International Stock Fund to Reopen
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The Dodge & Cox International Stock Fund reopened to new investors on May 1, 2019.

The Dodge & Cox International Stock Fund reopened to new investors on May 1, 2019. The Fund was closed in 2015 to proactively "tap the brakes" on the Fund's growth, but remained open to existing shareholders.

Since then, we have continued to deepen our global research and shareholder services capabilities. Volatile global equity markets have also created what we believe to be many attractive long-term investment opportunities outside the United States. This volatility, industry trends, and the Fund’s recent relative results have contributed to outflows, creating ample investment capacity to accommodate reasonable growth into the foreseeable future.

All of these factors led us to conclude that this is the right time to open the Fund to new investors. Our primary objective at Dodge & Cox is to serve our existing clients and shareholders well, and we believe reopening the International Stock Fund supports this objective.

We appreciate your confidence in our firm.

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