January 2021

2020 Tax Guide

A REFERENCE TOOL FOR YOUR 2020 TAX FORMS

We understand that preparing and filing your tax return can be a difficult task. To make your 2020 tax preparation easier, this guide is designed to assist your reporting of ordinary , capital gain distributions, and sales of Dodge & Cox Funds (the Funds) shares.

This guide shows sample 2020 tax forms for investments in the Funds, including illustrations of Form 1099-DIV, Form 1099-B, and (IRS) tax forms. Additional information, including transaction details and total shares owned at year end, can be found in your December 31, 2020 account statement (available online or received by mail earlier this month). Please note that we report all and redemption information, as required, to the IRS.

While we hope this information will help you prepare your federal and returns, it is not intended to be a complete discussion of your tax requirements and should not be relied upon as a source of professional tax advice. If you have questions about completing your tax return, you should consult with your personal tax advisor or refer to IRS (irs.gov) and state instructions for preparing income tax returns. Additional tax information and secure online access to your Dodge & Cox Funds account statements and tax forms can be obtained via the Funds’ website at dodgeandcox.com. If you have any questions concerning your account, please call a Client Service Representative at 800-621-3979.

DODGE & COX FUNDS 2020 Tax Guide 00251582 Overview of Common Tax Forms

Tax forms Tax forms you receive from you file with Dodge & Cox Funds: the IRS:

FORM 1099-DIV FORM 1040 OR 1040-SR Tax form that reports ordinary dividends and capital gain U.S. income tax return required to be filed by individuals. distributions that you received in your taxable Fund

account(s) during 2020. SCHEDULE B (FORM 1040 OR 1040-SR) Use this tax form to report interest and ordinary dividends.

FORM 1099-B

(if you sold or exchanged shares within a taxable account) SCHEDULE D (FORM 1040 OR 1040-SR) Tax form that reports proceeds from the sale or exchange Use this tax form to report capital gains and losses. of Fund shares that you received during 2020. Cost

basis information and capital gain or loss is included FORM 8949 on this form. Use this tax form to report sales and other dispositions of capital assets.

DODGE & COX FUNDS 2020 Tax Guide FORM 1099-DIV

A TOTAL ORDINARY B QUALIFIED DIVIDENDS (BOX 1b) C TOTAL CAPITAL GAIN D FOREIGN TAX PAID (BOX 7) DIVIDENDS (BOX 1a) Shows the portion of the amount in DISTRIBUTIONS (BOX 2a) Shows the foreign tax that you may be able Shows total dividends and Box 1a that is eligible for a lower tax rate. Shows total long-term capital to claim as a credit or deduction. Applies short-term capital gain gain distributions paid to you. only if you owned shares of Dodge & Cox distributions paid to you. Global Stock Fund and/or Dodge & Cox International Stock Fund.

A B C D

Dodge & Cox Global Stock Fund 1049-0012345678 26-2099183 1,300.00 1,100.00 100.00 SAMPLE

Ordinary dividends and capital gain distributions paid to you CAPITAL GAIN DISTRIBUTIONS during 2020 are shown on your Form 1099-DIV. You must report Long-term capital gain distributions paid to you are shown in all dividends and distributions to the IRS whether you received Box 2a of your Form 1099-DIV and generally must be reported on them in cash or reinvested them in Fund shares. Each Fund’s Line 13 of Schedule D (Form 1040 or 1040-SR). [Note: If you do not name (not the name of the mutual fund family) and ordinary have to file Schedule D, your capital gain distributions should be reported dividend amount must be reported on your income tax returns. on Line 6 (Form 1040 or 1040-SR)] Capital gains are also generally Failure to report dividends and distributions on your returns taxable for state income tax purposes. You should consult your may result in penalties, interest, and tax withholding from future state’s tax regulations or your tax advisor for specific requirements dividends, distributions, and redemptions. (Dividends and on reporting capital gains on your state income tax return. distributions received in an IRA are not included on Form 1099-DIV, FOREIGN TAX PAID: DODGE & COX GLOBAL STOCK FUND since income received is not taxable as long as it remains in the IRA.) AND DODGE & COX INTERNATIONAL STOCK FUND

ORDINARY DIVIDENDS Dividends paid by Dodge & Cox Global Stock Fund and Ordinary dividends paid to you are shown in Box 1a of your Dodge & Cox International Stock Fund include pass-throughs Form 1099-DIV. For income tax purposes, short-term capital gain of foreign taxes paid. In December 2020, the Global Stock Fund distributions are treated as and have been included and International Stock Fund paid dividends that included in the total in Box 1a. Ordinary dividends are generally reported income, net of foreign taxes paid, received from foreign on Line 5 of Schedule B, and on Line 3b of Form 1040 or 1040-SR. investments. During 2020, these Funds received refunds of foreign taxes QUALIFIED DIVIDENDS paid previously. Because the Funds are permitted to offset these The portion of the amount in Box 1a that is attributable to refunds against foreign taxes paid in 2020, the net amounts qualified dividends is shown in Box 1b of your Form 1099-DIV. reported as pass-throughs of foreign taxes paid are zero, which Qualified dividend income is eligible for a lower federal tax rate are shown in Box 7 of your Form 1099-DIV. than ordinary dividends. To claim this reduced tax rate, you must have held your shares in the Fund for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date. Refer to the IRS instructions for Line 3a of Form 1040 or 1040-SR for information about reporting qualified dividends.

DODGE & COX FUNDS 2020 Tax Guide FORM 1040

SAMPLE 1,100 00 1,300 00

SCHEDULE B (FORM 1040 OR 1040-SR)

SAMPLE Dodge & Cox Global Stock Fund 1,300 00

SCHEDULE D (FORM 1040 OR 1040-SR)

SAMPLE 100.00

FORM 8949

x SAMPLE

40.000 sh. (300.00) Dodge & Cox Global Stock Fund xx/xx/13 xx/xx/20 1,200.00 1,500.00

x SAMPLE

80.000 sh. Various xx/xx/20 3,200.00 2,000.00 1,200.00 Dodge & Cox Global Stock Fund

DODGE & COX FUNDS 2020 Tax Guide FORM 1099-B (If you sold or exchanged shares) If you sold or exchanged shares of a Dodge & Cox Fund within a the cost basis and holding period information shown on your taxable account during 2020, you received a Form 1099-B, which Form 1099-B for covered shares when completing both shows the gross proceeds from each sale or exchange you made Form 8949 and Schedule D. during the year. If you sold covered shares (described below), you Non-Covered Shares are those Fund shares you acquired prior may be able to combine these transactions and report the totals to January 1, 2012, or any shares transferred into your account directly on Schedule D (Form 1040 or 1040-SR) without completing without corresponding cost basis information. If you sold or Form 8949. However, if you choose to, each transaction may be exchanged non-covered shares within a taxable Fund account reported on Form 8949 and summarized on Schedule D. If you during 2020, and we have cost basis information for your sold non-covered shares, you must complete Form 8949 shares, the Average Cost basis and holding period information according to the holding period of shares sold. Each Fund’s are shown on your Form 1099-B. This information was not name (not the name of the mutual fund family) and sale reported to the IRS. If your Form 1099-B includes cost basis infor- proceeds must be reported on your tax return. Capital gains are mation for non-covered shares, this Average Cost basis infor- also generally reported on your state income tax return. mation may or may not reflect the amount you should report

COST BASIS on Form 8949. Cost basis is the amount you paid for Fund shares including WASH SALES the value of reinvested dividends and capital gain distributions. A wash sale occurs when you realize a loss on a sale or exchange Upon a sale or exchange of shares within a taxable account, of Fund shares and you acquire shares of that same Fund in any you will realize a capital gain or loss, which is determined by account, including through reinvestment of dividends, within a comparing the sale proceeds to the cost basis. period of 30 days before or after the date of the sale or exchange. Covered Shares are Fund shares you acquired after January 1, 2012. In a wash sale, the loss you realized on the sale or exchange If you sold or exchanged covered shares within a taxable Fund is disallowed. The amount of the disallowed loss is shown in account during 2020, your Form 1099-B shows the cost basis and Box 1g of your Form 1099-B only if you sold or exchanged either the short-term or long-term holding period of those shares. covered shares and acquired them within the same account. If This information was reported to the IRS. The cost basis amount you have a disallowed loss due to a wash sale in any account, shown was calculated based on the cost basis method you you must report the amount of the non-deductible loss in elected for the covered shares in your Fund account. If you Column (g) of Form 8949, and also enter code W in Column (f). did not make an election, the default cost basis method of Please note that we do not show wash sale disallowed losses Average Cost was applied to all of the covered shares in on your Form 1099-B when wash sales arise from sales of your Fund account. You are required by the IRS to report non-covered shares or from transactions in different accounts.

E DATE ACQUIRED (BOX 1b) F DATE SOLD OR G NET PROCEEDS (BOX 1d) H COST OR OTHER BASIS (BOX 1e) Shows the acquisition date of the shares sold or DISPOSED (BOX 1c) Shows the aggregate proceeds you Shows the cost basis of the sale or exchange exchanged in this transaction. This box is Shows the trade date of each sale or received from each sale or exchange transaction. Reported to the IRS if covered intentionally blank for multiple lot transactions. exchange transaction of Fund shares. transaction of Fund shares. shares are sold.

E F G H

Dodge & Cox Global Stock Fund 1049-0012345678 26-2099183 xxxxxxx 10.00 120.000 xx/xx/13 xx/xx/20 1,200.00 1,500.00 SAMPLE E F G H

Dodge & Cox Global Stock Fund 1049-0012345678 26-2099183 xxxxxxx 16.00 200.000 xx/xx/20 3,200.00 2,000.00* YES

* Average Cost basis information shown on Form 1099-B for non-covered shares may or may not reflect the amount you should report on Form 8949.

DODGE & COX FUNDS 2020 Tax Guide dodgeandcox.com

SELECTED STATE TAX INFORMATION

INTEREST INCOME FROM U.S. GOVERNMENT OBLIGATIONS Depending on your state’s income tax laws, you may held by the Fund exceeds certain thresholds or unless be entitled to declare a portion of your ordinary dividends other requirements are met. You should consult your state’s (Box 1a of Form 1099-DIV) as tax-exempt income on your state tax regulations or your tax advisor to determine the income tax return. However, some states do not allow availability of exemptions. this unless the percentage of U.S. government obligations % of Income Attributable to Direct U.S. Government Obligations The adjacent table shows the percentages of Dodge & Cox Stock Fund 0.0% total ordinary dividends that were attributable to Dodge & Cox Global Stock Fund 0.0% interest on direct U.S. government obligations: Dodge & Cox International Stock Fund 0.0% Dodge & Cox Balanced Fund 0.8% Dodge & Cox Income Fund 1.4% Dodge & Cox Global Bond Fund 0.6%

ADDITIONAL TAX REPORTING INFORMATION ON OUR WEBSITE dodgeandcox.com/tax_center

Within Tax Center you can find: Within Account Access you can:

◾ Tax-related literature ◾ Download your account statements ◾ Tax form mailing schedule ◾ Download your tax forms including 1099-DIV and 1099-B ◾ Cost basis information ◾ View your realized cost basis information ◾ Frequently asked tax questions TurboTax® 2020 Supplemental Tax Reporting Information includes: Account Access users have the ability to import tax information on your Dodge & Cox Funds accounts into TurboTax®. ◾ Additional reporting of foreign source income ◾ Foreign source income supplemental information ◾ Corporate dividends received deduction ◾ Distribution information

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. Ordinary dividends and capital gain distributions fluctuate and are subject to change. Dividends and distributions represent past performance and there is no guarantee they will continue to be paid. Dodge & Cox Funds are not in the business of providing tax or legal advice. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any taxpayer for the purpose of avoiding tax penalties. Tax-related statements, if any, may have been written in connection with the “promotion or marketing” of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.

DODGE & COX FUNDS 2020 Tax Guide January 2021

dodgeandcox.com 2020 Tax Guide

Overview of SELECTED STATE TAX INFORMATION INTEREST INCOME FROM U.S. GOVERNMENT OBLIGATIONS Common Tax Forms Depending on your state’s income tax laws, you may held by the Fund exceeds certain thresholds or unless be entitled to declare a portion of your ordinary dividends other requirements are met. You should consult your state’s (Box 1a of Form 1099-DIV) as tax-exempt income on your state tax regulations or your tax advisor to determine the A REFERENCE TOOL income tax return. However, some states do not allow availability of exemptions. FOR YOUR 2020 TAX FORMS this unless the percentage of U.S. government obligations % of Income Attributable to Direct U.S. Government Obligations The adjacent table shows the percentages of Dodge & Cox Stock Fund 0.0% total ordinary dividends that were attributable to Dodge & Cox Global Stock Fund 0.0% interest on direct U.S. government obligations: Dodge & Cox International Stock Fund 0.0% Dodge & Cox Balanced Fund 0.8% Dodge & Cox Income Fund 1.4% Dodge & Cox Global Bond Fund 0.6% Tax forms Tax forms ADDITIONAL TAX REPORTING INFORMATION ON OUR WEBSITE We understand that preparing and filing your tax return can be a difficult task. To make your 2020 you receive from you file with dodgeandcox.com/tax_center tax preparation easier, this guide is designed to assist your reporting of ordinary dividends, capital

Dodge & Cox Funds: the IRS: Within Tax Center you can find: Within Account Access you can: gain distributions, and sales of Dodge & Cox Funds (the Funds) shares.

◾ Tax-related literature ◾ Download your account statements FORM 1099-DIV FORM 1040 OR 1040-SR This guide shows sample 2020 tax forms for investments in the Funds, including illustrations of Tax form that reports ordinary dividends and capital gain U.S. income tax return required to be filed by individuals. ◾ Tax form mailing schedule ◾ Download your tax forms including 1099-DIV and 1099-B distributions that you received in your taxable Fund Form 1099-DIV, Form 1099-B, and Internal Revenue Service (IRS) tax forms. Additional ◾ Cost basis information ◾ View your realized cost basis information account(s) during 2020. SCHEDULE B (FORM 1040 OR 1040-SR) information, including transaction details and total shares owned at year end, can be found in your Use this tax form to report interest and ordinary dividends. ◾ Frequently asked tax questions TurboTax® FORM 1099-B December 31, 2020 account statement (available online or received by mail earlier this month).

(if you sold or exchanged shares within a taxable account) SCHEDULE D (FORM 1040 OR 1040-SR) 2020 Supplemental Tax Reporting Information includes: Account Access users have the ability to import tax information ® Please note that we report all dividend and redemption information, as required, to the IRS. Tax form that reports proceeds from the sale or exchange Use this tax form to report capital gains and losses. on your Dodge & Cox Funds accounts into TurboTax . ◾ Additional reporting of foreign source income of Fund shares that you received during 2020. Cost

basis information and capital gain or loss is included FORM 8949 ◾ Foreign source income supplemental information While we hope this information will help you prepare your federal and state income tax returns, on this form. Use this tax form to report sales and other dispositions ◾ Corporate dividends received deduction of capital assets. it is not intended to be a complete discussion of your tax requirements and should not be relied ◾ Distribution information upon as a source of professional tax advice. If you have questions about completing your tax return, Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s investment objectives, risks, and charges and expenses. To obtain you should consult with your personal tax advisor or refer to IRS (irs.gov) and state instructions 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. for preparing income tax returns. Additional tax information and secure online access to your Ordinary dividends and capital gain distributions fluctuate and are subject to change. Dividends and distributions represent past performance and there is no guarantee they will continue to be paid. Dodge & Cox Funds account statements and tax forms can be obtained via the Funds’ website at Dodge & Cox Funds are not in the business of providing tax or legal advice. These materials and any tax-related statements are not intended or written dodgeandcox.com. If you have any questions concerning your account, please call a Client Service to be used, and cannot be used or relied upon, by any taxpayer for the purpose of avoiding tax penalties. Tax-related statements, if any, may have been written in connection with the “promotion or marketing” of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Representative at 800-621-3979.

DODGE & COX FUNDS 2020 Tax Guide DODGE & COX FUNDS 2020 Tax Guide DODGE & COX FUNDS 2020 Tax Guide 00251582 FORM 1099-DIV FORM 1099-B (If you sold or exchanged shares) If you sold or exchanged shares of a Dodge & Cox Fund within a the cost basis and holding period information shown on your A TOTAL ORDINARY B QUALIFIED DIVIDENDS (BOX 1b) C TOTAL CAPITAL GAIN D FOREIGN TAX PAID (BOX 7) FORM 1040 DIVIDENDS (BOX 1a) Shows the portion of the amount in DISTRIBUTIONS (BOX 2a) Shows the foreign tax that you may be able taxable account during 2020, you received a Form 1099-B, which Form 1099-B for covered shares when completing both Shows total dividends and Box 1a that is eligible for a lower tax rate. Shows total long-term capital to claim as a credit or deduction. Applies shows the gross proceeds from each sale or exchange you made Form 8949 and Schedule D. short-term capital gain gain distributions paid to you. only if you owned shares of Dodge & Cox during the year. If you sold covered shares (described below), you distributions paid to you. Global Stock Fund and/or Dodge & Cox Non-Covered Shares are those Fund shares you acquired prior International Stock Fund. SAMPLE 1,100 00 1,300 00 may be able to combine these transactions and report the totals to January 1, 2012, or any shares transferred into your account directly on Schedule D (Form 1040 or 1040-SR) without completing without corresponding cost basis information. If you sold or Form 8949. However, if you choose to, each transaction may be exchanged non-covered shares within a taxable Fund account A B C D SCHEDULE B (FORM 1040 OR 1040-SR) reported on Form 8949 and summarized on Schedule D. If you during 2020, and we have cost basis information for your sold non-covered shares, you must complete Form 8949 shares, the Average Cost basis and holding period information according to the holding period of shares sold. Each Fund’s Dodge & Cox Global Stock Fund 26-2099183 are shown on your Form 1099-B. This information was not 1049-0012345678 name (not the name of the mutual fund family) and sale 1,300.00 1,100.00 100.00 reported to the IRS. If your Form 1099-B includes cost basis infor- SAMPLE SAMPLE proceeds must be reported on your tax return. Capital gains are mation for non-covered shares, this Average Cost basis infor- Dodge & Cox Global Stock Fund 1,300 00 also generally reported on your state income tax return. mation may or may not reflect the amount you should report

COST BASIS on Form 8949. Cost basis is the amount you paid for Fund shares including WASH SALES the value of reinvested dividends and capital gain distributions. CAPITAL GAIN DISTRIBUTIONS SCHEDULE D (FORM 1040 OR 1040-SR) A wash sale occurs when you realize a loss on a sale or exchange Ordinary dividends and capital gain distributions paid to you Upon a sale or exchange of shares within a taxable account, Long-term capital gain distributions paid to you are shown in of Fund shares and you acquire shares of that same Fund in any during 2020 are shown on your Form 1099-DIV. You must report you will realize a capital gain or loss, which is determined by Box 2a of your Form 1099-DIV and generally must be reported on account, including through reinvestment of dividends, within a all dividends and distributions to the IRS whether you received comparing the sale proceeds to the cost basis. them in cash or reinvested them in Fund shares. Each Fund’s Line 13 of Schedule D (Form 1040 or 1040-SR). [Note: If you do not period of 30 days before or after the date of the sale or exchange. name (not the name of the mutual fund family) and ordinary have to file Schedule D, your capital gain distributions should be reported SAMPLE Covered Shares are Fund shares you acquired after January 1, 2012. In a wash sale, the loss you realized on the sale or exchange dividend amount must be reported on your income tax returns. on Line 6 (Form 1040 or 1040-SR)] Capital gains are also generally 100.00 If you sold or exchanged covered shares within a taxable Fund is disallowed. The amount of the disallowed loss is shown in Failure to report dividends and distributions on your returns taxable for state income tax purposes. You should consult your account during 2020, your Form 1099-B shows the cost basis and Box 1g of your Form 1099-B only if you sold or exchanged may result in penalties, interest, and tax withholding from future state’s tax regulations or your tax advisor for specific requirements either the short-term or long-term holding period of those shares. covered shares and acquired them within the same account. If dividends, distributions, and redemptions. (Dividends and on reporting capital gains on your state income tax return. This information was reported to the IRS. The cost basis amount you have a disallowed loss due to a wash sale in any account, FORM 8949 distributions received in an IRA are not included on Form 1099-DIV, shown was calculated based on the cost basis method you you must report the amount of the non-deductible loss in FOREIGN TAX PAID: DODGE & COX GLOBAL STOCK FUND since income received is not taxable as long as it remains in the IRA.) elected for the covered shares in your Fund account. If you Column (g) of Form 8949, and also enter code W in Column (f). AND DODGE & COX INTERNATIONAL STOCK FUND did not make an election, the default cost basis method of Please note that we do not show wash sale disallowed losses Dividends paid by Dodge & Cox Global Stock Fund and ORDINARY DIVIDENDS Average Cost was applied to all of the covered shares in on your Form 1099-B when wash sales arise from sales of Dodge & Cox International Stock Fund include pass-throughs Ordinary dividends paid to you are shown in Box 1a of your your Fund account. You are required by the IRS to report non-covered shares or from transactions in different accounts. Form 1099-DIV. For income tax purposes, short-term capital gain of foreign taxes paid. In December 2020, the Global Stock Fund distributions are treated as ordinary income and have been included and International Stock Fund paid dividends that included income, net of foreign taxes paid, received from foreign E DATE ACQUIRED (BOX 1b) F DATE SOLD OR G NET PROCEEDS (BOX 1d) H COST OR OTHER BASIS (BOX 1e) in the total in Box 1a. Ordinary dividends are generally reported Shows the acquisition date of the shares sold or Shows the aggregate proceeds you Shows the cost basis of the sale or exchange investments. DISPOSED (BOX 1c) on Line 5 of Schedule B, and on Line 3b of Form 1040 or 1040-SR. x SAMPLE exchanged in this transaction. This box is received from each sale or exchange transaction. Reported to the IRS if covered Shows the trade date of each sale or During 2020, these Funds received refunds of foreign taxes intentionally blank for multiple lot transactions. exchange transaction of Fund shares. transaction of Fund shares. shares are sold. QUALIFIED DIVIDENDS paid previously. Because the Funds are permitted to offset these The portion of the amount in Box 1a that is attributable to refunds against foreign taxes paid in 2020, the net amounts qualified dividends is shown in Box 1b of your Form 1099-DIV. reported as pass-throughs of foreign taxes paid are zero, which Qualified dividend income is eligible for a lower federal tax rate E F G H are shown in Box 7 of your Form 1099-DIV. than ordinary dividends. To claim this reduced tax rate, 40.000 sh. (300.00) you must have held your shares in the Fund for at least 61 Dodge & Cox Global Stock Fund xx/xx/13 xx/xx/20 1,200.00 1,500.00 days during the 121-day period beginning 60 days before the Dodge & Cox Global Stock Fund 1049-0012345678 26-2099183 ex-dividend date. Refer to the IRS instructions for Line 3a xxxxxxx x 10.00 120.000 xx/xx/13 xx/xx/20 1,200.00 1,500.00 of Form 1040 or 1040-SR for information about reporting qualified dividends. SAMPLE SAMPLE E F G H

80.000 sh. Various xx/xx/20 3,200.00 2,000.00 1,200.00 Dodge & Cox Global Stock Fund Dodge & Cox Global Stock Fund 1049-0012345678 26-2099183 xxxxxxx 16.00 200.000 xx/xx/20 3,200.00 2,000.00* YES

* Average Cost basis information shown on Form 1099-B for non-covered shares may or may not reflect the amount you should report on Form 8949.

DODGE & COX FUNDS 2020 Tax Guide DODGE & COX FUNDS 2020 Tax Guide DODGE & COX FUNDS 2020 Tax Guide