Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

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TABLE OF CONTENTSFund Summaries1 Dodge & Cox Stock Fund4 Dodge & Cox Global Stock Fund8 Dodge & Cox International Stock Fund12 Dodge & Cox Balanced Fund17 Dodge & Cox Income Fund21 Dodge & Cox Global Bond Fund26 Other Important Information About Fund Shares27 Investment Objectives, Principal InvestmentStrategies, Related Risks, and Disclosure ofPortfolio Holdings34 Investment Restrictions34 Investment Risks37 Disclosure of Portfolio Holdings37 Additional Information on Investments42 How to Purchase Shares44 How to Redeem or Exchange Shares47 Transactions Through Financial Intermediaries48 Excessive Trading Limitations50 Other Transaction Information50 Escheatment of Abandoned Property51 Pricing of Shares51 Income Dividends and Capital Gain Distributions52 Federal Income Taxes53 Fund Organization and Management54 Investment Committees59 Portfolio Transactions59 Expenses59 Custodian and Transfer Agent60 Investment Information and Shareholder Services61 Financial Highlights64 TrusteesMutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are notinsured by the FDIC, Federal Reserve, or any other government agency, and are subject to investment risks, includingpossible loss of your investment.
DODGE & COX STOCK FUNDINVESTMENT OBJECTIVESThe Fund seeks long-term growth of principal andincome. A secondary objective is to achieve a reasonablecurrent 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.) .02%Total Annual Fund Operating Expenses .52%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$53 $167 $291 $653PORTFOLIO TURNOVERThe Fund pays transaction costs, such as commissions,when it buys and sells securities (or “turns over” itsportfolio). A higher portfolio turnover rate may indicatehigher transaction costs and may result in higher taxeswhen Fund shares are held in a taxable account. Thesetransaction costs, which are not reflected in annual Fundoperating expenses or in the example, affect the Fund’sperformance. During the most recent fiscal year, theFund’s portfolio turnover rate was 15% of the averagevalue of its portfolio.PRINCIPAL INVESTMENT STRATEGIESThe Fund invests primarily in a diversified portfolio ofcommon stocks. Under normal circumstances, the Fundwill invest at least 80% of its total assets in commonstocks, including depositary receipts evidencing ownershipof common stocks. The Fund may also purchase othertypes of securities, for example, preferred stocks, and debtsecurities which are convertible into common stock. TheFund may invest up to 20% of its total assets in U.S.dollar-denominated securities of non-U.S. issuers tradedin the United States that are not in the S&P 500.In selecting investments, the Fund invests primarilyin companies that, in Dodge & Cox’s opinion, appear tobe temporarily undervalued by the stock market but havea favorable outlook for long-term growth. The Fundfocuses on the underlying financial condition andprospects 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 invests primarilyin medium-to-large well established companies based onstandards of the applicable market.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:D ODGE & C OX F UNDS ▪ PAGE 1
Page 1: D ODGE & COX F UNDS ®May 1, 2014Li
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 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
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GLOBAL STOCK INVESTMENT POLICY COMM
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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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