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Average Annual Total Return*
For periods ended March 31, 2014 (updated quarterly)
    1 Year   3 Years   5 Years   10 Years   20 Years
Balanced Fund   20.83%   13.41%   19.72%   7.01%   10.13%
Combined Index   12.72% 10.40%   14.65%   6.52% 8.42%
   

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 are sold. Mutual fund performance changes over time and currently may be significantly lower than stated above. Monthly updates to performance are accessible from the Performance & Prices page.

   
Fund Characteristics
as of March 31, 2014, unless otherwise noted (updated quarterly)
General Information
Net Asset Value Per Share   $99.53
Total Net Assets (billions) $14.6
30-Day SEC Yield(a) 1.77%
Expense Ratio   0.53%
2013 Portfolio Turnover Rate   25%
Fund Inception 1931
 
Asset Allocation
 
Stock Portfolio (66.2% of Fund)
Stock Characteristics Fund
Number of Stocks 69
Median Market Capitalization (billions)   $36
Price-to-Earnings Ratio(b)   13.9x
Foreign Stocks not in
the S&P 500(c)
  10.4%

sector diversification (%)
(five largest)
  Fund
Financials   15.8
Information Technology   15.1
Health Care 12.8
Consumer Discretionary   8.9
Energy   6.0
 
ten largest stocks (%)(d) Fund
Hewlett-Packard Co.   3.2
Microsoft Corp.   2.8
Capital One Financial Corp. 2.8
Wells Fargo & Co.   2.7
Comcast Corp.   2.1
Novartis AG (Switzerland) 2.0
Schlumberger, Ltd.   1.9
Charles Schwab Corp.   1.9
Sanofi (France) 1.9
GlaxoSmithKline PLC (United Kingdom)   1.8
 
fixed income Portfolio (31.4% of Fund)
fixed income Characteristics Fund
Number of Fixed Income Securities   342
Effective Maturity (years)(e)   7.9
Effective Duration (years)(f)   4.7
 
sector diversification (%) Fund
U.S. Treasury(e)   3.5
Government-Related   2.7
Mortgage-Related   11.3
Corporate   13.4
Asset-Backed   0.5
     

Credit Quality (%)(g)
Fund
U.S. Treasury/Agency/GSE (e) 15.0
Aaa   0.5
Aa   0.6
A   3.4
Baa   8.6
Ba   2.6
B   0.7
 
Five Largest
Corporate Issuers (%)(d)
Fund
Verizon Communications, Inc. 0.7
Bank of America Corp.   0.6
Cox Enterprises, Inc.   0.6
Ford Motor Credit Co. LLC   0.5
Xerox Corp.   0.5
     

 

(a) SEC Yield is an annualization of the Fund’s total net investment income per share for the 30-day period ended on the last day of the month.
(b) Price-to-earnings (P/E) ratios are calculated using 12-month forward earnings estimates from third-party sources.
(c) Foreign stocks are U.S. dollar denominated.
(d) The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation to buy, sell, or hold any particular security and is not indicative of Dodge & Cox's current or future trading activity.
(e) Data as presented excludes the effect of the Fund's short position in 10-year Treasury futures contracts (notional value = 1.3% of the Fund's net assets). If exposure to Treasury futures contracts had been included, the effective maturity would be 0.3 years lower.
(f) Data as presented includes the effect of Treasury futures contracts.
(g) The credit quality distribution shown for the Fund is based on the middle of Moody's, S&P's, and Fitch ratings, which is the methodology used by Barclays in constructing its indices. If a security is rated only by two agencies, the lower of the two ratings is used. Please note the Fund applies the highest of Moody's, S&P's, and Fitch ratings to determine compliance with the quality requirements stated in its prospectus. The credit quality of the investments in the portfolio does not apply to the stability or safety of the Fund or its shares.

*The Fund's total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include dividends and/or interest income but, unlike Fund returns, do not reflect fees or expenses. The Combined Index reflects an unmanaged portfolio (rebalanced monthly) of 60% of the S&P 500 Index, which is a market capitalization-weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market, and 40% of the Barclays U.S. Aggregate Bond Index (Barclays U.S. Agg), which is a widely recognized, unmanaged index of U.S. dollar-denominated investment-grade fixed income securities. The Fund may, however, invest up to 75% of its total assets in stocks.

S&P 500® is a trademark of McGraw Hill Financial. Barclays® is a trademark of Barclays Bank PLC.

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