Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

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GLOBAL BOND INVESTMENT POLICY COMMITTEEThe Dodge & Cox Global Bond Fund’s investments are managed by Dodge & Cox’s Global Bond Investment PolicyCommittee (GBIPC), and in general no one GBIPC member is primarily responsible for making investmentrecommendations for the Fund. The GBIPC consists of the following six members:Committee Member Position(s) with Funds Business Experience During the Past Five YearsDana M. Emery President and Trustee Chief Executive Officer (since 2013), President (since 2013),Co-President (2011-2013), Executive Vice President (until2011), and Director of Dodge & Cox; Director of Fixed Income,Portfolio Manager, and member of FIIPC and GBIPC (since2014)Diana S. Strandberg Senior Vice President Senior Vice President (since 2011), Vice President (until 2011),and Director (since 2011) of Dodge & Cox; Director ofInternational Equity (since 2009), Portfolio Manager, InvestmentAnalyst, and member of IPC, GSIPC, IIPC, and GIBPC(since 2014)Thomas S. Dugan Vice President Senior Vice President (since 2011), Vice President (until 2011),and Director (since 2011) of Dodge & Cox; Associate Director ofFixed Income (since 2009), Portfolio Manager, InvestmentAnalyst, and member of FIIPC and GBIPC (since 2014)James H. Dignan Vice President Vice President of Dodge & Cox; Portfolio Manager, InvestmentAnalyst, and member of FIIPC and GBIPC (since 2014)Adam S. Rubinson Vice President Vice President of Dodge & Cox; Portfolio Manager, InvestmentAnalyst, and member of FIIPC (since 2010) and GBIPC(since 2014)Lucinda I. Johns Vice President Vice President (since 2009) of Dodge & Cox; Portfolio Manager,Investment Analyst, and member of FIIPC (since 2012) andGBIPC (since 2014)* Effective May 1, 2014.Years withDodge & Cox*/31*/26*/20*/15*/12*/12The SAI provides additional information about the Dodge & Cox investment committee members’ compensation, otheraccounts managed by the members, and the members’ ownership of securities in the Funds.PAGE 58 ▪ D ODGE & C OX F UNDS
Code of Ethics Dodge & Cox has adopted a Code ofEthics that restricts personal investing practices by itsemployees. Employees with access to information (accesspersons) about the purchase or sale of securities in aFund’s portfolio may engage in personal securitiestransactions, including securities purchased or held by theFunds. However, the Code of Ethics requires, among otherprovisions, that access persons obtain approval beforeexecuting certain personal trades. The Code of Ethics isdesigned to place the interests of the Funds’ shareholdersbefore the interests of the people who manage the Funds.The Code of Ethics is on file with the SEC.PORTFOLIO TRANSACTIONSDodge & Cox’s objective in selecting broker-dealers toeffect portfolio transactions in securities is to seek bestexecution. In deciding what constitutes best execution,the determinative factor is not simply quantitative, i.e.,the lowest possible transaction cost, but also whether thetransaction represents the best qualitative execution.Dodge & Cox considers and weighs many factors itbelieves relevant to seeking best execution. Consequently,although Dodge & Cox generally seeks competitivecommission rates, it will not necessarily select a brokerdealerbased on the lowest commission charged in a giventransaction. Dodge & Cox may also select a broker-dealerin recognition of research and/or brokerage servicesprovided or expected to be provided for the benefit of aFund and/or accounts over which Dodge & Cox exercisesinvestment and brokerage discretion.EXPENSESIn addition to Dodge & Cox’s management fee, each Fundpays other direct expenses, including custody andaccounting, transfer agent, insurance, audit and taxservices, preparing and printing prospectuses and reportssent to shareholders, registration, proxy and shareholdermeetings (if any), membership dues for trade associations,legal services including Independent Legal Counsel to theIndependent Trustees of the Funds, and trustees fees. In2013, the ratios of total operating expenses to average netassets of Dodge & Cox Stock Fund, Global Stock Fund,International Stock Fund, Balanced Fund, and IncomeFund, were 0.52%, 0.65%, 0.64%, 0.53%, and 0.43%,respectively. For the fiscal periods ending December 31,2014 and 2015, Dodge & Cox has contractually agreed toreimburse the Dodge & Cox Global Bond Fund for allordinary expenses to the extent necessary to maintain theratio of total operating expenses to average net assets at0.60%. The agreement is renewable annually thereafterand is subject to termination upon 30 days’ written noticeby either party. Dodge & Cox furnishes personnel andother facilities necessary for the operation of the Funds forwhich it receives no additional compensation.CUSTODIAN AND TRANSFER AGENTState Street Bank and Trust Company, P.O. Box 8422,Boston, MA 02266-8422 (800-621-3979), and its globalcustody network act as custodian of all cash and securitiesof the Funds and receives and disburses cash and securitiesfor the account of the Funds. Boston Financial DataServices, P.O. Box 8422, Boston, MA 02266-8422(800-621-3979), acts as transfer and dividend disbursingagent for the Funds.D ODGE & C OX F UNDS ▪ PAGE 59
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D ODGE & COX F UNDS ®May 1, 2014Li
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DODGE & COX STOCK FUNDINVESTMENT OB
Page 5 and 6:
do not reflect the impact of state
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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 and 40: DISCLOSURE OF PORTFOLIO HOLDINGSA c
Page 41 and 42: successful, hedging strategies may
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: FIXED INCOME INVESTMENT POLICY COMM
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
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Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

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