Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

20% of its total assets in U.S. dollar-denominatedsecurities of non-U.S. issuers traded in the United States(such as ADRs and Yankee bonds) that are not in theS&P 500. 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. In seeking to achieve theobjectives of the Fund, Dodge & Cox may purchasesecurities on a when-issued basis and purchase or sellsecurities for delayed delivery. The Fund may also investin interest rate derivatives such as U.S. Treasury futuresand swap agreements for a variety of purposes, including,but not limited to, managing the Fund’s duration oradjusting the Fund’s exposure to debt securities withdifferent maturities. In addition, the Fund may invest incredit default swaps to increase or decrease credit exposureto a particular issuer or a group of issuers that comprise aparticular segment of the debt market. Furtherinformation about specific investments is provided underAdditional Information on Investments.It is the Fund’s policy to invest the debt portion ofthe Fund primarily in debt obligations issued orguaranteed by the U.S. government, its agencies or GSEs,and investment-grade debt securities (securities rated Baaor higher by Moody’s, BBB or higher by S&P or Fitch, orequivalently rated by any NRSRO or, if unrated, aredeemed to be of investment-grade quality by Dodge &Cox). A maximum of 20% of the debt portion of the Fundmay be invested in debt obligations rated belowinvestment grade, commonly referred to as high-yield or“junk” bonds, if they have a minimum rating of B byMoody’s, S&P, or Fitch, or are equivalently rated by anyNRSRO. Securities rated Baa or BBB or below havespeculative characteristics. These securities may yield ahigher level of current income than higher-ratedsecurities, but generally have greater credit risk, moreprice volatility, and less liquidity. An explanation ofMoody’s, Fitch’s, and S&P’s rating categories is includedin Appendix A to the SAI.Equity securities in which the Fund invests include,but are not limited to, common stocks, preferred stocks,and depositary receipts evidencing ownership of commonstocks. Equity securities selected for the Fund arepredominantly those which, in the view of Dodge & Cox,have positive prospects for long-term growth of principaland income not reflected in the current price. Prospectiveearnings, cash flow, and dividends are considered inmaking these stock selections. The level of security pricesand the trend of business activity are considered indetermining the total investment position of the Fund inequities at any time. Various other factors, includingfinancial strength, economic condition, competitiveadvantage, quality of the business franchise, and thereputation, experience, and competence of a company’smanagement are weighed against valuation in selectingindividual securities. The Fund’s equity investments areprimarily in medium-to-large well established companiesbased on standards of the applicable market.The Fund’s investment policies described above may bechanged without shareholder approval; however, thesepolicies will not be changed without 60 days’ prior notice toshareholders.The proportion of the Fund’s assets held in variousdebt securities will be revised as appropriate in light ofDodge & Cox’s appraisal of the economy, the relativeyields of securities in the various market sectors, theinvestment prospects for issuers, and other factors. Inmaking investment decisions, Dodge & Cox will takemany factors into consideration includingyield-to-maturity, quality, liquidity, call risk, current yield,and capital appreciation potential. The average maturityof the Fund’s debt portfolio at any given time depends, inpart, on Dodge & Cox’s assessment of the foregoingfactors and Dodge & Cox’s expectation regarding thefuture level of inflation and interest rates. Dodge & Coxnormally invests in an array of securities with short,intermediate, and long maturities in varying proportions.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 25%, 16%, and 19%, respectively.) However, duringPAGE 30 ▪ D ODGE & C OX F UNDS