Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

If, subsequent to placing a redemption order, marketfluctuations cause the value of your account to fall belowthe requested redemption amount, your entire accountwill be redeemed.Redemption payments are made as soon as practicable,generally within two business days, but under normalcircumstances no later than the seventh day after theeffective date for redemption, or within such shorter periodas may legally be required. If shares are redeemed within twoweeks of purchase, a Fund may delay payment of theredemption proceeds until your purchase check or ACHpurchase has cleared, which may take up to 15 days. There isno such delay when shares being redeemed were purchasedby wiring Federal funds. The Funds may suspend yourredemption right or postpone payment at times when theNYSE is closed, trading on the NYSE is restricted, or underany emergency or other circumstances as determined by theSEC.Exchanging Shares An exchange is treated as aredemption and a purchase; therefore, you may realize ataxable gain or loss. You should read the current prospectusof the Fund into which the exchange is being made.There is a $1,000 minimum for all exchanges. If anew account is being opened by exchange, the minimuminvestment requirements must be met. After theexchange, the account from which the exchange is mademust have a remaining balance of at least $2,500 ($1,000for an IRA) in order to remain open. The Funds reservethe right to terminate or materially modify the exchangeprivilege upon 60 days’ advance notice to shareholders.Telephone and Internet Transactions By usingtelephone or internet purchase, redemption, and/orexchange options, you agree to hold the Funds,Dodge & Cox, Boston Financial Data Services, and eachof their respective directors, trustees, officers, employees,and agents harmless from any losses, expenses, costs, orliability (including attorney fees) which may be incurredin connection with the exercise of these privileges.Generally, all shareholders are automatically eligible touse these options. However, you may elect to declinethese options. By permitting telephone or internetredemptions for your account, you may be giving up ameasure of security that you might have if you were toredeem your shares in writing. In addition, interruptionsin service may mean that you will be unable to effect aredemption by telephone or internet when desired. Forany questions regarding telephone or Internet transactionsplease call Client Services (800-621-3979). If a Fund doesnot employ reasonable procedures to confirm that theinstructions received from any person with appropriateaccount information are genuine, the Fund may be liablefor losses due to unauthorized or fraudulent instructions.If you are unable to reach a Fund by telephone or viathe internet because of technical difficulties, marketconditions, or a natural disaster, you should makepurchase, redemption, and exchange requests by regular orexpress mail. You may experience delays in exercisingtelephone redemption privileges, including during periodsof abnormal market activity. During periods of volatileeconomic or market conditions, you may want to considertransmitting redemption orders by internet or overnightcourier.If an account has multiple owners, a Fund may relyon the instructions of any one account owner. You shouldnote that purchase and sales orders will not be canceled ormodified once received in good order.TRANSACTIONS THROUGH FINANCIALINTERMEDIARIESYou may purchase or sell Fund shares through a FinancialIntermediary, which may charge you a fee for this serviceand may require different minimum initial and subsequentinvestments than the Funds. Financial Intermediaries mayalso impose other charges or restrictions different fromthose applicable to shareholders who invest in the Fundsdirectly. A Financial Intermediary may be the shareholderof record of your shares. The Funds, Dodge & Cox, BostonFinancial Data Services, and each of their respectivedirectors, trustees, officers, employees, and agents are notresponsible for the failure of any Financial Intermediary tocarry out its obligations to its customers.Payments to Financial Intermediaries Dodge & Cox,at its expense without additional cost to the Funds ortheir shareholders, may provide additional compensationto certain Financial Intermediaries with respect to certainFunds. These payments may be made, at the discretion ofDodge & Cox, to Financial Intermediaries for shareholderrecordkeeping or other administrative services provided toD ODGE & C OX F UNDS ▪ PAGE 47