(PUB) Morningstar FundInvestor

September 2013

Morningstar FundInvestor

5

Data through August 31, 2013 Dodge & Cox International Stock

Ticker

Status Yield Total Assets

Mstar Category Foreign Large Blend

DODFX Open

2.0% $45,221 mil

Morningstar Analyst Rating 08-23-13

Investment Style Equity Stock %

Historical Profile Return Risk Rating Above Avg High Above Avg

93% 95% 97% 98% 98% 97% 99% 98% 98%

Œ

Manager Change Partial Manager Change

10.0 14.0 18.0 22.8 26.8

Morningstar Pillars Process Performance

Growth of $10,000

Positive Positive Positive Positive Positive

Investment Values of Fund Investment Values of MSCI EAFE

People Parent Price

NAV Total Return % +/-MSCI EAFE +/-MSCI WexUS Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $ Performance Quartile (within Category) History

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 08-13

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 ¨

15.81 -13.11

23.48 49.42 10.83

30.64 32.46 12.21 11.55

35.03 16.75

43.66 28.01

46.02

21.90

31.85 47.46 15.68

35.71

29.24

34.64 21.03

37.55

-46.69 11.71

-15.97 13.69

8.40 0.25 5.50 0.00 8.40 0.00 0.00 13

2.83 1.84 0.72

3.21 0.13 1.14

1.67 1.36 1.61

0.54 -4.94 2.89

-3.31 -1.16 2.04

5.94 2.54 1.55

-3.83 -2.26 2.13

3.71 4.20 2.55

8.59 0.90

6.01 1.99

1.02

-13.83

48.52

31.44

15.61

26.40

-48.73 8.82

45.47

-18.10 12.14

18.48

52

8

1

16

34

21

82

6

6

81

16

Pillar Spectrum Positive

0.13 0.06 0.90 1.30

0.14 0.00 0.82 1.54

0.24 0.22 0.77 1.90

0.35 0.39 0.70 1.54

0.56 0.62 0.66 1.82

1.26 1.50 0.65 3.11

0.94 1.58 0.64 2.37

0.44 0.00 0.65 1.58

0.50 0.00 0.65 1.58

0.76 0.00 0.64 2.23

0.75 0.00 0.64 2.31

§ Negative

¶ Neutral

. . .

Performance 08-31-13 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

12

11

6

7

9

16

35

21

15

16

10

2009 2010 2011 2012 2013

-12.97 33.37 24.39 2.13 47.46 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 . . .

45,221 40,556 35,924 43,406 36,758 25,053 53,426 30,899 13,357 4,203 655 117

Portfolio Analysis 06-30-13 Share change since 03-13 Total Stocks:86 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

Comm Svs South Africa Hlth care Switzerland Hlth care France . . Finan Svs Switzerland Hlth care Switzerland Technology Netherlands Hlth care Germany Technology United States

4.13 4.11 3.77 2.97 2.75 2.66 2.64 2.50 2.49 2.47 2.37 2.29 2.01 2.01 1.92 1.74 1.71 1.70 1.70 1.64

1 Yr 3 Yr 5 Yr

22.29

Trailing

Total +/- MSCI

+/- MSCI

%Rank Growth of

Roche Holding AG

Return% EAFE WexUS

Cat

$10,000

9.69 3.22

+Avg +Avg High

+Avg High High

Sanofi

3 Mo 6 Mo 1 Yr

-0.50 -0.69 5.15 1.44 22.29 3.63 9.69 0.41 3.22 1.60 10.01 2.44

1.02 5.22 9.31 2.76 1.74 1.67

59 9,950 13 10,515 5 12,229 22 13,198 17 11,717

Lafarge Sa

10 Yr Incept

10.01

Credit Suisse Group Novartis AG ADR Royal Philips NV Hewlett-Packard Co HSBC Holdings PLC Bayer AG

8.15

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

Other Measures

Standard Index

Best Fit Index MSCI Wd xUS

MSCI EAFE

6 25,961 . . . . . Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Alpha

0.3

0.6

Finan Svs U.K. Technology Japan Hlth care U.K. Comm Svs U.K.

Beta

1.03

1.05

Mitsubishi Electric Corp GlaxoSmithKline PLC ADR Vodafone Group PLC

R-Squared

96

96

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

8.91 2.17 9.20

19 21

0.71 1.02 0.74

72 83 38

Standard Deviation

18.62

Schlumberger NV

Energy

United States

Mean

9.69 0.59

Barclays PLC

Finan Svs U.K.

6

Sharpe Ratio

Schneider Electric

Industrl

France

Potential Capital Gain Exposure: -7% of assets

America Movil, S.A.B. de

Comm Svs Mexico Finan Svs Switzerland Comm Svs South Africa Technology Sweden

Morningstar’s Take by Gregg Wolper 08-23-13 The dedication of Dodge & Cox International’s managers pays dividends. This fund’s June 30, 2013, portfolio shows many fine year-to-date performers, but one stands out: embattled Hewlett-Packard HPQ, which had gained 87% through Aug. 16 before falling back on a less-than-rosy report a week later. The managers have had to defend that pick since buying it in early 2011 as its share price tumbled, but convinced of its long-range potential, they continually built the stake. In fact, they made hefty additions when the stock was at very low levels in the fourth quarter of 2012. The fund has benefited over a longer period from the managers’ commitment to major pharmaceutical firms, whose prospects were widely doubted in the mid-2000s amid fears of patent expirations and expected legislation. (The managers still hold those firms, considering them good values even after strong share-price gains.) The managers also own some European banks, despite the well-known risks in that region. Solid performance from all of the above areas,

Swiss Re AG

Mtn Group Limited

and top holding Naspers NPN (a South African Internet company owned since 2007), helps explain the fund’s top decile ranking so far this year. This result illustrates how the fund benefits from withstanding the temptation to avoid highly publicized risks. But it also succeeds because of its more conservative or prosaic traits, such as a stable, long-tenured management team and a low expense ratio, which was just 0.64% in 2012. Because it does buy companies facing issues, some picks will struggle. For example, it’s an open question if its long-term commitment to Nokia NOK, which has caused plenty of pain, will ever pay off. But the large majority of its decisions do work out. The fund’s 10-year annualized return through Aug. 21 of 10.4% lands in the sixth percentile of the foreign large-blend category. From its 2001 launch to the present, it has crushed both the MSCI ACWI ex-US Index (which has a hefty emerging-markets weighting, like this fund) and the category average. A long-term perspective, though, is crucial for shareholders here.

LM Ericsson Telephone Co

Current Investment Style

Sector Weightings

% of Stocks

Rel MSCI

3 Year Low

EAFE High

Market Cap % Giant 56.8 Large 37.0 Mid 5.0 Small 1.2 Micro 0.0 Avg $mil: 36,488

Value Blnd Growth

Cyclical 34.18 BasicMat 3.68 CnsmrCyc 5.90 FinanSvs 23.04 Real Est 1.56 Sensitive 46.13 CommSrvs13.38 Energy 6.17 Technlgy 20.34 Defensive19.69 CnsmrDef 1.91 Hlthcare 17.78 Utilities 0.00 Industrl 6.24

. .

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

Large Mid Small

9 4

. 11 6 . 23 16

2 1

. .

. 15 11

9 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

.

13.37 1.38 0.90 6.58 2.46

1.21 NMF NMF NMF NMF 1.02 0.87 0.92 1.22 0.88

. 11 5 . 21 14

. .

4 2

. 18 14

0 0

.

% Rel Category

13.37 -25.65

-0.01 -7.03 -7.19

Country Exposure 18 Switzerland 15 Japan 13 UK/W. Europe 62 Japan 13 Asia X Japan 5 U.K. Regional Exposure

% Stock

N. America 6 Latn America 5 Other 9

Address:

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

Minimum Purchase: Min Auto Inv Plan:

$2500 $2500

Add: $100 IRA: $1000

Add: $100

Sales Fees:

No-load 0.60% 3Yr:$205 Annually

Composition - Net

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

Management Fee:

% Stock

Cash

1.3

Bonds Other

0.0 0.7

05-01-01

Actual Fees:

Mgt:0.60% Dist: .

France

8 7

Dodge & Cox

Expense Projections: Income Distribution:

5Yr:$357 10Yr:$798

Stocks

98.1

None

Germany

Foreign

94.3

(% of Stock)

N/A

Mutual Funds ß ®

© 2013Morningstar, Inc.All rights reserved. The information herein isnot represented orwarranted to be accurate, correct, complete or timely. Pastperformance isnoguarantee of future results.Access updated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.

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