Dodge & Cox Stock Fund

The Fund offers investors a highly selective, actively managed core equity mutual fund that invests in businesses based on our analysis of long-term fundamentals relative to current valuations. Generally, we:

• Target a diversified portfolio of U.S. equity securities issued by medium-to-large, well-established companies that, in our opinion, appear to be temporarily undervalued by the stock market but have a favorable outlook for long-term growth.

• Also invest up to 20% of the portfolio in securities of non-U.S. issuers that are not in the S&P 500 Index, provided that no more than 5% of the Fund’s total assets may be invested in non-U.S. dollar denominated securities.

• Select individual securities based on our analyses of various factors—including a company’s financial strength, economic condition, competitive advantage, quality of the business franchise, financially material environmental, social, and governance (ESG) issues, and the reputation, experience, and competence of its management—as weighed against valuation.