Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

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esponse to exchange rate changes, interest ratechanges, or other market developments, or the risk thata derivative transaction may not have the effect Dodge& Cox anticipated. Credit default swaps are subject tocredit risk relating to the issuer or issuers of thereference obligations. Derivatives also involve the riskof mispricing or improper valuation and poorcorrelation between changes in the value of a derivativeand the underlying asset. Derivative transactions maybe highly volatile, and can create investment leverage,which could cause the Fund to lose more than theamount of assets initially contributed to thetransaction, if any. There is also the risk that the Fundmay be unable to close out a derivative position at anadvantageous time or price, or that a counterparty maybe unable or unwilling to honor its contractualobligations, especially during times of financial marketdistress.▪ 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.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.was treated as a disregarded entity under the InternalRevenue Code of 1986, as amended (the “Code”). ThePrivate Fund commenced operations on December 5,2012, and had an investment objective, policies, andstrategies that were, in all material respects, the same asthose of the Fund, and was managed in a manner that, inall material respects, complied with the investmentguidelines and restrictions of the Fund. However, thePrivate Fund was not registered as an investment companyunder the Investment Company Act of 1940 (the “1940Act”), and therefore was not subject to certain investmentlimitations, diversification requirements, liquidityrequirements, and other restrictions imposed by the 1940Act and the Code, which, if applicable, may haveadversely affected its performance. The Fund’sperformance for periods prior to the commencement ofoperations on May 1, 2014, is that of the Private Fund.The performance of the Private Fund has not beenrestated because the net total operating expense ratio ofthe Private Fund and the Fund are the same. A copy ofthe 2012 and 2013 audited financial statements of thePrivate Fund is available on the SEC’s website athttp://www/sec.gov.Archives/edgar/data/29440/000119312514133696/d647972dex99q.htm, or by callingthe Fund at 800-621-3979.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 compare to those of a broad measure ofmarket performance.Dodge & Cox Global Bond Fund, L.L.C., a privatefund managed and funded by Dodge & Cox (the “PrivateFund”) was reorganized into the Fund and the Fundcommenced operations on May 1, 2014. The Private Fundwas organized as Delaware limited liability company andPAGE 24 ▪ D ODGE & C OX F UNDS
The Fund’s past performance (before and after taxes)does not necessarily indicate how the Fund will perform inthe future. Visit the Fund’s website atwww.dodgeandcox.com or call 800-621-3979 for currentperformance figures.DODGE & COX GLOBAL BOND FUNDAnnual total returns 2013 (%)AVERAGE ANNUAL TOTAL RETURNSFOR THE PERIODS ENDED 12/31/2013Dodge & CoxGlobal Bond Fund1 YearSinceInception(12/5/2012)Return before taxes 2.59% 2.61%Return after taxes on distributions N/A N/AReturn after taxes on distributions andsale of Fund shares 1.47% 2.13%Barclays Global Aggregate Bond Index(reflects no deduction for expenses or taxes) –2.60 –3.092.5913Highest/Lowest quarterly results during the time period were:Highest: 2.96% (quarter ended September 30, 2013)Lowest: –2.20% (quarter ended June 30, 2013)After-tax returns are calculated using the historical highestindividual federal marginal income tax rates, but do notreflect the impact of state or local taxes. Actual after-taxreturns 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. After-tax returns on distributions arenot shown because the Private Fund, unlike a regulatedinvestment company, was not required to make annualdistributions.FUND MANAGEMENTDodge & Cox serves as investment manager to the Global Bond Fund. The Fund is managed by Dodge & Cox’s Global BondInvestment Policy Committee (GBIPC), which consists of the following six members:Committee MemberDana M. EmeryDiana S. StrandbergPrimary Titles with Investment ManagerChief Executive Officer, President, Director of Fixed Income, Director, Portfolio Manager,and member of Fixed Income Investment Policy (FIIPC)Senior Vice President, Director of International Equity, Director, Portfolio Manager,Investment Analyst, and member of Investment Policy Committee, Global StockInvestment Policy Committee, and International Investment Policy CommitteeYears managingthe Fund/Years withDodge & CoxThomas S. Dugan Senior Vice President, Associate Director of Fixed Income, Director, Portfolio Manager, */20Investment Analyst, and member of FIIPCJames H. Dignan Vice President, Portfolio Manager, Investment Analyst, and member of FIIPC */15Adam S. Rubinson Vice President, Portfolio Manager, Investment Analyst, and member of FIIPC */12Lucinda I. Johns Vice President, Portfolio Manager, Investment Analyst, and member of FIIPC */12* Effective May 1, 2014.OTHER IMPORTANT INFORMATION ABOUT FUND SHARESFor important information about purchase and sale of Fund shares, tax information, and payments to financial intermediariesplease turn to the “Summary of Other Important Information About Fund Shares” section on page 26 of this prospectus.*/31*/26D ODGE & C OX F UNDS ▪ PAGE 25
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 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: “junk” securities, have specula
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

Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

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