Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

DODGE & COX INCOME FUNDINVESTMENT OBJECTIVESThe Fund seeks a high and stable rate of current income,consistent with long-term preservation of capital. Asecondary objective is to take advantage of opportunitiesto realize capital appreciation.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 .40%Distribution and/or service (12b-1) feesNoneOther expenses (transfer agent, custody,accounting, legal, etc.) .03%Total Annual Fund Operating Expenses .43%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$44 $138 $241 $542PORTFOLIO TURNOVERThe Fund pays transaction costs when it buys and sellssecurities (or “turns over” its portfolio). A higher portfolioturnover rate may indicate higher transaction costs andmay result in higher taxes when Fund shares are held in ataxable account. These transaction costs, which are notreflected in annual Fund operating expenses or in theexample, affect the Fund’s performance. During the mostrecent fiscal year, the Fund’s portfolio turnover rate was38% of the average value of its portfolio.PRINCIPAL INVESTMENT STRATEGIESThe Fund invests in a diversified portfolio of high-qualitybonds and other debt securities. Under normalcircumstances, the Fund will invest at least 80% of itstotal assets in the following categories: (1) debtobligations issued or guaranteed by the U.S. government,its agencies or GSEs; (2) investment-grade debt securities(securities rated Baa or higher by Moody’s InvestorsService (Moody’s), or BBB or higher by Standard &Poor’s Ratings Group (S&P) or Fitch Ratings (Fitch), orequivalently rated by any nationally recognized statisticalrating organization (NRSRO)), including U.S. dollardenominatedforeign issues and issues of supranationalagencies; (3) unrated securities if deemed to be ofinvestment-grade quality by Dodge & Cox; and(4) bankers’ acceptances, bank certificates of deposit,repurchase agreements, and commercial paper. Debtsecurities in which the Fund invests include governmentand government-related obligations, mortgage and assetbackedsecurities, corporate and municipal bonds,collateralized mortgage obligations, and other debtsecurities, and may include fixed and floating rateinstruments. Up to 20% of the Fund’s total assets may beinvested in below investment-grade debt securities,commonly referred to as high-yield or “junk” bonds, ifthey have a minimum rating of B by Moody’s, Fitch, orS&P, are equivalently rated by any NRSRO, or, ifunrated, are deemed to be of similar quality by Dodge &Cox. The Fund may invest up to 25% of its total assets inU.S. dollar-denominated securities of non-U.S. issuers,including emerging market issuers. The Fund may alsoinvest in interest rate derivatives such as U.S. Treasuryfutures and swap agreements for a variety of purposes,including, but not limited to, managing the Fund’sduration or adjusting the Fund’s exposure to debtD ODGE & C OX F UNDS ▪ PAGE 17