Dodge & Cox Funds NPORTP Dodge & Cox International Stock Fund (Mar 2020 report)


DODGE & COX STOCK FUND
Portfolio of Investments (unaudited)			March 31, 2020


COMMON STOCKS: 98.3%

	SHARES		VALUE
COMMUNICATION SERVICES: 12.6%
MEDIA & ENTERTAINMENT: 11.7%
Alphabet, Inc., Class A^(a)		82,000	$	95,279,900
Alphabet, Inc., Class C^(a)		1,682,453		1,956,373,173
Charter Communications, Inc., Class A^(a)		3,160,986		1,379,169,802
Comcast Corp., Class A		47,136,194		1,620,542,350
DISH Network Corp., Class A^(a)		19,569,037		391,185,049
Fox Corp., Class A		19,327,175		456,701,145
Fox Corp., Class B		3,882,333		88,827,779
News Corp., Class A		9,277,190		83,262,780

				6,071,341,978
TELECOMMUNICATION SERVICES: 0.9%
Sprint Corp.^(a)		53,295,027		459,403,133

				6,530,745,111
CONSUMER DISCRETIONARY: 3.1%
AUTOMOBILES & COMPONENTS: 0.2%
Harley-Davidson, Inc.		6,542,047		123,840,950
CONSUMER DURABLES & APPAREL: 0.2%
Mattel, Inc.^(a)(b)		13,376,005		117,842,604
RETAILING: 2.7%
Booking Holdings, Inc.^(a)		756,900		1,018,272,708
Qurate Retail, Inc., Series A^(a)(b)		36,580,476		223,323,806
The Gap, Inc.^(b)		18,757,300		132,051,392

				1,373,647,906

				1,615,331,460
CONSUMER STAPLES: 1.1%
FOOD, BEVERAGE & TOBACCO: 1.1%
Molson Coors Beverage Company, Class B^(b)		14,343,925		559,556,514
ENERGY: 6.3%
Apache Corp.^(b)		32,408,109		135,465,896
Baker Hughes Co., Class A^(b)		53,917,596		566,134,758
Concho Resources, Inc.^(b)		11,469,100		491,450,935
Halliburton Co.		32,210,712		220,643,377
Hess Corp.		12,278,982		408,890,101
National Oilwell Varco, Inc.		17,463,009		171,661,378
Occidental Petroleum Corp.^(b)		71,083,126		823,142,599
Schlumberger, Ltd. (Curacao/United States)		33,576,545		452,947,592

				3,270,336,636
FINANCIALS: 25.3%
BANKS: 8.9%
Bank of America Corp.		82,888,100		1,759,714,363
JPMorgan Chase & Co.		8,128,600		731,817,858
Truist Financial Corp.		17,326,744		534,356,785
Wells Fargo & Co.		55,192,441		1,584,023,057

				4,609,912,063
DIVERSIFIED FINANCIALS: 13.4%
American Express Co.		8,252,300		706,479,403
Bank of New York Mellon Corp.		29,081,224		979,455,624
Capital One Financial Corp.^(b)		26,309,113		1,326,505,478
Charles Schwab Corp.		61,836,200		2,078,933,044
Goldman Sachs Group, Inc.		7,834,100		1,211,073,519
State Street Corp.		11,750,000		625,922,500

				6,928,369,568
INSURANCE: 3.0%
Aegon NV, NY Shs (Netherlands)		78,340,602		195,068,099
Brighthouse Financial, Inc.^(a)(b)		6,659,763		160,966,472
Lincoln National Corp.		713,152		18,770,160
MetLife, Inc.		38,648,800		1,181,493,816

				1,556,298,547

				13,094,580,178



	SHARES		VALUE
HEALTH CARE: 22.5%
HEALTH CARE EQUIPMENT & SERVICES: 7.4%
Cigna Corp.		8,864,772	$	1,570,660,303
CVS Health Corp.		11,994,600		711,639,618
Medtronic PLC (Ireland/United States)		3,340,000		301,201,200
UnitedHealth Group, Inc.		4,944,660		1,233,099,311

				3,816,600,432
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES: 15.1%
Alnylam Pharmaceuticals, Inc.^(a)		3,085,261		335,830,660
AstraZeneca PLC ADR (United Kingdom)		18,534,473		827,749,564
BioMarin Pharmaceutical, Inc.^(a)		2,521,325		213,051,963
Bristol-Myers Squibb Co.		20,963,239		1,168,490,942
Gilead Sciences, Inc.		9,343,012		698,483,577
GlaxoSmithKline PLC ADR (United Kingdom)		27,984,900		1,060,347,861
Incyte Corp.^(a)		2,338,100		171,219,063
Novartis AG ADR (Switzerland)		14,316,800		1,180,420,160
Roche Holding AG ADR (Switzerland)		20,914,199		848,489,053
Sanofi ADR (France)		30,370,628		1,327,803,856

				7,831,886,699

				11,648,487,131
INDUSTRIALS: 8.0%
CAPITAL GOODS: 4.4%
Johnson Controls International PLC^(b) (Ireland/United States)		43,729,917		1,178,958,562
United Technologies Corp.		11,449,700		1,080,050,201

				2,259,008,763
TRANSPORTATION: 3.6%
FedEx Corp.^(b)		15,571,499		1,888,199,969

				4,147,208,732
INFORMATION TECHNOLOGY: 18.6%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT: 2.8%
Maxim Integrated Products, Inc.		5,252,275		255,313,088
Microchip Technology, Inc.^(b)		17,317,833		1,174,149,077

				1,429,462,165
SOFTWARE & SERVICES: 5.1%
Cognizant Technology Solutions Corp., Class A		14,295,777		664,324,757
Micro Focus International PLC ADR^(b) (United Kingdom)		22,761,228		115,399,426
Microsoft Corp.		11,508,100		1,814,942,451
VMware, Inc., Class A^(a)		184,100		22,294,510

				2,616,961,144
TECHNOLOGY, HARDWARE & EQUIPMENT: 10.7%
Cisco Systems, Inc.		20,239,187		795,602,441
Dell Technologies, Inc., Class C^(a)		22,084,917		873,458,468
Hewlett Packard Enterprise Co.^(b)		81,628,445		792,612,201
HP Inc.^(b)		93,703,537		1,626,693,402
Juniper Networks, Inc.^(b)		29,762,665		569,657,408
TE Connectivity, Ltd. (Switzerland)		14,223,956		895,824,749

				5,553,848,669

				9,600,271,978
MATERIALS: 0.8%
Celanese Corp.^(b)		5,629,598		413,156,197
TOTAL COMMON STOCKS (Cost $51,762,046,177)			$	50,879,673,937


1 / Dodge & Cox Stock Fund		See accompanying Notes to Portfolio of Investments


Portfolio of Investments (unaudited)			March 31, 2020


SHORT-TERM INVESTMENTS: 1.1%

	PAR VALUE/ SHARES			VALUE
REPURCHASE AGREEMENTS: 0.7%
Fixed Income Clearing Corporation^(c) 0.00%, dated 3/31/20, due 4/1/20, maturity value $388,631,000	$	388,631,000		$	388,631,000
MONEY MARKET FUND: 0.4%
State Street Institutional U.S. Government Money Market Fund		210,107,909			210,107,909

TOTAL SHORT-TERM INVESTMENTS (Cost $598,738,909)				$	598,738,909

TOTAL INVESTMENTS IN SECURITIES (Cost $52,360,785,086)		99.4	%	$	51,478,412,846
OTHER ASSETS LESS LIABILITIES		0.6	%		294,255,608

NET ASSETS		100.0	%	$	51,772,668,454

(a)	Non-income producing

(b)	See Notes to Portfolio of Investments regarding holdings of 5% voting securities

(c)	Repurchase agreement is collateralized by U.S. Treasury Notes 1.50%-2.125%, 8/15/21-8/31/21. Total collateral value is $396,404,939.

In determining a company’s country designation, the Fund generally references the country of incorporation. In cases where the Fund considers the country of incorporation to be a “jurisdiction of convenience” chosen primarily for tax purposes or in other limited circumstances, the Fund uses the country designation of an appropriate broad-based market index. In those cases, two countries are listed - the country of incorporation and the country designated by an appropriate index, respectively.

ADR: American Depositary Receipt

FUTURES CONTRACTS

Description

Number of Contracts

Expiration Date

Notional Amount

Value / Unrealized

Appreciation (Depreciation)

E-mini S&P 500 Index – Long Position

5,844

6/19/20

750,866,340

31,185,996


See accompanying Notes to Portfolio of Investments		Dodge & Cox Stock Fund / 2

NOTES TO PORTFOLIO OF INVESTMENTS(unaudited)

Security valuation. The Fund’s net assets are normally valued as of the scheduled close of trading on the New York Stock Exchange (NYSE), generally 4 p.m. Eastern Time, each day that the NYSE is open for business.

Portfolio holdings for which market quotes are readily available are valued at market value. Listed securities, for example, are generally valued using the official quoted close price or the last sale on the exchange that is determined to be the primary market for the security. Exchange-traded derivatives are generally valued at the settlement price determined by the relevant exchange. Short-term securities with less than 60 days to maturity may be valued at amortized cost if amortized cost approximates current value. Mutual funds are valued at their respective net asset values. Security values are not discounted based on the size of the Fund’s position and may differ from the value the Fund receives upon the sale of the securities. All securities held by the Fund are denominated in U.S. dollars.

If market quotations are not readily available or if normal valuation procedures produce valuations that are deemed unreliable or inappropriate under the circumstances existing at the time, the investment will be valued at fair value as determined in good faith by or under the direction of the Fund’s Board of Trustees. The Board of Trustees has appointed Dodge & Cox, the Fund’s investment manager, to make fair value determinations in accordance with the Dodge & Cox Funds Valuation Policies (“Valuation Policies”), subject to Board oversight. Dodge & Cox has established a Pricing Committee that is comprised of representatives from Treasury, Legal, Compliance, and Operations. The Pricing Committee is responsible for implementing the Valuation Policies, including determining the fair value of securities and other investments when necessary. The Pricing Committee considers relevant indications of value that are reasonably available to it in determining the fair value assigned to a particular security, such as the value of similar financial instruments, trading volumes, contractual restrictions on disposition, related corporate actions, and changes in economic conditions. In doing so, the Pricing Committee employs various methods for calibrating fair valuation approaches, including a regular review of key inputs and assumptions, back-testing, and review of any related market activity.

Valuing securities through a fair value determination involves greater reliance on judgment than valuation of securities based on readily available market quotations. In some instances, lack of information and uncertainty as to the significance of information may lead to a conclusion that a prior valuation is the best indication of a security’s value. When fair value pricing is employed, the prices of securities used by the Fund to calculate its NAV may differ from quoted or published prices for the same securities.

Valuation measurements. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1: Quoted prices in active markets for identical securities

Level 2: Other significant observable inputs (including quoted prices for similar securities, market indices, interest rates, credit risk, forward exchange rates, etc.)

Level 3: Significant unobservable inputs (including Fund management’s assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s holdings as of March 31, 2020:


Classification	LEVEL 1 (Quoted Prices)		LEVEL 2 (Other Significant Observable Inputs)
Securities
Common Stocks^(a)	$	50,879,673,937	$	—
Short-term Investments
Repurchase Agreements		—		388,631,000
Money Market Fund		210,107,909		—

Total Securities	$	51,089,781,846	$	388,631,000

Other Investments
Futures Contracts
Appreciation	$	31,185,996	$	—

^(a)	All common stocks held in the Fund are Level 1 securities. For a detailed break-out of common stocks by major industry classification, please refer to the Portfolio of Investments.

Security transactions. Security transactions are recorded on the trade date.


Dodge & Cox Stock Fund / 3

NOTES TO PORTFOLIO OF INVESTMENTS(unaudited)

Holdings of 5% voting securities. Each of the companies listed below was considered to be an affiliate of the Fund because the Fund owned 5% or more of the company’s voting securities during all or part of the three months ended March 31, 2020. Further detail on these holdings and related transactions during the period appear below.


	Value at Beginning of Period		Additions		Reductions			Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value at End of Period			Dividend Income^(a)
COMMON STOCKS: 22.7%
CONSUMER DISCRETIONARY: 0.7%
Mattel, Inc.^(b)	$	313,659,533	$	—	$	(137,904,686	)	$	(14,403,477	)	$	(43,508,766	)	$	—	^(c)	$	—
Qurate Retail, Inc., Series A^(b)		309,578,902		—		(1,159,730	)		836,731			(85,932,097	)		223,323,806			—
The Gap, Inc.		332,925,008		—		(1,266,624	)		133,634			(199,740,626	)		132,051,392			4,548,645

															355,375,198

CONSUMER STAPLES: 1.1%
Molson Coors Beverage Company, Class B		612,192,157		156,694,806		—			—			(209,330,449	)		559,556,514			8,005,037
ENERGY: 3.9%
Apache Corp.		832,565,762		—		(3,213,112	)		61,617			(693,948,371	)		135,465,896			8,102,027
Baker Hughes Co., Class A		1,207,198,528		76,477,780		(4,696,874	)		884,703			(713,729,379	)		566,134,758			8,445,167
Concho Resources, Inc.		593,330,535		197,115,332		(6,786,982	)		(1,127,211	)		(291,080,739	)		491,450,935			1,339,820
Occidental Petroleum Corp.		2,167,148,431		346,234,394		(8,720,384	)		(203,782	)		(1,681,316,060	)		823,142,599			47,203,311

															2,016,194,188

FINANCIALS: 2.9%
Brighthouse Financial, Inc.^(b)		262,282,482		—		(1,019,720	)		47,735			(100,344,025	)		160,966,472			—
Capital One Financial Corp.		2,520,215,783		86,212,683		(9,884,394	)		7,653,446			(1,277,692,040	)		1,326,505,478			9,757,645

															1,487,471,950

INDUSTRIALS: 5.9%
FedEx Corp.		2,314,435,230		38,793,879		(9,243,960	)		6,977,746			(462,762,926	)		1,888,199,969			9,910,224
Johnson Controls International PLC		1,685,032,373		62,109,890		(6,673,680	)		3,454,397			(564,964,418	)		1,178,958,562			10,719,778

															3,067,158,531

INFORMATION TECHNOLOGY: 8.3%
Hewlett Packard Enterprise Co.		1,216,894,106		59,966,141		(4,831,596	)		3,477,111			(482,893,561	)		792,612,201			9,699,917
HP Inc.		1,525,699,363		426,098,531		(6,010,389	)		4,143,238			(323,237,341	)		1,626,693,402			16,510,563
Juniper Networks, Inc.		735,921,371		—		(2,876,244	)		335,279			(163,722,998	)		569,657,408			5,952,533
Microchip Technology, Inc.		1,594,585,368		146,020,062		(17,102,518	)		4,647,945			(554,001,780	)		1,174,149,077			5,529,895
Micro Focus International PLC ADR		320,588,699		—		(1,314,530	)		138,559			(204,013,302	)		115,399,426			—

															4,278,511,514

MATERIALS: 0.0%
Celanese Corp.		757,630,986		—		(61,560,809	)		37,693,438			(320,607,418	)		—	^(c)		3,490,351

								$	54,751,109		$	(8,372,826,296	)	$	11,764,267,895		$	149,214,913

(a)	Net of foreign taxes, if any

(b)	Non-income producing

(c)	Company was not an affiliate at period end

Other. For more information please see the Fund’s most recent prospectus, summary prospectus, and annual report on the Fund’s website at dodgeandcox.com.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s investment objectives, risks, and management fees and other charges and expenses. To obtain a Fund’s prospectus and summary prospectus, which contain this and other important information, visit dodgeandcox.com or call 800-621-3979. Please read the prospectus and summary prospectus carefully before investing.

4 / Dodge & Cox Stock Fund


DODGE & COX GLOBAL STOCK FUND
Consolidated Portfolio of Investments (unaudited)			March 31, 2020


COMMON STOCKS: 92.3%

	SHARES		VALUE
COMMUNICATION SERVICES: 11.5%
MEDIA & ENTERTAINMENT: 10.6%
Alphabet, Inc., Class C(a) (United States)		178,799	$	207,909,265
Baidu, Inc. ADR^(a) (Cayman Islands/China)		645,300		65,039,787
Charter Communications, Inc., Class A^(a) (United States)		415,897		181,460,020
Comcast Corp., Class A (United States)		4,306,200		148,047,156
DISH Network Corp., Class A^(a) (United States)		1,630,800		32,599,692
Grupo Televisa SAB ADR (Mexico)		12,141,400		70,420,120
Liberty Global PLC, Class C^(a) (United Kingdom)		3,430,200		53,888,442
MultiChoice Group, Ltd.^(a) (South Africa)		832,403		3,986,847
Television Broadcasts, Ltd. (Hong Kong)		2,509,500		3,108,093

				766,459,422
TELECOMMUNICATION SERVICES: 0.9%
Millicom International Cellular SA SDR (Luxembourg)		1,372,984		38,661,048
Sprint Corp.^(a) (United States)		3,277,400		28,251,188

				66,912,236

				833,371,658
CONSUMER DISCRETIONARY: 8.4%
AUTOMOBILES & COMPONENTS: 1.8%
Bayerische Motoren Werke AG (Germany)		894,300		46,950,786
Honda Motor Co., Ltd. (Japan)		3,791,300		85,265,278

				132,216,064
CONSUMER DURABLES & APPAREL: 0.2%
Mattel, Inc.^(a) (United States)		1,155,967		10,184,069
RETAILING: 6.4%
Alibaba Group Holding, Ltd. ADR^(a) (Cayman Islands/China)		452,700		88,041,096
Booking Holdings, Inc.^(a) (United States)		90,500		121,751,460
JD.com, Inc. ADR^(a) (Cayman Islands/China)		1,853,446		75,064,563
Naspers, Ltd., Class N (South Africa)		634,953		90,208,391
Prosus NV^(a) (Netherlands)		796,053		55,157,377
Qurate Retail, Inc., Series A^(a) (United States)		5,081,572		31,022,997

				461,245,884

				603,646,017
CONSUMER STAPLES: 0.5%
FOOD & STAPLES RETAILING: 0.5%
Magnit PJSC (Russia)		956,100		38,743,178
ENERGY: 5.8%
Apache Corp. (United States)		4,567,082		19,090,403
Baker Hughes Co., Class A (United States)		6,192,127		65,017,333
Hess Corp. (United States)		1,940,032		64,603,066
Occidental Petroleum Corp. (United States)		7,700,663		89,173,677
Ovintiv, Inc. (United States)		6,282,238		16,962,043
Schlumberger, Ltd. (Curacao/United States)		4,569,600		61,643,904
Suncor Energy, Inc. (Canada)		6,419,700		101,431,260

				417,921,686
FINANCIALS: 25.2%
BANKS: 14.9%
Axis Bank, Ltd. (India)		12,104,510		59,638,411
Banco Santander SA (Spain)		49,733,398		121,048,500
Bank of America Corp. (United States)		4,422,900		93,898,167
Barclays PLC (United Kingdom)		51,487,800		59,824,330
BNP Paribas SA (France)		4,309,300		129,904,782



	SHARES		VALUE
ICICI Bank, Ltd. (India)		27,088,336	$	117,399,533
Kasikornbank PCL, Foreign (Thailand)		5,369,500		14,885,184
Mitsubishi UFJ Financial Group, Inc. (Japan)		20,933,300		78,094,658
Societe Generale SA (France)		4,988,585		83,919,808
Standard Chartered PLC (United Kingdom)		16,465,377		90,751,676
UniCredit SPA (Italy)		16,362,680		128,115,204
Wells Fargo & Co. (United States)		3,537,773		101,534,085

				1,079,014,338
DIVERSIFIED FINANCIALS: 9.0%
Bank of New York Mellon Corp. (United States)		1,369,400		46,121,392
Capital One Financial Corp. (United States)		2,178,500		109,839,970
Charles Schwab Corp. (United States)		3,948,900		132,762,018
Credit Suisse Group AG (Switzerland)		13,783,799		113,818,177
Goldman Sachs Group, Inc. (United States)		524,900		81,144,291
UBS Group AG (Switzerland)		17,534,800		163,888,111

				647,573,959
INSURANCE: 1.3%
AEGON NV (Netherlands)		12,085,507		30,657,114
Aviva PLC (United Kingdom)		20,241,320		67,199,167

				97,856,281

				1,824,444,578
HEALTH CARE: 18.4%
HEALTH CARE EQUIPMENT & SERVICES: 4.4%
Cigna Corp. (United States)		632,238		112,019,929
CVS Health Corp. (United States)		1,447,500		85,880,175
UnitedHealth Group, Inc. (United States)		481,000		119,951,780

				317,851,884
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES: 14.0%
Alnylam Pharmaceuticals, Inc.^(a) (United States)		322,500		35,104,125
AstraZeneca PLC (United Kingdom)		1,052,300		93,999,938
Bayer AG (Germany)		1,633,120		95,864,494
Bristol-Myers Squibb Co. (United States)		1,416,900		78,978,006
GlaxoSmithKline PLC (United Kingdom)		9,058,400		169,911,598
Incyte Corp.^(a) (United States)		335,300		24,554,019
Novartis AG (Switzerland)		1,985,900		164,124,785
Roche Holding AG (Switzerland)		442,100		143,732,909
Sanofi (France)		2,321,262		204,365,688

				1,010,635,562

				1,328,487,446
INDUSTRIALS: 7.7%
CAPITAL GOODS: 4.8%
Johnson Controls International PLC (Ireland/United States)		2,896,903		78,100,505
Mitsubishi Electric Corp. (Japan)		10,640,500		131,321,539
Schneider Electric SA (France)		524,278		45,139,560
United Technologies Corp. (United States)		978,700		92,320,771

				346,882,375
TRANSPORTATION: 2.9%
FedEx Corp. (United States)		1,721,500		208,749,090

				555,631,465
INFORMATION TECHNOLOGY: 10.7%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT: 1.6%
Microchip Technology, Inc. (United States)		1,748,500		118,548,300
SOFTWARE & SERVICES: 2.7%
Cognizant Technology Solutions Corp., Class A (United States)		1,038,500		48,259,095


1 / Dodge & Cox Global Stock Fund		See accompanying Notes to Consolidated Portfolio of Investments


Consolidated Portfolio of Investments (unaudited)			March 31, 2020


COMMON STOCKS (continued)

	SHARES		VALUE
Micro Focus International PLC (United Kingdom)		3,002,699	$	14,853,359
Microsoft Corp. (United States)		802,100		126,499,191
VMware, Inc., Class A^(a) (United States)		20,832		2,522,755

				192,134,400
TECHNOLOGY, HARDWARE & EQUIPMENT: 6.4%
Dell Technologies, Inc., Class C^(a) (United States)		2,922,943		115,602,396
Hewlett Packard Enterprise Co. (United States)		6,098,298		59,214,473
HP Inc. (United States)		7,236,200		125,620,432
Juniper Networks, Inc. (United States)		3,067,168		58,705,595
Samsung Electronics Co., Ltd. (South Korea)		159,600		6,202,712
TE Connectivity, Ltd. (Switzerland)		1,502,963		94,656,610

				460,002,218

				770,684,918
MATERIALS: 3.7%
Celanese Corp. (United States)		836,500		61,390,735
Cemex SAB de CV ADR (Mexico)		14,039,917		29,764,624
Glencore PLC (Jersey/United Kingdom)		39,929,525		60,942,856
LafargeHolcim, Ltd. (Switzerland)		1,519,662		55,553,928
Linde PLC (Ireland/United States)		338,461		61,073,392

				268,725,535
REAL ESTATE: 0.4%
Hang Lung Group, Ltd. (Hong Kong)		14,717,900		30,933,693

TOTAL COMMON STOCKS (Cost $8,271,274,069)			$	6,672,590,174

PREFERRED STOCKS: 2.5%
ENERGY: 0.3%
Petroleo Brasileiro SA, Pfd (Brazil)		8,144,906		21,929,377
FINANCIALS: 1.2%
BANKS: 1.2%
Itau Unibanco Holding SA, Pfd (Brazil)		19,284,293		85,693,948
INFORMATION TECHNOLOGY: 1.0%
TECHNOLOGY, HARDWARE & EQUIPMENT: 1.0%
Samsung Electronics Co., Ltd., Pfd (South Korea)		2,301,600		75,129,956

TOTAL PREFERRED STOCKS (Cost $144,058,984)			$	182,753,281


SHORT-TERM INVESTMENTS: 2.2%

	PAR VALUE/ SHARES			VALUE
REPURCHASE AGREEMENTS: 1.8%
Fixed Income Clearing Corporation^(b) 0.00%, dated 3/31/20, due 4/1/20, maturity value $128,013,000	$	128,013,000		$	128,013,000
MONEY MARKET FUND: 0.4%
State Street Institutional U.S. Government Money Market Fund		28,600,458			28,600,458

TOTAL SHORT-TERM INVESTMENTS (Cost $156,613,458)				$	156,613,458

TOTAL INVESTMENTS IN SECURITIES (Cost $8,571,946,511)		97.0	%	$	7,011,956,913
OTHER ASSETS LESS LIABILITIES		3.0	%		218,932,205

NET ASSETS		100.0	%	$	7,230,889,118

(a)	Non-income producing

(b)	Repurchase agreement is collateralized by U.S. Treasury Note 1.50%, 9/30/21. Total collateral value is $130,576,841.

ADR: American Depositary Receipt

SDR: Swedish Depository Receipt


See accompanying Notes to Consolidated Portfolio of Investments		Dodge & Cox Global Stock Fund / 2


Consolidated Portfolio of Investments (unaudited)			March 31, 2020

EQUITY TOTAL RETURN SWAPS^(a)


Fund Receives	Fund Pays	Counterparty	Maturity Date		Notional Amount		Value / Unrealized Appreciation/ (Depreciation)
Total Return on Naspers, Ltd.	2.898%	JPMorgan		9/30/20	$	40,555,360	$	(7,729,148	)
Total Return on Prosus NV	2.898%	JPMorgan		9/30/20		19,609,965		(3,947,586	)
2.198%	Total Return on Tencent Holdings, Ltd.	JPMorgan		9/30/20		77,273,330		(6,885,351	)

							$	(18,562,085	)

(a)	The combination of the equity total return swaps is designed to hedge Naspers Ltd.’s and Prosus NV’s exposure to Tencent Holdings, Ltd. The swaps pay at maturity; no upfront payments were made.

FUTURES CONTRACTS


Description	Number of Contracts		Expiration Date		Notional Amount		Value / Unrealized Appreciation (Depreciation)
E-mini S&P 500 Index - Long Position		1,782		6/19/20	$	228,960,270	$	9,198,991

CURRENCY FORWARD CONTRACTS


Counterparty	Settle Date		Currency Purchased			Currency Sold				Unrealized Appreciation (Depreciation)
CHF: Swiss Franc
State Street		4/29/20		USD	53,004,755		CHF		51,051,000	$	(107,643	)
State Street		4/29/20		USD	53,010,259		CHF		51,051,000		(102,139	)
Bank of America		5/20/20		USD	12,243,302		CHF	��	11,900,000		(149,856	)
Bank of America		5/20/20		USD	12,248,255		CHF		11,900,000		(144,903	)
Citibank		6/10/20		USD	16,434,742		CHF		15,200,000		589,855
Citibank		6/10/20		USD	16,474,643		CHF		15,200,000		629,756
Citibank		4/29/20		CHF	9,300,000		USD		9,880,058		(204,532	)
State Street		4/29/20		CHF	9,300,000		USD		9,849,817		(174,290	)
State Street		4/29/20		CHF	25,000,000		USD		25,486,798		522,682
State Street		4/29/20		CHF	13,300,000		USD		13,588,484		248,560
CNH: Chinese Yuan Renminbi
JPMorgan		7/15/20		USD	7,271,849		CNH		50,480,450		164,681
UBS		7/15/20		USD	7,271,744		CNH		50,480,450		164,576
UBS		9/23/20		USD	45,575,548		CNH		327,000,000		(391,456	)
HSBC		11/18/20		USD	2,680,091		CNH		18,926,000		23,668
JPMorgan		11/18/20		USD	13,810,598		CNH		98,000,000		55,473
JPMorgan		11/18/20		USD	13,801,845		CNH		98,000,000		46,720
UBS		11/18/20		USD	21,551,724		CNH		152,000,000		217,245
JPMorgan		12/16/20		USD	12,484,926		CNH		88,000,000		143,274
UBS		12/16/20		USD	12,491,660		CNH		88,000,000		150,009
HSBC		1/13/21		USD	30,646,516		CNH		219,000,000		(40,907	)
HSBC		1/13/21		USD	30,631,513		CNH		219,000,000		(55,910	)
Morgan Stanley		1/13/21		USD	9,406,565		CNH		65,338,000		251,063
Morgan Stanley		1/13/21		USD	9,409,274		CNH		65,338,000		253,773
Goldman Sachs		3/10/21		USD	12,411,005		CNH		87,578,260		163,368
JPMorgan		3/10/21		USD	12,422,801		CNH		87,578,260		175,163
JPMorgan		5/12/21		USD	39,755,786		CNH		280,000,000		687,156
Goldman Sachs		10/27/21		USD	12,720,309		CNH		90,000,000		239,234
HSBC		10/27/21		USD	12,723,546		CNH		90,000,000		242,471
HSBC		10/27/21		USD	14,689,104		CNH		103,000,000		405,208
HSBC		1/26/22		USD	9,113,221		CNH		64,397,667		212,090
JPMorgan		1/26/22		USD	9,135,069		CNH		64,397,666		233,938
JPMorgan		1/26/22		USD	9,093,789		CNH		64,397,667		192,658
Goldman Sachs		4/27/22		USD	9,234,784		CNH		64,264,860		380,534
HSBC		4/27/22		USD	9,369,992		CNH		65,238,570		381,587
HSBC		4/27/22		USD	9,230,132		CNH		65,238,570		241,727
HSBC		4/27/22		USD	5,378,709		CNH		38,525,000		70,832
HSBC		4/27/22		USD	5,296,950		CNH		37,950,000		68,295
HSBC		4/27/22		USD	5,374,581		CNH		38,525,000		66,705
Goldman Sachs		7/27/22		USD	16,793,687		CNH		124,500,000		(308,511	)
UBS		7/27/22		USD	16,793,687		CNH		124,500,000		(308,511	)
HSBC		10/26/22		USD	10,530,691		CNH		76,000,000		121,802
HSBC		10/26/22		USD	10,535,071		CNH		76,000,000		126,181
HSBC		1/11/23		USD	23,098,202		CNH		167,000,000		283,373
JPMorgan		7/15/20		CNH	100,960,900		USD		14,437,217		(222,880	)
UBS		9/23/20		CNH	37,000,000		USD		5,278,852		(77,692	)
JPMorgan		11/18/20		CNH	88,500,000		USD		12,535,411		(113,691	)
JPMorgan		11/18/20		CNH	88,500,000		USD		12,560,318		(138,598	)
HSBC		1/13/21		CNH	63,500,000		USD		8,953,751		(55,799	)
HSBC		1/13/21		CNH	50,000,000		USD		7,006,726		(466	)
JPMorgan		1/13/21		CNH	63,500,000		USD		8,963,862		(65,911	)
UBS		1/13/21		CNH	50,000,000		USD		6,993,985		12,276
HSBC		5/12/21		CNH	65,500,000		USD		9,235,498		(96,229	)
HSBC		5/12/21		CNH	65,500,000		USD		9,238,364		(99,095	)
HSBC		10/27/21		CNH	134,000,000		USD		18,536,450		46,483
UBS		10/27/21		CNH	134,000,000		USD		18,541,580		41,353
Goldman Sachs		4/27/22		CNH	68,371,000		USD		9,498,611		(78,628	)
HSBC		4/27/22		CNH	173,000,000		USD		24,116,540		(281,038	)
JPMorgan		4/27/22		CNH	68,371,000		USD		9,524,015		(104,032	)
HSBC		7/27/22		CNH	62,500,000		USD		8,664,910		(79,470	)
HSBC		7/27/22		CNH	62,500,000		USD		8,669,718		(84,278	)

Unrealized gain on currency forward contracts											7,853,769
Unrealized loss on currency forward contracts											(3,486,465	)

Net unrealized gain on currency forward contracts										$	4,367,304

The listed counterparty may be the parent company or one of its subsidiaries.


3 / Dodge & Cox Global Stock Fund		See accompanying Notes to Consolidated Portfolio of Investments

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS(unaudited)

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using prevailing exchange rates. Currency forward contracts are valued based on the prevailing forward exchange rates of the underlying currencies. As a result, the Fund’s net assets may be affected by changes in the value of currencies in relation to the U.S. dollar.

As trading in securities on most foreign exchanges is normally completed before the close of the NYSE, the value of non-U.S. securities can change by the time the Fund calculates its net asset value. To address these changes, the Fund may utilize adjustment factors provided by an independent pricing service to systematically value non-U.S. securities at fair value. These adjustment factors are based on statistical analyses of subsequent movements and changes in U.S. markets and financial instruments trading in U.S. markets that represent foreign securities or baskets of securities.

Dodge & Cox Global Stock Fund / 4

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS(unaudited)

Valuation measurements. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1: Quoted prices in active markets for identical securities

Level 2: Other significant observable inputs (including quoted prices for similar securities, market indices, interest rates, credit risk, forward exchange rates, etc.)

Level 3: Significant unobservable inputs (including Fund management’s assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s holdings as of March 31, 2020:


Classification	LEVEL 1 (Quoted Prices)		LEVEL 2 (Other Significant Observable Inputs)
Securities
Common Stocks
Communication Services	$	787,615,670	$	45,755,988
Consumer Discretionary		326,064,185		277,581,832
Consumer Staples		—		38,743,178
Energy		417,921,686		—
Financials		565,299,923		1,259,144,655
Health Care		456,488,034		871,999,412
Industrials		379,170,366		176,461,099
Information Technology		749,628,847		21,056,071
Materials		91,155,359		177,570,176
Real Estate		—		30,933,693
Preferred Stocks
Energy		21,929,377		—
Financials		85,693,948		—
Information Technology		—		75,129,956
Short-term Investments
Repurchase Agreements		—		128,013,000
Money Market Fund		28,600,458		—

Total Securities	$	3,909,567,853	$	3,102,389,060

Other Investments
Equity Total Return Swaps
Depreciation		—		(18,562,085	)
Futures Contracts
Appreciation	$	9,198,991	$	—
Currency Forward Contracts
Appreciation		—		7,853,769
Depreciation		—		(3,486,465	)

Security transactions. Security transactions are recorded on the trade date.

Other. For more information please see the Fund’s most recent prospectus, summary prospectus, and annual report on the Fund’s website at dodgeandcox.com.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

5 / Dodge & Cox Global Stock Fund


DODGE & COX INTERNATIONAL STOCK FUND
Consolidated Portfolio of Investments (unaudited)			March 31, 2020


COMMON STOCKS: 92.3%

	SHARES		VALUE
COMMUNICATION SERVICES: 6.1%
MEDIA & ENTERTAINMENT: 4.7%
Baidu, Inc. ADR^(a) (Cayman Islands/China)		5,523,821	$	556,745,918
Grupo Televisa SAB ADR (Mexico)		50,125,880		290,730,104
Liberty Global PLC, Class A^(a)(b) (United Kingdom)		15,733,436		259,759,028
Liberty Global PLC, Class C^(a) (United Kingdom)		27,740,701		435,806,413
MultiChoice Group, Ltd.^(a) (South Africa)		8,436,537		40,407,326
Television Broadcasts, Ltd.^(b) (Hong Kong)		39,842,700		49,346,413

				1,632,795,202
TELECOMMUNICATION SERVICES: 1.4%
America Movil SAB de CV, Series L (Mexico)		293,682,209		174,556,609
Millicom International Cellular SA SDR^(b) (Luxembourg)		7,491,649		210,952,932
Vodafone Group PLC (United Kingdom)		63,425,374		88,599,423

				474,108,964

				2,106,904,166
CONSUMER DISCRETIONARY: 12.0%
AUTOMOBILES & COMPONENTS: 4.4%
Bayerische Motoren Werke AG (Germany)		9,665,980		507,464,339
Honda Motor Co., Ltd. (Japan)		36,411,255		818,878,952
Yamaha Motor Co., Ltd. (Japan)		13,820,200		166,937,075

				1,493,280,366
RETAILING: 7.6%
Alibaba Group Holding, Ltd. ADR^(a) (Cayman Islands/China)		2,437,800		474,103,344
Booking Holdings, Inc.^(a) (United States)		390,100		524,809,332
JD.com, Inc. ADR^(a) (Cayman Islands/China)		10,093,748		408,796,794
Naspers, Ltd., Class N (South Africa)		5,305,458		753,751,584
Prosus NV^(a) (Netherlands)		6,607,858		457,849,056

				2,619,310,110

				4,112,590,476
CONSUMER STAPLES: 1.9%
FOOD & STAPLES RETAILING: 0.7%
Magnit PJSC^(b) (Russia)		5,528,885		224,042,020
FOOD, BEVERAGE & TOBACCO: 1.2%
Imperial Brands PLC (United Kingdom)		22,405,097		415,299,621

				639,341,641
ENERGY: 7.5%
Equinor ASA (Norway)		44,270,704		557,664,991
Ovintiv, Inc.^(b) (United States)		28,485,424		76,910,645
Schlumberger, Ltd. (Curacao/United States)		31,671,424		427,247,510
Suncor Energy, Inc. (Canada)		40,818,954		644,939,473
Total SA (France)		22,691,249		879,954,504

				2,586,717,123
FINANCIALS: 24.3%
BANKS: 16.5%
Axis Bank, Ltd. (India)		58,996,225		290,671,917
Banco Santander SA (Spain)		312,132,020		759,713,076
Barclays PLC (United Kingdom)		457,487,948		531,561,073
BNP Paribas SA (France)		27,108,158		817,181,294
ICICI Bank, Ltd. (India)		196,131,976		850,026,460
Kasikornbank PCL, Foreign (Thailand)		30,605,000		84,842,361
Mitsubishi UFJ Financial Group, Inc. (Japan)		140,866,400		525,522,178
Societe Generale SA (France)		31,047,223		522,287,780



	SHARES		VALUE
Standard Chartered PLC (United Kingdom)		96,153,879	$	529,968,166
UniCredit SPA (Italy)		95,887,662		750,773,550

				5,662,547,855
DIVERSIFIED FINANCIALS: 5.7%
Credit Suisse Group AG (Switzerland)		100,403,284		829,068,878
Haci Omer Sabanci Holding AS (Turkey)		16,595,322		18,483,569
UBS Group AG (Switzerland)		118,591,727		1,108,411,508

				1,955,963,955
INSURANCE: 2.1%
AEGON NV (Netherlands)		103,998,142		263,810,432
Aviva PLC (United Kingdom)		141,508,943		469,795,601

				733,606,033

				8,352,117,843
HEALTH CARE: 16.2%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES: 16.2%
AstraZeneca PLC (United Kingdom)		9,257,400		826,945,765
Bayer AG (Germany)		13,579,950		797,145,975
GlaxoSmithKline PLC (United Kingdom)		52,448,600		983,796,852
Novartis AG (Switzerland)		9,773,570		807,737,083
Roche Holding AG (Switzerland)		2,750,500		894,226,117
Sanofi (France)		14,067,862		1,238,545,369

				5,548,397,161
INDUSTRIALS: 8.7%
CAPITAL GOODS: 8.3%
Johnson Controls International PLC (Ireland/United States)		18,434,401		496,991,451
Mitsubishi Electric Corp. (Japan)		88,137,900		1,087,768,871
Nidec Corp. (Japan)		7,051,600		365,775,343
Schneider Electric SA (France)		6,845,846		589,417,215
Smiths Group PLC^(b) (United Kingdom)		21,049,983		318,679,608

				2,858,632,488
TRANSPORTATION: 0.4%
DP World PLC (United Arab Emirates)		8,256,304		123,716,067
				2,982,348,555
INFORMATION TECHNOLOGY: 6.7%
SOFTWARE & SERVICES: 0.8%
Fujitsu, Ltd. (Japan)		1,912,450		172,577,728
Micro Focus International PLC^(b) (United Kingdom)		19,729,707		97,596,334

				270,174,062
TECHNOLOGY, HARDWARE & EQUIPMENT: 5.9%
Brother Industries, Ltd. (Japan)		9,819,300		150,090,626
Kyocera Corp. (Japan)		10,995,800		652,078,774
Murata Manufacturing Co., Ltd. (Japan)		9,880,800		500,115,887
Samsung Electronics Co., Ltd. (South Korea)		5,376,250		208,943,176
TE Connectivity, Ltd. (Switzerland)		8,111,685		510,873,921

				2,022,102,384

				2,292,276,446
MATERIALS: 6.6%
Akzo Nobel NV (Netherlands)		7,917,354		521,962,186
Cemex SAB de CV ADR (Mexico)		84,443,126		179,019,427
Glencore PLC (Jersey/United Kingdom)		208,843,873		318,750,151
LafargeHolcim, Ltd. (Switzerland)		10,619,401		388,210,954
Linde PLC (Ireland/United States)		3,030,735		546,879,162
Nutrien, Ltd. (Canada)		9,732,604		330,324,580

				2,285,146,460
REAL ESTATE: 1.5%
Daito Trust Construction Co., Ltd. (Japan)		3,109,200		289,996,534


1 / Dodge & Cox International Stock Fund		See accompanying Notes to Consolidated Portfolio of Investments


Consolidated Portfolio of Investments (unaudited)			March 31, 2020


COMMON STOCKS (continued)

		SHARES			VALUE
Hang Lung Group, Ltd.^(b) (Hong Kong)			106,789,500		$	224,447,348

						514,443,882
UTILITIES: 0.8%
Engie SA (France)			25,336,400			262,083,183
TOTAL COMMON STOCKS (Cost $42,775,346,265)					$	31,682,366,936

PREFERRED STOCKS: 5.0%
ENERGY: 0.5%
Petroleo Brasileiro SA, Pfd (Brazil)			64,328,200			173,197,498
FINANCIALS: 1.7%
BANKS: 1.7%
Itau Unibanco Holding SA, Pfd (Brazil)			133,779,551			594,478,519
INFORMATION TECHNOLOGY: 2.8%
TECHNOLOGY, HARDWARE & EQUIPMENT: 2.8%
Samsung Electronics Co., Ltd., Pfd (South Korea)	��		28,739,700			938,135,379

TOTAL PREFERRED STOCKS (Cost $1,641,297,586)					$	1,705,811,396

SHORT-TERM INVESTMENTS: 1.4%

		PAR VALUE/ SHARES			VALUE
REPURCHASE AGREEMENTS: 1.0%
Fixed Income Clearing Corporation^(c) 0.00%, dated 3/31/20, due 4/1/20, maturity value $347,301,000		$	347,301,000		$	347,301,000
MONEY MARKET FUND: 0.4%
State Street Institutional U.S. Government Money Market Fund			136,465,938			136,465,938

TOTAL SHORT-TERM INVESTMENTS (Cost $483,766,938)					$	483,766,938

TOTAL INVESTMENTS IN SECURITIES (Cost $44,900,410,789)			98.7	%	$	33,871,945,270
OTHER ASSETS LESS LIABILITIES			1.3	%		459,250,358

NET ASSETS			100.0	%	$	34,331,195,628

(a)	Non-income producing

(b)	See Notes to Portfolio of Investments regarding holdings of 5% voting securities

(c)	Repurchase agreement is collateralized by U.S. Treasury Notes1.50%-2.00%, 8/31/21. Total collateral value is $354,250,498.

ADR: American Depositary Receipt

SDR: Swedish Depository Receipt


See accompanying Notes to Consolidated Portfolio of Investments		Dodge & Cox International Stock Fund / 2


Consolidated Portfolio of Investments (unaudited)			March 31, 2020

EQUITY TOTAL RETURN SWAPS^(a)


Fund Receives	Fund Pays	Counterparty	Maturity Date		Notional Amount		Value / Unrealized Appreciation/ (Depreciation)
Total Return on Naspers, Ltd.	2.898%	JPMorgan		9/30/20	$	275,385,236	$	(52,483,651	)
Total Return on Prosus NV	2.898%	JPMorgan		9/30/20		133,158,598		(26,805,506	)
2.198%	Total Return on Tencent Holdings, Ltd.	JPMorgan		9/30/20		524,713,657		(46,754,003	)

							$	(126,043,160	)

(a)	The combination of the equity total return swaps is designed to hedge Naspers Ltd.’s and Prosus NV’s exposure to Tencent Holdings, Ltd. The swaps pay at maturity; no upfront payments were made.

FUTURES CONTRACTS


Description	Number of Contracts		Expiration Date		Notional Amount		Value / Unrealized Appreciation (Depreciation)
Euro Stoxx 50 Index – Long Position		19,050		6/19/20	$	577,151,123	$	66,418,995
Yen Denominated Nikkei 225 Index – Long Position		4,363		6/11/20		378,275,447		2,869,696

							$	69,288,691

CURRENCY FORWARD CONTRACTS


Counterparty	Settle Date		Currency Purchased		Currency Sold		Unrealized Appreciation (Depreciation)

CHF: Swiss Franc
State Street		4/29/20	USD	187,407,853	CHF	180,500,000	$	(380,592	)
State Street		4/29/20	USD	187,427,314	CHF	180,500,000		(361,132	)
Bank of America		5/20/20	USD	190,164,719	CHF	184,832,500		(2,327,581	)
Bank of America		5/20/20	USD	190,241,641	CHF	184,832,500		(2,250,659	)
Citibank		6/10/20	USD	208,137,360	CHF	192,500,000		7,470,207
Citibank		6/10/20	USD	208,642,684	CHF	192,500,000		7,975,531
Citibank		4/29/20	CHF	88,500,000	USD	94,019,909		(1,946,350	)
State Street		4/29/20	CHF	88,500,000	USD	93,732,127		(1,658,568	)
State Street		4/29/20	CHF	120,000,000	USD	122,336,630		2,508,874
CNH: Chinese Yuan Renminbi
Citibank		5/13/20	USD	28,812,895	CNH	205,349,500		(127,871	)
JPMorgan		7/15/20	USD	112,731,644	CNH	782,571,800		2,552,963
UBS		7/15/20	USD	112,730,020	CNH	782,571,800		2,551,339
UBS		9/23/20	USD	81,354,862	CNH	583,713,000		(698,770	)
UBS		9/23/20	USD	141,702,742	CNH	982,000,000		3,661,158
JPMorgan		11/18/20	USD	91,600,902	CNH	650,000,000		367,930
JPMorgan		11/18/20	USD	91,542,849	CNH	650,000,000		309,878
JPMorgan		12/16/20	USD	148,967,865	CNH	1,050,000,000		1,709,524
UBS		12/16/20	USD	149,048,221	CNH	1,050,000,000		1,789,879
HSBC		1/13/21	USD	61,013,154	CNH	436,000,000		(81,441	)
HSBC		1/13/21	USD	60,983,286	CNH	436,000,000		(111,309	)
Morgan Stanley		1/13/21	USD	115,783,410	CNH	804,000,000		3,122,735
Morgan Stanley		1/13/21	USD	115,750,072	CNH	804,000,000		3,089,397
Morgan Stanley		2/3/21	USD	202,357,285	CNH	1,425,000,000		2,827,214
Goldman Sachs		3/10/21	USD	91,728,650	CNH	647,283,220		1,207,438
JPMorgan		3/10/21	USD	91,815,827	CNH	647,283,220		1,294,615
HSBC		5/12/21	USD	186,683,702	CNH	1,315,000,000		3,200,675
UBS		5/12/21	USD	186,803,040	CNH	1,315,000,000		3,320,012
Goldman Sachs		10/27/21	USD	120,136,249	CNH	850,000,000		2,259,430
Goldman Sachs		10/27/21	USD	40,654,396	CNH	290,000,000		437,599
HSBC		10/27/21	USD	120,166,820	CNH	850,000,000		2,290,002
HSBC		10/27/21	USD	40,678,917	CNH	290,000,000		462,120
HSBC		1/26/22	USD	83,239,651	CNH	588,204,670		1,937,220
JPMorgan		1/26/22	USD	83,439,203	CNH	588,204,660		2,136,773
JPMorgan		1/26/22	USD	83,062,158	CNH	588,204,670		1,759,727
Goldman Sachs		4/27/22	USD	82,386,238	CNH	573,325,830		3,394,857
HSBC		4/27/22	USD	83,592,472	CNH	582,012,585		3,404,252
HSBC		4/27/22	USD	82,344,735	CNH	582,012,585		2,156,515
HSBC		4/27/22	USD	59,399,651	CNH	425,450,000		782,228
HSBC		4/27/22	USD	58,496,755	CNH	419,100,000		754,219
HSBC		4/27/22	USD	59,354,074	CNH	425,450,000		736,650
Goldman Sachs		7/27/22	USD	34,396,709	CNH	255,000,000		(631,889	)
UBS		7/27/22	USD	34,396,709	CNH	255,000,000		(631,889	)
HSBC		10/26/22	USD	40,321,463	CNH	291,000,000		466,374
HSBC		10/26/22	USD	40,338,231	CNH	291,000,000		483,142
HSBC		1/11/23	USD	93,360,996	CNH	675,000,000		1,145,369
HSBC		5/13/20	CNH	205,349,500	USD	29,411,272		(470,507	)
JPMorgan		7/15/20	CNH	950,000,000	USD	135,848,193		(2,097,211	)
Citibank		12/16/20	CNH	420,000,000	USD	59,469,027		(565,690	)
JPMorgan		12/16/20	CNH	210,000,000	USD	29,783,009		(331,341	)
JPMorgan		12/16/20	CNH	210,000,000	USD	29,771,187		(319,519	)
HSBC		1/13/21	CNH	550,000,000	USD	77,073,991		(5,121	)
HSBC		1/13/21	CNH	641,000,000	USD	90,383,531		(563,266	)
JPMorgan		1/13/21	CNH	641,000,000	USD	90,485,601		(665,337	)
UBS		1/13/21	CNH	550,000,000	USD	76,933,837		135,033
HSBC		5/12/21	CNH	725,000,000	USD	102,224,980		(1,065,136	)
HSBC		5/12/21	CNH	725,000,000	USD	102,256,700		(1,096,856	)
Goldman Sachs		10/27/21	CNH	257,500,000	USD	36,084,641		(374,899	)
HSBC		10/27/21	CNH	515,000,000	USD	72,027,972		(608,488	)
HSBC		10/27/21	CNH	257,500,000	USD	36,040,197		(330,455	)
HSBC		10/27/21	CNH	440,000,000	USD	60,865,957		152,632
UBS		10/27/21	CNH	440,000,000	USD	60,882,801		135,788
Goldman Sachs		4/27/22	CNH	400,000,000	USD	55,570,992		(460,005	)
HSBC		4/27/22	CNH	700,000,000	USD	96,087,852		356,375
JPMorgan		4/27/22	CNH	400,000,000	USD	55,719,619		(608,632	)

Unrealized gain on currency forward contracts								74,345,674
Unrealized loss on currency forward contracts								(20,770,514	)

Net unrealized gain on currency forward contracts							$	53,575,160

The listed counterparty may be the parent company or one of its subsidiaries.


3 / Dodge & Cox International Stock Fund		See accompanying Notes to Consolidated Portfolio of Investments

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS(unaudited)

Dodge & Cox International Stock Fund / 4

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS(unaudited)

Valuation measurements. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1: Quoted prices in active markets for identical securities

Level 2: Other significant observable inputs (including quoted prices for similar securities, market indices, interest rates, credit risk, forward exchange rates, etc.)

Level 3: Significant unobservable inputs (including Fund management’s assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s holdings as of March 31, 2020:


Classification	LEVEL 1 (Quoted Prices)		LEVEL 2 (Other Significant Observable Inputs)
Securities
Common Stocks
Communication Services	$	1,717,598,072	$	389,306,094
Consumer Discretionary		1,407,709,470		2,704,881,006
Consumer Staples		—		639,341,641
Energy		1,149,097,628		1,437,619,495
Financials		—		8,352,117,843
Health Care		—		5,548,397,161
Industrials		496,991,451		2,485,357,104
Information Technology		510,873,921		1,781,402,525
Materials		509,344,007		1,775,802,453
Real Estate		—		514,443,882
Utilities		142,092,719		119,990,464
Preferred Stocks
Energy		173,197,498		—
Financials		594,478,519		—
Information Technology		—		938,135,379
Short-term Investments
Repurchase Agreement		—		347,301,000
Money Market Fund		136,465,938		—

Total Securities	$	6,837,849,223	$	27,034,096,047

Other Investments
Equity Total Return Swaps
Depreciation		—		(126,043,160	)
Futures Contracts
Appreciation	$	69,288,691	$	—
Currency Forward Contracts
Appreciation		—		74,345,674
Depreciation		—		(20,770,514	)

Security transactions. Security transactions are recorded on the trade date.

5 / Dodge & Cox International Stock Fund

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS(unaudited)

Holdings of 5% voting securities. Each of the companies listed below was considered to be an affiliate of the Fund because the Fund owned 5% or more of the company’s voting securities during all of part of the three months ended March 31, 2020. Further detail on these holdings and related transactions during the period appear below.


	Value at Beginning of Period		Additions		Reductions			Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value at End of Period		Dividend Income^(a)
COMMON STOCKS: 4.3%
COMMUNICATION SERVICES: 1.5%
Liberty Global PLC, Class A^(b)	$	392,144,546	$	—	$	(28,580,593	)	$	(25,873,577	)	$	(77,931,348	)	$	259,759,028	$	—
Millicom International Cellular SA SDR		388,589,513		—		(20,712,656	)		(35,421,466	)		(121,502,459	)		210,952,932		—
Television Broadcasts, Ltd.		62,584,173		—		—			—			(13,237,760	)		49,346,413		—

															520,058,373

CONSUMER STAPLES: 0.7%
Magnit PJSC		314,511,897		—		(9,873,496	)		(18,249,086	)		(62,347,295	)		224,042,020		12,315,700
ENERGY: 0.2%
Ovintiv, Inc.^(c)		508,797,562		93,649,810		—			—			(525,536,727	)		76,910,645		2,635,446
INDUSTRIALS: 0.9%
Smiths Group PLC		378,261,893		45,208,552		—			—			(104,790,837	)		318,679,608		—
INFORMATION TECHNOLOGY: 0.3%
Micro Focus International PLC		278,013,131		—		—			—			(180,416,797	)		97,596,334		—
REAL ESTATE: 0.7%
Hang Lung Group, Ltd.		263,948,484		—		—			—			(39,501,136	)		224,447,348		—

								$	(79,544,129	)	$	(1,125,264,359	)	$	1,461,734,328	$	14,951,146

(a)	Net of foreign taxes, if any

(b)	Non-income producing

(c)	Reflects name change from Encana Corp.

Other. For more information please see the Fund’s most recent prospectus, summary prospectus, and annual report on the Fund’s website at dodgeandcox.com.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Dodge & Cox International Stock Fund / 6


DODGE & COX BALANCED FUND			March 31, 2020
Portfolio of Investments (unaudited)


COMMON STOCKS: 71.0%

	SHARES		VALUE
COMMUNICATION SERVICES: 9.2%
MEDIA & ENTERTAINMENT: 8.6%
Alphabet, Inc., Class A^(a)		19,200	$	22,309,440
Alphabet, Inc., Class C^(a)		291,895		339,418,425
Charter Communications, Inc., Class A^(a)		525,907		229,458,483
Comcast Corp., Class A		7,785,948		267,680,892
DISH Network Corp., Class A^(a)		3,054,334		61,056,137
Fox Corp., Class A		3,061,133		72,334,573
Fox Corp., Class B		678,780		15,530,487
News Corp., Class A		1,427,504		12,811,848

				1,020,600,285
TELECOMMUNICATION SERVICES: 0.6%
Sprint Corp.^(a)		8,107,071		69,882,952

				1,090,483,237
CONSUMER DISCRETIONARY: 2.2%
AUTOMOBILES & COMPONENTS: 0.2%
Harley-Davidson, Inc.		981,400		18,577,902
CONSUMER DURABLES & APPAREL: 0.2%
Mattel, Inc.^(a)		1,966,923		17,328,592
RETAILING: 1.8%
Booking Holdings, Inc.^(a)		126,400		170,048,448
Qurate Retail, Inc., Series A^(a)		4,835,850		29,522,864
The Gap, Inc.		2,720,678		19,153,573

				218,724,885

				254,631,379
CONSUMER STAPLES: 0.9%
FOOD, BEVERAGE & TOBACCO: 0.9%
Molson Coors Beverage Company, Class B		2,534,014		98,851,886
ENERGY: 4.6%
Apache Corp.		4,517,939		18,884,985
Baker Hughes Co., Class A		9,445,200		99,174,600
Concho Resources, Inc.		1,927,400		82,589,090
Halliburton Co.		5,279,413		36,163,979
Hess Corp.		2,248,425		74,872,553
National Oilwell Varco, Inc.		3,225,241		31,704,119
Occidental Petroleum Corp.		10,701,814		123,927,006
Schlumberger, Ltd. (Curacao/United States)		5,829,921		78,645,634

				545,961,966
FINANCIALS: 18.1%
BANKS: 6.5%
Bank of America Corp.		13,380,500		284,068,015
JPMorgan Chase & Co.		1,394,200		125,519,826
Truist Financial Corp.		3,351,384		103,356,683
Wells Fargo & Co.		8,915,106		255,863,542

				768,808,066
DIVERSIFIED FINANCIALS: 9.4%
American Express Co.		1,275,500		109,195,555
Bank of New York Mellon Corp.		4,827,800		162,600,304
Capital One Financial Corp.		4,422,048		222,959,660
Charles Schwab Corp.		10,221,800		343,656,916
Goldman Sachs Group, Inc.		1,244,000		192,309,960
State Street Corp.		1,690,000		90,026,300

				1,120,748,695
INSURANCE: 2.2%
Aegon NV, NY Shs (Netherlands)		13,174,348		32,804,126
Brighthouse Financial, Inc.^(a)		1,060,818		25,639,971
Lincoln National Corp.		180,752		4,757,393
MetLife, Inc.		6,478,900		198,059,973

				261,261,463

				2,150,818,224




	SHARES		VALUE
HEALTH CARE: 16.3%
HEALTH CARE EQUIPMENT & SERVICES: 5.3%
Cigna Corp.		1,479,165	$	262,078,455
CVS Health Corp.		1,955,500		116,019,815
Medtronic PLC (Ireland/United States)		550,000		49,599,000
UnitedHealth Group, Inc.		798,172		199,048,133

				626,745,403
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES: 11.0%
Alnylam Pharmaceuticals, Inc.^(a)		413,000		44,955,050
AstraZeneca PLC ADR (United Kingdom)		3,281,699		146,560,678
BioMarin Pharmaceutical, Inc.^(a)		429,400		36,284,300
Bristol-Myers Squibb Co.		3,534,600		197,018,604
Gilead Sciences, Inc.		1,598,780		119,524,793
GlaxoSmithKline PLC ADR (United Kingdom)		4,585,300		173,737,017
Incyte Corp.^(a)		360,800		26,421,384
Novartis AG ADR (Switzerland)		2,397,800		197,698,610
Roche Holding AG ADR (Switzerland)		3,574,700		145,025,579
Sanofi ADR (France)		5,038,731		220,293,319

				1,307,519,334

				1,934,264,737
INDUSTRIALS: 5.8%
CAPITAL GOODS: 3.1%
Johnson Controls International PLC (Ireland/United States)		6,981,914		188,232,401
United Technologies Corp.		1,947,000		183,660,510

				371,892,911
TRANSPORTATION: 2.7%
FedEx Corp.		2,624,654		318,265,544

				690,158,455
INFORMATION TECHNOLOGY: 13.4%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT: 1.9%
Maxim Integrated Products, Inc.		915,191		44,487,435
Microchip Technology, Inc.		2,775,900		188,206,020

				232,693,455
SOFTWARE & SERVICES: 3.7%
Cognizant Technology Solutions Corp., Class A		2,448,200		113,767,854
Micro Focus International PLC ADR (United Kingdom)		3,451,871		17,500,986
Microsoft Corp.		1,911,700		301,494,207
VMware, Inc., Class A^(a)		26,500		3,209,150

				435,972,197
TECHNOLOGY, HARDWARE & EQUIPMENT: 7.8%
Cisco Systems, Inc.		3,432,500		134,931,575
Dell Technologies, Inc., Class C^(a)		3,963,468		156,755,159
Hewlett Packard Enterprise Co.		13,154,520		127,730,389
HP Inc.		15,201,430		263,896,825
Juniper Networks, Inc.		5,245,329		100,395,597
TE Connectivity, Ltd. (Switzerland)		2,236,658		140,864,721

				924,574,266

				1,593,239,918
MATERIALS: 0.5%
Celanese Corp.		858,532		63,007,663

TOTAL COMMON STOCKS (Cost $8,405,318,494)			$	8,421,417,465

PREFERRED STOCKS: 2.3%

	PAR VALUE		VALUE
COMMUNICATION SERVICES: 0.4%
MEDIA & ENTERTAINMENT: 0.4%
NBCUniversal Enterprise, Inc. 5.25%^(c)		53,210,000		53,210,000
FINANCIALS: 1.9%
BANKS: 1.9%
Bank of America Corp. 6.10%^(g)		16,008,000		16,168,080


1 / Dodge & Cox Balanced Fund		See accompanying Notes to Portfolio of Investments


Portfolio of Investments (unaudited)			March 31, 2020


PREFERRED STOCKS (continued)

	PAR VALUE		VALUE

Bank of America Corp. 6.25%^(g)	$	8,170,000	$	8,292,550
Citigroup, Inc. 5.95%^(g)		5,175,000		5,005,260
Citigroup, Inc. 5.95%^(g)		48,477,000		46,929,129
Citigroup, Inc. 6.25%^(g)		45,886,000		47,048,751
JPMorgan Chase & Co. 6.10%^(g)		73,080,000		71,564,321
Wells Fargo & Co. 5.875%^(g)		27,987,000		28,406,805

				223,414,896

TOTAL PREFERRED STOCKS (Cost $279,097,532)			$	276,624,896

DEBT SECURITIES: 25.3%
U.S. TREASURY: 2.4%
U.S. Treasury Inflation Indexed
0.125%, 1/15/22^(h)		9,602,522		9,464,175
0.125%, 4/15/22^(h)		58,270,463		57,443,662
0.625%, 4/15/23^(h)		27,243,473		27,451,498
U.S. Treasury Note/Bond
1.125%, 2/28/22		141,365,000		143,745,012
1.625%, 10/31/26		18,000,000		19,270,547
2.375%, 5/15/29		21,400,000		24,626,719

				282,001,613
GOVERNMENT-RELATED: 1.4%
FOREIGN-AGENCY: 0.6%
Petroleo Brasileiro SA (Brazil)
5.093%, 1/15/30^(c)		7,927,000		7,233,388
7.25%, 3/17/44		4,300,000		4,346,440
Petroleos Mexicanos (Mexico)
6.875%, 8/4/26		8,775,000		6,669,000
6.50%, 3/13/27		18,400,000		13,617,840
6.625%, 6/15/35		9,425,000		6,337,841
6.375%, 1/23/45		20,125,000		13,010,007
6.75%, 9/21/47		11,625,000		7,432,909
6.35%, 2/12/48		12,058,000		7,536,250
6.95%, 1/28/60^(c)		3,367,000		2,246,462

				68,430,137
LOCAL AUTHORITY: 0.8%
New Jersey Turnpike Authority RB 7.102%, 1/1/41		12,436,000		17,715,082
State of California GO
7.50%, 4/1/34		13,470,000		21,243,133
7.55%, 4/1/39		1,780,000		2,888,406
7.30%, 10/1/39		18,730,000		28,779,582
7.625%, 3/1/40		4,590,000		7,405,047
State of Illinois GO 5.10%, 6/1/33		22,615,000		22,448,327

				100,479,577

				168,909,714
SECURITIZED: 10.0%
ASSET-BACKED: 2.6%
Federal Agency: 0.0%^(I)
Small Business Admin.-504 Program
Series2000-20D 1, 7.47%, 4/1/20		81,816		81,818
Series2000-20E 1, 8.03%, 5/1/20		13,072		13,090
Series2000-20G 1, 7.39%, 7/1/20		24,854		24,931
Series2000-20I 1, 7.21%, 9/1/20		7,571		7,604
Series2001-20E 1, 6.34%, 5/1/21		150,804		152,694
Series2001-20G 1, 6.625%, 7/1/21		102,432		104,034
Series2003-20J 1, 4.92%, 10/1/23		736,298		764,872
Series2007-20F 1, 5.71%, 6/1/27		1,030,483		1,110,445

				2,259,488
Other: 0.5%
Rio Oil Finance Trust (Brazil)
9.25%, 7/6/24^(c)		19,454,607		19,017,073
9.75%, 1/6/27^(c)		29,027,467		27,431,247
8.20%, 4/6/28^(c)		4,775,000		4,297,500

				50,745,820
Student Loan: 2.1%
Navient Student Loan Trust





	PAR VALUE		VALUE
USD LIBOR1-Month
+1.30%, 2.247%, 3/25/66^(c)	$	24,832,000	$	23,766,538
+0.80%, 1.747%, 7/26/66^(c)		7,516,001		7,217,448
+1.15%, 2.097%, 7/26/66^(c)		6,902,000		6,305,430
+1.05%, 1.997%, 12/27/66^(c)		5,934,841		5,817,090
+0.75%, 1.697%, 3/25/67^(c)		86,422,000		80,469,965
+1.00%, 1.947%, 2/27/68^(c)		4,337,000		4,176,372
+0.70%, 1.647%, 2/25/70^(c)		10,449,872		10,001,577
SLM Student Loan Trust
USD LIBOR1-Month
+0.75%, 1.697%, 1/25/45^(c)		38,072,093		36,631,536
USD LIBOR3-Month
+0.17%, 1.964%, 1/25/41		13,429,494		12,425,066
+0.55%, 2.344%, 10/25/64^(c)		48,724,405		45,689,869
SMB Private Education Loan Trust (Private Loans) Series2018-B A2A, 3.60%, 1/15/37^(c)		19,422,044		19,199,378

				251,700,269

				304,705,577
CMBS: 0.2%
Agency CMBS: 0.2%
Fannie Mae Multifamily DUS
Pool AL8144, 2.63%, 10/1/22		450,519		459,778
Pool AL9086, 2.284%, 7/1/23		381,582		393,627
Freddie Mac Multifamily Interest Only
Series K055 X1, 1.364%, 3/25/26^(f)		10,461,050		720,026
Series K056 X1, 1.263%, 5/25/26^(f)		4,579,066		287,334
Series K064 X1, 0.607%, 3/25/27^(f)		9,478,561		340,919
Series K065 X1, 0.673%, 4/25/27^(f)		44,047,151		1,826,970
Series K066 X1, 0.751%, 6/25/27^(f)		37,663,596		1,693,148
Series K069 X1, 0.365%, 9/25/27^(f)		234,026,207		5,685,597
Series K090 X1, 0.705%, 2/25/29^(f)		180,688,425		9,773,347

				21,180,746

				21,180,746
MORTGAGE-RELATED: 7.2%
Federal Agency CMO & REMIC: 3.0%
Dept. of Veterans Affairs
Series1995-1 1, 6.336%, 2/15/25^(f)		161,493		178,424
Series1995-2C 3A, 8.793%, 6/15/25		61,434		70,876
Series2002-1 2J, 6.50%, 8/15/31		4,974,200		5,702,751
Fannie Mae
Trust2002-33 A1, 7.00%, 6/25/32		1,197,637		1,431,350
Trust2009-66 ET, 6.00%, 5/25/39		607,824		644,929
Trust2009-30 AG, 6.50%, 5/25/39		1,255,033		1,444,297
Trust2001-T7 A1, 7.50%, 2/25/41		876,931		1,051,867
Trust2001-T5 A3, 7.50%, 6/19/41^(f)		425,447		515,129
Trust2001-T8 A1, 7.50%, 7/25/41		886,883		1,058,419
Trust2001-T4 A1, 7.50%, 7/25/41		946,546		1,139,397
Trust2001-W3 A, 7.00%, 9/25/41^(f)		584,151		651,514
Trust2001-T10 A2, 7.50%, 12/25/41		598,921		690,280
Trust2013-106 MA, 4.00%, 2/25/42		6,408,504		7,076,243
Trust2002-W6 2A1, 7.00%, 6/25/42^(f)		955,323		1,090,538
Trust2002-W8 A2, 7.00%, 6/25/42		1,251,377		1,511,659
Trust2003-W2 1A1, 6.50%, 7/25/42		2,024,343		2,382,965
Trust2003-W2 1A2, 7.00%, 7/25/42		813,292		980,769
Trust2003-W4 4A, 6.229%, 10/25/42^(f)		1,033,060		1,213,685
Trust2012-121 NB, 7.00%, 11/25/42		1,340,264		1,629,057
Trust2004-T1 1A2, 6.50%, 1/25/44		901,050		1,060,851
Trust2004-W2 5A, 7.50%, 3/25/44		1,644,815		1,927,058
Trust2004-W8 3A, 7.50%, 6/25/44		288,362		345,415
Trust2005-W4 1A2, 6.50%, 8/25/45		3,023,914		3,561,118
Trust2009-11 MP, 7.00%, 3/25/49		2,687,219		3,263,840
USD LIBOR1-Month +0.55%, 1.497%, 9/25/43		5,485,468		5,465,037
Freddie Mac
Series 16 PK, 7.00%, 8/25/23		621,807		662,772
SeriesT-48 1A4, 5.538%, 7/25/33		19,680,180		22,470,166
SeriesT-51 1A, 6.50%, 9/25/43^(f)		136,571		167,897
SeriesT-59 1A1, 6.50%, 10/25/43		6,927,513		8,589,961
Series 4281 BC, 4.50%, 12/15/43^(f)		34,669,001		38,828,488


See accompanying Notes to Portfolio of Investments		Dodge & Cox Balanced Fund / 2


Portfolio of Investments (unaudited)			March 31, 2020


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
USD LIBOR1-Month
+0.61%, 1.315%, 9/15/43	$	12,647,164	$	12,801,952
Ginnie Mae
USD LIBOR1-Month
+0.62%, 2.282%, 9/20/64		3,446,236		3,387,449
+0.65%, 2.312%, 1/20/70		35,353,457		34,316,912
+0.70%, 2.362%, 1/20/70		29,062,916		29,046,071
USD LIBOR12-Month
+0.30%, 2.263%, 1/20/67		23,308,328		22,924,978
+0.23%, 2.204%, 10/20/67		21,470,951		20,909,276
+0.23%, 2.204%, 10/20/67		12,715,942		12,399,245
+0.06%, 2.055%, 12/20/67		33,616,153		32,554,511
+0.08%, 2.817%, 5/20/68		8,707,900		8,343,285
+0.25%, 2.453%, 6/20/68		28,032,498		27,145,550
+0.28%, 2.087%, 11/20/68		40,994,531		39,895,361
+0.25%, 2.213%, 12/20/68		4,352,968		4,221,441

				364,752,783
Federal Agency Mortgage Pass-Through: 4.2%
Fannie Mae, 15 Year
6.00%, 3/1/22		48,961		50,213
4.50%, 1/1/25 - 1/1/27		4,955,731		5,275,071
3.50%, 11/1/25 - 12/1/29		15,483,280		16,311,268
Fannie Mae, 20 Year
4.00%, 11/1/30 - 2/1/37		32,178,349		35,125,081
4.50%, 1/1/31 - 12/1/34		48,218,430		52,696,141
3.50%, 6/1/35 - 4/1/37		59,255,610		63,334,459
Fannie Mae, 30 Year
6.50%, 12/1/28 - 8/1/39		11,478,448		13,336,564
5.50%, 7/1/33 - 8/1/37		7,484,959		8,457,444
6.00%, 9/1/36 - 8/1/37		10,444,038		11,979,614
7.00%, 8/1/37		289,502		350,324
4.50%, 3/1/40		1,292,051		1,415,880
5.00%, 12/1/48 - 3/1/49		16,375,201		17,688,173
Fannie Mae, 40 Year 4.50%, 6/1/56		31,020,226		34,592,602
Fannie Mae, Hybrid ARM^(f)
1-Year U.S. Treasury CMT
+2.05%, 4.175%, 9/1/34		621,545		628,403
USD LIBOR12-Month
+1.33%, 3.398%, 12/1/34		646,613		655,003
+1.58%, 3.575%, 1/1/35		728,131		732,423
+1.54%, 3.681%, 8/1/35		500,653		505,714
+1.64%, 3.635%, 5/1/37		612,308		617,735
+1.80%, 4.545%, 7/1/39		184,757		186,010
+1.78%, 3.667%, 11/1/40		772,326		784,413
+1.78%, 3.699%, 12/1/40		2,396,767		2,441,286
+1.58%, 3.663%, 11/1/43		1,899,553		1,920,201
+1.55%, 3.541%, 4/1/44		4,534,448		4,589,430
+1.60%, 2.793%, 11/1/44		10,541,333		10,610,687
+1.60%, 2.775%, 12/1/44		8,576,281		8,631,743
+1.59%, 2.922%, 9/1/45		1,985,817		2,029,907
+1.59%, 2.841%, 12/1/45		10,681,081		10,902,108
+1.59%, 2.675%, 1/1/46		10,365,510		10,578,865
+1.61%, 2.957%, 4/1/46		6,490,954		6,680,026
+1.61%, 2.516%, 12/1/46		10,254,741		10,419,475
+1.61%, 3.159%, 6/1/47		8,878,298		9,171,148
+1.61%, 3.126%, 7/1/47		12,116,029		12,507,095
+1.60%, 2.701%, 8/1/47		15,926,824		16,222,629
+1.61%, 3.329%, 1/1/49		9,397,439		9,716,097
USD LIBOR6-Month
+1.53%, 3.427%, 1/1/35		772,289		782,487
Freddie Mac, Hybrid ARM^(f)
1-Year U.S. Treasury CMT
+2.25%, 4.118%, 10/1/35		1,573,502		1,588,362
USD LIBOR12-Month
+1.96%, 4.836%, 5/1/34		1,059,250		1,074,765
+1.55%, 4.443%, 4/1/37		1,268,571		1,262,916
+1.80%, 4.045%, 9/1/37		913,324		919,471





	PAR VALUE		VALUE
+1.87%, 4.089%, 1/1/38	$	160,483	$	161,625
+2.07%, 4.068%, 2/1/38		1,228,203		1,254,855
+1.92%, 4.37%, 7/1/38		111,650		113,182
+1.73%, 4.138%, 10/1/38		469,643		474,221
+1.79%, 3.578%, 10/1/41		662,165		674,884
+1.79%, 4.44%, 8/1/42		1,756,604		1,787,830
+1.62%, 2.996%, 5/1/44		7,853,189		7,913,700
+1.61%, 3.029%, 5/1/44		1,144,999		1,153,419
+1.62%, 2.953%, 6/1/44		2,435,507		2,452,828
+1.62%, 3.156%, 6/1/44		2,049,224		2,067,136
+1.63%, 3.074%, 1/1/45		11,359,348		11,464,957
+1.62%, 2.722%, 10/1/45		6,417,021		6,531,305
+1.62%, 2.835%, 10/1/45		6,075,742		6,195,252
+1.63%, 3.243%, 7/1/47		6,919,376		7,141,202
+1.64%, 3.74%, 3/1/49		7,168,825		7,431,720
Freddie Mac Gold, 15 Year
4.50%, 9/1/24 - 9/1/26		3,415,283		3,610,614
Freddie Mac Gold, 20 Year
6.50%, 10/1/26		1,935,083		2,146,630
4.50%, 4/1/31 - 6/1/31		6,166,611		6,735,763
Freddie Mac Gold, 30 Year
7.75%, 7/25/21		13,804		13,836
7.47%, 3/17/23		32,566		33,068
6.50%, 12/1/32 - 4/1/33		3,465,719		3,964,260
7.00%, 11/1/37 - 9/1/38		2,881,692		3,445,904
5.50%, 12/1/37		393,748		445,563
6.00%, 2/1/39		961,304		1,105,334
4.50%, 9/1/41 - 6/1/42		28,885,804		31,611,586
Ginnie Mae, 30 Year
7.97%, 10/15/20		551		551
7.50%, 11/15/24 - 10/15/25		293,281		320,137

				497,022,595

				861,775,378

				1,187,661,701
CORPORATE: 11.5%
FINANCIALS: 3.9%
Bank of America Corp.
3.004%, 12/20/23^(g)		31,918,000		32,514,503
4.20%, 8/26/24		5,825,000		6,191,488
4.45%, 3/3/26		3,970,000		4,293,426
4.25%, 10/22/26		2,970,000		3,169,156
4.183%, 11/25/27		7,925,000		8,193,645
Barclays PLC (United Kingdom)
4.375%, 9/11/24		18,275,000		18,934,000
4.836%, 5/9/28		4,525,000		4,667,180
BNP Paribas SA (France)
4.25%, 10/15/24		36,700,000		37,849,588
4.375%, 9/28/25^(c)		8,223,000		8,346,182
4.625%, 3/13/27^(c)		9,775,000		10,189,031
Boston Properties, Inc.
3.125%, 9/1/23		7,550,000		7,690,896
3.80%, 2/1/24		5,000,000		5,257,923
3.65%, 2/1/26		4,450,000		4,734,297
Capital One Financial Corp.
3.50%, 6/15/23		10,581,000		10,518,381
4.20%, 10/29/25		10,175,000		10,139,244
Citigroup, Inc.
USD LIBOR3-Month
+6.37%, 8.14%, 10/30/40^(b)		37,080,925		38,052,445
Equity Residential
3.00%, 4/15/23		10,275,000		10,381,303
2.85%, 11/1/26		6,000,000		6,070,163
HSBC Holdings PLC (United Kingdom)
3.95%, 5/18/24^(g)		8,000,000		8,196,889
4.30%, 3/8/26		11,462,000		12,235,757
6.50%, 5/2/36		23,805,000		28,140,105
6.50%, 9/15/37		8,265,000		9,946,987
JPMorgan Chase & Co. 8.75%, 9/1/30^(b)		25,692,000		38,875,518


3 / Dodge & Cox Balanced Fund		See accompanying Notes to Portfolio of Investments


Portfolio of Investments (unaudited)			March 31, 2020


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
Lloyds Banking Group PLC (United Kingdom)
4.50%, 11/4/24	$	19,575,000	$	19,951,370
4.65%, 3/24/26		10,875,000		11,202,319
Royal Bank of Scotland Group PLC (United Kingdom) 6.125%, 12/15/22		43,156,000		44,515,136
UniCredit SPA (Italy) 7.296%, 4/2/34^(c)(g)		23,425,000		26,061,685
Unum Group
7.25%, 3/15/28		1,526,000		1,893,757
6.75%, 12/15/28		11,368,000		13,736,979
Wells Fargo & Co.
4.10%, 6/3/26		3,376,000		3,605,350
4.30%, 7/22/27		16,645,000		17,842,508

				463,397,211
INDUSTRIALS: 7.1%
AbbVie, Inc.
3.20%, 11/21/29^(c)		4,075,000		4,157,208
4.05%, 11/21/39^(c)		10,550,000		11,064,014
4.25%, 11/21/49^(c)		8,250,000		8,899,020
AT&T, Inc.
5.35%, 9/1/40		27,575,000		32,034,153
5.65%, 2/15/47		5,175,000		6,500,377
Bayer AG (Germany)
4.25%, 12/15/25^(c)		6,600,000		6,856,511
4.375%, 12/15/28^(c)		19,400,000		20,735,046
BHP Billiton, Ltd. (Australia) 6.75%, 10/19/75^(b)(c)(g)
Burlington Northern Santa Fe LLC^(e)		7,575,000		8,031,469
5.72%, 1/15/24		2,074,247		2,175,375
5.342%, 4/1/24		4,955,995		5,110,827
5.629%, 4/1/24		8,040,615		8,364,661
Cemex SAB de CV (Mexico)
6.00%, 4/1/24^(c)		6,877,000		5,931,825
5.70%, 1/11/25^(c)		22,475,000		18,991,600
6.125%, 5/5/25^(c)		6,670,000		5,919,558
Charter Communications, Inc.
4.125%, 2/15/21		5,547,000		5,563,407
6.55%, 5/1/37		11,000,000		12,351,078
6.75%, 6/15/39		6,160,000		6,981,944
6.484%, 10/23/45		38,477,000		45,986,783
5.375%, 5/1/47		4,100,000		4,430,410
5.75%, 4/1/48		3,700,000		4,200,359
Cigna Corp.
3.75%, 7/15/23		11,232,000		11,560,933
4.125%, 11/15/25		4,100,000		4,390,136
7.875%, 5/15/27^(c)		17,587,000		22,250,330
Coca-Cola Co.
3.45%, 3/25/30		6,400,000		7,238,303
4.125%, 3/25/40		1,100,000		1,355,209
4.20%, 3/25/50		1,625,000		2,129,072
Cox Enterprises, Inc.
3.25%, 12/15/22^(c)		4,240,000		4,295,285
2.95%, 6/30/23^(c)		24,666,000		24,678,933
3.85%, 2/1/25^(c)		18,776,000		19,160,709
3.35%, 9/15/26^(c)		3,400,000		3,343,113
CRH PLC (Ireland) 3.875%, 5/18/25^(c)		10,250,000		10,361,263
CVS Health Corp. 4.78%, 3/25/38		8,125,000		8,923,370
Dillard’s, Inc.
7.875%, 1/1/23		8,660,000		8,670,998
7.75%, 7/15/26		50,000		49,693
7.75%, 5/15/27		540,000		524,960
7.00%, 12/1/28		15,135,000		14,127,018
Dow, Inc.





	PAR VALUE		VALUE
7.375%, 11/1/29	$	17,000,000	$	21,134,864
9.40%, 5/15/39		5,677,000		8,544,801
Elanco Animal Health, Inc.
4.662%, 8/27/21		2,500,000		2,486,862
5.022%, 8/28/23		2,500,000		2,528,752
5.65%, 8/28/28		6,175,000		6,516,487
Exxon Mobil Corp.
4.227%, 3/19/40		5,545,000		6,421,911
4.327%, 3/19/50		6,950,000		8,504,640
Ford Motor Credit Co. LLC^(e)
5.75%, 2/1/21		12,700,000		12,319,000
5.875%, 8/2/21		12,945,000		12,686,100
3.813%, 10/12/21		14,270,000		13,627,850
5.596%, 1/7/22		9,425,000		9,118,687
4.25%, 9/20/22		4,243,000		3,976,540
4.14%, 2/15/23		5,166,000		4,807,480
4.375%, 8/6/23		11,405,000		10,488,654
HCA Healthcare, Inc.
4.125%, 6/15/29		6,725,000		6,773,054
5.25%, 6/15/49		10,255,000		10,946,862
Imperial Brands PLC (United Kingdom)
4.25%, 7/21/25^(c)		29,225,000		28,435,483
3.875%, 7/26/29^(c)		21,150,000		19,799,390
Kinder Morgan, Inc.
5.50%, 3/1/44		20,643,000		20,701,797
5.40%, 9/1/44		15,719,000		14,972,347
Macy’s, Inc. 6.70%, 7/15/34		5,890,000		5,550,458
Occidental Petroleum Corp.
2.90%, 8/15/24		7,900,000		4,305,500
3.20%, 8/15/26		15,450,000		7,539,784
Procter & Gamble Co.
3.00%, 3/25/30		1,475,000		1,637,309
3.55%, 3/25/40		1,175,000		1,370,364
3.60%, 3/25/50		1,350,000		1,665,228
Prosus NV^(e)(Netherlands)
5.50%, 7/21/25^(c)		25,825,000		25,308,500
4.85%, 7/6/27^(c)		14,200,000		13,559,438
RELX PLC (United Kingdom) 4.00%, 3/18/29		5,400,000		5,578,960
TC Energy Corp. (Canada)
5.625%, 5/20/75^(b)(g)		20,570,000		15,633,200
5.30%, 3/15/77^(b)(g)		28,160,000		20,993,280
5.50%, 9/15/79^(b)(g)		6,850,000		5,240,250
Telecom Italia SPA (Italy)
5.303%, 5/30/24^(c)		14,663,000		14,737,195
7.20%, 7/18/36		11,596,000		12,001,860
7.721%, 6/4/38		8,212,000		8,681,808
Ultrapar Participacoes SA (Brazil)
5.25%, 10/6/26^(c)		12,050,000		10,495,670
5.25%, 6/6/29^(c)		11,350,000		9,505,625
Union Pacific Corp. 6.176%, 1/2/31		5,249,645		5,901,437
United Parcel Service, Inc. 5.20%, 4/1/40		4,225,000		5,160,812
Verizon Communications, Inc. 4.272%, 1/15/36		11,847,000		13,840,393
Vodafone Group PLC (United Kingdom) 7.00%, 4/4/79^(b)(g)		16,900,000		18,068,875
Xerox Holdings Corp. 4.50%, 5/15/21		21,561,000		21,263,458
Zoetis, Inc. 4.50%, 11/13/25		17,545,000		18,252,983

				838,428,898
UTILITIES: 0.5%
Dominion Energy, Inc.
4.104%, 4/1/21		5,650,000		5,647,197
5.75%, 10/1/54^(b)(g)		22,950,000		20,086,070
Enel SPA (Italy)


See accompanying Notes to Portfolio of Investments		Dodge & Cox Balanced Fund / 4


Portfolio of Investments (unaudited)			March 31, 2020


DEBT SECURITIES (continued)

	PAR VALUE			VALUE
4.625%, 9/14/25^(c)	$	5,000,000		$	5,284,151
6.80%, 9/15/37^(c)		13,700,000			16,471,099
6.00%, 10/7/39^(c)		13,352,000			14,386,364

					61,874,881

					1,363,700,990
TOTAL DEBT SECURITIES (Cost $2,969,585,900)				$	3,002,274,018

SHORT-TERM INVESTMENTS: 0.9%

	PAR VALUE/ SHARES			VALUE
REPURCHASE AGREEMENTS: 0.5%
Fixed Income Clearing Corporation^(d) 0.00%, dated 3/31/20, due 4/1/20, maturity value $53,321,000	$	53,321,000		$	53,321,000
MONEY MARKET FUND: 0.4%
State Street Institutional U.S. Government Money Market Fund		47,936,100			47,936,100

TOTAL SHORT-TERM INVESTMENTS (Cost $101,257,100)				$	101,257,100

TOTAL INVESTMENTS IN SECURITIES (Cost $11,755,259,026)		99.5	%	$	11,801,573,479
OTHER ASSETS LESS LIABILITIES		0.5	%		64,105,906

NET ASSETS		100.0	%	$	11,865,679,385

(a)	Non-income producing

(b)	Hybrid security has characteristics of both a debt and equity security.

(c)	Security exempt from registration under Rule 144A of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d)	Repurchase agreement is collateralized by U.S. Treasury Notes1.50%-2.875%,9/30/21-10/15/21. Total collateral value is $54,391,394.

(e)	Subsidiary (see below)

(f)

Variable rate security: interest rate is determined by the interest rates of underlying pool of assets that collateralize the security. The interest rate of the security may change due to a change in the interest rates or the composition of underlying pool of assets. The interest rate shown is the rate as of period end.

(g)	Variable rate security:fixed-to-float security pays an initial fixed interest rate and will pay a floating interest rate established at a predetermined time in the future. The interest rate shown is the rate as of period end.

(h)	Inflation-linked

(i)	Rounds to 0.0%.

In determining a company’s country designation, the Fund generally references the country of incorporation. In cases where the Fund considers the country of incorporation to be a “jurisdiction of convenience” chosen primarily for tax purposes or in other limited circumstances, the Fund uses the country designation of an appropriate broad-based market index. In those cases, two countries are listed—the country of incorporation and the country designated by an appropriate index, respectively.

Debt securities are grouped by parent company unless otherwise noted. Actual securities may be issued by the listed parent company or one of its subsidiaries.

Debt securities with floating interest rates are linked to the referenced benchmark; the interest rate shown is the rate as of period end.

ADR:	American Depositary Receipt

ARM:	Adjustable Rate Mortgage

CMBS:

Commercial Mortgage-Backed Security

CMO:	Collateralized Mortgage Obligation

CMT:	Constant Maturity Treasury

DUS:	Delegated Underwriting and Servicing

GO:	General Obligation

RB:	Revenue Bond

REMIC:

Real Estate Mortgage Investment Conduit


5 / Dodge & Cox Balanced Fund		See accompanying Notes to Portfolio of Investments

NOTES TO PORTFOLIO OF INVESTMENTS(unaudited)

Debt securities, certain preferred stocks, and derivatives traded over the counter, are valued using prices received from independent pricing services which utilize dealer quotes, recent transaction data, pricing models, and other inputs to arrive at market-based valuations. Pricing models may consider quoted prices for similar investments, interest rates, cash flows (including prepayment speeds), and credit risk. Exchange-traded derivatives are generally valued at the settlement price determined by the relevant exchange. Short-term securities with less than 60 days to maturity may be valued at amortized cost if amortized cost approximates current value. Mutual funds are valued at their respective net asset values. Security values are not discounted based on the size of the Fund’s position and may differ from the value the Fund receives upon the sale of the securities. All securities held by the Fund are denominated in U.S. dollars.

If market quotations are not readily available or if normal valuation procedures produce valuations that are deemed unreliable or inappropriate under the circumstances existing at the time, the investment will be valued at fair value as determined in good faith by or under the direction of the Fund’s Board of Trustees. The Board of Trustees has appointed Dodge & Cox, the Fund’s investment manager, to make fair value determinations in accordance with the Dodge & Cox Funds Valuation Policies (“Valuation Policies”), subject to Board oversight. Dodge & Cox has established a Pricing Committee that is comprised of representatives from Treasury, Legal, Compliance, and Operations. The Pricing Committee is responsible for implementing the Valuation Policies, including determining the fair value of securities and other investments when necessary. The Pricing Committee considers relevant indications of value that are reasonably available to it in determining the fair value assigned to a particular security, such as the value of similar financial instruments, trading volumes, contractual restrictions on disposition, related corporate actions, and changes in economic conditions. In doing so, the Pricing Committee employs various methods for calibrating fair valuation approaches, including a regular review of key inputs and assumptions,back-testing, and review of any related market activity.

Valuation measurements. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1: Quoted prices in active markets for identical securities

Level 2: Other significant observable inputs (including quoted prices for similar securities, market indices, interest rates, credit risk, forward exchange rates, etc.)

Level 3: Significant unobservable inputs (including Fund management’s assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s holdings as of March 31, 2020:


Classification	LEVEL 1 (Quoted Prices)		LEVEL 2 (Other Significant Observable Inputs)
Securities
Common Stocks^(a)	$	8,421,417,465	$	—
Preferred Stocks		—		276,624,896
Debt Securities
U.S. Treasury		—		282,001,613
Government-Related		—		168,909,714
Securitized		—		1,187,661,701
Corporate		—		1,363,700,990
Short-term Investments
Repurchase Agreements		—		53,321,000
Money Market Fund		47,936,100		—

Total Securities	$	8,469,353,565	$	3,332,219,914

^(a)	All common stocks held in the Fund are Level 1 securities. For a detailed break-out of common stocks by major industry classification, please refer to the Portfolio of Investments.

Security transactions. Security transactions are recorded on the trade date.

Other. For more information please see the Fund’s most recent prospectus, summary prospectus, and annual report on the Fund’s website at dodgeandcox.com.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.


Dodge & Cox Balanced Fund / 6


DODGE & COX INCOME FUND
Portfolio of Investments (unaudited)		March 31, 2020


DEBT SECURITIES: 97.0%

	PAR VALUE		VALUE
U.S. TREASURY: 7.2%
U.S. Treasury Inflation Indexed
0.125%, 1/15/22^(g)	$	133,736,720	$	131,809,923
0.125%, 4/15/22^(g)		753,962,939		743,264,944
0.625%, 4/15/23^(g)		410,869,170		414,006,465
U.S. Treasury Note/Bond
1.50%, 11/30/24		198,265,000		208,805,572
3.00%, 10/31/25		560,315,000		638,780,986
2.50%, 2/28/26		697,975,000		779,741,682
2.375%, 4/30/26		598,265,000		665,289,376
2.375%, 5/15/29		531,860,000		612,054,516
2.875%, 5/15/49		159,475,000		217,776,818

				4,411,530,282
GOVERNMENT-RELATED: 4.8%
FOREIGN AGENCY: 2.1%
Petroleo Brasileiro SA (Brazil)
5.093%, 1/15/30^(b)		221,488,000		202,107,800
7.25%, 3/17/44		10,675,000		10,790,290
6.90%, 3/19/49		69,837,000		68,084,092
Petroleos Mexicanos (Mexico)
6.875%, 8/4/26		120,140,000		91,306,400
6.50%, 3/13/27		246,705,000		182,586,371
6.84%, 1/23/30^(b)		224,258,000		162,255,148
6.625%, 6/15/35		111,965,000		75,290,864
6.375%, 1/23/45		165,676,000		107,102,907
6.75%, 9/21/47		190,811,000		122,002,645
6.35%, 2/12/48		149,468,000		93,417,500
7.69%, 1/23/50^(b)		133,769,000		92,969,455
6.95%, 1/28/60^(b)		80,740,000		53,869,728

				1,261,783,200
LOCAL AUTHORITY: 2.7%
L.A. Unified School District GO
5.75%, 7/1/34		6,075,000		7,800,968
6.758%, 7/1/34		185,050,000		255,474,479
New Jersey Turnpike Authority RB
7.414%, 1/1/40		40,945,000		59,943,480
7.102%, 1/1/41		147,847,000		210,608,052
New Valley Generation
4.929%, 1/15/21		101,849		103,480
State of California GO
7.50%, 4/1/34		161,546,000		254,769,350
7.55%, 4/1/39		23,225,000		37,687,208
7.30%, 10/1/39		201,510,000		309,630,190
7.625%, 3/1/40		115,340,000		186,078,022
State of Illinois GO
5.10%, 6/1/33		316,915,000		314,579,336

				1,636,674,565

				2,898,457,765
SECURITIZED: 47.9%
ASSET-BACKED: 6.5%
Federal Agency: 0.1%
Small Business Admin. - 504 Program
Series2000-20G 1, 7.39%, 7/1/20		264		264
Series2001-20G 1, 6.625%, 7/1/21		123,516		125,448
Series2001-20L 1, 5.78%, 12/1/21		498,696		509,291
Series2002-20A 1, 6.14%, 1/1/22		2,942		3,008
Series2002-20L 1, 5.10%, 12/1/22		152,422		157,112
Series2003-20G 1, 4.35%, 7/1/23		11,119		11,506
Series2004-20L 1, 4.87%, 12/1/24		369,042		387,920
Series2005-20B 1, 4.625%, 2/1/25		609,596		638,879
Series2005-20D 1, 5.11%, 4/1/25		25,029		26,261
Series2005-20E 1, 4.84%, 5/1/25		1,087,940		1,143,559
Series2005-20G 1, 4.75%, 7/1/25		1,074,077		1,128,791
Series2005-20H 1, 5.11%, 8/1/25		11,541		12,229
Series2005-20I 1, 4.76%, 9/1/25		1,299,667		1,361,331
Series2006-20A 1, 5.21%, 1/1/26		1,111,816		1,178,643
Series2006-20B 1, 5.35%, 2/1/26		390,312		417,796
Series2006-20C 1, 5.57%, 3/1/26		1,568,306		1,670,347
Series2006-20G 1, 6.07%, 7/1/26		2,899,978		3,092,641




	PAR VALUE		VALUE
Series2006-20H 1, 5.70%, 8/1/26	$	24,491	$	26,369
Series2006-20I 1, 5.54%, 9/1/26		38,663		41,232
Series2006-20J 1, 5.37%, 10/1/26		1,308,562		1,393,793
Series2006-20L 1, 5.12%, 12/1/26		1,238,236		1,319,290
Series2007-20A 1, 5.32%, 1/1/27		2,394,515		2,553,815
Series2007-20C 1, 5.23%, 3/1/27		3,626,606		3,861,918
Series2007-20D 1, 5.32%, 4/1/27		3,934,228		4,182,287
Series2007-20G 1, 5.82%, 7/1/27		2,294,109		2,466,009

				27,709,739
Other: 1.0%
Rio Oil Finance Trust (Brazil)
9.25%, 7/6/24^(b)		352,449,465		344,522,877
9.75%, 1/6/27^(b)		215,524,127		203,672,455
8.20%, 4/6/28^(b)		71,900,000		64,710,000

				612,905,332
Student Loan: 5.4%
Navient Student Loan Trust
USD LIBOR1-Month
+1.25%, 2.197%, 6/25/65^(b)		272,200,295		259,477,137
+1.15%, 2.097%, 3/25/66^(b)		226,056,001		217,149,305
+1.30%, 2.247%, 3/25/66^(b)		151,566,000		145,062,788
+0.80%, 1.747%, 7/26/66^(b)		291,018,483		279,458,559
+1.05%, 1.997%, 7/26/66^(b)		322,733,000		301,759,325
+1.15%, 2.097%, 7/26/66^(b)		234,072,000		213,840,127
+1.00%, 1.947%, 9/27/66^(b)		114,234,000		109,435,292
+1.05%, 1.997%, 12/27/66^(b)		183,298,312		179,661,582
+0.72%, 1.667%, 3/25/67^(b)		97,475,000		91,878,619
+0.80%, 1.747%, 3/25/67^(b)		183,268,000		172,810,820
+0.68%, 1.627%, 6/27/67^(b)		224,350,000		214,084,148
+0.83%, 1.777%, 7/25/68^(b)		75,996,319		73,548,652
+0.81%, 1.757%, 7/25/68^(b)		64,400,000		61,379,344
+1.00%, 1.947%, 2/27/68^(b)		61,898,000		59,605,502
+0.70%, 1.647%, 2/25/70^(b)		244,402,837		233,918,053
Navient Student Loan Trust (Private Loans)
Series2014-AA A2A, 2.74%, 2/15/29^(b)		12,678,978		12,801,004
Series2017-A A2A, 2.88%, 12/16/58^(b)		28,515,595		28,715,968
SLM Student Loan Trust
USD LIBOR1-Month
+1.20%, 2.147%, 10/25/34		27,721,000		27,162,940
+1.10%, 2.047%, 8/27/40		25,090,312		24,488,862
USD LIBOR3-Month
+0.63%, 2.424%, 1/25/40^(b)		139,709,799		132,666,273
+0.17%, 1.964%, 7/25/40		13,626,000		12,149,944
+0.75%, 2.544%, 10/25/40		80,654,000		74,698,799
+0.60%, 2.394%, 1/25/41		118,576,871		110,534,086
+0.55%, 2.344%, 10/25/64^(b)		32,103,787		30,104,376
+0.55%, 2.344%, 10/25/64^(b)		72,153,899		66,742,313
SMB Private Education Loan Trust (Private Loans)
Series2017-A A2A, 2.88%, 9/15/34^(b)		19,599,067		19,909,900
Series2017-B A2A, 2.82%, 10/15/35^(b)		21,543,648		21,328,356
Series2018-A A2A, 3.50%, 2/15/36^(b)		49,855,000		52,057,070
Series2018-B A2A, 3.60%, 1/15/37^(b)		66,732,752		65,967,691

				3,292,396,835

				3,933,011,906
CMBS: 0.7%
Agency CMBS: 0.7%
Fannie Mae Multifamily DUS
Pool AL6455, 2.765%, 11/1/21		8,912,026		8,900,433
Freddie Mac Multifamily Interest Only
Series K055 X1, 1.364%, 3/25/26^(e)		117,628,402		8,096,269
Series K056 X1, 1.263%, 5/25/26^(e)		40,730,245		2,555,802
Series K062 X1, 0.307%, 12/25/26^(e)		321,701,369		6,016,234
Series K064 X1, 0.607%, 3/25/27^(e)		410,137,586		14,751,583
Series K065 X1, 0.673%, 4/25/27^(e)		475,736,993		19,732,429
Series K066 X1, 0.751%, 6/25/27^(e)		379,153,986		17,044,678
Series K067 X1, 0.578%, 7/25/27^(e)		477,832,751		17,471,333


1 / Dodge & Cox Income Fund		See accompanying Notes to Portfolio of Investments


Portfolio of Investments (unaudited)			March 31, 2020


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
Series K069 X1, 0.365%, 9/25/27^(e)	$	98,840,440	$	2,401,299
Series K071 X1, 0.291%, 11/25/27^(e)		257,424,449		5,200,411
Series K070 X1, 0.326%, 11/25/27^(e)		200,419,126		4,488,947
Series K089 X1, 0.542%, 1/25/29^(e)		522,876,177		21,592,538
Series K091 X1, 0.559%, 3/25/29^(e)		262,703,795		11,619,047
Series K092 X1, 0.709%, 4/25/29^(e)		489,175,463		26,437,390
Series K093 X1, 0.952%, 5/25/29^(e)		234,106,852		16,697,062
Series K094 X1, 0.881%, 6/25/29^(e)		324,015,959		21,648,608
Series K095 X1, 0.949%, 6/25/29^(e)		225,718,782		16,061,088
Series K097 X1, 1.09%, 7/25/29^(e)		245,942,509		20,534,134
Series K096 X1, 1.257%, 7/25/29^(e)		548,412,819		46,797,492
Series K098 X1, 1.271%, 8/25/29^(e)		476,603,425		41,436,569
Series K099 X1, 1.006%, 9/25/29^(e)		518,972,759		35,304,575
Series K101 X1, 0.837%, 10/25/29^(e)		199,312,781		12,884,774
Series K102 X1, 0.947%, 10/25/29^(e)		555,311,143		35,448,898
Series K152 X1, 0.957%, 1/25/31^(e)		128,686,119		9,160,212
Series K154 X1, 0.308%, 11/25/32^(e)		387,687,145		10,999,615
Series K1511 X1, 0.778%, 3/25/34^(e)		177,116,019		13,312,306

				446,593,726

				446,593,726
MORTGAGE-RELATED: 40.7%
Federal Agency CMO & REMIC: 5.4%
Dept. of Veterans Affairs
Series1995-2D 4A, 9.293%, 5/15/25		46,793		53,570
Series1997-2 Z, 7.50%, 6/15/27		4,322,983		4,979,640
Series1998-2 2A, 8.505%, 8/15/27^(e)		10,004		11,440
Series1998-1 1A, 8.293%, 3/15/28^(e)		53,221		59,154
Fannie Mae
Trust1998-58 PX, 6.50%, 9/25/28		156,965		178,236
Trust1998-58 PC, 6.50%, 10/25/28		940,174		1,069,924
Trust2001-69 PQ, 6.00%, 12/25/31		1,094,431		1,276,479
Trust2002-33 A1, 7.00%, 6/25/32		1,434,182		1,714,056
Trust2002-69 Z, 5.50%, 10/25/32		154,874		167,496
Trust2008-24 GD, 6.50%, 3/25/37		540,463		624,048
Trust2007-47 PE, 5.00%, 5/25/37		1,802,986		2,039,993
Trust2009-53 QM, 5.50%, 5/25/39		515,092		540,634
Trust2009-30 AG, 6.50%, 5/25/39		5,346,352		6,152,606
Trust2009-40 TB, 6.00%, 6/25/39		2,222,036		2,575,806
Trust2010-123 WT, 7.00%, 11/25/40		21,550,082		25,496,625
Trust2001-T3 A1, 7.50%, 11/25/40		75,435		84,235
Trust2001-T7 A1, 7.50%, 2/25/41		45,099		54,096
Trust2001-T5 A2, 6.979%, 6/19/41^(e)		31,353		36,979
Trust2001-T5 A3, 7.50%, 6/19/41^(e)		162,592		196,866
Trust2011-58 AT, 4.00%, 7/25/41		5,942,527		6,561,024
Trust2001-T4 A1, 7.50%, 7/25/41		1,327,392		1,597,838
Trust2001-T10 A1, 7.00%, 12/25/41		1,408,093		1,664,123
Trust2013-106 MA, 4.00%, 2/25/42		14,392,972		15,892,660
Trust2002-90 A1, 6.50%, 6/25/42		3,254,391		3,836,342
Trust2002-W6 2A1, 7.00%, 6/25/42^(e)		1,750,038		1,997,735
Trust2002-W8 A2, 7.00%, 6/25/42		1,031,466		1,246,008
Trust2003-W2 1A2, 7.00%, 7/25/42		5,098,071		6,147,888
Trust2002-T16 A3, 7.50%, 7/25/42		2,525,198		3,104,788
Trust2003-W4 3A, 5.636%, 10/25/42^(e)		1,508,598		1,748,704
Trust2012-121 NB, 7.00%, 11/25/42		714,882		868,921
Trust2003-W1 2A, 5.781%, 12/25/42^(e)		1,900,651		2,121,132
Trust2003-7 A1, 6.50%, 12/25/42		2,655,231		3,078,063
Trust2004-T1 1A2, 6.50%, 1/25/44		1,145,500		1,348,654
Trust2004-W2 2A2, 7.00%, 2/25/44		61,211		71,973
Trust2004-W2 5A, 7.50%, 3/25/44		2,595,888		3,041,331
Trust2004-W8 3A, 7.50%, 6/25/44		2,049,102		2,454,519
Trust2004-W15 1A2, 6.50%, 8/25/44		522,541		616,158
Trust2005-W1 1A3, 7.00%, 10/25/44		4,452,163		5,381,368
Trust2001-79 BA, 7.00%, 3/25/45		445,572		521,741
Trust2006-W1 1A1, 6.50%, 12/25/45		240,756		283,954
Trust2006-W1 1A2, 7.00%, 12/25/45		1,799,457		2,150,061
Trust2006-W1 1A3, 7.50%, 12/25/45		31,074		37,769
Trust2006-W1 1A4, 8.00%, 12/25/45		2,085,101		2,513,822
Trust2007-W10 1A, 6.255%, 8/25/47^(e)		6,140,887		7,093,094
Trust2007-W10 2A, 6.324%, 8/25/47^(e)		1,850,331		2,126,122



	PAR VALUE		VALUE
USD LIBOR1-Month
+0.55%, 1.497%, 9/25/43	$	25,065,183	$	24,971,825
+0.40%, 1.347%, 7/25/44		1,156,609		1,144,512
Freddie Mac
Series 2456 CJ, 6.50%, 6/15/32		99,688		117,588
Series 3312 AB, 6.50%, 6/15/32		1,912,792		2,246,918
SeriesT-41 2A, 5.241%, 7/25/32^(e)		180,326		197,265
Series 2587 ZU, 5.50%, 3/15/33		2,654,126		3,024,387
Series 2610 UA, 4.00%, 5/15/33		1,129,718		1,233,712
SeriesT-48 1A, 4.879%, 7/25/33^(e)		2,003,625		2,232,171
Series 2708 ZD, 5.50%, 11/15/33		10,359,018		11,818,815
Series 3204 ZM, 5.00%, 8/15/34		4,863,979		5,523,514
Series 3330 GZ, 5.50%, 6/15/37		481,259		540,368
Series 3427 Z, 5.00%, 3/15/38		2,093,112		2,381,656
SeriesT-51 1A, 6.50%, 9/25/43^(e)		46,434		57,085
Series 4283 DW, 4.50%, 12/15/43^(e)		55,869,567		63,327,076
Series 4283 EW, 4.50%, 12/15/43^(e)		33,536,121		36,712,954
Series 4281 BC, 4.50%, 12/15/43^(e)		94,315,097		105,630,749
Series 4319 MA, 4.50%, 3/15/44^(e)		18,462,306		20,622,586
Ginnie Mae
USD LIBOR1-Month
+0.65%, 2.312%, 10/20/64		7,181,999		7,067,896
+0.63%, 2.292%, 4/20/65		10,510,166		10,340,602
+0.60%, 2.262%, 7/20/65		7,091,090		6,967,149
+0.60%, 2.262%, 8/20/65		7,103,272		6,978,833
+0.62%, 2.282%, 9/20/65		1,520,818		1,494,669
+0.75%, 2.412%, 11/20/65		27,486,399		27,150,680
+0.90%, 2.562%, 3/20/66		17,797,132		17,678,219
+0.90%, 2.562%, 4/20/66		19,750,207		19,614,735
+0.78%, 2.442%, 9/20/66		10,283,659		10,167,014
+0.75%, 2.412%, 10/20/66		50,188,191		49,530,324
+0.80%, 2.462%, 11/20/66		21,660,203		21,413,226
+0.81%, 2.472%, 12/20/66		12,695,135		12,553,394
+0.57%, 2.232%, 9/20/67		28,333,726		27,840,804
+0.60%, 2.262%, 9/20/69		43,389,872		42,100,672
+0.60%, 2.262%, 11/20/69		30,463,672		29,687,180
+0.65%, 2.312%, 11/20/69		39,683,866		38,796,812
+0.65%, 2.312%, 11/20/69		119,921,511		116,455,708
+0.65%, 2.312%, 11/20/69		25,053,227		24,464,614
+0.55%, 1.41%, 3/20/70		118,946,185		111,553,870
USD LIBOR12-Month
+0.30%, 2.416%, 9/20/66		18,186,342		17,855,394
+0.28%, 2.205%, 12/20/66		34,577,389		33,982,820
+0.30%, 2.263%, 1/20/67		90,545,545		89,025,566
+0.30%, 2.263%, 1/20/67		99,197,092		97,565,607
+0.31%, 2.273%, 1/20/67		36,112,355		35,540,642
+0.25%, 2.057%, 2/20/67		18,610,092		18,238,698
+0.20%, 2.007%, 3/20/67		3,225,515		3,156,294
+0.30%, 3.179%, 4/20/67		22,863,507		22,350,038
+0.20%, 2.93%, 5/20/67		43,816,294		42,639,818
+0.30%, 3.03%, 5/20/67		19,556,941		19,138,917
+0.20%, 2.937%, 6/20/67		96,713,208		94,120,027
+0.30%, 3.037%, 6/20/67		22,812,331		22,326,657
+0.20%, 2.403%, 8/20/67		21,793,856		21,241,297
+0.25%, 2.366%, 9/20/67		22,607,832		22,129,075
+0.27%, 2.386%, 9/20/67		66,925,148		65,380,904
+0.22%, 2.194%, 10/20/67		31,936,756		31,227,865
+0.23%, 2.204%, 10/20/67		154,293,457		150,257,171
+0.23%, 2.204%, 10/20/67		71,030,222		69,261,179
+0.25%, 2.224%, 10/20/67		47,344,874		46,179,816
+0.20%, 2.158%, 11/20/67		16,527,636		16,137,524
+0.22%, 2.178%, 11/20/67		22,539,988		22,016,995
+0.22%, 2.178%, 11/20/67		128,984,491		125,619,337
+0.06%, 2.055%, 12/20/67		55,384,312		53,635,204
+0.18%, 2.105%, 12/20/67		33,688,893		32,752,823
+0.06%, 2.055%, 1/20/68		100,879,015		97,715,076
+0.08%, 2.075%, 1/20/68		44,128,169		42,988,581
+0.15%, 2.113%, 1/20/68		15,480,390		15,032,551
+0.04%, 1.847%, 2/20/68		51,307,059		49,626,435
+0.05%, 1.857%, 2/20/68		3,577,678		3,463,824


See accompanying Notes to Portfolio of Investments		Dodge & Cox Income Fund / 2


Portfolio of Investments (unaudited)			March 31, 2020


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
+0.07%, 1.877%, 2/20/68	$	47,092,131	$	45,611,705
+0.10%, 2.095%, 2/20/68		88,777,264		85,633,341
+0.10%, 2.095%, 2/20/68		44,071,107		42,621,631
+0.15%, 2.145%, 2/20/68		32,699,915		31,753,125
+0.05%, 2.56%, 2/20/68		24,161,002		23,441,018
+0.04%, 1.847%, 3/20/68		82,802,791		80,202,718
+0.04%, 1.847%, 3/20/68		33,149,684		31,836,327
+0.06%, 1.867%, 3/20/68		13,410,528		12,886,339
+0.03%, 2.909%, 3/20/68		17,405,858		16,714,353
+0.05%, 2.929%, 3/20/68		55,814,010		53,940,295
+0.02%, 2.899%, 4/20/68		23,596,622		22,504,066
+0.05%, 2.929%, 4/20/68		42,577,187		40,698,813
+0.05%, 2.929%, 4/20/68		37,823,203		36,146,795
+0.04%, 2.77%, 5/20/68		42,990,809		41,038,824
+0.15%, 2.887%, 6/20/68		41,774,167		40,193,858
+0.25%, 2.76%, 7/20/68		40,017,316		38,711,299
+0.12%, 2.236%, 8/20/68		33,184,708		32,190,571
+0.10%, 2.074%, 10/20/68		60,857,728		58,616,392
+0.22%, 2.178%, 11/20/68		33,173,080		32,048,397
+0.30%, 2.258%, 11/20/68		34,137,316		33,434,634
+0.40%, 2.207%, 2/20/69		29,665,651		29,270,312
+0.40%, 2.40%, 10/20/69		19,042,406		19,052,641
+0.40%, 2.40%, 10/20/69		27,937,933		27,326,793
+0.50%, 2.506%, 11/20/69		69,997,591		68,765,018

				3,293,702,657
Federal Agency Mortgage Pass-Through: 35.3%
Fannie Mae, 15 Year
6.00%, 12/1/20 - 3/1/23		6,404,726		6,600,800
5.50%, 1/1/21 - 7/1/25		34,570,019		36,269,861
4.00%, 9/1/25 - 11/1/33		314,803,160		336,159,531
5.00%, 9/1/25		15,843,648		16,672,159
3.50%, 10/1/25 - 6/1/34		860,014,765		905,358,592
4.50%, 3/1/29		11,777,743		12,551,998
Fannie Mae, 20 Year
4.50%, 3/1/29 - 1/1/34		279,082,496		304,005,473
4.00%, 9/1/30 - 3/1/37		1,346,632,356		1,469,861,204
3.50%, 11/1/35 - 10/1/39		356,438,396		381,842,651
Fannie Mae, 30 Year
6.00%, 11/1/28 - 2/1/39		73,111,335		83,929,431
7.00%, 4/1/32 - 2/1/39		6,258,463		7,346,311
6.50%, 12/1/32 - 8/1/39		29,592,558		34,679,842
5.50%, 2/1/33 - 11/1/39		109,752,642		123,463,173
4.50%, 11/1/35 - 4/1/49		6,162,352,833		6,660,518,320
5.00%, 7/1/37 - 3/1/49		141,497,113		153,842,861
4.00%, 10/1/40 - 2/1/47		433,953,985		468,976,947
3.50%, 7/1/49 - 3/1/50		2,451,180,780		2,589,265,444
Fannie Mae, 40 Year
4.50%, 1/1/52 - 6/1/56		124,478,863		138,517,567
Fannie Mae, Hybrid ARM^(e)1-Year U.S. Treasury CMT
+2.14%, 4.329%, 10/1/33		853,228		857,613
+2.14%, 4.544%, 8/1/34		238,147		244,061
+1.98%, 3.978%, 9/1/34		1,053,862		1,055,610
+2.29%, 4.04%, 1/1/36		6,761,090		6,859,379
+2.12%, 4.496%, 7/1/36		59,449		63,122
+2.12%, 4.542%, 12/1/36		957,371		962,965
USD LIBOR12-Month
+1.69%, 3.998%, 7/1/34		1,055,882		1,065,962
+1.37%, 3.251%, 10/1/34		588,664		586,164
+1.94%, 3.99%, 1/1/35		563,687		577,876
+1.39%, 3.441%, 4/1/35		1,169,708		1,169,082
+1.75%, 4.625%, 6/1/35		293,287		296,521
+1.47%, 4.189%, 7/1/35		287,719		290,258
+1.50%, 4.25%, 7/1/35		263,829		266,253
+1.53%, 4.292%, 7/1/35		473,720		474,277
+1.75%, 4.516%, 7/1/35		934,489		943,394
+1.31%, 3.667%, 8/1/35		622,251		618,518
+1.36%, 3.739%, 8/1/35		2,168,945		2,282,773
+1.76%, 4.107%, 8/1/35		947,503		957,324



	PAR VALUE		VALUE
+1.77%, 4.058%, 9/1/35	$	862,457	$	878,399
+1.55%, 3.854%, 10/1/35		1,137,129		1,140,161
+1.75%, 3.998%, 10/1/35		628,358		634,910
+1.62%, 3.698%, 12/1/35		317,460		320,485
+1.62%, 3.696%, 1/1/36		1,481,572		1,491,445
+1.70%, 3.876%, 1/1/36		2,082,097		2,101,837
+1.71%, 4.216%, 11/1/36		773,545		779,795
+1.74%, 3.753%, 12/1/36		745,307		761,689
+1.59%, 3.60%, 1/1/37		916,135		919,825
+1.98%, 4.016%, 2/1/37		1,604,719		1,636,121
+1.93%, 4.803%, 4/1/37		330,698		359,869
+1.74%, 4.521%, 8/1/37		1,065,096		1,074,112
+1.48%, 3.769%, 11/1/37		446,502		454,792
+1.73%, 4.172%, 5/1/38		66,654,367		67,323,136
+1.93%, 4.801%, 5/1/38		1,458,164		1,473,671
+1.88%, 4.285%, 9/1/38		113,264		114,420
+1.73%, 3.974%, 10/1/38		521,156		530,904
+1.72%, 3.983%, 10/1/38		647,641		659,081
+1.59%, 3.989%, 10/1/38		2,221,543		2,227,930
+1.73%, 3.987%, 6/1/39		327,897		330,506
+1.78%, 3.689%, 12/1/39		459,729		466,275
+1.71%, 4.478%, 4/1/42		2,844,517		2,880,821
+1.67%, 3.959%, 9/1/42		2,397,517		2,430,052
+1.68%, 3.601%, 11/1/42		2,846,396		2,885,241
+1.57%, 2.269%, 12/1/42		10,704,512		10,860,971
+1.57%, 3.884%, 2/1/43		6,196,836		6,267,540
+1.82%, 4.106%, 2/1/43		1,394,554		1,422,502
+1.56%, 2.317%, 5/1/43		2,441,765		2,480,355
+1.47%, 4.307%, 6/1/43		664,197		668,299
+1.56%, 2.965%, 9/1/43		2,746,249		2,763,502
+1.56%, 3.245%, 9/1/43		1,788,611		1,842,406
+1.46%, 3.977%, 9/1/43		1,200,620		1,205,866
+1.60%, 2.893%, 10/1/43		17,735,718		17,859,394
+1.55%, 2.663%, 11/1/43		7,939,636		7,975,513
+1.60%, 2.892%, 11/1/43		10,563,945		10,824,804
+1.56%, 3.126%, 12/1/43		3,612,831		3,641,099
+1.59%, 2.684%, 2/1/44		4,521,725		4,550,948
+1.58%, 2.985%, 2/1/44		4,167,181		4,201,796
+1.55%, 3.55%, 2/1/44		559,722		566,993
+1.59%, 2.975%, 4/1/44		3,449,449		3,478,938
+1.59%, 3.047%, 4/1/44		2,720,239		2,746,534
+1.58%, 3.179%, 4/1/44		12,688,320		13,091,640
+1.56%, 3.622%, 4/1/44		3,390,928		3,432,030
+1.68%, 4.085%, 4/1/44		10,216,138		10,374,153
+1.57%, 3.012%, 5/1/44		13,368,971		13,479,322
+1.57%, 3.979%, 5/1/44		3,481,308		3,520,975
+1.58%, 2.819%, 7/1/44		6,958,505		7,002,911
+1.59%, 2.848%, 7/1/44		8,582,136		8,636,835
+1.57%, 2.925%, 7/1/44		3,827,530		3,851,958
+1.59%, 2.953%, 7/1/44		3,181,207		3,205,820
+1.56%, 2.955%, 7/1/44		5,770,372		5,810,083
+1.58%, 3.09%, 7/1/44		7,761,919		7,828,460
+1.57%, 2.779%, 8/1/44		11,838,513		11,896,758
+1.58%, 2.783%, 8/1/44		6,364,989		6,400,745
+1.58%, 2.879%, 8/1/44		4,115,296		4,141,974
+1.57%, 3.025%, 8/1/44		4,389,649		4,422,839
+1.58%, 2.636%, 9/1/44		5,366,026		5,386,939
+1.58%, 2.746%, 9/1/44		6,537,446		6,571,291
+1.65%, 2.815%, 9/1/44		22,182,214		22,369,912
+1.58%, 2.839%, 9/1/44		3,072,472		3,092,030
+1.64%, 2.93%, 9/1/44		10,072,449		10,162,913
+1.59%, 3.028%, 9/1/44		4,525,968		4,566,212
+1.57%, 2.432%, 10/1/44		5,633,052		5,638,526
+1.60%, 2.552%, 10/1/44		4,209,294		4,223,427
+1.57%, 2.65%, 10/1/44		8,859,550		8,893,404
+1.58%, 2.734%, 10/1/44		6,003,378		6,033,363
+1.57%, 2.746%, 10/1/44		22,544,916		22,657,227
+1.58%, 2.78%, 10/1/44		9,576,050		9,630,287
+1.56%, 2.837%, 10/1/44		5,419,482		5,450,777
+1.60%, 2.838%, 10/1/44		9,793,514		9,862,311


3 / Dodge & Cox Income Fund		See accompanying Notes to Portfolio of Investments


Portfolio of Investments (unaudited)			March 31, 2020


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
+1.60%, 2.86%, 10/1/44	$	6,371,086	$	6,417,541
+1.60%, 2.905%, 10/1/44		10,739,358		10,822,874
+1.56%, 2.932%, 10/1/44		5,142,060		5,176,041
+1.58%, 2.943%, 10/1/44		3,106,028		3,130,165
+1.58%, 2.736%, 11/1/44		3,634,303		3,653,168
+1.60%, 2.775%, 11/1/44		9,765,324		9,827,364
+1.58%, 2.816%, 11/1/44		10,456,624		10,520,712
+1.61%, 2.824%, 11/1/44		4,484,533		4,516,610
+1.56%, 2.925%, 11/1/44		11,162,772		11,242,988
+1.57%, 2.928%, 11/1/44		9,193,811		9,259,760
+1.59%, 2.661%, 12/1/44		3,142,676		3,157,335
+1.57%, 2.739%, 12/1/44		19,334,559		19,430,811
+1.58%, 2.74%, 12/1/44		3,011,744		3,028,044
+1.58%, 2.784%, 12/1/44		3,973,479		3,997,383
+1.60%, 2.797%, 12/1/44		7,856,247		7,909,491
+1.59%, 2.953%, 12/1/44		3,965,435		3,999,911
+1.57%, 2.886%, 1/1/45		6,849,770		6,899,015
+1.58%, 2.764%, 2/1/45		10,123,902		10,180,806
+1.57%, 2.995%, 3/1/45		90,007,488		90,656,297
+1.59%, 3.096%, 3/1/45		2,334,449		2,383,901
+1.61%, 2.558%, 4/1/45		3,904,770		3,966,039
+1.57%, 2.829%, 4/1/45		24,113,899		24,261,474
+1.58%, 2.652%, 8/1/45		8,363,519		8,529,853
+1.58%, 2.662%, 8/1/45		6,667,003		6,779,334
+1.58%, 2.809%, 10/1/45		18,719,189		19,107,200
+1.60%, 2.591%, 11/1/45		14,622,605		14,881,172
+1.61%, 2.757%, 3/1/46		2,255,396		2,300,921
+1.60%, 2.427%, 4/1/46		23,745,684		23,865,359
+1.61%, 2.694%, 4/1/46		4,329,317		4,414,985
+1.59%, 2.736%, 4/1/46		4,741,781		4,834,737
+1.57%, 2.768%, 4/1/46		12,549,741		12,810,602
+1.61%, 2.928%, 4/1/46		3,694,518		3,784,358
+1.58%, 2.461%, 5/1/46		6,870,647		6,899,551
+1.60%, 2.719%, 6/1/46		2,264,215		2,313,548
+1.59%, 2.73%, 6/1/46		7,741,113		7,917,860
+1.59%, 2.666%, 7/1/46		2,381,433		2,433,514
+1.62%, 2.243%, 12/1/46		5,055,212		5,121,848
+1.61%, 3.067%, 6/1/47		18,040,219		18,588,840
+1.61%, 3.159%, 6/1/47		20,925,071		21,615,283
+1.59%, 3.11%, 7/1/47		16,883,199		17,420,706
+1.61%, 3.138%, 7/1/47		7,417,403		7,658,715
+1.60%, 2.701%, 8/1/47		21,205,502		21,599,347
+1.61%, 3.001%, 8/1/47		6,000,953		6,172,799
+1.61%, 3.006%, 8/1/47		5,312,662		5,466,311
+1.59%, 3.202%, 8/1/47		6,630,084		6,844,573
+1.57%, 2.875%, 10/1/47		4,902,537		5,031,540
+1.61%, 3.04%, 10/1/47		7,992,558		8,232,412
+1.61%, 2.846%, 11/1/47		5,174,405		5,301,703
+1.59%, 2.959%, 11/1/47		13,370,213		13,752,902
+1.61%, 3.106%, 1/1/48		3,574,812		3,695,610
+1.61%, 3.138%, 1/1/48		6,614,497		6,844,651
+1.61%, 3.063%, 3/1/48		8,411,124		8,678,047
+1.61%, 3.159%, 4/1/48		8,498,164		8,784,879
+1.61%, 3.164%, 5/1/48		73,122,645		75,697,143
+1.62%, 3.494%, 8/1/48		7,130,701		7,377,226
+1.62%, 3.316%, 10/1/48		17,527,150		18,140,679
+1.60%, 3.553%, 11/1/48		8,763,049		9,072,502
+1.60%, 3.385%, 4/1/49		10,622,662		10,999,042
+1.62%, 3.574%, 8/1/49		34,252,065		35,432,260
+1.61%, 3.657%, 8/1/49		79,739,134		82,696,435
+1.62%, 3.719%, 8/1/49		46,446,549		48,043,109
+1.61%, 3.412%, 9/1/49		51,434,354		53,268,981
+1.61%, 3.436%, 9/1/49		74,674,625		76,065,195
+1.62%, 3.342%, 10/1/49		9,682,015		10,061,967
+1.59%, 2.965%, 1/1/50		12,150,627		12,496,645
USD LIBOR6-Month
+1.41%, 3.298%, 8/1/34		1,157,067		1,167,006
+1.50%, 3.406%, 1/1/35		648,425		652,990
+1.57%, 3.406%, 11/1/35		781,462		793,065



	PAR VALUE		VALUE
Freddie Mac, Hybrid ARM^(e)1-Year U.S. Treasury CMT
+2.25%, 3.878%, 2/1/34	$	2,053,345	$	2,085,235
+2.25%, 4.025%, 11/1/34		870,932		882,166
+2.25%, 3.767%, 2/1/375		474,483		480,911
+2.13%, 4.625%, 4/1/35		179,359		180,744
+1.67%, 3.375%, 1/1/36		1,406,467		1,389,072
+2.25%, 3.936%, 1/1/36		1,953,339		1,975,063
USD LIBOR12-Month
+1.78%, 4.145%, 9/1/33		3,165,418		3,199,631
+1.80%, 4.131%, 8/1/34		472,149		477,607
+1.63%, 3.625%, 1/1/35		251,245		253,325
+1.80%, 4.122%, 3/1/35		650,828		659,505
+1.73%, 4.076%, 8/1/35		692,303		698,532
+1.87%, 4.25%, 8/1/35		1,302,252		1,320,725
+1.83%, 4.076%, 9/1/35		852,845		865,016
+1.63%, 4.084%, 10/1/35		1,130,410		1,135,805
+1.59%, 3.711%, 1/1/36		666,864		670,032
+1.88%, 4.513%, 4/1/36		1,516,405		1,537,027
+1.78%, 3.858%, 12/1/36		1,338,511		1,352,193
+1.77%, 3.773%, 1/1/37		915,590		932,206
+1.57%, 3.57%, 3/1/37		961,278		976,480
+1.55%, 4.443%, 4/1/37		793,662		790,124
+1.65%, 4.564%, 4/1/37		564,532		568,762
+1.63%, 4.50%, 5/1/37		532,111		537,056
+1.63%, 4.388%, 7/1/37		2,711,559		2,712,145
+2.09%, 4.335%, 10/1/37		105,729		113,310
+2.04%, 4.037%, 1/1/38		297,895		303,926
+1.58%, 3.68%, 2/1/38		1,662,780		1,662,793
+1.84%, 4.17%, 4/1/38		2,083,336		2,105,195
+1.74%, 4.554%, 4/1/38		1,695,390		1,704,500
+1.87%, 4.748%, 5/1/38		399,147		404,866
+1.66%, 4.309%, 6/1/38		1,471,594		1,474,961
+1.77%, 4.041%, 10/1/38		1,381,561		1,394,981
+1.73%, 4.138%, 10/1/38		231,312		233,567
+1.78%, 4.477%, 11/1/39		852,120		856,045
+1.88%, 4.42%, 7/1/43		923,828		943,019
+1.71%, 3.889%, 8/1/43		11,138,190		11,189,993
+1.64%, 2.819%, 10/1/43		1,322,487		1,331,846
+1.57%, 2.837%, 1/1/44		1,936,022		1,945,482
+1.61%, 3.083%, 1/1/44		2,661,859		2,685,556
+1.62%, 2.837%, 2/1/44		7,472,531		7,527,588
+1.64%, 3.13%, 4/1/44		2,025,703		2,047,032
+1.63%, 3.154%, 4/1/44		4,239,783		4,281,869
+1.63%, 2.993%, 5/1/44		60,761,186		61,296,124
+1.62%, 2.907%, 6/1/44		3,266,958		3,287,194
+1.62%, 3.098%, 6/1/44		12,136,248		12,252,911
+1.62%, 3.075%, 7/1/44		4,310,337		4,346,088
+1.63%, 3.088%, 7/1/44		2,862,300		2,887,056
+1.61%, 2.849%, 8/1/44		5,011,006		5,040,491
+1.62%, 3.023%, 8/1/44		6,597,218		6,648,003
+1.63%, 3.073%, 8/1/44		5,452,602		5,497,049
+1.62%, 2.667%, 9/1/44		5,478,651		5,500,742
+1.62%, 2.776%, 9/1/44		6,609,948		6,644,267
+1.62%, 2.824%, 9/1/44		5,541,162		5,574,491
+1.62%, 2.824%, 10/1/44		3,500,634		3,522,266
+1.62%, 2.881%, 10/1/44		10,716,002		10,791,070
+1.63%, 2.905%, 10/1/44		9,447,385		9,518,646
+1.61%, 2.911%, 10/1/44		7,921,225		7,976,287
+1.63%, 3.035%, 10/1/44		8,634,621		8,710,866
+1.60%, 2.698%, 11/1/44		12,068,982		12,117,392
+1.63%, 2.736%, 11/1/44		5,855,193		5,886,247
+1.63%, 2.79%, 11/1/44		8,957,646		9,010,290
+1.61%, 2.888%, 11/1/44		6,342,307		6,386,392
+1.61%, 2.911%, 11/1/44		15,990,104		16,101,915
+1.61%, 2.912%, 11/1/44		4,579,371		4,608,777
+1.62%, 2.924%, 11/1/44		9,908,080		9,984,835
+1.63%, 2.929%, 11/1/44		12,473,012		12,569,959
+1.63%, 2.942%, 11/1/44		7,886,425		7,951,509
+1.62%, 2.946%, 11/1/44		7,846,687		7,907,487


See accompanying Notes to Portfolio of Investments		Dodge & Cox Income Fund / 4


Portfolio of Investments (unaudited)			March 31, 2020


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
+1.60%, 3.042%, 11/1/44	$	3,727,920	$	3,760,014
+1.63%, 2.71%, 12/1/44		2,678,928		2,692,528
+1.63%, 2.813%, 12/1/44		12,477,642		12,557,969
+1.62%, 2.894%, 12/1/44		7,906,038		7,964,019
+1.63%, 2.901%, 12/1/44		10,176,264		10,252,473
+1.62%, 2.941%, 12/1/44		5,529,378		5,573,243
+1.62%, 2.637%, 1/1/45		8,609,360		8,642,004
+1.63%, 2.821%, 1/1/45		6,683,448		6,728,517
+1.62%, 2.824%, 1/1/45		5,888,108		5,981,379
+1.62%, 2.90%, 1/1/45		11,303,146		11,386,135
+1.63%, 3.074%, 1/1/45		15,046,132		15,186,018
+1.62%, 2.879%, 2/1/45		10,028,124		10,195,360
+1.62%, 2.562%, 4/1/45		4,219,206		4,229,828
+1.62%, 2.59%, 5/1/45		30,588,518		31,035,554
+1.63%, 2.742%, 6/1/45		3,465,611		3,526,724
+1.63%, 2.643%, 8/1/45		9,284,877		9,442,588
+1.64%, 2.736%, 8/1/45		24,735,696		25,165,883
+1.61%, 2.821%, 8/1/45		6,317,889		6,437,335
+1.63%, 2.80%, 9/1/45		7,454,248		7,595,052
+1.63%, 2.719%, 5/1/46		159,568,855		162,533,435
+1.62%, 2.745%, 5/1/46		11,104,215		11,328,331
+1.62%, 2.609%, 7/1/46		17,567,040		17,916,020
+1.63%, 2.53%, 9/1/46		33,013,423		33,574,628
+1.63%, 3.163%, 6/1/47		7,938,232		8,186,206
+1.63%, 3.166%, 8/1/47		4,700,544		4,850,277
+1.64%, 3.099%, 10/1/47		6,670,517		6,883,884
+1.64%, 3.147%, 11/1/47		2,856,531		2,941,826
+1.64%, 3.56%, 2/1/49		24,195,819		25,052,360
USD LIBOR6-Month
+1.61%, 3.639%, 8/1/36		1,373,065		1,392,981
Freddie Mac Gold, 15 Year
5.50%, 10/1/20 - 12/1/24		353,353		362,461
6.00%, 8/1/21 - 11/1/23		3,131,092		3,262,397
4.50%, 3/1/25 - 6/1/26		6,105,993		6,457,745
Freddie Mac Gold, 20 Year
6.50%, 10/1/26		1,423,472		1,579,089
4.50%, 5/1/30 - 1/1/34		70,955,406		77,674,444
4.00%, 9/1/31 - 10/1/35		340,637,437		371,812,795
3.50%, 7/1/35 - 1/1/36		133,512,506		143,631,756
Freddie Mac Gold, 30 Year
7.00%, 4/1/31 - 11/1/38		2,200,265		2,531,055
6.50%, 12/1/32 - 10/1/38		7,358,696		8,580,554
6.00%, 12/1/33 - 2/1/39		12,747,327		14,635,874
5.50%, 3/1/34 - 12/1/38		37,002,801		41,848,846
4.50%, 3/1/39 - 3/1/49		1,859,009,636		2,017,878,044
4.00%, 11/1/45 - 11/1/47		592,504,183		640,300,314
Freddie Mac Pool, 15 Year
6.00%, 10/1/21		1,535		1,574
Freddie Mac Pool, 20 Year
3.50%, 8/1/39		223,184,009		237,863,895
Freddie Mac Pool, 30 Year
7.00%, 11/1/37		7,955		9,406
4.50%, 7/1/42 - 4/1/49		474,178,878		510,055,259
3.50%, 6/1/49 - 2/1/50		1,409,371,287		1,488,424,378
Ginnie Mae, 20 Year
4.00%, 1/20/35		5,844,833		6,254,086
Ginnie Mae, 30 Year
7.80%, 8/15/20 - 1/15/21		1,864		1,872
7.85%, 1/15/21		919		922
7.50%, 12/15/23 - 5/15/25		416,429		452,932
7.00%, 5/15/28		155,138		172,369

				21,503,095,394
Private Label CMO & REMIC: 0.0%^(h)
GSMPS Mortgage Loan Trust Series2004-4 1A4, 8.50%, 6/25/34^(b)		2,743,448		2,838,569



	PAR VALUE		VALUE
Seasoned Credit Risk Transfer Trust Series2017-4 M45T, 4.50%, 6/25/57	$	23,061,982	$	24,998,586

				27,837,155

				24,824,635,206

				29,204,240,838
CORPORATE: 37.1%
FINANCIALS: 14.0%
Bank of America Corp.
3.004%, 12/20/23^(f)		421,691,000		429,571,823
4.20%, 8/26/24		162,670,000		172,904,598
4.25%, 10/22/26		184,547,000		196,921,995
2.496%, 2/13/31^(f)		75,170,000		72,119,532
4.083%, 3/20/51^(f)		344,000,000		390,499,440
Barclays PLC (United Kingdom)
4.375%, 9/11/24		238,514,000		247,114,860
4.836%, 5/9/28		49,775,000		51,338,979
BNP Paribas SA (France)
4.25%, 10/15/24		380,611,000		392,533,228
4.375%, 9/28/25^(b)		71,926,000		73,003,465
4.375%, 5/12/26^(b)		101,724,000		104,127,235
4.625%, 3/13/27^(b)		231,730,000		241,545,184
Boston Properties, Inc.
4.125%, 5/15/21		52,697,000		53,072,535
3.85%, 2/1/23		75,811,000		76,604,139
3.125%, 9/1/23		19,445,000		19,807,878
3.80%, 2/1/24		63,839,000		67,132,112
3.20%, 1/15/25		46,940,000		48,425,501
3.65%, 2/1/26		24,905,000		26,496,106
4.50%, 12/1/28		59,900,000		65,874,740
2.90%, 3/15/30		16,303,000		15,012,025
Capital One Financial Corp.
3.50%, 6/15/23		129,002,000		128,238,553
3.75%, 4/24/24		14,600,000		14,693,424
3.20%, 2/5/25		45,766,000		44,881,296
4.20%, 10/29/25		121,814,000		121,385,927
Citigroup, Inc.
3.50%, 5/15/23		72,520,000		74,702,187
4.00%, 8/5/24		31,210,000		32,346,776
4.412.%, 3/31/31^(f)		185,520,000		204,123,294
USD LIBOR3-Month
+6.37%, 8.14%, 10/30/40^(a)		426,238,075		437,405,513
Equity Residential
4.625%, 12/15/21		108,372,000		110,753,341
3.00%, 4/15/23		47,165,000		47,652,960
3.375%, 6/1/25		77,665,000		80,439,268
HSBC Holdings PLC (United Kingdom)
5.10%, 4/5/21		85,685,000		87,670,577
9.30%, 6/1/21		100,000		106,599
2.65%, 1/5/22		32,865,000		32,812,941
3.262%, 3/13/23^(f)		13,570,000		13,589,762
3.60%, 5/25/23		63,550,000		64,554,120
3.95%, 5/18/24^(f)		133,295,000		136,575,538
4.30%, 3/8/26		115,765,000		123,579,861
6.50%, 5/2/36		217,492,000		257,099,257
6.50%, 9/15/37		232,026,000		279,244,971
6.80%, 6/1/38		20,025,000		24,414,167
JPMorgan Chase & Co.
3.375%, 5/1/23		91,973,000		95,976,264
4.125%, 12/15/26		119,519,000		130,656,617
4.25%, 10/1/27		131,730,000		145,063,292
8.75%, 9/1/30^(a)		81,177,000		122,831,929
2.739%, 10/15/30^(f)		10,000,000		10,041,899
4.493%, 3/24/31^(f)		337,480,000		391,519,187
Lloyds Banking Group PLC (United Kingdom)
4.05%, 8/16/23		130,770,000		136,006,401
4.50%, 11/4/24		217,687,000		221,872,487
4.65%, 3/24/26		26,222,000		27,011,237


5 / Dodge & Cox Income Fund		See accompanying Notes to Portfolio of Investments


Portfolio of Investments (unaudited)			March 31, 2020


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
Royal Bank of Scotland Group PLC (United Kingdom)
6.125%, 12/15/22	$	348,037,000	$	358,997,921
6.10%, 6/10/23		19,682,000		20,236,870
6.00%, 12/19/23		237,411,000		246,628,040
UniCredit SPA (Italy)
7.296%, 4/2/34^(b)(f)		293,421,000		326,448,054
Unum Group
7.25%, 3/15/28		18,783,000		23,309,592
6.75%, 12/15/28		8,107,000		9,796,419
Wells Fargo & Co.
3.55%, 8/14/23		244,105,000		255,793,929
4.10%, 6/3/26		129,795,000		138,612,675
4.30%, 7/22/27		158,805,000		170,230,067
2.879%, 10/30/30^(f)		47,000,000		46,606,574
2.572%, 2/11/31^(f)		44,000,000		42,328,521
5.013%, 4/4/51^(f)		453,405,000		574,863,580

				8,555,207,262
INDUSTRIALS: 21.6%
AbbVie, Inc.
3.20%, 11/21/29^(b)		80,850,000		82,481,039
4.05%, 11/21/39^(b)		136,990,000		143,664,390
4.25%, 11/21/49^(b)		270,390,000		291,661,333
AT&T, Inc.
8.75%, 11/15/31		100,688,000		138,852,214
5.35%, 9/1/40		59,569,000		69,201,903
4.75%, 5/15/46		78,715,000		87,418,147
5.65%, 2/15/47		101,250,000		127,181,281
5.45%, 3/1/47		134,740,000		161,786,445
4.50%, 3/9/48		50,273,000		54,559,253
Bayer AG (Germany)
3.875%, 12/15/23^(b)		300,760,000		307,745,674
4.25%, 12/15/25^(b)		83,720,000		86,973,797
4.375%, 12/15/28^(b)		63,435,000		67,800,394
BHP Billiton, Ltd. (Australia)
6.75%, 10/19/75^(a)(b)(f)		74,480,000		78,968,165
Burlington Northern Santa Fe LLC^(d)
8.251%, 1/15/21		242,750		249,740
3.05%, 9/1/22		39,420,000		40,178,595
5.943%, 1/15/23		2,963		3,042
3.85%, 9/1/23		79,295,000		83,872,752
5.72%, 1/15/24		7,699,026		8,074,388
5.342%, 4/1/24		2,751,962		2,837,937
5.629%, 4/1/24		11,937,632		12,418,733
5.996%, 4/1/24		26,189,768		27,834,325
3.442%, 6/16/28^(b)		75,169,586		79,699,193
Cemex SAB de CV (Mexico)
6.00%, 4/1/24^(b)		73,044,000		63,004,833
5.70%, 1/11/25^(b)		224,806,000		189,963,318
6.125%, 5/5/25^(b)		106,900,000		94,872,681
7.75%, 4/16/26^(b)		157,558,000		141,015,986
Charter Communications, Inc.
4.125%, 2/15/21		33,000,000		33,097,607
4.00%, 9/1/21		40,489,000		40,563,734
4.908%, 7/23/25		108,795,000		117,202,724
6.55%, 5/1/37		46,053,000		51,709,472
6.75%, 6/15/39		111,747,000		126,657,686
6.484%, 10/23/45		454,170,000		542,813,038
5.375%, 5/1/47		57,145,000		61,750,184
5.75%, 4/1/48		210,400,000		238,852,846
Cigna Corp.
3.75%, 7/15/23		162,099,000		166,846,124
4.125%, 11/15/25		47,410,000		50,764,965
7.875%, 5/15/27^(b)		26,645,000		33,710,130
4.375%, 10/15/28		129,222,000		138,996,303
Coca-Cola Co.
3.45%, 3/25/30		124,870,000		141,226,074
4.125%, 3/25/40		23,060,000		28,410,117



	PAR VALUE		VALUE
4.20%, 3/25/50	$	33,400,000	$	43,760,619
Comcast Corp.
3.75%, 4/1/40		14,475,000		15,997,668
Cox Enterprises, Inc.
3.25%, 12/15/22^(b)		94,058,000		95,284,418
2.95%, 6/30/23^(b)		250,570,000		250,701,381
3.85%, 2/1/25^(b)		230,805,000		235,534,058
3.35%, 9/15/26^(b)		139,007,000		136,681,190
3.50%, 8/15/27^(b)		48,422,000		47,311,379
CRH PLC (Ireland)
3.875%, 5/18/25^(b)		106,369,000		107,523,624
CSX Corp.
9.75%, 6/15/20		10,037,000		10,087,992
6.251%, 1/15/23		10,784,691		11,817,991
CVS Health Corp.
4.10%, 3/25/25		42,375,000		44,596,166
4.30%, 3/25/28		45,579,000		48,405,067
3.75%, 4/1/30		38,065,000		39,385,434
4.78%, 3/25/38		94,015,000		103,252,996
4.125%, 4/1/40		50,395,000		50,660,354
5.05%, 3/25/48		98,316,000		111,648,226
4.25%, 4/1/50		5,325,000		5,536,031
Dell Technologies, Inc.
5.45%, 6/15/23^(b)		15,067,000		15,461,170
Dillard’s, Inc.
7.875%, 1/1/23		275,000		275,349
7.75%, 7/15/26		20,956,000		20,827,213
7.75%, 5/15/27		12,813,000		12,456,140
7.00%, 12/1/28		28,145,000		26,270,560
Dow, Inc.
7.375%, 11/1/29		68,900,000		85,658,361
9.40%, 5/15/39		153,366,000		230,840,571
5.25%, 11/15/41		39,803,000		40,282,900
Elanco Animal Health, Inc.
4.662%, 8/27/21		32,775,000		32,602,763
5.022%, 8/28/23		32,680,000		33,055,842
5.65%, 8/28/28		78,326,000		82,657,548
Exxon Mobil Corp.
4.227%, 3/19/40		112,130,000		129,862,745
4.327%, 3/19/50		136,645,000		167,211,004
Ford Motor Credit Co. LLC^(d)
5.75%, 2/1/21		192,363,000		186,592,110
5.875%, 8/2/21		177,075,000		173,533,500
3.813%, 10/12/21		194,210,000		185,470,550
5.596%, 1/7/22		105,420,000		101,993,850
3.219%, 1/9/22		30,125,000		28,091,563
4.25%, 9/20/22		8,142,000		7,630,682
4.14%, 2/15/23		126,711,000		117,917,257
4.375%, 8/6/23		69,367,000		63,793,639
4.063%, 11/1/24		118,525,000		107,561,437
HCA Healthcare, Inc.
5.25%, 6/15/26		11,087,000		11,629,948
4.125%, 6/15/29		111,508,000		112,304,783
5.125%, 6/15/39		38,885,000		40,162,143
5.25%, 6/15/49		69,050,000		73,708,515
Home Depot, Inc.
2.70%, 4/15/30		40,825,000		41,606,209
3.30%, 4/15/40		25,285,000		25,931,495
3.35%, 4/15/50		21,755,000		23,655,474
Imperial Brands PLC (United Kingdom)
4.25%, 7/21/25^(b)		578,940,000		563,299,866
3.875%, 7/26/29^(b)		195,360,000		182,884,576
Kinder Morgan, Inc.
6.50%, 2/1/37		50,716,000		51,812,157
6.95%, 1/15/38		91,874,000		95,638,158
6.50%, 9/1/39		72,336,000		70,856,662
5.00%, 8/15/42		78,552,000		72,569,437
5.00%, 3/1/43		86,058,000		81,229,877
5.50%, 3/1/44		96,630,000		96,905,231
5.40%, 9/1/44		69,097,000		65,814,893


See accompanying Notes to Portfolio of Investments		Dodge & Cox Income Fund / 6


Portfolio of Investments (unaudited)			March 31, 2020


DEBT SECURITIES (continued)

		PAR VALUE		VALUE
Macy’s, Inc.
6.70%, 7/15/34		$	77,735,000	$	73,253,792
4.50%, 12/15/34			95,342,000		58,192,393
6.375%, 3/15/37			21,294,000		13,502,235
Mastercard, Inc.
3.35%, 3/26/30			20,865,000		23,185,474
3.85%, 3/26/50			17,965,000		21,927,800
McDonald’s Corp.
3.50%, 7/1/27			34,265,000		36,138,297
3.60%, 7/1/30			24,675,000		25,842,146
4.20%, 4/1/50			4,475,000		4,957,983
Nordstrom, Inc. 6.95%, 3/15/28			20,047,000		19,061,985
Occidental Petroleum Corp.
2.90%, 8/15/24			192,781,000		105,065,645
3.20%, 8/15/26			38,790,000		18,929,983
3.50%, 8/15/29			151,340,000		71,137,441
Oracle Corp.
2.95%, 4/1/30			131,400,000		132,188,685
3.60%, 4/1/40			140,855,000		140,214,884
3.60%, 4/1/50			172,175,000		171,480,875
Procter and Gamble co.
X 3.00%, 3/25/30			32,450,000		36,020,792
3.55%, 3/25/40			24,075,000		28,077,878
3.60%, 3/25/50			22,635,000		27,920,330
Prosus NV^(d)(Netherlands)
5.50%, 7/21/25^(b)			346,926,000		339,987,480
4.85%, 7/6/27^(b)			139,812,000		133,505,081
3.68%, 1/21/30^(b)			80,580,000		72,927,934
RELX PLC (United Kingdom) 4.00%, 3/18/29			59,160,000		61,120,603
TC Energy Corp. (Canada)
5.625%, 5/20/75^(a)(f)			266,059,000		202,204,840
5.875%, 8/15/76^(a)(f)			183,976,000		143,961,220
5.30%, 3/15/77^(a)(f)			287,821,000		214,570,555
5.50%, 9/15/79^(a)(f)			144,238,000		110,342,070
Telecom Italia SPA (Italy)
5.303%, 5/30/24^(b)			240,454,000		241,670,697
7.20%, 7/18/36			61,078,000		63,215,730
7.721%, 6/4/38	��		165,837,000		175,324,535
The Walt Disney Co. 6.65%, 11/15/37			75,877,000		109,431,937
Ultrapar Participacoes SA (Brazil)
5.25%, 10/6/26^(b)			151,510,000		131,966,725
5.25%, 6/6/29^(b)			136,905,000		114,657,937
Union Pacific Corp.
6.061%, 1/17/23			1,939,227		2,068,553
4.698%, 1/2/24			1,100,381		1,123,583
5.082%, 1/2/29			3,661,451		3,880,809
5.866%, 7/2/30			23,856,486		28,587,207
6.176%, 1/2/31			21,577,606		24,256,669
United Parcel Service, Inc.
5.20%, 4/1/40			41,535,000		50,734,753
5.30%, 4/1/50			70,350,000		92,651,528
Verizon Communications, Inc.
3.15%, 3/22/30			38,525,000		41,428,859
4.272%, 1/15/36			165,992,000		193,922,046
4.00%, 3/22/50			11,410,000		13,541,461
Vodafone Group PLC (United Kingdom) 7.00%, 4/4/79^(a)(f)			204,655,000		218,809,801
Xerox Holdings Corp.
2.75%, 9/1/20			22,625,000		22,398,750
4.50%, 5/15/21			100,211,000		98,828,088
4.07%, 3/17/22			2,349,000		2,325,510
Zoetis, Inc.
3.45%, 11/13/20			39,262,000		38,876,744
4.50%, 11/13/25			165,659,000		172,343,737

					13,160,925,394





	PAR VALUE			VALUE
UTILITIES: 1.5%
Dominion Energy, Inc.
2.579%, 7/1/20	$	32,004,000		$	31,965,658
4.104%, 4/1/21		97,171,000			97,122,799
3.375%, 4/1/30		21,600,000			21,382,920
5.75%, 10/1/54^(a)(f)		231,366,000			202,493,841
Enel SPA (Italy)
4.625%, 9/14/25^(b)		120,138,000			126,965,470
3.625%, 5/25/27^(b)		38,125,000			38,702,787
6.80%, 9/15/37^(b)		174,004,000			209,199,784
6.00%, 10/7/39^(b)		162,255,000			174,824,707

					902,657,966

					22,618,790,622
TOTAL DEBT SECURITIES (Cost $58,191,304,282)				$	59,133,019,507

EXCHANGE TRADED FUNDS: 0.5%

	SHARES			VALUE
iShares iBoxx $ Investment Grade Corporate Bond ETF (Cost $285,504,218)		2,431,480			300,312,095

SHORT-TERM INVESTMENTS: 2.0%

	PAR VALUE/ SHARES			VALUE
REPURCHASE AGREEMENTS: 1.6%
Fixed Income Clearing Corporation^(c) 0.00%, dated 3/31/20, due 4/1/20, maturity value $1,006,849,000	$	1,006,849,000		$	1,006,849,000
MONEY MARKET FUND: 0.4%
State Street Institutional U.S. Government Money Market Fund		243,052,841			243,052,841

TOTAL SHORT-TERM INVESTMENTS (Cost $1,249,901,841)				$	1,249,901,841

TOTAL INVESTMENTS IN SECURITIES (Cost $59,726,710,341)		99.5	%	$	60,683,233,443
OTHER ASSETS LESS LIABILITIES		0.5	%		293,946,588

NET ASSETS		100.0	%	$	60,977,180,031

(a)	Hybrid security has characteristics of both a debt and equity security.

(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(c)	Repurchase agreement is collateralized by U.S. Treasury Notes1.125%-2.75%,7/31/21-9/30/21. Total collateral value is $1,026,991,998.

(d)	Subsidiary (see below)

(e)

(f)	Variable rate security:fixed-to-float security pays an initial fixed interest rate and will pay a floating interest rate established at a predetermined time in the future. The interest rate shown is the rate as of period end.

(g)	Inflation-linked

(h)	Rounds to 0.0%.

Debt securities are grouped by parent company unless otherwise noted. Actual securities may be issued by the listed parent company or one of its subsidiaries. In determining a parent company’s country designation, the Fund generally references the country of incorporation.

Debt securities with floating interest rates are linked to the referenced benchmark; the interest rate shown is the rate as of period end.

ARM: Adjustable Rate Mortgage


7 / Dodge & Cox Income Fund		See accompanying Notes to Portfolio of Investments


Portfolio of Investments (unaudited)			March 31, 2020

CMBS: Commercial Mortgage-Backed Security

CMO: Collateralized Mortgage Obligation

CMT: Constant Maturity Treasury

DUS: Delegated Underwriting and Servicing

GO: General Obligation

RB: Revenue Bond

REMIC: Real Estate Mortgage Investment Conduit

Centrally Cleared Credit Default Swaps


Reference Index	Financing Rate Received			Payment Frequency		Maturity Date		Notional Amount		Value			Upfront Payments (Receipts)			Unrealized Appreciation/ (Depreciation)
Sell protection
CDX.NA.IG.34		1.00	%		Quarterly		6/20/25	$	1,291,000,000	$	(8,306,007	)	$	(18,641,047	)	$	10,335,040


See accompanying Notes to Portfolio of Investments		Dodge & Cox Income Fund / 8

NOTES TO PORTFOLIO OF INVESTMENTS(unaudited)

Debt securities and derivatives traded over the counter are valued using prices received from independent pricing services which utilize dealer quotes, recent transaction data, pricing models, and other inputs to arrive at market-based valuations. Pricing models may consider quoted prices for similar investments, interest rates, cash flows (including prepayment speeds), and credit risk. Exchange-traded derivatives are generally valued at the settlement price determined by the relevant exchange. Short-term securities with less than 60 days to maturity may be valued at amortized cost if amortized cost approximates current value. Mutual funds are valued at their respective net asset values. Security values are not discounted based on the size of the Fund’s position and may differ from the value the Fund receives upon the sale of the securities. All securities held by the Fund are denominated in U.S. dollars.

Valuation measurements. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1: Quoted prices in active markets for identical securities

Level 2: Other significant observable inputs (including quoted prices for similar securities, market indices, interest rates, credit risk, forward exchange rates, etc.)

Level 3: Significant unobservable inputs (including Fund management’s assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s holdings as of March 31, 2020:


Classification	LEVEL 1 (Quoted Prices)		LEVEL 2 (Other Significant Observable Inputs)
Securities
Debt Securities
U.S. Treasury	$	—	$	4,411,530,282
Government-Related		—		2,898,457,765
Securitized		—		29,204,240,838
Corporate		—		22,618,790,622
Exchange Traded Funds		300,312,095		—
Short-term Investments
Repurchase Agreements		—		1,006,849,000
Money Market Fund		243,052,841		—

Total Securities	$	543,364,936	$	60,139,868,507

Other Investments
Credit Default Swaps
Appreciation	$	—	$	10,335,040

Security transactions. Security transactions are recorded on the trade date.

Other. For more information please see the Fund’s most recent prospectus, summary prospectus, and annual report on the Fund’s website at dodgeandcox.com.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.


Dodge & Cox Income Fund / 9


DODGE & COX GLOBAL BOND FUND
Consolidated Portfolio of Investments (unaudited)			March 31, 2020


DEBT SECURITIES: 95.0%

		PAR VALUE		VALUE
GOVERNMENT: 22.0%
Brazil Government (Brazil) 6.00%, 8/15/24^(a)	BRL		8,756,000	$	6,247,178
Chile Government (Chile) 4.00%, 3/1/23^(c)	CLP		4,120,000,000		5,135,842
Colombia Government (Colombia)
7.75%, 4/14/21	COP		27,360,000,000		6,905,724
3.00%, 3/25/33^(a)	COP		18,059,606,400		4,375,363
India Government (India) 8.24%, 2/15/27	INR		1,295,000,000		18,718,596
Indonesia Government (Indonesia) 8.25%, 5/15/36	IDR		259,747,000,000		15,501,701
Mexico Government (Mexico)
2.00%, 6/9/22^(a)	MXN		243,459,058		9,727,381
5.75%, 3/5/26	MXN		122,600,000		4,883,328
4.00%, 11/30/28^(a)	MXN		110,485,958		4,774,894
8.00%, 11/7/47	MXN		158,000,000		6,650,486
Norway Government (Norway) 3.00%, 3/14/24^(c)	NOK		38,500,000		4,068,612
Poland Government (Poland) 2.50%, 1/25/23	PLN		34,070,000		8,591,369
South Korea Government (South Korea) 3.00%, 9/10/24	KRW		11,800,000,000		10,396,619
Thailand Government (Thailand) 1.25%, 3/12/28^(a)	THB		161,261,100		4,667,460
Turkey Government (Turkey) 10.50%, 8/11/27	TRY		11,285,000		1,513,597

					112,158,150
GOVERNMENT-RELATED: 6.0%
Chicago Transit Authority RB (United States)
6.20%, 12/1/40	USD		225,000		270,374
6.899%, 12/1/40	USD		1,350,000		1,811,795
Colombia Government International (Colombia) 5.625%, 2/26/44	USD		3,550,000		3,896,125
Kommuninvest Cooperative Society (Sweden) 1.00%, 10/2/24	SEK		29,000,000		3,009,912
Petroleo Brasileiro SA (Brazil)
6.625%, 1/16/34	GBP		525,000		599,944
7.25%, 3/17/44	USD		2,500,000		2,527,000
Petroleos Mexicanos (Mexico)
4.75%, 2/26/29	EUR		1,800,000		1,368,514
6.84%, 1/23/30^(c)	USD		900,000		651,168
6.75%, 9/21/47	USD		5,711,000		3,651,556
6.35%, 2/12/48	USD		40,000		25,000
7.69%, 1/23/50^(c)	USD		2,100,000		1,459,500
6.95%, 1/28/60^(c)	USD		10,000		6,672
Province of Buenos Aires Argentina (Argentina) BADLARPP
+3.83%, 43.079%, 5/31/22	ARS		54,100,000		433,842
State of California GO (United States)
7.55%, 4/1/39	USD		650,000		1,054,755
7.30%, 10/1/39	USD		1,500,000		2,304,825
7.625%, 3/1/40	USD		2,075,000		3,347,597
State of Illinois GO (United States) 5.10%, 6/1/33	USD		4,200,000		4,169,046

					30,587,625
SECURITIZED: 11.5%
ASSET-BACKED: 4.2%
Other: 0.9%
Rio Oil Finance Trust (Brazil)
9.25%, 7/6/24^(c)	USD		2,837,363		2,773,550
9.75%, 1/6/27^(c)	USD		659,331		623,075
8.20%, 4/6/28^(c)	USD		1,074,000		966,600

					4,363,225



		PAR VALUE		VALUE
Student Loan: 3.3%
Navient Student Loan Trust (United States)
USD LIBOR1-Month
+1.25%, 2.197%, 6/25/65^(c)	USD		1,296,371	$	1,235,776
+1.35%, 2.297%, 6/25/65^(c)	USD		900,000		887,080
+1.00%, 1.947%, 9/27/66^(c)	USD		3,863,000		3,700,724
Navient Student Loan Trust (Private Loans) (United States)
Series2020-A B, 3.16%, 11/15/68^(c)	USD		2,000,000		1,504,334
Series2017-A B, 3.91%, 12/16/58^(c)	USD		1,445,000		1,513,622
SLM Student Loan Trust (United States)
USD LIBOR1-Month
+0.95%, 1.897%, 9/25/28	USD		1,848,237		1,764,475
USD LIBOR3-Month
+0.11%, 0.851%, 12/15/32^(c)	USD		2,968,711		2,710,004
+0.45%, 1.191%, 12/15/32^(c)	USD		1,065,327		987,372
SMB Private Education Loan Trust (Private Loans) (United States)
Series2017-B A2A, 2.82%, 10/15/35^(c)	USD		1,356,772		1,343,213
Series2018-C B, 4.00%, 11/17/42^(c)	USD		1,000,000		1,062,271

					16,708,871

					21,072,096
CMBS: 0.6%
Agency CMBS: 0.6%
Freddie Mac Military Housing Trust Multifamily (United States)
4.104%, 11/25/52^(c)(f)	USD		1,023,262		1,129,674
4.658%, 11/25/55^(c)(f)	USD		1,616,091		1,857,173

					2,986,847
MORTGAGE-RELATED: 6.7%
Federal Agency CMO & REMIC: 1.8%
Fannie Mae (United States) Trust2004-W9 1A3, 6.05%, 2/25/44	USD		370,530		427,847
Freddie Mac (United States)
Series 4283 EW, 4.50%, 12/15/43^(f)	USD		98,528		107,862
Series 4319 MA, 4.50%, 3/15/44^(f)	USD		353,961		395,378
Ginnie Mae (United States)
Series2010-169 JZ, 4.00%, 12/20/40	USD		466,087		507,456
USD LIBOR1-Month
+0.65%, 2.312%, 9/20/69	USD		5,159,926		5,019,010
USD LIBOR12-Month
+0.22%, 2.194%, 10/20/67	USD		566,937		554,352
+0.15%, 2.113%, 12/20/67	USD		1,415,483		1,375,899
+0.04%, 1.847%, 2/20/68	USD		1,051,408		1,016,967

					9,404,771
Federal Agency Mortgage Pass-Through: 4.9%
Fannie Mae, 15 Year (United States) 5.00%, 7/1/25	USD		12,292		12,982
Fannie Mae, 30 Year (United States)
4.50%, 4/1/39 - 6/1/49	USD		16,132,584		17,415,090
Fannie Mae, Hybrid ARM^(f) (United States)
USD LIBOR12-Month
+1.58%, 2.879%, 8/1/44	USD		85,635		86,191
+1.58%, 2.746%, 9/1/44	USD		145,004		145,755
Freddie Mac, Hybrid ARM^(f) (United States)
USD LIBOR12-Month
+1.63%, 3.035%, 10/1/44	USD		176,966		178,529
+1.60%, 2.698%, 11/1/44	USD		496,261		498,252
+1.62%, 2.637%, 1/1/45	USD		476,712		478,519
Freddie Mac Gold, 30 Year (United States)
6.00%, 2/1/35	USD		53,040		61,098
4.50%, 8/1/44 - 10/1/48	USD		5,536,083		5,974,959

					24,851,375

					34,256,146

					58,315,089


1 / Dodge & Cox Global Bond Fund		See accompanying Notes to Consolidated Portfolio of Investments


Consolidated Portfolio of Investments (unaudited)			March 31, 2020


DEBT SECURITIES (continued)

		PAR VALUE		VALUE
CORPORATE: 55.5%
FINANCIALS: 14.7%
Bank of America Corp. (United States)
4.25%, 10/22/26	USD		1,575,000	$	1,680,613
4.183%, 11/25/27	USD		3,525,000		3,644,492
6.11%, 1/29/37	USD		2,250,000		2,931,782
Barclays PLC (United Kingdom) 4.836%, 5/9/28	USD		1,925,000		1,985,485
BNP Paribas SA (France)
4.375%, 9/28/25^(c)	USD		3,290,000		3,339,285
4.625%, 3/13/27^(c)	USD		1,925,000		2,006,536
Chubb, Ltd. (Switzerland) 2.50%, 3/15/38	EUR		4,575,000		4,849,081
Citigroup, Inc. (United States)
USD LIBOR3-Month
+6.37%, 8.14%, 10/30/40^(b)	USD		6,135,500		6,296,250
HSBC Holdings PLC (United Kingdom)
4.95%, 3/31/30	USD		525,000		578,991
6.50%, 5/2/36	USD		1,250,000		1,477,636
6.00%, 3/29/40	GBP		4,076,000		5,837,623
JPMorgan Chase & Co. (United States)
1.09%, 3/11/27^(g)	EUR		4,750,000		5,016,625
4.25%, 10/1/27	USD		1,300,000		1,431,582
4.493%, 3/24/31^(g)	USD		1,500,000		1,740,188
Lloyds Banking Group PLC (United Kingdom)
4.50%, 11/4/24	USD		1,125,000		1,146,630
4.582%, 12/10/25	USD		3,900,000		4,012,281
4.65%, 3/24/26	USD		575,000		592,307
Royal Bank of Scotland Group PLC (United Kingdom)
6.125%, 12/15/22	USD		441,000		454,889
6.00%, 12/19/23	USD		4,350,000		4,518,881
5.125%, 5/28/24	USD		1,800,000		1,817,736
State Street Corp. (United States) 3.152%, 3/30/31^(c)(g)	USD		1,950,000		1,998,055
UniCredit SPA (Italy) 7.296%, 4/2/34^(c)(g)	USD		6,425,000		7,148,189
Wells Fargo & Co. (United States)
4.30%, 7/22/27	USD		3,600,000		3,858,998
5.606%, 1/15/44	USD		1,350,000		1,650,193
4.65%, 11/4/44	USD		550,000		633,458
5.013%, 4/4/51^(g)	USD		3,300,000		4,184,007

					74,831,793
INDUSTRIALS: 34.6%
AbbVie, Inc. (United States) 4.25%, 11/21/49^(c)	USD		6,075,000		6,552,915
AT&T, Inc. (United States) 3.15%, 9/4/36	EUR		5,575,000		6,270,334
Bayer AG (Germany) 3.75%, 7/1/74^(b)(g)	EUR		7,325,000		7,613,661
BHP Billiton, Ltd. (Australia) 6.75%, 10/19/75^(b)(c)(g)	USD		2,425,000		2,571,130
Carrier Global Corp^(d) (United States) 3.577%, 4/5/50^(c)	USD		1,275,000		1,136,703
Cemex SAB de CV (Mexico)
5.70%, 1/11/25^(c)	USD		4,275,000		3,612,418
7.75%, 4/16/26^(c)	USD		2,900,000		2,595,529
Charter Communications, Inc. (United States)
7.30%, 7/1/38	USD		2,150,000		2,640,984
6.75%, 6/15/39	USD		1,300,000		1,473,462
6.484%, 10/23/45	USD		4,425,000		5,288,653
5.75%, 4/1/48	USD		1,075,000		1,220,375
Cigna Corp. (United States)
3.75%, 7/15/23	USD		565,000		581,546
4.125%, 11/15/25	USD		575,000		615,690
4.375%, 10/15/28	USD		2,900,000		3,119,355
Coca-Cola Co. (United States)
3.45%, 3/25/30	USD		1,050,000		1,187,534
4.125%, 3/25/40	USD		200,000		246,402



		PAR VALUE		VALUE
4.20%, 3/25/50	USD		250,000	$	327,550
Concho Resources, Inc. (United States)
3.75%, 10/1/27	USD		1,900,000		1,612,791
4.30%, 8/15/28	USD		1,800,000		1,645,702
4.875%, 10/1/47	USD		500,000		385,504
4.85%, 8/15/48	USD		2,775,000		2,254,538
Cox Enterprises, Inc. (United States)
4.80%, 2/1/35^(c)	USD		350,000		380,416
8.375%, 3/1/39^(c)	USD		2,450,000		3,405,151
CSX Corp. (United States)
6.22%, 4/30/40	USD		1,050,000		1,372,299
3.80%, 4/15/50	USD		3,650,000		3,833,963
CVS Health Corp. (United States)
4.30%, 3/25/28	USD		475,000		504,452
3.75%, 4/1/30	USD		250,000		258,672
4.78%, 3/25/38	USD		1,425,000		1,565,022
5.05%, 3/25/48	USD		1,275,000		1,447,897
Danaher Corp. (United States) 1.35%, 9/18/39	EUR		5,200,000		4,716,431
Dow, Inc. (United States) 5.55%, 11/30/48	USD		4,775,000		5,368,355
Elanco Animal Health, Inc. (United States) 5.65%, 8/28/28	USD		3,750,000		3,957,381
Exxon Mobil Corp. (United States) 4.327%, 3/19/50	USD		2,200,000		2,692,116
Ford Motor Credit Co. LLC^(d) (United States)
3.35%, 11/1/22	USD		550,000		506,000
4.14%, 2/15/23	USD		1,825,000		1,698,345
4.375%, 8/6/23	USD		3,200,000		2,942,893
4.063%, 11/1/24	USD		3,025,000		2,745,187
Grupo Televisa SAB (Mexico)
8.50%, 3/11/32	USD		1,464,000		1,996,020
6.125%, 1/31/46	USD		1,400,000		1,586,386
HCA Healthcare, Inc. (United States)
4.125%, 6/15/29	USD		1,150,000		1,158,217
5.25%, 6/15/49	USD		1,275,000		1,361,019
Imperial Brands PLC (United Kingdom)
3.375%, 2/26/26	EUR		2,500,000		2,905,252
3.50%, 7/26/26^(c)	USD		600,000		553,903
3.875%, 7/26/29^(c)	USD		3,500,000		3,276,495
Intel Corp. (United States) 4.75%, 3/25/50	USD		2,450,000		3,201,750
Kinder Morgan, Inc. (United States)
6.95%, 1/15/38	USD		3,700,000		3,851,592
5.50%, 3/1/44	USD		675,000		676,923
5.55%, 6/1/45	USD		2,400,000		2,463,941
LafargeHolcim, Ltd. (Switzerland)
7.125%, 7/15/36	USD		1,150,000		1,480,795
6.50%, 9/12/43^(c)	USD		1,225,000		1,620,484
4.75%, 9/22/46^(c)	USD		950,000		841,966
Macy’s, Inc. (United States)
6.70%, 9/15/28	USD		50,000		33,843
6.70%, 7/15/34	USD		425,000		400,500
McDonald’s Corp. (United States) 4.20%, 4/1/50	USD		500,000		553,965
Millicom International Cellular SA (Luxembourg) 5.125%, 1/15/28^(c)	USD		5,500,000		4,785,000
MTN Group, Ltd. (South Africa) 4.755%, 11/11/24^(c)	USD		1,425,000		1,254,000
NIKE, Inc. (United States) 3.375%, 3/27/50	USD		3,050,000		3,342,535
Occidental Petroleum Corp. (United States)
4.30%, 8/15/39	USD		750,000		318,898
6.60%, 3/15/46	USD		6,325,000		2,980,958
Oracle Corp. (United States) 3.60%, 4/1/50	USD		3,725,000		3,709,983
Procter & Gamble Co. (United States)


See accompanying Notes to Consolidated Portfolio of Investments		Dodge & Cox Global Bond Fund / 2


Consolidated Portfolio of Investments (unaudited)			March 31, 2020


DEBT SECURITIES (continued)

		PAR VALUE		VALUE
3.55%, 3/25/40	USD		300,000	$	349,880
3.60%, 3/25/50	USD		350,000		431,726
Prosus NV^(d) (Netherlands)
5.50%, 7/21/25^(c)	USD		2,450,000		2,401,000
4.85%, 7/6/27^(c)	USD		3,775,000		3,604,710
3.68%, 1/21/30^(c)	USD		1,375,000		1,244,427
QVC, Inc.^(d) (United States) 4.45%, 2/15/25	USD		2,400,000		1,974,788
TC Energy Corp. (Canada)
5.625%, 5/20/75^(b)(g)	USD		2,800,000		2,128,000
5.30%, 3/15/77^(b)(g)	USD		7,250,000		5,404,875
5.50%, 9/15/79^(b)(g)	USD		1,095,000		837,675
Telecom Italia SPA (Italy)
7.20%, 7/18/36	USD		3,358,000		3,475,530
7.721%, 6/4/38	USD		3,250,000		3,435,932
Thermo Fisher Scientific, Inc. (United States) 4.497%, 3/25/30	USD		5,000,000		5,636,052
Ultrapar Participacoes SA (Brazil)
5.25%, 10/6/26^(c)	USD		1,159,000		1,009,501
5.25%, 6/6/29^(c)	USD		2,850,000		2,386,875
United Parcel Service, Inc. (United States)
5.20%, 4/1/40	USD		400,000		488,598
5.30%, 4/1/50	USD		550,000		724,355
Verizon Communications, Inc. (United States) 4.00%, 3/22/50	USD		2,100,000		2,492,293
Vodafone Group PLC (United Kingdom) 7.00%, 4/4/79^(b)(g)	USD		2,900,000		3,100,576

					175,828,574
UTILITIES: 6.2%
Berkshire Hathaway Energy^(d) (United States) 4.25%, 10/15/50^(c)	USD		4,700,000		5,370,962
Dominion Energy, Inc. (United States)
3.60%, 3/15/27	USD		3,600,000		3,671,764
5.75%, 10/1/54^(b)(g)	USD		4,340,000		3,798,411
Enel SPA (Italy)
3.375%, 11/24/81^(b)(g)	EUR		6,250,000		6,582,683
8.75%, 9/24/73^{(b)(c) (g)}	USD		1,301,000		1,372,555
Exelon Corp. (United States) 4.70%, 4/15/50	USD		5,325,000		5,562,215
NextEra Energy, Inc. (United States) 5.65%, 5/1/79^(b)(g)	USD		1,875,000		1,726,598
The Southern Co. (United States) 5.50%, 3/15/57^(b)(g)	USD		3,775,000		3,592,054

					31,677,242

					282,337,609
TOTAL DEBT SECURITIES (Cost $517,867,982)				$	483,398,473

SHORT-TERM INVESTMENTS: 1.8%

PAR VALUE

VALUE

REPURCHASE AGREEMENTS: 1.4%

Fixed Income Clearing Corporation^(e)
0.00%, dated 3/31/20, due 4/1/20, maturity value $7,282,000

USD

7,282,000



		SHARES			VALUE
MONEY MARKET FUND: 0.4%
State Street Institutional U.S. Government Money Market Fund	USD		2,009,625		$	2,009,625

TOTAL SHORT-TERM INVESTMENTS (Cost $9,291,625)					$	9,291,625

TOTAL INVESTMENTS IN SECURITIES (Cost $527,159,607)			96.8	%	$	492,690,098
OTHER ASSETS LESS LIABILITIES			3.2	%		16,406,439

NET ASSETS			100.0	%	$	509,096,537

(a) Inflation-linked

(b) Hybrid security has characteristics of both a debt and equity security.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) Subsidiary (see below)

(e) Repurchase agreement is collateralized by U.S. Treasury Note 2.875%, 10/15/21. Total collateral value is $7,431,673.

(f) Variable rate security: interest rate is determined by the interest rates of underlying pool of assets that collateralize the security. The interest rate of the security may change due to a change in the interest rates or the composition of underlying pool of assets. The interest rate shown is the rate as of period end.

(g) Variable rate security:fixed-to-float security pays an initial fixed interest rate and will pay a floating interest rate established at a predetermined time in the future. The interest rate shown is the rate as of period end.

ARM: Adjustable Rate Mortgage

CMBS: Commercial Mortgage-Backed Security

CMO: Collateralized Mortgage Obligation

GO: General Obligation

REMIC: Real Estate Mortgage Investment Conduit

RB: Revenue Bond

ARS:Argentine Peso

BRL:Brazilian Real

CLP:Chilean Peso

COP:Colombian Peso

EUR:Euro

GBP:British Pound

IDR:Indonesian Rupiah

INR:Indian Rupee

KRW:South Korean Won

MXN:Mexican Peso

NOK: Norwegian Krone

PLN:Polish Zloty

SEK: Swedish Krona

THB:Thai Baht

TRY:Turkish Lira

USD:United States Dollar

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Notional
Amount

Expiration
Date

Pay

(Semi-Annually)

Receive

(Quarterly)

Value

Upfront
Payments (Receipts)

Unrealized Appreciation/
(Depreciation)

$1,620,000

06/17/2050

1.50%

USD LIBOR
3-Month

(268,207

)

(282,603

)

14,396


3 / Dodge & Cox Global Bond Fund		See accompanying Notes to Consolidated Portfolio of Investments


Consolidated Portfolio of Investments (unaudited)			March 31, 2020

FUTURES CONTRACTS


Description	Number of Contracts		Expiration Date		Notional Amount			Value / Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note - Short Position		260		6/19/20	$	(36,058,750	)	$	31,991
Euro-Bobl Future - Short Position		89		6/8/20		(13,271,950	)		87,226
Euro-Bund Future - Short Position		67		6/8/20		(12,747,499	)		137,739
Euro-Buxl Future - Short Position		28		6/8/20		(6,481,960	)		272,613
Long-Term U.S. Treasury Bond - Short Position		156		6/19/20		(27,933,750	)		(1,842,412	)
Long Gilt Future Short Position		41		6/26/20		(6,935,627	)		(103,670	)
Ultra Long-Term U.S. Treasury Bond - Short Position		208		6/19/20		(46,150,000	)		(1,388,293	)

								$	(2,804,806	)

CURRENCY FORWARD CONTRACTS


Counterparty	Settle Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
BRL: Brazilian Real
Goldman Sachs		8/5/20		USD	740,960		BRL	3,000,000	$	167,842
Goldman Sachs		8/5/20		USD	196,157		BRL	835,000		36,639
Goldman Sachs		8/5/20		BRL	3,835,000		USD	904,055		(171,418	)
EUR: Euro
Barclays		6/17/20		USD	1,239,249		EUR	1,100,000		22,535
Citibank		6/17/20		USD	1,463,240		EUR	1,300,000		25,304
Citibank		6/17/20		USD	3,553,251		EUR	3,200,000		13,718
Morgan Stanley		6/17/20		USD	23,281,017		EUR	20,650,000		439,967
Credit Suisse		9/16/20		USD	4,614,439		EUR	4,100,000		67,113
Goldman Sachs		6/17/20		USD	4,295,835		EUR	3,800,000		92,640
Goldman Sachs		6/17/20		USD	2,806,160		EUR	2,500,000		40,900
Goldman Sachs		6/17/20		USD	1,334,340		EUR	1,200,000		7,015
Goldman Sachs		9/16/20		USD	1,143,175		EUR	1,035,000		(4,748	)
JPMorgan		9/16/20		USD	1,024,452		EUR	900,000		26,258
Bank of America		6/17/20		EUR	4,500,000		USD	4,810,604		166,865
GBP: British Pound
Citibank		6/17/20		USD	1,640,643		GBP	1,225,000		117,042
Citibank		6/17/20		USD	890,191		GBP	675,000		50,657
Morgan Stanley		6/17/20		USD	4,294,989		GBP	3,250,000		252,784
Goldman Sachs		6/17/20		USD	819,563		GBP	625,000		42,215
UBS		6/17/20		USD	799,002		GBP	625,000		21,655
Bank of America		6/17/20		GBP	1,900,000		USD	2,201,262		161,872
KRW: South Korean Won
Citibank		10/7/20		USD	3,569,314		KRW	4,220,000,000		77,971
Citibank		10/7/20		USD	1,704,085		KRW	1,975,000,000		70,103
Citibank		10/7/20		USD	5,408,333		KRW	6,490,000,000		38,945
THB: Thai Baht
Barclays		6/10/20		USD	754,389		THB	23,420,000		40,174
Barclays		6/10/20		USD	2,145,156		THB	66,650,000		112,602
Barclays		9/23/20		USD	985,283		THB	30,100,000		67,008
JPMorgan		9/23/20		USD	1,267,876		THB	38,300,000		99,440

Unrealized gain on currency forward contracts										2,259,264
Unrealized loss on currency forward contracts										(176,166	)

Net unrealized gain on currency forward contracts									$	2,083,098

The listed counterparty may be the parent company or one of its subsidiaries.


See accompanying Notes to Consolidated Portfolio of Investments		Dodge & Cox Global Bond Fund / 4

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS(unaudited)

Debt securities and derivatives traded over the counter are valued using prices received from independent pricing services which utilize dealer quotes, recent transaction data, pricing models, and other inputs to arrive at market-based valuations. Pricing models may consider quoted prices for similar investments, interest rates, cash flows (including prepayment speeds), and credit risk. Exchange-traded derivatives are generally valued at the settlement price determined by the relevant exchange. Other investments for which market quotes are readily available are valued at market value. Short-term securities with less than 60 days to maturity may be valued at amortized cost if amortized cost approximates current value. Mutual funds are valued at their respective net asset values. Security values are not discounted based on the size of the Fund’s position and may differ from the value the Fund receives upon the sale of the securities.

Valuation measurements. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1: Quoted prices in active markets for identical securities

Level 2: Other significant observable inputs (including quoted prices for similar securities, market indices, interest rates, credit risk, forward exchange rates, etc.)

Level 3: Significant unobservable inputs (including Fund management’s assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s holdings as of March 31, 2020:


Classification	LEVEL 1 (Quoted Prices)			LEVEL 2 (Other Significant Observable Inputs)
Securities
Debt Securities
Government	$	—		$	112,158,150
Government-Related		—			30,587,625
Securitized		—			58,315,089
Corporate		—			282,337,609
Short-term Investments
Repurchase Agreement		—			7,282,000
Money Market Fund		2,009,625			—

Total Securities	$	2,009,625		$	490,680,473

Other Investments
Futures Contracts
Appreciation	$	529,569		$	—
Depreciation		(3,334,375	)		—
Interest Rate Swaps
Appreciation		—			14,396
Currency Forward Contracts
Appreciation		—			2,259,264
Depreciation		—			(176,166	)

Security transactions. Security transactions are recorded on the trade date.

Other. For more information please see the Fund’s most recent prospectus, summary prospectus, and annual report on the Fund’s website at dodgeandcox.com.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

5 / Dodge & Cox Global Bond Fund

Dodge & Cox Funds NPORT-PDodge & Cox International Stock Fund (Mar 2020 report)