Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

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SUMMARY OF OTHER IMPORTANT INFORMATION ABOUT FUND SHARESPURCHASE AND SALE OF FUND SHARESThe minimum initial investment for shares of a Fund is$2,500 ($1,000 for Individual Retirement Accounts(IRAs)) and the minimum subsequent investment is$100, except that the minimum investment requirementsmay be waived for certain financial intermediaries that usethe Fund as part of an asset allocation program or forcertain retirement plans.You may withdraw (redeem) any part of your accountby selling shares. The sale price of your shares will be theFund’s next-determined net asset value after BostonFinancial Data Services, Inc. or an authorized agent orsub-agent receives all required documents in good order.You may sell shares as described below:▪ Online: If a non-IRA, visit the Dodge & Cox Funds’website at www.dodgeandcox.com, click on “AccountAccess” to log into your account and submit yourrequest online. A distribution may not be processed foran IRA online at this time.▪ Mail: Visit Dodge & Cox Funds’ website atwww.dodgeandcox.com and click on “Forms andGuides”. Download and complete the RedemptionRequest Form for a non-IRA and/or the IRADistribution Request Form for an IRA. Mail thecompleted form(s) to “Dodge & Cox Funds, c/o BostonFinancial Data Services, P.O. Box 8422, Boston, MA02266-8422” to process your request(s).▪ Phone: You may call Client Services at 800-621-3979during business hours to place redemption ordistribution requests for both an IRA or a non-IRA.TAX INFORMATIONEach Fund will distribute substantially all of its incomeand capital gains to its shareholders every year. You willbe taxed on dividends you receive from a Fund as ordinaryincome and/or capital gains unless you hold your Fundshares in a tax-deferred retirement account, such as anIRA, or are otherwise tax exempt in which case you willgenerally be taxed only upon withdrawal of monies fromthe retirement account.PAYMENTS TO FINANCIAL INTERMEDIARIESIf you purchase a Fund through an employee benefit plan,Dodge & Cox may make payments to the recordkeeper,broker/dealer, bank, or other financial institution ororganization (each a “Financial Intermediary”) thatprovides shareholder recordkeeping or otheradministrative services to the plan as compensation forthose services. These payments may create a conflict ofinterest by influencing your Financial Intermediary tomake available a Fund over other mutual funds orinvestments. You should ask your Financial Intermediaryabout differing and divergent interests and how it iscompensated for administering your Fund investment.PAGE 26 ▪ D ODGE & C OX F UNDS
INVESTMENT OBJECTIVES, PRINCIPAL INVESTMENT STRATEGIES, RELATED RISKSAND DISCLOSURE OF PORTFOLIO HOLDINGSThis section takes a closer look at the investmentobjectives, principal investment strategies, and certainrisks of investing in the Dodge & Cox Funds (each a“Fund” and, collectively, the “Funds”). This section alsoprovides information regarding the Funds’ disclosure ofportfolio holdings.DODGE & COX STOCK FUNDINVESTMENT OBJECTIVES AND PRINCIPALINVESTMENT STRATEGIESThe Fund’s primary objective is to provide shareholderswith an opportunity for long-term growth of principal andincome. A secondary objective is to achieve a reasonablecurrent income. These objectives may not be changedwithout shareholder approval. Investors should recognizethat the market risks inherent in investing in securitiescannot be avoided, and there is no assurance that theinvestment objectives of the Fund will be achieved.The Fund seeks to achieve its objective by investingprimarily in a diversified portfolio of common stocks.Under normal circumstances, the Fund will invest at least80% of its total assets in common stocks, includingdepositary receipts evidencing ownership of commonstocks. The Fund may also purchase other types ofsecurities, for example, preferred stocks and debt securitieswhich are convertible into common stock (or which, inthe opinion of Dodge & Cox, have predominantlycommon stock investment characteristics). The Fund mayinvest up to 20% of its total assets in U.S. dollardenominatedsecurities of non-U.S. issuers traded in theUnited States that are not in the S&P 500. Furtherinformation about specific investments is provided underAdditional Information on Investments.Moderate reserves in cash or short-term debtsecurities may be held from time to time as Dodge & Coxmay deem advisable. For temporary, defensive purposes,the Fund may invest, without limitation, in U.S. dollardenominatedshort-term debt instruments. As a result oftaking this defensive position, the Fund may not achieveits investment objectives. Nevertheless, the long-termemphasis is to maintain a fully invested equity fund.Securities selected for the Fund are predominantlythose which, in the view of Dodge & Cox, have positiveprospects for long-term growth of principal and incomenot reflected in the current price. Prospective earnings,cash flow, and dividends are considered in making thesestock selections. Various other factors, including financialstrength, economic condition, competitive advantage,quality of the business franchise, and the reputation,experience, and competence of a company’s managementare weighed against valuation in selecting individualsecurities. The Fund invests primarily in medium-to-largewell-established companies based on standards of theapplicable market.The Fund’s policies described above may be changedwithout shareholder approval; however, these policies willnot be changed without 60 days’ prior notice toshareholders.In an attempt to minimize unforeseen risks in holdingthe securities of a single issuer, the Fund seeks to provideinvestment diversification. Although there is norestriction on the number of changes in the Fund’ssecurity holdings, purchases generally are made with aview to holding for the long term and not for short-termtrading purposes. (The Fund’s portfolio turnover rates forthe fiscal years ended December 31, 2013, 2012, and 2011were 15%, 11%, and 16%, respectively.) However, duringrapidly changing economic, market, and politicalconditions, portfolio turnover may be higher than in amore stable period. A higher turnover rate might result inincreased transaction expenses and the realization ofcapital gains and losses, some of which may be short-termcapital gains taxed as ordinary income (see FederalIncome Taxes). It is the general practice of the Fund toinvest in securities with ready markets, mainly issues listedon national securities exchanges. In seeking to achievethe objectives of the Fund, Dodge & Cox may lend theFund’s portfolio securities.D ODGE & C OX F UNDS ▪ PAGE 27
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 and 26: “junk” securities, have specula
Page 27: The Fund’s past performance (befo
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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