Dodge & Cox Funds Statutoary Prospectus dated May 1, 2013

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DODGE & COX GLOBAL STOCK FUNDINVESTMENT OBJECTIVEThe Fund seeks long-term growth of principaland income.FEES AND EXPENSESThis table describes the fees and expenses that you maypay if you buy and hold shares of the Fund.SHAREHOLDER FEES(fees paid directly from your investment)Sales charge (load) imposed on purchasesDeferred sales charge (load)Sales charge (load) imposed onreinvested distributionsRedemption feeExchange feeANNUAL FUND OPERATING EXPENSES(expenses that you pay each year as a percentage of the value ofyour investment)NoneNoneNoneNoneNoneManagement fees .60%Distribution and/or service (12b-1) feesNoneOther expenses (transfer agent, custody,accounting, legal, etc.) .05%Total Annual Fund Operating Expenses .65%Example: This example is intended to help you comparethe cost of investing in the Fund with the cost ofinvesting in other mutual funds.The example assumes that:▪ You invest $10,000 in the Fund for the time periodsindicated and then redeem all of your shares at the endof those time periods;▪ Your investment has a 5% return each year; and▪ The Fund’s operating expenses remain the same.Although your actual costs may be higher or lower,under these assumptions your costs would be:1 Year 3 Years 5 Years 10 Years$66 $208 $362 $810PORTFOLIO TURNOVERThe Fund pays transaction costs, such as commissions, whenit buys and sells securities (or “turns over” its portfolio). Ahigher portfolio turnover rate may indicate highertransaction costs and may result in higher taxes when Fundshares are held in a taxable account. These transaction costs,which are not reflected in annual Fund operating expensesor in the example, affect the Fund’s performance. During themost recent fiscal year, the Fund’s portfolio turnover rate was24% of the average value of its portfolio.PRINCIPAL INVESTMENT STRATEGIESThe Fund invests primarily in a diversified portfolio ofequity securities issued by companies from at least threedifferent countries, including emerging market countries.The Fund is not required to allocate its investments in setpercentages in particular countries and may invest inemerging markets without limit. Under normalcircumstances, the Fund will invest at least 40% of its totalassets in securities of non-U.S. companies and will invest atleast 80% of its total assets in common stocks, preferredstocks, certain securities convertible into common stocks,and securities that carry the right to buy common stocks.The Fund may also invest directly or indirectly in restrictedsecurities of U.S. and non-U.S. companies, includingsecurities issued through private offerings outside theUnited States.The Fund invests primarily in medium-to-large wellestablished companies based on standards of the applicablemarket. In selecting investments, the Fund investsprimarily in companies that, in Dodge & Cox’s opinion,appear to be temporarily undervalued by the stock marketbut have a favorable outlook for long-term growth. TheFund also focuses on the underlying financial conditionand prospects of individual companies, including futureearnings, cash flow, and dividends. Various other factors,including financial strength, economic condition,competitive advantage, quality of the business franchise,and the reputation, experience, and competence of acompany’s management are weighed against valuation inselecting individual securities. The Fund also considers theeconomic and political stability of a country and theprotections provided to foreign shareholders.The Fund may enter into forward currency contracts orcurrency futures contracts to hedge foreign currency exposure.PRINCIPAL RISKS OF INVESTINGYou could lose money by investing in the Fund, and theFund could underperform other investments. YouPAGE 4 ▪ D ODGE & C OX F UNDS
should expect the Fund’s share price and total return tofluctuate within a wide range. The Fund’s performancecould be hurt by:▪ Issuer risk. Securities held by the Fund may decline invalue because of changes in the financial condition of,or other events affecting, the issuers of these securities.▪ Management risk. Dodge & Cox’s opinion about theintrinsic worth of a company or security may beincorrect, Dodge & Cox may not make timely purchasesor sales of securities for the Fund, the Fund’s investmentobjective may not be achieved, and the market maycontinue to undervalue the Fund’s securities.▪ Equity risk. Equity securities generally have greater pricevolatility than debt securities.▪ Market risk. Stock prices may decline over short orextended periods due to general market conditions.▪ Liquidity risk. The Fund may not be able to purchase orsell a security in a timely manner or at desired prices orachieve its desired weighting in a security.▪ Non-U.S. investment risk. Non-U.S. stock markets maydecline due to conditions unique to an individualcountry, including unfavorable economic conditionsrelative to the United States. There may be increasedrisk of delayed settlement of portfolio transactions orloss of certificates of portfolio securities.▪ Non-U.S. currency risk. Foreign currencies may declinerelative to the U.S. dollar, which reduces the unhedgedvalue of securities denominated in those currencies.Dodge & Cox may not hedge or may not be successful inhedging the Fund’s currency exposure. The Fund alsobears transaction charges for currency exchange.▪ Non-U.S. issuer risk. Securities may decline in valuebecause of political, economic, or market instability; theabsence of accurate information about the companies;risks of internal and external conflicts; or unfavorablegovernment actions, including expropriation andnationalization. These same factors may cause a decline inthe value of foreign currency derivative instruments.Non-U.S. securities are sometimes less liquid, morevolatile, and harder to value than securities of U.S.issuers. Lack of uniform accounting, auditing, andfinancial reporting standards, with less governmentalregulation and oversight than U.S. companies, mayincrease risk. Some countries also may have different legalsystems that may make it difficult for the Fund to voteproxies, exercise shareholder rights, and pursue legalremedies with respect to investments. Certain of theserisks may also apply to securities of U.S. companies withsignificant non-U.S. operations.▪ Emerging market risk. Non-U.S. investment and non-U.S. issuer risk may be particularly high to the extentthe Fund invests in emerging market securities.Emerging market securities may present issuer, market,currency, liquidity, legal, political and other risksdifferent from, and potentially greater than, the risks ofinvesting in securities and instruments tied todeveloped non-U.S. issuers. Emerging market securitiesmay also be more volatile, less liquid and more difficultto value than securities economically tied to developednon-U.S. issuers.▪ Derivatives risk. The Fund’s use of forward currencycontracts and currency futures contracts involves risksdifferent from, and possibly greater than, the risksassociated with investing directly in securities and othermore traditional investments. These derivatives aresubject to potential changes in value in response toexchange rate changes, interest rate changes, or othermarket developments, or the risk that a derivativetransaction may not have the effect Dodge & Coxanticipated. Derivatives also involve the risk ofmispricing or improper valuation and poor correlationbetween changes in the value of a derivative and theunderlying asset. Derivative transactions may be highlyvolatile, and can create investment leverage, whichcould cause the Fund to lose more than the amount ofassets initially contributed to the transaction, if any.There is also the risk that the Fund may be unable toclose out a derivative position at an advantageous timeor price, or that a counterparty may be unable orunwilling to honor its contractual obligations,especially during times of financial market distress.An investment in the Fund is not a deposit of abank and is not insured or guaranteed by the FederalDeposit Insurance Corporation or any othergovernment agency.PERFORMANCE INFORMATIONThe following bar chart and table are intended to helpyou understand the risks of investing in the Fund. The barchart shows the Fund’s returns from year to year. Thetable shows how the Fund’s average annual total returnsD ODGE & C OX F UNDS ▪ PAGE 5
Page 1 and 2: D ODGE & COX F UNDS ®May 1, 2014Li
Page 3 and 4: DODGE & COX STOCK FUNDINVESTMENT OB
Page 5: do not reflect the impact of state
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
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GLOBAL STOCK INVESTMENT POLICY COMM
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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
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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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