Fill - Free fillable IRA Information Guide PDF form

Thank you for downloading information about the Dodge & Cox Funds’ Individual Retirement Account (IRA).

This file contains the Dodge & Cox Funds’ IRA Plan, IRA Application and Transfer of Assets Form, as well

as UMB Bank, n.a.’s Privacy Policy. Before opening an IRA you must read the Dodge & Cox Funds’ Prospectus

and the Summary Prospectus (available at www.dodgeandcox.com) for each of the Funds in which you are investing in.

There are six Dodge & Cox mutual funds to serve your investment needs:

Dodge & Cox Stock Fund seeks long-term growth of principal and income. A secondary objective is to achieve

a reasonable current income. The Fund seeks to achieve these objectives by investing primarily in a broadly

diversified portfolio of equity securities.

Dodge & Cox Global Stock Fund seeks long-term growth of principal and income. The Fund seeks to achieve its

objective by investing primarily in a diversified portfolio of equity securities issued by companies from at least

three different countries, including emerging markets.

Dodge & Cox International Stock Fund seeks long-term growth of principal and income. The Fund seeks to

achieve its objective by investing primarily in a diversified portfolio of equity securities issued by non-U.S.

companies from at least three different countries, including emerging markets.

Dodge & Cox Balanced Fund seeks regular income, conservation of principal and an opportunity for long-

term growth of principal and income. The Fund seeks to achieve these objectives by investing in a diversified

portfolio of equity and debt securities.

Dodge & Cox Income Fund seeks a high and stable rate of current income, consistent with long-term preservation

of capital. A secondary objective is to take advantage of opportunities to realize capital appreciation. The

Fund seeks to achieve these objectives by investing in a diversified portfolio of high-quality bonds and other

debt securities.

Dodge & Cox Global Bond Fund seeks a high rate of total return consistent with long term preservation of

capital. The Fund seeks to achieve these objectives by investing in a portfolio of bonds and other debt securities

of issuers from at least three different countries, including emerging market countries.

Read the Funds’ Prospectus.

Follow the instructions for establishing a traditional or Roth IRA online at dodgeandcox.com, by clicking

on the “Open an account in the Dodge & Cox Funds” link under the “Invest with Us” Section.

Print, complete and sign the IRA Application (and Transfer of Assets Form, if applicable).

Mail your completed form(s) to:

Regular Mail: Express, Certified, or Registered Mail:

Dodge & Cox Funds Dodge & Cox Funds

c/o DST Asset Manager Solutions, Inc. c/o DST Asset Manager Solutions, Inc.

P.O. Box 219502 430 W 7th Street, Suite 219502

Kansas City, MO 64121-9502 Kansas City, MO 64105-1407

If you have any questions, please call an IRA specialist at 800-621-3979, Monday through Friday between

8 a.m. and 8 p.m. Eastern time.

INSTRUCTIONS

TO ESTABLISH

AN ACCOUNT

IRA Information Guide

06/19 d

c ira ins ira information guide

page

1 of 1

dodgeandcox.com

800-621-3979

For Fund literature and account information, please visit the

Funds’ website or write or call:

Dodge & Cox Funds

DST Asset Manager Solutions, Inc.

P.O. Box 219502

Kansas City, MO 64121-9502

800-621-3979

dodgeandcox.com

Investment Manager

Dodge & Cox

555 California Street

40th Floor

San Francisco, California 94104

415-981-1710

1/21 D&C IRA Printed on recycled paper

IRA

Individual Retirement Account

Disclosure Statement and

Custodial Agreement

TABLE OF CONTENTS

1 Instructions

2 Introduction

4 Disclosure Statement

4 Part One: Description of Traditional IRAs

4 ▪ Eligibility/Contributions

7 ▪ Transfers/Rollovers

7 ▪ Withdrawals

8 Part Two: Description of Roth IRAs

9 ▪ Eligibility/Contributions

11 ▪ Conversion of Existing Traditional IRA

11 ▪ Transfers/Rollovers

12 ▪ Withdrawals

13 Part Three: Rules for All IRAs

(Traditional and Roth)

13 ▪ IRA Requirements

13 ▪ Investments

13 ▪ Distribution Upon Death/Beneficiary

Designation

14 ▪ Divorce or Legal Separation

14 ▪ Fees and Expenses

14 ▪ Tax Matters

16 ▪ Account Termination

16 ▪ IRA Documents

17 Custodial Agreement

17 Part One: Provisions Applicable to

Traditional IRAs

19 Part Two: Provisions Applicable to Roth IRAs

22 Part Three: Provisions Applicable to All IRAs

(Traditional and Roth)

Dodge & Cox Funds are not in the business of providing tax

or legal advice. These materials and any tax-related

statements are not intended or written to be used, and cannot

be used or relied upon, by any taxpayer for the purpose of

avoiding tax penalties. Tax-related statements, if any, may

have been written in connection with the “promotion or

marketing” of the transaction(s) or matter(s) addressed by

these materials, to the extent allowed by applicable law. Any

taxpayer should seek advice based on the taxpayer’s particular

circumstances from an independent tax advisor.

IRA INFORMATION KIT

Dodge & Cox Funds –

UMB Bank, n.a.

Individual Retirement Account

DODGE & COX FUNDS

UMB BANK, N.A.

INDIVIDUAL RETIREMENT ACCOUNT

INSTRUCTIONS AND IMPORTANT

FORMS FOR OPENING YOUR IRA

Carefully read the applicable sections of the IRA

Disclosure Statement and Custodial Agreement contained

in this Kit, the IRA Application, and the prospectus and

summary prospectus for the Fund(s) in which you are

investing. We suggest you keep this booklet for your files.

Consult your financial or tax advisor if you have any

questions about how establishing a traditional IRA or

Roth IRA will affect your financial and tax situation. This

IRA Kit contains information and forms for a traditional

IRA or Roth IRA.

For more information, call 800-621-3979 or visit the

Funds’ website at dodgeandcox.com. For more detailed

information regarding IRS rules and regulations governing

IRAs, refer to either IRS Publication 590-A or B. You may

obtain this publication by calling the IRS at 800-829-3676

or visiting the IRS website at irs.gov.

RIGHT TO REVIEW FOR SEVEN DAYS

IRS rules require that an IRA owner must have at least

seven days to review the Disclosure Statement and

Custodial Agreement prior to opening an IRA and that

during those seven days an IRA owner may revoke the

IRA. To comply with this rule, you must have received

the Disclosure Statement and Custodial Agreement

contained herein at least seven days prior to opening

your Dodge & Cox Funds — UMB Bank, n.a. IRA. As

part of opening your account, you must certify that you

received the Disclosure Statement and Custodial

Agreement at least seven days before establishing the

IRA, and the Custodian will rely on your certification.

IRA APPLICATION

Use the IRA Application to open a traditional or Roth

IRA. You may use the IRA Application to establish only

one traditional IRA or one Roth IRA; separate IRA

Applications must be completed if you want to establish

multiple IRAs.

IRA TRANSFER OF ASSETS FORM

Use the IRA Transfer of Assets form to transfer assets

from an existing IRA with another custodian, or to

authorize a direct rollover from an employer’s qualified

retirement plan, a 403(b) annuity or custody account, or a

governmental employer’s eligible 457 plan to a

Dodge & Cox Funds — UMB Bank, n.a. IRA. Before

using this form for a direct rollover, check with your

employer regarding procedures for direct rollovers.

IRA CONVERSION FORM

Use the IRA Conversion form to convert a Dodge & Cox

Funds traditional IRA to a Dodge & Cox Funds Roth

IRA. This form is for internal conversions only. If you are

converting assets from another custodian, complete the

IRA Application and an IRA Transfer of Assets form.

ODGE

UNDS

▪

PAGE

IRA RECHARACTERIZATION FORM

Use the IRA Recharacterization form to recharacterize all

or part of an IRA contribution that you made to a

Dodge & Cox Funds Roth IRA.

Mail the IRA Application and other applicable forms

to one of the addresses below.

All checks should be payable to “Dodge & Cox Funds”.

Third party checks will not be accepted.

REGULAR MAIL:

EXPRESS, CERTIFIED

OR REGISTERED MAIL:

Dodge & Cox Funds

c/o DST Asset Manager

Solutions, Inc.

P.O. Box 219502

Kansas City, MO 64121-9502

Dodge & Cox Funds

c/o DST Asset Manager

Solutions, Inc.

430 W 7th Street

Suite 219502

Kansas City, MO 64105-1407

INTRODUCTION

WHAT IS AN IRA?

An Individual Retirement Account (IRA) is a custodial

account created to provide individuals a simple

tax-advantaged way to accumulate funds for retirement.

There are two basic types of IRAs — traditional

and Roth.

WHAT IS THE DIFFERENCE BETWEEN A

TRADITIONAL IRA AND A ROTH IRA?

With a traditional IRA, you may contribute up to the

maximum contribution limit for the year, and you may be

able to deduct the contribution from taxable income,

thereby reducing your current income taxes. Taxes on

investment earnings are deferred until the money is

withdrawn. Withdrawals are taxed as additional ordinary

income when received. Nondeductible contributions, if

any, are withdrawn tax free. Withdrawals before age 59

⁄

are assessed a 10% “premature withdrawal penalty” unless

an exception applies. You are required to begin taking

withdrawals from your traditional IRA after you reach

age 72.

With a Roth IRA, the contribution limits are

essentially the same as for a traditional IRA, but there is

no tax deduction for contributions. All earnings in the

account are tax free. Most importantly, you do not pay

income taxes on qualified withdrawals from your Roth

IRA, if certain requirements are met. Additionally, unlike

a traditional IRA, there is no prohibition on making

contributions to Roth IRAs after reaching age 72, and

there is no requirement that you begin making minimum

withdrawals at that age.

The maximum annual combined contribution you

may make to traditional and Roth IRAs is $6,000. The

$6,000 limit is subject to annual increases for inflation in

$500 increments. If you are age 50 or older during the

year, the maximum annual combined contribution you

may make to traditional and Roth IRA is increased by

$1,000. IRS Publication 590-A is updated annually with

applicable contribution limits.

WHICH IS BETTER, A ROTH IRA OR A

TRADITIONAL IRA?

This depends upon your individual situation. A

contribution to a traditional IRA may be tax deductible,

while a contribution to a Roth IRA is not deductible.

Also, the benefits of a traditional IRA versus Roth IRA

may depend upon a number of other factors including:

your current income tax bracket vs. your expected income

tax bracket when you make withdrawals from your IRA,

whether you expect to be able to make nontaxable

withdrawals from your Roth IRA, how long you expect to

leave your contributions in the IRA, and how much you

expect the IRA to earn in the meantime.

We suggest that you consult with a financial or tax

advisor to determine whether you should establish a

traditional or Roth IRA or convert any or all of an

existing traditional IRA to a Roth IRA. Your tax advisor

can also advise you as to the state tax consequences that

may affect whether a traditional or Roth IRA is better

for you.

SIMPLIFIED EMPLOYEE PENSION (SEP) PLAN

The Dodge & Cox Funds — UMB Bank, n.a. traditional

IRA may be used in connection with a SEP plan

maintained by your employer. To establish a traditional

PAGE

2 ▪ D

ODGE

UNDS

IRA as part of your employer’s SEP plan, complete the

IRA Application, indicating that the IRA is part of a SEP

plan. You should also enclose a copy of your SEP plan

with your completed IRA Application. A Roth IRA

cannot be used in connection with a SEP plan.

SAVINGS INCENTIVE MATCH PLAN FOR

EMPLOYEES (SIMPLE)

A SIMPLE plan is a plan that certain small employers

can set up for the benefit of their employees. The

Dodge & Cox Funds do not offer a SIMPLE IRA.

OTHER POINTS TO NOTE

The Disclosure Statement in this booklet provides you

with the basic information that you should know about

the Dodge & Cox Funds — UMB Bank, n.a. IRA. The

Disclosure Statement provides general information about

the governing rules for these IRAs and the benefits and

features offered through each type of IRA. However, the

Dodge & Cox Funds — UMB Bank, n.a. IRA Application

and the Custodial Agreement are the primary documents

controlling the terms and conditions of your

Dodge & Cox Funds — UMB Bank, n.a. IRA, and these

shall govern in the case of any difference with the

Disclosure Statement.

The following table highlights some of the major differences between a traditional IRA and a Roth IRA:

CHARACTERISTICS TRADITIONAL IRA ROTH IRA

ELIGIBILITY TO

CONTRIBUTE

Individuals (and their spouses) who receive

compensation

Individuals of any age may contribute

Individuals (and their spouses) who receive

compensation

Individuals of any age may contribute

CONTRIBUTION

LIMITS

Individuals may contribute up to $6,000

($7,000 if age 50 or more), or 100% of

compensation, whichever is lower

The contribution limit applies to your

aggregate contributions to both traditional

and Roth IRAs for a given year.

Individuals may contribute up to $6,000

($7,000 if age 50 or more), or 100% of

compensation, whichever is lower

Your ability to contribute to a Roth IRA phases

out at certain income levels ($125,000 to

$140,000 for single taxpayers and $198,000 to

$208,000 for married taxpayers filing joint

returns).

The contribution limit applies to your aggregate

contributions to both traditional and Roth

IRAs for a given year.

TAX TREATMENT OF

CONTRIBUTIONS

Deductibility depends on income level for

individuals who are active participants in an

employer-sponsored retirement plan

No deduction permitted for amounts

contributed

WITHDRAWALS

Total withdrawal (contributions + earnings)

taxable as income in year withdrawn except

for any prior non-deductible contributions

Minimum withdrawals must begin by April 1

of the year following the year you reach

age 72

Not taxable as long as a qualified distribution —

any account established for five years and

generally distributed after age 59

⁄

Minimum withdrawals prior to death are not

required

ODGE

UNDS

▪

PAGE

DODGE & COX FUNDS

UMB BANK, N.A.

INDIVIDUAL RETIREMENT ACCOUNT

DISCLOSURE STATEMENT

PART ONE: DESCRIPTION OF

TRADITIONAL IRAs

SPECIAL NOTE

Part One of this Disclosure Statement describes the rules

applicable to traditional IRAs. IRAs described in

Part One are called “traditional IRAs” to distinguish them

from “Roth IRAs.” Roth IRAs are described in Part Two

of this Disclosure Statement.

Traditional IRAs described in this Disclosure

Statement may be used as part of a simplified employee

pension (SEP) plan maintained by your employer. Under

a SEP plan your employer may make contributions to your

traditional IRA, and these contributions may exceed the

normal limits on traditional IRA contributions.

YOUR TRADITIONAL IRA

Part One of this Disclosure Statement contains information

about your Dodge & Cox Funds traditional IRA. UMB

Bank, n.a. acts as Custodian for Dodge & Cox Funds IRAs.

A traditional IRA gives you several tax benefits. Earnings on

the assets held in your traditional IRA are not subject to

federal income tax until withdrawn by you. You may be able

to deduct all or part of your traditional IRA contribution on

your federal income tax return. State income tax treatment

of your traditional IRA may differ from federal treatment;

you should ask your state tax department or your tax advisor

for details.

Be sure to read Part Three of this Disclosure

Statement for important additional information, including

information on investments, distributions upon death, fees

and expenses, and tax matters.

ELIGIBILITY/CONTRIBUTIONS

What are the eligibility requirements for a

traditional IRA?

You are eligible to establish and contribute to a traditional

IRA for a year if:

▪ You received compensation (or earned income, if you

are self-employed) during the year for personal services

you rendered. If you received taxable alimony, this is

treated like compensation for IRA purposes.

Compensation does not include amounts received as a

pension or annuity, amounts received as deferred

compensation, amounts derived from or received as

earnings or profits from property, such as interest,

dividends, and rent, or any amount not includable in

gross income.

Can I contribute to a traditional IRA for

my spouse?

You may contribute to a separate traditional IRA for your

spouse, regardless of whether your spouse had any

compensation or earned income in that year. This is

called a “Spousal traditional IRA.” To make a

contribution to a Spousal traditional IRA, you and your

spouse must file a joint tax return for the year in which

the contribution applies. For a Spousal traditional IRA,

your spouse must establish his or her own traditional IRA,

separate from yours, to which you contribute.

Of course, if your spouse has compensation or earned

income, your spouse can establish his or her own

traditional IRA and make contributions to it in

accordance with the rules and limits described in Part

One of this Disclosure Statement.

When can I make contributions to a

traditional IRA?

You may make a contribution to your existing traditional

IRA or establish a new traditional IRA for a taxable year

by the due date (not including any extensions) for your

federal income tax return for the year. Usually this is

April 15 of the following year. Contributions are

voluntary and do not have to be made every year.

PAGE

4 ▪ D

ODGE

UNDS

How much can I contribute to my

traditional IRA?

For each year you are eligible, you may contribute up to

the lesser of the maximum dollar amount allowed for the

year or 100% of your compensation (or earned income, if

you are self-employed). However, under the tax laws, all

or a portion of your contribution may not be deductible.

The maximum contribution allowed if you are under

age 50 is $6,000 (subject to subsequent annual increases

for inflation in $500 increments, as published by the IRS).

If you are age 50 or older, the maximum contribution

increases by $1,000.

If you make contributions to both traditional and

Roth IRAs, the combined limit on contributions for a

single calendar year is the maximum dollar amount

indicated above.

If you are married and file a joint tax return, you and

your spouse can each make IRA contributions even if only

one of you has taxable compensation. The amount of your

combined contributions can’t be more than the taxable

compensation reported on your joint return. It doesn’t

matter which spouse earned the compensation.

How do I know if my contribution is

tax deductible?

The deductibility of your contribution depends upon

whether you were an active participant in any employer-

sponsored retirement plan during the year for which the

contribution was made. If you were not an active

participant in such a plan, the entire contribution to your

traditional IRA is generally deductible.

If you were an active participant in an employer-

sponsored retirement plan, your traditional IRA

contribution may still be completely or partly deductible

on your tax return. The amount you may deduct depends

on the amount of your “modified adjusted gross income,”

or Modified AGI (see the chart and explanation on the

next page).

Similarly, the deductibility of a contribution to a

traditional IRA for your spouse depends upon whether

your spouse was an active participant in any employer-

sponsored retirement plan during the year for which the

contribution was made. If your spouse was not an active

participant in such a plan, the contribution to your

spouse’s traditional IRA generally will be deductible. If

your spouse was an active participant, the traditional IRA

contribution will be completely, partly, or not deductible

depending upon your combined income.

An exception to the preceding rules applies to high-

income married taxpayers, where one spouse is an active

participant in an employer-sponsored retirement plan and

the other spouse is not. A contribution to the non-active

participant spouse’s traditional IRA is only partly

deductible starting at a Modified AGI level on the joint

tax return of $196,000. The deductibility is phased out

over the next $10,000 so that there will be no deduction

allowed with a Modified AGI level of $206,000 or higher.

Updated limits are published annually in IRS Publication

590-A.

How do I determine my or my spouse’s

active participant status?

Your (or your spouse’s) Form W-2 should indicate if you

(or your spouse) were an active participant in an

employer-sponsored retirement plan during the year. If

you have a question about your status, you should consult

your employer or plan administrator.

In addition, regardless of income level, your spouse’s

active participant status will not affect the deductibility of

your contributions to your traditional IRA if you and your

spouse file separate tax returns for the taxable year and

lived apart at all times during the taxable year.

What are the deduction restrictions for

active participants?

If you (or your spouse) are an active participant in an

employer-sponsored retirement plan during a year, the

contribution to the active participant’s traditional IRA for

the year may be completely, partly, or not deductible

depending upon your filing status and your Modified AGI.

ODGE

UNDS

▪

PAGE

TRADITIONAL IRA DEDUCTION RESTRICTIONS FOR ACTIVE PARTICIPANTS IN AN EMPLOYER-SPONSORED

RETIREMENT PLAN

MODIFIED ADJUSTED GROSS INCOME (MODIFIED AGI)

If your filing status is Single or

Head of Household and your

Modified AGI is...

If your filing status is Married filing

Jointly or Qualifying Widow(er)

and your Modified AGI is...

Then your Traditional

IRA Contribution is...

Up to the Lower Limit of

$66,000

Up to the Lower Limit of $105,000 Fully Deductible

More than the Lower Limit

(above) but less than the Upper

Limit of $76,000

More than the Lower Limit

(above) but less than the Upper

Limit of $125,000

Partly Deductible

$76,000 or more $125,000 or more Non Deductible

Note: if you are married filing separate returns, your lower limit is always zero and your upper limit is always $10,000.

How do I determine my Modified AGI?

Instructions to calculate your Modified AGI are provided

in IRS Publication 590-A.

How do I calculate my deduction if I fall in

the “partly-deductible” range?

If your Modified AGI falls in the partly deductible range,

(i.e., between the lower and upper limits) you must

calculate the portion of your contribution that is

deductible. To do this, see IRS Publication 590-A. The

section entitled “How Much Can You Deduct” provides an

explanation of how to determine your Modified AGI, your

coverage and filing status for purposes of deductibility, and

a worksheet to help you determine if your IRA

contribution is partly deductible or not deductible.

Even if part or all of your contribution is not

deductible, you may still contribute to your traditional IRA

(and your spouse may contribute to your spouse’s traditional

IRA) up to the IRA Contribution Limit for the year. When

you file your tax return for the year, you must designate the

amount of non-deductible contributions to your traditional

IRA for the year. See IRS Form 8606 and IRS Publication

590-A for more details.

What happens if I contribute more than

allowed to my traditional IRA?

Any amount contributed to your traditional IRA above

the maximum amount allowed is considered an “excess

contribution.” The amount of the excess contribution is

calculated using your contribution limit, not the

deductible limit. An excess contribution is subject to a

6% excise tax for each year it remains in your traditional

IRA. Excess contributions may be corrected in certain

circumstances without being subject to the 6% excise tax.

Please see IRS Publication 590-A for detailed

information. The rules regarding excess contributions are

complex; you should consider consulting a financial or tax

advisor if you have made an excess contribution.

Are the earnings on my traditional

IRA taxed?

Any earnings on the investments held in your traditional

IRA are generally exempt from federal income taxes and

will not be taxed until withdrawn by you, unless the

tax-exempt status of your traditional IRA is revoked.

PAGE

6 ▪ D

ODGE

UNDS

TRANSFERS/ROLLOVERS

Can I transfer or roll over a distribution I

receive from my employer’s qualified

retirement plan into a traditional IRA?

Almost all distributions from employer plans or 403(b)

arrangements are eligible for rollover to a traditional IRA.

The main exceptions are:

▪ payments over the lifetime or life expectancy of the

participant (or participant and a designated

beneficiary),

▪ installment payments for a period of 10 years or more,

▪ a loan treated as a distribution,

▪ required distributions from your retirement plan, and

▪ hardship withdrawals.

All or part of an eligible rollover distribution may be

transferred directly into your traditional IRA. This is

called a “direct rollover.” Alternatively, you may elect to

receive the distribution and make a deposit (an “indirect

rollover”) to your traditional IRA within 60 days. By

making a direct or indirect rollover, you can defer income

taxes on the amount rolled over until you make

withdrawals from your traditional IRA.

Note: A qualified retirement plan administrator or

403(b) sponsor must withhold 20% of your taxable

distribution for federal income taxes unless you elect a

direct rollover. Your plan sponsor is required to provide

you with information about direct and indirect rollovers

and withholding taxes before you receive your distribution

and must comply with your directions to make a

direct rollover.

The rules governing rollovers are complicated. Be

sure to consult your financial or tax advisor or IRS

Publication 590-A if you have questions about rollovers.

Can amounts held in my traditional IRA

be rolled over into an employer’s

retirement plan?

Yes, otherwise-taxable amounts in your traditional IRA

generally may be rolled over to an employer’s qualified

plan or 403(b) arrangement, if the receiving plan

accepts rollovers.

Amounts held in a traditional IRA, whether

originally rolled over from an employer plan or

attributable to your annual contributions, may be rolled

over into an employer’s plan that accepts such rollovers.

The rollover must be completed within 60 days after the

withdrawal from your IRA.

Only amounts that would, absent the rollover,

otherwise be taxable may be rolled over to an employer’s

plan. In general, this means that after-tax amounts in a

traditional IRA may not be rolled over to an employer

plan. However, to determine the amount an individual

may roll over to an employer’s plan, all traditional IRAs

are taken into account. If the amount being rolled over

from one traditional IRA is less than or equal to the

otherwise taxable amount held in all of the individual’s

traditional IRAs, then the full amount in that IRA can be

rolled over into an employer plan, even if some of the

funds in the traditional IRA being rolled over are after-tax

amounts. It is your responsibility to keep track of after-tax

amounts.

How do rollovers affect my contribution or

deduction limits?

Rollovers, if properly made, do not count toward the

maximum contribution limits. Also, rollovers are not

deductible and do not affect your deduction limits.

How do I convert my traditional IRA to a

Roth IRA?

The rules for converting a traditional IRA to a Roth IRA

are described in Part Two of this Disclosure Statement.

WITHDRAWALS

When can I make withdrawals from my

traditional IRA?

You may withdraw amounts from your traditional IRA at

any time. However, withdrawals before age 59

⁄

may be

subject to a 10% premature withdrawal penalty, in

addition to regular income taxes (see below).

When must I start making withdrawals?

You must take your first required minimum distribution

(RMD) from your traditional IRA for the calendar year

you reach age 72 by April 1 of the following calendar year.

RMDs must continue to be taken annually by

December 31 of each year subsequent to the year you reach

age 72. Therefore, if you elect to defer your first year’s

ODGE

UNDS

▪

PAGE

RMD to April 1 of the following year you also must take

your second year’s RMD by December 31 of that same year.

If you maintain more than one traditional IRA, you may

withdraw the required aggregate amount from any of the

traditional IRAs. It is your responsibility to ensure that the

required aggregate amount is taken each year.

Your annual RMD amount is determined by dividing

the prior year-end balance in your traditional IRA(s) by

the combined deemed life expectancy of you and another

hypothetical person who is 10 years younger than you. If

you are married and your spouse is more than 10 years

younger than you, the actual combined life expectancy of

you and your spouse will be used if your spouse is your sole

IRA beneficiary. The Custodian will calculate your RMD

for you based on life expectancy tables published by the

IRS. If you wish to take your RMD from your

Dodge & Cox Funds — UMB Bank, n.a. traditional IRA,

call 800-621-3979 or visit the Funds’ website at

dodgeandcox.com and request or download an IRA

Required Minimum Distribution Form.

What happens if I do not take my required

minimum distribution?

The Internal Revenue Code imposes a severe 50% penalty

on the difference between your RMD amount and your

actual distributions during a given year. This penalty is

applied each year you fail to take your RMD. The IRS

may waive or reduce the penalty if you can show that your

failure to receive your RMD was due to reasonable cause

and that you are taking reasonable steps to remedy

the problem.

Because you may maintain other traditional IRAs in

addition to a Dodge & Cox Funds — UMB Bank, n.a.

traditional IRA, it is your responsibility to ensure that

your distributions are timely and in amounts which satisfy

the IRS requirements. The RMD rules are complex; you

may wish to consult your financial or tax advisor for

assistance.

How are withdrawals from my traditional

IRA taxed?

Withdrawals of previously untaxed amounts are

includable in your gross income in the taxable year that

you receive them and are taxable as ordinary income. If

you have made both deductible and non-deductible

contributions, please refer to the question below.

Amounts withdrawn will be subject to income tax

withholding by the Custodian unless you elect not to have

withholding. (See Part Three of this Disclosure Statement

for additional information on withholding.) Amounts

withdrawn before you reach age 59

⁄

will be subject to a

10% premature withdrawal penalty, unless an exception

applies. See IRS Publication 590-B for more details.

How are nondeductible contributions taxed

when they are withdrawn?

Withdrawal of nondeductible contributions (not

including earnings) are tax free and are not subject to the

10% premature withdrawal penalty. However, if you made

both deductible and nondeductible contributions to your

traditional IRA, then each withdrawal will be treated as

partly a distribution of your nondeductible contributions

(not taxable) and partly a distribution of deductible

contributions and earnings (taxable). The nontaxable

amount is the portion of the amount withdrawn which

bears the same ratio as your total nondeductible

traditional IRA contributions bear to the total balance of

all your traditional IRAs (including SEP IRAs, but not

including Roth IRAs).

To simplify your record keeping for tax purposes, you

may want to hold your traditional IRA annual deductible

contributions and nondeductible contributions in separate

traditional IRAs.

Important: See Part Three of this Disclosure

Statement which contains important information

applicable to all Dodge & Cox Funds — UMB Bank, n.a.

IRAs.

PART TWO: DESCRIPTION OF ROTH

IRAs

SPECIAL NOTE

Part Two of this Disclosure Statement describes the rules

applicable to Roth IRAs.

Contributions to a Roth IRA are not tax-deductible,

but withdrawals that meet certain requirements are not

PAGE

8 ▪ D

ODGE

UNDS

subject to federal income taxes. This makes the earnings

on the investments held in your Roth IRA tax free for

federal income tax purposes if the requirements are met.

Roth IRAs may not be used in connection with a

SEP or SIMPLE IRA.

Part Two of this Disclosure Statement does not describe

traditional IRAs. For information about traditional IRAs,

see Part One of this Disclosure Statement.

YOUR ROTH IRA

Your Roth IRA gives you several tax benefits. While

contributions to a Roth IRA are not deductible, earnings

on the assets held in your Roth IRA are not subject to

federal income tax. Withdrawals from your Roth IRA are

excluded from your income for federal income tax

purposes if certain requirements are met. State income tax

treatment of your Roth IRA may differ from federal

treatment; you should ask your tax advisor for details.

Be sure to read Part Three of this Disclosure

Statement for important additional information, including

information on investments, distributions upon death, fees

and expenses, and tax matters.

ELIGIBILITY/CONTRIBUTIONS

What are the eligibility requirements for a

Roth IRA?

You are eligible to establish and contribute to a Roth IRA

for a given year if:

▪ You received compensation during the year for personal

services you rendered (or earned income, if you are self-

employed), subject to certain income limits. If you

received taxable alimony, this is considered

compensation for IRA purposes. Compensation does

not include amounts received as a pension or annuity,

amounts received as deferred compensation, amounts

derived from or received as earnings or profits from

property, such as interest, dividends, and rent, or any

amount not includable in gross income.

▪ In contrast to a traditional IRA, you may continue making

contributions to a Roth IRA after you reach age 72.

Can I contribute to a Roth IRA for

my spouse?

If you meet the eligibility requirements you can not only

contribute to your own Roth IRA, but also to a separate

Roth IRA for your spouse out of your compensation or

earned income, regardless of whether your spouse had any

compensation or earned income in that year. This is

called a “Spousal Roth IRA.” To make a contribution to a

Spousal Roth IRA, you and your spouse must file a joint

tax return for the year to which the contribution applies.

For a Spousal Roth IRA, your spouse must establish his or

her own Roth IRA, separate from yours, to which

you contribute.

Of course, if your spouse has compensation or earned

income, your spouse can establish his or her own Roth

IRA and make contributions to it in accordance with the

rules and limits described in this section.

When can I make contributions to a

Roth IRA?

You may make a contribution to your existing Roth IRA

or establish a new Roth IRA for a taxable year by the due

date (not including any extensions) for your federal

income tax return for the year. Usually this is April 15 of

the following year. Contributions are voluntary, and do

not have to be made every year.

How much can I contribute to my Roth IRA?

For each year you are eligible, you may contribute up to

the lesser of the maximum dollar amount allowed for the

year or 100% of your compensation (or earned income, if

you are self-employed). The maximum contribution

allowed if you are under age 50 is $6,000 (subject to

subsequent annual increases for inflation in $500

increments, as published by the IRS). If you are 50 or

older, the maximum contribution increases by $1,000.

If you are married and file a joint tax return, you and

your spouse can each make IRA contributions even if only

one of you has taxable compensation. The amount of your

combined contributions can’t be more than the taxable

compensation reported on your joint return. It doesn’t

matter which spouse earned the compensation.

ODGE

UNDS

▪

PAGE

For taxpayers with high income levels, the

contribution limits may be reduced or eliminated (see

below).

Are contributions to a Roth IRA

tax deductible?

Contributions to a Roth IRA are not tax deductible. This

is one of the major differences between Roth IRAs and

traditional IRAs.

Are the earnings on my Roth IRA taxed?

Any earnings on investments held in your Roth IRA are

generally exempt from federal income taxes and will not

be taxed when withdrawn by you, unless the tax-exempt

status of your Roth IRA is revoked. If the withdrawal

qualifies as a tax-free withdrawal, amounts reflecting

earnings on assets in your Roth IRA will not be subject to

federal income tax. State income tax treatment of your

Roth IRA may differ from federal treatment; you should

ask your tax advisor for details.

Are there any additional limits on contributions to my Roth IRA?

Taxpayers with high income levels may not be able to contribute to a Roth IRA at all, or their contribution may be limited to

an amount less than the maximum amount indicated above. This depends upon your filing status and the amount of your

Modified AGI. Please see IRS Publication 590-A for additional information, including information on how to calculate your

contribution limit. The following table shows how the contribution amount is limited:

MODIFIED ADJUSTED GROSS INCOME (MODIFIED AGI)

If your filing status is Single,

Head of Household, or Married

Filing Separately (and you did not

live with your spouse at any time

during the year) and your

Modified AGI is...

If your filing status is Married

Filing Jointly or Qualifying

Widow(er) and your Modified

AGI is...

Then you may make...

Up to $125,000 Up to $198,000 Full Contribution

More than $125,000, but less

than $140,000

More than $198,000, but less

than $208,000

Reduced Contribution

(see explanation below)

$140,000 or more $208,000 or more No Contribution

Note: If you are a married taxpayer filing separately and you lived with your spouse at any time during the year, the maximum

Roth IRA contribution limit phases out over the first $10,000 of your Modified AGI. If your Modified AGI is $10,000 or more

you may not contribute to a Roth IRA for the year. The lower limit of the applicable Modified AGI amount shown in the

table above is indexed for inflation in $1,000 increments, and the upper limit of the applicable Modified AGI amount will be

either $10,000 more if you are married or $15,000 more if you are single than the inflation-adjusted lower limit.

PAGE

10 ▪ D

ODGE

UNDS

How do I determine my Modified AGI?

Instructions to calculate your Modified AGI for purposes

of Roth IRA contribution limits are provided in IRS

Publication 590-A.

What happens if I contribute more than

allowed to my Roth IRA?

Any amount contributed to the Roth IRA above the

maximum amount allowed is considered an “excess

contribution.” An excess contribution is subject to a 6%

excise tax for each year it remains in the Roth IRA. Excess

contributions may be corrected in certain circumstances

without being subject to the 6% excise tax. Please see IRS

Publication 590-A for detailed information. The rules

regarding excess contributions are complex; you should

consider consulting a financial or tax advisor if you have

made an excess contribution.

CONVERSION OF EXISTING TRADITIONAL IRA

Can I convert an existing traditional IRA

into a Roth IRA?

Conversion may be accomplished in two ways. You can

initiate a “direct transfer” from your traditional IRA to a

Roth IRA, or you may choose to withdraw the amount

you want to convert and roll it over to a Roth IRA.

Caution: If you have reached age 72 by the year in

which you convert a traditional IRA to a Roth IRA, be

careful not to convert any amount that would be a

required minimum distribution. Required minimum

distributions may not be converted to a Roth IRA. Based

on a provision in the Tax Cuts and Jobs Act of 2017,

Roth IRA conversions are permanent and can no longer

be recharacterized.

What are the tax implications of converting?

The amount of your traditional IRA that you convert to a

Roth IRA will be considered taxable income on your

federal income tax return for the year of the conversion.

All amounts converted from your traditional IRA are

taxable except for your nondeductible contributions to the

traditional IRA. Consult your financial or tax advisor for

more information.

Can I convert a SEP IRA or SIMPLE IRA to

a Roth IRA?

If you have a SEP IRA or a SIMPLE IRA, you may

convert it to a Roth IRA. However, with a SIMPLE IRA,

this can be done only after the SIMPLE IRA has been in

existence for at least two years.

Should I convert my traditional IRA to a

Roth IRA?

Only you can answer this question, in consultation with

your tax or financial advisor. A number of factors,

including the following, may be relevant: Conversion may

be advantageous if you expect to leave the converted

funds in your Roth IRA for at least five years and would

like to be able to withdraw the funds under circumstances

that will not be taxable (see below). The benefits of

converting will also depend on whether you expect to be

in the same tax bracket when you withdraw funds from

your Roth IRA as the one you are in now.

Note: There are important differences in the tax rules

for Roth IRA assets attributable to annual contributions

vs. assets that were converted from a traditional IRA.

Therefore, to simplify your record keeping for tax

purposes, you may want to hold your Roth IRA annual

contributions and Roth IRA conversion amounts in

separate Roth IRAs.

TRANSFERS/ROLLOVERS

Can I transfer or roll over a taxable

distribution from my employer’s qualified

retirement plan into a Roth IRA?

Yes, taxable distributions from qualified retirement plans

or 403(b) arrangements are eligible for rollover or direct

transfer to a Roth IRA. Under certain circumstances it

may also be possible to make a direct transfer or rollover of

a taxable distribution to a traditional IRA and then

convert the traditional IRA to a Roth IRA. Consult your

tax or financial advisor for further information.

ODGE

UNDS

▪

PAGE

Can I transfer or roll over a nontaxable

distribution I receive from my employer’s

qualified retirement plan into a Roth IRA?

You may currently transfer or rollover after-tax deferrals

from a Roth account under an employer’s 401(k) plan or

403(b) arrangement to a Roth IRA. If such amounts are

rolled over to a Roth IRA, they are subject to standard

rules for the start date and holding period that apply to

the owner’s Roth IRA(s).

How do rollovers affect my Roth IRA

contribution limits?

Rollovers, if properly made, do not count toward the

maximum contribution limits. Also, you may make a

rollover from one Roth IRA to another even during a year

when you are not eligible to contribute to a Roth IRA.

WITHDRAWALS

When can I make withdrawals from my

Roth IRA?

You may withdraw amounts from your Roth IRA at any

time. If the withdrawal meets the requirements discussed

below, it is tax free. Therefore, you pay no income tax on

the withdrawal even though the withdrawal may include

earnings on your contributions while they were held in

your Roth IRA.

When must I start making withdrawals?

In contrast to a traditional IRA, there are no requirements

on when you must start making withdrawals from your

Roth IRA or on minimum required withdrawal amounts

during your lifetime.

What are the requirements for a

tax-free withdrawal?

To be tax free, a withdrawal from your Roth IRA must

meet two requirements to be considered a “qualified

withdrawal.” First, the withdrawal must occur more than

five years after the year for which you first made a

contribution to your Roth IRA.

Second, at least one of the following conditions must

be satisfied:

▪ You are age 59

⁄

or older when you make

the withdrawal.

▪ The withdrawal is made to your beneficiary or estate

after your death.

▪ You are disabled (as defined in the tax code) when you

make the withdrawal.

▪ You are using the withdrawal to cover eligible “first-

time homebuyer” expenses. These are the costs of

purchasing, building or rebuilding a principal residence

(including customary settlement, financing or closing

costs). The purchaser may be you, your spouse, or

a child, grandchild, parent or grandparent of you or

your spouse.

See IRS Publication 590-B for more details.

How are withdrawals from my Roth IRA

taxed if the tax-free requirements are

not met?

If the qualified withdrawal requirements are not met, the

tax treatment of a withdrawal depends on the character of

the amounts withdrawn. To determine this, all your Roth

IRAs are treated as one, including any Roth IRAs you

may have established with other Roth IRA custodians.

Amounts withdrawn are considered to come out in the

following order:

1. All annual contributions.

2. All traditional IRA conversion amounts (on a first-in,

first-out basis).

3. Earnings.

A withdrawal treated as prior annual contributions to

your Roth IRA will not be considered taxable income in

the year you receive it, nor will any premature withdrawal

penalty apply. A withdrawal consisting of previously taxed

traditional IRA conversion amounts also is not considered

taxable income in the year of the withdrawal, and is not

subject to any premature withdrawal penalty. A

withdrawal of previously untaxed traditional IRA

conversion amounts is considered taxable income and

may be subject to a 10% premature withdrawal penalty.

To the extent that the nonqualified withdrawal consists of

earnings while your annual contributions and/or

conversion amounts were held in your Roth IRA, the

withdrawal is also considered taxable income and may be

subject to a 10% premature withdrawal penalty. See IRS

Publication 590-B for more details.

PAGE

12 ▪ D

ODGE

UNDS

IMPORTANT INFORMATION

You have sole responsibility for correctly reporting

withdrawals from your Roth IRA on your tax return. It is

essential that you keep proper records and report the

income taxes properly.

See Part Three of this Disclosure Statement which

contains important information applicable to all

Dodge & Cox Funds — UMB Bank, n.a. IRAs.

PART THREE: RULES FOR ALL IRAS

(TRADITIONAL AND ROTH)

IRA REQUIREMENTS

All IRAs must meet certain requirements: contributions

generally must be made in cash; the IRA trustee or

custodian must be a bank or other person who has been

approved by the Secretary of the Treasury; your

contributions may not be invested in life insurance or

collectibles or be commingled with other property except

in a common trust or investment fund; and your interest

in the account must be non-forfeitable at all times. As

described elsewhere in more detail, you must begin taking

required minimum distributions from a traditional IRA

beginning April 1 of the year after the year you reach

age 72 and upon your death your beneficiaries must

distribute the IRA within a certain period. You may

obtain further information on IRAs from your tax adviser

and from the IRS.

INVESTMENTS

How are my IRA contributions invested?

You control the investment and reinvestment of

contributions to your Dodge & Cox Funds — UMB

Bank, n.a. IRA. Investments must be in one or more of

the Dodge & Cox Funds. You direct the investment of

your IRA by giving your investment instructions to the

Transfer Agent for the Fund(s) as described in the Fund

prospectus. Since you control the investment of your

IRA, you are responsible for any losses; neither the

Funds, the Custodian, nor the Transfer Agent has any

responsibility for any loss or diminution in value

occasioned by your exercise of investment control.

Transactions for your IRA will generally be at the next-

determined net asset value per share for shares of the

Fund(s) involved after the Transfer Agent receives

proper investment instructions from you. You should

consult the current prospectus for the Dodge & Cox

Funds for additional information.

Before making any investment, carefully read the

current prospectus for any Fund you are considering as an

investment for your traditional or Roth IRA. The

prospectus will contain information about the Fund’s

investment objectives and policies, as well as minimum

initial investment requirements and any other charges.

Because you control the selection of investments for

your IRA and because mutual fund shares fluctuate in

value, the change in value of your IRA cannot be

guaranteed or projected.

ROLLOVERS

Can I make an indirect rollover from my

traditional IRA to another traditional IRA

or from my Roth IRA to another Roth IRA?

Yes, subject to certain conditions. An indirect rollover

from one IRA to another must be completed within 60

days after the withdrawal from the first IRA. In addition,

you cannot make more than one tax-free rollover from an

IRA to another IRA in any one-year period (365 days),

regardless of the number of IRAs you own. However, at

any time you may instruct an IRA custodian to transfer

assets directly to another IRA custodian, this is called a

“direct transfer” and is not considered a regular rollover.

Neither a direct transfer nor a rollover from a traditional

IRA to a Roth IRA (also known as a “conversion”) are

subject to the one-year waiting period.

DISTRIBUTION UPON DEATH/

BENEFICIARY DESIGNATION

What happens to my IRA when I die?

The assets remaining in your IRA will be distributed upon

your death to the beneficiary(ies) that you designate when

you establish your Dodge & Cox Funds — UMB Bank,

n.a. IRA. You may change your beneficiary(ies) at any

time by completing a written IRA Beneficiary

Designation form. If there is no beneficiary designated for

your IRA in the Custodian’s records, upon your death

your IRA will be paid to your estate (unless otherwise

required by the laws of your state of residence). If there is

ODGE

UNDS

▪

PAGE

no primary beneficiary(ies) living and you did not elect

per stirpes designation at the time of your death, payment

of your IRA will be made to the surviving alternate

beneficiary(ies) designated by you.

There are IRS rules on the timing and amount of

distributions required after the IRA owner’s death. If you

die before the date your traditional IRA distributions must

begin (and for Roth IRAs, no matter when you die) your

IRA balance, at the election of your designated

beneficiary(ies), must be distributed either: (1) by

December 31 of the calendar year that contains the fifth

anniversary of the date of your death; (2) to a designated

beneficiary beginning by the end of the year following the

year of your death and paid over the life expectancy of the

beneficiary or over a period of years that does not extend

beyond the life expectancy of the designated beneficiary;

or (3) to a surviving spouse under certain conditions. Your

designated beneficiary for this purpose must be determined

by September 30 of the year following the year of your

death. If your spouse is your designated beneficiary, your

spouse may defer the start of distributions until you would

have reached age 72, had you lived, or your spouse may

roll over the IRA into another IRA in your spouse’s name

and treat the IRA as his or her own.

If you die after the date your traditional IRA

distributions must begin and your designated beneficiary is

an individual, the remaining balance in your traditional

IRA must be distributed to your designated beneficiary over

his or her life expectancy. Your designated beneficiary must

be determined by September 30 of the year following the

year of your death. If your traditional IRA beneficiary is

your surviving spouse, your spouse may roll over the

traditional IRA into another traditional IRA in his or her

name and treat the traditional IRA as his or her own.

ROLLOVERS FROM EMPLOYER-SPONSORED

RETIREMENT PLANS BY NON-SPOUSE

BENEFICIARIES

A non-spouse designated beneficiary(ies) receiving a

distribution from an employer-sponsored retirement plan

due to the death of the plan participant can transfer the

assets to an inherited IRA established to receive the

transfer, which must be in the deceased plan participant’s

name for the benefit of the designated beneficiary. The

transfer must be a direct transfer from the trustee or

custodian of the employer-sponsored retirement plan to

the custodian of the designated beneficiary’s IRA. This

applies to employer qualified plans (for example, 401(k)

and profit sharing plans), 403(b) arrangements, and

governmental 457 plans. Once transferred, no additional

contributions can be made and the amount in the IRA is

subject to the required minimum distribution rules as if

the IRA were an inherited IRA. The rollover from the

employer-sponsored retirement plan must be completed by

the end of the year following the year of the death of the

plan participant.

This direct rollover option is available only to natural

persons designated as beneficiaries or to qualifying trusts

designated as beneficiaries. Other inheriting entities such

as an estate, non-qualifying trust, or a charity are not

eligible to roll over assets to an IRA.

DIVORCE OR LEGAL SEPARATION

If all or any portion of your IRA is awarded to your spouse

or former spouse pursuant to a divorce or legal separation,

the portion awarded can be transferred to an IRA in the

spouse’s name. This transfer will not have any tax

consequences to you provided that the transfer is under a

decree of divorce or separate maintenance or a written

instrument to such a decree is issued by a court and received

by the Custodian.

FEES AND EXPENSES

The Dodge & Cox Funds in which you invest have

fees that are described in each Fund’s prospectus and

summary prospectus. There is no separate fee to open and

maintain an IRA.

TAX MATTERS

Are there any restrictions on the use of my

IRA assets?

The tax-exempt status of your IRA will be revoked if you

engage in any of the prohibited transactions listed in

Section 4975 of the tax code. Generally, a prohibited

transaction is a “self-dealing” transaction. An example of

a prohibited transaction is a direct or indirect sale or

exchange of property between you or a related party and

your IRA. Upon a revocation, your IRA is treated as

PAGE

14 ▪ D

ODGE

UNDS

distributing its assets to you. The taxable portion of the

amount in your IRA will be subject to income tax (unless,

in the case of a Roth IRA, the requirements for a tax-free

withdrawal are satisfied). Also, you may be subject to a

10% premature withdrawal penalty on the taxable amount

if you have not yet reached the age of 59

⁄

. There also

may be prohibited transaction penalties applicable to

certain related parties. If you pledge any portion of your

IRA as security for a loan, that portion will be treated as

distributed to you in the year in which the pledge occurs.

This amount may be taxable, and you may also be

subject to a 10% premature withdrawal penalty on the

taxable amount.

What IRA reports does the Custodian issue?

The Custodian will report all withdrawals to the IRS and

the recipient on the appropriate form. For reporting

purposes, a direct transfer of assets to a successor custodian

or trustee is not considered a withdrawal (except for a

direct transfer that effects a conversion of a traditional

IRA to a Roth IRA, or a recharacterization of a Roth IRA

back to a traditional IRA).

The Custodian will report to the IRS the year-end

value of your account and the amount of any rollover

(including conversions from a traditional IRA to a Roth

IRA) or regular contributions made during a calendar

year, as well as the tax year for which a contribution is

made. Unless the Custodian receives an indication from

you to the contrary, it will treat an amount received as a

contribution for the tax year in which it is received. It is

important that a contribution made between January 1

and April 15 for the prior year be clearly designated

as such.

What tax information must I report to

the IRS?

Traditional IRAs

You must report each nondeductible contribution to the

IRS on Form 8606 by designating it a nondeductible

contribution on your tax return. In addition, for any year

in which you make a nondeductible contribution or take a

withdrawal, you must include additional information on

your tax return. The information required includes:

(1) the amount of your nondeductible contributions for

that year; (2) the amount of withdrawals from traditional

IRAs in that year; (3) the amount by which your total

nondeductible contributions for all the years exceed the

total amount of your distributions previously excluded

from gross income; and (4) the total value of all your

traditional IRAs as of the end of the year. If you fail to

report any of this information, the IRS will assume that all

your contributions were deductible. This will result in the

taxation of the portion of your withdrawals that should be

treated as a non-taxable return of your nondeductible

contributions. It is your responsibility to keep track of

deductible versus nondeductible contributions.

Roth IRAs

Withdrawals from your Roth IRA must be reported on your

tax return. In addition, conversions to a Roth IRA and

recharacterizations that transfer assets back to a traditional

IRA must be reported to the IRS using Form 8606.

Excess contributions, premature

withdrawals, and failure to meet minimum

distribution requirements

You must file Form 5329 with the IRS for each taxable

year for which you made an excess contribution, took a

premature withdrawal that is subject to the 10% penalty,

or withdrew less than the minimum amount required from

your traditional IRA. If your beneficiary fails to make

required minimum withdrawals from your IRA after your

death, your beneficiary may be subject to a penalty and be

required to file Form 5329.

Which withdrawals are subject

to withholding?

Traditional IRAs

Federal income tax will be withheld at a flat rate of 10%

from any withdrawal from your traditional IRA, unless

you elect not to have tax withheld. State withholding may

also apply.

Roth IRAs

Qualified distributions from your Roth IRA are generally

not subject to the 10% withholding that applies to

traditional IRAs.

ODGE

UNDS

▪

PAGE

ACCOUNT TERMINATION

You may terminate your IRA at any time after its

establishment by sending a completed IRA Distribution

Request form (or other distribution instructions in a form

acceptable to the Custodian) to:

REGULAR MAIL:

EXPRESS, CERTIFIED

OR REGISTERED MAIL:

Dodge & Cox Funds

c/o DST Asset Manager

Solutions, Inc.

P.O. Box 219502

Kansas City, MO 64121-9502

Dodge & Cox Funds

c/o DST Asset Manager

Solutions, Inc.

430 W 7th Street

Suite 219502

Kansas City, MO 64105-1407

Your Dodge & Cox Funds — UMB Bank, n.a.

IRA will terminate upon the first to occur of the

following:

▪ The date your properly executed IRA Distribution

Request form or instructions (as described above)

withdrawing your total IRA balance is received and

accepted by the Custodian;

▪ The date the IRA ceases to qualify under the tax code

— this will be deemed a termination;

▪ The transfer of the IRA to another custodian/trustee; or

▪ The rollover of the amounts in the IRA to another

custodian/trustee.

The amount you receive from your IRA upon

termination of the account will be treated as a withdrawal,

and thus the rules relating to traditional or Roth IRA

withdrawals will apply. For example, if the IRA is

terminated before you reach age 59

⁄

, a 10% premature

withdrawal penalty may apply to the taxable amount

you receive.

IRA DOCUMENTS

Based on legal advice relating to current tax laws and IRS

statements, Dodge & Cox Funds and UMB Bank, n.a.

believe that the use of an Individual Retirement Account

Information Kit such as this, containing information and

documents for both traditional and Roth IRAs, is

acceptable to the IRS. However, if the IRS issues a ruling,

or if Congress enacts legislation, regarding the use of

different documentation, new documentation for your

traditional or Roth IRA (as appropriate) will be provided

for you to read and, if necessary, to sign.

By adopting a traditional or Roth IRA using these

materials, you acknowledge this possibility and agree to

this procedure if necessary. In all cases, to the extent

permitted, Dodge & Cox Funds and UMB Bank, n.a. will

treat your IRA as being opened on the date your account

was established using the enclosed documentation.

Traditional IRA

The terms contained in Articles I to VII of Part One of

the Dodge & Cox Funds — UMB Bank, n.a. Individual

Retirement Account Custodial Agreement have been

published in substantially the same form by the IRS in

Form 5305-A (Rev. March 2002) for use in establishing a

traditional IRA Custodial Account that meets the

requirements of Section 408(a) of the tax code for a valid

traditional IRA. The IRS publication of substantially the

same terms does not concern the merits of the traditional

IRA or of any investment permitted by the traditional

IRA.

Roth IRA

The terms contained in Articles I to VII of Part Two of

the Dodge & Cox Funds — UMB Bank, n.a. Individual

Retirement Account Custodial Agreement have been

published in substantially the same form by the IRS in

Form 5305-RA (Rev. March 2002) for use in establishing

a Roth IRA Custodial Account that meets the

requirements of Section 408A of the tax code for a valid

Roth IRA. The IRS publication of substantially the same

terms does not concern the merits of the Roth IRA or of

any investment permitted by the Roth IRA. The terms

contained in Article VIII of Part Three of the

Dodge & Cox Funds — UMB Bank, n.a. Individual

Retirement Account Custodial Agreement are additional

provisions (not promulgated by the IRS) for both

traditional IRAs and Roth IRAs.

DIRECT DEPOSIT OF TAX REFUNDS

A taxpayer may elect to deposit a tax refund directly into his

or her IRA. Please call 800-621-3979 for details on what

information you will need to give the IRS to ensure that

they will send your refund directly to your IRA account.

PAGE

16 ▪ D

ODGE

UNDS

DODGE & COX FUNDS

UMB BANK, N.A.

UNIVERSAL INDIVIDUAL RETIREMENT ACCOUNT

CUSTODIAL AGREEMENT

PART ONE: PROVISIONS APPLICABLE

TO TRADITIONAL IRAs

The following provisions of Articles I to VII are in the form

promulgated by the IRS in Form 5305-A (Rev. April 2017),

for use in establishing a Traditional Individual Retirement

Custodial Account. References are to sections of the

Internal Revenue Code of 1986, as amended (“Code”).

ARTICLE I.

1. Except in the case of a rollover contribution (as

permitted by Code §§ 402(c), 403(a)(4), 403(b)(8),

408(d)(3) and 457(e)(16)) or a contribution made in

accordance with the terms of a Simplified Employee

Pension (SEP) as described in Code § 408(k), or a

recharacterized contribution described in section

408(d)(6), no contributions will be accepted unless they

are in cash, and the total of such contributions shall not

exceed $6,000 for any taxable year beginning in 2010 and

years thereafter. These amounts are in effect under section

219(b)(1)(A).

For tax years after 2010, the above limits will be

increased to reflect a cost-of-living adjustment, if any.

2. In the case of a Depositor who is 50 or older, the

annual cash contribution limit is increased by $1,000 for

any taxable year beginning in 2009 and years thereafter.

3. In addition to the amounts described in paragraphs

(1) and (2) above, an individual may make additional

contributions specifically authorized by statute– such as

repayments of Qualified Reservist Distributions,

repayments of certain plan distributions made on account

of a federally declared disaster and certain amounts

received in connection with the Exxon Valdez litigation.

5. No contributions will be accepted under a SIMPLE

IRA plan established by any employer pursuant to Code

§ 408(p). Also, no transfer or rollover of funds attributable

to contributions made by a particular employer under its

SIMPLE IRA plan will be accepted from a SIMPLE IRA,

that is, an IRA used in conjunction with a SIMPLE IRA

plan, prior to the expiration of the 2-year period beginning

on the date the Depositor first participated in that

employer’s SIMPLE IRA plan.

6. If this is an inherited IRA within the meaning of

§ 408(d)(3)(C), no contributions will be accepted.

ARTICLE II.

The Depositor’s interest in the balance in the Custodial

Account is non-forfeitable.

ARTICLE III.

1. No part of the Custodial Account funds may be

invested in life insurance contracts, nor may the assets of the

Custodial Account be commingled with other property

except in a common trust fund or common investment fund

(within the meaning of section 408(a)(5)).

2. No part of the Custodial Account funds may be

invested in collectibles (within the meaning of section

408(m) except as otherwise permitted by section

408(m)(3) which provides an exception for certain gold,

silver and platinum coins, coins issued under the laws of

any state, and certain bullion.

ARTICLE IV.

1. Notwithstanding any provisions of this Agreement

to the contrary, the distribution of the Depositor’s interest

in the Custodial Account shall be made in accordance

with the following requirements and shall otherwise

comply with section 408(a) (6) and the regulations

thereunder, the provisions of which are herein

incorporated by reference. The required minimum

distributions calculated for this IRA may be withdrawn

from another IRA of the Depositor in accordance with

Q&A-9 of § 1.408-8 of the Income Tax Regulations. If

this is an inherited IRA within the meaning of Code

§ 408(d) (3) (C), the preceding sentence and paragraphs

(2), and 5(b) and 5(c) below do not apply.

ODGE

UNDS

▪

PAGE

2. The Depositor’s entire interest in the Custodial

Account must be, or begin to be, distributed by the

Depositor’s required beginning date, April 1 following the

calendar year end in which the Depositor reaches age 72.

By that date, the Depositor may elect, in a manner

acceptable to the Custodian, to have the balance in the

Custodial Account distributed in:

(a) A single-sum payment; or

(b) Payments over a period not longer than the life of

the Depositor or the joint lives of the Depositor and his or

her designated Beneficiary.

3. If the Depositor dies before his or her entire

interest is distributed to him or her, the remaining interest

will be distributed as follows:

(a) The designated Beneficiary is required to draw

down his or her entire inherited interest within ten years.

This rule applies regardless of whether RMDs had begun

prior to the Depositors death

(b) If the designated Beneficiary is an eligible

designated beneficiary, the ten-year rule would not apply

to any portion payable to an eligible designated

beneficiary if the beneficiaries interest will be distributed

over the beneficiary’s life or a period not exceeding his or

her life expectancy, as long as such distributions begin

within one year of the original owners death. If the

eligible designated beneficiary is the surviving spouse,

then such distributions would not be required to begin

earlier than the date on which the participant/IRA owner

would have attained age 72.

(i) there is no designated Beneficiary, the remaining

interest will be distributed over the remaining life

expectancy of the Depositor as determined in the year of

the Depositor’s death and reduced by 1 for each

subsequent year.

designated beneficiary from this IRA may be withdrawn

from another IRA the beneficiary holds from the same

decedent in accordance with Treas. Reg. § 1.408-8, Q&A-9.

4. If the Depositor dies before his or her entire interest

has been distributed and if the Designated Beneficiary is not

the Depositor’s surviving spouse, no additional contributions

may be accepted in the Custodial Account.

5. The minimum amount that must be distributed each

year, beginning with the year containing the Depositor’s

required beginning date, is known as the “required minimum

distribution” and is determined as follows:

(a) The required minimum distribution under

paragraph 2(b) for any year, beginning with the year the

Depositor reaches age 72, is the value of the Custodial

Account at the close of business on December 31 of the

preceding year divided by the distribution period in the

uniform lifetime table in Regulations section

1.401(a)(9)-9. However, if the Depositor’s designated

Beneficiary is his or her surviving spouse, the required

minimum distribution for a year shall not be more than the

value of the Custodial Account value at the close of

business on December 31 of the preceding year divided by

the number in the joint and last survivor table in

Regulations section 1.401(a) (9)-9. The required minimum

distribution for a year under this paragraph (a) is

determined using the Depositor’s (or, if applicable, the

Depositor and spouse’s) attained age (or ages) in the year.

(b) The required minimum distribution under

paragraphs 3(a) and 3(b)(i) for a year, beginning with the

year following the year of the Depositor’s death (or the

year the Depositor would have reached age 72 , if

applicable under paragraph 3(b)(i)) is the value of the

Custodial Account value at the close of business on

December 31 of the preceding year divided by the life

expectancy (in the single life table in Regulations section

1.401(a)(9)-9) of the individual specified in such

paragraphs 3(a) and 3(b)(i).

the Depositor reaches age 72 can be made as late as

April 1 of the following year. The required minimum

distribution for any other year must be made by the end of

such year.

6. The owner of two or more Traditional IRAs may

satisfy the minimum distribution requirements described

above by taking from one Traditional IRA the amount

required to satisfy the requirement for another in

accordance with the regulations under section 408(a)(6).

Note: in 2020 The required minimum distribution age

was changed from 70.5 to age 72, this new age is applicable

for individuals who turned 72 on or after 1/1/2020, and does

not impact individuals who may be taking RMD’s pursuant

to the previous age 70.5 requirement. The Required

distribution rules for beneficiaries also changed in 2020 and

PAGE

18 ▪ D

ODGE

UNDS

generally allow 3 options depending on whether the

beneficiary is a eligible designated beneficiary or not, these

options are applicable for account owners who are deceased

on or after 1/1/2020.

ARTICLE V.

1. The Depositor agrees to provide the Custodian

with all information necessary to prepare any reports

required by section 408(i) and Regulations sections

1.408-5 and 1.408-6.

2. The Custodian agrees to submit to the Internal

Revenue Service (IRS) and the Depositor the reports

prescribed by the IRS.

3. If this is an inherited IRA within the meaning of

Code § 408(d) (3) (C) maintained for the benefit of a

designated beneficiary of a deceased Depositor, references

in this document to the “Depositor” are to the deceased

Depositor.

ARTICLE VI.

Notwithstanding any other articles which may be added

or incorporated, the provisions of Articles I through III

and this sentence will be controlling. Any additional

articles inconsistent with section 408(a) and the related

regulations will be invalid.

ARTICLE VII.

This Agreement will be amended as necessary to comply

with the provisions of the Code and the related

regulations. Other amendments may be made with the

consent of the persons whose signatures appear on the

Adoption Agreement.

PART TWO: PROVISIONS APPLICABLE

TO ROTH IRAs

The following provisions of Articles I to VII are in the

form promulgated by the IRS in Form 5305-RA (revised

April 2017), as most recently updated by Listings of

Required Modifications issues June 16, 2010, for use in

establishing a Roth individual retirement custodial

account. References are to sections of the Internal

Revenue Code of 1986, as amended (“Code”).

ARTICLE I

1. Maximum Permissible Amount. Except in the case of

a qualified rollover contribution (as defined in paragraph

(7) below) or a re-characterization (as defined in paragraph

(6) below), no contribution will be accepted unless it is in

cash and the total of such contributions to all the

Depositor’s Roth IRAs for a taxable year does not exceed

the applicable amount (as defined in paragraph (2) below),

or the Depositor’s compensation (as defined in paragraph

(8) below), if less, for that taxable year. The contribution

described in the previous sentence that may not exceed the

lesser of the applicable amount or the Depositor’s

compensation is referred to as a “regular contribution.”

Despite the preceding limits on contributions, a Depositor

may make additional contributions specifically authorized

by statute–e.g., repayments of Qualified Reservist

Distributions, repayments of certain plan distributions

made on account of a federally declared disaster and certain

amounts received in connection with the Exxon Valdez

litigation. Contributions may be limited under (3) through

(5) below.

2. Applicable Amount. The applicable amount is

determined below:

(i) If the Depositor is under age 50, the applicable

amount is $6,000 for any taxable year beginning in 2008

and years thereafter. After 2008, the $6,000 amount will

be adjusted by the Secretary of the Treasury for

cost-of-living increases under Code § 219(b) (5) (D).

Such adjustments will be in multiples of $500.

(ii) If the Depositor is 50 or older, the applicable

amount under paragraph (i) above is increased by $1,000 for

any taxable year beginning in 2006 and years thereafter.

(iii) If the Depositor was a participant in a Code

§ 401(k) plan of a certain employer in bankruptcy

described in Code § 219(b)(5)(C), then the applicable

amount under paragraph (i) above is increased by $3,000

for taxable years beginning after 2006 and before 2010

only. A Depositor who makes contributions under this

paragraph (iii) may not also make contributions under

paragraph (ii).

ODGE

UNDS

▪

PAGE

3. Regular Contribution Limit. The maximum regular contribution that can be made to all the Depositor’s Roth IRAs for a

taxable year is the smaller amount determined under (i) or (ii) below.

(i) The maximum regular contribution is phased out ratably between certain levels of modified adjusted gross income in

accordance with the following table (for 2021):

Filing Status Full Contribution Phase out Range No Contribution

Single or Head of Household Less than

$125,000

At least $125,000 but less than

$140,000

$140,000 or more

Married-Filing Jointly, or Joint

Return of Qualifying Widow(er)

Less than 198,000 At least $198,000 but less than

$208,000

$208,000 or more

Married-Separate Return $0 Between $0 and $10,000 $10,000 or more

An individual’s modified adjusted gross income (“modified AGI”) for a taxable year is defined in Code § 408A(c) (3) and

does not include any amount included in adjusted gross income as a result of a qualified rollover contribution. If the

individual’s modified AGI for a taxable year is in the phase-out range, the maximum regular contribution determined under

this table for that taxable year is rounded up to the next multiple of $10 and is not reduced below $200. After 2006, the dollar

amounts above will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code § 408A(c) (3). Such

adjustments will be in multiples of $1,000.

(ii) If the Depositor makes regular contributions to both Roth and non-Roth IRAs for a taxable year, the maximum

regular contribution that can be made to all of the Depositor’s Roth IRAs for that taxable year is reduced by the regular

contributions made to the Depositor’s non-Roth IRAs for the taxable year.

4. SIMPLE IRA Limits. No contributions will be

accepted under a SIMPLE IRA plan established by any

employer pursuant to Code § 408(p). Also, no transfer or

rollover of funds attributable to contributions made by a

particular employer under its SIMPLE IRA plan will be

accepted from a SIMPLE IRA, that is, an IRA used in

conjunction with a SIMPLE IRA plan, prior to the expiration

of the 2-year period beginning on the date the Depositor first

participated in that employer’s SIMPLE IRA plan.

5. Inherited IRA. If this is an inherited IRA within the

meaning of Code § 408(d) (3) (C), no contributions will be

accepted.

6. Recharacterization. A regular contribution to a

non-Roth IRA may be recharacterized pursuant to the

rules in Code § 1.408A-5 of the regulations as a regular

contribution to this IRA, subject to the limits in (c) above.

7. Qualified Rollover Contribution. A “qualified rollover

contribution” is a rollover contribution of a distribution

from an eligible retirement plan described in Code

§ 402(c) (8) (B). If the distribution is from an IRA, the

rollover must meet the requirements of Code § 408(d) (3),

except the one-rollover-per year rule of Code § 408(d) (3) (B)

does not apply if the distribution is from a non-Roth IRA. If

the distribution is from an eligible retirement plan other than

an IRA, the rollover must meet the requirements of Code

§§ 402(c), 402(e)(6), 403(a)(4), 403(b)(8), 403(b)(10),

408(d)(3) or 457(e)(16), as applicable. A qualified rollover

contribution also includes (i) and (ii) below.

(i) All or part of a military death gratuity or service

members’ group life insurance (“SGLI”) payment may be

contributed if the contribution is made within 1 year of

receiving the gratuity or payment. Such contributions are

disregarded for purposes of the one-rollover-per-year rule

under Code § 408(d) (3) (B).

(ii) All or part of an airline payment (as defined in Code

§ 125 of the Worker, Retiree, and Employer Recovery Act of

2008 (“WRERA”), Pub. L. 110-458) received by certain

airline employees may be contributed if the contribution is

made within 180 days of receiving the payment.

8. Compensation. For purposes of Article I, Section (a),

“compensation” is defined as wages, salaries, professional

fees, or other amounts derived from or received for personal

PAGE

20 ▪ D

ODGE

UNDS

services actually rendered (including, but not limited to

commissions paid salesmen, compensation for services on

the basis of a percentage of profits, commissions on

insurance premiums, tips, and bonuses) and includes earned

income, as defined in Code § 401(c)(2) (reduced by the

deduction the self-employed individual takes for

contributions made to a self-employed retirement plan). For

purposes of this definition, Code § 401(c) (2) shall be

applied as if the term trade or business for purposes of Code

§ 1402 included service described in subsection (c) (6).

Compensation does not include amounts derived from or

received as earnings or profits from property (including but

not limited to interest and dividends) or amounts not

includible in gross income (determined without regard to

Code § 112). Compensation also does not include any

amount received as a pension or annuity or as deferred

compensation. The term “compensation” shall include any

amount includible in the individual’s gross income under

Code § 71 with respect to a divorce or separation instrument

described in subparagraph (A) of Code § 71(b) (2). In the

case of a married individual filing a joint return, the greater

compensation of his or her spouse is treated as his or her

own compensation, but only to the extent that such spouse’s

compensation is not being used for purposes of the spouse

making an IRA contribution. The term “compensation” also

includes any differential wage payments as defined in Code

§ 3401(h) (2).

9. In the case of a joint return, the AGI limits in the

preceding paragraph apply to the combined AGI of the

Depositor and his or her spouse.

10. The Custodial Account is established for the

exclusive benefit of the Depositor or his or her

beneficiaries. If this is an inherited IRA within the

meaning of Code § 408(d) (3) (C) maintained for the

benefit of a designated beneficiary of a deceased

Depositor, references in this document to the “Depositor”

are to the deceased Depositor.

ARTICLE II

The Depositor’s interest in the balance in the Custodial

Account is nonforfeitable.

ARTICLE III

1. No part of the Custodial Account funds may be

invested in life insurance contracts, nor may the assets of the

Custodial Account be commingled with other property

except in a common trust fund or common investment fund

(within the meaning of section 408(a)(5)).

2. No part of the Custodial Account funds may be

invested in collectibles (within the meaning of section

408(m)) except as otherwise permitted by section

408(m)(3), which provides an exception for certain gold,

silver, and platinum coins, coins issued under the laws of

any state, and certain bullion.

ARTICLE IV

1. If the Depositor dies before his or her entire

interest is distributed to him or her, the remaining interest

will be distributed in accordance with (a) below or, if an

eligible designated beneficiary, in accordance with

(b) below:

(a) The remaining interest will be distributed by the

end of the calendar year containing the tenth anniversary

of the Depositor’s death.

(b) If the beneficiary is an eligible designated

beneficiary the ten rule will not apply as long as the

remaining interest is distributed over the beneficiary’s life

or a period not exceeding his or her life expectancy and

such distributions begin within one year of the death. (If

the eligible designated beneficiary is the surviving spouse,

then such distributions would not be required to begin

earlier than the date on which the participant/IRA owner

would have attained age 72)

2. The minimum amount that must be distributed

each year under paragraph 1(b) above is the value of the

Custodial Account value at the close of business on

December 31 of the preceding year divided by the life

expectancy (in the single life table in Treas. Reg.

§ 1.401(a) (9)-9 of the eligible designated Beneficiary

using the attained age of the beneficiary in the year

following the year of the Depositor’s death and subtracting

1 from the divisor for each subsequent year.

3. If the Depositor’s spouse is the designated Beneficiary,

such spouse will then be treated as the Depositor.

ODGE

UNDS

▪

PAGE

4. If this is an inherited IRA within the meaning of

Code § 408(d)(3)(C) established for the benefit of a

nonspouse designated beneficiary by a direct

trustee-to-trustee transfer from a retirement plan of a

deceased Depositor under Code § 402(c)(11), then,

notwithstanding any election made by the deceased

individual pursuant to the preceding sentence, the

nonspouse designated beneficiary may elect to have

distributions made under this Article IV, paragraph (1)(a)

if the transfer is made no later than the end of the year

following the year of death.

5. The required minimum distributions payable to a

designated beneficiary from this IRA may be withdrawn from

another IRA the beneficiary holds from the same decedent

in accordance with Q&A-9 of Treas. Reg. § 1.408-8.

ARTICLE V

1. The Depositor agrees to provide the Custodian

with all information necessary to prepare any reports

required by Code §§ 408(i) and 408A (d)(3)(E), and

Treas. Reg. §§ 1.408-5 and 1.408-6, or other guidance

published by the Internal Revenue Service (IRS).

2. The Custodian agrees to submit to the IRS and

Depositor the reports prescribed by the IRS.

ARTICLE VI

Notwithstanding any other articles which may be added or

incorporated, the provisions of Articles I through V and

this sentence will be controlling. Any additional articles

that are not consistent with Code § 408A, the related

regulations, and other published guidance will be invalid.

The Custodial Account is established for the exclusive

benefit of the individual or his or her beneficiaries. If this is

an inherited IRA within the meaning of Code

§ 408(d)(3)(C) maintained for the benefit of a designated

beneficiary of a deceased individual, references in this

document to the “individual” are to the deceased individual.

ARTICLE VII

This Agreement will be amended as necessary to comply

with the provisions of the Code, the related regulations,

and other published guidance. Other amendments may be

made with the consent of the persons whose signatures

appear in the Adoption Agreement.

PART THREE: PROVISIONS

APPLICABLE TO BOTH TRADITIONAL

IRAs AND ROTH IRAs

ARTICLE VIII

1. Definitions. As used in this Article VIII the

following terms have the following meanings:

“Adoption Agreement” is the application signed by

the Depositor to accompany and adopt this Custodial

Account. The Adoption Agreement may also be referred

to as the “Account Application”.

“Agreement” means this UMB Bank, n.a. Universal

Individual Retirement Account Custodial Agreement

(consisting of either Part One or Part Two, Part Three

and the Adoption Agreement signed by the Depositor).

“Ancillary Fund” means any mutual fund or

registered investment company designated by Sponsor,

which is (i)advised, sponsored or distributed by a duly

licensed mutual fund or registered investment company

other than the Custodian, and (ii) subject to a separate

agreement between the Sponsor and such mutual fund or

registered investment company, to which neither the

Custodian nor the Service Company is a party; provided,

however, that such mutual fund or registered investment

company must be legally offered for sale in the state of the

Depositor’s residence.

“Beneficiary” has the meaning assigned in Section 11.

“Custodial Account” means the Individual Retirement

Account established using the terms of this Agreement. The

Custodial Account may be a Traditional Individual

Retirement Account or a Roth Individual Retirement

Account, as specified by the Depositor. See Section 24.

..“Custodian” means UMB Bank, n.a. and any

corporation or other entity that by merger, consolidation,

purchase or otherwise, assumes the obligations of the

Custodian.

“Depositor” means the person signing the Adoption

Agreement accompanying this Agreement.

..“Distributor” means the entity, which has a contract

with the Fund(s) to serve as distributor of the shares of

such Fund(s). In any case where there is no Distributor,

the duties assigned hereunder to the Distributor may be

PAGE

22 ▪ D

ODGE

UNDS

performed by the Fund(s) or by an entity that has a

contract to perform management or investment advisory

services for the Fund(s).

..“Fund” means any mutual fund or registered

investment company, which is advised, sponsored or

distributed by Sponsor; provided, however, that such a

mutual fund or registered investment company must be

legally offered for sale in the state of the Depositor’s

residence. Subject to the provisions of Section 3 below,

the term “Fund” includes an Ancillary Fund.

..“Qualified Reservist Distribution” means a

distribution (i) from an IRA or elective deferrals under a

section 401(k) or 403(b) plan, or a similar arrangement,

(ii) to an individual ordered or called to active duty after

September 11, 2001 (because he or she is a member of a

reserve component) for a period of more than 179 days or

for an indefinite period, and (iii) made during the period

beginning on the date of the order or call and ending at

the close of the active duty period.

..“Service Company” means any entity employed by

the Custodian or the Distributor, including the transfer

agent for the Fund(s), to perform various administrative

duties of either the Custodian or the Distributor. In any

case where there is no Service Company, the duties

assigned hereunder to the Service Company will be

performed by the Distributor (if any) or by an entity that

has a contract to perform management or investment

advisory services for the Fund(s).

..“Sponsor” means (insert client name here) Funds.

Reference to the Sponsor includes reference to any

affiliate of Sponsor to which Sponsor has delegated (or

which is in fact performing) any duty assigned to Sponsor

under this Agreement.

..“Spouse” means an individual married to the

Depositor under the laws of the applicable jurisdiction.

The term “spouse” shall include same-sex individuals

whose marriage was validly entered into in a jurisdiction

whose laws authorize such marriage even if the couple is

domiciled in a jurisdiction that does not recognize the

validity of same-sex marriages. The term “spouse” shall

not include individuals (whether of the same or opposite

sex) who have entered into a registered domestic

partnership, civil union, or other similar relationship

recognized under the laws of a jurisdiction that is not

denominated as marriage under the laws of the

jurisdiction. A Depositor and his or her spouse are deemed

to be “married” for all purposes of this Agreement.

2. Revocation. The Depositor may revoke the

Custodial Account established hereunder by mailing or

delivering a written notice of revocation to the Custodian

within seven days after the Depositor receives the

Disclosure Statement related to the Custodial Account.

Mailed notice is treated as given to the Custodian on date

of the postmark (or on the date of Post Office certification

or registration in the case of notice sent by certified or

registered mail). Upon timely revocation, the Depositor’s

initial contribution will be returned, without adjustment

for administrative expenses, commissions or sales charges,

fluctuations in market value or other changes.

The Depositor may certify in the Adoption

Agreement that the Depositor received the Disclosure

Statement related to the Custodial Account at least seven

days before the Depositor signed the Adoption Agreement

to establish the Custodial Account, and the Custodian

may rely upon such certification.

In any instance where it is established that the

Depositor has had possession of the Disclosure Statement

for more than seven days, it will be conclusively presumed

that the Depositor has waived his or her right to revoke

under this Section.

3. Investments. All contributions to the Custodial

Account shall be invested and reinvested in full and

fractional shares of one or more Funds. All such shares

shall be held as book entry shares, and no physical shares

or share certificate will be held in the Custodial Account.

Such investments shall be made in such proportions and/

or in such amounts as Depositor from time to time in the

Adoption Agreement or by other written notice to the

Service Company (in such form as may be acceptable to

the Service Company) may direct.

The parties to this Agreement recognize and agree

that the Sponsor may from time-to-time designate an

Ancillary Fund in which all or a portion of the

contributions to a Custodial Account may be invested and

reinvested. Despite any contrary provision of this

Agreement, neither the Custodian nor the Service

Company has any discretion with respect to the

designation of any Ancillary Fund.

ODGE

UNDS

▪

PAGE

The Service Company shall be responsible for

promptly transmitting all investment directions by the

Depositor for the purchase or sale of shares of one or more

Funds hereunder to the Funds’ transfer agent for

execution. However, if investment directions with respect

to the investment of any contribution hereunder are not

received from the Depositor as required or, if received, are

unclear or incomplete in the opinion of the Service

Company, the contribution will be returned to the

Depositor, or will be held uninvested (or invested in a

money market fund if available) pending clarification or

completion by the Depositor, in either case without

liability for interest or for loss of income or appreciation.

If any other directions or other orders by the Depositor

with respect to the sale or purchase of shares of one or

more Funds are unclear or incomplete in the opinion of

the Service Company, the Service Company will refrain

from carrying out such investment directions or from

executing any such sale or purchase, without liability for

loss of income or for appreciation or depreciation of any

asset, pending receipt of clarification or completion from

the Depositor.

All investment directions by Depositor will be

subject to any minimum initial or additional investment

or minimum balance rules or other rules (by way of

example and not by way of limitation, rules relating to the

timing of investment directions or limiting the number of

purchases or sales or imposing sales charges on shares sold

within a specified period after purchase) applicable to a

Fund as described in its prospectus.

All dividends and capital gains or other distributions

received on the shares of any Fund shall be (unless

received in additional shares) reinvested in full and

fractional shares of such Fund (or of any other Fund

offered by the Sponsor, if so directed).

If any Fund held in the Custodial Account is

liquidated or is otherwise made unavailable by the

Sponsor as a permissible investment for a Custodial

Account hereunder, the liquidation or other proceeds of

such Fund shall be invested in accordance with the

instructions of the Depositor. If the Depositor does not

give such instructions, or if such instructions are unclear

or incomplete in the opinion of the Service Company, the

Service Company may invest such liquidation or other

proceeds in such other Fund (including a money market

fund or Ancillary Fund if available) as the Sponsor

designates, and provided that the Sponsor gives at least

thirty (30) days advance written notice to the Depositor

and the Service Provider. In such case, neither the

Service Company nor the Custodian will have any

responsibility for such investment.

Alternatively, if the Depositor does not give

instructions and the Sponsor does not designate such

other Fund as described above then the Depositor (or his

or her Beneficiaries) will be deemed to have directed the

Custodian to distribute any amount remaining in the

Fund to (i) the Depositor (or to his Beneficiaries as their

interests shall appear on file with the Custodian) or, (ii) if

the Depositor is deceased with no Beneficiaries on file

with the Custodian, then to the Depositor’s estate, subject

to the Custodian’s right to reserve funds as provided in

Section 17(b). The Sponsor and the Custodian will be

fully protected in making any and all such distributions

pursuant to this Section 3, provided that the Sponsor

gives at least thirty (30) days advance written notice to

the Depositor and the Service Provider. In such case,

neither the Service Company nor the Custodian will have

any responsibility for such distribution. The Depositor (or

his or her Beneficiaries) shall be fully responsible for any

taxes due on such distribution.

4. Exchanges. Subject to the minimum initial or

additional investment, minimum balance and other

exchange rules applicable to a Fund, the Depositor may at

any time direct the Service Company to exchange all or a

specified portion of the shares of a Fund in the Custodial

Account for shares and fractional shares of one or more

other Funds. The Depositor shall give such directions by

written or telephonic notice acceptable to the Service

Company, and the Service Company will process such

directions as soon as practicable after receipt thereof (subject

to the second paragraph of Section 3 of this Article VIII).

5. Transaction pricing. Any purchase or redemption of

shares of a Fund for or from the Custodial Account will be

effected at the public offering price or net asset value of

such Fund (as described in the then effective prospectus

for such Fund) next established after the Service

Company has transmitted the Depositor’s investment

directions to the transfer agent for the Fund(s). Any

PAGE

24 ▪ D

ODGE

UNDS

purchase, exchange, transfer or redemption of shares of a

Fund for or from the Custodial Account will be subject to

any applicable sales, redemption or other charge as

described in the then effective prospectus for such Fund.

6. Recordkeeping. The Service Company shall

maintain adequate records of all purchases or sales of

shares of one or more Funds for the Depositor’s Custodial

Account. Any account maintained in connection

herewith shall be in the name of the Custodian for the

benefit of the Depositor. All assets of the Custodial

Account shall be registered in the name of the Custodian

or of a suitable nominee. The books and records of the

Custodian shall show that all such investments are part of

the Custodial Account.

The Custodian shall maintain or cause to be

maintained adequate records reflecting transactions of the

Custodial Account. In the discretion of the Custodian,

records maintained by the Service Company with respect

to the Account hereunder will be deemed to satisfy the

Custodian’s recordkeeping responsibilities. The Service

Company agrees to furnish the Custodian with any

information the Custodian requires to carry out the

Custodian’s recordkeeping responsibilities.

7. Allocation of Responsibility. Neither the Custodian

nor any other party providing services to the Custodial

Account will have any responsibility for rendering advice

with respect to the investment and reinvestment of the

Custodial Account, nor shall such parties be liable for any

loss or diminution in value which results from Depositor’s

exercise of investment control over his Custodial

Account. Depositor shall have and exercise exclusive

responsibility for and control over the investment of the

assets of his Custodial Account, and neither Custodian

nor any other such party shall have any duty to question

his or her directions in that regard or to advise him or her

regarding the purchase, retention or sale of shares of one

or more Funds for the Custodial Account.

8. Appointment of Investment Advisor. The Depositor

may in writing appoint an investment adviser with respect

to the Custodial Account on a form acceptable to the

Custodian and the Service Company. The investment

adviser’s appointment will be in effect until written notice to

the contrary is received by the Custodian and the Service

Company. While an investment adviser’s appointment is in

effect, the investment adviser may issue investment

directions or may issue orders for the sale or purchase of

shares of one or more Funds to the Service Company, and

the Service Company will be fully protected in carrying out

such investment directions or orders to the same extent as if

they had been given by the Depositor.

9. (a) Distributions. Distribution of the assets of the

Custodial Account shall be made at such time and in such

form as Depositor (or Beneficiary if Depositor is deceased)

shall elect by written order to the Custodian. It is the

responsibility of the Depositor (or Beneficiary) by

appropriate distribution instructions to the Custodian to

ensure that any applicable distribution requirements of

Code Section 401(a) (9) and Article IV above are met. If

the Depositor (or Beneficiary) does not direct the

Custodian to make distributions from the Custodial

Account by the time that such distributions are required

to commence in accordance with such distribution

requirements, the Custodian (and Service Company) shall

assume that the Depositor (or Beneficiary) is meeting any

applicable minimum distribution requirements from

another individual retirement arrangement maintained by

the Depositor (or Beneficiary) and the Custodian and

Service Company shall be fully protected in so doing.

Depositor acknowledges that any distribution of a taxable

amount from the Custodial Account (except for

distribution on account of Depositor’s disability or death,

return of an “excess contribution” referred to in Code

Section 4973, or a valid “rollover” from this Custodial

Account) made earlier than age 59

⁄

may subject

Depositor to an “additional tax on early distributions”

under Code Section 72(t) unless an exception to such

additional tax is applicable. For that purpose, Depositor

will be considered disabled if Depositor can prove, as

provided in Code Section 72(m)(7), that Depositor is

unable to engage in any substantial gainful activity by

reason of any medically determinable physical or mental

impairment which can be expected to result in death or be

of long-continued and indefinite duration.

(b) Taxability of distributions. The Depositor

acknowledges (i) that any withdrawal from the Custodial

Account will be reported by the Custodian in accordance

with applicable IRS requirements (currently, on Form

1099-R), (ii) that the information reported by the

Custodian will be based on the amounts in the Custodial

Account and will not reflect any other individual

ODGE

UNDS

▪

PAGE

retirement accounts the Depositor may own and that,

consequently, the tax treatment of the withdrawal may be

different than if the Depositor had no other individual

retirement accounts, and (iii) that, accordingly, it is the

responsibility of the Depositor to maintain appropriate

records so that the Depositor (or other person ordering the

distribution) can correctly compute all taxes due. Neither

the Custodian nor any other party providing services to

the Custodial Account assumes any responsibility for the

tax treatment of any distribution from the Custodial

Account; such responsibility rests solely with the person

ordering the distribution.

10. Distribution instructions. The Custodian assumes

(and shall have) no responsibility to make any distribution

except upon the written order of Depositor (or Beneficiary

if Depositor is deceased) containing such information as

the Custodian may reasonably request. Also, before making

any distribution from or honoring any assignment of the

Custodial Account, Custodian shall be furnished with any

and all applications, certificates, tax waivers, signature

guarantees, releases, indemnification agreements, and

other documents (including proof of any legal

representative’s authority) deemed necessary or advisable

by Custodian, but Custodian shall not be responsible for

complying with any order or instruction which appears on

its face to be genuine, or for refusing to comply if not

satisfied it is genuine, and Custodian has no duty of further

inquiry. Any distributions from the Custodial Account

may be mailed, first-class postage prepaid, to the last

known address of the person who is to receive such

distribution, as shown on the Custodian’s records, and such

distribution shall to the extent thereof completely

discharge the Custodian’s liability for such payment.

11. Designated Beneficiary.

(a) Designated Beneficiary. The term “Beneficiary”

means the person or persons designated as such by the

“designating person” (as defined below) on a form

acceptable to the Custodian for use in connection with

the Custodial Account, signed by the designating person,

and filed with the Custodian. If, in the opinion of the

Custodian or Service Company, any designation of

beneficiary is unclear or incomplete, in addition to any

documents or assurances the Custodian may request under

Section 10, the Custodian or Service Company shall be

entitled to request and receive such clarification or

additional instructions as the Custodian in its discretion

deems necessary to determine the correct Beneficiary(ies)

following the Depositor’s death. The form designating the

Beneficiary(ies) may name individuals, trusts, estates, or

other entities as either primary or contingent

beneficiaries. However, if the designation does not

effectively dispose of the entire Custodial Account as of

the time distribution is to commence, the term

“Beneficiary” shall then mean the designating person’s

estate, with respect to the assets of the Custodial Account

not disposed of by the designation form. The form last

accepted by the Custodian before such distribution is to

commence, provided it was received by the Custodian (or

deposited in the U.S. Mail or with a reputable delivery

service) during the designating person’s lifetime, shall be

controlling and, whether or not fully dispositive of the

Custodial Account, thereupon shall revoke all such forms

previously filed by that person. The term “designating

person” means Depositor during his/her lifetime; only after

Depositor’s death, it also means Depositor’s spouse if the

spouse is a Beneficiary and elects to transfer assets from

the Custodial Account to the spouse’s own Custodial

Account in accordance with applicable provisions of the

Code. (Note: Married Depositors who reside in a

community property or marital property state (Arizona,

California, Idaho, Louisiana, Nevada, New Mexico,

Texas, Washington or Wisconsin), may need to obtain

spousal consent if they have not designated their spouse as

the primary Beneficiary for at least half of their Custodial

Account. Consult a lawyer or other tax professional for

additional information and advice.)

(b) Rights of Inheriting Beneficiary. Notwithstanding any

provisions in this Agreement to the contrary, when and after

the distribution from the Custodial Account to Depositor’s

Beneficiary commences, all rights and obligations assigned

to Depositor hereunder shall inure to, and be enjoyed and

exercised by, Beneficiary instead of Depositor.

Article IV of Part Two above, if the Depositor’s spouse is

the sole Beneficiary on the Depositor’s date of death, the

spouse will not be treated as the Depositor if the spouse

elects not to be so treated. In such event, the Custodial

Account will be distributed in accordance with the other

provisions of such Article IV, except that distributions to

PAGE

26 ▪ D

ODGE

UNDS

the Depositor’s spouse are not required to commence until

December 31 of the year in which the Depositor would

have turned age 72.

(d) Election by Successor Beneficiary/Separate

Beneficiaries. In addition to the rights otherwise conferred

upon Beneficiaries under this Agreement, all individual

Beneficiaries may designate Successor Beneficiaries of

their inherited Custodial Account. Any Successor

Beneficiary designation by the Beneficiary must be made

in accordance with the provisions of this Section 11. If a

Beneficiary dies after the Participant but before receipt of

the entire interest in the Custodial Account and has

Successor Beneficiaries, the Successor Beneficiaries will

succeed to the rights of the Beneficiary. If a Beneficiary

dies after the Participant but before receipt of the entire

interest in the Account and no Successor Beneficiary

designation is in effect at the time of the Beneficiary’s

death, the Beneficiary will be the Beneficiary’s estate.

Upon instruction to the Custodian, each separate

Beneficiary may receive his, her, or its interest as a

separate account within the meaning of Treasury

Regulation Section 1.401(a)(9)-8, Q&A-3, to the extent

permissible by law. The trustee of a trust Beneficiary will

exercise the rights of the trust Beneficiary, unless the

trustee chooses to delegate the exercise of those rights to

the Beneficiary to the extent permissible by law.

(e) Despite any contrary provision of this Agreement,

the Custodian may disregard the express terms of a

Beneficiary designation under Section 11(a) and pay over

the balance of the deceased Depositor’s interest in his or

her Custodial Account to a different person, trust, estate

or other beneficiary, where the Custodian determines, in

the reasonable and good faith exercise of its discretion,

that an applicable state law, court decree or other ruling

governing the disposition or appointment of property

incident to a divorce or other circumstance affecting

inheritance rights so requires and if the Custodian has

knowledge of the facts that may invalidate the designation

of such Beneficiary.

(f) Eligible Designated Beneficiary. An eligible designated

beneficiary is any designated beneficiary who is the surviving

spouse, a child under the age of majority, disabled or

chronically ill, or any other person who is not more than 10

years younger than the participant/IRA owner.

12. Tax reporting responsibilities.

(a) The Depositor agrees to provide information to

the Custodian at such time and in such manner as may be

necessary for the Custodian to prepare any reports

required under Section 408(i) or Section 408A(d)(3)(E)

of the Code and the regulations thereunder or otherwise.

(b) The Custodian or the Service Company will submit

reports to the Internal Revenue Service and the Depositor at

such time and manner and containing such information as is

prescribed by the Internal Revenue Service.

shall furnish to each other such information relevant to the

Custodial Account as may be required under the Code and

any regulations issued or forms adopted by the Treasury

Department thereunder or as may otherwise be necessary for

the administration of the Custodial Account.

(d) The Depositor shall file any reports to the

Internal Revenue Service which are required of him by

law (including Form 5329), and neither the Custodian

nor Service Company shall have any duty to advise

Depositor concerning or monitor Depositor’s compliance

with such requirement.

13. Amendments.

(a) Depositor retains the right to amend this

Agreement in any respect at any time, effective on a

stated date which shall be at least 60 days after giving

written notice of the amendment (including its exact

terms) to Custodian by registered or certified mail, unless

Custodian waives notice as to such amendment. If the

Custodian does not wish to continue serving as such

under this Custodial Account document as so amended, it

may resign in accordance with Section 17 below.

(b) Depositor delegates to the Custodian the

Depositor’s right so to amend, provided (i) the Custodian

does not change the investments available under this

Custodial Agreement, and (ii) the Custodian amends in

the same manner all agreements comparable to this one,

having the same Custodian, permitting comparable

investments, and under which such power has been

delegated to it; this includes the power to amend

retroactively if necessary or appropriate in the opinion of

the Custodian in order to conform this Custodial Account

to pertinent provisions of the Code and other laws or

successor provisions of law, or to obtain a governmental

ODGE

UNDS

▪

PAGE

ruling that such requirements are met, to adopt a

prototype or master form of agreement in substitution for

this Agreement, or as otherwise may be advisable in the

opinion of the Custodian. Such an amendment by the

Custodian shall be communicated in writing to Depositor,

and Depositor shall be deemed to have consented thereto

unless, within 30 days after such communication to

Depositor is mailed, Depositor either (i) gives Custodian a

written order for a complete distribution or transfer of the

Custodial Account, or (ii) removes the Custodian and

appoints a successor under Section 17 below.

Pending the adoption of any amendment necessary or

desirable to conform this Agreement to the requirements

of any amendment to any applicable provision of the

Code or regulations or rulings issued thereunder

(including any amendment to Form 5305-A or Form

5305-RA), the Custodian and the Service Company may

operate the Custodial Account in accordance with such

requirements to the extent that the Custodian and/or the

Service Company deem necessary to preserve the tax

benefits of the Account.

and (b) above, no amendment shall increase the

responsibilities or duties of Custodian without its prior

written consent.

(d) This Section 13 shall not be construed to restrict the

Custodian’s right to substitute fee schedules in the manner

provided by Section 16 below, and no such substitution shall

be deemed to be an amendment of this Agreement.

14. Terminations

(a) This Agreement shall terminate and have no

further force and effect upon a complete distribution of

the Custodial Account to the Depositor (or his or her

Beneficiaries) or to a successor custodian or trustee in

accordance with the instructions provided to the

Custodian by the Depositor. In addition, the Sponsor shall

have the right to terminate this Agreement and instruct

the Custodian to distribute the Custodial Account upon

thirty (30) days notice to the Custodian and the

Depositor (or Beneficiary, if the Depositor is deceased). In

the event of such termination by the Sponsor, the

Custodian shall transfer the entire amount in the

Custodial Account to a successor custodian or trustee as

the Depositor (or Beneficiary) shall instruct or shall

distribute the Custodial Account to the Depositor (or

Beneficiary) if so directed. If, at the end of such thirty

(30) day period, the Depositor (or Beneficiary) has not

directed the Custodian to transfer or distribute the

amount in the Custodial Account as described above then

the Depositor (or Beneficiary,) will be deemed to have

directed the Custodian to distribute any amount

remaining in the Custodial Account to (i) the Depositor

(or Beneficiary, as his/her interests shall appear on file

with the Custodian) or, (ii) if the Depositor is deceased

with no Beneficiary on file with the Custodian, then to

the Depositor’s estate, subject to the Custodian’s right to

reserve funds as provided in Section 17(b). The Sponsor

and the Custodian will be fully protected in making any

and all such distributions pursuant to this Section 14(a).

The Depositor (or Beneficiary) shall be fully responsible

for any taxes due on such distribution.

(b) Sections 15(f), 17(b) and 17(c) hereof shall

survive the termination of the Custodial Account and this

Agreement. Upon termination of the Custodial Account

and this Agreement, the Custodian shall be relieved from

all further liability hereunder or with respect to the

Custodial Account and all assets thereof so distributed.

15. Responsibilities of Custodian and service providers

(a) In its discretion, the Custodian may appoint one

or more contractors or service providers to carry out any of

its functions and may compensate them from the

Custodial Account for expenses attendant to those

functions. In the event of such appointment, all rights and

privileges of the Custodian under this Agreement shall

pass through to such contractors or service providers who

shall be entitled to enforce them as if a named party.

(b) The Service Company shall be responsible for

receiving all instructions, notices, forms and remittances

from Depositor and for dealing with or forwarding the

same to the transfer agent for the Fund(s).

duties on Custodian or Service Company (or any other

party providing services to the Custodial Account), and

none shall be implied. Neither shall be liable (or assumes

any responsibility) for the collection of contributions, the

proper amount, time or tax treatment of any contribution

to the Custodial Account or the propriety of any

contributions under this Agreement, or the purpose, time,

PAGE

28 ▪ D

ODGE

UNDS

amount (including any minimum distribution amounts),

tax treatment or propriety of any distribution hereunder,

which matters are the sole responsibility of Depositor and

Depositor’s Beneficiary.

(d) Not later than 60 days after the close of each

calendar year (or after the Custodian’s resignation or

removal), the Custodian or Service Company shall file

with Depositor a written report or reports reflecting the

transactions effected by it during such period and the

assets of the Custodial Account at its close. Upon the

expiration of 60 days after such a report is sent to

Depositor (or Beneficiary), the Custodian or Service

Company shall be forever released and discharged from all

liability and accountability to anyone with respect to

transactions shown in or reflected by such report except

with respect to any such acts or transactions as to which

Depositor shall have filed written objections with the

Custodian or Service Company within such 60 day period.

(e) The Service Company shall deliver, or cause to be

delivered by mail or electronically, to Depositor all

notices, prospectuses, financial statements and other

reports to shareholders, proxies and proxy soliciting

materials relating to the shares of the Funds(s) credited to

the Custodial Account. The Custodian shall vote any

shares held in the Custodial Account in accordance with

the timely written instructions of the Depositor if

received. If no timely written voting instructions are

received from the Depositor, the Depositor agrees that the

Custodian may vote such unvoted shares as instructed by

the Sponsor, which may include voting in the same

proportion of shares of the Fund for which written voting

instructions were timely received by the Fund (or its

agent) from the Fund’s other shareholders or in

accordance with the recommendations of the Fund’s

board of directors in the relevant proxy soliciting

materials. In the latter case, the Custodian shall have no

responsibility to separately review or evaluate the Fund’s

board of directors’ voting recommendations nor have any

liability for following the Depositor’s instruction to follow

the Fund’s board of directors’ recommendation.

(f) Depositor shall always fully indemnify Service

Company, Distributor, the Fund(s), Sponsor and

Custodian and save them harmless from any and all

liability whatsoever which may arise either (i) in

connection with this Agreement and the matters which it

contemplates, except that which arises directly out of the

Service Company’s, Distributor’s, Fund’s, Sponsor’s or

Custodian’s bad faith, gross negligence or willful

misconduct, (ii) with respect to making or failing to make

any distribution, other than for failure to make

distribution in accordance with an order therefor which is

in full compliance with Section 10, or (iii) actions taken

or omitted in good faith by such parties. Neither Service

Company nor Custodian shall be obligated or expected to

commence or defend any legal action or proceeding in

connection with this Agreement or such matters unless

agreed upon by that party and Depositor, and unless fully

indemnified for so doing to that party’s satisfaction.

(g) The Custodian and Service Company shall each

be responsible solely for performance of those duties

expressly assigned to it in this Agreement, and neither

assumes any responsibility as to duties assigned to anyone

else hereunder or by operation of law.

(h) The Custodian and Service Company may each

conclusively rely upon and shall be protected in acting

upon any written order from Depositor or Beneficiary, or

any investment adviser appointed under Section 8, or any

other notice, request, consent, certificate or other

instrument or paper believed by it to be genuine and to

have been properly executed, and so long as it acts in good

faith, in taking or omitting to take any other action in

reliance thereon. In addition, Custodian will carry out the

requirements of any apparently valid court order relating

to the Custodial Account and will incur no liability or

responsibility for so doing.

16. Fees and Expenses.

(a) The Custodian, in consideration of its services

under this Agreement, shall receive the fees specified on

the applicable fee schedule. The fee schedule originally

applicable shall be the one specified in the Adoption

Agreement or Disclosure Statement, as applicable. The

Custodian may substitute a different fee schedule at any

time upon 30 days’ written notice to Depositor. The

Custodian shall also receive reasonable fees for any

services not contemplated by any applicable fee schedule

and either deemed by it to be necessary or desirable or

requested by Depositor.

ODGE

UNDS

▪

PAGE

(b) Any income, gift, estate and inheritance taxes

and other taxes of any kind whatsoever, including transfer

taxes incurred in connection with the investment or

reinvestment of the assets of the Custodial Account, that

may be levied or assessed in respect to such assets, and all

other administrative expenses incurred by the Custodian

in the performance of its duties (including fees for legal

services rendered to it in connection with the Custodial

Account) shall be charged to the Custodial Account. If

the Custodian is required to pay any such amount, the

Depositor (or Beneficiary) shall promptly upon notice

thereof reimburse the Custodian.

expenses charged to the Custodial Account shall be

collected either from the amount of any contribution or

distribution to or from the Custodial Account, or (at the

option of the person entitled to collect such amounts) to

the extent possible under the circumstances by the

conversion into cash of sufficient shares of one or more

Funds held in the Custodial Account (without liability for

any loss incurred thereby). Notwithstanding the

foregoing, the Custodian or Service Company may make

demand upon the Depositor for payment of the amount of

such fees, taxes and other administrative expenses. Fees

which remain outstanding after 60 days may be subject to

a collection charge.

17. Resignation or Replacement of Custodian.

(a) Upon 30 days’ prior written notice to the

Custodian, Depositor or Sponsor, as the case may be, may

remove it from its office hereunder. Such notice, to be

effective, shall designate a successor custodian and shall be

accompanied by the successor’s written acceptance. The

Custodian also may at any time resign upon 30 days’ prior

written notice to Sponsor, whereupon the Sponsor shall

notify the Depositor (or Beneficiary) and shall appoint a

successor to the Custodian. In connection with its

removal or resignation hereunder, the Custodian may, but

is not required to, designate a successor custodian by

written notice to the Sponsor or Depositor (or

Beneficiary) if neither the Sponsor nor Depositor (or

Beneficiary) designate a successor custodian, and the

Sponsor or Depositor (or Beneficiary) will be deemed to

have consented to such successor unless the Sponsor or

Depositor (or Beneficiary) designates a different successor

custodian and provides written notice thereof together

with such a different successor’s written acceptance by

such date as the Custodian specifies in its original notice

to the Sponsor or Depositor (or Beneficiary) (provided

that the Sponsor or Depositor (or Beneficiary) will have a

minimum of 30 days to designate a different successor).

(b) The successor custodian shall be a bank, insured

credit union, or other person satisfactory to the Secretary of

the Treasury under Code Section 408(a) (2). Upon receipt

by Custodian of written acceptance by its successor of such

successor’s appointment, Custodian shall transfer and pay

over to such successor the assets of the Custodial Account

and all records (or copies thereof) of Custodian pertaining

thereto, provided that the successor custodian agrees not to

dispose of any such records without the Custodian’s consent.

Custodian is authorized, however, to reserve such sum of

money or property as it may deem advisable for payment of

all its fees, compensation, costs, and expenses, or for

payment of any other liabilities constituting a charge on or

against the assets of the Custodial Account or on or against

the Custodian, with any balance of such reserve remaining

after the payment of all such items to be paid over to the

successor custodian.

omissions of its predecessor or its successor.

18. Applicable Code. References herein to the “Code”

and sections thereof shall mean the same as amended from

time to time, including successors to such sections.

19. Delivery of notices. Except where otherwise

specifically required in this Agreement, any notice from

Custodian to any person provided for in this Agreement

shall be effective if sent by first-class mail to such person

at that person’s last address on the Custodian’s records.

20. Exclusive benefit. Depositor or Depositor’s

Beneficiary shall not have the right or power to anticipate

any part of the Custodial Account or to sell, assign,

transfer, pledge or hypothecate any part thereof. The

Custodial Account shall not be liable for the debts of

Depositor or Depositor’s Beneficiary or subject to any

seizure, attachment, execution or other legal process in

respect thereof except to the extent required by law. At

no time shall it be possible for any part of the assets of the

Custodial Account to be used for or diverted to purposes

other than for the exclusive benefit of the Depositor or

his/her Beneficiary except to the extent required by law.

PAGE

30 ▪ D

ODGE

UNDS

21. Applicable law/Interpretation. When accepted by

the Custodian, this Agreement is accepted in and shall be

construed and administered in accordance with the laws

of the state where the principal offices of the Custodian

are located. Any action involving the Custodian brought

by any other party must be brought in a state or federal

court in such state.

This Agreement is intended to qualify under the

Code as an Individual Retirement Account and entitle

Depositor to the retirement savings deduction under

section 219 if available. If any provision of this

Agreement is subject to more than one interpretation or

any term used herein is subject to more than one

construction, such ambiguity shall be resolved in favor of

that interpretation or construction which is consistent

with the intent expressed in the preceding sentence.

However, the Custodian shall not be responsible for

whether or not such intentions are achieved through use

of this Agreement, and Depositor is referred to Depositor’s

attorney for any such assurances.

22. Professional advice. Depositor is advised to seek

advice from Depositor’s attorney regarding the legal

consequences (including but not limited to federal and

state tax matters) of entering into this Agreement,

contributing to the Custodial Account, and ordering

Custodian to make distributions from the Custodial

Account. Depositor acknowledges that Custodian and

Service Company (and any company associated therewith)

are prohibited by law from rendering such advice.

23. Definition of written notice. If any provision of any

document governing the Custodial Account provides for

notice, instructions or other communications from one

party to another in writing, to the extent provided for in

the procedures of the Custodian, Service Company or

another party, any such notice, instructions or other

communications may be given by telephonic, computer,

other electronic or other means, and the requirement for

written notice will be deemed satisfied.

24. Governing documents. The legal documents

governing the Custodial Account are as follows:

(a) If in the Adoption Agreement the Depositor

designated the Custodial Account as a Traditional IRA

under Code Section 408(a), the provisions of Part One

and Part Three of this Agreement and the provisions of

the Adoption Agreement are the legal documents

governing the Custodial Account.

(b) If in the Adoption Agreement the Depositor

designated the Custodial Account as a Roth IRA under

Code Section 408A, the provisions of Part Two and Part

Three of this Agreement and the provisions of the

Adoption Agreement are the legal documents governing

the Custodial Account.

designate the Custodian Account as either a Roth IRA or

a Traditional IRA, and a separate account will be

established for such IRA. One Custodial Account may

not serve as a Roth IRA and a Traditional IRA (through

the use of subaccounts or otherwise).

(d) The Depositor acknowledges that the Service

Company may require the establishment of different Roth

IRA accounts to hold annual contributions under Code

Section 408A(c)(2) and to hold conversion amounts

under Code Section 408A(c)(3)(B). The Service

Company may also require the establishment of different

Roth IRA accounts to hold amounts converted in

different calendar years. If the Service Company does not

require such separate account treatment, the Depositor

may make annual contributions and conversion

contributions to the same account.

(e) The Depositor acknowledges that the Service

Company may require the establishment of different

Traditional IRA accounts to hold pre-tax amounts and

any after-tax amounts.

25. Conformity to IRS Requirements. This Agreement

and the Adoption Agreement signed by the Depositor (as

either may be amended) are the documents governing the

Custodial Account. Articles I through VII of Part One of

this Agreement are in the form promulgated by the

Internal Revenue Service as Form 5305-A, as modified by

subsequent guidance. It is anticipated that, if and when

the Internal Revenue Service promulgates further changes

to Form 5305-A, the Custodian will amend this

Agreement correspondingly.

Articles I through VII of Part Two of this Agreement are

in the form promulgated by the Internal Revenue Service as

Form 5305-RA. It is anticipated that, if and when the

Internal Revenue Service promulgates changes to Form

5305-RA, as modified by subsequent guidance, the Custodian

will amend this Agreement correspondingly.

The Internal Revenue Service has endorsed the use

of documentation permitting a Depositor to establish

either a Traditional IRA or Roth IRA (but not both using

ODGE

UNDS

▪

PAGE

a single Adoption Agreement), and this Agreement

complies with the requirements of the IRS guidance for

such use. If the Internal Revenue Service subsequently

determines that such an approach is not permissible, or

that the use of a “combined” Adoption Agreement does

not establish a valid Traditional IRA or a Roth IRA (as

the case may be), the Custodian will furnish the Depositor

with replacement documents and the Depositor will if

necessary sign such replacement documents. Depositor

acknowledges and agrees to such procedures and to

cooperate with Custodian to preserve the intended tax

treatment of the Account.

26. Conversion and recharacterization. If the Depositor

maintains an Individual Retirement Account under Code

Section 408(a), Depositor may convert or transfer such

other IRA to a Roth IRA under Code Section 408A using

the terms of this Agreement and the Adoption

Agreement by completing and executing the Adoption

Agreement and giving suitable directions to the

Custodian and the custodian or trustee of such other IRA.

Alternatively, the Depositor may convert or transfer such

other IRA to a Roth IRA by use of a reply card or by

telephonic, computer or electronic means in accordance

with procedures adopted by the Custodian or Service

Company intended to meet the requirements of Code

Section 408A, and the Depositor will be deemed to have

executed the Adoption Agreement and adopted the

provisions of this Agreement and the Adoption

Agreement in accordance with such procedures.

In accordance with the requirements of section

408A(d)(6) and regulations thereunder, the Depositor may

recharacterize a contribution to a Traditional IRA as a

contribution to a Roth IRA, or may recharacterize a

contribution to a Roth IRA as a contribution to a

Traditional IRA, but the option to recharacterize a Roth

IRA conversion is repealed by law, effective in 2018. The

Depositor agrees to observe any limitations imposed by the

Service Company on the number of such transactions in

any year (or any such limitations or other restrictions that

may be imposed by the Service Company or the IRS).

27. Representations by Depositor. The Depositor

acknowledges that he or she has received and read the

current prospectus for each Fund in which his or her

Custodial Account is invested and the Individual

Retirement Account Disclosure Statement related to the

Custodial Account. The Depositor represents under

penalties of perjury that his or her Social Security number

(or other Taxpayer Identification Number) as stated in

the Adoption Agreement is correct.

28. Custodial Acceptance. If all required forms and

information are properly submitted, UMB Bank, n.a. will

accept appointment as Custodian of the Custodial

Account. However, this Agreement (and the Adoption

Agreement) is not binding upon the Custodian until the

Depositor has received a statement confirming the initial

transaction for the Custodial Account. Receipt by the

Depositor of a confirmation of the purchase of the Fund

shares indicated in the Depositor’s Adoption Agreement

will serve as notification of UMB Bank, n.a.’s acceptance

of appointment as Custodian of the Custodial Account.

29. Minor Depositor. If the Depositor is a minor under

the laws of his or her state of residence, then a parent or

guardian shall exercise all powers and duties of the

Depositor, as indicated herein, and shall sign the

Adoption Agreement on behalf of the minor. The

Custodian’s acceptance of the Custodial Account on

behalf of any Depositor who is a minor is expressly

conditioned upon the agreement of the parent or guardian

to accept the responsibility to exercise all such powers and

duties, and all parties hereto so acknowledge.

Upon attainment of the age of majority under the

laws of the Depositor’s state of residence at such time, the

Depositor may advise the Custodian in writing

(accompanied by such documentation as the Custodian

may require) that he or she is assuming sole responsibility

to exercise all rights, powers, obligations, responsibilities,

authorities or requirements associated with the Custodial

Account. Upon such notice to the Custodian, the

Depositor shall have and shall be responsible for all of the

foregoing, the Custodian will deal solely with the

Depositor as the person controlling the administration of

the Custodial Account, and the Depositor’s parent or

guardian thereafter shall not have or exercise any of the

foregoing. (Absent such written notice from the

Depositor, Custodian shall be under no obligation to

acknowledge the Depositor’s right to exercise such powers

and authority and may continue to rely on the parent or

guardian to exercise such powers and authority until

notified to the contrary by the Depositor.)

PAGE

32 ▪ D

ODGE

UNDS

30. Depositor’s responsibilities. Depositor acknowledges

that it is his/her sole responsibility to report all

contributions to or withdrawals from the Custodial

Account correctly on his or her tax returns, and to keep

necessary records of all the Depositor’s IRAs (including

any that may be held by another custodian or trustee) for

tax purposes. All forms must be acceptable to the

Custodian and dated and signed by the Depositor.

Rev. 12/2019

ODGE

UNDS

▪

PAGE

Financial companies choose how they share your personal information. Federal law gives consumers the

right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and

protect your personal information. Please read this notice carefully to understand what we do.

The types of personal information we collect and share depend on the product or service you have

with us. This information can include:

Social Security number account balances

account transactions transaction history

checking account information wire transfer instructions

When you are no longer our customer, we continue to share your information as described in this notice.

All financial companies need to share customers’ personal information to run their everyday business.

In the section below, we list the reasons financial companies can share their customers’ personal

information; the reasons Dodge & Cox Funds chooses to share; and whether you can limit this sharing.

Call 800-621-3979 or go to dodgeandcox.com

For our everyday business purposes—

such as to process your transactions, maintain your

account(s), respond to court orders and legal

investigations, or report to credit bureaus

For our marketing purposes—

to offer our products and services to you

For joint marketing with other financial companies

For our affiliates’ everyday business purposes—

information about your transactions and experiences

For our affiliates’ everyday business purposes—

information about your creditworthiness

For nonaffiliates to market to you

WHAT DOES DODGE & COX FUNDS DO

WITH YOUR PERSONAL INFORMATION?

WHY?

FACTS

WHAT?

HOW?

Reasons we can share your personal information Can you limit this sharing?

Does Dodge & Cox

Funds share?

QUESTIONS?

Yes

We don’t share

rev. 04/2015

D ODGE & C OX F UNDS

00140565

D ODGE & C OX F UNDS

PAGE 2

How does Dodge & Cox Funds

protect my personal information?

How does Dodge & Cox Funds

collect my personal information?

Why can’t I limit all sharing?

What we do

To protect your personal information from unauthorized access

and use, we use security measures that comply with federal law.

These measures include computer safeguards and secured files and

buildings.

We collect your personal information, for example, when you

open an account provide account information

pay us by check make a wire transfer

give us your contact information

Federal law gives you the right to limit only

sharing for affiliates’ everyday business purposes—

information about your creditworthiness

affiliates from using your information to market to you

sharing for nonaffiliates to market to you

State laws and individual companies may give you additional rights

to limit sharing.

Affiliates

Nonaffiliates

Joint marketing

Definitions

Companies related by common ownership or control. They can be

financial and nonfinancial companies.

Our affiliates include financial companies Dodge & Cox

and Dodge & Cox Worldwide Investments Ltd.

Companies not related by common ownership or control. They can

be financial and nonfinancial companies.

Dodge & Cox Funds doesn't share with nonaffiliates so they

can market to you.

A formal agreement between nonaffiliated financial companies that

together market financial products or services to you.

Dodge & Cox Funds doesn’t jointly market.

Rev. 9/16

FACTS

WHAT DOES UMB BANK, N.A. (“UMB”) DO WITH YOUR PERSONAL INFORMATION?

Why?

Financial companies choose how they share your personal information. Federal law gives consumers

the right to limit some but not all sharing. Federal law also requires us to tell you how we collect,

share, and protect your personal information. Please read this notice carefully to understand what we

do.

What?

The types of personal information we collect and share depend on the product or service you have

with us. This information can include:

 Social Security number

 Account balances and account transactions

 Payment history and transaction history

 Retirement assets

When you are no longer our customer, we continue to share your information as described in this

notice.

How?

All financial companies need to share customers’ personal information to run their everyday business.

In the section below, we list the reasons financial companies can share their customers’ personal

information, the reasons UMB chooses to share and whether you can limit this sharing.

Reasons we can share your personal information

Does UMB share?

Can you limit this

sharing?

For our everyday business purposes –

such as to process your transactions, maintain your account(s),

respond to court orders and legal investigations, or report to

credit bureaus

Yes

For our marketing purposes –

to offer our products and services to you

We don’t share

For joint marketing with other financial companies

We don’t share

For our affiliates’ everyday business purposes –

information about your transactions and experiences

We don’t share

For our affiliates’ everyday business purposes –

information about your creditworthiness

We don’t share

For our affiliates to market to you

We don’t share

For nonaffiliates to market to you

We don’t share

Questions?

Call toll-free 800.441.9535 (or if in Kansas City, call 816.860.5780).

Page 2

Who we are

Who is providing this notice?

UMB Bank, n.a.

What we do

How does UMB protect my personal

information?

To protect your personal information from unauthorized access and

use, we use security measures that comply with federal law. These

measures include computer safeguards and secured files and

buildings.

How does UMB collect my personal

information?

We collect your personal information, for example, when you:

 Open an account or provide account information

 Make deposits or take withdrawals from your account

 Tell us about your investment or retirement portfolio

Why can’t I limit all sharing?

Federal law gives you the right to limit only:

 Sharing for affiliates’ everyday business purposes –

information about your creditworthiness

 Affiliates from using your information to market to you

 Sharing for nonaffiliates to market to you

State laws and individual companies may give you additional rights to

limit sharing. See below for more on your rights under state law.

Definitions

Affiliates

Companies related by common ownership or control. They can be

financial and nonfinancial companies.

 UMB does not share with affiliates.

Nonaffiliates

Companies not related by common ownership or control. They can be

financial and nonfinancial companies.

 UMB does not share with nonaffiliates so they can market to

you.

Joint Marketing

A formal agreement between nonaffiliated financial companies that

together market financial products or services to you.

 UMB doesn’t jointly market.

Other Important Information

You may have other privacy protections under applicable state laws. To the extent these state laws apply, we will

comply with them when we share information about you. For California residents: We will not share information we

collect about you with nonaffiliates, except as permitted by California law, including, for example to process your

transactions or to maintain your account. For Vermont residents: We will not share information we collect about you

with nonaffiliates, except as permitted by Vermont law, including, for example to process your transactions or to

maintain your account.

D & C F

Use this form to open a traditional IRA or Roth IRA. You can also open an IRA online by visiting the Funds’

website at dodgeandcox.com and clicking on “Invest With Us”.

NOTE: For your protection, following the addition of a new bank account or following any change to an automatic trade using an existing bank

instruction you must wait 15 days before you can have proceeds from a redemption settled to that bank account.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all

financial institutions to obtain, verify, and record information that identifies each person who opens an account.

To invest in the Funds we require information that will allow us to identify you.

Regular Mail: Express, Certified, or Registered Mail:

Dodge & Cox Funds Dodge & Cox Funds

c/o DST Asset Manager Solutions, Inc. c/o DST Asset Manager Solutions, Inc.

P.O. Box 219502 430 W 7th Street, Suite 219502

Kansas City, MO 64121-9502 Kansas City, MO 64105-1407

Prefix First Name Middle Initial Last Name

_ _

/ /

Social Security Number Date of Birth

Mailing Address (A.P.O., F.P.O., or P.O. Box are also acceptable)

City State Zip Code

( )

Contact Phone Number Extension Email Address

If mailing address above is a P.O. Box, a street address is also required by the USA PATRIOT Act.

Street Address (if different than Mailing Address above)

City State Zip Code

Shares of the Dodge & Cox Funds are registered for sale to U.S. residents only. You must provide your valid

U.S. address when opening an account.

IRA Application

08/20 d

c ira app ira application

page

1 of 8

USA PATRIOT

ACT NOTICE

MAILING

ADDRESS

PART 1

SHAREHOLDER

INFORMATION

INSTRUCTIONS

dodgeandcox.com

800-621-3979

Clear Form

D & C F

ira application

page

2 of 8

INSTRUCTIONS: To establish a traditional IRA, complete Part A. To establish a Roth IRA, complete

Part B.

This IRA Application may be used to establish only one traditional IRA or one Roth IRA; separate IRA

Applications must be completed if you want to establish multiple traditional or Roth IRAs. Refer to the IRA

Disclosure Statement for additional information.

Check one of boxes 1-6 and, if applicable, also check one of boxes 7-8 to indicate the type of traditional IRA you

are establishing.

1. Annual Contribution

Check enclosed for $ for tax year

Check must be payable to Dodge & Cox Funds. The Funds do not accept third party checks, travelers

checks, or money orders.

This contribution may not exceed the maximum permitted amount as determined

by the IRS.

NOTE: If no tax year is indicated, the contribution will be applied to the current year.

2. Transfer*

Transfer of existing traditional IRA directly from current custodian/trustee. Enclose a completed

IRA Transfer of Assets Form. Dodge & Cox Funds will contact your existing traditional IRA custodian to

arrange the asset transfer.

3. Indirect Rollover*

Check enclosed for $

Check must be payable to Dodge & Cox Funds. The Funds do not accept third party checks, travelers

checks, or money orders.

4. Direct Rollover*

Enclose a completed IRA Transfer of Assets Form if you would like Dodge & Cox Funds to facilitate the

asset transfer from the sponsor of your employer’s qualified retirement plan (e.g. 401k plan, 457 plan).

5. Transfer due to death

Check here if you will be receiving assets from a decedent IRA and indicate below the type of IRA

you are establishing. If applicable, the Required Minimum Distribution for the decedent’s IRA must be

satisfied prior to distribution into the beneficiary’s IRA. Distribution requirements for each type of IRA

are discussed in the IRS Publication 590-B.

Spousal IRA Decedent’s Date of Death

/ /

Inherited IRA Decedent’s Date of Death

/ /

6. Transfer due to Divorce Or Settlement

Check here if you will be receiving retirement assets from a divorce or settlement.

7. Recharacterization

Recharacterization of a previous IRA conversion or contribution to a traditional IRA. Enclose a completed

IRA Recharacterization Form.

8. SEP Provision

Check here if you intend to use this account in connection with a SEP plan or grandfathered SARSEP

plan established by your employer. Enclose a copy of your SEP (IRS Form 5305) or SARSEP plan.

* Since it is your responsibility to keep track of after-tax contributions and non-deductible contributions, it may be in your best interest to keep these

amounts in separate accounts. Separate IRA Applications must be completed if you want to establish multiple traditional IRAs.

PART 2

IRA ELECTION

(if applicable)

A. Traditional IRA

D & C F

ira application

page

3 of 8

Check one of boxes 1-6 and, if applicable, also check one of boxes 7-9 to indicate the type of Roth IRA you

are establishing.

1. Annual Contribution

Check enclosed for $ for tax year

Check must be payable to Dodge & Cox Funds. The Funds do not accept third party checks, travelers

checks, or money orders.

This contribution may not exceed the maximum permitted amount as determined

by the IRS.

NOTE: If no tax year is indicated, the contribution will be applied to the current year.

2. Transfer

Transfer of existing Roth IRA directly from your current custodian/trustee. Enclose a completed IRA

Transfer of Assets Form. Dodge & Cox Funds will contact your existing Roth IRA custodian to facilitate

the asset transfer.

Indicate the year the Roth IRA was originally established:

3. Indirect Rollover

Check enclosed for $

Check must be payable to Dodge & Cox Funds. The Funds do not accept third party checks, travelers

checks, or money orders.

4. Direct Rollover

Conversion from a qualified retirement plan

Rollover from a qualified Roth retirement plan

5. Transfer due to death

Check here if you will be receiving assets from a decedent IRA and indicate below the type of IRA you

are establishing. Distribution requirements for each type of IRA are discussed in the IRS Publication

590-B.

Spousal IRA Decedent’s Date of Death

/ /

Inherited IRA Decedent’s Date of Death

/ /

6. Transfer due to Divorce Or Settlement

Check here if you will be receiving retirement assets from a divorce or settlement.

7. Conversion of an existing Dodge & Cox Funds traditional IRA to a Roth IRA

Enclose a completed IRA Conversion Form.

8. Conversion of a non-Dodge & Cox Funds traditional IRA to a Roth IRA

Transfer

Rollover

9. Recharacterization

Recharacterization of a previous IRA contribution to a Roth IRA contribution. Enclose a completed IRA

Recharacterization Form.

B. Roth IRA

(if applicable)

D & C F

ira application

page

4 of 8

Investment Amount – Minimum $1,000 for each Fund established.

If this is a direct rollover, inheritance, transfer, or conversion, you may enter a percentage allocation in the

spaces at far right. If this is a recharacterization, leave this section blank.

Stock Fund (145) $ or %

Global Stock Fund (1049) $ or %

International Stock Fund (1048) $ or %

Balanced Fund (146) $ or %

Income Fund (147) $ or %

Global Bond Fund (1050) $ or %

TOTAL: $ or 100%

Checks must be payable to: Dodge & Cox Funds. The Funds do not accept third party checks, traveler’s

checks, or money orders.

By wire transfer, call 800-621-3979 prior to wiring funds; see the prospectus for full instructions.

Indicate if you would like to receive your statements and other important documents online. You will receive

a notification to the email address provided informing you that the documents are available for viewing on the

Funds’ website. You can change this election at any time. Confidential account information will not be sent

via email.

All Documents

OR Select Document Type:

Account Statements

Confirmation Statements

Fund Reports, Prospectus, and Proxies

Tax Forms

PART 4

ACCOUNT OPTIONS

A. Consent for

Electronic Delivery

PART 3

INITIAL INVESTMENT

D & C F

ira application

page

5 of 8

Telephone and Internet transactions and maintenance for your account are automatically established unless you

check the box below:

I DO

NOT WANT: Telephone and Internet capabilities

Establish automatic investments in your IRA through deductions from your bank account. Complete Part 4D,

Bank Account Information.

Frequency: Monthly Quarterly Semi-annually Annually

/ /

Fund Amount ($100 minimum) Start Date Day(s) of Month

/ /

Fund Amount ($100 minimum) Start Date Day(s) of Month

/ /

Fund Amount ($100 minimum) Start Date Day(s) of Month

/ /

Fund Amount ($100 minimum) Start Date Day(s) of Month

/ /

Fund Amount ($100 minimum) Start Date Day(s) of Month

/ /

Fund Amount ($100 minimum) Start Date Day(s) of Month

IMPORTANT NOTES:

Contributions will be credited for current calendar year or prior year until April 15 only.

It is your responsibility to ensure that investments do not exceed your annual contribution limit.

If you over contribute, the IRS may charge you a substantial penalty.

An AIP normally becomes active 15 days after this form is processed.

If no day or frequency is chosen, investments will be made on or about the 5th business day of every month.

If no start date is provided, the AIP will begin as soon as the option is established in accordance with

the instructions provided.

B. Telephone and Internet

Capabilities

C. Automatic Investment

Plan (AIP) (optional)

D & C F

ira application

page

6 of 8

To link a bank account to your IRA, attach a voided check (checking account), preprinted deposit slip (savings

account), or separate instructions (brokerage account). Your bank must be a member of the Automated Clearing

House (ACH) system to use any options that require the completion of this section. If you are including a

preprinted deposit slip the bank routing number is usually NOT located on your slip. Please call your bank for

the routing number. Money market accounts cannot be linked to your IRA.

Bank Account Type: Checking Account Savings Account Brokerage Account

NOTE: For Brokerage Accounts — The bank information (bank name, bank account number, ABA) may be different for ACH versus wire. If the

bank information is different, provide the information on a separate sheet and attach it to this IRA Application. Please call your brokerage firm if

you are unsure.

I hereby make the following Beneficiary Designation in accordance with the Dodge & Cox Funds –

UMB Bank, n.a. IRA Disclosure Statement and Custodial Agreement.

In the event of my death, transfer ownership of my account(s) to the following primary beneficiary(ies) who

survive(s) me. Make payment in the percentages specified below (or in equal percentages (totaling 100%) if no

allocations are specified). Indicate the inheritance method you would like to utilize for your beneficiaries below

by selecting either per capita, or per stirpes. If no selection is made, the per capita method will be utilized.

If you wish to name more primary or alternate beneficiaries, please list all the requested information on a

separate sheet and attach it to this form.

Per capita

A beneficiary’s share will be divided among the remaining beneficiaries in the event he/she pre-deceases you.

Per stirpes

A Beneficiary’s heirs will receive his/her share of the distribution in the event he/she pre-deceases you.

Person / Entity Relationship

/ /

Social Security Number or Taxpayer Identification Number Date of Birth/Trust Date

Person / Entity Relationship

/ /

Social Security Number or Taxpayer Identification Number Date of Birth/Trust Date

Person / Entity Relationship

/ / 100%

Social Security Number or Taxpayer Identification Number Date of Birth/Trust Date

D. Bank Account Information

(if applicable)

Attach a voided check

(checking account),

preprinted deposit slip

(savings account) or provide

bank account information

PART 5

BENEFICIARY

DESIGNATION

Primary Beneficiary(ies)

D & C F

The Dodge & Cox Funds account and bank account provided must have at least one common owner.

Bank Name

Bank Account Registration

Bank Account Number

Bank Routing (ABA) Number

D & C F

If none of the primary beneficiary(ies) survives me, transfer ownership of my account(s) to the following alternate

beneficiary(ies) who survive(s) me. Make payment in the percentages specified below (or in equal percentages (totaling

100%) if no allocations are specified). Indicate the inheritance method you would like to utilize for your beneficiaries

below by selecting either per capita, or per stirpes. If no selection is made, the per capita method will be utilized.

If there are no surviving alternate beneficiary(ies) and no per stirpes designation at the time of your death, the Funds will

transfer ownership of your account(s) to your estate (unless otherwise required by the laws of your state of residence).

Per capita

A beneficiary’s share will be divided among the remaining beneficiaries in the event he/she pre-deceases you.

Per stirpes

A Beneficiary’s heirs will receive his/her share of the distribution in the event he/she pre-deceases you.

Person / Entity Relationship

/ /

Social Security Number or Taxpayer Identification Number Date of Birth/Trust Date

Person / Entity Relationship

/ /

Social Security Number or Taxpayer Identification Number Date of Birth/Trust Date

Person / Entity Relationship

/ / 100%

Social Security Number or Taxpayer Identification Number Date of Birth/Trust Date

This section should be reviewed if you are married and designate a primary beneficiary other than your

spouse. It is your responsibility to determine if this section applies. UMB Bank, n.a., Dodge & Cox,

Dodge & Cox Funds, DST Asset Manager Solutions, Inc., and any affiliate and/or any of their directors, trustees,

employees, and agents are not liable for any consequences resulting from your failure to provide proper spousal consent.

IMPORTANT: This beneficiary designation may have important tax or estate planning effects. If you are married

and reside in a community property or marital property state (e.g., Arizona, California, Idaho, Louisiana, Nevada, New

Mexico, Texas, Washington, or Wisconsin), you may need to obtain your spouse’s consent if you have not designated

him or her as primary beneficiary for at least half of your account. Consult legal counsel or a tax advisor for additional

information and advice.

I am the spouse of the IRA owner. I acknowledge that I have received a full and reasonable disclosure of my spouse’s property

and financial obligations. Due to any possible consequences of giving up my community or marital property interest in this IRA,

I have been advised to consult legal counsel or a tax advisor.

I hereby consent to the beneficiary designation(s) indicated above. I assume full responsibility for any adverse consequence

that may result. No tax or legal advice was given to me by the Custodian, DST Asset Manager Solutions, Inc., Dodge & Cox,

or Dodge & Cox Funds.

/ /

Name of Spouse Signature of Spouse Date

I have received, read, and agree to the Dodge & Cox Funds – UMB Bank, n.a. Individual Retirement Account

Disclosure Statement and Custodial Agreement.

I acknowledge receipt of the IRA Disclosure Statement and Custodial

Agreement at least seven days before the date inscribed below and acknowledge that I have no further right of revocation.

If I have indicated an Indirect Rollover above, I certify that: if the distribution is from another IRA, that I have

not made another rollover within the one-year period immediately preceding this rollover for any IRA; that such

distribution was received within 60 days (unless an exception applied) of making the rollover to this IRA; and that no

portion of the amount rolled over is a required minimum distribution under the required distribution rules.

ira application

page

7 of 8

Alternate Beneficiary(ies)

Spousal Consent

PART 6

CERTIFICATION

AND SIGNATURES

D & C F

ira application

page

8 of 8

I accept full responsibility for complying with all IRS requirements with respect to my Dodge & Cox Funds –

UMB Bank, n.a. IRA, including, but not limited to, contribution limits, conversions, distributions,

recharacterizations, minimum required distributions, and tax-filing and record keeping requirements. I

understand that I am responsible for any tax consequences or penalties which may result from elections I make

or any contributions, conversions, distributions, or recharacterizations which I initiate. I hereby indemnify

Dodge & Cox, Dodge & Cox Funds, DST Asset Manager Solutions, Inc., UMB Bank, n.a., and any affiliate

and/or any of their directors, trustees, employees, and agents if I fail to meet any such IRS requirements. I certify

the accuracy of the information provided on this IRA Application.

I acknowledge and understand that the beneficiary(ies) I have named may be changed or revoked at any

time by filing a new designation in writing with the Custodian.

I have received and read the Dodge & Cox Funds’ prospectus and the summary prospectus (available at

dodgeandcox.com) for each of the Funds in which I am investing and believe that the investment is suitable for

me. I understand the investment objectives and policies of the Fund(s) and agree to be bound by the terms of

the prospectus. I authorize Dodge & Cox Funds, its affiliates and agents, to act on any instructions believed to

be genuine for any services authorized on this form, including telephone options. Neither Dodge & Cox Funds,

Dodge & Cox, DST Asset Manager Solutions, Inc., UMB Bank, n.a., nor any affiliate and/or any of their directors,

trustees, employees, and agents will be responsible for the authenticity of transaction instructions received

by telephone, provided that reasonable security procedures (including shareholder identity verification) have

been followed. I consent to the recording of any telephone conversation(s) when I call the Funds regarding my

account(s). I will review all statements upon receipt, and will notify the Funds immediately if there is a discrepancy.

By completing Part 4D I hereby authorize the Fund to initiate credits and/or debits to my account indicated

in Part 4D and for the bank to honor all entries to my account.

Select one:

I am a U.S. citizen. I am a resident alien.

I certify under penalties of perjury that: (1) the Social Security number provided above is correct; and (2) I

am not subject to IRS backup withholding because: (a) I am exempt from backup withholding; or (b) I have

not been notified by the IRS that I am subject to backup withholding; or (c) I have been notified by the IRS

that I am no longer subject to backup withholding.

I am a non-resident alien and certify under penalties of perjury that I am not a U.S. citizen or resident alien.

I am an “exempt foreign person’’ as defined under IRS regulations. I have attached a completed

W-8BEN form and a copy of my government issued ID as proof of my foreign tax status.

The IRS does not require your consent to any provision of this document other than the certifications

required to avoid backup withholding.

/ /

Signature of IRA Owner Date

If the IRA owner is a minor under the laws of the IRA owner’s state of residence, a parent or guardian must also

sign the IRA Application here. Until the IRA owner reaches the age of majority, the parent or guardian will

exercise the powers and duties of the IRA owner.

_ _

/ /

Name of Parent or Guardian Social Security Number Date of Birth

/ /

Signature of

Parent or

Guardian Date

CUSTODIAN ACCEPTANCE. UMB Bank, n.a. will accept appointment as Custodian of the IRA owner’s

account. However, this Agreement is not binding upon the Custodian until the IRA owner has received a

statement of the transaction. Receipt by the IRA owner of a confirmation of the purchase of the Fund shares

indicated above will serve as notification of UMB Bank, n.a. acceptance of appointment as Custodian of the IRA

owner’s account.

(Retain a photocopy of the completed agreement for your records)

PART 6

CERTIFICATIONS

AND SIGNATURES

(continued)

(required)

D & C F

Clear Form

D & C F

IRA Transfer

of Assets Form

Asset Transfers, Direct and Indirect Rollovers may be processed online through dodgeandcox.com by clicking

on “Open an account in the Dodge & Cox Funds” under the “Invest with Us” section.

Use this form to transfer assets from an existing non-Dodge & Cox Funds IRA or for a direct rollover from an

employer-sponsored retirement plan or (e.g., 401(k), 403(b), or 457) to a Dodge & Cox Funds IRA. Before

using this form, check with your employer regarding procedures for direct rollovers.

Dodge & Cox Funds does

not require a medallion signature guarantee to accept your transfer of assets, however your current custodian/

trustee may have signature requirements. Please contact your current IRA custodian/trustee to determine if they

require a medallion signature guarantee.

To fund an existing Dodge & Cox Funds IRA complete this form. To establish a new Dodge & Cox Funds

IRA complete this form and attach a completed IRA application. Mail the form(s) to the address below and we

will initiate the transfer with your current IRA custodian/trustee or your employer.

If you are transferring more than one IRA or rollover, please complete a separate form for each transfer.

Regular Mail: Express, Certified, or Registered Mail:

Dodge & Cox Funds Dodge & Cox Funds

c/o DST Asset Manager Solutions, Inc. c/o DST Asset Manager Solutions, Inc.

P.O. Box 219502 430 W 7th Street, Suite 219502

Kansas City, MO 64121-9502 Kansas City, MO 64105-1407

NOTE: It is your responsibility to assure prompt transfer of the assets from the current custodian/trustee or employer to UMB Bank, n.a. If you do

not receive a confirmation statement detailing the transfer within 30 days, please call your current custodian/trustee or employer. It is also your

responsibility to keep track of after-tax contributions and non-deductible contributions. The IRS generally, with certain exceptions, only allows one

rollover in any twelve month period, regardless of the number of IRAs you own. It is your responsibility to ensure that you do not exceed the number

and type of allowable rollovers in a given twelve month period.

Prefix First Name Middle Initial Last Name

_ _

( )

Social Security Number Contact Phone Number

Street Address or P.O. Box

City State Zip Code

Transfer to a Dodge & Cox Funds—UMB Bank, n.a.:

Traditional IRA

NOTE: If you will be 72 or older (70 1/2 for those born before July 1, 1949), please contact your current custodian to satisfy your required minimum

distribution before your transfer.

SEP IRA

NOTE: Transfers to a traditional or simplified employee pension (SEP) IRA may be made from another traditional, SEP IRA, or a SIMPLE IRA (but

not until at least two years after the first contribution to your SIMPLE IRA). You may not transfer assets from a Roth IRA to a SEP IRA.

Roth IRA

NOTE: Transfers to a Roth IRA may be made from another Roth, traditional IRA, SEP IRA, or a SIMPLE IRA (but not until at least two years

after the first contribution to your SIMPLE IRA). A transfer to a Roth IRA from another IRA will trigger federal income tax on the taxable amount

to be transferred.

A participant in an employer retirement plan who is eligible to remove assets from the plan may make a direct rollover to an IRA. Beneficiaries

of eligible assets in retirement plans can also roll over to their own or an inherited traditional IRA non-taxably or a Roth IRA taxably.

Inherited IRA Decedent’s Date of Death: / /

04/20 d

c ira toa ira transfer of assets form

page

1 of 4

INSTRUCTIONS

PART 1

SHAREHOLDER

INFORMATION

PART 2

TYPE OF IRA

MAILING

INSTRUCTIONS

dodgeandcox.com

800-621-3979

Clear Form

D & C F

ira transfer of assets form

page

2 of 4

D & C F

Check here if you are converting assets from your traditional IRA to a Roth IRA. If you have previously

instructed your current IRA custodian to convert your traditional IRA to a Roth IRA, do not complete this

section. Note that a conversion from a traditional IRA to a Roth IRA will trigger federal income tax (state

income tax may also apply) on the taxable amount converted from the traditional IRA. Also, if you will be

72 or older (or 70 1/2 if born before July 1, 1949) during the year of this conversion, you must first satisfy the

IRS minimum distribution requirements before converting your traditional IRA to a Roth IRA.

Withholding Instructions. Your current IRA custodian/trustee is required to withhold federal income

taxes (at a rate of 10%) on the amount you convert, unless you elect not to have withholding apply. If you do

not check the box below, federal income tax will be withheld at a rate of 10%.

I understand that the amount withheld may be subject to a 10% premature withdrawal penalty and that

withholding income taxes from the amount converted (instead of paying applicable income taxes from another source)

may adversely affect the anticipated financial benefits of converting.

I DO NOT WANT to have federal income tax withheld from my conversion amount.

Complete this section if you are transferring an IRA.

( )

Name of Current Custodian/Trustee Contact Phone Number

Street Address or P.O. Box City State Zip Code

Name of Fund Account Number

/ /

Transfer on Maturity Date

NOTE: Certificate of Deposit – If your CD is to be transferred to the Dodge & Cox Funds upon maturity, we must receive this form at least 15

days, but not more than 30 days, prior to the maturity date.

There may be a premature withdrawal penalty if you choose to liquidate your CD prior to

maturity. If you are transferring more than one CD, and the maturity dates are more than one month apart, please complete another IRA Transfer of

Assets Form and send it in closer to the maturity date.

A. Transfer assets in cash

Liquidate all or $ or % of assets in the above-referenced account and

transfer the proceeds to UMB Bank, n.a., custodian of my Dodge & Cox Funds IRA. The check should be

made payable to Dodge & Cox Funds.

B. Transfer in kind

My assets currently include Dodge & Cox Fund shares to be transferred in kind.

All or $ or % of assets in the above-referenced account.

PART 4

CURRENT IRA

CUSTODIAN/TRUSTEE

(if applicable)

PART 5

INSTRUCTIONS

TO CURRENT IRA

CUSTODIAN/TRUSTEE

(if applicable)

PART 3

ROTH IRA CONVERSION

(if applicable)

D & C F

ira transfer of assets form

page

3 of 4

Complete this section if you are transferring a retirement plan from your previous employer. Contact your

employer prior to submitting this form, as additional paperwork may be required.

Name of Employer

To the Attention of

Street Address or P.O. Box

City State Zip Code

( )

Contact Phone Number Extension

Please transfer my retirement plan distribution to UMB Bank, n.a., custodian of my Dodge & Cox Funds IRA.

The check should be made payable to Dodge & Cox Funds.

Open a new IRA – A completed Dodge & Cox Funds IRA Application is enclosed.

Invest in my existing Dodge & Cox Funds IRA(s) as follows:

Stock Fund (145) $ or %

Account Number

Global Stock Fund (1049) $ or %

Account Number

International Stock Fund (1048) $ or %

Account Number

Balanced Fund (146) $ or %

Account Number

Income Fund (147) $ or %

Account Number

Global Bond Fund (1050) $ or %

Account Number

TOTAL: $ or 100%

PART 6

INSTRUCTIONS FOR

EMPLOYER PLAN

ADMINISTRATOR

DIRECT ROLLOVER

(if applicable)

PART 7

INVESTMENT

INSTRUCTIONS

D & C F

NOTE: A medallion signature guarantee may be obtained from a domestic bank or trust company, broker, dealer, clearing agency, savings association,

or other financial institution which participates in a Medallion program recognized by the Securities Transfer Association. Signature guarantees from

financial institutions which do not participate in a Medallion program will not be accepted. A notary public cannot provide signature guarantees.

DST Asset Manager Solutions, Inc., as custodial agent for UMB Bank, n.a., agrees to accept funds from

the current custodian, and deposit them into a qualified retirement plan on behalf of the owner named in

the accompanying transfer request, in accordance with the applicable provisions of the Internal Revenue

Service Code.

ira transfer of assets form

page

4 of 4

D & C F

I have established a successor IRA that meets the requirements of Internal Revenue Code Section 408(a), 408(p),

or 408A (as the case may be) to which these assets will be transferred.

/ /

Signature of IRA Owner Date

PART 8

CERTIFICATION

AND SIGNATURE

(if applicable)

ACCEPTANCE BY

NEW CUSTODIAN

(for internal use)

Medallion Signature Guarantee (only if required by current custodian or trustee)

Clear Form

Download
Save PDF to desktop

Email
Email completed PDF

Send for Signing
Email for others to sign

Print
Print document

NAME

IRA Information Guide

View Audit Log
Print With Audit Log
Duplicate Document

Fill Online, Printable, Fillable, Blank IRA Information Guide Form

Related forms

Fillable IRA Information Guide

Fill Online, Printable, Fillable, Blank IRA Information Guide Form

Related forms

First 20 documents completely FREE!