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Before continuing, please read the following important information and agree to these provisions and the Terms & Conditions of Use of this website for Financial Professionals.
 

TERMS & CONDITIONS OF USE

Use of the Dodge & Cox website ("Site"), owned and operated by Dodge & Cox®, signifies that you accept the following Terms of Use. Nothing contained in these Terms of Use is intended to modify or amend any other written agreement, if any, that may currently be in effect between you and Dodge & Cox or any funds managed by Dodge & Cox. Dodge & Cox may periodically modify these Terms of Use, and any such modifications will be effective immediately upon posting. We suggest that you periodically check these Terms of Use for modifications. If you do not agree to the Terms of Use, do not use this Site.

We suggest that you check the Terms of Use periodically for changes. The Terms of Use can be accessed from the link at the bottom of the Site pages. Dodge & Cox expressly reserves the right to monitor any and all use of this Site, without liability.


PRIVACY

Dodge & Cox expressly reserves the right to monitor any and all use of this Site; any such monitoring will be used for Dodge & Cox’s internal business purposes without liability. Dodge & Cox is committed to maintaining the confidentiality, integrity, and security of your personal and financial data. We consider this information to be private and held in confidence between you and Dodge & Cox. We would like you to know about our policies to protect the privacy of this information.

We may collect personal information about you from:

  • You or your representative in writing, electronically or by phone (e.g., in account applications or requests for forms or literature);
  • Transactions initiated by you or made on your behalf; and
  • Information we receive from third parties, such as financial advisers, consumer reporting agencies, consultants and custodians.

We do not disclose personal information about current or former clients or shareholders to any third parties except as necessary to effect a transaction, administer your account, or as otherwise permitted by law. For example, the Dodge & Cox Funds and Dodge & Cox Worldwide Funds use third-party transfer agents and third-party providers of systems who use your information only to process or analyze transactions you have requested. Contracts with these organizations contain provisions restricting their use of your personal information to those purposes for which they were hired.

We restrict access to personal information about you to those employees and service providers involved in administering or servicing your account(s) or helping us meet our regulatory obligations. We maintain physical, electronic, and procedural safeguards that comply with federal standards to protect your personal information. In addition, our Code of Ethics, which applies to all Dodge & Cox employees, restricts the use of your personal information.

For more information about privacy, please read the Dodge & Cox Privacy Policy.

LIMITED LICENSE AND RESTRICTIONS ON USE

Dodge & Cox grants you a limited, revocable, nonexclusive, nontransferable license to view, store, bookmark, download, and print the pages within this Site solely for your personal, informational, and noncommercial use or as expressly authorized by Dodge & Cox in writing. You are responsible for obtaining and maintaining all equipment, services, and other materials that you need to access this Site. Dodge & Cox reserves all rights not expressly granted in these Terms of Use. Except as otherwise stated in these Terms of Use as expressly authorized by Dodge & Cox in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials on, generated by or obtained from this Site, whether through links or otherwise (collectively, "Materials");
  • Redeliver any page, text, image or Materials on this Site using "framing" or other technology;
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  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this Site or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this Site through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this Site;
  • Modify, copy, obscure, remove or display the Dodge & Cox, Dodge & Cox Funds, or Dodge & Cox Worldwide Funds name, logo, trademarks, text, notices, or images without Dodge & Cox’s express written permission. To obtain such permission, you may e-mail us at website@dodgeandcox.com; or
  • Include the term "Dodge & Cox®," or any Dodge & Cox trademark or executive's name, or any variation of the foregoing, as a meta-tag, hidden textual element, or any other indicator that creates an impression of affiliation, sponsorship, or endorsement by Dodge & Cox.

COPYRIGHT POLICY, NOTICE AND CLAIM INFORMATION

Dodge & Cox owns and operates this Site. All Materials on this Site, whether separate or compiled, including but not limited to, text, graphics, and audio clips. Logos, buttons, images, digital downloads, data compilations, software, icons, html code and xml code, as well as all copyright, patent, trademark, trade dress, and other rights therein, are owned or licensed by Dodge & Cox® and its third-party information providers, and are protected by United States and international intellectual property laws.

Pursuant to Section 512(c)(2) of the U.S. Copyright Revision Act, as enacted through the Digital Millennium Copyright Act, Dodge & Cox designates an agent as described below to receive notifications of claimed copyright infringement by mail: 
Roberta R. Kameda, Esquire, General Counsel, Dodge & Cox, 555 California Street, 40th Floor, San Francisco, CA 94104.

The designated copyright agent can also be reached by telephone at (800) 254-8494, by fax at (415) 986-1369, and by e-mail at website@dodgeandcox.com.


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You may not link to this Site unless you comply with these linking conditions ("Linking Conditions"). Dodge & Cox grants you a limited, revocable, nonexclusive right to create a hyperlink to this Site ("Link"), provided you comply at all times with the following conditions:

  • The Link must be made to the Funds' home page at www.dodgeandcox.com.
  • The text of the Link must read either “Dodge & Cox”, “Dodge & Cox Funds”, “Dodge & Cox Worldwide Funds”,  or dodgeandcox.com. You may not use any Dodge & Cox logo or graphic or any other Dodge & Cox trademark, as part of the Link without Dodge & Cox's express written permission; and 
  • The Link and surrounding context on the linking site must not: (a) falsely represent or misrepresent any relationship between the linking site and Dodge & Cox, including suggestions of affiliation, endorsement, or sponsorship; (b) portray Dodge & Cox or its affiliates or their products or services, in a false, misleading, derogatory, or otherwise offensive manner; or (c) deliver the Materials in a framed environment or alter the layout, content, look, or feel of the Site.

If you have created a Link that conforms to these Linking Conditions, then you also may include one or more Links to any internal or subsidiary page of this Site that is located one or several levels down from the homepages (known as "deep links"), provided, however, that all such deep links must be in close physical proximity to the Link that conforms to the Linking Conditions. You may not maintain numerous or pervasive Links to this Site.

DATA, INFORMATION AND CONTENT

The Materials on this Site are for information, education, and noncommercial purposes only. Although Dodge & Cox may provide data, information, and content relating to investment approaches and opportunities to buy or sell securities and/or mutual funds, you should not construe any such information or other content available through this Site as legal or tax advice. You alone will bear the sole responsibility of evaluating the merits and risks associated with the use of any Materials on this Site before making any decisions based on such Materials. In exchange for using such Materials, you agree not to hold Dodge & Cox or its affiliates and their directors (trustees), officers, employees, or third-party information providers liable for any possible claim for damages arising from any decision you make based on the Materials made available to you through this Site. By providing access to other websites, neither Dodge & Cox nor any of its affiliates is recommending the purchase or sale of the stock issued by any company, nor are they endorsing services provided by any website's sponsoring organization.

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All trademarks, service marks, and logos appearing on this Site are the exclusive property of their respective owners.

All Dodge & Cox graphics, logos, page headers, and service names are trademarks, service marks, or trade dress of Dodge & Cox. Dodge & Cox's trademarks, service marks and trade dress may not be used in connection with any product or service that is not Dodge & Cox's, in any manner that is likely to cause confusion among customers or investors, or in any manner that disparages or discredits Dodge & Cox. Nothing contained on this Site should be construed as granting any license or right in or to any trademarks, service marks, or trade dress of Dodge & Cox.


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Data and other materials appearing on this Site that are provided by third parties are believed by Dodge & Cox to be obtained from reliable sources, but Dodge & Cox cannot guarantee and is not responsible for their accuracy, timeliness, completeness, or suitability for use. Dodge & Cox is not responsible for, and does not prepare, edit, or endorse, the content, advertising, products, or other materials on or available from any website owned or operated by a third party that is linked to this Site via hyperlink. The fact that Dodge & Cox has provided a link to a third party's website does not constitute an implicit or explicit endorsement, authorization, sponsorship, or affiliation by Dodge & Cox with respect to such website, its owners, providers, or services.  You will use any such third-party content at your own risk.
 

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THERE ARE NO IMPLIED OR EXPRESSED WARRANTIES ON THE MATERIALS IN THIS SITE; THE MATERIALS ARE PROVIDED "AS IS" AND "AS AVAILABLE BASIS." DODGE & COX, AFFILIATES, AGENTS, DIRECTORS (AND TRUSTEES), OFFICERS, EMPLOYEES, LICENSORS AND ANY THIRD-PARTY INFORMATION PROVIDERS AND VENDORS DISCLAIM, TO THE FULLEST EXTENT UNDER APPLICABLE LAW, ANY WARRANTY OF ANY KIND, WHETHER EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER RELATING TO THIS SERVICE, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT, AND ALL WARRANTIES REGARDING SECURITY, CURRENCY, CORRECTNESS, QUALITY, ACCURACY, COMPLETENESS, RELIABILITY, PERFORMANCE, TIMELINESS, OR CONTINUED AVAILABILITY, WITH RESPECT TO (I) THE SITE; (II) ANY MATERIALS, PRODUCTS, OR SERVICES AVAILABLE ON OR THROUGH THE SITE; (III) USE OF THE SITE, MATERIALS, PRODUCTS, OR SERVICES; AND (IV) THE RESULTS OF THE USE OF THE SITE, MATERIALS, PRODUCTS, OR SERVICES. FURTHER, DODGE & COX, AFFILIATES, DIRECTORS (AND TRUSTEES), OFFICERS, EMPLOYEES, AGENTS, LICENSORS, AND ANY THIRD-PARTY INFORMATION PROVIDERS AND VENDORS EXPRESSLY DISCLAIM ALL WARRANTIES WITH RESPECT TO ANY DELAYS OR ERRORS IN THE TRANSMISSION OR DELIVERY OF ANY MATERIALS, PRODUCTS, OR SERVICES AVAILABLE THROUGH THIS SITE. EXCEPT AS PROVIDED BY LAW, NEITHER DODGE & COX NOR ITS THIRD-PARTY INFORMATION PROVIDERS AND VENDORS HAS ANY RESPONSIBILITY TO MAINTAIN THE MATERIALS, PRODUCTS, OR SERVICES OFFERED ON THE SITE OR TO SUPPLY CORRECTIONS, UPDATES, OR RELEASES FOR THE SAME. USE OF THIS SERVICE IS AT YOUR OWN RISK. REFERENCE TO A FUND OR SECURITY ANYWHERE ON THIS WEB SITE IS NOT A RECOMMENDATION TO BUY, SELL, OR HOLD THAT OR ANY OTHER SECURITY. IF YOU LIVE IN A STATE THAT DOES NOT ALLOW DISCLAIMERS OF CERTAIN WARRANTIES, SOME OF THE ABOVE EXCLUSIONS MAY NOT APPLY TO YOU. THIS WARRANTY GIVES YOU SPECIFIC LEGAL RIGHTS, AND MAY HAVE OTHER RIGHTS, WHICH VARY FROM JURISDICTION TO JURISDICTION.

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ANY MATERIALS DOWNLOADED OR OTHERWISE OBTAINED THROUGH THIS SITE ARE DONE AT YOUR OWN RISK. YOU ARE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR OTHER EQUIPMENT, OR LOSS OF DOWNLOADED OR OBTAINED DATA THAT RESULTS FROM SUCH DOWNLOAD.

NEITHER DODGE & COX NOR ITS AFFILIATES, DIRECTORS (AND TRUSTEES), OFFICERS, EMPLOYEES, AGENTS, LICENSORS, OR ANY THIRD-PARTY INFORMATION PROVIDERS AND VENDORS WILL BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES, INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, REVENUE, INCOME, GOODWILL, USE, DATA, OR OTHER INTANGIBLE LOSSES, OR DAMAGES CAUSED BY THEFT, UNAUTHORIZED ACCESS, SYSTEMS FAILURE, OR COMMUNICATIONS LINE FAILURE, OR THE COST OR PROCURING SUBSTITUTE GOODS OR SERVICES, CAUSED BY THE USE OF OR INABILITY TO USE THE SITE, MATERIALS OR ANY PRODUCTS OR SERVICES PROVIDED HEREIN, OR ANY OTHER MATTER RELATING TO THIS SITE, EVEN IF DODGE & COX HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE ABOVE EXCLUSIONS OR LIMITATIONS MAY NOT APPLY TO YOU. TO THE EXTENT THAT A JURISDICTION DOES NOT PERMIT THE EXCLUSION OR LIMITATION OF LIABILITY AS SET FORTH HEREIN, THE LIABILITY OF DODGE & COX AND ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, LICENSORS, AND ANY THIRD-PARTY INFORMATION PROVIDERS AND VENDORS IS LIMITED TO THE EXTENT PERMITTED BY LAW IN SUCH JURISDICTIONS.

You agree to indemnify, defend, and hold harmless Dodge & Cox, its affiliates, and each of its and their officers, directors (and trustees), employees, and agents, from and against all claims, demands, liabilities, damages, losses, or expenses, including attorney's fees and costs, arising out of or related to your improper access to or use of this Site, or any violation by you of these Terms of Use.

Dodge & Cox does not claim that materials in this Site are appropriate or available for use in all locations. Because of the global nature of the Internet, you agree to comply with all local rules with respect to your online conduct, including all laws, rules, codes, and regulations of the country in which you reside and the country from which you access this Site, including without limitation, all laws, rules, codes, regulations, decrees, acts, orders, directives, legislation, bills, and statutes pertaining to tax, contracts, intellectual property, securities, e-commerce, banking, technology, computers, fraud, and privacy.

Each investment product and service referred to on this Site is intended to be made available only to persons where that product or service is registered and/or licensed for sale or where such registration or licensing is not required. This Site will not be considered a solicitation for or offering of any investment product or service to any person in any jurisdiction where such solicitation or offering would be illegal.

TIMELINESS OF CONTENT

All content on this Site is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.


TERMINATION

The rights granted to you herein terminate immediately if you fail to comply with the Terms of Use. Dodge & Cox, in its sole discretion, reserves the right to temporarily or permanently terminate your access to and use of this Site at any time and for any reason whatsoever, without notice or liability. Dodge & Cox will not be liable to you or any third party for any termination of your access to or use of this Site.

INTEGRATION AND SEVERABILITY

If any provision of these Terms of Use is deemed unlawful, void, or for any reason unenforceable, then that provision will be deemed severable from these Terms of Use and will not affect the validity and enforceability of the remaining provisions. The preceding Terms of Use represent the entire agreement between Dodge & Cox and the user relating to the subject matter herein.

Terms of Use as of: February 2022

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Estimated year-end income and capital gains distributions as of October 31st will be available the second week of November.

Shareholder Meeting and Proxy Vote

Special Meeting of Shareholders of Dodge & Cox Funds

The Meeting will be held virtually on Thursday, October 24, 2024. To attend, you must be a shareholder on record date and register in advance. All shareholders are being asked to elect Trustees to the Board of Trustees, and Balanced Fund shareholders are being asked to amend the investment objective of the Balanced Fund. As discussed in the Proxy Statement, Dodge & Cox and the Board of Trustees believe that these proposals are in the Funds’ and your best interest.


Voting Options

Please note: If you received proxy materials from a financial intermediary such as a bank, brokerage firm, or retirement plan administrator, refer to those materials for instructions on how to vote the proxy.

Online

Visit the proxy voting site listed on your card, enter the voting control number found on your proxy materials, and follow the online instructions.

By Phone

Call the toll-free number listed on your card, enter the voting control number found on your proxy materials, and follow the recorded instructions.

By Mail

Complete the proxy card(s) and return the signed card(s) in the postage-paid envelope.

If you have questions about your voting options, please call our proxy solicitor, Morrow Sodali Fund Solutions, toll-free at 833-812-4594.


FAQs

Proposal Questions

Mutual funds may hold special meetings of shareholders to elect Board Members, seek approval of changes to certain policies, or address other matters that require shareholder approval. As a shareholder of one or more of the Dodge & Cox Funds, you are entitled to vote on important matters that will be presented at a shareholder meeting of the Dodge & Cox Funds on October 24, 2024. You may attend the shareholder meeting via teleconference to cast your vote, or you may cast a proxy vote, which allows you to cast your vote through the mail, over the telephone, or online. By casting a proxy vote, your vote will be counted without requiring you to dial in at the meeting time. If you cast a proxy vote, you may still choose to dial in to the meeting.

Shareholders of record at the close of business on the record date are entitled to vote. Shareholders may cast one vote for each share of a Fund they hold with respect to each Proposal affecting that Fund (and a proportionate fractional vote for each fractional share held). The record date for the upcoming meeting of the Dodge & Cox Funds is August 15, 2024. The Notice of Meeting, the proxy card, and the proxy statement will be mailed to shareholders who held shares as of that date.

The purpose of the shareholder vote is to elect nominees to the Board of Trustees of the Trust and to update the investment objective of the Dodge & Cox Balanced Fund. The Board, upon recommendation by Dodge & Cox, believes it is in the interest of the Balanced Fund’s shareholders to approve a more general investment objective in order to provide the Fund with long-term flexibility. Dodge & Cox and the Board do not propose or anticipate any material change in the way the Balanced Fund is managed as a result of the proposed change to its investment objective. 

Once you receive your proxy materials, we ask that you vote right away.  Voting early helps reduce the number of phone calls we need to make and notices we have to send, helping keep costs low for shareholders. 

The Balanced Fund’s current investment objective states, “The Fund seeks regular income, conservation of principal, and an opportunity for long-term growth of principal and income.” The Board proposes the Balanced Fund’s investment objective be changed to, “The Fund seeks income and long-term capital appreciation.”

Dodge & Cox believes it is in the interest of the Balanced Fund’s shareholders to approve a simpler and more general investment objective. The Balanced Fund’s inception date was June 26, 1931, and over time the term “conservation of principal” has come to be more typically associated with funds that invest in the highest quality short-term instruments, such as money market or short-term bond Funds. Accordingly, Dodge & Cox recommends removing that reference from the Fund’s objective. This change will not affect the Fund’s investment strategies or principal risks. Making this change requires a shareholder vote.

No.

U.S. securities laws impose certain restrictions on the filling of Board vacancies without an election. Board members of the Dodge & Cox Funds were last elected by Fund shareholders in 2014, and since then, several Board members have retired or will retire this year. One of the principal purposes of this shareholder meeting is for shareholders to elect the current Trustees who will continue serving, as well as 4 new Trustees whose nominations have been proposed by the Nominating and Governance Committee of the Board and approved by the Board.

If shareholders vote in favor of electing all of the proposed Trustees, 75% of the Trustees will be independent. Dana Emery will continue to serve as the Chair of the Board and Gary Roughead will continue to serve as the Lead Independent Trustee.

Charles F. Pohl, Dana M. Emery, Mark E. Smith, Gary Roughead, Shawn Purvis, Gabriela Franco Parcella, Ann Mather, Thomas A. Larsen, Caroline M. Hoxby, and Luis Borgen currently serve on the Board.

Diana F. Cantor, Lucinda Johns, Roger G. Kuo, and Jennifer A. Nason have been nominated by the Nominating and Governance Committee and the Board. Ms. Cantor and Ms. Nason will become independent Trustees upon their election by shareholders, while Ms. Johns and Mr. Kuo will become interested Trustees.

If the nominees are successfully elected to the Board of Trustees at the Meeting, Charles F. Pohl plans to retire from the Board directly following the Meeting, and Thomas A. Larsen plans to retire from the Board on December 31, 2024.

Each Dodge & Cox Fund is overseen by the Board of Trustees of the Trust, which meets regularly to review a wide variety of matters affecting the Funds. The Trustees’ primary responsibility is oversight of the management of each Fund for the benefit of its shareholders, not day-to-day management. The Trustees set broad policies for the Funds; monitor Fund operations, service providers, regulatory compliance, performance, and costs; and nominate and select new Trustees. The Trustees also elect the Funds’ Officers and are responsible for performing various duties imposed on them by the Investment Company Act of 1940, the laws of Delaware, and other relevant laws. Dodge & Cox manages the day-to-day operations of the Funds under the oversight of the Board of Trustees.

The Investment Company Act of 1940—the primary federal law governing mutual funds and directors—imposes specific responsibilities on independent trustees and looks to them to monitor potential conflicts of interest between the fund and its adviser.

According to the Supreme Court, the independent trustees on mutual fund boards have “the primary responsibility” for looking after the interests of the fund’s shareholders and serve as “independent watchdogs” who “furnish an independent check” upon the management of the fund.

A trustee must satisfy a number of specific requirements to be “independent” under U.S. securities laws. Among other things, an independent trustee cannot currently have, or at any time during the previous two years have had, a significant business relationship with the fund’s investment adviser or certain affiliated parties. An independent trustee also cannot own any stock of the investment adviser or certain related entities of the investment adviser, such as parent companies or subsidiaries.

Yes. At a Board meeting held on June 3, 2024, the Board unanimously approved and recommended that you vote FOR all the nominees and proposals.

Voting Inquiries

Yes. Morrow Sodali Fund Solutions (MSFS) is the proxy solicitation firm providing the voting and tabulation services to shareholders of record for this proxy.

If MSFS has not received your proxy card or if you have not voted by internet or telephone before the date of the shareholder meeting, a representative from MSFS may contact you to remind you to exercise your right to vote.

The online proxy voting system maintains a high level of security to ensure the integrity of your vote. Security measures include the following:

  • General Security Measures. MSFS has implemented a variety of technical and organizational security measures to address relevant risks, including an in-depth Information Security Policy, strict controls around access to shareholder data, industry standard virus and malware protection, and periodic vulnerability assessments.
  • Personalized Control Numbers. Each shareholder receives a personalized voting control number with their proxy package. MSFS’s website application at www.proxyvotenow.com/dodgeandcox verifies these numbers and displays the correct proxy information for the individual shareholder.

All proxy votes received in good order before the shareholder meeting (on October 24, 2024) will be counted. You may also cast your vote at the meeting by attending the shareholder meeting teleconference. If the meeting is for some reason adjourned or postponed, all votes received before the meeting reconvenes will be counted at the reconvened meeting.

In order to hold a vote on proposals at the shareholder meeting, a “quorum” of shareholders, representing one-third of the shares of the Trust (for Proposal 1) or one-third of the shares of the Balanced Fund (for Proposal 2) must be represented, either by submitting a proxy or by attending the meeting. In order to pass Proposal 1, a plurality of the votes must be in favor of the Proposal. Approval of Proposal 2 will require the approval of the lesser of:  67 percent or more of the Balanced Fund shares present at the meeting, if the holders of more than 50 percent of the Balanced Fund’s outstanding shares are present or represented by proxy; or more than 50 percent of the Balanced Fund’s outstanding shares.

Yes. You may revoke your proxy or change your vote at any time before the shareholder meeting on October 24, 2024, by:

  • Sending a written notice expressly revoking your proxy;
  • Executing another proxy bearing a later date that is received by the Fund at or prior to the shareholder meeting; or
  • Attending the shareholder meeting teleconference and voting at the meeting. Please remember that since your voting instructions are processed in the order in which they are received, your last vote received will be the one counted.

Please vote by one of the following methods:

  • Mail: Please complete, date, and sign the proxy card delivered to you and return it in the included postage-paid envelope.
  • Telephone: Have your proxy card available. Call the toll-free number listed on the proxy card. Follow the recorded instructions and have your control number from the proxy card available.
  • Internet: Have your proxy card available. Go to the website or scan the QR code listed on the proxy card. Follow the instructions and have your control number from the proxy card available.

The proxy card also describes these simple voting instructions. If you sign, date, and return the proxy card(s), but do not specify a vote on a given Proposal, your vote will be counted in favor of that Proposal. If you have any questions on the Proposals before you vote, please contact our proxy solicitor, MSFS, toll-free at 833-812-4594.

We encourage you to vote by telephone or internet using the control number that appears on the enclosed proxy card. Voting by telephone or internet will reduce the time and costs to the Funds associated with this proxy solicitation.

Individual Accounts: Sign exactly as your name appears on the account.

Joint Accounts: When shares are held jointly, both shareholders should sign.

Other Types of Accounts: When signing as attorney, executor, administrator, trustee, or guardian, please provide full title as such. If a corporation, please sign in full corporate name by the president or other authorized officer, and if a partnership, please sign in full partnership name by an authorized person.

The shareholder meeting will be held on Thursday, October 24, 2024, at 10:00 A.M. Pacific time via teleconference.  Any shareholder wishing to participate in the meeting telephonically can do so.

If you were a record holder of the Fund shares as of the record date, please send an e-mail to the Fund’s proxy solicitor at msfs-meetinginfo@morrowsodali.com no later than 2:00pm Eastern time on October 23, 2024, to register. Please include the Fund’s name(s) in the subject line and provide your name and address in the body of the e-mail. MSFS will then e-mail you the credentials to the teleconference and instructions for voting during the meeting.

If you held Fund shares through an intermediary, such as a broker-dealer, as of the record date, and you want to participate in the meeting, please e-mail MSFS at msfs-meetinginfo@morrowsodali.com no later than 2:00pm ET on October 23, 2024, to register. Please include the Fund’s name(s) in the subject line and provide your name, address, and proof of ownership as of the record date from your intermediary. Please be aware that if you wish to vote at the meeting, you must first obtain a legal proxy from your intermediary reflecting the Fund’s name(s), the number of Fund shares you held and your name and e-mail address. You may forward an email from your intermediary containing the legal proxy or e-mail an image of the legal proxy to MSFS at msfs-meetinginfo@morrowsodali.com and put “Legal Proxy” in the subject line. MSFS will then provide you with the credentials for the teleconference and instructions for voting during the meeting. The teleconference credentials will only be active for the date and time of the meeting. If you have any questions prior to the meeting, please call MSFS at 833-812-4594.

Proposal 1. If the election of Trustees is approved, Ms. Cantor, Ms. Johns, and Mr. Kuo will be seated immediately following the Meeting; and Ms. Nason will be seated on or about February 1, 2025.

Proposal 2. If approved, the changed to the Balanced Fund’s investment objective will take effect promptly following the Meeting, once the Balanced Fund’s Prospectus can be updated to reflect the change.