Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

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Non-U.S. Securities Each Fund may invest in U.S.dollar-denominated securities of non-U.S. issuers tradedin the United States. The Dodge & Cox Global StockFund, the Dodge & Cox International Stock Fund, andthe Dodge & Cox Global Bond Fund may also invest inforeign currency-denominated securities of non-U.S.issuers. Such investments increase a portfolio’sdiversification and may enhance return, but they alsoinvolve some special risks which are described in the SAI.For purposes of this prospectus, non-U.S. (or foreign)issuers are generally non-U.S. governments or companiesor issuers organized outside the United States, but theFunds may make a different designation in certaincircumstances.Currency Derivatives — Forward CurrencyContracts and Currency Futures (Dodge & Cox GlobalStock Fund, Dodge & Cox International Stock Fund,and Dodge & Cox Global Bond Fund); Options andCurrency and Cross-Currency Swaps (Dodge & CoxGlobal Bond Fund) Many of the Funds’ investments maycreate non-U.S. currency exposure, for example, becausethey are denominated in non-U.S. currencies. Inmanaging currency exposure or hedging non-U.S. interestrate risk, a Fund may enter into currency relatedderivatives transactions. For example, when a Fund entersinto a contract for the purchase or sale of a securitydenominated in a foreign currency, it may desire to “lockin” the U.S. dollar price of the security. In addition, whenDodge & Cox anticipates that one currency mayexperience a movement against another currency,including the U.S. dollar, a Fund may enter into adeliverable or non-deliverable forward contract to sell orbuy the amount of such currency. The Funds may alsoconduct currency exchange contracts on a spot basis.The Dodge & Cox Global Bond Fund may also takelong or short positions in currencies through the use ofderivatives regardless of whether the Fund holds securitiesdenominated in such currencies. For example, the Fundmay enter into a derivatives transaction when Dodge &Cox believes a currency will appreciate or depreciate invalue. Derivatives may also be used when Dodge & Coxbelieves that such instruments may be more efficient thana direct investment in a security.Currency futures contracts are agreements pursuantto which one party agrees to make, and the other partyagrees to accept, delivery of a specified currency at aspecified future time and price. Futures contracts arestandardized, are traded through a national (or foreign)exchange, and are cleared through an affiliate of theexchange that acts as the buyer to every seller and theseller to every buyer. Currency forward contracts aresimilar to currency futures contracts, but are individuallynegotiated and privately traded. Although some currencyfutures and forwards contracts by their terms call for actualdelivery or acceptance of currency, in many cases thecontracts are settled with a cash payment without themaking or taking of delivery of the specified currency.An option is an agreement that gives the optionholder the right but not the obligation to buy or sell theunderlying asset at a specified price within a period oftime or on a specified date in exchange for a premiumpayment or a fee. The Dodge & Cox Global Bond Fundmay invest in options on foreign currencies that areprivately negotiated or traded on an exchange.The Dodge & Cox Global Bond Fund may also enterinto currency and cross-currency swaps. A currency swap(or FX swap) is a simultaneous purchase and sale ofidentical amounts of one currency for another with twodifferent value dates. This is typically arranged as a spotcurrency transaction that will be reversed at a set datewith an offsetting forward transaction. A cross-currencyswap is an interest rate swap in which the cash flows are indifferent currencies. Typically, upon initiation of a crosscurrencyswap, the Fund and the swap counterparty agreeto make an initial exchange of principal amounts in onecurrency for another currency. During the life of the swap,each party pays interest (in the currency of the principalamount received) to the other. And at the maturity of theswap, the parties make a final exchange of the initialprincipal amounts, reversing the initial exchange at thesame spot rate. Unlike other types of swaps, cross-currencyswaps typically involve the delivery of the entire principal(notional) amounts of the two designated currencies.Therefore, the entire principal value of a cross-currencyswap is subject to the risk that the swap counterparty willdefault on its contractual delivery obligations.The use of currency strategies by the Funds involvestransaction costs, and the risk of delivery failure, defaultby the counterparty, and inability to close out a positionbecause the trading market becomes illiquid. Even ifPAGE 38 ▪ D ODGE & C OX F UNDS
successful, hedging strategies may limit potential gains andwill not prevent a Fund’s securities from falling in valueduring foreign market downswings. The Funds could losemoney through the use of currency strategies.U.S. Government Obligations A portion of eachFund may be invested in obligations issued or guaranteedby the U.S. government, its agencies, or GSEs. Some ofthe obligations purchased by a Fund are backed by the fullfaith and credit of the U.S. government and areguaranteed as to both principal and interest by theU.S. Treasury. Examples of these include directobligations of the U.S. Treasury, such as U.S. Treasurybills, notes, and bonds, and indirect obligations of theU.S. Treasury, such as obligations of the GovernmentNational Mortgage Association, the Small BusinessAdministration, the Maritime Administration, theFarmers Home Administration, and the Department ofVeterans Affairs.While the obligations of many of the agencies of theU.S. government are not direct obligations of the U.S.Treasury, they are generally backed indirectly by the U.S.government. Some of the agencies are indirectly backedby their right to borrow from the U.S. government, suchas the Federal Financing Bank and the U.S. PostalService. Other agencies and GSEs have historically beensupported solely by the credit of the agency or GSE itself,but are given additional support due to the U.S. Treasury’sauthority to purchase their outstanding debt obligations.GSEs include, among others, the Federal Home LoanBanks, the Federal Farm Credit Banks, Freddie Mac, andFannie Mae. In September 2008, the U.S. Treasury placedFannie Mae and Freddie Mac into conservatorship andhas since increased its support of these two GSEs throughsubstantial capital commitments and enhanced liquiditymeasures, which include a line of credit. The U.S.Treasury also extended a line of credit to the FederalHome Loan Banks. No assurance can be given that theU.S. government would provide continued support toGSEs, and these entities’ securities are neither issued norguaranteed by the U.S. Treasury.Furthermore, with respect to the U.S. governmentsecurities purchased by a Fund, guarantees as to the timelypayment of principal and interest do not extend to thevalue or yield of these securities, nor do they extend to thevalue of the Fund’s shares. A Fund may invest in thesesecurities if Dodge & Cox believes they offer an expectedreturn commensurate with the risks assumed.Mortgage Pass-Through Securities (Dodge & CoxBalanced Fund, Dodge & Cox Income Fund, andDodge & Cox Global Bond Fund) Mortgage pass-throughsecurities are guaranteed by an agency of theU.S. government or GSE, or are issued by a private entity.These securities represent ownership in “pools” ofmortgage loans and are called “pass-throughs” becauseprincipal and interest payments are passed through tosecurity holders monthly. The security holder may alsoreceive unscheduled principal payments representingprepayments of the underlying mortgage loans. When aFund reinvests the principal and interest payments, it mayreceive a rate of interest which is either higher or lowerthan the rate on the existing mortgage security.During periods of declining interest rates there isincreased likelihood that mortgage securities may beprepaid more quickly than assumed rates. Suchprepayment would most likely be reinvested at lower rates.On the other hand, if the pass-through securities had beenpurchased at a discount, then such prepayment ofprincipal may benefit the portfolio. Conversely, in a risinginterest rate environment, mortgage securities may beprepaid at a rate slower than expected. In this case, thecurrent cash flow of the bond generally decreases. Aslower prepayment rate effectively lengthens the timeperiod the security will be outstanding and may adverselyaffect the price and the price volatility of the security.Collateralized Mortgage Obligations (Dodge & CoxBalanced Fund, Dodge & Cox Income Fund, andDodge & Cox Global Bond Fund) Collateralizedmortgage obligations (CMOs) are private entity-, U.S.government agency-, or GSE-issued multi-class bonds thatare collateralized by U.S. government agency- orGSE-guaranteed mortgage pass-through securities. Theissuer typically issues multiple classes, or “tranches,” ofbonds, the debt service of which is provided by theprincipal and interest payments from the mortgage passthroughsecurities in the trust. Each of these tranches isvalued and traded separately based on its distinct cashflow characteristics. Dodge & Cox will purchase a tranchewith the weighted-average life and cash flowD ODGE & C OX F UNDS ▪ PAGE 39
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 and 28: The Fund’s past performance (befo
Page 29 and 30: INVESTMENT OBJECTIVES, PRINCIPAL IN
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: DISCLOSURE OF PORTFOLIO HOLDINGSA c
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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