Dodge & Cox Funds NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-173

DODGE & COX FUNDS

(Exact name of registrant as specified in charter)

555 California Street, 40^th Floor

San Francisco, CA 94104

(Address of principal executive offices) (Zip code)

Thomas M. Mistele, Esq.

555 California Street, 40^th Floor

San Francisco, CA 94104

(Name and address of agent for service)

Registrant’s telephone number, including area code: 415-981-1710

Date of fiscal year end: DECEMBER 31, 2015

Date of reporting period: JUNE 30, 2015

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The following are the June 30, 2015 semi-annual reports for the Dodge & Cox Funds, a Delaware statutory trust, consisting of six series: Dodge & Cox Stock Fund, Dodge & Cox Global Stock Fund, Dodge & Cox International Stock Fund, Dodge & Cox Balanced Fund, Dodge & Cox Income Fund and Dodge & Cox Global Bond Fund. The reports of each series were transmitted to their respective shareholders on August 18, 2015.

LOGO

DODGE & COX FUNDS^®


2015

Semi-Annual Report

June 30, 2015

Stock Fund

ESTABLISHED 1965

TICKER: DODGX

06/15 SF SAR LOGO Printed on recycled paper

TO OUR SHAREHOLDERS

The Dodge & Cox Stock Fund had a total return of 1.4% for the six months ending June 30, 2015, compared to a return of 1.2% for the S&P 500 Index. On June 30, the Fund had net assets of $59.9 billion with net cash of 0.7%.

MARKET COMMENTARY

U.S. equity markets modestly appreciated during the first half of 2015: the S&P 500 rose to a record high in May before retreating to end the period up slightly. After moderating in the first quarter, U.S. economic activity expanded in recent months: labor market conditions improved, household spending grew, and the housing sector reached multi-year highs in existing home sales and building permits. However, these positive developments were tempered by concerns about Greece’s sovereign debt crisis and potential exit from the Eurozone. The escalating situation in Greece could continue to create market volatility.

Indicative of a stronger U.S. economy, longer-term U.S. Treasury rates rose over the six-month period ended June 30. Despite the increase, interest rates remained low in the United States and around the world compared to historical averages. The U.S. Federal Reserve (Fed) reaffirmed its target range for the federal funds rate and its intention to raise rates slowly. Many investors now expect the Fed to begin increasing rates in the second half of 2015. We believe the Fund is well positioned to benefit from a future normalization of interest rates.

INVESTMENT STRATEGY: THE IMPORTANCE OF CAPITAL ALLOCATION

As long-term investors, we look beyond readily available short-term information and consider ourselves part-owners of companies in which we invest. Our global industry analysts thoroughly research each company and evaluate its financial staying power. As part of our analysis, we assess the strength and depth of management teams and attempt to identify potential risks to their business models and our financial projections. In assessing corporate governance, we evaluate the extent to which management is running the company for the benefit of long-term shareholders.

Each investment opportunity is valued on its potential to generate future earnings and cash flow. Importantly, the company’s executive management team—not shareholders—ultimately determines how cash from operations is deployed (e.g., dividends, share repurchases, debt reduction, capital expenditures, acquisitions). As a result, we incorporate each company’s capital allocation track record and plans into our bottom-up research process.

Accelerating Merger & Acquisition (M&A) Activity

From 2008 through 2013, many U.S. corporations focused on improving their balance sheets as a top priority. Such improvements included lowering debt levels, increasing debt coverage ratios, and holding a higher percentage of assets in cash. Consequently, M&A activity ebbed.

More recently, with corporations in stronger financial positions, M&A activity has accelerated due to an improved lending environment, moderating earnings growth, and strong cash positions. The volume of M&A transactions was high in 2014 and, in the second quarter of 2015, exceeded that of each quarter since 2007. A number of Fund holdings across multiple industries are involved in pending transactions, including Baker Hughes, BB&T, Danaher, FedEx, General Electric, Pfizer, and Time Warner Cable.

M&A activity may affect the portfolio, even when it does not involve portfolio holdings. For example, within the Health Care sector (18.2% of the Fund^(a)), industry dynamics are driving increased consolidation in the Heath Care Providers and Services industry (Health Care Services). On June 30, the Fund was overweight Health Care Services (6.0% compared to 3.1% of the S&P 500).

Health Care Services

In 2013, we established positions in Health Care Services by purchasing Cigna, UnitedHealth Group, and Express Scripts based on their attractive valuations and improving fundamentals. Industry growth prospects were and continue to be favorable: the Affordable Care Act increased access for previously uninsured citizens, demographic trends are encouraging (e.g., aging population, lengthening life expectancy), and new and improved treatments are being developed.

Industry dynamics are contributing to rising M&A activity in Health Care Services. Elevated regulatory burdens, combined with the need for better data analytics, are driving the need for more sophisticated IT infrastructure. The evolution of value-based pricing systems and consumer-driven health care has increased the advantage of scale players. Furthermore, economies of scale are important in cost-conscious environments: purchasing power is essential in procuring everything from pharmaceuticals to hospital stays to doctor visits.

Concentration among pharmacy benefit managers (PBMs) has created economies of scale in negotiating drug prices, which helps lower treatment costs. Most recently, UnitedHealth’s OptumRx announced plans to acquire Catamaran. If the deal is successful, the three largest PBMs (Express Scripts, CVS, and OptumRx) will manage over 75% of all prescriptions in the United States, compared to only 44% in 2007. One company that should benefit from further industry consolidation is Express Scripts^(b) (the Fund’s largest Health Care Services holding).

Express Scripts

PAGE 2 § DODGE & COX STOCK FUND

Medco in 2012, Express Scripts became the largest PBM in the United States. The company now generates over $100 billion in annual revenue and manages 1.3 billion claims, or 30% of all U.S. prescription claims. Today, the company operates three vertically integrated businesses: a basic pharmacy benefit manager, a mail order pharmacy, and a specialty pharmacy. Express Scripts has achieved measurable growth by providing patients with generic drugs. With multiple equivalent treatments available, the company has used its buying power to save money for customers and generate profits; its mission is well aligned with customers looking to reduce health care and pharmacy cost trends. This strategy has boosted generic drug penetration to high levels.

The upcoming challenge for Express Scripts is in specialty drugs, which are used to treat chronic, complex diseases, including cancer, hepatitis, and multiple sclerosis. In the United States, this segment accounts for only 1% of volume, yet 25 to 30% of all drug spending. Biotech companies have maintained pricing power in this segment as disease complexity necessitates innovative and unique therapies. However, at over ten times the price of the average prescription, a need exists to manage the costs of these drugs, which we view as an attractive long-term growth opportunity. Express Scripts, with 30% market share in specialty drugs, is best positioned to help patients receive needed treatments cost effectively. Given the emergence of biosimilars and substitute treatments for older biotech drugs, Express Scripts’ strategy has the potential to influence prices in this segment.

During the second quarter, we increased the Fund’s position in Express Scripts after weighing the company’s fundamental outlook against its valuation. We believe Express Scripts’ strong business franchise, significant scale advantage, financial stability, growth opportunities, and reasonable valuation at 15.5 times forward earnings present an attractive investment opportunity. On June 30, Express Scripts was a 2.4% position in the Fund.

IN CLOSING

Despite trading above their long-term average, U.S. equity market valuations remain reasonable in our opinion: the S&P 500 traded at 17.5 times forward estimated earnings with a 2.1% dividend yield at June 30. Given higher starting valuations, we continue to have a more tempered outlook for long-term equity returns. Corporate balance sheets and cash flows continue to be strong. Over our three- to five-year investment horizon, we continue to believe the Fund’s portfolio is well positioned to benefit from long-term global growth opportunities. Acknowledging that markets can be volatile in the short term, we encourage shareholders to remain focused on the long term.

Thank you for your continued confidence in our firm. As always, we welcome your comments and questions.

For the Board of Trustees,

Charles F. Pohl,

Chairman

Dana M. Emery,

President

July 31, 2015

^(a)

Unless otherwise specified, all weightings and characteristics are as of June 30, 2015.

^(b)

The use of specific examples does not imply that they are more attractive investments than the Fund’s other holdings.

DODGE & COX STOCK FUND §PAGE 3

YEAR-TO-DATE PERFORMANCE REVIEW

The Fund outperformed the S&P 500 by 0.1 percentage points year to date.

Key Contributors to Relative Results

Returns from holdings in the Financials sector (up 5% compared to flat for the S&P 500 sector) contributed to results. Charles Schwab (up 9%) and Capital One (up 8%) were particularly strong.

The Fund’s average overweight position (18% versus 15%) and holdings in the Health Care sector (up 12% compared to up 10% for the S&P 500 sector) aided performance. Key contributors included Cigna (up 57%), UnitedHealth Group (up 22%), and Sanofi (up 11%).

The Fund’s underweight position in the Utilities sector (no holdings versus average 3% for the S&P 500 sector), the weakest sector of the market (down 11%), helped results.

Additional contributors included Celanese (up 21%) and Time Warner Cable (up 19%).

Key Detractors from Relative Results

The Fund’s average overweight position (23% versus 20%) and holdings in the Information Technology sector (down 6% compared to up 1% for the S&P 500 sector) hurt returns. Hewlett-Packard (down 24%), NetApp (down 23%), and EMC (down 10%) performed poorly.

Returns from holdings in the Consumer Discretionary sector (up 3% compared to up 7% for the S&P 500 sector) detracted from results. Twenty-First Century Fox (down 15%) was particularly weak.

Additional detractors included National Oilwell Varco (down 25%), Wal-Mart (down 16%), and Apache (down 7%).

KEY CHARACTERISTICS OF DODGE & COX

Independent Organization

Dodge & Cox is one of the largest privately owned investment managers in the world. We remain committed to independence, with a goal of providing the highest quality investment management service to our existing clients.

Over 80 Years of Investment Experience

Dodge & Cox was founded in 1930. We have a stable and well-qualified team of investment professionals, most of whom have spent their entire careers at Dodge & Cox.

Experienced Investment Team

The Investment Policy Committee, which is the decision-making body for the Stock Fund, is a nine-member committee with an average tenure at Dodge & Cox of 27 years.

One Business with a Single Research Office

Dodge & Cox manages equity (domestic, international, and global), fixed income (domestic and global), and balanced investments, operating from one office in San Francisco.

Consistent Investment Approach

Our team decision-making process involves thorough, bottom-up fundamental analysis of each investment.

Long-Term Focus and Low Expenses

We invest with a three- to five-year investment horizon, which has historically resulted in low turnover relative to our peers. We manage Funds that maintain low expense ratios.

Risks: The Fund is subject to market risk, meaning holdings in the Fund may decline in value for extended periods due to the financial prospects of individual companies, or due to general market and economic conditions. Please read the prospectus and summary prospectus for specific details regarding the Fund’s risk profile.

PAGE 4 § DODGE & COX STOCK FUND

GROWTH OF $10,000 OVER 10 YEARS

FOR AN INVESTMENT MADE ON JUNE 30, 2005

LOGO

AVERAGE ANNUAL TOTAL RETURN

FOR PERIODS ENDED JUNE 30, 2015


	1 Year			5 Years			10 Years			20 Years
Dodge & Cox Stock Fund		4.55	%		17.80	%		7.20	%		11.00	%
S&P 500		7.43			17.35			7.90			8.91

Returns represent past performance and do not guarantee future results. Investment return and share price will fluctuate with market conditions, and investors may have a gain or loss when shares are sold. Fund performance changes over time and currently may be significantly lower than stated. Performance is updated and published monthly. Visit the Fund’s website at dodgeandcox.com or call 800-621-3979 for current performance figures.

S&P 500^® is a trademark of McGraw Hill Financial.

FUND EXPENSE EXAMPLE

As a Fund shareholder, you incur ongoing Fund costs, including management fees and other Fund expenses. All mutual funds have ongoing costs, sometimes referred to as operating expenses. The following example shows ongoing costs of investing in the Fund and can help you understand these costs and compare them with those of other mutual funds. The example assumes a $1,000 investment held for the six months indicated.

ACTUAL EXPENSES

The first line of the table below provides information about actual account values and expenses based on the Fund’s actual returns. You may use the information in this line, together with your account balance, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON WITH OTHER MUTUAL FUNDS

Information on the second line of the table can help you compare ongoing costs of investing in the Fund with those of other mutual funds. This information may not be used to estimate the actual ending account balance or expenses you paid during the period. The hypothetical “Ending Account Value” is based on the actual expense ratio of the Fund and an assumed 5% annual rate of return before expenses (not the Fund’s actual return). The amount under the heading “Expense Paid During the Period” shows the hypothetical expenses your account would have incurred under this scenario. You can compare this figure with the 5% hypothetical examples that appear in shareholder reports of other mutual funds.


Six Months Ended June 30, 2015	Beginning Account Value 1/1/2015		Ending Account Value 6/30/2015		Expenses Paid During Period*
Based on Actual Fund Return	$	1,000.00	$	1,013.50	$	2.61
Based on Hypothetical 5% Yearly Return		1,000.00		1,022.20		2.62

Expenses are equal to the Fund’s annualized expense ratio of 0.52%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

The expenses shown in the table highlight ongoing costs only and do not reflect any transactional fees or account maintenance fees. Though other mutual funds may charge such fees, please note that the Fund does not charge transaction fees (e.g., redemption fees, sales loads) or universal account maintenance fees (e.g., small account fees).

DODGE & COX STOCK FUND §PAGE 5


FUND INFORMATION			June 30, 2015


GENERAL INFORMATION
Net Asset Value Per Share			$180.47
Total Net Assets (billions)			$59.9
Expense Ratio			0.52%
Portfolio Turnover Rate (1/1/15 to 6/30/15, unannualized)			7%
30-Day SEC Yield^(a)			1.30%
Fund Inception			1965
No sales charges or distribution fees

Investment Manager: Dodge & Cox, San Francisco. Managed by the Investment Policy Committee, whose nine members’ average tenure at Dodge & Cox is 27 years.


PORTFOLIO CHARACTERISTICS	Fund		S&P 500
Number of Equity Securities		64		502
Median Market Capitalization (billions)		$48		$18
Weighted Average Market Capitalization (billions)		$114		$135
Price-to-Earnings Ratio^(b)		14.9x		17.5x
Foreign Securities not in the S&P 500^(c)		10.0%		0.0%


TEN LARGEST HOLDINGS (%)^(d)	Fund
Capital One Financial Corp.		4.2
Wells Fargo & Co.		4.0
Hewlett-Packard Co.		3.6
Microsoft Corp.		3.6
Time Warner Cable, Inc.		3.4
Time Warner, Inc.		3.3
Novartis AG (Switzerland)		3.2
Charles Schwab Corp.		3.2
Bank of America Corp.		3.0
Comcast Corp.		2.7

ASSET ALLOCATION

LOGO


SECTOR DIVERSIFICATION (%)	Fund		S&P 500
Financials		25.3		16.5
Information Technology		22.3		19.7
Health Care		18.2		15.4
Consumer Discretionary		15.3		12.9
Energy		8.6		7.9
Industrials		5.6		10.1
Consumer Staples		2.2		9.4
Materials		1.0		3.0
Telecommunication Services		0.8		2.3
Utilities		0.0		2.8

^(a)	SEC Yield is an annualization of the Fund’s total net investment income per share for the 30-day period ended on the last day of the month.

^(b)	Price-to-earnings (P/E) ratios are calculated using 12-month forward earnings estimates from third-party sources.

^(c)	Foreign securities are U.S. dollar denominated.

^(d)	The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation to buy, sell, or hold any particular security and is not indicative of Dodge & Cox’s current or future trading activity.

PAGE 6 § DODGE & COX STOCK FUND


PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015


COMMON STOCKS: 99.3%

	SHARES		VALUE
CONSUMER DISCRETIONARY: 15.3%
CONSUMER DURABLES & APPAREL: 0.7%
Coach, Inc.		10,116,700	$	350,138,987
NVR, Inc.^(a)		52,900		70,886,000

				421,024,987
MEDIA: 11.9%
Comcast Corp., Class A		26,799,897		1,611,745,806
DISH Network Corp., Class A^(a)		6,819,649		461,758,434
News Corp., Class A^(a)		4,926,406		71,876,263
Time Warner Cable, Inc.		11,519,110		2,052,359,829
Time Warner, Inc.		22,409,432		1,958,808,451
Time, Inc.		999,517		22,998,886
Twenty-First Century Fox, Inc.		28,214,826		918,251,512

				7,097,799,181
RETAILING: 2.7%
CarMax, Inc.^(a)		309,392		20,484,845
Liberty Interactive Corp. QVC Group, Series A^(a)		13,101,375		363,563,156
Target Corp.		9,640,686		786,969,198
The Priceline Group, Inc.^(a)		402,000		462,850,740

				1,633,867,939

				9,152,692,107
CONSUMER STAPLES: 2.2%
FOOD & STAPLES RETAILING: 2.2%
Wal-Mart Stores, Inc.		18,730,350		1,328,543,726

ENERGY: 8.6%
Apache Corp.^(c)		18,108,645		1,043,601,211
Baker Hughes, Inc.		16,018,450		988,338,365
Chevron Corp.		6,792,280		655,251,252
National Oilwell Varco, Inc.		11,246,672		542,989,324
Schlumberger, Ltd.^(b) (Curacao/United States)		18,575,245		1,601,000,367
Weatherford International PLC^(a),(b) (Ireland)		24,773,700		303,973,299

				5,135,153,818
FINANCIALS: 25.3%
BANKS: 10.6%
Bank of America Corp.		105,461,800		1,794,959,836
BB&T Corp.		15,935,244		642,349,685
JPMorgan Chase & Co.		16,756,400		1,135,413,664
SunTrust Banks, Inc.		8,620,133		370,838,122
Wells Fargo & Co.		43,050,341		2,421,151,178

				6,364,712,485
DIVERSIFIED FINANCIALS: 12.2%
Bank of New York Mellon Corp.		34,467,838		1,446,615,161
Capital One Financial Corp.^(c)		28,369,211		2,495,639,492
Charles Schwab Corp.		58,105,900		1,897,157,635
Goldman Sachs Group, Inc.		6,863,400		1,433,009,286

				7,272,421,574
INSURANCE: 2.5%
AEGON NV^(b) (Netherlands)		67,966,891		502,954,993
MetLife, Inc.		17,801,700		996,717,183

				1,499,672,176

				15,136,806,235
HEALTH CARE: 18.2%
HEALTH CARE EQUIPMENT & SERVICES: 6.6%
Cigna Corp.		6,094,784		987,355,008
Express Scripts Holding Co.^(a)		16,294,028		1,449,190,850
Medtronic PLC^(b) (Ireland)		4,690,000		347,529,000
UnitedHealth Group, Inc.		9,585,600		1,169,443,200

				3,953,518,058



	SHARES		VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES: 11.6%
GlaxoSmithKline PLC ADR^(b) (United Kingdom)		5,717,547	$	238,135,833
Merck & Co., Inc.		14,556,500		828,701,545
Novartis AG ADR^(b) (Switzerland)		19,580,700		1,925,566,038
Pfizer, Inc.		27,821,064		932,840,276
Roche Holding AG ADR^(b) (Switzerland)		40,919,500		1,435,046,865
Sanofi ADR^(b) (France)		31,918,929		1,580,944,553

				6,941,235,110

				10,894,753,168
INDUSTRIALS: 5.6%
CAPITAL GOODS: 2.0%
Danaher Corp.		6,510,000		557,190,900
General Electric Co.		19,714,475		523,813,601
Koninklijke Philips NV^(b) (Netherlands)		2,860,498		72,828,279
NOW, Inc.^(a)		1,953,229		38,888,789

				1,192,721,569
COMMERCIAL & PROFESSIONAL SERVICES: 1.5%
ADT Corp.^(c)		11,169,337		374,954,643
Tyco International PLC^(b) (Ireland)		13,160,975		506,434,318

				881,388,961
TRANSPORTATION: 2.1%
FedEx Corp.		7,624,299		1,299,180,550

				3,373,291,080
INFORMATION TECHNOLOGY: 22.3%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT: 0.9%
Maxim Integrated Products, Inc.^(c)		15,856,840		548,250,243

SOFTWARE & SERVICES: 10.8%
Cadence Design Systems, Inc.^(a)		7,999,300		157,266,238
eBay, Inc.^(a)		14,174,109		853,848,326
Google, Inc., Class A^(a)		795,200		429,439,808
Google, Inc., Class C^(a)		1,882,353		979,783,560
Microsoft Corp.		48,967,900		2,161,932,785
Symantec Corp.^(c)		53,861,000		1,252,268,250
Synopsys, Inc.^(a),(c)		12,517,969		634,035,130

				6,468,574,097
TECHNOLOGY, HARDWARE & EQUIPMENT: 10.6%
Cisco Systems, Inc.		25,168,211		691,119,074
Corning, Inc.		26,627,100		525,352,683
EMC Corp.		43,010,400		1,135,044,456
Hewlett-Packard Co.		72,846,595		2,186,126,316
Juniper Networks, Inc.		13,509,776		350,848,883
NetApp, Inc.^(c)		21,394,000		675,194,640
TE Connectivity, Ltd.^(b) (Switzerland)		12,576,575		808,673,772

				6,372,359,824

				13,389,184,164
MATERIALS: 1.0%
Celanese Corp., Series A^(c)		8,030,571		577,237,443

TELECOMMUNICATION SERVICES: 0.8%
Sprint Corp.^(a)		102,018,052		465,202,317

TOTAL COMMON STOCKS (Cost $41,215,301,723)			$	59,452,864,058


See accompanying Notes to Financial Statements		DODGE & COX STOCK FUND §PAGE 7


PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015


SHORT-TERM INVESTMENTS: 0.9%

	PAR VALUE			VALUE
MONEY MARKET FUND: 0.1%
SSgA U.S. Treasury Money Market Fund		59,794,297			59,794,297

REPURCHASE AGREEMENT: 0.8%
Fixed Income Clearing Corporation^(d) 0.01%, dated 6/30/15, due 7/1/15, maturity value $497,465,138		497,465,000			497,465,000

TOTAL SHORT-TERM INVESTMENTS (Cost $557,259,297)				$	557,259,297

TOTAL INVESTMENTS (Cost $41,772,561,020)		100.2	%	$	60,010,123,355
OTHER ASSETS LESS LIABILITIES		(0.2	%)		(139,771,519	)

NET ASSETS		100.0	%	$	59,870,351,836

^(a)	Non-income producing

^(b)	Security denominated in U.S. dollars

^(c)	See Note 9 regarding holdings of 5% voting securities

^(d)	Repurchase agreement is collateralized by U.S. Treasury Note 1.50%, 10/31/19-11/30/19 and Freddie Mac 1.87%, 12/24/19. Total collateral value is $507,415,763.

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


PAGE 8 § DODGE & COX STOCK FUND		See accompanying Notes to Financial Statements


STATEMENT OF ASSETS AND LIABILITIES (unaudited)

	June 30, 2015
ASSETS:
Investments, at value
Unaffiliated issuers (cost $37,146,949,629)	$	53,452,543,515
Affiliated issuers (cost $4,625,611,391)		6,557,579,841

		60,010,123,356
Receivable for investments sold		106,397,218
Receivable for Fund shares sold		25,520,733
Dividends and interest receivable		64,292,426
Prepaid expenses and other assets		201,403

		60,206,535,136

LIABILITIES:
Payable for investments purchased		200,734,355
Payable for Fund shares redeemed		108,175,900
Management fees payable		25,115,213
Accrued expenses		2,157,832

		336,183,300

NET ASSETS	$	59,870,351,836

NET ASSETS CONSIST OF:
Paid in capital	$	40,283,063,884
Undistributed net investment income		7,256,148
Undistributed net realized gain		1,342,469,469
Net unrealized appreciation		18,237,562,335

	$	59,870,351,836

Fund shares outstanding (par value $0.01 each, unlimited shares authorized)		331,753,044
Net asset value per share	$	180.47

STATEMENT OF OPERATIONS (unaudited)

	Six Months Ended June 30, 2015
INVESTMENT INCOME:
Dividends (net of foreign taxes of $20,876,250)
Unaffiliated issuers	$	558,505,536
Affiliated issuers		71,151,177
Interest		10,946

		629,667,659

EXPENSES:
Management fees		149,597,994
Custody and fund accounting fees		367,793
Transfer agent fees		2,605,382
Professional services		154,395
Shareholder reports		605,405
Registration fees		171,471
Trustees’ fees		118,750
Miscellaneous		2,749,380

		156,370,570

NET INVESTMENT INCOME		473,297,089

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain
Unaffiliated issuers		1,167,138,287
Affiliated issuers		177,959,100
Net change in unrealized appreciation/depreciation		(1,004,176,685	)

Net realized and unrealized gain		340,920,702

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	814,217,791


STATEMENT OF CHANGES IN NET ASSETS (unaudited)

	Six Months Ended June 30, 2015			Year Ended December 31, 2014
OPERATIONS:
Net investment income	$	473,297,089		$	919,834,389
Net realized gain		1,345,097,387			2,333,359,854
Net change in unrealized appreciation/depreciation		(1,004,176,685	)		2,407,499,870

		814,217,791			5,660,694,113


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(485,424,325	)		(908,453,128	)
Net realized gain		(455,782,420	)		(840,004,493	)

Total distributions		(941,206,745	)		(1,748,457,621	)


FUND SHARE TRANSACTIONS:
Proceeds from sale of shares		4,077,080,427			9,175,796,977
Reinvestment of distributions		881,917,338			1,609,896,035
Cost of shares redeemed		(5,221,778,000	)		(9,285,324,011	)

Net increase/(decrease) from Fund share transactions		(262,780,235	)		1,500,369,001

Total increase/(decrease) in net assets		(389,769,189	)		5,412,605,493

NET ASSETS:
Beginning of period		60,260,121,025			54,847,515,532

End of period (including undistributed net investment income of $7,256,148 and $19,383,384, respectively)	$	59,870,351,836		$	60,260,121,025


SHARE INFORMATION:
Shares sold		22,659,051			52,472,086
Distributions reinvested		4,972,360			9,034,682
Shares redeemed		(28,923,244	)		(53,255,380	)

Net increase/(decrease) in shares outstanding		(1,291,833	)		8,251,388


See accompanying Notes to Financial Statements		DODGE & COX STOCK FUND §PAGE 9

NOTES TO FINANCIAL STATEMENTS (unaudited)

NOTE 1—ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Dodge & Cox Stock Fund (the “Fund”) is one of the series constituting the Dodge & Cox Funds (the “Trust” or the “Funds”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund commenced operations on January 4, 1965, and seeks long-term growth of principal and income. Risk considerations and investment strategies of the Fund are discussed in the Fund’s Prospectus.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require the use of estimates and assumptions by management. Actual results may differ from those estimates. Significant accounting policies are as follows:

If market quotations are not readily available or if a security’s value is believed to have materially changed after the close of the security’s primary market but before the close of trading on the NYSE, the security is valued at fair value as determined in good faith by or under the direction of the Funds’ Board of Trustees. The Board of Trustees has delegated authority to 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 when market quotations or market-based valuations are not readily available or are deemed unreliable. 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.

Security transactions, investment income, expenses, and distributions Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Dividend income and corporate action transactions are recorded on the ex-dividend date, or when the Fund first learns of the dividend/corporate action if the ex-dividend date has passed. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Dividends characterized as return of capital for U.S. tax purposes are recorded as a reduction of cost of investments and/or realized gain. Interest income is recorded on the accrual basis.

Expenses are recorded on the accrual basis. Some expenses of the Trust can be directly attributed to a specific series. Expenses which cannot be directly attributed are allocated among the Funds in the Trust based on relative net assets or other expense methodologies determined by the nature of the expense.

Distributions to shareholders are recorded on the ex-dividend date.

Repurchase agreements The Fund enters into repurchase agreements, secured by U.S. government or agency securities, which involve the purchase of securities from a counterparty with a simultaneous commitment to resell the securities at an agreed-upon date and price. It is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. In the event of default by the counterparty, the Fund has the contractual right to liquidate the collateral securities and to apply the proceeds in satisfaction of the obligation.

Indemnification Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business the Trust enters into contracts that provide general indemnities to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

PAGE 10 § DODGE & COX STOCK FUND

NOTES TO FINANCIAL STATEMENTS (unaudited)

NOTE 2—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, 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 at June 30, 2015:


Classification^(a)	LEVEL 1 (Quoted Prices)		LEVEL 2 (Other Significant Observable Inputs)
Securities
Common Stocks^(b)	$	59,452,864,058	$	—
Short-term Investments
Money Market Fund		59,794,297		—
Repurchase Agreement		—		497,465,000

Total	$	59,512,658,355	$	497,465,000

^(a)	There were no transfers between Level 1 and Level 2 during the period. There were no Level 3 securities at June 30, 2015 and December 31, 2014, and there were no transfers to Level 3 during the period.

^(b)	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.

NOTE 3—RELATED PARTY TRANSACTIONS

Management fees Under a written agreement approved by a unanimous vote of the Board of Trustees, the Fund pays an annual management fee of 0.50% of the Fund’s average daily net assets to Dodge & Cox, investment manager of the Fund. The agreement further provides that Dodge & Cox shall waive its fee to the extent that such fee plus all other ordinary operating expenses of the Fund exceed 0.75% of the average daily net assets for the year.

Fund officers and trustees All officers and two of the trustees of the Trust are officers or employees of Dodge & Cox. The Trust pays a fee only to those trustees who are not affiliated with Dodge & Cox.

NOTE 4—INCOME TAX INFORMATION AND DISTRIBUTIONS TO SHAREHOLDERS

A provision for federal income taxes is not required since the Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income to shareholders. Distributions are determined in accordance with income tax regulations, and such amounts may differ from net investment income and realized gains

for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences at year end to reflect tax character.

Book/tax differences are primarily due to differing treatments of wash sales and net short-term realized gain (loss). At June 30, 2015, the cost of investments for federal income tax purposes was $41,774,891,200.

Distributions during the periods noted below were characterized as follows for federal income tax purposes:


	Six Months Ended June 30, 2015		Year Ended December 31, 2014
Ordinary income		$485,424,325		$908,453,128
		($1.460 per share)		($2.800 per share)

Long-term capital gain		$455,782,420		$840,004,493
		($1.367 per share)		($2.560 per share)

At June 30, 2015, the tax basis components of distributable earnings were as follows:


Unrealized appreciation	$	19,662,388,678
Unrealized depreciation		(1,427,156,522	)

Net unrealized appreciation		18,235,232,156
Undistributed ordinary income		7,385,084
Undistributed long-term capital gain		1,344,670,712

Fund management has reviewed the tax positions for open periods (three years and four years, respectively, from filing the Fund’s Federal and State tax returns) as applicable to the Fund, and has determined that no provision for income tax is required in the Fund’s financial statements.

NOTE 5—LOAN FACILITIES

Pursuant to an exemptive order issued by the Securities and Exchange Commission (SEC), the Fund may participate in an interfund lending facility (Facility). The Facility allows the Fund to borrow money from or loan money to the Funds. Loans under the Facility are made for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest on borrowings is the average of the current repurchase agreement rate and the bank loan rate. There was no activity in the Facility during the period.

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. The Fund’s commitment fee for the six months ended June 30, 2015, amounted to $90,028 and is reflected as a Miscellaneous Expense in the Statement of Operations. Interest on borrowings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the period.

DODGE & COX STOCK FUND §PAGE 11

NOTES TO FINANCIAL STATEMENTS (unaudited)

NOTE 6—PURCHASES AND SALES OF INVESTMENTS

For the six months ended June 30, 2015, purchases and sales of securities, other than short-term securities, aggregated $3,863,616,218 and $4,298,533,902, respectively.

NOTE 7—ACCOUNTING PRONOUNCEMENTS

In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-11, Transfers and Servicing (Topic 860), Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The ASU changes the accounting for certain repurchase agreements and expands disclosure requirements related to repurchase agreements and similar transactions. There was no impact to these financial statements as a result of applying this ASU.

NOTE 8—SUBSEQUENT EVENTS

Fund management has determined that no material events or transactions occurred subsequent to June 30, 2015, and through the date of the Fund’s financial statements issuance, which require additional disclosure in the Fund’s financial statements.

PAGE 12 § DODGE & COX STOCK FUND

NOTES TO FINANCIAL STATEMENTS (unaudited)

NOTE 9—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 six months ended June 30, 2015. Purchase and sale transactions and dividend income earned during the period on these securities were as follows:


	Shares at Beginning of Period		Additions		Reductions			Shares at End of Period		Dividend Income^(a)			Value at End of Period
ADT Corp.		11,819,337		—		(650,000	)		11,169,337	$	4,922,122		$	374,954,643
AOL, Inc.		7,100,754		—		(7,100,754	)		—		—	^(b)		—
Apache Corp.		18,390,028		918,617		(1,200,000	)		18,108,645		9,609,323			—	^(c)
Capital One Financial Corp.		28,169,211		420,000		(220,000	)		28,369,211		19,858,448			2,495,639,492
Celanese Corp., Series A		9,220,971		—		(1,190,400	)		8,030,571		5,071,534			577,237,443
Maxim Integrated Products, Inc.		16,326,840		500,000		(970,000	)		15,856,840		9,011,430			548,250,243
NetApp, Inc.		19,794,000		1,600,000		—			21,394,000		6,779,520			675,194,640
Symantec Corp.		51,921,000		1,940,000		—			53,861,000		15,898,800			1,252,268,250
Synopsys, Inc.		13,627,969		—		(1,110,000	)		12,517,969		—	^(b)		634,035,130

										$	71,151,177		$	6,557,579,841

^(a)	Net of foreign taxes, if any

^(b)	Non-income producing

^(c)	Company was not an affiliate at period end

FINANCIAL HIGHLIGHTS (unaudited)


SELECTED DATA AND RATIOS (for a share outstanding throughout each period)	Six Months Ended June 30,			Year Ended December 31,
	2015^(a)			2014			2013			2012			2011			2010

Net asset value, beginning of period		$180.94			$168.87			$121.90			$101.64			$107.76			$96.14
Income from investment operations:
Net investment income		1.42			2.83			2.11			1.98			1.76			1.23
Net realized and unrealized gain (loss)		0.94			14.60			46.97			20.26			(6.13	)		11.62

Total from investment operations		2.36			17.43			49.08			22.24			(4.37	)		12.85

Distributions to shareholders from:
Net investment income		(1.46	)		(2.80	)		(2.11	)		(1.98	)		(1.75	)		(1.23	)
Net realized gain		(1.37	)		(2.56	)		—			—			—			—

Total distributions		(2.83	)		(5.36	)		(2.11	)		(1.98	)		(1.75	)		(1.23	)

Net asset value, end of period		$180.47			$180.94			$168.87			$121.90			$101.64			$107.76

Total return		1.35	%		10.43	%		40.55	%		22.01	%		(4.08	)%		13.48	%
Ratios/supplemental data:
Net assets, end of period (millions)		$59,870			$60,260			$54,848			$39,841			$36,562			$43,038
Ratio of expenses to average net assets		0.52	%^(b)		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Ratio of net investment income to average net assets		1.58	%^(b)		1.62	%		1.45	%		1.72	%		1.62	%		1.25	%
Portfolio turnover rate		7	%		17	%		15	%		11	%		16	%		12	%

^(a)

Unaudited

^(b)	Annualized

See accompanying Notes to Financial Statements

DODGE & COX STOCK FUND §PAGE 13

FUND HOLDINGS

The Fund provides a complete list of its holdings four times each fiscal year, as of the end of each quarter. The Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-CSR (second and fourth quarters) and Form N-Q (first and third quarters). Shareholders may view the Fund’s Forms N-CSR and N-Q on the SEC’s website at sec.gov. Forms N-CSR and N-Q may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operations of the Public Reference Room may be obtained by calling 202-942-8090 (direct) or 800-732-0330 (general SEC number). A list of the Fund’s quarter-end holdings is also available at dodgeandcox.com on or about 15 days following each quarter end and remains available on the website until the list is updated in the subsequent quarter.

PROXY VOTING

For a free copy of the Fund’s proxy voting policies and procedures, please call 800-621-3979, visit the Fund’s website at dodgeandcox.com, or visit the SEC’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ending June 30 is also available at dodgeandcox.com or at sec.gov.

HOUSEHOLD MAILINGS

The Fund routinely mails shareholder reports and summary prospectuses to shareholders and, on occasion, proxy statements. In order to reduce the volume of mail, when possible, only one copy of these documents will be sent to shareholders who are part of the same family and share the same residential address.

If you have a direct account with the Funds and you do not want the mailing of shareholder reports and summary prospectuses combined with other members in your household, contact the Funds at 800-621-3979. Your request will be implemented within 30 days.

PAGE 14 § DODGE & COX STOCK FUND

TRUSTEES AND EXECUTIVE OFFICERS

Charles F. Pohl, Chairman and Trustee

Chairman, Dodge & Cox

Dana M. Emery, President and Trustee

Chief Executive Officer and President, Dodge & Cox

Thomas A. Larsen, Independent Trustee

Senior Counsel, Arnold & Porter LLP

Ann Mather, Independent Trustee

Former Executive Vice President, Chief Financial Officer, and Company Secretary, Pixar Studios

Robert B. Morris III, Independent Trustee

Advisory Director, The Presidio Group

Gary Roughead, Independent Trustee

Annenberg Distinguished Visiting Fellow, Hoover Institution; and former U.S. Navy Chief of Naval Operations

Mark E. Smith, Independent Trustee

Former Executive Vice President and Managing Director - Fixed Income, Loomis Sayles & Company, L.P.

John B. Taylor, Independent Trustee

Professor of Economics, Stanford University; Senior Fellow, Hoover Institute; and former Under Secretary for International Affairs, United States Treasury

John A. Gunn, Senior Vice President

Former Chairman and Chief Executive Officer, Dodge & Cox

Diana S. Strandberg, Senior Vice President

Senior Vice President and Director of International Equity, Dodge & Cox

David H. Longhurst, Treasurer

Vice President and Assistant Treasurer, Dodge & Cox

Thomas M. Mistele, Secretary

Chief Operating Officer, Secretary, and Senior Counsel, Dodge & Cox

Katherine M. Primas, Chief Compliance Officer

Chief Compliance Officer, Dodge & Cox

Additional information about the Trust’s Trustees and Officers is available in the Trust’s Statement of Additional Information (SAI). You can get a free copy of the SAI by visiting the Funds’ website at dodgeandcox.com or calling 800-621-3979.

DODGE & COX STOCK FUND §PAGE 15


Stock Fund

dodgeandcox.com

For Fund literature, transactions, and account

information, please visit the Funds’ website.

or write or call:

DODGE & COX FUNDS

c/o Boston Financial Data Services

P.O. Box 8422

Boston, Massachusetts 02266-8422

(800) 621-3979

INVESTMENT MANAGER

Dodge & Cox

555 California Street, 40th Floor

San Francisco, California 94104

(415) 981-1710

This report is submitted for the general information of the shareholders of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless it is accompanied by a current prospectus.

This report reflects our views, opinions, and portfolio holdings as of June 30, 2015, the end of the reporting period. Any such views are subject to change at any time based upon market or other conditions and Dodge & Cox disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dodge & Cox Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dodge & Cox Fund.

LOGO

DODGE & COX FUNDS^®


2015

Semi-Annual Report

June 30, 2015

Global Stock Fund

ESTABLISHED 2008

TICKER: DODWX

6/15 GSF SAR LOGO Printed on recycled paper

TO OUR SHAREHOLDERS

The Dodge & Cox Global Stock Fund had a total return of 2.2%, compared to a return of 2.6% for the MSCI World Index for the six months ending June 30, 2015. On June 30, the Fund had net assets of $6.5 billion with net cash of 1.7%.

MARKET COMMENTARY

During the first half of 2015, global equity markets were strong: most developed and emerging markets appreciated in local currency terms. However, the U.S. dollar’s appreciation against both developed and emerging market currencies was a headwind to performance: the MSCI World was up 4% in local currency versus up 3% in U.S. dollars; the MSCI Emerging Markets Index was up 6% in local currency versus up 3% in U.S. dollars. Among other currencies, the U.S. dollar was particularly strong against the euro (up 9%), and the Fund’s partial hedge of euro exposures helped mitigate the negative currency impact on returns.

Every region of the MSCI World generated positive returns in local currency. In the United States, equity markets modestly appreciated during the first half of 2015: the S&P 500 rose to a record high in May before retreating to end the period up 1%. After moderating in the first quarter, U.S. economic activity expanded in recent months: labor market conditions improved, household spending grew, and existing home sales and building permits reached multi-year highs. Indicative of a stronger U.S. economy, longer-term U.S. Treasury rates rose over the six-month period ended June 30. Despite the increase, interest rates remained low in the United States and around the world compared to historical averages. The U.S. Federal Reserve (Fed) reaffirmed its target range for the federal funds rate and its intention to raise rates slowly. Many investors now expect the Fed to begin increasing rates in the second half of 2015.

Japan (up 16% in local currency)—the strongest region of the market—showed signs of economic progress supported by its aggressive stimulus program, increased capital expenditures, and improving business sentiment. In Europe (up 10% in local currency), the European Central Bank substantially expanded its quantitative easing program, and manufacturing activity in the Eurozone strengthened to its highest level in four years. The sovereign debt crisis in Greece (down 19% in local currency) intensified further in the midst of tense negotiations with creditors. Concerns about Greece could continue to create volatility for markets and the euro.

In emerging markets, China (up 15% in local currency) was one of the best-performing countries for the six-month period, benefiting from stimulus measures (e.g., rate cuts, liquidity initiatives) and the government’s efforts to further liberalize capital markets. The Chinese equity market, however, has declined meaningfully from its peak in mid-June.

INVESTMENT STRATEGY:

IDENTIFYING ASSET VALUE POTENTIAL

As long-term investors, we look beyond readily available short-term information and consider ourselves part-owners of companies in which we invest. Our global industry analysts thoroughly

research each company and evaluate its financial staying power. As part of our analysis, we evaluate the extent to which management is running the company for the benefit of long-term shareholders. Our due diligence process also incorporates an analysis of underlying asset value where such value could be realized in the marketplace through corporate actions such as merger and acquisition (M&A) activity, spinoffs, and capital returns to shareholders.

Accelerating M&A Activity

From 2008 through 2013, many global corporations focused on improving their balance sheets as a top priority. Such improvements included lowering debt levels, increasing debt coverage ratios, and holding a higher percentage of assets in cash. Consequently, M&A activity ebbed.

More recently, with corporations in stronger financial positions, M&A activity has accelerated. An improved lending environment, moderating earnings growth, and strong cash positions have stimulated deal activity. The volume of M&A transactions was high in 2014 and, in the second quarter of 2015, exceeded that of each quarter since 2007. Currently, a number of Fund holdings across multiple industries are in the midst of pending transactions, including Baker Hughes, FedEx, Lafarge, and Time Warner Cable.

One area that is seeing increased M&A activity is the Health Care Providers & Services industry (Health Care Services) within the Health Care sector (13.6% of the Fund^(a)). As of June 30, Health Care Services was 5.3% of the Fund compared to 1.9% of the MSCI World.

Health Care Services

Since 2013, we have established new positions in Health Care Services by purchasing Cigna, UnitedHealth Group, and Express Scripts based on their attractive valuations and improving fundamentals. Industry growth prospects were and continue to be favorable: the Affordable Care Act increased access for previously uninsured citizens, demographic trends are encouraging (e.g., aging population, lengthening life expectancy), and new and improved treatments are being developed.

PAGE 2 § DODGE & COX GLOBAL STOCK FUND

United States, compared to only 44% in 2007. One company that should benefit from further industry consolidation is Express Scripts^(b) (the Fund’s largest Health Care Services holding).

Express Scripts

Over the past decade, Express Scripts has been a significant beneficiary of three industry trends: increased generic penetration, mail order pharmacy growth, and industry consolidation. The past round of mergers—CVS/Caremark, Express Scripts/Medco Health Solutions (Medco), and SXC Health Solutions/Catalyst Health—has created an oligopolistic market structure where the top three players now control over 65% of industry volumes.

Following its merger with Medco in 2012, Express Scripts became the largest PBM in the United States. The company now generates over $100 billion in annual revenue and manages 1.3 billion claims, or 30% of all U.S. prescription claims. Today, the company operates three vertically integrated businesses: a basic pharmacy benefit manager, a mail order pharmacy, and a specialty pharmacy. Express Scripts has achieved measurable growth by providing patients with generic drugs. With multiple equivalent treatments available, the company has used its buying power to save money for customers and generate profits; its mission is well aligned with customers looking to reduce health care and pharmacy cost trends. This strategy has boosted generic drug penetration to high levels.

The upcoming challenge for Express Scripts is in specialty drugs, which are used to treat chronic, complex diseases, including cancer, hepatitis, and multiple sclerosis. In the United States, this segment accounts for only 1% of volume, yet 25 to 30% of all drug spending. Biotech companies have maintained pricing power in this segment as disease complexity necessitates innovative and unique therapies. At over ten times the price of the average prescription, however, a need exists to manage the costs of these drugs, which we view as an attractive long-term growth opportunity. Express Scripts, with 30% market share in specialty drugs, is best positioned to help patients receive needed treatments cost effectively. Given the emergence of biosimilars and substitute treatments for older biotech drugs, Express Scripts’ strategy has the potential to influence prices in this segment.

IN CLOSING

While global equity valuations have trended higher, we believe they remain reasonable: the MSCI World traded at 16.1 times forward earnings (near its 20-year historical average) on June 30. As we look for long-term investment candidates in both developed and emerging markets, we continue to see attractive opportunities. Corporate balance sheets and cash flows remain strong. However, we have a more tempered outlook for long-term equity returns

given higher valuations today. The Fund is invested in companies that we believe have favorable prospects over our three- to five-year investment horizon. Acknowledging that both share prices and currencies can be volatile in the short term, we encourage shareholders to remain focused on the long term.

Thank you for your continued confidence in our firm. As always, we welcome your comments and questions.

For the Board of Trustees,

Charles F. Pohl,

Chairman

Dana M. Emery,

President

July 31, 2015

^(a)

Unless otherwise specified, all weightings and characteristics are as of June 30, 2015.

^(b)

The use of specific examples does not imply that they are more attractive investments than the Fund’s other holdings.

DODGE & COX GLOBAL STOCK FUND §PAGE 3

YEAR-TO-DATE PERFORMANCE REVIEW

The Fund underperformed the MSCI World by 0.4 percentage points year to date.

Key Detractors from Relative Results

The Fund’s holdings in the Information Technology sector (down 6% compared to up 2% for the MSCI World sector), combined with a higher average weighting (19% versus 13%), had a negative impact. Hewlett-Packard (down 24%), NetApp (down 23%), Baidu (down 13%), and Samsung Electronics (down 6%) were notable detractors.

Relative returns in the Financials sector (up 1% compared to up 2% for the MSCI World sector), especially in the emerging markets, hindered performance. BR Malls (down 22%), Kasikornbank (down 19%), and ICICI Bank (down 12%) detracted from results.

Weak returns in the Consumer Staples sector (down 8% compared to up 1% for the MSCI World sector) also hurt results. Wal-Mart (down 16%) lagged.

National Oilwell Varco (down 25%) was an additional notable detractor.

Key Contributors to Relative Results

The Fund’s holdings in the Consumer Discretionary sector (up 9% compared to up 7% for the MSCI World sector), combined with a higher average weighting (19% versus 13%), contributed to results. Nissan Motor (up 20%), Naspers (up 19%), and Time Warner Cable (up 19%) were notable contributors.

Relative returns in the Energy sector (flat compared to down 5% for the MSCI World sector), helped by the Fund’s lower average weighting in the Oil, Gas & Consumable Fuels industry (down 6% for the MSCI World industry), aided performance.

The Fund’s holdings in the Health Care sector (up 12% compared to up 10% for the MSCI World sector) also had a positive impact. Cigna (up 57%) and UnitedHealth Group (up 22%) were particularly strong.

Additional contributors included Nintendo (up 60%) and Standard Chartered (up 11%).

KEY CHARACTERISTICS OF DODGE & COX

Independent Organization

Over 80 Years of Investment Experience

Dodge & Cox was founded in 1930. We have a stable and well-qualified team of investment professionals, most of whom have spent their entire careers at Dodge & Cox.

Experienced Investment Team

The Global Stock Investment Policy Committee, which is the decision-making body for the Global Stock Fund, is a seven-member committee with an average tenure at Dodge & Cox of 19 years.

One Business with a Single Research Office

Dodge & Cox manages equity (domestic, international, and global), fixed income (domestic and global), and balanced investments, operating from one office in San Francisco.

Consistent Investment Approach

Our team decision-making process involves thorough, bottom-up fundamental analysis of each investment.

Long-Term Focus and Low Expenses

We invest with a three- to five-year investment horizon, which has historically resulted in low turnover relative to our peers. We manage Funds that maintain low expense ratios.

Risks: The Fund is subject to market risk, meaning holdings in the Fund may decline in value for extended periods due to the financial prospects of individual companies, or due to general market and economic conditions. Investing in non-U.S. securities may entail risk due to foreign economic and political developments; this risk may be increased when investing in emerging markets. The Fund is also subject to currency risk. Please read the prospectus and summary prospectus for specific details regarding the Fund’s risk profile.

PAGE 4 § DODGE & COX GLOBAL STOCK FUND

GROWTH OF $10,000 SINCE INCEPTION

FOR AN INVESTMENT MADE ON MAY 1, 2008

LOGO

AVERAGE ANNUAL TOTAL RETURN

FOR PERIODS ENDED JUNE 30, 2015


	1 Year			3 Years			5 Years			Since Inception (5/1/08)
Dodge & Cox Global Stock Fund		0.54	%		18.33	%		14.42	%		5.04	%
MSCI World Index		1.42			14.27			13.10			4.20

The Fund’s total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include dividends but, unlike Fund returns, do not reflect fees or expenses. The MSCI World Index is a broad-based, unmanaged equity market index aggregated from 23 developed market country indices, including the United States. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

MSCI World is a service mark of MSCI Barra.

FUND EXPENSE EXAMPLE

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON WITH OTHER MUTUAL FUNDS


Six Months Ended June 30, 2015	Beginning Account Value 1/1/2015		Ending Account Value 6/30/2015		Expenses Paid During Period*
Based on Actual Fund Return	$	1,000.00	$	1,022.00	$	3.21
Based on Hypothetical 5% Yearly Return		1,000.00		1,021.62		3.21

Expenses are equal to the Fund’s annualized expense ratio of 0.64%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

DODGE & COX GLOBAL STOCK FUND §PAGE 5


FUND INFORMATION			June 30, 2015


GENERAL INFORMATION
Net Asset Value Per Share			$12.09
Total Net Assets (billions)			$6.5
2014 Expense Ratio (per 5/1/15 Prospectus)			0.65%
Expense Ratio (1/1/15 to 6/30/15, annualized)			0.64%
Portfolio Turnover Rate (1/1/15 to 6/30/15, unannualized)			6%
30-Day SEC Yield^(a)			1.23%
Fund Inception			2008
No sales charges or distribution fees

Investment Manager: Dodge & Cox, San Francisco. Managed by the Global Stock Investment Policy Committee, whose seven members’ average tenure at Dodge & Cox is 19 years.


PORTFOLIO CHARACTERISTICS	Fund		MSCI World
Number of Equity Securities		88		1,645
Median Market Capitalization (billions)		$38		$11
Weighted Average Market
Capitalization (billions)		$89		$94
Price-to-Earnings Ratio^(b)		14.5x		16.1x
Countries Represented		21		23
Emerging Markets (Brazil, China, India, Mexico, South Africa, South Korea, Thailand, Turkey)		16.5%		0.0%


TEN LARGEST HOLDINGS (%)^(c)	Fund
Time Warner Cable, Inc. (United States)		2.7
Samsung Electronics Co., Ltd. (South Korea)		2.6
Hewlett-Packard Co. (United States)		2.5
Bank of America Corp. (United States)		2.4
Google, Inc. (United States)		2.4
Novartis AG (Switzerland)		2.3
Roche Holding AG (Switzerland)		2.3
Naspers, Ltd. (South Africa)		2.3
Standard Chartered PLC (United Kingdom)		2.2
Express Scripts Holding Co. (United States)		2.2


ASSET ALLOCATION

LOGO


REGION DIVERSIFICATION (%)^(d)	Fund		MSCI World
United States		48.1		57.6
Europe (excluding United Kingdom)		22.1		17.3
Pacific (excluding Japan)		10.2		4.5
United Kingdom		6.6		7.9
Japan		4.2		8.9
Africa/Middle East		3.5		0.2
Latin America		3.3		0.0
Canada		0.3		3.6


SECTOR DIVERSIFICATION (%)	Fund		MSCI World
Financials		23.5		21.0
Consumer Discretionary		19.7		13.1
Information Technology		19.2		13.3
Health Care		13.6		13.5
Energy		7.4		7.3
Telecommunication Services		5.0		3.3
Industrials		3.8		10.7
Consumer Staples		3.1		9.7
Materials		3.0		5.1
Utilities		0.0		3.0

^(a)	SEC Yield is an annualization of the Fund’s total net investment income per share for the 30-day period ended on the last day of the month.

^(b)	Price-to-earnings (P/E) ratios are calculated using 12-month forward earnings estimates from third-party sources.

^(c)	The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation to buy, sell, or hold any particular security and is not indicative of Dodge & Cox’s current or future trading activity.

^(d)	The Fund may classify a company in a different category than the MSCI World. The Fund generally classifies a company based on its country of incorporation, but may designate a different country in certain circumstances.

PAGE 6 § DODGE & COX GLOBAL STOCK FUND


CONSOLIDATED PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015


COMMON STOCKS: 95.6%

	SHARES		VALUE
CONSUMER DISCRETIONARY: 19.7%
AUTOMOBILES & COMPONENTS: 5.1%
Bayerische Motoren Werke AG (Germany)		451,500	$	49,419,353
Honda Motor Co., Ltd. (Japan)		3,242,600		104,960,248
Mahindra & Mahindra, Ltd. (India)		2,657,074		53,677,652
Nissan Motor Co., Ltd. (Japan)		8,289,600		86,360,583
Yamaha Motor Co., Ltd. (Japan)		1,620,400		35,443,974

				329,861,810
CONSUMER DURABLES & APPAREL: 0.5%
Coach, Inc. (United States)		1,000,800		34,637,688

CONSUMER SERVICES: 0.5%
New Oriental Education & Technology Group, Inc. ADR^(a) (Cayman Islands/China)		1,235,600		30,296,912

MEDIA: 11.5%
Comcast Corp., Class A (United States)		1,320,800		79,432,912
DISH Network Corp., Class A^(a) (United States)		824,200		55,806,582
Grupo Televisa SAB ADR (Mexico)		1,442,700		56,005,614
Liberty Global PLC, Series C^(a) (United Kingdom)		1,595,700		80,790,291
Naspers, Ltd. (South Africa)		931,700		145,123,417
Television Broadcasts, Ltd. (Hong Kong)		2,778,100		16,468,151
Time Warner Cable, Inc. (United States)		971,271		173,051,354
Time Warner, Inc. (United States)		1,416,666		123,830,775
Time, Inc. (United States)		412,177		9,484,193

				739,993,289
RETAILING: 2.1%
Target Corp. (United States)		931,900		76,070,997
The Priceline Group, Inc.^(a) (United States)		54,300		62,519,391

				138,590,388

				1,273,380,087
CONSUMER STAPLES: 3.1%
FOOD & STAPLES RETAILING: 1.5%
Wal-Mart Stores, Inc. (United States)		1,316,500		93,379,345

FOOD, BEVERAGE & TOBACCO: 0.6%
Anadolu Efes Biracilik ve Malt Sanayii AS (Turkey)		4,098,485		37,007,327

HOUSEHOLD & PERSONAL PRODUCTS: 1.0%
Unilever PLC (United Kingdom)		1,546,700		66,345,886

				196,732,558
ENERGY: 6.6%
Apache Corp. (United States)		938,732		54,099,125
Baker Hughes, Inc. (United States)		1,431,987		88,353,598
National Oilwell Varco, Inc. (United States)		987,400		47,671,672
Saipem SPA^(a) (Italy)		5,345,143		56,461,813
Schlumberger, Ltd. (Curacao/United States)		1,507,600		129,940,044
Weatherford International PLC^(a) (Ireland)		3,885,575		47,676,005

				424,202,257
FINANCIALS: 22.9%
BANKS: 10.0%
Bank of America Corp. (United States)		9,242,200		157,302,244
Barclays PLC (United Kingdom)		19,270,000		78,874,152
ICICI Bank, Ltd. (India)		18,716,115		90,523,923
Kasikornbank PCL- Foreign (Thailand)		8,448,100		47,273,642
Siam Commercial Bank PCL- Foreign (Thailand)		5,237,100		24,111,236
Standard Chartered PLC (United Kingdom)		8,760,416		140,263,340
Wells Fargo & Co. (United States)		1,722,973		96,900,002
Yapi ve Kredi Bankasi AS (Turkey)		8,442,517		12,411,297

				647,659,836



	SHARES		VALUE
DIVERSIFIED FINANCIALS: 8.0%
Bank of New York Mellon Corp. (United States)		2,076,700	$	87,159,099
Capital One Financial Corp. (United States)		1,233,200		108,484,604
Charles Schwab Corp. (United States)		3,784,500		123,563,925
Credit Suisse Group AG (Switzerland)		3,754,904		103,215,180
Goldman Sachs Group, Inc. (United States)		294,200		61,426,018
Haci Omer Sabanci Holding AS (Turkey)		8,386,388		31,604,238

				515,453,064
INSURANCE: 2.9%
AEGON NV (Netherlands)		11,203,884		82,338,334
Aviva PLC (United Kingdom)		7,763,800		60,079,435
Swiss Re AG (Switzerland)		483,000		42,749,077

				185,166,846
REAL ESTATE: 2.0%
BR Malls Participacoes SA (Brazil)		7,750,800		36,297,208
Hang Lung Group, Ltd. (Hong Kong)		14,516,000		63,857,628
Hang Lung Properties, Ltd. (Hong Kong)		10,126,100		30,176,276

				130,331,112

				1,478,610,858
HEALTH CARE: 13.6%
HEALTH CARE EQUIPMENT & SERVICES: 5.3%
Cigna Corp. (United States)		594,000		96,228,000
Express Scripts Holding Co.^(a) (United States)		1,567,700		139,431,238
UnitedHealth Group, Inc. (United States)		880,700		107,445,400

				343,104,638

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES: 8.3%
Bayer AG (Germany)		413,620		57,894,128
Merck & Co., Inc. (United States)		669,200		38,097,556
Novartis AG (Switzerland)		932,000		91,859,244
Novartis AG ADR (Switzerland)		609,700		59,957,898
Roche Holding AG (Switzerland)		537,400		150,595,005
Sanofi (France)		1,411,662		138,871,298

				537,275,129

				880,379,767
INDUSTRIALS: 3.8%
CAPITAL GOODS: 1.6%
Koninklijke Philips NV (Netherlands)		661,655		16,833,077
NOW, Inc.^(a) (United States)		165,300		3,291,123
Schneider Electric SA (France)		1,233,678		85,176,379

				105,300,579
COMMERCIAL & PROFESSIONAL SERVICES: 1.2%
ADT Corp. (United States)		913,000		30,649,410
Tyco International PLC (Ireland)		1,263,300		48,611,784

				79,261,194
TRANSPORTATION: 1.0%
FedEx Corp. (United States)		371,600		63,320,640

				247,882,413
INFORMATION TECHNOLOGY: 17.9%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT: 1.4%
Samsung Electronics Co., Ltd. (South Korea)		78,217		88,914,031

SOFTWARE & SERVICES: 8.2%
Baidu, Inc. ADR^(a) (Cayman Islands/China)		409,900		81,602,892
eBay, Inc.^(a) (United States)		958,900		57,764,136
Google, Inc., Class A^(a) (United States)		60,600		32,726,424
Google, Inc., Class C^(a) (United States)		230,099		119,768,830
Microsoft Corp. (United States)		3,039,800		134,207,170
Nintendo Co., Ltd. (Japan)		264,200		44,189,844
Symantec Corp. (United States)		1,690,600		39,306,450
Synopsys, Inc.^(a) (United States)		446,800		22,630,420

				532,196,166


See accompanying Notes to Financial Statements		DODGE & COX GLOBAL STOCK FUND §PAGE 7


CONSOLIDATED PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015


COMMON STOCKS (continued)

	SHARES		VALUE
TECHNOLOGY, HARDWARE & EQUIPMENT: 8.3%
Cisco Systems, Inc. (United States)		2,848,200	$	78,211,572
Corning, Inc. (United States)		2,591,700		51,134,241
EMC Corp. (United States)		4,046,300		106,781,857
Hewlett-Packard Co. (United States)		5,301,700		159,104,017
NetApp, Inc. (United States)		1,366,400		43,123,584
TE Connectivity, Ltd. (Switzerland)		1,056,415		67,927,485
Telefonaktiebolaget LM Ericsson (Sweden)		2,853,747		29,570,724

				535,853,480

				1,156,963,677
MATERIALS: 3.0%
Celanese Corp., Series A (United States)		931,300		66,941,844
Lafarge SA (France)		730,171		48,223,186
Linde AG (Germany)		306,710		58,094,844
Teck Resources, Ltd., Class B (Canada)		2,199,469		21,796,738

				195,056,612
TELECOMMUNICATION SERVICES: 5.0%
America Movil SAB de CV, Series L (Mexico)		29,340,500		31,361,247
China Mobile, Ltd. (Hong Kong/China)		3,823,100		49,024,536
Millicom International Cellular SA SDR (Luxembourg)		842,800		62,169,062
MTN Group, Ltd. (South Africa)		4,156,600		78,154,056
Sprint Corp.^(a) (United States)		11,481,200		52,354,272
Telecom Italia SPA- RSP (Italy)		47,281,384		48,257,498

				321,320,671

TOTAL COMMON STOCKS (Cost $5,058,503,275)			$	6,174,528,900

PREFERRED STOCKS: 2.7%
ENERGY: 0.8%
Petroleo Brasileiro SA ADR^(a) (Brazil)		6,498,403		53,026,969

FINANCIALS: 0.6%
BANKS: 0.6%
Itau Unibanco Holding SA (Brazil)		3,476,330		38,261,880

INFORMATION TECHNOLOGY: 1.3%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT: 1.3%
Samsung Electronics Co., Ltd. (South Korea)		89,743		79,891,343


TOTAL PREFERRED STOCKS (Cost $207,112,818)			$	171,180,192


SHORT-TERM INVESTMENTS: 2.2%

	PAR VALUE			VALUE
MONEY MARKET FUND: 0.1%
SSgA U.S. Treasury Money Market Fund	$	6,447,091		$	6,447,091

REPURCHASE AGREEMENT: 2.1%
Fixed Income Clearing Corporation^(b) 0.01%, dated 6/30/15, due 7/1/15, maturity value $138,649,039		138,649,000			138,649,000

TOTAL SHORT-TERM INVESTMENTS (Cost $145,096,091)				$	145,096,091

TOTAL INVESTMENTS (Cost $5,410,712,184)		100.5	%	$	6,490,805,183
OTHER ASSETS LESS LIABILITIES		(0.5	%)		(32,642,399	)

NET ASSETS		100.0	%	$	6,458,162,784

^(a)	Non-income producing

^(b)	Repurchase agreement is collateralized by U.S. Treasury Note 1.125%-2.00%, 04/30/20-08/31/21. Total collateral value is $141,422,109.

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

SDR: Swedish Depository Receipt

FORWARD CURRENCY CONTRACTS


			Contract Amount
Counterparty	Settlement Date		Receive U.S. Dollar		Deliver Foreign Currency		Unrealized Appreciation/ (Depreciation)
Contracts to sell EUR:
JPMorgan		8/12/15		19,772,900		17,500,000	$	252,411
Credit Suisse		8/19/15		31,044,563		27,250,000		645,257
Deutsche Bank		9/2/15		21,199,719		19,400,000		(446,793	)
Barclays		9/16/15		21,370,345		19,000,000		165,721
HSBC		9/16/15		12,371,205		11,000,000		94,843

							$	711,439


PAGE 8 § DODGE & COX GLOBAL STOCK FUND		See accompanying Notes to Financial Statements


CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (unaudited)

	June 30, 2015
ASSETS:
Investments, at value (cost $5,410,712,184)	$	6,490,805,183
Unrealized appreciation on forward currency contracts		1,158,232
Cash		100
Cash denominated in foreign currency (cost $3,029,339)		3,018,384
Receivable for investments sold		1,727,945
Receivable for Fund shares sold		6,113,900
Dividends and interest receivable		9,395,751
Prepaid expenses and other assets		28,975

		6,512,248,470

LIABILITIES:
Unrealized depreciation on forward currency contracts		446,793
Payable for investments purchased		47,456,335
Payable for Fund shares redeemed		2,067,987
Management fees payable		3,229,866
Accrued expenses		884,705

		54,085,686

NET ASSETS	$	6,458,162,784

NET ASSETS CONSIST OF:
Paid in capital	$	5,221,400,012
Undistributed net investment income		61,726,034
Undistributed net realized gain		94,335,456
Net unrealized appreciation		1,080,701,282

	$	6,458,162,784

Fund shares outstanding (par value $0.01 each, unlimited shares authorized)		534,216,575
Net asset value per share	$	12.09

CONSOLIDATED STATEMENT OF OPERATIONS (unaudited)
	Six Months Ended June 30, 2015
INVESTMENT INCOME:
Dividends (net of foreign taxes of $4,548,386)	$	82,104,034
Interest		5,233

		82,109,267

EXPENSES:
Management fees		18,807,994
Custody and fund accounting fees		334,090
Transfer agent fees		302,945
Professional services		161,844
Shareholder reports		156,336
Registration fees		150,320
Trustees’ fees		118,750
Miscellaneous		44,709

		20,076,988

NET INVESTMENT INCOME		62,032,279

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss)
Investments		52,320,060
Forward currency contracts		11,840,644
Foreign currency transactions		(199,695	)
Net change in unrealized appreciation/depreciation
Investments		5,628,359
Forward currency contracts		(2,669,090	)
Foreign currency translation		102,066

Net realized and unrealized gain		67,022,344

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	129,054,623


CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (unaudited)

	Six Months Ended June 30, 2015			Year Ended December 31, 2014
OPERATIONS:
Net investment income	$	62,032,279		$	73,280,159
Net realized gain		63,961,009			160,901,823
Net change in unrealized appreciation/depreciation		3,061,335			67,737,521

		129,054,623			301,919,503


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		—			(72,474,215	)
Net realized gain		—			(138,830,388	)

Total distributions		—			(211,304,603	)


FUND SHARE TRANSACTIONS:
Proceeds from sale of shares		839,597,995			2,482,518,668
Reinvestment of distributions		—			204,987,790
Cost of shares redeemed		(405,820,358	)		(806,780,930	)

Net increase from Fund share transactions		433,777,637			1,880,725,528

Total increase in net assets		562,832,260			1,971,340,428

NET ASSETS:
Beginning of period		5,895,330,524			3,923,990,096

End of period (including undistributed net investment income of $61,726,034 and $(306,245), respectively)	$	6,458,162,784		$	5,895,330,524


SHARE INFORMATION:
Shares sold		69,415,236			205,490,704
Distributions reinvested		—			17,283,962
Shares redeemed		(33,369,594	)		(66,336,804	)

Net increase in shares outstanding		36,045,642			156,437,862


See accompanying Notes to Financial Statements		DODGE & COX GLOBAL STOCK FUND §PAGE 9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTE 1—ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Dodge & Cox Global Stock Fund (the “Fund”) is one of the series constituting the Dodge & Cox Funds (the “Trust” or the “Funds”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund commenced operations on May 1, 2008, and seeks long-term growth of principal and income. The Fund invests primarily in a diversified portfolio of U.S. and foreign equity securities. Foreign investing, especially in developing countries, has special risks such as currency and market volatility and political and social instability. These and other risk considerations are discussed in the Fund’s Prospectus.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using prevailing exchange rates. 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.

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.

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 NAV. To address these changes, the Fund may utilize adjustment factors provided by an independent pricing service to systemically 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.

Dividend income and corporate action transactions are recorded on the ex-dividend date, or when the Fund first learns of the dividend/corporate action if the ex-dividend date has passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Dividends characterized as return of capital for U.S. tax purposes are recorded as a reduction of cost of investments and/or realized gain. Interest income is recorded on the accrual basis.

Distributions to shareholders are recorded on the ex-dividend date.

Foreign taxes The Fund is subject to foreign taxes which may be imposed by certain countries in which the Fund invests. The Fund endeavors to record foreign taxes based on applicable foreign tax law. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the associated dividend is recorded. The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund records a reclaim receivable based on, among other things, a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. In consideration of

PAGE 10 § DODGE & COX GLOBAL STOCK FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

recent decisions rendered by European courts, the Fund has filed for additional reclaims related to prior years. A corresponding receivable is established when both the amount is known and significant contingencies or uncertainties regarding collectability are removed.

Capital gains taxes are incurred upon disposition of certain foreign securities. Capital gains taxes on appreciated securities are accrued as unrealized losses and are reflected as realized losses upon the sale of the related security. Currency taxes may be incurred when the Fund purchases certain foreign currencies related to securities transactions and are recorded as realized losses on foreign currency transactions.

Forward currency contracts A forward currency contract represents an obligation to purchase or sell a specific foreign currency at a future date at a price set at the time of the contract. Losses from these transactions may arise from unfavorable changes in currency values or if the counterparties do not perform under a contract’s terms.

The values of the forward currency contracts are adjusted daily based on the prevailing forward exchange rates of the underlying currencies. Changes in the value of open contracts are recorded as unrealized appreciation or depreciation in the Consolidated Statement of Operations. When the forward currency contract is closed, the Fund records a realized gain or loss in the Consolidated Statement of Operations equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

During the period, the Fund maintained forward currency contracts to hedge foreign currency risks associated with portfolio investments denominated in euro. During the six months ended June 30, 2015, these euro forward currency contracts had U.S. dollar total values ranging from 1% to 2% of net assets.

Foreign currency translation The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the transaction date.

Reported realized and unrealized gain (loss) on investments include foreign currency gain (loss) related to investment transactions.

Reported realized and unrealized gain (loss) on foreign currency transactions and translation include the following: disposing/holding of foreign currency, the difference between the trade and settlement dates on securities transactions, the difference between the accrual and payment dates on dividends, and currency losses on the purchase of foreign currency in certain countries that impose taxes on such transactions.

Consolidation The Fund may invest in certain securities through its wholly owned subsidiary, Dodge & Cox Global Stock Fund Cayman, Ltd. (the “Subsidiary”). The Subsidiary is a Cayman Islands exempted company and invests in certain securities consistent with the investment objective of the Fund. The Fund’s Consolidated Financial Statements, including the Consolidated Portfolio of Investments, consist of the holdings and accounts of the Fund and the Subsidiary. All intercompany transactions and balances have been eliminated. At June 30, 2015, the Subsidiary had net assets of $100, which represented less than 0.01% of the Fund’s consolidated net assets.

DODGE & COX GLOBAL STOCK FUND §PAGE 11

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTE 2—VALUATION MEASUREMENTS

Various inputs are used in determining the value of the Fund’s investments and other financial instruments. 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, 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 at June 30, 2015:


Classification^(a)	LEVEL 1 (Quoted Prices)		LEVEL 2 (Other Significant Observable Inputs)
Securities
Common Stocks
Consumer Discretionary	$	1,273,380,087	$	—
Consumer Staples		196,732,558		—
Energy		424,202,257		—
Financials		1,478,610,858		—
Health Care		880,379,767		—
Industrials		247,882,413		—
Information Technology		1,156,963,677		—
Materials		195,056,612		—
Telecommunication Services		321,320,671		—
Preferred Stocks
Energy		53,026,969		—
Financials		38,261,880		—
Information Technology		79,891,343		—
Short-term Investments
Money Market Fund		6,447,091		—
Repurchase Agreement		—		138,649,000

Total Securities	$	6,352,156,183	$	138,649,000


Other Financial Instruments
Forward Currency Contracts	$	—	$	711,439	^(b)

^(a)

Transfers during the period between Level 1 and Level 2 relate to the use of systematic fair valuation (see Note 1). On days when systematic fair valuation is used, securities whose primary market closes before the NYSE are classified as Level 2. There were no Level 3 securities at June 30, 2015 and December 31, 2014, and there were no transfers to Level 3 during the period.

^(b)

Represents net unrealized appreciation/(depreciation).

NOTE 3—ADDITIONAL DERIVATIVES INFORMATION

The Fund has entered into over-the-counter derivatives, such as forward currency contracts (each, a “Derivative”). Each Derivative is subject to a negotiated master agreement (based on a form published by the International Swaps and Derivatives Association (“ISDA”)) governing all Derivatives between the Fund and the relevant dealer counterparty. The master agreements specify (i) events of default and other events permitting a party to terminate some or all of the Derivatives thereunder and (ii) the process by which those Derivatives will be valued for purposes of determining termination payments. If some or all of the Derivatives under a master agreement are terminated because of an event of default or similar event, the values of all terminated Derivatives must be netted to determine a single payment owed by one party to the other. Some master agreements contain collateral terms requiring the parties to post collateral in respect of some or all of the Derivatives thereunder based on the net market value of those Derivatives, subject to a minimum exposure threshold. To the extent amounts owed to the Fund by its counterparties are not collateralized, the Fund is at risk of those counterparties’ non-performance. The Fund attempts to mitigate counterparty credit risk by entering into Derivatives only with counterparties it believes to be of good credit quality and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Fund does not offset financial assets and liabilities that are subject to an ISDA Master Agreement in the Consolidated Statement of Assets and Liabilities. The net amount for Derivatives is disclosed on the Consolidated Portfolio of Investments. At June 30, 2015, no collateral is pledged or held by the Fund for Derivatives.

NOTE 4—RELATED PARTY TRANSACTIONS

Management fees Under a written agreement approved by a unanimous vote of the Board of Trustees, the Fund pays an annual management fee of 0.60% of the Fund’s average daily net assets to Dodge & Cox, investment manager of the Fund.

PAGE 12 § DODGE & COX GLOBAL STOCK FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTE 5—INCOME TAX INFORMATION AND DISTRIBUTIONS TO SHAREHOLDERS

A provision for federal income taxes is not required since the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income to shareholders. Distributions are determined in accordance with income tax regulations, and such amounts may differ from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences at year end to reflect tax character.

Book/tax differences are primarily due to differing treatments of wash sales, net short-term realized gain (loss), investments in passive foreign investment companies, foreign capital gain taxes, and foreign currency realized gain (loss). At June 30, 2015, the cost of investments for federal income tax purposes was $5,413,418,925.

Distributions during the periods noted below were characterized as follows for federal income tax purposes:


	Six Months Ended June 30, 2015		Year Ended December 31, 2014
Ordinary income		—		$100,240,292
				($0.213 per share)

Long-term capital gain		—		$111,064,311
				($0.236 per share)

At June 30, 2015, the tax basis components of distributable earnings were as follows:


Unrealized appreciation	$1,313,519,592
Unrealized depreciation	(236,133,334	)

Net unrealized appreciation	1,077,386,258
Undistributed ordinary income	74,405,255
Undistributed long-term capital gain	85,074,415

NOTE 6—LOAN FACILITIES

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. The Fund’s commitment fee for the six months ended June 30, 2015, amounted to $9,402 and is reflected as a Miscellaneous Expense in the Consolidated Statement of Operations. Interest on borrowings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the period.

NOTE 7—PURCHASES AND SALES OF INVESTMENTS

For the six months ended June 30, 2015, purchases and sales of securities, other than short-term securities, aggregated $967,917,682 and $391,580,635, respectively.

NOTE 8—ACCOUNTING PRONOUNCEMENTS

NOTE 9—SUBSEQUENT EVENTS

DODGE & COX GLOBAL STOCK FUND §PAGE 13

CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)


SELECTED DATA AND RATIOS (for a share outstanding throughout each period)	Six Months Ended June 30,			Year Ended December 31,
	2015^(a)			2014			2013			2012			2011			2010

Net asset value, beginning of period		$11.83			$11.48			$8.99			$7.68			$8.90			$7.91
Income from investment operations:
Net investment income		0.12			0.16			0.16			0.15			0.16			0.08
Net realized and unrealized gain (loss)		0.14			0.64			2.81			1.48			(1.18	)		0.99

Total from investment operations		0.26			0.80			2.97			1.63			(1.02	)		1.07

Distributions to shareholders from:
Net investment income		—			(0.15	)		(0.16	)		(0.15	)		(0.15	)		(0.08	)
Net realized gain		—			(0.30	)		(0.32	)		(0.17	)		(0.05	)		—

Total distributions		—			(0.45	)		(0.48	)		(0.32	)		(0.20	)		(0.08	)

Net asset value, end of period		$12.09			$11.83			$11.48			$8.99			$7.68			$8.90

Total return		2.20	%		6.95	%		33.17	%		21.11	%		(11.39	)%		13.51	%
Ratios/supplemental data:
Net assets, end of period (millions)		$6,458			$5,895			$3,924			$2,695			$1,875			$1,817
Ratio of expenses to average net assets		0.64	%^(b)		0.65	%		0.65	%		0.65	%		0.66	%		0.69	%
Ratio of net investment income to average net assets		1.98	%^(b)		1.42	%		1.58	%		1.93	%		1.94	%		1.19	%
Portfolio turnover rate		6	%		17	%		24	%		12	%		19	%		14	%

^(a)

Unaudited

^(b)	Annualized

See accompanying Notes to Consolidated Financial Statements

FUND HOLDINGS

PROXY VOTING

HOUSEHOLD MAILINGS

PAGE 14 § DODGE & COX GLOBAL STOCK FUND

TRUSTEES AND EXECUTIVE OFFICERS

Charles F. Pohl, Chairman and Trustee

Chairman, Dodge & Cox

Dana M. Emery, President and Trustee

Chief Executive Officer and President, Dodge & Cox

Thomas A. Larsen, Independent Trustee

Senior Counsel, Arnold & Porter LLP

Ann Mather, Independent Trustee

Former Executive Vice President, Chief Financial Officer, and Company Secretary, Pixar Studios

Robert B. Morris III, Independent Trustee

Advisory Director, The Presidio Group

Gary Roughead, Independent Trustee

Annenberg Distinguished Visiting Fellow, Hoover Institution; and former U.S. Navy Chief of Naval Operations

Mark E. Smith, Independent Trustee

Former Executive Vice President and Managing Director - Fixed Income, Loomis Sayles & Company, L.P.

John B. Taylor, Independent Trustee

Professor of Economics, Stanford University; Senior Fellow, Hoover Institute; and former Under Secretary for International Affairs, United States Treasury

John A. Gunn, Senior Vice President

Former Chairman and Chief Executive Officer, Dodge & Cox

Diana S. Strandberg, Senior Vice President

Senior Vice President and Director of International Equity, Dodge & Cox

David H. Longhurst, Treasurer

Vice President and Assistant Treasurer, Dodge & Cox

Thomas M. Mistele, Secretary

Chief Operating Officer, Secretary, and Senior Counsel, Dodge & Cox

Katherine M. Primas, Chief Compliance Officer

Chief Compliance Officer, Dodge & Cox

DODGE & COX GLOBAL STOCK FUND §PAGE 15


Global Stock Fund

dodgeandcox.com

For Fund literature, transactions, and account information, please visit the Funds’ website.

or write or call:

DODGE & COX FUNDS

c/o Boston Financial Data Services

P.O. Box 8422

Boston, Massachusetts 02266-8422

(800) 621-3979

INVESTMENT MANAGER

Dodge & Cox

555 California Street, 40th Floor

San Francisco, California 94104

(415) 981-1710

LOGO

DODGE & COX FUNDS^®


2015

Semi-Annual Report

June 30, 2015

International Stock Fund

ESTABLISHED 2001

TICKER: DODFX

(Closed to New Investors)

6/15 ISF SAR LOGO Printed on recycled paper

TO OUR SHAREHOLDERS

The Dodge & Cox International Stock Fund had a total return of 3.9% for the six months ending June 30, 2015, compared to a return of 5.5% for the MSCI EAFE (Europe, Australasia, Far East) Index. On June 30, the Fund had net assets of $69.7 billion with a net cash position of 1.7%.

MARKET COMMENTARY

During the first half of 2015, global equity markets were strong: most developed and emerging markets appreciated in local currency terms. However, the U.S. dollar’s appreciation against both developed and emerging market currencies continued to be a headwind to performance: the MSCI EAFE was up 9% in local currency versus up 6% in U.S. dollars; the MSCI Emerging Markets Index was up 6% in local currency versus up 3% in U.S. dollars. Among other currencies, the U.S. dollar was particularly strong against the euro (up 9%), and the Fund’s partial hedge of its euro exposures helped mitigate the negative currency impact on returns.

Every region of the MSCI EAFE generated positive returns. Japan (up 16% in local currency) was the strongest region of the market and showed signs of economic progress supported by its aggressive stimulus program, increased capital expenditures, and improving business sentiment. In Europe (up 10% in local currency), the European Central Bank substantially expanded its quantitative easing program, and manufacturing activity in the Eurozone strengthened to its highest level in four years. The sovereign debt crisis in Greece (down 19% in local currency) intensified further in the midst of tense negotiations with creditors. Concerns about Greece could continue to create volatility for markets and the euro.

In emerging markets, China (up 15% in local currency) was one of the best-performing countries for the six-month period, benefiting from the government’s efforts to further liberalize capital markets and stimulus measures (e.g., rate cuts, liquidity initiatives) aimed at supporting economic activity. The Chinese equity market, however, has declined meaningfully from its peak in mid-June. Various emerging market countries (including India, Russia, and Turkey) cut interest rates to bolster growth. In contrast, and despite weak economic performance, Brazil hiked rates in an attempt to anchor inflation expectations. With an eye toward minimizing volatility, many emerging market central banks began preparing for an eventual increase in U.S. interest rates.

INVESTMENT STRATEGY:

FINDING OPPORTUNITIES IN ENERGY

International equity valuations have increased and valuation disparities have narrowed across the market: the gap between the least expensive stocks and the most expensive stocks has compressed. How are we identifying investment opportunities today? As a bottom-up investor, we weigh what we are buying, as defined by company fundamentals, against what we are paying, as measured by the current valuation, to assess each investment opportunity.

We are finding more opportunities to invest in companies with reasonable valuations that have excellent fundamentals, including strong business franchises, top-line growth, and attractive reinvestment prospects. At the same time, we are still seeing some pockets of deep value where we believe discounted valuations more than embed the company’s risks over our three- to five-year investment horizon. During the first half of the year, we added significantly to holdings that exemplify this tradeoff between fundamentals and valuation. We highlight examples in the Energy sector below.

Energy

Over the past six months, the MSCI EAFE Energy sector’s return of negative 3% lagged the rest of the market as low oil prices continued to weigh on the outlook for profitability and growth. While the short-term direction of oil prices is impossible to forecast, we believe the long-term fundamentals of supply and demand are supportive of higher prices. Incremental resources from unconventional shale in North America and deepwater basins around the globe require higher prices to be economic. Current low prices reduce the cash flow available for investment that is needed to stem the natural decline rate of existing fields. And at the same time, demand growth is accelerating due to lower prices. We believe this combination provides a favorable backdrop for higher prices long term.

As valuations have declined across the sector, the Fund’s Energy positioning has changed from a modest underweight to an overweight position (7.4% compared to 5.2% of the MSCI EAFE^(a)), primarily due to the investments we have made within the Energy Equipment & Services (Oil Services) industry.

In our opinion, oil services companies are particularly appealing due to their strong franchises, attractive growth prospects, and reasonable valuations. There is meaningful demand for oil services companies’ expertise, as incremental oil resources are becoming more difficult to develop. Shale gas, tight oil, and deepwater resources are more service intensive than conventional resources. In addition, they exhibit higher decline rates and require more products and services to prolong a well’s productive life. One company that should benefit from this increased demand is Schlumberger^(b)—the Fund’s largest holding in the Energy sector and an example of a leading business at a reasonable price.

While companies in the Integrated Oils industry (the oil and gas producers) have reasonable valuations, they face limited growth prospects and competitive challenges. Despite increased capital spending, these companies have not been able to grow production, demonstrating that each barrel of oil is becoming increasingly more difficult to develop; their cash flow generation has deteriorated as well. Within this industry, Petroleo Brasileiro (Petrobras) stands out as a deep value opportunity: the company has production growth prospects and an exceptionally low valuation, reflecting its significant challenges.

PAGE 2 § DODGE & COX INTERNATIONAL STOCK FUND

Schlumberger

Schlumberger—the world’s leading diversified oilfield services company—provides a variety of technology-based services that enable companies to identify hydrocarbon reservoirs, drill complex wells, manage production, and maximize recovery over the life of the well. The company is most dominant in international markets, where it is often larger than its next two biggest competitors combined. This leading scale contributes to its superior profitability and free cash flow generation. As a result, Schlumberger has historically traded at a premium valuation compared to its peers. That said, valuations for the Oil Services industry are low relative to historical averages; and, when compared to other leading global industrial companies, Schlumberger’s valuation at 2.3 times sales looks reasonable.

Although the near-term outlook for oil prices is uncertain, we believe Schlumberger’s long-term growth prospects are attractive. Through its research and development (R&D) program and targeted acquisition strategy, Schlumberger is able to offer advanced and integrated services that are differentiated and improve a customer’s productivity per well. Furthermore, Schlumberger is in the midst of a restructuring program to increase efficiency and reduce capital intensity. Management has proactively adjusted its cost structure to deal with reduced activity levels in the current environment. These efforts have enabled the company to continue generating attractive levels of free cash flow, which provide strategic options for reinvesting in the business or for returning capital to shareholders. Continued industry consolidation should improve the competitive and pricing environment. Halliburton’s proposed acquisition of Baker Hughes would combine the second- and third-largest industry competitors. While weaker demand and a low oil price environment have weighed on Schlumberger’s share price, we believe its valuation, solid balance sheet, cash flow generation, and prospects make it an attractive long-term investment opportunity. We recently added to the position (a 3.1% holding on June 30).

Petrobras

Petrobras is the leading producer of oil and gas in Brazil, accounting for roughly 90% of Brazil’s oil production. In 2014, its stock price declined approximately 50% due to a corruption scandal involving kickbacks on procurement contracts, a weakening Brazilian Real, and increasing debt from years of outspending its cash flow. The lower oil price environment and high financial leverage have raised concerns about the viability of funding growth through additional borrowings. The CEO and other senior executives resigned earlier this year and were replaced with a new management team. Investors are skeptical about the company’s ability to rectify its problems and grow production. As a result, it trades at 2.6 times 2015 estimated operating cash flow and at a substantial discount to its net asset value, well below historical levels and that of its peers.

Despite this perfect storm of challenges, the company managed to grow production in the first half of 2015 compared to the first half of 2014. This growth was driven by the company’s leading position in the deepwater fields, also known as “pre-salt,”

of the Santos Basin, which is one of the Western Hemisphere’s largest oil discoveries in 30 years. These fields are prolific, low-cost, and should enable Petrobras to maintain or grow production over the long term. In addition to possessing excellent reserves, Petrobras has improved corporate governance: the company hired two independent investigative firms and meaningfully revamped internal governance structures. The new management team is displaying more discipline on capital spending; it has announced plans to reduce capital expenditures by 37% and focus on the company’s most profitable exploration and production projects. Combined with a large scale divestiture program, these efforts should lead to a stronger balance sheet.

After meeting with the new management team in Brazil, along with government officials and industry experts, we decided to add to Petrobras in the second quarter of 2015. We believe the company’s growth prospects and ability to overcome its current challenges are not reflected in its compelling valuation today. On June 30, Petrobras was a 1.5% position in the Fund.

IN CLOSING

While international equity valuations have trended higher, we believe they remain reasonable: the MSCI EAFE traded at 15.0 times forward earnings on June 30, close to its 20-year historical average of 16.0 times. As we look for long-term investment candidates in both developed and emerging markets, we continue to see attractive opportunities. Corporate balance sheets and cash flows remain strong. However, we have a more tempered outlook for long-term equity returns given higher starting valuations today. The Fund is invested in companies that we believe have favorable prospects over our three- to five-year investment horizon. Acknowledging that both share prices and currencies can be volatile in the short term, we encourage shareholders to remain focused on the long term.

Thank you for your continued confidence in our firm. As always, we welcome your comments and questions.

For the Board of Trustees,

Charles F. Pohl,

Chairman

Dana M. Emery,

President

July 31, 2015

^(a)

Unless otherwise specified, all weightings and characteristics are as of June 30, 2015.

^(b)

The use of specific examples does not imply that they are more attractive investments than the Fund’s other holdings.

DODGE & COX INTERNATIONAL STOCK FUND §PAGE 3

International Stock Fund Soft Close

On January 16, 2015, the Dodge & Cox International Stock Fund closed to new investors, with limited exceptions. Complete rules on eligibility to invest in the International Stock Fund are available in the Fund’s prospectus, dated May 1, 2015.

We closed the International Stock Fund to new investors to proactively “tap the brakes” on the Fund’s growth. We believe this decision is in the best long-term interests of the Fund’s existing shareholders, as it allows us to have stable and balanced growth within the Fund. Over the past couple of years, the International Stock Fund experienced significant, but manageable asset flows. A meaningful portion of these flows came from existing shareholders, and we wanted to preserve their ability to continue to invest with us. Thus, current shareholders in the Fund will be able to make additional investments. We remain confident in our ability to continue to find and invest in attractive international opportunities with the assets entrusted to us.

Five of the six Dodge & Cox Funds (Stock Fund, Global Stock Fund, Balanced Fund, Income Fund, and Global Bond Fund) remain open to new investors.

YEAR-TO-DATE PERFORMANCE REVIEW

The Fund underperformed the MSCI EAFE by 1.6 percentage points year to date.

Key Detractors from Relative Results

The Fund’s average overweight position (16% versus 5%) and holdings in the Information Technology sector (down 3% compared to up 6% for the MSCI EAFE sector) meaningfully detracted from performance. Hewlett-Packard (down 24%), Baidu (down 13%), and Samsung Electronics (down 6%) were notable detractors.

Weak returns from the Fund’s emerging market Financials holdings (down 14%) negatively impacted results. Yapi Kredi (down 28%), Kasikornbank (down 19%), Itau Unibanco (down 13%), and ICICI Bank (down 12%) performed poorly.

The Fund’s holdings in the Industrials sector (down 2% compared to up 6% for the MSCI EAFE sector), particularly Tyco International (down 12%) and Philips (down 11%), hindered results.

Additional detractors included Royal Dutch Shell (down 13%) and Lafarge (down 5%).

Key Contributors to Relative Results

The Fund’s average overweight position (7% versus 2%) and holdings in the Media industry (up 14% compared to up 9% for the MSCI EAFE industry) aided performance. Naspers (up 19%) and Grupo Televisa (up 14%) were particularly strong.

In Europe & UK Financials, certain Fund holdings contributed to results, especially Lloyds Banking Group (up 14%), Credit Suisse (up 12%), Standard Chartered (up 11%), and Barclays (up 10%).

The Fund’s lack of holdings in the Utilities sector, the weakest sector of the market (down 3%), helped performance.

Additional contributors included Nintendo (up 60%), Nissan Motor (up 20%), and Infineon Technologies (up 18%).

PAGE 4 § DODGE & COX INTERNATIONAL STOCK FUND

KEY CHARACTERISTICS OF DODGE & COX

Independent Organization

Over 80 Years of Investment Experience

Dodge & Cox was founded in 1930. We have a stable and well-qualified team of investment professionals, most of whom have spent their entire careers at Dodge & Cox.

Experienced Investment Team

The International Investment Policy Committee, which is the decision-making body for the International Stock Fund, is a nine-member committee with an average tenure at Dodge & Cox of 22 years.

One Business with a Single Research Office

Dodge & Cox manages equity (domestic, international, and global), fixed income (domestic and global), and balanced investments, operating from one office in San Francisco.

Consistent Investment Approach

Our team decision-making process involves thorough, bottom-up fundamental analysis of each investment.

Long-Term Focus and Low Expenses

We invest with a three- to five-year investment horizon, which has historically resulted in low turnover relative to our peers. We manage Funds that maintain low expense ratios.

Risks: The Fund is subject to market risk, meaning holdings in the Fund may decline in value for extended periods due to the financial prospects of individual companies, or due to general market and economic conditions. Investing in non-U.S. securities may entail risk due to foreign economic and political developments; this risk may be increased when investing in emerging markets. The Fund is also subject to currency risk. Please read the prospectus and summary prospectus for specific details regarding the Fund’s risk profile.

DODGE & COX INTERNATIONAL STOCK FUND §PAGE 5

GROWTH OF $10,000 OVER 10 YEARS

FOR AN INVESTMENT MADE ON JUNE 30, 2005

LOGO

AVERAGE ANNUAL TOTAL RETURN

FOR PERIODS ENDED JUNE 30, 2015


	1 Year			3 Years			5 Years			10 Years
Dodge & Cox International Stock Fund		-3.64	%		15.44	%		11.24	%		6.96	%
MSCI EAFE		-4.21			11.98			9.55			5.12

The Fund’s total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include dividends but, unlike Fund returns, do not reflect fees or expenses. The MSCI EAFE (Europe, Australasia, Far East) Index is a broad-based, unmanaged equity market index aggregated from 21 developed market country indices, excluding the United States and Canada. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

MSCI EAFE is a service mark of MSCI Barra.

FUND EXPENSE EXAMPLE

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON WITH OTHER MUTUAL FUNDS


Six Months Ended June 30, 2015	Beginning Account Value 1/1/2015		Ending Account Value 6/30/2015		Expenses Paid During Period*
Based on Actual Fund Return	$	1,000.00	$	1,038.90	$	3.25
Based on Hypothetical 5% Yearly Return		1,000.00		1,021.60		3.23

*	Expenses are equal to the Fund’s annualized expense ratio of 0.64%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

PAGE 6 § DODGE & COX INTERNATIONAL STOCK FUND


FUND INFORMATION			June 30, 2015


GENERAL INFORMATION
Net Asset Value Per Share			$43.75
Total Net Assets (billions)			$69.7
Expense Ratio			0.64%
Portfolio Turnover Rate (1/1/15 to 6/30/15, unannualized)			7%
30-Day SEC Yield^(a)			1.53%
Fund Inception			2001
No sales charges or distribution fees

Investment Manager: Dodge & Cox, San Francisco. Managed by the International Investment Policy Committee, whose nine members’ average tenure at Dodge & Cox is 22 years.


PORTFOLIO CHARACTERISTICS	Fund		MSCI EAFE
Number of Equity Securities		77		911
Median Market Capitalization (billions)		$28		$9
Weighted Average Market Capitalization (billions)		$70		$58
Price-to-Earnings Ratio^(b)		13.8x		15.0x
Countries Represented		24		21
Emerging Markets (Brazil, China, India, Mexico, South Africa, South Korea, Thailand, Turkey, United Arab Emirates)		23.5%		0.0%


TEN LARGEST HOLDINGS (%)^(c)	Fund
Naspers, Ltd. (South Africa)		3.9
Sanofi (France)		3.5
Novartis AG (Switzerland)		3.4
Samsung Electronics Co., Ltd. (South Korea)		3.2
Roche Holding AG (Switzerland)		3.2
Schlumberger, Ltd. (United States)		3.1
Standard Chartered PLC (United Kingdom)		2.9
Barclays PLC (United Kingdom)		2.6
Credit Suisse Group AG (Switzerland)		2.2
Hewlett-Packard Co. (United States)		2.2

ASSET ALLOCATION

LOGO


REGION DIVERSIFICATION (%)^(d)	Fund		MSCI EAFE
Europe (excluding United Kingdom)		40.2		44.5
United Kingdom		15.2		20.3
Japan		13.0		22.9
Pacific (excluding Japan)		12.2		11.7
Africa/Middle East		6.1		0.6
United States		5.7		0.0
Latin America		5.5		0.0
Canada		0.4		0.0


SECTOR DIVERSIFICATION (%)	Fund		MSCI EAFE
Financials		25.2		26.2
Consumer Discretionary		16.1		13.2
Information Technology		15.0		4.7
Health Care		12.8		11.2
Industrials		7.7		12.7
Energy		7.4		5.2
Telecommunication Services		6.3		4.9
Materials		4.7		7.4
Consumer Staples		3.1		10.9
Utilities		0.0		3.6

^(a)	SEC Yield is an annualization of the Fund’s total net investment income per share for the 30-day period ended on the last day of the month.

^(b)	Price-to-earnings (P/E) ratios are calculated using 12-month forward earnings estimates from third-party sources.

^(c)	The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation to buy, sell, or hold any particular security and is not indicative of Dodge & Cox’s current or future trading activity.

^(d)	The Fund may classify a company in a different category than the MSCI EAFE. The Fund generally classifies a company based on its country of incorporation, but may designate a different country in certain circumstances.

DODGE & COX INTERNATIONAL STOCK FUND §PAGE 7


CONSOLIDATED PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015


COMMON STOCKS: 94.6%

	SHARES		VALUE
CONSUMER DISCRETIONARY: 16.1%
AUTOMOBILES & COMPONENTS: 6.6%
Bayerische Motoren Werke AG (Germany)		8,676,300	$	949,672,495
Honda Motor Co., Ltd. (Japan)		33,966,400		1,099,463,935
Honda Motor Co., Ltd. ADR (Japan)		6,758,400		218,972,160
Mahindra & Mahindra, Ltd. (India)		16,522,808		333,790,301
NGK Spark Plug Co., Ltd.^(b) (Japan)		12,120,000		336,212,771
Nissan Motor Co., Ltd. (Japan)		93,132,200		970,245,986
Yamaha Motor Co., Ltd.^(b) (Japan)		31,550,100		690,114,129

				4,598,471,777
CONSUMER DURABLES & APPAREL: 1.5%
Panasonic Corp. (Japan)		75,248,434		1,033,870,505

CONSUMER SERVICES: 0.3%
New Oriental Education & Technology Group, Inc. ADR^(a),(b) (Cayman Islands/China)		8,833,529		216,598,131

MEDIA: 7.7%
Grupo Televisa SAB ADR (Mexico)		22,632,192		878,581,693
Liberty Global PLC, Series A^(a) (United Kingdom)		11,619,005		628,239,600
Liberty Global PLC, Series C^(a) (United Kingdom)		17,488,247		885,429,946
Naspers, Ltd. (South Africa)		17,525,595		2,729,821,020
Television Broadcasts, Ltd.^(b) (Hong Kong)		40,022,900		237,249,615

				5,359,321,874

				11,208,262,287
CONSUMER STAPLES: 3.1%
FOOD, BEVERAGE & TOBACCO: 2.0%
Anadolu Efes Biracilik ve Malt Sanayii AS^(b) (Turkey)		31,770,210		286,869,550
Imperial Tobacco Group PLC (United Kingdom)		22,874,300		1,102,317,878

				1,389,187,428
HOUSEHOLD & PERSONAL PRODUCTS: 1.1%
Unilever PLC (United Kingdom)		18,338,300		786,623,620

				2,175,811,048
ENERGY: 5.9%
Royal Dutch Shell PLC ADR (United Kingdom)		9,329,395		531,868,809
Saipem SPA^(a),(b) (Italy)		46,865,200		495,046,467
Schlumberger, Ltd. (Curacao/United States)		25,027,224		2,157,096,437
Total SA (France)		10,779,100		523,583,959
Weatherford International PLC^(a) (Ireland)		31,817,592		390,401,854

				4,097,997,526
FINANCIALS: 23.7%
BANKS: 16.1%
Banco Santander SA (Spain)		70,096,290		489,511,674
Barclays PLC (United Kingdom)		441,255,398		1,806,105,110
BNP Paribas SA (France)		17,886,158		1,079,771,340
ICICI Bank, Ltd. (India)		257,911,785		1,247,437,654
Kasikornbank PCL- Foreign^(b) (Thailand)		136,883,027		765,966,221
Lloyds Banking Group PLC (United Kingdom)		847,482,400		1,135,061,495
Mitsubishi UFJ Financial Group, Inc. (Japan)		116,265,800		835,810,360
Siam Commercial Bank PCL- Foreign (Thailand)		78,078,500		359,467,861
Societe Generale SA (France)		8,910,342		415,923,641
Standard Chartered PLC (United Kingdom)		125,960,966		2,016,765,619
UniCredit SPA (Italy)		118,059,078		792,999,129
Yapi ve Kredi Bankasi AS^(b) (Turkey)		204,376,868		300,453,289

				11,245,273,393
DIVERSIFIED FINANCIALS: 2.7%
Credit Suisse Group AG (Switzerland)		57,060,405		1,568,482,174
Haci Omer Sabanci Holding AS (Turkey)		82,095,354		309,377,664

				1,877,859,838



	SHARES		VALUE
INSURANCE: 3.3%
AEGON NV^(b) (Netherlands)		127,504,334	$	937,040,620
Aviva PLC (United Kingdom)		80,919,501		626,187,932
Swiss Re AG (Switzerland)		7,852,668		695,019,281

				2,258,247,833
REAL ESTATE: 1.6%
BR Malls Participacoes SA^(b) (Brazil)		54,870,300		256,959,110
Hang Lung Group, Ltd.^(b) (Hong Kong)		110,524,300		486,209,678
Hang Lung Properties, Ltd. (Hong Kong)		126,187,300		376,044,356

				1,119,213,144

				16,500,594,208
HEALTH CARE: 12.8%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES: 12.8%
Bayer AG (Germany)		9,847,650		1,378,369,307
GlaxoSmithKline PLC (United Kingdom)		15,629,700		324,781,726
GlaxoSmithKline PLC ADR (United Kingdom)		2,903,383		120,925,902
Novartis AG (Switzerland)		8,095,570		797,910,878
Novartis AG ADR (Switzerland)		16,305,000		1,603,433,700
Roche Holding AG (Switzerland)		7,896,400		2,212,799,401
Sanofi (France)		25,021,622		2,461,485,208

				8,899,706,122
INDUSTRIALS: 7.7%
CAPITAL GOODS: 6.0%
Koninklijke Philips NV (Netherlands)		37,649,495		957,835,805
Mitsubishi Electric Corp. (Japan)		70,457,600		910,764,581
Nidec Corp. (Japan)		7,554,800		565,753,499
Schneider Electric SA (France)		17,051,646		1,177,290,555
Smiths Group PLC^(b) (United Kingdom)		33,926,200		601,830,817

				4,213,475,257
COMMERCIAL & PROFESSIONAL SERVICES: 1.4%
ADT Corp. (United States)		7,476,860		250,998,190
Tyco International PLC (Ireland)		19,705,320		758,260,714

				1,009,258,904
TRANSPORTATION: 0.3%
DP World, Ltd. (United Arab Emirates)		8,256,304		176,684,906

				5,399,419,067
INFORMATION TECHNOLOGY: 14.3%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT: 3.6%
Infineon Technologies AG^(b) (Germany)		66,414,456		824,088,884
Samsung Electronics Co., Ltd. (South Korea)		1,521,592		1,729,686,365

				2,553,775,249
SOFTWARE & SERVICES: 3.4%
Baidu, Inc. ADR^(a) (Cayman Islands/China)		6,158,087		1,225,951,960
Fujitsu, Ltd. (Japan)		46,482,700		259,940,024
Nintendo Co., Ltd. (Japan)		5,276,200		882,492,250

				2,368,384,234
TECHNOLOGY, HARDWARE & EQUIPMENT: 7.3%
Brother Industries, Ltd.^(b) (Japan)		13,924,400		197,286,511
Hewlett-Packard Co. (United States)		51,080,004		1,532,910,920
Kyocera Corp.^(b) (Japan)		20,248,000		1,052,727,246
Nokia Oyj (Finland)		41,092,100		278,992,097
TE Connectivity, Ltd. (Switzerland)		13,646,362		877,461,076
Telefonaktiebolaget LM Ericsson (Sweden)		109,287,900		1,132,448,791

				5,071,826,641

				9,993,986,124
MATERIALS: 4.7%
Akzo Nobel NV (Netherlands)		6,040,440		439,540,056
Lafarge SA^(b) (France)		20,035,291		1,323,204,522
Lanxess AG^(b) (Germany)		5,001,680		294,921,030
Linde AG (Germany)		4,782,005		905,773,638
Teck Resources, Ltd., Class B (Canada)		30,160,892		298,894,440

				3,262,333,686


PAGE 8 § DODGE & COX INTERNATIONAL STOCK FUND		See accompanying Notes to Financial Statements


CONSOLIDATED PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015


COMMON STOCKS (continued)

	SHARES		VALUE
TELECOMMUNICATION SERVICES: 6.3%
America Movil SAB de CV, Series L (Mexico)		632,299,400	$	675,847,299
Bharti Airtel, Ltd. (India)		57,768,204		381,144,958
China Mobile, Ltd. (Hong Kong/China)		49,879,000		639,610,478
Millicom International Cellular SA SDR^(b) (Luxembourg)		10,088,392		744,169,280
MTN Group, Ltd. (South Africa)		69,481,726		1,306,423,214
Telecom Italia SPA^(a) (Italy)		201,500,000		255,642,811
Telecom Italia SPA- RSP (Italy)		352,735,486		360,017,634

				4,362,855,674

TOTAL COMMON STOCKS (Cost $59,237,974,658)			$	65,900,965,742

PREFERRED STOCKS: 3.7%
ENERGY: 1.5%
Petroleo Brasileiro SA ADR^(a) (Brazil)		123,840,300		1,010,536,848

FINANCIALS: 1.5%
BANKS: 1.5%
Itau Unibanco Holding SA (Brazil)		92,900,150		1,022,496,263

INFORMATION TECHNOLOGY: 0.7%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT: 0.7%
Samsung Electronics Co., Ltd. (South Korea)		586,016		521,685,318

TOTAL PREFERRED STOCKS (Cost $3,171,486,185)			$	2,554,718,429


SHORT-TERM INVESTMENTS: 1.8%

	PAR VALUE			VALUE
MONEY MARKET FUND: 0.1%
SSgA U.S. Treasury Money Market Fund	$	69,878,118		$	69,878,118

REPURCHASE AGREEMENT: 1.7%
Fixed Income Clearing Corporation^(c) 0.01%, dated 6/30/15, due 7/1/15, maturity value $1,195,140,332		1,195,140,000			1,195,140,000

TOTAL SHORT-TERM INVESTMENTS (Cost $1,265,018,118)				$	1,265,018,118

TOTAL INVESTMENTS (Cost $63,674,478,961)		100.1	%	$	69,720,702,289
OTHER ASSETS LESS LIABILITIES		(0.1	%)		(52,229,682	)

NET ASSETS		100.0	%	$	69,668,472,607

^(a)	Non-income producing

^(b)	See Note 10 regarding holdings of 5% voting securities

^(c)	Repurchase agreement is collateralized by U.S. Treasury Note 1.125%-1.625%, 12/31/19-4/30/20; Fannie Mae 1.67%-1.75%, 2/10/20-2/12/20; and Freddie Mac 1.84%, 4/8/20. Total collateral value is $1,219,052,041.

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

SDR: Swedish Depository Receipt

FORWARD CURRENCY CONTRACTS


			Contract Amount
Counterparty	Settlement Date		Receive U.S. Dollar		Deliver Foreign Currency		Unrealized Appreciation/ (Depreciation)
Contracts to sell EUR:
JPMorgan		8/12/15		564,940,000		500,000,000	$	7,211,736
Credit Suisse		8/19/15		569,625,000		500,000,000		11,839,573
Deutsche Bank		9/2/15		546,384,500		500,000,000		(11,515,287	)
Barclays		9/16/15		674,853,000		600,000,000		5,233,290
HSBC		9/16/15		337,396,500		300,000,000		2,586,645

							$	15,355,957


See accompanying Notes to Financial Statements		DODGE & COX INTERNATIONAL STOCK FUND §PAGE 9


CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (unaudited)

	June 30, 2015
ASSETS:
Investments, at value
Unaffiliated issuers (cost $53,921,013,535)	$	59,974,207,707
Affiliated issuers (cost $9,753,465,426)		9,746,494,582

		69,720,702,289
Unrealized appreciation on forward currency contracts		26,871,244
Cash		100
Cash denominated in foreign currency (cost $47,094,404)		46,956,440
Receivable for investments sold		51,916,798
Receivable for Fund shares sold		64,155,518
Dividends and interest receivable		121,784,694
Prepaid expenses and other assets		211,202

		70,032,598,285

LIABILITIES:
Unrealized depreciation on forward currency contracts		11,515,287
Payable for investments purchased		253,898,856
Payable for Fund shares redeemed		57,317,440
Management fees payable		35,158,057
Accrued expenses		6,236,038

		364,125,678

NET ASSETS	$	69,668,472,607

NET ASSETS CONSIST OF:
Paid in capital	$	65,585,455,711
Undistributed net investment income		986,523,051
Accumulated net realized loss		(2,964,455,533	)
Net unrealized appreciation		6,060,949,378

	$	69,668,472,607

Fund shares outstanding (par value $0.01 each, unlimited shares authorized)		1,592,522,681
Net asset value per share	$	43.75

CONSOLIDATED STATEMENT OF OPERATIONS (unaudited)

	Six Months Ended June 30, 2015
INVESTMENT INCOME:
Dividends (net of foreign taxes of $66,679,362)
Unaffiliated issuers	$	1,030,498,941
Affiliated issuers		167,220,116
Interest		234,845

		1,197,953,902

EXPENSES:
Management fees		205,930,316
Custody and fund accounting fees		4,734,575
Transfer agent fees		6,750,420
Professional services		254,097
Shareholder reports		1,316,016
Registration fees		1,160,784
Trustees’ fees		118,750
Miscellaneous		651,627

		220,916,585

NET INVESTMENT INCOME		977,037,317


REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss)
Investments in unaffiliated issuers		(28,732,496	)
Invesments in affiliated issuers		104,912,201
Forward currency contracts		292,176,100
Foreign currency transactions		(9,609,977	)
Net change in unrealized appreciation/depreciation
Investments		1,252,627,573
Forward currency contracts		(67,240,029	)
Foreign currency translation		(385,973	)

Net realized and unrealized gain		1,543,747,399

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	2,520,784,716


CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (unaudited)

	Six Months Ended June 30, 2015			Year Ended December 31, 2014
OPERATIONS:
Net investment income	$	977,037,317		$	1,451,548,384
Net realized gain		358,745,828			2,019,551,822
Net change in unrealized appreciation/depreciation		1,185,001,571			(3,874,051,496	)

		2,520,784,716			(402,951,290	)


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		—			(1,440,251,048	)
Net realized gain		—			—

Total distributions		—			(1,440,251,048	)


FUND SHARE TRANSACTIONS:
Proceeds from sale of shares		7,819,843,030			19,083,592,819
Reinvestment of distributions		–			1,176,502,813
Cost of shares redeemed		(4,711,911,383	)		(7,993,354,008	)

Net increase from Fund share transactions		3,107,931,647			12,266,741,624

Total increase in net assets		5,628,716,363			10,423,539,286

NET ASSETS:
Beginning of period		64,039,756,244			53,616,216,958

End of period (including undistributed net investment income of $986,523,051 and $9,485,734, respectively)	$	69,668,472,607		$	64,039,756,244


SHARE INFORMATION:
Shares sold		178,939,485			427,948,359
Distributions reinvested		—			27,741,165
Shares redeemed		(107,155,613	)		(180,756,140	)

Net increase in shares outstanding		71,783,872			274,933,384


PAGE 10 § DODGE & COX INTERNATIONAL STOCK FUND		See accompanying Notes to Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTE 1—ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Dodge & Cox International Stock Fund (the “Fund”) is one of the series constituting the Dodge & Cox Funds (the “Trust” or the “Funds”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund is closed to new investors. The Fund commenced operations on May 1, 2001, and seeks long-term growth of principal and income. The Fund invests primarily in a diversified portfolio of foreign equity securities. Foreign investing, especially in developing countries, has special risks such as currency and market volatility and political and social instability. These and other risk considerations are discussed in the Fund’s Prospectus.

Dividend income and corporate action transactions are recorded on the ex-dividend date, or when the Fund first learns of the dividend/corporate action if the ex-dividend date has passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Dividends characterized as return of capital for U.S. tax purposes are recorded as a reduction of cost of investments and/or realized gain. Interest income is recorded on the accrual basis.

Distributions to shareholders are recorded on the ex-dividend date.

DODGE & COX INTERNATIONAL STOCK FUND §PAGE 11

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Reported realized and unrealized gain (loss) on investments include foreign currency gain (loss) related to investment transactions.

Consolidation The Fund may invest in certain securities through its wholly owned subsidiary, Dodge & Cox International Stock Fund Cayman, Ltd. (the “Subsidiary”). The Subsidiary is a Cayman Islands exempted company and invests in certain securities consistent with the investment objective of the Fund. The Fund’s Consolidated Financial Statements, including the Consolidated Portfolio of Investments, consist of the holdings and accounts of the Fund and the Subsidiary. All intercompany transactions and balances have been eliminated. At June 30, 2015, the Subsidiary had net assets of $100, which represented less than 0.01% of the Fund’s consolidated net assets.

NOTE 2—VALUATION MEASUREMENTS

Various inputs are used in determining the value of the Fund’s investments and other financial instruments. 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, 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.

PAGE 12 § DODGE & COX INTERNATIONAL STOCK FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The following is a summary of the inputs used to value the Fund’s holdings at June 30, 2015:


Classification^(a)	LEVEL 1 (Quoted Prices)		LEVEL 2 (Other Significant Observable Inputs)
Securities
Common Stocks
Consumer Discretionary	$	11,208,262,287	$	—
Consumer Staples		2,175,811,048		—
Energy		4,097,997,526		—
Financials		16,500,594,208		—
Health Care		8,899,706,122		—
Industrials		5,399,419,067		—
Information Technology		9,993,986,124		—
Materials		3,262,333,686		—
Telecommunication Services		4,362,855,674		—
Preferred Stocks
Energy		1,010,536,848		—
Financials		1,022,496,263		—
Information Technology		521,685,318		—
Short-term Investments
Money Market Fund		69,878,118		—
Repurchase Agreement		—		1,195,140,000

Total Securities	$	68,525,562,289	$	1,195,140,000


Other Financial Instruments
Forward Currency Contracts	$	—	$	15,355,957	^(b)

^(a)

^(b)	Represents net unrealized appreciation/(depreciation).

NOTE 3—ADDITIONAL DERIVATIVES INFORMATION

extent amounts owed to the Fund by its counterparties are not collateralized, the Fund is at risk of those counterparties’ non-performance. The Fund attempts to mitigate counterparty credit risk by entering into Derivatives only with counterparties it believes to be of good credit quality and by monitoring the financial stability of those counterparties.

NOTE 4—RELATED PARTY TRANSACTIONS

NOTE 5—INCOME TAX INFORMATION AND DISTRIBUTIONS TO SHAREHOLDERS

Distributions during the periods noted below were characterized as follows for federal income tax purposes.


	Six Months Ended June 30, 2015		Year Ended December 31, 2014
Ordinary income		—		$1,440,251,048
				($0.970 per share)

Long-term capital gain		—		—

DODGE & COX INTERNATIONAL STOCK FUND §PAGE 13

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

At June 30, 2015, the tax basis components of distributable earnings were as follows:


Unrealized appreciation	$	11,716,026,154
Unrealized depreciation		(5,703,315,227	)

Net unrealized appreciation		6,012,710,927
Undistributed ordinary income		987,994,455
Accumulated capital gain^(a)		282,505,832
Capital loss carryforward^(b)		(3,199,564,411	)

^(a)	Represents capital gain realized for tax purposes during the period from January 1, 2015 to June 30, 2015.

^(b)	Represents accumulated capital loss as of December 31, 2014, which may be carried forward to offset future capital gains. During 2014, the Fund utilized $2,145,426,224 of the capital loss carryforward. If not utilized, the remaining capital loss carryforward will expire as follows:


Expiring in 2017	$	2,079,444,182
Expiring in 2018		1,120,120,229

	$	3,199,564,411

Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Fund after January 1, 2011, are not subject to expiration. In addition, such losses must be utilized prior to the losses incurred in the years preceding enactment.

NOTE 6—LOAN FACILITIES

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. The Fund’s commitment fee for the six months ended June 30, 2015, amounted to $103,908 and is reflected as a Miscellaneous Expense in the Consolidated Statement of Operations. Interest on borrowings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the period.

NOTE 7—PURCHASES AND SALES OF INVESTMENTS

For the six months ended June 30, 2015, purchases and sales of securities, other than short-term securities, aggregated $8,903,278,544 and $4,791,521,717 respectively.

NOTE 8—ACCOUNTING PRONOUNCEMENTS

NOTE 9—SUBSEQUENT EVENTS

PAGE 14 § DODGE & COX INTERNATIONAL STOCK FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTE 10—HOLDINGS OF 5% VOTING SECURITIES


	Shares at Beginning of Period		Additions		Reductions			Shares at End of Period		Dividend Income^(a)			Value at End of Period
AEGON NV (Netherlands)		125,227,471		2,276,863		—			127,504,334		16,565,339			937,040,620
Anadolu Efes Biracilik ve Malt Sanayii AS (Turkey)		28,262,444		3,507,766		—			31,770,210		4,579,929			286,869,550
BR Malls Participacoes SA (Brazil)		54,870,300		—		—			54,870,300		8,160,027			256,959,110
Brother Industries, Ltd. (Japan)		18,185,100		—		(4,260,700	)		13,924,400		1,682,895			197,286,511
Hang Lung Group, Ltd. (Hong Kong)		90,430,600		20,093,700		—			110,524,300		8,758,610			486,209,678
Infineon Technologies AG (Germany)		66,414,456		—		—			66,414,456		13,631,230			824,088,884
Kasikornbank PCL—Foreign (Thailand)		123,826,527		13,056,500		—			136,883,027		12,769,287			765,966,221
Kyocera Corp. (Japan)		20,248,000		—		—			20,248,000		9,180,068			1,052,727,246
Lafarge SA (France)		20,035,291		—		—			20,035,291		24,427,989			1,323,204,522
Lanxess AG (Germany)		4,539,680		462,000		—			5,001,680		2,419,062			294,921,030
Millicom International Cellular SA SDR (Luxembourg)		10,088,392		—		—			10,088,392		22,755,923			744,169,280
New Oriental Education & Technology Group, Inc. ADR (Cayman Islands/China)		5,733,700		3,099,829		—			8,833,529		—	^(b)		216,598,131
NGK Spark Plug Co., Ltd. (Japan)		14,009,700		1,118,700		(3,008,400	)		12,120,000		1,496,336			336,212,771
Saipem SPA (Italy)		35,889,000		10,976,200		—			46,865,200		—	^(b)		495,046,467
Smiths Group PLC (United Kingdom)		26,840,600		7,085,600		—			33,926,200		6,369,220			601,830,817
Television Broadcasts, Ltd. (Hong Kong)		40,022,900		—		—			40,022,900		22,201,098			237,249,615
Yamaha Motor Co., Ltd. (Japan)		31,550,100		—		—			31,550,100		6,218,327			690,114,129
Yapi ve Kredi Bankasi AS (Turkey)		234,711,168		4,650,000		(34,984,300	)		204,376,868		6,004,776			—	^(c)

										$	167,220,116		$	9,746,494,582

^(a)	Net of foreign taxes, if any

^(b)	Non-income producing

^(c)	Company was not an affiliate at period end

DODGE & COX INTERNATIONAL STOCK FUND §PAGE 15

CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)


SELECTED DATA AND RATIOS (for a share outstanding throughout each period)	Six Months Ended June 30,			Year Ended December 31,
	2015^(a)			2014			2013			2012			2011			2010

Net asset value, beginning of period		$42.11			$43.04			$34.64			$29.24			$35.71			$31.85
Income from investment operations:
Net investment income		0.61			0.98			0.70			0.76			0.78			0.51
Net realized and unrealized gain (loss)		1.03			(0.94	)		8.40			5.39			(6.49	)		3.85

Total from investment operations		1.64			0.04			9.10			6.15			(5.71	)		4.36

Distributions to shareholders from:
Net investment income		—			(0.97	)		(0.70	)		(0.75	)		(0.76	)		(0.50	)
Net realized gain		—			—			—			—			—			—

Total distributions		—			(0.97	)		(0.70	)		(0.75	)		(0.76	)		(0.50	)

Net asset value, end of period		$43.75			$42.11			$43.04			$34.64			$29.24			$35.71

Total return		3.89	%		0.07	%		26.31	%		21.03	%		(15.97	)%		13.69	%
Ratios/supplemental data:
Net assets, end of period (millions)		$69,668			$64,040			$53,616			$40,556			$35,924			$43,406
Ratio of expenses to average net assets		0.64	%^(b)		0.64	%		0.64	%		0.64	%		0.64	%		0.65	%
Ratio of net investment income to average net assets		2.85	%^(b)		2.39	%		1.85	%		2.31	%		2.23	%		1.58	%
Portfolio turnover rate		7	%		12	%		13	%		10	%		16	%		15	%

^(a)

Unaudited

^(b)	Annualized

See accompanying Notes to Consolidated Financial Statements

PAGE 16 § DODGE & COX INTERNATIONAL STOCK FUND

FUND HOLDINGS

PROXY VOTING

HOUSEHOLD MAILINGS

DODGE & COX INTERNATIONAL STOCK FUND §PAGE 17

THIS PAGE INTENTIONALLY LEFT BLANK

PAGE 18 § DODGE & COX INTERNATIONAL STOCK FUND

TRUSTEES AND EXECUTIVE OFFICERS

Charles F. Pohl, Chairman and Trustee

Chairman, Dodge & Cox

Dana M. Emery, President and Trustee

Chief Executive Officer and President, Dodge & Cox

Thomas A. Larsen, Independent Trustee

Senior Counsel, Arnold & Porter LLP

Ann Mather, Independent Trustee

Former Executive Vice President, Chief Financial Officer, and Company Secretary, Pixar Studios

Robert B. Morris III, Independent Trustee

Advisory Director, The Presidio Group

Gary Roughead, Independent Trustee

Annenberg Distinguished Visiting Fellow, Hoover Institution; and former U.S. Navy Chief of Naval Operations

Mark E. Smith, Independent Trustee

Former Executive Vice President and Managing Director-Fixed Income, Loomis Sayles & Company, L.P.

John B. Taylor, Independent Trustee

Professor of Economics, Stanford University; Senior Fellow, Hoover Institute; and former Under Secretary for International Affairs, United States Treasury

John A. Gunn, Senior Vice President

Former Chairman and Chief Executive Officer, Dodge & Cox

Diana S. Strandberg, Senior Vice President

Senior Vice President and Director of International Equity, Dodge & Cox

David H. Longhurst, Treasurer

Vice President and Assistant Treasurer, Dodge & Cox

Thomas M. Mistele, Secretary

Chief Operating Officer, Secretary, and Senior Counsel, Dodge & Cox

Katherine M. Primas, Chief Compliance Officer

Chief Compliance Officer, Dodge & Cox

DODGE & COX INTERNATIONAL STOCK FUND §PAGE 19


International Stock Fund

dodgeandcox.com

For Fund literature, transactions, and account information, please visit the Funds’ website.

or write or call:

DODGE & COX FUNDS

c/o Boston Financial Data Services

P.O. Box 8422

Boston, Massachusetts 02266-8422

(800) 621-3979

INVESTMENT MANAGER

Dodge & Cox

555 California Street, 40th Floor

San Francisco, California 94104

(415) 981-1710

LOGO

DODGE & COX FUNDS^®


2015

Semi-Annual Report

June 30, 2015

Balanced Fund

ESTABLISHED 1931

TICKER: DODBX

6/15 BF SAR LOGO Printed on recycled paper

TO OUR SHAREHOLDERS

The Dodge & Cox Balanced Fund had a total return of 1.1% for the six months ending June 30, 2015, compared to 0.8% for the Combined Index^(a) (a 60/40 blend of stocks and fixed income securities). On June 30, the Fund’s net assets of $15.4 billion were invested in 72.0% equities^(b), 26.5% fixed income securities, and 1.5% net cash.

MARKET COMMENTARY

U.S. equity markets appreciated modestly during the first half of 2015: the S&P 500 rose to a record high in May before retreating to end the period up slightly. After moderating in the first quarter, U.S. economic activity expanded in recent months: labor market conditions improved, household spending grew, and the housing sector reached multi-year highs in existing home sales and building permits. However, these positive developments were tempered by concerns about Greece’s sovereign debt crisis and potential exit from the Eurozone.

The U.S. investment-grade bond market delivered a small negative return for the first half of 2015, the result of rising interest rates and increasing credit yield premiums.^(c) U.S. Treasury rates were influenced by a growing expectation that the Federal Reserve (Fed) could increase short-term rates soon, as well as broader-based improvement in U.S. economic activity. Investment-grade corporate bonds returned –0.9%^(d) year to date, underperforming comparable-duration^(e) Treasuries by 0.6 percentage points in an environment of heavy new issuance, much of it related to M&A financing. Agency-guaranteed^(f) mortgage-backed securities (MBS) returned 0.3% for the period with relative performance versus comparable-duration Treasuries varying by coupon.

INVESTMENT STRATEGY

We set the Fund’s asset allocation based on our long-term outlook for the Fund’s equity and fixed income holdings, which currently favors equities. We increased the allocation to equities by 3.3 percentage points during the first half of the year (including a 2.0% increase in the allocation to preferred stocks) due to reasonable equity valuations and concerns about the total returns prospects for fixed income.

Equity Strategy

Accelerating Merger & Acquisition (M&A) Activity

The volume of M&A transactions has grown significantly since 2013, due to an improved lending environment, moderating earnings growth, and strong cash positions. A number of holdings in the equity portfolio are involved in pending transactions, including Baker Hughes, BB&T, Danaher, FedEx, General Electric, Pfizer, and Time Warner Cable.

M&A activity may affect the portfolio, even when it does not involve portfolio holdings. For example, within the Health Care sector (17.3% of the equity portfolio^(g)), industry dynamics are driving increased consolidation in the Heath Care Providers and Services industry (Health Care Services).

Health Care Services

Concentration among pharmacy benefit managers (PBMs) has created economies of scale in negotiating drug prices, which helps lower treatment costs. Most recently, UnitedHealth’s OptumRx announced plans to acquire Catamaran. If the deal is successful, the three largest PBMs (Express Scripts, CVS, and OptumRx) will manage over 75% of all prescriptions in the United States, compared to only 44% in 2007. One company that should benefit from further industry consolidation is Express Scripts^(h) (the equity portfolio’s largest Health Care Services holding).

Express Scripts

Over the past decade, Express Scripts has benefited significantly from three industry trends: increased generic penetration, mail order pharmacy growth, and industry consolidation. Past rounds of mergers—CVS/Caremark, Express Scripts/Medco Health Solutions (Medco), and SXC Health Solutions/Catalyst Health—created an oligopolistic market structure where the top three players now control over 65% of industry volumes. Following its merger with Medco in 2012, Express Scripts became the largest PBM in the United States. The company now generates over $100 billion in annual revenue and manages 1.3 billion claims, or 30% of all U.S. prescription claims. Today, the company operates three vertically integrated businesses: a basic pharmacy benefit manager, a mail order pharmacy, and a specialty pharmacy. Express Scripts has achieved measurable growth by providing patients with generic drugs. With multiple equivalent treatments available, the company has used its buying power to save money for customers and generate profits; its mission is well aligned with customers looking to reduce health care and pharmacy cost trends. This strategy has boosted generic drug penetration to high levels.

PAGE 2 § DODGE & COX BALANCED FUND

drugs, is well positioned to help patients receive needed treatments cost effectively. Given the emergence of biosimilars and substitute treatments for older biotech drugs, Express Scripts’ strategy has the potential to influence prices in this segment.

Fixed Income Strategy

The fixed income portfolio’s current positioning features substantial weightings in corporate bonds and Agency MBS, and smaller weightings in government-related securities and asset-backed securities (ABS). One notable area of portfolio adjustment has been in corporate and government-related credit. Over the past nine months we have added seven new credit issuers to the portfolio and increased several existing holdings, while reducing exposure to less compelling holdings. The net result has been a three percentage point increase to the fixed income portfolio’s credit weighting.

One area of recent focus has been the energy sector, which has experienced volatility since last fall’s plunge in oil prices. These efforts yielded new positions in Kinder Morgan and TransCanada. As midstream energy companies, both issuers are relatively insulated from the first-order effects of lower oil prices because their revenue streams are predominantly fee based. Yet valuations for the entire energy sector declined substantially last fall; at these lower prices, we were able to invest in what we believe are dominant business franchises poised to benefit from growth trends in energy infrastructure in North America.

Another area of focus has been the new issue market—particularly debt issued in connection with M&A activity. The pace of investment-grade new issuance has been unrelenting, topping $700 billion year to date; much of the new debt has financed strategic transactions. In our view, these transactions can offer an attractive entry point to invest in an issuer immediately after a leveraging event, particularly when the industrial logic for the business combination appears sound, and there is a credible path to reducing leverage over our investment horizon. We have participated in a number of these types of new issues this year, including Actavis Plc (now Allergan) and CRH Plc. In each case, we were attracted by the acquisition rationale, resulting business position, ability to generate cash flow for debt repayment, sources of financial flexibility, and compelling relative valuations.

The Fund’s Agency MBS position, currently 35% of the fixed income portfolio, has remained relatively stable in aggregate, although underlying composition has shifted over time. Timing and predictability of MBS cash flows drive total return over time, particularly for the shorter-duration instruments in which we invest. We seek to mitigate these risks by investing in MBS with structures and/or characteristics likely to be more stable over time. For example, we have a substantial position in 15- to 20-year MBS; these securities’ cash flows have been more predictable compared to their 30-year counterparts because prepayment risk declines when loan balances decline relatively quickly and associated

refinancing savings decrease. In addition, we have sought to invest in MBS where the underlying mortgage loans appear to be less sensitive to prepayment risk due to less efficient servicing of those loans.

Finally, we have continued to position the fixed income portfolio defensively with respect to interest rate risk, with a duration that is 72% of the Barclays Agg’s duration. This positioning reflects our view that interest rates are likely to rise at a rate that exceeds current market expectations over the next several years, with a corresponding negative impact on the pricing of fixed income securities.

IN CLOSING

Despite trading above their long-term average, U.S. equity market valuations remain reasonable in our opinion: the S&P 500 traded at 17.5 times forward estimated earnings with a 2.1% dividend yield at June 30. Given higher starting valuations, we continue to have a more tempered outlook for long-term equity returns. Corporate balance sheets and cash flows continue to be strong. Over our three- to five-year investment horizon, we continue to believe the Fund’s equity portfolio is well positioned to benefit from long-term global growth opportunities.

Despite recent increases, bond market yields remain very low relative to longer-term history. Given these low starting yields and the potential for interest rates to rise, we expect bond market returns to be quite modest and possibly negative in the near term. Nevertheless, the fixed income portfolio continues to provide an important source of diversification, liquidity, income, and downside protection to the Fund.

Thank you for your continued confidence in our firm. As always, we welcome your comments and questions.

For the Board of Trustees,

LOGO

Charles F. Pohl,

Chairman

Dana M. Emery,

President

July 31, 2015

^(a)

The Combined Index reflects an unmanaged portfolio (rebalanced monthly) of 60% of the S&P 500 Index, which is a market capitalization-weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market, and 40% of the Barclays U.S. Aggregate Bond Index (Barclays U.S. Agg), which is a widely recognized, unmanaged index of U.S. dollar-denominated, investment-grade, taxable fixed income securities.

^(b)

The Fund’s equity portfolio includes a 68.0% weighting in common stocks and a 4.0% weighting in preferred stocks.

^(c)

Yield premiums are one way to measure a security’s valuation. Narrowing yield premiums results in a higher valuation. Widening yield premiums results in a lower valuation.

^(d)

Sector returns as calculated and reported by Barclays.

^(e)

Duration is a measure of a bond’s (or a bond portfolio’s) price sensitivity to changes in interest rates.

^(f)

The U.S. Government does not guarantee the Fund’s shares, yield, or net asset value. The agency guarantee (by, for example, Ginnie Mae, Fannie Mae, or Freddie Mac) does not eliminate market risk.

^(g)

Unless otherwise specified, all weightings and characteristics are as of June 30, 2015.

^(h)

The use of specific examples does not imply that they are more attractive investments than the Fund’s other holdings.

DODGE & COX BALANCED FUND §PAGE 3

YEAR-TO-DATE PERFORMANCE REVIEW

The Fund outperformed the Combined Index by 0.3 percentage points year to date. The Fund’s higher allocation to equities had a positive impact on relative results.

EQUITY PORTFOLIO

Returns from holdings in the Financials sector (up 5% compared to flat for the S&P 500 sector) contributed to results. Charles Schwab (up 9%) and Capital One (up 8%) were particularly strong.

The portfolio’s average overweight position (18% versus 15%) and holdings in the Health Care sector (up 11% compared to up 10% for the S&P 500 sector) aided performance.

The portfolio’s average overweight position (24% versus 20%) and holdings in the Information Technology sector (down 6% compared to up 1% for the S&P 500) hurt returns. Hewlett-Packard (down 24%), NetApp (down 23%), and EMC (down 10%) performed poorly.

Returns from holdings in the Consumer Discretionary sector (up 3% compared to up 7% for the S&P 500 sector) detracted from results. Twenty-First Century Fox (down 15%) was particularly weak.

FIXED INCOME PORTFOLIO

The portfolio’s shorter relative duration (approximately 72% of the Barclays U.S. Agg’s duration) added to relative returns, as did its lower exposure to long-term bonds.

Many of the portfolio’s non-U.S. domiciled and/or lower-rated credit holdings performed well, including Cemex, Dillard’s, Petrobras, Rio Oil Finance Trust, and Telecom Italia.

The portfolio’s overweight to corporate bonds (44% versus 23% for the Barclays U.S. Agg) detracted from relative returns.

Though issue-specific performance was positive as a whole, certain credit holdings underperformed, including AT&T, Kinder Morgan, and Time Warner.

Unless otherwise noted, figures cited in this section denote portfolio positioning at the beginning of the period.

KEY CHARACTERISTICS OF DODGE & COX

Independent Organization

Over 80 Years of Investment Experience

Dodge & Cox was founded in 1930. We have a stable and well-qualified team of investment professionals, most of whom have spent their entire careers at Dodge & Cox.

Experienced Investment Team

The Investment Policy Committee, which is the decision-making body for the equity portion of the Balanced Fund, is a nine-member committee with an average tenure at Dodge & Cox of 27 years. The Fixed Income Investment Policy Committee, which is the decision-making body for the Fixed Income portion of the Balanced Fund, is an eight-member committee with an average tenure of 20 years.

One Business with a Single Research Office

Dodge & Cox manages equity (domestic, international, and global), fixed income (domestic and global), and balanced investments, operating from one office in San Francisco.

Consistent Investment Approach

Our team decision-making process involves thorough, bottom-up fundamental analysis of each investment.

Long-Term Focus and Low Expenses

We invest with a three- to five-year investment horizon, which has historically resulted in low turnover relative to our peers. We manage Funds that maintain low expense ratios.

Risks: The Fund is subject to market risk, meaning holdings in the Fund may decline in value for extended periods due to the financial prospects of individual companies or due to general market and economic conditions. The Fund also invests in individual bonds whose yields and market values fluctuate, so that an investment may be worth more or less than its original cost. Debt securities are subject to interest rate risk, credit risk, and prepayment and call risk, all of which could have adverse effects on the value of the Fund. A low interest rate environment creates an elevated risk of future negative returns. Financial intermediaries may restrict their market making activities for certain debt securities, which may reduce the liquidity and increase the volatility of such securities. Please read the prospectus and summary prospectus for specific details regarding the Fund’s risk profile.

PAGE 4 § DODGE & COX BALANCED FUND

GROWTH OF $10,000 OVER 10 YEARS

FOR AN INVESTMENT MADE ON JUNE 30, 2005

LOGO

AVERAGE ANNUAL TOTAL RETURN

FOR PERIODS ENDED JUNE 30, 2015


	1 Year			5 Years			10 Years			20 Years

Dodge & Cox Balanced Fund		3.59	%		14.09	%		6.76	%		9.51	%
Combined Index^(a)		5.29			11.77			6.79			7.91
S&P 500		7.43			17.35			7.90			8.91
Barclays U.S. Aggregate Bond Index (Barclays U.S. Agg)		1.85			3.36			4.44			5.63

Standard & Poor’s, Standard & Poor’s 500, and S&P 500^® are trademarks of McGraw Hill Financial. Barclays^® is a trademark of Barclays Bank PLC.

^(a)

The Combined Index reflects an unmanaged portfolio (rebalanced monthly) of 60% of the S&P 500 Index, which is a market capitalization-weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market, and 40% of the Barclays U.S. Aggregate Bond Index (Barclays U.S. Agg), which is a widely recognized, unmanaged index of U.S. dollar-denominated, investment-grade, taxable fixed income securities. The Fund may, however, invest up to 75% of its total assets in equity securities.

FUND EXPENSE EXAMPLE

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON WITH OTHER MUTUAL FUNDS


Six Months Ended June 30, 2015	Beginning Account Value 1/1/2015		Ending Account Value 6/30/2015		Expenses Paid During Period*
Based on Actual Fund Return	$	1,000.00	$	1,011.00	$	2.66
Based on Hypothetical 5% Yearly Return		1,000.00		1,022.15		2.68

Expenses are equal to the Fund’s annualized expense ratio of 0.53%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

DODGE & COX BALANCED FUND §PAGE 5


FUND INFORMATION			June 30, 2015


GENERAL INFORMATION
Net Asset Value Per Share			$101.79
Total Net Assets (billions)			$15.4
Expense Ratio			0.53%
Portfolio Turnover Rate (1/1/15 to 6/30/15, unannualized)			11%
30-Day SEC Yield^(a)			1.87%
Fund Inception			1931
No sales charges or distribution fees

Investment Manager: Dodge & Cox, San Francisco. Managed by the Investment Policy Committee, whose nine members’ average tenure at Dodge & Cox is 27 years, and by the Fixed Income Investment Policy Committee, whose eight members’ average tenure is 20 years.


EQUITY PORTFOLIO (72.0%)	Fund
Number of Common Stocks		63
Number of Preferred Stocks		4
Median Market Capitalization (billions)^(b)		$48
Price-to-Earnings Ratio^(b)(c)		14.9x
Foreign Securities not in the S&P 500^(d)		7.0%


SECTOR DIVERSIFICATION (%) (FIVE LARGEST)	Common		Preferred		Total
Financials		17.3		3.6		20.9
Information Technology		15.5		—		15.5
Health Care		12.5		—		12.5
Consumer Discretionary		10.2		0.4		10.6
Energy		6.0		—		6.0


TEN LARGEST EQUITY SECURITIES (%)^(e)	Common		Preferred		Total
Wells Fargo & Co.		2.8		1.5		4.3
JPMorgan Chase & Co.		1.3		1.7		3.0
Capital One Financial Corp.		2.8		—		2.8
Hewlett-Packard Co.		2.6		—		2.6
Microsoft Corp.		2.5		—		2.5
Time Warner Cable, Inc.		2.3		—		2.3
Novartis AG (Switzerland)		2.2		—		2.2
Charles Schwab Corp.		2.2		—		2.2
Time Warner, Inc.		2.2		—		2.2
Bank of America Corp.		2.0		—		2.0


ASSET ALLOCATION

LOGO


FIXED INCOME PORTFOLIO (26.5%)	Fund
Number of Debt Securities		314
Effective Duration (years)		4.1


SECTOR DIVERSIFICATION (%)
U.S. Treasury^(f)			2.0
Government-Related			1.9
Mortgage-Related^(g)			9.3
Corporate			11.6
Asset-Backed			1.7


CREDIT QUALITY (%)^(h)
U.S. Treasury/Agency/GSE^(f)			11.4
Aaa			1.1
Aa			0.3
A			2.1
Baa			8.4
Ba			2.4
B			0.8


FIVE LARGEST CORPORATE ISSUERS (%)^(e)
Bank of America Corp.			0.5
Telecom Italia SPA			0.5
Verizon Communications, Inc.			0.5
Cox Enterprises, Inc.			0.5
Kinder Morgan, Inc.			0.4

^(a)	SEC Yield is an annualization of the Fund’s total net investment income per share for the 30-day period ended on the last day of the month.

^(b)	Excludes the Fund’s preferred stock positions.

^(c)	Price-to-earnings (P/E) ratio is calculated using 12-month forward earnings estimates from third-party sources.

^(d)	Foreign stocks are U.S. dollar denominated.

^(e)	The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation to buy, sell, or hold any particular security and is not indicative of Dodge & Cox’s current or future trading activity.

^(f)	Data as presented excludes the Fund’s position in Treasury futures contracts.

^(g)	The fixed income portfolio holds 0.3% in Agency multifamily mortgage securities; the Index classifies these securities under CMBS – Agency.

^(h)

The credit quality distribution shown for the Fund is based on the middle of Moody’s, S&P’s, and Fitch ratings, which is the methodology used by Barclays in constructing its indices. If a security is rated by only two agencies, the lower of the two ratings is used. Please note the Fund applies the highest of Moody’s, S&P’s, and Fitch ratings to determine compliance with the quality requirements stated in its prospectus. The credit quality of the investments in the portfolio does not apply to the stability or safety of the Fund or its shares.

PAGE 6 § DODGE & COX BALANCED FUND


PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015


COMMON STOCKS: 68.0%

	SHARES		VALUE
CONSUMER DISCRETIONARY: 10.2%
CONSUMER DURABLES & APPAREL: 0.4%
Coach, Inc.		1,715,036	$	59,357,396

MEDIA: 8.0%
Comcast Corp., Class A		4,784,774		287,756,308
DISH Network Corp., Class A^(a)		1,195,032		80,915,617
News Corp., Class A^(a)		688,050		10,038,650
Time Warner Cable, Inc.		2,000,883		356,497,324
Time Warner, Inc.		3,817,066		333,649,739
Time, Inc.		96,825		2,227,943
Twenty-First Century Fox, Inc.		4,832,200		157,263,949

				1,228,349,530
RETAILING: 1.8%
CarMax, Inc.^(a)		34,966		2,315,099
Liberty Interactive Corp. QVC Group, Series A^(a)		2,309,650		64,092,787
Target Corp.		1,685,900		137,620,017
The Priceline Group, Inc.^(a)		71,000		81,747,270

				285,775,173

				1,573,482,099
CONSUMER STAPLES: 1.5%
FOOD & STAPLES RETAILING: 1.5%
Wal-Mart Stores, Inc.		3,201,900		227,110,767

ENERGY: 6.0%
Apache Corp.		3,245,317		187,027,619
Baker Hughes, Inc.		2,837,579		175,078,624
Chevron Corp.		1,171,579		113,022,226
National Oilwell Varco, Inc.		2,068,620		99,872,974
Schlumberger, Ltd.^(b) (Curacao/United States)		3,329,021		286,928,320
Weatherford International PLC^(a),(b) (Ireland)		4,600,000		56,442,000

				918,371,763
FINANCIALS: 17.3%
BANKS: 7.3%
Bank of America Corp.		18,207,100		309,884,842
BB&T Corp.		2,839,584		114,463,631
JPMorgan Chase & Co.		2,929,900		198,530,024
SunTrust Banks, Inc.		1,534,490		66,013,760
Wells Fargo & Co.		7,548,506		424,527,977

				1,113,420,234
DIVERSIFIED FINANCIALS: 8.3%
Bank of New York Mellon Corp.		6,143,635		257,848,361
Capital One Financial Corp.		4,962,659		436,565,112
Charles Schwab Corp.		10,229,900		334,006,235
Goldman Sachs Group, Inc.		1,197,000		249,921,630

				1,278,341,338
INSURANCE: 1.7%
AEGON NV^(b) (Netherlands)		11,822,277		87,484,850
MetLife, Inc.		3,180,000		178,048,200

				265,533,050

				2,657,294,622
HEALTH CARE: 12.5%
HEALTH CARE EQUIPMENT & SERVICES: 4.5%
Cigna Corp.		976,216		158,146,992
Express Scripts Holding Co.^(a)		2,990,168		265,945,542
Medtronic PLC^(b) (Ireland)		720,200		53,366,820
UnitedHealth Group, Inc.		1,690,762		206,272,964

				683,732,318
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES: 8.0%
GlaxoSmithKline PLC ADR^(b) (United Kingdom)		930,050		38,736,583
Merck & Co., Inc.		2,583,175		147,060,153
Novartis AG ADR^(b) (Switzerland)		3,464,900		340,738,266



	SHARES		VALUE
Pfizer, Inc.		5,028,417	$	168,602,822
Roche Holding AG ADR^(b) (Switzerland)		7,350,000		257,764,500
Sanofi ADR^(b) (France)		5,685,165		281,586,222

				1,234,488,546

				1,918,220,864
INDUSTRIALS: 3.8%
CAPITAL GOODS: 1.4%
Danaher Corp.		1,111,200		95,107,608
General Electric Co.		3,649,500		96,967,215
Koninklijke Philips NV^(b) (Netherlands)		369,707		9,412,740
NOW, Inc.^(a)		370,000		7,366,700

				208,854,263
COMMERCIAL & PROFESSIONAL SERVICES: 1.0%
ADT Corp.		2,017,717		67,734,760
Tyco International PLC^(b) (Ireland)		2,365,434		91,021,900

				158,756,660
TRANSPORTATION: 1.4%
FedEx Corp.		1,262,254		215,088,082

				582,699,005
INFORMATION TECHNOLOGY: 15.5%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT: 0.7%
Maxim Integrated Products, Inc.		3,031,891		104,827,631

SOFTWARE & SERVICES: 7.4%
Cadence Design Systems, Inc.^(a)		1,170,700		23,015,962
eBay, Inc.^(a)		2,603,331		156,824,659
Google, Inc., Class A^(a)		138,000		74,525,520
Google, Inc., Class C^(a)		326,895		170,152,117
Microsoft Corp.		8,724,900		385,204,335
Symantec Corp.		9,534,000		221,665,500
Synopsys, Inc.^(a)		2,193,100		111,080,515

				1,142,468,608
TECHNOLOGY, HARDWARE & EQUIPMENT: 7.4%
Cisco Systems, Inc.		4,801,100		131,838,206
Corning, Inc.		4,871,700		96,118,641
EMC Corp.		7,650,000		201,883,500
Hewlett-Packard Co.		13,217,512		396,657,535
Juniper Networks, Inc.		2,303,830		59,830,465
NetApp, Inc.		3,857,187		121,732,822
TE Connectivity, Ltd.^(b) (Switzerland)		2,080,536		133,778,465

				1,141,839,634

				2,389,135,873
MATERIALS: 0.7%
Celanese Corp., Series A		1,475,760		106,077,629

TELECOMMUNICATION SERVICES: 0.5%
Sprint Corp.^(a)		18,357,072		83,708,248

TOTAL COMMON STOCKS (Cost $6,987,180,481)			$	10,456,100,870

PREFERRED STOCKS: 4.0%
CONSUMER DISCRETIONARY: 0.4%
MEDIA: 0.4%
NBCUniversal Enterprise, Inc. 5.25%^(d)		53,210		56,602,138

FINANCIALS: 3.6%
BANKS: 3.6%
Citigroup, Inc. 5.95%
7/29/49		5,175		5,097,375
12/31/49		60,975		58,840,875
JPMorgan Chase & Co. 6.10%		254,565		255,455,977
Wells Fargo & Co. 5.875%		227,645		233,062,951

				552,457,178

TOTAL PREFERRED STOCKS (Cost $601,634,856)			$	609,059,316


See accompanying Notes to Financial Statements		DODGE & COX BALANCED FUND §PAGE 7


PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015


DEBT SECURITIES: 26.5%

	PAR VALUE		VALUE
U.S. TREASURY: 2.0%
U.S. Treasury Note
0.50%, 1/31/17	$	20,000,000	$	19,985,940
0.50%, 3/31/17		37,000,000		36,945,092
0.50%, 7/31/17		18,060,000		17,992,275
0.875%, 1/15/18		148,000,000		147,976,912
1.00%, 3/15/18		48,500,000		48,587,154
1.625%, 7/31/19		40,000,000		40,318,760

				311,806,133
GOVERNMENT-RELATED: 1.9%
FEDERAL AGENCY: 0.1%
Small Business Admin. — 504 Program
Series 1996-20L 1, 6.70%, 12/1/16		119,987		123,564
Series 1997-20F 1, 7.20%, 6/1/17		226,704		235,464
Series 1997-20I 1, 6.90%, 9/1/17		331,398		346,337
Series 1998-20D 1, 6.15%, 4/1/18		326,497		347,045
Series 1998-20I 1, 6.00%, 9/1/18		313,102		331,608
Series 1999-20F 1, 6.80%, 6/1/19		298,274		320,539
Series 2000-20D 1, 7.47%, 4/1/20		1,180,599		1,276,526
Series 2000-20E 1, 8.03%, 5/1/20		339,038		368,574
Series 2000-20G 1, 7.39%, 7/1/20		491,664		531,158
Series 2000-20I 1, 7.21%, 9/1/20		337,209		363,753
Series 2001-20E 1, 6.34%, 5/1/21		1,075,561		1,170,925
Series 2001-20G 1, 6.625%, 7/1/21		1,061,016		1,160,481
Series 2003-20J 1, 4.92%, 10/1/23		3,867,668		4,176,601
Series 2007-20F 1, 5.71%, 6/1/27		4,215,015		4,691,860

				15,444,435
FOREIGN AGENCY: 0.6%
Petroleo Brasileiro SA^(b) (Brazil)
4.375%, 5/20/23		29,800,000		25,976,660
6.25%, 3/17/24		4,225,000		4,079,111
Petroleos Mexicanos^(b) (Mexico)
4.25%, 1/15/25^(d)		22,685,000		22,092,921
6.625%, 6/15/35		9,425,000		10,061,188
6.375%, 1/23/45		17,125,000		17,661,012
5.625%, 1/23/46^(d)		16,675,000		15,569,448

				95,440,340
LOCAL AUTHORITY: 1.1%
New Jersey Turnpike Authority RB
7.414%, 1/1/40		3,350,000		4,685,846
7.102%, 1/1/41		12,436,000		16,831,256
State of California GO
7.50%, 4/1/34		13,470,000		18,717,373
7.55%, 4/1/39		16,525,000		23,888,044
7.30%, 10/1/39		13,730,000		19,419,987
7.625%, 3/1/40		8,790,000		12,874,098
State of Illinois GO
4.961%, 3/1/16		3,215,000		3,290,617
5.365%, 3/1/17		37,215,000		38,843,156
5.665%, 3/1/18		26,160,000		27,989,630

				166,540,007
SOVEREIGN: 0.1%
Spain Government International^(b) (Spain) 4.00%, 3/6/18^(d)		11,850,000		12,527,322

				289,952,104
MORTGAGE-RELATED: 9.3%
FEDERAL AGENCY CMO & REMIC: 2.4%
Dept. of Veterans Affairs
Series 1995-1 1, 7.235%, 2/15/25		418,011		475,147
Series 1995-2C 3A, 8.793%, 6/15/25		198,873		244,749
Series 2002-1 2J, 6.50%, 8/15/31		11,600,424		13,306,405
Fannie Mae
Trust 2002-33 A1, 7.00%, 6/25/32		2,214,351		2,531,924
Trust 2009-66 ET, 6.00%, 5/25/39		6,025,572		6,544,066



	PAR VALUE		VALUE
Trust 2009-30 AG, 6.50%, 5/25/39	$	3,712,055	$	4,047,866
Trust 2001-T7 A1, 7.50%, 2/25/41		1,845,474		2,173,928
Trust 2001-T5 A3, 7.50%, 6/19/41		717,037		837,141
Trust 2001-T8 A1, 7.50%, 7/25/41		1,809,697		2,039,688
Trust 2001-T4 A1, 7.50%, 7/25/41		1,818,972		2,180,322
Trust 2001-W3 A, 6.792%, 9/25/41		1,317,810		1,499,235
Trust 2001-T10 A2, 7.50%, 12/25/41		1,596,330		1,859,888
Trust 2013-106 MA, 4.00%, 2/25/42		12,561,565		13,548,966
Trust 2002-W6 2A1, 6.383%, 6/25/42		1,847,404		2,110,646
Trust 2002-W8 A2, 7.00%, 6/25/42		2,331,937		2,679,960
Trust 2003-W2 1A1, 6.50%, 7/25/42		3,712,587		4,247,794
Trust 2003-W2 1A2, 7.00%, 7/25/42		1,429,115		1,662,545
Trust 2003-W4 4A, 6.997%, 10/25/42		2,015,419		2,309,460
Trust 2012-121 NB, 7.00%, 11/25/42		3,573,409		4,180,828
Trust 2012-134 FK, 0.537%, 12/25/42		16,031,643		15,959,741
Trust 2013-15 FA, 0.537%, 3/25/43		22,060,096		22,156,564
Trust 2013-98 FA, 0.737%, 9/25/43		11,217,327		11,327,245
Trust 2013-92 FA, 0.737%, 9/25/43		48,649,547		49,083,014
Trust 2004-T1 1A2, 6.50%, 1/25/44		2,383,253		2,829,409
Trust 2004-W2 5A, 7.50%, 3/25/44		4,865,448		5,583,724
Trust 2004-W8 3A, 7.50%, 6/25/44		800,711		934,384
Trust 2005-W4 1A2, 6.50%, 8/25/45		7,031,870		7,926,183
Trust 2009-11 MP, 7.00%, 3/25/49		8,326,369		9,507,648
Freddie Mac
Series 1078 GZ, 6.50%, 5/15/21		183,621		192,077
Series 16 PK, 7.00%, 8/25/23		2,730,031		3,053,401
Series T-48 1A4, 5.538%, 7/25/33		33,508,322		37,072,535
Series 4240 FA, 0.686%, 8/15/43		10,365,440		10,475,427
Series 314 F2, 0.796%, 9/15/43		23,449,329		23,815,414
Series T-51 1A, 6.50%, 9/25/43		223,530		265,294
Series T-59 1A1, 6.50%, 10/25/43		11,975,268		13,977,414
Series 4281 BC, 5.378%, 12/15/43		76,760,905		83,996,158

				366,636,190
FEDERAL AGENCY MORTGAGE PASS-THROUGH: 6.9%
Fannie Mae, 15 Year
4.00%, 2/1/27-5/1/27		83,856,197		89,599,729
4.50%, 1/1/25-1/1/27		22,138,104		23,751,469
6.00%, 7/1/16-3/1/22		4,146,778		4,304,093
6.50%, 9/1/16-11/1/18		4,088,343		4,221,352
7.00%, 11/1/18		273,527		282,376
7.50%, 9/1/15-8/1/17		461,097		470,004
Fannie Mae, 20 Year
4.00%, 11/1/30-12/1/34		217,397,984		232,389,942
4.50%, 1/1/31-5/1/32		70,771,923		76,775,500
Fannie Mae, 30 Year
4.50%, 1/1/39-9/1/41		31,372,564		34,162,592
5.50%, 7/1/33-8/1/37		21,233,811		23,921,501
6.00%, 9/1/36-8/1/37		27,155,828		31,119,136
6.50%, 12/1/28-8/1/39		31,529,170		36,412,672
7.00%, 4/1/37-8/1/37		10,356,601		12,155,956
Fannie Mae, Hybrid ARM
1.915%, 1/1/35		3,789,061		3,978,288
1.959%, 12/1/34		2,678,363		2,831,647
2.114%, 8/1/35		2,268,123		2,404,821
2.138%, 9/1/34		1,924,694		2,057,166
2.20%, 1/1/35		1,629,656		1,734,087
2.332%, 8/1/38		5,159,937		5,509,230
2.532%, 11/1/43		10,759,684		11,177,979
2.701%, 4/1/44		22,679,222		23,587,980
2.828%, 12/1/44		21,520,979		22,163,103
2.848%, 11/1/44		38,026,154		39,191,390
3.276%, 6/1/41		20,667,824		21,884,026
3.585%, 12/1/40		7,248,893		7,603,466
3.708%, 11/1/40		3,373,194		3,547,022
4.252%, 7/1/39		3,490,215		3,719,504
5.543%, 5/1/37		1,955,264		2,087,049
6.35%, 9/1/36		422,137		441,878


PAGE 8 § DODGE & COX BALANCED FUND		See accompanying Notes to Financial Statements


PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
Fannie Mae, Multifamily DUS Pool 462086, 5.355%, 11/1/15	$	11,207,875	$	11,297,361
Freddie Mac, Hybrid ARM
2.216%, 4/1/37		2,903,589		3,082,786
2.279%, 9/1/37		1,557,095		1,660,878
2.479%, 10/1/38		3,169,517		3,373,304
2.628%, 8/1/42		15,625,403		16,193,938
2.679%, 5/1/34		3,307,907		3,548,469
2.691%, 2/1/38		7,728,663		8,383,553
2.921%, 5/1/44		3,349,649		3,456,300
2.971%, 5/1/44		27,256,238		28,262,530
2.974%, 6/1/44		6,757,463		6,984,258
3.185%, 6/1/44		10,571,838		11,078,843
3.588%, 10/1/41		2,433,161		2,535,795
5.316%, 10/1/35		3,911,636		4,144,625
5.877%, 7/1/38		597,468		637,554
6.10%, 1/1/38		821,293		880,592
Freddie Mac Gold, 15 Year
4.00%, 3/1/25-11/1/26		55,786,332		59,434,203
4.50%, 9/1/24-9/1/26		15,572,371		16,636,711
6.00%, 2/1/18		522,355		539,006
6.50%, 5/1/16-9/1/18		1,846,751		1,898,027
Freddie Mac Gold, 20 Year
4.50%, 4/1/31-6/1/31		15,586,822		16,915,808
6.50%, 10/1/26		5,867,217		6,784,939
Freddie Mac Gold, 30 Year
4.50%, 9/1/41-1/1/44		96,591,067		104,467,504
5.50%, 12/1/37		1,311,916		1,478,284
6.00%, 2/1/39		3,368,372		3,831,943
6.50%, 12/1/32-4/1/33		8,842,037		10,190,674
7.00%, 11/1/37-9/1/38		8,647,186		10,008,809
7.47%, 3/17/23		122,877		137,862
7.75%, 7/25/21		381,029		423,766
Ginnie Mae, 30 Year
7.50%, 11/15/24-10/15/25		1,054,908		1,230,009
7.97%, 4/15/20-1/15/21		485,494		526,353

				1,063,509,642

				1,430,145,832
ASSET-BACKED: 1.7%
AUTO LOAN: 0.2%
Ford Credit Auto Owner Trust
Series 2014-C A3, 1.06%, 5/15/19		23,000,000		23,017,043
Series 2015-1 A, 2.12%, 7/15/26^(d)		11,000,000		10,996,480

				34,013,523
CREDIT CARD: 0.7%
American Express Master Trust Series 2014-3 A, 1.49%, 4/15/20		16,025,000		16,105,510
Chase Issuance Trust
Series 2012-A8 A8, 0.54%, 10/16/17		19,983,000		19,985,478
Series 2013-A8 A8, 1.01%, 10/15/18		14,000,000		14,015,372
Series 2014-A1 A1, 1.15%, 1/15/19		18,400,000		18,436,690
Series 2014-A6 A6, 1.26%, 7/15/19		6,500,000		6,502,385
Series 2014-A7 A7, 1.38%, 11/15/19		29,200,000		29,254,253

				104,299,688
OTHER: 0.5%
Rio Oil Finance Trust^(b) (Brazil)
6.25%, 7/6/24^(d)		44,525,000		43,745,813
6.75%, 1/6/27^(d)		42,925,000		41,637,250

				85,383,063



	PAR VALUE		VALUE
STUDENT LOAN: 0.3%
SLM Student Loan Trust (Private Loans)
Series 2014-A A2A, 2.59%, 1/15/26^(d)	$	5,250,000	$	5,330,598
Series 2012-B A2, 3.48%, 10/15/30^(d)		9,725,000		10,069,761
Series 2012-E A2A, 2.09%, 6/15/45^(d)		13,775,000		13,871,425
Series 2012-C A2, 3.31%, 10/15/46^(d)		10,100,000		10,467,276

				39,739,060

				263,435,334
CORPORATE: 11.6%
FINANCIALS: 3.8%
Anthem, Inc. 4.35%, 8/15/20		9,305,000		10,060,287
Bank of America Corp.
5.30%, 3/15/17		19,000,000		20,121,532
7.625%, 6/1/19		6,800,000		8,063,943
5.625%, 7/1/20		5,030,000		5,662,975
4.20%, 8/26/24		5,825,000		5,802,714
6.625%, 5/23/36^(c)		37,275,000		41,808,572
Barclays PLC^(b) (United Kingdom) 4.375%, 9/11/24		23,275,000		22,322,261
BNP Paribas SA^(b) (France) 4.25%, 10/15/24		31,175,000		30,866,149
Boston Properties, Inc.
5.625%, 11/15/20		3,850,000		4,394,883
3.85%, 2/1/23		7,800,000		7,977,380
3.125%, 9/1/23		17,550,000		17,037,154
3.80%, 2/1/24		11,175,000		11,294,170
Capital One Financial Corp. 3.50%, 6/15/23		42,579,000		41,851,921
Cigna Corp.
7.65%, 3/1/23		9,705,000		12,088,926
7.875%, 5/15/27		21,888,000		29,084,840
8.30%, 1/15/33		8,845,000		11,198,778
Citigroup, Inc. 7.875%, 10/30/40^(c)		43,080,925		44,735,233
Equity Residential
4.625%, 12/15/21		14,054,000		15,318,228
3.00%, 4/15/23		14,775,000		14,304,490
Health Net, Inc. 6.375%, 6/1/17		13,275,000		14,038,312
HSBC Holdings PLC^(b) (United Kingdom)
5.10%, 4/5/21		3,625,000		4,036,865
6.50%, 5/2/36		23,190,000		27,499,792
6.50%, 9/15/37		15,315,000		18,426,227
JPMorgan Chase & Co. 8.75%, 9/1/30^(c)		23,042,000		32,392,674
Lloyds Banking Group PLC^(b) (United Kingdom) 4.50%, 11/4/24		11,550,000		11,540,310
Navient Corp.
3.875%, 9/10/15		7,625,000		7,634,531
6.00%, 1/25/17		14,285,000		14,856,400
4.625%, 9/25/17		9,550,000		9,705,188
8.45%, 6/15/18		11,855,000		13,174,461
Royal Bank of Scotland Group PLC^(b) (United Kingdom)
6.125%, 12/15/22		48,416,000		52,074,410
6.00%, 12/19/23		3,250,000		3,437,213
Unum Group
7.19%, 2/1/28		8,305,000		9,885,832
7.25%, 3/15/28		2,030,000		2,497,379
6.75%, 12/15/28		11,368,000		13,778,630

				588,972,660


See accompanying Notes to Financial Statements		DODGE & COX BALANCED FUND §PAGE 9


PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
INDUSTRIALS: 7.4%
Allergan PLC^(b) (Ireland)
3.00%, 3/12/20	$	19,550,000	$	19,603,020
3.80%, 3/15/25		10,870,000		10,661,666
AT&T, Inc.
3.40%, 5/15/25		6,725,000		6,385,219
6.55%, 2/15/39		7,675,000		8,791,751
5.35%, 9/1/40		27,575,000		27,061,360
4.75%, 5/15/46		7,000,000		6,337,142
Becton, Dickinson and Co. 3.734%, 12/15/24		5,725,000		5,697,234
Burlington Northern Santa Fe LLC^(f)
8.251%, 1/15/21		664,906		767,951
3.85%, 9/1/23		2,150,000		2,225,547
5.72%, 1/15/24		9,043,583		10,143,527
5.342%, 4/1/24		9,422,120		10,345,017
5.629%, 4/1/24		14,263,983		15,889,321
Cemex SAB de CV^(b) (Mexico)
6.50%, 12/10/19^(d)		22,500,000		23,618,250
6.00%, 4/1/24^(d)		10,575,000		10,466,078
5.70%, 1/11/25^(d)		12,475,000		11,897,408
6.125%, 5/5/25^(d)		8,100,000		7,992,270
Cox Enterprises, Inc.
3.25%, 12/15/22^(d)		15,740,000		14,986,023
2.95%, 6/30/23^(d)		37,166,000		34,208,107
3.85%, 2/1/25^(d)		19,625,000		18,832,464
CRH PLC^(b) (Ireland) 3.875%, 5/18/25^(d)		17,100,000		16,919,116
CSX Corp. 9.75%, 6/15/20		5,231,000		6,827,067
Dillard’s, Inc.
7.13%, 8/1/18		3,606,000		4,065,765
7.875%, 1/1/23		8,660,000		10,283,750
7.75%, 7/15/26		50,000		57,875
7.75%, 5/15/27		540,000		625,050
7.00%, 12/1/28		15,135,000		16,724,175
Dow Chemical Co.
8.55%, 5/15/19		12,775,000		15,565,379
7.375%, 11/1/29		17,000,000		21,391,950
9.40%, 5/15/39		9,677,000		14,523,880
FedEx Corp.
8.00%, 1/15/19		6,965,000		8,320,723
6.72%, 7/15/23		10,561,140		12,211,846
Ford Motor Credit Co. LLC^(f)
5.75%, 2/1/21		12,700,000		14,239,138
5.875%, 8/2/21		11,350,000		12,908,355
4.25%, 9/20/22		9,593,000		9,978,811
4.375%, 8/6/23		3,775,000		3,929,986
HCA Holdings, Inc. 6.50%, 2/15/16		43,180,000		44,502,172
Hewlett-Packard Co. 3.30%, 12/9/16		9,955,000		10,217,434
Kinder Morgan, Inc.
4.30%, 6/1/25		36,515,000		35,394,720
5.50%, 3/1/44		30,530,000		28,423,857
Lafarge SA^(b) (France)
6.20%, 7/9/15^(d)		4,600,000		4,597,930
6.50%, 7/15/16		35,915,000		37,620,963
Macy’s, Inc.
6.90%, 1/15/32		49,699,000		61,273,798
6.70%, 7/15/34		1,390,000		1,688,162
Naspers, Ltd.^(b) (South Africa) 6.00%, 7/18/20^(d)		21,900,000		23,745,075
Norfolk Southern Corp. 9.75%, 6/15/20		7,224,000		9,442,389



	PAR VALUE		VALUE
Reed Elsevier PLC^(b) (United Kingdom)
8.625%, 1/15/19	$	4,901,000	$	5,890,105
3.125%, 10/15/22		22,133,000		21,547,139
Sprint Corp. 6.00%, 12/1/16		24,367,000		25,250,304
Telecom Italia SPA^(b) (Italy)
6.999%, 6/4/18		17,100,000		18,830,520
7.175%, 6/18/19		27,527,000		30,933,466
5.303%, 5/30/24^(d)		10,000,000		9,962,500
7.20%, 7/18/36		11,596,000		12,668,630
7.721%, 6/4/38		7,062,000		7,944,750
Time Warner Cable, Inc.
8.75%, 2/14/19		13,840,000		16,426,917
8.25%, 4/1/19		33,815,000		39,744,054
Time Warner, Inc.
7.625%, 4/15/31		31,348,000		40,708,043
7.70%, 5/1/32		14,374,000		18,836,020
TransCanada Corp.^(b)(Canada) 5.625%, 5/20/75^(c)		15,000,000		15,131,250
Twenty-First Century Fox, Inc.
6.15%, 3/1/37		15,000,000		17,293,230
6.65%, 11/15/37		1,638,000		1,987,454
Union Pacific Corp.
5.866%, 7/2/30		26,813,526		30,832,321
6.176%, 1/2/31		9,502,340		11,306,207
Verizon Communications, Inc.
4.15%, 3/15/24		12,750,000		13,069,209
4.272%, 1/15/36^(d)		11,847,000		10,626,024
6.55%, 9/15/43		38,476,000		44,985,908
Vulcan Materials Co. 7.50%, 6/15/21		20,340,000		23,391,000
Xerox Corp.
6.35%, 5/15/18		28,585,000		31,840,603
4.50%, 5/15/21		19,161,000		20,333,213

				1,140,927,588
UTILITIES: 0.4%
Dominion Resources, Inc. 5.75%, 10/1/54^(c)		21,175,000		22,074,535
Enel SPA^(b) (Italy)
6.80%, 9/15/37^(d)		18,700,000		22,479,663
6.00%, 10/7/39^(d)		8,550,000		9,464,593

				54,018,791

				1,783,919,039

TOTAL DEBT SECURITIES (Cost $3,901,867,242)			$	4,079,258,442


PAGE 10 § DODGE & COX BALANCED FUND		See accompanying Notes to Financial Statements


PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015



SHORT-TERM INVESTMENTS: 1.3%

	PAR VALUE			VALUE
MONEY MARKET FUND: 0.1%
SSgA U.S. Treasury Money Market Fund	$	15,360,262		$	15,360,262

REPURCHASE AGREEMENT: 1.2%
Fixed Income Clearing Corporation^(e) 0.01%, dated 6/30/15, due 7/1/15, maturity value $187,541,052		187,541,000			187,541,000

TOTAL SHORT-TERM INVESTMENTS (Cost $202,901,262)				$	202,901,262

TOTAL INVESTMENTS (Cost $11,693,583,841)		99.8	%	$	15,347,319,890
OTHER ASSETS LESS LIABILITIES		0.2	%		35,501,383

NET ASSETS		100.0	%	$	15,382,821,273

^(a)	Non-income producing

^(b)	Security denominated in U.S. dollars

^(c)	Hybrid security

^(d)

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. As of June 30, 2015, all such securities in total represented $462,705,933 or 3.1% of net assets. These securities have been deemed liquid by Dodge & Cox, investment manager, pursuant to procedures approved by the Fund’s Board of Trustees.

^(e)	Repurchase agreement is collateralized by U.S. Treasury Note 1.75-2.125%, 8/31/21-2/28/22. Total collateral value is $191,293,881.

^(f)	Subsidiary (see below)

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.

ADR: American Depositary Receipt

ARM: Adjustable Rate Mortgage

CMO: Collateralized Mortgage Obligation

DUS: Delegated Underwriting and Servicing

GO: General Obligation

RB: Revenue Bond

REMIC: Real Estate Mortgage Investment Conduit

FUTURES CONTRACTS


Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
10 Year U.S. Treasury Note— Short Position		1,347		Sep 2015	$	(169,953,516	)	$	638,705
Long-Term U.S. Treasury Bond— Short Position		878		Sep 2015		(135,266,875	)		3,132,905

								$	3,771,610


See accompanying Notes to Financial Statements		DODGE & COX BALANCED FUND §PAGE 11


STATEMENT OF ASSETS AND LIABILITIES (unaudited)

		June 30, 2015
ASSETS:
Investments, at value (cost $11,693,583,841)		$	15,347,319,890
Cash held at broker			5,151,167
Receivable for investments sold			24,841,223
Receivable from broker for variation margin			96,969
Receivable for Fund shares sold			6,375,833
Dividends and interest receivable			51,368,962
Prepaid expenses and other assets			61,968

			15,435,216,012

LIABILITIES:
Payable for investments purchased			37,033,389
Payable for Fund shares redeemed			7,797,917
Management fees payable			6,411,515
Accrued expenses			1,151,918

			52,394,739

NET ASSETS		$	15,382,821,273

NET ASSETS CONSIST OF:
Paid in capital		$	11,463,276,693
Undistributed net investment income			2,603,869
Undistributed net realized gain			259,433,052
Net unrealized appreciation			3,657,507,659

		$	15,382,821,273

Fund shares outstanding (par value $0.01 each, unlimited shares authorized)			151,129,034
Net asset value per share		$	101.79

STATEMENT OF OPERATIONS (unaudited)
		Six Months Ended June 30, 2015
INVESTMENT INCOME:
Dividends (net of foreign taxes of $3,724,034)		$	112,334,693
Interest			93,452,373

			205,787,066

EXPENSES:
Management fees	��		38,465,970
Custody and fund accounting fees			475,616
Transfer agent fees			1,020,728
Professional services			57,040
Shareholder reports			232,921
Registration fees			158,423
Trustees’ fees			118,750
Miscellaneous			524,295

			41,053,743

NET INVESTMENT INCOME			164,733,323


REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss)
Investments			257,948,465
Treasury futures contracts			(6,125,343	)
Net change in unrealized appreciation/depreciation
Investments			(255,268,284	)
Treasury futures contracts			11,439,275

Net realized and unrealized gain			7,994,113

NET INCREASE IN NET ASSETS FROM OPERATIONS		$	172,727,436


STATEMENT OF CHANGES IN NET ASSETS (unaudited)

	Six Months Ended June 30, 2015			Year Ended December 31, 2014
OPERATIONS:
Net investment income	$	164,733,323		$	298,744,812
Net realized gain		251,823,122			399,919,057
Net change in unrealized appreciation/depreciation		(243,829,009	)		567,009,703

		172,727,436			1,265,673,572


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(165,629,835	)		(298,877,158	)
Net realized gain		(106,037,246	)		(359,115,663	)

Total distributions		(271,667,081	)		(657,992,821	)


FUND SHARE TRANSACTIONS:
Proceeds from sale of shares		830,348,653			1,944,425,723
Reinvestment of distributions		257,219,543			624,013,075
Cost of shares redeemed		(1,070,884,844	)		(2,114,967,089	)

Net increase from Fund share transactions		16,683,352			453,471,709

Total increase/(decrease) in net assets		(82,256,293	)		1,061,152,460

NET ASSETS:
Beginning of period		15,465,077,566			14,403,925,106

End of period (including undistributed net investment income of $2,603,869 and $3,500,381, respectively)	$	15,382,821,273		$	15,465,077,566


SHARE INFORMATION:
Shares sold		8,115,659			19,199,410
Distributions reinvested		2,542,643			6,142,973
Shares redeemed		(10,440,953	)		(20,958,749	)

Net increase in shares outstanding		217,349			4,383,634


PAGE 12 § DODGE & COX BALANCED FUND		See accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS (unaudited)

NOTE 1—ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Dodge & Cox Balanced Fund (the “Fund”) is one of the series constituting the Dodge & Cox Funds (the “Trust” or the “Funds”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund commenced operations on June 26, 1931, and seeks regular income, conservation of principal, and an opportunity for long-term growth of principal and income. Risk considerations and investment strategies of the Fund are discussed in the Fund’s Prospectus.

Security valuation The Fund’s net assets are valued as of the close of trading on the New York Stock Exchange (NYSE), generally 4:00 p.m. Eastern Time, each day that the NYSE is open for business. Portfolio securities and other financial instruments for which market quotes are readily available are valued at market value. Listed securities 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. Debt securities (including certain preferred stocks) and non-exchange traded derivatives are valued based on prices received from independent pricing services which utilize both dealer-supplied valuations and pricing models. Pricing models may consider quoted prices for similar securities, interest rates, prepayment speeds, and credit risk. Exchange-traded derivatives are valued at the settlement price determined by the relevant exchange. Security values are not discounted based on the size of the Fund’s position. Short-term securities 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. All securities held by the Fund are denominated in U.S. dollars.

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.

Interest income is recorded on the accrual basis. Interest income includes coupon interest, amortization of premium and accretion of discount on debt securities, and gain/loss on paydowns. The ability of the issuers of the debt securities held by the Fund to meet their obligations may be affected by economic developments in a specific industry, state, or region. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

Distributions to shareholders are recorded on the ex-dividend date.

DODGE & COX BALANCED FUND §PAGE 13

NOTES TO FINANCIAL STATEMENTS (unaudited)

Futures Contracts Futures contracts involve an obligation to purchase or sell (depending on whether the Fund has entered a long or short futures contract, respectively) an asset at a future date, at a price set at the time of the contract. Upon entering into a futures contract, the Fund is required to deposit an amount of cash or liquid assets (referred to as initial margin) in a segregated account with the clearing broker. Subsequent payments (referred to as variation margin) to and from the clearing broker are made on a daily basis based on changes in the market value of futures contracts. Futures contracts are traded publicly and their market value changes daily. Changes in the market value of open futures contracts are recorded as unrealized appreciation or depreciation in the Statement of Operations. Realized gains and losses on futures contracts are recorded in the Statement of Operations at the closing or expiration of the contracts. Cash deposited with a broker as initial margin is recorded on the Statement of Assets and Liabilities. A receivable and/or payable to brokers for daily variation margin is also recorded on the Statement of Assets and Liabilities.

Investments in futures contracts may include certain risks, which may be different from, and potentially greater than, those of the underlying securities. To the extent the Fund uses futures, it is exposed to additional volatility and potential losses resulting from leverage.

The Fund has maintained short Treasury futures contracts to assist with the management of the portfolio’s interest rate exposure. During the six months ended June 30, 2015, these Treasury futures contracts had notional values ranging from 1% to 3% of net assets.

NOTE 2—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, 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 at June 30, 2015:


Classification^(a)	LEVEL 1 (Quoted Prices)			LEVEL 2 (Other Significant Observable Inputs)
Securities
Common Stocks^(b)	$	10,456,100,870		$	—
Preferred Stocks		—			609,059,316
Debt Securities
U.S. Treasury		—			311,806,133
Government-Related		—			289,952,104
Mortgage-Related		—			1,430,145,832
Asset-Backed		—			263,435,334
Corporate		—			1,783,919,039
Short-term Investments
Money Market Fund		15,360,262			—
Repurchase Agreement		—			187,541,000

Total Securities	$	10,471,461,132		$	4,875,858,758

Other Financial Instruments
Treasury Futures Contracts	$	3,771,610	^(c)	$	—

^(a)	U.S. Treasury securities were transferred from Level 1 to Level 2 during the period. There were no Level 3 securities at June 30, 2015 and December 31, 2014, and there were no transfers to Level 3 during the period.

^(b)	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.

^(c)	Represents net unrealized appreciation/(depreciation).

NOTE 3—RELATED PARTY TRANSACTIONS

PAGE 14 § DODGE & COX BALANCED FUND

NOTES TO FINANCIAL STATEMENTS (unaudited)

NOTE 4—INCOME TAX INFORMATION AND DISTRIBUTIONS TO SHAREHOLDERS

Book/tax differences are primarily due to differing treatments of wash sales, net short-term realized gain (loss), and Treasury futures contracts. At June 30, 2015, the cost of investments for federal income tax purposes was $11,693,583,849.

Distributions during the periods noted below were characterized as follows for federal income tax purposes:


	Six Months Ended June 30, 2015		Year Ended December 31, 2014
Ordinary income		$169,395,362		$357,296,853
		($1.125 per share)		($2.417 per share)

Long-term capital gain		$102,271,719		$300,695,968
		($0.679 per share)		($2.020 per share)

At June 30, 2015, the tax basis components of distributable earnings were as follows:


Unrealized appreciation	$	3,869,711,796
Unrealized depreciation		(215,975,755	)

Net unrealized appreciation		3,653,736,041
Undistributed ordinary income		10,058,422
Undistributed long-term capital gain		255,750,117

NOTE 5—LOAN FACILITIES

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. The Fund’s commitment fee for the six months ended June 30, 2015, amounted to $23,185 and is reflected as a Miscellaneous Expense in the Statement of Operations. Interest on borrowings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the period.

NOTE 6—PURCHASES AND SALES OF INVESTMENTS

For the six months ended June 30, 2015, purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $1,234,706,422 and $1,102,838,572, respectively. For the six months ended June 30, 2015, purchases and sales of U.S. government securities aggregated $368,265,426 and $576,876,842, respectively.

NOTE 7—ACCOUNTING PRONOUNCEMENTS

NOTE 8—SUBSEQUENT EVENTS

DODGE & COX BALANCED FUND §PAGE 15

FINANCIAL HIGHLIGHTS (unaudited)


SELECTED DATA AND RATIOS (for a share outstanding throughout each period)	Six Months Ended June 30,			Year Ended December 31,
	2015^(a)			2014			2013			2012			2011			2010

Net asset value, beginning of period		$102.48			$98.30			$78.06			$67.45			$70.22			$64.03
Income from investment operations:
Net investment income		1.09			2.03			1.66			1.65			1.62			1.41
Net realized and unrealized gain (loss)		0.02			6.59			20.30			10.62			(2.77	)		6.30

Total from investment operations		1.11			8.62			21.96			12.27			(1.15	)		7.71

Distributions to shareholders from:
Net investment income		(1.10	)		(2.03	)		(1.65	)		(1.66	)		(1.62	)		(1.52	)
Net realized gain		(0.70	)		(2.41	)		(0.07	)		—			—			—

Total distributions		(1.80	)		(4.44	)		(1.72	)		(1.66	)		(1.62	)		(1.52	)

Net asset value, end of period		$101.79			$102.48			$98.30			$78.06			$67.45			$70.22

Total return		1.10	%		8.85	%		28.37	%		18.32	%		(1.66	)%		12.23	%
Ratios/supplemental data:
Net assets, end of period (millions)		$15,383			$15,465			14,404			$12,217			$12,220			$14,849
Ratio of expenses to average net assets		0.53	%^(b)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Ratio of net investment income to average net assets		2.14	%^(b)		2.00	%		1.85	%		2.21	%		2.26	%		2.13	%
Portfolio turnover rate		11	%		23	%		25	%		16	%		19	%		12	%

^(a)

Unaudited

^(b)	Annualized

See accompanying Notes to Financial Statements

PAGE 16 § DODGE & COX BALANCED FUND

FUND HOLDINGS

The Fund provides a complete list of its holdings four times each fiscal year, as of the end of each quarter. The Fund files the lists with the SEC on Form N-CSR (second and fourth quarters) and Form N-Q (first and third quarters). Shareholders may view the Fund’s Forms N-CSR and N-Q on the SEC’s website at sec.gov. Forms N-CSR and N-Q may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operations of the Public Reference Room may be obtained by calling 202-942-8090 (direct) or 800-732-0330 (general SEC number). A list of the Fund’s quarter-end holdings is also available at dodgeandcox.com on or about 15 days following each quarter end and remains available on the website until the list is updated in the subsequent quarter.

PROXY VOTING

HOUSEHOLD MAILINGS

DODGE & COX BALANCED FUND §PAGE 17

[THIS PAGE INTENTIONALLY LEFT BLANK]

PAGE 18 § DODGE & COX BALANCED FUND

TRUSTEES AND EXECUTIVE OFFICERS

Charles F. Pohl, Chairman and Trustee

Chairman, Dodge & Cox

Dana M. Emery, President and Trustee

Chief Executive Officer and President, Dodge & Cox

Thomas A. Larsen, Independent Trustee

Senior Counsel, Arnold & Porter LLP

Ann Mather, Independent Trustee

Former Executive Vice President, Chief Financial Officer, and Company Secretary, Pixar Studios

Robert B. Morris III, Independent Trustee

Advisory Director, The Presidio Group

Gary Roughead, Independent Trustee

Annenberg Distinguished Visiting Fellow, Hoover Institution; and former U.S. Navy Chief of Naval Operations

Mark E. Smith, Independent Trustee

Former Executive Vice President and Managing Director-Fixed Income, Loomis Sayles & Company, L.P.

John B. Taylor, Independent Trustee

Professor of Economics, Stanford University; Senior Fellow, Hoover Institute; and former Under Secretary for International Affairs, United States Treasury

John A. Gunn, Senior Vice President

Former Chairman and Chief Executive Officer, Dodge & Cox

Diana S. Strandberg, Senior Vice President

Senior Vice President and Director of International Equity, Dodge & Cox

David H. Longhurst, Treasurer

Vice President and Assistant Treasurer, Dodge & Cox

Thomas M. Mistele, Secretary

Chief Operating Officer, Secretary, and Senior Counsel, Dodge & Cox

Katherine M. Primas, Chief Compliance Officer

Chief Compliance Officer, Dodge & Cox

DODGE & COX BALANCED FUND §PAGE 19


Balanced Fund

dodgeandcox.com

For Fund literature, transactions, and account information, please visit the Funds’ website.

or write or call:

DODGE & COX FUNDS

c/o Boston Financial Data Services

P.O. Box 8422

Boston, Massachusetts 02266-8422

(800) 621-3979

INVESTMENT MANAGER

Dodge & Cox

555 California Street, 40th Floor

San Francisco, California 94104

(415) 981-1710

LOGO

DODGE & COX FUNDS^®


2015

Semi-Annual Report

June 30, 2015

Income Fund

ESTABLISHED 1989

TICKER: DODIX

6/15 IF SAR LOGO Printed on recycled paper

TO OUR SHAREHOLDERS

The Dodge & Cox Income Fund had a total return of 0.1% for the six months ending June 30, 2015, compared to a total return of –0.1% for the Barclays U.S. Aggregate Bond Index (Barclays U.S. Agg). On June 30, the Fund had net assets of $44.3 billion with net cash of 1.1%.

MARKET COMMENTARY

The U.S. investment-grade bond market delivered a small negative return for the first half of 2015, the result of rising interest rates and increasing credit yield premiums. U.S. Treasury rates were influenced by a growing expectation that the Federal Reserve (Fed) could increase short-term rates as soon as the second half of 2015, as well as broader-based improvement in U.S. economic activity. Global developments also affected valuations.

The U.S. economic recovery continued in the first half of 2015, notwithstanding a 0.2% decline in first quarter annualized GDP growth; market expectations are for annualized growth of 2.5% or higher over the coming quarters. Important segments of the economy began to show signs of life. Existing home sales and building permits reached multi-year highs, consumer confidence measures improved, and labor market conditions remained strong, with the unemployment rate reaching a new post-crisis low (5.3%, released in early July). In recognition of these trends, the Fed’s post-meeting statements reflected expectations for economic activity to strengthen and inflation to rise from abnormally low levels.

Investment-grade corporate bonds returned –0.9%^(a) year to date, underperforming comparable-duration^(b)Treasuries by 0.6 percentage points in an environment of heavy new issuance, much of it related to M&A financing, and some deterioration in credit fundamentals in certain sectors. The Financial Institutions sub-sector has been somewhat insulated from these influences, leading to better returns (–0.1%) than the Industrials (–1.1%) and Utilities (–2.7%) sub-sectors. Agency-guaranteed^(c) mortgage-backed securities (MBS) returned 0.3% for the period; relative performance versus comparable-duration Treasuries varied by coupon. Lower-coupon MBS underperformed Treasuries, given the increase in Treasury rates and extension of MBS durations, while higher-coupon MBS (5.5% and greater) outperformed in the benign prepayment environment.

INVESTMENT STRATEGY

The Fund’s current positioning features substantial weightings in corporate bonds and Agency MBS, smaller weightings in government-related securities and asset-backed securities (ABS), and a duration that is 72% of the Barclays Agg. While the Fund’s overall positioning has remained relatively stable, we have continued to make incremental shifts in response to changes in valuation and/or fundamentals.

One notable area of portfolio adjustment has been in corporate and government-related credit. From late 2013 through September 2014, with broad corporate bond valuations less compelling than in previous years, we reduced the Fund’s credit weighting by 12 percentage points through careful examination of

each issuer weighting relative to its valuation and fundamental credit profile. Since that time, global volatility, some deterioration in industrial credit profiles, and massive amounts of new corporate issuance have contributed to wider yield premiums^(d) (approximately 50% wider over the past year) and created attractive entry points for us to selectively add to the Fund’s credit portfolio. Over the past nine months we have added seven new issuers to the Fund and increased several existing holdings, while reducing exposure to less compelling holdings. The net result has been a three percentage point increase to the Fund’s credit weighting.

Our organizational structure provides an important advantage in sourcing new opportunities in a market environment of wider spreads, heightened volatility, and issuer-specific risks. Our industry analysts, who cover issuers from a debt and equity perspective and have in-depth knowledge of a large number of issuers, partner with our fixed income investment team to sift through the opportunity set and source interesting long-term investments.

Our research efforts have focused on two main areas. The first is industries that have experienced heightened volatility, such as the Energy sector (given last fall’s plunge in oil prices), which yielded new positions in Kinder Morgan and TransCanada. As midstream energy companies, both issuers are relatively insulated from the first-order effects of lower oil prices because their revenue streams are predominantly fee based. Yet valuations for the entire energy sector declined substantially last fall; at these lower prices, we were able to invest in what we believe are dominant business franchises poised to benefit from growth trends in energy infrastructure in North America.

The second area is the new issue market—debt issued in connection with M&A activity in particular. The pace of investment-grade new issuance has been unrelenting, topping $700 billion year to date; much of this has financed strategic transactions. In our view, these transactions can offer an attractive entry point to invest in an issuer immediately after a leveraging event, particularly when the industrial logic for the business combination appears sound and there is a credible path to reducing leverage over our investment horizon. We have participated in a number of these types of new issues this year, including Actavis Plc (now Allergan) and CRH Plc. In each case, we were attracted by the acquisition rationale, resulting business position, ability to generate cash flow for debt repayment, sources of financial flexibility, and compelling relative valuations.

While industrial credit profiles, generally speaking, have deteriorated slightly as leverage metrics have crept up, we view default risk among the Fund’s holdings as quite low, debt servicing capacity as robust, balance sheets as generally healthy, and the prospects for moderate economic growth supportive of corporate valuations. However, we continue to monitor the Fund portfolio closely for potential risks in the current environment.

The Fund’s Agency MBS position, currently 34%^(e) of the portfolio, has remained relatively stable in aggregate, although

PAGE 2 § DODGE & COX INCOME FUND

underlying composition has shifted over time. As with the credit portfolio, we undertake fundamental research to identify attractive long-term investment opportunities. Because of the Agency/GSE guarantee accorded the Fund’s MBS holdings, credit risk is minimal, so we analyze borrower and loan structure characteristics as key fundamentals. Timing and predictability of MBS cash flows drive total return over time, particularly for the shorter-duration instruments in which we invest. We seek to mitigate these risks by investing in MBS with structures and/or characteristics likely to be more stable over time. For example, we have a substantial position in 15- to 20-year MBS; these securities’ cash flows have been more predictable compared to their 30-year counterparts because prepayment risk declines when loan balances decline relatively quickly and associated refinancing savings decrease. In addition, we have sought to invest in MBS where the underlying mortgage loans appear to be less sensitive to prepayment risk due to less efficient servicing of those loans. In both of these instances, the reduced likelihood of prepayments makes it more likely the Fund will benefit from the above-market income stream for a longer period of time.

Finally, we have continued to position the Fund defensively with respect to interest rate risk, with a duration that is just over 70% of the Barclays Agg’s duration. This positioning reflects our view that interest rates are likely to rise at a rate that exceeds current market expectations over the next several years. Against the backdrop of an improving U.S. economy, the Fed is poised to begin raising interest rates for the first time since its last tightening cycle began in 2004. The timing of the first rate hike is uncertain, but likely to be this year. Of greater importance to us is the pace of future rate hikes over time relative to the market’s expectation of that pace; current U.S. Treasury valuations reflect assumptions of a very slow pace of tightening and a lower equilibrium rate than past tightening cycles. We believe that the underlying and broader-based strength of the U.S. economy, combined with somewhat improved global economic growth, could lead to interest rates rising at a faster pace than is currently built into valuations. However, we expect the path will not be linear, given uncertainties associated with the Greek debt crisis, a slower pace of growth in China, and other factors.

IN CLOSING

Despite recent increases, bond market yields remain quite low relative to longer-term history. Given these low starting yields and the potential for interest rates to rise, we expect bond market returns to be quite modest and possibly negative in the near term. Nevertheless, we believe the Fund has the potential to provide reasonable relative returns over longer time periods given its current positioning. As timing markets is very difficult, we counsel shareholders to have a long-term investment horizon. In addition, bonds continue to play an important role in an investment portfolio, providing diversification, liquidity, income, and downside protection—important for any diversified investment strategy.

Thank you for your continued confidence in our firm. As always, we welcome your comments and questions.

For the Board of Trustees,

LOGO

Charles F. Pohl,

Chairman

Dana M. Emery,

President

July 31, 2015

^(a)

Sector returns as calculated and reported by Barclays.

^(b)

Duration is a measure of a bond’s (or a bond portfolio’s) price sensitivity to changes in interest rates.

^(c)

The U.S. Government does not guarantee the Fund’s shares, yield, or net asset value. The agency guarantee (by, for example, Ginnie Mae, Fannie Mae, or Freddie Mac) does not eliminate market risk.

^(d)

Yield premiums are one way to measure a security’s valuation. Narrowing yield premiums results in a higher valuation. Widening yield premiums results in a lower valuation.

^(e)

Unless otherwise specified, all weightings and characteristics are as of June 30, 2015.

DODGE & COX INCOME FUND §PAGE 3

YEAR-TO-DATE PERFORMANCE REVIEW

The Fund outperformed the Barclays U.S. Agg by 0.2 percentage points year to date.

Key Contributors to Relative Results

The Fund’s shorter relative duration (approximately 70% of the Barclays U.S. Agg’s duration) added to relative returns, as did its lower exposure to long-term bonds.

Brazil-related credit holdings Petrobras and Rio Oil Finance Trust performed well after Petrobras released audited financial statements and took steps to improve liquidity and corporate governance. Other strong performers in credit included Dominion Resources hybrid securities, HSBC, and Telecom Italia.

The Fund’s Agency MBS holdings performed well on an “excess return” basis, adding to relative returns.

The Fund’s nominal yield advantage benefited returns.

Key Detractors from Relative Results

The Fund’s overweight to corporate bonds (39% versus 23% for the Barclays U.S. Agg) detracted from relative returns.

Though issue-specific performance was positive as a whole, certain credit holdings underperformed, including AT&T, Kinder Morgan, and Time Warner.

Unless otherwise noted, figures cited in this section denote Fund positioning at the beginning of the period.

KEY CHARACTERISTICS OF DODGE & COX

Independent Organization

Over 80 Years of Investment Experience

Dodge & Cox was founded in 1930. We have a stable and well-qualified team of investment professionals, most of whom have spent their entire careers at Dodge & Cox.

Experienced Investment Team

The Fixed Income Investment Policy Committee, which is the decision-making body for the Income Fund, is an eight-member committee with an average tenure at Dodge & Cox of 20 years.

One Business with a Single Research Office

Dodge & Cox manages equity (domestic, international, and global), fixed income (domestic and global), and balanced investments, operating from one office in San Francisco.

Consistent Investment Approach

Our team decision-making process involves thorough, bottom-up fundamental analysis of each investment.

Long-Term Focus and Low Expenses

We invest with a three- to five-year investment horizon, which has historically resulted in low turnover relative to our peers. We manage Funds that maintain low expense ratios.

Risks: The Fund invests in individual bonds whose yields and market values fluctuate, so that an investment may be worth more or less than its original cost. Debt securities are subject to interest rate risk, credit risk, and prepayment and call risk, all of which could have adverse effects on the value of the Fund. A low interest rate environment creates an elevated risk of future negative returns. Financial intermediaries may restrict their market making activities for certain debt securities, which may reduce the liquidity and increase the volatility of such securities. Please read the prospectus and summary prospectus for specific details regarding the Fund’s risk profile.

PAGE 4 § DODGE & COX INCOME FUND

GROWTH OF $10,000 OVER 10 YEARS

FOR AN INVESTMENT MADE ON JUNE 30, 2005

LOGO

AVERAGE ANNUAL TOTAL RETURN

FOR PERIODS ENDED JUNE 30, 2015


	1 Year			5 Years			10 Years			20 Years

Dodge & Cox Income Fund		0.97	%		4.31	%		5.12	%		6.05	%
Barclays U.S. Aggregate Bond Index (Barclays U.S. Agg)		1.85			3.36			4.44			5.63

Barclays^® is a trademark of Barclays Bank PLC.

FUND EXPENSE EXAMPLE

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON WITH OTHER MUTUAL FUNDS


Six Months Ended June 30, 2015	Beginning Account Value 1/1/2015		Ending Account Value 6/30/2015		Expenses Paid During Period*
Based on Actual Fund Return	$	1,000.00	$	1,000.90	$	2.16
Based on Hypothetical 5% Yearly Return		1,000.00		1,022.64		2.18

Expenses are equal to the Fund’s annualized expense ratio of 0.43%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

DODGE & COX INCOME FUND §PAGE 5


FUND INFORMATION			June 30, 2015


GENERAL INFORMATION
Net Asset Value Per Share			$13.60
Total Net Assets (billions)			$44.3
30-Day SEC Yield^(a)			2.77%
2014 Expense Ratio (per 5/1/15 Prospectus)			0.44%
Expense Ratio (1/1/15 to 6/30/15, annualized)			0.43%
Portfolio Turnover Rate (1/1/15 to 6/30/15, unannualized)			9%
Fund Inception			1989
No sales charges or distribution fees

Investment Manager: Dodge & Cox, San Francisco. Managed by the Fixed Income Investment Policy Committee, whose eight members’ average tenure at Dodge & Cox is 20 years.


PORTFOLIO CHARACTERISTICS	Fund		Barclays U.S. Agg
Number of Debt Securities		923		9,496
Effective Duration (years)		4.1		5.6


FIVE LARGEST CORPORATE ISSUERS (%)^(b)	Fund
Bank of America Corp.		1.9
Cox Enterprises, Inc.		1.8
Verizon Communications, Inc.		1.7
Telecom Italia SPA		1.6
Citigroup, Inc.		1.5


CREDIT QUALITY (%)^(c)	Fund			Barclays U.S. Agg
U.S. Treasury/Agency/GSE^(d)		43.6			67.5
Aaa		5.9			4.9
Aa		0.9			3.5
A		9.1			11.4
Baa		29.5			12.7
Ba		7.4			0.0
B		2.5			0.0
Caa		0.0	^(e)		0.0
Cash Equivalents		1.1			0.0

ASSET ALLOCATION

LOGO


SECTOR DIVERSIFICATION(%)	Fund		Barclays U.S. Agg
U.S. Treasury^(d)		9.6		36.1
Government-Related		7.2		9.3
Mortgage-Related^(f)		33.7		28.2
Corporate		40.4		23.9
Asset-Backed/Commercial Mortgage-Backed^(g)		8.0		2.5
Cash Equivalents		1.1		0.0


MATURITY DIVERSIFICATION(%)^(d)	Fund		Barclays U.S. Agg
0-1 Years to Maturity		3.7		0.0
1-5		51.0		43.9
5-10		28.3		41.2
10-15		1.5		2.5
15-20		4.4		1.6
20-25		6.6		3.5
25 and Over		4.5		7.3

^(a)	SEC Yield is an annualization of the Fund’s total net investment income per share for the 30-day period ended on the last day of the month.

^(b)	The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation to buy, sell, or hold any particular security and is not indicative of Dodge & Cox’s current or future trading activity.

^(c)

The credit quality distributions shown for the Fund and the Index are based on the middle of Moody’s, S&P’s, and Fitch ratings, which is the methodology used by Barclays in constructing its indices. If a security is rated by only two agencies, the lower of the two ratings is used. Please note the Fund applies the highest of Moody’s, S&P’s, and Fitch ratings to determine compliance with the quality requirements stated in its prospectus. On that basis, the Fund held 4.9% in securities rated below investment grade. The credit quality of the investments in the portfolio does not apply to the stability or safety of the Fund or its shares.

^(d)	Data as presented excludes the Fund’s position in Treasury futures contracts.

^(e)	Rounds to 0.0%.

^(f)	The Fund holds 0.4% in Agency multifamily mortgage securities; the Index classifies these securities under CMBS – Agency.

^(g)	Commercial mortgage-backed securities are a component of the Barclays U.S. Aggregate but are not currently held by the Fund.

PAGE 6 § DODGE & COX INCOME FUND


PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015


DEBT SECURITIES: 98.9%

	PAR VALUE			VALUE
U.S. TREASURY: 9.6%
U.S. Treasury Note			��
1.00%, 3/31/17	$	150,000,000		$	151,078,200
0.875%, 5/15/17		280,000,000			281,225,000
0.50%, 7/31/17		621,000,000			618,671,250
1.00%, 9/15/17		250,000,000			251,386,750
0.625%, 9/30/17		600,000,000			598,171,800
1.50%, 8/31/18		750,000,000			759,258,000
1.50%, 2/28/19		496,995,000			500,838,759
1.625%, 7/31/19		600,000,000			604,781,400
1.625%, 12/31/19		500,000,000			501,601,500

					4,267,012,659
GOVERNMENT-RELATED: 7.2%
FEDERAL AGENCY: 0.3%
Small Business Admin. — 504 Program
Series 1997-20E 1, 7.30%, 5/1/17		41,660			43,247
Series 1997-20H 1, 6.80%, 8/1/17		10,908			11,462
Series 1997-20J 1, 6.55%, 10/1/17		147,657			154,322
Series 1997-20L 1, 6.55%, 12/1/17		6,708			6,963
Series 1998-20B 1, 6.15%, 2/1/18		17,693			18,689
Series 1998-20C 1, 6.35%, 3/1/18		593,876			635,129
Series 1998-20H 1, 6.15%, 8/1/18		288,612			306,716
Series 1998-20L 1, 5.80%, 12/1/18		162,626			171,695
Series 1999-20C 1, 6.30%, 3/1/19		160,729			170,231
Series 1999-20E 1, 6.30%, 5/1/19		4,580			4,867
Series 1999-20G 1, 7.00%, 7/1/19		296,339			317,993
Series 1999-20I 1, 7.30%, 9/1/19		142,625			154,797
Series 2000-20C 1, 7.625%, 3/1/20		8,209			8,884
Series 2000-20G 1, 7.39%, 7/1/20		5,216			5,635
Series 2001-20G 1, 6.625%, 7/1/21		1,279,412			1,399,350
Series 2001-20L 1, 5.78%, 12/1/21		3,656,506			3,935,564
Series 2002-20A 1, 6.14%, 1/1/22		26,803			29,276
Series 2002-20L 1, 5.10%, 12/1/22		1,027,645			1,106,103
Series 2003-20G 1, 4.35%, 7/1/23		67,806			71,413
Series 2004-20L 1, 4.87%, 12/1/24		1,508,078			1,611,911
Series 2005-20B 1, 4.625%, 2/1/25		2,863,092			3,065,135
Series 2005-20D 1, 5.11%, 4/1/25		125,389			135,831
Series 2005-20E 1, 4.84%, 5/1/25		4,630,302			4,974,219
Series 2005-20G 1, 4.75%, 7/1/25		4,912,620			5,267,293
Series 2005-20H 1, 5.11%, 8/1/25		67,101			72,742
Series 2005-20I 1, 4.76%, 9/1/25		5,941,418			6,370,059
Series 2006-20A 1, 5.21%, 1/1/26		5,798,133			6,255,743
Series 2006-20B 1, 5.35%, 2/1/26		1,757,570			1,919,870
Series 2006-20C 1, 5.57%, 3/1/26		8,121,973			8,887,616
Series 2006-20G 1, 6.07%, 7/1/26		15,386,470			17,224,978
Series 2006-20H 1, 5.70%, 8/1/26		131,205			145,317
Series 2006-20I 1, 5.54%, 9/1/26		270,036			295,536
Series 2006-20J 1, 5.37%, 10/1/26		5,116,049			5,548,772
Series 2006-20L 1, 5.12%, 12/1/26		4,051,527			4,388,708
Series 2007-20A 1, 5.32%, 1/1/27		9,870,098			10,835,909
Series 2007-20C 1, 5.23%, 3/1/27		15,132,988			16,601,130
Series 2007-20D 1, 5.32%, 4/1/27		15,162,028			16,648,646
Series 2007-20G 1, 5.82%, 7/1/27		10,276,475			11,450,524

					130,252,275
FOREIGN AGENCY: 2.3%
Export-Import Bank of Korea^(c) (South Korea) 4.00%, 1/11/17		19,780,000			20,552,943
Petroleo Brasileiro SA^(c) (Brazil)
5.75%, 1/20/20		43,955,000			43,552,372
5.375%, 1/27/21		187,220,000			180,161,806
4.375%, 5/20/23		38,625,000			33,669,413
6.25%, 3/17/24		80,805,000			78,014,803
Petroleos Mexicanos^(c) (Mexico)
4.875%, 1/18/24		121,415,000			124,450,375
4.25%, 1/15/25^(b)		97,765,000			95,213,334



	PAR VALUE		VALUE
4.50%, 1/23/26^(b)	$	15,065,000	$	14,724,531
6.625%, 6/15/35		102,290,000		109,194,575
5.50%, 6/27/44		5,900,000		5,428,000
5.50%, 6/27/44^(b)		36,075,000		33,189,000
6.375%, 1/23/45		119,000,000		122,724,700
5.625%, 1/23/46^(b)		190,720,000		178,075,264

				1,038,951,116
LOCAL AUTHORITY: 4.4%
L.A. Unified School District GO
5.75%, 7/1/34		6,075,000		7,288,846
6.758%, 7/1/34		185,585,000		242,340,605
New Jersey Turnpike Authority RB
7.414%, 1/1/40		41,065,000		57,440,079
7.102%, 1/1/41		148,277,000		200,682,540
New Valley Generation 4.929%, 1/15/21		340,287		375,297
State of California GO
7.50%, 4/1/34		203,021,000		282,109,861
7.55%, 4/1/39		200,880,000		290,386,101
7.30%, 10/1/39		116,735,000		165,112,319
7.625%, 3/1/40		103,410,000		151,457,388
7.60%, 11/1/40		56,435,000		82,461,693
State of Illinois GO
4.961%, 3/1/16		65,560,000		67,101,971
5.365%, 3/1/17		186,245,000		194,393,219
5.665%, 3/1/18		170,335,000		182,248,230
5.10%, 6/1/33		6,645,000		6,192,808

				1,929,590,957
SOVEREIGN: 0.2%
Spain Government International^(c) (Spain) 4.00%, 3/6/18^(b)		74,765,000		79,038,418

				3,177,832,766
MORTGAGE-RELATED: 33.7%
FEDERAL AGENCY CMO & REMIC: 3.7%
Dept. of Veterans Affairs
Series 1995-2D 4A, 9.293%, 5/15/25		152,429		188,229
Series 1997-2 Z, 7.50%, 6/15/27		10,461,320		11,904,950
Series 1998-2 2A, 8.708%, 8/15/27		40,663		48,175
Series 1998-1 1A, 8.212%, 3/15/28		260,397		303,949
Fannie Mae
Trust 1998-58 PX, 6.50%, 9/25/28		476,845		529,899
Trust 1998-58 PC, 6.50%, 10/25/28		2,513,280		2,826,980
Trust 2001-69 PQ, 6.00%, 12/25/31		2,942,020		3,340,349
Trust 2002-33 A1, 7.00%, 6/25/32		2,651,707		3,032,004
Trust 2002-69 Z, 5.50%, 10/25/32		362,748		405,713
Trust 2008-24 GD, 6.50%, 3/25/37		2,792,344		3,102,690
Trust 2007-47 PE, 5.00%, 5/25/37		7,174,159		7,741,643
Trust 2009-30 AG, 6.50%, 5/25/39		15,813,095		17,243,626
Trust 2009-53 QM, 5.50%, 5/25/39		4,032,455		4,357,310
Trust 2009-40 TB, 6.00%, 6/25/39		7,575,192		8,451,970
Trust 2001-T3 A1, 7.50%, 11/25/40		144,309		169,148
Trust 2010-123 WT, 7.00%, 11/25/40		59,891,985		69,904,355
Trust 2001-T7 A1, 7.50%, 2/25/41		94,910		111,802
Trust 2001-T5 A2, 6.99%, 6/19/41		55,975		63,396
Trust 2001-T5 A3, 7.50%, 6/19/41		274,029		319,929
Trust 2001-T4 A1, 7.50%, 7/25/41		2,550,842		3,057,582
Trust 2011-58 AT, 4.00%, 7/25/41		14,019,121		14,652,786
Trust 2001-T10 A1, 7.00%, 12/25/41		2,864,457		3,336,812
Trust 2013-106 MA, 4.00%, 2/25/42		28,212,240		30,429,863
Trust 2002-90 A1, 6.50%, 6/25/42		5,842,026		6,667,662
Trust 2002-W6 2A1, 6.383%, 6/25/42		3,384,223		3,866,451
Trust 2002-W8 A2, 7.00%, 6/25/42		1,922,134		2,208,997
Trust 2002-T16 A3, 7.50%, 7/25/42		4,225,756		4,929,378
Trust 2003-W2 1A2, 7.00%, 7/25/42		8,958,313		10,421,555
Trust 2003-W4 3A, 6.537%, 10/25/42		2,801,687		3,184,316


See accompanying Notes to Financial Statements		DODGE & COX INCOME FUND §PAGE 7


PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
Trust 2012-121 NB, 7.00%, 11/25/42	$	1,906,017	$	2,230,008
Trust 2003-7 A1, 6.50%, 12/25/42		4,865,416		5,545,358
Trust 2003-W1 2A, 6.475%, 12/25/42		3,431,630		3,983,422
Trust 2012-133 HF, 0.537%, 12/25/42		54,421,910		54,329,719
Trust 2012-133 JF, 0.537%, 12/25/42		18,479,948		18,480,133
Trust 2012-134 FD, 0.537%, 12/25/42		1,472,238		1,473,967
Trust 2012-134 FT, 0.537%, 12/25/42		76,803,124		77,406,489
Trust 2012-148 LF, 0.487%, 1/25/43		62,409,829		61,892,451
Trust 2013-15 FA, 0.537%, 3/25/43		1,981,548		1,990,213
Trust 2013-98 FA, 0.737%, 9/25/43		51,256,220		51,758,480
Trust 2013-101 CF, 0.787%, 10/25/43		25,490,892		25,762,855
Trust 2013-101 FE, 0.787%, 10/25/43		40,654,362		41,044,482
Trust 2004-T1 1A2, 6.50%, 1/25/44		3,029,816		3,597,013
Trust 2004-W2 2A2, 7.00%, 2/25/44		165,943		187,876
Trust 2004-W2 5A, 7.50%, 3/25/44		7,678,771		8,812,372
Trust 2004-W8 3A, 7.50%, 6/25/44		5,689,856		6,639,732
Trust 2004-W14 1AF, 0.587%, 7/25/44		2,033,285		1,997,493
Trust 2004-W15 1A2, 6.50%, 8/25/44		1,267,381		1,407,525
Trust 2005-W1 1A3, 7.00%, 10/25/44		7,660,489		8,786,911
Trust 2001-79 BA, 7.00%, 3/25/45		937,320		1,094,453
Trust 2006-W1 1A1, 6.50%, 12/25/45		618,542		697,906
Trust 2006-W1 1A2, 7.00%, 12/25/45		4,550,175		5,271,947
Trust 2006-W1 1A3, 7.50%, 12/25/45		80,624		93,519
Trust 2006-W1 1A4, 8.00%, 12/25/45		5,134,497		6,127,976
Trust 2007-W10 1A, 6.297%, 8/25/47		20,563,738		23,166,593
Trust 2007-W10 2A, 6.31%, 8/25/47		5,881,021		6,647,648
Freddie Mac
Series 2456 CJ, 6.50%, 6/15/32		266,011		295,297
Series 3312 AB, 6.50%, 6/15/32		4,934,195		5,572,684
Series T-41 2A, 5.904%, 7/25/32		323,953		376,222
Series 2587 ZU, 5.50%, 3/15/33		8,165,265		8,858,169
Series 2610 UA, 4.00%, 5/15/33		2,853,480		2,981,607
Series T-48 1A, 5.581%, 7/25/33		3,411,458		3,951,676
Series 2708 ZD, 5.50%, 11/15/33		31,755,462		35,724,260
Series 3204 ZM, 5.00%, 8/15/34		9,478,343		10,639,231
Series 3330 GZ, 5.50%, 6/15/37		8,061,474		8,763,145
Series 4091 JF, 0.686%, 6/15/41		35,441,306		35,657,923
Series 4120 YF, 0.536%, 10/15/42		83,044,190		82,692,497
Series 4122 FP, 0.586%, 10/15/42		43,590,326		43,612,121
Series 309 F4, 0.716%, 8/15/43		90,139,829		89,982,517
Series 311 F1, 0.736%, 8/15/43		121,361,290		122,172,740
Series 4240 FA, 0.686%, 8/15/43		20,965,078		21,187,539
Series T-51 1A, 6.50%, 9/25/43		76,000		90,200
Series 4259 FA, 0.686%, 10/15/43		36,232,306		36,555,353
Series 4281 BC, 5.378%, 12/15/43		209,428,788		229,168,917
Series 4283 DW, 5.395%, 12/15/43		126,715,000		139,460,628
Series 4283 EW, 5.233%, 12/15/43		77,420,658		85,220,247
Series 4310 FA, 0.736%, 2/15/44		3,199,487		3,233,626
Series 4319 MA, 5.533%, 3/15/44		38,337,000		42,112,619

				1,645,537,278
FEDERAL AGENCY MORTGAGE PASS-THROUGH: 30.0%
Fannie Mae, 10 Year 6.00%, 11/1/16		505,225		517,539
Fannie Mae, 15 Year
3.50%, 8/1/26-3/1/29		815,101,059		860,638,444
4.00%, 9/1/25-5/1/29		242,961,632		259,504,896
4.50%, 3/1/29		54,522,133		58,353,759
5.00%, 9/1/25		88,581,889		95,988,156
5.50%, 1/1/18-7/1/25		240,170,659		262,474,832
6.00%, 7/1/16-3/1/23		90,927,160		98,243,139
6.50%, 5/1/16-12/1/19		8,745,657		9,053,244
7.00%, 11/1/17		14,819		15,189
7.50%, 8/1/17		183,878		187,699
Fannie Mae, 20 Year
4.00%, 9/1/30-6/1/35		2,658,509,246		2,841,571,841
4.50%, 3/1/29-1/1/34		837,538,059		908,678,375



	PAR VALUE		VALUE
Fannie Mae, 30 Year
4.50%, 6/1/36-10/1/44	$	789,521,222	$	855,858,482
5.00%, 7/1/37		18,971,297		20,997,510
5.50%, 2/1/33-11/1/39		314,380,253		354,388,424
6.00%, 11/1/28-2/1/39		202,684,172		232,544,217
6.50%, 12/1/32-8/1/39		87,328,616		100,630,308
7.00%, 4/1/32-2/1/39		127,997,836		150,473,934
Fannie Mae, 40 Year 4.50%, 1/1/52		15,873,833		17,009,149
Fannie Mae, Hybrid ARM
1.795%, 8/1/34		2,453,438		2,572,258
1.854%, 10/1/34		3,130,187		3,311,327
1.87%, 1/1/35		3,759,111		3,950,157
1.879%, 6/1/43		7,357,703		7,576,205
1.904%, 8/1/35		2,889,598		3,049,318
1.945%, 11/1/35		2,940,869		3,095,662
1.962%, 9/1/43		15,938,236		16,435,325
1.968%, 8/1/35		9,719,618		10,275,239
2.00%, 4/1/35		4,708,117		4,990,744
2.026%, 7/1/35		1,891,169		2,006,910
2.094%, 1/1/37		4,735,678		5,020,230
2.112%, 9/1/34		3,805,844		4,042,167
2.137%, 7/1/35		2,208,184		2,341,874
2.167%, 10/1/35		3,832,518		4,088,925
2.17%, 4/1/44		97,012,366		100,801,586
2.185%, 1/1/36		5,225,391		5,588,702
2.188%, 12/1/35		2,248,186		2,401,431
2.221%, 10/1/38		10,517,965		11,223,641
2.224%, 10/1/38		5,759,364		6,092,962
2.248%, 10/1/35		2,954,033		3,147,097
2.271%, 1/1/36		6,295,020		6,696,029
2.272%, 5/1/43		6,543,107		6,616,236
2.274%, 9/1/35		3,473,120		3,691,446
2.293%, 12/1/42		30,614,406		30,916,271
2.297%, 8/1/34		853,614		909,668
2.306%, 7/1/35		2,733,397		2,902,653
2.307%, 10/1/33		3,594,218		3,827,740
2.317%, 10/1/43		71,354,801		73,000,244
2.321%, 7/1/34		3,637,638		3,856,024
2.326%, 8/1/35		5,437,511		5,842,223
2.348%, 2/1/44		5,762,622		5,957,312
2.357%, 11/1/36-5/1/38		244,217,924		259,745,268
2.368%, 12/1/36		4,190,956		4,457,140
2.375%, 9/1/38		1,164,691		1,259,950
2.381%, 9/1/42		19,288,521		19,861,984
2.424%, 2/1/43		24,951,829		25,721,812
2.436%, 6/1/35		1,434,633		1,510,871
2.473%, 7/1/35		2,237,833		2,376,219
2.48%, 5/1/44		27,734,841		28,685,234
2.492%, 1/1/36		25,171,458		26,823,979
2.499%, 11/1/42		16,625,477		17,143,036
2.50%, 10/1/44		12,943,916		13,200,655
2.512%, 1/1/35		1,537,643		1,647,250
2.593%, 4/1/42		22,211,324		23,046,368
2.607%, 2/1/37		11,463,626		12,336,512
2.675%, 10/1/44		24,837,355		25,476,482
2.684%, 4/1/44		32,156,500		33,442,999
2.701%, 2/1/43		11,820,666		12,351,315
2.709%, 11/1/43		27,865,392		28,688,266
2.716%, 12/1/44		12,978,417		13,316,396
2.721%, 2/1/45		40,525,769		41,574,486
2.735%, 12/1/44		8,542,754		8,769,025
2.74%, 10/1/44		19,394,926		19,926,413
2.746%, 11/1/44		9,819,594		10,089,247
2.748%, 12/1/44		8,540,511		8,770,727
2.759%, 9/1/44		20,915,093		21,515,574


PAGE 8 § DODGE & COX INCOME FUND		See accompanying Notes to Financial Statements


PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
2.772%, 9/1/44	$	19,655,611	$	20,218,920
2.778%, 10/1/44-11/1/44		37,023,156		38,083,910
2.80%, 12/1/44		62,844,145		64,655,687
2.802%, 2/1/44		11,592,068		11,958,338
2.806%, 10/1/44		66,400,349		68,390,388
2.814%, 8/1/44		20,978,799		21,607,425
2.822%, 10/1/44		37,158,235		38,284,034
2.823%, 12/1/44		29,738,604		30,616,069
2.831%, 8/1/44		55,226,527		56,934,302
2.844%, 10/1/44		22,770,111		23,471,519
2.847%, 10/1/44		25,770,659		26,561,673
2.863%, 11/1/44		35,654,041		36,769,003
2.869%, 11/1/44		34,935,009		36,012,857
2.87%, 7/1/44		31,884,444		32,916,986
2.891%, 9/1/44		67,622,313		69,820,692
2.893%, 10/1/44		11,052,639		11,402,938
2.894%, 9/1/44		9,180,604		9,476,408
2.902%, 7/1/44		22,493,098		23,246,511
2.905%, 10/1/44		19,711,007		20,335,694
2.911%, 2/1/44		18,556,762		19,210,840
2.913%, 8/1/44		13,346,446		13,780,228
2.923%, 11/1/44		35,389,957		36,538,895
2.925%, 9/1/43		14,094,271		14,609,048
2.934%, 10/1/44		43,813,191		45,259,275
2.935%, 1/1/45		27,189,379		28,073,078
2.941%, 7/1/44		17,638,930		18,236,839
2.947%, 11/1/43		23,158,828		23,828,878
2.966%, 4/1/44		13,475,214		13,958,484
2.969%, 4/1/44-11/1/44		45,303,202		46,850,021
2.975%, 10/1/44		25,719,917		26,586,907
2.977%, 7/1/44		12,696,549		13,144,158
3.003%, 9/1/44		38,763,216		40,142,500
3.022%, 8/1/44		18,175,010		18,834,251
3.049%, 5/1/44		51,756,478		53,739,118
3.212%, 4/1/44		39,677,212		41,079,741
3.233%, 10/1/38		2,684,122		2,869,029
3.454%, 7/1/41		85,004,735		90,403,931
4.114%, 12/1/39		4,701,678		4,984,249
4.958%, 4/1/38		1,007,758		1,084,962
5.031%, 5/1/38		3,544,126		3,811,664
5.146%, 8/1/37		720,150		757,784
5.315%, 6/1/39		1,590,993		1,707,524
5.536%, 11/1/37		2,249,216		2,404,545
5.596%, 4/1/37		751,866		801,436
5.621%, 7/1/36		70,453		70,921
5.878%, 12/1/36		1,668,739		1,786,147
5.892%, 8/1/37		3,889,509		4,164,983
Fannie Mae, Multifamily DUS
Trust 2014-M13 ASQ2, 1.637%, 11/25/17		63,297,237		63,979,645
Pool AL6445, 2.418%, 1/1/22		24,898,671		25,555,024
Pool AL6455, 2.613%, 11/1/21		33,108,500		34,304,375
Pool AL6028, 2.859%, 7/1/21		5,533,207		5,714,538
Pool 735745, 4.949%, 1/1/17		550		549
Pool 745629, 5.251%, 1/1/18		208,041		215,162
Pool 462084, 5.275%, 11/1/15		30,702		30,726
Pool 888559, 5.452%, 6/1/17		20,893,939		22,218,978
Pool 888015, 5.521%, 11/1/16		34,270,080		35,012,138
Pool 745936, 6.082%, 8/1/16		711,825		735,695
Freddie Mac, Hybrid ARM
1.79%, 1/1/36		3,650,986		3,865,658
1.993%, 8/1/36		4,131,729		4,349,647
2.054%, 2/1/38		13,022,090		13,782,960
2.135%, 10/1/35		4,900,394		5,208,456
2.139%, 7/1/37		11,167,513		11,893,929
2.156%, 1/1/36		4,528,280		4,841,253
2.157%, 1/1/35		2,043,520		2,168,713



	PAR VALUE		VALUE
2.189%, 3/1/37	$	5,387,220	$	5,736,944
2.216%, 4/1/37		1,816,587		1,928,699
2.279%, 9/1/33		9,511,146		10,130,833
2.299%, 8/1/34-1/1/37		5,828,986		6,218,630
2.305%, 8/1/35		2,454,933		2,610,153
2.329%, 9/1/35		3,754,873		4,026,376
2.33%, 6/1/38		6,717,276		7,126,415
2.336%, 5/1/37		5,320,256		5,649,667
2.347%, 4/1/37		3,169,218		3,318,083
2.37%, 8/1/35-1/1/36		14,586,931		15,598,150
2.372%, 4/1/35		1,398,232		1,497,089
2.375%, 11/1/34		1,981,215		2,115,710
2.384%, 2/1/34		7,524,941		8,041,478
2.392%, 10/1/38		3,944,015		4,204,435
2.395%, 4/1/38		10,887,641		11,578,911
2.416%, 3/1/35		1,949,054		2,068,344
2.459%, 7/1/43		12,765,431		13,373,595
2.467%, 4/1/38		12,948,838		13,877,588
2.479%, 10/1/38		1,561,076		1,661,447
2.49%, 2/1/35		1,398,563		1,500,099
2.496%, 4/1/36		6,175,510		6,570,381
2.731%, 1/1/45		26,584,735		27,237,244
2.75%, 11/1/44		34,703,061		35,601,684
2.761%, 10/1/43		5,077,655		5,233,556
2.777%, 9/1/44		20,807,067		21,376,892
2.801%, 12/1/44		8,670,307		8,901,484
2.833%, 11/1/44		13,938,125		14,333,813
2.834%, 9/1/44		23,769,822		24,458,505
2.838%, 11/1/44		27,668,669		28,472,353
2.842%, 10/1/44		12,294,839		12,653,986
2.843%, 10/1/44-1/1/45		50,813,498		52,261,841
2.849%, 10/1/44		28,098,054		28,817,745
2.877%, 12/1/44		23,638,368		24,337,692
2.893%, 6/1/44		14,837,707		15,311,684
2.911%, 12/1/44		42,382,527		43,663,196
2.912%, 11/1/44		24,191,475		24,928,959
2.917%, 2/1/44		20,035,567		20,717,135
2.918%, 8/1/44-11/1/44		31,787,686		32,784,112
2.922%, 12/1/44		37,383,450		38,536,300
2.925%, 2/1/45		36,552,762		37,658,869
2.946%, 1/1/45		35,174,554		36,271,923
2.947%, 1/1/44		12,472,281		12,913,468
2.95%, 11/1/44		20,324,068		20,970,279
2.96%, 11/1/44		59,278,805		61,176,460
2.961%, 12/1/44		20,689,393		21,347,009
2.963%, 11/1/44-1/1/45		35,803,074		36,951,651
2.969%, 9/1/44		16,669,363		17,218,632
2.976%, 11/1/44		34,982,881		36,126,180
3.003%, 11/1/44		28,449,712		29,386,016
3.016%, 10/1/44		26,090,583		26,969,247
3.023%, 7/1/44		12,395,040		12,816,229
3.03%, 5/1/44		219,847,726		227,853,644
3.039%, 10/1/44		29,991,326		31,021,259
3.043%, 7/1/44		15,537,966		16,066,116
3.045%, 8/1/44		21,097,793		21,835,138
3.082%, 4/1/44		16,912,419		17,520,781
3.094%, 6/1/44		45,988,365		47,687,980
3.112%, 8/1/44		22,692,977		23,520,040
3.137%, 4/1/44		7,854,482		8,148,470
3.151%, 1/1/44		10,812,814		11,200,599
3.596%, 6/1/41		12,744,518		13,671,946
3.73%, 9/1/41		16,410,472		17,472,707
4.796%, 6/1/38		1,457,125		1,551,988
5.209%, 5/1/38		4,799,000		5,176,979
5.447%, 11/1/39		5,886,215		6,283,415
5.778%, 1/1/38		1,987,611		2,122,384


See accompanying Notes to Financial Statements		DODGE & COX INCOME FUND §PAGE 9


PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
6.104%, 10/1/37	$	1,585,921	$	1,700,467
6.178%, 12/1/36		2,307,036		2,476,164
Freddie Mac Gold, 10 Year 6.00%, 9/1/16		186,243		189,870
Freddie Mac Gold, 15 Year
4.00%, 6/1/26-6/1/27		433,345,430		462,518,553
4.50%, 3/1/25-6/1/26		28,991,571		30,980,091
5.50%, 10/1/20-12/1/24		15,288,255		16,493,702
6.00%, 8/1/16-11/1/23		30,136,256		32,774,912
6.50%, 5/1/16-9/1/18		2,528,307		2,605,569
Freddie Mac Gold, 20 Year
4.00%, 9/1/31-6/1/35		374,310,885		399,269,406
4.50%, 5/1/30-1/1/34		203,142,506		220,561,380
6.00%, 7/1/25-12/1/27		39,414,340		44,582,927
6.50%, 7/1/21-10/1/26		4,932,831		5,697,311
Freddie Mac Gold, 30 Year
4.50%, 3/1/39-8/1/44		819,866,357		887,418,112
5.50%, 3/1/34-12/1/38		110,841,916		124,580,953
6.00%, 2/1/33-2/1/39		45,742,912		52,026,989
6.50%, 12/1/32-10/1/38		26,320,422		30,177,317
7.00%, 4/1/31-11/1/38		7,446,872		8,717,432
7.90%, 2/17/21		431,737		475,304
Ginnie Mae, 30 Year
7.00%, 5/15/28		483,314		565,367
7.50%, 9/15/17-5/15/25		1,723,695		2,004,024
7.80%, 6/15/20-1/15/21		379,343		408,674
7.85%, 1/15/21-10/15/21		7,447		7,519
8.00%, 9/15/20		7,788		8,591

				13,294,095,438
PRIVATE LABEL CMO & REMIC: 0.0%^(f)
GSMPS Mortgage Loan Trust Series 2004-4 1A4, 8.50%, 6/25/34 30 Year^(b)		5,373,232		5,744,813

				14,945,377,529
ASSET-BACKED: 8.0%
AUTO LOAN: 1.0%
Ford Credit Auto Owner Trust
Series 2012-B A4, 1.00%, 9/15/17		10,000,000		10,016,370
Series 2014-C A3, 1.06%, 5/15/19		9,025,000		9,031,688
Series 2015-B A3, 1.16%, 11/15/19		57,115,000		57,098,951
Series 2015-1 A, 2.12%, 7/15/26^(b)		200,480,000		200,415,846
Toyota Auto Receivables Owner Trust
Series 2014-B A3, 0.76%, 3/15/18		13,555,000		13,538,775
Series 2014-C A3, 0.93%, 7/16/18		100,000,000		99,934,800
Series 2015-A A3, 1.12%, 2/15/19		8,325,000		8,339,694
Series 2014-C A4, 1.44%, 4/15/20		20,975,000		21,024,081

				419,400,205
CREDIT CARD: 4.2%
American Express Master Trust
Series 2014-2 A, 1.26%, 1/15/20		10,900,000		10,912,982
Series 2014-3 A, 1.49%, 4/15/20		381,035,481		382,949,803
Series 2014-4 A, 1.43%, 6/15/20		179,201,000		179,493,277
Chase Issuance Trust
Series 2012-A8 A8, 0.54%, 10/16/17		358,637,000		358,681,471
Series 2006-A2 A2, 5.16%, 4/16/18		17,465,000		17,964,464
Series 2013-A8 A8, 1.01%, 10/15/18		11,740,000		11,752,891
Series 2014-A1 A1, 1.15%, 1/15/19		152,146,000		152,449,379
Series 2014-A6 A6, 1.26%, 7/15/19		24,285,000		24,293,913
Series 2014-A7 A7, 1.38%, 11/15/19		250,740,000		251,205,875
Series 2015-A2 A2, 1.59%, 2/18/20		366,140,000		367,943,239
Series 2015-A5 A5, 1.36%, 4/15/20		116,696,000		116,427,132

				1,874,074,426
OTHER: 2.1%
Rio Oil Finance Trust^(c) (Brazil)
6.25%, 7/6/24^(b)		544,912,000		535,376,040
6.75%, 1/6/27^(b)		379,375,000		367,993,750

				903,369,790



	PAR VALUE		VALUE
STUDENT LOAN: 0.7%
Navient Student Loan Trust (Private Loans) Series 2014-AA A2A, 2.74%, 2/15/29^(b)	$	35,880,000	$	36,025,673
SLM Student Loan Trust
Series 2007-3 A2, 0.287%, 10/25/17		690,811		690,512
SLM Student Loan Trust (Private Loans)
Series 2013-A A2A, 1.77%, 5/17/27^(b)		58,445,000		58,060,841
Series 2012-B A2, 3.48%, 10/15/30^(b)		70,720,000		73,227,095
Series 2013-C A2A, 2.94%, 10/15/31^(b)		41,885,000		43,111,979
Series 2012-E A2A, 2.09%, 6/15/45^(b)		14,555,000		14,656,885
Series 2012-C A2, 3.31%, 10/15/46^(b)		94,748,000		98,193,416

				323,966,401

				3,520,810,822
CORPORATE: 40.4%
FINANCIALS: 14.7%
Anthem, Inc.
5.875%, 6/15/17		16,016,000		17,389,596
7.00%, 2/15/19		83,470,000		95,269,319
2.25%, 8/15/19		7,400,000		7,304,858
4.35%, 8/15/20		5,000,000		5,405,850
3.70%, 8/15/21		48,839,000		49,921,516
Bank of America Corp.
7.625%, 6/1/19		198,582,000		235,493,231
5.625%, 7/1/20		71,390,000		80,373,718
4.20%, 8/26/24		143,895,000		143,344,458
4.25%, 10/22/26		127,024,000		123,730,776
6.625%, 5/23/36^(a)		240,328,000		269,557,893
Barclays PLC^(c) (United Kingdom)
4.375%, 9/11/24		275,404,000		264,130,613
BNP Paribas SA^(c) (France)
4.25%, 10/15/24		374,877,000		371,163,094
Boston Properties, Inc.
3.70%, 11/15/18		46,967,000		49,456,674
5.875%, 10/15/19		48,079,000		54,545,337
5.625%, 11/15/20		79,385,000		90,620,200
4.125%, 5/15/21		52,852,000		56,092,356
3.85%, 2/1/23		78,371,000		80,153,235
3.125%, 9/1/23		41,540,000		40,326,118
3.80%, 2/1/24		85,384,000		86,294,535
Capital One Financial Corp.
4.75%, 7/15/21		182,195,000		198,802,074
3.50%, 6/15/23		193,115,000		189,817,368
3.75%, 4/24/24		36,940,000		36,718,397
3.20%, 2/5/25		67,240,000		63,400,798
Cigna Corp.
4.00%, 2/15/22		62,964,000		64,816,212
7.65%, 3/1/23		6,317,000		7,868,702
7.875%, 5/15/27		33,255,000		44,189,344
8.30%, 1/15/33		8,195,000		10,375,804
6.15%, 11/15/36		88,097,000		101,335,689
5.875%, 3/15/41		14,504,000		16,449,102
5.375%, 2/15/42		54,405,000		58,212,099
Citigroup, Inc.
1.974%, 5/15/18		140,345,000		144,018,811
3.50%, 5/15/23		105,730,000		103,094,785
7.875%, 10/30/40^(a)		381,543,025		396,194,277
Equity Residential
4.75%, 7/15/20		5,200,000		5,723,416
4.625%, 12/15/21		94,097,000		102,561,496
3.00%, 4/15/23		47,300,000		45,793,732
3.375%, 6/1/25		77,890,000		76,307,665


PAGE 10 § DODGE & COX INCOME FUND		See accompanying Notes to Financial Statements


PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
General Electric Co.
5.50%, 1/8/20	$	171,791,000	$	194,591,617
4.375%, 9/16/20		72,991,000		79,407,858
4.625%, 1/7/21		75,536,000		83,085,597
4.65%, 10/17/21		79,525,000		87,057,369
Health Net, Inc.
6.375%, 6/1/17		120,854,000		127,803,105
HSBC Holdings PLC^(c) (United Kingdom)
5.10%, 4/5/21		85,935,000		95,698,763
9.30%, 6/1/21		100,000		130,682
6.50%, 5/2/36		179,105,000		212,391,127
6.50%, 9/15/37		185,136,000		222,746,193
6.80%, 6/1/38		32,000,000		39,413,920
JPMorgan Chase & Co.
3.375%, 5/1/23		92,238,000		89,449,830
4.125%, 12/15/26		106,000,000		104,049,600
8.75%, 9/1/30^(a)		48,438,000		68,094,625
Lloyds Banking Group PLC^(c) (United Kingdom)
4.50%, 11/4/24		149,720,000		149,594,385
Navient Corp.
3.875%, 9/10/15		56,710,000		56,780,887
6.00%, 1/25/17		166,603,000		173,267,120
4.625%, 9/25/17		111,437,000		113,247,851
8.45%, 6/15/18		149,638,000		166,292,709
Royal Bank of Scotland Group PLC^(c) (United Kingdom)
6.125%, 12/15/22		290,577,000		312,533,579
6.00%, 12/19/23		264,320,000		279,545,889
Unum Group
6.85%, 11/15/15^(b)		10,588,000		10,809,374
7.19%, 2/1/28		11,295,000		13,444,969
7.25%, 3/15/28		25,060,000		30,829,714
6.75%, 12/15/28		8,107,000		9,826,122

				6,506,346,033
INDUSTRIALS: 24.5%
Allergan PLC^(c) (Ireland)
3.00%, 3/12/20		181,325,000		181,816,753
3.80%, 3/15/25		168,760,000		165,525,546
AT&T, Inc.
3.40%, 5/15/25		66,280,000		62,931,203
8.25%, 11/15/31		190,653,000		258,094,020
6.55%, 2/15/39		59,430,000		68,077,362
5.35%, 9/1/40		59,744,000		58,631,149
4.75%, 5/15/46		74,170,000		67,146,546
Becton, Dickinson and Co.
3.734%, 12/15/24		46,675,000		46,448,626
Boston Scientific Corp.
6.00%, 1/15/20		15,690,000		17,753,047
Burlington Northern Santa Fe LLC^(e)
4.70%, 10/1/19		75,445,000		83,096,481
7.57%, 1/2/21		10,543,615		11,910,342
8.251%, 1/15/21		4,301,710		4,968,372
4.10%, 6/1/21		5,820,000		6,241,758
3.05%, 9/1/22		39,535,000		39,356,895
5.943%, 1/15/23		57,582		62,543
3.85%, 9/1/23		89,340,000		92,479,229
5.72%, 1/15/24		15,820,891		17,745,139
3.75%, 4/1/24		29,682,000		30,210,696
5.342%, 4/1/24		5,231,910		5,744,376
5.629%, 4/1/24		21,177,259		23,590,344
5.996%, 4/1/24		40,418,999		46,312,089
3.442%, 6/16/28^(b)		90,750,000		90,139,253
Cemex SAB de CV^(c) (Mexico)
6.50%, 12/10/19^(b)		138,875,000		145,777,087
7.25%, 1/15/21^(b)		130,945,000		138,173,164



	PAR VALUE		VALUE
6.00%, 4/1/24^(b)	$	95,475,000	$	94,491,607
5.70%, 1/11/25^(b)		88,151,000		84,069,609
6.125%, 5/5/25^(b)		60,000,000		59,202,000
Comcast Corp.
6.50%, 1/15/17		18,373,000		19,871,410
6.30%, 11/15/17		16,175,000		18,001,934
5.875%, 2/15/18		68,310,000		75,768,154
5.70%, 5/15/18		2,645,000		2,945,596
Cox Enterprises, Inc.
5.50%, 10/1/15		265,000		267,986
5.875%, 12/1/16^(b)		76,215,000		80,880,806
9.375%, 1/15/19^(b)		145,119,000		177,058,531
3.25%, 12/15/22^(b)		147,403,000		140,342,101
2.95%, 6/30/23^(b)		241,788,000		222,545,060
3.85%, 2/1/25^(b)		197,601,000		189,621,081
CRH PLC^(c) (Ireland)
3.875%, 5/18/25^(b)		165,209,000		163,461,419
CSX Corp.
9.75%, 6/15/20		10,067,000		13,138,613
6.251%, 1/15/23		16,255,473		19,037,565
3.40%, 8/1/24		38,025,000		37,993,781
Dillard’s, Inc.
7.13%, 8/1/18		23,565,000		26,569,538
7.875%, 1/1/23		275,000		326,563
7.75%, 7/15/26		21,016,000		24,326,020
7.75%, 5/15/27		12,848,000		14,871,560
7.00%, 12/1/28		28,225,000		31,188,625
Dow Chemical Co.
8.55%, 5/15/19		156,085,000		190,177,866
4.25%, 11/15/20		12,475,000		13,294,483
3.00%, 11/15/22		24,240,000		23,290,713
7.375%, 11/1/29		58,144,000		73,165,502
9.40%, 5/15/39		135,313,000		203,086,681
5.25%, 11/15/41		12,378,000		12,585,270
Eaton Corp. PLC^(c) (Ireland)
1.50%, 11/2/17		22,630,000		22,574,557
2.75%, 11/2/22		61,835,000		60,067,818
FedEx Corp.
8.00%, 1/15/19		18,050,000		21,563,396
6.72%, 7/15/23		15,813,458		18,285,102
7.65%, 7/15/24		1,990,174		2,398,160
Ford Motor Credit Co. LLC^(e)
5.625%, 9/15/15		49,025,000		49,470,098
8.125%, 1/15/20		16,910,000		20,634,428
5.75%, 2/1/21		215,710,000		241,852,326
5.875%, 8/2/21		153,240,000		174,279,852
3.219%, 1/9/22		39,700,000		39,211,611
4.25%, 9/20/22		44,075,000		45,847,608
4.375%, 8/6/23		27,875,000		29,019,436
HCA Holdings, Inc.
6.50%, 2/15/16		235,325,000		242,530,651
Hewlett-Packard Co.
3.30%, 12/9/16		90,750,000		93,142,351
Kinder Morgan, Inc.
3.45%, 2/15/23		23,425,000		21,932,968
3.50%, 9/1/23		43,211,000		40,230,262
5.625%, 11/15/23^(b)		49,500,000		52,590,186
4.15%, 2/1/24		47,997,000		46,412,907
4.25%, 9/1/24		13,705,000		13,328,907
4.30%, 6/1/25		182,605,000		177,002,679
6.95%, 1/15/38		40,793,000		43,719,653
6.50%, 9/1/39		1,850,000		1,891,496
5.00%, 8/15/42		50,179,000		43,515,731
5.00%, 3/1/43		58,135,000		50,563,730
5.50%, 3/1/44		50,435,000		46,955,691
5.40%, 9/1/44		54,034,000		48,925,734


See accompanying Notes to Financial Statements		DODGE & COX INCOME FUND §PAGE 11


PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
Lafarge SA^(c) (France)
6.20%, 7/9/15^(b)	$	153,560,000	$	153,490,898
6.50%, 7/15/16		126,496,000		132,504,560
Macy’s, Inc.
5.90%, 12/1/16		16,796,000		17,893,333
6.65%, 7/15/24		52,526,000		63,762,677
7.00%, 2/15/28		27,985,000		34,658,163
6.70%, 9/15/28		29,165,000		34,688,647
6.90%, 4/1/29		58,254,000		71,108,444
6.90%, 1/15/32		57,770,000		71,224,517
6.70%, 7/15/34		103,914,000		126,204,073
4.50%, 12/15/34		136,095,000		130,190,518
6.375%, 3/15/37		52,093,000		61,723,172
Naspers, Ltd.^(c) (South Africa)
6.00%, 7/18/20^(b)		206,034,000		223,392,364
Nordstrom, Inc.
6.95%, 3/15/28		17,107,000		21,715,985
Norfolk Southern Corp.
7.70%, 5/15/17		28,585,000		31,770,227
9.75%, 6/15/20		13,813,000		18,054,779
Reed Elsevier PLC^(c) (United Kingdom)
8.625%, 1/15/19		28,613,000		34,387,590
3.125%, 10/15/22		144,337,000		140,516,400
Sprint Corp.
6.00%, 12/1/16		303,716,000		314,725,705
Telecom Italia SPA^(c) (Italy)
6.999%, 6/4/18		165,232,000		181,953,478
7.175%, 6/18/19		200,711,000		225,548,986
5.303%, 5/30/24^(b)		118,971,000		118,524,859
7.20%, 7/18/36		53,458,000		58,402,865
7.721%, 6/4/38		118,140,000		132,907,500
Time Warner Cable, Inc.
8.75%, 2/14/19		130,460,000		154,845,061
8.25%, 4/1/19		237,543,000		279,193,315
5.00%, 2/1/20		20,700,000		22,284,357
4.125%, 2/15/21		30,545,000		31,506,404
4.00%, 9/1/21		40,609,000		41,647,900
Time Warner, Inc.
7.625%, 4/15/31		281,417,000		365,443,895
7.70%, 5/1/32		209,171,000		274,102,489
TransCanada Corp.^(c) (Canada)
5.625%, 5/20/75^(a)		157,145,000		158,520,019
Twenty-First Century Fox, Inc.
6.20%, 12/15/34		7,440,000		8,610,848
6.40%, 12/15/35		34,525,000		40,732,699
6.15%, 3/1/37		31,905,000		36,782,700
6.65%, 11/15/37		79,075,000		95,945,019
6.15%, 2/15/41		40,108,000		46,425,892
Union Pacific Corp.
6.85%, 1/2/19		2,520,588		2,717,262
6.70%, 2/23/19		2,990,461		3,227,449
7.60%, 1/2/20		1,125,478		1,298,552
4.163%, 7/15/22		40,342,000		43,275,953
2.95%, 1/15/23		2,925,000		2,927,641
6.061%, 1/17/23		6,682,098		7,490,137
4.698%, 1/2/24		3,706,439		4,000,144
3.646%, 2/15/24		54,661,000		56,192,492
3.75%, 3/15/24		9,550,000		10,029,381
5.082%, 1/2/29		8,362,980		9,194,310
5.866%, 7/2/30		44,244,474		50,875,809
6.176%, 1/2/31		32,666,640		38,867,879
Verizon Communications, Inc.
4.15%, 3/15/24		66,000,000		67,652,376
3.50%, 11/1/24		169,000,000		164,135,166
4.272%, 1/15/36^(b)		163,817,000		146,933,692
6.55%, 9/15/43		297,898,000		348,300,554



	PAR VALUE		VALUE
Vulcan Materials Co.
7.50%, 6/15/21	$	142,484,000	$	163,856,600
Xerox Corp.
6.40%, 3/15/16		72,137,000		74,817,539
7.20%, 4/1/16		25,586,000		26,751,263
6.75%, 2/1/17		62,799,000		67,638,542
2.95%, 3/15/17		1,125,000		1,152,126
6.35%, 5/15/18		106,052,000		118,130,474
5.625%, 12/15/19		87,407,000		97,743,053
4.50%, 5/15/21		63,744,000		67,643,667

				10,852,001,831
UTILITIES: 1.2%
Dominion Resources, Inc. 5.75%, 10/1/54^(a)		232,036,000		241,893,121
Enel SPA^(c) (Italy)
6.80%, 9/15/37^(b)		153,664,000		184,722,721
6.00%, 10/7/39^(b)		116,212,000		128,643,198

				555,259,040

				17,913,606,904

TOTAL DEBT SECURITIES (Cost $42,911,362,424)			$	43,824,640,680


PAGE 12 § DODGE & COX INCOME FUND		See accompanying Notes to Financial Statements


PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015



SHORT-TERM INVESTMENTS: 0.6%

	PAR VALUE			VALUE
MONEY MARKET FUND: 0.1%
SSgA U.S. Treasury Money Market Fund	$	44,272,642		$	44,272,642

REPURCHASE AGREEMENT: 0.5%
Fixed Income Clearing Corporation^(d) 0.01%, dated 6/30/15, due 7/1/15, maturity value $245,890,068		245,890,000			245,890,000

TOTAL SHORT-TERM INVESTMENTS (Cost $290,162,642)				$	290,162,642

TOTAL INVESTMENTS (Cost $43,201,525,066)		99.5	%	$	44,114,803,322
OTHER ASSETS LESS LIABILITIES		0.5	%		205,531,337

NET ASSETS		100.0	%	$	44,320,334,659

^(a)	Hybrid 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. As of June 30, 2015, all such securities in total represented $4,437,915,895 or 9.9% of net assets. These securities have been deemed liquid by Dodge & Cox, investment manager, pursuant to procedures approved by the Fund’s Board of Trustees.

^(c)	Security denominated in U.S. dollars

^(d)	Repurchase agreement is collateralized by U.S. Treasury Note 1.625%, 12/31/19 and Freddie Mac 1.87%, 12/24/19. Total collateral value is $250,812,188.

^(e)	Subsidiary (see below)

^(f)	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.

ARM: Adjustable Rate Mortgage

CMO: Collateralized Mortgage Obligation

DUS: Delegated Underwriting and Servicing

GO: General Obligation

RB: Revenue Bond

REMIC: Real Estate Mortgage Investment Conduit

FUTURES CONTRACTS


Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
10 Year U.S. Treasury Note— Short Position		13,407		Sep 2015	$	(1,691,586,328	)	$	6,312,221
Long-Term U.S. Treasury Bond— Short Position		8,910		Sep 2015		(1,372,696,875	)		30,778,966

								$	37,091,187


See accompanying Notes to Financial Statements		DODGE & COX INCOME FUND §PAGE 13


STATEMENT OF ASSETS AND LIABILITIES (unaudited)

	June 30, 2015
ASSETS:
Investments, at value (cost $43,201,525,066)	$	44,114,803,323
Cash held at broker		51,925,434
Receivable for investments sold		49,970,196
Receivable from broker for variation margin		975,844
Receivable for Fund shares sold		66,395,409
Interest receivable		351,893,593
Prepaid expenses and other assets		508,432

		44,636,472,231

LIABILITIES:
Payable for investments purchased		257,660,549
Payable for Fund shares redeemed		40,261,219
Management fees payable		14,583,289
Accrued expenses		3,632,515

		316,137,572

NET ASSETS	$	44,320,334,659

NET ASSETS CONSIST OF:
Paid in capital	$	43,332,995,464
Undistributed net investment income		8,000,471
Undistributed net realized gain		28,969,281
Net unrealized appreciation		950,369,443

	$	44,320,334,659

Fund shares outstanding (par value $0.01 each, unlimited shares authorized)		3,258,721,212
Net asset value per share	$	13.60

STATEMENT OF OPERATIONS (unaudited)

	Six Months Ended June 30, 2015
INVESTMENT INCOME:
Dividends	$	13,947,176
Interest		676,560,709

		690,507,885

EXPENSES:
Management fees		85,127,287
Custody and fund accounting fees		331,294
Transfer agent fees		4,897,270
Professional services		45,562
Shareholder reports		794,816
Registration fees		969,589
Trustees’ fees		118,750
Miscellaneous		178,249

		92,462,817

NET INVESTMENT INCOME		598,045,068


REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss)
Investments		66,497,635
Treasury futures contracts		(50,238,860	)
Net change in unrealized appreciation/depreciation
Investments		(710,313,292	)
Treasury futures contracts		99,281,392

Net realized and unrealized loss		(594,773,125	)

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	3,271,943


STATEMENT OF CHANGES IN NET ASSETS (unaudited)

	Six Months Ended June 30, 2015			Year Ended December 31, 2014
OPERATIONS:
Net investment income	$	598,045,068		$	841,617,395
Net realized gain		16,258,775			184,870,735
Net change in unrealized appreciation/depreciation		(611,031,900	)		408,715,923

		3,271,943			1,435,204,053


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(602,266,545	)		(836,624,131	)
Net realized gain		(9,315,089	)		(232,101,623	)

Total distributions		(611,581,634	)		(1,068,725,754	)


FUND SHARE TRANSACTIONS:
Proceeds from sale of shares		9,358,313,443			18,587,943,566
Reinvestment of distributions		492,438,873			840,852,670
Cost of shares redeemed		(4,050,044,597	)		(5,321,422,005	)

Net increase from Fund share transactions		5,800,707,719			14,107,374,231

Total increase in net assets		5,192,398,028			14,473,852,530

NET ASSETS:
Beginning of period		39,127,936,631			24,654,084,101

End of period (including undistributed net investment income of $8,000,471 and $12,221,948, respectively)	$	44,320,334,659		$	39,127,936,631


SHARE INFORMATION:
Shares sold		675,680,493			1,341,256,318
Distributions reinvested		35,948,685			61,052,395
Shares redeemed		(292,841,530	)		(384,742,642	)

Net increase in shares outstanding		418,787,648			1,017,566,071


PAGE 14 § DODGE & COX INCOME FUND		See accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS (unaudited)

NOTE 1—ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Dodge & Cox Income Fund (the “Fund”) is one of the series constituting the Dodge & Cox Funds (the “Trust” or the “Funds”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund commenced operations on January 3, 1989, and seeks high and stable current income consistent with long-term preservation of capital. Risk considerations and investment strategies of the Fund are discussed in the Fund’s Prospectus.

Security valuation The Fund’s net assets are valued as of the close of trading on the New York Stock Exchange (NYSE), generally 4:00 p.m. Eastern Time, each day that the NYSE is open for business. Debt securities and non-exchange traded derivatives are valued based on prices received from independent pricing services which utilize both dealer-supplied valuations and pricing models. Pricing models may consider quoted prices for similar securities, interest rates, prepayment speeds, and credit risk. Exchange-traded derivatives are valued at the settlement price determined by the relevant exchange. Security values are not discounted based on the size of the Fund’s position. Short-term securities 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. All securities held by the Fund are denominated in U.S. dollars.

approaches, including a regular review of key inputs and assumptions, back-testing, and review of any related market activity.

Distributions to shareholders are recorded on the ex-dividend date.

Repurchase agreements The Fund enters into repurchase agreements, secured by U.S. government or agency securities, which involve the purchase of securities from a counterparty with a simultaneous commitment to resell the securities at an agreed-upon date and price. It is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. In the event of default by the counterparty, the Fund has the contractual right to liquidate the securities and to apply the proceeds in satisfaction of the obligation.

DODGE & COX INCOME FUND §PAGE 15

NOTES TO FINANCIAL STATEMENTS (unaudited)

on a daily basis based on changes in the market value of futures contracts. Futures contracts are traded publicly and their market value changes daily. Changes in the market value of open futures contracts are recorded as unrealized appreciation or depreciation in the Statement of Operations. Realized gains and losses on futures contracts are recorded in the Statement of Operations at the closing or expiration of the contracts. Cash deposited with a broker as initial margin is recorded on the Statement of Assets and Liabilities. A receivable and/or payable to brokers for daily variation margin is also recorded on the Statement of Assets and Liabilities.

NOTE 2—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, 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 at June 30, 2015:


Classification^(a)	LEVEL 1 (Quoted Prices)			LEVEL 2 (Other Significant Observable Inputs)
Securities
Debt Securities
U.S. Treasury	$	—		$	4,267,012,659
Government-Related		—			3,177,832,766
Mortgage-Related		—			14,945,377,529
Asset-Backed		—			3,520,810,822
Corporate		—			17,913,606,904
Short-term Investments
Money Market Fund		44,272,642			—
Repurchase Agreement		—			245,890,000

Total Securities	$	44,272,642		$	44,070,530,680

Other Financial Instruments
Treasury Futures Contracts	$	37,091,187	^(b)	$	—

^(a)	U.S. Treasury securities were transferred from Level 1 to Level 2 during the period. There were no Level 3 securities at June 30, 2015 and December 31, 2014, and there were no transfers to Level 3 during the period.

^(b)	Represents net unrealized appreciation/(depreciation).

NOTE 3—RELATED PARTY TRANSACTIONS

Management fees Under a written agreement approved by a unanimous vote of the Board of Trustees, the Fund pays an annual management fee of 0.50% of the Fund’s average daily net assets up to $100 million and 0.40% of the Fund’s average daily net assets in excess of $100 million to Dodge & Cox, investment manager of the Fund. The agreement further provides that Dodge & Cox shall waive its fee to the extent that such fee plus all other ordinary operating expenses of the Fund exceed 1% of the average daily net assets for the year.

NOTE 4—INCOME TAX INFORMATION AND DISTRIBUTIONS TO SHAREHOLDERS

PAGE 16 § DODGE & COX INCOME FUND

NOTES TO FINANCIAL STATEMENTS (unaudited)

Distributions during the periods noted below were characterized as follows for federal income tax purposes:


	Six Months Ended June 30, 2015		Year Ended December 31, 2014
Ordinary income		$608,476,604		$864,273,705
		($0.192 per share)		($0.397 per share)

Long-term capital gain		$3,105,030		$204,452,049
		($0.001 per share)		($0.088 per share)

At June 30, 2015, the tax basis components of distributable earnings were as follows:


Unrealized appreciation	$	1,216,753,603
Unrealized depreciation		(303,520,674	)

Net unrealized appreciation		913,232,929
Undistributed ordinary income		33,833,196
Undistributed long-term capital gain		89,227,857
Deferred loss^(a)		(48,954,787	)

^(a)	Represents net realized loss incurred between November 1, 2014 and December 31, 2014. As permitted by tax regulations, the Fund has elected to treat this loss as arising in 2015.

NOTE 5—LOAN FACILITIES

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. The Fund’s commitment fee for the six months ended June 30, 2015, amounted to $72,498 and is reflected as a Miscellaneous Expense in the Statement of Operations. Interest on borrowings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the period.

NOTE 6—PURCHASES AND SALES OF INVESTMENTS

For the six months ended June 30, 2015, purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $5,549,228,105 and $724,626,653, respectively. For the six months ended June 30, 2015, purchases and sales of U.S. government securities aggregated $5,033,894,483 and $3,258,494,857, respectively.

NOTE 7—ACCOUNTING PRONOUNCEMENTS

In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-11, Transfers and Servicing (Topic 860), Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The ASU changes the accounting for certain repurchase agreements and expands disclosure requirements related to repurchase agreements and similar transactions. There was no impact on these financial statements as a result of applying this ASU.

NOTE 8—SUBSEQUENT EVENTS

DODGE & COX INCOME FUND §PAGE 17

FINANCIAL HIGHLIGHTS (unaudited)


SELECTED DATA AND RATIOS (for a share outstanding throughout each period)	Six Months Ended June 30,			Year Ended December 31,
	2015^(a)			2014			2013			2012			2011			2010

Net asset value, beginning of period		$13.78			$13.53			$13.86			$13.30			$13.23			$12.96
Income from investment operations:
Net investment income		0.19			0.39			0.42			0.48			0.55			0.57
Net realized and unrealized gain (loss)		(0.18	)		0.35			(0.33	)		0.56			0.07			0.35

Total from investment operations		0.01			0.74			0.09			1.04			0.62			0.92

Distributions to shareholders from:
Net investment income		(0.19	)		(0.39	)		(0.42	)		(0.48	)		(0.55	)		(0.65	)
Net realized gain		—			(0.10	)		—			—			—			—

Total distributions		(0.19	)		(0.49	)		(0.42	)		(0.48	)		(0.55	)		(0.65	)

Net asset value, end of period		$13.60			$13.78			$13.53			$13.86			$13.30			$13.23

Total return		0.09	%		5.48	%		0.64	%		7.94	%		4.76	%		7.17	%
Ratios/supplemental data:
Net assets, end of period (millions)		$44,320			$39,128			$24,654			$26,539			$24,051			$22,381
Ratio of expenses to average net assets		0.43	%^(b)		0.44	%		0.43	%		0.43	%		0.43	%		0.43	%
Ratio of net investment income to average net assets		2.81	%^(b)		2.89	%		3.00	%		3.52	%		4.12	%		4.26	%
Portfolio turnover rate		9	%		27	%		38	%		26	%		27	%		28	%

^(a)

Unaudited

^(b)	Annualized

See accompanying Notes to Financial Statements

FUND HOLDINGS

The Fund provides a complete list of its holdings four times each fiscal year, as of the end of each quarter. The Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-CSR (second and fourth quarters) and Form N-Q (first and third quarters). Shareholders may view the Fund’s Forms N-CSR and N-Q on the SEC’s website at sec.gov. Forms N-CSR and N-Q may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operations of the Public Reference Room may be obtained by calling 202-942-8090 (direct) or 800-732-0330 (general SEC number). A list of the Fund’s quarter-end holdings is also available at dodgeandcox.com on or about 15 days following each quarter end and remains available on the web site until the list is updated in the subsequent quarter.

PROXY VOTING

HOUSEHOLD MAILINGS

PAGE 18 § DODGE & COX INCOME FUND

TRUSTEES AND EXECUTIVE OFFICERS

Charles F. Pohl, Chairman and Trustee

Chairman, Dodge & Cox

Dana M. Emery, President and Trustee

Chief Executive Officer and President, Dodge & Cox

Thomas A. Larsen, Independent Trustee

Senior Counsel, Arnold & Porter LLP

Ann Mather, Independent Trustee

Former Executive Vice President, Chief Financial Officer, and Company Secretary, Pixar Studios

Robert B. Morris III, Independent Trustee

Advisory Director, The Presidio Group

Gary Roughead, Independent Trustee

Annenberg Distinguished Visiting Fellow, Hoover Institution; and former U.S. Navy Chief of Naval Operations

Mark E. Smith, Independent Trustee

Former Executive Vice President and Managing Director-Fixed Income, Loomis Sayles & Company, L.P.

John B. Taylor, Independent Trustee

Professor of Economics, Stanford University; Senior Fellow, Hoover Institute; and former Under Secretary for International Affairs, United States Treasury

John A. Gunn, Senior Vice President

Former Chairman and Chief Executive Officer, Dodge & Cox

Diana S. Strandberg, Senior Vice President

Senior Vice President and Director of International Equity, Dodge & Cox

David H. Longhurst, Treasurer

Vice President and Assistant Treasurer, Dodge & Cox

Thomas M. Mistele, Secretary

Chief Operating Officer, Secretary, and Senior Counsel, Dodge & Cox

Katherine M. Primas, Chief Compliance Officer

Chief Compliance Officer, Dodge & Cox

DODGE & COX INCOME FUND §PAGE 19


Income Fund

dodgeandcox.com

For Fund literature, transactions, and account

information, please visit the Funds’ website.

or write or call:

DODGE & COX FUNDS

c/o Boston Financial Data Services

P.O. Box 8422

Boston, Massachusetts 02266-8422

(800) 621-3979

INVESTMENT MANAGER

Dodge & Cox

555 California Street, 40th Floor

San Francisco, California 94104

(415) 981-1710

LOGO

DODGE & COX FUNDS^®


2015

Semi-Annual Report

June 30, 2015

Global Bond Fund

ESTABLISHED 2014

TICKER: DODLX

6/15 GBF SAR LOGO Printed on recycled paper

TO OUR SHAREHOLDERS

The Dodge & Cox Global Bond Fund had a total return of –2.1% for the six months ending June 30, 2015, compared to –3.1% for the Barclays Global Aggregate Bond Index (Barclays Global Agg). On June 30, the Fund had net assets of $74.4 million with net cash of 2.1%.

MARKET COMMENTARY

The Barclays Global Agg’s negative return was driven by foreign currency deprecation, rising interest rates, and increasing credit yield premiums. Growth in the United States accelerated and market conviction about the proximity of an interest rate hike by the Federal Reserve (Fed) strengthened, putting upward pressure on global interest rates. However, commodity prices remained subdued, and geopolitical events led to bouts of volatility. In June, a precipitous decline in Chinese equity prices and heightened fears of a Greek default and/or exit from the Eurozone weighed on global equities, credit yield premiums, and emerging market assets. Monetary policy remains a key determinant of the investment landscape, as investors dissect central bank communications for signals on impending actions. While the Fed, likely followed by the Bank of England, prepares to tighten monetary conditions, the Bank of Japan and the European Central Bank (ECB) are deeply committed to easing policies. This divergence in monetary policy is a key driver of the continued strength of the U.S. dollar, which appreciated 5.6% on a trade-weighted basis, and 8.6% and 2.3% against the euro and Japanese yen, respectively.

The U.S. economic recovery continued: market expectations are for annualized growth of 2.5% or higher over the coming quarters, despite a 0.2% decline in the first quarter that was largely attributed to “transitory” factors. The recovery appears broad-based, led by private consumption and continued improvement in labor market conditions. In the Eurozone, the economic outlook improved modestly, with mixed performance across countries; however high levels of economic slack and subdued inflation dynamics persist overall. Fueled by the ECB’s asset purchase program, European yields declined meaningfully in the first few months of the year before staging a quick reversal beginning in April, when German yields increased 90 basis points in eight weeks. Despite this bond “rout,” yields remain exceptionally low. As of June 30, 22% of European government debt had a negative yield and the 10-year German bund yield was 0.76%.

Emerging markets bonds and currencies generally performed poorly. In Brazil, the economic situation deteriorated as 2015 growth expectations were marked down to –1.5%. Despite monetary tightening to bolster the currency and fight stubbornly high inflation, the Brazilian real fell 14.4% amidst the weak outlook, as well as the corruption scandal involving government figures and Petrobras. Economies with macro imbalances and/or high commodity dependence, like Turkey and Colombia, also experienced sizeable currency depreciation. In contrast, economies where the medium-term outlook appears more promising, including India, Korea, and Mexico, have generally been more resilient.

INVESTMENT STRATEGY

The Dodge & Cox Global Bond Fund seeks attractive investments across global credit, currency, and interest rate markets, with the objective of producing a high rate of total return consistent with long-term preservation of capital. Our unique approach leverages the intensive research carried out by our research team on a wide range of global debt issuers, coupled with a rigorous macroeconomic research framework. Our portfolio is built on a bottom-up basis and benefits from the collective judgment of our seasoned investment team.

The portfolio currently features a significant weighting in credit securities (58%^(a)), a high allocation to the U.S. dollar (73%) and emerging market currencies (22%), and a cautious stance toward interest rate risk (duration^(b)of 3.5 years versus 6.5 for the Barclays Global Agg). The Fund enjoys a significant yield advantage over the index (4.2% versus 1.8%). Through the first half of the year, the Fund outperformed the Barclays Global Agg by 1.0%, driven by its lower exposure to interest rate risk and relative currency positioning (primarily significant underweights in the Japanese yen and the euro). Several credit holdings performed well, particularly lower-rated non-U.S. bonds, but the higher aggregate credit weighting detracted from relative returns given the sector’s poor relative performance. We remain optimistic about the Fund’s long-term return prospects.

Credit: Trending Up

A high credit allocation remains a critical aspect of our portfolio. While this allocation detracted from recent returns, we believe that current valuations are compelling, offering significant incremental yield relative to government debt and providing the opportunity for long-term price appreciation. As such, during the second quarter we increased the Fund’s corporate bond exposure from 47% to 50% by capitalizing on opportunities from increasing issuance by non-U.S. companies (49% of corporate portfolio) and accelerating M&A-related activity (e.g., Actavis/Allergan).

The Fund’s largest industry exposure is Communications (18.3% of the Fund). We have invested in a diverse group of 13 issuers domiciled in 6 different countries. Key characteristics of these investments include strong and diverse franchises with stable, recurring cash flows and management teams that have demonstrated capital discipline. A recent addition to the portfolio is MTN Group^(c) (MTN), the largest African-based mobile telecom operator. Dodge & Cox equity funds have held MTN since 2010. MTN has leading positions in a diverse group of markets, consistent profitability, conservative financial policies, and low debt levels. A key risk of investing in MTN is its exposure to several challenging emerging African markets (e.g., Nigeria) but we believe this is mitigated by the aforementioned factors and a strong track record of telecom operators withstanding difficult macroeconomic and geopolitical environments.

We selectively reduced credit exposure in certain areas, including euro-denominated credits that were trading at low spread and yield levels. For example, we sold 7-year Compagnie de Saint-Gobain bonds at a yield below 1%. While we had no

PAGE 2 § DODGE & COX GLOBAL BOND FUND

concerns about the company’s creditworthiness, the yield and return prospects were far less attractive than alternatives. Looking forward, we are optimistic about the total return prospects for the Fund’s credit holdings.

Currency: The Almighty Dollar

The U.S. dollar has continued its broad-based appreciation trend, despite losing some steam in the second quarter. The Fund’s significant underweights in the euro and Japanese yen, which in aggregate were 40% of the Barclays Global Agg versus 0% of the Fund at June 30, were critical drivers of relative returns. The Fund’s high U.S. dollar weighting reflects our expectation for further appreciation relative to most developed market currencies. We increased this weighting appreciably (from 61% to 73%) during the first half of the year, as we brought the Fund’s euro and Swedish krona exposure from 6% and 5%, respectively, to zero. These decisions were driven by our increasingly cautious view of the return potential for these currencies. The differentials in growth, inflation, and monetary policy between the United States and these countries are likely to put medium-term depreciation pressure on their currencies. The output gap in the Eurozone remains large (–2.3% on average), which is likely to keep the ECB dovish. Capital flows into the Eurozone may also be hampered by weak growth, low yields, and lower reserve accumulation by China and commodity exporting countries.

We have favorable long-term outlooks for several emerging market currencies, expressed through the Fund’s exposure in countries like Mexico, Brazil, and India. With respect to Mexico, we are optimistic on the potential for recent reforms to boost growth and capital inflows, as macroeconomic underpinnings remain strong and the economy benefits from accelerating U.S. activity. These positive factors should outweigh currency volatility stemming from fluctuations in global risk sentiment and lower oil prices. For Brazil, our thesis is predicated on long-term growth potential, signs of improving macroeconomic policy credibility, and double-digit yield levels that provide a strong cushion against further currency depreciation. Risks include currently faltering growth, persistently high inflation and an ongoing, high-profile corruption scandal, but the currency has already adjusted significantly. The Fund’s exposure to India reflects our positive assessment of the potential for small but broad-based structural changes to boost growth, as the economy benefits from lower oil prices and the credible implementation of monetary policy toward the attainment of new inflation targets.

Rates: The Best Offense is a Good Defense

The Fund continues to have a defensive stance vis-à-vis interest rate risk, which benefited the Fund’s relative performance. U.S. 10-year interest rates generally rose over the period but remain at historically low levels. In our opinion, rates are likely to rise further over our three- to five-year investment horizon. While the market broadly expects the Fed to raise rates starting later this year, significant questions remain around the timing, pace, and magnitude of further hikes. Pricing in the fed fund futures market still reflects an assumed rate of only 2.0% in June 2018, which we believe is low given the U.S. growth and inflation outlook.

IN CLOSING

Acknowledging that both interest rates and currencies can be volatile in the short term, we encourage shareholders to remain focused on the long term.

We have conviction that, despite recent headwinds, the Fund’s current portfolio is well positioned for the long term. Our approach is disciplined and anchored by our fundamental views, which are not swayed by sentiment, momentum, or other technical factors. We continue to find long-term opportunity in the vast global bond universe as we evaluate individual companies and countries in both developed and emerging markets.

We are particularly encouraged by the continued growth and globalization of credit markets. The number of unique global credit issuers has grown over 50% in the last five years, providing an ever-growing opportunity set within which to leverage our seasoned research team and process.

Thank you for your continued confidence in our firm. As always, we welcome your comments and questions.

For the Board of Trustees,

LOGO

Charles F. Pohl,

Chairman

Dana M. Emery,

President

July 31, 2015

^(a)

Unless otherwise specified, all weightings and characteristics are as of June 30, 2015.

^(b)

Duration is a measure of a bond’s (or a bond portfolio’s) price sensitivity to changes in interest rates.

^(c)

The use of specific examples does not imply that they are more attractive investments than the Fund’s other holdings.

DODGE & COX GLOBAL BOND FUND §PAGE 3

YEAR-TO-DATE PERFORMANCE REVIEW

The Fund outperformed the Barclays Global Agg by 1.0 percentage points year to date.

Key Contributors to Relative Results

The Fund’s relative performance benefited from significant underweights to the euro (6% versus 26% in the Barclays Global Agg) and the Japanese yen (no holdings versus 15% in the Barclays Global Agg), which depreciated 7.9% and 2.2% against the U.S. dollar, respectively.

The Fund’s meaningfully lower exposure to rising interest rates (duration of 3.7 versus 6.5 for the Barclays Global Agg) added to outperformance.

Security selection was positive, particularly among lower-rated credits, including Cemex, Dominion Resources, Rio Oil Finance Trust, and Telecom Italia.

Key Detractors from Relative Results

The Fund’s overweight to the Swedish krona and certain Latin American currencies, including the Mexican peso and Brazilian real, detracted from relative returns as these currencies depreciated against the U.S. dollar.

The Fund’s high corporate exposure detracted from returns as yield premiums rose.

Certain industrial credits, including Time Warner Cable and Twenty-First Century Fox, and local government credits, including Autonomous Community of Madrid and Chicago Transit Authority, underperformed.

Unless otherwise noted, figures cited in this section denote Fund positioning at the beginning of the period.

PAGE 4 § DODGE & COX GLOBAL BOND FUND

KEY CHARACTERISTICS OF DODGE & COX

Independent Organization

Over 80 Years of Investment Experience

Dodge & Cox was founded in 1930. We have a stable and well-qualified team of investment professionals, most of whom have spent their entire careers at Dodge & Cox.

Experienced Investment Team

The Global Bond Investment Policy Committee, which is the decision-making body for the Global Bond Fund, is a six-member committee with an average tenure at Dodge & Cox of 20 years.

One Business with a Single Research Office

Dodge & Cox manages equity (domestic, international, and global), fixed income (domestic and global), and balanced investments, operating from one office in San Francisco.

Consistent Investment Approach

Our team decision-making process involves thorough, bottom-up fundamental analysis of each investment.

Long-Term Focus and Low Expenses

We invest with a three- to five-year investment horizon, which has historically resulted in low turnover relative to our peers. We manage Funds that maintain low expense ratios.

Risks: The yields and market values of the instruments in which the Fund invests may fluctuate. Accordingly, an investment may be worth more or less than its original cost. Debt securities are subject to interest rate risk, credit risk, and prepayment and call risk, all of which could have adverse effects on the value of the Fund. A low interest rate environment creates an elevated risk of future negative returns. Financial intermediaries may restrict their market making activities for certain debt securities, which may reduce the liquidity and increase the volatility of such securities. Investing in non-U.S. securities may entail risk due to foreign economic and political developments; this risk may be increased when investing in emerging markets. The Fund is also subject to currency risk. Please read the prospectus and summary prospectus for specific details regarding the Fund’s risk profile.

DODGE & COX GLOBAL BOND FUND §PAGE 5

GROWTH OF $10,000 SINCE INCEPTION

FOR AN INVESTMENT MADE ON DECEMBER 5, 2012

LOGO

AVERAGE ANNUAL TOTAL RETURN

FOR PERIODS ENDED JUNE 30, 2015


	1 Year			Since Inception (12/5/12)

Dodge & Cox Global Bond Fund^(a)		-6.16	%		0.88	%
Barclays Global Aggregate Bond Index (Barclays Global Agg)		-7.10			-2.27

^(a)

Expense reimbursements have been in effect for the Fund since its inception. Without the expense reimbursements, returns for the Fund would have been lower. The Fund’s returns from May 1, 2014 to December 31, 2014 and from January 1, 2015 to June 30, 2015 are as presented in the Financial Highlights.

A private fund managed and funded by Dodge & Cox (the “Private Fund”) was reorganized into the Fund and the Fund commenced operations on May 1, 2014. The Private Fund commenced operations on December 5, 2012 and had an investment objective, policies, and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, the Private Fund was not registered as an investment company under the Investment Company Act of 1940 (the “1940 Act”), and therefore was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code, which, if applicable, may have adversely affected its performance.

Barclays^® is a trademark of Barclays Bank PLC.

FUND EXPENSE EXAMPLE

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON WITH OTHER MUTUAL FUNDS


Six Months Ended June 30, 2015	Beginning Account Value 1/1/2015		Ending Account Value 6/30/2015		Expenses Paid During Period*
Based on Actual Fund Return	$	1,000.00	$	978.70	$	2.95
Based on Hypothetical 5% Yearly Return		1,000.00		1,021.82		3.01

Expenses are equal to the Fund’s annualized net expense ratio of 0.60%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

PAGE 6 § DODGE & COX GLOBAL BOND FUND


FUND INFORMATION			June 30, 2015


GENERAL INFORMATION
Net Asset Value Per Share			$10.09
Total Net Assets (millions)			$74.4
30-Day SEC Yield (using net expenses)^(a)(b)			3.17%
30-Day SEC Yield (using gross expenses)			2.26%
Net Expense Ratio^(b)			0.60%
Gross Expense Ratio (1/1/15 to 6/30/15, annualized)			1.51%
Portfolio Turnover Rate (1/1/15 to 6/30/15, unannualized)			24%
Fund Inception			May 1, 2014
No sales charges or distribution fees

Investment Manager: Dodge & Cox, San Francisco. Managed by the Global Bond Investment Policy Committee, whose six members’ average tenure at Dodge & Cox is 20 years.


PORTFOLIO CHARACTERISTICS	Fund		Barclays Global Agg
Number of Debt Securities		111		16,860
Effective Duration (years)		3.5		6.5
Emerging Markets^(c)		30.8%		5.5%


FIVE LARGEST CORPORATE ISSUERS (%)^(d)	Fund
Millicom International Cellular SA		2.6
Cemex SAB de CV		2.5
Enel SPA		2.0
Imperial Tobacco Group PLC		2.0
Royal Bank of Scotland Group PLC		2.0


CREDIT QUALITY (%)^(e)(f)	Fund		Barclays Global Agg
Aaa		17.5		40.7
Aa		3.9		17.3
A		18.7		26.0
Baa		42.1		16.0
Ba		11.3		0.0
B		4.4		0.0
Cash Equivalents		2.1		0.0

ASSET ALLOCATION

LOGO


SECTOR DIVERSIFICATION (%)^(f)	Fund		Barclays Global Agg
Government		21.3		53.6
Government-Related		7.9		13.1
Securitized		18.4		15.4
Corporate		50.3		17.9
Cash Equivalents		2.1		0.0


REGION DIVERSIFICATION (%)^(c)(f)	Fund		Barclays Global Agg
United States		46.5		38.3
Latin America		22.0		1.4
Europe (excluding United Kingdom)		12.0		26.2
United Kingdom		8.7		6.5
Pacific (excluding Japan)		4.0		5.1
Africa/Middle East		2.8		0.9
Canada		1.9		3.4
Japan		0.0		15.7
Other		0.0		2.5

^(a)	SEC Yield is an annualization of the Fund’s total net investment income per share for the 30-day period ended on the last day of the month.

^(b)

Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain Total Annual Fund Operating expenses at 0.60% through April 30, 2016. The term of the agreement renews annually thereafter unless terminated with 30 days’ written notice by either party prior to the end of the term.

^(c)	The Fund may classify an issuer in a different category than the Barclays Global Aggregate Bond Index. The Fund generally classifies a corporate issuer based on the country of incorporation of the parent company, but may designate a different country in certain circumstances.

^(d)	The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation to buy, sell, or hold any particular security and is not indicative of Dodge & Cox’s current or future trading activity.

^(e)

The credit quality distributions shown for the Fund and the Index are based on the middle of Moody’s, S&P’s, and Fitch ratings, which is the methodology used by Barclays in constructing its indices. If a security is rated by only two agencies, the lower of the two ratings is used. Please note the Fund applies the highest of Moody’s, S&P’s, and Fitch ratings to comply with the quality requirements stated in its prospectus. On that basis, the Fund held 9.3% in securities rated below investment grade. The credit quality of the investments in the portfolio does not apply to the stability or safety of the Fund or its shares.

^(f)	Excludes the Fund’s derivative contracts.

DODGE & COX GLOBAL BOND FUND §PAGE 7


PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015


DEBT SECURITIES: 97.9%

		PAR VALUE		VALUE
GOVERNMENT: 21.3%
Brazil Government (Brazil)
Series B, 6.00%, 8/15/20^(a)	BRL		1,740,000	$	1,449,884
Series F, 10.00%, 1/1/21	BRL		2,865,000		828,626
Chile Government GDN (Chile) 6.00%, 1/1/18^(c)	CLP		905,000,000		1,492,318
Colombia Government (Colombia) 9.85%, 6/28/27	COP		1,600,000,000		753,565
Indonesia Government (Indonesia) 5.25%, 5/15/18	IDR		11,150,000,000		776,063
Malaysia Government (Malaysia) 3.172%, 7/15/16	MYR		2,900,000		769,682
Mexico Government (Mexico) 4.75%, 6/14/18	MXN		23,200,000		1,482,062
2.00%, 6/9/22^(a)	MXN		73,347,131		4,498,612
Poland Government (Poland) 3.25%, 7/25/25	PLN		5,550,000		1,472,194
South Korea Government (South Korea) 3.00%, 12/10/16	KRW		1,530,200,000		1,397,621
U.S. Treasury Note (United States) 0.625%, 10/15/16	USD		950,000		952,153

					15,872,780
GOVERNMENT-RELATED: 7.9%
Autonomous Community of Madrid (Spain) 4.30%, 9/15/26	EUR		910,000		1,135,639
Chicago Transit Authority RB (United States) 6.20%, 12/1/40	USD		50,000		54,185
6.899%, 12/1/40	USD		1,250,000		1,440,109
Petroleo Brasileiro SA (Brazil) 7.25%, 3/17/44	USD		550,000		511,186
Petroleos Mexicanos (Mexico) 4.25%, 1/15/25^(c)	USD		425,000		413,908
5.50%, 6/27/44^(c)	USD		175,000		161,000
6.375%, 1/23/45	USD		485,000		500,181
State of California GO (United States) 6.20%, 3/1/19	USD		100,000		115,320
6.20%, 10/1/19	USD		325,000		378,687
State of Illinois GO (United States) 4.961%, 3/1/16	USD		400,000		409,408
5.665%, 3/1/18	USD		700,000		748,958

					5,868,581
SECURITIZED: 18.4%
Chase Issuance Trust (United States)
Series 2012-A8 A8, 0.54%, 10/16/17	USD		650,000		650,081
Series 2013-A8 A8, 1.01%, 10/15/18	USD		200,000		200,220
Series 2007-A3 A3, 5.23%, 4/15/19	USD		419,000		447,336
Series 2014-A6 A6, 1.26%, 7/15/19	USD		475,000		475,174
Fannie Mae, 15 Year (United States) 5.00%, 7/1/25	USD		44,223		47,782
Fannie Mae, 20 Year (United States)
4.50%, 5/1/31	USD		1,139,816		1,238,392
4.50%, 6/1/31	USD		302,568		328,902
4.00%, 8/1/31	USD		138,829		148,343
4.00%, 2/1/32	USD		213,654		229,385
4.00%, 10/1/34	USD		387,891		414,703



		PAR VALUE		VALUE
Fannie Mae, Hybrid ARM (United States) 2.913%, 8/1/44	USD		277,727	$	286,754
2.759%, 9/1/44	USD		463,909		477,228
Ford Credit Auto Owner Trust (United States)
Series 2012-B A4, 1.00%, 9/15/17	USD		500,000		500,818
Series 2014-C A3, 1.06%, 5/15/19	USD		880,000		880,652
Freddie Mac (United States) Series 4283 EW, 5.233%, 12/15/43	USD		241,632		265,975
Freddie Mac, Hybrid ARM (United States)
3.016%, 10/1/44	USD		534,725		552,733
2.75%, 11/1/44	USD		1,426,946		1,463,896
2.731%, 1/1/45	USD		1,472,032		1,508,163
Freddie Mac Gold, 15 Year (United States) 4.00%, 8/1/25	USD		981,554		1,047,983
Freddie Mac Gold, 30 Year (United States)
6.00%, 2/1/35	USD		138,779		158,831
4.50%, 7/1/44	USD		656,859		709,484
Rio Oil Finance Trust (Brazil)
6.25%, 7/6/24^(c)	USD		1,200,000		1,179,000
6.75%, 1/6/27^(c)	USD		475,000		460,750

					13,672,585
CORPORATE: 50.3%
FINANCIALS: 15.6%
Anthem, Inc. (United States)
7.00%, 2/15/19	USD		335,000		382,355
4.35%, 8/15/20	USD		275,000		297,322
Bank of America Corp. (United States)
4.25%, 10/22/26	USD		425,000		413,981
6.625%, 5/23/36^(b)	USD		325,000		364,528
Barclays PLC (United Kingdom) 4.375%, 9/11/24	USD		800,000		767,253
BNP Paribas SA (France) 5.75%, 1/24/22	GBP		425,000		744,141
Boston Properties, Inc. (United States)
5.625%, 11/15/20	USD		850,000		970,299
4.125%, 5/15/21	USD		425,000		451,057
Citigroup, Inc. (United States) 7.875%, 10/30/40^(b)	USD		655,000		680,152
Equity Residential (United States) 4.75%, 7/15/20	USD		700,000		770,460
Health Net, Inc. (United States) 6.375%, 6/1/17	USD		550,000		581,625
HSBC Holdings PLC (United Kingdom)
6.50%, 5/2/36	USD		400,000		474,339
6.50%, 9/15/37	USD		525,000		631,653
JPMorgan Chase & Co. (United States) 3.375%, 5/1/23	USD		700,000		678,840
Lloyds Banking Group PLC (United Kingdom) 4.50%, 11/4/24	USD		1,150,000		1,149,035
Navient Corp. (United States)
6.00%, 1/25/17	USD		370,000		384,800
4.625%, 9/25/17	USD		243,000		246,949
8.45%, 6/15/18	USD		125,000		138,912


PAGE 8 § DODGE & COX GLOBAL BOND FUND		See accompanying Notes to Financial Statements


PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015


DEBT SECURITIES (continued)

		PAR VALUE		VALUE
Royal Bank of Scotland Group PLC (United Kingdom)
5.625%, 8/24/20	USD		375,000	$	421,947
6.125%, 1/11/21	USD		100,000		114,644
6.125%, 12/15/22	USD		325,000		349,558
6.00%, 12/19/23	USD		550,000		581,682

					11,595,532
INDUSTRIALS: 31.7%
Allergan PLC (Ireland)
3.00%, 3/12/20	USD		275,000		275,746
3.80%, 3/15/25	USD		225,000		220,688
AT&T, Inc. (United States)
6.55%, 2/15/39	USD		500,000		572,752
4.75%, 5/15/46	USD		125,000		113,163
Canadian Pacific Railway, Ltd. (Canada) 6.25%, 6/1/18	CAD		900,000		820,066
Cemex SAB de CV (Mexico) 7.25%, 1/15/21^(c)	USD		1,750,000		1,846,600
Cox Enterprises, Inc. (United States)
3.25%, 12/15/22^(c)	USD		715,000		680,750
2.95%, 6/30/23^(c)	USD		400,000		368,166
CRH PLC (Ireland) 3.875%, 5/18/25^(c)	USD		225,000		222,620
Ford Motor Credit Co. LLC^(d) (United States) 8.125%, 1/15/20	USD		825,000		1,006,706
Grupo Televisa SAB (Mexico) 8.50%, 3/11/32	USD		600,000		789,619
HCA Holdings, Inc. (United States) 6.50%, 2/15/16	USD		700,000		721,434
Hewlett-Packard Co. (United States)
2.65%, 6/1/16	USD		150,000		151,875
2.60%, 9/15/17	USD		525,000		534,404
Imperial Tobacco Group PLC (United Kingdom) 9.00%, 2/17/22	GBP		725,000		1,506,318
Kinder Morgan, Inc. (United States)
4.30%, 6/1/25	USD		100,000		96,932
6.95%, 1/15/38	USD		900,000		964,570
Macy’s, Inc. (United States)
6.70%, 9/15/28	USD		50,000		59,470
6.90%, 4/1/29	USD		75,000		91,550
6.70%, 7/15/34	USD		425,000		516,165
Millicom International Cellular SA (Luxembourg) 6.625%, 10/15/21^(c)	USD		1,850,000		1,900,875
MTN Group, Ltd. (South Africa) 4.755%, 11/11/24^(c)	USD		725,000		719,562
Naspers, Ltd. (South Africa) 6.00%, 7/18/20^(c)	USD		1,275,000		1,382,419
Reed Elsevier PLC (United Kingdom)
8.625%, 1/15/19	USD		58,000		69,705
3.125%, 10/15/22	USD		444,000		432,247
Sprint Corp. (United States) 6.00%, 12/1/16	USD		675,000		699,469
Teck Resources, Ltd. (Canada) 6.00%, 8/15/40	USD		400,000		315,815
Telecom Italia SPA (Italy)
6.375%, 6/24/19	GBP		450,000		765,925
7.721%, 6/4/38	USD		575,000		646,875
Time Warner Cable, Inc. (United States)
8.75%, 2/14/19	USD		475,000		563,785
4.00%, 9/1/21	USD		100,000		102,558
6.75%, 6/15/39	USD		400,000		425,325



		PAR VALUE		VALUE
Time Warner, Inc. (United States)
7.625%, 4/15/31	USD		400,000	$	519,434
7.70%, 5/1/32	USD		475,000		622,451
TransCanada Corp. (Canada) 5.625%, 5/20/75^(b)	USD		250,000		252,187
Twenty-First Century Fox, Inc. (United States)
6.15%, 3/1/37	USD		275,000		317,042
6.65%, 11/15/37	USD		625,000		758,339
Verizon Communications, Inc. (United States)
4.272%, 1/15/36^(c)	USD		375,000		336,352
6.55%, 9/15/43	USD		675,000		789,206
Vulcan Materials Co. (United States) 7.50%, 6/15/21	USD		325,000		373,750

					23,552,915
UTILITIES: 3.0%
Dominion Resources, Inc. (United States) 5.75%, 10/1/54^(b)	USD		675,000		703,675
Enel SPA (Italy)
6.80%, 9/15/37^(c)	USD		650,000		781,378
6.00%, 10/7/39^(c)	USD		675,000		747,205

					2,232,258

					37,380,705

TOTAL DEBT SECURITIES (Cost $76,015,435)				$	72,794,651


See accompanying Notes to Financial Statements		DODGE & COX GLOBAL BOND FUND §PAGE 9


PORTFOLIO OF INVESTMENTS (unaudited)			June 30, 2015



SHORT-TERM INVESTMENTS: 1.6%

		PAR VALUE			VALUE
MONEY MARKET FUND: 0.1%
SSgA U.S. Treasury Money Market Fund	USD		75,160		$	75,160

REPURCHASE AGREEMENT: 1.5%
Fixed Income Clearing Corporation^(e) 0.01%, dated 6/30/15, due 7/1/15, maturity value $1,099,000	USD		1,099,000			1,099,000

TOTAL SHORT-TERM INVESTMENTS (Cost $1,174,160)					$	1,174,160

TOTAL INVESTMENTS (Cost $77,189,595)			99.5	%	$	73,968,811
OTHER ASSETS LESS LIABILITIES			0.5	%		397,589

NET ASSETS			100.0	%	$	74,366,400

^(a)	Inflation-linked

^(b)	Hybrid 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. As of June 30, 2015, all such securities in total represented $12,692,903 or 17.2% of total net assets. These securities have been deemed liquid by Dodge & Cox, investment manager, pursuant to procedures approved by the Fund’s Board of Trustees.

^(d)	Subsidiary (see below)

^(e)	Repurchase agreement is collateralized by U.S. Treasury Note 2.00%, 08/31/21. Total collateral value is $1,124,756.

ARM: Adjustable Rate Mortgage

CMO: Collateralized Mortgage Obligation

GDN: Global Depositary Note

GO: General Obligation

RB: Revenue Bond

REMIC: Real Estate Mortgage Investment Conduit

BRL: Brazilian Real

CAD: Canadian Dollar

CLP: Chilean Peso

COP: Colombian Peso

EUR: Euro

GBP: British Pound

IDR: Indonesian Rupiah

INR: Indian Rupee

KRW: South Korean Won

MXN: Mexican Peso

MYR: Malaysian Ringgit

PLN: Polish Zloty

USD: United States Dollar

FUTURES CONTRACTS


Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
10 Year U.S. Treasury Note—Short Position		56		Sep 2015	$	(7,065,625	)	$	17,751
Long-Term U.S. Treasury Bond— Short Position		30		Sep 2015		(4,621,875	)		115,305

								$	133,056

CENTRALLY CLEARED INTEREST RATE SWAPS


			Contract Amount
Notional Amount	Expiration Date		Fixed Rate			Floating Rate		Unrealized Appreciation/ (Depreciation)
Pay Fixed/Receive Floating:
$825,000		5/6/24		2.72	%		USD LIBOR 3-Month	$	(28,696	)
825,000		8/22/24		2.57	%		USD LIBOR 3-Month		(21,152	)

								$	(49,848	)

FORWARD CURRENCY CONTRACTS


			Contract Amount
Counterparty	Settlement Date		Receive U.S. Dollar		Deliver Foreign Currency		Unrealized Appreciation/ (Depreciation)
Contracts to sell EUR:
Barclays		9/9/15		1,144,874		1,025,000	$	1,059


			Contract Amount
Counterparty	Settlement Date		Deliver U.S. Dollar		Receive Foreign Currency		Unrealized Appreciation/ (Depreciation)
Contracts to buy INR:
Barclays		8/19/15		759,414		48,500,000	$	(4,889	)
Barclays		8/19/15		613,111		39,000,000		(6,379	)
Barclays		12/9/15		151,309		10,000,000		959

							$	(9,250	)


PAGE 10 § DODGE & COX GLOBAL BOND FUND		See accompanying Notes to Financial Statements


STATEMENT OF ASSETS AND LIABILITIES (unaudited)
	June 30, 2015
ASSETS:
Investments, at value (cost $77,189,595)	$	73,968,811
Unrealized appreciation on forward currency contracts		2,018
Cash held at broker		242,367
Receivable for investments sold		35,441
Receivable from broker for variation margin		2,854
Receivable for Fund shares sold		38,039
Dividends and interest receivable		947,636
Prepaid expenses and other assets		12,675

		75,249,841

LIABILITIES:
Unrealized depreciation on forward currency contracts		11,268
Payable for investments purchased		435,938
Payable for Fund shares redeemed		286,690
Expense reimbursement received in advance		36,427
Accrued expenses		113,118

		883,441

NET ASSETS	$	74,366,400

NET ASSETS CONSIST OF:
Paid in capital	$	78,444,547
Undistributed net investment income		940,826
Accumulated net realized loss		(1,862,987	)
Net unrealized depreciation		(3,155,986	)

	$	74,366,400

Fund shares outstanding (par value $0.01 each, unlimited shares authorized)		7,373,915
Net asset value per share	$	10.09

STATEMENT OF OPERATIONS (unaudited)
	Six Months Ended June 30, 2015
INVESTMENT INCOME:
Dividends	$	25,791
Interest (net of foreign taxes of $5,735)		1,190,749

		1,216,540

EXPENSES:
Management fees		174,392
Custody and fund accounting fees		13,857
Transfer agent fees		10,811
Professional services		110,815
Shareholder reports		10,489
Registration fees		80,384
Trustees’ fees		118,750
Miscellaneous		7,117

Total expenses		526,615
Expenses reimbursed by investment manager		(317,139	)

Net expenses		209,476

NET INVESTMENT INCOME		1,007,064


REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss
Investments		(1,533,796	)
Treasury futures contracts		(39,511	)
Interest rate swaps		(19,858	)
Forward currency contracts		(60,832	)
Foreign currency transactions		(31,982	)
Net change in unrealized appreciation/depreciation
Investments		(1,314,648	)
Treasury futures contracts		340,833
Interest rate swaps		17,497
Forward currency contracts		7,859
Foreign currency translation		15,103

Net realized and unrealized loss		(2,619,335	)

NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(1,612,271	)


STATEMENT OF CHANGES IN NET ASSETS (unaudited)
	Six Months Ended June 30, 2015			Period Ended December 31, 2014*
OPERATIONS:
Net investment income	$	1,007,064		$	746,563
Net realized loss		(1,685,979	)		(339,029	)
Net change in unrealized appreciation/depreciation		(933,356	)		(2,222,630	)

		(1,612,271	)		(1,815,096	)


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		—			(650,780	)
Net realized gain		—			—

Total distributions		—			(650,780	)


FUND SHARE TRANSACTIONS:
Proceeds from sale of shares		19,065,781			75,231,468
Reinvestment of distributions		—			582,706
Cost of shares redeemed		(7,776,471	)		(8,658,937	)

Net increase from Fund share transactions		11,289,310			67,155,237

Total increase in net assets		9,677,039			64,689,361

NET ASSETS:
Beginning of period		64,689,361			—

End of period (including undistributed net investment income of $940,826 and $(66,238)	$	74,366,400		$	64,689,361


SHARE INFORMATION:
Shares sold		1,861,754			7,034,774
Distributions reinvested		—			55,846
Shares redeemed		(760,081	)		(818,378	)

Net increase in shares outstanding		1,101,673			6,272,242

*	Period from May 1, 2014 (commencement of operations) to December 31, 2014


See accompanying Notes to Financial Statements		DODGE & COX GLOBAL BOND FUND §PAGE 11

NOTES TO FINANCIAL STATEMENTS (unaudited)

NOTE 1—ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Dodge & Cox Global Bond Fund (the “Fund”) is one of the series constituting the Dodge & Cox Funds (the “Trust” or the “Funds”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund¹ seeks a high rate of total return consistent with long-term preservation of capital. Foreign investing, especially in developing countries, has special risks such as currency and market volatility and political and social instability. These and other risk considerations are discussed in the Fund’s Prospectus.

Security valuation The Fund’s net assets are valued as of the close of trading on the New York Stock Exchange (NYSE), generally 4:00 p.m. Eastern Time, each day that the NYSE is open for business. Debt securities and non-exchange traded derivatives are valued based on prices received from independent pricing services which utilize both dealer-supplied valuations and pricing models. Pricing models may consider quoted prices for similar securities, interest rates, prepayment speeds, and credit risk. Exchange-traded derivatives are valued at the settlement price determined by the relevant exchange. Interest rate swaps are valued daily based on prices received from independent pricing services, which represent the net present value of all future cash settlement amounts based on implied forward interest rates. Other financial instruments for which market quotes are readily available are valued at market value. Security values are not discounted based on the size of the Fund’s position. Short-term securities 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.

The Fund’s predecessor, Dodge & Cox Global Bond Fund, L.L.C. (the “Private Fund”), was organized on August 31, 2012 and commenced operations on December 5, 2012 as a private investment fund that reorganized into, and had the same investment manager as, the Fund. The Fund commenced operations on May 1, 2014, upon the transfer of assets from the Private Fund. This transaction was accomplished through a transfer of Private Fund net assets valued at $10,725,688 in exchange for 1,000,000 shares of the Fund. Immediately after the transfer, the shares of the Fund were distributed to the sole owner of the Private Fund and the investment manager of the Fund, Dodge & Cox, which became the initial shareholder of the Fund.

faith by or under the direction of the Funds’ Board of Trustees. The Board of Trustees has delegated authority to 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 when market quotations or market-based valuations are not readily available or are deemed unreliable. 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.

Interest income is recorded on the accrual basis. Interest income includes coupon interest, amortization of premium and accretion of discount on debt securities, gain/loss on paydowns, and inflation adjustments to the principal amount of inflation-indexed securities. The ability of the issuers of the debt securities held by the Fund to meet their obligations may be affected by economic developments in a specific industry, state, region, or country. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Dividend income is recorded on the ex-dividend date.

Distributions to shareholders are recorded on the ex-dividend date.

PAGE 12 § DODGE & COX GLOBAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (unaudited)

Repurchase agreements The Fund enters into repurchase agreements, secured by U.S. government or agency securities, which involve the purchase of securities from a counterparty with a simultaneous commitment to resell the securities at an agreed-upon date and price. It is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. In the event of default by the counterparty, the Fund has the contractual right to liquidate the securities and to apply the proceeds in satisfaction of the obligation.

Interest rate swaps Interest rate swaps are agreements that obligate two parties to exchange a series of cash flows at specified payment dates calculated by reference to specified interest rates, such as an exchange of floating rate payments for fixed rate payments.

Upon entering into a centrally cleared interest rate swap, the Fund is required to post an amount of cash or liquid assets (referred to as initial margin) in a segregated account with the clearing broker. Subsequent payments (referred to as variation margin) to and from the clearing broker are made on a daily basis based on changes in the market value of interest rate swaps. Changes in the market value of open interest rate swaps are recorded as unrealized appreciation or depreciation in the Statement of Operations. Realized gains and losses on interest rate swaps are recorded in the Statement of Operations, both upon the exchange of cash flows on each specified payment date and upon the closing or expiration of the swap. Cash deposited with the clearing broker as initial margin is recorded on the Statement of Assets and Liabilities. A receivable and/or payable to brokers for daily variation margin is also recorded on the Statement of Assets and Liabilities.

Investments in interest rate swaps may include certain risks including unfavorable changes in interest rates, or a default or failure by the clearing broker or clearinghouse.

The Fund entered into interest rate swaps in connection with the management of the interest rate exposure of its portfolio. During the six months ended June 30, 2015, the Fund invested in interest rate swaps with U.S. dollar notional values ranging from 2% to 3% of net assets.

The values of the forward currency contracts are adjusted daily based on the prevailing forward exchange rates of the underlying currencies. Changes in the value of open contracts are recorded as unrealized appreciation or depreciation in the Statement of Operations. When the forward currency contract is closed, the Fund records a realized gain or loss in the Statement of Operations equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

The Fund entered into forward currency contracts to increase its portfolio exposure to the Indian rupee. During the six months ended June 30, 2015, the Indian rupee forward currency contracts had U.S. dollar total values of 1% to 2% of net assets.

During the period, the Fund entered into forward currency contracts to hedge foreign currency risks associated with portfolio investments denominated in euro. These euro foreign currency contracts had U.S. dollar total values ranging from 0% to 2% of net assets during the period.

DODGE & COX GLOBAL BOND FUND §PAGE 13

NOTES TO FINANCIAL STATEMENTS (unaudited)

Reported realized and unrealized gain (loss) on investments includes foreign currency gain (loss) related to investment transactions.

Reported realized and unrealized gain (loss) on foreign currency transactions and translation include the following: holding/disposing of foreign currency, the difference between the trade and settlement dates on securities transactions, the difference between the accrual and payment dates on interest, and currency losses on the purchase of foreign currency in certain countries that impose taxes on such transactions.

NOTE 2—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, 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 at June 30, 2015:


Classification^(a)	LEVEL 1 (Quoted Prices)			LEVEL 2 (Other Significant Observable Inputs)
Securities
Debt Securities
Government	$	—		$	15,872,780
Government-Related		—			5,868,581
Securitized		—			13,672,585
Corporate		—			37,380,705
Short-term Investments
Money Market Fund		75,160			—
Repurchase Agreement		—			1,099,000

Total Securities	$	75,160		$	73,893,651

Other Financial Instruments
Treasury Futures Contracts	$	133,056	^(b)	$	—
Interest Rate Swaps		—			(49,848	)^(b)
Forward Currency Contracts		—			(9,250	)^(b)

Total Other Financial Instruments	$	133,056		$	(59,098	)

^(a)	U.S. Treasury securities were transferred from Level 1 to Level 2 during the period. There were no Level 3 securities at June 30, 2015 and December 31, 2014, and there were no transfers to Level 3 during the period.

^(b)	Represents net unrealized appreciation/(depreciation).

NOTE 3—ADDITIONAL DERIVATIVES INFORMATION

The Fund has entered into over-the-counter derivatives, such as foreign exchange forwards (each, a “Derivative”). Each Derivative is subject to a negotiated master agreement (based on a form published by the International Swaps and Derivatives Association (“ISDA”)) governing all Derivatives between the Fund and the relevant dealer counterparty. The master agreements specify (i) events of default and other events permitting a party to terminate some or all of the Derivatives thereunder and (ii) the process by which those Derivatives will be valued for purposes of determining termination payments. If some or all of the Derivatives under a master agreement are terminated because of an event of default or similar event, the values of all terminated Derivatives must be netted to determine a single payment owed by one party to the other. Some master agreements contain collateral terms requiring the parties to post collateral in respect of some or all of the Derivatives thereunder based on the net market value of those Derivatives, subject to a minimum exposure threshold. To the extent amounts owed to the Fund by its counterparties are not collateralized, the Fund is at risk of those counterparties’ non-performance. The Fund attempts to mitigate counterparty credit risk by entering into Derivatives only with counterparties it believes to be of good credit quality and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Fund does not offset financial assets and liabilities that are subject to an ISDA Master Agreement in the Statement of Assets and Liabilities. The net amount for Derivatives is disclosed on the Portfolio of Investments. At June 30, 2015, no collateral is pledged or held by the Fund for Derivatives.

NOTE 4—RELATED PARTY TRANSACTIONS

Management fees Under a written agreement approved by a unanimous vote of the Board of Trustees, the Fund pays an annual management fee of 0.50% of the Fund’s average daily net assets to Dodge & Cox, investment manager of the Fund. Dodge & Cox has contractually agreed to reimburse the Fund to the extent that such fee plus all other ordinary operating expenses of the Fund exceed 0.60% of the average daily net assets for the fiscal periods ending December 31, 2014 and 2015.

Share ownership At June 30, 2015, Dodge & Cox owned 14% of the Fund’s outstanding shares.

PAGE 14 § DODGE & COX GLOBAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (unaudited)

NOTE 5—INCOME TAX INFORMATION AND DISTRIBUTIONS TO SHAREHOLDERS

Book/tax differences are primarily due to differing treatments of wash sales, net short-term realized gain (loss), foreign capital gain taxes, foreign currency realized gain (loss), Treasury futures contracts, and interest rate swaps. At June 30, 2015, the cost of investments for federal income tax purposes was $77,189,595.

Distributions during the periods noted below were characterized as follows for federal income tax purposes:


	Six Months Ended June 30, 2015		Eight Months Ended December 31, 2014
Ordinary income		—		$650,780
				($0.144 per share)

Long-term capital gain		—		—

At June 30, 2015, the tax basis components of distributable earnings were as follows:


Unrealized appreciation	$	42,909
Unrealized depreciation		(3,263,693	)

Net unrealized depreciation		(3,220,784	)
Undistributed ordinary income		1,020,415
Accumulated capital loss^(a)		(1,337,287	)
Capital loss carryforward^(b)		(401,894	)
Deferred loss^(c)		(79,589	)

^(a)	Represents capital loss realized for tax purposes during the period from January 1, 2015 to June 30, 2015.

^(b)	Represents accumulated capital loss as of December 31, 2014, which may be carried forward to offset future capital gains.


No expiration
Short-term	$	140,964
Long-term		260,930

	$	401,894

^(c)	Represents net realized loss on foreign currency incurred between November 1, 2014 and December 31, 2014. As permitted by tax regulations, the Fund has elected to treat this loss as arising in 2015.

Fund management has reviewed the tax positions for the open period applicable to the Fund, and has determined that no provision for income tax is required in the Fund’s financial statements.

NOTE 6—LOAN FACILITIES

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. The Fund’s commitment fee for the six months ended June 30, 2015, amounted to $131 and is reflected as a Miscellaneous Expense in the Statement of Operations. Interest on borrowings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the period.

NOTE 7—PURCHASES AND SALES OF INVESTMENTS

For the six months ended June 30, 2015, purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $22,147,725 and $11,717,397, respectively. For the six months ended June 30, 2015, purchases and sales of U.S. government securities aggregated $8,888,945 and $4,540,950, respectively.

NOTE 8—ACCOUNTING PRONOUNCEMENTS

NOTE 9—SUBSEQUENT EVENTS

DODGE & COX GLOBAL BOND FUND §PAGE 15

FINANCIAL HIGHLIGHTS (unaudited)


SELECTED DATA AND RATIOS (for a share outstanding throughout the period)	Six Months Ended June 30, 2015^(a)			Period from May 1, 2014 (commencement of operations) to December 31, 2014
Net asset value, beginning of period		$10.31			$10.73
Income from investment operations:
Net investment income		0.14			0.16
Net realized and unrealized loss		(0.36	)		(0.44	)

Total from investment operations		(0.22	)		(0.28	)

Distributions to shareholders from:
Net investment income		—			(0.14	)
Net realized gain		—			—

Total distributions		—			(0.14	)

Net asset value, end of period		$10.09			$10.31

Total return		(2.13	)%		(2.59	)%
Ratios/supplemental data:
Net assets, end of period (millions)		$74			$65
Ratio of expenses to average net assets		0.60	%^(b)		0.60	%^(b)
Ratio of expenses to average net assets, before reimbursement by investment manager		1.51	%^(b)		2.18	%^(b)
Ratio of net investment income to average net assets		2.89	%^(b)		2.83	%^(b)
Portfolio turnover rate		24	%		36	%

^(a)

Unaudited

^(b)	Annualized

See accompanying Notes to Financial Statements

PAGE 16 § DODGE & COX GLOBAL BOND FUND

FUND HOLDINGS

The Fund provides a complete list of its holdings four times each fiscal year, as of the end of each quarter. The Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-CSR (second and fourth quarters) and Form N-Q (first and third quarters). Shareholders may view the Fund’s Forms N-CSR and N-Q on the SEC’s website at sec.gov. Forms N-CSR and N-Q may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operations of the Public Reference Room may be obtained by calling 202-942-8090 (direct) or 800-732-0330 (general SEC number). A list of the Fund’s quarter-end holdings is also available at dodgeandcox.com on or about 15 days following each quarter end and remains available on the web site until the list is updated in the subsequent quarter.

PROXY VOTING

For a free copy of the Fund’s proxy voting policies and procedures, please call 800-621-3979, visit the Fund’s website at dodgeandcox.com, or visit the SEC’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 2-month period ending June 30 is also available at dodgeandcox.com or at www.sec.gov.

HOUSEHOLD MAILINGS

DODGE & COX GLOBAL BOND FUND §PAGE 17

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PAGE 18 § DODGE & COX GLOBAL BOND FUND

TRUSTEES AND EXECUTIVE OFFICERS

Charles F. Pohl, Chairman and Trustee

Chairman, Dodge & Cox

Dana M. Emery, President and Trustee

Chief Executive Officer and President, Dodge & Cox

Thomas A. Larsen, Independent Trustee

Senior Counsel, Arnold & Porter LLP

Ann Mather, Independent Trustee

Former Executive Vice President, Chief Financial Officer, and Company Secretary, Pixar Studios

Robert B. Morris III, Independent Trustee

Advisory Director, The Presidio Group

Gary Roughead, Independent Trustee

Annenberg Distinguished Visting Fellow, Hoover Institution; and former U.S. Navy Chief of Naval Operations

Mark E. Smith, Independent Trustee

Former Executive Vice President and Managing Director-Fixed Income, Loomis Sayles & Company, L.P.

John B. Taylor, Independent Trustee

Professor of Economics, Stanford University; Senior Fellow, Hoover Institute; and former Under Secretary for International Affairs, United States Treasury

John A. Gunn, Senior Vice President

Former Chairman and Chief Executive Officer, Dodge & Cox

Diana S. Strandberg, Senior Vice President

Senior Vice President and Director of International Equity, Dodge & Cox

David H. Longhurst, Treasurer

Vice President and Assistant Treasurer, Dodge & Cox

Thomas M. Mistele, Secretary

Chief Operating Officer, Secretary, and Senior Counsel, Dodge & Cox

Katherine M. Primas, Chief Compliance Officer

Chief Compliance Officer, Dodge & Cox

DODGE & COX GLOBAL BOND FUND §PAGE 19


Global Bond Fund

dodgeandcox.com

For Fund literature, transactions, and account

information, please visit the Funds’ website.

or write or call:

DODGE & COX FUNDS

c/o Boston Financial Data Services

P.O. Box 8422

Boston, Massachusetts 02266-8422

(800) 621-3979

INVESTMENT MANAGER

Dodge & Cox

555 California Street, 40th Floor

San Francisco, California 94104

(415) 981-1710

ITEM 2. CODE OF ETHICS.

Not applicable for semi-annual report filings.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual report filings.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual report filings.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board.

ITEM 11. CONTROLS AND PROCEDURES.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures. Based on that evaluation, the principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures were effective.

(b) The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) (1) Not applicable for semi-annual report filings.

(a) (2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached. (EX.99A)

(a) (3) Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached. (EX.99B)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dodge & Cox Funds


By		/s/ Charles F. Pohl
		Charles F. Pohl
		Chairman - Principal Executive Officer

Date		August 25, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Dodge & Cox Funds


By		/s/ Charles F. Pohl
		Charles F. Pohl
		Chairman - Principal Executive Officer

By		/s/ David H. Longhurst
		David H. Longhurst
		Treasurer – Principal Financial Officer

Date		August 25, 2015

Dodge & Cox Funds N-CSRSCertified semi-annual shareholder report (management investment company)