DEFA14A 1 dfachart.htm dfachart.htm - Generated by SEC Publisher for SEC Filing

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

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DFA Investment Dimensions Group Inc.
Dimensional Investment Group Inc.
The DFA Investment Trust Company
Dimensional Emerging Markets Value Fund Inc.
(Name of Registrant as Specified In Its Charter)

                                                                                                         
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

 

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Summary of Investment Restrictions Modified or Eliminated in the Proxy:
DFA International Small Cap Value Portfolio
Emerging Markets Value Portfolio

Investment  Regulatory Requirement  Current Language  Proposed Language 
Restriction       
 
 
Borrowing  An open-end investment company can only  DFA International Small Cap Value Portfolio:  The fund may not borrow money, except to the 
  borrow an amount equal to up to 1/3 of its total  The fund may not borrow, except from banks  extent permitted by the 1940 Act, or any rules, 
  assets (including the amount borrowed) from  and as a temporary measure for extraordinary  exemptions or interpretations thereunder that 
  banks, and may borrow up to an additional 5% of  or emergency purposes and then, in no event,  may be adopted, granted or issued by the SEC. 
  its total assets for temporary purposes from any  in excess of 5% of a Portfolio's gross assets   
  other person. If market values change in a way  valued at the lower of market or cost; provided  The fund does not intend to borrow money for 
  that impacts these ratios, the fund must reduce its  that each Portfolio may borrow amounts not  investment purposes. 
  borrowings to below this limit within 3 business days.  exceeding 33% of their net assets from banks   
  and pledge not more than 33% of such assets 
to secure such loans.
 
 
    Emerging Markets Value Portfolio:   
    The fund may not borrow, except from banks   
    and as a temporary measure for extraordinary   
    or emergency purposes and then, in no event,   
    in excess of 5% of a Portfolio's gross assets   
    valued at the lower of market or cost; provided   
    that each Portfolio may borrow amounts not   
    exceeding 33% of their net assets from banks   
    and pledge not more than 33% of such assets   
    to secure such loans; and borrow, except in   
    connection with a foreign currency transaction,   
    the settlement of a portfolio trade, as a   
    temporary measure for extraordinary or   
    emergency purposes, including to meet   
    redemption requests, and, in no event in   
    excess of 33% of the Fund's net assets valued   
    at market.   
 
Lending  A fund must state its policy with respect to making  DFA International Small Cap Value Portfolio:  The fund may not make loans, except to the 
  loans to other persons in its registration statement  The fund may not make loans of cash, except  extent permitted by the 1940 Act, or any rules, 
  A registered investment company cannot lend  through the acquisition of repurchase  exemptions or interpretations thereunder that 
  money or securities with a value exceeding 1/3 of  agreements and obligations customarily  may be adopted, granted or issued by the SEC; 
  its total assets.  purchased by institutional investors.  provided that in no event shall the fund be 
      permitted to make a loan to a natural person. 
    Emerging Markets Value Portfolio:   
    The fund may not make loans of cash, except   
    through the acqusition of repurchase   
    agreements and obligations cutomarily   
    purchased by institutional investors; and,   
    except through the acquisition of publicly traded   
    debt securities and short-term money   
    instruments.   


Summary of Investment Restrictions Modified or Eliminated in the Proxy:
DFA International Small Cap Value Portfolio
Emerging Markets Value Portfolio
 
 
Investment  Regulatory Requirement  Current Language  Proposed Language 
Restriction       
 
 
Investments in Real  A fund must state its policy with respect to the  DFA International Small Cap Value Portfolio  The fund may not purchase or sell real estate, 
 Estate  purchase and sale of real estate in its registration  and Emerging Markets Value Portfolio:  unless acquired as a result of ownership of 
statement. There is no specific regulatory    securities or other instruments and provided 
  prohibition of purchasing real estate, although  The fund may not invest in real estate,  that this restriction does not prevent the fund 
  most mutual funds typically have restrictions on  including limited partnership interests therein,  from: (i) purchasing or selling securities or 
  direct real estate transactions but allow  although it may purchase and sell securities of  instruments secured by real estate or interests 
  transactions involving securities backed by real  companies which deal in real estate and  therein, securities or instruments representing 
  estate or securities of companies that engage in  securities which are secured by interests in real  interests in real estate or securities or 
  real estate transactions.  estate.  instruments of issuers that invest, deal or 
      otherwise engage in transactions in real estate 
      or interests therein; and (ii) purchasing or 
      selling real estate mortgage loans. 
 
Investments in  A fund must state its policy with respect to the  DFA International Small Cap Value Portfolio  The fund may not purchase or sell physical 
Commodities  purchase and sale of commodities in its  and Emerging Markets Value Portfolio:  commodities, unless acquired as a result of 
  registration statement. A fund must comply with    ownership of securities or other instruments 
  its stated policy on commodities, including futures  The fund may not invest in commodities,  and provided that this restriction does not 
  and options.  although the Portfolio may purchase or sell  prevent the fund from: (i) engaging in 
    financial futures contracts and options thereon.  transactions involving currencies and futures 
      contracts and options thereon; or (ii) investing 
      in securities or other instruments that are 
      secured by physical commodities. 
 
Diversification of  A fund must state whether or not it is diversified in  DFA International Small Cap Value Portfolio  The fund may not purchase the securities of 
Investments  its registration statement. To be a diversified  and Emerging Markets Value Portfolio:  any one issuer, if immediately after such 
  investment company, a fund must meet the    investment, the Fund would not qualify as a 
  following requirements: At least 75 per centum of  As to 75% of the total assets of a  "diversified company" as that term is defined by 
  the value of its total assets is represented by cash  Portfolio/Series, the fund may not invest in the  the 1940 Act, as amended, and as modified or 
  and cash items (including receivables),  securities of any issuer (except obligations of  interpreted by regulatory authority having 
  Government securities, securities of other  the U.S. Government and its instrumentalities)  jurisdiction, from time to time. 
  investment companies, and other securities for the  if, as a result, more than 5% of the Portfolio's   
  purposes of this calculation limited in respect of  total assets, at market, would be invested in the   
  any one issuer to an amount not greater in value  securities of such issuer. As to 75% of the   
  than 5 per centum of the value of the total assets  Portfolio's assets, the fund may not acquire   
  of such management company and to not more  more than 10% of the voting securities of any   
  than 10 per centum of the outstanding voting  issuer.   
  securities of such issuer.     


Summary of Investment Restrictions Modified or Eliminated in the Proxy:
DFA International Small Cap Value Portfolio
Emerging Markets Value Portfolio
 
 
Investment  Regulatory Requirement  Current Language  Proposed Language 
Restriction       
 
 
Pledging,
Mortgaging or
Hypothecating
Assets 
No requirement to state a policy in the registration  DFA International Small Cap Value Portfolio:  None, no statement of policy required or 
statement. The concept of pledging, mortgaging or  The fund may not pledge, mortgage, or  proposed. 
hypothecating assets is generally captured in the  hypothecate any of its assets to an extent   
1940 Act restrictions on the issuance of senior  greater than 10% of its total assets at fair   
securities.  market value, except as described in [the   
    borrowing restriction] above.   
 
    Emerging Markets Value Portfolio: 

No current stated policy 
 
 
Purchasing
Securities on
Margin 
No requirement to state a policy in the registration  DFA International Small Cap Value Portfolio:  The fund may not sell short. 
statement. Purchasing securities on margin is  The fund may not purchase securities on   
generally tied to the 1940 Act restrictions  margin or sell short.   
regarding issuing senior securities and engaging     
  in leverage.  Emerging Markets Value Portfolio:  [The Emerging Markets Value Portfolio has no 
    The fund may not purchase securities on  investment restriction on short sales.] 
    margin.   
 
Investing in Illiquid
or Restricted
Securities 
A registered open-end management investment  DFA International Small Cap Value Portfolio:  None, no statement of policy required or 
company may not invest more than 15% of the  The fund may not invest more than 15% of the  proposed. 
value of its net assets in illiquid securities.  value of the Portfolio's total assets in illiquid   
Restricted securities could be considered illiquid in  securities, which include certain restricted   
  certain circumstances and thus captured under  securities, repurchase agreements with   
  these restrictions.  maturities of greater than seven days, and   
    other illiquid investments.   
  The investment company remains subject to this     
  restriction even though there is no regulatory  Emerging Markets Value Portfolio:   
  requirement for the investment company to adopt  No current stated policy   
  this as a fundamental investment restriction.     
 
Investing for the
purpose of
Exercising Control 
There is no requirement for a statement in the  DFA International Small Cap Value Portfolio  None, no statement of policy required or 
registration statement about the fund's policy on  and Emerging Markets Value Portfolio:  proposed. 
investing for the purpose of exercising control.  The fund may not invest for the purpose of   
  exercising control over management of any   
  The diversification investment restriction limits the  company.   
  amount that may be invested in any single issuer.     


  Summary of Investment Restrictions Modified or Eliminated in the Proxy: 
  DFA International Small Cap Value Portfolio
Emerging Markets Value Portfolio
 
 
 
Investment  Regulatory Requirement  Current Language  Proposed Language 
Restriction       
 
 
Investing in Other
Investment
Companies 
There is no requirement for a statement in the  DFA International Small Cap Value Portfolio:  None, no statement of policy required or 
registration statement about investments in other  The fund may not invest its assets in securities  proposed. 
investment companies. A registered investment  of any investment company, except in   
company may not purchase or otherwise acquire  connection with a merger, acquisition of assets,   
  securities of another investment company if the  consolidation or reorganization.   
  acquiring company and any company or     
  companies controlled by it immediately after such  Emerging Markets Value Portfolio:   
  purchase or acquisition own in the aggregate-- (i)  The fund may not invest its assets in securities   
  more than 3 per centum of the total outstanding  of any investment company, except in   
  voting stock of the acquired company; (ii)  connection with a merger, acquisition of assets,   
  securities issued by the acquired company having  consolidation or reorganization; provided that   
  an aggregate value in excess of 5 per centum of  the Portfolio may invest its assets in securities   
  the value of the total assets of the acquiring  of investment companies and units of such   
  company; or (iii) securities issued by the acquired  companies such as, but not limited to, S&P   
  company and all other investment companies  Depository Receipts.   
  (other than treasury stock of the acquiring     
  company) having an aggregate value in excess of     
  10 per centum of the value of the total assets of     
  the acquiring company (Section 12(d) of the 1940     
  Act). There are, however, exceptions to these     
  limits for certain situations identified in Section     
  12(d) of the 1940 Act and for a fund investing in a     
  money market fund (Rule 12d1-1) and a fund that     
  operates as a fund-of-funds (Rule 12d1-2).     
 
Management
Ownership of
Portfolio Securities 
There is no requirement for a statement in the  DFA International Small Cap Value Portfolio:  None, no statement of policy required or 
registration statement about the fund's policy on  The fund may not purchase or retain securities  proposed. 
management ownership of portfolio securities.  of an issuer, if those officers and directors of   
Both the Fund and the Advisor have adopted a  the Fund or the Advisor owning more than 1/2   
  Code of Ethics designed to identify and avoid any  of 1% of such securities together own more   
  conflicts of interests that could arise between a  than 5% of such securities.   
  client and the officers/directors of the Fund or the     
  Advisor in connection with the purchase or sale of  Emerging Markets Value Portfolio:   
  a security.  No current stated policy   


  Summary of Investment Restrictions Modified or Eliminated in the Proxy: 
  DFA International Small Cap Value Portfolio
Emerging Markets Value Portfolio
 
 
 
Investment  Regulatory Requirement  Current Language  Proposed Language 
Restriction       
 
 
Oil, Gas or Other
Mineral Exploration,
Leases or
Development
Programs 
There is no requirement for a statement in the  DFA International Small Cap Value Portfolio:  None, no statement of policy required or 
registration statement about the fund's policy on  The fund may not acquire interests in oil, gas or  proposed. 
investing in oil, gas or other mineral exploration,  other mineral exploration, leases or   
leases or development programs. Generally, if a  development programs.   
portfolio intended to acquire interests in these     
types of leases or programs such that these types  Emerging Markets Value Portfolio:   
  of interests represented 5% or more of the  No current stated policy   
  portfolio, the prospectus would include disclosure     
  about such investments. The prospectus currently     
  does not contain any such disclosure for either of     
  the listed portfolios.     
 
Investing in  There is no requirement for a statement in the  DFA International Small Cap Value Portfolio  None, no statement of policy required or 
Unseasoned Issuers  registration statement about the fund's policy on  and Emerging Markets Value Portfolio:  proposed. 
  investing in unseasoned issuers. The Advisor  The fund may not invest more than 5% of its   
  currently has in place an internal guideline that  total assets in securities of companies which   
  prohibits the portfolios from purchasing securities  have (with predecessors) a record of less than   
  in an IPO.  three years' continuous operation.   
 
Investing in  There is no requirement for a fundamental  DFA International Small Cap Value Portfolio:  None, no statement of policy required or 
Warrants  investment restriction in the registration statement  The fund may not purchase warrants, however,  proposed. 
  regarding warrants. Generally, if a portfolio  the Portfolio may acquire warrants as a result   
  intended to purchase warrants such that warrants  of corporate actions involving its holdings of   
  represented 5% or more of the portfolio, the  other equity securities.   
  prospectus would include disclosure regarding     
  investments in warrants. The prospectus currently  Emerging Markets Value Portfolio:   
  does not contain any such disclosure for either of  No current stated policy   
  the listed portfolios.     


Summary of Investment Restrictions Modified or Eliminated in the Proxy:
DFA International Small Cap Value Portfolio
Emerging Markets Value Portfolio

Investment  Regulatory Requirement                       Current Language  Proposed Language 
Restriction       
Writing or Acquiring  There is no requirement for a fundamental  DFA International Small Cap Value Portfolio:  None, no statement of policy required or 
Options  investment restriction in the registration statement  The fund may not write or acquire options  proposed. 
  regarding writing or acquiring options. Generally,  [other than options on financial futures   
  if a portfolio intended to purchase options such  contracts].   
  that options represented 5% or more of the     
  portfolio, the prospectus would include disclosure  Emerging Markets Value Portfolio:   
  regarding investments in options.  No current stated policy   
 
  The listed portfolios currently may acquire options     
  on financial futures contracts, which include     
  options on futures contracts of securities and     
  security indices. Currently, the DFA International     
  Small Cap Value Portfolio may enter into futures     
  contracts and options on futures contracts foreign     
  or U.S. equity securities and indices. Similarly, the     
  Emerging Markets Value Portfolio may enter into     
  futures contracts and options on futures contracts     
  for Approved Market or other equity market     
  securities and indices, including those of the     
  United States.