Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

expectation regarding the future level of inflation andinterest rates. Dodge & Cox normally invests in an arrayof securities with short, intermediate, and long maturitiesin varying proportions.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 the objectives of the Fund,Dodge & Cox may purchase securities on a when-issued basisand purchase or sell securities for delayed delivery. The Fund’sinvestment policies described above may be changed withoutshareholder approval; however, these policies will not bechanged without 60 days’ prior notice to shareholders.Although there is no restriction on the number ofchanges in the Fund’s security holdings, purchasesgenerally are made with a view to holding for the longterm and not for short-term trading purposes. (The Fund’sportfolio turnover rates for the fiscal years endedDecember 31, 2013, 2012, and 2011 were 38%, 26%, and27%, respectively.) However, during rapidly changingeconomic, market, and political conditions, portfolioturnover may be higher than in a more stable period. Ahigher turnover rate might result in increased transactionexpenses and the realization of capital gains and losses(see Federal Income Taxes). In seeking to achieve theobjectives of the Fund, Dodge & Cox may lend the Fund’sportfolio securities.DODGE & COX GLOBAL BOND FUNDINVESTMENT OBJECTIVES AND PRINCIPALINVESTMENT STRATEGIESThe Fund’s investment objective is to seek a high rate oftotal return consistent with long-term preservation ofcapital. 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 investment objectiveby investing in bonds and other debt instruments ofissuers from at least three different countries, includingemerging market countries. The Fund is not required toallocate its investments in set percentages to particularcountries and may invest in emerging markets withoutlimit. Under normal circumstances, the Fund invests atleast 40% of its total assets in securities of non-U.S. issuersand invests at least 80% of its total assets in debtinstruments, which may, in each case, be represented byderivatives such as forwards, futures contracts, swapagreements, or options. Debt instruments in which theFund may invest include, but are not limited to,government and government related obligations,mortgage- and asset-backed securities, corporate andmunicipal bonds, collateralized mortgage obligations, andother debt securities, and may include fixed and floatingrate instruments. The Fund invests in both U.S. dollardenominatedand non-U.S. currency denominated debtinstruments across all sectors, including obligations issuedor guaranteed by the U.S. government, its agencies,instrumentalities, or government sponsored enterprises(GSEs); obligations issued or guaranteed by a non-U.S.government or any of its political subdivisions,authorities, agencies, instrumentalities, or supranationalentities; obligations issued by state, municipal, or otherlocal governmental issuers, including non-U.S. issuers;inflation indexed securities; corporate debt securities;mortgage and asset-backed securities, and collateralizedmortgage obligations (CMOs); covered bonds; Rule 144Asecurities; structured notes; repurchase agreements;warrants; convertible securities; credit linked notes; globaldepositary notes; bank loans, bankers’ acceptances, andbank certificates of deposit; and commercial paper. TheFund is non-diversified as defined under the 1940 Act,which allows it to invest a greater percentage of its assetsin any one issuer than would otherwise be the case.The Fund invests primarily in investment-grade debtinstruments (instruments rated Baa or higher by Moody’s,BBB or higher by S&P or Fitch, or equivalently rated byany NRSRO, or, if unrated, are deemed to be ofinvestment-grade quality by Dodge & Cox). Up to 20% ofthe Fund’s total assets may be invested in belowinvestment-grade debt instruments, commonly referred toas high-yield or “junk” bonds. It should be noted thatPAGE 32 ▪ D ODGE & C OX F UNDS