Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

DODGE & COX GLOBAL STOCK FUNDINVESTMENT OBJECTIVE AND PRINCIPALINVESTMENT STRATEGIESThe Fund’s objective is to provide shareholders with anopportunity for long-term growth of principal and income.This objective may not be changed without shareholderapproval. Investors should recognize that the market risksinherent in investing in securities cannot be avoided, andthere is no assurance that the investment objective of theFund will be achieved.The Fund seeks to achieve its objective by investingprimarily in a diversified portfolio of equity securities fromat least three different countries, including emergingmarket countries. The Fund is not required to allocate itsinvestments in set percentages in particular countries andmay invest in emerging markets without limit. Undernormal circumstances, the Fund will invest at least 40% ofits total assets in securities of non-U.S. companies.Under normal circumstances, the Fund will invest atleast 80% of its total assets in common stocks, preferredstocks, certain securities convertible into common stocks,and securities that carry the right to buy common stocks(e.g., rights and warrants). The Fund may enter intoforward currency contracts or currency futures contracts tohedge foreign currency exposure. Further informationabout specific investments is provided under AdditionalInformation 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 objective. 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 also considers the economic andpolitical stability of a country and the protectionsprovided to foreign shareholders. The Fund investsprimarily in medium-to-large well-established companiesbased on standards of the applicable market.The Fund’s investment policies described above maybe changed without shareholder approval; however, thesepolicies will not be changed without 60 days’ prior noticeto shareholders.In an attempt to minimize unforeseen risks in holdingthe securities of a single issuer, the Fund seeks to provideinvestment diversification. Although there is no restrictionon the number of changes in the Fund’s security holdings,purchases generally are made with a view to holding forthe long term and not for short-term trading purposes.(The Fund’s portfolio turnover rate for the fiscal yearended December 31, 2013, 2012, and 2011 were 24%,12%, and 19%, respectively.) However, during rapidlychanging economic, market, and political conditions,portfolio turnover may be higher than in a more stableperiod. A higher turnover rate might result in increasedtransaction expenses and the realization of capital gainsand losses, some of which may be short-term capital gainstaxed as ordinary income (see Federal Income Taxes). It isthe general practice of the Fund to invest in non-U.S.securities with ready markets, mainly issues listed on U.S.and foreign national securities exchanges. In seeking toachieve the objectives of the Fund, Dodge & Cox maylend the Fund’s portfolio securities.DODGE & COX INTERNATIONALSTOCK FUNDINVESTMENT OBJECTIVE AND PRINCIPALINVESTMENT STRATEGIESThe Fund’s objective is to provide shareholders with anopportunity for long-term growth of principal and income.This objective may not be changed without shareholderapproval. Investors should recognize that the market risksinherent in investing in securities cannot be avoided, andthere is no assurance that the investment objective of theFund will be achieved.The Fund seeks to achieve its objective by investingprimarily in a diversified portfolio of equity securities issuedPAGE 28 ▪ D ODGE & C OX F UNDS