Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

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condition. The Fund could lose money if the issuer orguarantor of a debt security, or the counterparty to aderivative instrument or other transaction is unable orunwilling to make timely principal and/or interestpayments, or to otherwise honor its obligations. If anissuer defaults, or if the credit quality of an investmentdeteriorates or is perceived to deteriorate, the value ofthe investment could decline.▪ Below investment grade securities risk. Debt securitiesrated below investment grade, also known as “highyield”or “junk” securities, have speculativecharacteristics. These securities may yield a higher levelof current income than higher-rated securities, butgenerally have greater credit risk, more price volatility,and less liquidity.▪ Call risk. During periods of falling interest rates, issuersof callable bonds may repay securities with higherinterest rates before maturity. This could cause theFund to lose potential price appreciation and reinvestthe proceeds at lower interest rates.▪ Derivatives risk. The Fund’s use of interest rate andcredit derivatives involves risks different from, andpossibly greater than, the risks associated with investingdirectly in securities and other more traditionalinvestments. These derivatives are subject to potentialchanges in value in response to interest rate changes, orother market developments, or the risk that a derivativetransaction may not have the effect Dodge & Coxanticipated. Credit default swaps are subject to creditrisk relating to the issuer or issuers of the referenceobligations. 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.▪ 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.▪ Mortgage and asset-backed securities risk. Early repaymentof principal (e.g., prepayment of principal due to sale ofthe underlying property, refinancing, or foreclosure) ofmortgage-related securities (or other callable securities)exposes the Fund to a potential loss on any premium toface value paid and to a lower rate of return uponreinvestment of principal. During periods of risinginterest rates, prepayment rates may decline below whatwas anticipated, delaying the return of principal to theFund and affecting its ability to reinvest at higheryields. In addition, changes in the rate of prepaymentalso affect the price and price volatility of a mortgagerelatedsecurity. Securities issued by certain U.S.government sponsored enterprises (GSEs) (such asFannie Mae, Freddie Mac, the Federal Home LoanBanks, and the Federal Farm Credit Banks) are notissued or guaranteed by the U.S. Treasury. In the eventthat these GSEs cannot meet their obligations, therecan be no assurance that the U.S. government willcontinue to provide support, and the Fund’sperformance could be adversely impacted.▪ Sovereign debt risk. Sovereign debt includes investmentsin securities issued or guaranteed by a foreign sovereigngovernment or its agencies, authorities, or politicalsubdivisions. An investment in sovereign debtobligations can involve a high degree of risk, includingspecial risks not present in corporate debt obligations.The issuer of the sovereign debt or the governmentalauthorities that control the repayment of the debt maybe unable or unwilling to repay principal or interestwhen due. Holders of sovereign debt may be requestedto participate in the rescheduling of such debt and toextend further loans to governmental entities. In theevent of a default by a governmental entity on asovereign debt obligation, there may be few or noeffective legal remedies for collecting on such debt.▪ Leveraging risk. Certain Fund transactions, such asderivatives, may give rise to a form of leverage and mayexpose the Fund to greater risk of loss. Leverage tendsto magnify the effect of any decrease or increase in thevalue of the Fund’s portfolio securities, and thereforemay cause the Fund’s performance to be more volatile.The use of leverage may cause the Fund to liquidateportfolio positions when it would not be advantageousto do so in order to satisfy its obligations.PAGE 14 ▪ D ODGE & C OX F UNDS
An investment in the Fund is not a deposit of abank and is not insured or guaranteed by the FederalDeposit Insurance Corporation or any othergovernment agency.PERFORMANCE INFORMATIONThe following bar chart and table are intended to helpyou understand the risks of investing in the Fund. The barchart shows changes in the Fund’s returns from year toyear. The table shows how the Fund’s average annual totalreturns for one, five, and ten years compare with differentbroad measures of market performance.The Fund’s past performance (before and after taxes) doesnot necessarily indicate how the Fund will perform in thefuture. Visit the Fund’s website at www.dodgeandcox.com orcall 800-621-3979 for current performance figures.DODGE & COX BALANCED FUNDAnnual total returns 2004-2013 (%)28.3713.316.5913.841.7412.23−1.6618.3228.37AVERAGE ANNUAL TOTAL RETURNSFOR THE PERIODS ENDED 12/31/2013Dodge & CoxBalanced Fund 1 Year 5 Years 10 YearsReturn before taxes 28.37% 16.57% 7.18%Return after taxes on distributions 27.69 15.94 6.29Return after taxes on distributionsand sale of Fund shares 16.36 13.26 5.65S&P 500 Index (reflects no deductionfor expenses or taxes) 32.41 17.94 7.41Barclays U.S. Aggregate BondIndex (reflects no deduction forexpenses or taxes) –2.02 4.46 4.55Combined Index* (60% S&P 500 &40% BCAG) (reflects no deduction forexpenses or taxes) 17.56 12.71 6.54* The Combined Index is a composite blend of 60% of the S&P 500Index and 40% of the Barclays U.S. Aggregate Bond Index andrepresents a broad measure of the U.S. stock and bond markets,including market sectors in which the fund may invest.After-tax returns are calculated using the historicalhighest individual federal marginal income tax rates, butdo not reflect the impact of state or local taxes. Actualafter-tax returns may differ depending on your individualcircumstances. After-tax return figures do not apply to youif you hold your Fund shares through a tax-deferredarrangement such as a 401(k) plan or an individualretirement account.−33.5704 05 06 07 08 09 10111213Highest/Lowest quarterly results during the time period were:Highest: 18.94% (quarter ended June 30, 2009)Lowest: –16.37% (quarter ended December 31, 2008)D ODGE & C OX F UNDS ▪ PAGE 15
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 and 10: FUND MANAGEMENTDodge & Cox serves a
Page 11 and 12: PRINCIPAL RISKS OF INVESTINGYou cou
Page 13 and 14: FUND MANAGEMENTDodge & Cox serves a
Page 15: may be invested in below investment
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
Page 68:
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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