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To Our Shareholders:

We are pleased to announce that shareholders approved all Proposals at the Special Meeting of Shareholders held on April 23, 2014. The Proposals included the election of Trustees to the Funds' Board of Trustees, and the amendment or removal of certain fundamental investment restrictions of the Funds.

We appreciate your prompt response in voting your proxy, helping us to minimize solicitation expenses for the Funds. Thank you for your continued support of Dodge & Cox.

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