Dodge & Cox Balanced Fund

The Fund offers investors a highly selective, actively managed mutual fund, diversified across equity and fixed income. Generally, we:

• Invest a portion of the Fund’s portfolio in equity investments that, in our opinion, appear to be temporarily undervalued by the stock market but have a favorable outlook for long-term growth.

• Invest a portion of the Fund’s portfolio in investment-grade debt securities including government and government related obligations, mortgage- and asset-backed securities, corporate and municipal bonds, and other debt securities. The Fund may also invest in below investment-grade debt securities.

• Allocate between equity and debt investments based on our assessment of the potential risks and returns for each asset class over a three- to five-year horizon.