Dodge & Cox Stock Fund

The fund invests in a diversified portfolio of medium-to-large companies that Dodge & Cox believes are temporarily undervalued but have favorable long-term profit growth prospects, emphasizing financial strength, cash flow, competitive advantage, and management quality alongside valuation. The fund maintains at least 80% in equity securities, with up to 20% in non-U.S. issuers outside the S&P 500 and no more than 5% in non-U.S. dollar-denominated securities. It may use derivatives including options, swaps, and futures to create or hedge equity exposure. Because security selection depends on the manager's assessment of individual companies' undervaluation and growth prospects, fund performance will diverge from any benchmark.