Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

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