# EDGAR Filing Document

**Accession Number:** 0000029440
**File Stem:** 0001193125-26-197963
**Filing Date:** 2026-5
**Character Count:** 32387
**Document Hash:** 16447a52956af824ac292c6b6e9e93e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-197963.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001193125-26-197963

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DODGE & COX FUNDS
- **CENTRAL INDEX KEY:** 0000029440

**ORGANIZATION NAME:**
- **EIN:** 946067274
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-11522
- **FILM NUMBER:** 26927536

**BUSINESS ADDRESS:**
- **STREET 1:** 555 CALIFORNIA ST
- **STREET 2:** 40 TH FLOOR
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104
- **BUSINESS PHONE:** 4159811710

**MAIL ADDRESS:**
- **STREET 1:** 555 CALIFORNIA ST
- **STREET 2:** 40 TH FLOOR
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DODGE & COX BALANCED FUND/CA
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Dodge & Cox Balanced Fund (Series ID: S000011204)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030877 | Class I      | DODBX           |
| C000235736 | Class X      | DOXBX           |

![LOGO](g113460g25t51.jpg)

---

| | |
|:---|:---|
| **Summary Prospectus** | 2026 |
|  | **May 1, 2026** |

---

Balanced Fund \| Class I (DODBX) \| Class X (DOXBX)

**Established 1931** 

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, reports to shareholders, and other information about the Fund online at dodgeandcox.com/documents. You can also get this information at no cost by calling 800-621-3979 or by sending an email request to prospectus@dodgeandcox.com. The Fund's Prospectus and Statement of Additional Information, both dated May 1, 2026, as may be supplemented from time to time are incorporated by reference into this Summary Prospectus.

DODGE & COX BALANCED FUND ∎ PAGE 1

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Dodge & Cox Balanced Fund

Investment Objectives

The Fund seeks income and long-term capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shareholder Fees<br> **(fees paid directly from your investment)** | **Dodge & Cox**<br> **Balanced – Class I** | **Dodge & Cox**<br> **Balanced – Class I** | **Dodge & Cox**<br> **Balanced – Class X** | **Dodge & Cox**<br> **Balanced – Class X** |
|  Sales charge (load) imposed on purchases |  | None |  | None |
|  Deferred sales charge (load) |  | None |  | None |
|  Sales charge (load) imposed on reinvested distributions |  | None |  | None |
|  Redemption fee |  | None |  | None |
|  Exchange fee |  | None |  | None |

---

---

| | | |
|:---|:---|:---|
| Annual Fund Operating Expenses<br> **(expenses that you pay each year as a**<br> **percentage of the value of**<br> **your investment)** | **Dodge & Cox**<br> **Balanced – Class I** | **Dodge & Cox**<br> **Balanced – Class X** |
|  Management fees\* | 0.50% | 0.45% |
|  Distribution and/or service (12b-1) fees |  |  |
|  Other expenses (custody, accounting, legal, etc.) | 0.02% | 0.02% |
|  Acquired Fund Fees and Expenses\*\* | 0.01% | 0.01% |
|  Total Annual Fund Operating Expenses\*\*\* | 0.53% | 0.48% |
|  Expense waiver and/or reimbursement\*\*\* | -0.01% | -0.06% |
|  Net Expenses\*\*\* | 0.52% | 0.42% |

---

\* Management fees include investment advisory fee expenses of 0.40% for each class of the Fund; and administrative services fee expenses of 0.10% for the Fund's Class I shares and 0.05% for the Fund's Class X shares.

\*\* Fees and expenses incurred indirectly by the Fund as a result of investment in shares of one or more Acquired Funds. The Total Annual Fund Operating Expenses and Net Expenses do not correlate to the ratios of expenses to average net assets included in the Financial Highlights section of the Fund's Statutory Prospectus, which reflects the operating expenses of the Fund and do not include acquired fund fees and expenses.

\*\*\* Dodge & Cox has contractually agreed, through April 30, 2029, to waive management fees or reimburse the Fund for ordinary expenses to the extent necessary to maintain the net ordinary expense ratio of the Fund's Class X shares at an amount 0.10% less than the net ordinary expense ratio of the Fund's Class I shares. This agreement cannot be terminated prior to April 30, 2029, other than by resolution of the Fund's Board of Trustees. For purposes of the foregoing, ordinary expenses shall not include nonrecurring shareholder account fees, fees and expenses associated with Fund shareholder meetings, fees on portfolio transactions such as exchange fees, dividends and interest on short positions, fees and expenses of pooled investment vehicles that are held by the Fund, interest expenses and other fees and expenses related to any borrowings, taxes, brokerage fees and commissions and other costs and expenses relating to the acquisition and disposition of Fund investments, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses or extraordinary expenses not incurred in the ordinary course of the Fund's business, such as litigation expenses. The term of the agreement will automatically renew for subsequent three-year terms unless terminated with at least 30 days' written notice by either party prior to the end of the then-current term. In addition, Dodge & Cox has contractually agreed, through April 30, 2027, to reimburse the amount of the Fund's expenses to the extent necessary to offset its proportionate share of the net operating expenses of any other Dodge & Cox Fund in which the Fund invests. The term of the agreement will automatically renew for subsequent one-year terms unless terminated with at least 30 days' written notice by either party

prior to the end of the then-current term. The agreements do not permit Dodge & Cox to recoup any fees waived or payments made to the Fund for a prior year.

**Example:** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that:

∎ You invest $10,000 in Class I shares and/or Class X shares of the Fund for the time periods indicated and then redeem all of your shares of the Fund's Class I shares and/or the Fund's
Class X shares at the end of those time periods;

∎ Your investment has a 5% return each year;

∎ The Fund's operating expenses remain the same;

∎ The Class X expense reimbursement agreement is effective until April 30, 2029; and

∎ The affiliated fund expense reimbursement agreement is effective until April 30, 2027.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  Dodge & Cox Balanced – Class I | $53 | $169 | $295 | $664 |
|  Dodge & Cox Balanced – Class X | $43 | $137 | $252 | $587 |

---

Portfolio Turnover

The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or "turns over" the portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 30% of the average value of its portfolio.

Principal Investment Strategies

The Fund invests in a diversified portfolio of equity securities and debt securities. Under normal circumstances no less than 25% and no more than 75% of the Fund's total assets will be invested in equity securities and no less than 25% of the Fund's total assets will be invested in fixed income investments. The Fund may invest up to 30% of its total assets in equity or debt securities of non-U.S. issuers that are not in the S&P 500 Index, including emerging market issuers; provided that no more than 10% of the Fund's total assets may be invested in non-U.S. dollar-denominated securities. Investments in non-U.S. issuers may be made indirectly by investing in another Fund managed by Dodge & Cox. Asset allocation between equity and debt securities is based on Dodge & Cox's assessment of the potential risks and returns for each asset class over a three- to five-year horizon. Factors used to estimate the range of potential returns include: future earnings growth, the outlook for the economy, inflation and interest rate trends, and current valuations relative to historical ranges.

Equity securities in which the Fund may invest include common stocks, depositary receipts evidencing ownership of common stocks, certain preferred stocks, securities convertible into common stocks, and securities that carry the right to buy common stocks (e.g., rights and warrants). The Fund's equity investments are typically in medium-to-large well-established companies based on standards of the applicable market. In selecting equity investments, the Fund typically invests in companies that, in Dodge & Cox's opinion, appear to be temporarily undervalued by the stock market but have a favorable outlook for long-term growth. The Fund focuses on the underlying financial condition and prospects of individual companies, including future earnings, cash flow, and dividends. Various other factors, including financial strength, economic condition, competitive advantage, quality of the

PAGE 2 ∎ DODGE & COX BALANCED FUND

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business franchise, financially material environmental, social, and governance issues, and the reputation, experience, and competence of a company's management are weighed against valuation in selecting individual securities. The Fund also considers the economic and political stability of the country where the issuer is located and the protections provided to shareholders.

Fixed income investments in which the Fund may invest include government and government-related obligations, mortgage- and asset-backed securities, corporate and municipal bonds, collateralized mortgage obligations, and may include other fixed and floating rate instruments, including certain preferred stocks, and cash equivalents such as short-term debt securities. The proportion of Fund assets invested in various classes of fixed income investments is determined based on Dodge & Cox's appraisal of the economy, the relative yields of investments in the various market sectors, the investment prospects for issuers, and other factors. In selecting debt securities, Dodge & Cox considers many factors, including yield, credit quality, liquidity, covenants, call risk, duration, structure, and capital appreciation potential, as well as financially material environmental, social, and governance issues. A maximum of 10% of the Fund's total assets may be invested in debt securities rated below investment grade, commonly referred to as high-yield or "junk" bonds; provided no more than 5% of the Fund's total assets may be invested in securities rated below B3 or B- by Moody's, S&P, or Fitch. "Investment-grade" means (i) securities rated Baa3 or higher by Moody's Investors Service ("Moody's"), or BBB- or higher by Standard & Poor's Global Ratings ("S&P") or Fitch Ratings ("Fitch"), or equivalently rated by any nationally recognized statistical rating organization ("NRSRO"), or (ii) unrated securities if deemed to be of investment-grade quality by Dodge & Cox.

The Fund may invest in hybrid securities, including preferred stock, which may be classified as equity or debt depending on the specific structure and features of each security.

The Fund may use equity options or total return swaps referencing single or multiple stocks, funds or stock indices to create or hedge equity exposure. The Fund may also use total return swaps referencing stock indices or a custom basket of equity securities and futures referencing stock indices to create broad equity market exposure, or to hedge against a general downturn in the equity markets. The Fund may also invest in interest rate derivatives, such as U.S. Treasury futures, for a variety of purposes, including, but not limited to, managing the Fund's duration or adjusting the Fund's exposure to debt securities with different maturities. The Fund may enter into currency forward contracts, currency swaps, or currency futures contracts to hedge direct and/or indirect currency exposure or currency risk.

Principal Risks of Investing

**You could lose money by investing in the Fund, and the Fund could underperform other investments. You should expect the Fund's share price and total return to fluctuate within a wide range. The Fund's performance could be hurt by:** 

∎ Equity risk. Equity securities can be volatile and may decline in value because of changes in the actual or perceived financial condition of their issuers or other events affecting their
issuers.

∎ Market risk. Investment prices may increase or decrease, sometimes suddenly and unpredictably, due to general market conditions. Local, national, regional or global events such as adverse
political events, the imposition of tariffs or trade restrictions, sanctions, armed conflicts, war, acts of terrorism, public health emergencies, such as the spread of infectious illnesses or disease, natural disasters, changes in interest or
currency rates, adverse changes to credit markets, supply chain disruptions, recessions, inflation, or other events, or general adverse investment sentiment

could also have a significant impact on the Fund and its investments and potentially increase the risks described herein.

∎ Asset allocation risk. The assumptions and theses on which Dodge & Cox bases its allocation of assets may be wrong. The Fund's balance between equity and debt securities
limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

∎ Manager risk. Dodge & Cox's opinion about the intrinsic worth or creditworthiness of a company or security may be incorrect or the market may continue to undervalue the
company or security. Depending on market conditions, Dodge & Cox's investing style may perform better or worse than portfolios with a different investment style. Dodge & Cox may not make timely purchases or sales of
securities for the Fund. The Fund may underperform the broad market, relevant indices, or other funds with similar objectives and investment strategies.

∎ Interest rate risk. Debt security prices may decline due to rising interest rates, which can fluctuate for a variety of reasons, such as due to market events, monetary policy, government
and/or corporate spending and borrowing, and inflation. The price of debt securities with longer maturities is typically affected more by rising interest rates than the price of debt securities with shorter maturities.

∎ Credit risk. An issuer or guarantor of a debt security may be unable or unwilling to make scheduled payments of interest and principal. Actual or perceived deterioration in an issuer's
or guarantor's financial condition may affect a security's value.

∎ Below investment-grade securities risk. Debt securities rated below investment-grade, also known as high-yield or "junk" bonds, generally have greater credit risk, more price
volatility, and less liquidity than investment-grade securities.

∎ Mortgage- and asset-backed securities risk. Mortgage- and certain asset-backed securities permit early repayment of principal based on prepayment of the underlying assets; changes in the
rate of repayment affect the price and volatility of an investment. If prepayments occur more quickly than expected, the Fund receives lower interest payments than it expects. If prepayments occur more slowly than expected, it delays the return of
principal to the Fund. Securities issued by certain U.S. government sponsored entities ("GSEs") are not issued or guaranteed by the U.S. Treasury; there is no assurance the U.S. government will provide support in the event a GSE issuer
cannot meet its obligations.

∎ Liquidity risk. The Fund may not be able to purchase or sell a security in a timely manner or at desired prices or achieve its desired weighting in a security. Liquidity risk may result from
the lack of an active market or a reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified during times of market stress or under circumstances that cause increased supply in
the market due to unusually high selling activity.

∎ Derivatives risk. Investing with derivatives, such as currency forward contracts, equity
options, total return swaps and equity index futures and Treasury futures, and other similar investments (collectively referred to as "derivatives") involves risks additional to and possibly greater than those associated with investing
directly in securities. The value of a derivative may not correlate to the value of the underlying instrument to the extent expected. A derivative can create leverage because it can result in exposure to an amount of a security, index, or other
underlying investment (a "notional amount") that is substantially larger than the derivative position's market value. Often, the upfront payment required to enter into a derivative is much smaller than the potential for loss, which
for certain types of derivatives may be theoretically unlimited. The Fund may not be able to close a derivatives position at an advantageous time or price. As a result, the Fund

DODGE & COX BALANCED FUND ∎ PAGE 3

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may be required to continue making required margin and settlement payments and, if the Fund has insufficient cash on hand to meet such requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. For over-the-counter derivatives transactions, the counterparty may be unable or unwilling to make required payments and deliveries, especially during times of financial market distress. Derivatives also can create operational and legal risk. Changes in regulation relating to a mutual fund's use of derivatives and related instruments may make derivatives more costly, limit the availability of derivatives, or otherwise adversely affect the value or performance of derivatives and the Fund. <br>

∎ Non-U.S. investment risk. Securities of non-U.S. issuers (including ADRs and other securities that represent
interests in a non-U.S. issuer's securities) may be more volatile, harder to value, and have lower overall liquidity than U.S. securities. Non-U.S. issuers may be
subject to political, economic, or market instability or unfavorable government action or economic and financial sanctions or other restrictions imposed by U.S. or foreign regulators. There may be less information publicly available about non-U.S. issuers and their securities, and those issuers may be subject to lower levels of government regulation and oversight. These risks may be higher when investing in emerging market issuers. Certain of these
elevated risks may also apply to securities of U.S. issuers with significant non-U.S. operations.

∎ Emerging markets risk. Emerging market securities may present issuer, market, currency, liquidity, volatility, valuation, legal, custody, political, and other risks different from, and
potentially greater than, the risks of investing in securities of issuers in more developed markets. Emerging markets may have less established legal, accounting, and financial reporting systems than those in more developed markets, which may reduce
the scope or quality of financial information available to investors. In addition, companies in emerging markets may be subject to less stringent standards on disclosure, accounting and financial reporting, and recordkeeping, which may affect the
Fund's ability to evaluate potential and current investments. Relatedly, securities of companies in emerging markets that are listed on exchanges may be delisted if they do not meet relevant accounting standards and auditor oversight
requirements, which could significantly decrease the liquidity and value of the securities. Governments in emerging market countries may exercise greater control over their financial markets, more frequently make significant changes to economic
policy, be less stable and be more likely to take extra-legal action with respect to companies, industries, assets, or foreign ownership than those in more developed markets. Moreover, investor protection regimes may be more limited in emerging
markets. For example, it may be more difficult for shareholders to bring derivative litigation or for U.S. regulators to bring enforcement actions against issuers in emerging markets. Emerging market securities may also be more volatile, more
difficult to value, and have lower overall liquidity than securities economically tied to U.S. or developed non-U.S. markets.

∎ Non-U.S. currency risk. Non-U.S. currencies may decline relative to the U.S. dollar, which reduces the
unhedged value of securities denominated in or otherwise exposed to those currencies. Dodge & Cox may not hedge or may not be successful in hedging the Fund's currency exposure and may not be able to determine accurately the extent to
which a security or its issuer is exposed to currency risk. Dodge & Cox may not be able to determine accurately the extent to which a security or its issuer is exposed to currency risk. Emerging and frontier market currencies may be more
volatile than currencies of more developed countries.

∎ Call risk. If interest rates fall, issuers of callable bonds may repay securities with higher interest rates before maturity. This could

cause the Fund to lose potential price appreciation or anticipated income and reinvest the proceeds in securities with lower interest rates.

∎ Sovereign and government-related debt risk. An issuer of sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal
or interest when due. In the event of a default by a governmental entity on a sovereign debt obligation, there may be few or no effective legal remedies for collecting on such debt.

∎ Hybrid securities risk. Hybrid securities are typically subordinated to an issuer's senior debt instruments; therefore, they are subject to greater credit risk than those senior debt
instruments. Many hybrid securities are subject to provisions permitting their issuers to skip or defer distributions under specified circumstances. Hybrid securities may have limited or no voting rights and may have substantially lower overall
liquidity than other securities. Certain types of hybrid securities, such as non-cumulative perpetual preferred stock, are issued predominantly by companies in the financial services industry and thus may
present increased risk during times of financial upheaval, which may affect financial services companies more than other types of issuers.

**An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.** 

Performance Information

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's Class I shares' returns from year to year. The table shows how the average annual total returns of the Fund's Class I shares and Class X shares compare with different broad measures of market performance.

The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Visit the Fund's website at dodgeandcox.com or call 800-621-3979 for current performance figures.

![LOGO](g113460g01g21.jpg)

**Highest/Lowest quarterly results for the Fund's Class I shares during the time period were:** 

**Highest: 15.53% (quarter ended June 30, 2020)** 

**Lowest: –21.01% (quarter ended March 31, 2020)** 

PAGE 4 ∎ DODGE & COX BALANCED FUND

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Average Annual Total Returns for the Periods Ended 12/31/2025

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| | | | |
|:---|:---|:---|:---|
| **Dodge & Cox**<br> **Balanced – Class I** | **1 Year** | **5 Years** | **10 Years** |
|  Return before taxes | 14.45% | 9.41% | 9.73% |
|  Return after taxes on distributions | 12.22 | 7.27 | 7.54 |
|  Return after taxes on distributions and sale of Fund shares | 9.67 | 6.98 | 7.29 |
| **Dodge & Cox**<br> **Balanced – Class X\*** |  |  |  |
|  Return before taxes | 14.55 | 9.49 | 9.77 |
|  S&P 500 Index (reflects no deduction for expenses or taxes) | 17.88 | 14.42 | 14.82 |
|  Bloomberg U.S. Aggregate Bond Index (reflects no deduction for expenses or taxes) | 7.30 | –0.36 | 2.01 |
|  Combined Index\*\* (60% S&P 500 & 40% Bloomberg U.S. Aggregate Bond Index) (reflects no deduction for expenses or taxes) | 13.70 | 8.47 | 9.79 |

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\* The Fund's Class X shares launched on May 1, 2022. In the table above, Class X returns for periods prior to its launch are calculated using performance of the Fund's Class I shares.

\*\* The Combined Index is a composite blend of 60% of the S&P 500 Index and 40% of the Bloomberg U.S. Aggregate Bond Index and represents a broad measure of the U.S. stock and bond markets, including market sectors in which the Fund may invest.

The after-tax returns shown above are for the Fund's Class I shares. The after-tax returns of the Fund's Class X shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. After-tax return figures do not apply to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or an individual retirement account.

Fund Management

Dodge & Cox serves as investment manager to the Balanced Fund. The Fund is managed by Dodge & Cox's Balanced Fund Investment Committee ("**BFIC**"), which consists of the following members:

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| | | |
|:---|:---|:---|
| **Committee Member** | **Primary Titles with Investment Manager** | **Years managing**<br> **the Fund/**<br> **Years with**<br> **Dodge & Cox\*** |
| **David C. Hoeft** | Chair, Director, Chief Investment Officer, and member of U.S. Equity Investment Committee ("USEIC"), International Equity Investment Committee ("IEIC"), Global Equity Investment Committee ("GEIC"), and Emerging Markets Equity Investment Committee ("EMEIC") | 24/33 |
| **Lucinda I. Johns** | Senior Vice President and Director, Director of Fixed Income, and member of U.S. Fixed Income Investment Committee ("USFIIC") and Global Fixed Income Investment Committee ("GFIIC") | 14/24 |
| **Philippe Barret, Jr.** | Senior Vice President and Director, Research Analyst, and member of USEIC and EMEIC | 13/22 |
| **Benjamin V. Garosi** | Vice President, Research Analyst, and member of USEIC | 7/17 |
| **Matthew B. Schefer** | Vice President, Research Analyst, and member of GFIIC | 4/18 |
| **Robert S. Turley** | Vice President, Research Analyst, and member of EMEIC | 4/13 |
| **Thomas Y. Powers** | Vice President and Research Analyst | 4/10 |

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\* Prior to May 1, 2022, the Fund was jointly managed by the USEIC and the USFIIC. Mr. Hoeft, Mr. Barret, and Mr. Garosi have been members of the USEIC for 24, 13, and 7 years, respectively. Ms. Johns has been a member of the USFIIC for 14 years.

DODGE & COX BALANCED FUND ∎ PAGE 5

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Summary of Other Important Information About Fund Shares

Purchase and Sale of Fund Shares

The minimum initial investment for each class of shares of a Fund is $2,500 ($1,000 for Individual Retirement Accounts ("**IRAs**")) and the minimum subsequent investment is $100. The minimum initial investment for shareholders who open an account directly with the Fund is reduced to $500, provided the shareholder establishes an Automatic Investment Plan ("AIP") of at least $100 per month at the time the account is opened. If the AIP is discontinued, the Fund may require the shareholder to meet the standard minimum investment requirement. The Funds, in their sole discretion, reserve the right to modify or waive minimum investment amounts for certain financial intermediaries that submit orders on behalf of their customers under certain circumstances. For example, the Funds may waive or lower the minimum investment amount for certain financial intermediaries that use the Funds as part of an asset allocation program, certain retirement plans, and accounts that hold the Funds in omnibus name. Financial intermediaries may impose their own minimum investment amounts.

You may withdraw (redeem) any part of your account by selling shares. The sale price of your shares will be the Fund's next-determined net asset value after SS&C GIDS (the "Transfer Agent") or an authorized agent or sub-agent receives all required documents and redemption request in good order. You may sell shares as described below:

∎ Online: Visit the Dodge & Cox Funds' website at dodgeandcox.com, or access our mobile application, click on "Log In" log into your account and submit your request online.

∎ Mail: Visit Dodge & Cox Funds' website at dodgeandcox.com and click on "Resources" then "Forms & Guides." Download and complete the Redemption Request Form for a non-IRA and/or the IRA Distribution Request Form for an IRA. Mail the completed form(s) to "Dodge & Cox Funds, P.O. Box 219502, Kansas City, MO 64121-9502" to process your request(s).

∎ Phone: You may call Client Services at 800-621-3979 during business hours to place redemption or distribution requests for either a non-IRA or an IRA.

Investing Through a Financial Intermediary

If you purchase shares of a Fund through a financial intermediary, such as a broker/dealer, financial institution, investment adviser, or

employee benefit plan, rather than directly from the Transfer Agent, your intermediary may impose different or additional conditions than the Funds on purchases, sales, and exchanges of Fund shares. These differences could include initial and subsequent investment minimums, exchange policies, differences in available Funds or share classes, cut-off times for investments, and trading restrictions. Your intermediary could impose additional account and/or transaction fees. You should consult your intermediary directly for information regarding any such conditions or fees. If you purchase shares of a Fund through an intermediary, you must place subsequent orders to sell or exchange those shares through the same intermediary.

Tax Information

Each Fund will distribute substantially all of its income and capital gains to its shareholders every year. You will be taxed on dividends you receive from a Fund as ordinary income and/or capital gains unless you hold your Fund shares in a tax-deferred retirement account, such as an IRA, in which case you will generally be taxed only upon withdrawal of monies from the retirement account or are otherwise tax exempt.

Payments to Financial Intermediaries

With respect to Class I shares of a Fund purchased through an employee retirement benefit plan, Dodge & Cox may make payments to the recordkeeper, broker/dealer, bank, or other financial institution or organization (each a "Financial Intermediary") that provides shareholder recordkeeping or other administrative services to the plan as compensation for those services. These payments may create a conflict of interest by influencing your Financial Intermediary to make available a Fund over other mutual funds or investments. You should ask your Financial Intermediary about differing and divergent interests and how it is compensated for administering your Fund investment.

PAGE 6 ∎ DODGE & COX BALANCED FUND