Dodge & Cox International Stock Fund

The fund's primary objective is to deliver long-term growth of capital and a consistent income stream. Under ordinary market conditions, it commits a minimum of 80% of its total assets to equity holdings in companies domiciled outside the U.S. These holdings encompass a variety of investment vehicles, such as common stocks, depositary receipts, preferred stocks, convertible securities, and rights to purchase common shares. The portfolio generally targets well-established businesses of medium to large market capitalization, as measured by the standards of their respective local markets.