Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

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