapore), Ltd............................       20,000        14,568
  Metro Holdings, Ltd..................................      209,160       392,701
  Neptune Orient Lines, Ltd............................      664,000       396,099
  *Nippecraft, Ltd.....................................      232,000        24,766
  Orchard Parade Holdings, Ltd.........................      462,320       261,275
  #Osprey Maritime, Ltd................................      313,000       336,088
  Overseas Union Enterprise, Ltd.......................      173,000       401,939
  Overseas Union Trust (Foreign).......................      163,800       195,425
  *PCI, Ltd............................................      225,000        35,321
  *Pacific Can Investment Holdings, Ltd................      101,000        38,053
  Pacific Carriers, Ltd................................      434,000       189,403
  *Pacific Century Regional Developments, Ltd..........      260,500       139,040
  Pan Malayan Holdings, Ltd............................      100,000       100,469
  *Pan Pacific Public Co., Ltd.........................       46,500        15,767
  Pan-United Corp., Ltd................................      883,000       224,558
  Pentex-Schweizer Circuits, Ltd.......................       79,200        62,165
  Pertama Holdings, Ltd................................       68,750        11,872
  *Pokka Corp. (Singapore), Ltd........................       79,000        11,162
  Prima, Ltd...........................................       75,000       178,019
  Provisions Suppliers Corp............................      268,600        88,548
  Republic Hotels and Resorts, Ltd.....................      471,000       257,308
  Resources Development Corp., Ltd.....................       75,000        98,899
  Robinson & Co., Ltd..................................      141,360       438,496
  Rotary Engineering, Ltd..............................      230,000        57,770
  Rothmans Industries, Ltd. Issue 95...................      130,000       685,701
  SNP Corp., Ltd.......................................       68,000        25,620
  *SPP, Ltd............................................      182,000        28,571
  ST Capital, Ltd......................................      192,200       127,930
  San Teh, Ltd.........................................      366,672       138,147
  *Scotts Holdings, Ltd................................      393,000       194,954
  Sea View Hotel, Ltd..................................       44,000       201,692
  Shangri-la Hotel, Ltd................................      285,700       548,964
  Sime Singapore, Ltd..................................      902,000       387,980
  Sing Investments & Finance, Ltd. (Foreign)...........       94,500        59,340
  Singapore Finance, Ltd...............................      408,000       312,559
  Singapore Reinsurance Corp., Ltd.....................      152,700       115,062
  Singapore Technologies Automotive, Ltd...............      207,600       638,757
  Singapura Building Society, Ltd......................       65,250        40,153
  *Singatronics, Ltd...................................      360,000        80,250
  Ssangyong Cement (Singapore), Ltd....................      134,000       133,787
  Stamford Tyres Corp., Ltd............................       62,000        15,183
  *Sunright, Ltd.......................................      237,000       319,963
  Superior Metal Printing, Ltd.........................      157,000        35,491
  Tat Lee Finance, Ltd.................................       66,000        47,660
  Tibs Holdings, Ltd...................................      122,000        69,713
  Tiger Medicals, Ltd..................................      101,000        73,568
  Times Publishing, Ltd................................      209,000       396,338
  Transmarco, Ltd......................................       12,000        54,630
  Tuan Sing Holdings, Ltd..............................    2,220,000       369,412
  United Engineers, Ltd................................      306,500       232,878
  United Overseas Finance, Ltd.........................      134,500       101,348
  United Overseas Insurance, Ltd.......................       75,500       104,299
  United Pulp & Paper Co., Ltd.........................      133,000        51,779
  Van der Horst, Ltd...................................      167,100        99,156
  Van der Horst, Ltd. 3.5% Unsecured Loan Stock                                   
    08/31/98...........................................       23,400        13,665

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  Vickers Ballas Holdings, Ltd.........................      635,000  $    348,895
  WBL Corp., Ltd.......................................      226,000       332,075
  Wearnes International (1994), Ltd....................       33,000        14,505
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $33,257,293)...................................                 21,929,937
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.1%)                                                  
  *Singapore Dollars                                                              
    (Cost $107,741)....................................                    107,406
                                                                      ------------
RIGHTS/WARRANTS -- (0.0%)                                                         
  *Sembawang Resources, Ltd. Rights 12/01/97 (Cost                                
    $0)................................................       11,250             0
                                                                      ------------
TOTAL -- SINGAPORE                                                                
  (Cost $33,365,034)...................................                 22,037,343
                                                                      ------------
NEW ZEALAND -- (7.0%)                                                             
COMMON STOCKS -- (7.0%)                                                           
  AFFCO Holdings, Ltd..................................      227,088        57,424
  Advantage Group, Ltd.................................       22,000        10,177
  *Asian Properties, Ltd...............................       15,000        11,564
  Baycorp Holdings, Ltd................................       72,007       262,025
  CDL Hotels NZ, Ltd...................................      657,244       125,662
  CDL Investments NZ, Ltd..............................      191,786        31,937
  Cavalier Corp., Ltd..................................       43,907        59,576
  Ceramco Corp., Ltd...................................       59,127        49,231
  Colonial Motor Co., Ltd..............................       37,752        47,732
  *Corporate Investments, Ltd..........................      807,127       433,089
  *Cue Energy Resources NL.............................      452,354        44,639
  DB Group, Ltd........................................      189,577       286,463
  Donaghys, Ltd........................................       37,239        34,451
  Eastern Equities Corp., Ltd..........................       41,001        23,518
  Ebos Group, Ltd......................................        9,036        30,930
  Enerco New Zealand, Ltd..............................      159,734       605,883
  Ernest Adams, Ltd....................................       20,495        32,233
  *Evergreen Forests, Ltd..............................      122,501        39,288
  Fernz Corp., Ltd.....................................      191,102       542,175
  Fisher & Paykel Industries, Ltd......................      152,396       486,877
  Force Corp., Ltd.....................................      291,114       131,070
  Hallenstein Glassons Holdings, Ltd...................      109,038       142,571
  Hellaby Holdings, Ltd................................       61,379       105,997
  Independent Newspapers, Ltd. (Auckland)..............      150,547       821,735
  *Kingsgate International Corp., Ltd..................      479,679        65,086
  LWR Industries, Ltd..................................       73,706        60,460
  Michael Hill International, Ltd......................       47,040        43,519
  Milburn New Zealand, Ltd.............................      206,833       318,916
  Natural Gas Corp. Holdings, Ltd......................       42,200        57,520
  *New Zealand Oil & Gas, Ltd..........................      189,110        47,821
  New Zealand Refining Co., Ltd........................       42,119       506,558
  Northland Port Corp. (New Zealand), Ltd..............       77,971       105,797
  Nuplex Industries, Ltd...............................       80,695       179,170
  *Otter Gold Mines, Ltd...............................       89,321        50,682
  Owens Group, Ltd.....................................      119,058       146,860
  PDL Holdings, Ltd....................................       16,581        82,835
  Pacific Retail Group, Ltd............................       52,744        34,157
  Port of Tauranga, Ltd................................      143,746       288,135
  Ports of Auckland....................................      177,558       698,678
  Progessive Enterprises, Ltd..........................      395,773       402,760
  Radio Pacific, Ltd...................................        5,200        11,289
  Reid Farmers, Ltd....................................       68,334        22,759
  Richina Pacific, Ltd.................................      130,366       108,546

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CONTINUED                                                                       

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  Sanford, Ltd.........................................      174,612  $    255,234
  *Scott Technology, Ltd...............................       23,274        22,249
  Seafresh Fisheries...................................       80,520        11,919
  Shortland Properties, Ltd............................      381,380       211,698
  South Eastern Utilities, Ltd.........................       73,279        39,320
  South Port New Zealand, Ltd..........................       39,528        28,280
  St. Lukes Group, Ltd.................................      264,179       260,696
  *St. Lukes Group, Ltd. Issue 97......................       10,090        11,264
  Steel & Tube Holdings, Ltd...........................      117,010       229,491
  *Summit Gold, Ltd....................................      107,419        21,863
  Tasman Agriculture, Ltd..............................      263,200       139,605
  Taylors Group, Ltd...................................       29,646        22,124
  Tourism Holdings, Ltd................................       48,840        37,653
  Trans Tasman Properties, Ltd.........................      494,424       213,459
  Warehouse Group, Ltd.................................      251,743       721,982
  Waste Management NZ, Ltd.............................       73,676       259,010
  Williams & Kettle, Ltd...............................       17,172        21,923
  Wrightson, Ltd.......................................      317,720       150,887
  Zuellig NZ, Ltd......................................      148,825        59,663
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $12,275,350)...................................                 10,366,115
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
  *New Zealand Dollar                                                             
    (Cost $7,390)......................................                      7,244
                                                                      ------------
RIGHTS/WARRANTS -- (0.0%)                                                         
  *Shortland Properties, Ltd. Rights 12/09/97                                     
    (Cost $0)..........................................       95,345             0
                                                                      ------------
TOTAL -- NEW ZEALAND                                                              
  (Cost $12,282,740)...................................                 10,373,359
                                                                      ------------
SOUTH KOREA -- (1.6%)                                                             
COMMON STOCKS -- (1.6%)                                                           
  *Aluminum of Korea...................................        7,257        16,940
  *Anam Electronics Co.................................        6,000        18,418
  Asia Paper Manufacturing Co., Ltd....................        1,590         8,769
  *Bing Grae Co., Ltd..................................        7,898        24,314
  Boryung Pharmaceutical Co., Ltd......................        3,619        43,013
  Bukwang Pharmaceutical Co., Ltd......................          850        21,223
  Byuck San Corp.......................................        6,580        27,063
  Central Banking Corp.................................        4,887        13,205
  Chang Won Carbureter Industries Co., Ltd.............          900        12,698
  Chong Kun Dang.......................................        2,095        45,680
  Choong Wae Pharmaceutical............................        2,110        31,573
  Chosun Refractories Co., Ltd.........................        1,311        11,658
  Chung Ho Computer Co., Ltd...........................        1,520        21,315
  Crown Confectionery Co., Ltd.........................        1,500        15,391
  *Dae Chang Industrial Co.............................        1,600        10,822
  Dae Dong Industrial Co., Ltd.........................        6,233        33,363
  Dae Han Jung Suok Co., Ltd...........................        4,969        28,340
  *Dae Han Pulp Co., Ltd...............................        1,000         8,636
  Dae Ryung Industries, Inc............................        2,914        36,627
  Dae Sung Electric Wire Co., Ltd......................        1,565        39,209
  Daehan Synthetic Fiber Co., Ltd......................          630        21,278
  Daesang Corp.........................................          814        28,273
  Daesun Distilling Co., Ltd...........................        1,428        16,617
  Daeyoung Electronics Industries Co., Ltd.............        1,530        16,092
  Dai Han Paint & Ink Manufacturing Co., Ltd...........          680         9,303

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  *Dainong Corporation Co., Ltd........................        6,560  $      1,402
  Dong Shin Pharmaceutical Co., Ltd....................        1,349        19,494
  Dong Wha Pharmaceutical Industries Co., Ltd..........          630         9,813
  *Dong Won Co., Ltd...................................          900        15,391
  *Dong Yang Tech Co., Ltd.............................        2,600         2,423
  Dong Yang Tin Plate Industrial Co., Ltd..............        3,079        38,701
  Dong-A Pharmaceutical Co., Ltd.......................        1,993        20,279
  *Donghae Pulp........................................        2,501         7,506
  Dongsung Chemical Industries.........................        1,500        19,624
  Doosan Industrial Co., Ltd...........................       11,388        46,643
  *Doosan Manufacturing Co., Ltd.......................        4,551        25,800
  First Technology Co., Ltd............................        1,000         6,806
  Global Enterprise Co., Ltd...........................          530        12,689
  HS Chemical Co., Ltd.................................        2,095        20,780
  *Haedong Fire and Marine Insurance Co., Ltd..........        3,677        34,270
  Hai Tai Stores Co., Ltd..............................        2,850         2,291
  Han Il Iron & Steel Co., Ltd.........................          763        10,112
  Hangdo Merchant Bank.................................            3            42
  Hanil Cement Manufacturing Co., Ltd..................          613        11,794
  *Hanjin Engineering and Construction Co., Ltd........        9,290        22,877
  Hanshin Machinery Co., Ltd...........................          535         9,012
  *Hanwha Energy Co., Ltd..............................        6,000        13,493
  Heesung Cable, Ltd...................................        7,339        38,719
  Hwa Sung Industrial Co...............................        4,339        18,555
  Hwacheon Machiney Works, Ltd.........................        1,050         9,337
  Hyosung Motors & Machinery, Inc......................        6,630        19,785
  Hyundai Corp.........................................        4,416        33,002
  *Hyundai Mipo Dockyard Co., Ltd......................        1,910        20,415
  *Hyundai Pipe Co., Ltd...............................        6,300        23,864
  Hyundai Precision Industry Co., Ltd..................        4,018        21,198
  *Hyundai Wood Industry...............................       12,472        30,713
  Il Dong Pharmaceutical Co., Ltd......................        1,363        23,439
  Il Jin Electronics & Machinery Co., Ltd..............        1,000        10,859
  Il Shin Spinning.....................................        2,011        89,072
  Il Sung Pharmaceutical Co., Ltd......................        1,090        13,980
  Il Yang Pharmaceutical Co., Ltd......................           29           322
  International Fire & Marine Insurance Co., Ltd.......        1,123        20,645
  Keum Kang Development Industry Co., Ltd..............        1,540        11,048
  *Kia Steel Co., Ltd..................................       39,817        23,492
  Kohap Co., Ltd.......................................        4,212        14,046
  Korea Computer Co., Ltd..............................        1,400        11,133
  Korea Cottrell Co., Ltd..............................          580        13,390
  Korea Export Packing Industries Co., Ltd.............        1,635         8,178
  Korea Green Cross Co., Ltd...........................        1,214        50,657
  Kwang Myung Electric Engineering Co., Ltd............          900         5,041
  Kyung Nam Energy Co., Ltd............................        1,350        20,778
  Kyungwon-Century Co., Ltd............................        2,700        27,242
  LG International Corp................................          682         2,158
  LG Metals Corp.......................................        3,850        21,332
  Lotte Confectionery Co., Ltd.........................          750        63,489
  Manho Rope & Wire, Ltd...............................          370        29,423
  Maxon Electronics Co., Ltd...........................        1,250        11,864

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CONTINUED                                                                       

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                                                               SHARES        VALUE+ 
                                                         ------------  ------------ 
                                                                                    
  *Midopa Department Store.............................         3,952  $      8,786 
  *Miwon Petrochemical Corp............................         9,628        21,158 
  Namyang Dairy Products Co., Ltd......................           380        25,962 
  *Nong Shim Co., Ltd..................................           959        28,295 
  *Oriental Brewery Co., Ltd...........................         2,811        53,119 
  Oriental Fire & Marine Insurance Co., Ltd............         4,800        37,760 
  Ottogi Corp..........................................         1,820        28,634 
  Pacific Chemical Co., Ltd............................         2,000        29,414 
  Rifa Industrial Co...................................         1,480        17,084 
  Rocket Electric......................................         1,950        17,007 
  *STC Corp............................................         2,400        14,919 
  Saehan Media Corp....................................         2,780        18,827 
  Sam Lip Industrial Co., Ltd..........................           690        14,219 
  Sam Sung Radiator Industrial Co., Ltd................           420        12,390 
  Sambu Construction Co., Ltd..........................         3,693        17,778 
  *Samyang Foods Co., Ltd..............................         2,060        21,137 
  Se Poong Corp........................................         8,670        22,685 
  Seah Steel Corp......................................         2,652        24,264 
  Shin Won JMC Corp....................................         1,126        15,694 
  Shin Young Securities Co., Ltd.......................         4,220        24,898 
  *Shinho Paper Co., Ltd...............................        12,545         9,869 
  Shinwon Industrial Co., Ltd..........................         1,625         7,851 
  Song Woun Industries Co., Ltd........................           658        11,872 
  Soosan Heavy Industries Co., Ltd.....................         2,464         6,932 
  Ssangyong Fire & Marine Insurance Co., Ltd...........         2,630         9,580 
  *Sung Chang Enterprise Co., Ltd......................         1,680        27,150 
  Sung Shin Cement Co., Ltd............................         1,315         9,524 
  Sungwon Construction Co., Ltd........................         3,390         9,189 
  *Taegu Department Store Co., Ltd.....................         3,003        14,508 
  Tai Lim Packaging Industries Co., Ltd................         1,454        13,552 
  Tong Yang Cement Corp................................         1,490         9,976 
  Tong Yang Mool San Co., Ltd..........................         6,145        33,733 
  Tongyang Confectionery Co............................         1,537        15,902 
  Youngpoong Corp......................................         2,000       136,811 
                                                                       ------------ 
TOTAL COMMON STOCKS (Cost $7,845,827)..................                   2,368,717 
                                                                       ------------ 
                                                                             VALUE+ 
                                                                       ------------ 
INVESTMENT IN CURRENCY -- (0.0%)                                                    
  *Korean Won                                                                       
    (Cost $3,543)......................................                $      2,875 
                                                                       ------------ 
TOTAL -- SOUTH KOREA                                                                
  (Cost $7,849,370)....................................                   2,371,592 
                                                                       ------------ 
CANADA -- (0.0%)                                                                    
INVESTMENT IN CURRENCY -- (0.0%)                                                    
  *Canadian Dollars                                                                 
    (Cost $1)..........................................                           1 
                                                                       ------------ 
                                                             FACE                   
                                                            AMOUNT                  
                                                         ------------               
                                                            (000)                   
TEMPORARY CASH                                                                      
  INVESTMENTS -- (7.0%)                                                             
  Repurchase Agreement, PNC Capital Markets Inc. 5.45%,                             
    12/01/97 (Collateralized by U.S. Treasury Notes                                 
    8.50%, 11/15/00, valued at $10,431,481) to be                                   
    repurchased at $10,277,666.                                                     
    (Cost $10,273,000).................................  $     10,273    10,273,000 
                                                                       ------------ 
TOTAL INVESTMENTS -- (106.3%)                                                       
  (Cost $227,639,788)++................................                 157,153,917 
                                                                       ------------ 
OTHER ASSETS AND LIABILITIES -- (-6.3%)                                             
  Other Assets.........................................                     686,838 
  Payable for Investment Securities Purchased..........                  (3,646,792)
  Payable for Fund Shares Redeemed.....................                  (6,246,895)
  Other Liabilities....................................                    (152,143)
                                                                       ------------ 
                                                                         (9,358,992)
                                                                       ------------ 
NET ASSETS -- (100.0%).................................                $147,794,925 
                                                                       ------------ 
                                                                       ------------ 
--------------------                                                                
+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. 

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THE UNITED KINGDOM SMALL COMPANY SERIES 

STATEMENT OF NET ASSETS 

NOVEMBER 30, 1997 

                                                                [Download Table]

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
UNITED KINGDOM -- (97.1%)                                                         
COMMON STOCKS -- (96.9%)                                                          
 600 Group P.L.C.......................................      135,000  $    272,939
 *AAF Industries P.L.C.................................       53,256        19,740
 ABI Leisure Group P.L.C...............................       73,000        38,742
 AIM Group P.L.C.......................................       37,619       185,389
 API Group P.L.C.......................................       51,500       505,422
 ASDA Property Holdings P.L.C..........................       94,000       266,857
 *ASW Holdings P.L.C...................................      415,900       269,774
 Abacus Polar P.L.C....................................      150,000       386,664
 Abbeycrest P.L.C......................................       61,590       120,889
 Abbot Group P.L.C.....................................       92,595       266,769
 Abbott Mead Vickers P.L.C.............................      141,750       802,441
 Aberdeen Trust P.L.C..................................       38,500        63,568
 Acal P.L.C............................................        2,000        12,282
 Acatos & Hutcheson P.L.C..............................       79,000       380,666
 *Acorn Computer Group P.L.C...........................      100,000       241,770
 Adam & Harvey Group P.L.C.............................       10,500        59,705
 Admiral P.L.C.........................................      135,000     1,389,716
 Adscene Group P.L.C...................................       92,000       213,128
 Adwest Group P.L.C....................................      204,250       516,184
 *African Lakes Corp. P.L.C............................        6,208         4,968
 Airflow Streamlines P.L.C.............................       20,500        55,262
 Airsprung Furniture Group P.L.C.......................       58,000       150,976
 Alba P.L.C............................................      110,625       370,900
 Alexanders Holdings P.L.C.............................      188,000        31,674
 Alexandra Workwear P.L.C..............................       91,243       186,778
 *Alexon Group P.L.C...................................      121,500       481,055
 Allders P.L.C.........................................       16,000        60,114
 Allied Leisure P.L.C..................................      265,166       147,429
 Allied London Properties P.L.C........................      182,000       269,839
 Allied Textile Companies P.L.C........................      169,238       370,674
 Alpha Airports Group P.L.C............................       32,000        38,818
 *Alphameric P.L.C.....................................        1,637         1,379
 Alumasc Group P.L.C...................................       85,000       447,528
 Alvis P.L.C...........................................      150,000       391,718
 Amber Industrial Holdings P.L.C.......................       42,000        76,069
 Amey P.L.C............................................       50,000       383,294
 Andrews Sykes Group P.L.C.............................       38,727       456,733
 *Anglesey Mining P.L.C................................       55,000         9,266
 Anglian Group P.L.C...................................      157,850       575,776
 Anglo Eastern Plantations P.L.C.......................       57,166        85,238
 *Anglo United P.L.C...................................      826,666        13,928
 *Anite Group P.L.C....................................      250,000       172,693
 Appleyard Group P.L.C.................................      160,627       212,441
 Arcadian International P.L.C..........................      312,892       316,298
 Arcolectric Holdings P.L.C............................       10,000        10,783
 Arlen P.L.C...........................................      200,728       107,375
 Armitage Brothers P.L.C...............................        4,000        13,546
 Armour Trust P.L.C....................................       98,500        34,021
 Ascot Holdings P.L.C..................................       50,000       211,865
 Ash & Lacy P.L.C......................................      101,098       287,008
 Ashtead Group P.L.C...................................       75,996       218,946
 *Associated British Engineering P.L.C.................      534,500        18,011
 *Aukett Associates P.L.C..............................      142,375        12,593
 Austin Reed Group P.L.C...............................       77,000       252,974
 Avesco P.L.C..........................................       23,999       151,020
 Avon Rubber P.L.C.....................................       67,438       710,126
 Avonside Group P.L.C..................................       50,000        32,433


                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
 Azlan Group P.L.C.....................................       80,000  $     77,501
 BNB Resources P.L.C...................................       59,000       145,627
 BPP Holdings P.L.C....................................       57,450       476,702
 BS P.L.C..............................................        7,000        17,396
 BSG International P.L.C...............................      659,597     1,372,450
 BWI P.L.C.............................................      182,322       285,675
 Babcock International Group P.L.C.....................      122,557       158,994
 Baggeridge Brick P.L.C................................       98,000       151,077
 Bailey (Ben) Construction P.L.C.......................       26,000        22,341
 *Bailey (C.H.) P.L.C..................................      109,500        13,836
 *Bailey (C.H.) P.L.C. Class B.........................       10,000         3,454
 Baldwin P.L.C.........................................       51,000        98,814
 Bandt P.L.C...........................................      315,000       156,561
 Banks (Sidney C.) P.L.C...............................       38,507       189,116
 Barbour Index P.L.C...................................       41,000       141,608
 Barcom P.L.C..........................................      120,000       102,099
 Barlows P.L.C.........................................       50,000        45,490
 Barr & Wallace Arnold Trust P.L.C.....................       16,000        44,749
 Barr (A.G.) P.L.C.....................................       47,000       315,952
 Baynes (Charles) P.L.C................................      341,378       615,418
 Beales Hunter P.L.C...................................       22,254        23,059
 *Bearing Power International P.L.C....................       81,757        20,662
 Beattie (James) P.L.C.................................      102,247       273,904
 Beauford P.L.C........................................        1,312           608
 Bellway P.L.C.........................................       93,000       544,488
 *Bellwinch P.L.C......................................      163,266        53,639
 Bemrose Corp. P.L.C...................................       94,500       644,023
 Benchmark Group P.L.C.................................       26,892       108,512
 Benson Group P.L.C....................................       77,856        42,631
 Bentalls P.L.C........................................      101,500       248,817
 Beradin Holdings P.L.C................................       37,000        23,377
 Berisford P.L.C.......................................      200,000       631,804
 Bespak P.L.C..........................................       60,718       719,157
 Betacom P.L.C.........................................      149,652        89,508
 Bett Brothers P.L.C...................................       41,000       111,214
 Betterware P.L.C......................................      228,870       345,114
 *Beverley Group P.L.C.................................       86,820         1,097
 Bilton P.L.C..........................................      180,000       791,524
 Birkby P.L.C..........................................      119,513       305,055
 *Birkdale Group P.L.C.................................       33,600         1,274
 Birse Group P.L.C.....................................      515,900       195,569
 Black (A & C) P.L.C...................................        2,250        12,131
 Black (Peter) Holdings P.L.C..........................      134,495       844,079
 Black Arrow Group P.L.C...............................       56,500        95,668
 Blacks Leisure Group P.L.C............................       69,959       558,103
 Blagden Industries P.L.C..............................      173,875       442,349
 Blick P.L.C...........................................       74,555       329,729
 Blockleys P.L.C.......................................       73,678        52,757
 *Bolton Group (International), Ltd....................       23,000         1,938
 Boosey & Hawkes P.L.C.................................       47,500       640,228
 Boot (Henry) & Sons P.L.C.............................       57,000       279,459
 *Booth Industries Group P.L.C.........................        5,000         3,580
 Bostrom P.L.C.........................................       36,000       206,221
 Bourne End Properties P.L.C...........................      185,454       160,914
 Bradstock Group P.L.C.................................      130,000       167,554
 Brammer (H.) P.L.C....................................       97,000       980,559
 Brasway P.L.C.........................................      208,631        72,937
 Breedon P.L.C.........................................       75,428       128,988
 Brent International P.L.C.............................      239,531       401,546

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                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
*Brent Walker Group P.L.C.............................      128,571  $        119
Bridgend Group P.L.C..................................       93,000        20,369
Bridport-Gundry P.L.C.................................       38,500        78,811
Bristol United Press P.L.C............................       40,500       286,586
Bristol Water Holdings P.L.C..........................       12,000       261,819
Britannia Group P.L.C.................................       50,000        26,536
British Dredging P.L.C................................       45,600       106,406
British Fittings Group P.L.C..........................       62,658       100,288
British Mohair Holdings P.L.C.........................       31,500        53,072
British Polythene Industries P.L.C....................       56,740       438,786
British Steam Specialties Group P.L.C.................       56,505       447,441
*British Thornton Holdings P.L.C......................       35,000        10,319
British-Borneo Petroleum Syndicate P.L.C..............       27,700       206,978
Britton Group P.L.C...................................      362,200       829,924
Brockhampton Holdings P.L.C...........................       12,000        37,706
Brockhampton Holdings P.L.C. Series A Non-Voting......       48,000        76,019
Brooke Industrial Holdings P.L.C......................       15,574        30,831
Brooks Service Group P.L.C............................       25,500        35,015
*Brown & Jackson P.L.C................................      622,019       340,595
Brown (David) Group P.L.C.............................        6,000        21,835
Brunel Holdings P.L.C.................................      276,000        72,076
Budgens P.L.C.........................................      399,285       364,950
Bulgin (A.F.) & Co. P.L.C.............................        4,000         6,402
Bulgin (A.F.) & Co. P.L.C. Class A Non-Voting.........       52,000        11,827
*Bullers P.L.C........................................           97             0
Bullough P.L.C........................................      256,000       489,538
Bulmer (H.P.) Holdings P.L.C..........................       60,500       425,562
Burn Stewart Distillers P.L.C.........................      142,500       115,241
Burnden Leisure P.L.C.................................       33,000        13,900
Burndene Investments P.L.C............................      285,500       137,089
Burtonwood Brewery P.L.C..............................       52,000       133,605
CLS Holdings P.L.C....................................      100,000       222,395
CRT Group P.L.C.......................................      124,251       718,034
Caffyns P.L.C.........................................        6,000        34,117
*Cairn Energy P.L.C...................................       60,000       475,622
Cala P.L.C............................................       98,400       171,588
Calderburn P.L.C......................................      107,636        86,139
Camellia P.L.C........................................        2,950       156,561
*Campari International P.L.C..........................       25,000             0
Canning (W.) P.L.C....................................       68,354       304,607
*Cantab Pharmaceuticals P.L.C.........................       40,000       483,540
Cape P.L.C............................................      132,000       256,866
Capital Corp. P.L.C...................................      135,000       326,390
Capital Industries P.L.C..............................       75,937       170,799
Carclo Engineering Group P.L.C........................      179,777       655,757
*Cardinal Business Group P.L.C........................       25,000         2,317
*Carlisle Group P.L.C.................................      375,000        55,283
Carr's Milling Industries P.L.C.......................       19,000        89,632
Castings P.L.C........................................      102,000       363,464
*Castle Mill International P.L.C......................       31,500         1,327
*Cathay International P.L.C...........................      439,600        94,432
Cattles P.L.C.........................................       39,280       257,438
Cavaghan & Grey Group P.L.C...........................       31,500        37,681
Caverdale Group P.L.C.................................       63,924       183,090
*Celltech P.L.C.......................................        7,000        34,202
Chamberlin & Hill P.L.C...............................       18,000        57,620
Channel Holdings P.L.C................................      130,500        67,060
Charles Sidney P.L.C..................................       50,000        70,341

                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
Chemring Group P.L.C..................................       49,000  $    140,345
Chesterfield Properties P.L.C.........................       25,000       250,194
*Chiroscience Group P.L.C.............................       10,000        43,384
Chloride Group P.L.C..................................      571,500       382,740
Christie Group P.L.C..................................       50,846        40,263
Chrysalis Group P.L.C.................................       72,036       691,792
Church & Co. P.L.C....................................       26,500       180,822
City Centre Restaurants P.L.C.........................      408,500       887,836
*City Site Estates P.L.C..............................       20,000        15,163
Claremont Garments (Holdings) P.L.C...................      135,700       174,901
Clark (Matthew) P.L.C.................................       50,000       197,123
Clarkson (Horace) P.L.C...............................       60,489       109,556
Clayhithe P.L.C.......................................       41,500        45,797
*Clinical Computing P.L.C.............................       40,000        21,229
Clinton Cards P.L.C...................................      132,000       225,731
Cliveden P.L.C........................................       13,570        12,003
*Clubhaus P.L.C.......................................       27,733        37,613
Clyde Blowers P.L.C...................................       19,635        95,936
*Coal Investments P.L.C...............................        1,102             0
*Coda Group P.L.C.....................................       14,898        39,031
*Cohen (A.) & Co. P.L.C...............................        2,100        15,921
*Cohen (A.) & Co. P.L.C. Class A Non-Voting...........        1,500         9,477
Colefax & Fowler Group P.L.C..........................       60,000       104,627
*Colorvision P.L.C....................................       50,000             0
Community Hospitals Group P.L.C.......................       81,333       535,105
Concentric P.L.C......................................      133,026       274,551
Conrad Ritblat Group P.L.C............................       44,009       210,206
*Consolidated Coal P.L.C..............................        9,166           772
Cooper (Frederick) P.L.C..............................       86,954        15,383
Cornwell Parker P.L.C.................................       78,333       221,060
Cosalt P.L.C..........................................       30,700       121,292
*Costain Group P.L.C..................................      112,060        40,592
Country Casuals Holdings P.L.C........................        5,040         7,897
Countryside Property P.L.C............................      183,454       287,449
Courts P.L.C..........................................      151,355     1,179,395
Coutts Consulting Group P.L.C.........................       92,000        42,626
Cradley Group Holdings P.L.C..........................       80,000        51,892
Crest Nicholson P.L.C.................................      311,250       563,727
Crestacare P.L.C......................................      381,864       181,752
*Creston Land & Estates P.L.C.........................       50,000         7,160
Cropper (James) P.L.C.................................       22,000        95,074
Culver Holdings P.L.C.................................          338           755
Cussins Property Group P.L.C..........................       43,750        71,131
Daejan Holdings P.L.C.................................       23,000       612,260
Dagenham Motors Group P.L.C...........................       65,000       108,418
Dart Group P.L.C......................................       37,000       173,611
Davis Service Group P.L.C.............................       57,480       300,213
Dawson Group P.L.C....................................      100,674       356,195
Dawson International P.L.C............................      408,769       478,645
*Deanes Holdings P.L.C................................        4,316           291
Debenham Tewson & Chinnocks Holdings P.L.C............       89,500       127,418
*Delaney Group P.L.C..................................      270,000        10,235
Delphi Group P.L.C....................................       51,183       569,142
Delyn Group P.L.C.....................................       22,500        36,013
Denby Group P.L.C.....................................       41,237        99,004
Dencora P.L.C.........................................       23,000        78,470
Densitron International P.L.C.........................       42,386        35,349
Derwent Valley Holdings P.L.C.........................       90,000       856,726
Development Securities P.L.C..........................       62,000       295,094

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                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
Dewhirst Group P.L.C..................................      275,760  $  1,080,202
Dewhurst P.L.C........................................        9,000         9,174
Dewhurst P.L.C. Class A Non-Voting....................       15,500        13,710
Diploma P.L.C.........................................       96,000       367,962
Dixon Motors P.L.C....................................       55,408       277,722
Doeflex P.L.C.........................................       25,762        93,536
Dolphin Packaging P.L.C...............................       49,110       210,990
Domino Printing Sciences P.L.C........................      127,187       828,215
*Donelon Tyson P.L.C..................................      322,588             0
Dowding & Mills P.L.C.................................      400,875       503,172
Drummond Group P.L.C..................................       26,250        12,162
Dyson (J.& J.) P.L.C. Class A Non-Voting..............       28,500        58,101
EBC Group P.L.C.......................................       30,000        23,250
EIS Group P.L.C.......................................      113,333       589,064
*ERA Group P.L.C......................................      400,000        23,587
Eadie Holdings P.L.C..................................      118,000        22,863
East Surrey Holdings P.L.C............................       36,800       162,133
Eclipse Blinds P.L.C..................................       85,670       167,432
Edinburgh Fund Managers Group P.L.C...................       61,000       492,798
Elbief P.L.C..........................................       23,500        14,253
*Eleco Holdings P.L.C.................................      104,685        30,865
Electronic Data Processing P.L.C......................       55,200        51,616
*Electronics Boutique P.L.C...........................       50,000        35,592
Elliott (B.) & Co. P.L.C..............................        6,087         7,845
Ellis & Everard P.L.C.................................      224,935     1,116,075
Emess P.L.C...........................................      288,250       109,270
*English & Overseas Properties P.L.C..................      380,000       108,839
Epwin Group P.L.C.....................................       58,000       198,370
Etam P.L.C............................................      159,500       358,751
Eurocamp P.L.C........................................       93,439       372,315
Eurocopy P.L.C........................................      131,000        65,109
Eurodis Electron P.L.C................................       70,000       163,932
Euromoney Publications P.L.C..........................       30,000       841,563
European Colour P.L.C.................................       82,090        91,282
European Motor Holdings P.L.C.........................      140,000       221,721
Evans Halshaw Holdings P.L.C..........................       77,454       378,436
Evans of Leeds P.L.C..................................       80,000       203,525
Ewart P.L.C...........................................       30,000        35,381
Expamet International P.L.C...........................      152,749       297,243
FII Group P.L.C.......................................       41,166        62,248
Faber Prest P.L.C.....................................       29,500       170,229
Fairey Group P.L.C....................................       13,226       123,895
Falcon Holdings P.L.C.................................        5,500        13,205
Farepak P.L.C.........................................       90,000       333,592
*Farringford P.L.C....................................       30,000        10,235
Fenner P.L.C..........................................      215,276       683,688
Ferguson International Holdings P.L.C.................      105,000       240,591
Field Group P.L.C.....................................       10,000        60,822
Fife Indmar P.L.C.....................................       24,000        19,207
Fine Art Developments P.L.C...........................        8,000        20,689
Finelist Group P.L.C..................................        7,000        39,037
Finlay (James) P.L.C..................................      239,500       457,986
First Choice Holidays.................................      570,500       807,395
First Technology P.L.C................................      110,250       584,185
Firth (G.M.) Holdings P.L.C...........................      163,080        87,923
Firth Rixson P.L.C....................................      339,666       610,901
Fitch P.L.C...........................................       15,500        12,143
Five Oaks Investments P.L.C...........................      150,000        79,607
Flare Group P.L.C.....................................       20,600        16,139

                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
Fletcher King P.L.C...................................       17,500  $      9,140
Folkes Group P.L.C....................................       28,000        32,315
Folkes Group P.L.C. Non-Voting........................       65,500        75,593
Forminster P.L.C......................................       32,500        58,863
Forth Ports P.L.C.....................................       51,000       515,552
*Fortune Oil P.L.C....................................      609,000       135,952
Forward Technology Industries P.L.C...................       84,260        17,035
*Foster (John) & Son P.L.C............................       27,500         4,402
French P.L.C..........................................       32,000        26,957
Friendly Hotels P.L.C.................................       49,415       103,236
Frogmore Estates P.L.C................................       51,000       412,012
Frost Group P.L.C.....................................      175,080       293,502
*Futura Holdings P.L.C................................        9,000             0
GBE International P.L.C...............................      149,628        30,251
GEI International P.L.C...............................       87,000       149,510
GWR Group P.L.C.......................................       35,698       104,651
Galliford P.L.C.......................................      239,500        78,685
Gardiner Group P.L.C..................................      310,500       104,627
Garton Engineering P.L.C..............................       10,248        25,036
Gaskell P.L.C.........................................        9,000        56,332
Geest P.L.C...........................................       85,000       531,305
Gerrard Group P.L.C...................................      123,860       650,040
Gibbs & Dandy P.L.C...................................        4,500         7,695
Gibbs & Dandy P.L.C. Class A Non-Voting...............       11,000        14,734
Gleeson (M.J.) Group P.L.C............................       25,000       434,892
Glenmorangie P.L.C....................................       20,000       320,114
Go-Ahead Group P.L.C..................................        4,000        34,101
Gold Greenlees Trott P.L.C............................      124,447       398,372
Goldsmiths Group P.L.C................................       50,000       256,934
Goode Durrant P.L.C...................................      122,500     1,019,563
Goodhead Group P.L.C..................................       36,000        19,712
Graham Group P.L.C....................................       13,000        36,358
Grainger Trust, Ltd...................................       22,000       116,757
Grampian Holdings P.L.C...............................      200,324       489,386
Graseby P.L.C.........................................      136,480       480,581
Graystone P.L.C.......................................       77,496        47,657
Greenway Holdings P.L.C...............................       60,197        45,639
*Greenwich Resources P.L.C............................      219,332        59,125
Greggs P.L.C..........................................       26,000       876,101
Greycoat P.L.C........................................      185,000       642,081
Guiness Peat Group P.L.C..............................      163,641        95,118
H & C Furnishings P.L.C...............................       40,750       190,864
Haden Maclellan Holdings P.L.C........................      296,914       490,239
Haggas (John) P.L.C...................................       59,000        82,008
Hall Engineering (Holdings) P.L.C.....................      110,528       337,987
Halstead (James) Group P.L.C..........................       74,955       344,126
Hambro Countrywide P.L.C..............................      624,000     1,166,967
Hampden Group P.L.C...................................       25,000        39,804
Hampson Industries P.L.C..............................      283,463       351,022
*Hampton Trust P.L.C..................................      232,050       103,604
Hardy Oil & Gas P.L.C.................................      213,750     1,010,159
Hardys & Hansons P.L.C................................       48,000       173,872
Harris (Philip) P.L.C.................................       25,866       124,201
Hartstone Group P.L.C.................................      800,263        94,380
Havelock Europa P.L.C.................................       64,250       161,291
Hawtal Whiting Holdings P.L.C.........................       22,588        31,016
Hawtin P.L.C..........................................      146,500        73,430
*Hay (Norman) P.L.C...................................       48,000        28,305
Haynes Publishing Group P.L.C.........................       38,635       172,495
Hazlewood Foods P.L.C.................................      200,000       523,976
Headlam Group P.L.C...................................       99,696       545,899

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                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
*Headlam Group P.L.C..................................       11,077  $     60,000
Heath (Samuel) & Sons P.L.C...........................        7,500        15,669
*Helene P.L.C.........................................      416,326        49,100
Helical Bar P.L.C.....................................       35,000       324,621
Hemingway Properties P.L.C............................      200,000       160,899
Henderson P.L.C.......................................       47,000     1,108,605
Henlys Group P.L.C....................................        5,931        40,520
Hewetson P.L.C........................................       31,428        71,483
Hi-Tech Sports P.L.C..................................      132,446        91,490
Hicking Pentecost P.L.C...............................       49,096       231,609
*Hickson International P.L.C..........................      500,000       501,231
*High-Point P.L.C.....................................       57,510        51,838
Hill & Smith Holdings P.L.C...........................      105,101       101,818
Hodder Headline P.L.C.................................       61,000       211,713
Hogg Robinson P.L.C...................................      186,000       698,825
*Hollas Group P.L.C...................................      354,000        14,911
Holliday Chemical Holdings P.L.C......................      100,000       293,157
*Holmes & Marchant Group P.L.C........................       54,000         8,188
Holt (Joseph) P.L.C...................................        6,000       219,868
Home Counties Newspapers Holdings P.L.C...............       25,000       101,089
Hopkinsons Group P.L.C................................      210,557       111,746
*Horace Small Apparel P.L.C...........................       82,500       106,333
How Group P.L.C.......................................       88,000       101,560
Howard Holdings P.L.C.................................       57,730        17,508
*Hozelock Group P.L.C.................................       11,320        61,031
Hunting P.L.C.........................................      218,695       762,711
*Huntingdon Life Sciences Group P.L.C.................      138,000       116,252
IBC P.L.C.............................................       96,470       657,448
ISA International P.L.C...............................       95,214       132,344
Ibstock P.L.C.........................................      625,200       558,272
*Iceland Group P.L.C..................................       34,000        71,891
Ideal Hardware P.L.C..................................       20,000       222,395
*Incepta Group P.L.C..................................      176,000        62,271
Industrial Control Services Group P.L.C...............       26,666        14,601
Inn Business Group....................................      150,471       148,306
Intelek P.L.C.........................................       79,904        21,203
Intereurope Technology Services P.L.C.................       23,500        48,897
*International Tool & Supply P.L.C....................      159,187        16,762
Isotron P.L.C.........................................       30,500       228,671
Ivory & Sime P.L.C....................................       78,125       259,303
JBA Holdings P.L.C....................................       50,000       825,557
JLI Group P.L.C.......................................      103,000       102,386
Jackson Group P.L.C...................................       78,000        72,278
Jacobs (John I.) P.L.C................................      116,000       176,871
Jardine Lloyd Thompson Group P.L.C....................      392,800     1,009,235
Jarvis P.L.C..........................................      175,086     1,002,955
Jarvis Porter Group P.L.C.............................       99,894       359,326
Jerome (S.) & Sons Holdings P.L.C.....................       27,562        22,522
Jeyes Group P.L.C.....................................       50,000       107,407
Johnson Group Cleaners P.L.C..........................      119,535       425,948
Johnston Group P.L.C..................................       26,000       153,318
Johnston Press P.L.C..................................       10,000        35,465
Jones & Shipman P.L.C.................................       29,500        16,650
Jones Stroud Holdings P.L.C...........................       42,500       249,899
Joseph (Leopold) Holdings P.L.C.......................       14,000       148,600
Jourdan (Thomas) P.L.C................................       40,000        32,011
Kalamazoo Computer Group P.L.C........................       56,120        65,713

                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
Keller Group P.L.C....................................        5,000  $     16,385
Kelsey Industries P.L.C...............................        7,500        52,440
*Kendell P.L.C........................................      568,260         7,181
Kenwood Appliances P.L.C..............................      120,000       235,536
Kode International P.L.C..............................       43,100        65,354
Kunick P.L.C..........................................      600,000       222,395
Laing (John) P.L.C....................................      105,007       604,171
Lambert Fenchurch P.L.C...............................      202,000       382,873
Lambert Howarth Group P.L.C...........................       34,000       117,431
Lambert Smith Hampton P.L.C...........................        3,591         6,050
Lamont Holdings P.L.C.................................       72,231       165,506
Laura Ashley Holdings P.L.C...........................       66,100        46,217
Leeds Group P.L.C.....................................       86,938       163,319
Leslie Wise Group P.L.C...............................      107,000        43,266
Liberty P.L.C.........................................       51,875       310,268
Lilleshall P.L.C......................................       80,564       103,837
Linton Park P.L.C.....................................       39,000       251,003
Linx Printing Technologies P.L.C......................       36,000        96,742
Lionheart P.L.C.......................................       20,997         4,157
*Lister & Co. P.L.C...................................       41,000         6,908
Locker (Thomas) Holdings P.L.C........................      295,250       196,489
London Scottish Bank P.L.C............................      281,000       501,837
Lookers P.L.C.........................................       53,160        98,073
Lopex P.L.C...........................................      154,948        84,844
*Lovell (Y.J.) Holdings P.L.C.........................       70,932        13,146
Lowe (Robert H.) & Co. P.L.C..........................        1,985           736
Lyles (S.) P.L.C......................................       16,000        19,544
Lynx Holdings P.L.C...................................      100,000       166,796
M.R. Data Management Group P.L.C......................      136,158       255,781
ML Holdings P.L.C.....................................      350,132       306,751
MS International P.L.C................................       71,500        23,490
MacFarlane Group Clansman P.L.C.......................      292,687       909,810
Macro 4 P.L.C.........................................       50,000       286,418
Mallett P.L.C.........................................       37,437        65,913
Manchester United P.L.C...............................       42,482       434,813
Manders P.L.C.........................................       87,492       220,374
Manganese Bronze Holdings P.L.C.......................       46,184       357,543
Mansfield Brewery P.L.C...............................      155,500       779,414
Marling Industries P.L.C..............................      478,398       130,977
Marshalls P.L.C.......................................      302,100       710,029
Martin International Holdings P.L.C...................       97,000        57,199
Marylebone Warwick Balfour Group P.L.C................       41,600        68,686
Matthews (Bernard) P.L.C..............................      298,000       474,459
Maunders (John) Group P.L.C...........................       61,000       186,020
Mayflower Corp. P.L.C.................................      344,012       985,311
McAlpine (Alfred) P.L.C...............................      171,111       369,011
McCarthy & Stone P.L.C................................      209,968       445,733
*McDonnell Information Systems Group P.L.C............      138,000        99,395
McKay Securities P.L.C................................       87,000       180,292
McLeod Russel Holdings P.L.C..........................      149,524       420,706
Meggitt P.L.C.........................................      522,190     1,284,495
*Melrose Energy P.L.C.................................      250,000        82,134
Mentmore Abbey P.L.C..................................       76,090        57,689
Menvier-Swain Group P.L.C.............................        6,358        32,672
Menzies (John) P.L.C..................................        5,000        31,717
Merchant Retail Group P.L.C...........................      263,766       142,207
Meristem P.L.C........................................      109,250        87,431
Merrydown P.L.C.......................................       35,000        29,484
Metal Bulletin P.L.C..................................       24,000       412,441
Metalrax Group P.L.C..................................      368,740       503,218

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                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
*Metaltech International P.L.C........................      401,163  $     82,796
*Micro Focus Group P.L.C..............................       34,500     1,155,253
Microgen Holdings P.L.C...............................      105,000       132,679
Microvitec P.L.C......................................      100,000        19,796
Mitie Group P.L.C.....................................      125,000       489,648
Molins P.L.C..........................................       68,000       398,121
Moorfield Estates P.L.C...............................      150,000        66,971
More Group P.L.C......................................       91,991     1,149,231
Morland & Co. P.L.C...................................       66,380       550,801
Moss Brothers Group P.L.C.............................      268,000     1,054,320
Mowlem (John) & Co. P.L.C.............................      426,504       686,242
Mucklow (A & J) Group P.L.C...........................      175,000       467,324
Narborough Plantations P.L.C..........................       63,829        15,056
Neepsend P.L.C........................................       66,250        44,089
Nestor - BNA P.L.C....................................      180,200       493,354
Newmarket Venture Capital P.L.C.......................       80,000         7,413
Nichols (J.N.) (Vimto) P.L.C..........................       98,750       368,521
Nightfreight P.L.C....................................      125,000        57,915
Norcros P.L.C.........................................      292,857       377,457
Northamber P.L.C......................................       88,888       335,461
Novo Group P.L.C......................................      113,000        98,047
*OEM P.L.C............................................       12,000         7,177
OMI International P.L.C...............................      173,158        49,596
Ocean Wilson Holdings, Ltd............................       84,250       149,752
*Oceonics Group P.L.C.................................       52,760        17,778
Ockham Holdings P.L.C.................................      122,000       175,743
*Oliver Group P.L.C...................................       68,000        32,652
Olives Property P.L.C.................................      126,208        59,538
Osborne & Little P.L.C................................       17,500       178,379
*Osprey Communications P.L.C..........................       23,524         7,332
*Owen & Robinson P.L.C................................        9,485         1,398
Oxford Instruments P.L.C..............................      122,000       664,944
*Oxford Molecular Group P.L.C.........................       25,000        85,083
P & P P.L.C...........................................      129,250       342,975
PGA European Tour Courses P.L.C.......................       80,000        47,175
PWS Holdings P.L.C....................................      134,428        37,370
Parity P.L.C..........................................       56,250       593,738
Park Food Group P.L.C.................................      382,500       283,554
Parkland Group P.L.C..................................       30,000        82,893
Partridge Fine Arts P.L.C.............................       58,000        79,641
Paterson Zochonis P.L.C...............................       22,000       162,719
Paterson Zochonis P.L.C. Non-Voting...................       27,000       171,724
Peek P.L.C............................................      291,608       388,130
Pemberstone P.L.C.....................................        9,158         9,258
Pendragon P.L.C.......................................       95,750       455,731
Perkins Foods P.L.C...................................      350,000       583,787
Perry Group P.L.C.....................................       61,666       187,531
*Pex P.L.C............................................       68,414         4,322
Photo-Me International P.L.C..........................      145,000       271,170
Pifco Holdings P.L.C..................................       20,000        68,740
Pifco Holdings P.L.C. Class A.........................       20,000        67,392
Pittards P.L.C........................................       60,985        71,410
*Pittencrieff Resources P.L.C.........................       74,000        78,546
Pizza Express P.L.C...................................       32,000       452,068
Plantation & General Investment P.L.C.................       96,224       146,718
Plysu P.L.C...........................................      117,800       316,561
Porter Chadburn P.L.C.................................      256,000       107,828
Portmeirion Potteries (Holdings) P.L.C................       28,000       150,959
Portsmouth & Sunderland Newspapers P.L.C..............       30,000       432,154

                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
Porvair P.L.C.........................................       35,000  $    182,212
Premier Consolidated Oilfields P.L.C..................        2,488         2,285
*Premier Land P.L.C...................................       50,000        13,900
Pressac Holdings P.L.C................................       94,000       415,727
Prestwick Holdings P.L.C..............................       90,000        51,555
Princedale Group P.L.C................................      250,000       109,513
Property Partnerships P.L.C...........................       10,000        44,058
*Prospect Industries P.L.C............................      372,477         7,844
Protean P.L.C.........................................       71,076       284,405
Proudfoot P.L.C.......................................      202,646        95,598
Prowting P.L.C........................................      173,630       345,190
Psion P.L.C...........................................        7,000        49,828
*QS Holdings P.L.C....................................       95,775        48,409
*Quadrant Group P.L.C.................................        5,662         4,770
*Quality Software Products Holdings P.L.C.............        5,000        19,796
Quick Group P.L.C.....................................       56,165       115,918
RCO Holdings P.L.C....................................       27,000        77,333
Radamec Group P.L.C...................................       35,000        56,315
Raglan Property P.L.C.................................      104,631        45,834
*Raine P.L.C..........................................      467,965       145,860
Ransom (William) & Son P.L.C..........................       30,000        32,096
Ransomes P.L.C........................................      308,000       298,380
Rea Brothers Group P.L.C..............................      106,562        98,745
Rea Holdings P.L.C....................................       55,729       272,289
Readicut International P.L.C..........................      473,263       332,897
Rebus Group P.L.C.....................................       75,000       109,934
Record Holdings P.L.C.................................       89,727        82,389
*Reece P.L.C..........................................      283,750         7,171
Reed Executive P.L.C..................................      116,500       224,741
Reg Vardy P.L.C.......................................      128,597       601,236
Regal Hotel Group P.L.C...............................      200,000       149,948
*Regent Corp. P.L.C...................................        2,488            21
Regent Inns P.L.C.....................................       85,000       471,873
Relyon Group P.L.C....................................       45,777       333,568
Renishaw P.L.C........................................      176,806     1,027,702
Renold P.L.C..........................................      144,000       652,628
Ricardo Group P.L.C...................................       96,709       241,146
*Richards Group P.L.C.................................       16,000         2,291
Richards P.L.C........................................       61,500        36,266
Richardsons Westgarth P.L.C...........................       96,928       141,259
*Richmond Oil & Gas P.L.C.............................      220,000             0
*Rodime P.L.C.........................................      261,000         6,596
Rolfe & Nolan P.L.C...................................       24,000       121,306
*Ross Group P.L.C.....................................       13,200           667
Rotork P.L.C..........................................      219,500     1,015,144
Rowe Evans Investments P.L.C..........................      114,417       174,458
Roxboro Group P.L.C...................................        5,000        16,764
Roxspur P.L.C.........................................      585,225        71,484
Royal Doulton P.L.C...................................       10,000        36,560
Rubicon Group P.L.C...................................       47,890        88,754
Russell (Alexander) P.L.C.............................       47,500        68,424
Rutland Trust P.L.C...................................      684,000       573,324
S & U P.L.C...........................................       29,040       158,034
SEP Industrial Holdings P.L.C.........................      200,000        94,349
SIG P.L.C.............................................      103,200       499,014
Salvesen (Christian) P.L.C............................      100,000       156,687
Sanderson Bramall Motor Group P.L.C...................       79,166       320,778
Sanderson Electronics P.L.C...........................       90,000        97,045
Saville (J.) Gordon Group P.L.C.......................      454,228       455,346
Savills P.L.C.........................................      104,000       190,990

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                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
Scholl P.L.C..........................................      166,250  $    767,473
Scottish Metropolitan Property P.L.C..................      314,266       513,594
Secure Trust Group P.L.C..............................       40,000       416,148
*Seet P.L.C...........................................        7,000         3,420
Sennah Rubber Co., Ltd. (Guernsey)....................        1,214       158,515
Serco Group P.L.C.....................................       17,500       241,770
Servomex P.L.C........................................       30,000       150,875
Seton Healthcare Group P.L.C..........................       88,366       709,413
Severfield-Reeve P.L.C................................       20,000       147,421
Shaftesbury P.L.C.....................................      112,500       380,978
Shandwick International P.L.C.........................      302,640       203,956
Shani Group P.L.C.....................................       30,000        26,788
Shanks & McEwan Group P.L.C...........................      192,000       483,608
Sharpe & Fisher P.L.C.................................       46,257       176,521
*Sheffield United P.L.C...............................        3,000         2,552
Sherwood Group P.L.C..................................      270,000       131,921
Shiloh P.L.C..........................................       14,500        26,995
*ShopRite Group P.L.C.................................      204,780        69,866
Sidlaw Group P.L.C....................................      176,071       280,331
Silentnight Holdings P.L.C............................      129,000       613,987
*Simon Engineering P.L.C..............................      378,141       254,838
*Sims Food Group P.L.C................................       99,000        68,386
Sinclair (William) Holdings P.L.C.....................       53,000       194,216
Sindall (William) P.L.C...............................       75,500       211,793
Singapore Para Rubber Estates P.L.C...................       26,000       102,942
Singer & Friedlander Group P.L.C......................      364,000       846,314
Sirdar P.L.C..........................................      145,266       124,820
Sketchley P.L.C.......................................      141,800       111,091
Smart (J.) & Co. (Contractors) P.L.C..................       22,500        95,718
South Staffordshire Water Holdings P.L.C..............       11,600       638,105
*Spring Ram Corp. P.L.C...............................      616,000       129,730
St. James Beach Hotels P.L.C..........................       25,590        86,013
St. Modwen Properties P.L.C...........................       50,000        60,232
Stanley (Charles) Group P.L.C.........................       19,200        57,418
Stanley Leisure Organisation P.L.C....................      231,258       977,961
Stat-Plus Group P.L.C.................................       58,000       126,057
Staveley Industries P.L.C.............................      245,000       598,529
Steel Burrill Jones Group P.L.C.......................      165,682        82,347
Sterling Industries P.L.C.............................       76,000       310,510
Stirling Group P.L.C..................................      336,000       220,777
Stoddard Sekers International P.L.C...................      179,100        42,999
Stratagem Group P.L.C.................................       70,315        75,227
Stylo P.L.C...........................................      117,000       167,554
Sunleigh P.L.C........................................    1,000,000        16,848
Sutcliffe Speakman P.L.C..............................      360,864       121,597
Swallowfield P.L.C....................................       15,000        53,956
Swan (John) and Sons P.L.C............................        1,000         6,823
Swan Hill Group P.L.C.................................      109,500       163,271
Syltone P.L.C.........................................       50,400        97,652
T & S Stores P.L.C....................................      253,910       782,856
TGI P.L.C.............................................       59,560        58,201
*Talbex Group P.L.C. (In Receivership)................      385,000             0
Tamaris P.L.C.........................................      206,460         6,957
*Tandem Group P.L.C...................................      327,365        28,956
Tay Homes P.L.C.......................................       76,266       172,824
Taylor Nelson AGB P.L.C...............................      468,475       586,049
Tele-Cine Cell Group P.L.C............................       30,000        19,460
Telemetrix P.L.C......................................      246,722       243,173
Telspec P.L.C.........................................       25,000        89,506
Tex Holdings P.L.C....................................       14,000        31,961

                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
Thorntons P.L.C.......................................      188,000  $    745,933
Thorpe (F.W.) P.L.C...................................       24,000        69,751
Tibbett & Britten Group P.L.C.........................      100,323       927,103
Tie Rack P.L.C........................................      125,000       271,676
Tilbury Douglas P.L.C.................................      242,957       910,773
Time Products P.L.C...................................      192,000       706,811
Tinsley Robor P.L.C...................................       60,000       145,062
Tomkinsons P.L.C......................................       14,800        39,024
Tops Estates P.L.C....................................       10,050        31,155
*Torday & Carlisle P.L.C..............................       65,000        41,067
Tottenham Hotspur P.L.C...............................      150,000       200,914
Town Centre Securities P.L.C..........................      150,000       270,412
*Toye & Co. P.L.C.....................................        2,000         2,527
*Trace Computers P.L.C................................       33,552        42,397
*Trafficmaster P.L.C..................................        2,000        12,586
Trafford Park Estates P.L.C...........................       50,000       126,361
Transtec P.L.C........................................      251,525       417,415
Trinity Holdings P.L.C................................       54,000       286,586
Triplex Lloyd P.L.C...................................      161,617       566,371
*Try Group P.L.C......................................      243,407        84,069
Tunstall Group P.L.C..................................       89,000       152,947
UDO Holdings P.L.C....................................       71,000       191,394
UK Estates P.L.C......................................       50,000        19,796
*UK Safety P.L.C......................................      135,833        21,741
Ugland International Holdings P.L.C...................      219,500       299,551
Ulster Television, Ltd................................      125,000       508,602
*Union P.L.C..........................................       47,000        64,537
United Carriers Group P.L.C...........................       70,000        89,632
United Industries P.L.C...............................      122,292       110,231
Usborne P.L.C.........................................      111,066        40,232
VCI P.L.C.............................................       90,000       293,410
Vardon P.L.C..........................................      188,000       380,093
Verity Group P.L.C....................................      250,000       273,782
*Vert (Jacques) P.L.C.................................       45,000        16,301
Vibroplant P.L.C......................................      113,500       118,560
Victoria Carpet Holdings P.L.C........................       12,000        15,871
*Videologic Group P.L.C...............................      311,666       299,306
*Viglen Technology P.L.C..............................       19,702        16,597
Vitec Group P.L.C.....................................        4,500        47,499
Volex Group P.L.C.....................................       85,206       739,313
Vosper Thornycroft Holdings P.L.C.....................       20,000       287,092
Vymura P.L.C..........................................       50,000        97,298
WF Electrical P.L.C...................................       38,500       418,380
WSP Group P.L.C.......................................       50,000        70,762
Wace Group P.L.C......................................      195,000        91,991
Waddington (John) P.L.C...............................      229,285     1,023,699
Wagon Industrial Holdings P.L.C.......................       30,000       130,152
Wainhomes P.L.C.......................................        6,000        12,131
Walker Greenbank P.L.C................................      313,000       234,669
Ward Holdings P.L.C...................................      130,000       114,988
Wardle Storeys P.L.C..................................       58,000       395,762
Warner Estate Holdings P.L.C..........................       70,000       263,589
Warner Howard P.L.C...................................       63,817       248,370
Waste Recycling Group P.L.C...........................        3,000        14,127
*Water Hall Group P.L.C...............................        2,484         1,862
Waterman Partnership Holdings P.L.C...................       45,000        43,594
*Wates City of London Properties P.L.C................      230,000       432,070
Watson & Philip P.L.C.................................      107,400       843,220
Watts, Blake, Bearne & Co. P.L.C......................       50,500       379,470
*Waverly Mining Finance P.L.C.........................       42,500        10,741

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CONTINUED                                                                       

                                                                [Download Table]

                                                              SHARES        VALUE+ 
                                                        ------------  ------------ 
                                                                                   
 Wellman P.L.C.........................................      204,833  $    126,826 
 Wembley P.L.C.........................................        6,053        28,555 
 Wescol Group P.L.C....................................      125,000       136,891 
 West Trust P.L.C......................................      145,194       113,750 
 Westbury P.L.C........................................      220,444       891,375 
 *Western Selection P.L.C..............................       35,525         7,781 
 Westminster Health Care Holdings P.L.C................       12,000        69,650 
 Wetherspoon (J.D.) P.L.C..............................       22,755       118,081 
 Whatman P.L.C.........................................       56,500       754,395 
 Whitecroft P.L.C......................................      105,000       229,092 
 Widney P.L.C..........................................       39,528        28,970 
 *Wiggins Group P.L.C..................................    1,076,500       194,973 
 Willoughby's Consolidated P.L.C.......................        9,000        18,196 
 Wilshaw P.L.C.........................................      223,409       135,505 
 Windsor P.L.C.........................................       83,441        16,518 
 Wintrust P.L.C........................................       22,500       135,522 
 Wolstenholme Rink P.L.C...............................       15,500       180,190 
 Worthington Group P.L.C...............................       79,364        84,239 
 Wyko Group P.L.C......................................      178,666       445,507 
 Wyndeham Press Group P.L.C............................       63,066       247,041 
 York Waterworks P.L.C.................................       17,000        97,382 
 Yorklyde P.L.C........................................       25,555        60,277 
 Yorkshire Group P.L.C.................................      110,400       402,697 
 Young & Co's Brewery P.L.C............................       10,000        96,877 
 Young & Co's Brewery P.L.C. Class A...................        8,034        89,674 
 Young (H.) Holdings P.L.C.............................       59,226       148,180 
 Zetters Group P.L.C...................................       14,500        28,461 
                                                                      ------------ 
TOTAL COMMON STOCKS                                                                
  (Cost $136,469,081)..................................                166,539,269 
                                                                      ------------ 
INVESTMENT IN CURRENCY -- (0.2%)                                                   
 *British Pound Sterling (Cost $283,480)...............                    270,640 
                                                                      ------------ 
                                                            FACE                   
                                                          AMOUNT@                  
                                                        ------------               
                                                           (000)                   
BONDS -- (0.0%)                                                                    
 *Viglen Technology P.L.C. 6.375%, 09/01/00 (Cost                                  
   $19,859)............................................           32        88,193 
                                                                      ------------ 

                                                              SHARES        VALUE+ 
                                                        ------------  ------------ 
PREFERRED STOCKS -- (0.0%)                                                         
 East Surrey Holdings P.L.C. 7.8%......................        9,200  $     18,097 
 Rea Holdings P.L.C. 9% Cumulative.....................        2,496         4,205 
                                                                      ------------ 
TOTAL PREFERRED STOCKS                                                             
  (Cost $37,184).......................................                     22,302 
                                                                      ------------ 
RIGHTS/WARRANTS -- (0.0%)                                                          
 *Thomas Jourdan P.L.C. Rights (Cost $0)...............       26,666         1,797 
                                                                      ------------ 
TOTAL -- UNITED KINGDOM                                                            
  (Cost $136,809,604)..................................                166,922,201 
                                                                      ------------ 
AUSTRALIA -- (0.0%)                                                                
COMMON STOCKS -- (0.0%)                                                            
 *Titan Resources NL (Cost $17,325)....................       66,825         6,859 
                                                                      ------------ 
                                                            FACE                   
                                                           AMOUNT                  
                                                        ------------               
                                                           (000)                   
TEMPORARY CASH INVESTMENTS -- (2.2%)                                               
 Repurchase Agreement, PNC Capital Markets Inc. 5.45%,                             
   12/01/97 (Collateralized by U.S. Treasury Notes                                 
   8.50%, 11/15/00, valued at $3,854,763) to be                                    
   repurchased at $3,795,723.                                                      
   (Cost $3,794,000)................................... $      3,794     3,794,000 
                                                                      ------------ 
TOTAL INVESTMENTS -- (99.3%)                                                       
  (Cost $140,620,929)++................................                170,723,060 
                                                                      ------------ 
OTHER ASSETS AND                                                                   
  LIABILITIES -- (0.7%)                                                            
 Other Assets..........................................                  1,549,978 
 Payable for Investment Securities Purchased...........                   (377,776)
 Other Liabilities.....................................                    (44,393)
                                                                      ------------ 
                                                                         1,127,809 
                                                                      ------------ 
NET ASSETS -- (100.0%).................................               $171,850,869 
                                                                      ------------ 
                                                                      ------------ 
--------------------                                                               
+See Note B to Financial Statements.                                               
*Non-Income Producing Securities                                                   
@Denominated in local currency.                                                    
++Approximates cost for federal income tax purposes.                               

See accompanying Notes to Financial Statements. 

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THE CONTINENTAL SMALL COMPANY SERIES

STATEMENT OF NET ASSETS 

NOVEMBER 30, 1997 

                                                                [Download Table]

                                                               SHARES        VALUE+
                                                         ------------  ------------
                                                                                   
FRANCE -- (24.8%)                                                                  
COMMON STOCKS -- (24.8%)                                                           
  Agricole de la Crau..................................           440  $     42,558
  Agricole de la Pointe-a-Pitre........................           450        48,785
  Airfeu SA............................................           600        18,091
  Apem SA..............................................         1,000        57,593
  *Arbel SA............................................         2,280        19,311
  Assystem SA..........................................         2,657        92,715
  Aurea................................................           600         7,114
  Bail-Investissement (Societe Immobiliere pour le                                 
    Commerce & l'Industrie)............................         2,367       328,778
  Bains de Mer et du Cercle des Etrangers a Monaco.....         4,615       415,104
  Banque de la Reunion.................................         3,948       234,065
  Banque Transatlantique...............................         3,030        94,439
  Bazar de l'Hotel de Ville SA.........................         9,950       896,656
  Berger Levrault SA...................................           476        76,196
  Bertrand Faure SA....................................        47,200     3,214,099
  Bioblock Scientific SA...............................         1,373        88,355
  Boiron SA............................................         3,800       199,543
  #Bollore Technologies SA.............................        20,366     2,601,167
  Brioche Pasquier SA..................................         2,600       255,442
  Brosse et Dupont.....................................         3,170       230,897
  Burelle SA...........................................         4,030       199,333
  But SA...............................................         7,650       329,274
  *CDE (Comptoir des Entrepeneurs SA)..................         8,713        18,965
  CEGID................................................         4,500       466,504
  CFC (Cie Financiere des Cardans).....................           296        84,185
  COM 1 SA.............................................           450        11,434
  Caisse Regionale de Credit Agricole Mutuel de la                                 
    Brie...............................................           242        13,938
  Cambodge.............................................         1,605       570,933
  Carbone Lorraine.....................................         6,649     1,793,042
  Caves & Producteurs Reunis de Roquefort..............           192        60,168
  Cegedim SA...........................................         1,600       199,204
  Centenaire-Blanzy....................................         2,207       131,557
  *Centrest (Societe Developpement Regional du                                     
    Centre-Est)........................................         1,705           144
  Change de la Bourse SA...............................           614        23,713
  Christian Dalloz SA..................................         2,022       235,646
  Cipe France SA.......................................         7,221       205,493
  *Cofigeo (Cie Financiere Geo)........................           400        52,850
  Compagnie Financiere de CIC et de l'Union Europeene                              
    SA Series D........................................        10,650       781,140
  *Compagnie Financiere pour l'Immobilier d'Enterprise                             
    Fidei..............................................         9,399        52,221
  *Concorde Cie d'Assurances Contre les Risques de                                 
    Toute Nature SA....................................         2,992       634,030
  Consortium International de Diffusion et de                                      
    Representation Sante Cider Sante...................           600        33,540
  Continentale d'Assurances SA.........................           810        72,445
  Continentale d'Entreprises SA........................        20,087       714,538
  *Costimex SA.........................................           700        14,383
  Courtois SA..........................................           100         8,114


                                                               SHARES        VALUE+
                                                         ------------  ------------
                                                                                   
  Credit Foncier et Communal d'Alsace et de Lorraine...           840  $    106,005
  Credit National......................................         3,700       217,670
  *Cristalleries de Baccarat...........................         1,567       143,336
  *DMC (Dollfus Mieg et Cie)...........................        25,400       431,545
  Damart SA............................................         2,290     1,415,857
  *Darblay SA..........................................           305        28,157
  Dassault Electronique SA.............................        17,400     1,638,759
  Deveaux SA...........................................         1,040       123,141
  Didot-Bottin.........................................           810       106,061
  Dietrich et Cie......................................        27,775     1,312,652
  Distriborg Groupe SA.................................         1,050        76,480
  Docks des Petroles d'Ambes...........................           100        10,163
  Docks Lyonnais.......................................         1,110        23,870
  *#Dynaction SA.......................................        10,660       279,885
  ECIA (Equipements et Composants pour l'Industrie                                 
    Automobile)........................................        17,571     2,735,289
  EMI France SA........................................           300        83,061
  Electricite de Strasbourg............................         7,928       671,467
  Emin Leydier Emballages SA...........................         1,056        69,941
  *Emprunt Conjoint de Banque du Batiment et des                                   
    Travaux Publics et de Financiere de Gestion et                                 
    d'Investissement SA................................        29,814        38,382
  Europe 1 Communication...............................         4,782       912,093
  Exacompta Clairefontaine SA..........................         1,600       216,821
  *Expand SA...........................................           412        40,129
  Explosifs et de Produits Chimiques...................           524        96,927
  Faienceries Sarreguemines Digoin et Vitry-le-Francois                            
    SA.................................................           330        28,229
  *Fichet-Bauche.......................................         3,515        22,626
  Fimalac SA...........................................        19,020     1,501,370
  *Financiere et Immobiliere de l'Etang de Berre et de                             
    la Mediterranee SA.................................           400         5,014
  Fininfo SA...........................................           976       115,728
  *Fives-Lille.........................................         8,400       516,508
  Fonciere (Cie).......................................         2,823       279,742
  #Fonciere Lyonnaise SA...............................         4,515       525,419
  Fonderies Franco Belge...............................           492        41,670
  Fraikin SA...........................................         3,284       179,123
  *Francaise des Ferrailles............................         5,288       391,439
  Francaise des Magasins Uniprix.......................         2,886       146,659
  France-Africaine de Recherches Petrolieres                                       
    Francarep..........................................         3,864       183,268
  Frankoparis SA.......................................         4,387        55,140
  *Fromagerie F. Paul Renard...........................           200        45,736
  Fructivie SA.........................................            34         3,600
  *GCI (Groupe Chatellier Industrie SA)................         8,721         3,102
  GFI Industries SA....................................         1,369       229,578
  Galeries Lafayette SA................................         5,664     2,460,944
  Gantois Series A.....................................           647        99,842
  Gascogne SA..........................................         6,472       515,261
  Gaumont..............................................        14,292       949,009
  Gautier France SA....................................         1,680        71,400
  *Genefim.............................................         6,161       229,596
  *Generale de Geophysique SA..........................        14,976     1,623,555
  *Generale de Transport et d'Industrie................        12,890       381,886
  Gevelot..............................................         1,792       343,011
  Gifrer Barbezat SA...................................           550        53,104

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CONTINUED                                                                       

                                                                [Download Table]

                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
*Grand Bazar de Lyon.................................           650  $     17,396
Grands Moulins de Strasbourg.........................           110        30,186
*Groupe Andre SA.....................................         5,833       568,134
Groupe du Louvre SA..................................         6,753       351,978
Groupe Guillin SA....................................         1,200        44,475
Groupe Norbert Dentressangle SA......................         1,580       161,921
Groupe Zannier SA....................................         4,100        84,730
Groupement pour le Financement de la Construction                                
  SA.................................................        19,075     1,673,730
Guerbet SA...........................................         1,990        70,789
Guitel-Etienne-Mobilor SA............................           160         4,025
Guyenne et Gascogne SA...............................         5,200     1,632,187
HIT SA...............................................           600        52,545
Havas Advertising SA.................................        21,196     2,621,006
Hoteliere Lutetia Concorde...........................         2,505       174,822
*Hotels et Casinos de Deauville......................         2,055       186,233
ICBT Groupe SA.......................................         1,200        36,385
IMS International Metal Service SA...................        12,630       158,317
*Immeubles de France.................................        25,927     1,545,917
Immobanque...........................................         1,098       112,153
Immobiliere Marseillaise.............................           656       800,069
Industrie des Transports.............................           600        41,162
Industrielle et Financiere d'Entreprise SA...........           300        12,704
Industrielle et Financiere d'Ingenierie SA...........        40,100       764,846
*Infogrames Entertainment SA.........................         1,550       239,189
Informatique et Realite SA...........................         2,643        92,674
Intertechnique SA....................................         4,150       913,163
Jet Multimedia SA....................................           503        50,611
Labinal SA...........................................        12,000     3,049,044
*Lacroix Indu........................................           593        28,126
Laurent Bouillet.....................................           480        24,392
*Lectra Systemes SA..................................        19,192        81,274
Legris Industries SA.................................        32,350     1,117,881
Locindus (Cie Financiere pour la Location d'Immeubles                            
  Industrials et Commerciaux)........................         1,600       205,438
*Lucia...............................................           254         2,173
*MRM.................................................         1,424        97,933
Manitou BF SA........................................         2,773       330,684
Marie Brizard & Roger International SA...............           266        22,439
Matussiere et Forest SA..............................        13,600       125,783
*Maxi-livre/Profrance SA.............................         1,200         7,704
Mediascience SA......................................           150         9,493
Metal Deploye........................................           328        18,390
*Metaleurop SA.......................................        58,400       608,386
*Metrologie International............................        15,050        35,691
Michel Thierry SA....................................           700        74,702
Montupet SA..........................................         3,245       362,785
*Mors................................................        32,445        25,006
*Moulinex SA.........................................        97,800     2,352,439
*Musee Grevin SA.....................................           822        13,778
*NAF NAF SA..........................................         4,200        47,667
*Nationale de Navigation.............................         8,880       195,545
Nord-Est.............................................         3,240        65,859
*Nordon & Cie........................................           800        52,240
*Olipar..............................................           250         2,837
PSB Industries SA....................................         1,240       107,123
Papiers Peints (Societe Francaise des)...............           200        32,523

                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
Parisienne de Chauffage Urbain.......................           200  $     14,059
Paul Predault SA.....................................         2,199        44,513
*Pier Import Europe SA...............................         2,100        13,411
Plastic Omnium.......................................        12,036     1,284,440
*Primisteres Reynoird SA.............................           800        24,555
Publicis SA..........................................        20,150     1,723,684
Radiall SA...........................................         1,340       142,546
Rallye SA............................................        21,600       914,713
Robertet SA..........................................           269        49,439
*Rocamat.............................................         5,579         9,309
Rochefortaise Communication SA.......................        11,420       715,746
*#Rochette...........................................        98,470       416,999
Rougier SA...........................................         2,040       110,579
*Rouleau-Guichard SA.................................           300        11,942
Rue Imperiale de Lyon................................           450       394,851
*SAGA (Societe Anonyme de Gerance et d'Armement).....         6,425       165,101
SAMSE SA.............................................         1,100       161,176
SAT SA (SA des Telecommunications)...................         2,832       784,816
*SDR de Bretagne SA..................................           714         7,245
*SEDIVER (Societe Europeene d'Isolateurs en Verre et                             
  Composite).........................................           551        12,600
*SFIM (Societe de Fabrication d'Instruments de                                   
  Mesure)............................................         2,940       512,951
SGCA (Societe Generale de Courtage d'Assurances).....           554        60,904
*SGE (Societe Generale d'Enterprise SA)..............        10,500       255,408
SOCIM (Societe Immobiliere d'Investissement).........         3,829       136,206
SOGEPAG (Societe Exploitation de Parces et Gauges)...           379        10,914
Sabate SA............................................           600        72,974
Sabeton..............................................         1,350       152,071
Saupiquet............................................         4,500       414,670
Savoisienne..........................................         3,963        63,773
Sechilienne..........................................           220        43,229
Securidev SA.........................................         1,500        24,646
*Selectibanque SA....................................         7,100        80,098
Sidergie SA..........................................           800       132,803
Signaux et d'Equipements Electroniques SA............        23,983       723,127
Silic (Societe Immobiliere de Location pour                                      
  l'Industrie et le Commerce)........................         3,064       406,389
Skis Rossignol SA....................................        46,668       792,096
Smoby SA.............................................           500        45,058
Societe d'Etudes et de Realizations pour les                                     
  Industries du Bois Seribo..........................           450        11,015
Societe Dauphin Office Technique d'Affichage SDCS....         2,192       155,948
Societe Financiere Immobail SA.......................         4,807       118,883
Societe Financiere Interbail SA......................         7,000       193,276
*Sodero (Societe de Developpement Regional de                                    
  l'Ouest)...........................................         4,181        11,579
#Sogeparc SA.........................................         4,312       279,019
Soie SA..............................................           390        13,213
Solitaire Produits d'Entretien Francais Prodef.......           300        32,523
Sommer-Allibert SA...................................        12,900       417,363

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CONTINUED                                                                       

                                                                [Download Table]

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  Sophia SA............................................       11,700  $    451,868
  Sopra Conseil et Assistance en Informatique SA.......        1,380       142,126
  Strafor Facom SA.....................................       33,703     2,054,097
  Sucriere de Pithiviers-le-Vieil......................        1,825       973,788
  Sylea SA.............................................        4,159       376,907
  Taittinger SA........................................        2,540     1,295,925
  Tanneries de France..................................          158         7,949
  *Teisseire France SA.................................          700        19,007
  *Teleflex Lionel-Dupont..............................        7,625       135,361
  Thermal de Bagnoles de l'Orne........................          245        27,474
  Touax SA.............................................        3,604       123,929
  *Trouvay et Cauvin SA................................        1,500        24,138
  Unilog SA............................................          632        81,897
  Union Generale du Nord SA............................          994        39,652
  Union Immob..........................................        3,100       211,095
  Vallourec (Usines a Tubes de Lorraine Escaut et                                 
    Vallourec Reunies).................................       31,700     1,922,354
  Vermandoise de Sucreries.............................          323       322,809
  *Via Banque..........................................       20,692       585,343
  Viel et Cie..........................................        2,792        70,468
  Vilmorin et Cie SA...................................        2,349       189,003
  Virax................................................          954        29,734
  Virbac SA............................................        1,713       120,710
  Vulcanic SA..........................................          400        19,643
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $72,972,767)...................................                 80,332,771
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
  *French Francs                                                                  
    (Cost $14,116).....................................                     14,002
                                                                      ------------
RIGHTS/WARRANTS -- (0.0%)                                                         
  *BCR Participations Warrants 05/15/99................        6,425         1,045
  *Derichebourg Finances Warrants 07/15/98.............        5,288         4,344
                                                                      ------------
TOTAL RIGHTS/WARRANTS                                                             
  (Cost $101,804)......................................                      5,389
                                                                      ------------
TOTAL -- FRANCE                                                                   
  (Cost $73,088,687)...................................                 80,352,162
                                                                      ------------
GERMANY -- (19.8%)                                                                
COMMON STOCKS -- (19.8%)                                                          
  *AGIV AG fuer Industrie & Verkehrswesen..............        8,300       170,345
  Aachener Strassenbahn und Energieversorguns AG.......          178        41,376
  Aachener und Muenchener Lebensversicherung AG........          347       167,221
  Aachener und Muenchener Versicherungs AG.............        2,107       711,957
  Agrippina Rueckversicherung AG, Koeln................          127       169,206
  *Agrob AG............................................          290        59,518
  Aigner (Etienne) AG..................................          600       213,966
  *Alexanderwerk AG....................................          100         6,803
  Allweiler AG.........................................          289        60,132
  Alte Leipziger Versicherungs AG Series C.............        1,043       390,276
  *Amira Verwaltungs AG................................          200       144,572

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  Andreae-Noris Zahn AG, Anzag.........................       33,200  $  1,298,765
  *Anterra Vermoegensverwaltungs AG....................        1,350       107,153
  Apoca Parking AG.....................................        1,650       135,642
  *Augsburger Kammgarn Spinnerei AG....................          660        11,226
  BDAG Balcke-Duerr AG.................................        3,291       466,457
  *Barmag AG...........................................        1,300       288,180
  Bayerische Handelsbank AG............................        2,270       639,625
  Berliner Elektro Holding AG..........................        7,800       127,359
  Berliner Kindl-Brauerei AG...........................          850       192,762
  Binding-Brauerei AG..................................        2,925       711,421
  Biotest AG...........................................        8,060       233,050
  Blaue Quellen Mineral und Heilbrunnen AG.............          510       318,058
  *Bochum-Gelsenkirchener Strassenbahnen AG............          224        45,719
  Boewe Systec AG......................................        3,000       102,051
  Boss (Hugo) AG.......................................          440       581,235
  *Brau und Brunnen AG.................................        4,995       416,290
  Breitenburger Portland-Cement-Fabrik AG..............           20        29,481
  Bremer Strassenbahn AG...............................          188        30,910
  *Bremer Woll-Kaemmerei AG............................        1,996       174,271
  Brillant AG..........................................        1,310       260,688
  Buckau (Walther) AG..................................          800        92,072
  *Ceag Industrie-Aktien und Anlagen AG................        2,067       246,681
  *Computer 2000 AG....................................          547       150,098
  *Concordia Bau und Boden AG..........................       32,189       264,618
  *Concordia Bau und Boden AG Em 97....................       11,099        82,432
  Custodia Holding AG..................................           20        25,853
  *DLW AG..............................................        3,940       451,223
  DSL Holding AG.......................................        5,850       978,411
  Data Modul AG........................................        2,400       107,493
  *Deutsche Babcock AG, Oberhausen.....................        2,900       146,823
  Deutsche Bank Luebeck AG.............................          794       675,235
  Deutsche Hypotheken Bank AG, Hannover/Berlin.........        2,500       559,861
  Deutsche Spezialglas AG..............................        1,600       246,736
  Deutsche Steinzeug Cremer & Breuer AG................        4,700       295,777
  Deutsche Verkehrs-Bank AG............................        4,750       461,850
  Didier-Werke AG......................................        6,800       488,074
  *Dierig Holding AG...................................        1,500       115,657
  Doag-Holding AG......................................          750        72,711
  *Dortmunder Actien-Brauerei AG.......................        1,650        79,514
  Duerr Beteiligungs AG................................       31,750     1,074,636
  Duerrkopp Adler AG...................................          800        54,427
  Dyckerhoff & Widmann AG..............................        4,919       568,919
  Dyckerhoff AG........................................        1,475       439,030
  Eichbaum-Brauereien AG, Mannheim.....................          672        95,247
  Erlus Baustoffwerke AG...............................          297        88,401
  *Erste Kulmbacher Actien Brauerei AG.................          432        14,083
  Escada AG............................................        2,052       285,027
  Fag Kugelfischer Georg Schaeffer AG..................       37,500       552,774
  *Felten & Guilleaume Energietechnik AG...............        3,250       257,961
  *Flender (A. Friedrich) AG...........................          900        97,969
  Forst Ebnath AG......................................            4         1,746

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CONTINUED                                                                       

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
Fraenkisches Ueberlandwerk AG, Nuernberg.............          680  $    161,535
Fuchs Petrolub AG Oel & Chemie.......................        2,231       250,442
Fuchs Petrolub AG Oel & Chemie (Stimmrechtslos)......           55         6,080
Gerresheimer Glas AG.................................       23,800       383,886
Gilde Brauerei AG....................................        1,200       374,186
*Gildemeister AG.....................................        1,400        76,992
Goldschmidt AG.......................................        3,200     1,070,398
Grosskraftwerk Franken AG............................          789       219,635
Hagen Batterie AG....................................          956       151,761
Hamborner AG.........................................        2,100       454,806
Hamburger Hochbahn AG Series A.......................        3,400       202,400
Harpener AG..........................................        7,100     1,187,473
Hasen-Braeu AG.......................................          100        76,538
Heilit & Woerner Bau AG..............................          425        31,324
Heilit & Woerner Bau AG..............................        1,701       133,084
Heinrich Industrie & Handels AG......................          350       125,012
Herlitz AG...........................................        3,462       248,291
Hindrichs-Auffermann AG..............................        1,930        31,732
Holsten-Brauerei AG, Hamburg.........................        3,077       673,377
*Honsel-Werke AG.....................................          350        25,796
Horten AG............................................        3,380       459,908
Hucke AG.............................................        8,300       185,874
*Hutschenreuther AG Em 97............................        4,200        80,960
Hypothekenbank In Hamburg AG.........................        1,293       791,709
ICN (Immobilien Consult Nuernberg AG)................          707       338,703
IFA Hotel & Touristik AG.............................        7,000       148,824
*Ikon AG Praezisionstechnik..........................          200        20,410
Iwka AG..............................................        6,224     1,418,531
Jacobsen (W.) AG, Kiel...............................           37        52,443
KM Europa Metal AG...................................        7,550       755,501
#KM Europa Metal AG Em 95............................       10,570       994,778
*KSB AG..............................................        2,387       554,855
KWS Kleinwanzlebener Saatzucht AG....................        1,650     1,075,784
*Kali und Salz Beteiligungs AG.......................       13,950     1,028,951
Kampa-Haus AG........................................       12,375       340,275
*Kaufhalle AG........................................        7,800       849,061
Kaufring AG..........................................        2,203       106,164
*Kempinski AG, Berlin................................          686       217,799
Keramag Keramische Werke AG..........................        1,300       534,349
Kiekert AG...........................................       12,950       552,851
*Kloeckner Humboldt-Deutz AG.........................       16,750       113,957
*Kloeckner-Werke AG..................................       23,800     1,666,430
*Koeln-Duesseldorfer Deutsche Rheinschiffahrt AG.....          300        13,777
*Kolb und Schuele AG.................................       10,000        40,537
*#Kolbenschmidt AG, Neckarsulm.......................       75,000       977,985
Kraftuebertragungswerke Rheinfelden AG...............        4,684     1,149,868
Kraftwerk Altwuerttemberg AG.........................          200       225,645
Kromschroder (G.) AG.................................          765       138,789
*Kueppersbusch AG....................................          525        59,530
Kupferberg (Christian Adalbert) & Cie KG A.A.........          151        81,329
*Leffers AG, Bielefeld...............................        1,225       170,155
Lehnkering AG........................................        1,530       249,820
Leifheit AG..........................................       13,500       459,228
Leonische Drahtwerke AG..............................        2,500       843,335
MG Vermoegensverwaltungs AG..........................        3,737       228,818

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
*MLF Holding fuer Umwelttechnologie AG...............          165  $      1,590
*MLF Holding fuer Umwelttechnologie AG Em 95.........           33           337
*Maihak (H.) AG......................................          153        20,818
Main Kraftwerke AG...................................        1,182       810,860
Mainzer Aktien-Bierbrauerei AG.......................          563       126,432
Mannheimer Versicherung AG...........................        2,257     1,407,562
*Markt und Kuehlhallen AG............................        1,400       192,876
Maternus-Kliniken AG, Bad Oyenhausen.................        2,400        26,125
*Mauser Waldeck AG...................................        1,667       170,118
Mittelschwaebische Ueberlandzentrale AG..............          355       190,197
*Moenus Textilmaschinen AG...........................        5,250        44,052
*Moksel (A.) AG......................................       15,800       127,200
Muehle Rueningen AG..................................           60        11,702
*Mueller-Weingarten AG...............................          579        86,990
*Nak Stoffe AG.......................................        1,046         1,779
*Neue Baumwoll-Spinnerei und Weberei Hof AG..........        1,217       124,196
*Niedermayr Papierwarenfabrik AG.....................           60        12,348
Nordcement AG........................................        2,000       839,083
Norddeutsche Steingutfabrik AG.......................        5,960        77,548
Nuernberger Hypothekenbank AG........................        2,626       729,515
*Orenstein & Koppel AG...............................        3,778        88,890
Otavi Minen AG.......................................          600        71,435
Otto Reichelt AG.....................................       11,950       169,376
Parkbrauerei AG......................................          300        38,269
Patrizier-Braeu AG...................................          124         8,577
*Pfaff (G.M.) AG.....................................        8,000       253,993
*Pfleiderer AG.......................................        8,300       162,346
Phoenix AG, Hamburg..................................       47,500       813,287
Plettac AG...........................................        5,554       851,758
Progress-Werk Oberkirch AG...........................          500        73,703
Rathgeber AG.........................................            8         3,343
Reckitt und Colman Deutschland AG....................          300        68,544
Reichelbraeu AG, Kulmbach............................          550        96,696
*Reichelt (F.) AG....................................        1,290        87,764
Reiter Ingolstadt Spinnereimaschinen AG..............        1,200       106,133
*Renk AG.............................................        1,940       113,288
Rheinboden Hypothekenbank AG.........................        2,650       468,753
Rheinmetall Berlin AG................................       50,000     1,020,507
Rhoen Klinikum AG....................................        6,600       695,985
*Rosenthal AG........................................        2,383       223,056
*Rothenberger AG.....................................          300        17,008
*Salamander AG, Kornwesteim..........................        5,172       803,438
Schlenk (Carl) AG....................................           49        12,557
Schmalbach-Lubeca AG.................................        1,000       187,376
*Schneider Rundfunkwerke AG..........................          623        98,898
Schwaebische Zellstoff AG............................        1,925       223,732
Scor Deutschland Rueckversicherungs AG...............        1,872       244,105
*Sektkellerei Schloss Wachenheim AG..................        1,512       188,590
Sinalco AG...........................................          110        46,150
*Sinn AG.............................................        1,973       413,878
Sinner AG, Karlsruhe.................................          416       101,416
Sixt AG..............................................          600        51,365
Sloman Neptun Schiffahrts AG.........................           35         3,929
Stern-Brauerei Carl Funke AG.........................        1,100        67,977

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CONTINUED                                                                       

                                                                [Download Table]

                                                               SHARES        VALUE+
                                                         ------------  ------------
                                                                                   
  *Stoehr & Co. AG.....................................         1,600  $    154,210
  Stolberger Zink AG...................................         1,300        20,489
  Stollwerck AG........................................         1,058       368,896
  *Strabag AG..........................................         2,000       131,759
  *Stumpf (Otto) AG....................................         2,275        24,506
  Stuttgarter Hofbraeu AG..............................         1,800       516,376
  Sued-Chemie AG.......................................         2,186     1,053,446
  Sueddeutsche Bodencreditbank AG......................         3,344       991,542
  Tarkett AG...........................................        12,000       268,733
  *Terrex Handels AG...................................         1,250       290,561
  *Triton-Belco AG, Hamburg............................         1,186        50,766
  *Tucher Braeu AG.....................................           750        59,955
  Ueberlandwerk Unterfranken AG........................            10         1,645
  VBH (Vereinigter Baubeschlag-Handel) AG..............         9,415       129,709
  VGT AG...............................................           293        71,430
  *VK Muehlen AG.......................................         1,312       122,733
  *Varta AG............................................         5,500       851,273
  Vereinigte Deutsche Nickel-Werke AG..................         1,380       240,976
  *Verseidag AG........................................         2,753       262,216
  *Voegele (Joseph) AG.................................           750       116,976
  *Vogtlaendische Baumwollspinnerei AG.................           443        28,255
  Volksfuersorge Holding AG............................           300       126,713
  Vossloh AG...........................................         7,950       457,485
  WCM Beteiligungs und Grundbesitz AG..................        23,000       410,754
  WMF (Wuerttembergische Metallwarenfabrik AG).........         3,033       515,866
  Walter AG............................................         1,350       465,351
  *Wanderer-Werke AG...................................         1,437       154,794
  Weinig (Michael) AG..................................        25,000       850,422
  Weru AG..............................................           150        63,356
  Westag & Getalit.....................................           700       152,792
  *Wickrather Bauelemente AG...........................           445        50,458
  Wuerttembergische & Badische Versicherungs AG Series                             
    A/B................................................           112       185,415
  Wuerttembergische Hypothekenbank AG..................         1,613       795,604
  Wuerttembergische Lebensversicherung AG..............           443       153,709
  Wuerzburger Hofbraeu AG..............................           133        48,259
  *Zanders Feinpapiere AG..............................         4,450       315,365
  Zeag Zementwerk Lauffen-Elektrizitaetswerk Heilbronn                             
    AG.................................................         1,942       462,426
                                                                       ------------
TOTAL COMMON STOCKS                                                                
  (Cost $58,379,629)...................................                  64,031,406
                                                                       ------------
PREFERRED STOCKS -- (0.0%)                                                         
  Westag & Getalit (Cost $38,373)......................           260        53,214
                                                                       ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                   
  *German Marks                                                                    
    (Cost $33,852).....................................                      33,842
                                                                       ------------
RIGHTS/WARRANTS -- (0.0%)                                                          
  *Concordia Bau und Boden AG Rights 12/23/97..........        43,288             0

                                                               SHARES        VALUE+
                                                         ------------  ------------
                                                                                   
  *Fuchs Petrolub AG Oel & Chemie Rights 12/08/97......         6,288  $      1,069
  *Rheinboden Hypothekenbank AG Rights 12/01/97........         2,650             0
                                                                       ------------
TOTAL RIGHTS/WARRANTS                                                              
  (Cost $0)............................................                       1,069
                                                                       ------------
TOTAL -- GERMANY                                                                   
  (Cost $58,451,854)...................................                  64,119,531
                                                                       ------------
ITALY -- (11.0%)                                                                   
COMMON STOCKS -- (10.9%)                                                           
  Acquedotto de Ferrari Galliera SpA...................        54,000       171,870
  Aedes SpA (Sta Ligure Lombarda per Imprese &                                     
    Costruzioni).......................................        42,000       265,044
  Allianz Subalpina SpA................................        55,125       446,602
  *Ansaldo Trasporti SpA...............................       199,533       270,193
  *Auschem SpA (In Liquidation)........................        82,000             0
  *BPM Bipiemme, Milano................................        68,570       374,585
  Banca Agricola Milanese..............................             1             7
  *Banca Nazionale dell'Agricoltura SpA................       170,000       148,254
  Banco di Chiavari e della Riviera Ligure SpA,                                    
    Chiavari...........................................       175,000       347,863
  Bassetti SpA.........................................        67,500       451,159
  *Bastogi SpA.........................................     1,683,000        63,305
  *Binda SpA...........................................     1,299,375        20,302
  Boero (Bartolomeo) SpA...............................         8,925        44,417
  Bonifica dei Terreni Ferraresi e per Imprese Agricole                            
    Roma...............................................        11,600        86,259
  *Brioschi Finanziaria SpA, Milano....................       200,000        20,833
  CALP (Cristalleria Artistica la Piana SpA)...........        48,000       169,440
  CAMFIN (Cam Finanziaria).............................        20,500        40,335
  CEMENTIR (Cementarie del Tirreno SpA), Roma..........       661,563       630,151
  *CIGA SpA (Compagnia Italiana Grandi Alberghi).......        76,890        50,547
  CMI SpA..............................................        36,428        76,522
  Caffaro SpA Sta per l'Industria Chimica ed                                       
    Elettrochimica.....................................       297,550       306,495
  *Calcestruzzo ed il Cemento SpA......................       464,040       437,710
  Caltagirone SpA......................................       343,085       244,004
  Cartiere Burgo SpA...................................        42,500       248,401
  Cementeria di Augusta SpA............................       105,000       162,539
  Cia Assicuratrice Unipol SpA.........................       199,333       588,292
  Comau SpA............................................       176,500       449,408
  Condotta Acque Potabili SpA, Torino..................        28,000        84,257
  Credito Emiliano SpA, Milano.........................        73,500       156,523
  Cucirini SpA.........................................        30,000        26,892
  *Dalmine SpA.........................................     3,001,700       746,929
  #Danieli & C.Officine Meccaniche SpA.................        93,500       660,108
  *Dataconsyst C.G.S. SpA, Monza.......................           220             0
  *Del Favero SpA......................................        86,000        29,860
  Editoriale l'Espresso SpA............................        55,000       245,710
  Editoriale la Repubblica SpA.........................       152,500       322,112
  Ericsson SpA.........................................        61,500     2,395,156
  *FIAR (Fabbrica Italiana Apparecchiature                                         
    Radioelettriche SpA)...............................        22,990        74,503
  *FMC (Fabbrica Milanese Condutorri SpA)..............        25,000        11,501

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  *FONSPA (Credito Fondiaro e Industriale Istituto per                            
    i Finanziamenti a Medio e Lungo Termine SpA).......      269,000  $    373,600
  Falck (Acciaierie & Ferriere Lombarde)...............      305,200     1,359,937
  Finarte Casa d'Aste SpA (Milano).....................       56,266        40,049
  Finarte Partecipazioni Pro Arte SpA..................      202,693       121,518
  *Fincasa 44 SpA......................................      150,036        16,062
  *Finrex Finanziaria Immobiliaria SpA (In                                        
    Liquidation).......................................       36,000         2,521
  *Firs-Italiana de Assicurazioni Compagnia di                                    
    Assicurazioni Eriassicurazioni (In Liquidation)....       90,000             0
  *Fochi (Filippo) SpA.................................      216,000        23,999
  *Fornara Societa Finanziaria e di Participazioni                                
    SpA................................................      310,000        12,916
  *Gabetti Holding SpA.................................       70,000        73,806
  *Gerolimich SpA (In Liquidation).....................      297,400             0
  Gewiss SpA...........................................      103,000     1,907,352
  *Gottardo Ruffoni SpA................................      279,832        16,744
  *Grassetto SpA.......................................      279,125        65,450
  ITALJOLLY (Cia Italiana dei Jolly Hotels SpA)........       48,500       252,597
  Immobiliare Metanopoli SpA...........................    1,062,500       762,420
  *Impregilo SpA.......................................      532,000       377,130
  Industria Macchine Automatique SpA...................       23,000        99,624
  Industrie Zignago S. Margherita SpA..................       61,000       487,139
  Ipi SpA..............................................      181,400       228,843
  *Linificio & Canapificio Nazionale SpA...............      118,000        58,725
  Maffei SpA...........................................       75,000        94,615
  Magneti Marelli SpA..................................      431,666       699,439
  *Mandelli SpA........................................       41,000             0
  Manifattura Lane Gaetano Marzotto & Figli SpA........      144,000     1,572,038
  Marangoni SpA, Rovereto..............................       50,303       148,459
  #Merloni Elettrodomestici SpA........................      210,000       768,641
  Milano Assicurazioni SpA.............................       52,000       157,380
  *Monrif SpA..........................................      210,000        69,876
  Montefibre SpA, Milano...............................      275,267       214,250
  *NAI SpA (Navigazione Alta Italia)...................      139,760        20,300
  *Necchi SpA..........................................      131,400        45,624
  *Perlier SpA.........................................      120,700        22,700
  Pininfarina SpA......................................       64,570     1,156,472
  *Poligrafici Editoriale SpA..........................      226,000       292,954
  *Premafin Finanziaria SpA............................    1,025,000       376,653
  Previdente Cia Italiana Assicurazione SpA............      149,590     1,038,789
  Ratti SpA............................................      155,900       340,119
  Recordati Industria Chimica E Farmaceutica SpA.......       34,000       270,536
  *Rejna SpA, Milano...................................       19,000       165,476
  Risanamento di Napoli SpA............................       26,700       375,458
  Riva Finanziaria SpA.................................       47,600       173,674
  *Rodriquez SpA.......................................       41,250        22,964
  SAES Getters SpA.....................................       14,750       243,266
  SISA (Societa Imballaggi Speciali Asti SpA)..........       65,000        43,257
  *SMI STA Metallurgica Italiana SpA...................      565,280       226,367
  *SOPAF (Societa Partecipazioni Finanziarie SpA)......       85,000        73,291
  *#Saffa SpA, Milano..................................      100,500       280,322

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  Safilo (Sta Azionaria Fabbrica Italiana Lavorazione                             
    Occhiali SpA)......................................       50,100  $  1,185,782
  #Saiag SpA (Industrie Articoli Gomma)................       43,000       251,324
  *Schiapparelli 1824 SpA, Milano......................       15,000         1,319
  *Simint SpA..........................................       82,488       620,551
  Snia BPD SpA.........................................      131,200       129,678
  Sogefi SpA...........................................      260,000       598,073
  Sondel Nordelettrica SpA.............................      728,892     1,256,965
  Sorin Biomedica SpA..................................      407,610     1,757,295
  *Stayer SpA..........................................       22,500        19,661
  *Stefanel SpA........................................      190,800       391,968
  Tecnost SpA..........................................      170,000       341,367
  Teknecomp SpA........................................      148,643        88,598
  Terme Demaniali di Acqui SpA.........................       39,900        15,008
  *Tripcovich (D.) & Co. SpA Navigazione Rimorchi e                               
    Salvataggi Trieste.................................      113,898        24,387
  #UNICEM (Unione Cementi Marchini Emiliane e di                                  
    Augusta-Casale)....................................      159,600     1,287,938
  *Unione Manifatture SpA (In Liquidation).............      156,000             0
  *Unipar (Unione Nazionale di Participazione SpA) (In                            
    Liquidation).......................................      539,000             0
  Vianini Industria SpA................................      126,000        86,039
  Vianini Lavori SpA...................................      316,000       519,337
  Vittoria Assicurazioni SpA...........................       59,500       205,903
  Zucchi (Vincenzo) SpA................................       97,000       599,497
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $40,585,339)...................................                 35,422,130
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.1%)                                                  
  *Italian Lira                                                                   
    (Cost $192,168)....................................                    186,867
                                                                      ------------
TOTAL -- ITALY                                                                    
  (Cost $40,777,507)...................................                 35,608,997
                                                                      ------------
SWITZERLAND -- (10.9%)                                                            
COMMON STOCKS -- (10.9%)                                                          
  *AFG Arbonia Foster Holding AG, Arbon................          522       263,620
  *Accumulatoren-Fabrik Oerlikon, Zuerich..............           30        19,990
  Afipa SA, Vevey......................................           20         3,156
  Afipa SA, Vevey Series A.............................           80        12,345
  Aletsch AG, Moerel...................................           50       129,236
  *Ascom Holding AG, Bern..............................          907     1,187,754
  *Attisholz Holding AG, Attisholz.....................        1,079       488,153
  BHB Beteiligungs und Finanzgesellschaft..............          150        21,568
  BKW FMB Energie AG, Bern.............................          600       673,358
  Bank Sarasin & Cie Series B, Basel...................          274       197,953
  Banque Cantonale de Geneve...........................          840       199,735
  *Banque Cantonale du Jura............................          450        50,502
  Banque Privee Edmond de Rothschild SA, Geneve........          120       462,934
  Basellandschaftliche Kantonalbank....................          500       141,686
  Basler Kantonalbank (Participating)..................          500       151,506
  Bobst SA, Prilly.....................................          100       147,297
  Bobst SA, Prilly (Namen).............................           90        66,284
  Bossard Holding AG, Zug..............................          635       296,190

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                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
Bucher Holding AG, Niederweningen....................          671  $    597,725
CKW (Centralschweizerische Kraftwerke), Luzern.......          670       610,932
CKW (Centralschweizerische Kraftwerke), Luzern                                  
  (Participating)....................................        1,500       129,411
Calida Holding AG, Oberkirch.........................           99        95,827
Canon (Schweiz) AG, Dietlikon........................        3,706       226,152
Carlo Gavazzi Holding AG, Baar Series B..............           83        61,419
Chocoladefabriken Lindt & Spruengli AG, Kilchberg....           16       303,011
Coop Bank, Basel.....................................          941       613,829
Crossair AG fuer Europaeischen Regionalluffverkehr...          619       277,872
Crossair AG fuer Europaeischen Regionalluftverkehr,                             
  Basel (Genusschen).................................          330        54,626
Daetwyler Holding AG, Atldorf........................          388       707,587
Danzas Holding AG....................................        1,952       409,379
*Distefora Holding SA, Jegenstorf....................        4,840        48,886
EGL (Elektrizitaets-Gesellschaft Laufenberg) AG,                                
  Laufenberg.........................................        8,400     1,764,619
ESEC Holding SA, Cham................................           65       177,809
Edipresse SA, Lausanne...............................          432       112,114
Edipresse SA, Lausanne (Nominal).....................        1,310        67,995
Eichhof Holding AG, Luzern...........................           42       126,675
Eichhof Holding AG, Luzern (Namen)...................            5        15,080
Eisenbahngesellschaft Brig-Visp-Zermatt..............          370        79,414
Energie Electrique du Simplon SA.....................          350        63,829
*Escor AG, Duedingen.................................          496         5,653
#Feldschloesschen-Huerlimann Holding AG,                                        
  Rheinfelden........................................        1,462       574,262
#Feldschloesschen-Huerlimann Holding AG, Rheinfelden                            
  (Participating)....................................          350        51,063
Financiere Michelin, Granges-Paccot..................          637       281,485
Financiere Tradition, Lausanne.......................           50        56,990
Forbo Holding AG, Eglisau............................        1,100       440,559
Fotolabo SA, Ropraz..................................        1,200       264,293
*Fuchs Petrolub AG Oel & Chemie......................        2,001       219,653
*Fuchs Petrolub AG Oel & Chemie (Stimmrechtslos).....        2,001       213,337
*Galenica Holding AG, Bern Series B..................          405       203,112
Generale d'Affichage, Geneve.........................          290       115,944
Generali (Switzerland) Holdings, Adliswil............        1,670       356,680
Golay-Buchel Holding SA, Lausanne....................           40        42,646
Gornergrat Monte Rasa-Bahnen Zermatt.................           70        90,833
Gurit-Heberlein AG, Wattwil SG.......................          310       974,125
HPI Holding SA, Yverdon-les-Bains....................          200        37,175
Hero, Lenzburg.......................................          660       370,347
Hero, Lenzburg (Namen)...............................          400        51,905
Hilti AG, Schaan (Participating).....................          600       374,555
Industrieholding Cham AG, Cham.......................          216       157,566
Jelmoli Holding AG, Zuerich..........................        1,771     1,552,757
Jelmoli Holding AG, Zuerich (Namen)..................        2,835       497,128
Kardex AG, Zuerich...................................          693       196,863
Kardex AG, Zuerich (Participating)...................          610       162,160

                                                            SHARES        VALUE+
                                                      ------------  ------------
                                                                                
Keramik Holding AG Laufen, Laufen....................          600  $    270,606
Kraftwerk Laufenburg, Laufenburg.....................        8,475     1,610,957
Kuehne & Nagel International AG, Schindellegi........          162       109,652
Kuoni Reisen Holding AG, Zuerich.....................           50       185,875
Lem Holding SA, Plan-les-Ovates......................          270        58,519
Loeb Holding AG, Bern (Participating)................          620        97,847
*Logitech International SA, Apples...................        4,805       832,464
*Maag Holding AG, Zuerich............................          820       135,738
*Mikron Holding AG, Biel.............................        1,224       209,482
Moevenpick-Holding, Zuerich..........................        1,320       503,672
Moevenpick-Holding, Zuerich (Participating)..........          443       161,578
Motor-Columbus AG, Baden.............................          735     1,330,093
*Netstal-Maschinen AG, Nafaels.......................            2           858
Nokia-Maillefer Holding SA...........................          277       100,643
*Omnium Geneve SA, Geneve............................          110         6,327
Orell Fuessli Graphische Betriebe AG, Zuerich........          240       154,872
Oz Holding, Zuerich..................................          440       257,391
*Parco Industriale e Immobiliare SA, Giornico........          600           652
Phoenix Mecano AG, Stein am Rhein....................        2,749     1,351,661
Phonak Holding AG Series B...........................          230       169,069
*Porst Holding AG, Jegenstorf........................        1,844       223,760
Prodega AG, Moosseedoff (Participating)..............          400       187,979
Publicitas Holding SA, Lausanne......................        2,199       485,859
Rieter Holding AG, Winterthur........................          440       192,272
SIG (Schweizerische Industrie Gesellschaft Holding                              
  AG), Neuhausen am Rheinfall........................           50       129,762
SIG (Schweizerische Industrie Gesellschaft Holding                              
  AG), Neuhausen am Rheinfall (Namen)................           60        77,436
Sarna Kunststoff Holding AG, Sarnen..................          176       212,949
*Saurer AG, Arbon....................................          300       219,473
Schweizerhall Holding AG, Basel......................          140       110,571
Schweizerische National Versicherungs Gesellschaft,                             
  Basel..............................................          132       298,129
Siegfried AG, Zofingen...............................        1,066     1,375,783
*Sihl Zuercher Papierfabriek an der Sihl, Zuerich....           10         6,243
Sika Finanz AG, Baar.................................          800       240,164
Sika Finanz AG, Baar (Namen).........................          750        37,350
Sopracenerina........................................        2,409       214,593
*Suedelektra Holding AG, Zug.........................          850       596,203
*Swisslog Holding AG.................................        2,500       190,259
*Tege SA.............................................        1,800       113,629
UMS Schweizerische Metallwerke Holding AG, Bern......        2,560       182,256
Unigestion Holding, Geneve...........................        2,891       141,945
Usego Hofer Curti AG, Volketswil.....................        2,040       392,063
Vaudoise Assurances Holding, Lausanne................           45       107,159
Villars Holding SA, Fribourg.........................          150        19,464
*Von Moos Holding AG, Luzern.........................        7,000        68,739
*Von Roll Holding AG, Gerlafingen....................       32,024       633,431
Vontobel Holding AG, Zuerich.........................          286       216,653

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  *WMH Walter Meier Holding AG, Staefa.................           50  $     35,246
  Zehnder Holding AG...................................          193        76,486
  Zellweger Luwa AG, Uster.............................          804       572,396
  *Zschokke Holding SA, Geneve.........................          230        47,591
  *Zueblin Holding AG, Zuerich.........................          700        20,131
  Zuercher Ziegeleien Holding, Zuerich.................        1,415     1,171,152
  Zuger Kantonalbank...................................          500       617,245
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $26,135,814)...................................                 35,110,876
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
  *Swiss Francs                                                                   
    (Cost $115)........................................                        121
                                                                      ------------
TOTAL -- SWITZERLAND                                                              
  (Cost $26,135,929)...................................                 35,110,997
                                                                      ------------
SPAIN -- (10.3%)                                                                  
COMMON STOCKS -- (10.3%)                                                          
  AGF Union y Fenix Seguros y Reaseguros SA............       26,550       335,603
  *Ahorro Familiar SA..................................        6,051        57,619
  Amper SA.............................................       34,400       986,153
  *Asturiana del Zinc SA...............................       33,100       500,523
  Azkoyen SA...........................................        5,250       566,102
  *BAMI SA (Inmobiliara de Construcciones y                                       
    Terrenos)..........................................       23,634        91,446
  Banco de Alicante....................................        6,100       122,716
  Banco de Andalucia...................................        4,303       669,436
  Banco de Castilla SA.................................        2,100     1,396,949
  Banco de Credito Balear SA...........................        9,850       578,615
  Banco de Galicia SA..................................        7,550       987,259
  Banco de Valencia....................................       51,350     1,010,644
  Banco de Vasconia SA.................................        8,900       689,321
  *Banco de Vitoria SA.................................       27,700       422,582
  Banco Guipuzcoano SA.................................        4,817       199,625
  Banco Pastor SA......................................       18,100     1,286,572
  Banco Zaragozano SA..................................       45,598     1,184,860
  Bodegas y Bebidas SA.................................       12,876       505,110
  CAF (Construcciones y Auxiliar de Ferrocarriles                                 
    SA)................................................        9,500       343,370
  *CAI (Corporacion Alimentaria Iberica SA)............       11,200             0
  *CARTEMAR (Cartera de Valores del Mar SA)............        4,016        10,772
  *CINSA (Compania de Inversiones SA)..................        1,400         4,694
  Campofrio Alimentacion SA............................       33,000     1,526,907
  *Citroen Hispania SA.................................          650        39,142
  Construcciones Lain SA...............................      185,600       352,220
  *Coporacion Financiera Reunida SA....................       60,085       317,096
  ERZ (Electricas Reunidas de Zaragoza)................       54,937     2,070,383
  ESSA (Estacionamientos Subterraneos SA)..............        8,875       176,161
  Ebro Agricolas Compania de Alimentacion SA...........       89,900     1,594,538
  *El Aguila SA........................................       39,200       160,349
  Elecnor SA...........................................        8,100       200,972
  Empresa Nacional de Celulosa SA......................        8,200       133,070
  Energia e Industrias Aragonesas SA...................       12,340        82,749
                                                              SHARES        VALUE+
                                                        ------------  ------------
  *Ercros SA...........................................       33,200  $     33,840
  *Erpo SA.............................................        3,289         1,522
  *Espanola del Zinc SA................................        9,750        90,880
  *Estacionamientos Urbanos SA.........................        4,200       132,372
  Europistas Concesionaria Espanola SA.................      119,698       790,629
  *#Filo SA............................................       61,297       174,694
  Financiera y Minera Series A/C.......................        5,200        90,662
  GESA (Gas y Electricidad SA).........................       17,000     1,219,782
  General Azucarera de Espana SA.......................       15,850       754,635
  *Global Steel Wire SA................................        7,083        14,962
  Grupo Anaya SA.......................................       16,500       307,594
  *Grupo Hispano-Suiza SA..............................       71,400        38,782
  Hullas del Coto Cortes...............................        8,666       162,714
  Iberica de Autopistas SA Concesionaria de Estado                                
    Iberpistas.........................................       45,070       917,267
  Inbesos SA...........................................        1,610        19,973
  Indo Internacional SA................................        5,600       230,947
  *Inmobiliaria Alcazar SA.............................        5,126        33,858
  Inmobiliaria del Sur SA..............................        1,380        55,524
  *Inmobiliaria Urbis SA...............................       37,291       323,835
  Inmobiliaria Zabalburu SA............................       23,200       185,911
  Koipe SA.............................................        8,400       563,286
  Koxka C.E. SA........................................        3,000       182,062
  *LSB (La Seda de Barcelona SA) Series B..............       25,200        70,467
  Lingotes Especiales SA...............................        4,140        53,442
  Marco Iberica Distribucion de Ediciones Midesa.......        5,600        70,974
  *Max Center Leisa SA.................................        3,000         3,772
  *Nicolas Correa SA...................................        1,575        70,763
  *Nueva Montana Quijano SA Series B...................      100,500        86,937
  OCP Construcciones SA, Madrid........................       59,720     1,449,699
  Papelera de Navarra SA...............................        6,000        72,825
  *Pascual Hermanos SA.................................        7,610         2,501
  Pescanova SA.........................................       23,252       272,865
  Portland Valderrivas SA..............................        8,075       657,913
  Prim SA..............................................        3,100        27,856
  Prosegur Cia de Seguridad SA.........................        7,000        69,941
  *Radiotronica SA.....................................        2,137        28,302
  Sarrio SA............................................      105,100       366,484
  *Sindibank (Sindicato de Banqueros de Barcelona).....       10,540       173,163
  *Sotogrande SA.......................................       69,786       149,282
  Tableros de Fibras SA Series B.......................       21,876       319,797
  Tavex Algodonera SA..................................        8,800       118,907
  Transportes Ferroviarios Especiales Tranfesa.........       24,000       210,025
  Uniland Cementera SA.................................        5,750       335,457
  Unipapel SA..........................................       13,484       280,304
  Uralita SA...........................................      122,725     1,427,848
  Vidrala SA...........................................       20,680       884,750
  Viscofan Industria Navarra de Envolturas Celulosicas                            
    SA.................................................       46,425     1,120,738
  Zeltia SA............................................        3,664       100,614
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $25,424,484)...................................                 33,354,915
                                                                      ------------

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
RIGHTS/WARRANTS -- (0.0%)                                                         
  *Tableros de Fibras SA, Madrid Rights 12/11/97                                  
    (Cost $0)..........................................       21,876  $      3,814
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
  *Spanish Peseta                                                                 
    (Cost $1,219)......................................                      1,213
                                                                      ------------
TOTAL -- SPAIN                                                                    
  (Cost $25,425,703)...................................                 33,359,942
                                                                      ------------
NETHERLANDS -- (9.7%)                                                             
COMMON STOCKS -- (9.6%)                                                           
  A.I.R. Holdings NV...................................        1,356        30,695
  ACF Holding NV (Certificate).........................       15,757       285,345
  Aalberts Industries NV...............................       24,593       624,737
  Atag Holding NV......................................        4,397       263,207
  Athlon Groep NV......................................        5,350       457,506
  Athlon Groep NV (Certificate)........................        3,500       299,303
  Bam Groep NV.........................................        5,140       328,368
  Batenburg Beheer NV..................................        1,000       120,727
  Beers NV.............................................       16,625       568,676
  Begemann Groep NV....................................       13,451       136,679
  *Begemann Groep NV Series B..........................       13,451        73,076
  Bijenkorf Beheer KBB NV, Amsterdam...................        1,021        64,456
  Boskalis Westminster NV..............................       46,207       808,875
  Cindu International NV...............................        1,750       189,265
  Content Beheer.......................................       14,750       463,731
  De Boer Unigro NV....................................       15,700       533,087
  Delft Instruments NV.................................       12,808       206,170
  Econosto NV..........................................       16,232       229,442
  Eriks Holdings NV....................................        9,000       610,730
  Flexovit International NV............................       15,159       141,071
  Gamma Holding NV.....................................       18,338       950,132
  *Gemeenschappeljk Bezit Crown van Gelder NV..........       12,000       188,335
  Geveke NV............................................       11,398       459,257
  Grolsche NV..........................................       32,100       799,291
  Gti Holding..........................................       22,535       555,454
  Hoek's (W.A.) Machine & Zuurstoffafabriek NV.........       14,850     1,180,261
  Hollandia Industriele Maatschappij NV................          500        19,367
  Hollandsche Beton Groep NV...........................       50,470       913,967
  Internatio-Mueller NV................................       27,400       842,144
  Kas-Associatie NV....................................        7,830       551,422
  Kempen & Co. NV......................................       22,200       876,632
  Koninklijke Ahrend NV................................       47,344     1,464,653
  Koninklijke Frans Maas Groep NV......................       14,215       478,374
  Koninklijke Ten Cate NV..............................       12,373       563,272
  Koninklijke Volker Wessels Stevin NV.................       41,700     1,308,926
  Koppelpoort Holding NV...............................          250        32,697
  Krasnapolsky Hotels & Restaurants NV.................        3,230        86,764
  Landre & Glinderman NV...............................        2,113        86,095
  MacIntosh NV.........................................       19,733       411,942
  NBM-Amstelland NV....................................       97,692     2,756,871
  NKF Holding NV.......................................       20,117       545,439
  Nagron Nationaal Grondbezit NV.......................       16,065       379,816
  Nederlandsche Apparatenfabriek.......................       17,000       383,108
  Nedlloyd Groep NV, Rotterdam.........................       22,900       526,437
  Norit NV.............................................       30,731       499,314

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  Otra NV..............................................       23,000  $    364,446
  Pakhoed NV...........................................        7,050       191,504
  Polynorm NV..........................................        3,431       331,373
  Reesink NV...........................................        2,050       118,589
  Roto Smeets de Boer NV...............................        1,000        37,023
  Rubber Cultuur Maatschappij Amsterdam NV.............       40,800        68,754
  Samas-Groep NV, Zaandam..............................       11,845       551,152
  Schuitema NV, Amersfoort.............................          300       573,455
  Schuttersveld NV.....................................       23,200       536,834
  Smit Internationale NV...............................       21,580       613,330
  *Sphinx NV...........................................       22,968       229,917
  *Textielgroep Twenthe NV.............................        1,000        18,864
  *Tulip Computers NV..................................       11,467        67,489
  Twentsche Kabel Holding NV...........................       18,270     1,010,022
  *Ubbink NV...........................................        1,500        39,236
  Unique International NV..............................       10,330       222,402
  Van der Mollen Holding NV............................       16,890       480,035
  *Van Dorp Groep NV...................................        3,261        44,946
  *Van Heek-Tweka NV...................................        3,880        25,373
  Vredestein NV........................................       20,514       204,320
  Wegener Arcade NV ...................................      102,015     1,991,087
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $16,574,580)...................................                 31,015,267
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.1%)                                                  
  *Netherlands Guilder                                                            
    (Cost $317,880)....................................                    316,925
                                                                      ------------
TOTAL -- NETHERLANDS                                                              
  (Cost $16,892,460)...................................                 31,332,192
                                                                      ------------
SWEDEN -- (7.7%)                                                                  
COMMON STOCKS -- (7.7%)                                                           
  Active I Malmoe AB Series A..........................        4,160        77,855
  Active I Malmoe AB Series B..........................        4,160        79,741
  #Allgon AB Series B..................................       65,400     1,033,392
  Alma Industri & Handel AB Series B...................        5,200       132,004
  Althin Medical AB Series B...........................        4,800        72,737
  *Anders Dioes AB.....................................       28,800       171,584
  Angpannefoereningen AB Series B......................       10,800       167,854
  *Argonaut AB Series A................................       81,000       175,198
  *#Argonaut AB Series B...............................      171,500       364,280
  B & N Bylock & Nordsjoefrakt AB Series B.............       41,800       184,611
  BPA AB Series A......................................       74,000       178,268
  BPA AB Series B......................................       56,700       136,591
  *BTL AB Series B.....................................      136,700       706,430
  Beijer AB Series B...................................       11,700       180,327
  Benima Ferator Engineering AB........................       13,400        55,190
  Berg (C.F.) & Co. AB Series B........................        6,200        21,681
  Bergman & Beving AB Series B.........................       25,700       469,332
  *Bilspedition AB Series A............................       88,300       446,019
  Bong Ljungdahl AB....................................        6,000        49,735
  Boras Waefveri AB Series B...........................        8,600        70,172
  Caran AB Series B....................................        5,200        35,022
  Carbo AB.............................................       11,100       276,027
  Catena AB Series A...................................       66,700     1,062,572
  Celsius Industrier AB Series B.......................       60,100       965,214
  *#Concordia Maritime AB Series B.....................       37,300       125,606
  Eldon AB Series B....................................       10,800       381,869
  *Enator AB...........................................       60,100     1,148,138
  Enea Data AB Series B................................        2,000        73,825

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  Esselte AB Series A..................................       40,100  $    810,208
  #Esselte AB Series B.................................       34,500       717,169
  *Evidentia Fastigheter AB Series A...................       16,120        79,337
  *Evidentia Fastigheter AB Series B...................        1,000         4,922
  FFNS Gruppen AB Series B.............................       23,450       197,417
  Fagerlid Industrier AB...............................        8,600        38,762
  *Fastighits AB Celtica...............................        5,800        24,414
  Finnveden AB Series B................................       18,100       391,492
  *Firefly AB..........................................        8,400        10,336
  Forcenergy AB Series B...............................       32,100       376,254
  *Frontec AB Series B.................................       18,200       162,648
  Garphyttan Industrier AB.............................       39,000       626,345
  Getinge Industrier AB Series B.......................       39,736       656,178
  Geveko AB Series B...................................        8,300       105,349
  *Gorthon Lines AB Series B...........................       41,800       246,329
  Gullspangs Kraft AB Series B.........................        7,500       121,422
  Hexagon AB Series B..................................        3,572       101,086
  ICB Shipping AB Series B.............................       61,500       828,392
  Intelligent Micro Systems Data AB....................        3,400        18,055
  Iro AB...............................................       11,800       166,585
  JP Bank Series A.....................................       14,000        85,222
  JP Bank Series B.....................................        8,000        48,180
  Jacobson and Widmark AB..............................       13,400        55,537
  Kjessler & Mannerstrale AB...........................        8,500        40,733
  *Klippans Finpappersbruk AB..........................        5,800        20,207
  Kloevern Foervaltnings AB Series B...................       89,460       285,031
  Lindex AB............................................       16,100       506,710
  Linjebuss AB Series A................................       30,700       349,904
  Marieberg Tidnings AB Series A.......................       51,900     1,337,667
  Meda AB Series A.....................................        2,100        30,191
  *Monark Stiga AB.....................................       21,700       185,495
  NCC AB Series A......................................        3,000        33,027
  NCC AB Series B......................................       54,400       602,411
  NH Nordiska Holding AB...............................       17,000        30,825
  Nobelpharma AB.......................................       45,460       529,907
  Nolato AB Series B...................................       15,300       489,459
  *Nordstroem & Thulin AB Series B.....................      162,800       438,576
  OEM International AB Series B........................        7,100       135,177
  OM Gruppen AB........................................       18,400       693,487
  Piren AB.............................................       13,488        89,093
  Platzer Bygg AB Series B.............................       36,000        59,215
  Prifast AB...........................................       19,000       182,101
  Rottneros Bruk AB....................................      366,600       292,008
  Sandblom & Stohne AB Series B........................        8,400        69,629
  Scandiaconsult AB....................................       14,300        92,605
  Scribona AB Series A.................................       40,100       508,977
  Scribona AB Series B.................................       31,700       402,358
  Segerstroem & Svensson AB Series B...................        3,800       147,650
  *Sifab Fastignets AB.................................       21,600       148,271
  *Skandigen AB, Series A..............................       13,300        61,841
  *Solitair Kapital AB.................................       90,000        91,504
  Spendrups Bryggeri AB Series B.......................       19,900       180,418
  *#Stena Line AB Series B.............................      128,000       513,924
  Svedala Industri.....................................       60,000     1,115,143
  *Tivox AB Series B...................................        7,200        16,785
  Wallenstam Byggnads AB Series B......................       16,700       105,335
  Westergyllen AB Series B.............................        4,300       110,828

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
  *#Wihlborg & Son AB Series B.........................       83,500  $    141,672
  Zeteco AB Series B...................................       10,400       248,518
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $18,576,417)...................................                 24,999,595
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
  *Swedish Krona                                                                  
    (Cost $1,607)......................................                      1,585
                                                                      ------------
TOTAL -- SWEDEN                                                                   
  (Cost $18,578,024)...................................                 25,001,180
                                                                      ------------
BELGIUM -- (4.3%)                                                                 
COMMON STOCKS -- (4.3%)                                                           
  *Abfin SA............................................        2,560         8,864
  Afrifina.............................................        3,480       435,119
  BMT NV...............................................        2,040       378,400
  Banque Belgo-Zairoise Belgolaise SA..................        1,155       368,178
  Banque Nationale de Belgique.........................          710     1,092,607
  Belge des Betons.....................................          425       181,317
  Belgo Katanga NPV....................................          408       215,268
  Belgo Katanga NPV VVPR...............................          136        71,008
  Bernheim-Comofi SA...................................        5,295       242,997
  CFE (Compagnie Francois d'Entreprises)...............        2,080       594,449
  CMB (Cie Martime Belge)..............................          500        38,472
  Carrieres Unies Porphyre.............................           20        19,896
  Chimique et Metallurgique Campine, Beerse............          370        48,296
  City Hotels SA.......................................        1,290       148,887
  Cofinimmo SA.........................................        4,330       443,828
  Cokeries & Houilleres d'Anderlues....................          100         7,420
  Commerciale de Brasserie SA COBRHA...................          115        44,401
  Credit General SA de Banque, Bruxelles...............        3,459       712,901
  Creyf's SA...........................................        1,500       136,026
  Creyf's SA V.V.P.R...................................          300            12
  Deceuninck Plastics Industries SA....................        7,370     1,425,797
  *Electrorail SA (Reunies d'Electricite & de                                     
    Transports)........................................       11,416        16,313
  Engrais Rosier SA....................................          655       104,757
  Fabrique de Fer de Charleroi.........................           77       455,038
  Financiere d'Obourg..................................           36       222,539
  Floridienne NV.......................................        2,033        91,901
  Ford Motor Co. SA Belgium............................        1,110       154,039
  *Forges de Clabecq SA................................        3,460           285
  *Franki NV (Cie Internationale des Pieux Armes                                  
    Frankignoul SA)....................................        5,875        71,036
  Glaces de Charleroi..................................           70       173,509
  Ibel.................................................        2,655       134,975
  *Immobel (Cie Immobiliere de Belgique SA)............       10,600       646,661
  *Intercomfina SA.....................................       11,000           907
  Mecaniver SA, Bruxelles..............................          128        40,451
  Metiers Automatiques Picanol.........................          403       272,432
  *PCB SA Bruxelles....................................        6,504        52,547
  *Papeteries de Catala SA.............................          315        37,135
  Plantations Nord-Sumatra SA..........................          650        64,661
  *Recticel SA.........................................        8,450        90,561
  SABCA (Sa Belge de Constructions Aeronautiques)......        4,280       370,486

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CONTINUED                                                                       

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                                                               SHARES        VALUE+ 
                                                         ------------  ------------ 
                                                                                    
  *SCF SA..............................................         2,850  $     17,230 
  SIPEF (Societe Internationale de Plantations & de                                 
    Finance), Anvers...................................         1,175       213,108 
  SIPEF (Societe Internationale de Plantations & de                                 
    Finance), Anvers (Precompte Reduit)................           370        68,225 
  Sa d'Ieteren.........................................         9,705     2,128,218 
  Sait Radioholland....................................         6,088       134,843 
  Sait Radioholland (Precompte Reduit).................           152         3,425 
  Sapec SA.............................................         3,560       159,461 
  Sapec SA (Taux Reduit)...............................            75         3,504 
  Sidro................................................         4,040       316,405 
  Spadel NPV...........................................           325       349,203 
  Surongo SA...........................................            20         2,968 
  Telinfo SA...........................................         6,948       370,407 
  Telinfo SA V.V.P.R...................................         1,158            64 
  Ter Beke NV..........................................         2,212       194,515 
  UNIBRA...............................................         1,600       109,920 
  Uco Textiles NV......................................         2,124       285,418 
                                                                       ------------ 
TOTAL COMMON STOCKS                                                                 
  (Cost $9,139,770)....................................                  13,971,290 
                                                                       ------------ 
INVESTMENT IN CURRENCY -- (0.0%)                                                    
  *Belgian Francs (Cost $1,743)........................                       1,722 
                                                                       ------------ 
TOTAL -- BELGIUM                                                                    
  (Cost $9,141,513)....................................                  13,973,012 
                                                                       ------------ 
DENMARK -- (0.8%)                                                                   
COMMON STOCKS -- (0.8%)                                                             
  Aarhus Oliefabrik A.S. Aeries A......................           640        30,979 
  Alm Brand A.S. Series B..............................         2,000        65,532 
  Amtssparekassen Fyn A.S..............................           388        26,004 
  Bang & Olufsen Holding A.S. Series B.................         2,437       143,367 
  Broedrene Hartmann A.S. Series B.....................           121        18,922 
  Coloplast A.S. Series B..............................         2,187       156,346 
  *Crisplant Industries A.S............................           960        40,749 
  DFDS A.S., Copenhagen................................           100        83,404 
  Dampskibsselsk et Torm A.S...........................           360        32,706 
  Danske Traelastko....................................           896        78,733 
  Dv Industri A.S......................................           440        19,659 
  *#East Asiatic Co., Ltd..............................         4,283        44,014 
  Ejendamsselskabet Norden A.S.........................           958        46,371 
  *Falck A.S...........................................         2,370       110,482 
  Fih A.S. Series B....................................         3,090        77,775 
  Fluegger A.S. Series B...............................           658        27,930 
  *#GN Great Nordic, Ltd...............................        15,000       252,445 
  Hoejgaard Holding A.S. Series B......................           126        16,889 
  *Holm (Jacob) & Sonner Series B......................         2,254        29,206 
  Incentive A.S........................................         1,085        58,336 
  Kansas Ehrvervsbeklaedning Odense A.S. Series B......           688        32,277 
  *Kjobenhavns Sommer Tivoli A.S.......................            30         7,909 
  Korn-Og Foderstof Kompagnet A.S......................         2,428        66,899 
  *Lauritzen (J.) Holding Series B.....................           483        41,723 
  Marius Peder Series B................................            76        19,582 

                                                               SHARES        VALUE+ 
                                                         ------------  ------------ 
                                                                                    
  Martin Gruppen A.S...................................           318  $     14,560 
  *Neg Micon A.S.......................................           460        32,542 
  Nordiske Kabel og Traadfabrikker Holding A.S.........         1,498       124,939 
  Per Aarsleff A.S. Series B...........................            85        24,053 
  Radiometer A.S. Series B.............................         1,803        75,457 
  Sanistal A.S. Series B...............................            88        15,334 
  Sas Danmark A.S......................................         9,400       139,999 
  Schouw & Co. Series B................................           340        28,864 
  Spar Nord Holding....................................         1,103        64,889 
  *Superfos A.S........................................         6,178       161,021 
  Sydbank A.S..........................................         1,742        93,400 
  Thorkild Kristensen..................................           527        42,776 
  *Topdanmark A.S......................................           784       123,771 
  Vest-Wood A.S........................................           396        35,092 
  Wessel & Vett Magasin du Nord A.S. Series C..........           602        38,464 
                                                                       ------------ 
TOTAL COMMON STOCKS                                                                 
  (Cost $2,538,973)....................................                   2,543,400 
                                                                       ------------ 
INVESTMENT IN CURRENCY -- (0.0%)                                                    
  *Denmark Krone                                                                    
    (Cost $11,212).....................................                      11,376 
                                                                       ------------ 
TOTAL -- DENMARK                                                                    
  (Cost $2,550,185)....................................                   2,554,776 
                                                                       ------------ 
                                                             FACE                   
                                                            AMOUNT                  
                                                         ------------               
                                                            (000)                   
TEMPORARY CASH                                                                      
  INVESTMENTS -- (4.0%)                                                             
  Repurchase Agreement, PNC Capital Markets Inc. 5.45%,                             
    12/01/97 (Collateralized by U.S. Treasury Notes                                 
    8.50%, 11/15/00, valued at $13,056,800) to be                                   
    repurchased at $12,864,840                                                      
    (Cost $12,859,000).................................  $     12,859    12,859,000 
                                                                       ------------ 
TOTAL INVESTMENTS -- (103.3%)                                                       
  (Cost $283,900,862)++................................                 334,271,789 
                                                                       ------------ 
OTHER ASSETS AND                                                                    
  LIABILITIES -- (-3.3%)                                                            
  Other Assets.........................................                   6,848,503 
  Payable for Investment Securities Purchased..........                    (179,023)
  Payable for Fund Shares Redeemed.....................                 (17,217,125)
  Other Liabilities....................................                    (114,448)
                                                                       ------------ 
                                                                        (10,662,093)
                                                                       ------------ 
NET ASSETS -- (100.0%).................................                $323,609,696 
                                                                       ------------ 
                                                                       ------------ 
--------------------                                                                
+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. 

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THE DFA INTERNATIONAL VALUE SERIES

STATEMENT OF NET ASSETS 

NOVEMBER 30, 1997 

                                                        [Enlarge/Download Table]

                                                               SHARES           VALUE+
                                                        -------------  ---------------
                                                                                      
JAPAN -- (27.2%)                                                                      
COMMON STOCKS -- (26.8%)                                                              
  Achilles Corp........................................       176,000  $       257,880
  Aica Kogyo Co., Ltd..................................        37,000          139,448
  Aichi Bank, Ltd......................................        10,500          769,246
  Aichi Machine Industry Co., Ltd......................        71,000          187,479
  Aisin Seiki Co., Ltd.................................       137,000        1,620,921
  Amada Co., Ltd.......................................       376,000        1,888,470
  Amano Corp...........................................       115,000          982,174
  Aoki International Co., Ltd..........................        63,000          389,971
  #Aomori Bank, Ltd....................................       170,000          759,256
  Aoyama Trading Co., Ltd..............................        41,100        1,036,960
  Asahi Denka Kogyo KK.................................        42,000          190,872
  Asahi Organic Chemicals Industry Co., Ltd............        82,000          260,215
  #Ashikaga Bank, Ltd..................................       808,000        1,063,616
  Awa Bank, Ltd........................................       189,600          846,793
  Bandai Co., Ltd......................................        60,000          930,852
  #Bank of Ikeda, Ltd..................................        13,000          499,119
  Bank of Iwate, Ltd...................................        18,590          959,907
  #Bank of Kinki, Ltd..................................       234,000          524,380
  Bank of Kyoto, Ltd...................................       347,400        1,524,341
  Bank of Nagoya, Ltd..................................       185,000        1,020,490
  #Bank of Saga, Ltd...................................       215,000          918,119
  #Bank of Yokohama, Ltd...............................       978,000        3,034,578
  #Best Denki Co., Ltd.................................       153,000          791,224
  Brother Industries, Ltd..............................       349,000          773,884
  CMK Corp.............................................        38,000          464,486
  Calpis Co., Ltd......................................        58,000          197,689
  #Canon Sales Co., Inc................................        64,900          889,912
  #Casio Computer Co., Ltd.............................       264,000        2,109,931
  Central Glass Co., Ltd...............................       179,000          302,950
  #Chiba Bank, Ltd.....................................       941,000        3,671,835
  *#Chichibu Onoda Cement Corp.........................       746,000        1,870,480
  Chiyoda Fire and Marine Insurance Co., Ltd...........       444,150        1,325,925
  Chudenko Corp........................................        82,000        1,799,021
  Chugoku Bank, Ltd....................................       199,000        2,650,735
  Chukyo Coca-Cola Bottling Co., Ltd...................        35,000          222,135
  Chukyo Sogo Bank, Ltd................................       107,000          360,509
  #Chuo Trust and Banking Co., Ltd.....................       299,000          573,986
  Citizen Watch Co., Ltd...............................       317,000        1,999,491
  Cosmo Oil Co., Ltd...................................       764,000        1,586,366
  Dai Tokyo Fire & Marine Insurance Co., Ltd...........       529,000        2,031,028
  Daicel Chemical Industries, Ltd......................       485,000          942,449
  Daido Steel Co., Ltd.................................       562,000          827,863
  Daikin Industries, Ltd...............................       182,000          956,881
  Dainippon Pharmaceutical Co., Ltd....................       203,000          839,835
  #Daio Paper Corp.....................................       128,750          807,052
  #Daisan Bank, Ltd....................................       138,000          510,370
  #Daishi Bank, Ltd....................................       350,000        1,184,721
  Daito Trust Construction Co., Ltd....................       180,784        1,167,217
  #Daiwa Bank, Ltd.....................................       726,000        1,308,364
  Daiwa House Industry Co., Ltd........................       655,000        5,286,190
  #Daiwa Kosho Lease Co., Ltd..........................       193,000          981,446
  Daiwa Securities Co., Ltd............................     1,673,000        5,833,379
  #Denki Kagaku Kogyo K.K..............................       469,000          881,959


                                                               SHARES           VALUE+
                                                        -------------  ---------------
                                                                                      
  Dowa Fire & Marine Insurance Co., Ltd................       383,000  $     1,335,436
  Ehime Bank, Ltd......................................       143,000          436,983
  #Eighteenth Bank, Ltd................................       226,000        1,345,818
  Ezaki Glico Co., Ltd.................................       174,600        1,128,658
  #Fuji Fire & Marine Insurance Co., Ltd...............       353,000          799,350
  Fuji Oil Co., Ltd....................................        73,000          306,014
  Fuji Photo Film Co., Ltd.............................       414,000       14,889,403
  Fujisawa Pharmaceutical Co., Ltd.....................       314,000        2,927,796
  #Fukui Bank, Ltd.....................................       343,000          900,333
  Fukuoka City Bank, Ltd...............................       264,532          704,728
  *#Fukutoku Bank, Ltd.................................        27,000           33,426
  Fukuyama Transporting Co., Ltd.......................       266,000        1,083,800
  Furukawa Co., Ltd....................................       165,000          316,748
  Fuso Pharmaceutical Industries, Ltd..................        67,000          209,990
  #Futaba Corp.........................................        16,000          714,594
  #Futaba Industrial Co., Ltd..........................        82,000          957,336
  Gunze, Ltd...........................................       315,000          757,728
  Hanshin Electric Railway Co., Ltd....................       141,000          451,863
  Higo Bank, Ltd.......................................       308,000        1,727,937
  Hino Motors, Ltd.....................................       398,000        1,185,034
  Hiroshima Bank, Ltd..................................       575,000        1,013,712
  Hiroshima-Sogo Bank, Ltd.............................       136,000          588,223
  Hitachi Construction Machinery Co., Ltd..............        64,000          261,265
  Hitachi Maxell, Ltd..................................        96,000        2,151,303
  *Hitachi Metals, Ltd.................................       360,000        1,734,770
  #Hitachi Transport System, Ltd.......................       138,000        1,178,609
  Hitachi, Ltd.........................................     3,691,000       26,173,203
  Hokuetsu Bank........................................       275,500          865,626
  #Hokuetsu Paper Mills, Ltd...........................       162,000          864,423
  #Hokuriku Bank, Ltd..................................       891,000        1,375,334
  #House Foods Corp....................................       115,000        1,522,821
  Hyakugo Bank, Ltd. (105th Bank)......................       258,000        1,192,713
  Hyakujishi Bank, Ltd.................................       314,000        1,697,630
  Inax Corp............................................       309,000        1,123,416
  #Intec, Inc..........................................        30,000          232,478
  Itochu Corp..........................................     1,198,000        3,107,056
  Itoham Foods, Inc....................................       284,000        1,137,113
  #Izumiya Co., Ltd....................................       151,000          993,849
  Japan Airport Terminal Co., Ltd......................         9,000           69,109
  Japan Pulp and Paper Co., Ltd........................       119,000          400,008
  Japan Wool Textile Co., Ltd..........................        42,000          187,910
  Joyo Bank, Ltd.......................................        19,000           76,223
  #Juroku Bank, Ltd....................................       349,000        1,471,201
  Kagawa Bank, Ltd.....................................        61,650          333,309
  Kagoshima Bank, Ltd..................................       262,000        1,430,864
  Kajima Corp..........................................       826,000        2,718,276
  #Kamagai Gumi Co., Ltd...............................       878,000          591,640
  Kamigumi Co., Ltd....................................       357,000        1,423,804
  *Kandenko Co., Ltd...................................       266,000        1,623,616
  Kaneka Corp..........................................       344,000        1,973,030
  Kansai Paint Co., Ltd., Osaka........................       108,000          283,487
  #Kasumi Co., Ltd.....................................        36,000          142,731
  Katokichi Co., Ltd...................................        72,000        1,043,683
  #Keiyo Bank, Ltd.....................................       391,000          873,144
  #Keiyo Co., Ltd......................................        35,000          169,207
  Kikkoman Corp........................................       256,000        1,516,443

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                                                             SHARES           VALUE+
                                                      -------------  ---------------
                                                                                    
Kinden Corp..........................................        67,000  $       761,214
#Kinseki, Ltd........................................        17,000          115,886
Kirin Brewery Co., Ltd...............................       247,000        1,902,456
Kissei Pharmaceutical Co., Ltd.......................        40,000          535,945
Koa Fire & Marine Insurance Co., Ltd.................        45,000          220,372
*Kobe Steel, Ltd.....................................     2,632,000        2,515,996
Koito Manufacturing Co., Ltd.........................       146,000          735,577
#Kokusai Denshin Denwa Co., Ltd......................        48,400        2,468,827
Kokusai Securities Co., Ltd..........................       330,000        2,482,272
Komatsu, Ltd.........................................     1,279,000        7,676,505
Komori Corp..........................................        74,000        1,159,647
Konica Corp..........................................        66,000          351,655
Koyo Seiko Co........................................       198,000        1,121,677
Kureha Chemical Industry Co., Ltd....................       263,000          642,946
Kurimoto, Ltd........................................       171,000          844,114
#Lion Corp...........................................       311,000          989,352
#Long Term Credit Bank of Japan, Ltd.................     2,895,000        4,876,983
#Maeda Corp..........................................       244,000          755,181
Makita Corp..........................................       209,000        2,472,791
Marubeni Corp........................................     1,942,000        4,854,049
Maruichi Steel Tube, Ltd.............................       117,000        1,494,300
#Matsushita Electric Industrial Co., Ltd.............     1,933,000       30,140,411
Matsushita Electric Works, Ltd.......................       286,000        2,330,578
#Matsushita Refrigeration Co.........................       222,000          878,433
Matsushita Seiko Co., Ltd............................       179,000          796,646
*Matsuzakaya Co., Ltd................................        30,000          122,233
*#Mazda Motor Corp...................................       794,000        2,221,023
Meija Seika Kaisha, Ltd. Tokyo.......................       366,000        1,399,475
Michimen Corp........................................       359,000          562,586
Michinoku Bank, Ltd..................................       187,000        1,084,270
Mitsubishi Cable Industries, Ltd.....................        29,000           67,032
Mitsubishi Chemical Corp.............................     2,129,000        4,153,739
#Mitsubishi Electric Corp............................     1,262,000        3,490,586
Mitsubishi Gas Chemical Co., Inc.....................       548,000        1,489,959
Mitsubishi Materials Corp............................       975,000        2,200,196
#Mitsubishi Motors Corp..............................       866,000        2,972,051
Mitsubishi Oil Co., Ltd..............................       590,000        1,317,532
Mitsubishi Paper Mills, Ltd..........................       419,000          860,161
#Mitsui Chemicals, Inc...............................       405,000        1,110,676
*#Mitsui Engineering and Shipbuilding Co., Ltd.......       781,000          691,502
Mitsui Toatsu Chemicals, Inc.........................       838,000        1,221,297
Mitsui Trust & Banking Co., Ltd......................     1,030,000        1,735,162
Mori Seiki Co., Ltd..................................       121,000        1,317,845
Musashino Bank, Ltd..................................        26,000        1,038,981
NCR Japan, Ltd.......................................        53,000          229,649
NGK Spark Plug Co., Ltd..............................       201,000        1,315,064
NHK Spring Co., Ltd..................................       315,000          987,267
NKK Corp.............................................       537,000          542,786
NOK Corp.............................................       149,000          856,932
NSK, Ltd.............................................       253,000        1,048,674
NTN Corp.............................................       398,000        1,375,263
Nagase & Co., Ltd....................................       196,000          790,911
Nanto Bank, Ltd......................................       288,000        1,444,231
Nichicon Corp........................................       100,000        1,120,470
Nichirei Corp........................................       366,000        1,092,623
Nifco, Inc...........................................        45,000          303,585
Nihon Cement Co., Ltd................................       424,000        1,152,815
Nihon Unisys, Ltd....................................        41,000          283,346

                                                             SHARES           VALUE+
                                                      -------------  ---------------
                                                                                    
#Nikko Securities Co., Ltd...........................     1,910,000  $     5,836,631
Nippon Chemi-Con Corp................................       119,000          387,886
#Nippon Credit Bank, Ltd.............................     1,683,000        1,490,139
Nippon Flour Mills Co., Ltd..........................        21,000           49,363
Nippon Hodo Co., Ltd.................................       151,000          615,240
Nippon Light Metal Co., Ltd..........................       525,000          991,381
Nippon Meat Packers, Inc., Osaka.....................       232,000        3,035,769
Nippon Oil Co., Ltd..................................     1,598,000        5,571,871
Nippon Sanso Corp....................................       367,000          957,579
Nippon Sheet Glass Co., Ltd..........................       567,000        1,110,676
Nippon Shinpan Co., Ltd..............................       399,000          484,584
Nippon Shinyaku Co., Ltd.............................        52,000          275,024
Nippon Shokubai Co., Ltd.............................       135,000          679,099
*Nippon Suisan Kaisha, Ltd...........................        49,000           70,261
Nishi-Nippon Bank, Ltd...............................        23,540           72,672
Nishimatsu Construction Co., Ltd.....................       359,000        1,443,032
#Nissan Shatai Co., Ltd..............................       158,000          506,343
#Nissei Sangyo Co., Ltd..............................       110,050          991,636
Nisshin Steel Co., Ltd...............................     1,318,000        1,817,575
Nisshinbo Industries, Inc............................       305,000        1,739,785
Ogaki Kyoritsu Bank, Ltd.............................        50,000          220,960
Oita Bank, Ltd.......................................       145,000          832,791
Okamura Corp.........................................        44,000          141,352
#Oki Electric Industry Co., Ltd......................       740,000        1,635,103
Okumura Corp.........................................       322,000        1,059,667
Olympus Optical Co., Ltd.............................       343,000        2,510,182
#Penta-Ocean Construction Co., Ltd...................       438,000          758,456
Pioneer Electronic...................................       182,000        3,165,837
Q.P. Corp............................................       168,000        1,184,721
Rengo Co., Ltd.......................................       252,000          821,406
#Rhythm Watch Co., Ltd...............................        73,000          120,118
Royal Co., Ltd.......................................        41,000          600,744
#Ryosan Co., Ltd.....................................        53,000          847,169
Ryoyo Electro Corp...................................        26,000          275,024
#Sakura Bank, Ltd....................................       758,000        2,648,917
San In Godo Bank, Ltd................................       222,000        1,457,677
Sanki Engineering Co., Ltd...........................       109,000          836,983
Sanyo Electric.......................................     2,536,000        7,153,457
Sanyo Shokai, Ltd....................................        77,000          311,922
#Seino Transportation Co., Ltd.......................       197,000        1,258,022
Seiyo Food Systems, Inc..............................        61,000          269,093
#Sekisui Chemical Co., Ltd...........................       557,000        4,054,480
Sekisui Jushi Co., Ltd...............................        27,000          151,898
Seksui House.........................................       928,000        6,675,056
Sharp Corp. Osaka....................................       257,000        1,719,710
#Shiga Bank, Ltd.....................................       268,000        1,280,940
Shimadzu Corp........................................       100,000          356,513
Shimizu Bank, Ltd....................................         8,400          419,918
#Shimizu Corp........................................       997,000        3,202,899
Shinwa Bank, Ltd.....................................       157,000          626,155
Shionogi & Co., Ltd..................................       455,000        2,591,851
Showa Electric Wire & Cable Co., Ltd., Kawasaki......       152,000          317,994
Snow Brand Milk Products Co., Ltd....................       419,000        1,076,842
Stanley Electric Co., Ltd............................       246,000          724,748
Sumitomo Corp........................................       918,000        5,790,323
Sumitomo For.........................................       125,000          832,517
Sumitomo Metal Industries, Ltd. Osaka................       177,000          360,588
Sumitomo Osaka Cement Co., Ltd.......................       594,000        1,130,985
Sumitomo Realty & Development Co., Ltd...............       488,000        3,269,265

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                                                               SHARES           VALUE+
                                                        -------------  ---------------
                                                                                      
  #Sumitomo Warehouse Co., Ltd.........................        67,000  $       255,138
  #Suruga Bank, Ltd....................................       256,000        1,390,072
  *#TEC Corp...........................................       345,000        1,056,964
  TOC Co., Ltd.........................................        65,000          611,166
  Tadano, Ltd..........................................        30,000          133,281
  Taikisha, Ltd........................................        30,000          343,193
  #Taisei Corp.........................................     1,325,000        3,062,684
  Takara Standard Co., Ltd.............................       175,000        1,186,092
  Tanabe Seiyaku Co., Ltd..............................       140,000          894,025
  Teijin, Ltd..........................................       917,000        2,407,013
  Teikoku Oil Co., Ltd.................................       346,000        1,165,759
  Toagosei Co., Ltd....................................       353,000          746,797
  Toda Corp............................................       418,000        1,768,619
  Toho Bank, Ltd.......................................       236,000        1,274,076
  #Tokai Rika Co., Ltd.................................        56,000          179,902
  #Tokushu Paper Manufacturing Co., Ltd................        31,000          218,852
  Tokuyama Corp........................................       248,000          864,721
  #Tokyo Sowa Bank.....................................       199,000          567,569
  Tokyo Steel Manufacturing Co., Ltd...................       202,800        1,231,499
  Tokyo Style Co., Ltd.................................       133,000        1,354,750
  #Tokyo Tatemono Co., Ltd.............................       294,000          967,522
  #Tokyo Tomin Bank, Ltd...............................        30,900          968,462
  Tokyu Department Store Co., Ltd......................       329,000          605,798
  #Tokyu Store Chain Corp..............................        53,000          255,397
  Tomoku Co., Ltd......................................        65,000          115,612
  Tostem Corp..........................................       188,000        2,135,945
  Towa Bank, Ltd.......................................       102,000          426,782
  Toyo Information System Co., Ltd.....................        25,000          342,801
  Toyo Ink Manufacturing Co., Ltd......................       378,000          918,159
  Toyo Seikan Kaisha, Ltd..............................       287,600        4,799,906
  #Toyo Suisan Kaisha, Ltd.............................       116,000          999,804
  Toyo Trust & Banking Co., Ltd........................       715,000        4,677,963
  Toyobo Co., Ltd......................................       448,000          684,505
  #Toyoda Machine Works, Ltd...........................       122,000        1,194,907
  Toyota Auto Body Co., Ltd............................        86,000          661,046
  Toyota Tsusho Corp...................................       314,000        1,065,324
  Uniden Corp..........................................        12,000          122,233
  #Unisia Jecs Corp....................................       130,000          308,639
  #Victor Co. of Japan, Ltd............................       246,000        2,313,026
  Wacoal Corp..........................................       149,000        1,447,679
  Yakult Honsha Co., Ltd...............................       228,000        1,643,565
  #Yamagata Bank, Ltd..................................       154,000          687,796
  Yamaguchi Bank.......................................       133,000        1,709,070
  Yamatake Honeywell Co., Ltd..........................        87,000        1,015,710
  Yamato Kogyo Co., Ltd................................       123,000          946,413
  #Yasuda Trust & Banking Co., Ltd.....................     1,434,000        1,224,729
  #Yodogawa Steel Works, Ltd...........................       296,000        1,484,349
  Yokogawa Electric Corp...............................       337,000        2,212,780
  Yokohama Reito Co., Ltd..............................        34,000          274,398
  #Yokohama Rubber Co., Ltd............................       404,000        1,098,437
  Zexel Corp...........................................        60,000          201,214
                                                                       ---------------
TOTAL COMMON STOCKS                                                                   
  (Cost $638,343,721)..................................                    424,473,311
                                                                       ---------------
INVESTMENT IN CURRENCY -- (0.4%)                                                      
  *Japanese Yen (Cost $5,570,515)......................                      5,535,941
                                                                       ---------------
TOTAL -- JAPAN                                                                        
  (Cost $643,914,236)..................................                    430,009,252
                                                                       ---------------

                                                               SHARES           VALUE+
                                                        -------------  ---------------
                                                                                      
UNITED KINGDOM -- (22.6%)                                                             
COMMON STOCKS -- (22.5%)                                                              
  ASDA Group P.L.C.....................................     1,719,300  $     4,663,677
  Abbey National P.L.C.................................       440,000        6,949,841
  *Aggreko P.L.C.......................................        32,000           85,454
  Allied Domecq P.L.C..................................       140,000        1,256,026
  Anglian Water P.L.C..................................       174,300        2,391,880
  Antofagasta Holdings P.L.C...........................        38,000          232,083
  Arjo Wiggins Appleton P.L.C..........................       659,100        1,887,779
  Associated British Foods P.L.C.......................       733,200        6,750,929
  Associated British Ports Holdings P.L.C..............       369,200        1,747,910
  BAA P.L.C............................................     1,005,676        8,463,393
  BG P.L.C.............................................     2,574,617       12,015,544
  BICC P.L.C...........................................       134,750          346,218
  Barclays P.L.C.......................................       664,025       16,009,398
  Bardon Group P.L.C...................................     1,015,384          872,472
  Barratt Developments P.L.C...........................       222,000          923,849
  Bass P.L.C...........................................       672,000        9,595,330
  Beazer Group P.L.C...................................       157,257          437,164
  Berkeley Group P.L.C.................................        78,622          888,828
  Booker P.L.C.........................................       215,000        1,122,926
  British Airways P.L.C................................        62,000          572,953
  British Land Co. P.L.C...............................       456,746        5,044,271
  British Steel P.L.C..................................     1,575,000        3,675,202
  British Telecommunications P.L.C.....................     3,087,096       23,613,313
  British Vita P.L.C...................................       212,300          876,329
  Brixton Estate P.L.C.................................       224,700          834,762
  Bryant Group P.L.C...................................       224,555          433,191
  Burford Holdings P.L.C...............................       337,000          607,526
  Burton Group P.L.C...................................       460,700        1,152,645
  Capital Shopping Centres P.L.C.......................       381,375        2,663,347
  *Centrica P.L.C......................................     2,862,900        4,172,278
  Chelsfield P.L.C.....................................       227,800        1,352,894
  Christies International P.L.C........................        41,000          159,223
  Coats Viyella P.L.C..................................       674,730        1,153,844
  Commercial Union P.L.C...............................       658,591        9,126,466
  Courtaulds P.L.C.....................................        40,000          184,992
  Delta P.L.C..........................................       143,000          631,231
  Energy Group P.L.C...................................        18,200          194,867
  English China Clays P.L.C............................       249,062        1,082,625
  First Leisure Corp. P.L.C............................       127,900          564,576
  General Accident P.L.C...............................       464,500        7,661,598
  *Grantchester Holdings P.L.C.........................        12,930           35,182
  Great Portland Estates P.L.C.........................       197,275          827,604
  Great Universal Stores P.L.C.........................       814,600        9,565,950
  Greenalls Group P.L.C................................       283,846        1,817,261
  *Greene King P.L.C...................................        59,000          648,113
  Guardian Royal Exchange P.L.C........................       877,661        4,391,715
  Guinness P.L.C.......................................        85,000          772,612
  Hambros P.L.C........................................       107,954          459,252
  Hanson P.L.C.........................................       624,950        3,164,031
  Hardy Oil & Gas P.L.C................................        74,000          349,716
  Harrisons & Crosfield P.L.C..........................       688,000        1,367,796
  Highland Distilleries Co. P.L.C......................       106,000          558,093
  Hillsdown Holdings P.L.C.............................       477,593        1,247,213
  House of Fraser P.L.C................................       140,000          489,437
  Hyder P.L.C..........................................        95,341        1,511,542
  Ibstock P.L.C........................................       150,000          133,942
  Imperial Chemical Industries P.L.C...................       637,700        9,293,589
  Inchcape P.L.C.......................................       508,000        1,805,914
  Kwik Save Group P.L.C................................       141,551          739,308

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                                                               SHARES           VALUE+
                                                        -------------  ---------------
                                                                                      
  Ladbroke Group P.L.C.................................       954,288  $     4,369,180
  Laird Group P.L.C....................................        92,400          665,517
  Lasmo P.L.C..........................................       613,035        2,724,135
  Lex Service P.L.C....................................       109,433          802,948
  London & Manchester Group P.L.C......................        98,000          840,417
  Lonrho P.L.C.........................................       752,930        1,148,032
  Marley P.L.C.........................................       216,232          367,953
  Mersey Docks & Harbour Co. P.L.C.....................        37,610          266,136
  Meyer International P.L.C............................       101,097          654,064
  Mirror Group P.L.C...................................       403,000        1,290,059
  National Westminster Bank P.L.C......................     1,159,229       17,489,837
  Peel Holdings P.L.C..................................        32,500          338,120
  Persimmon P.L.C......................................       162,000          584,090
  Pilkington P.L.C.....................................       995,666        2,155,598
  Powell Duffryn P.L.C.................................        47,037          369,694
  Powergen P.L.C.......................................       438,132        5,654,376
  Premier Consolidated Oilfields P.L.C.................       988,414          907,583
  RJB Mining P.L.C.....................................       100,000          269,570
  RMC Group P.L.C......................................       223,000        3,422,742
  Racal Electronics P.L.C..............................       274,000        1,008,679
  Rank Group P.L.C.....................................       749,000        4,369,407
  Redland P.L.C........................................       417,095        2,406,836
  Rio Tinto P.L.C......................................        64,300          781,083
  Rolls-Royce P.L.C....................................       311,956        1,244,326
  Royal & Sun Alliance Insurance Group, Inc. P.L.C.....     1,470,779       13,443,059
  Rugby Group P.L.C....................................       417,000          874,694
  Safeway P.L.C........................................       716,577        3,896,548
  Sainsbury (J.) P.L.C.................................       942,006        7,733,150
  Scottish & Newcastle P.L.C...........................       117,600        1,383,964
  Scottish Hydro-Electric P.L.C........................       374,000        2,952,107
  Sears P.L.C..........................................     1,466,100        1,210,349
  Severn Trent P.L.C...................................       240,597        3,814,440
  Shell Transport & Trading Co., P.L.C.................     2,222,545       15,231,022
  Slough Estates P.L.C.................................       376,100        2,195,622
  Smith (David S.) Holdings P.L.C......................       298,000        1,001,636
  South West Water P.L.C...............................        83,253        1,258,883
  Stakis P.L.C.........................................       733,194        1,222,940
  Storehouse P.L.C.....................................       405,000        1,654,694
  T & N P.L.C..........................................       352,635        1,485,307
  Tarmac P.L.C.........................................       894,395        1,740,453
  Tate & Lyle P.L.C....................................        70,000          554,302
  Taylor Woodrow P.L.C.................................       382,652        1,121,771
  *Telewest Communications P.L.C.......................       715,000          831,201
  Tesco P.L.C..........................................     1,412,941       11,367,065
  Thames Water P.L.C...................................       260,611        3,978,065
  Thistle Hotels P.L.C.................................       306,000          811,994
  Unigate P.L.C........................................       229,400        2,235,876
  Unilever P.L.C.......................................     2,118,000       16,744,846
  United Assurance Group P.L.C.........................       331,000        2,880,376
  United Biscuits Holdings P.L.C.......................       508,963        1,822,200
  United Utilities P.L.C...............................       362,528        4,648,118
  Vaux Group P.L.C.....................................        87,094          374,179
  Wessex Water P.L.C...................................       142,021        1,161,697
  Whitbread P.L.C......................................       469,600        6,681,572
  Wilson (Connolly) Holdings P.L.C.....................       128,000          361,223
  Wilson Bowden P.L.C..................................        89,200          785,239
  Wimpey (George) P.L.C................................       236,750          432,783

                                                               SHARES           VALUE+
                                                        -------------  ---------------
                                                                                      
  Wolverhampton & Dudley Breweries P.L.C...............        42,700  $       329,851
  Yorkshire Water P.L.C................................       243,045        2,010,570
                                                                       ---------------
TOTAL COMMON STOCKS                                                                   
  (Cost $261,899,028)..................................                    355,939,282
                                                                       ---------------
INVESTMENT IN CURRENCY -- (0.1%)                                                      
  *British Pound Sterling (Cost $1,692,497)............                      1,697,215
                                                                       ---------------
PREFERRED STOCKS -- (0.0%)                                                            
  Hyder P.L.C.                                                                        
    (Cost $111,389)....................................        76,860          149,890
                                                                       ---------------
RIGHTS/WARRANTS -- (0.0%)                                                             
  *Meyer International P.L.C. Rights                                                  
    (Cost $0)..........................................        25,274            6,387
                                                                       ---------------
TOTAL -- UNITED KINGDOM                                                               
  (Cost $263,702,914)..................................                    357,792,774
                                                                       ---------------
GERMANY -- (9.8%)                                                                     
COMMON STOCKS -- (9.8%)                                                               
  *AGIV AG fuer Industrie & Verkehrswesen..............        57,800        1,186,259
  *Ava Allgemeine Handelsgesellschaft der Verbraucher                                 
    AG, Bielefeld......................................         3,700          891,526
  #BASF AG.............................................       607,450       21,490,098
  BHF Bank AG..........................................       109,700        3,187,453
  Bankgesellschaft Berlin AG...........................       222,000        4,726,136
  Bayer AG.............................................        68,900        2,549,624
  #Bayerische Hypotheken und Wechselbank AG............       303,300       13,154,584
  #Bayerische Vereinsbank AG...........................       278,450       16,536,535
  #Berliner Kraft & Licht Bewag AG.....................        88,800        2,177,421
  Bilfinger & Berger Bau AG, Mannheim..................        45,700        1,681,528
  #Commerzbank AG......................................       359,450       12,492,295
  Continental AG.......................................        20,000          506,285
  DBV-Winterthur Holding AG, Wiesbaden.................         4,400        1,372,014
  *Deutsche Babcock AG, Oberhausen.....................         2,500          126,571
  Deutsche Bank AG.....................................       277,700       17,806,631
  Deutsche Hypothekenbank Frankfurt AG.................           300          168,384
  Deutsche Lufthansa AG................................       254,700        4,837,456
  Deutsche Pfandbrief und Hypothekenbank AG, Depfa.....        45,700        2,590,953
  Deutsche Telekom AG..................................       137,600        2,788,931
  #Dresdner Bank AG, Frankfurt.........................       387,000       15,007,569
  Dyckerhoff AG........................................         2,275          677,149
  *Energie Baden-Wuerttemberg AG.......................        40,520        1,229,041
  Hochtief AG..........................................        77,400        3,203,370
  *Holzmann (Philipp) AG...............................         6,200        1,715,358
  IVG Holding AG.......................................         2,100           60,720
  #Karstadt AG.........................................         8,350        2,901,952
  Linde AG.............................................         2,000        1,246,152
  #Man AG, Muechen.....................................        14,000        4,167,068
  Merck KGAA...........................................        30,300        1,102,861
  Preussag AG..........................................         2,000          572,051
  *Ruetgerswerke AG....................................           467           77,973
  Schmalbach-Lubeca AG.................................         1,370          256,706
  #Siemens AG..........................................        58,000        3,405,033
  Thuega AG............................................           267           70,844

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                                                               SHARES           VALUE+
                                                        -------------  ---------------
                                                                                      
  Thyssen Industrie AG Essen...........................         3,000  $       569,783
  Vereins & Westbank AG................................         5,096        1,196,115
  Viag AG..............................................         4,900        2,489,684
  Volkswagen AG........................................         7,000        3,968,636
                                                                       ---------------
TOTAL COMMON STOCKS                                                                   
  (Cost $118,297,250)..................................                    154,188,749
                                                                       ---------------
INVESTMENT IN CURRENCY -- (0.0%)                                                      
  *German Marks (Cost $132,314)........................                        130,420
                                                                       ---------------
TOTAL -- GERMANY                                                                      
  (Cost $118,429,564)..................................                    154,319,169
                                                                       ---------------
SWITZERLAND -- (7.8%)                                                                 
COMMON STOCKS -- (7.7%)                                                               
  *Ascom Holding AG, Bern..............................           600          785,725
  *Baloise-Holding, Basel..............................         7,888       14,053,209
  Banca del Gotthard...................................           640          363,613
  Banque Cantonale Vaudois.............................         5,795        1,711,238
  Bobst SA, Prilly.....................................         2,022        2,978,347
  Credit Suisse Holding, Zuerich (Namen)...............       112,000       16,399,077
  Danzas Holding AG....................................         7,260        1,522,589
  EGL (Elektrizitaets-Gesellschaft Laufenberg) AG,                                    
    Laufenberg.........................................         3,173          666,564
  Financiere Richemont AG Units -A-....................         1,320        1,467,500
  Fischer (Georg) AG, Schaffhausen.....................         2,272        2,921,095
  Fischer (Georg) AG, Schaffhausen (Namen).............         1,327          353,695
  Forbo Holding AG, Eglisau............................         6,081        2,435,488
  Jelmoli Holding AG, Zuerich..........................           500          438,384
  Julius Baer Holding AG, Zuerich......................         2,386        3,891,063
  Oerlikon-Buehrle Holding AG, Zuerich.................        44,781        6,384,094
  Pargesa Holding SA, Geneve...........................         1,935        2,429,455
  Pirelli SA, Basel....................................         3,600          757,528
  Rieter Holding AG, Winterthur........................         5,000        2,184,907
  Roche Holding AG, Basel..............................           464        7,062,405
  SBG (Schweizerische Bankgesellschaft)................         5,658        7,203,018
  *SBV (Schweizerischer Bankverein) (Namen)............        66,000       18,933,990
  SIG (Schweizerische Industrie Gesellschaft Holding                                  
    AG), Neuhausen am Rheinfall........................           840        2,179,997
  SIG (Schweizerische Industrie Gesellschaft Holding                                  
    AG), Neuhausen am Rheinfall (Namen)................         1,343        1,733,280
  *Saurer AG, Arbon....................................         6,027        4,409,206
  Schindler Holding AG, Hergiswil......................         1,829        2,078,278
  Schweizerische National Versicherungs Gesellschaft,                                 
    Basel..............................................         1,106        2,497,962
  Sulzer AG, Winterthur................................         6,000        3,977,022
  *Swissair Schweizerische Luftverkehr AG, Zuerich.....         6,438        8,435,343
  UBS (Union Bank of Switzerland)......................         4,275        1,083,975
  *Von Roll Holding AG, Gerlafingen....................        15,045          297,589
                                                                       ---------------
TOTAL COMMON STOCKS                                                                   
  (Cost $88,319,539)...................................                    121,635,636
                                                                       ---------------

                                                               SHARES           VALUE+
                                                        -------------  ---------------
                                                                                      
INVESTMENT IN CURRENCY -- (0.1%)                                                      
  *Swiss Francs (Cost $2,108,134)......................                $     2,081,693
                                                                       ---------------
TOTAL -- SWITZERLAND                                                                  
  (Cost $90,427,673)...................................                    123,717,329
                                                                       ---------------
FRANCE -- (7.8%)                                                                      
COMMON STOCKS -- (7.7%)                                                               
  #AGF (Assurances Generales de France SA).............       100,156        5,695,338
  AXA-UAP..............................................        70,000        5,059,549
  Accor SA.............................................         5,592        1,060,905
  Banque Nationale de Paris............................       191,044        9,323,261
  Bongrain SA..........................................         1,463          612,114
  Bouygues.............................................        13,179        1,348,375
  CPR (Cie Parisienne de Reescompte)...................        16,385        1,298,923
  *Centrale du Groupe des Assurances Nationales SA.....       106,860        2,507,010
  #Christian Dior SA...................................        21,100        2,112,327
  Ciments Vicat........................................           800           67,756
  *Club Mediterranee SA................................        10,000          748,710
  Colas SA.............................................         4,250          622,005
  Credit Commercial de France..........................        13,391          793,685
  Credit National......................................         8,144          479,108
  ECIA (Equipements et Composants pour l'Industrie                                    
    Automobile)........................................         3,000          467,520
  Elf Aquitaine........................................       140,000       16,126,054
  Eridania Beghin-Say SA...............................        18,900        2,938,973
  Esso SA..............................................         8,476          684,858
  *Euro Disney SCA.....................................       551,700          733,608
  Financiere de Paribas SA Series A....................        90,572        6,517,329
  Fromageries Bel la Vache qui Rit.....................            75           53,358
  GTM Entrepose........................................        21,077        1,392,402
  Groupe Danone........................................        42,500        6,803,179
  Imetal...............................................         1,900          226,578
  LaFarge Coppee SA....................................        68,857        4,515,049
  Labinal SA...........................................         3,200          813,078
  Lyonnais des Eaux SA.................................        57,442        6,207,853
  Pechiney International...............................        26,150          507,630
  Pechiney SA Series A.................................        10,100          395,378
  Pernod-Ricard........................................        26,000        1,316,408
  Peugeot SA...........................................        36,550        4,179,096
  Rallye SA............................................        14,220          602,186
  Remy Cointreau SA....................................        27,400          431,643
  #Rhone-Poulenc SA Series A...........................       176,126        7,792,697
  #Saint-Gobain........................................        64,336        8,631,185
  #Societe Generale Paris..............................        68,532        8,950,328
  Sommer-Allibert SA...................................        13,500          436,776
  Sophia SA............................................         7,700          297,383
  Thomson-CSF..........................................        87,203        2,522,961
  Total SA.............................................        40,000        4,167,027
  Union Assurances Federales SA........................           900          108,698
  Usinor...............................................        31,600          492,454
  *#Worms et Compagnie SA..............................        20,800        1,620,736
                                                                       ---------------
TOTAL COMMON STOCKS                                                                   
  (Cost $101,460,699)..................................                    121,661,491
                                                                       ---------------
INVESTMENT IN CURRENCY -- (0.1%)                                                      
  *French Francs (Cost $1,327,081).....................                      1,310,316
                                                                       ---------------
TOTAL -- FRANCE                                                                       
  (Cost $102,787,780)..................................                    122,971,807
                                                                       ---------------

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                                                               SHARES           VALUE+
                                                        -------------  ---------------
                                                                                      
NETHERLANDS -- (5.6%)                                                                 
COMMON STOCKS -- (5.6%)                                                               
  ABN Amro Holding NV..................................     1,252,433  $    23,877,467
  Bijenkorf Beheer KBB NV, Amsterdam...................        10,508          663,374
  DSM NV...............................................        31,453        2,879,572
  Fortis Amev NV.......................................       270,197       11,172,411
  Gist-Brocades NV.....................................        38,304          982,673
  Hollandsche Beton Groep NV...........................        30,360          549,793
  Ing Groep NV.........................................       723,113       29,390,845
  KLM (Koninklijke Luchtvaart Mij NV)..................        76,540        2,752,891
  Koninklijke Hoogovens NV.............................        32,448        1,465,746
  Koninklijke KNP BT...................................        97,300        2,085,052
  Nationale Investeringsbank NV Series A...............         9,018          992,549
  Nedlloyd Groep NV, Rotterdam.........................        21,000          482,759
  Pakhoed NV...........................................        37,037        1,006,061
  Philips Electronics NV...............................       110,000        7,265,273
  Stad Rotterdam.......................................        39,899        2,051,197
  Stork NV.............................................        26,848          988,593
                                                                       ---------------
TOTAL COMMON STOCKS                                                                   
  (Cost $59,680,710)...................................                     88,606,256
                                                                       ---------------
INVESTMENT IN CURRENCY -- (0.0%)                                                      
  *Netherlands Guilder (Cost $33,981)..................                         33,485
                                                                       ---------------
TOTAL -- NETHERLANDS                                                                  
  (Cost $59,714,691)...................................                     88,639,741
                                                                       ---------------
ITALY -- (4.0%)                                                                       
COMMON STOCKS -- (3.9%)                                                               
  #Banca Commerciale Italiana SpA......................     3,765,000       10,763,055
  *#Banca di Roma......................................     7,168,500        5,915,500
  *#CIR SpA (Cie Industriale Riunite), Torino..........       885,000          682,168
  #Cartiere Burgo SpA..................................       235,000        1,373,513
  Cia Assicuratrice Unipol SpA.........................       116,134          342,747
  Credito Italiano.....................................     2,030,000        5,532,999
  #Fiat SpA............................................     3,967,399       11,456,450
  *Finmeccanica SpA....................................     2,070,000          966,691
  #Ifil Finanziaria Partecipazioni SpA, Torino.........       907,000        3,351,289
  *#Ing C.Olivetti & C SpA, Ivrea......................     4,836,016        2,711,784
  #Istituto Bancario San Paolo Torino SpA..............     1,003,500        8,263,536
  #Italcementi Fabbriche Riunite Cemento SpA,                                         
    Bergamo............................................       364,000        2,323,381
  Italmobiliare SpA, Milano............................        14,330          254,582
  Magneti Marelli SpA..................................       700,000        1,134,226
  Milano Assicurazioni SpA.............................        49,520          149,874
  #Montedison SpA......................................     5,375,000        4,416,828
  Sirti SpA............................................        25,000          150,025
  Toro Assicurazioni Cia Anonima d'Assicurazione di                                   
    Torino SpA.........................................       129,500        1,596,221
                                                                       ---------------
TOTAL COMMON STOCKS                                                                   
  (Cost $53,820,158)...................................                     61,384,869
                                                                       ---------------
INVESTMENT IN CURRENCY -- (0.1%)                                                      
  *Italian Lira (Cost $1,695,258)......................                      1,671,485
                                                                       ---------------
TOTAL -- ITALY                                                                        
  (Cost $55,515,416)...................................                     63,056,354
                                                                       ---------------
HONG KONG -- (2.9%)                                                                   
COMMON STOCKS -- (2.7%)                                                               
  #Amoy Properties, Ltd................................     3,610,000        3,105,511

                                                               SHARES           VALUE+
                                                        -------------  ---------------
                                                                                      
  Chinese Estates Holdings, Ltd........................     2,675,131  $     1,280,416
  *Evergo China Holdings, Ltd..........................       285,280           14,024
  #Great Eagle Holdings, Ltd...........................       569,680          854,856
  HKR International, Ltd...............................     1,077,384          871,073
  Hang Lung Development Co., Ltd.......................     1,836,000        2,790,710
  #Hongkong & Shanghai Hotels, Ltd.....................     1,612,624        1,387,263
  #Hopewell Holdings, Ltd..............................     6,044,000        1,602,812
  #Hysan Development Co., Ltd..........................     1,418,000        2,843,231
  Kerry Properties, Ltd................................       580,000          975,384
  Miramar Hotel & Investment Co., Ltd..................       600,000        1,024,541
  New World Development Co. Ltd........................     1,240,739        4,598,427
  #Paliburg Holdings, Ltd..............................     2,310,625        1,688,815
  Realty Development Corp., Ltd. Series A..............       213,000          596,543
  #Regal Hotels International Holdings, Ltd............     4,988,179          825,955
  #Shangri-la Asia, Ltd................................     2,180,000        1,692,045
  Sino Hotels (Holdings), Ltd..........................       543,653          132,919
  #Sino Land Co., Ltd..................................     4,169,200        2,400,032
  Swire Pacific, Ltd. Series A.........................       617,500        3,091,378
  Tsim Sha Tsui Properties, Ltd........................     1,174,000        1,571,856
  Wharf Holdings, Ltd..................................     3,166,000        6,450,534
  #Wheelock and Co., Ltd...............................     2,795,000        3,145,613
                                                                       ---------------
TOTAL COMMON STOCKS                                                                   
  (Cost $59,918,462)...................................                     42,943,938
                                                                       ---------------
INVESTMENT IN CURRENCY -- (0.2%)                                                      
  *Hong Kong Dollars (Cost $3,428,344).................                      3,426,913
                                                                       ---------------
RIGHTS/WARRANTS -- (0.0%)                                                             
  *Century City International Holdings, Ltd. Warrants                                 
    12/31/98...........................................       159,165            5,147
  *Great Eagle Holdings, Ltd. Warrants 11/30/98........       113,936           41,269
                                                                       ---------------
TOTAL RIGHTS/WARRANTS                                                                 
  (Cost $0)............................................                         46,416
                                                                       ---------------
TOTAL -- HONG KONG                                                                    
  (Cost $63,346,806)...................................                     46,417,267
                                                                       ---------------
SPAIN -- (2.9%)                                                                       
COMMON STOCKS -- (2.9%)                                                               
  Autopistas Concesionaria Espanola SA.................        57,600          768,644
  Autopistas del Mare Nostrum SA.......................        65,000        1,050,461
  #Banco Central Hispanoamericano SA, Madrid...........       364,000        6,944,376
  Compania Espanola de Petroleos SA, Madrid............        14,000          424,342
  Corporacion Mapfre Compania Internacional de                                        
    Reaseguros SA, Majadahonda.........................         7,200          348,593
  Cristaleria Espanola SA, Madrid......................         3,100          229,914
  DRACONSA (Dragados y Construcciones SA)..............       133,189        2,804,449
  Ebro Agricolas Compania de Alimentacion SA...........       111,600        1,979,427
  #FESCA (Fuerzas Electricas de Cataluna SA) Series                                   
    A..................................................       360,334        3,225,790
  Hidroelectrica del Cantabrico SA, Oviedo.............        10,000          460,017
  Iberdrola SA.........................................     1,070,000       13,704,610
  Metrovacesa (Inmobiliaria Metropolitana Vasco                                       
    Central)...........................................        42,840        1,847,183

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                                                               SHARES           VALUE+
                                                        -------------  ---------------
                                                                                      
  Sevillana de Electricidad SA.........................       420,719  $     4,133,132
  #Union Electrica Fenosa SA...........................       460,900        4,605,137
  Uralita SA...........................................        24,500          285,046
  Vallehermoso SA......................................        80,000        2,349,707
                                                                       ---------------
TOTAL COMMON STOCKS                                                                   
  (Cost $33,946,673)...................................                     45,160,828
                                                                       ---------------
INVESTMENT IN CURRENCY -- (0.0%)                                                      
  *Spanish Peseta (Cost $36,987).......................                         36,774
                                                                       ---------------
TOTAL -- SPAIN                                                                        
  (Cost $33,983,660)...................................                     45,197,602
                                                                       ---------------
AUSTRALIA -- (2.8%)                                                                   
COMMON STOCKS -- (2.7%)                                                               
  #Amcor, Ltd..........................................       505,844        2,267,070
  Australian National Industries, Ltd..................       575,169          515,554
  #Boral, Ltd..........................................       929,700        2,353,703
  #Burns, Philp & Co., Ltd.............................       424,311           87,099
  #CSR, Ltd............................................       842,897        2,768,362
  #Commonwealth Bank of Australia......................       358,842        4,260,248
  #Email, Ltd..........................................       214,213          473,430
  #Fosters Brewing Group, Ltd..........................     1,570,209        2,911,614
  #GIO Australia Holdings, Ltd.........................       479,702        1,161,935
  #Goodman Fielder, Ltd................................       627,341          944,351
  MIM Holdings.........................................     1,321,990          958,829
  News Corp., Ltd......................................     1,162,360        6,219,487
  North, Ltd...........................................       297,538          764,468
  Pacific Dunlop, Ltd..................................       506,319        1,039,328
  Pioneer International, Ltd...........................       385,982        1,016,798
  #Publishing and Broadcasting, Ltd....................       176,912        1,004,714
  Qantas Airways, Ltd..................................       383,458          705,793
  Rio Tinto, Ltd.......................................       320,562        3,531,385
  Stockland Trust Group Units..........................       146,873          361,585
  Village Roadshow, Ltd................................        45,752          110,194
  WMC, Ltd.............................................       447,934        1,435,922
  Weston (George) Foods, Ltd...........................        42,444          266,894
  #Westpac Banking Corp................................     1,299,377        8,170,673
                                                                       ---------------
TOTAL COMMON STOCKS                                                                   
  (Cost $43,956,056)...................................                     43,329,436
                                                                       ---------------
INVESTMENT IN CURRENCY -- (0.1%)                                                      
  *Australian Dollar (Cost $776,839)...................                        779,001
                                                                       ---------------
TOTAL -- AUSTRALIA                                                                    
  (Cost $44,732,895)...................................                     44,108,437
                                                                       ---------------
SWEDEN -- (2.7%)                                                                      
COMMON STOCKS -- (2.7%)                                                               
  Avesta Sheffield AB..................................        97,900          697,386
  *Diligentia AB.......................................        50,770          650,983
  Electrolux AB Series B...............................         8,900          699,691
  *Graenges AB.........................................         4,450           70,891
  Gullspangs Kraft AB Series B.........................        22,800          369,124
  Kinnevik Industrifoervaltnings AB Series A...........         3,200           58,024
  #Kinnevik Industrifoervaltnings AB Series B..........        34,600          667,713
  Mo Och Domsjoe AB Series A...........................         6,300          181,959
  Mo Och Domsjoe AB Series B...........................        64,200        1,808,514
  *Modern Times Group AB Series A......................         3,200           19,894
  *Modern Times Group AB Series B......................        11,500           72,983
  NCC AB Series A......................................        45,400          499,807
  NCC AB Series B......................................        73,600          815,026
  Naeckebro AB.........................................        21,630          291,352
  SSAB Swedish Steel Series A..........................        92,700        1,596,831

                                                               SHARES           VALUE+
                                                        -------------  ---------------
                                                                                      
  SSAB Swedish Steel Series B..........................        33,300  $       569,306
  Skandinaviska Enskilda Banken Series A...............       496,200        5,880,380
  Skandinaviska Enskilda Banken Series C...............        23,700          259,378
  Stora Kopparbergs Bergslags AB Series A..............       259,100        3,456,465
  Stora Kopparbergs Bergslags AB Series B..............        57,600          764,670
  Svenska Cellulosa AB Series A........................        57,000        1,269,787
  Svenska Cellulosa AB Series B........................       186,800        4,137,143
  Svenska Handelsbanken Series A.......................       200,300        7,069,278
  Svenska Handelsbanken Series B.......................        20,000          652,767
  Svenska Kullagerfabriken AB                                                         
    Series A...........................................        14,600          326,189
  Svenska Kullagerfabriken AB                                                         
    Series B...........................................         5,500          128,222
  Sydkraft AB Series C.................................         8,800          192,618
  Trelleborg AB Series B...............................       109,700        1,534,468
  Trygg Hansa AB Series B..............................        42,700        1,324,527
  Volvo AB Series A....................................        85,900        2,280,734
  Volvo AB Series B....................................       187,800        4,986,284
                                                                       ---------------
TOTAL COMMON STOCKS                                                                   
  (Cost $30,931,988)...................................                     43,332,394
                                                                       ---------------
INVESTMENT IN CURRENCY -- (0.0%)                                                      
  *Swedish Krona (Cost $746)...........................                            727
                                                                       ---------------
TOTAL -- SWEDEN                                                                       
  (Cost $30,932,734)...................................                     43,333,121
                                                                       ---------------
BELGIUM -- (1.3%)                                                                     
COMMON STOCKS -- (1.3%)                                                               
  Ackermans & Van Haaren SA............................         2,500          621,736
  Banque Bruxelles Lambert VVPR........................           128                4
  Bekaert SA...........................................         2,500        1,554,341
  Electrabel SA........................................         4,600        1,028,963
  #Electrafina SA......................................         8,000          746,359
  Generale de Banque SA................................        12,030        4,975,306
  Generale de Banque SA VVPR...........................           630              173
  Generale de Belgique SA..............................        19,080        1,780,065
  Glaverbel SA.........................................        11,312        1,635,095
  Glaverbel SA VVPR....................................            22                1
  Groupe Bruxelles Lambert SA, Bruxelles...............         6,300          953,915
  Nationale a Portefeuille.............................         4,700          303,517
  Sofina SA............................................           500          336,287
  Solvay SA............................................        62,790        3,770,159
  Tractabel (Cie Reunies Electrobel et Tractionel                                     
    SA)................................................        16,915        1,452,579
  *Union Miniere SA....................................        20,400        1,468,754
                                                                       ---------------
TOTAL COMMON STOCKS                                                                   
  (Cost $17,859,485)...................................                     20,627,254
                                                                       ---------------
INVESTMENT IN CURRENCY -- (0.0%)                                                      
  *Belgian Francs (Cost $123,308)......................                        121,437
                                                                       ---------------
TOTAL -- BELGIUM                                                                      
  (Cost $17,982,793)...................................                     20,748,691
                                                                       ---------------
DENMARK -- (1.2%)                                                                     
COMMON STOCKS -- (1.2%)                                                               
  Bikuben Girobank A.S.................................        32,497        2,105,377
  Den Danske Bank A.S..................................        44,140        5,246,051
  Forsikringsselskabet Codan A.S.......................         7,662        1,049,850
  Jyske Bank A.S.......................................         9,990        1,060,846

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THE DFA INTERNATIONAL VALUE SERIES                                              

CONTINUED                                                                       

                                                        [Enlarge/Download Table]

                                                               SHARES           VALUE+
                                                        -------------  ---------------
                                                                                      
  #Tele Danmark A.S. Series B..........................        70,184  $     4,202,053
  Tryg Baltica Forsikring A.S..........................        22,422        1,332,430
  Unidanmark A.S. Series A.............................        51,864        3,669,078
                                                                       ---------------
TOTAL COMMON STOCKS                                                                   
  (Cost $16,803,513)...................................                     18,665,685
                                                                       ---------------
INVESTMENT IN CURRENCY -- (0.0%)                                                      
  *Denmark Krone (Cost $342)...........................                            342
                                                                       ---------------
TOTAL -- DENMARK                                                                      
  (Cost $16,803,855)...................................                     18,666,027
                                                                       ---------------
MALAYSIA -- (0.9%)                                                                    
COMMON STOCKS -- (0.8%)                                                               
  AMMB Holdings Berhad.................................       147,600          126,981
  Berjaya Group Berhad.................................     1,302,500          455,180
  Berjaya Industrial Berhad............................       691,000          148,451
  Berjaya Leisure Berhad...............................       235,000          189,156
  Commerce Asset Holding Berhad........................       759,000          408,738
  Genting Berhad.......................................       750,000        1,729,427
  Golden Hope Plantations Berhad.......................     1,087,000        1,245,474
  Hap Seng Consolidated Berhad.........................       120,000          167,744
  Highlands & Lowlands Berhad..........................       607,000          664,197
  Hong Leong Credit Berhad.............................       309,000          269,077
  Hong Leong Industries Berhad.........................       144,000          177,368
  IOI Corp. Berhad.....................................       436,000          222,306
  Kuala Lumpur Kepong Berhad...........................       677,000        1,483,526
  Malaysian Airlines System............................       987,000          729,427
  Malaysian Resources Corp. Berhad.....................       332,000          133,141
  Mulpha International Berhad..........................     1,291,250          247,817
  Perlis Plantations Berhad............................       380,000          761,951
  Renong Berhad........................................     1,008,000          519,731
  Sime Darby Berhad (Malaysia).........................       846,000          848,171
  Southern Bank Berhad (Foreign).......................       195,000          101,102
  *Southern Bank Berhad (Foreign) Issue 97.............        97,500           49,992
  Telekom Malaysia Berhad..............................       339,000          757,425
  Tenaga Nasional Berhad...............................       774,000        1,441,118
                                                                       ---------------
TOTAL COMMON STOCKS                                                                   
  (Cost $27,260,071)...................................                     12,877,500
                                                                       ---------------
INVESTMENT IN CURRENCY -- (0.1%)                                                      
  *Malaysian Ringetts (Cost $1,689,250)................                      1,609,065
                                                                       ---------------
TOTAL -- MALAYSIA                                                                     
  (Cost $28,949,321)...................................                     14,486,565
                                                                       ---------------
SINGAPORE -- (0.8%)                                                                   
COMMON STOCKS -- (0.7%)                                                               
  First Capital Corp., Ltd.............................       580,000          655,561
  Fraser & Neave, Ltd..................................       272,000        1,357,839
  Industrial & Commercial Bank, Ltd....................        13,000           31,836
  #Keppel Corp., Ltd...................................       178,000          603,568
  Sembawang Corp., Ltd.................................       107,000          356,100
  #Singapore Airlines, Ltd. (Foreign)..................        40,000          261,220
  Singapore Land, Ltd..................................     1,027,000        3,018,066
  Straits Steamship Land, Ltd..........................     1,891,000        2,992,295
  Straits Trading Co., Ltd.............................       552,000          790,290
  United Industrial Corp., Ltd.........................     3,443,000        1,621,476
                                                                       ---------------
TOTAL COMMON STOCKS                                                                   
  (Cost $19,835,479)...................................                     11,688,251
                                                                       ---------------

                                                               SHARES           VALUE+
                                                        -------------  ---------------
                                                                                      

INVESTMENT IN CURRENCY -- (0.1%)                                                      
  *Singapore Dollars (Cost $1,357,204).................                $     1,347,629
                                                                       ---------------
TOTAL -- SINGAPORE                                                                    
  (Cost $21,192,683)...................................                     13,035,880
                                                                       ---------------
NORWAY -- (0.2%)                                                                      
COMMON STOCKS -- (0.2%)                                                               
  Den Norske Bank ASA Series A.........................       354,517        1,503,492
  Elkem ASA............................................        12,812          183,493
  Kvaerner ASA.........................................        23,336        1,151,911
  #Norske Skogindustrier ASA Series A..................        11,793          357,474
                                                                       ---------------
TOTAL COMMON STOCKS                                                                   
  (Cost $3,350,102)....................................                      3,196,370
                                                                       ---------------
INVESTMENT IN CURRENCY -- (0.0%)                                                      
  *Norwegian Krone (Cost $63)..........................                             62
                                                                       ---------------
TOTAL -- NORWAY                                                                       
  (Cost $3,350,165)....................................                      3,196,432
                                                                       ---------------

                                                        [Enlarge/Download Table]

                                                             FACE                       
                                                            AMOUNT                      
                                                         -------------                  
                                                             (000)                      
                                                                                        
TEMPORARY CASH INVESTMENTS -- (0.4%)                                                    
  Repurchase Agreement, PNC Capital Markets Inc. 5.45%,                                 
    12/10/97 (Collateralized by U.S. Treasury Notes                                     
    8.50%, 11/15/00, valued at $6,485,450) to be                                        
    repurchased at $6,390,901 (Cost $6,388,000)........  $       6,388        6,388,000 
                                                                        --------------- 
TOTAL INVESTMENTS -- (100.9%) (Cost                                                     
  $1,602,155,186)++....................................                   1,596,084,448 
                                                                        --------------- 
OTHER ASSETS AND LIABILITIES -- (-0.9%)                                                 
  Other Assets.........................................                       5,759,595 
  Payable for Investment Securities Purchased..........                     (19,102,780)
  Payable for Fund Shares Redeemed.....................                        (145,432)
  Other Liabilities....................................                        (509,718)
                                                                        --------------- 
                                                                            (13,998,335)
                                                                        --------------- 
NET ASSETS -- (100.0%) Applicable to 145,202,648                                        
  Outstanding $.01 Par Value Shares (Unlimited Number                                   
  of Shares Authorized)................................                 $ 1,582,086,113 
                                                                        --------------- 
                                                                        --------------- 
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER                                      
  SHARE................................................                 $         10.90 
                                                                        --------------- 
                                                                        --------------- 
--------------------                                                                    
+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. 

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THE EMERGING MARKETS SERIES 

STATEMENT OF NET ASSETS 

NOVEMBER 30, 1997 

                                                                [Download Table]

                                                               SHARES        VALUE+
                                                         ------------  ------------
                                                                                   
TURKEY -- (13.7%)                                                                  
COMMON STOCKS -- (13.7%)                                                           
 Akbank................................................    44,605,001  $  2,907,460
 Akcansa Cimento Sanayi ve Ticaret SA..................     1,292,130       224,598
 Aksa..................................................     5,331,354       415,650
 Aksigorta A.S.........................................     5,616,000       301,465
 Alarko Holding........................................     1,163,620       237,953
 Alarko Sanayii ve Ticaret A.S.........................     1,093,333        93,624
 Arcelik A.S...........................................    10,279,104       906,493
 Aygaz.................................................     1,946,480       293,557
 Bekoteknik Sanayi A.S.................................     3,352,872       197,122
 Bossa Ticaret ve Sanayi Isletmeleri A.S...............     4,312,500        79,369
 Brisa Bridgestone Sanbanci Lastik San & Tic A.S.......     1,116,000       564,832
 CIMSA A.S. (Cimento Sanayi ve Ticaret)................       985,000       173,730
 Cimentas A.S..........................................       414,813        50,366
 Cukurova Elektrik A.S.................................       518,000       993,073
 Dogan Sirketler Grubu Holdings A.S....................     9,472,050       358,340
 Doktas................................................        54,400        15,852
 EGE Biracilik ve Malt Sanayii A.S.....................     4,371,408       446,963
 *Eczacibasi Ilac......................................     2,130,940        99,136
 Enka Holding..........................................       649,996       515,065
 Erciyas Biracilik.....................................     3,127,160       463,626
 Eregli Demir ve Celik Fabrikalari Turk A.S............     6,353,000       844,447
 Es Kisehir Bankasi Esbank.............................    10,018,747        71,707
 Good Year Lastikleri A.S..............................       586,000       248,654
 Guney Biracilik.......................................     1,004,640        69,337
 Hurriyet Gazette......................................     1,382,000       236,686
 *Ihlas Holding........................................     3,025,057       487,152
 *Izmir Demir Celik....................................     4,092,600        43,938
 Kartonsan.............................................     1,417,500        79,714
 Koc Holding A.S.......................................    14,939,998     3,551,595
 Kordsa Kord Bezi Sanayi ve Ticaret A.S................     2,170,000       160,860
 Migros Turk A.S.......................................       960,225       908,165
 *Netas Northern Electric Telekomunikasyon A.S.........     1,254,000       493,638
 Otosan Otomobil A.S...................................     1,389,000     1,082,909
 Peg Profilo A.S.......................................     4,561,497       239,029
 Raks Elektroniks A.S..................................       307,000        76,120
 Sarkuysan Elektrolitik Bakir Sanayi A.S...............       794,000        75,095
 *T. Tuborg Bira ve Malt Sanayi A.S....................       390,000         7,876
 Tat Konserve..........................................     2,252,495       115,155
 Teletas Telekomunikasyon Endustri Ticaret A.S.........     1,400,000       178,932
 Tofas Turk Otomobil Fabrikasi A.S.....................    13,341,375       733,211
 Trakya Cam Sanayii A.S................................     8,084,792       557,985
 Turcas Petrolculuk A.S................................     4,884,018       114,856
 Turk Demir Dokum......................................     2,522,491       180,542
 Turk Siemens Kablo ve Elektrik Sanayi A.S.............       997,500        82,868
 *Turk Sise Cam........................................    11,047,772       790,720


                                                               SHARES        VALUE+
                                                         ------------  ------------
                                                                                   
 Turkiye Garanti Bankasi A.S...........................    39,924,442  $  2,143,128
 Turkiye Is Bankasi A.S. Series C......................    49,851,000     5,415,678
 USAS (Ucak Servisi A.S.)..............................        59,500       138,404
 Yapi ve Kredi Bankasi A.S.............................    61,281,968     1,911,096
                                                                       ------------
TOTAL -- TURKEY                                                                    
  (Cost $16,080,991)...................................                  30,377,771
                                                                       ------------
PORTUGAL -- (11.7%)                                                                
COMMON STOCKS -- (11.7%)                                                           
 BCP (Banco Comercial Portugues SA)....................       174,539     3,680,417
 Banco Espirito Santo e Commercial de Lisboa...........       115,000     3,234,753
 Banco Pinto & Sotto Mayor SA..........................       129,900     1,758,814
 Banco Totta & Acores SA...............................        70,500     1,330,115
 Cimpor Cimentos de Portugal SA........................        28,685       726,476
 *Companhia de Seguros Mundial Confianca SA............        64,600     1,080,789
 Companhia de Seguros Tranquilidade SA.................        28,400       669,774
 Companhia Geral de Credito Predial Portugues SA.......        16,585       163,356
 Corticeira Amorim Sociedad Gestora Participacoes                                  
   Sociais SA..........................................        20,700       235,475
 *Credito Predial -- New Shares........................         1,658        15,644
 EFACEC (Empresa Fabril de Maquinas Electricas)........        17,600       122,568
 Engil Sociedade Gestora de Participacoes Sociais SA...        21,000       225,953
 *Filmes Lusomundo SA..................................         8,300        67,704
 *Inparsa Industrias e Participacoes S.G.P.S. SA.......        23,250       411,561
 *Inparsa Industrias e Participacoes S.G.P.S. SA Em                                
   97..................................................         5,812       102,890
 Investimentos Participacoes e Gestao SA Inapa.........         8,000       266,356
 Jeronimo Martins (Estabelecimentos Jeronimo Martins &                             
   Filho Administracao e Participacoes Financeiros                                 
   SA).................................................        32,998     1,042,803
 Jeronimo Martins S.G.P.S. SA..........................        49,497     1,552,669
 *Lusotur Sociedad Financeira de Turismo SA............         5,500        55,577
 Mague-Gestao e Participacoes SA.......................         5,200       137,062
 Modelo Continente SGPS SA.............................        44,400     1,921,757
 Portucel Industrial Empresa Produtora de Celulose                                 
   SA..................................................        59,800       384,265
 Portugal Telecom SA...................................        66,928     3,082,527
 Salvador Caetano Industrias Metalurgicas e Veiculos de                            
   Transporte SA.......................................        11,164       260,035
 *Sociedad Construcoes Soares da Costa SA..............         9,730        75,590
 Sociedade de Investimento e Gestao SGPS SA............        34,300       761,334
 *Sonae Industria-Sociedade Gestora de Participacoes                               
   Sociais SA..........................................        20,300       287,474

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THE EMERGING MARKETS SERIES                                                     

CONTINUED                                                                       

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                                                               SHARES        VALUE+
                                                         ------------  ------------
                                                                                   
 Sonae Investimentos Sociedade Gestora de Participacoes                            
   Sociais SA..........................................        46,500  $  1,737,847
 Uniceruniao Cervejeira SA.............................        28,200       441,285
                                                                       ------------
TOTAL COMMON STOCKS                                                                
  (Cost $15,961,697)...................................                  25,832,870
                                                                       ------------
RIGHTS/WARRANTS -- (0.0%)                                                          
 *Inparsa Industrias e Participacoes S.G.P.S. SA Rights                            
   12/09/97                                                                        
   (Cost $0)...........................................        23,250       101,665
                                                                       ------------
TOTAL -- PORTUGAL                                                                  
  (Cost $15,961,697)...................................                  25,934,535
                                                                       ------------
ISRAEL -- (11.7%)                                                                  
COMMON STOCKS -- (11.7%)                                                           
 *Africa-Israel Investments, Ltd.......................         2,840       185,377
 *Africa-Israel Investments, Ltd.......................           155        89,831
 Agis Industries (1983), Ltd...........................        21,736       171,975
 American Israeli Paper Mills, Ltd.....................         3,291       148,790
 Bank Hapoalim B.M.....................................     1,338,174     3,267,030
 Bank Leumi Le-Israel..................................     1,536,374     2,452,857
 Bezek, Ltd............................................       786,446     2,053,372
 *Blue Square Chain Stores Properties Investment.......        33,294       302,934
 CLAL Electronics Industries, Ltd......................         4,042       632,819
 CLAL Industries, Ltd..................................       152,265       812,323
 CLAL Insurance, Ltd...................................        44,145       471,520
 CLAL Israel, Ltd......................................     3,340,000       953,223
 Delek Isreal..........................................         9,782       344,131
 Elbit Medical Imaging.................................        17,319       104,239
 Elbit Systems, Ltd....................................        17,319       215,818
 Elbit, Ltd............................................        17,320        68,273
 Elite Industries, Ltd.................................         5,700       153,334
 Elron Electronic Industries, Ltd......................        22,603       338,513
 *First International Bank of Israel...................         3,472       443,450
 First International Bank of Israel....................           486       344,366
 IDB Bankholding Corp., Ltd............................        41,821       908,411
 IDB Development Corp., Ltd.                                                       
   Series A............................................        49,587     1,103,011
 *Industrial Building Corp., Ltd.......................       333,000       559,871
 Israel Chemicals, Ltd.................................     1,322,800     1,738,097
 *Israel Corp. Series A................................         5,500       427,388
 Koor Industries, Ltd..................................        16,466     1,774,208
 *Leumi Holdings Insurance.............................       279,107       175,874
 *Makhteshim Chemical Works, Ltd.......................        72,165       509,997
 *Matav Cable Israel...................................        19,027       149,466
 Osem Investment, Ltd..................................        85,580       388,369
 Property and Building Corp., Ltd......................         4,269       319,668
 Super-Sol, Ltd. Series B..............................       192,400       540,947
 Tadiran, Ltd..........................................        17,306       672,874
 Tambour...............................................        26,898        52,368
 Teva Pharmaceutical Industries, Ltd...................        60,410     2,996,653
                                                                       ------------
TOTAL -- ISRAEL                                                                    
  (Cost $21,831,569)...................................                  25,871,377
                                                                       ------------
MEXICO -- (11.6%)                                                                  
COMMON STOCKS -- (11.6%)                                                           
 *Altos Hornos de Mexico S.A...........................        97,000       234,628
 Apasco S.A. de C.V....................................        69,000       408,007
 Carso Global Telecom S.A. de C.V. Telecom Series A1...       192,000       689,846
                                                               SHARES        VALUE+
                                                         ------------  ------------
 *Cementos de Mexico S.A. de C.V. Series B.............       354,000  $  1,733,238
 Cifra S.A. de C.V. Series A...........................        79,377       154,683
 Cifra S.A. de C.V. Series C...........................       799,000     1,527,831
 Controladora Comercial Mexicana S.A. de C.V. Series                               
   B...................................................       175,000       187,564
 Desc S.A. de C.V. Series B............................        75,000       710,673
 Desc S.A. de C.V. Series C............................         1,381        12,918
 El Puerto de Liverpool S.A. Series C1.................       349,500       463,983
 Empresas ICA Sociedad Controladora S.A. de C.V........       198,000       516,069
 *Empresas la Moderna S.A. de C.V. Series A............       120,000       583,154
 Fomento Economico Mexicano S.A. de C.V. Series B......       135,000     1,108,211
 *Gruma S.A. de C.V. Series B..........................        87,466       356,342
 Grupo Carso S.A. de C.V. Series A-1...................       203,000     1,335,115
 Grupo Celanese SA Series B-1..........................       140,000       332,500
 *Grupo Financiero Banamex Accival S.A. de C.V. Series                             
   B...................................................       406,000       890,077
 *Grupo Financiero Banamex Accival S.A. de C.V. Series                             
   L...................................................        13,187        26,083
 *Grupo Financiero Bancomer S.A. de C.V. Series B......     1,246,380       716,508
 *Grupo Financiero Bancomer S.A. de C.V. Series L......         7,792         3,037
 *Grupo Financiero GBM Atlantico S.A. de C.V. Series                               
   B...................................................        30,000        21,923
 Grupo Financiero Inbursa-C............................       239,699       884,581
 *Grupo Financiero Santander Mexicano S.A. de C.V.                                 
   Series B............................................        24,757        24,424
 *Grupo Financiero Serfin S.A. de C.V. Series B........       715,102       160,256
 *Grupo Gigante S.A. Series B..........................       341,400       123,911
 Grupo Industrial Alfa S.A. Series A...................       150,290     1,133,051
 Grupo Industrial Bimbo S.A. de C.V. Series A..........        98,000       799,705
 Grupo Industrial Maseca S.A. de C.V. Series B.........       229,000       235,958
 Grupo Mexico S.A. de C.V. Series B....................       172,000       655,695
 Grupo Modelo S.A. de C.V. --                                                      
   Series C............................................        78,000       661,200
 *Grupo Televisa S.A. (Certificate Representing Series                             
   A, Series D, + Series L)............................        70,000     1,295,897
 Hylsamex S.A. de C.V. Series B........................        60,000       387,307
 Industrias Penoles S.A. de C.V........................       103,000       424,016
 Kimberly Clark de Mexico S.A. de C.V. Series A........       225,000     1,002,980
 Organizacion Soriana S.A. de C.V. Series B............       150,000       555,384
 *Seguros Comercial America S.A. de C.V. Series B......        63,000       242,469
 Telefonos de Mexico S.A. Series A.....................        50,000       123,926
 Telefonos de Mexico S.A. Series L.....................     1,521,000     3,816,148
 *Tolmex S.A. de C.V. Series B-2.......................        16,000        85,938
 *Tubos de Acero de Mexico S.A.........................        17,000       376,419
 Vitro S.A.............................................       121,600       521,321
                                                                       ------------
TOTAL -- MEXICO                                                                    
  (Cost $18,548,269)...................................                  25,522,976
                                                                       ------------

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                                                               SHARES        VALUE+
                                                         ------------  ------------
                                                                                   
ARGENTINA -- (10.3%)                                                               
COMMON STOCKS -- (10.3%)                                                           
 *Acindar Industria Argentina de Aceros SA Series A....       164,000  $    351,928
 *Alpargatas SA Industrial y Comercial.................       150,000        70,230
 Astra Cia Argentina de Petroleos SA...................       336,690       579,350
 Bagley y Cia, Ltd. SA Series B........................       106,228       201,918
 Banco de Galicia y Buenos Aires SA Series A...........       210,661     1,228,670
 *Banco del Sud Sociedad Anonima Series B..............        29,000       281,998
 Banco Frances del Rio de la Plata SA..................       105,970       943,529
 *Buenos Aires Embotelladora SA Series B...............           100         7,603
 CIADEA SA.............................................        76,559       101,868
 Capex SA Series A.....................................        18,000       121,911
 *Celulosa Argentina SA Series B.......................        75,000        20,109
 Central Costanera SA Series B.........................        20,000        51,021
 Central Puerto SA Series B............................        16,000        43,298
 Corcemar SA Series B..................................        19,226        83,668
 Garovaglio y Zorraquin SA.............................        28,000        85,156
 *Indupa SA Industrial y Comercial.....................       180,366       215,628
 Irsa Inversiones y Representaciones SA................        73,979       236,832
 Juan Minetti SA.......................................        94,039       269,065
 Ledesma SA............................................       135,377       131,372
 Metrogas SA Series B..................................       403,115       326,660
 Molinos Rio de la Plata SA Series B...................       125,287       273,240
 Naviera Perez Companc SA Series B.....................       540,429     3,860,284
 Nobleza-Piccardo Sdad Industrial Comercial y                                      
   Financiera Pica.....................................        25,542       114,987
 *Sevel Argentina SA Series C..........................        79,033        73,532
 Siderar SAIC Series A.................................        21,280        85,582
 Siderca SA Series A...................................       714,907     1,973,972
 Sociedad Comercial del Plata..........................       187,740       223,505
 Telecom Argentina Stet-France SA Series B.............       317,000     1,934,513
 Telefonica de Argentina SA Series B...................       738,000     2,443,806
 Transportadora de Gas del Sur SA Series B.............       398,000       856,060
 YPF Sociedad Anonima Yacimientos Petroliferos Fiscales                            
   Series D............................................       165,000     5,562,836
                                                                       ------------
TOTAL -- ARGENTINA                                                                 
  (Cost $18,213,551)...................................                  22,754,131
                                                                       ------------
BRAZIL -- (8.6%)                                                                   
PREFERRED STOCKS -- (4.5%)                                                         
 Aracruz Celulose SA Series B..........................       251,999       358,918
 Banco Bradesco SA.....................................    80,023,042       584,305
 Banco Credito Nacional SA Brasil......................     9,000,000        55,980
 Banco do Brasil SA....................................    79,270,000       560,942
 Banco Itau SA.........................................     2,850,000     1,274,283
 Brasiliero de Petroleo Ipiranga.......................    12,300,000       153,011
 Brasmotor SA..........................................       600,000        67,067
 COFAP (Cia Fabricadora De Pecas)......................         5,100        19,309
 Centrais Electricas de Santa Catarin Celesc Series                                
   B...................................................       180,000       189,844
 Cervejaria Brahma.....................................     2,490,767     1,650,288
 Cimento Portland Itau.................................       630,000       114,150
 Copene-Petroquimica do Nordeste SA Series A...........       624,000       132,188
                                                               SHARES        VALUE+
                                                         ------------  ------------
 Coteminas Cia Tecidos Norte de Minas..................       480,000  $    173,077
 Duratex SA............................................     2,900,000       105,090
 Ericsson Telecomunicacoes SA..........................    15,480,000       544,220
 IKPC Industrias Klabin de Papel e Celulose SA.........       176,875        95,666
 Investimentos Itau SA.................................       730,000       473,799
 *Lojas Americanas SA..................................     1,610,000        11,393
 Lojas Renner SA.......................................       800,000        23,762
 Multibras Eletrodomesticos SA.........................       315,000       130,619
 *Paranapanema SA......................................     2,120,000        13,569
 Sadia Concordia SA....................................       100,000        68,510
 Siderurgica Belgo-Mineira.............................       970,000        55,953
 Siderurgica de Tubarao Sid Tubaroo Series B...........    11,520,000       169,270
 *Siderurgica Paulista Casipa Series B.................        65,000        15,234
 Suzano de Papel e Celulose............................        54,000        91,271
 Telecomunicacoes Brasileiras SA.......................       137,922        14,173
 USIMINAS (Usinas Siderurgicas de Minas Gerais SA).....        52,039       330,718
 Unibanco Unias de Bancos Brasileiros SA...............    25,926,000       803,958
 Vale do Rio Doce......................................        81,160     1,426,645
 Votorantim Celulose e Papel SA........................     9,467,325       204,823
                                                                       ------------
TOTAL PREFERRED STOCKS                                                             
  (Cost $9,908,895)....................................                   9,912,035
                                                                       ------------
COMMON STOCKS -- (4.1%)                                                            
 Acos Especiais Itabira-Acesita Aces...................    25,963,524        23,405
 Antarctica Paulista I.B.B.C. Anta.....................         3,000       251,476
 Banco Bamerindus do Brazil SA.........................         2,400        25,962
 Banco Bradesco SA.....................................   146,489,164     1,069,621
 *Banco do Estado de Sao Paulo SA......................     5,100,000       174,700
 Embraco SA............................................       130,000        37,500
 *Empresa Nasional de Comercio Redito e Participacoes                              
   SA..................................................       480,000             0
 *Lojas Americanas SA..................................    10,520,000        60,930
 *Mannesmann SA........................................       149,000        18,133
 Petroquimica do Sul Copesul...........................     8,276,000       302,144
 Santista Alimentos SA.................................        72,000       123,318
 Siderurgica Nacional Sid Nacional.....................    26,651,000       720,732
 Souza Cruz Industria e Comercio.......................        71,000       547,222
 Telecomunicacoes Brasileiras SA.......................    57,550,000     5,343,450
 VSMA (Cia Vidraria Santa Marina)......................        54,000       105,631
 White Martins SA......................................       208,662       282,146
                                                                       ------------
TOTAL COMMON STOCKS                                                                
  (Cost $6,491,328)....................................                   9,086,370
                                                                       ------------
RIGHTS/WARRANTS -- (0.0%)                                                          
 *Banco do Brasil SA Warrants Series A 06/30/01........     5,038,000         8,947
 *Banco do Brasil SA Warrants Series B 06/30/06........       433,820           802
                                                                       ------------
TOTAL RIGHTS/WARRANTS                                                              
  (Cost $0)............................................                       9,749
                                                                       ------------
TOTAL -- BRAZIL                                                                    
  (Cost $16,400,223)...................................                  19,008,154
                                                                       ------------
MALAYSIA -- (7.3%)                                                                 
COMMON STOCKS -- (6.5%)                                                            
 AMMB Holdings Berhad..................................       103,600        89,028

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                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
AMMB Holdings Berhad 7.5% Unsecured Loan Stock 1999...        2,000  $        218
Affin Holdings Berhad.................................      113,000        50,527
Amsteel Corp. Berhad..................................      264,000        66,926
*Aokam Perdana Berhad.................................       10,000         1,919
Arab Malaysia Corp. Berhad............................       56,000        25,184
Asiatic Development Berhad............................      118,000        37,181
Ban Hin Lee Bank Berhad...............................       20,000        28,645
Bandar Raya Developments Berhad.......................       23,000         6,786
Batu Kawan Berhad.....................................       46,000        56,132
Berjaya Group Berhad..................................       94,000        32,850
Berjaya Leisure Berhad................................       91,000        73,248
Berjaya Sports Toto Berhad............................       79,000       173,115
Boustead Holdings Berhad..............................       32,000        33,182
Cahya Mata Sarawak Berhad.............................       66,000        46,319
Carlsberg Brewery Malaysia Berhad.....................       38,000       130,620
Commerce Asset Holding Berhad.........................      157,200        84,656
Country Heights Holdings Berhad.......................       40,000        41,478
Cycle & Carriage Bintang Berhad.......................       15,000        17,531
DCB Holdings Berhad...................................      416,000       244,282
*DCB Sakura Merchant New Shares.......................        4,100         1,503
Diversified Resources Berhad..........................       28,000        13,474
Edaran Otomobil Nasional Berhad.......................       56,000       129,933
Ekran Berhad..........................................      108,000        85,075
Esso Malaysia Berhad..................................       43,000        57,398
*Faber Group Berhad...................................      169,600        37,894
Fraser & Neave Holdings Berhad........................       27,000        42,924
Gadek (Malaysia) Berhad...............................       11,000         9,831
Gamuda Berhad.........................................       60,000        71,841
Genting Berhad........................................      175,000       403,533
Golden Hope Plantations Berhad........................      246,000       281,864
Guiness Anchor Berhad.................................       48,000        58,298
Hap Seng Consolidated Berhad..........................       49,000        68,495
Hicom Holdings Berhad.................................      259,000       148,380
Highlands and Lowlands Berhad.........................      151,000       165,229
Hong Leong Bank Berhad................................      149,125       102,092
Hong Leong Credit Berhad..............................       80,300        69,925
Hong Leong Industries Berhad..........................       30,200        37,198
Hong Leong Properties Berhad..........................      112,000        31,761
Hume Industries (Malaysia) Berhad.....................       52,000        58,687
IJM Corp. Berhad......................................       56,000        20,853
IOI Corp. Berhad......................................      211,000       107,584
*Idris Hydraulic (Malaysia) Berhad....................       89,000        25,494
Innovest Berhad.......................................       53,000        18,370
*Intria Berhad........................................       80,000        11,458
Jaya Tiasa Holdings Berhad............................       64,000       112,746
KFC Holdings (Malaysia) Berhad........................       29,000        43,196
Kamunting Corp. Berhad................................       40,000         7,906
Kedah Cement Holdings Berhad..........................       74,000        26,284
Kuala Lumpur Kepong Berhad............................      177,500       388,960
Land -- General Berhad................................       35,000        11,028
Leader Universal Holdings Berhad......................       69,000        23,718
Leisure Management Berhad.............................       23,000       111,342
Lingui Development Berhad.............................       78,000        38,430
Lion Land Berhad......................................        1,000           238
MBF Holdings Berhad...................................      141,000        24,637
MNI Holdings Berhad...................................       10,000         9,395
Magnum Corp. Berhad...................................      374,500       243,513
Malakoff Berhad.......................................       47,000        74,047
Malayan Banking Berhad................................      285,000       730,656
Malayan Cement Berhad.................................       65,750        40,116

                                                             SHARES        VALUE+
                                                       ------------  ------------
                                                                                 
Malayan United Industries Berhad......................       70,000  $     19,650
Malaysia Industrial Development Finance Berhad........      133,000        51,813
Malaysia Mining Corp. Berhad..........................      175,000        69,678
Malaysian Airlines System.............................      192,000       141,895
Malaysian Helicopter Services Berhad..................      110,000        19,221
Malaysian International Shipping Corp. (Foreign)......       85,666        99,628
Malaysian Oxygen Berhad...............................       22,000        56,717
Malaysian Pacific Industries..........................       52,000       142,995
Malaysian Resources Corp. Berhad......................      240,333        96,380
Metroplex Berhad......................................      173,000        60,953
Mulpha International Berhad...........................      133,750        25,669
Multi-Purpose Holdings Berhad.........................       86,000        33,749
Nestle (Malaysia) Berhad..............................       58,000       297,390
New Straits Times Press (Malaysia) Berhad.............       41,000        45,568
Notth Borneo Timbers Berhad...........................        8,000       103,694
Nylex (Malaysia) Berhad...............................       12,000         4,812
OSK Holdings..........................................       34,000        14,804
Oriental Holdings Berhad..............................       66,880       101,535
Oyl Industries Berhad.................................       34,000        92,523
Perlis Plantations Berhad.............................       76,500       153,393
Pernas International Holdings Berhad..................       71,000        21,151
Perusahaan Otomobil Nasional Berhad...................      135,000       181,751
Petronas Gas Berhad...................................      450,000     1,114,997
Phileo Allied Berhad..................................       54,000        27,843
Phileo Land Berhad....................................       27,000        22,816
Public Bank Berhad (Foreign)..........................       10,666         6,233
RJ Reynolds Berhad....................................       41,000        69,879
Rashid Hussain Berhad.................................       97,000       116,699
Renong Berhad.........................................      460,000       237,179
Resorts World Berhad..................................      272,000       389,569
Road Builders (Malaysia) Holdings Berhad..............       13,000         7,820
Rothmans of Pall Mall Malaysia Berhad.................       71,000       630,471
Sarawak Enterprise Corp. Berhad.......................      296,000       108,529
Shell Refining Co. Federation of Malaysia Berhad......       65,000       127,541
Sime Darby Berhad (Malaysia)..........................      580,800       582,291
Sime UEP Properties Berhad............................       84,000        60,635
Southern Bank Berhad (Foreign)........................       51,000        26,442
Southern Bank Berhad (Foreign) Issue 97...............       38,250        18,517
*Southern Bank Berhad Issue 97........................       25,500        12,344
Southern Steel Berhad.................................       45,000        39,959
*Sri Hartamas Corp. Berhad............................       65,000        10,054
Sungei Way Holdings Berhad............................       63,000        25,265
Ta Enterprise Berhad..................................      107,000        32,182
Tan Chong Motor Holdings Berhad.......................      141,000        76,739
Technology Resources (Industries) Berhad..............      188,000       152,940
Telekom Malaysia Berhad...............................      611,000     1,365,152
Tenaga Nasional Berhad................................      722,000     1,344,299
Time Engineering Berhad...............................      156,000        50,048
Tractors Malaysia Holdings Berhad.....................       22,000        12,604
UMW Holdings Berhad...................................       54,800        51,801
Uniphoenix Corp. Berhad...............................       61,000        78,630
United Engineering (Malaysia) Berhad..................      165,198       153,319

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
 YTL Corp. Berhad......................................      161,500  $    157,288
 YTL Corp. Berhad Issue 97.............................       80,750        74,943
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $34,859,963)...................................                 14,205,098
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.8%)                                                  
 *Malaysian Ringetts (Cost $1,828,204).................                  1,828,869
                                                                      ------------
TOTAL -- MALAYSIA                                                                 
  (Cost $36,688,167)...................................                 16,033,967
                                                                      ------------
INDONESIA -- (6.8%)                                                               
COMMON STOCKS -- (6.4%)                                                           
 Bank Niaga Tbk........................................      151,380        17,638
 PT Asahimas Flat Glass Co., Ltd. Tbk..................       75,000         6,683
 PT Astra International Tbk............................    1,003,000       522,467
 PT Bakrie & Brothers Tbk..............................    1,259,000       155,325
 PT Bank Danamon (Foreign).............................    1,121,000       138,300
 PT Bank International Indonesia (Foreign).............    1,855,993       241,699
 PT Barito Pacific Timber..............................      910,000       386,703
 PT Bimantara Citra....................................      589,000       359,294
 PT Charoen Pokphand Indonesia (Foreign)...............       95,000         9,767
 PT Ciputra Development Tbk............................      262,000        26,936
 PT Citra Marga Nusaphala Persada......................      705,000       154,626
 *PT Citra Marga Nusaphala Persada Tbk.................      255,000        55,929
 PT Dankos Laboratories Tbk............................       21,000         9,500
 PT Duta Pertiwi.......................................      200,000        16,450
 PT Gajah Tunngal Tbk..................................    2,058,000       225,689
 PT GT Kabelmetal Indonesia Tbk........................      106,000        19,616
 PT GT Petrochem Industries Tbk........................       70,000         7,676
 PT Hanjaya Mandala Sampoerna Tbk......................      496,500       660,185
 PT Hero Supermarket Tbk...............................       78,000        33,146
 PT Indah Kiat Pulp & Paper Corp.......................    2,221,601       517,713
 PT Indocement Tunggal Prakarsa........................    1,318,000       569,115
 PT Indofood Sukses Makmur.............................      930,280       612,110
 PT Indorama Synthetics Tbk............................      365,580       187,926
 PT Indosat Tbk........................................      600,500     1,362,340
 *PT Inti Indorayon Utama Tbk..........................      257,000        52,844
 PT Jakarta International Hotel and Development Tbk....      362,500       146,590
 PT Japfa Comfeed Indonesia Tbk........................       29,000         4,174
 PT Jaya Real Property.................................      305,000        37,628
 PT Kalbe Farma Tbk....................................      150,000        55,517
 PT Kawasan Industri Jababeka Tbk......................      407,333       156,344
 PT Lippo Bank (Foreign)...............................      557,000       141,254
 PT Lippo Land Development Tbk.........................      174,000        19,082
 PT Matahari Putra Prima Tbk...........................      314,000        51,652
 PT Mayora Indah Tbk...................................      288,720        55,409
 PT Modern Photo Tbk...................................      154,000       103,441
 PT Mulia Industrindo..................................      850,680       104,950
 PT Pabrik Kertas Tjiwi Kimia Tbk......................      765,821       236,202
 PT Pakuwon Jati Tbk...................................      312,000        49,184
 PT Panasia Indosyntec Tbk.............................      103,600         5,681
 PT Pdni Tbk...........................................    1,379,000       151,227
 PT Perusahaan Rokok Tjap Gudang Garam.................      961,500     2,042,939
 PT Polysindo Eka Perkasa Tbk..........................      481,000       184,619
 PT Putra Surya Perkasa................................    1,296,000       319,780
 PT Semen Cibinong (Foreign)...........................      231,000        25,332
                                                              SHARES        VALUE+
                                                        ------------  ------------
 PT Semen Gresik Tbk...................................      385,500  $    272,149
 PT Summarecon Agung...................................       87,838         8,730
 PT Tambang Timah (Persero) Tbk........................      327,000       381,014
 PT Telekomunikasi Indonesia (Persero) Tbk.............    4,316,500     3,165,628
 PT Tempo Scan Pacific.................................       19,500         7,485
 PT Tigaraksa Satria Tbk...............................       25,200        20,036
 PT Unggul Indah Corp. Tbk.............................      110,000        38,451
 PT United Tractors Tbk................................       15,000         6,991
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $30,011,241)...................................                 14,141,166
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.4%)                                                  
 *Indonesia Rupiah.....................................                    941,876
                                                                      ------------
TOTAL INVESTMENT IN CURRENCY                                                      
  (Cost $943,909)......................................                    941,876
                                                                      ------------
RIGHTS/WARRANTS -- (0.0%)                                                         
 *Matahari Putra Rights 12/03/97                                                  
   (Cost $0)...........................................      628,000         7,748
                                                                      ------------
TOTAL -- INDONESIA                                                                
  (Cost $30,955,150)...................................                 15,090,790
                                                                      ------------
PHILIPPINES -- (6.8%)                                                             
COMMON STOCKS -- (6.8%)                                                           
 *Aboitiz Equity Ventures, Inc.........................    2,376,400        69,593
 Ayala Land, Inc. Series B.............................    4,096,650     1,617,253
 Bacnotan Consolidated Industries, Inc.................       54,567        23,500
 *Belle Corp...........................................    4,916,000       237,120
 C & P Homes, Inc......................................    6,328,500       399,733
 *Centennial City, Inc.................................    3,285,000        28,295
 *DMCI Holdings, Inc...................................    2,164,000       114,320
 Far East Bank and Trust Co. (Foreign).................      850,100     1,171,541
 *Fil-Estate Land, Inc.................................    1,252,000        39,541
 *Filinvest Land, Inc..................................    6,021,000       266,217
 Guoco Holdings (Philippines), Inc.....................    1,080,000        28,837
 *International Container Terminal Services, Inc.......      706,500       115,620
 Ionics Circuits, Inc..................................      193,250       112,355
 La Tondena Distillers, Inc............................      453,200       237,465
 *Megaworld Properties & Holdings, Inc.................    1,695,000        43,798
 Metro Pacific Corp....................................    6,173,860       354,514
 Metropolitan Bank & Trust Co..........................      339,871     2,781,028
 *Mondragon International Philippines, Inc.............      408,840        11,738
 Petron Corp...........................................   14,050,000     1,331,180
 Philippine Long Distance Telephone Co.................       95,940     2,313,798
 *Philippine National Bank.............................      159,975       397,296
 *Philippine Savings Bank..............................      125,000        51,141
 *Pilipino Telephone Corp..............................      628,500        69,472
 RFM Corp..............................................      974,000       173,379
 Republic Glass Holding Corp...........................      331,250        13,315
 *Robinson's Land Corp. Series B.......................    1,132,000        46,151
 SM Prime Holdings, Inc................................   15,094,000     2,383,490
 *Security Bank Corp...................................      146,820        75,876
 *Southeast Asia Cement Holdings, Inc..................    3,098,780        50,712

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
 *Union Bank of the Philippines........................      283,200  $    134,160
 Universal Robina Corp.................................    2,097,000       269,425
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $36,193,689)...................................                 14,961,863
                                                                      ------------
PREFERRED STOCKS -- (0.0%)                                                        
 *RFM Corp. (Cost $31,500).............................      177,090        23,795
                                                                      ------------
RIGHTS/WARRANTS -- (0.0%)                                                         
 *Union Bank of the Philippines Rights 12/22/97 (Cost                             
   $0).................................................       70,272             0
                                                                      ------------
TOTAL -- PHILIPPINES                                                              
  (Cost $36,225,189)...................................                 14,985,658
                                                                      ------------
THAILAND -- (5.9%)                                                                
COMMON STOCKS -- (5.9%)                                                           
 *Adkinson Securities Public Co., Ltd. (Foreign).......        2,100           459
 *Advance Agro Public Co., Ltd.........................      243,300       217,610
 *Advance Agro Public Co., Ltd. (Foreign)..............      539,330       482,381
 Advance Info Service Public Co, Ltd...................       76,000       381,416
 Advanced Info Service Public Co., Ltd. (Foreign)......      332,100     1,732,693
 Amarin Plaza Public Co., Ltd. (Foreign)...............        7,400           993
 Ayudhya Insurance Public Co., Ltd. (Foreign)..........        1,000         4,671
 *Bangkok Bank of Commerce Public Co., Ltd.                                       
   (Foreign)...........................................      152,949        20,140
 *Bangkok Expressway Public Co., Ltd...................      346,500       232,434
 *Bangkok Expressway Public Co., Ltd. (Foreign)........    1,101,100       738,625
 *Bangkok Land Public Co., Ltd. (Foreign)..............       65,200         4,050
 Bangkok Metropolitan Bank Public Co., Ltd.                                       
   (Foreign)...........................................      732,794        65,542
 *Bangkok Rubber Public Co., Ltd. (Foreign)............       14,600         1,995
 *Bangkok Steel Industry Public Co., Ltd. (Foreign)....       20,000           944
 Bank of Asia Public Co., Ltd. (Foreign)...............       12,870         4,397
 Bank of Ayudhya Public Co., Ltd. (Foreign)............      714,250       496,869
 Banpu Public Co., Ltd. (Foreign)......................       33,400       179,239
 Berli Jucker Public Co., Ltd. (Foreign)...............       10,100        15,809
 Capital Nomura Securities Public Co., Ltd.                                       
   (Foreign)...........................................       14,000         3,409
 Ch Karnchang Public Co., Ltd. (Foreign)...............      149,100       118,539
 Charoen Pokphand Feedmill Public Co., Ltd.                                       
   (Foreign)...........................................       14,000        16,000
 *Christiani and Nielson (Thai) Public Co., Ltd.                                  
   (Foreign)...........................................        7,097           194
 Compass East Industry (Thailand) Public Co., Ltd.                                
   (Foreign)...........................................        2,400         8,407
 Delta Electronics (Thailand) Public Co., Ltd..........       63,500       627,900
 Delta Electronics (Thailand) Public Co., Ltd.                                    
   (Foreign)...........................................       49,300       487,487
 Dusit Thani Public Co., Ltd. (Foreign)................        8,933         7,213
                                                              SHARES        VALUE+
                                                        ------------  ------------
 Ekachart Finance and Securities Co., Ltd. (Foreign)...       10,200  $      2,509
 First Bangkok City Bank Public Co., Ltd. (Foreign)....    1,613,550       721,586
 First City Investment Public Co., Ltd. (Foreign)......       44,200         3,953
 *Five Stars Property Public Co., Ltd. (Foreign).......        3,800           151
 *GSS Array Technology Public Co., Ltd. (Foreign)......        3,200         6,519
 General Finance and Securities Public Co., Ltd.                                  
   (Foreign)...........................................       46,300         8,742
 Grammy Entertainment Public Co., Ltd. (Foreign).......       71,000       373,962
 Hana Microelectronics Co., Ltd. (Foreign).............       12,000        31,602
 Hemaraj Land and Development Public Co., Ltd.                                    
   (Foreign)...........................................       27,500        29,037
 *ITF Finance and Securities Public Co., Ltd...........        8,025           478
 *International Broadcasting Corp. Public Co., Ltd.                               
   (Foreign)...........................................        8,700         2,486
 International Cosmetics Public Co., Ltd. (Foreign)....        3,500         4,826
 International Engineering Public Co., Ltd.                                       
   (Foreign)...........................................        2,000           318
 Italian-Thai Development Public Co., Ltd. (Foreign)...      355,000       143,323
 Jasmine International Public Co., Ltd. (Foreign)......      417,000       101,530
 *Juldis Develop Public Co., Ltd. (Foreign)............        1,000            24
 Kiatnakin Finance and Securities Public Co., Ltd.                                
   (Foreign)...........................................       12,800         6,128
 *Krisda Mahanakorn Public Co., Ltd. (Foreign).........       23,300           695
 Krung Thai Bank Public Co., Ltd. (Foreign)............    2,115,670       683,321
 Land and House Public Co., Ltd. (Foreign).............        2,065           628
 MK Real Estate Development Public Co., Ltd.                                      
   (Foreign)...........................................        2,925           567
 Mutual Fund Public Co., Ltd. (Foreign)................          500         1,242
 *NTS Steel Group Public Co., Ltd. (Foreign)...........       35,500           882
 Nakornthon Bank Public Co., Ltd. (Foreign)............       64,134        17,129
 National Finance and Securities Public Co., Ltd.                                 
   (Foreign)...........................................      122,400        35,732
 *Natural Park Public Co., Ltd. (Foreign)..............      192,700         2,873
 *New Imperial Hotel Public Co., Ltd. (Foreign)........       30,000        13,416
 *Padaeng Industry Public Co., Ltd (Foreign)...........        7,800         1,415
 Phatra Thanakit Public Co., Ltd. (Foreign)............      140,400        83,717
 *Phoenix Pulp and Paper Public Co., Ltd. (Foreign)....       52,700        15,712
 *Poonipat Finance and Securities Public Co., Ltd.                                
   (Foreign)...........................................        4,987         1,152

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CONTINUED                                                                       

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
 Power-P Public Co., Ltd. (Foreign)....................        1,600  $        119
 Premier Enterprises Public Co., Ltd. (Foreign)........        6,000           984
 *Property Perfect Public Co., Ltd. (Foreign)..........       26,050           971
 Quality Houses Public Co., Ltd. (Foreign).............       18,000         1,431
 Regional Container Lines Public Co., Ltd. (Foreign)...        1,500         1,714
 Robinson Department Store Public Co., Ltd.                                       
   (Foreign)...........................................       24,700           736
 Saha-Union Public Co. Ltd. (Foreign)..................       48,700        24,199
 Sammakorn Public Co., Ltd. (Foreign)..................        7,500         1,453
 Sanyo Universal Electric Public Co., Ltd. (Foreign)...        6,500         3,775
 Securities One Public Co., Ltd. (Foreign).............       76,630         7,806
 Serm Suk Public Co., Ltd. (Foreign)...................        1,000         6,658
 Shangri-la Hotel Public Co., Ltd. (Foreign)...........       12,000         5,963
 Shinawatra Computer and Communications Public Co.,                               
   Ltd. (Foreign)......................................      172,300       629,269
 Siam Cement Public Co., Ltd. (Foreign)................       27,000       211,975
 Siam City Bank Public Co., Ltd. (Foreign).............      370,000        70,782
 Siam City Cement Public Co., Ltd. (Foreign)...........      212,888       338,505
 Siam Commercial Bank Public Co., Ltd. (Foreign).......      251,000       411,577
 Siam Makro Public Co., Ltd. (Foreign).................      343,200       390,096
 Siam Pulp & Paper Co., Ltd. (Foreign).................       46,200        32,426
 *Sino-Thai Engineering and Construction Public Co.,                              
   Ltd. (Foreign)......................................        2,900         1,135
 *Somprasong Land Public Co., Ltd. (Foreign)...........        5,400         1,020
 Srithai Superware Public Co., Ltd. (Foreign)..........       16,400         3,260
 Swedish Motors Corp. Public Co., Ltd. (Foreign).......        7,000         2,217
 TPI Polene Public Co., Ltd. (Foreign).................      258,476        25,687
 *Tanayong Public Co., Ltd. (Foreign)..................       46,000         4,686
 *Telecomasia Corp. Public Co., Ltd....................      812,300       257,312
 *Telecomasia Corp. Public Co., Ltd. (Foreign).........    3,156,600       999,915
 Thai Carbon Black Public Co., Ltd. (Foreign)..........        5,000        12,422
 Thai Danu Bank Public Co., Ltd. (Foreign).............      100,900        36,976
 *Thai German Ceramic Industry Public Co., Ltd.                                   
   (Foreign)...........................................       11,100         3,585
 Thai Glass Industries Public Co., Ltd. (Foreign)......       15,400        22,000
 Thai Military Bank Public Co., Ltd. (Foreign).........      733,500       218,683
 Thai Petrochemical Industry Public Co., Ltd.                                     
   (Foreign)...........................................    2,768,960       419,643
 Thai Plastic and Chemicals Public Co., Ltd.                                      
   (Foreign)...........................................       29,300        60,784

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
 *Thai Telephone & Telecommunication Public Co., Ltd.                             
   (Foreign)...........................................      450,000  $     57,019
 Thaimex Finance and Securities Public Co., Ltd.                                  
   (Foreign)...........................................        4,100         1,426
 Tipco Asphalt Public Co., Ltd. (Foreign)..............      160,000       319,999
 *Tuntex (Thailand) Public Co., Ltd. (Foreign).........       91,828        32,510
 United Communication Industry Public Co., Ltd.                                   
   (Foreign)...........................................      335,200       166,559
 Wattachak Public Co., Ltd. (Foreign)..................       24,300         2,777
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $42,699,103)...................................                 12,935,125
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
 *Thailand Baht (Cost $7,455)..........................                      5,797
                                                                      ------------
TOTAL -- THAILAND                                                                 
  (Cost $42,706,558)...................................                 12,940,922
                                                                      ------------
SOUTH KOREA -- (4.9%)                                                             
COMMON STOCKS -- (4.9%)                                                           
 A-Nam Industrial Co., Ltd.............................        9,640        75,834
 *Asia Motors Co., Inc.................................       16,640        31,445
 Bank of Pusan.........................................       12,200        32,547
 Cheil Jedang Corp.....................................        5,154       105,768
 Cho Hung Bank Co., Ltd................................      111,650       292,133
 Chong Kun Dang........................................        1,317        28,716
 Chosun Brewery Co., Ltd...............................        2,870        20,663
 Commercial Bank of Korea Co., Ltd.....................       96,890       207,947
 Daegu Bank Co., Ltd...................................       30,323        83,748
 Daelim Industrial Co., Ltd............................       16,100        51,900
 Daesung Industrial Co., Ltd...........................        1,570        34,233
 Daewoo Corp...........................................       69,060       235,613
 Daewoo Electronics Co., Ltd...........................       48,330       175,219
 Daewoo Heavy Industries, Ltd..........................      214,400       978,962
 *Daewoo Motor Sales Corp..............................        9,480        34,370
 *Daewoo Securities Co., Ltd...........................       28,120       187,547
 Daewoo Telecom Co., Ltd...............................       16,090        80,760
 Dong-Ah Construction Industrial Co., Ltd..............       22,290       128,651
 Dongkuk Steel Mill Co., Ltd...........................       13,800       122,719
 *Dongsuh Securities Co., Ltd..........................       17,800        62,250
 Dongwon Securities Co., Ltd...........................       14,060        66,844
 Han Il Cement Manufacturing Co., Ltd..................        2,560        49,252
 Han Kook Tire Manufacturing Co., Ltd..................        2,206        36,971
 Hanil Bank............................................       94,610       230,559
 *Hanjin Heavy Industry Co., Ltd.......................       21,910       102,103
 *Hanjin Shipping Co., Ltd.............................        6,160        32,604
 Hankook Caprolactam Corp..............................          590        33,296
 Hansol Paper Co., Ltd.................................        8,850        74,917
 *Hanwha Chemical Corp.................................       31,691        84,816
 Hyosung T & C Co., Ltd................................        4,000        37,965
 *Hyundai Engineering & Construction Co., Ltd..........       32,700       274,015
 *Hyundai Fire & Marine Insurance Co., Ltd.............        5,360        94,871
 Hyundai Motor Co., Ltd................................        9,220       171,865
 Hyundai Motor Service Co., Ltd........................        7,470        63,235
 Hyundai Precision Industry Co., Ltd...................       19,210       101,347
 *Hyundai Securities Co., Ltd..........................       15,516        94,197

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CONTINUED                                                                       

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                                                               SHARES        VALUE+ 
                                                         ------------  ------------ 
                                                                                    
 Inchon Iron & Steel CO Ltd............................        11,641  $     94,561 
 Keumkang Co., Ltd.....................................         3,060        56,255 
 *Kia Motors Corp......................................        43,960       191,702 
 Kolon Industries, Inc.................................         7,670        74,109 
 Kookmin Bank..........................................         5,000        26,849 
 Koram Bank, Ltd.......................................        25,370       136,015 
 Korea Chemical Co., Ltd...............................         1,020        32,270 
 Korea Electric Power Corp.............................        50,260       567,278 
 Korea Exchange Bank...................................        98,990       290,325 
 Korea Express Co., Ltd................................         7,340        58,996 
 Korea First Bank Inc., Ltd............................        96,760       167,127 
 Korea Long Term Credit Bank...........................         8,167        43,785 
 Korea Zinc Co., Ltd...................................         8,770       101,236 
 *Korean Air...........................................         3,000        13,236 
 Kyong Nam Bank........................................        15,280        41,809 
 LG Cable & Machinery, Ltd.............................        14,000        97,204 
 LG Chemical, Ltd......................................        45,360       383,979 
 LG Construction, Ltd..................................        14,120        63,628 
 LG Electronics, Inc...................................        48,920       547,971 
 LG Industrial Systems, Ltd............................        12,210       112,756 
 *LG Information & Communications, Ltd.................           600        26,678 
 LG Insurance Co., Ltd.................................         2,210        48,754 
 *LG Securities Co., Ltd...............................        23,700       135,168 
 Oriental Chemical Industries Co., Ltd.................         5,720        50,866 
 Pacific Chemical Co., Ltd.............................         4,330        63,682 
 Pohang Iron & Steel Co., Ltd..........................         2,580       100,156 
 SK Telecom Co., Ltd...................................           130        36,682 
 Sam Yang Corp.........................................         3,580        23,571 
 Samchully Co., Ltd....................................         1,233        31,945 
 *Samsung Aerospace Industrial Co., Ltd................        19,490        82,993 
 Samsung Corp..........................................        36,890       182,952 
 Samsung Display Devices, Ltd..........................         6,230       186,980 
 Samsung Electro-Mechanics Co., Ltd....................        15,827       213,823 
 Samsung Electronics Co., Ltd..........................         2,815       100,854 
 Samsung Fine Chemicals................................         2,290        44,449 
 Samsung Fire & Marine Insurance.......................           350        76,315 
 *Samsung Heavy Industries Co., Ltd....................        42,100       265,667 
 Seondo Electric Co., Ltd..............................           880        97,067 
 *Seoul Bank...........................................        96,760       159,681 
 Shinhan Bank Co., Ltd.................................           490         2,526 
 Shinsegae Department Store............................         6,720        76,997 
 Ssangyong Cement Industry Co., Ltd....................        17,110        59,545 
 *Ssangyong Investment Securities Co., Ltd.............        16,700        38,412 
 *Ssangyong Motor Co...................................        29,100       107,741 
 Ssangyong Oil Refining Co., Ltd.......................        32,080       189,271 
 Sungmi Telecom Electronics Co., Ltd...................         1,052        52,173 
 Sunkyong, Ltd.........................................        12,310        60,524 

                                                               SHARES        VALUE+ 
                                                         ------------  ------------ 
                                                                                    
 Tae Kwang Industrial Co., Ltd.........................           660  $    163,660 
 Tae Young Corp........................................         3,280        63,384 
 Tai Han Electric Wire Co..............................         5,990        33,958 
 Trigem Computer, Inc..................................         3,210        18,527 
 Young Poong Mining & Construction Corp................         3,296        53,266 
 Yukong, Ltd...........................................        45,080       431,720 
                                                                       ------------ 
TOTAL COMMON STOCKS                                                                 
  (Cost $23,570,069)...................................                  10,900,960 
                                                                       ------------ 
INVESTMENT IN CURRENCY -- (0.0%)                                                    
 *Korean Won (Cost $32)................................                          27 
                                                                       ------------ 
RIGHTS/WARRANTS -- (0.0%)                                                           
 *LG Construction, Ltd. Rights 12/05/97................         3,950             0 
 *Sam Yang Corp. Rights 12/03/97.......................           286             0 
                                                                       ------------ 
TOTAL RIGHTS/WARRANTS                                                               
  (Cost $0)............................................                           0 
                                                                       ------------ 
TOTAL -- SOUTH KOREA                                                                
  (Cost $23,570,101)...................................                  10,900,987 
                                                                       ------------ 
                                                             FACE                   
                                                            AMOUNT                  
                                                         ------------               
                                                            (000)                   
TEMPORARY CASH                                                                      
  INVESTMENTS -- (3.6%)                                                             
 Repurchase Agreement, Chase Manhatten Bank N.A. 5.35%,                             
   12/01/97 (Collateralized by U.S. Treasury Notes                                  
   5.875%, 02/15/00, valued at $8,195,963) to be                                    
   repurchased at $8,038,582.                                                       
   (Cost $8,035,000)...................................  $      8,035     8,035,000 
                                                                       ------------ 
TOTAL INVESTMENTS -- (102.9%)                                                       
  (Cost $285,216,465)++................................                 227,456,268 
                                                                       ------------ 
OTHER ASSETS AND LIABILITIES -- (-2.9%)                                             
 Other Assets..........................................                     747,152 
 Payable for Investment Securities Purchased...........                  (6,987,055)
 Payable for Fund Shares Redeemed......................                    (125,703)
 Other Liabilities.....................................                    (150,145)
                                                                       ------------ 
                                                                         (6,515,751)
                                                                       ------------ 
NET ASSETS -- (100.0%).................................                $220,940,517 
                                                                       ------------ 
                                                                       ------------ 
--------------------                                                                
+See Note B to Financial Statements.                                                
*Non-Income Producing Securities                                                    
++Approximates cost for federal income tax purposes.                                

See accompanying Notes to Financial Statements. 

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THE EMERGING MARKETS SMALL CAP SERIES 

STATEMENT OF NET ASSETS 

NOVEMBER 30, 1997 

                                                                [Download Table]

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
TURKEY -- (23.2%)                                                                 
COMMON STOCKS -- (23.2%)                                                          
 Akal Tekstil A.S......................................      617,750  $     24,318
 Aksigorta A.S.........................................    3,067,500       164,662
 Aksu Iplik Dokuma ve Boya Apre Fab A.S................      634,500        16,057
 Aktas Elektrik Ticaret A.S............................      524,000       421,922
 Alarko Holding........................................      498,000       101,838
 Alarko Sanayii ve Ticaret A.S.........................      623,333        53,377
 Altinyildiz Mensucat ve Konfeksiyan Fabrikalari                                  
   A.S.................................................      366,000        38,826
 *Anadolu Anonim Turk Sigorta Sirketi..................    1,254,000        43,594
 Bagfas................................................      110,000        66,077
 Bekoteknik Sanayi A.S.................................    1,526,000        89,716
 Bolu Cimento Sanayi A.S...............................    1,394,750        26,026
 Borusan...............................................      385,000        20,667
 Bossa Ticaret ve Sanayi Isletmeleri A.S...............    2,255,000        41,502
 Bursa Cimento Fabrikasi A.S...........................      275,000        42,880
 CIMSA A.S. (Cimento Sanayi ve Ticaret)................      600,000       105,825
 Cimentas A.S..........................................      458,000        55,609
 *Deva Holding A.S.....................................    2,717,333        25,353
 Dogan Sirketler Grubu Holdings A.S....................    7,990,500       302,291
 Doktas................................................      220,000        64,109
 *Eczacibasi Ilac......................................    1,547,000        71,970
 *Eczacibasi Yapi Gere.................................      750,000        24,156
 Ege Seramik Co., Inc..................................      726,000        16,888
 Egeplast..............................................      386,000        14,603
 Enka Holding..........................................      321,000       254,365
 Es Kisehir Bankasi Esbank.............................    5,928,750        42,434
 Finansbank............................................    8,619,000       136,596
 Good Year Lastikleri A.S..............................      266,000       112,870
 Gubre Fabrikalari Ticaret A.S.........................      216,000        12,147
 Gunes Sigorta A.S.....................................    1,095,000        40,865
 Guney Biracilik.......................................      634,400        43,784
 Hektas Ticaret A.S....................................      926,500        15,157
 Hurriyet Gazette......................................      632,000       108,239
 *Izmir Demir Celik....................................    3,977,000        42,697
 *Karsu Tekstil........................................      568,000        19,165
 Kartonsan.............................................      998,750        56,165
 Kav Orman Sanayii A.S.................................    1,092,000        25,680
 Kent Gida Maddeleri Sanayii ve Ticaret A.S............      544,000        77,871
 Kepez Elektrik Ticaret A.S............................       61,000       124,741
 *Kerevitas Gida Sanayi ve Ticaret A.S.................      422,000        48,002
 Konya Cimento.........................................    1,110,000        20,996
 Kordsa Kord Bezi Sanayi ve Ticaret A.S................    1,030,000        76,353
 Marshall Boya ve Vernik Sanayii A.S...................      317,000        46,998
 *Medya Holdings A.S. Series C.........................    2,935,000        61,519
 *Merko Gida Sanayi ve Ticaret A.S. Series A...........    1,058,000        20,013
 Milliyet Gazetecilik A.S..............................    3,564,000        98,390
 *Mutlu Aku............................................      509,000        17,695
 Net Holding A.S.......................................    2,410,800        65,322
 *Net Turizm...........................................      748,000        74,569
 Peg Profilo A.S.......................................    1,647,200        86,316
 Pinar Su Sanayi ve Ticaret A.S........................      771,000        46,314


                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
 Raks Elektroniks A.S..................................      130,000  $     32,233
 Sarkuysan Elektrolitik Bakir Sanayi A.S...............      745,000        70,461
 *T. Tuborg Bira ve Malt Sanayi A.S....................    1,670,000        33,724
 Tat Konserve..........................................    1,117,500        57,130
 Tekstil Bankasi A.S...................................    1,800,000        25,306
 Teletas Telekomunikasyon Endustri Ticaret A.S.........    1,354,000       173,053
 Turcas Petrolculuk A.S................................    2,386,647        56,126
 Turk Demir Dokum......................................    1,259,999        90,182
 Turk Dis Ticaret Bankasi A.S..........................    2,693,285        38,553
 Turk Siemens Kablo ve Elektrik Sanayi A.S.............      622,500        51,715
 USAS (Ucak Servisi A.S.)..............................       30,000        69,783
 Vakif Finansal Kiralama A.S...........................    1,477,499        18,695
 Vestel Elektronik Sanayi Ticaret A.S..................    1,654,475       126,874
 Yasarbank A.S.........................................    5,266,000        30,287
 Yunsa Yunlu Sanayi ve Ticaret A.S.....................      619,000        20,253
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $3,184,245)....................................                  4,501,904
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
 *Turkish Lira                                                                    
   (Cost $6,287).......................................                      5,560
                                                                      ------------
TOTAL -- TURKEY                                                                   
  (Cost $3,190,532)....................................                  4,507,464
                                                                      ------------
ISRAEL -- (17.9%)                                                                 
COMMON STOCKS -- (17.9%)                                                          
 Agis Industries (1983), Ltd...........................       27,000       213,623
 Azorim Investment Development & Construction Co.,                                
   Ltd.................................................       10,710       116,514
 Baran.................................................        9,500        72,748
 Dead Sea Periclase....................................       13,028        48,962
 Delek Automotive Systems, Ltd.........................       75,000       109,355
 *Discount Mortgage Bank, Ltd..........................        1,320       102,946
 Elco Industries (1975)................................        6,000        84,161
 Electra Consumer......................................       20,300        98,662
 Electra Israel, Ltd...................................        3,000       121,392
 Electric Wire & Cable Co. of Israel, Ltd..............       12,800        45,320
 Feuchtwanger Industies................................          224        34,876
 *Formula Systems......................................        6,570       212,939
 *Israel General Bank, Ltd.............................        3,222        95,596
 *Israel Land Development Co., Ltd.....................       26,000       139,737
 Israel Petrochemical Enterprises, Ltd.................       32,500       211,221
 Israel Salt Industries................................       38,139       177,065
 *J.O.E.L. Jerusalem Oil Exploration, Ltd..............       61,782        21,909
 Maman Cargo Terminals & Handling, Ltd.................       33,600        66,461
 *Matav Cable Israel...................................       14,000       109,976
 Mehadrin, Ltd.........................................        3,887       104,893
 *Middle East Tube Co..................................       19,000        25,556
 Miloumor..............................................       12,658        63,202
 *Mishkan Hapoalim Mortgage Bank, Ltd. Series B........        1,440       236,410
 Mul-t-lock, Ltd.......................................       20,500        49,296
 *Naphta Israel Petroleum Corp.........................       10,563        15,073

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CONTINUED                                                                       

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
 *Nice Systems, Ltd....................................        5,785  $    258,768
 *Ormat Industries.....................................       54,000        86,670
 *Ormat Industries Issue 97............................        3,351         5,378
 *Rapac Electronics, Ltd...............................        6,000        44,997
 Tambour...............................................       64,000       124,602
 Tefahot Israel Mortgage Bank, Ltd.....................          330       214,471
 *Tempo Beer Industries, Ltd...........................        9,027        39,843
 Ytong Industries, Ltd.................................       52,500       126,690
                                                                      ------------
TOTAL -- ISRAEL                                                                   
  (Cost $2,893,080)....................................                  3,479,312
                                                                      ------------
MEXICO -- (16.0%)                                                                 
COMMON STOCKS -- (16.0%)                                                          
 *Abaco Grupo Financiero S.A. de C.V.                                             
   Series B............................................      108,000         9,208
 *Bufete Industrial S.A. (Representing 3 shares Series                            
   L and 1 share                                                                  
   Series B)...........................................       24,000        79,069
 *Corporacion Geo S.A. de C.V.                                                    
   Series B............................................       37,000       225,320
 *Embotelladores del Valle Anahuac S.A. de C.V. Series                            
   B...................................................       39,000        38,475
 Farmacias Benavides S.A. de C.V. Series B.............       54,000       124,961
 Grupo Casa Autrey S.A. de C.V.........................      104,000       224,200
 Grupo Cementos de Chihuahua S.A. de C.V. Series B.....      152,000       171,799
 Grupo Continental SA..................................       65,000       212,167
 *Grupo Fernandez Editores S.A. de C.V. Series B.......      103,000        24,462
 *Grupo Financiero Banorte S.A. de C.V. Series B.......      187,000       257,365
 *Grupo Financiero BBV-Probursa S.A. de C.V. Series                               
   B...................................................      681,621       167,696
 *Grupo Financiero GBM Atlantico S.A. de C.V. Series                              
   L...................................................      124,000        83,064
 *Grupo Financiero Santander Mexicano S.A. de C.V.                                
   Series B............................................       34,513        34,048
 *Grupo Financiero Serfin S.A. de C.V. Series B........      236,000        52,888
 Grupo Herdez S.A. de C.V. Series B....................      107,000        78,974
 *Grupo Posadas S.A. de C.V. Series L..................      199,000       128,457
 *Grupo Tribasa S.A. de C.V............................       64,000       190,195
 *Industrias S.A. de C.V. Series B.....................       33,000       173,229
 *Jugos del Valle S.A. de C.V. Series B................       20,000        26,308
 Nacional de Drogas S.A. de C.V. Series L..............      210,000       201,035
 Sanluis Corporacion S.A. de C.V.(representing 1 share                            
   Series B, 1 share Series C & 1 share                                           
   Series D)...........................................       27,000       203,885
 Sistema Argos S.A. de C.V. Series B...................       98,000       148,005
 Tablex S.A. de C.V. Series 2..........................       33,000        76,365
 *Transportacion Maritima Mexicana S.A. de C.V. Series                            
   L...................................................       24,000       187,077
                                                                      ------------
TOTAL -- MEXICO                                                                   
  (Cost $2,839,925)....................................                  3,118,252
                                                                      ------------
BRAZIL -- (15.1%)                                                                 
PREFERRED STOCKS -- (13.9%)                                                       
 *Acos Villares SA.....................................      120,000        22,446
                                                              SHARES        VALUE+
                                                        ------------  ------------
 *Alpargatas-Santista Textil SA........................      300,000  $     43,269
 BS Continental SA Utilidades Domesticas...............    1,500,000        11,493
 Banco America do Sul SA...............................      610,000        41,241
 Banco Bandeirantes SA.................................      700,000        30,913
 Banco Mercantil do Brasil SA..........................      130,000        18,516
 Banco Noroeste SA.....................................       70,000        53,636
 Banco Real SA.........................................       66,000        47,596
 *CELG Series B........................................      357,316        19,326
 COFAP (Cia Fabricadora De Pecas)......................        6,000        22,716
 Cambuci SA............................................       84,000        11,743
 *Cent Elet Cachoeira Doura............................      722,683       107,491
 Confab Industrial SA..................................       27,000        46,244
 Consorcio Real Brasileiro de Administracao SA Series                             
   F...................................................       19,000        32,628
 Coteminas Cia Tecidos Norte de Minas..................      263,426        79,550
 Distribuidora de Produtos Petreleo Ipirangi SA........    3,900,000        50,977
 *ENERSUL Empresa Energetjica de Mato Grosso do Sul SA                            
   Series B............................................   13,156,000        59,297
 Electrolux do Brasil SA...............................   40,600,000        74,295
 *Embraer Empresa Brasileira de Aeronautica Series A...    7,200,000        74,640
 Forca Luz Cataguazes Leopoldina Series A..............   23,400,000        40,078
 *Francisco Stedile SA Series A........................   20,200,000        23,490
 Frigobras Cia Brasileira de Frigorificos..............       75,000        43,945
 Gerdau SA.............................................   15,623,172       216,744
 Gradiente Eletronica SA...............................      260,000        14,063
 Industria de Bebidas Antarctica Minas Gerais                                     
   Antarctic...........................................      171,000        43,932
 Industria de Bebidas Antarctica Polar SA..............       23,000        37,320
 Industrias Villares SA................................       58,000        43,396
 Inepar SA Industria e Construcoes.....................   28,900,000        34,128
 Iven SA...............................................      148,000        86,719
 Lojas Renner SA.......................................      900,000        26,732
 Manah SA..............................................      900,000        20,688
 Marcopolo SA..........................................      200,000        25,241
 Marisol SA Industria do Vestuario.....................       36,000        26,935
 *Metalurgica Barbara..................................   25,300,000        43,789
 Metalurgica Gerdau SA.................................    2,862,847        85,679
 Mineracao da Trinidade Samitri........................    2,508,000        65,564
 Oxiteno SA Industria e Comercio.......................       12,159        31,788
 *Paranapanema SA......................................    6,200,000        39,682
 Perdigao SA NPV.......................................   55,000,000        89,243
 Pirelli Cabos SA......................................       29,000       128,095
 Pirelli Pneus SA......................................       33,000        77,641
 *Randon Participacoes SA..............................   51,000,000        18,390
 Refinaria de Petroleo Ipiranga SA.....................    3,600,000        26,448
 Renner Herrmann SA....................................       28,000        35,084
 *Serrana SA...........................................       55,000        32,227
 *Sharp SA Equipamentos Eletronicos....................   30,200,000        22,323
 Siderurgica Belgo-Mineira.............................    1,100,000        63,452
 *Siderurgica Paulista Casipa Series B.................      107,000        25,078
 *Sociedade de Participacoes...........................       55,000        94,201
 Tam Transportes Aereos Regionais SA...................    1,150,000        51,833
 *Varig SA Viacao Aerea Riograndense...................       16,000        40,385

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
 Weg SA................................................      165,000  $    118,991
 Wembley Roupas SA.....................................   10,300,000        76,136
                                                                      ------------
TOTAL PREFERRED STOCKS                                                            
  (Cost $2,752,360)....................................                  2,697,457
                                                                      ------------
COMMON STOCKS -- (1.2%)                                                           
 Acos Especiais Itabira-Acesita Aces...................   42,900,000        38,672
 Avipal SA Avicultura e Agropecua......................   15,900,000        45,866
 Makro Atacadista SA...................................       47,000        38,131
 *Mannesmann SA........................................      215,000        28,489
 Metalurgica Gerdau....................................      161,519         4,081
 Monteiro Aranha SA....................................    2,868,168        54,295
 *Rhodia Ster SA.......................................      124,000        16,767
 Sao Paulo Alpargatas SA...............................      510,000        20,343
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $317,341)......................................                    246,644
                                                                      ------------
RIGHTS/WARRANTS -- (0.0%)                                                         
 *BS Continental SA Utilidades Domesticas Rights                                  
   12/05/97............................................      342,988             0
 *Industrias Villares Rights 12/05/97..................       12,455             0
                                                                      ------------
TOTAL RIGHTS/WARRANTS                                                             
  (Cost $0)............................................                          0
                                                                      ------------
TOTAL -- BRAZIL                                                                   
  (Cost $3,069,701)....................................                  2,944,101
                                                                      ------------
ARGENTINA -- (7.5%)                                                               
COMMON STOCKS -- (7.5%)                                                           
 *Acindar Industria Argentina de Aceros SA Series A....       50,000       107,295
 *Alpargatas SA Industrial y Comercial.................      140,000        65,547
 Atanor Cia Nacional para la Industria Quimica SA                                 
   Series D............................................       36,000        49,701
 Bagley y Cia, Ltd. SA Series B........................       62,000       117,849
 *Celulosa Argentina SA Series B.......................       25,500         6,837
 Central Puerto SA Series B............................       43,000       116,364
 Cinba SA Cia de Bebidao y Alimentos SA................       15,000        25,511
 Corcemar SA Series B..................................       19,000        82,685
 *Cresud SA Comercial Industrial Financiera y                                     
   Agropecuaria........................................       61,250       118,875
 Dycasa Dragados y Construcciones Argentina SA Series                             
   B...................................................        7,000        23,810
 *Ferrum SA de Ceramica y Metalurgica Series B.........       15,000        31,363
 Fiplasto SA Comercial y Industrial Series B...........        6,000        14,406
 Garovaglio y Zorraquin SA.............................       14,160        43,064
 Importadora y Exportadora de la Patagonia Series B....       11,500       167,971
 Introductora de Buenos Aires SA Series A..............       14,736        20,212
 Massalin Particulares SA Series B.....................       41,000       207,137
 *Morixe Hermanos SA...................................        9,000        13,506
 Nobleza-Piccardo Sdad Industrial Comercial y                                     
   Financiera Pica.....................................       22,000        99,042
 *Pirelli Cables SA....................................       23,786        39,263
 *Polledo SA Industrial y Constructora y Financiera....       26,000        24,190
 Quimica Estrella SA Series B..........................       24,000        28,812
                                                              SHARES        VALUE+
                                                        ------------  ------------
 *Sol Petroleo SA......................................       10,000  $     19,708
 Supervielle Soc.......................................       17,411        25,257
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $1,519,087)....................................                  1,448,405
                                                                      ------------
PREFERRED STOCKS -- (0.0%)                                                        
 Quimica Estrella SA 10% Cumulative Convertible Series                            
   B (Cost $3,261).....................................        3,260         3,539
                                                                      ------------
TOTAL -- ARGENTINA                                                                
  (Cost $1,522,348)....................................                  1,451,944
                                                                      ------------
INDONESIA -- (6.1%)                                                               
COMMON STOCKS -- (6.1%)                                                           
 Bank Niaga Tbk........................................       55,926         6,516
 Bk Mashill Utama Tbk..................................       88,400         9,694
 *Dharmala Agrifood Tbk................................       92,500         4,438
 Duta Anggada Realty Tbk...............................      132,000         9,952
 Modern Bank Tbk.......................................       72,333         6,445
 PT Aneka Kimia Raya (Foreign).........................       49,000        10,747
 PT Anwar Siered.......................................       58,000         3,975
 PT Apac Centertex Corp. Tbk...........................      122,000         6,689
 PT Argha Prima Industry (Foreign).....................       90,666        31,693
 PT Asahimas Flat Glass Co., Ltd. Tbk..................       65,000         5,792
 PT Bakrie Sumatra Plantations (Foreign)...............       49,000        35,600
 PT Bank Bira Tbk......................................      162,800        18,969
 PT Bank International Indonesia (Foreign).............       78,329        10,200
 PT Bank PDFCI (Foreign)...............................       44,000        24,729
 PT Bank Tiara Asia (Foreign)..........................       43,000         4,716
 PT Bayu Buana Travel Service (Foreign)................       77,715         5,327
 PT Berlian Laju Tanker Tbk............................       36,400        16,716
 PT Branta Mulia Tbk...................................       66,000        21,261
 PT Bukaka Teknik Utama (Foreign)......................       36,000         4,195
 PT Ciputra Development Tbk............................       75,000         7,711
 *PT Citra Marga Nusaphala Persada Tbk.................      150,000        32,899
 PT Darya-Varia Laboratoria (Foreign)..................       33,000         5,202
 PT Davomas Abadi (State)..............................       40,000        11,241
 PT Dharmal Sakti S Tbk................................      258,666        56,733
 PT Dharmala Intiland Tbk..............................       73,000        34,023
 PT Duta Pertiwi.......................................      132,000        10,857
 PT Ever Shine Textile.................................       75,000         8,225
 *PT Fajar Surya Wisesa................................       53,000         6,539
 PT Ficorinvest Bank (Foreign).........................       56,000        17,272
 PT Gajah Surya Multi Finance (Foreign)................      182,000        82,330
 PT Gajah Tunngal Tbk..................................      236,000        25,881
 PT Great River International..........................       93,000        10,836
 PT GT Petrochem Industries Tbk........................      246,000        26,977
 PT Hero Supermarket Tbk...............................       33,000        14,023
 PT Indal Aluminum Industry............................       47,000         4,832
 *PT Inti Indorayon Utama Tbk..........................       63,000        12,954
 PT Jakarta International Hotel and Development Tbk....       57,000        23,050
 PT Kalbe Farma Tbk....................................       64,000        23,687
 PT Karwell Indonesia..................................      138,000        29,321
 PT Kawasan Industri Jababeka Tbk......................       47,000        18,040
 PT Keramika Indonesia Assosiasi Tbk...................      100,000        10,281
 PT Lippo Life Insurance Tbk...........................      448,500        36,888
 PT Lippo Securities...................................      659,600        54,251

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
 PT Matahari Putra Prima Tbk...........................       66,000  $     10,857
 PT Mayora Indah Tbk...................................      114,000        21,878
 PT Medco Energi Corp..................................       24,000        24,674
 PT Miwon Indonesia (Foreign)..........................       20,000        15,353
 PT Modern Photo Tbk...................................       40,000        26,868
 *PT Multipolar Corp. Tbk..............................      455,000        24,949
 PT Ometraco Corp. Tbk.................................       38,000        21,878
 PT Pabrik Kertas Tjiwi Kimia Tbk......................       90,000        27,759
 PT Pakuwon Jati Tbk...................................       63,000         9,931
 PT Panasia Indosyntec Tbk.............................       79,000         4,332
 PT Perdana Cipta Multi Finance (Foreign)..............       69,333         2,851
 PT Plaza Indonesia Realty.............................       20,000        10,144
 PT Pudjiadi Prestige (Foreign)........................       45,500         2,807
 PT Putra Sejahtera Pioneerindo........................       29,000        10,336
 PT Sekar Bumi Tbk.....................................       60,000         3,290
 PT Sinar Mas Agro Resources and Technology Corp.                                 
   (Smart Corp.) (Foreign).............................       74,400        13,258
 PT Sorini Corp........................................       43,000         6,779
 *PT Surabaya Agung Industri Pulp & Paper..............       64,500         4,421
 PT Suryamas Dutamakmur................................      125,000        17,135
 PT Tamara Bank (Foreign)..............................       27,600        12,107
 PT Tempo Scan Pacific.................................       22,000         8,444
 *PT Texmaco Jaya Tbk..................................       93,000        58,005
 PT Ultra Jaya Milk Industry & Trading Co..............       52,000        15,326
 PT Unggul Indah Corp. Tbk.............................       38,000        15,627
 PT United Tractors Tbk................................       20,000         9,321
 PT Wickaksana Overseas (Foreign)......................       28,560         2,936
 Prasidha Aneka........................................       84,000         7,485
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $3,293,440)....................................                  1,190,458
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
 *Indonesia Rupiah (Cost $1,122).......................                        891
                                                                      ------------
RIGHTS/WARRANTS -- (0.0%)                                                         
 *Matahari Putra Rights (Cost $0)......................       66,000           814
                                                                      ------------
TOTAL -- INDONESIA                                                                
  (Cost $3,294,562)....................................                  1,192,163
                                                                      ------------
PHILIPPINES -- (5.8%)                                                             
COMMON STOCKS -- (5.7%)                                                           
 *Alaska Milk Corp.....................................      413,000        16,601
 *Alsons Consolidated Resources, Inc...................    1,253,000        41,011
 *Anglo Philippine Holdings Corp.......................      546,000         4,703
 Bacnotan Cement Corp..................................       86,700         5,003
 Bacnotan Consolidated Industries, Inc.................       23,000         9,905
 *Bankard, Inc.........................................      145,000         6,828
 *Cebu Holdings, Inc...................................    1,075,000        33,951
 Cosmos Bottling Corp..................................      878,000        83,187
 *East Asia Power Resources Corp.......................      431,000        13,859
 *EEI Corporation PHP..................................      282,000         6,923
 *Global Equities, Inc.................................      717,000        16,263
 *Gotesco Land -B......................................      170,000        28,309
 *House of Investments, Inc............................      258,000         8,000
 *International Container Terminal Services, Inc.......      310,725        50,851
 Ionics Circuits, Inc..................................      103,125        59,956
 *Kepphil Shipyard, Inc................................      522,000        11,840
                                                              SHARES        VALUE+
                                                        ------------  ------------
 *Kuok Philippine Properties, Inc......................    2,150,500  $     40,133
 *Lepanto Consolidated Mining Co. Series B.............    1,540,000        20,339
 *MUI Resources (Philippines), Inc.....................    1,121,000        45,703
 *Mabuhay Holdings Corp................................      516,000         9,926
 *Macroasia Corp.......................................      129,000         8,611
 *Manila Jockey Club, Inc..............................       18,800        11,605
 *Mondragon International Philippines, Inc.............      218,040         6,260
 *Negros Navigation Co., Inc...........................      311,000         7,947
 *PDCP Development Bank................................       27,600         8,320
 *Palawan Oil and Gas Exploration, Inc.................   51,600,000        10,370
 *Philippine Bank of Communications....................       11,045        57,397
 *Philippine National Construction Corp................       75,000        11,197
 *Philippine Realty & Holdings Corp....................    2,549,000        24,151
 *Philippine Savings Bank..............................       38,875        15,905
 *Picop Resources, Inc.................................      225,000         3,682
 *Pryce Properties Corp................................      581,900        20,048
 RFM Corp..............................................      335,000        59,633
 Republic Glass Holding Corp...........................      176,250         7,084
 *Robinson's Land Corp. Series B.......................      432,000        17,612
 *SM Development Corp..................................    1,755,000        32,248
 *Security Bank Corp...................................       46,800        24,186
 Selecta Dairy Products, Inc...........................      308,000        12,734
 Sime Darby Pilipinas, Inc. SD Tire....................       19,900        18,283
 Solidbank Corp........................................        3,040        13,965
 *Soriano (A.) Corp....................................    1,691,211        82,546
 *Southeast Asia Cement Holdings, Inc..................    1,154,000        18,885
 *Steniel Manufacturing Corp...........................      250,000         2,189
 *Union Bank of the Philippines........................       88,300        41,830
 *Universal Rightfield Property Holdings, Inc..........    1,062,000        30,491
 Urban Bank, Inc.......................................        5,658        20,793
 *Utd Paragon..........................................      645,000         4,444
 *Victorias Milling Co., Inc...........................       48,000         1,185
 *Vitarich Corp........................................      176,000         2,830
 *William, Gothong & Aboitiz, Inc......................      763,000        19,716
                                                                      ------------
TOTAL COMMON STOCKS                                                               
  (Cost $3,253,512)....................................                  1,109,438
                                                                      ------------
PREFERRED STOCKS -- (0.1%)                                                        
 *RFM Corp. (Cost $10,835).............................       60,909         8,184
                                                                      ------------
RIGHTS/WARRANTS -- (0.0%)                                                         
 *Philippine Bank of Communications Rights 12/19/97....        3,681         5,918
 *Union Bank of the Philippines Rights 12/22/97........       21,910             0
                                                                      ------------
TOTAL RIGHTS/WARRANTS                                                             
  (Cost $0)............................................                      5,918
                                                                      ------------
TOTAL -- PHILIPPINES                                                              
  (Cost $3,264,347)....................................                  1,123,540
                                                                      ------------
THAILAND -- (4.4%)                                                                
COMMON STOCKS -- (4.4%)                                                           
 Alphatec Electronics Public Co., Ltd. (Foreign).......       12,900         7,371
 *Aromatics (Thailand) Public Co., Ltd. (Foreign)......      140,000        14,957
 Ayudhya Insurance Public Co., Ltd. (Foreign)..........        4,000        18,683

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                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
 Bangkok Agro Industrial Products Public Co., Ltd.                                
   (Foreign)...........................................        2,700  $      4,427
 Big C Supercenter Public Co., Ltd. (Foreign)..........       87,000        13,185
 *Castle Peak Holdings Public Co., Ltd. (Foreign)......        6,800           625
 *Central Paper Industry Public Co., Ltd. (Foreign)....       19,800        32,221
 Delta Electronics (Thailand) Public Co., Ltd.                                    
   (Foreign)...........................................       19,800       195,786
 *Dynamic Eastern Finance Thailand (1991) Co., Ltd.                               
   (Foreign)...........................................       46,200         3,329
 First City Investment Public Co., Ltd. (Foreign)......       45,000         4,025
 *Golden Land Property Development Public Co., Ltd.                               
   (Foreign)...........................................       68,800         3,931
 Hana Microelectronics Co., Ltd. (Foreign).............       12,000        31,602
 Hemaraj Land and Development Public Co., Ltd.                                    
   (Foreign)...........................................       19,000        19,472
 KCE Electronics Public Co., Ltd. (Foreign)............        6,000        17,143
 Kang Yong Electric Public Co., Ltd. (Foreign).........        7,200         6,037
 Kiatnakin Finance and Securities Public Co., Ltd.                                
   (Foreign)...........................................       12,000         5,739
 *Krisda Mahanakorn Public Co., Ltd. (Foreign).........       23,800           710
 LPN Development Public Co., Ltd. (Foreign)............       15,100         4,127
 *Laem Thong Bank Public Co., Ltd. (Foreign)...........       68,575        17,037
 Lanna Lignite Public Co., Ltd. (Foreign)..............       11,500        29,143
 Loxley Public Co., Ltd. (Foreign).....................       12,500         4,736
 Media of Medias Public Co., Ltd. (Foreign)............        9,100           904
 *Modern Home Development Public Co., Ltd. (Foreign)...       23,700         7,655
 Nakornthon Bank Public Co., Ltd. (Foreign)............       35,900         9,588
 Nation Multimedia Group Public Co., Ltd. (Foreign)....       13,000         9,851
 National Petrochemical Public Co., Ltd. (Foreign).....      108,500        58,630
 Nithipat Finance Public Co., Ltd. (Foreign)...........       35,600        17,468
 PAE (Thailand) Public Co., Ltd. (Foreign).............        6,600         1,886
 *Phoenix Pulp and Paper Public Co., Ltd. (Foreign)....       35,700        10,643
 Pizza Public Co., Ltd. (Foreign)......................        9,000        18,112
 Prasit Development Public Co., Ltd. (Foreign).........       29,700         3,468
 Regional Container Lines Public Co., Ltd. (Foreign)...        9,000        10,286
 SCF Finance and Securities Co., Ltd. (Foreign)........       17,000         5,280
 Saha Pathana Inter-Holding Public Co., Ltd.                                      
   (Foreign)...........................................       16,000        25,242
 *Sahaviriya Steel Industries Public Co., Ltd.                                    
   (Foreign)...........................................      168,300         6,690

                                                              SHARES        VALUE+
                                                        ------------  ------------
                                                                                  
 Siam City Credit Finance and Securities Public Co.,                              
   Ltd. (Foreign)......................................       18,200  $      7,913
 Siam Pulp & Paper Co., Ltd. (Foreign).................       31,500        22,109
 Siam Sanwa Industrial Credit Public Co., Ltd.                                    
   (Foreign)...........................................       17,500         4,565
 Siam Tyre Public Co., Ltd. (Foreign)..................        2,500        24,720
 Srithai Superware Public Co., Ltd. (Foreign)..........        6,000         1,193
 *Sun Tech Group Public Co., Ltd. (Foreign)............       27,200         4,190
 *Supalai Public Co., Ltd. (Foreign)...................       17,300           903
 TCJ Motor Public Co., Ltd. (Foreign)..................        7,300        16,142
 Thai Danu Bank Public Co., Ltd. (Foreign).............       41,200        15,098
 Thai Modern Plastic Industry Public Co., Ltd.                                    
   (Foreign)...........................................       15,700         7,216
 Thai Pineapple Public Co., Ltd. (Foreign).............       12,200         3,562
 Thai Plastic and Chemicals Public Co., Ltd.                                      
   (Foreign)...........................................       12,200        25,309
 Thai Reinsurance Public Co., Ltd. (Foreign)...........       19,300        27,811
 Thai Rung Union Carbide Public Co., Ltd. (Foreign)....       13,200        19,021
 Thai-Germany Products Public Co., Ltd. (Foreign)......       37,050         9,021
 *Tuntex (Thailand) Public Co., Ltd. (Foreign).........       34,900        12,356
 *Vanachai Group Public Co., Ltd. (Foreign)............       22,100         6,863
 *Vinythai Public Co., Ltd. (Foreign)..................      198,700        11,848
 Wall Street Finance and Securities Public Co., Ltd.                              
   (Foreign)...........................................       13,400         4,744
 Wattachak Public Co., Ltd. (Foreign)..................       49,500         5,534
                                                                      ------------
TOTAL -- THAILAND                                                                 
  (Cost $2,561,553)....................................                    850,107
                                                                      ------------
MALAYSIA -- (4.2%)                                                                
COMMON STOCKS -- (4.2%)                                                           
 Amalgamated Industrial Steel Berhad...................       10,000         4,956
 Anson Perdana Berhad..................................       10,000         7,419
 Antah Holding Berhad..................................       23,000         7,577
 *Aokam Perdana Berhad.................................       22,000         4,222
 Arab Malaysian Development Berhad.....................       58,000        10,799
 Asas Dunia Berhad.....................................       16,000         3,735
 Asia Pacific Land Berhad..............................       70,000        10,126
 Austral Enterprises Berhad............................       14,000        15,640
 Ayer Hitam Planting Syndicate Berhad..................        2,000         7,333
 Berjaya Industrial Berhad.............................       55,000        11,816
 Berjaya Singer Berhad.................................       28,000        30,959
 Bimb Holdings BHD.....................................       19,600         6,569
 Bolton Properties Berhad..............................       18,000         4,898
 CCM Bioscience........................................          833           716
 Cement Industries of Malaysia Berhad..................       13,000        11,395
 Chemical Co. of Malaysia Berhad.......................       16,000        18,149
 Country Heights Holdings Berhad.......................       20,800        21,568
 DMIB Berhad...........................................       30,000         9,281
 DNP Holdings Berhad...................................       34,000         7,304
 *Damansara Realty Berhad..............................       65,000        14,616
 Datuk Keramik Holdings Berhad.........................       24,000        10,656
 Diperdana Corp. Berhad................................        3,000         2,578
 FACB Berhad...........................................       66,000         9,547

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                                                               SHARES        VALUE+ 
                                                         ------------  ------------ 
                                                                                    
 FCW Holdings Berhad...................................        16,000  $      3,483 
 *Faber Group Berhad...................................        32,000         7,150 
 Federal Flour Mills Berhad............................        20,000        21,999 
 Golden Plus Holdings Berhad...........................        16,000         7,012 
 Gopeng Berhad.........................................        17,000         4,870 
 *Granite Industries Berhad............................        22,000         8,066 
 Guthrie Ropel Berhad..................................        11,000         7,216 
 HLG Capital Berhad....................................        12,000         9,350 
 IGB Corp. Berhad......................................        42,000        14,557 
 *Insas Berhad.........................................        56,000        12,913 
 Island & Peninsular Berhad............................        22,000        16,700 
 Johan Holdings Berhad.................................        30,000         7,562 
 Keck Seng (Malaysia) Berhad...........................        23,000        11,200 
 Kelang Container Terminal Berhad......................        12,000         7,219 
 *Kemayan Corp. Berhad.................................        31,000         8,036 
 Kian Joo Can Factory Berhad...........................         6,000         6,015 
 Kuala Sidim Berhad....................................        13,000        13,033 
 Kulim Malaysia Berhad.................................        18,000        18,046 
 Ladang Perbadanan-Fima Berhad.........................        11,000         9,799 
 Larut Consolidated Berhad.............................        18,000         5,620 
 Lion Corp. Berhad.....................................        13,000         6,480 
 MBF Holdings Berhad...................................       106,000        18,522 
 MUI Properties Berhad.................................        75,200        13,463 
 Malayawata Steel Berhad...............................        21,000         6,015 
 Malaysia Assurance Alliance Berhad....................         8,800        10,335 
 Malaysia Building Society Berhad......................        35,000        12,733 
 Malaysian Mosaics Berhad..............................        27,000        13,921 
 Malaysian Plantations Berhad..........................        28,000         9,625 
 Malaysian Tobacco Co. Berhad..........................        20,000        12,546 
 Mancon Berhad.........................................        12,000         9,178 
 Maruichi Malaysia Steel Tube Berhad...................         8,000         6,416 
 Matsushita Electric Co. (Malaysia) Berhad.............         3,520         8,923 
 Nam Fatt Berhad.......................................         9,000         4,305 
 Negara Properties (Malaysia) Berhad...................         5,000        10,599 
 OSK Holdings..........................................        28,000        12,191 
 Pacific Chemicals Berhad..............................        11,000         8,192 
 Pan Pacific Asia Berhad...............................        12,000         6,634 
 Panglobal Berhad......................................        14,000         4,131 
 *Parit Perak Holdings Berhad..........................        13,000         2,979 
 Peladang Kimia Berhad.................................        14,000        10,427 
 Pelangi Berhad........................................        48,000        21,174 
 Petaling Garden Berhad................................        11,000        10,083 
 Phileo Land Berhad....................................        12,000        10,140 
 Pilecon Engineering Berhad............................        21,000         6,076 
 Prime Utilities Berhad................................         3,000         2,956 
 *Promet Berhad........................................        52,000        10,129 

                                                               SHARES        VALUE+ 
                                                         ------------  ------------ 
                                                                                    
 SP Settia Berhad......................................         7,000  $      4,211 
 Samanda Holdings Berhad...............................         6,000         9,539 
 Selangor Properties Berhad............................        34,000        11,882 
 Shangri-la Hotels (Malaysia) Berhad...................        39,000        12,736 
 Sriwani Holdings Berhad...............................        12,000         4,469 
 Talam Corp. Berhad....................................        14,000         4,411 
 Tan & Tan Developments Berhad.........................        28,000         9,063 
 Tasek Cement Berhad...................................        13,000         9,868 
 *Tongkah Holdings Berhad..............................        14,000         5,855 
 Tradewinds (Malaysia) Berhad..........................        13,000         6,666 
 United Malacca Rubber Estates Berhad..................         6,000         9,023 
 United Malayan Land Berhad............................        13,000        16,012 
 United Plantations Berhad.............................        15,000        16,328 
 *Westmont Industries Berhad...........................        23,000         4,414 
 Westmont Land (Asia) Berhad...........................        20,000         6,073 
 Wing Tiek Holdings Berhad.............................         8,000         2,062 
 Worldwide Holdings Berhad.............................        16,000         4,950 
                                                                       ------------ 
TOTAL -- MALAYSIA                                                                   
  (Cost $2,839,484)....................................                     817,440 
                                                                       ------------ 
                                                             FACE                   
                                                            AMOUNT                  
                                                         ------------               
                                                            (000)                   
TEMPORARY CASH INVESTMENTS -- (1.0%)                                                
 Repurchase Agreement, Chase Manhattan Bank N.A. 5.35%,                             
   12/01/97 (Collateralized by U.S. Treasury Notes                                  
   5.875%, 02/15/00 valued at $205,588) to be                                       
   repurchased at $204,091.                                                         
   (Cost $204,000).....................................  $        204       204,000 
                                                                       ------------ 
TOTAL INVESTMENTS -- (101.2%)                                                       
  (Cost $25,679,532)++.................................                  19,688,323 
                                                                       ------------ 
OTHER ASSETS AND LIABILITIES -- (-1.2%)                                             
 Other Assets..........................................                      48,329 
 Liabilities...........................................                    (287,420)
                                                                       ------------ 
                                                                           (239,091)
                                                                       ------------ 
NET ASSETS -- (100.0%).................................                $ 19,449,232 
                                                                       ------------ 
                                                                       ------------ 
--------------------                                                                
+See Note B to Financial Statements.                                                
*Non-Income Producing Securities                                                    
++Approximates cost for federal income tax purposes                                 

See accompanying Notes to Financial Statements. 

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STATEMENT OF NET ASSETS 

NOVEMBER 30, 1997 

                                                                [Download Table]

                                                            FACE                  
                                                           AMOUNT           VALUE+
                                                        ------------  ------------
                                                           (000)                  
                                                                                  
BONDS -- (45.3%)                                                                  
Anheuser-Busch Companies, Inc. Medium Term Notes                                  
    7.600%, 03/01/99................................... $     1,000   $  1,017,500
Associates Corp. of North America Corporate Bonds                                 
    6.250%, 03/15/99...................................       3,100      3,107,750
    7.500%, 05/15/99...................................       3,000      3,060,000
    6.625%, 07/15/99...................................      17,000     17,127,500
Bank One Texas N.A. Medium Term Notes                                             
    5.875%, 08/02/99...................................       4,705      4,693,237
Bayerische Landesbank U.S. Finance, Inc. Medium Term                              
  Notes                                                                           
    6.400%, 05/05/99...................................      22,000     22,110,000
Canada (Government of) Bonds                                                      
    6.400%, 09/10/98...................................      22,540     22,624,525
Colgate-Palmolive Co. Medium Term Notes                                           
    6.550%, 02/16/98...................................      10,000     10,010,299
    6.630%, 02/16/98...................................       1,540      1,541,817
    6.710%, 02/16/98...................................      10,000     10,013,399
DuPont (E.I.) de Nemours & Co. Corporate Bonds                                    
    8.650%, 12/01/97...................................       1,050      1,050,000
FCC National Bank Medium Term Notes                                               
    6.144%, 10/30/98...................................       2,000      2,002,180
First USA Bank Medium Term Notes                                                  
    5.750%, 01/15/99...................................       4,325      4,308,781
Ford Motor Credit Co. Corporate Bonds                                             
    7.250%, 05/15/99...................................       5,800      5,894,250
Ford Motor Credit Co. Medium Term Notes                                           
    6.250%, 02/26/98...................................       7,000      7,007,070
GTE North, Inc. Corporate Bond Series B                                           
    5.500%, 02/15/99...................................       1,000        991,250
General Electric Capital Corp. Medium Term Notes                                  
    7.020%, 04/13/98...................................       3,000      3,013,620
    6.844%, 04/23/98...................................      10,725     10,770,687
IBM Credit Corp. Medium Term Notes                                                
    6.570%, 04/07/99...................................      23,000     23,172,500
Illinois Tool Works, Inc. Corporate Bonds                                         
    7.500%, 12/01/98...................................       5,000      5,065,550
KFW International Finance, Inc. Medium Term Notes                                 
    9.000%, 02/23/99...................................       6,600      6,822,750
Key Bank N.A. Medium Term Notes                                                   
    6.125%, 02/03/99...................................      15,000     15,000,000
Morgan (J.P.) & Co., Inc. Corporate Bonds                                         
    6.362%, 08/05/98...................................      19,000     19,053,768


                                                            FACE                  
                                                           AMOUNT           VALUE+
                                                        ------------  ------------
                                                           (000)                  
                                                                                  
Morgan Guaranty Trust Corporate Bonds                                             
    6.000%, 10/01/98................................... $     6,000   $  5,999,399
National Elf Aquitaine, Inc. Corporate Bonds                                      
    7.750%, 05/01/99...................................       8,550      8,731,688
National Rural Utilities Cooperative Finance Corp.                                
  Medium Term Notes                                                               
    6.070%, 07/09/99...................................      12,000     12,000,000
NationsBank N.C. Medium Term Notes                                                
    6.100%, 01/19/99...................................      24,000     24,000,000
Nippon Telegraph & Telephone Corp. Corporate Bonds                                
    9.500%, 07/27/98...................................       4,350      4,447,875
Norwest Corp. Corporate Bonds                                                     
    6.250%, 04/15/99...................................       6,020      6,035,050
Norwest Corp. Medium Term Notes                                                   
    5.750%, 11/16/98...................................       3,600      3,590,964
Norwest Financial, Inc. Corporate Bonds                                           
    6.000%, 08/01/99...................................       5,250      5,243,438
Norwest Financial, Inc. Medium Term Notes                                         
    6.250%, 03/15/99...................................       8,000      8,020,000
Ontario Hydro Medium Term Notes                                                   
    5.800%, 03/31/98...................................      13,575     13,575,000
Paccar Financial Corp. Medium Term Notes                                          
    5.280%, 03/20/98...................................       5,000      4,993,550
Pepsico, Inc. Corporate Bonds                                                     
    7.625%, 11/01/98...................................       5,000      5,061,750
Pepsico, Inc. Medium Term Notes                                                   
    6.125%, 01/15/98...................................       2,000      2,000,280
    5.463%, 07/01/98...................................       4,851      4,834,797
Pitney Bowes Credit Corp. Medium Term Notes                                       
    6.305%, 09/23/98...................................      24,230     24,337,339
Sara Lee Corp. Medium Term Notes                                                  
    5.500%, 12/01/98...................................       1,250      1,242,150
St. Paul Companies, Inc. Medium Term Notes                                        
    7.590%, 05/19/99...................................       6,000      6,127,500
UBS Finance, Inc. Medium Term Notes                                               
    6.200%, 10/01/98...................................       3,000      3,007,500
Wachovia Bank N.A. Medium Term Notes                                              
    5.600%, 03/08/99...................................      11,000     10,931,250
    6.000%, 03/15/99...................................       1,000        998,750
                                                                      ------------
TOTAL BONDS                                                                       
  (Cost $353,813,284)..................................                354,636,713
                                                                      ------------
CERTIFICATES OF DEPOSIT -- (31.4%)                                                
ABN-AMRO North American Certificate of Deposit                                    
    5.710%, 10/09/98...................................       4,000      3,996,000

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CONTINUED                                                                       

                                                                [Download Table]

                                                            FACE                  
                                                           AMOUNT           VALUE+
                                                        ------------  ------------
                                                           (000)                  
                                                                                  
Bank of Nova Scotia Corp. Certificate of Deposit                                  
    6.256%, 07/09/99................................... $    10,000   $ 10,035,000
Bayerische Landesbank Certificate of Deposit                                      
    5.860%, 07/17/98...................................      16,000     16,000,000
Canadian Imperial Bank of Commerce Certificate of                                 
  Deposit                                                                         
    5.795%, 10/06/98...................................      23,000     22,997,700
Commerzbank Certificate of Deposit                                                
    5.780%, 09/18/98...................................      23,300     23,295,340
Deutsche Bank AG Certificate of Deposit                                           
    5.940%, 09/15/98...................................       5,000      5,000,000
    5.880%, 10/19/98...................................      14,300     14,308,580
Dresdner Bank AG Certificate of Deposit                                           
    5.950%, 10/20/98...................................      20,000     20,004,000
FCC National Bank Certificate of Deposit                                          
    5.820%, 09/18/98...................................      21,000     20,997,900
Morgan Trust Certificate of Deposit                                               
    5.800%, 07/28/98...................................       3,700      3,698,150
National Australia Bank Certificate of Deposit                                    
    5.850%, 10/05/98...................................      23,000     23,006,900
Royal Bank of Canada Certificate of Deposit                                       
    5.880%, 09/17/98...................................      23,000     23,000,000
Societe Generale Certificate of Deposit                                           
    5.880%, 07/13/98...................................       3,000      2,998,800
    5.960%, 09/15/98...................................      18,500     18,500,000
Swiss Bank Certificate of Deposit                                                 
    5.805%, 10/01/98...................................      23,000     23,000,000
Westdeutsche Landesbank Certificate of Deposit                                    
    5.870%, 07/31/98...................................      15,000     14,991,000
                                                                      ------------
TOTAL CERTIFICATES OF DEPOSIT                                                     
  (Cost $245,765,714)..................................                245,829,370
                                                                      ------------
AGENCY OBLIGATIONS -- (7.6%)                                                      
Federal Agriculture Mortgage Corp.                                                
    7.200%, 10/15/98...................................       2,850      2,881,720
Federal Home Loan Bank                                                            
    6.060%, 10/02/98...................................      25,000     25,045,747
    5.100%, 01/26/99...................................       3,200      3,175,456
    5.947%, 02/26/99...................................      20,000     20,032,398
Federal National Mortgage Association                                             
    5.700%, 12/18/98...................................       8,100      8,082,666
                                                                      ------------
TOTAL AGENCY OBLIGATIONS                                                          
  (Cost $59,131,599)...................................                 59,217,987
                                                                      ------------
                                                            FACE                  
                                                           AMOUNT           VALUE+
                                                        ------------  ------------
                                                           (000)                  
COMMERCIAL PAPER -- (7.5%)                                                        
Barton Capital Corp. C.P.                                                         
    5.590%, 12/05/97................................... $     4,000   $  3,997,520
    5.740%, 01/05/98...................................       8,000      7,955,510
    5.650%, 01/06/98...................................       5,000      4,971,500
    5.700%, 02/06/98...................................       3,419      3,382,985
Ciesco L.P. C.P.                                                                  
    5.570%, 01/16/98...................................       4,600      4,566,614
Corporate Asset Funding Corp. C.P.                                                
    5.700%, 01/09/98...................................       3,000      2,981,475
    5.720%, 01/15/98...................................       3,000      2,978,625
Den Norske Stats Olejeselskap A.S. C.P.                                           
    5.800%, 12/01/97...................................       5,000      5,000,000
Enterprise Funding Corp. C.P.                                                     
    5.730%, 01/02/98...................................       1,570      1,562,003
Matterhorn Capital Corp. C.P.                                                     
    5.600%, 12/15/97...................................         600        598,698
Novartis Finance Corp. C.P.                                                       
    5.600%, 12/10/97...................................       3,000      2,995,793
Sheffield Receivables Corp. C.P.                                                  
    5.550%, 12/05/97...................................       2,650      2,648,357
    5.750%, 01/12/98...................................       6,000      5,960,100
    5.750%, 01/23/98...................................       3,500      3,470,732
Sigma Finance Corp. C.P.                                                          
    5.720%, 01/30/98...................................       5,000      4,952,750
    5.850%, 01/30/98...................................       1,000        990,550
                                                                      ------------
TOTAL COMMERCIAL PAPER                                                            
  (Cost $59,012,205)...................................                 59,013,212
                                                                      ------------
VARIABLE RATE OBLIGATIONS -- (6.6%)                                               
Abbey National Treasury Services P.L.C.                                           
    ***5.560%, 12/15/97................................       7,000      6,995,450
American Express Centurion Bank                                                   
    ***5.682%, 12/05/97................................      14,000     13,997,200
    ***5.678%, 12/08/97................................       9,000      8,999,189
Banc One Corp.                                                                    
    ***5.699%, 12/15/97................................       7,000      6,996,430
First USA Bank                                                                    
    ***6.299%, 12/01/97................................       7,000      7,029,259
Key Bank N.A.                                                                     
    ***5.649%, 02/20/98................................       7,650      7,642,656
                                                                      ------------
TOTAL VARIABLE RATE OBLIGATIONS                                                   
  (Cost $51,658,621)...................................                 51,660,184
                                                                      ------------

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CONTINUED                                                                       

                                                                [Download Table]

                                                                                    
                                                             FACE                   
                                                            AMOUNT           VALUE+ 
                                                         ------------  ------------ 


                                                            (000)                   
                                                                                    
TEMPORARY CASH INVESTMENTS -- (0.3%)                                                
 Repurchase Agreement, PNC Capital Markets Inc. 5.45%,                              
   12/01/97 (Collateralized by U.S. Treasury Notes                                  
   6.25%, 07/31/98, valued at $1,776,206) to be                                     
   repurchased at $1,741,791 (Cost $1,741,000).........  $     1,741   $  1,741,000 
                                                                       ------------ 
TOTAL INVESTMENTS -- (98.7%) (Cost $771,122,423)++.....                 772,098,466 
                                                                       ------------ 
OTHER ASSETS AND LIABILITIES -- (1.3%)                                              
 Other Assets..........................................                  10,306,016 
 Payable for Fund Shares Redeemed......................                     (61,531)
 Other Liabilities.....................................                    (106,872)
                                                                       ------------ 
                                                                         10,137,613 
                                                                       ------------ 
NET ASSETS -- (100.0%) Applicable to 78,107,985                                     
  Outstanding $.01 Par Value Shares (Unlimited Number                               
  of Shares Authorized)................................                $782,236,079 
                                                                       ------------ 
                                                                       ------------ 
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER                                  
  SHARE................................................                $      10.01 
                                                                       ------------ 
                                                                       ------------ 
--------------------                                                                
+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. 

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STATEMENT OF NET ASSETS 

NOVEMBER 30, 1997 

                                                                [Download Table]

                                                            FACE                  
                                                          AMOUNT@           VALUE+
                                                        ------------  ------------
                                                           (000)                  
                                                                                  
CANADA -- (25.5%)                                                                 
BONDS -- (25.5%)                                                                  
Alberta (Province of)                                                             
    6.000%, 03/01/99...................................        8,000  $  5,710,151
Bayerische Landesbank Girozentrale                                                
    8.375%, 11/23/98...................................        1,627     1,181,876
British Columbia (Province of)                                                    
    10.000%, 10/09/98..................................        9,000     6,593,369
    7.000%, 06/09/99...................................        5,000     3,625,046
Canada (Government of)                                                            
    6.500%, 08/01/99...................................       15,000    10,803,482
Electricite de France                                                             
    9.750%, 09/08/99...................................       13,608    10,269,359
Farm Credit Corp. Euro Medium Term Notes                                          
    6.250%, 01/08/99...................................       12,300     8,779,357
General Electric Capital Canada, Inc.                                             
    7.000%, 07/20/99...................................       11,000     7,967,375
    8.875%, 09/30/99...................................        5,000     3,734,290
International Finance Corp.                                                       
    7.750%, 08/18/98...................................        8,000     5,744,996
Kellogg Co.                                                                       
    6.250%, 10/12/98...................................       12,000     8,548,366
Minnesota Mining & Manufacturing Co.                                              
    6.500%, 10/15/98...................................       12,800     9,131,745
Norway (Kingdom of)                                                               
    7.250%, 10/22/98...................................       13,000     9,325,573
Oesterreichische Kontrollbank AG                                                  
    10.250%, 07/27/99..................................       12,971     9,855,164
Toronto (Municipality of)                                                         
    11.000%, 02/16/99..................................        7,089     5,328,839
                                                                      ------------
TOTAL -- CANADA                                                                   
  (Cost $111,230,161)..................................                106,598,988
                                                                      ------------
GERMANY -- (20.3%)                                                                
BONDS -- (20.3%)                                                                  
Bank voor Nederlandsche Gemeenten BNG Euro Medium Term                            
  Notes                                                                           
    4.250%, 04/09/99...................................       12,000     6,799,975
Belgium (Kingdom of)                                                              
    7.250%, 10/18/99...................................       10,140     6,040,895
DSL Finance BV                                                                    
    5.000%, 02/09/99...................................       17,000     9,724,860
Deutsche Ausgliechsbank                                                           
    8.500%, 07/05/99...................................        5,000     3,010,494
    7.000%, 07/01/99...................................        5,000     2,945,295
Germany (Federal Republic of)                                                     
    3.750%, 03/19/99...................................        8,000     4,524,246
LKB Bader-Wuerttemberg Finance NV                                                 
    6.000%, 05/10/99...................................       20,000    11,611,096
Landesbank Hessen-Thuringen Girozentral                                           
    3.000%, 07/07/99...................................        5,000     2,772,376


                                                            FACE                  
                                                          AMOUNT@           VALUE+
                                                        ------------  ------------
                                                           (000)                  
                                                                                  
Morgan (J.P.) and Co., Inc.                                                       
    7.250%, 11/30/98...................................       15,000  $  8,744,890
Suedwestdeutsche Landesbank Capital Markets P.L.C.                                
    5.000%, 02/08/99...................................        7,431     4,253,857
    7.125%, 02/17/99...................................        8,649     5,063,487
    5.500%, 10/12/99...................................        3,000     1,735,712
Treuhandanstalt                                                                   
    6.375%, 07/01/99...................................       10,000     5,853,739
World Bank (International Bank for Reconstruction and                             
  Development)                                                                    
    7.250%, 10/13/99...................................       20,000    11,903,642
                                                                      ------------
TOTAL BONDS                                                                       
  (Cost $87,084,122)...................................                 84,984,564
                                                                      ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                  
 *German Marks (Cost $348).............................                        339
                                                                      ------------
TOTAL -- GERMANY                                                                  
  (Cost $87,084,470)...................................                 84,984,903
                                                                      ------------
UNITED STATES -- (17.1%)                                                          
BONDS -- (17.1%)                                                                  
Associates Corp. of North America Corporate Bonds                                 
    6.680%, 05/10/99...................................          500       504,375
Associates Corp. of North America Euro Medium Term                                
  Notes                                                                           
    6.750%, 06/28/99...................................        4,000     4,032,400
BP America, Inc.                                                                  
    9.750%, 03/01/99...................................        9,525     9,930,765
Bayerische Landesbank U.S. Finance, Inc. Medium Term                              
  Notes                                                                           
    6.400%, 05/05/99...................................        8,000     8,040,000
Disney (Walt) Co.                                                                 
    6.250%, 06/21/99...................................        5,000     5,005,000
IBM Credit Corp.                                                                  
    6.625%, 04/19/99...................................        5,000     5,037,500
Interamerican Development Bank                                                    
    5.600%, 05/28/99...................................        5,000     4,976,000
National Australia Bank                                                           
    5.375%, 02/09/99...................................        9,400     9,337,960
National Elf Aquitaine, Inc. Corporate Bonds                                      
    7.750%, 05/01/99...................................        9,700     9,906,125
Norwest Financial, Inc. Medium Term Notes                                         
    6.250%, 03/15/99...................................        1,500     1,503,750
Nova Scotia (Bank of)                                                             
    6.375%, 04/14/99...................................        4,000     4,020,800
Pepsico, Inc.                                                                     
    0.000%, 05/25/99...................................       10,000     9,180,000
                                                                      ------------
TOTAL -- UNITED STATES                                                            
  (Cost $71,115,618)...................................                 71,474,675
                                                                      ------------

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CONTINUED                                                                       

                                                                [Download Table]

                                                             FACE                  
                                                           AMOUNT@           VALUE+
                                                         ------------  ------------
                                                            (000)                  
                                                                                   
FRANCE -- (17.0%)                                                                  
BONDS -- (15.8%)                                                                   
Caisse Nationale des Autoroutes                                                    
    6.750%, 07/08/99...................................        70,000  $ 12,289,002
Credit d'Equipement des Petites et Moyennes Enterprises                            
    9.000%, 08/19/99...................................        30,000     5,468,460
Denmark (Kingdom of)                                                               
    5.500%, 10/26/99...................................        60,000    10,363,700
Eurofima Societe Europeene pour le Financement de                                  
  Material Ferroviaire                                                             
    8.625%, 09/01/99...................................        65,000    11,791,076
European Investment Bank                                                           
    6.250%, 07/28/99...................................        55,000     9,609,994
France Telecom SA                                                                  
    6.500%, 07/19/99...................................        70,000    12,228,529
Union Nationale Interprofessionale pour Emploi dans                                
  Commerce Industrie SA                                                            
    5.250%, 10/25/99...................................        25,000     4,300,422
                                                                       ------------
TOTAL BONDS                                                                        
  (Cost $64,362,499)...................................                  66,051,183
                                                                       ------------
INVESTMENT IN CURRENCY -- (1.2%)                                                   
 *French Francs (Cost $5,284,628)......................                   5,207,205
                                                                       ------------
TOTAL -- FRANCE                                                                    
  (Cost $69,647,127)...................................                  71,258,388
                                                                       ------------
AUSTRALIA -- (7.9%)                                                                
BONDS -- (7.9%)                                                                    
ABN-AMRO Australia, Ltd.                                                           
    8.000%, 06/16/99...................................         3,000     2,124,559
    9.500%, 09/08/99...................................         4,000     2,913,485
Barclays Australia International Finance, Ltd.                                     
    8.000%, 04/12/99...................................         4,400     3,114,815
Credit Locale de France SA Euro Medium Term Notes                                  
    10.500%, 01/06/99..................................         2,900     2,085,687
Deutsche Australia, Ltd.                                                           
    9.000%, 10/05/99...................................         5,000     3,617,908
International Finance Corp.                                                        
    8.250%, 08/12/99...................................         2,894     2,066,719
Natwest Markets Australia, Ltd.                                                    
    8.250%, 06/11/99...................................         4,100     2,921,237
Rural & Industries Bank Western Australia                                          
    10.000%, 08/23/99..................................         1,700     1,246,374

                                                             FACE                  
                                                           AMOUNT@           VALUE+
                                                         ------------  ------------
                                                            (000)                  
                                                                                   
State Bank of New South Wales                                                      
    14.250%, 09/28/99..................................         3,196  $  2,512,661
Toronto Dominion Australia, Ltd.                                                   
    8.750%, 07/20/99...................................         3,000     2,159,249
Toyota Finance Australia, Ltd.                                                     
    8.250%, 07/26/99...................................        11,626     8,289,058
                                                                       ------------
TOTAL BONDS                                                                        
  (Cost $35,496,146)...................................                  33,051,752
                                                                       ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                   
 *Australian Dollar (Cost $3)..........................                           3
                                                                       ------------
TOTAL -- AUSTRALIA                                                                 
  (Cost $35,496,149)...................................                  33,051,755
                                                                       ------------
NETHERLANDS -- (6.5%)                                                              
BONDS -- (6.5%)                                                                    
ABN-Amro Bank NV                                                                   
    6.500%, 11/15/98...................................         3,500     1,799,341
    7.250%, 05/01/99...................................         6,000     3,134,385
Austria (Republic of)                                                              
    6.500%, 05/07/99...................................         6,500     3,359,617
Bank Nederlandse Gemeenten                                                         
    5.500%, 07/05/99...................................         4,000     2,047,335
Bank voor Nederlandsche Gemeenten BNG                                              
    7.000%, 02/04/99...................................         5,000     2,593,123
European Investment Bank                                                           
    5.000%, 02/16/99...................................         4,000     2,026,208
Netherlands (Kingdom of)                                                           
    7.000%, 08/15/99...................................        23,000    12,061,420
                                                                       ------------
TOTAL -- NETHERLANDS                                                               
  (Cost $26,910,241)...................................                  27,021,429
                                                                       ------------
JAPAN -- (2.4%)                                                                    
BONDS -- (2.4%)                                                                    
Council of Europe Resettlement Fund for National                                   
  Refugees and Over-Population in Europe                                           
    5.000%, 04/28/99...................................     1,200,000     9,979,863
                                                                       ------------
INVESTMENT IN CURRENCY -- (0.0%)                                                   
 *Japanese Yen (Cost $387).............................                         374
                                                                       ------------
TOTAL -- JAPAN                                                                     
  (Cost $10,960,296)...................................                   9,980,237
                                                                       ------------
UNITED KINGDOM -- (0.0%)                                                           
INVESTMENT IN CURRENCY -- (0.0%)                                                   
 *British Pound Sterling (Cost $1).....................                           1
                                                                       ------------

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THE DFA TWO-YEAR GLOBAL FIXED INCOME SERIES                                     

CONTINUED                                                                       

                                                                [Download Table]

                                                            FACE                   
                                                           AMOUNT           VALUE+ 
                                                        ------------  ------------ 
                                                           (000)                   
                                                                                   
TEMPORARY CASH INVESTMENTS -- (1.1%)                                               
 Repurchase Agreement, PNC Capital Markets Inc. 5.45%,                             
   12/01/97 (Collateralized by U.S. Treasury Notes                                 
   8.50%, 11/15/00, valued at $4,686,919) to be                                    
   repurchased at $4,617,096.                                                      
   (Cost $4,615,000)................................... $      4,615  $  4,614,301 
                                                                      ------------ 
(Cost $417,059,063)++ TOTAL INVESTMENTS -- (97.8%)                                 
  .....................................................                408,984,677 
                                                                      ------------ 
OTHER ASSETS AND LIABILITIES -- (2.2%)                                             
 Other Assets..........................................                 11,620,349 
 Unrealized Gain on Forward Currency Contracts.........                  3,664,573 
 Payable for Investment Securities Purchased...........                 (5,284,626)
 Other Liabilities.....................................                    (78,413)
                                                                      ------------ 
                                                                         9,921,883 
NET ASSETS -- (100.0%) Applicable to 40,996,217                                    
  Outstanding $.01 Par Value Shares (Unlimited Number                              
  of Shares Authorized)................................               $418,906,560 
                                                                      ------------ 
                                                                      ------------ 
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER                                 
  SHARE................................................               $      10.22 
                                                                      ------------ 
                                                                      ------------ 
--------------------                                                               
+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. 

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THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED NOVEMBER 30, 1997
(AMOUNTS IN THOUSANDS)

                                                        [Enlarge/Download Table]

                                                             THE U.S.     THE U.S.     THE ENHANCED     THE U.S.     THE U.S.  
                                                            6-10 SMALL      LARGE       U.S. LARGE        6-10       LARGE CAP 
                                                              COMPANY      COMPANY        COMPANY         VALUE        VALUE   
                                                              SERIES       SERIES         SERIES         SERIES       SERIES   
                                                            -----------  -----------  ---------------  -----------  -----------
                                                                                                                               
INVESTMENT INCOME                                                                                                              
    Dividends..............................................  $   3,000    $  11,452      $       3      $  17,468    $  25,961 
    Interest...............................................        369          141          1,609          2,070          746 
    Income from Securities Lending.........................        251           41             --            612          132 
                                                            -----------  -----------       -------     -----------  -----------
        Total Investment Income............................      3,620       11,634          1,612         20,150       26,839 
                                                            -----------  -----------       -------     -----------  -----------

EXPENSES                                                                                                                       
    Investment Advisory Services...........................        102          160             17          3,534        1,255 
    Accounting & Transfer Agent Fees.......................        164           96             34            855          610 
    Custodian's Fees.......................................         58          109             11            310          224 
    Legal Fees.............................................          7            7              8             35           26 
    Audit Fees.............................................          9           18              1             49           36 
    Shareholders' Reports..................................          7           14              1             38           28 
    Trustees' Fees and Expenses............................          1            1              1              8            5 
    Other..................................................         13           50             10             46           33 
                                                            -----------  -----------       -------     -----------  -----------
        Total Expenses.....................................        361          455             83          4,875        2,217 
                                                            -----------  -----------       -------     -----------  -----------
    NET INVESTMENT INCOME..................................      3,259       11,179          1,529         15,275       24,622 
                                                            -----------  -----------       -------     -----------  -----------

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND                                                                     
  FOREIGN CURRENCY                                                                                                             
    Net Realized Gain on Investment Securities.............     31,886          975            120        201,107       82,623 
    Net Realized Gain on Foreign Currency Transactions.....         --           --            536             --           -- 
    Net Realized Gain on Futures...........................         --           --          7,354             --           -- 
    Net Realized Gain on Swap Contracts....................         --           --            967             --           -- 
    Change in Unrealized Appreciation (Depreciation) of:                                                                       
      Investment Securities and Foreign Currency...........     42,885      147,979           (388)       300,802      172,274 
      Translation of Foreign Currency Denominated                                                                              
        Amounts............................................         --           --             24             --           -- 
      Futures..............................................         --           --         (2,550)            --           -- 
      Swap Contracts.......................................         --           --           (322)            --           -- 
                                                            -----------  -----------       -------     -----------  -----------
    NET GAIN ON INVESTMENT SECURITIES AND FOREIGN                                                                              
      CURRENCY.............................................     74,771      148,954          5,741        501,909      254,897 
                                                            -----------  -----------       -------     -----------  -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......  $  78,030    $ 160,133      $   7,270      $ 517,184    $ 279,519 
                                                            -----------  -----------       -------     -----------  -----------
                                                            -----------  -----------       -------     -----------  -----------

See accompanying Notes to Financial Statements. 

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THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED NOVEMBER 30, 1997
(AMOUNTS IN THOUSANDS)

                                                        [Enlarge/Download Table]

                                                                THE      THE PACIFIC  THE UNITED       THE                   
                                                             JAPANESE        RIM        KINGDOM    CONTINENTAL    THE DFA    
                                                               SMALL        SMALL        SMALL        SMALL     INTERNATIONAL
                                                              COMPANY      COMPANY      COMPANY      COMPANY       VALUE     
                                                              SERIES       SERIES       SERIES       SERIES        SERIES    
                                                            -----------  -----------  -----------  -----------  ------------ 
                                                                                                                             
INVESTMENT INCOME                                                                                                            
    Dividends, (Net of Foreign Taxes Withheld of $394,                                                                       
      $206, $908, $724 and $3,568, respectively)..........   $   2,229    $   6,043    $   5,435    $   6,966    $   33,238  
    Interest..............................................         265          335          178          371         1,577  
    Income from Securities Lending........................         648          178           --          116         1,236  
                                                            -----------  -----------  -----------  -----------  ------------ 
        Total Investment Income...........................       3,142        6,556        5,613        7,453        36,051  
                                                            -----------  -----------  -----------  -----------  ------------ 

EXPENSES                                                                                                                     
    Investment Advisory Services..........................         258          230          180          351         2,997  
    Accounting & Transfer Agent Fees......................         317          284          222          400           789  
    Custodian's Fees......................................         126          354           25          187           751  
    Legal Fees............................................          11            9            8           13            32  
    Audit Fees............................................           6            6            4            9            39  
    Shareholders' Reports.................................           5            5            3            7            30  
    Trustees' Fees and Expenses...........................           2            2            2            4             6  
    Other.................................................          25           21           16           30           102  
                                                            -----------  -----------  -----------  -----------  ------------ 
        Total Expenses....................................         750          911          460        1,001         4,746  
                                                            -----------  -----------  -----------  -----------  ------------ 
    NET INVESTMENT INCOME.................................       2,392        5,645        5,153        6,452        31,305  
                                                            -----------  -----------  -----------  -----------  ------------ 

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND                                                                   
  FOREIGN CURRENCY                                                                                                           
    Net Realized Gain (Loss) on Investment Securities.....      (1,552)       3,120       13,056       17,533         6,023  
    Net Realized Gain (Loss) on Foreign Currency                                                                             
      Transactions........................................          15         (468)         136         (454)       (1,666) 
    Change in Unrealized Appreciation (Depreciation) of:                                                                     
        Investment Securities and Foreign Currency........    (180,902)    (101,332)      (3,301)      20,901      (107,773) 
        Translation of Foreign Currency Denominated                                                                          
          Amounts.........................................         (28)         (10)          --         (203)          (44) 
                                                            -----------  -----------  -----------  -----------  ------------ 
    NET GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN                                                                     
      CURRENCY............................................    (182,467)     (98,690)       9,891       37,777      (103,460) 
                                                            -----------  -----------  -----------  -----------  ------------ 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM                                                                         
  OPERATIONS..............................................   $(180,075)   $ (93,045)   $  15,044    $  44,229    $  (72,155) 
                                                            -----------  -----------  -----------  -----------  ------------ 
                                                            -----------  -----------  -----------  -----------  ------------ 

See accompanying Notes to Financial Statements. 

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THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED NOVEMBER 30, 1997
(AMOUNTS IN THOUSANDS)

                                                        [Enlarge/Download Table]

                                                                                                                         THE DFA   
                                             THE                          THE DFA         THE DFA         THE DFA       TWO-YEAR   
                                          EMERGING     THE EMERGING      ONE-YEAR        TWO-YEAR        TWO-YEAR        GLOBAL    
                                           MARKETS     MARKETS SMALL   FIXED INCOME   CORPORATE FIXED   GOVERNMENT    FIXED INCOME 
                                           SERIES      CAP SERIES(1)      SERIES       INCOME SERIES      SERIES         SERIES    
                                         -----------  ---------------  -------------  ---------------  -------------  -------------
                                                                                                                                   
INVESTMENT INCOME                                                                                                                  
    Dividends, (Net of Foreign Taxes                                                                                               
      Withheld of $366, $47, $0, $0, $0                                                                                            
      and $0, respectively).............  $   4,421      $     608              --              --              --             --  
    Interest............................        490             56       $  46,692       $   8,483       $   6,901      $  17,830  
                                         -----------       -------     -------------       -------     -------------  -------------
        Total Investment Income.........      4,911            664          46,692           8,483           6,901         17,830  
                                         -----------       -------     -------------       -------     -------------  -------------

EXPENSES                                                                                                                           
    Investment Advisory Services........        226             47             392             210             175            185  
    Accounting & Transfer Agent Fees....        278             29             202              64              57            351  
    Custodian's Fees....................        672            112              97              17              14             78  
    Legal Fees..........................         12             14              11               4               4             12  
    Audit Fees..........................          7              1              19               3               2             10  
    Shareholders' Reports...............          5              4              15               3               2              7  
    Trustees' Fees and Expenses.........          2             --               2              --              --              3  
    Other...............................         28              5              29              13              15              7  
                                         -----------       -------     -------------       -------     -------------  -------------
        Total Expenses..................      1,230            212             767             314             269            653  
                                         -----------       -------     -------------       -------     -------------  -------------
    NET INVESTMENT INCOME...............      3,681            452          45,925           8,169           6,632         17,177  
                                         -----------       -------     -------------       -------     -------------  -------------

NET REALIZED AND UNREALIZED GAIN (LOSS)                                                                                            
  ON INVESTMENTS AND FOREIGN CURRENCY                                                                                              
    Net Realized Gain on Investment                                                                                                
      Securities........................        153             89           1,165             487             134            861  
    Net Realized Gain (Loss) on Foreign                                                                                            
      Currency Transactions.............        693            (39)             --              --              --         13,543  
    Change in Unrealized Appreciation                                                                                              
      (Depreciation) of:                                                                                                           
        Investment Securities and                                                                                                  
          Foreign Currency..............    (61,201)        (5,991)         (2,454)           (669)           (183)       (11,785) 
        Translation of Foreign Currency                                                                                            
          Denominated Amounts...........        (19)            (1)             --              --              --          1,402  
                                         -----------       -------     -------------       -------     -------------  -------------
    NET GAIN (LOSS) ON INVESTMENT                                                                                                  
      SECURITIES AND FOREIGN CURRENCY...    (60,374)        (5,942)         (1,289)           (182)            (49)         4,021  
                                         -----------       -------     -------------       -------     -------------  -------------
NET INCREASE (DECREASE) IN NET ASSETS                                                                                              
  RESULTING FROM OPERATIONS.............  $ (56,693)     $  (5,490)      $  44,636       $   7,987       $   6,583      $  21,198  
                                         -----------       -------     -------------       -------     -------------  -------------
                                         -----------       -------     -------------       -------     -------------  -------------

------------------                                                              

(1)  For the period December 2, 1996 (commencement of operations) to November   
30, 1997.                                                                       

See accompanying Notes to Financial Statements. 

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STATEMENTS OF CHANGES IN NET ASSETS 
(AMOUNTS IN THOUSANDS)

                                                        [Enlarge/Download Table]

                                                                                                              THE ENHANCED     
                                                             THE U.S. 6-10 SMALL      THE U.S. LARGE           U.S. LARGE      
                                                                COMPANY SERIES        COMPANY SERIES         COMPANY SERIES    
                                                             --------------------  --------------------  ----------------------
                                                               YEAR       YEAR       YEAR       YEAR       YEAR                
                                                               ENDED      ENDED      ENDED      ENDED      ENDED    JULY 3, TO 
                                                             NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,    NOV. 30,  
                                                               1997       1996       1997       1996       1997        1996    
                                                             ---------  ---------  ---------  ---------  ---------  -----------
                                                                                                                               
INCREASE (DECREASE) IN NET ASSETS                                                                                              
Operations:                                                                                                                    
  Net Investment Income..................................... $   3,259  $   2,838  $  11,179  $   5,282  $   1,529   $     401 
  Net Realized Gain (Loss) on Investment Securities.........    31,886     30,043        975        (18)       120         142 
  Net Realized Gain (Loss) on Foreign Currency                                                                                 
    Transactions............................................        --         --         --         --        536         (28)
  Net Realized Gain on Futures..............................        --         --         --         --      7,354          -- 
  Net Realized Gain on Swap Contracts.......................        --         --         --         --        967          -- 
  Change in Unrealized Appreciation (Depreciation) of:                                                                         
    Investment Securities and Foreign Currency..............    42,885     10,563    147,979     63,985       (388)         67 
    Translation of Foreign Currency Denominated Amounts.....        --         --         --         --         24         172 
    Futures.................................................        --         --         --         --     (2,550)      3,290 
    Swap Contracts..........................................        --         --         --         --       (322)        380 
                                                             ---------  ---------  ---------  ---------  ---------  -----------

      Net Increase in Net Assets Resulting from                                                                                
        Operations..........................................    78,030     43,444    160,133     69,249      7,270       4,424 
                                                             ---------  ---------  ---------  ---------  ---------  -----------

Distributions From:                                                                                                            
  Net Investment Income.....................................    (2,966)    (2,841)        --     (1,215)    (1,590)       (332)
  Net Realized Gains........................................   (30,080)   (12,248)        --       (686)    (3,438)         -- 
                                                             ---------  ---------  ---------  ---------  ---------  -----------
      Total Distributions...................................   (33,046)   (15,089)        --     (1,901)    (5,028)       (332)
                                                             ---------  ---------  ---------  ---------  ---------  -----------

Capital Share Transactions (1):                                                                                                
  Shares Issued.............................................   154,761     73,274         --     32,324     27,476      25,091 
  Shares Issued in Lieu of Cash Distributions...............    31,055     14,860         --      1,744      3,358         332 
  Shares Redeemed...........................................   (66,368)   (70,072)        --    (10,535)   (14,673)       (302)
                                                             ---------  ---------  ---------  ---------  ---------  -----------

      Net Increase from Capital Share Transactions..........   119,448     18,062         --     23,533     16,161      25,121 
                                                             ---------  ---------  ---------  ---------  ---------  -----------
Transactions in Interest (1):                                                                                                  
  Contributions.............................................        --         --    269,144    309,297         --          -- 
  Withdrawals...............................................        --         --    (73,225)   (30,855)        --          -- 
                                                             ---------  ---------  ---------  ---------  ---------  -----------
      Net Increase from Transactions in Interest............        --         --    195,919    278,442         --          -- 
                                                             ---------  ---------  ---------  ---------  ---------  -----------

      Total Increase........................................   164,432     46,417    356,052    369,323     18,403      29,213 

NET ASSETS                                                                                                                     
  Beginning of Period.......................................   268,401    221,984    466,441     97,118     29,213          -- 
                                                             ---------  ---------  ---------  ---------  ---------  -----------
  End of Period............................................. $ 432,833  $ 268,401  $ 822,493  $ 466,441  $  47,616   $  29,213 
                                                             ---------  ---------  ---------  ---------  ---------  -----------
                                                             ---------  ---------  ---------  ---------  ---------  -----------

(1) SHARES ISSUED AND REDEEMED:                                                                                                
   Shares Issued............................................    12,630      6,163        N/A      2,257      2,322       2,484 
   Shares Issued in Lieu of Cash Distributions..............     2,751      1,340                   121        314          28 
   Shares Redeemed..........................................    (5,446)    (5,840)                 (754)    (1,330)        (27)
                                                             ---------  ---------             ---------  ---------  -----------
                                                                 9,935      1,663                 1,624      1,306       2,485 
                                                             ---------  ---------             ---------  ---------  -----------
                                                             ---------  ---------             ---------  ---------  -----------

------------------                                                              
(1)  For The U.S. Large Company Series, Capital Share Transactions and Shares   
Issued and Redeemed are reported through May 31, 1996, Transactions in
 Interest are reported for the period June 1, through November 30, 1996.
Effective June 1, 1996, the Series was reorganized as a partnership.  

See accompanying Notes to Financial Statements. 

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STATEMENTS OF CHANGES IN NET ASSETS 
(AMOUNTS IN THOUSANDS)

                                                        [Enlarge/Download Table]

                                                                             THE U.S. LARGE CAP   
                                                      THE U.S. 6-10             VALUE SERIES      
                                                       VALUE SERIES        ---------------------- 
                                                 ------------------------                 YEAR    
                                                 YEAR ENDED   YEAR ENDED   YEAR ENDED     ENDED   
                                                  NOV. 30,     NOV. 30,     NOV. 30,    NOV. 30,  
                                                    1997         1996         1997        1996    
                                                 -----------  -----------  -----------  --------- 
                                                                                                  
INCREASE (DECREASE) IN NET ASSETS                                                                 
Operations:                                                                                       
  Net Investment Income........................  $    15,275  $    10,727  $    24,622  $  16,593 
  Net Realized Gain on Investment Securities...      201,107       57,358       82,623     52,525 
  Change in Unrealized Appreciation                                                               
    (Depreciation) of:                                                                            
    Investment Securities......................      300,802      131,332      172,274     82,209 
                                                 -----------  -----------  -----------  --------- 

      Net Increase in Net Assets Resulting from                                                   
        Operations.............................      517,184      199,417      279,519    151,327 
                                                 -----------  -----------  -----------  --------- 

Distributions From:                                                                               
  Net Investment Income........................      (12,192)     (10,581)     (23,401)   (16,460)
  Net Realized Gains...........................      (57,267)     (15,728)     (52,566)   (11,101)
                                                 -----------  -----------  -----------  --------- 
      Total Distributions......................      (69,459)     (26,309)     (75,967)   (27,561)
                                                 -----------  -----------  -----------  --------- 

Capital Share Transactions (1):                                                                   
  Shares Issued................................      578,927      470,306      320,473    470,093 
  Shares Issued in Lieu of Cash                                                                   
    Distributions..............................       63,693       25,751       64,945     25,800 
  Shares Redeemed..............................     (114,290)     (45,295)     (86,916)   (54,744)
                                                 -----------  -----------  -----------  --------- 

      Net Increase from Capital Share                                                             
        Transactions...........................      528,330      450,762      298,502    441,149 
                                                 -----------  -----------  -----------  --------- 

      Total Increase...........................      976,055      623,870      502,054    564,915 

NET ASSETS                                                                                        
  Beginning of Period..........................    1,248,213      624,343      987,942    423,027 
                                                 -----------  -----------  -----------  --------- 
  End of Period................................  $ 2,224,268  $ 1,248,213  $ 1,489,996  $ 987,942 
                                                 -----------  -----------  -----------  --------- 
                                                 -----------  -----------  -----------  --------- 

(1) SHARES ISSUED AND REDEEMED:                                                                   
   Shares Issued...............................       32,037       32,133       19,550     33,894 
   Shares Issued in Lieu of Cash                                                                  
     Distributions.............................        3,798        1,749        4,236      1,923 
   Shares Redeemed.............................       (5,731)      (3,121)      (5,069)    (3,976)
                                                 -----------  -----------  -----------  --------- 
                                                      30,104       30,761       18,717     31,841 
                                                 -----------  -----------  -----------  --------- 
                                                 -----------  -----------  -----------  --------- 

See accompanying Notes to Financial Statements. 

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STATEMENTS OF CHANGES IN NET ASSETS 
(AMOUNTS IN THOUSANDS)

                                                        [Enlarge/Download Table]

                                                         THE JAPANESE            THE PACIFIC      
                                                             SMALL                RIM SMALL       
                                                            COMPANY                COMPANY        
                                                            SERIES                 SERIES         
                                                     ---------------------  --------------------- 
                                                                  AUG. 9                 AUG. 9   
                                                     YEAR ENDED     TO      YEAR ENDED     TO     
                                                      NOV. 30,   NOV. 30,    NOV. 30,   NOV. 30,  
                                                        1997       1996        1997       1996    
                                                     ----------  ---------  ----------  --------- 
INCREASE (DECREASE) IN NET ASSETS                                                                 
                                                                                                  
Operations:                                                                                       
  Net Investment Income............................  $    2,392  $     816  $    5,645  $   1,634 
  Net Realized Gain (Loss) on Investment                                                          
    Securities.....................................      (1,552)      (540)      3,120      1,507 
  Net Realized Gain (Loss) on Foreign Currency                                                    
    Transactions...................................          15        (33)       (468)        (3)
  Change in Unrealized Appreciation (Depreciation)                                                
    of:                                                                                           
    Investment Securities and Foreign Currency.....    (180,902)   (31,608)   (101,332)    11,126 
    Translation of Foreign Currency Denominated                                                   
      Amounts......................................         (28)        (6)        (10)        11 
                                                     ----------  ---------  ----------  --------- 

    Net Increase (Decrease) in Net Assets Resulting                                               
      from Operations..............................    (180,075)   (31,371)    (93,045)    14,275 
                                                     ----------  ---------  ----------  --------- 

Transactions in Interest:                                                                         
  Contributions....................................     104,691    393,877      48,364    232,462 
  Withdrawals......................................     (78,956)   (32,824)    (39,005)   (15,256)
                                                     ----------  ---------  ----------  --------- 
    Net Increase from Transactions in Interest.....      25,735    361,053       9,359    217,206 
                                                     ----------  ---------  ----------  --------- 

    Total Increase (Decrease)......................    (154,340)   329,682     (83,686)   231,481 

NET ASSETS                                                                                        
  Beginning of Period..............................     329,682         --     231,481         -- 
                                                     ----------  ---------  ----------  --------- 
  End of Period....................................  $  175,342  $ 329,682  $  147,795  $ 231,481 
                                                     ----------  ---------  ----------  --------- 
                                                     ----------  ---------  ----------  --------- 

See accompanying Notes to Financial Statements. 

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STATEMENTS OF CHANGES IN NET ASSETS 
(Amounts in thousands)

                                                        [Enlarge/Download Table]

                                              THE UNITED KINGDOM                         
                                             SMALL COMPANY SERIES     THE CONTINENTAL    
                                             --------------------  SMALL COMPANY SERIES  
                                               YEAR                --------------------- 
                                               ENDED    AUG. 9 TO  YEAR ENDED  AUG. 9 TO 
                                             NOV. 30,   NOV. 30,    NOV. 30,   NOV. 30,  
                                               1997       1996        1997       1996    
                                             ---------  ---------  ----------  --------- 
                                                                                         
INCREASE (DECREASE) IN NET ASSETS                                                        
Operations:                                                                              
  Net Investment Income..................... $   5,153  $   1,550  $    6,452  $     273 
  Net Realized Gain (Loss) on Investment                                                 
    Securities..............................    13,056        (65)     17,533      4,083 
  Net Realized Gain (Loss) on Foreign                                                    
    Currency Transactions...................       136         65        (454)         4 
  Change in Unrealized Appreciation                                                      
    (Depreciation) of:                                                                   
    Investment Securities and Foreign                                                    
      Currency..............................    (3,301)    16,738      20,901      3,231 
    Translation of Foreign Currency                                                      
      Denominated Amounts...................        --          8        (203)       (71)
                                             ---------  ---------  ----------  --------- 

      Net Increase in Net Assets Resulting                                               
        from Operations.....................    15,044     18,296      44,229      7,520 
                                             ---------  ---------  ----------  --------- 

Transactions in Interest:                                                                
  Contributions.............................    30,978    178,848      52,536    360,586 
  Withdrawals...............................   (56,796)   (14,519)   (109,037)   (32,224)
                                             ---------  ---------  ----------  --------- 

      Net Increase (Decrease) from                                                       
        Transactions in Interest............   (25,818)   164,329     (56,501)   328,362 
                                             ---------  ---------  ----------  --------- 

      Total Increase (Decrease).............   (10,774)   182,625     (12,272)   335,882 

NET ASSETS                                                                               
  Beginning of Period.......................   182,625         --     335,882         -- 
                                             ---------  ---------  ----------  --------- 
  End of Period............................. $ 171,851  $ 182,625  $  323,610  $ 335,882 
                                             ---------  ---------  ----------  --------- 
                                             ---------  ---------  ----------  --------- 

See accompanying Notes to Financial Statements. 

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STATEMENTS OF CHANGES IN NET ASSETS 
(AMOUNTS IN THOUSANDS)

                                                        [Enlarge/Download Table]

                                                                                            THE EMERGING                     
                                                               THE DFA INTERNATIONAL       MARKETS SERIES      THE EMERGING  
                                                                    VALUE SERIES        --------------------   MARKETS SMALL 
                                                              ------------------------    YEAR       YEAR       CAP SERIES   
                                                              YEAR ENDED   YEAR ENDED     ENDED      ENDED    ---------------
                                                               NOV. 30,     NOV. 30,    NOV. 30,   NOV. 30,   DEC. 2, 1996 TO
                                                                 1997         1996        1997       1996      NOV. 30, 1997 
                                                              -----------  -----------  ---------  ---------  ---------------
                                                                                                                             
INCREASE (DECREASE) IN NET ASSETS                                                                                            
Operations:                                                                                                                  
  Net Investment Income...................................... $    31,305  $    23,725  $   3,681  $   1,803     $     452   
  Net Realized Gain on Investment Securities.................       6,023       27,321        153         43            89   
  Net Realized Loss of Foreign Currency Transactions.........      (1,666)         (82)       693        (78)          (39)  
  Change in Unrealized Appreciation (Depreciation) of:                                                                       
    Investment Securities and Foreign Currency...............    (107,773)      80,434    (61,201)     5,536        (5,991)  
    Translation of Foreign Currency Denominated Amounts......         (44)           9        (19)         7            (1)  
                                                              -----------  -----------  ---------  ---------  ---------------

      Net Increase (Decrease) in Net Assets Resulting from                                                                   
        Operations...........................................     (72,155)     131,407    (56,693)     7,311        (5,490)  
                                                              -----------  -----------  ---------  ---------  ---------------

Distributions From:                                                                                                          
  Net Investment Income......................................     (29,074)     (23,445)        --         --            --   
  Net Realized Gains.........................................     (27,255)      (4,744)        --         --            --   
                                                              -----------  -----------  ---------  ---------  ---------------
      Total Distributions....................................     (56,329)     (28,189)        --         --            --   
                                                              -----------  -----------  ---------  ---------  ---------------

Capital Share Transactions (1):                                                                                              
  Shares Issued..............................................     409,256    1,084,901         --         --            --   
  Shares Issued in Lieu of Cash Distributions................      56,329       28,189         --         --            --   
  Shares Redeemed............................................    (111,867)    (468,842)        --         --            --   
                                                              -----------  -----------  ---------  ---------  ---------------

      Net Increase From Capital Share Transactions...........     353,718      644,248         --         --            --   
                                                              -----------  -----------  ---------  ---------  ---------------

Transactions in Interest:                                                                                                    
  Contributions..............................................          --           --    130,588    108,247        24,940   
  Withdrawals................................................          --           --    (15,029)    (2,834)           (1)  
                                                              -----------  -----------  ---------  ---------  ---------------
      Net Increase from Transactions in Interest.............          --           --    115,559    105,413        24,939   
                                                              -----------  -----------  ---------  ---------  ---------------

      Total Increase.........................................     225,234      747,466     58,866    112,724        19,449   

NET ASSETS                                                                                                                   
  Beginning of Period........................................   1,356,852      609,386    162,075     49,351            --   
                                                              -----------  -----------  ---------  ---------  ---------------
  End of Period.............................................. $ 1,582,086  $ 1,356,852  $ 220,941  $ 162,075     $  19,449   
                                                              -----------  -----------  ---------  ---------  ---------------
                                                              -----------  -----------  ---------  ---------  ---------------

(1) SHARES ISSUED AND REDEEMED:                                                                                              
   Shares Issued.............................................      34,790       95,652        N/A        N/A           N/A   
   Shares Issued in Lieu of Cash Distributions...............       4,875        2,494                                       
   Shares Redeemed...........................................      (9,587)     (40,798)                                      
                                                              -----------  -----------                                       
                                                                   30,078       57,348                                       
                                                              -----------  -----------                                       
                                                              -----------  -----------                                       

See accompanying Notes to Financial Statements. 

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STATEMENTS OF CHANGES IN NET ASSETS 
(AMOUNTS IN THOUSANDS)

                                                        [Enlarge/Download Table]

                                                       THE DFA ONE-YEAR            THE DFA        
                                                         FIXED INCOME        TWO-YEAR CORPORATE   
                                                            SERIES           FIXED INCOME SERIES  
                                                    ----------------------  --------------------- 
                                                    YEAR ENDED  YEAR ENDED  YEAR ENDED  JUNE 7 TO 
                                                     NOV. 30,    NOV. 30,    NOV. 30,   NOV. 30,  
                                                       1997        1996        1997       1996    
                                                    ----------  ----------  ----------  --------- 
INCREASE (DECREASE) IN NET ASSETS                                                                 
                                                                                                  
Operations:                                                                                       
  Net Investment Income...........................  $   45,925  $   43,492  $    8,169  $   3,222 
  Net Realized Gain (Loss) on Investment                                                          
    Securities....................................       1,165        (301)        487        164 
  Change in Unrealized Appreciation (Depreciation)                                                
    of:                                                                                           
    Investment Securities.........................      (2,454)      3,135        (669)       823 
                                                    ----------  ----------  ----------  --------- 
      Net Increase in Net Assets Resulting from                                                   
        Operations................................      44,636      46,326       7,987      4,209 
                                                    ----------  ----------  ----------  --------- 

Distributions From:                                                                               
  Net Investment Income...........................     (46,321)    (42,530)     (8,338)    (3,053)
  Net Realized Gains..............................          --          --        (651)        -- 
                                                    ----------  ----------  ----------  --------- 
      Total Distributions.........................     (46,321)    (42,530)     (8,989)    (3,053)
                                                    ----------  ----------  ----------  --------- 

Capital Share Transactions (1):                                                                   
  Shares Issued...................................     282,650     520,113      41,285    126,154 
  Shares Issued in Lieu of Cash Distributions.....      37,665      32,939       3,111      1,641 
  Shares Redeemed.................................    (395,687)   (403,109)     (9,740)    (6,165)
                                                    ----------  ----------  ----------  --------- 
      Net Increase (Decrease) From Capital Share                                                  
        Transactions..............................     (75,372)    149,943      34,656    121,630 
                                                    ----------  ----------  ----------  --------- 
Liquidating Distribution..........................          --          --    (156,440)        -- 
                                                    ----------  ----------  ----------  --------- 

      Total Increase (Decrease)...................     (77,057)    153,739    (122,786)   122,786 

NET ASSETS                                                                                        
  Beginning of Period.............................     859,293     705,554     122,786         -- 
                                                    ----------  ----------  ----------  --------- 
  End of Period...................................  $  782,236  $  859,293  $        0  $ 122,786 
                                                    ----------  ----------  ----------  --------- 
                                                    ----------  ----------  ----------  --------- 

(1) SHARES ISSUED AND REDEEMED:                                                                   
   Shares Issued..................................      28,307      52,148       3,810     12,591 
   Shares Issued in Lieu of Cash Distributions....       3,778       3,311         309        163 
   Shares Redeemed................................     (39,644)    (40,380)       (962)      (607)
   Liquidating Distribution.......................          --          --     (15,304)        -- 
                                                    ----------  ----------  ----------  --------- 
                                                        (7,559)     15,079     (12,147)    12,147 
                                                    ----------  ----------  ----------  --------- 
                                                    ----------  ----------  ----------  --------- 

See accompanying Notes to Financial Statements. 

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STATEMENTS OF CHANGES IN NET ASSETS 
(AMOUNTS IN THOUSANDS)

                                                        [Enlarge/Download Table]

                                                                                          THE DFA        
                                                               THE DFA TWO-YEAR       TWO-YEAR GLOBAL    
                                                                  GOVERNMENT        FIXED INCOME SERIES  
                                                                    SERIES          -------------------- 
                                                             ---------------------    YEAR               
                                                             YEAR ENDED  JUNE 7 TO    ENDED    FEB. 9 TO 
                                                              NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,  
                                                                1997       1996       1997       1996    
                                                             ----------  ---------  ---------  --------- 
INCREASE (DECREASE) IN NET ASSETS                                                                        
                                                                                                         
Operations:                                                                                              
  Net Investment Income..................................... $    6,632  $   2,648  $  17,177  $   9,662 
  Net Realized Gain on Investment Securities................        134        504        861        241 
  Net Realized Gain of Foreign Currency Transactions........         --         --     13,543        527 
  Change in Unrealized Appreciation (Depreciation) of:                                                   
    Investment Securities and Foreign Currency..............       (183)       357    (11,785)     3,711 
    Translation of Foreign Currency Denominated Amounts.....         --         --      1,402      2,297 
                                                             ----------  ---------  ---------  --------- 

      Net Increase in Net Assets Resulting from                                                          
        Operations..........................................      6,583      3,509     21,198     16,438 
                                                             ----------  ---------  ---------  --------- 

Distributions From:                                                                                      
  Net Investment Income.....................................         --         --    (25,358)    (6,900)
  Net Realized Gains........................................         --         --       (251)        -- 
                                                             ----------  ---------  ---------  --------- 
      Total Distributions...................................         --         --    (25,609)    (6,900)
                                                             ----------  ---------  ---------  --------- 

Capital Share Transactions (1):                                                                          
  Shares Issued.............................................         --         --    122,794    323,241 
  Shares Issued in Lieu of Cash Distributions...............         --         --     23,253      6,900 
  Shares Redeemed...........................................         --         --    (42,001)   (20,407)
                                                             ----------  ---------  ---------  --------- 

      Net Increase From Capital Share Transactions..........         --         --    104,046    309,734 
                                                             ----------  ---------  ---------  --------- 
Transactions in Interest:                                                                                
  Contributions.............................................     39,504    109,613         --         -- 
  Withdrawals...............................................   (150,734)    (8,475)        --         -- 
                                                             ----------  ---------  ---------  --------- 
      Net Increase (Decrease) from Transactions in                                                       
        Interest............................................   (111,230)   101,138         --         -- 
                                                             ----------  ---------  ---------  --------- 

      Total Increase (Decrease).............................   (104,647)   104,647     99,635    319,272 

NET ASSETS                                                                                               
  Beginning of Period.......................................    104,647         --    319,272         -- 
                                                             ----------  ---------  ---------  --------- 
  End of Period............................................. $        0  $ 104,647  $ 418,907  $ 319,272 
                                                             ----------  ---------  ---------  --------- 
                                                             ----------  ---------  ---------  --------- 

(1) SHARES ISSUED AND REDEEMED:                                                                          
   Shares Issued............................................        N/A        N/A     11,943     32,201 
   Shares Issued in Lieu of Cash Distributions..............                            2,278        683 
   Shares Redeemed..........................................                           (4,088)    (2,021)
                                                                                    ---------  --------- 
                                                                                       10,133     30,863 
                                                                                    ---------  --------- 
                                                                                    ---------  --------- 

See accompanying Notes to Financial Statements. 

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FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

                                                        [Enlarge/Download Table]


                                    THE U.S. 6-10 SMALL COMPANY SERIES                                                           
                           ----------------------------------------------------                                                  
                              YEAR         YEAR      YEAR      YEAR     FEB. 3                                                   
                              ENDED       ENDED     ENDED     ENDED       TO                                                     
                            NOV. 30,     NOV. 30,  NOV. 30,  NOV. 30,  NOV. 30,                                                  
                              1997         1996      1995      1994      1993                                                    
-------------------------------------------------------------------------------                                                  
                                                                                                                                 
Net Asset Value,                                                                                                                 
  Beginning of Period                                                                                                            
  (2)....................   $    12.56   $  11.26  $   9.54  $  10.39  $  10.00                                                  
                           -----------   --------  --------  --------  --------                                                  
INCOME FROM INVESTMENT                                                                                                           
  OPERATIONS (2)                                                                                                                 
  Net Investment                                                                                                                 
    Income...............         0.11       0.13      0.12      0.12      0.10                                                  
  Net Gain (Losses) on                                                                                                           
    Securities (Realized                                                                                                         
    and Unrealized)......         2.81       1.92      2.50     (0.07)     0.54                                                  
                           -----------   --------  --------  --------  --------                                                  
    Total From Investment                                                                                                        
      Operations.........         2.92       2.05      2.62      0.05      0.64                                                  
-------------------------------------------------------------------------------                                                  
LESS DISTRIBUTIONS (2)                                                                                                           
  Net Investment                                                                                                                 
    Income...............        (0.10)     (0.13)    (0.12)    (0.11)    (0.10)                                                 
  Net Realized Gains.....        (1.56)     (0.62)    (0.78)    (0.79)    (0.15)                                                 
                           -----------   --------  --------  --------  --------                                                  
    Total                                                                                                                        
      Distributions......        (1.66)     (0.75)    (0.90)    (0.90)    (0.25)                                                 
-------------------------------------------------------------------------------                                                  
Net Asset Value, End of                                                                                                          
  Period (2).............   $    13.82   $  12.56  $  11.26  $   9.54  $  10.39                                                  
-------------------------------------------------------------------------------                                                  
-------------------------------------------------------------------------------                                                  
Total Return (2).........        26.47%     19.17%    29.19%     0.59%     6.35%#                                                
-------------------------------------------------------------------------------                                                  
Net Assets, End of Period                                                                                                        
  (thousands)............   $  432,833   $268,401  $221,984  $143,630  $161,925                                                  
Ratio of Expenses to                                                                                                             
  Average Net Assets.....         0.11%      0.13%     0.15%     0.17%     0.17%*                                                
Ratio of Net Investment                                                                                                          
  Income to Average Net                                                                                                          
  Assets.................         0.96%      1.05%     1.18%     1.11%     1.18%*                                                
Portfolio Turnover                                                                                                               
  Rate...................        30.04%     32.38%    21.16%    27.65%    32.88%*                                                
Average Commission Rate                                                                                                          
  (1)....................   $   0.0583   $ 0.0586       N/A       N/A       N/A                                                  
-------------------------------------------------------------------------------                                                  


                                                                                                             THE ENHANCED        
                                                                                                              U.S. LARGE         
                                               THE U.S. LARGE COMPANY SERIES                                COMPANY SERIES       
                           ----------------------------------------------------------------------     ---------------------------
                              YEAR          YEAR            YEAR           YEAR          FEB. 8           YEAR           JULY 3  
                              ENDED         ENDED          ENDED          ENDED            TO            ENDED             TO    
                            NOV. 30,      NOV. 30,        NOV. 30,       NOV. 30,       NOV. 30,        NOV. 30,        NOV. 30, 
                              1997          1996            1995           1994           1993            1997            1996   
-------------------------  ------------------------------------------------------------------------------------------------------
                                                                                                                                 
Net Asset Value,                                                                                                                 
  Beginning of Period                                                                                                            
  (2)....................          N/A   $     13.48     $ 10.11        $ 10.27        $ 10.00          $ 11.76        $ 10.00   
                           -----------   -----------     ----------     ----------     ----------     ------------     ----------
INCOME FROM INVESTMENT                                                                                                           
  OPERATIONS (2)                                                                                                                 
  Net Investment                                                                                                                 
    Income...............           --          0.15        0.30           0.28           0.24             0.51           0.16   
  Net Gain (Losses) on                                                                                                           
    Securities (Realized                                                                                                         
    and Unrealized)......           --          1.41        3.36          (0.14)          0.26             2.25           1.74   
                           -----------   -----------     ----------     ----------     ----------     ------------     ----------
    Total From Investment                                                                                                        
      Operations.........           --          1.56        3.66           0.14           0.50             2.76           1.90   
-------------------------  ------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS (2)                                                                                                           
  Net Investment                                                                                                                 
    Income...............           --         (0.16)      (0.29)         (0.29)         (0.23)           (0.54)         (0.14)  
  Net Realized Gains.....           --         (0.08)         --          (0.01)            --            (1.42)            --   
                           -----------   -----------     ----------     ----------     ----------     ------------     ----------
    Total                                                                                                                        
      Distributions......           --         (0.24)      (0.29)         (0.30)         (0.23)           (1.96)         (0.14)  
-------------------------  ------------------------------------------------------------------------------------------------------
Net Asset Value, End of                                                                                                          
  Period (2).............          N/A   $     14.80     $ 13.48        $ 10.11        $ 10.27          $ 12.56        $ 11.76   
-------------------------  ------------------------------------------------------------------------------------------------------
-------------------------  ------------------------------------------------------------------------------------------------------
Total Return (2).........          N/A         11.60%#     36.77%          1.30%          5.05%#          27.63%         18.95%# 
-------------------------  ------------------------------------------------------------------------------------------------------
Net Assets, End of Period                                                                                                        
  (thousands)............   $  822,493   $   466,441     $97,118        $48,657        $37,853          $47,616        $29,213   
Ratio of Expenses to                                                                                                             
  Average Net Assets.....         0.07%         0.12%       0.02%(a)       0.02%(a)       0.02%*(a)        0.25%          0.29%* 
Ratio of Net Investment                                                                                                          
  Income to Average Net                                                                                                          
  Assets.................         1.75%         2.12%       2.61%(a)       2.83%(a)       2.87%*(a)        4.59%          4.60%* 
Portfolio Turnover                                                                                                               
  Rate...................         4.28%        14.09%       2.38%          8.52%         34.36%*         193.78%        211.07%* 
Average Commission Rate                                                                                                          
  (1)....................   $   0.0202   $    0.0212         N/A            N/A            N/A          $0.0246        $0.0200   
-------------------------  ------------------------------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]
                                                                                                                              
  *  Annualized                                                                                                               

  #  Non-annualized                                                                                                           

(a)  Had certain reimbursements not been in effect the ratios of expenses to average net assets for the periods ended November
     30, 1995, 1994 and 1993 would have been 0.18%, 0.33% and 0.48%, respectively, and the ratios of net investment income to 
     average net assets for the period November 30, 1995, 1994 and 1993, would have been 2.45%, 2.52% and 2.41%, respectively.

(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 fiscal years beginning   
     after September 1, 1995.                                                                                                 

(2)  For the U.S. Large Company Series, items are calculated for the period December 1, 1995 through May 31, 1996. Effective  
     June 1, 1996, this Series was reorganized as a partnership, and these items are no longer applicable.                    

See accompanying Notes to Financial Statements. 

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THE DFA INVESTMENT TRUST COMPANY

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

                                                        [Enlarge/Download Table]


                                                            THE U.S. 6-10 VALUE SERIES                  
                                            ----------------------------------------------------------- 
                                               YEAR          YEAR        YEAR        YEAR      MARCH 2  
                                               ENDED        ENDED        ENDED       ENDED        TO    
                                             NOV. 30,      NOV. 30,    NOV. 30,    NOV. 30,    NOV. 30, 
                                               1997          1996        1995        1994        1993   
------------------------------------------------------------------------------------------------------- 
                                                                                                        
Net Asset Value, Beginning of Period......   $    16.58    $   14.02   $   11.15   $   11.04   $ 10.00  
                                            -----------   ----------   ---------   ---------   -------- 
INCOME FROM INVESTMENT OPERATIONS                                                                       
  Net Investment Income...................         0.15         0.15        0.14        0.12      0.08  
  Net Gain (Losses) on Securities                                                                       
    (Realized and Unrealized).............         5.23         2.88        3.06        0.16      1.09  
                                            -----------   ----------   ---------   ---------   -------- 
    Total From Investment Operations......         5.38         3.03        3.20        0.28      1.17  
------------------------------------------------------------------------------------------------------- 
LESS DISTRIBUTIONS                                                                                      
  Net Investment Income...................        (0.12)       (0.15)      (0.14)      (0.12)    (0.07) 
  Net Realized Gains......................        (0.74)       (0.32)      (0.19)      (0.05)    (0.06) 
                                            -----------   ----------   ---------   ---------   -------- 
    Total Distributions...................        (0.86)       (0.47)      (0.33)      (0.17)    (0.13) 
------------------------------------------------------------------------------------------------------- 
Net Asset Value, End of Period............   $    21.10    $   16.58   $   14.02   $   11.15   $ 11.04  
------------------------------------------------------------------------------------------------------- 
------------------------------------------------------------------------------------------------------- 
Total Return..............................        33.93%       22.14%      28.81%       2.52%    11.69%#
------------------------------------------------------------------------------------------------------- 
Net Assets, End of Period (thousands).....   $2,224,268    $1,248,213  $ 624,343   $ 350,277   $95,681  
Ratio of Expenses to Average Net Assets...         0.28%        0.29%       0.32%       0.32%     0.33%*
Ratio of Net Investment Income to Average                                                               
  Net Assets..............................         0.86%        1.11%       1.22%       1.50%     1.35%*
Portfolio Turnover Rate...................        25.47%       14.91%      20.62%       8.22%     1.07%*
Average Commission Rate (1)...............   $   0.0645    $  0.0658         N/A         N/A       N/A  
------------------------------------------------------------------------------------------------------- 


                                                         THE U.S. LARGE CAP VALUE SERIES                
                                            ----------------------------------------------------------  
                                               YEAR         YEAR       YEAR       YEAR       FEB. 19    
                                               ENDED       ENDED      ENDED      ENDED         TO       
                                             NOV. 30,     NOV. 30,   NOV. 30,   NOV. 30,    NOV. 30,    
                                               1997         1996       1995       1994        1993      
------------------------------------------  ----------------------------------------------------------  
                                                                                                        
Net Asset Value, Beginning of Period......  $     15.52   $  13.29   $   9.92   $  10.59     $ 10.00    
                                            -----------   --------   --------   --------   -----------  
INCOME FROM INVESTMENT OPERATIONS                                                                       
  Net Investment Income...................         0.32       0.31       0.32       0.33        0.20    
  Net Gain (Losses) on Securities                                                                       
    (Realized and Unrealized).............         3.38       2.57       3.53      (0.65)       0.58    
                                            -----------   --------   --------   --------   -----------  
    Total From Investment Operations......         3.70       2.88       3.85      (0.32)       0.78    
------------------------------------------  ----------------------------------------------------------  
LESS DISTRIBUTIONS                                                                                      
  Net Investment Income...................        (0.31)     (0.31)     (0.31)     (0.35)      (0.18)   
  Net Realized Gains......................        (0.82)     (0.34)     (0.17)        --       (0.01)   
                                            -----------   --------   --------   --------   -----------  
    Total Distributions...................        (1.13)     (0.65)     (0.48)     (0.35)      (0.19)   
------------------------------------------  ----------------------------------------------------------  
Net Asset Value, End of Period............  $     18.09   $  15.52   $  13.29   $   9.92     $ 10.59    
------------------------------------------  ----------------------------------------------------------  
------------------------------------------  ----------------------------------------------------------  
Total Return..............................        25.31%     22.48%     39.26%     (3.13)%      7.79%#  
------------------------------------------  ----------------------------------------------------------  
Net Assets, End of Period (thousands).....  $ 1,489,996   $987,942   $423,027   $198,848     $90,271    
Ratio of Expenses to Average Net Assets...         0.18%      0.19%      0.21%      0.22%       0.23%*  
Ratio of Net Investment Income to Average                                                               
  Net Assets..............................         1.96%      2.37%      2.84%      3.72%       3.75%*  
Portfolio Turnover Rate...................        17.71%     20.12%     29.41%     39.33%       0.75%*  
Average Commission Rate (1)...............  $    0.0494   $ 0.0499        N/A        N/A         N/A    
------------------------------------------  ----------------------------------------------------------  

                                                        [Enlarge/Download Table]
                                                                                                                           
  *  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 fiscal years beginning
     after September 1, 1995.                                                                                              

See accompanying Notes to Financial Statements. 

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FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

                                                        [Enlarge/Download Table]


                                                  THE JAPANESE                   THE PACIFIC RIM         
                                                  SMALL COMPANY                   SMALL COMPANY          
                                                     SERIES                          SERIES              
                                          -----------------------------   -----------------------------  
                                              YEAR           AUG. 9           YEAR           AUG. 9      
                                              ENDED            TO             ENDED            TO        
                                            NOV. 30,        NOV. 30,        NOV. 30,        NOV. 30,     
                                              1997            1996            1997            1996       
                                                                                                         
-------------------------------------------------------------------------------------------------------  
Net Asset Value, Beginning of Period....            N/A+            N/A+            N/A+            N/A+ 
                                          -------------   -------------   -------------   -------------  
INCOME FROM INVESTMENT OPERATIONS                                                                        
  Net Investment Income.................             --              --              --              --  
  Net Gain (Losses) on Securities                                                                        
    (Realized and Unrealized)...........             --              --              --              --  
                                          -------------   -------------   -------------   -------------  
    Total From Investment Operations....             --              --              --              --  
-------------------------------------------------------------------------------------------------------  
LESS DISTRIBUTIONS                                                                                       
  Net Investment Income.................             --              --              --              --  
  Net Realized Gains....................             --              --              --              --  
                                          -------------   -------------   -------------   -------------  
    Total Distributions.................             --              --              --              --  
-------------------------------------------------------------------------------------------------------  
Net Asset Value, End of Period..........            N/A+            N/A+            N/A+            N/A+ 
-------------------------------------------------------------------------------------------------------  
-------------------------------------------------------------------------------------------------------  
Total Return............................            N/A+            N/A+            N/A+            N/A+ 
-------------------------------------------------------------------------------------------------------  
Net Assets, End of Period (thousands)...  $     175,342   $     329,682   $     147,795   $     231,481  
Ratio of Expenses to Average Net                                                                         
  Assets................................           0.29%           0.29%*          0.40%           0.45%*
Ratio of Net Investment Income to                                                                        
  Average Net Assets....................           0.93%           0.76%*          2.45%           2.50%*
Portfolio Turnover Rate.................          13.17%           1.67%*         24.00%           8.04%*
Average Commission Rate (1).............  $      0.0282   $      0.0427   $      0.0042   $      0.0102  
-------------------------------------------------------------------------------------------------------  


                                               THE UNITED KINGDOM                THE CONTINENTAL         
                                                  SMALL COMPANY                   SMALL COMPANY          
                                                     SERIES                          SERIES              
                                          -----------------------------   -----------------------------  
                                              YEAR           AUG. 9           YEAR           AUG. 9      
                                              ENDED            TO             ENDED            TO        
                                            NOV. 30,        NOV. 30,        NOV. 30,        NOV. 30,     
                                              1997            1996            1997            1996       
                                                                                                         
----------------------------------------  -------------------------------------------------------------  
Net Asset Value, Beginning of Period....           N/A+             N/A+            N/A+            N/A+ 
                                          -------------   -------------   -------------   -------------  
INCOME FROM INVESTMENT OPERATIONS                                                                        
  Net Investment Income.................            --               --              --              --  
  Net Gain (Losses) on Securities                                                                        
    (Realized and Unrealized)...........            --               --              --              --  
                                          -------------   -------------   -------------   -------------  
    Total From Investment Operations....            --               --              --              --  
----------------------------------------  -------------------------------------------------------------  
LESS DISTRIBUTIONS                                                                                       
  Net Investment Income.................            --               --              --              --  
  Net Realized Gains....................            --               --              --              --  
                                          -------------   -------------   -------------   -------------  
    Total Distributions.................            --               --              --              --  
----------------------------------------  -------------------------------------------------------------  
Net Asset Value, End of Period..........           N/A+             N/A+            N/A+            N/A+ 
----------------------------------------  -------------------------------------------------------------  
----------------------------------------  -------------------------------------------------------------  
Total Return............................           N/A+             N/A+            N/A+            N/A+ 
----------------------------------------  -------------------------------------------------------------  
Net Assets, End of Period (thousands)...  $    171,851    $     182,625   $     323,610   $     335,882  
Ratio of Expenses to Average Net                                                                         
  Assets................................          0.25%            0.29%*          0.29%           0.31%*
Ratio of Net Investment Income to                                                                        
  Average Net Assets....................          2.86%            2.94%*          1.84%           0.27%*
Portfolio Turnover Rate.................          4.26%            4.55%*          3.46%           6.69%*
Average Commission Rate (1).............  $     0.0073    $      0.0050   $      0.0586   $      0.0392  
----------------------------------------  -------------------------------------------------------------  

                                                        [Enlarge/Download Table]
                                                                                                                        
  *  Annualized                                                                                                         

  +  Not applicable as The Japanese Small Company Series, The Pacific Rim Small Company Series, The United Kingdom Small
     Company Series and The Continental Small Company Series are organized as Partnerships.                             

(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. 

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FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

                                                        [Enlarge/Download Table]


                                                        THE DFA INTERNATIONAL                   
                                                            VALUE SERIES                        
                                          -------------------------------------------------     
                                             YEAR          YEAR         YEAR       FEB. 16      
                                             ENDED         ENDED        ENDED        TO         
                                           NOV. 30,      NOV. 30,     NOV. 30,    NOV. 30,      
                                             1997          1996         1995        1994        
                                                                                                
-------------------------------------------------------------------------------------------     
Net Asset Value, Beginning of Period....  $     11.79   $     10.55   $   10.06   $   10.00     
                                          -----------   -----------   ---------   ---------     
INCOME FROM INVESTMENT OPERATIONS                                                               
  Net Investment Income.................         0.24          0.23        0.20        0.13     
  Net Gain (Losses) on Securities                                                               
    (Realized and Unrealized)...........        (0.67)         1.32        0.52        0.07     
                                          -----------   -----------   ---------   ---------     
    Total From Investment Operations....        (0.43)         1.55        0.72        0.20     
-------------------------------------------------------------------------------------------     
LESS DISTRIBUTIONS                                                                              
  Net Investment Income.................        (0.22)        (0.23)      (0.21)      (0.13)    
  Net Realized Gains....................        (0.24)        (0.08)      (0.02)      (0.01)    
                                          -----------   -----------   ---------   ---------     
Total Distributions.....................        (0.46)        (0.31)      (0.23)      (0.14)    
-------------------------------------------------------------------------------------------     
Net Asset Value, End of Period..........  $     10.90   $     11.79   $   10.55   $   10.06     
-------------------------------------------------------------------------------------------     
Total Return............................        (3.84)%       14.85%       7.20%       1.99%#   
-------------------------------------------------------------------------------------------     
-------------------------------------------------------------------------------------------     
Net Assets, End of Period (thousands)...  $ 1,582,086   $ 1,356,852   $ 609,386   $ 348,381     
Ratio of Expenses to Average Net                                                                
  Assets................................         0.32%         0.36%       0.42%       0.45%*(a)
Ratio of Net Investment Income to                                                               
  Average Net Assets....................         2.09%         2.23%       2.14%       1.84%*(a)
Portfolio Turnover Rate.................        22.55%        12.23%       9.75%       1.90%*   
Average Commission Rate (1).............  $    0.0068   $    0.0112         N/A         N/A     
-------------------------------------------------------------------------------------------     


                                                           THE EMERGING                         
                                                          MARKETS SERIES                        
                                          -----------------------------------------------       
                                             YEAR         YEAR        YEAR      APRIL 25        
                                             ENDED        ENDED       ENDED        TO           
                                           NOV. 30,     NOV. 30,    NOV. 30,    NOV. 30,        
                                             1997         1996        1995        1994          
                                                                                                
----------------------------------------  -----------------------------------------------       
Net Asset Value, Beginning of Period....          N/A+        N/A+       N/A+        N/A+       
                                          -----------   ---------   ---------   ---------       
INCOME FROM INVESTMENT OPERATIONS                                                               
  Net Investment Income.................           --          --         --          --        
  Net Gain (Losses) on Securities                                                               
    (Realized and Unrealized)...........           --          --         --          --        
                                          -----------   ---------   ---------   ---------       
    Total From Investment Operations....           --          --         --          --        
----------------------------------------  -----------------------------------------------       
LESS DISTRIBUTIONS                                                                              
  Net Investment Income.................           --          --         --          --        
  Net Realized Gains....................           --          --         --          --        
                                          -----------   ---------   ---------   ---------       
Total Distributions.....................           --          --         --          --        
----------------------------------------  -----------------------------------------------       
Net Asset Value, End of Period..........          N/A+        N/A+       N/A+        N/A+       
----------------------------------------  -----------------------------------------------       
Total Return............................          N/A+        N/A+       N/A+        N/A+       
----------------------------------------  -----------------------------------------------       
----------------------------------------  -----------------------------------------------       
Net Assets, End of Period (thousands)...   $  220,941   $ 162,075   $ 49,351    $ 15,724        
Ratio of Expenses to Average Net                                                                
  Assets................................         0.54%       0.66%      0.87%       1.49%*      
Ratio of Net Investment Income to                                                               
  Average Net Assets....................         1.63%       1.63%      1.70%       0.56%*      
Portfolio Turnover Rate.................         0.54%       0.37%      8.17%       1.28%*      
Average Commission Rate (1).............   $   0.0010   $  0.0010        N/A         N/A        
----------------------------------------  -----------------------------------------------       

                                                        [Enlarge/Download Table]
                                                                                                                              
  *  Annualized                                                                                                               

  #  Non-annualized                                                                                                           

  +  Not applicable as The Emerging Markets Series is organized as a partnership.                                             

(a)  Had certain waivers not been in effect the ratio of expenses to average net assets for the period ended November 30, 1994
     would have been 0.48%, and the ratio of net investment income to average net assets for the period ended November 30,    
     1994 would have been 1.81%.                                                                                              

(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. 

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THE DFA INVESTMENT TRUST COMPANY

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

                                                        [Enlarge/Download Table]


                                           THE                                                               
                                        EMERGING                                                             
                                         MARKETS                                                             
                                        SMALL CAP                                                            
                                         SERIES                                                              
                                       -----------           THE DFA ONE-YEAR FIXED INCOME SERIES(2)         
                                         DEC. 2,       ----------------------------------------------------  
                                          1996            YEAR         YEAR      YEAR      YEAR     FEB. 8   
                                           TO             ENDED       ENDED     ENDED     ENDED       TO     
                                        NOV. 30,        NOV. 30,     NOV. 30,  NOV. 30,  NOV. 30,  NOV. 30,  
                                          1997            1997         1996      1995      1994      1993    
-----------------------------------------------------------------------------------------------------------  
                                                                                                             
Net Asset Value, Beginning of                                                                                
  Period.............................        N/A+       $    10.03   $  10.00  $   9.84  $  10.06  $  10.00  
                                       -----------     -----------   --------  --------  --------  --------  
INCOME FROM INVESTMENT OPERATIONS                                                                            
  Net Investment Income..............         --              0.59       0.56      0.60      0.44      0.31  
  Net Gain (Losses) on Securities                                                                            
    (Realized and Unrealized)........         --             (0.02)      0.03      0.16     (0.18)     0.03  
                                       -----------     -----------   --------  --------  --------  --------  
    Total From Investment                                                                                    
     Operations......................         --              0.57       0.59      0.76      0.26      0.34  
-----------------------------------------------------------------------------------------------------------  
LESS DISTRIBUTIONS                                                                                           
  Net Investment Income..............         --             (0.59)     (0.56)    (0.60)    (0.43)    (0.28) 
  Net Realized Gains.................         --                --         --        --     (0.05)       --  
                                       -----------     -----------   --------  --------  --------  --------  
Total Distributions..................         --             (0.59)     (0.56)    (0.60)    (0.48)    (0.28) 
-----------------------------------------------------------------------------------------------------------  
Net Asset Value, End of Period.......        N/A+       $    10.01   $  10.03  $  10.00  $   9.84  $  10.06  
-----------------------------------------------------------------------------------------------------------  
-----------------------------------------------------------------------------------------------------------  
Total Return.........................        N/A+             5.83%      6.10%     7.91%     2.61%     3.39%#
-----------------------------------------------------------------------------------------------------------  
Net Assets, End of Period                                                                                    
  (thousands)........................   $ 19,449        $  782,236   $859,293  $705,554  $592,286  $608,428  
Ratio of Expenses to Average Net                                                                             
  Assets.............................       0.90%*(a)         0.10%      0.09%     0.10%     0.10%     0.10%*
Ratio of Net Investment Income to                                                                            
  Average Net Assets.................       1.90%*(a)         5.85%      5.62%     6.04%     4.41%     3.80%*
Portfolio Turnover Rate..............       2.54%*           82.84%     95.84%    81.31%   140.82%   111.67%*
Average Commission Rate (1)..........   $ 0.0020               N/A        N/A       N/A       N/A       N/A  
-----------------------------------------------------------------------------------------------------------  

                                                        [Enlarge/Download Table]
                                                                                                                      
  *  Annualized                                                                                                       

  #  Non-annualized                                                                                                   

  +  Not applicable as The Emerging Markets Small Cap Series is organized as a partnership.                           

(a)  Because of commencement of operations and related preliminary transaction costs, these ratios are not necessarily
     indicative of future ratios.                                                                                     

(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.                                                                               

(2)  Restated to reflect a 900% stock dividend as January 2, 1996.                                                    

See accompanying Notes to Financial Statements. 

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THE DFA INVESTMENT TRUST COMPANY

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

                                                        [Enlarge/Download Table]

                                           THE DFA                                                 THE DFA         
                                           TWO-YEAR                     THE DFA                   TWO-YEAR         
                                       CORPORATE FIXED                  TWO-YEAR                GLOBAL FIXED       
                                            INCOME                     GOVERNMENT                  INCOME          
                                            SERIES                       SERIES                    SERIES          
                                  --------------------------   --------------------------   ---------------------  
                                     YEAR          JUNE 7         YEAR          JUNE 7         YEAR       FEB 9    
                                     ENDED           TO           ENDED           TO          ENDED         TO     
                                   NOV. 30,       NOV. 30,      NOV. 30,       NOV. 30,      NOV. 30,    NOV. 30,  
                                     1997           1996          1997           1996          1997        1996    
-----------------------------------------------------------------------------------------------------------------  
                                                                                                                   
Net Asset Value, Beginning of                                                                                      
  Period........................   $  10.11       $  10.00           N/A+             N/A+   $   10.34   $  10.00  
                                  -----------   ------------   -----------   ------------   ----------   --------  
INCOME FROM INVESTMENT                                                                                             
  OPERATIONS                                                                                                       
  Net Investment Income.........       0.57           0.28            --               --         0.48       0.34  
  Net Gain (Losses) on                                                                                             
    Securities (Realized and                                                                                       
    Unrealized).................      (0.04)          0.09            --               --         0.12       0.25  
                                  -----------   ------------   -----------   ------------   ----------   --------  
    Total From Investment                                                                                          
      Operations................       0.53           0.37            --               --         0.60       0.59  
-----------------------------------------------------------------------------------------------------------------  
LESS DISTRIBUTIONS                                                                                                 
  Net Investment Income.........      (0.59)         (0.26)           --               --        (0.71)     (0.25) 
  Net Realized Gains............      (0.05)            --            --               --        (0.01)        --  
                                  -----------   ------------   -----------   ------------   ----------   --------  
    Total Distributions.........      (0.64)         (0.26)           --               --        (0.72)     (0.25) 
-----------------------------------------------------------------------------------------------------------------  
  Liquidating Distribution......     (10.00)            --            --               --           --         --  
-----------------------------------------------------------------------------------------------------------------  
Net Asset Value, End of                                                                                            
  Period........................   $   0.00       $  10.11           N/A+             N/A+   $   10.22   $  10.34  
-----------------------------------------------------------------------------------------------------------------  
-----------------------------------------------------------------------------------------------------------------  
Total Return....................       5.82%          3.76%#         N/A+             N/A+        5.96%      6.01%#
-----------------------------------------------------------------------------------------------------------------  
Net Assets, End of Period                                                                                          
  (thousands)...................   $      0       $122,786      $      0       $  104,647    $ 418,907   $319,272  
Ratio of Expenses to Average Net                                                                                   
  Assets........................       0.22%          0.23%*        0.23%            0.23%*       0.18%      0.20%*
Ratio of Net Investment Income                                                                                     
  to Average Net Assets.........       5.82%          6.11%*        5.67%            5.95%*       4.64%      4.51%*
Portfolio Turnover Rate.........     147.78%         81.97%*      153.67%          200.59%*     119.27%     87.07%*
-----------------------------------------------------------------------------------------------------------------  

                                                        [Enlarge/Download Table]
                                                                                      
*  Annualized                                                                         

#  Non-annualized                                                                     

+  Not applicable as The DFA Two-Year Government Series is organized as a partnership.

See accompanying Notes to Financial Statements. 

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THE DFA INVESTMENT TRUST COMPANY
NOTES TO FINANCIAL STATEMENTS 

A. ORGANIZATION:                                                                

The DFA Investment Trust Company (the "Trust") is an open-end management
investment company registered under the Investment Company Act of 1940. At      
November 30, 1997, the Trust consisted of fourteen investment portfolios        
(collectively, the "Series"):                                                   

The U.S. 6-10 Small Company Series                                              
The U.S. Large Company Series                                                   
The Enhanced U.S. Large Company Series                                          
The U.S. 6-10 Value Series                                                      
The U.S. Large Cap Value Series                                                 
(the "Domestic Equity Portfolios")                                          

The DFA One-Year Fixed Income Series                                            
The DFA Two-Year Global Fixed Income Series                                     
(the "Fixed Income Portfolios")                                             

The Japanese Small Company Series                                               
The Pacific Rim Small Company Series                                            
The United Kingdom Small Company Series                                         
The Continental Small Company Series                                            
The DFA International Value Series                                              
The Emerging Markets Series                                                     
The Emerging Markets Small Cap Series                                           
(the "International Equity Portfolios")                                     

   On August 9, 1996, four portfolios of DFA Investment Dimensions Group, Inc.
(the "Fund"); The Japanese Small Company Portfolio, The Pacific Rim Small       
Company Portfolio, The United Kingdom Small Company Portfolio and The           
Continental Small Company Portfolio, respectively, transferred their investable 
assets for shares with equal values of a corresponding Series of the Trust (the 
"Transfer").                                                                    

On June 1, 1996 the U.S. Large Company Series ("this Series") was       
reorganized from an entity taxed as a corporation to an entity taxed as a       
partnership for income tax purposes. This reorganization was accomplished by an 
amendment to the organization document of the Series which for income tax       
purposes was treated as a liquidation of this Series, immediate distribution of 
its assets to its sole shareholder at May 31, 1996, which was the U.S. Large    
Company Portfolio (the "Portfolio") and subsequent contribution of those assets 
from the Portfolio, along with a nominal contribution from the Advisor to this  
Series to create the partnership. On June 2, 1996, an unrelated investment      
company contributed assets valued at $225,957,696 to this Series in exchange for
a 63.4% interest in this Series. The total net assets of this Series increased  
to $356,632,854 immediately following this transaction. These transactions were 
treated as tax-free events to all parties involved based on rulings obtained    
from the Internal Revenue Service. For financial reporting purposes, this Series
continues to exist and as such, will maintain all of its previous operating     
history throughout the financial statements.                                    

On December 20, 1995, the Board of Trustees of The DFA Investment Trust 
Company approved a 900% stock dividend under Delaware Trust Law, which is       
treated as a 10 for 1 stock split for financial reporting purposes for The DFA  
One-Year Fixed Income Series. 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 this series. All share and per share data 
as of and for the period ended November 30, 1995 and all prior periods have been
restated to reflect the stock dividend.                                         

  Effective August 1, 1997. The U.S. Small Cap Value Series changed its name
to The U.S. 6-10 Value Series.                                                  

    As of the close of business on November 30, 1997, The DFA Two-Year Corporate
Fixed Income Series and The DFA Two-Year Government Series were liquidated and  
their respective assets and liabilities were distributed to their shareholders  
and partners, respectively. Accordingly, these financial statements reflect     
these final distributions.                                                      

B. SIGNIFICANT ACCOUNTING POLICIES:                                             

The following significant accounting policies are in conformity with    
generally accepted accounting principles for investment companies. Such policies
are consistently followed by the Trust in preparation of its financial          
statements.                                                                     

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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 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 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.         

   Fixed income instruments held by The Enhanced U.S. Large Company Series and
The Fixed Income Portfolios 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.                                                             

   2.  FOREIGN CURRENCY TRANSLATION:  Securities, other assets and liabilities
of The Enhanced U.S. Large Company Series, the International Equity Portfolios  
and The DFA Two-Year Global Fixed Income Series 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. The Enhanced U.S. Large Company Series and The DFA Two-Year    
Global Fixed Income Series also enter 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 isolate the effect of        
fluctuations in foreign exchange rates from the effect of fluctuations in the   
market prices of securities held whether realized or unrealized. However, The   
Enhanced U.S. Large Company Series and The DFA Two-Year Global Fixed Income     
Series do isolate the effect of fluctuations in foreign currency rates when     
determining the realized gain or loss upon the sale or maturity of foreign      
currency denominated debt obligations pursuant to U.S. Federal income tax       
regulations; such amounts are categorized as foreign exchange gain or loss for  
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 amounts of interest,        
dividends and foreign withholding taxes recorded on the books of The Enhanced   
U.S. Large Company Series, the International Equity Portfolios and The DFA      
Two-Year Global Fixed Income Series and the U.S. dollar equivalent amounts      
actually received or paid.                                                      

  3.  FEDERAL INCOME TAXES:  It the intention of The U.S. 6-10 Small Company
Series, The Enhanced U.S. Large Company Series, The U.S. 6-10 Value Series, The 
U.S. Large Cap Value Series, The DFA International Value Series, The DFA        
One-Year Fixed Income Series, The DFA Two-Year Corporate Fixed Income Series,   
and The DFA Two-Year Global Fixed Income Series to continue qualify as a        
regulated investment company and distribute all of its taxable income.          
Accordingly, no provision for federal taxes is required in the financial        
statements.                                                                     

The U.S. Large Company Series, The Japanese Small Company Series, The   
Pacific Rim Small Company Series, The United Kingdom Small Company Series, The  
Continental Small Company Series, The Emerging Markets Series, The Emerging     
Markets Small Cap Series and The DFA Two-Year Government Series are treated as  
partnerships for federal income tax purposes. Any interest, dividends and gains 
or losses of these Series will be deemed to have been "passed through" to their 
Feeder Funds.                                                                   

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                                            

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recorded on an accrual basis. Discount and premium on securities purchased are  
amortized over the lives of the respective securities. Expenses directly        
attributable to a Series 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 Trust. For the year ended November 30, 1997, the       
Series' advisory fees were computed daily and paid monthly to the Advisor based 
on the following effective annual rates:                                        

                                                                [Download Table]
                                                                                    
The U.S. 6-10 Small Company Series....................................... .03 of 1% 
The U.S. Large Company Series............................................ .025 of 1%
The Enhanced U.S. Large Company Series................................... .05 of 1% 
The U.S. 6-10 Value Series............................................... .20 of 1% 
The U.S. Large Cap Value Series.......................................... .10 of 1% 
The Japanese Small Company Series........................................ .10 of 1% 
The Pacific Rim Small Company Series..................................... .10 of 1% 
The United Kingdom Small Company Series.................................. .10 of 1% 
The Continental Small Company Series..................................... .10 of 1% 
The DFA International Value Series....................................... .20 of 1% 
The Emerging Markets Series.............................................. .10 of 1% 
The Emerging Markets Small Cap Series.................................... .20 of 1% 
The DFA One-Year Fixed Income Series..................................... .05 of 1% 
The DFA Two-Year Corporate Fixed Income Series........................... .15 of 1% 
The DFA Two-Year Government Series....................................... .15 of 1% 
The DFA Two-Year Global Fixed Income Series.............................. .05 of 1% 

    Certain officers of the Series are also officers, directors and shareholders
of the Advisor.                                                                 

D. PURCHASE AND SALES OF SECURITIES:                                            

For the year ended November 30, 1997, the Series made the following     
purchases and sales of investment securities:                                   

                                                        [Enlarge/Download Table]

                                                                                        OTHER        
                                                             U.S. GOVERNMENT          INVESTMENT     
                                                                SECURITIES            SECURITIES     
                                                           --------------------  --------------------
                                                           PURCHASES    SALES    PURCHASES    SALES  
                                                           ---------  ---------  ---------  ---------
                                                             (000)      (000)      (000)      (000)  
                                                                                                     
The U.S. 6-10 Small Company Series........................        --         --  $ 185,882  $ 100,394
The U.S. Large Company Series.............................        --         --    233,484     27,162
The Enhanced U.S. Large Company Series....................        --         --     53,616     39,741
The U.S. 6-10 Value Series................................        --         --    900,563    441,146
The U.S. Large Cap Value Series...........................        --         --    454,775    218,435
The Japanese Small Company Series.........................        --         --    183,810     35,979
The Pacific Rim Small Company Series......................        --         --     66,359     52,850
The United Kingdom Small Company Series...................        --         --      7,532     30,372
The Continental Small Company Series......................        --         --     14,611     58,207
The DFA International Value Series........................        --         --    659,266    329,786
The Emerging Markets Series...............................        --         --    122,268      1,156
The Emerging Markets Small Cap Series.....................        --         --     25,761        557
The DFA One-Year Fixed Income Series...................... $  90,123  $ 135,222    371,765    385,938
The DFA Two-Year Corporate Fixed Income Series............   113,650    148,862     70,254     62,109
The DFA Two-Year Government Series........................   196,300    173,431         --         --
The DFA Two-Year Global Fixed Income Series...............     7,734     15,720    572,458    433,698

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E. INVESTMENT TRANSACTIONS:                                                     

At November 30, 1997, gross unrealized appreciation and depreciation for
federal income tax purposes of futures, swap contracts, investment securities   
and foreign currencies for each Series were as follows:                         

                                                        [Enlarge/Download Table]

                                                                GROSS           GROSS                  
                                                              UNREALIZED      UNREALIZED               
                                                             APPRECIATION    DEPRECIATION      NET     
                                                            --------------  --------------  ---------- 
                                                                (000)           (000)         (000)    
                                                                                                       
The U.S. 6-10 Small Company Series.........................   $  124,313      $  (33,301)   $   91,012 
The U.S. Large Company Series..............................      302,219          (6,991)      295,228 
The Enhanced U.S. Large Company Series.....................          842            (365)          477 
The U.S. 6-10 Value Series.................................      630,851        (109,407)      521,444 
The U.S. Large Cap Value Series............................      340,851         (21,706)      319,145 
The Japanese Small Company Series..........................          613        (218,244)     (217,631)
The Pacific Rim Small Company Series.......................       17,632         (88,118)      (70,486)
The United Kingdom Small Company Series....................       61,662         (31,560)       30,102 
The Continental Small Company Series.......................       95,588         (45,217)       50,371 
The DFA International Value Series.........................      274,649        (280,720)       (6,071)
The Emerging Markets Series................................       48,328        (106,088)      (57,760)
The Emerging Markets Small Cap Series......................        3,635          (9,627)       (5,992)
The DFA One-Year Fixed Income Series.......................        1,088            (112)          976 
The DFA Two-Year Global Fixed Income Series................        2,912         (10,986)       (8,074)

At November 30, 1997, The DFA One-Year Fixed Income Series had a capital
loss carryover for federal income tax purposes of approximately $1,867,000 of   
which $1,565,000 and $301,000 expire on November 30, 2002 and 2004,             
respectively.                                                                   

F. COMPONENTS OF NET ASSETS:                                                    

                                                        [Enlarge/Download Table]

                                                 AT NOVEMBER 30, 1997 NET ASSETS CONSIST OF:                                    
                          ------------------------------------------------------------------------------------------            
                                                                  (AMOUNTS IN THOUSANDS)                                        
                                                                                         UNREALIZED                             
                                                                                        APPRECIATION                            
                                                                                       (DEPRECIATION)                           
                                                                                             OF                                 
                                      UNDISTRIBUTED                   UNDISTRIBUTED    FUTURES, SWAP                            
                                           NET                        NET REALIZED       CONTRACTS,      UNREALIZED             
                                       INVESTMENT     UNDISTRIBUTED      FOREIGN         INVESTMENT      NET FOREIGN            
                           PAID-IN       INCOME       NET REALIZED      EXCHANGE       SECURITIES AND     EXCHANGE    TOTAL NET 
                           CAPITAL       (LOSS)        GAIN (LOSS)     GAIN (LOSS)    FOREIGN CURRENCY      GAIN        ASSETS  
                          ----------  -------------   -------------   -------------   ----------------   -----------  ----------
                                                                                                                                
The U.S. 6-10 Small                                                                                                             
 Company Series.......... $  308,442     $   409         $31,785              --          $ 92,197             --     $  432,833
The Enhanced U.S. Large                                                                                                         
 Company Series..........     41,282         (20)          5,145         $   536               477         $  196         47,616
The U.S. 6-10 Value                                                                                                             
 Series..................  1,498,367       3,501         200,956              --           521,444             --      2,224,268
The U.S. Large Cap Value                                                                                                        
 Series..................  1,086,556       1,749          82,546              --           319,145             --      1,489,996
The DFA International                                                                                                           
 Value Series............  1,581,336       2,526           5,979          (1,666)           (6,071)           (18)     1,582,086
The DFA One-Year Fixed                                                                                                          
 Income Series...........    779,327       3,808          (1,875)             --               976             --        782,236
The DFA Two-Year Global                                                                                                         
 Fixed Income Series.....    413,780      (4,892)            851          13,543            (8,074)         3,699        418,907

G. FINANCIAL INSTRUMENTS:                                                       

In accordance with the Series' Investment Objectives and Policies, the  
Series 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:                                        

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    1.  REPURCHASE AGREEMENTS:  The Series 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 with the Trust's    
custodian or a third party sub-custodian. All open repurchase agreements were   
entered into on November 28, 1997.                                              

   2.  FORWARD CURRENCY CONTRACTS:  The Enhanced U.S. Large Company Series and
The DFA Two-Year Global Fixed Income Series 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, The Enhanced U.S. Large
Company and The DFA Two-Year Global Fixed Income Series had entered into the    
following contracts and the related net unrealized foreign exchange gain is     
reflected in the accompanying financial statements:                             

THE ENHANCED U.S. LARGE COMPANY SERIES                                          

                                                        [Enlarge/Download Table]

                                                                                                UNREALIZED   
                                                                                                  FOREIGN    
EXPIRATION                                                                     VALUE AT        EXCHANGE GAIN 
   DATE                   CURRENCY SOLD                 CONTRACT AMOUNT    NOVEMBER 30, 1997      (LOSS)     
----------  ------------------------------------------  ----------------  -------------------  ------------- 
                                                                                                             
 12/24/97         24,986,737  French Francs             $      4,309,908   $       4,230,728   $      79,181 
 12/24/97         11,025,952  French Francs                    1,888,934           1,867,089          21,845 
 12/30/97         11,335,911  German Marks                     6,501,254           6,425,343          75,911 
 12/31/97          2,187,089  Australian Dollar                1,498,273           1,495,962           2,311 
 12/31/97         17,988,011  Canadian Dollars                12,627,774          12,634,108          (6,334)
 12/31/97          5,878,763  Netherlands Guilders             2,991,448           2,956,414          35,034 
                                                        ----------------  -------------------  ------------- 
                                                        $     29,817,590   $      29,609,643   $     207,948 
                                                        ----------------  -------------------  ------------- 
                                                        ----------------  -------------------  ------------- 

THE DFA TWO-YEAR GLOBAL FIXED INCOME SERIES                                     

                                                        [Enlarge/Download Table]

                                                                                                UNREALIZED   
                                                                                                  FOREIGN    
EXPIRATION                                                                 VALUE AT NOVEMBER   EXCHANGE GAIN 
   DATE                   CURRENCY SOLD                 CONTRACT AMOUNT        30, 1997           (LOSS)     
----------  ------------------------------------------  ----------------  -------------------  ------------- 
                                                                                                             
 12/22/97         55,043,189  Netherlands Guilders      $     28,314,398   $      27,667,997   $     646,401 
 12/22/97      1,311,140,000  Japanese Yen                    10,417,448          10,225,130         162,318 
 12/24/97        367,446,698  French Francs                   63,349,056          62,205,647       1,143,409 
 12/24/97         30,836,933  French Francs                    5,301,175           5,221,646          79,529 
 12/29/97        154,174,744  German Marks                    88,937,390          87,358,033       1,579,357 
 12/31/97         50,162,517  Australian Dollars              34,416,505          34,319,751          96,754 
 12/31/97        156,460,407  Canadian Dollars               109,850,739         109,893,934         (43,195)
                                                        ----------------  -------------------  ------------- 
                                                        $    340,586,711   $     336,922,138   $   3,664,573 
                                                        ----------------  -------------------  ------------- 
                                                        ----------------  -------------------  ------------- 

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. The Enhanced U.S. Large Company Series and The DFA Two-Year Global Fixed
Income Series will enter into forward contracts only for hedging purposes.      

3.  FOREIGN MARKET RISKS:  Investments in foreign markets may involve   
certain consideration 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 government 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.                                                                      

4.  FUTURES CONTRACTS:  During the year ended November 30, 1997, The    
Enhanced U.S. Large Company Series ("Enhanced") entered into futures contracts  
in accordance with its investment objectives. Upon entering into a              

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futures contract, the Enhanced deposits cash or pledges U.S. Government         
securities to a broker, equal to the minimum "initial margin" requirements of   
the exchange on which the contract is traded. Subsequent payments are received  
from or paid to the broker each day, based on the daily fluctuation in the      
market value of the contract. These receipts or payments are known as "variation
margin" and are recorded daily by Enhanced as unrealized gains or losses until  
the contracts are closed. When the contracts are closed, Enhanced records a     
realized gain or loss equal to the difference between the value of the contract 
at the time it was opened and the value at the time it was closed.              

    At November 30, 1997, Enhanced had outstanding 184 long futures contracts on
the S & P 500 Index all of which expire December 19, 1997. The value of such    
contracts on November 30, 1997 was $43,925,400 which resulted in an unrealized  
gain of $739,500.                                                               

Risks may arise upon entering into futures contracts from potential     
imperfect price correlations between the futures contracts and the underlying   
securities and from the possibility of an illiquid secondary market for these   
instruments.                                                                    

5.  EQUITY INDEX SWAPS:  Enhanced may enter into equity index swaps in  
accordance with its investment objectives. A swap agreement obligates two       
parties to exchange returns realized on a notional amount agreed upon by both   
parties. The obligations of the parties are calculated on a net basis based on  
the daily fluctuations in the indices on which the contract is based. The daily 
net fluctuation is recorded as unrealized gains or losses by Enhanced. At the   
termination of the agreement, Enhanced will receive from or pay to the counter  
party, the accumulated net unrealized gain or loss, which will then be recorded 
as realized.                                                                    

At November 30, 1997, Enhanced had an outstanding equity index swap with
Morgan Stanley dated July 15, 1997 (which represents approximately 12% of the   
net assets of Enhanced), terminating on January 15, 1998. The notional value of 
the swap was $3,569,310 and Enhanced had recorded net unrealized appreciation of
$58,449 consisting of $76,196 owed to Morgan Stanley and $134,645 owed to       
Enhanced. Payments made by Enhanced are based on the London Interbank Offered   
Rate (LIBOR) plus 0.10% per annum calculated on the original notional amount    
plus accumulated interest added on the monthly LIBOR reset date. Payments       
received by Enhanced are based on the daily value of the S & P 500 Index plus   
accumulated dividends as expressed in Index points calculated on the original   
notional amount.                                                                

 Risks may arise upon entering into equity index swaps in the event of the
default or bankruptcy of a swap agreement counter party.                        

H. LINE OF CREDIT:                                                              

 The Trust, together with other DFA-advised portfolios, has entered into a
$50 million unsecured line of credit with its domestic custodian bank. Each     
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. For the year ended November 30, 1997 borrowings  
under the line were as follows:                                                 

                                                        [Enlarge/Download Table]

                                                                                             MAXIMUM   
                                                                                             AMOUNT    
                                                                                             BORROWED  
                                           WEIGHTED       WEIGHTED     NUMBER OF   INTEREST  DURING    
                                            AVERAGE       AVERAGE        DAYS      EXPENSE     THE     
                                         INTEREST RATE  LOAN BALANCE  OUTSTANDING  INCURRED  PERIOD    
                                         -------------  ------------  -----------  -------   -------   
                                                                                                       
The U.S. 6-10 Small Company Series......     5.75%       $3,292,000         1      $  526    $3,292,000
The U.S. Large Company Series...........     6.07%        1,572,388        23       8,744    4,850,000 
The U.S. Large Cap Value Series.........     6.12%        3,368,500         2       1,144    4,934,000 

 There were no outstanding borrowings under the line of credit at November
30, 1997.                                                                       

I. SECURITIES LENDING:                                                          

Domestic security loans are required at all times to be secured by      
collateral at least equal to 102% of the market value of the securities on loan.
International security loans 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                           

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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 Series or, at the    
opinion 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            VALUE OF    
                                                   SECURITIES ON LOAN      COLLATERAL   
                                                   -------------------  ----------------
                                                                                        
DOMESTIC EQUITY PORTFOLIOS                                                              
The U.S. 6-10 Small Company Series................  $      22,700,916   $     24,126,084
The U.S. Large Company Series.....................         86,232,944         88,733,158
The U.S. 6-10 Value Series........................         47,873,302         51,153,681
The U.S. Large Cap Value Series...................         97,735,271        101,655,200

INTERNATIONAL EQUITY PORTFOLIOS                                                         
The Japanese Small Company Series.................         33,980,365         36,656,082
The Pacific Rim Small Company Series..............          7,587,125          9,619,298
The Continental Small Company Series..............          8,724,347          9,251,251
The DFA International Value Series................        266,475,711        282,956,083

J. SUBSEQUENT EVENT:                                                            

  On December 1, 1997, The U.S. 9-10 Small Company Portfolio transferred its
investable assets for shares with an equal value of The U.S. 9-10 Small Company 
Series of The DFA Investment Trust Company, a newly created series. This        
portfolio invests solely in this series. The series will also issue its shares  
to other investors.                                                             

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REPORT OF INDEPENDENT ACCOUNTANTS 

TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF                                    
THE DFA INVESTMENT TRUST COMPANY:                                               

We have audited the accompanying statements of net assets of The DFA Investment 
Trust Company (comprising, respectively, The U.S. 6-10 Small Company Series, The
U.S. Large Company Series, The Enhanced U.S. Large Company Series, The U.S. 6-10
Value Series, The U.S. Large Cap Value Series, The Japanese Small Company       
Series, The Pacific Rim Small Company Series, The United Kingdom Small Company  
Series, The Continental Small Company Series, The DFA International Value       
Series, The Emerging Markets Series, The Emerging Markets Small Cap Series, The 
DFA One-Year Fixed Income Series, and The DFA Two-Year Global Fixed Income      
Series) as of November 30, 1997, and the related statements of operations       
(including the DFA Two-Year Corporate Fixed Income Series and the DFA Two-Year  
Government Series) for the year (or period) then ended, the statements of       
changes in net assets (including the DFA Two-Year Corporate Fixed Income Series 
and the DFA Two-Year Government Series) for each of the two years (or periods)  
in the period then ended, and the financial highlights (including the DFA Two-  
Year Corporate Fixed Income Series and the DFA Two-Year Government Series) 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 Trust Company  
as of November 30, 1997, and the results of their operations for the year (or   
period) then ended, the changes in their net assets for each of the two years   
(or periods) 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                                                                

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