Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

AUTOMATICALLY The Funds offer ways to sell shares automatically. Call Client Services at 800-621-3979or visit the Funds’ website at www.dodgeandcox.com and request or download theAccount Options Form or IRA Distribution Request Form to establish this service. SeeSystematic Withdrawal Plan.Redemption Payments May be Made by Check, Wire, orACHBy Check Checks will be made payable to you andwill be sent to your address of record. If the proceeds ofthe redemption are requested to be sent to other than theaddress of record or if the address of record has beenchanged within 30 days of the redemption request, therequest must be in writing with your signature(s)Medallion guaranteed.By Wire The Fund will wire redemption proceedsonly to the bank account designated on the AccountApplication or in written instructions—with Medallionsignature guarantee—received with the redemption order.By ACH Redemption proceeds can be sent to yourbank account by ACH transfer. You can elect this optionby completing the appropriate section of the AccountApplication. There is a $100 minimum per ACH transfer.Medallion Signature Guarantees You will need tohave your signature Medallion guaranteed in certainsituations, such as:▪ Written requests to wire redemption proceeds (if notpreviously authorized on the Account Application);▪ Sending redemption proceeds to any person, address, orbank account not on record; and▪ Transferring redemption proceeds to a Dodge & CoxFund account with a different registration (name/ownership) from yours.A Medallion Signature Guarantee may be obtainedfrom a domestic bank or trust company, broker, dealer,clearing agency, savings association, or other financialinstitution which participates in a Medallion programrecognized by the Securities Transfer Association.Signature guarantees from financial institutions which donot participate in a Medallion program will not beaccepted. A notary public cannot provide MedallionSignature Guarantees.Redemptions-in-kind The Funds reserve the right, ifconditions exist which make cash payments undesirable,to honor any request for redemption by making paymentin whole or in part in readily marketable securities chosenby a Fund and valued as they are for purposes ofcomputing a Fund’s NAV. If payment is made insecurities, a shareholder may incur transaction expenses inconverting these securities to cash. The Funds haveelected, however, to be governed by Rule 18f-1 under theInvestment Company Act, as a result of which a Fund isobligated to redeem shares, with respect to any oneshareholder of record during any 90-day period, solely incash up to the lesser of $250,000 or 1% of the net assetvalue of the Fund at the beginning of the period.IRAs Redemption requests for Traditional IRAs mustinclude instructions regarding federal income taxwithholding. Unless you have elected otherwise, yourredemptions will be subject to income tax withholding.State withholding may also apply.Important Information About Redemptions Undercertain circumstances, Boston Financial Data Servicesmay require additional documents, including stock powerswith signatures Medallion guaranteed, trust instruments,death certificates, appointments as executor, andcertificates of corporate authority. If certificates have beenissued for any of the shares to be redeemed, suchcertificates must be delivered to Boston Financial DataServices. For any questions regarding documentation orsignature requirements for trusts, estates, corporations,etc., please call Client Services (800-621-3979).The redemption price will be the NAV which is nextcomputed after receipt of a redemption request in goodorder (see Pricing of Shares) by Boston Financial DataServices or other authorized agent or sub-agent. Theredemption price may be more or less than your cost,depending upon the market value of a Fund’s investmentsat the time of redemption.PAGE 46 ▪ D ODGE & C OX F UNDS