Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

DODGE & COX INTERNATIONALSTOCK FUNDINVESTMENT OBJECTIVEThe Fund seeks long-term growth of principaland income.FEES AND EXPENSESThis table describes the fees and expenses that you maypay if you buy and hold shares of the Fund.PORTFOLIO TURNOVERThe Fund pays transaction costs, such as commissions, whenit buys and sells securities (or “turns over” its portfolio). Ahigher portfolio turnover rate may indicate highertransaction costs and may result in higher taxes when Fundshares are held in a taxable account. These transactioncosts, which are not reflected in annual Fund operatingexpenses or in the example, affect the Fund’s performance.During the most recent fiscal year, the Fund’s portfolioturnover rate was 13% of the average value of its portfolio.SHAREHOLDER FEES(fees paid directly from your investment)Sales charge (load) imposed on purchasesDeferred sales charge (load)Sales charge (load) imposed onreinvested distributionsRedemption feeExchange feeANNUAL FUND OPERATING EXPENSES(expenses that you pay each year as a percentage of the value ofyour investment)NoneNoneNoneNoneNoneManagement fees .60%Distribution and/or service (12b-1) feesNoneOther expenses (transfer agent, custody,accounting, legal, etc.) .04%Total Annual Fund Operating Expenses .64%Example: This example is intended to help you comparethe cost of investing in the Fund with the cost ofinvesting in other mutual funds.The example assumes that:▪ You invest $10,000 in the Fund for the time periodsindicated and then redeem all of your shares at the endof those time periods;▪ Your investment has a 5% return each year; and▪ The Fund’s operating expenses remain the same.Although your actual costs may be higher or lower,under these assumptions your costs would be:1 Year 3 Years 5 Years 10 Years$65 $205 $357 $798PRINCIPAL INVESTMENT STRATEGIESThe Fund invests primarily in a diversified portfolio ofequity securities issued by non-U.S. companies from atleast three different countries, including emerging marketcountries. The Fund is not required to allocate itsinvestments in set percentages in particular countries andmay invest in emerging markets without limit. Undernormal circumstances, the Fund will invest at least 80% ofits total assets in common stocks, preferred stocks,securities convertible into common stocks, and securitiesthat carry the right to buy common stocks of non-U.S.companies. The Fund may also invest directly orindirectly in restricted securities of U.S. and non-U.S.companies, including securities issued through privateofferings outside the United States.The Fund invests primarily in medium-to-large wellestablished companies based on standards of the applicablemarket. In selecting investments, the Fund investsprimarily in companies that, in Dodge & Cox’s opinion,appear to be temporarily undervalued by the stock marketbut have a favorable outlook for long-term growth. TheFund also focuses on the underlying financial conditionand prospects of individual companies, including futureearnings, cash flow, and dividends. Various other factors,including financial strength, economic condition,competitive advantage, quality of the business franchise,and the reputation, experience, and competence of acompany’s management are weighed against valuation inselecting individual securities. The Fund also considers theeconomic and political stability of a country and theprotections provided to foreign shareholders.The Fund may enter into forward currency contracts orcurrency futures contracts to hedge foreign currency exposure.PAGE 8 ▪ D ODGE & C OX F UNDS