(PUB) Investing 2016

6

Data through December 31, 2015 FINRA members: For internal or institutional use only. Dodge & Cox Global Stock

Ticker DODWX

Yield 1.7%

Total Assets $5,902 mil

Mstar Category World Stock

Benchmark 1: MSCI ACWI NR USD Benchmark 2: MSCI ACWI Ex USA NR USD Morningstar Analyst Rating 12-07-15 Œ

Investment Style Equity

Historical Profile Return Risk Rating Average Above Avg QQQ Neutral

1 4 4 1 1 4 4 1

10.0 12.0 14.0 8.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

∞ Positive ∞ Positive ∞ Positive ∞ Positive ∞ Positive

6.0

Performance

People Parent

Performance Quartile (within Category)

& * ( & & & )

Price

History

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12-15

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 „ ´ ‰ Á

. . .

5.34 7.91 8.90 7.68 8.99 11.48 11.83 10.46 49.18 13.51 -11.39 21.11 33.17 6.95 -8.05 14.56 0.84 -4.05 4.98 10.37 2.79 -5.68 7.74 2.36 2.31 4.28 17.88 10.82 -2.38 1.05 0.99 1.67 1.90 1.81 1.34 1.57 48.14 12.52 -13.07 19.21 31.36 5.61 -9.62 0.04 0.06 0.08 0.15 0.15 0.16 0.15 0.19 0.00 0.00 0.05 0.17 0.32 0.30 0.23 0.87 0.74 0.69 0.66 0.65 0.65 0.65 0.64 1.39 1.09 1.19 1.94 1.93 1.58 1.42 1.98 12 44 73 14 12 14 90

NAV

. . . . . . . . . . . . . . . . . . . . . . . .

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

. . .

. . . .

Performance 12-31-15 1st Qtr 2nd Qtr

. . . . . . . . . . . .

3rd Qtr

4th Qtr

Total

2011 2012 2013 2014 2015

4.27 -0.43 -20.56 7.44 -11.39 13.80 -6.52 8.69 4.74 21.11 7.45 3.83 8.37 10.14 33.17 3.75 4.79 -0.32 -1.30 6.95 1.44 0.75 -13.07 3.50 -8.05

. .

10

20

14

19

12

24

17

467

914 1,817 1,875 2,695 3,924 5,895

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 09-30-15 Total Stocks: 88 Share change since 06-30-15

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

Country

% Assets

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

T Hewlett-Packard Co Y Time Warner Cable Inc

Technology United States Comm Svcs United States Technology United States Technology South Korea Finan Svcs United States Technology South Africa Hlth Care Switzerland Hlth Care United States Cnsmr Cyc United States Technology United States Finan Svcs United States Technology United States Hlth Care France

3.05 2.99 2.67 2.54 2.50 2.50 2.34 2.34 2.20 2.15 2.06 1.84 1.84 1.75 1.74 1.69 1.68 1.63 1.57

1 Yr 3 Yr 5 Yr

-8.05 9.41 7.04

3 Mo 6 Mo

3.50 -1.53 0.26 -10.02 -5.12 -0.70 -8.05 -5.69 -2.38 9.41 1.72 7.91 7.04 0.95 5.98

68 10,350 92 8,998 90 9,195 35 13,097 45 14,054

+Avg QQQ +Avg QQQ

Avg Avg

T Google

1 Yr

T Samsung Electronics Co Lt Bank of America Corporati

10 Yr Incept

— — — —

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

3.27

T Sanofi

— — — — — — — — — —

T Naspers Ltd Class N Y Roche Holding AG

Other Measures

Standard Index

Best Fit Index

Alpha

7.7

0.9

T Express Scripts Holding C

Beta

0.94

1.11

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

T Time Warner Inc Y Microsoft Corp

R-Squared

84

93

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

8.11 5.94

29 39

1.18 1.03

47 56

Standard Deviation

12.59

Y Charles Schwab Corp T Cisco Systems Inc Y Schlumberger Ltd Y UnitedHealth Group Inc

— — — —

Mean

9.41 0.77

Sharpe Ratio

Energy

United States

Potential Capital Gain Exposure: 6% of assets

Hlth Care United States

Morningstar's Take by Gregg Wolper 12-07-15 Dodge & Cox Global Stock’s long-term focus helps explain its disappointing 2015 showing, but it's also why the fund remains a sound choice. This fund’s managers buy companies that are out of favor, but have strong long-range prospects, and then hold on to them. (The fund’s far-below-average turnover rateof17% in2014was typical.)Theydon’tmind ifsector or country weightings are out of sync with those of indexes or peers, but to reduce the risks inherent in a contrarian strategy, they usually limit individual holdings to about 3% of assets. Thatapproachgenerallyhasworkedwell for this fund and its older, similarly run siblings. Since its May 2008 inception, it has beaten the world-stock Morningstar Category average and the MSCI ACWI Index. But that includes a bottom-quartile return this year. The main culprit has been the fund’s outsized exposure to emerging-markets companies, which have suffered as sentiment toward emerging markets has soured. Some individual holdings have specific problems, too. Petrobras PBR has been enmeshed in a nasty corruption scandal, and Standard Chartered STAN (based in Britain but with

T Barclays PLC

Finan Svcs United Kingdom 1.73

EMC Corp

Technology United States

most of its business in emerging markets) has been plagued by doubts about its business model. But Diana Strandberg and Ray Mertens, two of the managers here, continue to believe in the long-term prospects of emergingmarketsandhave faith inthosetwocompanies. They don’t downplay the firms’ issues and don’t expect quick turnarounds, but they believe that at their current prices they will reward the managers' patience eventually. Outside of emerging markets, Hewlett- Packard HPQ, the top holding as of Sept. 30 (before it split into two companies), has also hurt this year, but the controversial name has paid off before. The managers’ willingness to own disliked companies or sectors and stick with them may make the funddifficult toownat times.However, thisapproachhas shown its value over time, and experienced management and low expenses make for an enticing package. The fund retains its Morningstar Analyst Rating of Gold.

Honda Motor Co Ltd

Cnsmr Cyc Japan

T Cigna Corp

Hlth Care United States Finan Svcs Switzerland

Credit Suisse Group

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

% of Stocks

Rel Bmark 1

Market Cap % Giant 48.6 Large 40.6 Mid 10.8 Small 0.1 Micro 0.0 Avg $mil: 46,107

Value Blend Growth

Large Mid Small

35.74 0.93 2.36 0.50 10.29 0.87 21.41 1.14 1.68 0.55 44.84 1.26 11.47 2.34 6.95 1.13 3.72 0.36 22.70 1.59 19.43 0.75 4.48 0.44 14.95 1.18 0.00 0.00

Value Measures

Rel Category

Price/Earnings 14.44

0.81 0.59 0.71 0.70 1.05 0.85 0.93 1.33 1.07 0.21

Price/Book Price/Sales

1.34 1.09

Price/Cash Flow 6.15 Dividend Yield % 2.80

Growth Measures

% Rel Category

Long-Term Erngs 9.26

Regional Exposure % Stock UK/W. Europe 25 N. America 54 Japan 3 Latn America 3 Asia X Japan 11 Other 5

Book Value

3.58 0.90 1.52

Sales

Address:

Dodge & Cox Funds

Minimum Purchase: Min Auto Inv Plan:

$2500 $2500

Add: $100 IRA: $1000

Cash Flow

San Francisco, CA 94104

Add: $100

Historical Erngs 0.70

800-621-3979

Sales Fees:

No-load

Country Exposure United States 54 Switzerland 8 UK 6

% Stock

Web Address:

www.dodgeandcox.com

Management Fee:

0.60%

Composition - Net Cash

France 4 South Africa 3

Inception:

05-01-08

Actual Fees:

Mgt:0.60% Dist:—

2.6 Bonds

0.0 0.6

Advisor:

Dodge & Cox

Expense Projections: Income Distribution:

3Yr:$208 5Yr:$362 10Yr:$810

Stocks 96.8 Other

Subadvisor:

None

Annually

Foreign (% of Stock)

46.4

A

ß ® Mutual Funds

©2016Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, call 312-696-6100.