Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

DODGE & COX BALANCED FUNDINVESTMENT OBJECTIVESThe Fund seeks regular income, conservation of principal,and an opportunity for 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.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 .50%Distribution and/or service (12b-1) feesNoneOther expenses (transfer agent, custody,accounting, legal, etc.) .03%Total Annual Fund Operating Expenses .53%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$54 $170 $296 $665PORTFOLIO 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 25% of the average value of its portfolio.PRINCIPAL INVESTMENT STRATEGIESThe Fund invests in a diversified portfolio of equitysecurities and debt securities. Equity securities include, butare not limited to, common stocks, preferred stocks, anddepositary receipts evidencing ownership of common stocks.In selecting equity investments, the Fund primarily investsin companies that, in Dodge & Cox’s opinion, appear to betemporarily undervalued by the stock market and have afavorable outlook for long-term growth. The Fund focuseson the underlying financial condition and prospects ofindividual companies, including future earnings, cash flow,and dividends. Various other factors, including financialstrength, economic condition, competitive advantage,quality of the business franchise, and the reputation,experience, and competence of a company’s managementare weighed against valuation in selecting individualsecurities. The Fund’s equity investments are primarily inmedium-to-large well established companies based onstandards of the applicable market.Debt investments primarily include investment-gradesecurities such as government and government–relatedobligations, mortgage and asset-backed securities,corporate and municipal bonds, collateralized mortgageobligations, and other debt securities and may includefixed and floating rate instruments. Investment-grade debtsecurities include securities rated Baa or higher byMoody’s Investors Service (Moody’s), or BBB or higherby Standard & Poor’s Ratings Group (S&P) or FitchRatings (Fitch), or equivalently rated by any nationallyrecognized statistical rating organization (NRSRO),including U.S. dollar-denominated foreign issues andissues of supranational agencies, or unrated securities ifdeemed to be of investment-grade quality by Dodge &Cox. A maximum of 20% of the debt portion of the FundPAGE 12 ▪ D ODGE & C OX F UNDS