Exhibit 99.b5.4
INVESTMENT ADVISORY AGREEMENT
AGREEMENT made this 8th day of September, 1995, by and between DFA INVESTMENT
DIMENSIONS GROUP INC., a Maryland corporation (the "Fund") and DIMENSIONAL FUND
ADVISORS INC., a Delaware corporation (the "Advisor").
Duties of Advisor
The Fund hereby employs the Advisor to manage the investment and reinvestment
of the assets of VA Large Value Portfolio (the "Portfolio"), to continuously
review, supervise and administer the Portfolio's investment program, to
determine in its discretion the securities to be purchased or sold and the
portion of the Portfolio's assets to be uninvested, to provide the Fund with
records concerning the Advisor's activities which the Fund is required to
maintain, and to render regular reports to the Fund's officers and the Board of
Directors of the Fund, all in compliance with the objectives, policies and
limitations set forth in the Fund's prospectus and applicable laws and
regulations. The Advisor accepts such employment and agrees to provide, at its
own expense, the office space, furnishings and equipment and the personnel
required by it to perform the services described herein on the terms and for the
compensation provided herein.
Portfolio Transactions
The Advisor is authorized to select the brokers or dealers that will execute
the purchases and sales of portfolio securities for the Portfolio and is
directed to use its best efforts to obtain the best available price and most
favorable execution, except as prescribed herein. It is understood that the
Advisor will not be deemed to have acted unlawfully, or to have breached a
fiduciary duty to the Fund or in respect of the Portfolio, or be in breach of
any obligation owing to the Fund or in respect of the Portfolio under this
Agreement, or otherwise, solely by reason of its having caused the Portfolio to
pay a member of a securities exchange, a broker or a dealer a commission for
effecting a securities transaction for the Portfolio in excess of the amount of
commission another member of an exchange, broker or dealer would have charged if
the Advisor determines in good faith that the commission paid was reasonable in
relation to the brokerage or research services provided by such member, broker
or dealer, viewed in terms of that particular transaction or the Advisor's
overall responsibilities with respect to its accounts, including the Fund, as to
which it exercises investment discretion. The Advisor will promptly communicate
to the officers and directors of the Fund such information relating to
transactions for the Portfolio as they may reasonably request.
Compensation of the Advisor
For the services to be rendered by the Advisor as provided in Section 1 of
this Agreement, the Fund shall pay to the Advisor, at the end of each month, a
fee equal to one-twelfth of .25 percent of the net assets of the Portfolio. In
the event that this Agreement is terminated at other than a month-end, the fee
for such month shall be prorated.
Other Services
At the request of the Fund, the Advisor, in its discretion, may make
available to the Fund office facilities, equipment, personnel and other
services. Such office facilities, equipment, personnel and service shall be
provided for or rendered by the Advisor and billed to the Fund at the Advisor's
cost and, where applicable, the cost thereof shall be apportioned among the
several Portfolios of the Fund proportionate to their respective utilization
thereof.
Reports
The Fund and the Advisor agree to furnish to each other information with
regard to their respective affairs as each may reasonably request.
Status of the Advisor
The services of the Advisor to the Fund or in respect of the Portfolio, are
not to be deemed exclusive, and the Advisor shall be free to render similar
services to others as long as its services to the Fund or in respect of the
Portfolio, are not impaired thereby. The Advisor shall be deemed to be an
independent contractor and shall, unless otherwise expressly provided or
authorized, have no authority to act for or represent the Fund in any way or
otherwise be deemed an agent of the Fund.
Liability of Advisor
No provision of this Agreement shall be deemed to protect the Advisor against
any liability to the Fund or its shareholders to which it might otherwise be
subject by reason of willful misfeasance, bad faith or gross negligence in the
performance of its duties or the reckless disregard of its obligations under
this Agreement.
Permissible Interests
Subject to and in accordance with the charters of the Fund and the Advisor,
respectively, directors, officers, and shareholders of the Fund are or may be
interested in the Advisor (or any successor thereof) as directors, officers or
shareholders, or otherwise; directors, officers, agents and shareholders of the
Advisor are or may be interested in the Fund as directors, officers,
shareholders or otherwise; and the Advisor (or any successor) is or may be
interested in the Fund as a shareholder or otherwise and the effect of any such
interrelationships shall be governed by said charters and the provisions of the
Investment Company Act of 1940.
Duration and Termination
This Agreement shall become effective on September 21, 1995 (the "Effective
Date") and shall continue in effect until December 31, 1996, and thereafter,
only if such continuance is approved at least annually by a vote of the Fund's
Board of Directors, including the vote of a majority of the directors who are
not parties to this Agreement or interested persons of any such party, cast in
person, at a meeting called for the purpose of voting such approval. In
addition, the question of continuance of this Agreement may be presented to the
shareholders of the Fund; in such event, such continuance shall be effected only
if approved by the affirmative vote of the holders of a majority of the
outstanding voting securities of the Portfolio.
This Agreement may at any time be terminated without payment of any penalty
either by vote of the Board of Directors of the Fund or by vote of the holders
of a majority of the outstanding voting securities of the Portfolio, on sixty
days written notice to the Advisor,
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This Agreement shall automatically terminate in the event of its assignment,
and
This Agreement may be terminated by the Advisor after ninety days written
notice to the Fund.
Any notice under this Agreement shall be given in writing, addressed and
delivered, or mailed postpaid, to the other party at any office of such party.
As used in this section, the terms "assignment," "interested persons," and a
"vote of the holders of a majority of the outstanding securities" shall have the
respective meanings set forth in Section 2(a)(4), Section 2(a)(19), Section
2(a)(42) of the Investment Company Act of 1940 and Rule l8f-2 thereunder.
Severability
If any provision of this Agreement shall be held or made invalid by a court
decision, statute, rule or otherwise, the remainder of this Agreement shall not
be affected thereby.
IN WITNESS WHEREOF, the parties hereby have caused this Agreement to be
executed this 21st day of September, 1995.
DIMENSIONAL FUND DFA INVESTMENT
ADVISORS INC. DIMENSIONS GROUP INC.
By: /S/ XXX X. XXXXXXXXXXX By: /S/ XXXXX X. XXXXX
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Chairman-Chief President
Investment Officer
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