N-Q 1 dnq.htm DODGE AND COX FUNDS FORM N-Q Dodge and Cox Funds Form N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-173

DODGE & COX FUNDS

(Exact name of registrant as specified in charter)

555 California Street, 40th Floor

San Francisco, CA 94104

(Address of principal executive offices)

Thomas M. Mistele, Esq.

Secretary

555 California Street, 40th 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, 2006

Date of reporting period: March 31, 2006

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. § 3507.

 

ITEM 1. SCHEDULE OF INVESTMENTS.

The following is the schedule of investments as of March 31, 2006 for the Dodge & Cox Funds, a Delaware statutory trust, consisting of four series: Dodge & Cox Stock Fund, Dodge & Cox International Stock Fund, Dodge & Cox Balanced Fund and Dodge & Cox Income Fund.

 

DODGE & COX STOCK FUND

 

Portfolio of Investments (unaudited)

March 31, 2006

 

COMMON STOCKS: 93.1%         
    SHARES    VALUE
CONSUMER DISCRETIONARY: 19.6%           
AUTOMOBILES & COMPONENTS: 0.5%           

Honda Motor Co., Ltd. ADR(b) (Japan)

   8,146,800    $ 252,224,928
        
CONSUMER DURABLES & APPAREL: 6.3%           

Matsushita Electric Industrial Co., Ltd. ADR(b) (Japan)

   62,940,700      1,393,507,098

Sony Corp. ADR(b) (Japan)

   36,255,200      1,670,277,064

Thomson ADR(b) (France)

   6,584,000      129,507,280

VF Corp.

   3,457,200      196,714,680

Whirlpool Corp.(c)

   1,858,957      170,038,797
        
           3,560,044,919
CONSUMER SERVICES: 2.2%           

McDonald’s Corp.

   36,718,900      1,261,661,404
        
MEDIA: 8.6%           

Comcast Corp. Class A(a)

   60,398,130      1,580,015,081

Discovery Holdings Co. Series A(a)

   2,679,220      40,188,300

Interpublic Group of Companies, Inc.(a)

   17,597,800      168,234,968

Liberty Media Corp. Series A(a)

   33,399,600      274,210,716

News Corp. Class A

   91,265,238      1,515,915,603

Time Warner, Inc.

   76,800,400      1,289,478,716
        
           4,868,043,384
RETAILING: 2.0%           

Dillard’s, Inc. Class A(c)

   3,337,233      86,901,547

Federated Department Stores, Inc.

   5,556,973      405,659,029

Gap, Inc.

   13,344,900      249,282,732

Genuine Parts Co.(c)

   8,926,300      391,239,729
        
           1,133,083,037
        
           11,075,057,672
CONSUMER STAPLES: 4.1%           
FOOD & STAPLES RETAILING: 2.1%           

Wal-Mart Stores, Inc.

   25,638,900      1,211,181,636
        
FOOD, BEVERAGE & TOBACCO: 1.6%           

Unilever NV(b) (Netherlands)

   12,675,300      877,384,266
        
HOUSEHOLD & PERSONAL PRODUCTS: 0.4%       

Avon Products, Inc.

   7,213,600      224,847,912
        
           2,313,413,814
ENERGY: 8.9%           

Amerada Hess Corp.

   2,699,400      384,394,560

Baker Hughes, Inc.

   9,687,850      662,648,940

Chevron Corp.

   21,688,305      1,257,271,041

ConocoPhillips

   11,452,100      723,200,115

Exxon Mobil Corp.

   7,588,900      461,860,454

Occidental Petroleum Corp.

   5,137,200      475,961,580

Royal Dutch Shell PLC ADR(b)
(United Kingdom)

   10,407,864      678,072,339

Schlumberger, Ltd.

   3,160,600      400,037,142
        
           5,043,446,171
 
    SHARES    VALUE
FINANCIALS: 15.9%           
BANKS: 3.6%           

Golden West Financial Corp.

   8,871,200    $ 602,354,480

Wachovia Corp.

   18,149,200      1,017,262,660

Wells Fargo & Co.

   6,028,000      385,008,360
        
           2,004,625,500
DIVERSIFIED FINANCIALS: 3.7%           

Capital One Financial Corp.

   11,992,500      965,636,100

CIT Group, Inc.

   1,834,500      98,182,440

Citigroup, Inc.

   21,959,800      1,037,161,354
        
           2,100,979,894
INSURANCE: 6.7%           

Aegon NV(b) (Netherlands)

   34,471,146      635,303,221

Chubb Corp.

   5,721,050      546,017,012

Genworth Financial, Inc. Class A

   8,842,000      295,588,060

Loews Corp.

   7,495,800      758,574,960

MBIA, Inc.

   1,761,600      105,925,008

Safeco Corp.

   5,243,000      263,251,030

St. Paul Travelers Companies, Inc.

   22,736,350      950,152,066

UnumProvident Corp.

   11,712,700      239,876,096
        
           3,794,687,453
REAL ESTATE: 1.9%           

Equity Office Properties Trust(c)

   23,332,200      783,495,276

Equity Residential Properties Trust

   6,150,200      287,767,858
        
           1,071,263,134
        
           8,971,555,981
HEALTH CARE: 15.3%           
HEALTH CARE EQUIPMENT & SERVICES: 7.1%       

Becton, Dickinson & Co.

   4,209,350      259,211,773

Cardinal Health, Inc.

   20,444,350      1,523,512,962

HCA, Inc.(c)

   20,475,800      937,586,882

Health Management Associates, Inc.

   4,845,400      104,515,278

Thermo Electron Corp.(a),(c)

   8,906,800      330,353,212

WellPoint, Inc.(a)

   11,576,200      896,345,166
        
           4,051,525,273
PHARMACEUTICALS & BIOTECHNOLOGY: 8.2%       

Bristol-Myers Squibb Co.

   12,780,150      314,519,492

GlaxoSmithKline PLC ADR(b)
(United Kingdom)

   13,158,300      688,310,673

Pfizer, Inc.

   51,884,325      1,292,957,379

Sanofi-Aventis ADR(b) (France)

   25,879,800      1,227,996,510

Schering-Plough Corp.

   30,442,000      578,093,580

Wyeth

   10,835,400      525,733,608
        
           4,627,611,242
        
           8,679,136,515

 

      

Portfolio of Investments (unaudited)

March 31, 2006

 

COMMON STOCKS (continued)         
    SHARES    VALUE
INDUSTRIALS: 7.7%           
CAPITAL GOODS: 2.4%           

AB Volvo ADR(b) (Sweden)

   3,349,900    $ 156,172,338

American Power Conversion Corp.

   6,954,252      160,712,764

Masco Corp.

   11,101,500      360,687,735

Tyco International, Ltd.

   25,606,700      688,308,096
        
           1,365,880,933
COMMERCIAL SERVICES & SUPPLIES: 0.5%           

Pitney Bowes, Inc.

   6,793,850      291,659,981
        
TRANSPORTATION: 4.8%           

FedEx Corp.

   11,551,800      1,304,660,292

Union Pacific Corp.(c)

   14,815,250      1,383,003,587
        
           2,687,663,879
        
           4,345,204,793
INFORMATION TECHNOLOGY: 13.5%           
SOFTWARE & SERVICES: 3.8%           

BMC Software, Inc.(a),(c)

   15,440,000      334,430,400

Computer Sciences Corp.(a),(c)

   12,853,900      714,034,145

Compuware Corp.(a),(c)

   19,297,600      151,100,208

Electronic Data Systems Corp.(c)

   34,697,300      930,928,559
        
           2,130,493,312
TECHNOLOGY, HARDWARE & EQUIPMENT: 9.7%       

Avaya, Inc.(a),(c)

   31,552,500      356,543,250

Hewlett-Packard Co.

   65,824,063      2,165,611,673

Hitachi, Ltd. ADR(b) (Japan)

   4,298,800      304,398,028

Lexmark International, Inc.(a)

   140,400      6,371,352

Motorola, Inc.

   29,326,200      671,863,242

NCR Corp.(a)

   7,401,000      309,287,790

Sun Microsystems, Inc.(a)

   139,300,000      714,609,000

Xerox Corp.(a),(c)

   64,118,600      974,602,720
        
           5,503,287,055
        
           7,633,780,367
MATERIALS: 5.5%           

Akzo Nobel NV ADR(b),(c) (Netherlands)

   12,802,723      675,343,638

Alcoa, Inc.

   7,858,583      240,158,297

Dow Chemical Co.

   25,979,914      1,054,784,508

Engelhard Corp.(c)

   8,265,600      327,400,416

International Paper Co.

   6,920,900      239,255,513

Nova Chemicals Corp.(b),(c) (Canada)

   4,737,970      135,032,145

Rohm and Haas Co.

   8,563,600      418,503,132
        
           3,090,477,649
           
    SHARES     VALUE
TELECOMMUNICATION SERVICES: 1.0%        

Vodafone Group PLC ADR(b)
(United Kingdom)

     27,876,300     $ 582,614,670
           
              582,614,670
UTILITIES: 1.6%              

Duke Energy Corp.

     23,845,700       695,102,155

FirstEnergy Corp.

     4,472,700       218,715,030
           
              913,817,185
           

TOTAL COMMON STOCKS (Cost $38,675,875,115)

 

     52,648,504,817
           
SHORT-TERM INVESTMENTS: 6.9%
    PAR VALUE     VALUE

SSgA Prime Money Market Fund

   $ 283,951,085     $ 283,951,085

State Street Repurchase Agreement 4.05%, 4/3/06, maturity value $2,015,922,144 (collateralized by U.S. Treasury Securities, value $2,055,553,559, 0.00%-4.625%, 5/15/06-3/31/08)

     2,015,242,000       2,015,242,000

U.S. Treasury Bills

              

4/13/06

     300,000,000       299,603,625

4/20/06

     250,000,000       249,447,813

4/27/06

     300,000,000       299,005,500

5/11/06

     350,000,000       348,284,166

5/25/06

     200,000,000       198,657,500

6/1/06

     200,000,000       198,471,611
           

TOTAL SHORT-TERM INVESTMENTS
(Cost $3,892,663,300)

  

     3,892,663,300
           

TOTAL INVESTMENTS
(Cost $42,568,538,415)

     100.0 %     56,541,168,117

OTHER ASSETS LESS LIABILITIES

         0.0 %     7,715,807
   
 

TOTAL NET ASSETS

     100.0 %   $ 56,548,883,924
   
 

 

(a)   Non-income producing
(b)   Foreign security denominated in U.S. dollars
(c)   See Notes to Portfolio of Investments regarding holdings of 5% voting securities

 

ADR: American Depository Receipt


 

      

Notes to Portfolio of Investments (unaudited)

 

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. Stocks are valued at the official quoted close price or the last sale of the day at the close of the NYSE or, if not available, at the mean between the exchange-listed bid and ask prices for the day. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security. Security values are not discounted based on the size of the Fund’s position. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by or at the direction of the Board of Trustees. Short-term securities are valued at amortized cost which approximates current value. All securities held by the Fund are denominated in U.S. dollars.

 

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

 

Income tax matters. At March 31, 2006, the cost of investments for federal income tax purposes was equal to the cost for financial reporting purposes. Net unrealized appreciation aggregated $13,972,629,702, of which $14,206,901,500 represented appreciated securities and $234,271,798 represented depreciated securities.

 

Holdings of 5% voting securities. Each of the companies listed below is considered to be an affiliate of the Fund because the Fund owned at least 5% of the company’s voting securities during the three-month period ended March 31, 2006. Transactions during the period in securities of affiliated companies were as follows:

 

      Shares at
December 31, 2005		    Additions    Reductions     Shares at
March 31, 2006		    Dividend
Income(a)		     Value at
March 31, 2006		  

Avaya, Inc.

    31,552,500    —    —     31,552,500    $ — (b)   $ 356,543,250  

Akzo Nobel NV ADR (Netherlands)

    16,294,523         (3,491,800 )   12,802,723      —       — (c)

BMC Software, Inc.

    15,440,000    —    —     15,440,000      — (b)     334,430,400  

Computer Sciences Corp.

    12,853,900    —    —     12,853,900      — (b)     714,034,145  

Compuware Corp.

    19,297,600    —    —     19,297,600      — (b)     151,100,208  

Dillard’s, Inc. Class A

    5,161,600         (1,824,367 )   3,337,233      138,245       — (c)

Electronic Data Systems Corp.

    34,697,300    —    —     34,697,300      1,734,865       930,928,559  

Engelhard Corp.

    8,265,600    —    —     8,265,600      991,872       327,400,416  

Equity Office Properties Trust

    23,332,200    —    —     23,332,200      7,699,626       783,495,276  

Fluor Corp.

    4,362,050         (4,362,050 )   —      —       — (c)

Genuine Parts Co.

    8,926,300    —    —     8,926,300      3,012,626       391,239,729  

HCA, Inc.

    20,475,800    —    —     20,475,800      3,071,370       937,586,882  

Nova Chemicals Corp. (Canada)

    4,737,970    —    —     4,737,970      350,777       135,032,145  

Thermo Electron Corp.

    8,906,800    —    —     8,906,800      — (b)     330,353,212  

Union Pacific Corp.

    14,815,250    —    —     14,815,250      4,444,575       1,383,003,587  

Whirlpool Corp.

    3,558,750         (1,699,793 )   1,858,957      1,530,263       — (c)

Xerox Corp.

    64,118,600    —    —     64,118,600      — (b)     974,602,720  
                         
 
                          $ 22,974,219     $ 7,749,750,529  
                         
 
(a)   Net of foreign taxes, if any

 

(b)   Non-income producing

 

(c)   Company was not an affiliate at the end of the period

 

Other. For more information regarding the Fund and its holdings, please see the Fund’s most recent prospectus and annual report.

 

      

DODGE & COX INTERNATIONAL STOCK FUND

 

Portfolio of Investments (unaudited)

March 31, 2006

 

COMMON STOCKS: 91.1%         
    SHARES    VALUE
CONSUMER DISCRETIONARY: 18.8%           
AUTOMOBILES & COMPONENTS: 2.3%           

Honda Motor Co., Ltd. ADR(b) (Japan)

   13,430,800    $ 415,817,568
        
CONSUMER DURABLES & APPAREL: 10.9%           

AB Electrolux Series B (Sweden)

   7,483,100      214,736,194

Consorcio Ara SA de CV(c) (Mexico)

   20,679,800      92,169,945

Corporacion Geo SA de CV Series B(a),(c) (Mexico)

   42,105,400      160,578,409

Matsushita Electric Industrial Co., Ltd. (Japan)

   20,791,000      461,924,087

Sony Corp. (Japan)

   10,151,600      470,061,342

Thomson(c) (France)

   13,868,792      273,784,208

Yamaha Corp.(c) (Japan)

   18,851,000      333,135,769
        
           2,006,389,954
CONSUMER SERVICES: 0.7%           

Elior(c),(d) (France)

   8,265,959      134,229,113
        
MEDIA: 4.9%           

Grupo Television SA de CV ADR(b) (Mexico)

   9,712,400      193,276,760

News Corp. Class A (United States)

   34,773,192      577,582,719

VNU NV (Netherlands)

   4,080,334      132,667,658
        
           903,527,137
        
           3,459,963,772
CONSUMER STAPLES: 6.1%           
FOOD, BEVERAGE & TOBACCO: 5.6%           

Cott Corp.(a),(b) (Canada)

   1,134,200      14,608,496

Fomento Economico Mexicano SA de CV ADR(b) (Mexico)

   2,714,058      248,770,556

Nestle SA (Switzerland)

   1,061,000      314,967,208

Tesco PLC (United Kingdom)

   50,914,379      291,913,364

Tiger Brands, Ltd. (South Africa)

   295,111      8,323,705

Unilever NV(b) (Netherlands)

   2,183,900      151,169,558
        
           1,029,752,887
HOUSEHOLD & PERSONAL PRODUCTS: 0.5%       

Aderans Co.(c) (Japan)

   2,733,200      80,347,255

Avon Products, Inc. (United States)

   550,000      17,143,500
        
           97,490,755
        
           1,127,243,642
ENERGY: 6.7%           

Norsk Hydro ASA ADR(b) (Norway)

   2,186,500      302,480,410

Royal Dutch Shell PLC ADR(b) (United Kingdom)

   6,185,000      385,078,100

Schlumberger, Ltd. (United States)

   2,450,000      310,096,500

Total SA (France)

   925,500      244,165,066
        
           1,241,820,076
FINANCIALS: 18.3%           
BANKS: 14.4%           

Banco Santander Central Hispano SA (Spain)

   15,920,000      232,476,354

DBS Group Holdings, Ltd. (Singapore)

   41,142,000      415,022,805

Grupo Financiero Banorte SA (Mexico)

   36,750,000      87,469,846

Kasikornbank PLC Foreign (Thailand)

   51,743,400      91,174,866
          
    SHARES    VALUE

Kasikornbank PLC NVDR (Thailand)

   60,787,500    $ 103,201,929

Kookmin Bank ADR(b) (South Korea)

   1,947,900      166,584,408

Mitsubishi UFJ Financial Group ADR(b) (Japan)

   30,714,400      467,166,024

Royal Bank of Scotland Group PLC (United Kingdom)

   14,850,972      483,272,679

Shinsei Bank, Ltd. (Japan)

   54,453,000      381,217,264

Standard Bank Group, Ltd. (South Africa)

   11,096,234      152,617,086

Standard Chartered PLC (United Kingdom)

   2,555,000      63,567,263
        
           2,643,770,524
DIVERSIFIED FINANCIALS: 1.6%           

Credit Suisse Group (Switzerland)

   5,295,000      297,111,380
        
INSURANCE: 2.3%           

Aegon NV (Netherlands)

   9,869,999      182,643,752

Converium Holdings AG(a),(c) (Switzerland)

   8,918,646      111,170,941

Swiss Life Holding (Switzerland)

   650,000      136,117,823
        
           429,932,516
        
           3,370,814,420
HEALTH CARE: 8.1%           
HEALTH CARE EQUIPMENT & SERVICES: 2.0%       

Fresenius Medical Care AG & Co. KGAA (Germany)

   1,892,275      226,104,831

Mediceo Paltac Holdings Co., Ltd. (Japan)

   8,459,700      136,850,202
        
           362,955,033
PHARMACEUTICALS & BIOTECHNOLOGY: 6.1%       

GlaxoSmithKline PLC ADR(b) (United Kingdom)

   8,727,200      456,519,832

Sanofi-Aventis (France)

   7,059,000      671,523,962
        
           1,128,043,794
        
           1,490,998,827
INDUSTRIALS: 9.1%           
CAPITAL GOODS: 5.5%           

AB Volvo Series B (Sweden)

   8,011,600      374,941,029

CNH Global NV(b) (Netherlands)

   2,108,520      54,357,646

Nexans SA(c) (France)

   1,616,440      125,858,165

Sulzer AG(c) (Switzerland)

   290,121      197,953,921

Toto, Ltd.(c) (Japan)

   28,657,000      266,118,105
        
           1,019,228,866
TRANSPORTATION: 3.6%           

Central Japan Railway Co. (Japan)

   36,050      355,293,118

Grupo Aeroportuario del Pacifico ADR(a) (Mexico)

   500,000      15,975,000

TNT NV (Netherlands)

   8,300,000      287,367,075
        
           658,635,193
        
           1,677,864,059
INFORMATION TECHNOLOGY: 11.2%           
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT: 1.7%

Infineon Technologies AG(a) (Germany)

   30,027,800      309,671,865
        

 

      

Portfolio of Investments (unaudited)

March 31, 2006

 

COMMON STOCKS (continued)     
    SHARES    VALUE
TECHNOLOGY, HARDWARE & EQUIPMENT: 9.5%       

Brother Industries, Ltd.(c) (Japan)

   19,244,000    $ 210,752,048

Canon, Inc. (Japan)

   1,114,700      73,776,661

Epcos AG(a),(c) (Germany)

   3,728,100      49,425,782

Hitachi, Ltd. (Japan)

   64,498,000      456,472,676

LG Philips LCD Co., Ltd. ADR(a),(b) (South Korea)

   7,910,600      179,570,620

Nokia Oyj (Finland)

   14,712,500      304,525,046

Oce NV(c) (Netherlands)

   7,318,524      132,768,172

Seiko Epson Corp.(c) (Japan)

   12,427,200      343,146,984
        
           1,750,437,989
        
           2,060,109,854
MATERIALS: 9.0%           

Akzo Nobel NV (Netherlands)

   2,141,100      113,621,514

BASF AG (Germany)

   4,000,400      313,658,004

Bayer AG (Germany)

   4,472,000      179,165,060

BHP Billiton, Ltd. (Australia)

   3,785,078      75,872,653

Imperial Chemical Industries PLC (United Kingdom)

   22,445,762      134,930,472

Lafarge SA (France)

   3,241,025      367,233,817

Lanxess AG(a) (Germany)

   2,844,700      106,902,267

Makhteshim-Agan Industries, Ltd.(c) (Israel)

   24,096,802      125,516,283

Nova Chemicals Corp. (Canada)

   1,587,900      45,263,682

Rinker Group, Ltd. (Australia)

   4,172,265      59,290,457

Yara International ASA (Norway)

   8,018,710      127,555,926
        
           1,649,010,135
TELECOMMUNICATION SERVICES: 3.8%       

KT Corp. ADR(b) (South Korea)

   12,725,700      271,057,410

Vodafone Group PLC ADR(b) (United Kingdom)

   20,167,500      421,500,750
        
           692,558,160
        

TOTAL COMMON STOCKS (Cost $13,851,860,436)

      16,770,382,945
PREFERRED STOCKS: 3.4%         
CONSUMER STAPLES: 0.3%           
FOOD & STAPLES RETAILING: 0.3%       

Sadia SA ADR(b) (Brazil)

   1,890,600      51,254,166
        
           51,254,166
ENERGY: 1.7%       

Petroleo Brasileiro SA ADR(b) (Brazil)

   3,845,700      307,079,145
        
           307,079,145
FINANCIALS: 0.8%           
BANKS: 0.8%           

Uniao de Bancos Brasileiros SA GDR(b) (Brazil)

   2,016,500      149,039,515
        
           149,039,515
       
    SHARES     VALUE
UTILITIES: 0.6%              

Ultrapar Participacoes SA ADR(b) (Brazil)

     6,819,785     $ 121,119,382
           
              121,119,382
           

TOTAL PREFERRED STOCKS (Cost $311,235,483)

 

     628,492,208
           
SHORT-TERM INVESTMENTS: 4.8%      
    PAR VALUE     VALUE

SSgA Prime Money Market Fund

   $ 90,996,819     $ 90,996,819

State Street Repurchase Agreement 4.05%, 4/3/06, maturity value $790,228,612 (collateralized by U.S. Treasury Securities, value $805,761,947, 0.00%-4.625%, 7/31/06-3/31/08)

     789,962,000       789,962,000
           

TOTAL SHORT-TERM INVESTMENTS
(Cost $880,958,819)

  

     880,958,819
           

TOTAL INVESTMENTS
(Cost $15,044,054,738)

     99.3 %     18,279,833,972

OTHER ASSETS LESS LIABILITIES

         0.7 %     123,729,388
   
 

TOTAL NET ASSETS

     100.0 %   $ 18,403,563,360
   
 

 

(a)   Non-income producing
(b)   Foreign security denominated in U.S. dollars
(c)   See Notes to Portfolio of Investments regarding holdings of 5% voting securities.
(d)   Since market quotation was not readily available, a fair valuation for the security was determined in accordance with procedures approved by the Fund’s Board of Trustees.

 

ADR: American Depository Receipt

GDR: Global Depository Receipt

NVDR: Non Voting Depository Receipt


 

      

Notes to Portfolio of Investments (unaudited)

 

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. Listed securities are valued at the official quoted close price or the last sale on the date of determination on the principal exchange on which such securities are traded or, if not available, at the mean between the exchange listed bid and ask prices for the day. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security. Security values are not discounted based on the size of the Fund’s position. Short-term securities are valued at amortized cost which approximates current value. Foreign securities are converted to U.S. dollars using prevailing exchange rates.

 

If market quotations are not readily available or if a security’s value has 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 at the direction of the Board of Trustees. The Fund may use fair value pricing in calculating its NAV when, for example, (i) the primary market for a security is closed or if trading of a security is suspended or limited, (ii) the Fund determines that the price provided by a pricing service is inaccurate or unreliable, or (iii) the Fund determines that a significant event affecting the value of a security has occurred before the close of the NYSE but after the close of the security’s primary market. An event is considered significant if there is both an affirmative expectation that the security’s value will materially change in response to the event and a reasonable basis for quantifying a resulting change in value. For securities that do not trade during NYSE hours, fair value determinations are based on analyses of market movements after the close of those securities’ primary markets, and include reviews of developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. Pricing services are used to obtain closing market prices and to compute certain fair value adjustments utilizing computerized pricing models. When fair value pricing is employed, the prices of securities used by the Fund to calculate its net asset value may differ from quoted or published prices for the same securities.

 

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

 

Income tax matters.    At March 31, 2006, the cost of investments for federal income tax purposes was equal to the cost for financial reporting purposes. Net unrealized appreciation aggregated $3,235,779,234, of which $3,389,738,975 represented appreciated securities and $153,959,741 represented depreciated securities.

 

Holdings of 5% voting securities.    Each of the companies listed below is considered to be an affiliate of the Fund because the Fund owned at least 5% of the company’s voting securities during the three-month period ended March 31, 2006. Transactions during the period in securities of affiliated companies were as follows:

 

    Shares at
December 31, 2005		   Additions   Reductions   Shares at
March 31, 2006		   Dividend
Income(a)		     Value at
March 31, 2006

Aderans Co. (Japan)

   2,733,200   —     —   2,733,200   $ 434,045     $ 80,347,255

Brother Industries, Ltd. (Japan)

   19,244,000   —   —   19,244,000     1,072,452       210,752,048

Consorcio Ara SA de CV (Mexico)

   20,679,800   —   —   20,679,800     —       92,169,945

Converium Holdings AG (Switzerland)

   8,918,646   —   —   8,918,646     —  (b)     111,170,941

Corporacion Geo SA de CV Series B (Mexico)

   42,105,400   —   —   42,105,400     —  (b)     160,578,409

Elior (France)

   6,958,147   1,307,812   —   8,265,959     1,268,328       134,229,113

Epcos AG (Germany)

   2,796,500   931,600   —   3,728,100     —  (b)     49,425,782

Makhteshim-Agan Industries, Ltd. (Israel)

   19,300,000   4,796,802   —   24,096,802     618,467       125,516,283

Nexans SA (France)

   1,616,440   —   —   1,616,440     —       125,858,165

Oce NV (Netherlands)

   6,718,524   600,000   —   7,318,524     —       132,768,172

Seiko Epson Corp. (Japan)

   9,254,100   3,173,100   —   12,427,200     1,573,231       343,146,984

Sulzer AG (Switzerland)

   290,121   —   —   290,121     —       197,953,921

Thomson (France)

   8,240,015   5,628,777   —   13,868,792     —       273,784,208

Toto, Ltd. (Japan)

   15,654,000   13,003,000   —   28,657,000     1,368,883       266,118,105

Yamaha Corp. (Japan)

   10,576,000   8,275,000   —   18,851,000     1,500,786       333,135,769
                   
 
                         $ 7,836,192     $ 2,636,955,100
                   
 
(a)   Net of foreign taxes, if any (b) Non-income producing

 

Other.    For more information regarding the Fund and its holdings, please see the Fund’s most recent prospectus and annual report.

 

      

DODGE & COX BALANCED FUND

 

Portfolio of Investments (unaudited)

March 31, 2006

 

COMMON STOCKS: 62.5%         
    SHARES    VALUE
CONSUMER DISCRETIONARY: 13.2%           
AUTOMOBILES & COMPONENTS: 0.4%           

Honda Motor Co., Ltd. ADR(b) (Japan)

   2,863,300    $ 88,647,768
        
CONSUMER DURABLES & APPAREL: 4.2%           

Matsushita Electric Industrial Co., Ltd. ADR(b) (Japan)

   18,348,200      406,229,148

Sony Corp. ADR(b) (Japan)

   10,293,600      474,226,152

Thomson ADR(b) (France)

   1,900,000      37,373,000

VF Corp.

   1,051,700      59,841,730

Whirlpool Corp.

   522,100      47,756,487
        
           1,025,426,517
CONSUMER SERVICES: 1.6%           

McDonald’s Corp.

   11,329,850      389,293,646
        
MEDIA: 5.5%           

Comcast Corp. Class A(a)

   16,681,716      436,393,691

Discovery Holdings Co. Series A(a)

   853,478      12,802,170

Interpublic Group of Companies, Inc.(a)

   5,233,500      50,032,260

Liberty Media Corp. Series A(a)

   10,289,200      84,474,332

News Corp. Class A

   25,007,900      415,381,219

Time Warner, Inc.

   21,784,600      365,763,434
        
           1,364,847,106
RETAILING: 1.5%           

Dillard’s, Inc. Class A

   951,750      24,783,570

Federated Department Stores, Inc.

   1,724,136      125,861,928

Gap, Inc.

   4,352,800      81,310,304

Genuine Parts Co.

   3,335,750      146,205,922
        
           378,161,724
        
           3,246,376,761
CONSUMER STAPLES: 2.7%           
FOOD & STAPLES RETAILING: 1.3%           

Wal-Mart Stores, Inc.

   6,993,300      330,363,492
        
FOOD, BEVERAGE & TOBACCO: 1.1%           

Unilever NV(b) (Netherlands)

   3,890,400      269,293,488
        
HOUSEHOLD & PERSONAL PRODUCTS: 0.3%       

Avon Products, Inc.

   1,967,700      61,333,209
        
           660,990,189
ENERGY: 6.0%           

Amerada Hess Corp.

   777,000      110,644,800

Baker Hughes, Inc.

   2,984,400      204,132,960

Chevron Corp.

   6,036,802      349,953,412

ConocoPhillips

   3,366,600      212,600,790

Exxon Mobil Corp.

   2,207,100      134,324,106

Occidental Petroleum Corp.

   1,462,500      135,500,625

Royal Dutch Shell PLC ADR(b) (United Kingdom)

   3,116,127      203,015,674

Schlumberger, Ltd.

   1,050,000      132,898,500
        
           1,483,070,867
          
    SHARES    VALUE
FINANCIALS: 10.9%           
BANKS: 2.4%           

Golden West Financial Corp.

   3,025,700    $ 205,445,030

Wachovia Corp.

   5,309,500      297,597,475

Wells Fargo & Co.

   1,560,950      99,697,876
        
           602,740,381
DIVERSIFIED FINANCIALS: 2.5%           

Capital One Financial Corp.

   3,650,500      293,938,260

CIT Group, Inc.

   554,800      29,692,896

Citigroup, Inc.

   6,021,600      284,400,168
        
           608,031,324
INSURANCE: 4.7%           

Aegon NV(b) (Netherlands)

   9,863,363      181,781,780

Chubb Corp.

   1,784,612      170,323,369

Genworth Financial, Inc. Class A

   2,570,000      85,915,100

Loews Corp.

   2,241,500      226,839,800

MBIA, Inc.

   562,750      33,838,158

Safeco Corp.

   1,800,200      90,388,042

St. Paul Travelers Companies, Inc.

   6,652,900      278,024,691

UnumProvident Corp.

   3,795,400      77,729,792
        
           1,144,840,732
REAL ESTATE: 1.3%           

Equity Office Properties Trust

   6,961,400      233,763,812

Equity Residential Properties Trust

   1,751,900      81,971,401
        
           315,735,213
        
           2,671,347,650
HEALTH CARE: 10.3%           
HEALTH CARE EQUIPMENT & SERVICES: 4.9%       

Becton, Dickinson & Co.

   1,317,900      81,156,282

Cardinal Health, Inc.

   6,276,400      467,717,328

HCA, Inc.

   5,903,800      270,335,002

Health Management Associates, Inc.

   1,227,700      26,481,489

Thermo Electron Corp.(a)

   3,335,850      123,726,676

WellPoint, Inc.(a)

   3,273,000      253,428,390
        
           1,222,845,167
PHARMACEUTICALS & BIOTECHNOLOGY: 5.4%       

Bristol-Myers Squibb Co.

   3,539,650      87,110,787

GlaxoSmithKline PLC ADR(b) (United Kingdom)

   3,875,400      202,722,174

Pfizer, Inc.

   14,886,367      370,968,266

Sanofi-Aventis ADR(b) (France)

   7,115,400      337,625,730

Schering-Plough Corp.

   8,694,650      165,111,403

Wyeth

   3,266,800      158,505,136
        
           1,322,043,496
        
           2,544,888,663
INDUSTRIALS: 5.0%           
CAPITAL GOODS: 1.6%           

AB Volvo ADR(b) (Sweden)

   1,029,700      48,004,614

American Power Conversion Corp.

   2,024,120      46,777,413

 

      

Portfolio of Investments (unaudited)

March 31, 2006

 

COMMON STOCKS (continued)         
    SHARES    VALUE

Masco Corp.

   3,051,000    $ 99,126,990

Tyco International, Ltd.

   7,041,600      189,278,208
        
           383,187,225
COMMERCIAL SERVICES & SUPPLIES: 0.3%       

Pitney Bowes, Inc.

   1,862,750      79,967,858
        
TRANSPORTATION: 3.1%           

FedEx Corp.

   3,225,250      364,259,735

Union Pacific Corp.

   4,273,700      398,949,895
        
           763,209,630
        
           1,226,364,713
INFORMATION TECHNOLOGY: 9.1%           
SOFTWARE & SERVICES: 2.6%           

BMC Software, Inc.(a)

   4,525,100      98,013,666

Computer Sciences Corp.(a)

   3,916,400      217,556,020

Compuware Corp.(a)

   6,938,700      54,330,021

Electronic Data Systems Corp.

   10,083,700      270,545,671
        
           640,445,378
TECHNOLOGY, HARDWARE & EQUIPMENT: 6.5%       

Avaya, Inc.(a)

   9,488,250      107,217,225

Hewlett-Packard Co.

   19,262,431      633,733,980

Hitachi, Ltd. ADR(b) (Japan)

   1,090,000      77,182,900

Lexmark International, Inc.(a)

   69,500      3,153,910

Motorola, Inc.

   8,227,700      188,496,607

NCR Corp.(a)

   2,231,850      93,269,011

Sun Microsystems, Inc.(a)

   40,000,000      205,200,000

Xerox Corp.(a)

   18,304,050      278,221,560
        
           1,586,475,193
        
           2,226,920,571
MATERIALS: 3.6%           

Akzo Nobel NV ADR(b) (Netherlands)

   3,527,051      186,051,940

Alcoa, Inc.

   2,275,650      69,543,864

Dow Chemical Co.

   6,970,259      282,992,516

Engelhard Corp.

   2,354,500      93,261,745

International Paper Co.

   2,372,900      82,031,153

Nova Chemicals Corp.(b) (Canada)

   1,442,870      41,121,795

Rohm and Haas Co.

   2,802,800      136,972,836
        
           891,975,849
TELECOMMUNICATION SERVICES: 0.6%       

Vodafone Group PLC ADR(b) (United Kingdom)

   7,300,400      152,578,360
        
           152,578,360
UTILITIES: 1.1%           

Duke Energy Corp.

   6,762,300      197,121,045

FirstEnergy Corp.

   1,300,100      63,574,890
        
           260,695,935
        

TOTAL COMMON STOCKS (Cost $10,848,984,161)

      15,365,209,558
        
FIXED-INCOME SECURITIES: 33.0%
    PAR VALUE    VALUE
U.S. TREASURY AND GOVERNMENT AGENCY: 10.4%
U.S. TREASURY: 9.5%             

U.S. Treasury Notes

             

2.25%, 4/30/06

  $ 100,000,000    $ 99,804,700

2.375%, 8/31/06

     250,000,000      247,588,000

3.50%, 11/15/06

     58,500,000      58,006,377

2.875%, 11/30/06

     350,000,000      345,488,150

3.125%, 1/31/07

     400,000,000      394,359,200

3.375%, 2/15/08

     200,000,000      194,796,800

3.75%, 5/15/08

     350,000,000      342,480,600

3.625%, 7/15/09

     375,000,000      361,435,500

3.375%, 9/15/09

     300,000,000      286,312,500
          
             2,330,271,827
GOVERNMENT AGENCY: 0.9%             

Arkansas Dev. Fin. Auth. GNMA Guaranteed Bonds 9.75%, 11/15/14

     4,535,762      4,991,969

Small Business Administration (504)

             

Series 96-20L, 6.70%, 12/1/16

     3,074,558      3,157,812

Series 97-20F, 7.20%, 6/1/17

     5,046,977      5,242,071

Series 97-20I, 6.90%, 9/1/17

     6,216,008      6,429,328

Series 98-20D, 6.15%, 4/1/18

     8,559,218      8,720,448

Series 98-20I, 6.00%, 9/1/18

     3,932,074      3,994,735

Series 99-20F, 6.80%, 6/1/19

     5,871,015      6,101,705

Series 00-20D, 7.47%, 4/1/20

     15,894,338      16,770,976

Series 00-20E, 8.03%, 5/1/20

     6,745,259      7,265,231

Series 00-20G, 7.39%, 7/1/20

     10,118,389      10,701,663

Series 00-20I, 7.21%, 9/1/20

     6,276,448      6,648,499

Series 01-20E, 6.34%, 5/1/21

     15,058,676      15,571,765

Series 01-20G, 6.625%, 7/1/21

     11,390,302      11,907,631

Series 03-20J, 4.92%, 10/1/23

     23,342,865      22,603,637

Series 05-20F, 4.57%, 6/1/25

     47,506,642      44,574,983

Series 05-20K, 5.36%, 11/1/25

     38,326,000      37,855,790
          
             212,538,243
          
             2,542,810,070
MORTGAGE-RELATED SECURITIES: 12.3%       
FEDERAL AGENCY CMO & REMIC: 1.5%       

Dept. of Veterans Affairs

             

Trust 1995-1A 1, 7.21%, 2/15/25

     1,486,697      1,538,243

Trust 1995-2C 3A, 8.793%, 6/15/25

     842,918      905,519

Fannie Mae

             

Trust 1992-4H, 7.50%, 2/25/07

     385,771      387,264

SMBS I-1, 6.50%, 4/1/09

     58,345      58,418

Trust 2003-37 HA, 5.00%, 7/25/13

     38,991,150      38,848,879

Trust (GN) 1994-13J, 7.00%, 6/17/22

     943,333      944,485

Trust 1993-207 G, 6.15%, 4/25/23

     4,924,027      4,942,221

Trust 2002-73 PM, 5.00%, 12/25/26

     33,245,990      33,050,587

Trust 2002-33 A1, 7.00%, 6/25/32

     7,099,917      7,315,137

Trust 2005-W4 1A2, 6.50%, 8/25/35

     44,984,296      45,508,507

Trust 2001-T7 A1, 7.50%, 2/25/41

     6,986,230      7,213,049

Trust 2001-T8 A1, 7.50%, 7/25/41

     7,603,716      7,874,936

Trust 2001-W3 A, 7.00%, 9/25/41

     2,969,506      3,038,290

Trust 2002-W6 2A1, 7.00%, 6/25/42

     7,121,489      7,312,843

 

      

Portfolio of Investments (unaudited)

March 31, 2006

 

FIXED-INCOME SECURITIES (continued)     
    PAR VALUE    VALUE

Fannie Mae (continued)

             

Trust 2002-W8 A2, 7.00%, 6/25/42

   $ 8,015,229    $ 8,211,964

Trust 2003-W2 1A1, 6.50%, 7/25/42

     15,462,222      15,637,112

Trust 2003-W2 1A2, 7.00%, 7/25/42

     6,184,887      6,306,842

Trust 2003-W4 4A, 7.50%, 10/25/42

     9,215,053      9,540,674

Trust 2004-T1 1A2, 6.50%, 1/25/44

     13,464,687      13,705,997

Trust 2004-W2 5A, 7.50%, 3/25/44

     36,096,610      37,633,503

Freddie Mac

             

Series 1236 H, 7.25%, 4/15/07

     547,276      550,719

Series 1512 I, 6.50%, 5/15/08

     1,763,622      1,769,354

Series 1539 PL, 6.50%, 5/15/08

     733,919      734,957

Series 2100 GS, 6.50%, 12/15/13

     11,585,224      11,820,679

Series 2430 UC, 6.00%, 9/15/16

     20,380,246      20,554,978

Series 1078 GZ, 6.50%, 5/15/21

     1,470,036      1,489,359

Series (GN) 16 PK, 7.00%, 8/25/23

     17,171,339      17,528,515

Series 2550 QP, 5.00%, 3/15/26

     20,846,475      20,742,018

Series T-051 1A, 6.50%, 9/25/43

     762,981      776,095

Series T-59 1A1, 6.50%, 10/25/43

     44,149,824      44,460,100
          
             370,401,244
FEDERAL AGENCY MORTGAGE PASS-THROUGH: 10.8%

Fannie Mae, 10 Year

             

6.00%, 1/1/12-10/1/14

     42,796,969      43,318,508

Fannie Mae, 15 Year

             

5.50%, 1/1/14-12/1/19

     323,591,131      322,449,577

6.00%, 12/1/13-6/1/19

     658,850,591      667,698,703

6.50%, 1/1/13-11/1/18

     239,658,216      245,207,144

7.00%, 12/1/07-11/1/18

     27,755,543      28,497,249

7.50%, 9/1/15-8/1/17

     80,266,885      84,003,947

Fannie Mae, 20 Year

            

6.50%, 1/1/22

     12,048,917      12,306,446

Fannie Mae, 30 Year

             

6.00%, 4/1/35-6/1/35

     470,583,535      470,996,971

6.50%, 12/1/32

     252,849,247      258,692,454

7.50%, 9/1/07-7/1/19

     362,588      366,923

8.00%, 1/1/09

     127,868      129,866

Fannie Mae Multifamily DUS

             

Pool 555728, 4.019%, 8/1/13

     429,000      395,577

Pool 555162, 4.834%, 1/1/13

     17,823,983      17,249,489

Pool 555316, 4.873%, 2/1/13

     5,955,410      5,780,878

Pool 760762, 4.89%, 4/1/12

     16,115,000      15,817,415

Pool 735387, 4.924%, 4/1/15

     14,073,130      13,584,906

Pool 555148, 4.963%, 1/1/13

     5,398,609      5,262,647

Pool 555806, 5.105%, 10/1/13

     3,950,330      3,870,282

Pool 461628, 5.32%, 4/1/14

     10,674,628      10,556,147

Pool 545316, 5.636%, 12/1/11

     5,208,987      5,243,535

Pool 323350, 5.65%, 11/1/08

     2,030,935      2,031,138

Pool 545387, 5.863%, 1/1/12

     9,337,063      9,494,632

Pool 545258, 5.937%, 11/1/11

     1,323,428      1,349,034

Pool 380735, 5.965%, 10/1/08

     20,447,093      20,590,553

Pool 323492, 5.99%, 1/1/09

     4,871,648      4,908,932

Pool 545685, 6.017%, 4/1/12

     30,617,897      31,252,858

Freddie Mac, 30 Year

             

7.25%, 1/1/08

     271      271

8.00%, 2/1/08-11/1/10

     235,220      238,132
      
    PAR VALUE    VALUE

Freddie Mac, 30 Year (continued)

             

8.25%, 2/1/17

   $ 18,652    $ 18,794

8.75%, 5/1/10

     46,422      48,063

Freddie Mac Gold, 15 Year

             

5.50%, 8/1/14-1/1/17

     43,417,973      43,253,934

6.00%, 10/1/13-10/1/18

     207,134,495      209,601,915

6.50%, 7/1/14-9/1/18

     97,843,165      99,783,065

7.00%, 5/1/08-4/1/15

     4,175,237      4,248,672

7.75%, 7/25/21

     1,645,004      1,731,015

Freddie Mac Gold, 30 Year

             

7.47%, 3/17/23

     538,947      563,192

8.50%, 1/1/23

     188,650      195,462

Ginnie Mae, 30 Year

             

7.50%, 1/15/08-10/15/25

     6,864,038      7,152,106

7.97%, 4/15/20-1/15/21

     3,121,700      3,314,413
          
             2,651,204,845
PRIVATE LABEL CMO & REMIC SECURITIES: 0.0%(e)

Union Planters Mortgage Finance Corp.

             

7.70%, 12/25/24

     5,354,866      5,518,367
          
             3,027,124,456
CORPORATE: 10.3%             
FINANCIALS: 1.8%             

BankAmerica Capital II(c)
8.00%, 12/15/26, callable 2006

     17,355,000      18,291,805

BankAmerica Capital Trust VI(c)
5.625%, 3/8/35

     10,000,000      9,293,830

Boston Properties, Inc.

             

6.25%, 1/15/13

     44,290,000      45,570,690

5.625%, 4/15/15

     29,500,000      28,991,066

5.00%, 6/1/15

     2,890,000      2,708,730

Citicorp Capital Trust I(c)
7.933%, 2/15/27, callable 2007

     12,540,000      13,257,275

Citigroup, Inc. (First Nationwide)
10.00%, 10/1/06

     4,945,000      5,053,325

EOP Operating Limited Partnership(f)

             

8.10%, 8/1/10

     10,000,000      10,860,130

7.00%, 7/15/11

     29,675,000      31,223,204

6.75%, 2/15/12

     19,933,000      20,776,505

5.875%, 1/15/13

     41,205,000      40,987,644

4.75%, 3/15/14

     15,000,000      13,813,890

JPMorgan Chase (Bank One) Capital III(c)
8.75%, 9/1/30

     23,760,000      30,599,744

Safeco Corp.

             

4.875%, 2/1/10

     15,131,000      14,771,049

7.25%, 9/1/12

     13,672,000      14,826,901

St. Paul Travelers Companies, Inc.

             

8.125%, 4/15/10

     19,885,000      21,617,143

5.00%, 3/15/13

     10,250,000      9,849,491

5.50%, 12/1/15

     9,160,000      8,960,239

UnumProvident Corp.

             

7.625%, 3/1/11

     29,875,000      31,693,551

6.85%, 11/15/15(d)

     10,200,000      10,369,687

7.19%, 2/1/28

     8,500,000      7,999,647

 

      

Portfolio of Investments (unaudited)

March 31, 2006

 

FIXED-INCOME SECURITIES (continued)     
    PAR VALUE    VALUE

UnumProvident Corp. (continued)

             

6.75%, 12/15/28

   $ 23,830,000    $ 22,759,056

7.375%, 6/15/32

     13,665,000      13,858,770

UnumProvident Corp. (Provident Companies, Inc.) 7.25%, 3/15/28

     12,130,000      12,192,967
          
             440,326,339
INDUSTRIALS: 8.1%             

Amerada Hess Corp. 7.875%, 10/1/29

     26,780,000      31,183,757

AT&T Corp.

             

9.05%, 11/15/11

     27,972,000      30,237,984

9.75%, 11/15/31

     97,500,000      116,421,142

CIGNA Corp.

             

7.00%, 1/15/11

     14,705,000      15,528,304

6.375%, 10/15/11

     17,820,000      18,435,663

7.65%, 3/1/23

     9,745,000      10,778,067

7.875%, 5/15/27

     12,970,000      14,999,234

8.30%, 1/15/33

     9,050,000      10,794,750

Comcast Corp.

             

5.30%, 1/15/14

     63,050,000      59,949,201

5.85%, 11/15/15

     26,500,000      25,980,096

5.90%, 3/15/16

     13,960,000      13,690,432

Cox Communications, Inc.

             

5.45%, 12/15/14

     75,530,000      71,613,316

5.50%, 10/1/15

     15,265,000      14,423,318

Dillard’s, Inc.

             

7.375%, 6/1/06

     25,275,000      25,306,594

6.30%, 2/15/08

     6,000,000      5,985,000

7.85%, 10/1/12

     14,000,000      14,385,000

7.13%, 8/1/18

     4,956,000      4,732,980

7.875%, 1/1/23

     6,860,000      6,637,050

7.75%, 7/15/26

     50,000      47,500

7.75%, 5/15/27

     550,000      522,500

7.00%, 12/1/28

     15,486,000      13,859,970

Dow Chemical Co.

             

4.027%, 9/30/09(d)

     33,950,000      32,258,883

6.00%, 10/1/12

     5,800,000      5,938,951

7.375%, 11/1/29

     35,170,000      40,589,662

Electronic Data Systems Corp.
6.50%, 8/1/13

     44,885,000      45,645,397

Federated Department Stores, Inc. (May Department Stores Co.)

             

7.625%, 8/15/13

     5,900,000      6,449,862

7.45%, 10/15/16

     9,300,000      10,113,769

8.50%, 6/1/19

     3,339,000      3,959,096

7.875%, 3/1/30

     14,335,000      16,234,058

6.90%, 1/15/32

     54,484,000      56,835,094

6.70%, 7/15/34

     3,650,000      3,710,126

8.125%, 8/15/35, callable 2015

     12,825,000      13,727,187

7.875%, 8/15/36, callable 2016

     10,440,000      11,073,155

Ford Motor Credit Co.

             

7.375%, 2/1/11

     101,465,000      93,344,147

7.25%, 10/25/11

     163,640,000      149,113,841

GMAC

             

7.75%, 1/19/10

     27,035,000      26,359,422

6.875%, 9/15/11

     173,670,000      161,874,160
      
    PAR VALUE    VALUE

HCA, Inc.

             

8.75%, 9/1/10

   $ 27,750,000    $ 30,099,398

7.875%, 2/1/11

     23,798,000      25,044,492

6.95%, 5/1/12

     14,090,000      14,226,109

6.30%, 10/1/12

     11,400,000      11,126,890

6.25%, 2/15/13

     34,250,000      33,223,459

6.75%, 7/15/13

     27,400,000      27,299,963

5.75%, 3/15/14

     13,420,000      12,555,980

6.50%, 2/15/16

     12,000,000      11,691,084

Health Net, Inc. 9.875%, 4/15/11

     55,170,000      62,576,462

Hewlett-Packard Co. 5.50%, 7/1/07

     21,210,000      21,207,009

International Paper Co. 5.25%, 4/1/16

     10,665,000      9,843,998

Lockheed Martin Corp.

             

7.65%, 5/1/16

     18,500,000      21,197,319

7.75%, 5/1/26

     8,500,000      10,133,386

8.50%, 12/1/29

     7,000,000      9,088,380

Raytheon Co. 6.75%, 8/15/07

     20,476,000      20,796,511

Time Warner, Inc. (AOL Time Warner)

             

7.625%, 4/15/31

     99,945,000      108,874,386

7.70%, 5/1/32

     70,590,000      77,628,670

Wellpoint, Inc. 5.25%, 1/15/16

     44,305,000      42,725,217

Wyeth

             

5.50%, 3/15/13

     24,500,000      24,221,876

5.50%, 2/1/14

     70,724,000      69,784,219

Wyeth (American Home Products)
6.95%, 3/15/11

     7,950,000      8,428,701

Xerox Corp.

             

7.125%, 6/15/10

     18,425,000      19,069,875

6.875%, 8/15/11

     125,880,000      129,184,350

6.40%, 3/15/16

     10,000,000      9,925,000

7.20%, 4/1/16

     10,100,000      10,630,250
          
             2,003,321,652
TRANSPORTATION: 0.4%             

Burlington Northern Santa Fe Railway

             

8.251%, 1/15/21

     1,444,871      1,684,517

4.967%, 4/1/23

     12,065,000      11,798,355

Consolidated Rail Corp.

             

6.76%, 5/25/15, callable 2005

     4,173,701      4,328,211

CSX Transportation, Inc. 9.75%, 6/15/20

     5,351,000      7,124,840

FedEx Corp. 6.72%, 1/15/22

     5,591,956      5,919,365

Norfolk Southern Corp. 9.75%, 6/15/20

     7,389,000      9,914,568

Union Pacific Corp.

             

6.125%, 1/15/12

     10,220,000      10,495,020

5.375%, 5/1/14

     2,935,000      2,883,470

6.33%, 1/2/20

     36,400,666      37,560,756
          
             91,709,102
          
             2,535,357,093
          

TOTAL FIXED-INCOME SECURITIES (Cost $8,187,362,172)

            8,105,291,619
          

 

      

Portfolio of Investments (unaudited)

March 31, 2006

 

SHORT-TERM INVESTMENTS: 4.2%
    PAR VALUE     VALUE

SSgA Prime Money Market Fund

   $ 123,258,685     $ 123,258,685

State Street Repurchase Agreement 4.05%, 4/3/06, maturity value $781,433,645 (collateralized by U.S. Treasury Securities, value $796,797,290, 0.00%-4.625%, 6/22/06-2/29/08)

     781,170,000       781,170,000

U.S. Treasury Bills, 4/13/06

     150,000,000       149,802,250
           

TOTAL SHORT-TERM INVESTMENTS (Cost $1,054,230,935)

             1,054,230,935
           

TOTAL INVESTMENTS
(Cost $20,090,577,268)

     99.7 %     24,524,732,112

OTHER ASSETS LESS LIABILITIES

       0.3 %     70,883,304
   
 

TOTAL NET ASSETS

     100.0 %   $ 24,595,615,416
   
 

 

(a)   Non-income producing
(b)   Foreign security denominated in U.S. dollars
(c)   Cumulative preferred 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 March 31, 2006, all such securities in total represented $42,628,570 or 0.2% of total net assets.
(e)   Rounds to 0.0%
(f)   EOP Operating LP is the operating partnership of Equity Office Properties Trust.

 

When two issuers are identified, the first name refers to the acquirer or successor obligor, and the second name (within the parentheses) refers to the original issuer of the instrument.

 

ADR: American Depository Receipt

CMO: Collateralized Mortgage Obligation

REMIC: Real Estate Mortgage Investment Conduit


 

      

Notes to Portfolio of Investments (unaudited)

 

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. Stocks are valued at the official quoted close price or the last sale of the day at the close of the NYSE or, if not available, at the mean between the exchange-listed bid and ask prices for the day. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security. Fixed-income securities with original maturities of one year or more are priced on the basis of valuations furnished by pricing services which utilize both dealer-supplied valuations and electronic data processing techniques. Under certain circumstances, fixed-income securities that are not valued by pricing services are temporarily valued by the investment manager utilizing both dealer-supplied valuations and electronic data processing techniques. Valuations of fixed-income securities take into account appropriate factors such as institutional-size trading markets in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter listed prices. Security values are not discounted based on the size of the Fund’s position. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by or at the direction of the Board of Trustees. Short-term securities are valued at amortized cost which approximates current value. All securities held by the Fund are denominated in U.S. dollars.

 

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

 

Income tax matters. At March 31, 2006, the cost of investments for federal income tax purposes was equal to the cost for financial reporting purposes. Net unrealized appreciation aggregated $4,434,154,844, of which $4,634,740,957 represented appreciated securities and $200,586,113 represented depreciated securities.

 

Other. For more information regarding the Fund and its holdings, please see the Fund’s most recent prospectus and annual report.

 

      

DODGE & COX INCOME FUND

 

Portfolio of Investments (unaudited)

March 31, 2006

 

FIXED-INCOME SECURITIES: 97.7%         
    PAR VALUE    VALUE
U.S. TREASURY AND GOVERNMENT AGENCY: 30.4%
U.S. TREASURY: 27.6%             

U.S. Treasury Notes

             

4.625%, 5/15/06

   $ 385,000,000    $ 384,939,940

6.625%, 5/15/07

     315,000,000      320,906,250

3.00%, 11/15/07

     475,000,000      461,380,800

3.125%, 10/15/08

     125,000,000      119,970,750

3.25%, 1/15/09

     400,000,000      383,718,800

3.625%, 7/15/09

     435,000,000      419,265,180

3.375%, 9/15/09

     275,000,000      262,453,125

3.50%, 11/15/09

     425,000,000      406,406,250
          
             2,759,041,095
GOVERNMENT AGENCY: 2.8%             

Small Business Administration (504)

             

Series 91-20K, 8.25%, 11/1/11

     613,383      639,199

Series 92-20B, 8.10%, 2/1/12

     348,047      362,871

Series 92-20C, 8.20%, 3/1/12

     1,055,193      1,102,586

Series 92-20D, 8.20%, 4/1/12

     713,256      743,954

Series 92-20G, 7.60%, 7/1/12

     1,233,344      1,278,318

Series 92-20H, 7.40%, 8/1/12

     916,931      948,120

Series 92-20I, 7.05%, 9/1/12

     1,064,062      1,094,921

Series 92-20J, 7.00%, 10/1/12

     1,687,003      1,732,278

Series 92-20K, 7.55%, 11/1/12

     1,874,751      1,941,693

Series 92-20L, 7.45%, 12/1/12

     924,038      956,171

Series 93-20B, 7.00%, 2/1/13

     1,154,580      1,187,600

Series 93-20C, 6.50%, 3/1/13

     3,528,574      3,601,439

Series 93-20D, 6.75%, 4/1/13

     1,513,685      1,549,374

Series 93-20E, 6.55%, 5/1/13

     4,768,880      4,867,606

Series 93-20F, 6.65%, 6/1/13

     1,789,975      1,830,472

Series 93-20L, 6.30%, 12/1/13

     2,939,753      2,989,794

Series 94-20L, 6.50%, 1/1/14

     2,817,085      2,875,250

Series 94-20D, 7.70%, 4/1/14

     1,026,179      1,059,553

Series 94-20E, 7.75%, 5/1/14

     2,648,196      2,754,238

Series 94-20F, 7.60%, 6/1/14

     1,782,558      1,850,979

Series 94-20G, 8.00%, 7/1/14

     1,107,706      1,157,761

Series 94-20H, 7.95%, 8/1/14

     1,231,730      1,287,335

Series 94-20I, 7.85%, 9/1/14

     1,597,641      1,668,367

Series 94-20K, 8.65%, 11/1/14

     1,173,320      1,235,860

Series 94-20L, 8.40%, 12/1/14

     1,150,187      1,208,554

Series 95-20A, 8.50%, 1/1/15

     420,025      442,317

Series 95-20C, 8.10%, 3/1/15

     897,741      941,460

Series 97-20E, 7.30%, 5/1/17

     1,993,005      2,072,574

Series 97-20J, 6.55%, 10/1/17

     2,630,255      2,699,995

Series 98-20C, 6.35%, 3/1/18

     10,203,963      10,444,886

Series 98-20H, 6.15%, 8/1/18

     3,625,499      3,696,745

Series 98-20L, 5.80%, 12/1/18

     2,199,427      2,223,322

Series 99-20C, 6.30%, 3/1/19

     2,475,338      2,537,709

Series 99-20G, 7.00%, 7/1/19

     5,899,535      6,166,069

Series 99-20I, 7.30%, 9/1/19

     1,929,120      2,034,633

Series 01-20G, 6.625%, 7/1/21

     13,419,300      14,028,783

Series 01-20L, 5.78%, 12/1/21

     33,598,644      34,054,524

Series 02-20L, 5.10%, 12/1/22

     7,988,388      7,833,641

Series 04-20L, 4.87%, 12/1/24

     8,767,161      8,417,797
          
    PAR VALUE    VALUE

Small Business Administration (continued)

             

Series 05-20B, 4.625%, 2/1/25

   $ 11,343,034    $ 10,698,454

Series 05-20C, 4.95%, 3/1/25

     7,697,146      7,491,928

Series 05-20E, 4.84%, 5/1/25

     22,579,964      21,600,915

Series 05-20G, 4.75%, 7/1/25

     19,613,096      18,624,132

Series 05-20I, 4.76%, 9/1/25

     23,051,788      21,877,784

Series 06-20A, 5.21%, 1/1/26

     22,492,000      21,984,850

Series 06-20B, 5.35%, 2/1/26

     6,430,000      6,340,588

Series 06 20C, 5.57%, 3/1/26

     33,230,000      33,224,085
          
             281,361,484
          
             3,040,402,579
MORTGAGE-RELATED SECURITIES: 36.3%
FEDERAL AGENCY CMO & REMIC: 4.9%

Dept. of Veterans Affairs

             

Trust 1995-2D 4A, 9.293%, 5/15/25

     539,957      570,999

Trust 1997-2Z, 7.50%, 6/15/27

     43,042,010      44,872,122

Trust 1998-1 1A, 8.152%, 10/15/27

     1,550,832      1,625,915

Fannie Mae

             

Trust 1994-28 H, 6.25%, 3/25/23

     24,440      24,357

Trust 1994-72 J, 6.00%, 6/25/23

     9,000,000      9,046,279

Trust 1998-58 PX, 6.50%, 9/25/28

     3,929,937      4,019,018

Trust 1998-58 PC, 6.50%, 10/25/28

     21,899,831      22,397,827

Trust 2002-33 A1, 7.00%, 6/25/32

     7,714,282      7,948,125

Trust 2001-T4 A1, 7.50%, 7/25/41

     6,536,152      6,763,801

Trust 2001-T10 A1, 7.00%, 12/25/41

     10,992,319      11,283,064

Trust 2002-90 A1, 6.50%, 6/25/42

     14,573,658      14,748,726

Trust 2002-W6 2A1, 7.00%, 6/25/42

     12,569,998      12,907,752

Trust 2002-W8 A2, 7.00%, 6/25/42

     6,445,534      6,603,741

Trust 2003-W2 1A2, 7.00%, 7/25/42

     39,981,068      40,769,423

Trust 2003-W4 3A, 7.00%, 10/25/42

     11,810,205      12,091,184

Trust 2003-07 A1, 6.50%, 12/25/42

     16,809,170      17,065,737

Trust 2003-W1 1A1, 6.50%, 12/25/42

     24,829,680      25,146,273

Trust 2003-W1 2A, 7.50%, 12/25/42

     11,504,049      11,910,865

Trust 2004-W2 5A, 7.50%, 3/25/44

     57,074,137      59,504,194

Trust 2004-W8 3A, 7.50%, 6/25/44

     30,919,650      32,203,691

Trust 2005-W1 1A3, 7.00%, 10/25/44

     29,367,381      29,919,532

Trust 2001-79 BA, 7.00%, 3/25/45

     3,643,560      3,717,371

Trust 2006-W1 1A1, 6.50%, 12/25/45

     3,830,233      3,903,390

Trust 2006-W1 1A2, 7.00%, 12/25/45

     25,394,229      26,274,901

Trust 2006-W1 1A3, 7.50%, 12/25/45

     405,938      425,537

Trust 2006-W1 1A4, 8.00%, 12/25/45

     30,009,907      31,799,698

Freddie Mac

             

Series 1565 G, 6.00%, 8/15/08

     2,562,745      2,572,130

Series 1601 PJ, 6.00%, 10/15/08

     12,053,468      12,098,514

Series (GN) 37 I, 6.00%, 6/17/22

     2,953,193      2,952,093

Series 2439 LG, 6.00%, 9/15/30

     14,839,258      14,930,623

Series T-48 1A, 7.063%, 7/25/33

     11,182,819      11,427,589

Ginnie Mae

             

7.25%, 7/16/28

     5,018,280      5,105,717
          
             486,630,188

 

      

Portfolio of Investments (unaudited)

March 31, 2006

 

FIXED-INCOME SECURITIES (continued)     
    PAR VALUE    VALUE
FEDERAL AGENCY MORTGAGE PASS-THROUGH: 31.2%

Fannie Mae, 10 Year

             

5.88%, 9/1/12

   $ 25,637,638    $ 26,138,850

Fannie Mae, 15 Year

             

5.50%, 9/1/14 - 12/1/18

     378,736,237      377,026,515

6.00%, 4/1/13 - 12/1/19

     731,558,323      741,679,360

6.50%, 11/1/12 - 11/1/18

     260,315,567      266,512,165

7.00%, 7/1/08 - 12/1/11

     2,771,197      2,829,484

7.50%, 11/1/14 - 8/1/17

     28,233,703      29,525,410

8.00%, 8/1/10

     60,759      61,448

Fannie Mae, 20 Year

             

6.50%, 4/1/19 - 10/1/24

     83,681,189      85,840,601

Fannie Mae, 30 Year

             

6.00%, 2/1/34 - 7/1/35

     747,999,895      748,622,672

6.50%, 12/1/32

     230,252,734      235,573,748

7.00%, 4/1/32

     5,183,540      5,344,837

7.50%, 9/1/07

     185,505      186,778

8.00%, 1/1/12 - 8/1/22

     283,059      291,436

Fannie Mae Multifamily DUS

             

Pool 760744, 4.75%, 3/1/15

     13,570,000      12,924,885

Pool 555162, 4.834%, 1/1/13

     17,442,041      16,879,857

Pool 555191, 4.843%, 2/1/13

     19,632,233      19,002,860

Pool 555172, 5.588%, 12/1/12

     4,085,775      4,106,253

Pool 545685, 6.017%, 4/1/12

     29,166,234      29,771,090

Pool 545708, 6.056%, 5/1/12

     2,570,802      2,634,727

Pool 545209, 6.125%, 10/1/11

     44,044,532      45,194,754

Pool 545059, 6.226%, 5/1/11

     22,940,661      23,594,076

Pool 323822, 6.511%, 7/1/09

     6,256,875      6,406,609

Pool 160329, 7.15%, 10/1/15

     6,172,753      6,618,830

Freddie Mac, 30 Year

             

6.00%, 2/15/30

     1,777,147      1,776,001

7.25%, 1/1/08

     351      351

7.50%, 10/1/08

     5,586      5,627

8.00%, 1/1/08 - 8/1/09

     29,588      29,786

8.25%, 5/1/09

     138      138

Freddie Mac Gold, 15 Year

             

5.50%, 11/1/13 - 11/1/18

     88,530,869      88,092,553

6.00%, 4/1/13 - 2/1/19

     176,365,674      178,513,543

6.50%, 2/1/11 - 9/1/18

     98,656,857      100,758,745

7.00%, 11/1/08 - 3/1/12

     2,471,654      2,539,507

Freddie Mac Gold, 20 Year

             

6.50%, 7/1/21 - 4/1/22

     6,152,381      6,304,317

Freddie Mac Gold, 30 Year

             

6.50%, 5/1/17

     11,703,050      11,954,232

7.00%, 4/1/31

     30,037,247      30,998,645

7.90%, 2/17/21

     3,477,615      3,669,782

Ginnie Mae, 15 Year

             

7.00%, 4/15/09

     898,131      913,403

Ginnie Mae, 30 Year

             

7.00%, 5/15/28

     2,776,097      2,893,292

7.50%, 9/15/17 - 5/15/25

     9,441,173      9,867,431

7.80%, 6/15/20 - 1/15/21

     2,494,934      2,578,525
          
             3,127,663,123
    PAR VALUE    VALUE
PRIVATE LABEL CMO & REMIC SECURITIES: 0.2%       

GSMPS Mortgage Loan Trust, Series 2004-4 1A4 8.50%, 6/25/34(b)

   $ 18,449,006    $ 19,331,123
          
             3,633,624,434
ASSET-BACKED SECURITIES: 0.1%             
PRIVATE LABEL CMO & REMIC SECURITIES: 0.1%       

CA Infrastructure and Econ. Dev. Bank Special Purpose Trust PGE-1 Rate Reduction Ctf. 1997-1 A-7
6.42%, 9/25/08

     2,028,256      2,036,899

CA Infrastructure and Econ. Dev. Bank Special Purpose Trust SCE-1 Rate Reduction Ctf. 1997-1 A-6
6.38%, 9/25/08

     2,000,513      2,009,799
          
             4,046,698
CORPORATE: 30.9%             
FINANCIALS: 5.2%             

BankAmerica Capital II(a)
8.00%, 12/15/26, callable 2006

     14,250,000      15,019,201

BankAmerica Capital Trust VI(a)
5.625%, 3/8/35

     21,450,000      19,935,265

Boston Properties, Inc.

             

6.25%, 1/15/13

     50,036,000      51,482,841

5.625%, 4/15/15

     34,195,000      33,605,068

5.00%, 6/1/15

     8,650,000      8,107,446

Citicorp Capital Trust I(a)
7.933%, 2/15/27, callable 2007

     6,375,000      6,739,644

Citicorp Capital Trust II(a)
8.015%, 2/15/27, callable 2007

     10,300,000      10,900,078

Citigroup, Inc. (First Nationwide)
10.00%, 10/1/06

     4,065,000      4,154,048

EOP Operating Limited Partnership(c)

             

7.00%, 7/15/11

     33,470,000      35,216,197

5.875%, 1/15/13

     37,700,000      37,501,133

4.75%, 3/15/14

     83,475,000      76,874,298

JPMorgan Chase (Bank One) Capital III(a) 8.75%, 9/1/30

     19,130,000      24,636,915

Safeco Corp.

             

4.875%, 2/1/10

     15,115,000      14,755,429

7.25%, 9/1/12

     17,873,000      19,382,768

St. Paul Travelers Companies, Inc.

             

8.125%, 4/15/10

     21,425,000      23,291,289

5.00%, 3/15/13

     16,295,000      15,658,289

5.50%, 12/1/15

     11,135,000      10,892,168

UnumProvident Corp.

             

7.625%, 3/1/11

     40,405,000      42,864,533

6.85%, 11/15/15(b)

     11,700,000      11,894,641

7.19%, 2/1/28

     11,640,000      10,954,811

7.375%, 6/15/32

     29,670,000      30,090,721

UnumProvident Corp. (Provident Companies, Inc.) 7.25%, 3/15/28

     19,835,000      19,937,963
          
             523,894,746

 

      

Portfolio of Investments (unaudited)

March 31, 2006

 

FIXED-INCOME SECURITIES (continued)     
    PAR VALUE    VALUE
INDUSTRIALS: 24.5%             

Amerada Hess Corp. 7.875%, 10/1/29

   $ 33,870,000    $ 39,439,651

AT&T Corp.

             

9.05%, 11/15/11

     37,705,000      40,759,444

9.75%, 11/15/31

     113,325,000      135,317,189

CIGNA Corp.

             

7.00%, 1/15/11

     13,565,000      14,324,477

6.375%, 10/15/11

     28,650,000      29,639,829

7.65%, 3/1/23

     3,330,000      3,683,013

7.875%, 5/15/27

     27,615,000      31,935,532

8.30%, 1/15/33

     4,925,000      5,874,491

Comcast Corp.

             

5.30%, 1/15/14

     74,525,000      70,859,860

5.85%, 11/15/15

     24,700,000      24,215,411

5.90%, 3/15/16

     28,525,000      27,974,182

Cox Communications, Inc. 5.45%, 12/15/14

     104,495,000      99,076,307

Dillard’s, Inc.

             

7.375%, 6/1/06

     4,875,000      4,881,094

6.625%, 11/15/08

     4,985,000      4,997,463

7.13%, 8/1/18

     23,715,000      22,647,825

7.75%, 7/15/26

     21,075,000      20,021,250

7.75%, 5/15/27

     12,373,000      11,754,350

7.00%, 12/1/28

     28,825,000      25,798,375

Dow Chemical Co.

             

4.027%, 9/30/09(b)

     54,087,000      51,392,818

6.00%, 10/1/12

     9,600,000      9,829,987

7.375%, 11/1/29

     29,514,000      34,062,078

Electronic Data Systems Corp.
6.50%, 8/1/13

     60,340,000      61,362,220

Federated Department Stores, Inc.
(May Department Stores Co.)

             

7.625%, 8/15/13

     7,105,000      7,767,165

7.60%, 6/1/25

     13,500,000      14,798,444

6.70%, 9/15/28

     12,950,000      13,009,207

8.75%, 5/15/29

     39,997,000      49,287,663

7.875%, 3/1/30

     34,645,000      39,234,666

6.90%, 1/15/32

     15,465,000      16,132,346

6.70%, 7/15/34

     3,635,000      3,694,879

7.875%, 8/15/36, callable 2016

     7,825,000      8,299,563

Ford Motor Credit Co.

             

5.80%, 1/12/09

     30,250,000      27,626,024

7.375%, 10/28/09

     10,100,000      9,495,343

7.375%, 2/1/11

     61,365,000      56,453,591

7.25%, 10/25/11

     217,580,000      198,265,641

General Electric Co. 5.00%, 2/1/13

     34,994,000      34,038,699

GMAC 6.875%, 9/15/11

     227,230,000      211,796,311

HCA, Inc.

             

8.75%, 9/1/10

     54,595,000      59,217,176

7.875%, 2/1/11

     33,675,000      35,438,829

6.25%, 2/15/13

     30,230,000      29,323,946

6.75%, 7/15/13

     28,883,000      28,777,548

5.75%, 3/15/14

     28,675,000      26,828,817

6.50%, 2/15/16

     19,690,000      19,183,120
      
    PAR VALUE    VALUE

Health Net, Inc. 9.875%, 4/15/11

   $ 63,523,000    $ 72,050,836

Hewlett-Packard Co. 5.50%, 7/1/07

     35,945,000      35,939,932

International Paper Co. 5.25%, 4/1/16

     21,725,000      20,052,588

Lockheed Martin Corp.

             

7.65%, 5/1/16

     15,025,000      17,215,660

8.50%, 12/1/29

     16,684,000      21,661,505

Raytheon Co.

             

6.75%, 8/15/07

     6,756,000      6,861,752

6.55%, 3/15/10

     10,150,000      10,523,297

7.20%, 8/15/27

     4,905,000      5,539,167

Time Warner, Inc. (AOL Time Warner)

             

7.625%, 4/15/31

     113,798,000      123,965,055

7.70%, 5/1/32

     87,359,000      96,069,741

Wellpoint, Inc.

             

5.00%, 12/15/14

     14,225,000      13,567,293

5.25%, 1/15/16

     38,740,000      37,358,648

Wyeth

             

5.50%, 3/15/13

     10,070,000      9,955,685

5.50%, 2/1/14

     110,215,000      108,750,463

Wyeth (American Home Products)
6.95%, 3/15/11

     8,155,000      8,646,045

Xerox Corp.

             

9.75%, 1/15/09

     40,850,000      44,679,688

7.125%, 6/15/10

     77,640,000      80,357,400

6.875%, 8/15/11

     43,550,000      44,693,188

6.40%, 3/15/16

     12,950,000      12,852,875

7.20%, 4/1/16

     20,896,000      21,993,040
          
             2,451,249,682
TRANSPORTATION: 1.2%             

Burlington Northern Santa Fe Railway

             

4.30%, 7/1/13

     6,283,000      5,823,977

7.57%, 1/2/21

     11,945,760      13,358,944

CSX Transportation, Inc. 9.75%, 6/15/20

     10,072,000      13,410,838

FedEx Corp. 6.72%, 1/15/22

     7,988,508      8,456,235

Norfolk Southern Corp. 9.75%, 6/15/20

     13,908,000      18,661,768

Union Pacific Corp.

             

6.50%, 4/15/12

     8,725,000      9,116,369

5.375%, 5/1/14

     10,886,000      10,694,874

6.85%, 1/2/19

     7,570,951      8,074,419

6.70%, 2/23/19

     12,515,007      13,223,731

7.60%, 1/2/20

     1,347,506      1,519,475

4.698%, 1/2/24

     6,273,458      5,852,383

5.082%, 1/2/29

     9,723,630      9,230,625
          
             117,423,638
          
             3,092,568,066
          

TOTAL FIXED-INCOME SECURITIES
(Cost $9,882,046,483)

      9,770,641,777
          

 

      

Portfolio of Investments (unaudited)

March 31, 2006

 

SHORT-TERM INVESTMENTS: 1.6%      
    PAR VALUE     VALUE

SSgA Prime Money Market Fund

   $ 50,103,351     $ 50,103,351

State Street Repurchase Agreement
4.05%, 4/3/06, maturity value $110,807,385 (collateralized by U.S. Treasury Securities, value $112,989,694, 4.625%, 3/31/08)

     110,770,000       110,770,000
           

TOTAL SHORT-TERM INVESTMENTS
(Cost $160,873,351)

             160,873,351
           

TOTAL INVESTMENTS
(Cost $10,042,919,834)

     99.3 %     9,931,515,128

OTHER ASSETS LESS LIABILITIES

         0.7 %     72,670,873
   
 

TOTAL NET ASSETS

     100.0 %   $ 10,004,186,001
   
 

 

(a)   Cumulative preferred 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 March 31, 2006, all such securities in total represented $82,618,582 or 0.8% of total net assets.
(c)   EOP Operating LP is the operating partnership of Equity Office Properties Trust.

 

When two issuers are identified, the first name refers to the acquirer or successor obligor, and the second name (within the parentheses) refers to the original issuer of the instrument.

 

CMO: Collateralized Mortgage Obligation

REMIC: Real Estate Mortgage Investment Conduit


 

      

Notes to Portfolio of Investments (unaudited)

 

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. Fixed-income securities with original maturities of one year or more are priced on the basis of valuations furnished by pricing services which utilize both dealer-supplied valuations and electronic data processing techniques. Under certain circumstances, fixed-income securities that are not valued by pricing services are temporarily valued by the investment manager utilizing both dealer-supplied valuations and electronic data processing techniques. Valuations of fixed-income securities take into account appropriate factors such as institutional-size trading markets in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter listed prices. Security values are not discounted based on the size of the Fund’s position. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by or at the direction of the Board of Trustees. Short-term securities are valued at amortized cost which approximates current value. All securities held by the Fund are denominated in U.S. dollars.

 

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

 

Income tax matters. At March 31, 2006, the cost of investments for federal income tax purposes was equal to the cost for financial reporting purposes. Net unrealized depreciation aggregated $111,404,706, of which $81,806,805 represented appreciated securities and $193,211,511 represented depreciated securities.

 

Other. For more information regarding the Fund and its holdings, please see the Fund’s most recent prospectus and annual report.

 

      

ITEM 2. CONTROLS AND PROCEDURES.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision of 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 last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached. (EX-99.CERTS)

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/    HARRY R. HAGEY        
  Harry R. Hagey
  Chairman – Principal Executive Officer

 

Date    May 16, 2006

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/    HARRY R. HAGEY        
  Harry R. Hagey
  Chairman – Principal Executive Officer
By   /s/    JOHN M. LOLL        
  John M. Loll
  Treasurer – Principal Financial Officer

 

Date    May 16, 2006