Bay County Michigan Employees Fund SF Investment Review ... Money...2017/09/12 · Kristina Sormark 13 Credit Trading/Analysis Linda Chong 12 MBS/ABS Analysis/Trading , Global Bonds

Investment Review

I. Dodge & Cox Update

II. Stock Fund Overview

III. Supplemental Exhibits

This presentation was prepared for a prospective shareholder of the Dodge & Cox Funds and must be accompanied or preceded by a current prospectus and/or summary prospectus for the relevantfund(s). Dodge & Cox does not guarantee the future performance of any account (including Dodge & Cox Funds) or any specific level of performance, the success of any investment decision or strategythat Dodge & Cox may use, or the success of Dodge & Cox's overall management of an account. Investment decisions made for a client's account by Dodge & Cox are subject to various market,currency, economic, political, and business risks (foreign investing, especially in developing countries, has special risks such as currency and market volatility and political and social instability), and thoseinvestment decisions will not always be profitable. While every effort is made to ensure accuracy, no representation is made that all information in this presentation is accurate or complete. Neither theinformation nor any opinion expressed in this presentation constitutes an offer to buy or sell the securities mentioned. This information is the confidential and proprietary product of Dodge & Cox. Anyunauthorized use, reproduction, or disclosure is strictly prohibited.

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September 12, 2017

Bay County Michigan Employees Fund

DODGE & COX Investment Managers | San Francisco

Dodge & Cox Contact

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Hallie W. Marshall – Vice President. Ms. Marshall received her A.B. degree (cum laude) from Princeton University in 2001 and herM.B.A. (with honors) from the Haas School of Business at the University of California, Berkeley in 2011. Prior to graduate school,she was a Fulbright Scholar, worked at Wells Fargo Bank as a marketing analyst, and at Dodge & Cox as a research associate. Ms.Marshall rejoined the firm in 2011. She is a CFA charterholder and a Chartered Investment Counselor.

Email: [email protected]: (415) 274-9486

1DODGE & COX Investment Managers | San Francisco

Key Characteristics of Our Organization June 30, 2017

Over 85 Years of Investment Experience

Dodge & Cox was founded in 1930. We have a stable and well-qualified team of investment professionals, most of whom have spent their

entire careers at Dodge & Cox.

Independent Organization

Ownership of Dodge & Cox is limited to active employees of the firm. Currently there are 75 shareholders and 260(a) total employees.

One Business

Dodge & Cox is solely in the business of investing our clients’ assets. We apply a consistent investment approach to managing equity, debt,

and balanced portfolios.

Single Investment Office Location

We maintain close communication among our investment professionals by managing investments from one office in San Francisco.

Independent Research Staff

Thorough fundamental analysis of each investment allows us to make independent, long-term decisions for our clients’ portfolios.

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(a)Includes employees of wholly owned subsidiary Dodge & Cox Worldwide Investments Ltd. (UK).

DODGE & COX Investment Managers | San Francisco 2

Experienced and Stable Investment Team June 30, 2017

Global Research Team / Years at D&C / CoverageBryan Cameron 34 SVP, Director of Research

Charles Pohl 33 Chairman and CIO

Wendell Birkhofer 30 SVP, TMT Sector Committee

Lynn Poole 30 Healthcare/Consumer Sector Committee

Diana Strandberg 29 SVP, Director of International Equity

Kevin Johnson 28 Energy/Industrials Sector Committee

Steven Cassriel 25 Energy/Industrials Sector Committee

David Hoeft 24 SVP, Assoc. Director of Research

Steven Voorhis 21 Pharmaceuticals

John Iannuccillo 20 Aerospace, Elec. Equip., Forest Products

Mario DiPrisco 19 Finance Sector Committee

Roger Kuo 19 SVP, Internet, Media

Keiko Horkan 17 Banks, Specialty/Consumer Finance

Karol Marcin 17 Insurance

Amanda Nelson 17 Electric Utilities, Pipelines

Lily Beischer 16 Cosmetics, Apparel, Retail

Richard Callister 15 Machinery, Medical Devices

Englebert Bangayan 15 Commercial Services, Oil/Oil Services

Raymond Mertens 14 Healthcare Services, Consumer

Philippe Barret, Jr. 13 Banks, Asset Managers, Brokers

Karim Fakhry 11 Biotech & Pharma, Appliances

Joel-Patrick Millsap 11 Autos, Telecom Services

Kathleen McCarthy 10 Beverages, Building Products, Tobacco

Paritosh Somani 10 IT Hardware & Services, Mining

Tae Yamaura 9 Components, Semiconductors, Japan

Arun Palakurthy 9 Electronics, Semiconductors, Telecom

Benjamin Garosi 8 Chemicals, Transportation

Salil Phadnis 6 Energy/Oil, Homebuilders, REITs, Hotels

Sophie Chen 5 Telecom Equipment, China

Robert Turley 4 Asset Allocation, Portfolio Strategy

Rameez Dossa 4 Banks, IT Software

Kevin Glowalla 4 Telecom

U.S. Equity Investment CommitteeBryan Cameron 34 David Hoeft 24Charles Pohl 33 Steven Voorhis 21 Wendell Birkhofer 30 Philippe Barret 13 Diana Strandberg 29 Kathleen McCarthy 10

Average Tenure: 24

International Equity Investment CommitteeBryan Cameron 34 Roger Kuo 19Charles Pohl 33 Keiko Horkan 17Diana Strandberg 29 Richard Callister 15Mario DiPrisco 19 Englebert Bangayan 15

Average Tenure: 23

Global Equity Investment CommitteeCharles Pohl 33 Roger Kuo 19 Diana Strandberg 29 Karol Marcin 17

David Hoeft 24 Lily Beischer 16Steven Voorhis 21 Raymond Mertens 14

Average Tenure: 22

U.S. Fixed Income Investment CommitteeDana Emery 34 James Dignan 18 Charles Pohl 33 Lucy Johns 15 Thomas Dugan 23 Adam Rubinson 15Larissa Roesch 20 Anthony Brekke 14

Average Tenure: 22

Years of experience at Dodge & Cox are updated annually in May

Global Fixed Income Investment CommitteeDana Emery 34 James Dignan 18Diana Strandberg 29 Lucy Johns 15Thomas Dugan 23 Adam Rubinson 15

Average Tenure: 22

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Fixed Income Team / Years at D&C / CoverageDana Emery 34 CEO, President, Director of Fixed Income

Shirlee Neil 25 Portfolio Implementation/Transitions

Thomas Dugan 23 SVP, Assoc. Director of Fixed Income

Stephanie Notowich 22 Structured Products Sector Committee

Larissa Roesch 20 Credit Sector Committee

James Dignan 18 MBS/ABS Analysis/Trading

E. Saul Peña 17 Credit Trading/Analysis

Thinh Le 16 Credit Trading/Analysis

Lucy Johns 15 Global Bonds, Credit Analysis/Trading

Jay Stock 15 Treasury/Derivatives Trading, Systems

Adam Rubinson 15 Credit Research

Damon Blechen 15 Credit Trading/Analysis, Global Bonds

Anthony Brekke 14 Credit Research

Nils Reuter 14 MBS/ABS Analysis/Trading

Kristina Sormark 13 Credit Trading/Analysis

Linda Chong 12 MBS/ABS Analysis/Trading , Global Bonds

Nicholas Lockwood 10 Munis, Treasury/Derivatives Trading

Allen Feldman 10 MBS/ABS Analysis/Trading , Systems

Michael Kiedel 9 Credit Trading/Analysis

Matthew Schefer 9 Credit Research, Global Bonds, EM

Masato Nakagawa 5 MBS/ABS Analysis/Trading

Mimi Yang 3 Macro, Currency, Global Bonds

Jose Ursua 2 Macro, Currency, Global Bonds

David Strasburg 2 Credit Research

Samir Amso 2 Global Bonds, Credit Trading/Analysis

Dustin Seely new MBS/ABS Analysis/Trading

Thomas Powers new Macro, Currency, Global Bonds

Shane Cox new Treasury/Derivatives Trading


Dodge & Cox Assets Under Management ($ in Billions)

Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s investment objectives, risks, and charges and expenses. To obtain a Fund’s prospectus and summary prospectus,which contain this and other important information, visit dodgeandcox.com or call 800-621-3979. Please read the prospectus and summary prospectus carefully before investing.

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June 30, 2017

Dodge & Cox Funds: $202.3 Billion Separate Accounts: $91.2 Billion

$297.4 in Total Assets: $177.4 in Equities / $120.0 in Fixed Income

Global Bond Fund $128 million

Stock Fund $66.1

Balanced Fund $15.9

Income Fund$50.0

International Stock Fund $61.5

Global Stock Fund $8.7

Non-U.S. Funds (Irish UCITS): $3.9 Billion

Equity $22.4

Balanced $4.8

Other Fixed Income $12.5

Long Duration Fixed Income $22.6

Core Fixed Income $28.9

Global Stock $3.1 Billion

International Stock $73 Million

U.S. Stock $665 Million

Global Bond $58 Million


Equity Investment Philosophy

Strategy

To build a portfolio of solid business franchises where the current market valuation does not adequately reflect the companies’ long-term

profit opportunities

Research Intensive

Ongoing analysis of each company’s valuation, growth opportunities, business strategies, and financial returns

Individual security selection

Price Discipline

Most of our holdings have below-average valuations

Long-Term View

Three- to five-year investment horizon

Historically low portfolio turnover

Analyze Portfolio Risk

Diversify portfolio across sectors

Companies with long-term “staying power”

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Bay County Michigan Employees Fund Stock Fund account(s) value: $10.7 million

(as of July 31, 2017)

Client inception date: January, 2012

Dodge & Cox Stock Fund

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Fund Overview

(a)Excludes negative earners. (b)Excludes Financials and Utilities. (c)Net Cash & Other includes cash, short-term investments, receivables, and payables. Source: Bloomberg LP. Before investing in anyDodge & Cox Fund, you should carefully consider the Fund’s investment objectives, risks, and charges and expenses. To obtain a Fund’s prospectus and summary prospectus, which contain this andother important information, visit www.dodgeandcox.com or call 800-621-3979. Please read the prospectus and summary prospectus carefully before investing.

June 30, 2017

Dodge & Cox Stock Fund (Established January 4, 1965)

Total net assets: $66.1 billion

Net asset value per share: $192.69

Expense ratio: 0.52%

Stock Fund Characteristics Objective: long-term growth of principal and income

Diversified portfolio of 63 securities

Long-term investment horizon

Well-established companies:– Generally with market capitalizations greater than $3 billion – Weighted average market capitalization of $125 billion

Below-average valuations– Price-to-earnings ratio (forward) of 15.4x (a)

– Price-to-sales ratio of 1.6x (b)

Gradual portfolio changes

Net Cash & Other(c)

2.6%

Equity Securities97.4%


Performance ResultsDodge & Cox Stock Fund

Bay County Michigan Employees Inception: January, 2012. Stock Fund Annualized Total Return(b) (January 1, 2012 to July 31, 2017): 16.84% vs. 15.28% S&P 500 vs. 14.35% Russell 1000 Value.

YTD(a) 1 Year 3 Years 5 Years 10 Years 20 Years

Stock Fund 8.74% 24.33% 9.46% 16.34% 6.47% 9.12%

Comparative Indices

S&P 500 Index 11.59% 16.04% 10.87% 14.78% 7.74% 6.85%

Russell 1000 Value Index 6.05% 13.76% 8.45% 14.00% 6.21% 7.38%

Average Annual Total Returns for Periods Ended July 31, 2017

Stock Fund SEC Standardized Average Annual Total Returns as of June 30, 2017: 1-Year 28.62%; 5-Year 16.36%; 10-Year 5.89%

(a)Unannualized rate of return. (b)Performance is calculated from the first day of the month in which the shareholder initially invested.Returns represent past performance and do not guarantee future results. Investment return and share price will fluctuate with market conditions, and investors may have a gain or loss when shares aresold. Fund performance changes over time and currently may be significantly lower than stated above. Performance is updated and published monthly. Before investing in any Dodge & Cox Fund, youshould carefully consider the Fund’s investment objectives, risks, and charges and expenses. To obtain a Fund’s prospectus and summary prospectus, which contain this and other important information,or for current month-end performance figures, visit dodgeandcox.com or call 800-621-3979. Please read the prospectus and summary prospectus carefully before investing.

July 31, 2017


Performance ResultsDodge & Cox Stock Fund

Bay County Michigan Employees Fund Inception: January, 2012. Stock Fund Annualized Total Return(b) (January 1, 2012 to June 30, 2017): 16.74% vs. 15.10% S&P 500 vs. 14.31% Russell 1000 Value.

(a)Unannualized rate of return. (b)Performance is calculated from the first day of the month in which the shareholder initially invested.Returns represent past performance and do not guarantee future results. Investment return and share price will fluctuate with market conditions, and investors may have a gain or loss when shares aresold. Fund performance changes over time and currently may be significantly lower than stated above. Performance is updated and published monthly. Before investing in any Dodge & Cox Fund, youshould carefully consider the Fund’s investment objectives, risks, and charges and expenses. To obtain a Fund’s prospectus and summary prospectus, which contain this and other important information,or for current month-end performance figures, visit dodgeandcox.com or call 800-621-3979. Please read the prospectus and summary prospectus carefully before investing.

Average Annual Total Returns for Periods Ended June 30, 2017

June 30, 2017

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3 MonthsEnded YTD(a) 1 Year 3 Years 5 Years 10 Years 20 Years

Stock Fund 1.76% 6.81% 28.62% 8.48% 16.36% 5.89% 9.45%

Comparative Indices

S&P 500 Index 3.09% 9.34% 17.90% 9.61% 14.63% 7.18% 7.15%

Russell 1000 Value Index 1.34% 4.66% 15.53% 7.36% 13.94% 5.57% 7.69%


Performance AttributionDodge & Cox Stock Fund vs. Russell 1000 Value (Twelve-Month Total Return)

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One Year Ending June 30, 2017

Source: FactSet. The above information is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained from sources considered reliable, butDodge & Cox makes no representations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice. The information provided is historical and doesnot predict future results or profitability. This is not a recommendation to buy, sell, or hold any security and is not indicative of Dodge & Cox’s current or future trading activity. The securities identifiedare subject to change without notice and may not represent an account’s entire holdings. Returns represent past performance and do not guarantee future results. Investment return and share price willfluctuate with market conditions, and investors may have a gain or loss when shares are sold. Fund performance changes over time and currently may be significantly lower than stated above.Performance is updated and published monthly. Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s investment objectives, risks, and charges and expenses. To obtain aFund’s prospectus and summary prospectus, which contain this and other important information, or for current month-end performance figures, visit dodgeandcox.com or call 800-621-3979. Please readthe prospectus and summary prospectus carefully before investing.

Stock Fund SEC Standardized Average Annual Total Returns as of June 30, 2017: 1 Year +28.62%; 5 Years +16.36%; 10 Years +5.89%.

28.6%

15.5%

0%5%

10%15%20%25%30%35%

Stock Fund Russell 1000 Value

Key Contributors to Relative Results The Financials sector was the strongest area of the market (up 38% for the Russell 1000 Value sector); exceptional returns from the Fund’s holdings

(up 47%), combined with a higher average weighting (29% versus 25%), contributed significantly to results. Bank of America (up 85%), Charles Schwab (up 71%), and Goldman Sachs (up 51%) were standout performers.

The Fund's average overweight position (20% versus 10%) and holdings in the Information Technology sector (up 34% compared to up 26% for the Russell 1000 Value sector) augmented returns. NetApp (up 67%) and Microsoft (up 38%) were especially strong.

Sprint (up 81%) contributed to the Fund’s substantial outperformance in the Telecommunication Services sector (up 73% compared to down 9% for the Russell 1000 Value sector), which was the weakest area of the market.

Returns from holdings in the Consumer Discretionary sector (up 26% compared to up 18% for the Russell 1000 Value sector), combined with a higher average weighting (16% versus 5%), helped performance. Charter Communications (up 47%) and Time Warner Inc. (up 39%) contributed.

Key Detractors from Relative Results No single sector detracted from results. Certain holdings were a drag on performance: Target (down 22%); energy companies Schlumberger (down

15%), Anadarko Petroleum (down 15%), and Apache (down 12%); and health care companies Express Scripts (down 16%) and Roche (down1%).


0%

5%

10%

15%

20%

25%

30%

Financials Health Care InformationTechnology

ConsumerDiscretionary

Energy Industrials TelecomServices

ConsumerStaples

Materials Utilities Real Estate Net Cash &Other

Stock Fund

S&P 500

Russell 1000 Value

Portfolio Characteristics Ten Largest Equity Holdings

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June 30, 2017


Portfolio Structure

Portfolio Composition by Sector

(a) Portfolio estimate excludes negative earners. S&P 500 estimate is bottom-up. (b)Portfolio calculation excludes Financials and Utilities. (c) Net Cash & Other includes short-term investments (e.g.,money market funds and repurchase agreements) and other assets less liabilities (e.g., cash, receivables, payables, and unrealized appreciation/depreciation on certain derivatives). A portion of the short-term investments position is equitized using futures contracts.Source: Bloomberg LP, Bank of New York Mellon. The above information is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained fromsources considered reliable, but Dodge & Cox makes no representations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice. The informationprovided is historical and does not predict future results or profitability. This is not a recommendation to buy, sell, or hold any security and is not indicative of Dodge & Cox’s current or future tradingactivity. The securities identified are subject to change without notice and may not represent an account’s entire holdings. Before investing in any Dodge & Cox Fund, you should carefully consider theFund’s investment objectives, risks, and charges and expenses. To obtain a Fund’s prospectus and summary prospectus, which contain this and other important information, visit www.dodgeandcox.comor call 800-621-3979. Please read the prospectus and summary prospectus carefully before investing.

(c)

Stock Fund S&P 500 Russell ValueNumber of holdings 63 505 719Price-to-earnings (forward) (a) 15.4x 18.6x 16.5xPrice-to-cash flow (b) 11.4x 14.4x 12.4xPrice-to-sales (b) 1.6x 2.2x 1.8xPrice-to-book value 2.1x 3.1x 2.0xWeighted average market cap. $125B $169B $114BMedian market cap. $41B $21B $9B

Charles Schwab 3.8%Bank of America 3.8%Wells Fargo 3.6%Capital One Financial 3.4%Charter Communications 3.0%Novartis 3.0%Sanofi 3.0%Time Warner 2.9%Goldman Sachs 2.8%Alphabet 2.8%Total Weight 32.1%


ELECTRONIC MEDIA 12.1% BANKS 10.9% HEALTH CARE SERVICES 5.9% ENERGY 7.6% CONSUMER DURABLES 0.5%

Charter Communications, Inc. Class A Bank of America Corp. 3.9% Cigna Corp. 2.2% Anadarko Petroleum Corp. 1.4% Harley-Davidson, Inc.

Comcast Corp. Class A BB&T Corp. 0.9% Express Scripts Holding Co. 2.1% Apache Corp. 1.3%

DISH Network Corp. Class A JPMorgan Chase & Co. 2.4% UnitedHealth Group Inc. 1.7% Baker Hughes 1.3% CONSUMER PRODUCTS 0.6%

News Corp. Class A Wells Fargo & Co. 3.7% Concho Resources Inc. 0.7%

Time Warner Inc. MEDICAL DEVICES 1.3% National Oilwell Varco, Inc. 1.0% Coach, Inc.

21st Century Fox, Inc. Class A 1.8% FINANCIAL SERVICES 14.7% Schlumberger NV 1.8%

21st Century Fox, Inc. Class B 0.4% Danaher Corp. 0.5% Weatherford International plc 0.2% RETAIL & DISTRIBUTION 4.4%American Express Co. 2.2% Medtronic plc 0.9%

TECHNOLOGY 18.2% Bank of New York Mellon Corp. 2.1% INDUSTRIAL COMMODITIES 1.1% Liberty Interactive Corp. QVC GroupCapital One Financial Corp. 3.5% PHARMACEUTICALS 12.9% Priceline Group Inc

Alphabet Inc. Class A 0.2% Goldman Sachs Group, Inc. 2.9% Celanese Corp. Class A 1.1% Target Corp.

Alphabet Inc. Class C 2.7% Charles Schwab Corp. 3.9% Alnylam Pharmaceuticals, Inc 0.7% Wal-Mart Stores, Inc.

Cisco Systems, Inc. 1.9% Astrazeneca PLC Spon. ADR 2.0% TRANSPORTATION 3.7%

Corning Inc 0.5% INSURANCE 2.8% Bristol-Myers Squibb Co. 1.6%

Dell Technologies Inc Class V 0.4% Eli Lilly and Co. 0.4% FedEx Corp. 2.3%

DXC Technology Co. 1.0% AEGON N.V. ADR 0.6% Merck & Co., Inc. 0.8% Union Pacific Corp. 1.4%

Hewlett Packard Enterprise Co. 2.7% MetLife, Inc. 2.3% Novartis AG Spon. ADR 3.1%

HP Inc. 1.9% Roche Holding Ltd Spon. ADR 1.4% BUILDING PRODUCTS 1.4%

Juniper Networks, Inc. 0.5% Sanofi Spon. ADR 3.1%

Maxim Integrated Products, Inc. 0.8% Johnson Controls International plc

Microsoft Corp. 2.6%

NetApp, Inc. 0.5%

Synopsys, Inc. 0.5%

TE Connectivity Ltd. 1.2%

VMware, Inc. Class A 0.8%

TELECOM 1.8%

Sprint Corp. 1.3%

Zayo Group Holdings, Inc. 0.5%

Stock Fund HoldingsTechnology, Media and Industrials, Energy,Telecommunications Finance and Real Estate Health Care and Utilities Consumer

Ten largest equity holdings are in bold. The above information is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained from sources considered reliable,but Dodge & Cox makes no representations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice. The information provided is historical and does not predictfuture results or profitability. This is not a recommendation to buy, sell, or hold any security and is not indicative of Dodge & Cox’s current or future trading activity. The securities identified are subject to changewithout notice and may not represent an account’s entire holdings. Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s investment objectives, risks, and charges and expenses. Toobtain a Fund’s prospectus and summary prospectus, which contain this and other important information, visit www.dodgeandcox.com or call 800-621-3979. Please read the prospectus and summary prospectuscarefully before investing.

June 30, 2017

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Portfolio Total 32.1% 28.4% 20.2% 13.8% 5.5%S&P 500 Index 27.5% 17.5% 14.5% 22.3% 18.2%Russell 1000 Value 13.6% 30.5% 14.2% 28.1% 13.6%


Above Average Growth Compounders Cyclical or Asset Play Deep Value or TurnaroundCompany is expected to grow faster than the market

over the next 3 to 5 years and its valuation is at a modest premium.

Company has strong franchise and finances, but average growth prospects.

Large operational leverage tied to the economy or value of embedded assets.

Company-specific issues not related to the economy will disappear or become less troublesome.

Industrials & Energy Danaher Anadarko Petroleum Weatherford International 14.2%FedEx ApacheJohnson Controls Baker HughesUnion Pacific Celanese

Concho ResourcesNational Oilwell VarcoSchlumberger

Financials Charles Schwab American Express AEGON 28.4%Bank of America MetLifeBank of New York MellonBB&T Capital One FinancialGoldman Sachs GroupJPMorgan ChaseWells Fargo

Technology, Media & Alphabet Charter Communications DISH Network Dell Technologies 33.4%Telecom Services Maxim Integrated Products Cisco Systems News Corp. Hewlett Packard Enterprise

Priceline Comcast HP Inc.Synopsys Corning Sprint Corp.VMware DXC TechnologyZayo Juniper Networks

MicrosoftNetAppTE ConnectivityTime WarnerTwenty-First Century Fox

Health Care & Consumer Alnylam Pharmaceuticals AstraZeneca Harley-Davidson 24.0%Bristol-Myers Squibb Cigna Liberty Interactive

CoachEli LillyExpress ScriptsMedtronicMerckNovartisRoche SanofiTargetUnitedHealth GroupWal-Mart Stores

13.0% 67.0% 10.7% 9.3% 100.0%

Investment Hypothesis

Diversification Through Primary HypothesisDodge & Cox Stock Fund

June 30, 2017

Source: FactSet. Weights exclude cash. The above information is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained from sourcesconsidered reliable, but Dodge & Cox makes no representations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice. The information providedis historical and does not predict future results or profitability. This is not a recommendation to buy, sell, or hold any security and is not indicative of Dodge & Cox’s current or future trading activity. Thesecurities identified are subject to change without notice and may not represent an account’s entire holdings. Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’sinvestment objectives, risks, and charges and expenses. To obtain a Fund’s prospectus and summary prospectus, which contain this and other important information, visit www.dodgeandcox.com or call800-621-3979. Please read the prospectus and summary prospectus carefully before investing.


Above Average Growth Compounders Cyclical or Asset Play Deep Value or TurnaroundCompany is expected to grow faster than the

market over the next 3 to 5 years and its valuation is at a modest premium.

Company has strong franchise and finances, but average growth prospects.

Large operational leverage tied to the economy or value of embedded

assets.

Company-specific issues not related to the economy will disappear or become less

troublesome.

Operational Risks Bristol-Myers Squibb American Express Liberty Interactive Hewlett Packard Enterprise 41.1%(Management execution or Maxim Integrated Products AstraZeneca Sprint Corp.strategy) Bank of New York Mellon

Capital One FinancialCoachDanaherDXC TechnologyEli LillyFedExJohnson ControlsMedtronicMerckNovartisRoche SanofiTargetTE ConnectivityTime WarnerTwenty-First Century FoxWal-Mart Stores

Macroeconomic Risks Charles Schwab Bank of America Celanese MetLife 22.9%(Housing, car sales, interest BB&T Harley-Davidsonrates, etc.) Goldman Sachs Group

JPMorgan ChaseUnion PacificWells Fargo

Commodity Risks Anadarko Petroleum Weatherford International 7.6%(Price of oil, natural gas, paper) Apache

Baker HughesConcho ResourcesNational Oilwell VarcoSchlumberger

Financial Risks AEGON 0.9%(Balance sheet issues, leverage, Dell Technologiescredit quality, asset quality, counter party, liquidity)

Technological Risks Alphabet Charter Communications DISH Network HP Inc. 20.8%(Obsolescence, franchise Priceline Cisco Systems News Corp.erosion, substitution) Synopsys Comcast

VMware CorningZayo Juniper Networks

MicrosoftNetApp

Political / Legal Risks Alnylam Pharmaceuticals Cigna 6.6%(Regulatory reform, public policy Express Scriptschange, patents, labor issues) UnitedHealth Group

13.0% 67.0% 10.7% 9.3% 100.0%

Investment Hypothesis

Diversification Through Primary RiskDodge & Cox Stock Fund

June 30, 2017

Source: FactSet. Weights exclude cash. The above information is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained from sourcesconsidered reliable, but Dodge & Cox makes no representations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice. The information providedis historical and does not predict future results or profitability. This is not a recommendation to buy, sell, or hold any security and is not indicative of Dodge & Cox’s current or future trading activity. Thesecurities identified are subject to change without notice and may not represent an account’s entire holdings. Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’sinvestment objectives, risks, and charges and expenses. To obtain a Fund’s prospectus and summary prospectus, which contain this and other important information, visit www.dodgeandcox.com or call800-621-3979. Please read the prospectus and summary prospectus carefully before investing.


Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s investment objectives, risks, and charges and expenses. To obtain a Fund’s prospectus and summary prospectus,which contain this and other important information, visit dodgeandcox.com or call 800-621-3979. Please read the prospectus and summary prospectus carefully before investing.

Shareholder Transaction Expenses

Sales charge (load) imposed on purchases None

Deferred sales charge (load) None

Sales charge (load) imposed on reinvested distributions None

Redemption fee None

Exchange fee None

Annual Fund Operating Expenses (as a percentage of average net assets)

Management fees .50%

Distribution and/or service (12b-1) fees None

Other expenses (transfer agent, custody, accounting, legal, etc.) .02%

Total Annual Fund Operating Expenses .52%

Example: A shareholder would pay the following expenses on a $10,000 investment, assuming

(1) 5% annual return, (2) redemption at the end of each time period, and (3) the Fund’s operating expenses remain the same:

Time Period 1 Year 3 Years 5 Years 10 Years

Expenses $53 $167 $291 $653

This example should not be considered a representation of actual past or future expenses or performance. Actual expenses may be greater or less than shown.

June 30, 2017


Expense Information


Differentiating Characteristics

Experience & Continuity

Dodge & Cox has over eighty years of continuous investment experience. We have a stable and well-qualified team of

investment professionals.

Independence

We remain committed to independence, with ownership limited to active employees of the firm. Our goal is to provide the

highest quality investment management services to our existing clients.

Focus

We are focused entirely on equity, fixed income, and balanced account management.

Consistent Investment Philosophy

We believe that a long-term investment horizon, independent fundamental analysis, and consistent price discipline allow us

to build attractive long-term opportunities in our clients’ portfolios.


Supplemental Exhibits


0%

5%

10%

15%

20%

25%

30%

35%

YTD 1Y 3Y 5Y 10Y 20Y

Stock Fund

S&P 500

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June 30, 2017A Long-Term Horizon Is Essential

Average Annual Total Return as of June 30, 2017

Returns represent past performance and do not guarantee future results. Investment return and share price will fluctuate with market conditions, and investors may have a gain or loss when shares aresold. Fund performance changes over time and currently may be significantly lower than stated above. Performance is updated and published monthly. Before investing in any Dodge & Cox Fund, youshould carefully consider the Fund’s investment objectives, risks, and charges and expenses. To obtain a Fund’s prospectus and summary prospectus, which contain this and other important information,or for current month-end performance figures, visit dodgeandcox.com or call 800-621-3979. Please read the prospectus and summary prospectus carefully before investing.

Dodge & Cox Stock Fund vs. the S&P 500 Index

A single quarter or calendar year is too short an interval to judge the merits of a value-oriented, long-term, actively managed investment strategy. A long-term horizon, patience, and persistence are essential.

Over the last 20 ½ years our long-term, price-disciplined investment approach has outperformed the S&P 500 by 2.1 percentage points annualized.

Our approach has been out of favor at times. It lagged the index in 9 of the past 20 calendar years and 41 of the past 82 quarters.

Shifts in relative performance are unpredictable; attempting to “time the market” (or swings between investment styles) is difficult.

Stock Fund SEC Standardized Average Annual Total Returns as of June 30, 2017: 1 Year +28.62%; 5 Years +16.36%; 10 Years +5.89%.

Annual Returns (%)1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Stock Fund 28.4 5.4 20.2 16.3 9.3 -10.5 32.4 19.2 9.4 18.5 0.1 -43.3 31.3 13.5 -4.1 22.0 40.6 10.4 -4.5 21.3 6.8

S&P 500 33.3 28.6 21.1 -9.1 -11.9 -22.1 28.7 10.9 4.9 15.8 5.5 -37.0 26.5 15.1 2.1 16.0 32.4 13.7 1.4 12.0 9.3

Difference -4.9 -23.2 -0.9 25.4 21.2 11.6 3.7 8.3 4.4 2.8 -5.4 -6.3 4.8 -1.6 -6.2 6.0 8.1 -3.3 -5.9 9.3 -2.5

YTD 20172016201520132009 2010 2011 2012 2014

vs S&P 500 -2.5% 10.7% -1.1% 1.7% -1.3% 2.3%


Performance AttributionDodge & Cox Stock Fund vs. S&P 500 (Twelve-Month Total Return)

E-1085-071317-101311 |

One Year Ending June 30, 2017

Source: FactSet. The above information is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained from sources considered reliable, butDodge & Cox makes no representations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice. The information provided is historical and doesnot predict future results or profitability. This is not a recommendation to buy, sell, or hold any security and is not indicative of Dodge & Cox’s current or future trading activity. The securities identifiedare subject to change without notice and may not represent an account’s entire holdings. Returns represent past performance and do not guarantee future results. Investment return and share price willfluctuate with market conditions, and investors may have a gain or loss when shares are sold. Fund performance changes over time and currently may be significantly lower than stated above.Performance is updated and published monthly. Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s investment objectives, risks, and charges and expenses. To obtain aFund’s prospectus and summary prospectus, which contain this and other important information, or for current month-end performance figures, visit dodgeandcox.com or call 800-621-3979. Please readthe prospectus and summary prospectus carefully before investing.

Stock Fund SEC Standardized Average Annual Total Returns as of June 30, 2017: 1 Year +28.62%; 5 Years +16.36%;10 Years +5.89%.

28.6%

17.9%

0%5%

10%15%20%25%30%35%

Stock Fund S&P 500

Key Contributors to Relative Results The Financials sector was the strongest area of the market (up 38% for the S&P 500 sector); exceptional returns from the Fund’s holdings (up 47%),

combined with a higher average weighting (29% versus 14%) contributed significantly to results. Bank of America (up 85%), Charles Schwab (up 71%), and Goldman Sachs (up 51%) were standout performers.

The combined effect of the Fund’s underweight position in Consumer Staples (up 3% for the S&P 500 sector) and lack of holdings in Real Estate (flat) and Utilities (up 2%) was notably positive since these segments of the market lagged.

Returns from holdings in the Consumer Discretionary sector (up 26% compared to up 17% for the S&P 500 sector) helped performance, especially Charter Communications (up 47%) and Time Warner Inc. (up 39%).

Sprint (up 81%) contributed to the Fund’s substantial outperformance in the Telecommunication Services sector (up 73% compared to down 12% for the S&P 500 sector), which was the weakest area of the market.

Key Detractors from Relative Results Sector allocation did not detract meaningfully from results. Certain holdings were a drag on relative performance: Target (down 22%); energy companies

Schlumberger (down 15%), Anadarko Petroleum (down 15%), and Apache (down 12%); and health care companies Express Scripts (down 16%) and Roche (down 1%).


$0

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S&P 500 Forward P/E (Left)

S&P 500 Operating Earnings (Right)

-20% -10% % 10% 20% 30%

EnergyTelecommunication Services

Real EstateFinancials

Consumer StaplesUtilities

MaterialsS&P 500

IndustrialsConsumer Discretionary

Health CareInformation Technology

FAANG*

0%2%4%6%8%

10%12%14%16%18%

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.S. T

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%

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3%

4%

5%

6%

7%

8%

FAANG* Rest of S&P 500

Breakdown of YTD Total Return (Contribution)S&P 500: 9.3%

U.S. Market Backdrop June 30, 2017

Rates are Still Near Historic Lows Large Technology Stocks Outperformed Year to Date

Five Stocks Accounted for 25% of the S&P’s YTD Total Return U.S. Equity Prices and Valuations Have Risen With Earnings

*FAANG is an acronym for Facebook, Amazon, Apple, Netflix, and Google.Source: Bloomberg, FactSet, S&P. The above information is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained from sourcesconsidered reliable, but Dodge & Cox makes no representations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice. The above returnsrepresent past performance and do not guarantee future results. Dodge & Cox does not seek to replicate the returns of any index. The actual returns of a Dodge & Cox managed portfolio may differmaterially from the returns shown above. Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s investment objectives, risks, and charges and expenses. To obtain a Fund’sprospectus and summary prospectus, which contain this and other important information, visit www.dodgeandcox.com or call 800-621-3979. Please read the prospectus and summary prospectus carefullybefore investing.

E-15389-071417-071317 |

1.4

1.9

2.4

2.9

Dec'15

Mar Jun Sep Dec'16

Mar Jun

2016-2017 Up Close


0

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1

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4

2011 2012 2013 2014 2015 2016 2017e 2018e

Ann

ual C

hang

e in

Glo

bal O

il S

uppl

y an

d D

eman

d (M

b/d

) Supply

Demand

Healthy demand growth expected

Higher Oil Price Needed to Satisfy Long-Term Global DemandJune 30, 2017

Demand Growth to Remain Robust and to Outpace Supply Growth(c)

Source: Baker Hughes, Barclays, Energy Information Administration, FactSet. The above information is not a complete analysis of every material fact concerning any market, industry or investment.Data has been obtained from sources considered reliable, but Dodge & Cox makes no representations as to the completeness or accuracy of such information. Opinions expressed are subject to changewithout notice. Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s investment objectives, risks, and charges and expenses. To obtain a Fund’s prospectus and summaryprospectus, which contain this and other important information, visit dodgeandcox.com or call 800-621-3979. Please read the prospectus and summary prospectus carefully before investing.

Approvals of new long life projects have significantly declined.

U.S. tight oil is unlikely to satisfy all demand growth at current prices.

Will likely need a variety of additional supply sources, including deepwater and OPEC.

Supply

Significant Incremental Production from Multiple Sources Required by 2025e (a)

E-15018-071717-041417 |

(a) Rystad Energy Supply Study (Oct 2016), TechnipFMC. (b) Barclays “Global 2017 E&P Spending Outlook” report released January 9, 2017. (c)Data as of January 2017.

Long-term demand growth from emerging markets (particularly China, India, Middle East) remains stable.

Demand

Higher Oil Price Required to Encourage Increased Investment over the Next 3-5 Years

Natural decline

Investments in New Projects Have Declined Considerably(b)

~36 million barrels/day of new production needed

Deepwater Opportunity

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North AmericaInternational


Retired/Resigned Years with Firm

Retired

2016John A. Gunn Former Chairman 44 4QNancy A. Kellerman Municipals, Treasury Trading 20 4QGregory R. Serrurier Equity Portfolio Manager 32 2Q

2015Janet R. Montoya Equity Trader 28 4QKent E. Radspinner Fixed Income Portfolio Manager 19 4QRobert B. Thompson Fixed Income Portfolio Manager 23 2Q

2014Kenneth E. Olivier Chairman Emeritus 35 4Q

Resigned

2015Michele L. Cobble Equity Trader 12 2Q

2014Gabriel Sod Hoffs Fixed Income Analyst 3 2Q

Hired

2017Mimi Yang(a) Fixed Income Analyst 1QDustin B. Seely(a) Fixed Income Analyst/Trader 1Q

2016Kristina M. Sormark(a) Fixed Income Trader 4QShane E. Cox Fixed Income Analyst/Trader 4QThomas Y. Powers Fixed Income Analyst 3QThomas Lukacovic Equity Trader 1Q

2015William J. Hughes Equity Trader 4QKevin P. Glowalla Global Industry Analyst 3QSamir E. Amso Fixed Income Trader 3QDavid H. Strasburg Fixed Income Analyst 2Q

2014Jose F. Ursua Fixed Income Analyst 4QMimi Yang Global Bond Portfolio Associate 2Q


Employee Update – Investment Professionals January 1, 2014 – June 30, 2017

(a)Internally Promoted (b)Includes employees of wholly owned subsidiary Dodge & Cox Worldwide Investments Ltd. (UK).

Annual Total Employees(b)

2013 2014 2015 2016228 237 249 261

E-358-071417-10611 |

U.S. Equity Investment CommitteeCharles F. Pohl (US,IE,G,F) – Chairman and Chief Investment Officer. Mr. Pohl received his B.A. degree in 1980 and his M.B.A. degree in 1981 from the University ofChicago. He was with Wells Fargo Investment Advisors from 1981 until joining Dodge & Cox in 1984. Mr. Pohl is Chairman and a Trustee of the Dodge & Cox Funds.He is a Director and shareholder of the firm and a CFA charterholder.

Bryan Cameron (US,IE,P) – Senior Vice President and Director of Research. Mr. Cameron received his B.A. degree in Economics from the University of California,Davis in 1980 and his M.B.A. from the Stanford Graduate School of Business in 1983. Mr. Cameron worked for Dodge & Cox for one year before entering the M.B.A.program and rejoined the firm in 1983. He is a shareholder of the firm and a CFA charterholder.

Diana S. Strandberg (US,IE,G,GF) – Senior Vice President and Director of International Equity. Ms. Strandberg graduated from the University of California, Berkeley(Phi Beta Kappa) in 1981 and received her M.B.A. degree from the Harvard Business School in 1986. After two years as a securities analyst at the First BostonCorporation, she joined Dodge & Cox in 1988. Ms. Strandberg is a Senior Vice President of the Dodge & Cox Funds. She is a Director and shareholder of the firm anda CFA charterholder.

David C. Hoeft (US,G) – Senior Vice President and Associate Director of Research. Mr. Hoeft received his B.A. degree (Phi Beta Kappa) from the University of Chicagoin 1989 and his M.B.A. from the Harvard Business School in 1993. Prior to entering graduate school, he worked for two years as a consultant to the energy industry. Hejoined Dodge & Cox in 1993. He is a Director and shareholder of the firm and a CFA charterholder.

Wendell W. Birkhofer (US,P) – Senior Vice President. Mr. Birkhofer received his B.A. degree from Stanford University in 1978 and his M.B.A. from the StanfordGraduate School of Business in 1987. Prior to entering the M.B.A. program, he worked for six years with Wen Birkhofer & Co., an investment broker dealer firm in LosAngeles. He joined Dodge & Cox in 1987. Mr. Birkhofer is a former member of the Board of Governors of the Investment Adviser Association. He is a shareholder ofthe firm, a CFA charterholder, and a Chartered Investment Counselor.

Steven C. Voorhis (US,G) – Vice President. Mr. Voorhis received his B.A. and M.A. degrees from Stanford University in 1992 and his M.B.A from the HarvardBusiness School in 1996. Prior to graduate school, he worked at Goldman Sachs as a financial analyst. He joined Dodge & Cox in 1996. Mr. Voorhis is a shareholder ofthe firm and a CFA charterholder.

Philippe Barret, Jr. (US) – Vice President. Mr. Barret received his B.A. degree (magna cum laude) from Washington and Lee University in 1998 and his M.B.Adegree from the Stanford Graduate School of Business in 2004. Between degrees, he worked as a financial analyst at JP Morgan and American Securities CapitalPartners, LLC. Mr. Barret joined Dodge & Cox in 2004. He is a shareholder of the firm and a CFA charterholder.

Kathleen G. McCarthy (US) – Vice President. Ms. McCarthy received her B.A. degree in Economics from Stanford University in 2001 and her M.B.A. degree fromthe Stanford Graduate School of Business in 2007. Prior to graduate school, she worked at Merrill Lynch and Palladium Equity Partners. Ms. McCarthy joined Dodge &Cox in 2007 and is a shareholder of the firm and a CFA charterholder.

US = Member of U.S. Equity Investment Committee IE = Member of International Equity Investment Committee G = Member of Global Equity Investment CommitteeF = Member of U.S. Fixed Income Investment Committee GF = Member of Global Fixed Income Investment Committee P = Member of Private Client Investment Committee


Department of Labor DisclosureThese materials are not an undertaking to provide fiduciary or impartial investment advice.

If the recipient is acting as a fiduciary on behalf of a retirement plan subject to the Employee Retirement Income Security Act of 1974 (ERISA) or the Internal RevenueCode and the recipient meets the Department of Labor’s requirements for an independent fiduciary with financial expertise because the recipient is (a) a bank,insurance carrier, registered investment adviser, or registered broker or (b) an independent fiduciary that holds, or has management or control of, total assets of at least$50 million, then the recipient acknowledges that it (a) is a fiduciary under ERISA or the Internal Revenue Code for purposes of any proposed transactions; (b) isindependent of Dodge & Cox; (c) is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investmentstrategies; and (d) will exercise independent judgment in evaluating any potential transactions. If any of the foregoing is not correct, the recipient must inform Dodge& Cox immediately.

Dodge & Cox has a financial interest in any investment in the Dodge & Cox Funds because Dodge & Cox receives investment management fees from each Dodge &Cox Fund. Dodge & Cox did not, however, receive a fee or other compensation directly from an ERISA plan, plan fiduciary, IRA, or IRA owner for providing theinformation herein.


Source Citations

E-12823-022717-010317 |

BloombergBloomberg Barclays U.S. Aggregate Index: The Bloomberg Barclays U.S.Aggregate Bond Index is a widely recognized, unmanaged index of U.S. dollar-denominated, investment-grade, taxable fixed income securities.Bloomberg Barclays Global Aggregate Index: The Bloomberg Barclays GlobalAggregate Bond Index is a widely recognized, unmanaged index of multi-currency, investment-grade fixed income securities.POINT is a portfolio analytics platform.Bloomberg® and POINT® are registered trademarks of Bloomberg Finance L.P.and its affiliates. Barclays® is a registered trademark of Barclays Bank PLC.

GICSThe Global Industry Classification Standard (“GICS”) classifies securities intoasset classes by assigning each company—based on its principal businessactivity—to a sub-industry, industry, industry group, and sector. GICS wasdeveloped by and is the exclusive property and a service mark of MSCI Inc.(“MSCI’’) and Standard & Poor’s, a division of The McGraw-Hill Companies,Inc. (“S&P”) and is licensed for use by Dodge & Cox. Neither MSCI, S&P norany other party involved in making or compiling the GICS or any GICSclassifications makes any express or implied warranties or representations withrespect to such standard or classification (or the results to be obtained by the usethereof), and all such parties hereby expressly disclaim all warranties oforiginality, accuracy, completeness, merchantability and fitness for a particularpurpose with respect to any of such standard or classification. Without limitingany of the foregoing, in no event shall MSCI, S&P, any of their affiliates or anythird party involved in making or compiling the GICS or any GICSclassifications have any liability for any direct, indirect, special, punitive,consequential or any other damages (including lost profits) even if notified of thepossibility of such damages.

RussellRussell 1000 Value Index: The Russell 1000 Value Index is a broad-based,unmanaged equity market index composed of those Russell 1000 companies withlower price-to-book ratios and lower forecasted growth values.Russell 1000® is a trademark of Frank Russell Company.

Standard & Poor’sS&P 500: The S&P 500 Index is a market capitalization-weighted index of 500large-capitalization stocks commonly used to represent the U.S. equity market.S&P 500® is a trademark of S&P Global Inc.

MSCIMSCI EAFE: The MSCI EAFE (Europe, Australasia, Far East) Index is abroad-based, unmanaged equity market index aggregated from 22 developedmarket country indices, excluding the United States.MSCI World: The MSCI World Index is a broad-based, unmanaged equitymarket index aggregated from 24 developed market country indices, includingthe United States.MSCI ACWI: The MSCI ACWI (All Country World Index) Index is a broad-based, unmanaged equity market index aggregated from 45 developed andemerging market country indices.MSCI ACWI ex USA: The MSCI ACWI (All Country World Index) ex USAIndex is a broad-based, unmanaged equity market index aggregated from 44developed and emerging market country indices, excluding the United States.The MSCI information in this presentation may only be used for your internaluse, may not be reproduced or redisseminated in any form and may not be usedas a basis for or a component of any financial instruments or products orindices. None of the MSCI information is intended to constitute investmentadvice or a recommendation to make (or refrain from making) any kind ofinvestment decision and may not be relied on as such. Historical data andanalysis should not be taken as an indication or guarantee of any futureperformance analysis, forecast or prediction. The MSCI information is providedon an “as is” basis and the user of this information assumes the entire risk of anyuse made of this information. MSCI, each of its affiliates and each other personinvolved in or related to compiling, computing or creating any MSCIinformation (collectively, the “MSCI Parties”) expressly disclaims all warranties(including, without limitation, any warranties of originality, accuracy,completeness, timeliness, non-infringement, merchantability and fitness for aparticular purpose) with respect to this information. Without limiting any ofthe foregoing, in no event shall any MSCI Party have any liability for anydirect, indirect, special, incidental, punitive, consequential (including, withoutlimitation, lost profits) or any other damages. (www.msci.com)MSCI,

® EAFE,® and ACWI® are trademarks of MSCI, Inc.


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