(PUB) Investing 2015

February 2 015

Morningstar FundInvestor

5

Data through January 31, 2015 Dodge & Cox International Stock

Ticker

Status Yield Total Assets

Mstar Category Foreign Large Blend

DODFX Closed 2.3% $64,040 mil

Morningstar Analyst Rating 02-02-15

Investment Style Equity Stock %

Historical Profile Return Risk Rating High High Above Avg

97% 98% 98% 97% 99% 98% 99% 94%

Œ

Manager Change Partial Manager Change

14.0 18.0 22.0 26.0

Morningstar Pillars Process Performance

Growth of $10,000

∞ ∞ ∞ ∞ ∞

Positive Positive Positive Positive Positive

Investment Values of Fund Investment Values of MSCI WexUS

People Parent Price

10.0

Performance Quartile (within Category) History

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 01-15

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

23.48 32.46 11.55 11.55

30.64 16.75

35.03 28.01

43.66

46.02

21.90 47.46

31.85

35.71

29.24 21.03

34.64 26.31 11.02 11.02

43.04 0.08 3.95 3.95 2.25 -2.17

41.77 -0.81 -0.66 -0.66 0.00 -0.81

NAV

-46.69 11.71

-15.97 13.69

Total Return % +/-MSCI WexUS +/-MSCI WexUS Income Return % Capital Return %

0.13 0.13 1.14

1.36 1.36 1.61

-4.94 -4.94 2.89

-1.16 -1.16 2.04

6.01 6.01 1.99

2.54 2.54 1.55

-2.26 -2.26 2.13

4.20 4.20 2.55

1.02

2.01

31.44

15.61

26.40

-48.73 8.82

45.47

-18.10 12.14

18.48

24.30

1

16

34

21

82

6

6

81

16

8

9

91

Total Rtn % Rank Cat

Pillar Spectrum Positive ∞

0.14 0.00 0.77 1.90

0.24 0.22 0.70 1.54

0.35 0.39 0.66 1.82

0.56 0.62 0.65 3.11

1.26 1.50 0.64 2.37

0.94 1.58 0.65 1.58

0.44 0.00 0.65 1.58

0.50 0.00 0.64 2.23

0.76 0.00 0.64 2.31

0.75 0.00 0.64 1.85

0.70 0.00

0.00 0.00

Income $

§ Negative

¶ Neutral

Capital Gains $

Expense Ratio % . . Income Ratio % . . Turnover Rate % . .

Performance 01-31-15 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

6

7

9

16

35

21

15

16

10

13

2010 2011 2012 2013 2014

3.70 -14.05 18.14 7.96 13.69 2.52 0.46 -21.72 4.23 -15.97 12.72 -8.34 7.41 9.06 21.03 3.64 1.70 11.15 7.82 26.31 2.76 5.00 -2.71 -4.66 0.08

64,040 64,040 53,616 40,556 35,924 43,406 36,758 25,053 53,426 30,899 13,357 4,203

Net Assets $mil

Portfolio Analysis 12-31-14 Share change since 09-14 Total Stocks:80 Sector

Rating and Risk Time Load-Adj

Country

% Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Naspers Ltd Class N Roche Holding AG Dividen Samsung Electronics Co L Hewlett-Packard Co Standard Chartered PLC Sanofi

Technology South Africa Hlth care Switzerland Hlth care France Technology Korea Technology United States

3.90 3.29 2.86 2.85 2.44 2.40 2.36 2.34 2.19 2.15 2.12 2.10 2.07 2.01 1.87 1.82 1.68 1.56 1.56 1.47

1 Yr 3 Yr 5 Yr

3.78

Trailing

Total +/- MSCI

+/- MSCI

%Rank Growth of

Return% WexUS WexUS

Cat

$10,000

12.58

High High +Avg

High High High

3 Mo 6 Mo 1 Yr

-3.75 -0.70 -7.12 1.03 3.78 3.22 12.58 6.00 8.60 3.15 6.69 1.39

-0.70 1.03 3.22 6.00 3.15 1.39

85 9,625 72 9,288 9 10,378 6 14,269 8 15,106

8.60 6.69 8.42

10 Yr Incept

Finan Svs U.K.

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Novartis AG ADR Schlumberger NV

Hlth care Switzerland

Other Measures

Standard Index MSCI WexUS

Best Fit Index MSCI WexUS

Energy

United States

16 19,109 . . . . . Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Lafarge Sa

. . Finan Svs Switzerland Finan Svs U.K. Hlth care Germany Technology Sweden Technology Netherlands Finan Svs India Technology Finland

Alpha

5.3

5.3

Credit Suisse Group

Beta

1.06

1.06

Barclays PLC

R-Squared

94

94

Bayer AG

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

11.67

6 5

0.81 0.76 0.85

49 59 35

LM Ericsson Telephone Co

Standard Deviation

13.64 12.58

7.77 5.78

Royal Philips NV ICICI Bank Ltd

Mean

12

Sharpe Ratio

0.94

Nokia Oyj

Potential Capital Gain Exposure: 3% of assets

Schneider Electric SE

Industrl

France

Morningstar’s Take by Gregg Wolper 02-02-15 The context of its performance, rather than the absolute size of its return, helps explain why the team behind Dodge & Cox International Stock won Morningstar’s International-Stock Fund Manager of the Year award for 2014. The fund gained a mere 0.1% last year. But with non-U.S. economies, stock markets, and currencies nearly all struggling or declining, posting any kind of positive return was an achievement. The MSCI ACWI Ex USA Index dropped 3.9%, and the foreign large-blend Morningstar Category average tumbled 5%. This fund didn’t make spectacular, head-turning trades in order to evade the damage; rather, by sticking with its patient, contrarian approach over time, it ended up in a place that enabled it to outperform. In 2013, it already had a marked overweighting in emerging markets, but its managers--a nine-person team, all at the firm more than a decade--dove in deeper when prices fell. In India, where a plunging currency and slowing economy had most investors very worried, these managers added to ICICI Bank

BNP Paribas

Finan Svs France

Imperial Tobacco Group P Lloyds Banking Group PLC

Cnsmr Def

U.K.

repeatedly in the first three quarters of 2013 as the stock’s price sank. It climbed more than 50% in 2014 as investors warmed to India’s prospects under a new government. Similar patience with Hewlett-Packard HPQ paid off in 2014; that stock rose 46%. The fund’s return also benefited from a low expense ratio and relatively light trading costs (because it trades much less frequently than most rivals, with an annual turnover rate typically in the low teens). Its managers and analysts tend to stay at Dodge & Cox for many years, often for their entire careers, so turnover is minimal in that important sphere as well. This team, with much the same roster, also won Morningstar’s International-Stock Fund Manager of the Year Award 10 years ago, in 2004. Consistency of approach, stability of management, and low costs, combined with the willingness to differ sharply from benchmarks if warranted, make this fund a keeper. New investors can no longer buy in--after several years of strong inflows, the fund closed its doors on Jan. 16, 2015.

Finan Svs U.K.

Current Investment Style

Sector Weightings

% of Stocks

Rel MSCI

3 Year Low

WexUS High

Market Cap % Giant 58.8 Large 36.2 Mid 4.9 Small 0.1 Micro 0.0 Avg $mil: 42,793

Value Blnd Growth

Cyclical 37.15 BasicMat 2.62 CnsmrCyc 6.73 FinanSvs 26.14 Real Est 1.66 Sensitive 44.99 CommSrvs 7.28 Energy 6.05 Technlgy 26.35 Defensive17.86 CnsmrDef 3.61 Hlthcare 14.25 Utilities 0.00 Industrl 5.31

. . . . .

h r t y u j i o p a k s d f

Large Mid Small

9 2 8 6

. 26 20

2 1

. 15 7

8 5 8 5

Growth Measures Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Price/Cash Flow Dividend Yield % Value Measures Price/Earnings Price/Book Price/Sales

Rel Category

. .

14.09 1.46 1.19 5.74 2.27

0.91 NMF NMF 0.16 0.01 1.07 0.92 1.21 1.06 0.81

. 26 14

. .

4 2

. 18 14 . . .

% Rel Category

10.04 -8.65 -0.88

Regional Exposure UK/W. Europe 53 Japan 12 Asia X Japan 11

% Stock

2.57 0.65

N. America 9 Latn America 6 Other 9

Address:

Dodge & Cox Funds San Francisco, CA 94104 800-621-3979 www.dodgeandcox.com

Minimum Purchase: Min Auto Inv Plan:

Closed Closed No-load

Add: . Add: .

IRA: .

Sales Fees:

Composition - Net

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

0.60%, 0.10%A

Country Exposure

% Stock

Cash

1.4

Bonds Other

0.0 4.6

05-01-01

Actual Fees:

Mgt:0.60% Dist: .

U.K.

15

United States 9 Germany 8

Dodge & Cox

Expense Projections: Income Distribution:

3Yr:$205 Annually

5Yr:$357 10Yr:$798

Stocks

93.9

None

Japan 12 Switzerland 11

Foreign

91.3

(% of Stock)

N/A

Mutual Funds ß ®

© 2015Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted tobe accurate, correct, completeor timely.Pastperformance isnoguaranteeof future results.Accessupdated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.

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