Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

& Poor’s Ratings Group (S&P) or Fitch Ratings (Fitch),or equivalently rated by any nationally recognizedstatistical rating organization (NRSRO), or, if unrated,are deemed to be of investment-grade quality by Dodge &Cox). Up to 20% of the Fund’s total assets may beinvested in below investment-grade debt instruments,commonly referred to as high-yield or “junk” bonds. TheFund is non-diversified, which allows it to invest a greaterpercentage of its assets in any one issuer than wouldotherwise be the case for a diversified fund.The Fund may enter into various currency or interestrate-related transactions involving derivative instruments,including forwards, futures, swaps, and options. The Fundmay use derivatives to seek to minimize the impact of lossesto one or more of its investments (as a “hedging technique”)or to implement its investment strategy. For example, theFund may invest in derivative instruments that provideexposure to a specific security or market sector as a substitutefor a direct investment in the security or sector itself or tobenefit from changes in the relative values of selectedcurrencies. The Fund may use interest rate derivatives for avariety of purposes, including, but not limited to, managingthe Fund’s duration or adjusting the Fund’s exposure to debtsecurities with different maturities. In addition, the Fund mayinvest in credit default swaps to increase or decrease creditexposure to a particular issuer or a group of issuers thatcomprise a particular segment of the debt market.In selecting securities, Dodge & Cox considers manyfactors, including, without limitation, yield-to-maturity,covenants, credit quality, liquidity, call risk, and capitalappreciation potential. For all securities that aredenominated in a foreign currency, Dodge & Cox analyzeswhether to accept or hedge the associated interest rateand currency risks. Dodge & Cox considers, among otherthings, a country’s economic outlook and politicalstability, the protections provided to foreign investors,relative interest rates, exchange rates, a country’smonetary and fiscal policies, its debt stock, as well as itsability to meet its funding needs.The Fund may purchase or sell holdings for a varietyof reasons such as to alter sector, geographic, or currencyexposure or to shift the overall portfolio’s risk profile. Theproportions of the Fund’s assets held in various debtinstruments will be revised in light of Dodge & Cox’sappraisal of the global economy, the relative yields ofsecurities in the various market sectors and countries, thepotential for a currency’s appreciation, the investmentprospects for issuers, the countries’ domestic and politicalconditions, and other factors.The Fund normally invests in an array of securitieswith short, intermediate, and long maturities in varyingproportions.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 or creditworthiness of a company orsecurity may be incorrect, Dodge & Cox may not maketimely purchases or sales of securities for the Fund, theFund’s investment objective may not be achieved, and themarket may continue to undervalue the Fund’s securities.▪ Interest rate risk. Debt security prices may decline due torising interest rates. Furthermore, interest rate derivativescan be used to benefit from anticipated increases ordecreases in interest rates, but may decrease in value ifinterest rates move in a manner different than thatanticipated. Debt instruments with longer maturities aregenerally subject to potentially greater price volatilitythan investments with shorter maturities.▪ Credit risk. A security’s price may decline due todeterioration in the issuer’s or a guarantor’s financialcondition. 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 securities ratedbelow investment grade, also known as “high-yield” orPAGE 22 ▪ D ODGE & C OX F UNDS