Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

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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
PRINCIPAL RISKS OF INVESTINGYou could lose money by investing in the Fund, and theFund could underperform other investments. Youshould expect the Fund’s share price and total return tofluctuate within a wide range. The Fund’s performancecould be hurt by:▪ Issuer risk. Securities held by the Fund may decline invalue because of changes in the financial condition of,or other events affecting, the issuers of these securities.▪ Management risk. Dodge & Cox’s opinion about theintrinsic worth of a company or security may beincorrect, Dodge & Cox may not make timelypurchases or sales of securities for the Fund, the Fund’sinvestment objective may not be achieved, andthe market may continue to undervalue theFund’s securities.▪ Equity risk. Equity securities generally have greater pricevolatility than debt securities.▪ Market risk. Stock prices may decline over short orextended periods due to general market conditions.▪ Liquidity risk. The Fund may not be able to purchase orsell a security in a timely manner or at desired prices orachieve its desired weighting in a security.▪ Non-U.S. investment risk. Non-U.S. stock markets maydecline due to conditions unique to an individualcountry, including unfavorable economic conditionsrelative to the United States. There may be increasedrisk of delayed settlement of portfolio transactions orloss of certificates of portfolio securities.▪ Non-U.S. currency risk. Non-U.S. currencies may declinerelative to the U.S. dollar, which reduces the unhedgedvalue of securities denominated in those currencies.Dodge & Cox may not hedge or may not be successful inhedging the Fund’s currency exposure. The Fund alsobears transaction charges for currency exchange.▪ Non-U.S. issuer risk. Securities may decline in valuebecause of political, economic, or market instability;the absence of accurate information about thecompanies; risks of internal and external conflicts; orunfavorable government actions, includingexpropriation and nationalization. These same factorsmay cause a decline in the value of foreign currencyderivative instruments. Non-U.S. securities aresometimes less liquid, more volatile, and harder to valuethan securities of U.S. issuers. Lack of uniformaccounting, auditing, and financial reporting standards,with less governmental regulation and oversight thanU.S. companies, may increase risk. Some countries alsomay have different legal systems that may make itdifficult for the Fund to vote proxies, exerciseshareholder rights, and pursue legal remedies withrespect to investments. Certain of these risks may alsoapply to securities of U.S. companies with significantnon-U.S. operations.▪ Emerging market risk. Non-U.S. investment and non-U.S. issuer risk may be particularly high to the extentthe Fund invests in emerging market securities.Emerging market securities may present issuer, market,currency, liquidity, legal, political and other risksdifferent from, and potentially greater than, the risks ofinvesting in securities and instruments tied todeveloped non-U.S. issuers. Emerging market securitiesmay also be more volatile, less liquid and more difficultto value than securities economically tied to developednon-U.S. issuers.▪ Derivatives risk. The Fund’s use of forward currencycontracts and currency futures contracts involves risksdifferent from, and possibly greater than, the risksassociated with investing directly in securities and othermore traditional investments. These derivatives aresubject to potential changes in value in response toexchange rate changes, interest rate changes, or othermarket developments, or the risk that a derivativetransaction may not have the effect Dodge & Coxanticipated. Derivatives also involve the risk ofmispricing or improper valuation and poor correlationbetween changes in the value of a derivative and theunderlying asset. Derivative transactions may be highlyvolatile, and can create investment leverage, whichcould cause the Fund to lose more than the amount ofassets initially contributed to the transaction, if any.There is also the risk that the Fund may be unable toclose out a derivative position at an advantageous timeor price, or that a counterparty may be unable orunwilling to honor its contractual obligations,especially during times of financial market distress.D ODGE & C OX F UNDS ▪ PAGE 9
Page 1 and 2: D ODGE & COX F UNDS ®May 1, 2014Li
Page 3 and 4: DODGE & COX STOCK FUNDINVESTMENT OB
Page 5 and 6: do not reflect the impact of state
Page 7 and 8: should expect the Fund’s share pr
Page 9: FUND MANAGEMENTDodge & Cox serves a
Page 13 and 14: FUND MANAGEMENTDodge & Cox serves a
Page 15 and 16: may be invested in below investment
Page 17 and 18: An investment in the Fund is not a
Page 19 and 20: DODGE & COX INCOME FUNDINVESTMENT O
Page 21 and 22: was anticipated, delaying the retur
Page 23 and 24: DODGE & COX GLOBAL BOND FUNDINVESTM
Page 25 and 26: “junk” securities, have specula
Page 27 and 28: The Fund’s past performance (befo
Page 29 and 30: INVESTMENT OBJECTIVES, PRINCIPAL IN
Page 31 and 32: y non-U.S. companies from at least
Page 33 and 34: apidly changing economic, market, a
Page 35 and 36: securities rated Baa or BBB or belo
Page 37 and 38: lower interest rates, resulting in
Page 39 and 40: DISCLOSURE OF PORTFOLIO HOLDINGSA c
Page 41 and 42: successful, hedging strategies may
Page 43 and 44: also include futures contracts that
Page 45 and 46: HOW TO PURCHASE SHARES (continued)I
Page 47 and 48: authorized signatory named on a cer
Page 49 and 50: If, subsequent to placing a redempt
Page 51 and 52: fully reflect their fair value. The
Page 53 and 54: PRICING OF SHARESThe share price (n
Page 55 and 56: from the account. These accounts ar
Page 57 and 58: GLOBAL STOCK INVESTMENT POLICY COMM
Page 59 and 60: FIXED INCOME INVESTMENT POLICY COMM
Page 61 and 62:
Code of Ethics Dodge & Cox has adop
Page 63 and 64:
Important Note: The services descri
Page 65 and 66:
DODGE & COX BALANCED FUNDYear Ended
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D ODGE & COX F UNDS ®FOR MORE INFO
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Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

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