Form N-CSR/A

Derivative

% of Net Assets

Futures contracts

USD notional value

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.

The Registrant is filing this amendment to Form N-CSR for the period ended December 31, 2019, originally filed with the Securities and Exchange Commission on February 26, 2020 (Accession Number 0001193125-20-049805), to correct the certifications provided pursuant to Section 302 of the Sarbanes-Oxley Act following discovery that references to the Registrant’s internal control over financial reporting referred in error to the last fiscal quarter rather than the period covered by the Annual Report.

The following are the December 31, 2019 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 February 21, 2020.

Beginning on January 1, 2021, we intend to discontinue mailing paper copies of the Fund’s shareholder reports as permitted by new regulations adopted by the Securities and Exchange Commission, unless you specifically request paper copies from Dodge & Cox Funds or from your financial intermediary, such as a broker-dealer or bank. The reports will remain available to you on the Dodge & Cox Funds website (dodgeandcox.com), and you will be notified by mail each time a report is posted and provided with a link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. If you have not done so already, you may elect to receive shareholder reports and other communications electronically by enrolling in e-delivery on the Funds website, or, if you are invested through a financial intermediary, by updating your mailing preferences through the intermediary.

If you wish to continue receiving paper copies of all future shareholder reports, please contact us at (800) 621-3979. Reports will be provided to you free of charge. If you are invested through a financial intermediary, you may contact your financial intermediary to request to receive paper copies. Your election to receive reports in paper form will apply to all funds held with Dodge & Cox Funds or through your financial intermediary, as applicable.

The Dodge & Cox Stock Fund had a total return of 24.8% for the year ended December 31, 2019, compared to a return of 31.5% for the S&P 500 Index.

MARKET COMMENTARY

The U.S. equity market’s performance in 2019 was exceptional: the S&P 500 registered its strongest annual return since 2013 and reached an all-time high. Every sector of the S&P 500 posted positive, double-digit returns. Information Technology surged 50% and was the best-performing sector, while Energy (up 12%) was the worst-performing sector.

Since 1926, the relative performance of growth and value stocks^a has seesawed, but value strategies have nearly always outperformed growth over intervals of a decade or more. In fact, there have only been three times when value has underperformed over a ten-year period in the United States: the Great Depression (1929-1939/40), the Internet Bubble (1989-1999), and most recently. Over the last ten years, the Russell 1000 Value Index has underperformed the Russell 1000 Growth Index by an average of 3.4 percentage points^b per year. As a result, the valuation differential between the value and growth segments of the market remains wide by historical standards: the Russell 1000 Value trades at 16.0 times forward earnings compared to a lofty 23.9 times for the Russell 1000 Growth.^c

INVESTMENT STRATEGY

While the value-versus-growth dynamic captures much of what has driven wide valuation disparities, interest rates tell an even more powerful story. In the United States, the group of companies that benefits from low interest rates, as described below, is trading at an 80% premium to the group of companies that is harmed by low interest rates (or performs better in a rising interest rate environment). This valuation premium is almost three standard deviations above the historical valuation differential observed over the past 24 years.

Historically, these two groups have traded in roughly the same valuation range. After 2010, however, the valuations of these two groups diverged as investors sought “bond substitutes”—mainly in the Utilities, Real Estate, and Consumer Staples sectors—with higher dividend yields in a lower interest rate environment. The Fund holds no utilities or real estate companies and has only one consumer staples holding (Molson Coors,^d 0.8% of the Fund) because we believe many companies have inflated valuations in these sectors.

Conversely, companies that benefit from rising interest rates—Financials, Energy, and some Industrials—are almost all categorized as value stocks, and they are now selling at extraordinary discounts relative to the market. As a value-oriented manager, the Fund remains overweight Financials (25.8% of the portfolio versus 13.0% of the S&P 500) and Energy (9.9% of the portfolio versus 4.3%).

of those large positions, including Charter Communications, Comcast, JPMorgan Chase, and Microsoft. During 2019, we added more to Energy than any other sector and trimmed the most from Communication Services, particularly in the Media industry.

Finding Value in Energy

Energy companies have suffered from years of lower oil prices, which have reduced cash flows at many companies and made it more difficult to invest in new projects. There are also long-term concerns about oil and gas demand as the threat of climate change necessitates a transition to less carbon-intensive alternatives. However, energy companies currently trade at low multiples relative to their history and to the broader market.

We believe the valuations of the Fund’s energy holdings provide an attractive starting point and more than compensate for these risks. During 2019, we increased the Fund’s exposure to Occidental Petroleum, Concho Resources, Schlumberger, and Halliburton as valuations became more attractive. We also recently initiated a position in Hess, an independent oil and gas exploration and production company.

Hess: Hess is investing its strong cash flows from existing assets into a new project with significant production potential in Guyana. The company owns 30% of a partnership with Exxon Mobil in the Stabroek block in the country, and this oil discovery is already one of the largest in recent decades. Much of the Stabroek block remains unexplored and Hess has interests in additional blocks in Guyana and Suriname. Incremental discoveries on these blocks could provide additional upside. In addition, the Guyana resource has some of the lowest development costs outside of OPEC.^e Higher incremental returns from this investment should result in attractive free cash flow growth over the next several years.

The Hess management team has expressed a desire to return free cash flow to shareholders, but we acknowledge there is a risk of suboptimal capital allocation. While the Guyana resource will require significant capital over the next several years and Hess is reliant on solid execution from Exxon, we believe these risks are manageable and decided to start a position in Hess. Trading at nine times cash flow, Hess was a 0.7% position in the Fund at year end.

Communication Services: Overweight Media & Entertainment

Within Communication Services, Media & Entertainment is another overweight position in the Fund: 11.9% compared to 8.2% for the S&P 500. The majority of the Fund’s exposure relates to cable and satellite companies (Comcast, Charter Communications, and DISH Network). Comcast and Charter have strong potential to continue generating positive free cash flow and sustaining growth in broadband and business services. In addition, DISH has various options for the unrealized value in its wireless spectrum holdings. The other holdings are content-related media companies (Alphabet/Google, Fox Corp., and News Corp.) that offer scarcity value of premium content and growth in digital distribution outlets, advertising, and international markets.

The competitive landscape is rapidly evolving, due to growth in video streaming services (e.g., Netflix, Amazon, Hulu), changes in consumer viewing and listening habits, shifting revenue streams, and industry consolidation. Longer term, uncertainty surrounding potential regulatory incursions (e.g., unbundling, forced wholesale access, price regulation on broadband) and 5G fixed wireless as an alternative to cable broadband also pose risks. However, we believe the Fund’s media and entertainment holdings are trading at reasonable valuations in comparison to these risks and their growth prospects.

In 2019, the Fund’s media holdings outperformed significantly with Charter Communications and Comcast up 70% and 34%, respectively. Based on their solid performance and higher valuations, we trimmed both Comcast and Charter. Nevertheless, they remain in the top-ten holdings of the Fund. In addition, Walt Disney acquired the majority of Twenty-First Century Fox’s assets and the Fund (a large shareholder) primarily received cash as a result of this transaction.

Comcast: We have held Comcast—the largest U.S. cable provider with over 31 million subscriber relationships—in the Fund since 2002; over the years, we have actively added to and trimmed from the position based on relative valuation. The company has technologically advanced connectivity services and, despite concerns about video “cord cutting,” has the potential to grow through increased broadband penetration and pricing power in both residential and business services. Outside the United States, Comcast owns pan-European satellite broadcaster Sky, which has 24 million subscribers in seven countries, including the United Kingdom, Italy, and Germany. We believe NBC Universal (owned by Comcast) can increase its operating profit through affiliate fee increases at NBC and continued investment in its Universal theme parks. In addition, owner-operator Chairman and CEO Brian Roberts has created significant shareholder value and leads a deep and strong management team. Comcast was a 3.0% position on December 31.

Charter Communications: As the second-largest U.S. cable operator, Charter Communications offers internet, video, fixed voice, and mobile data/voice services under the Spectrum brand to 29 million subscribers. Despite the threat of 5G fixed wireless, Charter has continued to add subscribers in its cable broadband business due to its high speed and cost advantage. Fixed data usage has grown steadily over the past decade and has the potential to continue to grow at attractive rates for the foreseeable future. In addition, we believe Charter has significant pricing power because of its superior broadband offerings and large barriers to entry. The company’s high financial leverage is supported by predictable cash flows in combination with its long-lasting infrastructure advantage. Management holds a significant equity stake and is thus strongly incentivized to create value for its shareholders. Charter accounted for 3.3% of the Fund.

IN CLOSING

U.S. equity returns in 2019 were extraordinary and certainly not the norm. History shows market timing can be hazardous to an

investor’s portfolio. While the U.S. economy will inevitably experience a downturn at some point in the future, we believe there is wisdom in being fully invested through market cycles and maintaining a long-term investment horizon.

As a result of high starting valuations, we caution investors to temper expectations around future U.S. equity market performance. That said, we remain optimistic about the long-term outlook for the Fund’s portfolio, which trades at a meaningful discount to the overall market: 13.5 times forward earnings compared to 18.9 times for the S&P 500. In addition, the Fund is well diversified across 64 companies with strong fundamentals and a variety of investment themes.

As a value-oriented manager, patience and persistence are also essential to long-term investment success. We encourage our shareholders to take a similar view. 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

January 31, 2020

Value stocks are the lower valuation portion of the equity market, and growth stocks are the higher valuation portion.

The Russell 1000 Growth Index had a total return of 312.3% from December 31, 2009 through December 31, 2019 compared to 204.9% for the Russell 1000 Value.

Unless otherwise specified, all weightings and characteristics are as of December 31, 2019.

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

The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 nations.

2019 PERFORMANCE REVIEW

The Fund underperformed the S&P 500 by 6.7 percentage points in 2019.

Key Detractors from Relative Results

The return for the S&P 500 was led by Information Technology, which rose 50% in 2019. The Fund’s holdings, while up 27%, trailed significantly. The main driver was not owning a few of the large, exceptional performers that boosted the S&P 500 sector, especially Apple. Weak performance from holdings, including HP Inc. and Juniper Networks, was also a factor.

The Fund was overweight (average 10% versus 5%) and underperformed in the Energy sector (up 9% compared to up 12% for the S&P 500 sector), which was the weakest sector of the Index by a considerable margin. Occidental Petroleum and Apache were the main detractors.

The Fund’s relative returns in the Consumer Discretionary sector lagged substantially (down 6% versus up 28% for the S&P 500 sector), due to poor performance by Qurate Retail and Gap, Inc.

Other key detractors included FedEx, Bank of New York Mellon, Cigna, and Sanofi.

Key Contributors to Relative Results

In the Media industry, the Fund was overweight (average 9% versus 1%) and outperformed (holdings up 45% compared to up 36% for the S&P 500 industry). Charter Communications and Comcast were key positives.

Other contributors included Anadarko Petroleum, Microchip Technology, and Bank of America, and not owning Pfizer, Berkshire Hathaway, and Exxon Mobil.

PORTFOLIO INFORMATION


SECTOR DIVERSIFICATION (%)	% of Net Assets
Financials		25.7
Health Care		22.7
Information Technology		15.3
Communication Services		12.3
Energy		9.9
Industrials		7.5
Consumer Discretionary		3.5
Materials		1.0
Consumer Staples		0.8

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.

90 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 U.S. Equity Investment Committee, which is the decision-making body for the Stock Fund, is a ten-member committee with an average tenure at Dodge & Cox of 24 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.

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.

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.

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 “Expenses Paid During 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.

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).


COMMON STOCKS: 98.7%

	SHARES		VALUE
COMMUNICATION SERVICES: 12.3%
MEDIA & ENTERTAINMENT: 11.9%
Alphabet, Inc., Class A^(a)		82,300	$	110,231,797
Alphabet, Inc., Class C^(a)		1,819,553		2,432,778,752
Charter Communications, Inc., Class A^(a)		4,998,586		2,424,714,097
Comcast Corp., Class A		50,081,194		2,252,151,294
DISH Network Corp., Class A^(a)		18,139,637		643,412,924
Fox Corp., Class A		19,402,775		719,260,869
Fox Corp., Class B		3,897,533		141,870,201
News Corp., Class A		9,313,490		131,692,749

				8,856,112,683
TELECOMMUNICATION SERVICES: 0.4%
Sprint Corp.^(a)		56,515,127		294,443,812

				9,150,556,495
CONSUMER DISCRETIONARY: 3.5%
AUTOMOBILES & COMPONENTS: 0.3%
Harley-Davidson, Inc.		6,567,647		244,250,792

CONSUMER DURABLES & APPAREL: 0.4%
Mattel, Inc.^(a)(b)		23,148,305		313,659,533

RETAILING: 2.8%
Booking Holdings, Inc.^(a)		678,500		1,393,455,805
Qurate Retail, Inc., Series A^(a)(b)		36,723,476		309,578,902
The Gap, Inc.^(b)		18,830,600		332,925,008

				2,035,959,715

				2,593,870,040
CONSUMER STAPLES: 0.8%
FOOD, BEVERAGE & TOBACCO: 0.8%
Molson Coors Brewing Company, Class B^(b)		11,357,925		612,192,157

ENERGY: 9.9%
Apache Corp.^(b)		32,534,809		832,565,762
Baker Hughes Co., Class A		47,100,996		1,207,198,528
Concho Resources, Inc.		6,775,500		593,330,535
Halliburton Co.		29,324,912		717,580,597
Hess Corp.		8,170,682		545,883,264
National Oilwell Varco, Inc.		15,523,409		388,861,395
Occidental Petroleum Corp.^(b)		52,587,926		2,167,148,431
Schlumberger, Ltd. (Curacao/United States)		22,664,845		911,126,769

				7,363,695,281
FINANCIALS: 25.7%
BANKS: 9.9%
Bank of America Corp.		69,455,300		2,446,215,666
JPMorgan Chase & Co.		8,648,500		1,205,600,900
Truist Financial Corp.		16,892,544		951,388,078
Wells Fargo & Co.		52,074,841		2,801,626,446

				7,404,831,090
DIVERSIFIED FINANCIALS: 12.9%
American Express Co.		8,922,000		1,110,699,780
Bank of New York Mellon Corp.		28,770,224		1,448,005,374
Capital One Financial Corp.^(b)		24,489,513		2,520,215,783
Charles Schwab Corp.		60,572,100		2,880,809,076
Goldman Sachs Group, Inc.		7,096,700		1,631,744,231
State Street Corp.		643,810		50,925,371

				9,642,399,615
INSURANCE: 2.9%
AEGON NV (Netherlands)		78,646,902		356,270,466
Brighthouse Financial, Inc.^(a)(b)		6,685,763		262,282,482
MetLife, Inc.		30,367,100		1,547,811,087

				2,166,364,035

				19,213,594,740



	SHARES		VALUE
HEALTH CARE: 22.7%
HEALTH CARE EQUIPMENT & SERVICES: 6.5%
Cigna Corp.		10,508,972	$	2,148,979,684
CVS Health Corp.		12,041,500		894,563,035
Medtronic PLC (Ireland/United States)		3,260,000		369,847,000
UnitedHealth Group, Inc.		4,963,960		1,459,304,961

				4,872,694,680
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES: 16.2%
Alnylam Pharmaceuticals, Inc.^(a)		3,197,761		368,286,134
AstraZeneca PLC ADR (United Kingdom)		25,152,373		1,254,097,318
BioMarin Pharmaceutical, Inc.^(a)		2,956,325		249,957,279
Bristol-Myers Squibb Co.		30,546,239		1,960,763,081
Eli Lilly and Co.		5,012,119		658,742,800
Gilead Sciences, Inc.		11,322,512		735,736,830
GlaxoSmithKline PLC ADR (United Kingdom)		30,905,200		1,452,235,348
Incyte Corp.^(a)		1,995,900		174,281,988
Novartis AG ADR (Switzerland)		16,641,600		1,575,793,104
Roche Holding AG ADR (Switzerland)		40,455,699		1,644,928,721
Sanofi ADR (France)		39,536,828		1,984,748,766

				12,059,571,369

				16,932,266,049
INDUSTRIALS: 7.5%
CAPITAL GOODS: 4.4%
Johnson Controls International PLC^(b) (Ireland/United States)		41,391,117		1,685,032,373
United Technologies Corp.		10,520,700		1,575,580,032

				3,260,612,405
TRANSPORTATION: 3.1%
FedEx Corp.^(b)		15,306,099		2,314,435,230

				5,575,047,635
INFORMATION TECHNOLOGY: 15.3%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT: 2.6%
Maxim Integrated Products, Inc.		5,674,375		349,030,806
Microchip Technology, Inc.^(b)		15,227,133		1,594,585,368

				1,943,616,174
SOFTWARE & SERVICES: 4.6%
Cognizant Technology Solutions Corp., Class A		10,638,400		659,793,568
Micro Focus International PLC ADR^(b) (United Kingdom)		22,850,228		320,588,699
Microsoft Corp.		15,370,100		2,423,864,770

				3,404,247,037
TECHNOLOGY, HARDWARE & EQUIPMENT: 8.1%
Cisco Systems, Inc.		12,989,787		622,990,184
Dell Technologies, Inc., Class C^(a)		14,340,717		736,969,447
Hewlett Packard Enterprise Co.^(b)		76,727,245		1,216,894,106
HP Inc.^(b)		74,243,278		1,525,699,363
Juniper Networks, Inc.^(b)		29,879,065		735,921,371
TE Connectivity, Ltd. (Switzerland)		12,923,075		1,238,547,508

				6,077,021,979

				11,424,885,190
MATERIALS: 1.0%
Celanese Corp.^(b)		6,153,598		757,630,986

TOTAL COMMON STOCKS (Cost $50,592,562,940)			$	73,623,738,573


SHORT-TERM INVESTMENTS: 1.3%

	PAR VALUE/ SHARES			VALUE
REPURCHASE AGREEMENTS: 0.9%
Bank of Montreal^(c) 1.48%, dated 12/31/19, due 1/2/20, maturity value $165,813,632	$	165,800,000		$	165,800,000
Fixed Income Clearing Corporation^(c) 1.00%, dated 12/31/19, due 1/2/20, maturity value $152,509,472		152,501,000			152,501,000
Royal Bank of Canada^(c) 1.53%, dated 12/31/19, due 1/2/20, maturity value $331,528,178		331,500,000			331,500,000

					649,801,000
MONEY MARKET FUND: 0.4%
State Street Institutional U.S. Government Money Market Fund		298,136,386			298,136,386

TOTAL SHORT-TERM INVESTMENTS (Cost $947,937,386)				$	947,937,386

TOTAL INVESTMENTS IN SECURITIES (Cost $51,540,500,326)		100.0	%	$	74,571,675,959
OTHER ASSETS LESS LIABILITIES		0.0	%		13,691,629

NET ASSETS		100.0	%	$	74,585,367,588

^(a)	Non-income producing

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

^(c)	Repurchase agreements are collateralized by:

Bank of Montreal: U.S. Treasury Notes 1.625%-3.875%, 3/15/21-8/15/49 and U.S. Treasury Inflation Indexed Notes 0.375%-2.375%, 7/15/23-1/15/25. Total collateral value is $169,129,962.

Fixed Income Clearing Corporation: U.S. Treasury Notes 2.125%-2.75%, 5/31/21-8/15/21. Total collateral value is $155,554,757.

Royal Bank of Canada: U.S. Treasury Notes 2.375%-2.75%, 8/15/21-5/15/27 and U.S. Treasury Inflation Indexed Note 0.375%, 1/15/27. Total collateral value is $338,158,766.

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


STATEMENT OF ASSETS AND LIABILITIES

	December 31, 2019
ASSETS:
Investments in securities, at value
Unaffiliated issuers (cost $35,579,511,337)	$	57,070,320,405
Affiliated issuers (cost $15,960,988,989)		17,501,355,554

		74,571,675,959
Cash		386,072
Deposits with broker for futures contracts		36,376,200
Receivable for variation margin for futures contracts		6,562,307
Receivable for Fund shares sold		78,310,501
Dividends and interest receivable		114,001,862
Prepaid expenses and other assets		362,238

		74,807,675,139

LIABILITIES:
Payable for investments purchased		13,388,110
Payable for Fund shares redeemed		175,682,029
Management fees payable		31,276,256
Accrued expenses		1,961,156

		222,307,551

NET ASSETS	$	74,585,367,588

NET ASSETS CONSIST OF:
Paid in capital	$	50,900,030,181
Distributable earnings		23,685,337,407

	$	74,585,367,588

Fund shares outstanding (par value $0.01 each, unlimited shares authorized)		384,939,586
Net asset value per share	$	193.76

STATEMENT OF OPERATIONS

	Year Ended December 31, 2019
INVESTMENT INCOME:
Dividends (net of foreign taxes of $25,376,047)
Unaffiliated issuers	$	1,113,082,283
Affiliated issuers		581,431,325
Interest		25,498,354

		1,720,011,962

EXPENSES:
Management fees		351,158,289
Custody and fund accounting fees		698,069
Transfer agent fees		4,285,046
Professional services		248,048
Shareholder reports		1,542,155
Registration fees		314,571
Trustees’ fees		341,666
ADR depositary service fees		7,192,655
Miscellaneous		803,555

		366,584,054

NET INVESTMENT INCOME		1,353,427,908

REALIZED AND UNREALIZED GAIN:
Net realized gain
Investments in securities of unaffiliated issuers (Note 6)		3,888,166,294
Investments in securities of affiliated issuers (Note 6)		713,760,283
Futures contracts		322,466,004
Net change in unrealized appreciation/depreciation
Investments in securities of unaffiliated issuers		8,257,177,682
Investments in securities of affiliated issuers		857,947,864
Futures contracts		7,872,392

Net realized and unrealized gain		14,047,390,519

NET CHANGE IN NET ASSETS FROM OPERATIONS	$	15,400,818,427


STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2019			Year Ended December 31, 2018
OPERATIONS:
Net investment income	$	1,353,427,908		$	1,006,222,609
Net realized gain (loss)		4,924,392,581			6,749,317,514
Net change in unrealized appreciation/depreciation		9,122,997,938			(12,568,242,564	)

		15,400,818,427			(4,812,702,441	)


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions		(7,585,191,926	)		(5,765,113,809	)

FUND SHARE TRANSACTIONS:
Proceeds from sale of shares		7,953,276,880			8,154,979,913
Reinvestment of distributions		7,158,101,543			5,469,183,979
Cost of shares redeemed		(11,346,329,483	)		(10,942,582,148	)

Net change from Fund share transactions		3,765,048,940			2,681,581,744

Total change in net assets		11,580,675,441			(7,896,234,506	)

NET ASSETS:
Beginning of year		63,004,692,147			70,900,926,653

End of year	$	74,585,367,588		$	63,004,692,147


SHARE INFORMATION:
Shares sold		42,512,625			40,043,780
Distributions reinvested		38,025,346			30,452,377
Shares redeemed		(60,186,093	)		(54,124,818	)

Net change in shares outstanding		20,351,878			16,371,339

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 Fund is an investment company and follows the accounting and reporting guidance issued in Topic 946 by the Financial Accounting Standards Board. 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:

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

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

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

methods for calibrating fair valuation approaches, including a regular review of key inputs and assumptions, back-testing, and review of any related market activity.

Valuing securities through a fair value determination involves greater reliance on judgment than valuation of securities based on readily available market quotations. In some instances, lack of information and uncertainty as to the significance of information may lead to a conclusion that a prior valuation is the best indication of a security’s value. When fair value pricing is employed, the prices of securities used by the Fund to calculate its net asset value 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 transaction if the ex-dividend date has passed. Non-cash dividends, 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 using methodologies determined by the nature of the expense.

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

Repurchase agreements Repurchase agreements are transactions under which a Fund purchases a security from a dealer counterparty and agrees to resell the security to that counterparty on a specified future date at the same price, plus a specified interest rate. The Fund’s repurchase agreements are secured by U.S. government or agency securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. The Fund maintains custody of the underlying collateral securities, either through its regular custodian or through a third party custodian that maintains separate accounts for both the Fund and its counterparties. In the event of default by a counterparty, the Fund has the contractual right to liquidate the collateral securities and to apply the proceeds in satisfaction of the obligation.

Foreign taxes The Fund may be 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 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. These amounts, if any, are reported in “dividends and interest receivable” in the Statement of Assets and Liabilities.

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.

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, forward exchange rates, etc.)

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

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

The following is a summary of the inputs used to value the Fund’s holdings at December 31, 2019:


Classification	LEVEL 1 (Quoted Prices)		LEVEL 2 (Other Significant Observable Inputs)
Securities
Common Stocks^(a)	$	73,623,738,573	$	—
Short-term Investments
Repurchase Agreements		—		649,801,000
Money Market Fund		298,136,386		—

Total Securities	$	73,921,874,959	$	649,801,000


Other Investments
Futures Contracts
Appreciation	$	9,379,333	$	—

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

NOTE 3—DERIVATIVE INSTRUMENTS

The Fund may use derivatives either to minimize the impact of certain risks to one or more of its investments (as a “hedging technique”) or to implement its investment strategy. A derivative is a financial instrument whose value is derived from a security, currency, interest rate, index, or other financial instrument.

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. Futures contracts are exchange-traded. 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 the contract. 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 in the Statement of Assets and Liabilities. A receivable and/or payable to brokers for daily variation margin is also recorded in 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 assets. To the extent the Fund uses futures, it is exposed to additional volatility and potential losses resulting from leverage.

Additional derivative information The following identifies the location on the Statement of Assets and Liabilities and values of the Fund’s derivative instruments.


	Equity Derivatives
Assets
Futures contracts^(a)	$	9,379,333

^(a)	Includes cumulative appreciation (depreciation). Only the current day’s variation margin is reported in the Statement of Assets and Liabilities.

The following summarizes the effect of derivative instruments on the Statement of Operations.


	Equity Derivatives
Net realized gain (loss)
Futures contracts	$	322,466,004
Net change in unrealized appreciation/depreciation
Futures contracts	$	7,872,392

The following summarizes the range of volume in the Fund’s derivative instruments during the year ended December 31, 2019.

NOTE 4—RELATED PARTY TRANSACTIONS

Management fees Under a written agreement approved by a unanimous vote of the Board of Trustees, the Fund pays a management fee monthly at an annual rate 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 5—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. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes. Financial reporting records are adjusted for permanent book to tax differences at year end to reflect tax character. Book to tax differences are primarily due to differing treatments of redemptions in-kind, wash sales, net short-term realized gain (loss), derivatives, and distributions.

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


	Year Ended December 31, 2019			Year Ended December 31, 2018
Ordinary income	$	1,484,439,010		$	1,021,848,439
		($4.010 per share	)		($2.947 per share	)
Long-term capital gain	$	6,100,752,916		$	4,743,265,370
		($16.669 per share	)		($13.793 per share	)

At December 31, 2019, the tax basis components of distributable earnings were as follows:


Undistributed ordinary income	$	27,664,921
Undistributed long-term capital gain		661,965,527

At December 31, 2019, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:


Tax cost	$	51,585,348,333

Unrealized appreciation		26,624,643,683
Unrealized depreciation		(3,628,936,724	)

Net unrealized appreciation		22,995,706,959

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 6—REDEMPTIONS IN-KIND

During the year ended December 31, 2019, the Fund distributed securities and cash as payment for a redemption of Fund shares. For financial reporting purposes, the Fund realized a net gain of $69,902,483 attributable to the redemption in-kind: $63,172,477 from unaffiliated issuers and $6,730,006 from affiliated issuers. For tax purposes, no capital gain on the redemption in-kind was recognized.

NOTE 7—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 year.

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. For the year ended December 31, 2019, the Fund’s commitment fee amounted to $431,189 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 year.

NOTE 8—PURCHASES AND SALES OF INVESTMENTS

For the year ended December 31, 2019, purchases and sales of securities, other than short-term securities, aggregated $11,683,386,294 and $12,167,259,091, respectively.

NOTE 9—SUBSEQUENT EVENTS

Fund management has determined that no material events or transactions occurred subsequent to December 31, 2019, and through the date of the Fund’s financial statements issuance, which require additional disclosure in the Fund’s financial statements.

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 year ended December 31, 2019. Further detail on these holdings and related transactions during the year appear below.

To the Board of Trustees of the Dodge & Cox Funds and Shareholders of Dodge & Cox Stock Fund

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Dodge & Cox Stock Fund (one of the funds constituting Dodge & Cox Funds, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the Dodge & Cox Funds since 1931.

SPECIAL 2019 TAX INFORMATION

(unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code:

The Fund designates $6,100,752,916 as long-term capital gain distributions in 2019.

The Fund designates up to a maximum amount of $1,719,763,275 of its distributions paid to shareholders in 2019 as qualified dividends (treated for federal income tax purposes in the hands of shareholders as taxable at a maximum rate of 20%). For shareholders that are corporations, the Fund designates 74% of its ordinary dividends paid to shareholders in 2019 as dividends from domestic corporations eligible for the corporate dividends received deduction, provided that the shareholder otherwise satisfies applicable requirements to claim that deduction.

FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 under the Investment Company Act. The program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources including the Funds’ interfund lending facility and line of credit. The Funds’ Board of Trustees approved the appointment of a Liquidity Risk Management Committee including representatives from Dodge & Cox’s legal, compliance, treasury, operations, trading, and portfolio management departments, which is responsible for the program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the program’s operation and effectiveness. The Liquidity Risk Management Committee refreshed its assessment of the Fund’s liquidity risk profile, considering additional data gathered in the 12 months ended September 30, 2019 and the adequacy and effectiveness of the liquidity risk management program’s operations since its inception in February, 2019 (the “covered period”) in order to prepare a written report to the Board of Trustees for consideration at its meeting held on December 12, 2019. The report concluded that (i) the Fund did not experience significant liquidity challenges during the covered period (ii) the Fund’s investment strategy is appropriate for an open-end fund; and (iii) the Fund’s liquidity risk management program is reasonably designed to assess and manage its liquidity risk.

BOARD APPROVAL OF FUNDS’ INVESTMENT MANAGEMENT AGREEMENTS AND MANAGEMENT FEES

(unaudited)

(including a separate vote of those Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940) (the “Independent Trustees”)), approved the renewal of the Agreements for an additional one-year term through December 31, 2020 with respect to each Fund. During the course of the year, the Board received extensive information and materials relating to the investment management and administrative services provided by Dodge & Cox and the performance of each of the Funds.

INFORMATION RECEIVED

Over the past several years, the Board has requested, received, and discussed a number of special presentations on topics relevant to their annual consideration of the proposed renewal of the Funds’ Agreements. In addition to the foregoing and in advance of the meetings referred to below, the Board, including the Independent Trustees, requested, received, and reviewed materials relating to the Agreements and the services provided by Dodge & Cox. The Independent Trustees retained Broadridge to prepare an independent expense and performance summary for each Fund and comparable funds managed by other advisers identified by Broadridge. The Broadridge materials included information regarding advisory and administrative fee rates, expense ratios, and transfer agency, custodial, and distribution expenses, as well as performance comparisons to each Fund’s peer group and to a broad-based securities index or combination of indices. The Broadridge materials also included a comparison of expenses of various share classes offered by comparable funds. The materials reviewed by the Board contained information concerning, among other things, Dodge & Cox’s profitability, financial results and condition, management fee revenue, and separate account fee schedules. The Board additionally considered the Funds’ brokerage commissions, turnover rates, sales and redemption data, and the investment that Dodge & Cox makes in research used in managing the Funds. The Board received and reviewed memoranda and related materials addressing, among other things, Dodge & Cox’s services to the Funds; how Dodge & Cox Funds’ fees compare to fees of peer group funds; the different fees, services, costs, and risks associated with other accounts managed by Dodge & Cox as compared to the Dodge & Cox Funds; and the ways in which the Funds realize economies of scale. Throughout the process of reviewing the services provided by Dodge & Cox and preparing for the meeting, the Independent Trustees found Dodge & Cox to be open, forthright, detailed, and helpful in answering questions about all issues. The Board received copies of the Agreements and a memorandum from the independent legal counsel to the Independent Trustees discussing the factors generally regarded as appropriate to consider in evaluating mutual fund management arrangements. The Trust’s Contract Review Committee, consisting solely of Independent Trustees, met with the independent legal counsel on November 7, 2019 and again on December 12, 2019 to discuss whether to renew the Agreements. The Board, including the Independent Trustees, subsequently concluded that the existing Agreements are fair and reasonable and voted to approve the Agreements. In considering the Agreements, the Board, including the Independent Trustees, did not identify any single factor or particular information as all-important or controlling. In reaching the decision to approve the Agreements, the Board considered

several factors, discussed below, to be key factors and reached the conclusions described below.

NATURE, QUALITY, AND EXTENT OF THE SERVICES

The Board considered that Dodge & Cox provides a range of services to the Funds in addition to portfolio management, including regulatory compliance, trading desks, proxy voting, transfer agent and custodian oversight, administration, regulatory filings, tax compliance and filings, website, and anti-money laundering. The nature of services provided by Dodge & Cox has been documented in materials provided to the Board and in presentations made to the Board throughout the year. In particular, the Board considered the nature, quality, and extent of portfolio management, administrative, and shareholder services performed by Dodge & Cox. With regard to portfolio management services, the Board considered Dodge & Cox’s established long-term history of care in the management of the Funds; its consistency in investment approach and depth; the background and experience of the Dodge & Cox U.S. Equity Investment Committee, International Equity Investment Committee, Global Equity Investment Committee, U.S. Fixed Income Investment Committee, and Global Fixed Income Investment Committee, and research analysts responsible for managing the Funds; Dodge & Cox’s methods for assessing the regulatory and investment climate in various jurisdictions; its overall level of attention to its core investment management function; and its commitment to the Funds and their shareholders. The Board reviewed information from Dodge & Cox regarding any material conflicts of interest between the Funds and Dodge & Cox or its other clients, and regarding how Dodge & Cox addresses those conflicts. The Board noted Dodge & Cox’s record of favorable press and industry coverage, as well as its good compliance record, and its reputation as a trusted, shareholder-friendly mutual fund family. In addition, the Board considered that Dodge & Cox manages approximately $211 billion in Fund assets with fewer professionals than most comparable funds, and that on average these professionals have more experience and longer tenure than investment professionals at comparable funds. The Board also noted that Dodge & Cox is an investment research-oriented firm with no other business endeavors to distract management’s attention from its research efforts, that its investment professionals adhere to a consistent investment approach across the Funds, and that due to its deliberate strategy with respect to new products, Dodge & Cox has had stability in its mutual fund product offerings over the course of many years and has the fewest funds of any of the 25 largest mutual fund families by assets. The Board further considered the “Gold” analyst rating awarded by Morningstar to all of the Funds (other than the Global Bond Fund, which has a “Silver” rating). The Board concluded that it was satisfied with the nature, extent, and quality of investment management and other services provided to the Funds by Dodge & Cox.

INVESTMENT PERFORMANCE

the performance of the Funds, the Board considered the Funds’ investment returns over various periods and the volatility thereof and concluded that the levels experienced were consistent with Dodge & Cox’s long-term approach and active investment style. The Board also compared the short- and long-term investment performance of the equity funds to value-oriented indices, in recognition of the significant performance divergence between value and growth stocks over the past several years. It was noted that equity performance has been consistent with the value oriented investment strategy employed by Dodge & Cox. The Board concluded that Dodge & Cox’s historic, long-term, team-oriented, bottom-up investment approach remains consistent and that Dodge & Cox continues to be distinguished by its integrity, transparency, and independence. The Board considered that the performance of the Funds is the result of a value-oriented investment management process that emphasizes a long-term investment horizon, independent research, a team approach, price discipline, low cost, and low portfolio turnover. The Board concluded that Dodge & Cox has delivered long-term performance for Fund investors consistent with the long-term investment strategies being pursued by the Funds.

COSTS AND ANCILLARY BENEFITS

Costs of Services to Funds: Fees and Expenses The Board considered each Fund’s management fee rate and net expense ratio relative to (1) a broad category of other mutual funds with similar portfolio characteristics and share class and expense structures and (2) a smaller group of peers selected by Broadridge based on investment style, share class characteristics, and asset levels. The Board also considered the management fees charged by Dodge & Cox to other clients. In particular, the Board considered that the Funds continue to be below their peer group medians in net expense ratios. The Board also evaluated the operating structures of the Funds and Dodge & Cox, noting that the Funds do not charge front-end sales commissions or distribution fees, and Dodge & Cox bears, among other things, the cost of most third-party research, reimbursement for shareholder recordkeeping and administrative costs to third-party retirement plan administrators, and administrative and office overhead. The Board noted that the Broadridge report shows that the net expense ratio of every Dodge & Cox Fund is in the least expensive quartile compared to its broad Morningstar category. The Board noted the Funds’ unusual single-share-class structure and reviewed Broadridge data (including asset-weighted average expense ratios) showing that most of the peer group funds offer several different classes of shares, with different expense ratios, to different categories of investors, and that the Broadridge expense comparisons described above generally compare the net expense ratio of each Dodge & Cox Fund’s single share class to one of the least expensive share classes of the peer fund, even though those share classes are often not available to retail investors. The Board noted that the Funds provide access for small investors to high quality investment management at a relatively low cost. The Board also considered that the Funds are priced to scale, i.e., management fee rates begin at relatively low levels. Even without breakpoints, the Funds’ management fee rates are lower than those of many peer funds whose fee schedules include breakpoints. With respect to non-U.S. funds sponsored and managed by Dodge & Cox that are comparable to the Funds in many respects, the Board noted that

the fee rates charged by Dodge & Cox are the same as or higher than the fee rates charged to the Funds. The Board reviewed information regarding the fee rates Dodge & Cox charges to separate accounts that have investment programs similar to those of the Funds, including instances where separate account fees are lower than Fund fees. The Board considered the differences in the nature and scope of services Dodge & Cox provides to the Funds as compared to other client accounts, as well as material differences in regulatory, litigation, and other risks as between Dodge & Cox Funds and other types of clients. The Board noted that different markets exist for mutual fund and institutional separate account management services and that a comparison of Fund fee rates and separate account fee rates must consider the fact that separate account clients bear additional costs and responsibilities that are included in the cost of a Fund. After consideration of these matters, the Board concluded that the overall costs incurred by the Funds for the services they receive (including the management fee paid to Dodge & Cox) are reasonable and that the fees are acceptable based upon the qualifications, experience, reputation, and performance of Dodge & Cox and the low overall expense ratios of the Funds.

Profitability and Costs of Services to Dodge & Cox; “Fall-out” Benefits The Board reviewed reports of Dodge & Cox’s financial position, profitability, and estimated overall value and considered Dodge & Cox’s overall profitability within its context as a private, employee-owned S-Corporation and relative to the scope and quality of the services provided. The Board noted in particular that Dodge & Cox’s profits are not generated by high fee rates, but reflect a focused business approach toward investment management. The Board recognized the importance of Dodge & Cox’s profitability—which is derived solely from management fees and does not include other business ventures—to maintain its independence, stability, company culture and ethics, and management continuity. The Board also considered that the compensation/profit structure at Dodge & Cox includes a return on shareholder employees’ investment in the firm, which is vital for remaining independent and facilitating retention of management and investment professionals. The Board also considered that Dodge & Cox has in the past closed some of the Funds to new investors to proactively manage growth in those Funds. While these actions are intended to benefit existing Fund shareholders, the effect is to reduce potential revenues to Dodge & Cox from new shareholders. The Board also considered potential “fall-out” benefits (including the receipt of research from unaffiliated brokers and reputational benefits to non-U.S. funds sponsored and managed by Dodge & Cox) that Dodge & Cox might receive as a result of its association with the Funds and determined that they are acceptable. The Board also noted that Dodge & Cox continues to invest in its business to provide enhanced services, systems, and research capabilities, all of which benefit the Funds. The Board concluded that Dodge & Cox’s profitability is the keystone of its independence, stability, and long-term investment performance and that the profitability of Dodge & Cox’s relationship with the Funds (including fall-out benefits) is fair and reasonable.

ECONOMIES OF SCALE

The Board considered whether there have been economies of scale with respect to the management of each Fund, whether the Funds have appropriately benefited from any economies of scale, and whether the management fee rate is reasonable in relation to the level of Fund assets and any economies of scale that may exist. In the Board’s view, any consideration of economies of scale must take account of the Funds’ low fee and expense structure and the fact that the Dodge & Cox Funds build economies of scale into their fee structures by charging low fees from a fund’s inception and keeping overall expenses down as a Fund grows, as compared to other fund complexes that employ fee “breakpoints” only after a fund reaches a certain scale. An assessment of economies of scale must also take into account that Dodge & Cox invests time and resources in each new Fund for months (and sometimes years) prior to launch; in addition, in a Fund’s early periods of operations, expenses are capped, which means that Dodge & Cox subsidizes the operations of a new Fund for a period of time until it reaches scale. The Board also observed that, while total Fund assets have grown over the long term, this growth has not been continuous or evenly distributed across all of the Funds. In addition, the Board noted that Dodge & Cox has shared the benefits of economies of scale with the Funds by adding services to the Funds over time, and that Dodge & Cox’s internal costs of providing investment management, technology, administrative, legal, and compliance services to the Funds continue to increase. For example, Dodge & Cox has increased its global research staff and investment resources over the years to add new capabilities for the benefit of Fund shareholders and to address the increased complexity of investing globally. In addition, Dodge & Cox has made expenditures in other staff, technology, and infrastructure to enable it to integrate credit and equity analyses and to implement its strategy in a more effective manner. Over the last ten years, Dodge & Cox has increased its spending on research, investment management, client servicing, cybersecurity, technology, third-party research, data services, and computer systems for trading, operations, compliance, accounting, and communications at a rate that has outpaced the Funds’ growth rate during the same period. The Board also observed that, even without fee breakpoints, the Funds are competitively priced in a competitive market and that having a low fee from inception is better for shareholders than starting with a higher fee and adding breakpoints. The Board also noted that there are certain diseconomies of scale associated with managing large funds, insofar as certain of the costs and risks associated with portfolio management increase disproportionately as assets grow. The Board concluded that the current Dodge & Cox fee structure is fair and reasonable and adequately shares economies of scale that may exist.

CONCLUSION

Dodge & Cox’s services have provided value for Fund shareholders over the long term, and that approval of the Agreements was in the best interests of each Fund and its shareholders.

FUND HOLDINGS

The Fund provides a complete list of its holdings on a quarterly basis by filing the lists with the SEC on Form N-CSR (as of the end of the second and fourth quarters) and on Part F of Form N-PORT (as of the end of the first and third quarters). Shareholders may view the Fund’s Form N-CSR and Part F of Form N-PORT on the SEC’s website at sec.gov. A list of the Fund’s quarter-end holdings is also available at dodgeandcox.com on or about the 15th day following each quarter end and remains available on the website until the list is updated for 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.

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.

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 December 31, 2019, 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.

The Dodge & Cox Global Stock Fund had a total return of 23.8% for the year ended December 31, 2019, compared to a return of 27.7% for the MSCI World Index.

MARKET COMMENTARY

Global equity markets experienced strong performance in 2019. Improving sentiment surrounding the same macro factors that dragged markets down in 2018—sluggish economic growth, the direction of monetary policy, and trade wars—propelled markets in 2019.

In the United States, the S&P 500 Index reached an all-time high, delivering its strongest annual return since 2013 (up 31%), as every sector posted double-digit returns. Information Technology surged 50% and was the best-performing sector of the S&P 500, while Energy (up 12%) was the worst-performing sector. International equity markets also rebounded sharply in 2019 (MSCI EAFE Index up 22%), more than offsetting the decline in 2018, with every sector of the MSCI EAFE posting positive returns.

INVESTMENT STRATEGY

We believe this is an extremely compelling time to be invested in the value part of the market, given the enormous valuation disparity between value and growth stocks.^a History has shown that starting valuation is a major factor in long-term returns, and the current valuation disparity is exceptional: the MSCI World Growth Index now trades at 23.1 times forward earnings, while the MSCI World Value Index trades at 13.4 times.^b Investors are paying one of the highest premiums for growth stocks since these indices’ inception in 1997. The current valuation spread is in the 94^th percentile and also represents the largest gap since 2000.^c

Four sectors encapsulate the current spread between value and growth stocks. On the value end of the spectrum, Financials and Energy are the two largest overweights in the MSCI World Value compared to the overall market. Conversely, Information Technology and Consumer Discretionary are the two largest overweights of the MSCI World Growth compared to the overall market. As a result of our bottom-up approach, the Fund is overweight Financials, Health Care, and Energy and underweight Information Technology, Consumer Discretionary, and Consumer Staples.

Given the wide valuation spread, we continue to identify attractive investment opportunities and have leaned into challenged areas of the market, such as Energy and Industrials. At the same time, we also reevaluated the portfolio’s strong performers and significantly trimmed back several of those large positions, including Charter Communications, Comcast, ICICI Bank, JD.com, and Naspers.^d During 2019, we added more to Energy than any other sector and trimmed the most from Communication Services, particularly in the Media industry.

Compelling Valuations in Energy

Energy companies are trading at low valuations relative to their history and to the broader market. On a price to cash flow basis,

the MSCI World Energy sector is trading at its lowest valuation over the past 20 years relative to the overall MSCI World. Energy companies have suffered from years of lower oil prices, which have reduced cash flows for many companies and made it more difficult to invest in new projects. But this combination of low valuations, lower investments in future supply, and low expectations for oil prices may have created the conditions for attractive relative returns in the future.

During 2019, the Fund increased its exposure to Occidental Petroleum and Baker Hughes as valuations became more attractive and initiated positions in Encana^e and Hess. At year end, Energy was 8.9% of the Fund compared to 4.9% for the MSCI World.

Encana: Encana is one of the largest shale oil producers in North America, with high-quality assets in the Permian Basin, Eagle Ford, and Montney. Through its acquisition of Newfield Exploration, Encana also recently entered the Anadarko basin. The company has developed industry-leading operating and technical capabilities. As one of the most sophisticated and low-cost shale operators in the industry, Encana is able to generate substantial free cash flow across a wide range of oil prices. The company has a strong balance sheet, trades at a high single-digit free cash flow yield, and should be able to grow production at mid-single-digit rates over our investment horizon. Encana’s shares declined substantially after the recent Newfield Exploration acquisition, providing an attractive entry point for us to start a position. This combination of low valuation and reasonable growth is scarce in today’s market. On December 31, Encana was a 1.0% position in the Fund.

Hess: Hess, an independent oil and gas exploration and production company, is investing its strong cash flows from existing assets into a new project with significant production potential in the country.The company owns 30% of a partnership with Exxon Mobil in the Stabroek block in Guyana, and this oil discovery is already one of the largest in recent decades. Much of the Stabroek block remains unexplored, and Hess has interests in additional blocks in Guyana and Suriname. Incremental discoveries on these blocks could provide further upside. In addition, the Guyana resource has some of the lowest development costs outside of OPEC.^f The Guyana resource will require significant capital over the next several years, and Hess is reliant on solid execution from Exxon. However, higher incremental returns from this investment should result in attractive free cash flow growth over the next several years. Trading at nine times cash flow, Hess was a 0.9% position in the Fund at year end.

Communication Services: Overweight Media & Entertainment

Within Communication Services, Media & Entertainment is another overweight position in the Fund: 11.4% compared to 5.8% for the MSCI World. Several holdings are in cable and satellite companies (Comcast, Charter Communications, and DISH Network). Comcast and Charter generate strong free cash flows

and continue to benefit from growth opportunities in broadband and enterprise services. And DISH has significant wireless spectrum holdings representing unrealized value and potential. Other holdings are content-related media companies such as Alphabet, Baidu, and Grupo Televisa, which offer exposure to growth in digital distribution outlets, advertising, and international markets.

The competitive landscape is rapidly evolving due to growth in video streaming services (e.g., Netflix, Amazon, Hulu), changes in consumer viewing and listening habits, shifting revenue models, and industry consolidation. Longer term, the industry will continue to face uncertainty around potential regulatory incursions (e.g., unbundling, wholesale access, broadband price regulation) as well as technological change, most notably 5G and the challenge it could pose to cable broadband. However, we believe the Fund’s media and entertainment holdings are trading at reasonable valuations in light of attractive growth prospects.

Comcast: We have held Comcast—the largest U.S. cable provider with over 31 million subscriber relationships—in the Fund since its inception in 2008. Over the years, we have actively added to and trimmed from the position based on relative valuation. The company has technologically advanced connectivity services and the potential to grow through increased broadband penetration and pricing power in both residential and business services. Video cord cutting has turned out to be a manageable risk in light of the company’s broader opportunity set for growth. Outside the United States, Comcast owns pan-European satellite broadcaster Sky, which has 24 million subscribers in seven countries, including the United Kingdom, Italy, and Germany. And NBC Universal (owned by Comcast) has opportunities to increase its operating profit through affiliate fee increases at NBC and continued investment in its Universal theme parks. In addition, owner-operator Chairman and CEO Brian Roberts has created significant shareholder value and leads a deep and strong management team. Comcast was a 1.8% position on December 31.

Charter Communications: As the second-largest U.S. cable operator, Charter Communications offers internet, video, fixed voice, and mobile data/voice services to 29 million subscribers. Charter has continued to add subscribers in its cable broadband business due to its high speeds and cost advantages. Fixed data usage has grown steadily over the past decade and has the potential to continue to grow at attractive rates for the foreseeable future. The company’s high financial leverage is supported by significant infrastructure advantages, which translates to high barriers to entry, significant pricing power, and predictable cash flows. Management holds a significant equity stake and is thus strongly incentivized to create value for its shareholders. Charter accounted for 2.4% of the Fund’s assets.

IN CLOSING

As an employee-owned firm with large ownership in our Funds, we have the independence to invest for the long term and find opportunity in unpopular parts of the market.

Given the wide valuation spread between value and growth stocks in the global equity market, we are finding many attractive opportunities today in the value part of the market. History shows that starting valuation is a major factor in long-term returns. We believe the Fund is well positioned, especially if and when this large valuation gap compresses.

At Dodge & Cox, we remain focused on the long term, on our valuation discipline, and on fundamental analysis of prospective investments on a company-by-company basis. That is how we construct what we believe is the best portfolio for our clients. We remain optimistic about the outlook for the Fund, and we 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

January 31, 2020

Value stocks are the lower valuation portion of the equity market, and growth stocks are the higher valuation portion.

Unless otherwise specified, all weightings and characteristics are as of December 31, 2019.

The MSCI World Value Index and MSCI World Growth Index were formed in 1997. The 94th percentile was calculated using monthly data from FactSet for 1997-2003 and MSCI for 2003-present.

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

Encana changed its name to Ovintiv Inc. on January 24, 2020.

The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 nations.

2019 PERFORMANCE REVIEW

The Fund underperformed the MSCI World Index by 3.8 percentage points in 2019.

Key Detractors from Relative Results

Information Technology was the best-performing sector in the MSCI World. The Fund’s weaker relative returns (up 27% compared to up 48% for the MSCI World sector) and average underweight position (10% versus 16%) detracted from returns.

The Fund’s average overweight position in the Energy sector (8% versus 6% for the MSCI World), the worst-performing sector of the market, hurt results. Occidental Petroleum and Apache performed poorly.

Additional detractors included Qurate Retail, FedEx, Baidu, and Banco Santander.

Key Contributors to Relative Results

The Fund’s strong stock selection in the Health Care sector (up 28% compared to up 23% for the MSCI World sector), contributed to results.

Relative returns in Communication Services (up 30% compared to up 28% for the MSCI World sector), combined with a higher average weighting (14% versus 8%), had a positive impact. Charter Communications and Altice Europe were strong performers.

Additional contributors included Anadarko Petroleum, JD.com, and Johnson Controls International.

KEY CHARACTERISTICS OF DODGE & COX

Independent Organization

90 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 Equity Investment 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 25 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.


COMMON STOCKS: 95.4%

	SHARES		VALUE
COMMUNICATION SERVICES: 12.4%
MEDIA & ENTERTAINMENT: 11.4%
Alphabet, Inc., Class C^(a) (United States)		200,499	$	268,071,173
Altice Europe NV, Series A^(a) (Netherlands)		1,884,595		12,150,985
Baidu, Inc. ADR^(a) (Cayman Islands/China)		1,384,800		175,038,720
Charter Communications, Inc., Class A^(a) (United States)		503,197		244,090,801
Comcast Corp., Class A (United States)		4,201,200		188,927,964
DISH Network Corp., Class A^(a) (United States)		1,630,800		57,844,476
Grupo Televisa SAB ADR (Mexico)		12,141,400		142,418,622
Liberty Global PLC, Series C^(a) (United Kingdom)		3,430,200		74,761,209
MultiChoice Group, Ltd.^(a) (South Africa)		832,403		6,923,815
Television Broadcasts, Ltd. (Hong Kong)		2,509,500		3,941,876

				1,174,169,641
TELECOMMUNICATION SERVICES: 1.0%
Millicom International Cellular SA SDR (Luxembourg)		1,272,984		61,013,590
Sprint Corp.^(a) (United States)		8,518,500		44,381,385

				105,394,975

				1,279,564,616
CONSUMER DISCRETIONARY: 7.6%
AUTOMOBILES & COMPONENTS: 1.8%
Bayerische Motoren Werke AG (Germany)		894,300		73,620,090
Honda Motor Co., Ltd. (Japan)		3,791,300		106,941,915

				180,562,005
CONSUMER DURABLES & APPAREL: 0.3%
Mattel, Inc.^(a) (United States)		2,144,367		29,056,173

RETAILING: 5.5%
Alibaba Group Holding, Ltd. ADR^(a) (Cayman Islands/China)		452,700		96,017,670
Booking Holdings, Inc.^(a) (United States)		75,500		155,056,615
JD.com, Inc. ADR^(a) (Cayman Islands/China)		3,202,746		112,832,742
Naspers, Ltd. (South Africa)		636,453		104,096,828
Prosus NV^(a) (Netherlands)		793,553		59,220,240
Qurate Retail, Inc., Series A^(a) (United States)		5,081,572		42,837,652

				570,061,747

				779,679,925
CONSUMER STAPLES: 0.5%
FOOD & STAPLES RETAILING: 0.5%
Magnit PJSC (Russia)		1,006,100		55,524,970

ENERGY: 8.5%
Apache Corp. (United States)		4,567,082		116,871,628
Baker Hughes Co., Class A (United States)		3,444,827		88,290,916
Encana Corp. (Canada)		22,392,990		105,023,123
Hess Corp. (United States)		1,357,232		90,676,670
Occidental Petroleum Corp. (United States)		6,865,663		282,933,972
Schlumberger, Ltd. (Curacao/United States)		1,431,200		57,534,240
Suncor Energy, Inc. (Canada)		4,090,300		134,161,840

				875,492,389
FINANCIALS: 29.7%
Banks: 18.8%
Axis Bank, Ltd. (India)		10,609,600		111,851,092
Banco Santander SA (Spain)		39,562,298		165,526,315
Bank of America Corp. (United States)		4,167,300		146,772,306
Barclays PLC (United Kingdom)		51,775,300		123,199,900
BNP Paribas SA (France)		4,430,500		262,548,811
ICICI Bank, Ltd. (India)		26,088,336		196,873,724
Kasikornbank PCL- Foreign (Thailand)		4,969,500		24,867,895
Mitsubishi UFJ Financial Group, Inc. (Japan)		17,775,000		96,066,821
Societe Generale SA (France)		6,432,485		223,783,093
Standard Chartered PLC (United Kingdom)		16,581,477		156,470,262



	SHARES		VALUE
UniCredit SPA (Italy)		17,421,366	$	254,705,442
Wells Fargo & Co. (United States)		3,177,773		170,964,187

				1,933,629,848
DIVERSIFIED FINANCIALS: 9.4%
Bank of New York Mellon Corp. (United States)		1,244,400		62,630,652
Capital One Financial Corp. (United States)		1,927,200		198,328,152
Charles Schwab Corp. (United States)		3,596,500		171,049,540
Credit Suisse Group AG (Switzerland)		13,783,799		187,059,383
Goldman Sachs Group, Inc. (United States)		534,900		122,989,557
UBS Group AG (Switzerland)		17,534,800		221,304,142

				963,361,426
INSURANCE: 1.5%
AEGON NV (Netherlands)		12,085,507		55,133,524
Aviva PLC (United Kingdom)		18,209,820		100,993,471

				156,126,995

				3,053,118,269
HEALTH CARE: 17.9%
HEALTH CARE EQUIPMENT & SERVICES: 4.0%
Cigna Corp. (United States)		776,638		158,814,705
CVS Health Corp. (United States)		1,447,500		107,534,775
UnitedHealth Group, Inc. (United States)		489,000		143,756,220

				410,105,700
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES: 13.9%
Alnylam Pharmaceuticals, Inc.^(a) (United States)		358,500		41,288,445
AstraZeneca PLC (United Kingdom)		1,052,300		106,032,176
Bayer AG (Germany)		1,972,220		161,209,234
Bristol-Myers Squibb Co. (United States)		2,542,700		163,215,913
GlaxoSmithKline PLC (United Kingdom)		9,238,400		217,699,483
Incyte Corp.^(a) (United States)		438,300		38,272,356
Novartis AG (Switzerland)		1,985,900		188,148,865
Roche Holding AG (Switzerland)		678,000		219,846,956
Sanofi (France)		2,963,762		297,937,362

				1,433,650,790

				1,843,756,490
INDUSTRIALS: 6.8%
CAPITAL GOODS: 4.3%
Johnson Controls International PLC (Ireland/United States)		2,766,903		112,640,621
Mitsubishi Electric Corp. (Japan)		10,640,500		144,680,748
Schneider Electric SA (France)		648,578		66,567,157
United Technologies Corp. (United States)		768,700		115,120,512

				439,009,038
TRANSPORTATION: 2.5%
FedEx Corp. (United States)		1,721,500		260,308,015

				699,317,053
INFORMATION TECHNOLOGY: 8.6%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT: 1.6%
Microchip Technology, Inc. (United States)		1,582,300		165,698,456

SOFTWARE & SERVICES: 2.3%
Cognizant Technology Solutions Corp., Class A (United States)		690,500		42,824,810
Micro Focus International PLC (United Kingdom)		3,002,699		42,311,310
Microsoft Corp. (United States)		980,300		154,593,310

				239,729,430
TECHNOLOGY, HARDWARE & EQUIPMENT: 4.7%
Dell Technologies, Inc., Class C^(a) (United States)		1,888,643		97,057,364
Hewlett Packard Enterprise Co. (United States)		5,823,298		92,357,506
HP Inc. (United States)		4,207,700		86,468,235


COMMON STOCKS (continued)

	SHARES			VALUE
Juniper Networks, Inc. (United States)		3,067,168		$	75,544,348
Samsung Electronics Co., Ltd. (South Korea)		159,600			7,690,220
TE Connectivity, Ltd. (Switzerland)		1,261,115			120,865,261

					479,982,934

					885,410,820
MATERIALS: 3.1%
Celanese Corp. (United States)		791,500			97,449,480
Cemex SAB de CV ADR (Mexico)		14,039,917			53,070,886
LafargeHolcim, Ltd. (Switzerland)		1,519,662			84,267,946
Linde PLC (Ireland/United States)		384,361			82,510,492

					317,298,804
REAL ESTATE: 0.3%
Hang Lung Group, Ltd. (Hong Kong)		14,717,900			36,377,803

TOTAL COMMON STOCKS (Cost $8,233,050,188)				$	9,825,541,139

PREFERRED STOCKS: 2.9%


ENERGY: 0.4%
Petroleo Brasileiro SA (Brazil)		5,659,606			42,357,540

FINANCIALS: 1.5%
BANKS: 1.5%
Itau Unibanco Holding SA (Brazil)		16,584,293			152,611,767

INFORMATION TECHNOLOGY: 1.0%
TECHNOLOGY, HARDWARE & EQUIPMENT: 1.0%
Samsung Electronics Co., Ltd. (South Korea)		2,509,700			97,914,241

TOTAL PREFERRED STOCKS (Cost $126,284,285)				$	292,883,548

SHORT-TERM INVESTMENTS: 1.6%

	PAR VALUE/SHARES			VALUE
REPURCHASE AGREEMENTS: 1.2%
Bank of Montreal^(b) 1.48%, dated 12/31/19, due 1/2/20, maturity value $29,902,458	$	29,900,000		$	29,900,000
Fixed Income Clearing Corporation^(b) 1.00%, dated 12/31/19, due 1/2/20, maturity value $38,372,132		38,370,000			38,370,000
Royal Bank of Canada^(b) 1.53%, dated 12/31/19, due 1/2/20, maturity value $59,905,092		59,900,000			59,900,000

					128,170,000
MONEY MARKET FUND: 0.4%
State Street Institutional U.S. Government Money Market Fund		41,147,416			41,147,416

TOTAL SHORT-TERM INVESTMENTS (Cost $169,317,416)				$	169,317,416

TOTAL INVESTMENTS IN SECURITIES (Cost $8,528,651,819)		99.9	%	$	10,287,742,103
OTHER ASSETS LESS LIABILITIES		0.1	%		7,870,616

NET ASSETS		100.0	%	$	10,295,612,719


CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

	December 31, 2019
ASSETS:
Investments in securities, at value (cost $8,528,651,819)	$	10,287,742,103
Unrealized appreciation on currency forward contracts		5,641,165
Cash pledged as collateral for over-the-counter derivatives		14,770,000
Cash		387,752
Cash denominated in foreign currency (cost $1,052)		1,063
Deposits with broker for futures contracts		6,822,900
Receivable for variation margin for futures contracts		416,954
Receivable for investments sold		695,538
Receivable for Fund shares sold		740,758
Dividends and interest receivable		20,831,174
Prepaid expenses and other assets		65,320

		10,338,114,727

LIABILITIES:
Unrealized depreciation on currency forward contracts		8,079,033
Unrealized depreciation on swap contracts		9,424,815
Cash received as collateral for over-the-counter derivatives		4,150,000
Payable for Fund shares redeemed		1,806,531
Management fees payable		5,167,597
Deferred foreign capital gains tax		13,485,932
Accrued expenses		388,100

		42,502,008

NET ASSETS	$	10,295,612,719

NET ASSETS CONSIST OF:
Paid in capital	$	8,663,336,744
Distributable earnings		1,632,275,975

	$	10,295,612,719

Fund shares outstanding (par value $0.01 each, unlimited shares authorized)		810,108,066
Net asset value per share	$	12.71

CONSOLIDATED STATEMENT OF OPERATIONS

	Year Ended December 31, 2019
INVESTMENT INCOME:
Dividends (net of foreign taxes of $15,268,609)	$	261,180,697
Interest		2,926,973

		264,107,670

EXPENSES:
Management fees		57,598,684
Custody and fund accounting fees		610,691
Transfer agent fees		410,862
Professional services		269,565
Shareholder reports		135,943
Registration fees		205,367
Trustees’ fees		341,667
ADR depositary services fees		191,617
Miscellaneous		126,233

		59,890,629

NET INVESTMENT INCOME		204,217,041

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss)
Investments in securities (net of foreign taxes of $1,788,954)		219,077,456
Futures contracts		19,719,504
Swaps		(494,589	)
Currency forward contracts		15,643,306
Foreign currency transactions		(875,786	)
Net change in unrealized appreciation/depreciation
Investments in securities (net of increase in deferred foreign capital gains tax of $8,048,717)		1,574,842,683
Futures contracts		20,008
Swaps		(9,424,815	)
Currency forward contracts		(7,060,231	)
Foreign currency translation		382,313

Net realized and unrealized gain		1,811,829,849

NET CHANGE IN NET ASSETS FROM OPERATIONS	$	2,016,046,890


CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2019			Year Ended December 31, 2018
OPERATIONS:
Net investment income	$	204,217,041		$	146,642,500
Net realized gain (loss)		253,069,891			719,841,807
Net change in unrealized appreciation/depreciation		1,558,759,958			(2,121,170,507	)

		2,016,046,890			(1,254,686,200	)


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions		(714,489,482	)		(770,232,844	)

FUND SHARE TRANSACTIONS:
Proceeds from sale of shares		1,228,950,565			1,404,694,112
Reinvestment of distributions		692,724,507			749,634,584
Cost of shares redeemed		(1,541,815,203	)		(1,425,797,344	)

Net change from Fund share transactions		379,859,869			728,531,352

Total change in net assets		1,681,417,277			(1,296,387,692	)

NET ASSETS:
Beginning of year		8,614,195,442			9,910,583,134

End of year	$	10,295,612,719		$	8,614,195,442


SHARE INFORMATION:
Shares sold		100,250,875			103,488,968
Distributions reinvested		54,978,135			67,840,234
Shares redeemed		(125,774,206	)		(105,831,354	)

Net change in shares outstanding		29,454,804			65,497,848

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.

Portfolio holdings for which market quotes are readily available are valued at market value. Listed securities, for example, are generally valued using the official quoted close price or the last sale on the exchange that is determined to be the primary market for the security. Exchange-traded derivatives are valued at the settlement price determined by the relevant exchange. 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. Security values are not discounted based on the size of the Fund’s position and may differ from the value the Fund receives upon sale of the securities.

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

Valuation Policies, including determining the fair value of securities and other investments when necessary. The Pricing Committee considers relevant indications of value that are reasonably available to it in determining the fair value assigned to a particular security, such as the value of similar financial instruments, trading volumes, contractual restrictions on disposition, related corporate actions, and changes in economic conditions. In doing so, the Pricing Committee employs various methods for calibrating fair valuation approaches, including a regular review of key inputs and assumptions, back-testing, and review of any related market activity.

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

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

payment history and market convention. In consideration of 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. These amounts, if any, are reported in “dividends and interest receivable” in the Consolidated Statement of Assets and Liabilities.

Capital gains taxes are incurred upon disposition of certain foreign securities. Expected capital gains taxes on appreciated securities, if any, are accrued as unrealized losses and incurred capital gains taxes 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.

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 December 31, 2019, 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. These inputs are summarized in the three broad levels listed below.

Level 1: Quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used to value the Fund’s holdings at December 31, 2019:


Classification	LEVEL 1 (Quoted Prices)		LEVEL 2 (Other Significant Observable Inputs)
Securities
Common Stocks
Communication Services	$	1,218,551,026	$	61,013,590
Consumer Discretionary		599,117,920		180,562,005
Consumer Staples		—		55,524,970
Energy		875,492,389		—
Financials		2,269,114,586		784,003,683
Health Care		1,274,551,435		569,205,055
Industrials		554,636,305		144,680,748
Information Technology		877,720,600		7,690,220
Materials		150,520,366		166,778,438
Real Estate		36,377,803		—
Preferred Stocks
Energy		—		42,357,540
Financials		—		152,611,767
Information Technology		—		97,914,241
Short-term Investments
Repurchase Agreements		—		128,170,000
Money Market Fund		41,147,416		—

Total Securities	$	7,897,229,846	$	2,390,512,257


Other Investments
Equity Total Return Swaps
Depreciation	$	—	$	(9,424,815	)
Futures Contracts
Appreciation		1,717,020		—
Currency Forward Contracts
Appreciation		—		5,641,165
Depreciation		—		(8,079,033	)

NOTE 3—DERIVATIVE INSTRUMENTS

Equity total return swaps Equity total return swaps are contracts that can create long or short economic exposure to an underlying equity security. Under such a contract, one party agrees to make payments to another based on the total return of a notional amount of the underlying security (including dividends and changes in market value), in return for periodic payments from the other party based on a fixed or variable interest rate applied to the same notional amount. Equity total return swaps can also be used to hedge against exposure to specific risks associated with a particular issuer or the underlying asset of a particular issuer. Investments in equity total return swaps may include certain risks including unfavorable price movements in the underlying reference instrument(s), or a default or failure by the counterparty.

Equity total return swaps are traded over-the-counter. The value of equity total return swaps changes daily based on the value of the underlying equity security. Changes in the market value of equity total return swaps are recorded as unrealized appreciation or depreciation in the Consolidated Statement of Operations. Realized gains and losses on equity total return swaps are recorded in the Consolidated Statement of Operations upon exchange of cash flows for periodic payments and upon the closing or expiration of the swaps.

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

Currency forward contracts Currency forward contracts are agreements to purchase or sell a specific currency amount at a specified future date and price. Currency forward contracts are

traded over-the-counter. The values of currency forward contracts change 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 a currency forward 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.

Losses from these transactions may arise from unfavorable changes in currency values or if a counterparty does not perform under a contract’s terms.

Additional derivative information The following identifies the location on the Consolidated Statement of Assets and Liabilities and values of the Fund’s derivative instruments, categorized by primary underlying risk exposure.


	Equity Derivatives		Foreign Exchange Derivatives		Total Value
Assets
Unrealized appreciation on currency forward contracts	$	—	$	5,641,165	$	5,641,165
Futures contracts^(a)		1,717,020		—		1,717,020

	$	1,717,020	$	5,641,165	$	7,358,185

Liabilities
Unrealized depreciation on currency forward contracts	$	—	$	8,079,033	$	8,079,033
Unrealized depreciation on swaps		9,424,815		—		9,424,815

	$	9,424,815	$	8,079,033	$	17,503,848

^(a)	Includes cumulative appreciation (depreciation). Only the current day’s variation margin is reported in the Consolidated Statement of Assets and Liabilities.

The following summarizes the effect of derivative instruments on the Consolidated Statement of Operations, categorized by primary underlying risk exposure.


	Equity Derivatives			Foreign Exchange Derivatives			Total
Net realized gain (loss)
Futures contracts	$	19,719,504		$	—		$	19,719,504
Swaps		(494,589	)		—			(494,589	)
Currency forward contracts		—			15,643,306			15,643,306

	$	19,224,915		$	15,643,306		$	34,868,221

Net change in unrealized appreciation/ depreciation
Futures contracts	$	20,008		$	—		$	20,008
Swaps		(9,424,815	)		—			(9,424,815	)
Currency forward contracts		—			(7,060,231	)		(7,060,231	)

	$	(9,404,807	)	$	(7,060,231	)	$	(16,465,038	)

The following summarizes the range of volume in the Fund’s derivative instruments during the year ended December 31, 2019.


Derivative		% of Net Assets
Futures contracts	USD notional value		0-3%
Swaps - long	USD notional value		0-1%
Swaps - short	USD notional value		0-1%
Currency forward contracts	USD total value		5-7%

The Fund may enter into various over-the-counter derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, specify (i) events of default and other events permitting a party to terminate some or all of the contracts thereunder and (ii) the process by which those contracts will be valued for purposes of determining termination payments. If some or all of the contracts under a master agreement are terminated because of an event of default or similar event, the values of all terminated contracts must be netted to determine a single payment owed by one party to the other. 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 contracts only with counterparties it believes to be of good credit quality, by exchanging collateral, and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Fund does not offset assets and liabilities that are subject to a master netting arrangement in the Consolidated Statement of Assets and Liabilities.

The Fund’s ability to net assets and liabilities and to offset collateral pledged or received is based on contractual netting/offset provisions in the ISDA agreements. The following table presents the Fund’s net exposure to each counterparty for derivatives that are subject to enforceable master netting arrangements as of December 31, 2019.


Counterparty	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Cash Collateral Pledged/ (Received)^(a)			Net Amount^(b)
Bank of America	$	672,189	$	—	$	(672,189	)	$	—
Barclays		692,661		546,549		(146,112	)		—
Citibank		818,123		202,281		(615,842	)		—
Credit Suisse		794,388		—		(794,388	)		—
Goldman Sachs		626,730		640,045		—			(13,315	)
HSBC		746,945		1,340,508		—			(593,563	)
JPMorgan		405,296		10,097,983		9,692,687			—
Morgan Stanley		—		366,202		340,000			(26,202	)
State Street		884,833		—		(880,000	)		4,833
UBS		—		4,310,280		3,780,000			(530,280	)

Total	$	5,641,165	$	17,503,848	$	10,704,156		$	(1,158,527	)

^(a)	Cash collateral pledged/(received) in excess of derivative assets/liabilities is not presented in this table. The total cash collateral is presented on the Fund’s Consolidated Statement of Assets and Liabilities.

^(b)	Represents the net amount receivable (payable) from the counterparty in the event of a default.

NOTE 4—RELATED PARTY TRANSACTIONS

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

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. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes. Financial reporting records are adjusted for permanent book to tax differences at year end to reflect tax character. Book to tax differences are primarily due to differing treatments of wash sales, net short-term realized gain (loss), foreign currency realized gain (loss), foreign capital gains tax, certain corporate action transactions, derivatives, and distributions.

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


	Year Ended December 31, 2019			Year Ended December 31, 2018
Ordinary income	$	290,498,840		$	194,859,210
	($	0.383 per share	)	($	0.273 per share	)
Long-term capital gain	$	423,990,642		$	575,373,634
	($	0.559 per share	)	($	0.806 per share	)

At December 31, 2019, the tax basis components of distributable earnings were as follows:


Deferred loss^(a)		$	(41,028,803	)

At December 31, 2019, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:


Tax cost	$	8,590,960,334

Unrealized appreciation		2,452,793,287
Unrealized depreciation		(766,157,181	)

Net unrealized appreciation		1,686,636,106

^(a)	Represents net realized capital loss incurred between November 1, 2019 and December 31, 2019. As permitted by tax regulation, the Fund has elected to treat this loss as arising in 2020.

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 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. For the year ended December 31, 2019, the Fund’s commitment fee amounted to $59,977 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 year.

NOTE 7—PURCHASES AND SALES OF INVESTMENTS

For the year ended December 31, 2019, purchases and sales of securities, other than short-term securities, aggregated $2,091,044,472 and $2,188,764,888, respectively.

NOTE 8—SUBSEQUENT EVENTS

To the Board of Trustees of the Dodge & Cox Funds and Shareholders of Dodge & Cox Global Stock Fund

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, of Dodge & Cox Global Stock Fund and its subsidiary (one of the funds constituting Dodge & Cox Funds, referred to hereafter as the “Fund”) as of December 31, 2019, the related consolidated statement of operations for the year ended December 31, 2019, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

These consolidated financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the Dodge & Cox Funds since 1931.

SPECIAL 2019 TAX INFORMATION

(unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code:

In 2019, the Fund elected to pass through to shareholders foreign source income of $253,371,854 and foreign taxes paid of $17,057,566.

The Fund designates $423,990,642 as long-term capital gain distributions in 2019.

The Fund designates up to a maximum amount of $313,559,277 of its distributions paid to shareholders in 2019 as qualified dividends (treated for federal income tax purposes in the hands of shareholders as taxable at a maximum rate of 20%). For shareholders that are corporations, the Fund designates 23% of its ordinary dividends paid to shareholders in 2019 as dividends from domestic corporations eligible for the corporate dividends received deduction, provided that the shareholder otherwise satisfies applicable requirements to claim that deduction.

FUNDS’ LIQUIDITY RISK MANAGMENT PROGRAM

(unaudited)

BOARD APPROVAL OF FUNDS’ INVESTMENT MANAGEMENT AGREEMENTS AND MANAGEMENT FEES

(unaudited)

The Board of Trustees is responsible for overseeing the performance of the Dodge & Cox Funds’ investment manager and determining whether to continue the Investment Management Agreements

between the Funds and Dodge & Cox each year (the “Agreements”). At a meeting of the Board of Trustees of the Trust held on December 12, 2019, the Trustees, by a unanimous vote (including a separate vote of those Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940) (the “Independent Trustees”)), approved the renewal of the Agreements for an additional one-year term through December 31, 2020 with respect to each Fund. During the course of the year, the Board received extensive information and materials relating to the investment management and administrative services provided by Dodge & Cox and the performance of each of the Funds.

INFORMATION RECEIVED

existing Agreements are fair and reasonable and voted to approve the Agreements. In considering the Agreements, the Board, including the Independent Trustees, did not identify any single factor or particular information as all-important or controlling. In reaching the decision to approve the Agreements, the Board considered several factors, discussed below, to be key factors and reached the conclusions described below.

NATURE, QUALITY, AND EXTENT OF THE SERVICES

INVESTMENT PERFORMANCE

The Board reviewed each Fund’s recent and long-term investment performance (including periods of outperformance and underperformance), as compared to relevant indices and the performance of such Fund’s peer group and broader Morningstar category. In assessing the performance of the Funds, the Board considered the Funds’ investment returns over various periods and the volatility thereof and concluded that the levels experienced were consistent with Dodge & Cox’s long-term approach and active investment style. The Board also compared the short- and long-term investment performance of the equity funds to value-oriented indices, in recognition of the significant performance divergence between value and growth stocks over the past several years. It was noted that equity performance has been consistent with the value oriented investment strategy employed by Dodge & Cox. The Board concluded that Dodge & Cox’s historic, long-term, team-oriented, bottom-up investment approach remains consistent and that Dodge & Cox continues to be distinguished by its integrity, transparency, and independence. The Board considered that the performance of the Funds is the result of a value-oriented investment management process that emphasizes a long-term investment horizon, independent research, a team approach, price discipline, low cost, and low portfolio turnover. The Board concluded that Dodge & Cox has delivered long-term performance for Fund investors consistent with the long-term investment strategies being pursued by the Funds.

COSTS AND ANCILLARY BENEFITS

provide access for small investors to high quality investment management at a relatively low cost. The Board also considered that the Funds are priced to scale, i.e., management fee rates begin at relatively low levels. Even without breakpoints, the Funds’ management fee rates are lower than those of many peer funds whose fee schedules include breakpoints. With respect to non-U.S. funds sponsored and managed by Dodge & Cox that are comparable to the Funds in many respects, the Board noted that the fee rates charged by Dodge & Cox are the same as or higher than the fee rates charged to the Funds. The Board reviewed information regarding the fee rates Dodge & Cox charges to separate accounts that have investment programs similar to those of the Funds, including instances where separate account fees are lower than Fund fees. The Board considered the differences in the nature and scope of services Dodge & Cox provides to the Funds as compared to other client accounts, as well as material differences in regulatory, litigation, and other risks as between Dodge & Cox Funds and other types of clients. The Board noted that different markets exist for mutual fund and institutional separate account management services and that a comparison of Fund fee rates and separate account fee rates must consider the fact that separate account clients bear additional costs and responsibilities that are included in the cost of a Fund. After consideration of these matters, the Board concluded that the overall costs incurred by the Funds for the services they receive (including the management fee paid to Dodge & Cox) are reasonable and that the fees are acceptable based upon the qualifications, experience, reputation, and performance of Dodge & Cox and the low overall expense ratios of the Funds.

Dodge & Cox continues to invest in its business to provide enhanced services, systems, and research capabilities, all of which benefit the Funds. The Board concluded that Dodge & Cox’s profitability is the keystone of its independence, stability, and long-term investment performance and that the profitability of Dodge & Cox’s relationship with the Funds (including fall-out benefits) is fair and reasonable.

ECONOMIES OF SCALE

CONCLUSION

Based on their evaluation of all material factors and assisted by the advice of independent legal counsel to the Independent Trustees, the Board, including the Independent Trustees, concluded that the management fee structure was fair and reasonable, that each Fund was paying a competitive fee for the services provided, that Dodge & Cox’s services have provided value for Fund shareholders over the long term, and that approval of the Agreements was in the best interests of each Fund and its shareholders.

FUND HOLDINGS

PROXY VOTING

HOUSEHOLD MAILINGS

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

The Dodge & Cox International Stock Fund had a total return of 22.8% for the year ended December 31, 2019, compared to a return of 22.0% for the MSCI EAFE (Europe, Australasia, Far East) Index.

MARKET OVERVIEW

International equity markets rebounded sharply in 2019, more than offsetting the decline of 2018. Every sector of the MSCI EAFE posted positive returns. Improving sentiment surrounding the same macro factors that dragged down markets in 2018—namely sluggish global economic growth, the direction of monetary policy, and trade wars—propelled global equity markets in 2019. Meanwhile, U.S. equities continued their reign of outperformance versus international equities, with the S&P 500 Index returning 31.5% and reaching an all-time high.

INVESTMENT STRATEGY: EXTRAORDINARY VALUATION DISPARITY IN INTERNATIONAL EQUITIES

The strong performance of international equities in 2019 overshadowed what we, as value-oriented investors, believe is the most salient point about international equity markets—the growing valuation disparity between value and growth stocks.^a

History has demonstrated that starting valuations are significant drivers of long-term equity returns, and lower starting valuations tend to produce more attractive long-term results. The MSCI EAFE Growth Index trades at 20.6 times forward earnings—making it significantly more expensive than the MSCI EAFE Value Index at 11.4 times.^b Investors are paying one of the highest premiums for growth stocks since these indices’ inception in 1997, with the valuation spread in the 99^th percentile.^c

We have discussed this growing valuation disparity in our recent shareholder letters, and we continue to highlight it because it is the primary reason that international value stocks have underperformed their growth counterparts for seven out of the last ten years.^d The contribution from earnings and dividends of value stocks is similar to or even higher than that of growth stocks over the past one, three, five, and ten years. Looking back over the last several decades, we see periods when valuation discrepancies became extremely large and corrected, sometimes sharply. Outstanding investment returns can be earned when you have the courage (because you will likely be buying what has not worked lately) and patience (because it’s impossible to know exactly when things will turn) to invest in some of the lower valuation stocks when they are trading at a truly large discount to the overall market.

Our Approach to Active Value-Oriented Investing

While value stocks are inexpensive, some are cheap for good reasons, and we believe it is paramount to understand the individual companies you own. We build our portfolio one investment at a time on a bottom-up basis. Using a three- to five-year horizon, we seek to invest in companies whose long-term fundamentals are underappreciated by their current valuations. Our team-based approach often results in a portfolio that looks markedly different from the benchmark.

In the valuation disparity described above, four sectors best illustrate the spread between value and growth. On the value end of the spectrum, the Financials and Energy sectors are the two largest overweights of the MSCI EAFE Value compared to the overall market. Conversely, the Consumer Staples and Information Technology sectors are the two largest overweights of the MSCI EAFE Growth compared to the overall market. Relative to the MSCI EAFE, the Fund is overweight Financials, Energy, and Information Technology and underweight Consumer Staples as a result of our bottom-up approach. Below we review the Fund’s positioning in each of these areas.

Perception Versus Reality in Financials

We have found significant opportunities in Financials, which account for 31.2% of the Fund compared to 18.6% for the MSCI EAFE. European and UK Financials, an area about which we have written extensively,^e are especially attractive. We think a number of these companies exemplify investor perception that is worse than reality. Their low valuations reflect concerns that these businesses face daunting secular challenges. These include lower and negative interest rates, increasing capital requirements, sluggish economic growth, and political uncertainty in the case of Brexit. In spite of those challenges, management teams of many of the Fund’s holdings have improved returns on equity and strengthened balance sheets through restructuring and cost cutting. For example, UniCredit,^f the largest bank in Italy, has improved its return on tangible equity from 4% in 2015 to 9% today by exiting non-core businesses and cutting headcount, all while meeting more stringent capital requirements imposed by its regulators. UniCredit is in a much stronger financial position than in the past and recently raised its target to return 40% of its earnings to shareholders.

When could the market better appreciate these improving fundamentals? We believe it has already begun to do so. For the first three quarters of 2019, the Fund’s European and UK Financials underperformed the market, but they outperformed significantly in the fourth quarter. We did not know this would happen and would never extrapolate future trends based on one quarter’s performance. But this dramatic turnaround is an excellent reminder of why patience and persistence are important traits for a successful value manager. Staying the course, or adding to holdings as their prices fell, has created significant value for the Fund over the long term.

Compelling Valuations in Energy

The Energy sector shares similar traits with the Financials. Energy companies are trading at low multiples relative to their history and to the broader market. On a price to cash flow basis, the MSCI EAFE Energy sector is trading at the lowest valuation over the past 20 years relative to the overall MSCI EAFE. Energy companies have suffered from low oil prices, which have reduced cash flows and made it more difficult to finance new projects. There are also long-term concerns about the demand for oil and gas as the threat of climate change necessitates a transition to less carbon-intensive

alternatives. That said, we think the low valuations of the Fund’s energy holdings provide an attractive starting point and more than compensate for these risks. As an example, Encana,^g one of the largest shale oil producers in North America, trades at a high single-digit free cash flow yield and should be able to grow production at mid-single-digit rates over our investment horizon. This combination of low valuation and reasonable growth is scarce in today’s market. At year end, Energy was 9.2% of the Fund compared to 4.9% for the MSCI EAFE.

Uncovering Value in Technology

Although the Information Technology sector is dominated by growth stocks, we have identified selected companies whose valuations do not reflect our view of their long-term earnings power. For example, Samsung Electronics, which trades at a very cheap valuation on a variety of metrics, is one of the Fund’s largest holdings (2.9% position). We believe its valuation does not give enough credit for the company’s leading global position in memory semiconductors, optionality to grow in new segments like its semiconductor foundry, fortress balance sheet, and commitment to return half of its free cash flow to shareholders. The Fund’s weighting in Information Technology is 8.8% compared to 7.1% for the MSCI EAFE.

Perceived Safe Haven in Consumer Staples

Companies in Consumer Staples are perceived to have stable fundamentals in terms of steady revenue growth, and they typically generate healthy free cash flow. But that implied safety in an uncertain world has come at a cost: the MSCI EAFE Consumer Staples sector currently trades at 18.4 times forward earnings, compared to 14.7 times for the overall market. Many of the companies in this sector have improved operating margins over time, but we believe operating margin expansion is unlikely to be a significant driver of future earnings growth. While we continue to actively monitor these companies, we do not see many attractive opportunities, resulting in the Fund’s weighting of 1.5% versus 11.3% for the MSCI EAFE.

IN CLOSING

History shows that starting valuation is a major factor in long-term returns. Given the wide valuation spread between value and growth stocks in the international equity market, we are finding many companies that are inexpensive on a relative basis. We believe the Fund is well positioned to benefit over the long term, especially if and when this large valuation gap compresses.

In past cycles, many investors have made the mistake of changing course after periods of underperformance because they concluded that the cost of sticking with their investment plan was perceived to be too high. The same can be true for investment managers. Many abandon their investment philosophy and process when their approach has been out of favor for a time. As an independent, employee-owned firm with large ownership in our Funds, we benefit from the absence of an outside stakeholder who might otherwise pressure us to change our approach at exactly the wrong time.

At Dodge & Cox, we remain focused on the long term, our valuation discipline, and fundamental analysis of prospective investments on a company-by-company basis. That is how we construct what we believe is the best portfolio for our clients. We remain optimistic about the long-term outlook for the Fund, and we 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

January 31, 2020

Value stocks are the lower valuation portion of the equity market, and growth stocks are the higher valuation portion.

Unless otherwise specified, all weightings and characteristics are as of December 31, 2019.

The MSCI EAFE Value Index and MSCI EAFE Growth Index were formed in 1997. The 99th percentile was calculated using monthly data from FactSet for 1997-2003 and MSCI since 2003. If you divide the forward price-to-earnings multiple of the MSCI EAFE Growth by that of the MSCI EAFE Value, the difference is a relative valuation standing at the 99th percentile of these indices’ history.

Over the past ten years, the MSCI EAFE Growth outperformed the MSCI EAFE Value every year except for 2012, 2013, and 2016.

The Dodge & Cox Investment Perspectives paper titled “A Value Investor’s Case for European Financials” is available on dodgeandcox.com.

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

Encana changed its name to Ovintiv, Inc. on January 24, 2020.

KEY CHARACTERISTICS OF DODGE & COX

Independent Organization

90 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 Equity Investment 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 24 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.


SECTOR DIVERSIFICATION (%)^(a)	% of Net Assets
Financials		31.2
Health Care		15.6
Consumer Discretionary		10.0
Energy		9.1
Information Technology		8.7
Industrials		8.0
Communication Services		7.0
Materials		5.8
Consumer Staples		1.5
Real Estate		1.3
Utilities		0.9


REGION DIVERSIFICATION (%)^(a)	% of Net Assets
Europe (excluding United Kingdom)		42.8
United Kingdom		14.1
Japan		12.4
Asia Pacific (excluding Japan)		12.2
United States		5.9
Latin America		5.3
Canada		3.8
Africa		2.3
Middle East		0.2


COMMON STOCKS: 94.0%

	SHARES		VALUE
COMMUNICATION SERVICES: 7.0%
MEDIA & ENTERTAINMENT: 5.5%
Altice Europe NV, Series A^(a) (Netherlands)		7,784,454	$	50,190,511
Baidu, Inc. ADR^(a) (Cayman Islands/China)		7,912,187		1,000,100,437
Grupo Televisa SAB ADR (Mexico)		48,563,380		569,648,447
Liberty Global PLC, Series A^(a)(b) (United Kingdom)		17,244,703		392,144,546
Liberty Global PLC, Series C^(a) (United Kingdom)		27,740,701		604,608,578
MultiChoice Group, Ltd.^(a) (South Africa)		8,436,537		70,173,966
Television Broadcasts, Ltd.^(b) (Hong Kong)		39,842,700		62,584,173

				2,749,450,658
TELECOMMUNICATION SERVICES: 1.5%
America Movil SAB de CV, Series L (Mexico)		338,952,000		270,695,502
Millicom International Cellular SA SDR^(b) (Luxembourg)		8,107,509		388,589,513
MTN Group, Ltd. (South Africa)		16,225,894		95,564,329

				754,849,344

				3,504,300,002
CONSUMER DISCRETIONARY: 10.0%
AUTOMOBILES & COMPONENTS: 3.9%
Bayerische Motoren Werke AG (Germany)		7,974,801		656,497,334
Honda Motor Co., Ltd. (Japan)		36,411,255		1,027,059,151
Yamaha Motor Co., Ltd. (Japan)		14,075,000		281,348,296

				1,964,904,781
RETAILING: 6.1%
Alibaba Group Holding, Ltd. ADR^(a) (Cayman Islands/China)		2,213,000		469,377,300
Booking Holdings, Inc.^(a) (United States)		284,500		584,286,185
JD.com, Inc. ADR^(a) (Cayman Islands/China)		15,918,648		560,813,969
Naspers, Ltd. (South Africa)		6,003,858		981,977,572
Prosus NV^(a) (Netherlands)		6,074,358		453,309,281

				3,049,764,307

				5,014,669,088
CONSUMER STAPLES: 1.5%
FOOD & STAPLES RETAILING: 0.6%
Magnit PJSC^(b) (Russia)		5,698,885		314,511,897

FOOD, BEVERAGE & TOBACCO: 0.9%
Imperial Brands PLC (United Kingdom)		16,935,197		419,260,783

				733,772,680
ENERGY: 8.4%
Encana Corp.^(b) (Canada)		108,485,621		508,797,562
Equinor ASA (Norway)		42,942,004		858,775,672
Schlumberger, Ltd. (Curacao/United States)		20,341,224		817,717,205
Suncor Energy, Inc. (Canada)		31,602,600		1,036,565,280
Total SA (France)		18,309,249		1,010,444,205

				4,232,299,924
FINANCIALS: 29.0%
BANKS: 20.7%
Axis Bank, Ltd. (India)		57,585,425		607,090,998
Banco Santander SA (Spain)		273,390,220		1,143,848,508
Barclays PLC (United Kingdom)		459,662,698		1,093,772,488
BNP Paribas SA (France)		27,303,458		1,617,986,780
ICICI Bank, Ltd. (India)		209,702,376		1,582,503,677
Kasikornbank PCL- Foreign (Thailand)		30,605,000		153,150,602
Mitsubishi UFJ Financial Group, Inc. (Japan)		140,866,400		761,326,986
Societe Generale SA (France)		31,398,123		1,092,325,761
Standard Chartered PLC (United Kingdom)		96,485,513		910,480,624
UniCredit SPA (Italy)		97,563,162		1,426,401,829

				10,388,888,253



	SHARES		VALUE
DIVERSIFIED FINANCIALS: 5.8%
Credit Suisse Group AG (Switzerland)		101,258,432	$	1,374,174,121
Haci Omer Sabanci Holding AS (Turkey)		41,487,354		66,530,401
UBS Group AG (Switzerland)		117,997,827		1,489,233,286

				2,929,937,808
INSURANCE: 2.5%
AEGON NV (Netherlands)		103,998,142		474,434,712
Aviva PLC (United Kingdom)		139,538,427		773,893,984

				1,248,328,696

				14,567,154,757
HEALTH CARE: 15.6%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES: 15.6%
AstraZeneca PLC (United Kingdom)		9,763,600		983,802,863
Bayer AG (Germany)		16,895,750		1,381,058,359
GlaxoSmithKline PLC (United Kingdom)		52,463,800		1,236,290,064
Novartis AG (Switzerland)		12,118,770		1,148,160,945
Roche Holding AG (Switzerland)		4,406,600		1,428,875,510
Sanofi (France)		16,402,322		1,648,872,128

				7,827,059,869
INDUSTRIALS: 8.0%
CAPITAL GOODS: 7.8%
Johnson Controls International PLC (Ireland/United States)		18,665,101		759,856,262
Mitsubishi Electric Corp. (Japan)		96,849,500		1,316,879,663
Nidec Corp. (Japan)		3,525,800		481,638,815
Schneider Electric SA (France)		9,472,546		972,219,933
Smiths Group PLC^(b) (United Kingdom)		16,927,500		378,261,893

				3,908,856,566
TRANSPORTATION: 0.2%
DP World PLC (United Arab Emirates)		8,256,304		108,157,582

				4,017,014,148
INFORMATION TECHNOLOGY: 6.5%
SOFTWARE & SERVICES: 1.1%
Fujitsu, Ltd. (Japan)		2,801,050		264,315,259
Micro Focus International PLC^(b) (United Kingdom)		19,729,707		278,013,131

				542,328,390
TECHNOLOGY, HARDWARE & EQUIPMENT: 5.4%
Brother Industries, Ltd. (Japan)		9,819,300		202,185,025
Kyocera Corp. (Japan)		12,374,600		843,285,852
Murata Manufacturing Co., Ltd. (Japan)		10,717,700		662,621,528
Samsung Electronics Co., Ltd. (South Korea)		6,519,550		314,140,173
TE Connectivity, Ltd. (Switzerland)		7,428,185		711,917,251

				2,734,149,829

				3,276,478,219
MATERIALS: 5.8%
Akzo Nobel NV (Netherlands)		7,339,754		746,239,280
Cemex SAB de CV ADR (Mexico)		100,584,026		380,207,618
LafargeHolcim, Ltd. (Switzerland)		10,505,441		582,545,287
Linde PLC (Ireland/United States)		3,758,070		806,742,110
Nutrien, Ltd. (Canada)		7,964,553		381,581,734

				2,897,316,029
REAL ESTATE: 1.3%
Daito Trust Construction Co., Ltd. (Japan)		3,158,500		391,182,982
Hang Lung Group, Ltd. (Hong Kong)^(b)		106,789,500		263,948,484

				655,131,466
UTILITIES: 0.9%
Engie (France)		28,593,800		461,860,766

TOTAL COMMON STOCKS (Cost $43,777,080,529)			$	47,187,056,948

Bank of Montreal: U.S. Treasury Notes 1.625%-3.625%, 11/30/20-5/15/46 and U.S. Treasury Inflation Indexed Notes 0.125%-2.375%, 1/15/21-1/15/25. Total collateral value is $112,617,359.

Fixed Income Clearing Corporation: U.S. Treasury Notes 1.50%-2.75%, 8/15/21-8/31/21. Total collateral value is $117,900,218.

Royal Bank of Canada: U.S. Treasury Notes 1.375%-2.75%, 3/31/20-11/15/26 and U.S. Treasury Inflation Indexed Note 3.875%, 4/15/29. Total collateral value is $225,337,208.


CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

ASSETS:		December 31, 2019
Investments in securities, at value
Unaffiliated issuers (cost $42,346,966,025)	$	48,210,153,551
Affiliated issuers (cost $3,550,296,868)		2,208,589,306

		50,418,742,857
Unrealized appreciation on currency forward contracts		52,098,774
Cash pledged as collateral for over-the-counter derivatives		86,640,000
Cash		1,982,782
Cash denominated in foreign currency (cost $15,982,481)		16,156,303
Deposits with broker for futures contracts		39,757,330
Receivable for variation margin for futures contracts		2,363,664
Receivable for investments sold		14,389,997
Receivable for Fund shares sold		19,046,270
Dividends and interest receivable		104,202,771
Prepaid expenses and other assets		266,762

		50,755,647,510

LIABILITIES:
Unrealized depreciation on currency forward contracts		39,063,478
Unrealized depreciation on swap contracts		63,997,863
Cash received as collateral for over-the-counter derivatives		43,836,000
Payable for Fund shares redeemed		263,761,553
Management fees payable		25,368,928
Deferred foreign capital gains tax		88,871,635
Accrued expenses		2,795,817

		527,695,274

NET ASSETS	$	50,227,952,236

NET ASSETS CONSIST OF:
Paid in capital	$	48,283,748,060
Distributable earnings		1,944,204,176

	$	50,227,952,236

Fund shares outstanding (par value $0.01 each, unlimited shares authorized)		1,152,021,679
Net asset value per share	$	43.60

CONSOLIDATED STATEMENT OF OPERATIONS

INVESTMENT INCOME:		Year Ended December 31, 2019
Dividends (net of foreign taxes of $152,605,817)
Unaffiliated issuers	$	1,536,177,577
Affiliated issuers		171,539,929
Interest		11,979,429

		1,719,696,935

EXPENSES:
Management fees		297,044,159
Custody and fund accounting fees		4,778,648
Transfer agent fees		5,313,502
Professional services		353,163
Shareholder reports		1,300,245
Registration fees		248,725
Trustees’ fees		341,667
ADR depositary services fees		971,826
Miscellaneous		621,919

		310,973,854

NET INVESTMENT INCOME		1,408,723,081

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss)
Investments in securities of unaffiliated issuers (net of foreign taxes of $11,825,874)		106,691,051
Investments in securities of affiliated issuers		(143,668,512	)
Futures contracts		176,162,099
Swaps		(3,358,445	)
Currency forward contracts		140,808,362
Foreign currency transactions		(7,817,965	)
Net change in unrealized appreciation/depreciation
Investments in securities of unaffiliated issuers (net of increase in deferred foreign capital gains tax of $68,818,612)		8,507,057,063
Investments in securities of affiliated issuers		110,886,214
Futures contracts		13,927,483
Swaps		(63,997,863	)
Currency forward contracts		(49,312,111	)
Foreign currency translation		1,558,284

Net realized and unrealized gain		8,788,935,660

NET CHANGE IN NET ASSETS FROM OPERATIONS	$	10,197,658,741


CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2019			Year Ended December 31, 2018
OPERATIONS:
Net investment income	$	1,408,723,081		$	1,314,954,895
Net realized gain (loss)		268,816,590			(189,442,047	)
Net change in unrealized appreciation/depreciation		8,520,119,070			(12,378,528,792	)

		10,197,658,741			(11,253,015,944	)


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions		(1,925,172,133	)		(1,392,029,880	)

FUND SHARE TRANSACTIONS:
Proceeds from sale of shares		5,821,012,950			7,786,364,752
Reinvestment of distributions		1,693,980,175			1,194,160,091
Cost of shares redeemed		(13,667,034,158	)		(13,898,235,680	)

Net change from Fund share transactions		(6,152,041,033	)		(4,917,710,837	)

Total change in net assets		2,120,445,575			(17,562,756,661	)

NET ASSETS:
Beginning of year		48,107,506,661			65,670,263,322

End of year	$	50,227,952,236		$	48,107,506,661


SHARE INFORMATION:
Shares sold		142,603,500			177,112,322
Distributions reinvested		38,968,180			32,344,484
Shares redeemed		(332,827,575	)		(323,973,781	)

Net change in shares outstanding		(151,255,895	)		(114,516,975	)

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 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.

Portfolio holdings for which market quotes are readily available are valued at market value. Listed securities, for example, are generally valued using the official quoted close price or the last sale on the exchange that is determined to be the primary market for the security. Exchange-traded derivatives are valued at the settlement price determined by the relevant exchange. 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. Security values are not discounted based on the size of the Fund’s position and may differ from the value the Fund receives upon sale of the securities.

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.

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 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. These amounts, if any, are reported in “dividends and interest receivable” in the Consolidated Statement of Assets and Liabilities.

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 December 31, 2019, 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. These inputs are summarized in the three broad levels listed below.

Level 1: Quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used to value the Fund’s holdings at December 31, 2019:


Classification	LEVEL 1 (Quoted Prices)		LEVEL 2 (Other Significant Observable Inputs)
Securities
Common Stocks
Communication Services	$	3,115,710,489	$	388,589,513
Consumer Discretionary		3,049,764,307		1,964,904,781
Consumer Staples		419,260,783		314,511,897
Energy		3,373,524,252		858,775,672
Financials		9,362,867,933		5,204,286,824
Health Care		3,868,965,054		3,958,094,815
Industrials		2,218,495,670		1,798,518,478
Information Technology		989,930,381		2,286,547,838
Materials		1,508,028,632		1,389,287,397
Real Estate		263,948,484		391,182,982
Utilities		461,860,766		—
Preferred Stocks
Energy		—		365,658,581
Financials		—		1,095,792,307
Information Technology		—		1,121,259,878
Short-term Investments
Repurchase Agreements		—		446,884,000
Money Market Fund		202,091,143		—

Total Securities	$	28,834,447,894	$	21,584,294,963


Other Investments
Equity Total Return Swaps
Depreciation	$	—	$	(63,997,863	)
Futures Contracts
Depreciation		(2,132,116)		—
Currency Forward Contracts
Appreciation		—		52,098,774
Depreciation		—		(39,063,478	)

NOTE 3—DERIVATIVE INSTRUMENTS

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

underlying currencies. Changes in the value of open contracts are recorded as unrealized appreciation or depreciation in the Consolidated Statement of Operations. When a currency forward 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.

Losses from these transactions may arise from unfavorable changes in currency values or if a counterparty does not perform under a contract’s terms.


	Equity Derivatives		Foreign Exchange Derivatives		Total Value
Assets
Unrealized appreciation on currency forward contracts	$	—	$	52,098,774	$	52,098,774

Liabilities
Unrealized depreciation on currency forward contracts	$	—	$	39,063,478	$	39,063,478
Unrealized depreciation on swaps		63,997,863		—		63,997,863
Futures contracts^(a)		2,132,116		—		2,132,116

	$	66,129,979	$	39,063,478	$	105,193,457

^(a)	Includes cumulative appreciation (depreciation). Only the current day’s variation margin is reported in the Consolidated Statement of Assets and Liabilities.

The following summarizes the effect of derivative instruments on the Consolidated Statement of Operations, categorized by primary underlying risk exposure.


	Equity Derivatives			Foreign Exchange Derivatives			Total
Net realized gain (loss)
Futures contracts	$	176,162,099		$	—		$	176,162,099
Swaps		(3,358,445	)		—			(3,358,445	)
Currency forward contracts		—			140,808,362			140,808,362

	$	172,803,654		$	140,808,362		$	313,612,016

Net change in unrealized appreciation/depreciation
Futures contracts	$	13,927,483		$	—		$	13,927,483
Swaps		(63,997,863	)		—			(63,997,863	)
Currency forward contracts		—			(49,312,111	)		(49,312,111	)

	$	(50,070,380	)	$	(49,312,111	)	$	(99,382,491	)

The following summarizes the range of volume in the Fund’s derivative instruments during the year ended December 31, 2019.


Derivative		% of Net Assets
Futures contracts	USD notional value		0-3	%
Swaps - long	USD notional value		0-1	%
Swaps - short	USD notional value		0-1	%
Currency forward contracts	USD total value		8-10	%

For financial reporting purposes, the Fund does not offset assets and liabilities that are subject to a master netting arrangement in the Consolidated Statement of Assets and Liabilities.


Counterparty	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Cash Collateral Pledged/ (Received)^(a)			Net Amount^(b)
Bank of America	$	6,312,206	$	—	$	(6,312,206	)	$	—
Barclays		4,313,842		9,112,979		1,030,000			(3,769,137	)
Citibank		11,731,207		5,484,337		(6,246,870	)		—
Credit Suisse		2,707,987		—		(2,707,987	)		—
Goldman Sachs		2,125,876		1,570,724		(555,152	)		—
HSBC		7,715,101		4,015,544		(3,699,557	)		—
JPMorgan		975,171		66,426,049		65,450,878			—
Morgan Stanley		—		4,465,881		4,130,000			(335,881	)
State Street		15,896,272		—		(15,896,272	)		—
UBS		321,112		11,985,827		9,780,000			(1,884,715	)

Total	$	52,098,774	$	103,061,341	$	44,972,834		$	(5,989,733	)

^(a)	Cash collateral pledged/(received) in excess of derivative assets/liabilities is not presented in this table. The total cash collateral is presented on the Fund’s Consolidated Statement of Assets and Liabilities.

^(b)	Represents the net amount receivable (payable) from the counterparty in the event of a default.

NOTE 4—RELATED PARTY TRANSACTIONS

NOTE 5—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. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes. Financial reporting records are adjusted for permanent book to tax differences at year end to reflect tax character. Book to tax differences are primarily due to differing treatments of wash sales, net short-term realized gain (loss), investments in passive foreign investment companies, foreign currency realized gain (loss), foreign capital gains tax, certain corporate action transactions, derivatives, and distributions.

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


	Year Ended December 31, 2019			Year Ended December 31, 2018
Ordinary income	$	1,925,172,133		$	1,392,029,880
	($	1.712 per share	)	($	1.080 per share	)
Long-term capital gain		—			—

At December 31, 2019, the tax basis components of distributable earnings were as follows:


Undistributed ordinary income	$	11,545,613
Capital loss carryforward^(a)		(1,617,098,751	)

At December 31, 2019, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:


Tax cost	$	46,728,840,113

Unrealized appreciation		9,546,419,704
Unrealized depreciation		(5,909,611,643	)

Net unrealized appreciation		3,636,808,061

^(a)	Represents accumulated short-term and long-term capital loss as of December 31, 2019, which may be carried forward to offset future capital gains.

To the Board of Trustees of the Dodge & Cox Funds and Shareholders of Dodge & Cox International Stock Fund

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, of Dodge & Cox International Stock Fund and its subsidiary (one of the funds constituting Dodge & Cox Funds, referred to hereafter as the “Fund”) as of December 31, 2019, the related consolidated statement of operations for the year ended December 31, 2019, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the Dodge & Cox Funds since 1931.

SPECIAL 2019 TAX INFORMATION

(unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code:

In 2019, the Fund elected to pass through to shareholders foreign source income of $2,361,801,487 and foreign taxes paid of $176,257,610.

The Fund designates up to a maximum of $2,217,801,156 of its distributions paid to shareholders in 2019 as qualified dividends (treated for federal income tax purposes in the hands of shareholders as taxable at a maximum rate of 20%).

For shareholders that are corporations, the Fund designates 0% of its ordinary dividends paid to shareholders in 2019 as dividends from domestic corporations eligible for the corporate dividends received deduction, provided that the shareholder otherwise satisfies applicable requirements to claim that deduction.

FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

BOARD APPROVAL OF FUNDS’ INVESTMENT MANAGEMENT AGREEMENTS AND MANAGEMENT FEES

(unaudited)

The Board of Trustees is responsible for overseeing the performance of the Dodge & Cox Funds’ investment manager and determining whether to continue the Investment Management Agreements

INFORMATION RECEIVED

Agreements are fair and reasonable and voted to approve the Agreements. In considering the Agreements, the Board, including the Independent Trustees, did not identify any single factor or particular information as all-important or controlling. In reaching the decision to approve the Agreements, the Board considered several factors, discussed below, to be key factors and reached the conclusions described below.

NATURE, QUALITY, AND EXTENT OF THE SERVICES

INVESTMENT PERFORMANCE

COSTS AND ANCILLARY BENEFITS

available to retail investors. The Board noted that the Funds provide access for small investors to high quality investment management at a relatively low cost. The Board also considered that the Funds are priced to scale, i.e., management fee rates begin at relatively low levels. Even without breakpoints, the Funds’ management fee rates are lower than those of many peer funds whose fee schedules include breakpoints. With respect to non-U.S. funds sponsored and managed by Dodge & Cox that are comparable to the Funds in many respects, the Board noted that the fee rates charged by Dodge & Cox are the same as or higher than the fee rates charged to the Funds. The Board reviewed information regarding the fee rates Dodge & Cox charges to separate accounts that have investment programs similar to those of the Funds, including instances where separate account fees are lower than Fund fees. The Board considered the differences in the nature and scope of services Dodge & Cox provides to the Funds as compared to other client accounts, as well as material differences in regulatory, litigation, and other risks as between Dodge & Cox Funds and other types of clients. The Board noted that different markets exist for mutual fund and institutional separate account management services and that a comparison of Fund fee rates and separate account fee rates must consider the fact that separate account clients bear additional costs and responsibilities that are included in the cost of a Fund. After consideration of these matters, the Board concluded that the overall costs incurred by the Funds for the services they receive (including the management fee paid to Dodge & Cox) are reasonable and that the fees are acceptable based upon the qualifications, experience, reputation, and performance of Dodge & Cox and the low overall expense ratios of the Funds.

Profitability and Costs of Services to Dodge & Cox; “Fall-out” Benefits The Board reviewed reports of Dodge & Cox’s financial position, profitability, and estimated overall value and considered Dodge & Cox’s overall profitability within its context as a private, employee-owned S-Corporation and relative to the scope and quality of the services provided. The Board noted in particular that Dodge & Cox’s profits are not generated by high fee rates, but reflect a focused business approach toward investment management. The Board recognized the importance of Dodge & Cox’s profitability—which is derived solely from management fees and does not include other business ventures—to maintain its independence, stability, company culture and ethics, and management continuity. The Board also considered that the compensation/profit structure at Dodge & Cox includes a return on shareholder employees’ investment in the firm, which is vital for remaining independent and facilitating retention of management and investment professionals. The Board also considered that Dodge & Cox has in the past closed some of the Funds to new investors to proactively manage growth in those Funds. While these actions are intended to benefit existing Fund shareholders, the effect is to reduce potential revenues to Dodge & Cox from new shareholders. The Board also considered potential “fall-out” benefits (including the receipt of research from unaffiliated brokers and reputational benefits to non-U.S. funds sponsored and managed by Dodge & Cox) that Dodge & Cox

might receive as a result of its association with the Funds and determined that they are acceptable. The Board also noted that Dodge & Cox continues to invest in its business to provide enhanced services, systems, and research capabilities, all of which benefit the Funds. The Board concluded that Dodge & Cox’s profitability is the keystone of its independence, stability, and long-term investment performance and that the profitability of Dodge & Cox’s relationship with the Funds (including fall-out benefits) is fair and reasonable.

ECONOMIES OF SCALE

as assets grow. The Board concluded that the current Dodge & Cox fee structure is fair and reasonable and adequately shares economies of scale that may exist.

CONCLUSION

FUND HOLDINGS

PROXY VOTING

HOUSEHOLD MAILINGS

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

The Dodge & Cox Balanced Fund had a total return of 19.6% for the year ended December 31, 2019, compared to a return of 22.2% for the Combined Index (a 60/40 blend of stocks and fixed income securities).

MARKET COMMENTARY

The U.S. equity market’s performance in 2019 was exceptional: the S&P 500 registered a 31.5% return, its strongest annual return since 2013, and reached an all-time high. Every sector of the S&P 500 posted positive, double-digit returns. Information Technology surged 50% and was the best-performing sector, while Energy (up 12%) was the worst-performing sector.

In fixed income, the U.S. investment-grade fixed income market posted a robust 8.7%^a return, fueled by the combination of falling U.S. Treasury yields and strong performance from the Corporate bond sector.

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 did not make any meaningful changes to this allocation during 2019. At year end, the Fund’s 68.1% equity weighting (including 2.8% in preferred stocks) reflected our more positive outlook for total return potential from equities than from fixed income.

EQUITY STRATEGY

In the United States, the group of companies that benefits from low interest rates, as described below, is trading at an 80% premium to the group of companies that is harmed by low interest rates (or performs better in a rising interest rate environment). Historically, these two groups have traded in roughly the same valuation range. Post 2010, however, the valuations of these two groups diverged as investors sought “bond substitutes”—mainly in the Utilities, Real Estate, and Consumer Staples sectors—with higher dividend yields in a lower interest rate environment. The portfolio holds no utilities or real estate companies and has only one consumer staples holding (Molson Coors,^b 0.8%^c of the equity portfolio) because we believe many companies have inflated valuations in these sectors. Conversely, companies that benefit from rising interest rates—Financials, Energy, and some Industrials—are almost all categorized as value stocks, and they are now selling at extraordinary discounts relative to the market. As a value-oriented manager, the equity portfolio remains overweight Financials (29.0% of the equity portfolio versus 13.0% of the S&P 500) and Energy (9.6% of the equity portfolio versus 4.3%).

We continue to identify attractive investment opportunities and have leaned into challenged areas of the market, such as Energy and Industrials. At the same time, we also reevaluated the portfolio’s strong performers and significantly trimmed back several of those large positions, including Charter Communications, Comcast, JPMorgan Chase, and Microsoft. During 2019, we added more to Energy than any other sector and trimmed the most from Communication Services, particularly in the Media industry.

Energy

During 2019, we increased the equity portfolio’s exposure to Occidental Petroleum, Concho Resources, Schlumberger, and Halliburton as valuations became more attractive. We also recently initiated a position in Hess, an independent oil and gas exploration and production company.

Hess: Hess is investing its strong cash flows from existing assets into a new project with significant production potential in Guyana.The company owns 30% of a partnership with Exxon Mobil in the Stabroek block in the country, and this oil discovery is already one of the largest in recent decades. Much of the Stabroek block remains unexplored and Hess has interests in additional blocks in Guyana and Suriname. Incremental discoveries on these blocks could provide additional upside. In addition, the Guyana resource has some of the lowest development costs outside of OPEC.^d Higher incremental returns from this investment should result in attractive free cash flow growth over the next several years. Trading at nine times cash flow, Hess was a 0.7% position in the equity portfolio at year end.

Media & Entertainment

Within Communication Services, Media & Entertainment is another overweight position in the equity portfolio: 11.9% compared to 8.2% for the S&P 500. The majority of the portfolio’s exposure relates to cable and satellite companies (Comcast, Charter Communications, and DISH Network). Comcast and Charter have strong potential to continue generating positive free cash flow and sustaining growth in broadband and business services. In addition, DISH has various options for the unrealized value in its wireless spectrum holdings. The other holdings are content-related media companies (Alphabet/Google, Fox Corp., and News Corp.) that offer scarcity value of premium content and growth in digital distribution outlets, advertising, and international markets.

The competitive landscape is rapidly evolving, due to growth in video streaming services (e.g., Netflix, Amazon, Hulu), changes in consumer viewing and listening habits, shifting revenue streams, and industry consolidation. Longer term, uncertainty surrounding potential regulatory incursions (e.g., unbundling, forced wholesale access, price regulation on broadband) and 5G fixed wireless as an alternative to cable broadband also pose risks. However, we believe the portfolio’s media and entertainment holdings are trading at reasonable valuations in comparison to their growth prospects.

In 2019, the portfolio’s media holdings outperformed significantly with Charter Communications and Comcast up 70% and 34%, respectively. Based on their solid performance and higher valuations, we trimmed both Comcast and Charter. Nevertheless, they remain in the top-ten holdings of the equity portfolio. In addition, Walt Disney acquired the majority of Twenty-First Century Fox’s assets and the Fund (a large shareholder) primarily received cash as a result of this transaction.

FIXED INCOME STRATEGY

Over the year, we made a number of adjustments to the fixed income portfolio’s positioning in light of higher credit market valuations and slightly less constructive economic fundamentals. Most notably, we trimmed multiple credit^e issuers and invested the proceeds in U.S. Treasuries.

The Credit Sector: Reduced Overall Exposure, but Still Finding Select Opportunities

The most meaningful change to positioning throughout 2019 was an eight percentage point reduction in the portfolio’s credit weighting. Reductions were achieved through a combination of maturities, relative value-driven trims, and participation in tenders related to corporate liability management exercises. For example, we trimmed Verizon and sold Anheuser-Busch InBev. It is important to note that 2019 trims were, by and large, driven by a less attractive risk-reward tradeoff following strong performance and subsequently higher valuations, rather than a deteriorating view of the issuers’ creditworthiness. Despite reducing the portfolio’s credit exposure generally, we remain on the lookout for individual opportunities in credit, highlighted by the additions of AbbVie, Occidental Petroleum, UniCredit, and Vodafone Group over the course of the year. AbbVie, a biopharmaceutical company that issued debt in November to help fund its acquisition of Allergan, merits highlighting. In the coming years, we expect the company to generate tens of billions of dollars of free cash flow, which should enable it to pay down debt and improve its credit profile.

The Securitized Sector: Adding Liquidity and Incremental Yield at a Compelling Valuation

The fixed income portfolio’s holdings in the Securitized sector consist predominantly of Agency^f mortgage-backed securities (MBS). As a group, these securities can provide attractive total-return potential in the front to intermediate part of the yield curve, and they continue to play an important role in the overall portfolio because of their generally substantial liquidity and high credit quality.

Within MBS, the portfolio features a large position in 30-year 4.5% coupon securities. This segment underperformed in 2019 as borrowers faced greater refinancing incentives because of the decline in interest rates. Through our bottom-up, fundamental research we attempt to measure—and assess whether investors are being appropriately compensated for—prepayment risk. Given our analysis, we believe this risk going forward is manageable for these securities, and their favorable starting valuations make them attractive, especially relative to credit alternatives. Overall, we feel

the risk-reward equation in Agency MBS continues to look compelling given modest dollar prices and relatively wide spreads.

Defensive Duration: Mitigating the Risk of Rising Rates over Time

We continue to maintain the portfolio’s overall defensive duration^g position with respect to interest rate risk, reflecting our longer-term view that interest rates are still likely to exceed current market expectations.

The portfolio’s relative interest rate positioning is underpinned by two key factors. First, we believe recession risk is low and the U.S. economy is on solid footing. While we expect the economy to slow toward trend growth (2% real GDP) as the fiscal stimulus fades, the strengths of the consumer sector and the labor market should help it avoid a recession. In our view, U.S. Treasury valuations have swung too far in attempting to price in a period of low or negative growth. Second, the significant reduction in unemployment and the ensuing labor market tightening have raised the prospect of more rapid wage growth and somewhat higher inflation than what many indicators are forecasting. While we expect the Fed to keep short term rates steady, we believe the long end of the curve will move higher over time. Given these factors and low starting yields, we believe it is important to remain defensive in order to mitigate the negative effect of any bond market price declines that could stem from potential increases in interest rates over time.

Inflation Expectations: An Additional Valuation-Driven Opportunity

IN CLOSING

U.S. equity and fixed income returns in 2019 were very strong and certainly not the norm. As a result of high starting equity and credit market valuations, we caution investors to temper expectations around future performance. Furthermore, the low level of interest rates increases the risk of quite modest (or even negative) returns for fixed income if yields rise substantially from current levels.

That said, we remain optimistic about the long-term outlook for the Fund. The equity portfolio trades at a meaningful discount to the overall market: 13.5 times forward earnings^h compared to 18.9 times for the S&P 500. We have positioned the fixed income portfolio defensively from a duration standpoint, and we will continue to seek opportunities to build portfolio yield through our bottom-up, research-driven investment approach. In addition, the Fund is well diversified and features a variety of investment themes.

As a value-oriented manager, patience and persistence are also essential to long-term investment success. We encourage our

shareholders to take a similar view. 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

January 31, 2020

Sector returns as calculated and reported by Bloomberg.

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

Unless otherwise specified, all weightings and characteristics are as of December 31, 2019.

The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 nations.

Credit securities refers to corporate bonds and government-related securities, as classified by Bloomberg.

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.

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

Excludes the Fund’s preferred stock positions.

2019 PERFORMANCE REVIEW

The Fund underperformed the Combined Index by 2.6 percentage points in 2019. The positive relative impact of the Fund’s lower allocation to fixed income was more than offset by the equity portfolio’s underperformance.

Equity Portfolio*

The return for the S&P 500 was led by Information Technology, which rose 50% in 2019. The Fund’s holdings, though up 27%, trailed significantly. The main driver was not owning a few of the large, exceptional performers that boosted the S&P 500 sector, especially Apple. Weak performance from holdings, including HP Inc. and Juniper Networks, was also a factor.

The portfolio was overweight (average 10% versus 5%) and underperformed in the Energy sector (up 10% compared to up 12% for the S&P 500 sector), which was the weakest area of the Index by a considerable margin. Occidental Petroleum and Apache were the main detractors.

In the Media industry, the portfolio was overweight (average 9% versus 1%) and outperformed (holdings up 45% compared to up 36% for the S&P 500 industry). Charter Communications and Comcast were key positives.

Fixed Income Portfolio

Security selection within credit was positive as several issuers performed well, including Citigroup capital securities, Enel, Pemex, Petrobras, Rio Oil Finance Trust, TC Energy, and Telecom Italia.

The portfolio’s overweight to corporate bonds and underweight to U.S. Treasuries added to relative returns given the outperformance of credit.

The portfolio’s below-benchmark duration position (72%** of the Bloomberg Barclays U.S. Agg’s duration) hampered relative returns as Treasury yields declined.

Excludes the Fund’s preferred stock positions.

Denotes Fund positioning at the beginning of the period.

KEY CHARACTERISTICS OF DODGE & COX

Independent Organization

90 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 U.S. Equity Investment Committee, which is responsible for determining the asset allocation of the Balanced Fund and managing the equity portion of the Balanced Fund, is a ten-member committee with an average tenure at Dodge & Cox of 24 years. The U.S. Fixed Income Investment Committee, which is responsible for managing the debt portion of the Balanced Fund, is a nine-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.

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.

Standard & Poor’s, Standard & Poor’s 500, and S&P 500^® are trademarks of S&P Global Inc. Bloomberg is a registered trademark of Bloomberg Finance L.P. and its affiliates. 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 Bloomberg Barclays U.S. Aggregate Bond Index (Bloomberg 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.


COMMON STOCKS: 65.2%

	SHARES		VALUE
COMMUNICATION SERVICES: 8.0%
MEDIA & ENTERTAINMENT: 7.8%
Alphabet, Inc., Class A^(a)		11,700	$	15,670,863
Alphabet, Inc., Class C^(a)		250,695		335,184,229
Charter Communications, Inc., Class A^(a)		677,107		328,451,063
Comcast Corp., Class A		6,918,048		311,104,619
DISH Network Corp., Class A^(a)		2,634,334		93,439,827
Fox Corp., Class A		2,676,133		99,204,250
Fox Corp., Class B		638,780		23,251,592
News Corp., Class A		1,227,504		17,356,907

				1,223,663,350
TELECOMMUNICATION SERVICES: 0.2%
Sprint Corp.^(a)		8,107,071		42,237,840

				1,265,901,190
CONSUMER DISCRETIONARY: 2.3%
AUTOMOBILES & COMPONENTS: 0.2%
Harley-Davidson, Inc.		981,400		36,498,266

CONSUMER DURABLES & APPAREL: 0.3%
Mattel, Inc.^(a)		3,453,723		46,797,947

RETAILING: 1.8%
Booking Holdings, Inc.^(a)		94,000		193,050,620
Qurate Retail, Inc., Series A^(a)		4,835,850		40,766,215
The Gap, Inc.		2,720,678		48,101,587

				281,918,422

				365,214,635
CONSUMER STAPLES: 0.6%
FOOD, BEVERAGE & TOBACCO: 0.6%
Molson Coors Brewing Company, Class B		1,680,452		90,576,363

ENERGY: 6.5%
Apache Corp.		4,517,939		115,614,059
Baker Hughes Co., Class A		6,475,200		165,959,376
Concho Resources, Inc.		967,400		84,715,218
Halliburton Co.		4,219,413		103,249,036
Hess Corp.		1,166,925		77,962,259
National Oilwell Varco, Inc.		2,060,241		51,609,037
Occidental Petroleum Corp.		7,271,814		299,671,455
Schlumberger, Ltd. (Curacao/United States)		3,269,921		131,450,824

				1,030,231,264
FINANCIALS: 17.3%
BANKS: 6.6%
Bank of America Corp.		9,545,300		336,185,466
JPMorgan Chase & Co.		1,170,200		163,125,880
Truist Financial Corp.		2,461,284		138,619,515
Wells Fargo & Co.		7,560,106		406,733,703

				1,044,664,564
DIVERSIFIED FINANCIALS: 8.6%
American Express Co.		1,176,500		146,462,485
Bank of New York Mellon Corp.		4,104,800		206,594,584
Capital One Financial Corp.		3,391,048		348,972,749
Charles Schwab Corp.		8,796,800		418,375,808
Goldman Sachs Group, Inc.		961,000		220,962,730
State Street Corp.		150,719		11,921,873

				1,353,290,229
INSURANCE: 2.1%
AEGON NV (Netherlands)		13,174,348		59,679,797
Brighthouse Financial, Inc.^(a)		1,060,818		41,615,890
MetLife, Inc.		4,316,300		220,001,811

				321,297,498

				2,719,252,291
HEALTH CARE: 14.7%
HEALTH CARE EQUIPMENT & SERVICES: 4.2%
Cigna Corp.		1,482,238		303,102,849
CVS Health Corp.		1,703,000		126,515,870



	SHARES		VALUE
Medtronic PLC (Ireland/United States)		364,200	$	41,318,490
UnitedHealth Group, Inc.		682,672		200,691,914

				671,629,123
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES: 10.5%
Alnylam Pharmaceuticals, Inc.^(a)		401,000		46,183,170
AstraZeneca PLC ADR (United Kingdom)		3,411,699		170,107,312
BioMarin Pharmaceutical, Inc.^(a)		489,400		41,378,770
Bristol-Myers Squibb Co.		4,424,800		284,027,912
Eli Lilly and Co.		645,049		84,778,790
Gilead Sciences, Inc.		1,578,680		102,582,627
GlaxoSmithKline PLC ADR (United Kingdom)		4,251,000		199,754,490
Incyte Corp.^(a)		302,800		26,440,496
Novartis AG ADR (Switzerland)		2,287,800		216,631,782
Roche Holding AG ADR (Switzerland)		5,161,900		209,882,854
Sanofi ADR (France)		5,370,265		269,587,303

				1,651,355,506

				2,322,984,629
INDUSTRIALS: 5.0%
CAPITAL GOODS: 2.9%
Johnson Controls International PLC (Ireland/United States)		5,786,914		235,585,269
United Technologies Corp.		1,463,000		219,098,880

				454,684,149
TRANSPORTATION: 2.1%
FedEx Corp.		2,206,954		333,713,514

				788,397,663
INFORMATION TECHNOLOGY: 10.2%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT: 1.7%
Maxim Integrated Products, Inc.		750,191		46,144,249
Microchip Technology, Inc.		2,102,900		220,215,688

				266,359,937
SOFTWARE & SERVICES: 3.0%
Cognizant Technology Solutions Corp., Class A		1,533,900		95,132,478
Micro Focus International PLC ADR (United Kingdom)		3,451,871		48,429,750
Microsoft Corp.		2,112,400		333,125,480

				476,687,708
TECHNOLOGY, HARDWARE & EQUIPMENT: 5.5%
Cisco Systems, Inc.		1,625,500		77,958,980
Dell Technologies, Inc., Class C^(a)		2,026,468		104,140,191
Hewlett Packard Enterprise Co.		11,544,520		183,096,087
HP Inc.		10,681,573		219,506,325
Juniper Networks, Inc.		4,295,329		105,793,953
TE Connectivity, Ltd. (Switzerland)		1,743,036		167,052,570

				857,548,106

				1,600,595,751
MATERIALS: 0.6%
Celanese Corp.		723,532		89,081,260

TOTAL COMMON STOCKS (Cost $6,797,202,665)			$	10,272,235,046

PREFERRED STOCKS: 2.9%

	PAR VALUE		VALUE
COMMUNICATION SERVICES: 0.4%
MEDIA & ENTERTAINMENT: 0.4%
NBCUniversal Enterprise, Inc. 5.25%^(c)	$	53,210,000	$	54,939,325

FINANCIALS: 2.5%
BANKS: 2.5%
Bank of America Corp. 6.10%^(g)		16,008,000		17,829,710
Bank of America Corp. 6.25%^(g)		45,470,000		50,528,538


PREFERRED STOCKS (continued)

	PAR VALUE		VALUE
Citigroup, Inc. 5.95%^(g)	$	5,175,000	$	5,479,290
Citigroup, Inc. 5.95%^(g)		65,327,000		71,288,089
Citigroup, Inc. 6.25%^(g)		45,886,000		52,140,262
JPMorgan Chase & Co. 6.10%^(g)		128,285,000		139,997,420
Wells Fargo & Co. 5.875%^(g)		49,987,000		55,610,538

				392,873,847

TOTAL PREFERRED STOCKS (Cost $410,816,623)			$	447,813,172

DEBT SECURITIES: 30.4%
U.S. TREASURY: 6.6%
U.S. Treasury Inflation Indexed
0.125%, 1/15/22^(h)		9,579,772		9,574,369
0.125%, 4/15/22^(h)		53,847,218		53,765,990
0.625%, 4/15/23^(h)		9,556,823		9,704,290
U.S. Treasury Note/Bond
1.75%, 11/15/20		10,570,000		10,578,469
1.75%, 7/31/21		39,675,000		39,763,032
1.50%, 8/31/21		61,695,000		61,584,428
1.50%, 11/30/21		119,940,000		119,745,047
1.625%, 12/15/22		46,550,000		46,568,467
2.50%, 1/31/24		39,450,000		40,715,679
2.375%, 2/29/24		38,065,000		39,117,680
2.25%, 4/30/24		28,050,000		28,700,012
1.50%, 9/30/24		26,350,000		26,105,565
1.50%, 10/31/24		169,190,000		167,618,414
1.50%, 11/30/24		208,730,000		206,837,481
1.625%, 10/31/26		28,000,000		27,617,667
2.375%, 5/15/29		21,400,000		22,225,519
1.625%, 8/15/29		64,590,000		62,873,274
1.75%, 11/15/29		20,465,000		20,140,038
2.875%, 5/15/49		40,500,000		44,589,919

				1,037,825,340
GOVERNMENT-RELATED: 1.3%
FOREIGN AGENCY: 0.6%
Petroleo Brasileiro SA (Brazil)
5.093%, 1/15/30^(c)		7,927,000		8,493,860
7.25%, 3/17/44		4,300,000		5,215,900
Petroleos Mexicanos (Mexico)
6.875%, 8/4/26		13,775,000		15,125,639
6.50%, 3/13/27		18,400,000		19,535,648
6.625%, 6/15/35		9,425,000		9,655,913
6.375%, 1/23/45		20,125,000		19,358,237
6.75%, 9/21/47		11,625,000		11,646,855
6.35%, 2/12/48		15,466,000		14,924,690

				103,956,742
LOCAL AUTHORITY: 0.7%
New Jersey Turnpike Authority RB
7.102%, 1/1/41		12,436,000		18,965,397
State of California GO
7.50%, 4/1/34		13,470,000		20,283,665
7.55%, 4/1/39		4,475,000		7,177,989
7.30%, 10/1/39		18,730,000		28,601,085
7.625%, 3/1/40		4,590,000		7,349,646
State of Illinois GO
5.10%, 6/1/33		22,615,000		24,379,648

				106,757,430

				210,714,172
SECURITIZED: 12.2%
ASSET-BACKED: 2.1%
Federal Agency: 0.0%⁽ⁱ⁾
Small Business Admin. - 504 Program
Series 2000-20D 1, 7.47%, 4/1/20		81,816		82,049
Series 2000-20E 1, 8.03%, 5/1/20		13,072		13,161



	PAR VALUE		VALUE
Series 2000-20G 1, 7.39%, 7/1/20	$	48,821	$	49,004
Series 2000-20I 1, 7.21%, 9/1/20		14,879		14,951
Series 2001-20E 1, 6.34%, 5/1/21		150,804		153,396
Series 2001-20G 1, 6.625%, 7/1/21		167,037		169,350
Series 2003-20J 1, 4.92%, 10/1/23		736,298		763,782
Series 2007-20F 1, 5.71%, 6/1/27		1,030,483		1,100,830

				2,346,523
Other: 0.4%
Rio Oil Finance Trust (Brazil)
9.25%, 7/6/24^(c)		20,130,114		22,545,929
9.75%, 1/6/27^(c)		29,702,525		35,049,276
8.20%, 4/6/28^(c)		4,775,000		5,515,173

				63,110,378
Student Loan: 1.7%
Navient Student Loan Trust
USD LIBOR 1-Month +1.30%, 3.092%, 3/25/66^(c)		24,832,000		25,010,515
+0.80%, 2.592%, 7/26/66^(c)		7,727,787		7,594,810
+1.15%, 2.942%, 7/26/66^(c)		6,902,000		6,906,712
+1.05%, 2.842%, 12/27/66^(c)		6,095,777		6,058,861
+0.75%, 2.542%, 3/25/67^(c)		86,422,000		85,082,061
+1.00%, 2.792%, 2/27/68^(c)		4,337,000		4,325,730
+0.70%, 2.505%, 2/25/70^(c)		10,770,393		10,608,461
SLM Student Loan Trust
USD LIBOR 1-Month +0.75%, 2.542%, 1/25/45^(c)		39,138,138		38,401,613
USD LIBOR 3-Month +0.17%, 2.11%, 1/25/41		13,771,183		13,127,507
+0.55%, 2.49%, 10/25/64^(c)		49,262,000		48,399,102
SMB Private Education Loan Trust (Private Loans)
Series 2018-B A2A, 3.60%, 1/15/37^(c)		19,845,000		20,384,572

				265,899,944

				331,356,845
CMBS: 0.2%
Agency CMBS: 0.2%
Fannie Mae Multifamily DUS
Pool AL8144, 2.406%, 10/1/22		6,824,659		6,922,131
Pool AL9086, 2.284%, 7/1/23		383,575		383,720
Freddie Mac Multifamily Interest Only
Series K055 X1, 1.365%, 3/25/26^(f)		10,485,154		751,964
Series K056 X1, 1.264%, 5/25/26^(f)		4,590,394		309,504
Series K057 X1, 1.191%, 7/25/26^(f)		3,773,816		240,141
Series K064 X1, 0.607%, 3/25/27^(f)		9,492,931		363,911
Series K065 X1, 0.673%, 4/25/27^(f)		44,099,546		1,905,554
Series K066 X1, 0.752%, 6/25/27^(f)		37,696,796		1,823,790
Series K069 X1, 0.365%, 9/25/27^(f)		234,166,962		6,071,692
Series K090 X1, 0.705%, 2/25/29^(f)		180,720,530		10,413,153

				29,185,560
MORTGAGE-RELATED: 9.9%
Federal Agency CMO & REMIC: 2.0%
Dept. of Veterans Affairs
Series 1995-1 1, 6.359%, 2/15/25^(f)		168,723		183,790
Series 1995-2C 3A, 8.793%, 6/15/25		65,744		74,097
Series 2002-1 2J, 6.50%, 8/15/31		5,249,890		6,059,552
Fannie Mae
Trust 2002-33 A1, 7.00%, 6/25/32		1,241,980		1,441,027
Trust 2009-66 ET, 6.00%, 5/25/39		658,502		688,591
Trust 2009-30 AG, 6.50%, 5/25/39		1,297,730		1,436,973
Trust 2001-T7 A1, 7.50%, 2/25/41		922,289		1,069,397
Trust 2001-T5 A3, 7.50%, 6/19/41^(f)		435,793		505,232
Trust 2001-T4 A1, 7.50%, 7/25/41		974,059		1,136,169
Trust 2001-T8 A1, 7.50%, 7/25/41		943,156		1,093,178
Trust 2001-W3 A, 7.00%, 9/25/41^(f)		612,469		664,967


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
Trust 2001-T10 A2, 7.50%, 12/25/41	$	615,480	$	686,188
Trust 2013-106 MA, 4.00%, 2/25/42		6,548,401		6,937,388
Trust 2002-W6 2A1, 7.00%, 6/25/42^(f)		984,516		1,090,052
Trust 2002-W8 A2, 7.00%, 6/25/42		1,285,120		1,500,452
Trust 2003-W2 1A1, 6.50%, 7/25/42		2,126,033		2,415,944
Trust 2003-W2 1A2, 7.00%, 7/25/42		826,539		962,616
Trust 2003-W4 4A, 6.274%, 10/25/42^(f)		1,062,570		1,207,131
Trust 2012-121 NB, 7.00%, 11/25/42		1,395,635		1,636,046
Trust 2004-T1 1A2, 6.50%, 1/25/44		962,084		1,097,026
Trust 2004-W2 5A, 7.50%, 3/25/44		1,744,178		1,982,639
Trust 2004-W8 3A, 7.50%, 6/25/44		303,989		353,560
Trust 2005-W4 1A2, 6.50%, 8/25/45		3,108,400		3,542,913
Trust 2009-11 MP, 7.00%, 3/25/49		2,714,498		3,175,249
USD LIBOR 1-Month +0.55%, 2.342%, 9/25/43		5,784,691		5,825,182
Freddie Mac
Series 16 PK, 7.00%, 8/25/23		687,476		725,881
Series T-48 1A4, 5.538%, 7/25/33		20,097,607		22,108,906
Series T-51 1A, 6.50%, 9/25/43^(f)		139,081		163,526
Series T-59 1A1, 6.50%, 10/25/43		7,177,870		8,523,645
Series 4281 BC, 4.50%, 12/15/43^(f)		36,335,635		38,960,318
USD LIBOR 1-Month +0.61%, 2.35%, 9/15/43		13,142,385		13,171,318
Ginnie Mae
USD LIBOR 1-Month +0.62%, 2.394%, 9/20/64		3,446,533		3,443,779
USD LIBOR 12-Month +0.30%, 3.42%, 1/20/67		23,579,472		23,415,667
+0.23%, 2.204%, 10/20/67		21,784,875		21,496,217
+0.23%, 2.204%, 10/20/67		13,018,677		12,853,017
+0.06%, 3.062%, 12/20/67		33,693,641		33,030,429
+0.08%, 2.817%, 5/20/68		9,378,947		9,172,817
+0.25%, 2.453%, 6/20/68		28,931,058		28,512,275
+0.28%, 3.159%, 11/20/68		42,233,964		41,724,428
+0.25%, 3.25%, 12/20/68		4,422,407		4,353,904

				308,421,486
Federal Agency Mortgage Pass-Through: 7.9%
Fannie Mae, 15 Year
6.00%, 3/1/22		61,236		62,369
4.50%, 1/1/25-1/1/27		5,515,818		5,791,948
3.50%, 11/1/25-12/1/29		16,723,846		17,344,539
Fannie Mae, 20 Year
4.00%, 11/1/30-2/1/37		33,735,354		35,893,638
4.50%, 1/1/31-12/1/34		50,857,707		54,514,202
3.50%, 6/1/35-4/1/37		63,314,243		65,882,495
Fannie Mae, 30 Year
6.50%, 12/1/28-8/1/39		12,054,938		13,730,246
5.50%, 7/1/33-8/1/37		7,836,298		8,809,133
6.00%, 9/1/36-8/1/37		10,914,238		12,516,431
7.00%, 8/1/37		299,601		342,324
4.50%, 1/1/39-3/1/49		382,635,325		406,709,820
5.00%, 12/1/48-3/1/49		18,412,330		19,686,200
Fannie Mae, 40 Year
4.50%, 6/1/56		32,746,026		35,511,608
Fannie Mae, Hybrid ARM^(f)1-Year U.S. Treasury CMT
+2.05%, 4.163%, 9/1/34		675,357		708,510
USD LIBOR 12-Month +1.32%, 3.402%, 12/1/34		838,054		864,182
+1.58%, 4.283%, 1/1/35		737,068		768,509
+1.54%, 3.86%, 8/1/35		516,607		540,072
+1.64%, 4.684%, 5/1/37		619,879		641,946
+1.80%, 4.545%, 7/1/39		357,109		368,275
+1.78%, 3.779%, 11/1/40		1,123,287		1,174,465
+1.78%, 3.723%, 12/1/40		2,548,581		2,659,444



	PAR VALUE		VALUE
+1.58%, 3.663%, 11/1/43	$	1,915,577	$	1,975,842
+1.55%, 4.59%, 4/1/44		4,849,680		5,001,072
+1.60%, 2.802%, 11/1/44		11,290,002		11,478,321
+1.60%, 2.783%, 12/1/44		9,289,326		9,475,426
+1.59%, 2.916%, 9/1/45		2,278,140		2,321,208
+1.59%, 2.846%, 12/1/45		12,310,796		12,543,275
+1.59%, 2.661%, 1/1/46		11,203,963		11,396,236
+1.61%, 2.961%, 4/1/46		6,775,109		6,882,502
+1.61%, 2.521%, 12/1/46		10,726,748		10,770,619
+1.61%, 3.157%, 6/1/47		9,161,023		9,333,255
+1.61%, 3.128%, 7/1/47		12,717,123		12,958,240
+1.60%, 2.707%, 8/1/47		16,870,326		17,174,160
+1.61%, 3.335%, 1/1/49		10,469,234		10,698,979
USD LIBOR 6-Month +1.53%, 3.61%, 1/1/35		801,735		827,866
Freddie Mac, Hybrid ARM^(f)1-Year U.S. Treasury CMT
+2.25%, 4.118%, 10/1/35		1,592,219		1,685,463
USD LIBOR 12-Month +1.96%, 4.836%, 5/1/34		1,137,352		1,201,146
+1.55%, 4.442%, 4/1/37		1,292,542		1,350,624
+1.80%, 4.045%, 9/1/37		922,443		970,934
+1.87%, 4.089%, 1/1/38		161,972		165,543
+2.07%, 5.193%, 2/1/38		1,237,356		1,300,593
+1.92%, 4.446%, 7/1/38		113,322		117,764
+1.73%, 4.294%, 10/1/38		474,800		493,389
+1.79%, 3.596%, 10/1/41		698,334		723,045
+1.79%, 4.545%, 8/1/42		2,012,365		2,078,765
+1.62%, 2.962%, 5/1/44		8,101,351		8,270,751
+1.61%, 3.029%, 5/1/44		1,153,003		1,176,432
+1.62%, 2.949%, 6/1/44		2,578,773		2,630,189
+1.62%, 3.156%, 6/1/44		2,066,815		2,111,710
+1.63%, 3.071%, 1/1/45		12,290,211		12,542,358
+1.62%, 2.722%, 10/1/45		6,899,727		7,010,644
+1.62%, 2.834%, 10/1/45		6,244,966		6,353,501
+1.63%, 3.233%, 7/1/47		8,083,316		8,242,864
Freddie Mac Gold, 15 Year
4.50%, 9/1/24-9/1/26		3,746,216		3,908,033
Freddie Mac Gold, 20 Year
6.50%, 10/1/26		2,059,351		2,287,376
4.50%, 4/1/31-6/1/31		6,691,696		7,194,181
Freddie Mac Gold, 30 Year
7.75%, 7/25/21		26,304		26,286
7.47%, 3/17/23		37,077		37,525
6.50%, 12/1/32-4/1/33		3,623,585		4,070,094
7.00%, 11/1/37-9/1/38		2,994,022		3,465,138
5.50%, 12/1/37		417,227		468,238
6.00%, 2/1/39		1,044,042		1,197,633
4.50%, 9/1/41-10/1/48		299,190,526		318,485,206
Freddie Mac Pool, 15 Year
3.50%, 6/1/34		43,813,717		45,415,879
Ginnie Mae, 30 Year
7.97%, 4/15/20-1/15/21		5,168		5,183
7.50%, 11/15/24-10/15/25		318,835		342,909

				1,252,686,753

				1,561,108,239

				1,921,650,644
CORPORATE: 10.3%
FINANCIALS: 3.5%
Bank of America Corp.
3.004%, 12/20/23^(g)		44,918,000		46,000,461
4.20%, 8/26/24		5,825,000		6,252,468
4.45%, 3/3/26		3,970,000		4,356,758
4.25%, 10/22/26		2,970,000		3,236,592
4.183%, 11/25/27		7,925,000		8,584,069


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
Barclays PLC (United Kingdom)
4.375%, 9/11/24	$	18,275,000	$	19,183,734
4.836%, 5/9/28		9,525,000		10,260,469
BNP Paribas SA (France)
4.25%, 10/15/24		36,700,000		39,341,001
4.375%, 9/28/25^(c)		8,223,000		8,850,117
4.625%, 3/13/27^(c)		9,775,000		10,680,881
Boston Properties, Inc.
3.125%, 9/1/23		17,550,000		18,100,540
3.80%, 2/1/24		5,000,000		5,285,351
3.65%, 2/1/26		4,450,000		4,711,036
Capital One Financial Corp.
3.50%, 6/15/23		10,581,000		10,989,061
4.20%, 10/29/25		10,175,000		10,972,494
Citigroup, Inc. USD LIBOR 3-Month +6.37%, 8.306%, 10/30/40^(b)		37,080,925		41,159,827
Equity Residential 3.00%, 4/15/23		14,775,000		15,207,797
2.85%, 11/1/26		6,000,000		6,151,649
HSBC Holdings PLC (United Kingdom) 3.95%, 5/18/24^(g)		14,500,000		15,246,896
4.30%, 3/8/26		11,462,000		12,470,648
6.50%, 5/2/36		23,805,000		32,472,419
6.50%, 9/15/37		8,265,000		11,366,714
JPMorgan Chase & Co. 8.75%, 9/1/30^(b)		25,692,000		37,428,213
Lloyds Banking Group PLC (United Kingdom) 4.50%, 11/4/24		19,575,000		20,917,446
4.65%, 3/24/26		10,875,000		11,816,332
Royal Bank of Scotland Group PLC (United Kingdom) 6.125%, 12/15/22		43,156,000		47,212,439
6.00%, 12/19/23		16,825,000		18,699,330
UniCredit SPA (Italy) 7.296%, 4/2/34^(c)(g)		23,425,000		26,916,076
Unum Group 7.25%, 3/15/28		1,526,000		1,885,520
6.75%, 12/15/28		11,368,000		14,113,620
Wells Fargo & Co. 4.10%, 6/3/26		3,376,000		3,637,632
4.30%, 7/22/27		16,645,000		18,222,007

				541,729,597
INDUSTRIALS: 6.3%
AbbVie, Inc. 3.20%, 11/21/29^(c)		17,575,000		17,868,053
4.05%, 11/21/39^(c)		10,550,000		11,149,337
4.25%, 11/21/49^(c)		5,250,000		5,525,327
AT&T, Inc. 5.35%, 9/1/40		27,575,000		33,199,286
4.75%, 5/15/46		3,500,000		3,949,553
5.65%, 2/15/47		5,175,000		6,583,249
Bayer AG (Germany) 3.875%, 12/15/23^(c)		7,775,000		8,155,953
4.25%, 12/15/25^(c)		6,600,000		7,115,438
4.375%, 12/15/28^(c)		26,300,000		28,671,514
Burlington Northern Santa Fe LLC^(e)5.72%, 1/15/24		2,614,083		2,785,733
5.342%, 4/1/24		4,955,995		5,200,674
5.629%, 4/1/24		8,040,615		8,508,898
Cemex SAB de CV (Mexico) 6.00%, 4/1/24^(c)		6,877,000		7,069,625
5.70%, 1/11/25^(c)		22,475,000		23,093,287
6.125%, 5/5/25^(c)		12,870,000		13,352,754



	PAR VALUE		VALUE
Charter Communications, Inc. 4.125%, 2/15/21	$	5,547,000	$	5,635,770
6.55%, 5/1/37		11,000,000		13,466,182
6.75%, 6/15/39		6,160,000		7,805,688
6.484%, 10/23/45		38,477,000		47,983,909
5.375%, 5/1/47		4,100,000		4,586,987
5.75%, 4/1/48		12,300,000		14,325,467
Cigna Corp. 3.75%, 7/15/23		16,900,000		17,712,483
4.125%, 11/15/25		4,100,000		4,444,783
7.875%, 5/15/27^(c)		17,587,000		22,798,656
4.375%, 10/15/28		2,692,000		2,978,617
Cox Enterprises, Inc. 3.25%, 12/15/22^(c)		6,240,000		6,415,517
2.95%, 6/30/23^(c)		24,666,000		25,115,913
3.85%, 2/1/25^(c)		18,776,000		19,884,232
3.35%, 9/15/26^(c)		3,400,000		3,508,872
CRH PLC (Ireland) 3.875%, 5/18/25^(c)		10,250,000		10,942,198
CVS Health Corp. 4.30%, 3/25/28		12,985,000		14,169,691
4.78%, 3/25/38		8,125,000		9,209,340
Dillard’s, Inc. 7.875%, 1/1/23		8,660,000		9,354,805
7.75%, 7/15/26		50,000		56,419
7.75%, 5/15/27		540,000		617,184
7.00%, 12/1/28		15,135,000		16,804,562
Dow, Inc. 7.375%, 11/1/29		17,000,000		22,519,728
9.40%, 5/15/39		5,677,000		9,297,925
Elanco Animal Health, Inc. 3.912%, 8/27/21		2,500,000		2,564,171
4.272%, 8/28/23		2,500,000		2,639,165
4.90%, 8/28/28		3,500,000		3,804,078
Ford Motor Credit Co. LLC^(e)5.75%, 2/1/21		12,700,000		13,107,812
5.875%, 8/2/21		12,945,000		13,549,113
3.813%, 10/12/21		14,270,000		14,530,466
5.596%, 1/7/22		9,425,000		9,929,031
4.25%, 9/20/22		4,243,000		4,387,086
4.14%, 2/15/23		5,166,000		5,311,995
4.375%, 8/6/23		11,405,000		11,851,909
HCA Healthcare, Inc. 4.125%, 6/15/29		6,725,000		7,126,010
5.25%, 6/15/49		10,255,000		11,430,832
Imperial Brands PLC (United Kingdom) 4.25%, 7/21/25^(c)		37,725,000		39,775,362
3.875%, 7/26/29^(c)		15,000,000		15,110,774
Kinder Morgan, Inc. 5.50%, 3/1/44		20,643,000		24,101,853
5.40%, 9/1/44		20,119,000		23,239,190
Macy’s, Inc. 6.70%, 7/15/34		5,890,000		6,627,464
Occidental Petroleum Corp. 2.90%, 8/15/24		7,900,000		8,022,024
3.20%, 8/15/26		15,450,000		15,632,322
Prosus NV (Netherlands) 6.00%, 7/18/20^(c)		8,400,000		8,535,173
5.50%, 7/21/25^(c)		25,825,000		28,668,229
4.85%, 7/6/27^(c)		14,200,000		15,469,452
RELX PLC (United Kingdom) 3.125%, 10/15/22		17,458,000		17,981,266
4.00%, 3/18/29		5,400,000		5,857,415
TC Energy Corp. (Canada) 5.625%, 5/20/75^(b)(g)		20,570,000		21,444,225
5.30%, 3/15/77^(b)(g)		28,160,000		28,919,194
5.50%, 9/15/79^(b)(g)		6,850,000		7,189,075


DEBT SECURITIES (continued)

	PAR VALUE			VALUE
Telecom Italia SPA (Italy) 5.303%, 5/30/24^(c)	$	18,183,000		$	19,546,725
7.20%, 7/18/36		11,596,000			13,738,941
7.721%, 6/4/38		8,212,000			10,100,760
The Walt Disney Co. 6.65%, 11/15/37		4,638,000			6,875,429
Ultrapar Participacoes SA (Brazil) 5.25%, 10/6/26^(c)		12,050,000			12,938,808
5.25%, 6/6/29^(c)		11,350,000			11,968,575
Union Pacific Corp. 6.176%, 1/2/31		5,932,915			6,820,262
Verizon Communications, Inc. 4.272%, 1/15/36		11,847,000			13,376,581
Vodafone Group PLC (United Kingdom) USSW5+4.87%, 7.00%, 4/4/79^(b)(g)		16,900,000			19,829,560
Xerox Holdings Corp. 4.50%, 5/15/21		21,561,000			22,142,716
Zoetis, Inc. 3.25%, 2/1/23		2,150,000			2,212,193
4.50%, 11/13/25		17,545,000			19,414,050

					997,632,895
UTILITIES: 0.5%
Dominion Energy, Inc. 2.579%, 7/1/20		4,600,000			4,609,496
4.104%, 4/1/21		5,650,000			5,789,358
5.75%, 10/1/54^(b)(g)		22,950,000			24,735,511
Enel SPA (Italy) 4.625%, 9/14/25^(c)		10,500,000			11,446,523
6.80%, 9/15/37^(c)		13,700,000			18,200,920
6.00%, 10/7/39^(c)		13,352,000			16,784,358

					81,566,166

					1,620,928,658

TOTAL DEBT SECURITIES (Cost $4,582,544,389)				$	4,791,118,814

SHORT-TERM INVESTMENTS: 1.2%

	PAR VALUE/ SHARES			VALUE
REPURCHASE AGREEMENTS: 0.8%
Bank of Montreal^(d) 1.48%, dated 12/31/19, due 1/2/20, maturity value $35,902,952	$	35,900,000		$	35,900,000
Fixed Income Clearing Corporation^(d) 1.00%, dated 12/31/19, due 1/2/20, maturity value $24,742,375		24,741,000			24,741,000
Royal Bank of Canada^(d) 1.53%, dated 12/31/19, due 1/2/20, maturity value $71,806,103		71,800,000			71,800,000

					132,441,000
MONEY MARKET FUND: 0.4%
State Street Institutional U.S. Government Money Market Fund		62,983,694			62,983,694

TOTAL SHORT-TERM INVESTMENTS (Cost $195,424,694)				$	195,424,694

TOTAL INVESTMENTS IN SECURITIES (Cost $11,985,988,371)		99.7	%	$	15,706,591,726
OTHER ASSETS LESS LIABILITIES		0.3	%		39,971,360

NET ASSETS		100.0	%	$	15,746,563,086

^(a)	Non-income producing

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

^(c)

Security exempt from registration under Rule 144A of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been deemed liquid by Dodge & Cox, investment manager, pursuant to procedures approved by the Fund’s Board of Trustees.

^(d)	Repurchase agreements are collateralized by:

Bank of Montreal: U.S. Treasury Notes 1.375%-7.875%, 7/15/20-2/15/49 and U.S. Treasury Inflation Indexed Note 2.375%, 1/15/25. Total collateral value is $36,621,050.

Fixed Income Clearing Corporation: U.S. Treasury Note 1.50%, 8/31/21. Total collateral value is $25,235,999.

Royal Bank of Canada: U.S. Treasury Notes 2.125%-2.50%, 12/31/22-5/15/24. Total collateral value is $73,242,298.

^(e)	Subsidiary (see below)

^(f)

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

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

^(h)	Inflation-linked

⁽ⁱ⁾	Rounds to 0.0%.

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

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

ADR: American Depositary Receipt

ARM: Adjustable Rate Mortgage

CMBS: Commercial Mortgage-Backed Security

CMO: Collateralized Mortgage Obligation

CMT: Constant Maturity Treasury

DUS: Delegated Underwriting and Servicing

GO: General Obligation

RB: Revenue Bond

REMIC: Real Estate Mortgage Investment Conduit


STATEMENT OF ASSETS AND LIABILITIES

	December 31, 2019
ASSETS:
Investments in securities, at value (cost $11,985,988,371)	$	15,706,591,726
Cash		81,857
Receivable for investments sold		1,716,597
Receivable for Fund shares sold		5,672,707
Dividends and interest receivable		52,531,176
Prepaid expenses and other assets		92,778

		15,766,686,841

LIABILITIES:
Payable for investments purchased		1,472,047
Payable for Fund shares redeemed		11,266,777
Management fees payable		6,648,546
Accrued expenses		736,385

		20,123,755

NET ASSETS	$	15,746,563,086

NET ASSETS CONSIST OF:
Paid in capital	$	11,891,715,807
Distributable earnings		3,854,847,279

	$	15,746,563,086

Fund shares outstanding (par value $0.01 each, unlimited shares authorized)		154,984,128
Net asset value per share	$	101.60

STATEMENT OF OPERATIONS

	Year Ended December 31, 2019
INVESTMENT INCOME:
Dividends (net of foreign taxes of $3,451,782)	$	242,903,175
Interest		210,903,976

		453,807,151

EXPENSES:
Management fees		75,998,168
Custody and fund accounting fees		235,640
Transfer agent fees		1,662,212
Professional services		224,590
Shareholder reports		230,652
Registration fees		131,643
Trustees’ fees		341,667
ADR depositary service fees		1,005,798
Miscellaneous		198,441

		80,028,811

NET INVESTMENT INCOME		373,778,340

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss)
Investments in securities		882,635,293
Futures contracts		(7,355,862	)
Net change in unrealized appreciation/depreciation
Investments in securities		1,452,060,764
Futures contracts		3,564,635

Net realized and unrealized gain		2,330,904,830

NET CHANGE IN NET ASSETS FROM OPERATIONS	$	2,704,683,170


STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2019			Year Ended December 31, 2018
OPERATIONS:
Net investment income	$	373,778,340		$	325,934,721
Net realized gain (loss)		875,279,431			1,300,493,950
Net change in unrealized appreciation/depreciation		1,455,625,399			(2,310,617,993	)

		2,704,683,170			(684,189,322	)


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions		(1,421,513,759	)		(1,299,992,127	)

FUND SHARE TRANSACTIONS:
Proceeds from sale of shares		1,279,350,269			1,255,189,936
Reinvestment of distributions		1,341,818,633			1,229,242,880
Cost of shares redeemed		(2,338,804,558	)		(2,706,186,811	)

Net change from Fund share transactions		282,364,344			(221,753,995	)

Total change in net assets		1,565,533,755			(2,205,935,444	)

NET ASSETS:
Beginning of year		14,181,029,331			16,386,964,775

End of year	$	15,746,563,086		$	14,181,029,331


SHARE INFORMATION:
Shares sold		12,844,379			11,905,136
Distributions reinvested		13,468,923			12,704,514
Shares redeemed		(23,371,084	)		(25,719,422	)

Net change in shares outstanding		2,942,218			(1,109,772	)

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.

Portfolio securities and other financial instruments for which market quotes are readily available are valued at market value. Listed securities, for example, are generally valued using the official quoted close price or the last sale on the exchange that is determined to be the primary market for the security.

Debt securities, certain preferred stocks, and derivatives traded over the counter are valued using prices received from independent pricing services which utilize dealer quotes, recent transaction data, pricing models, and other inputs to arrive at market-based valuations. Pricing models may consider quoted prices for similar securities, interest rates, cash flows (including prepayment speeds), and credit risk. Exchange-traded derivatives are valued at the settlement price determined by the relevant exchange. 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. Security values are not discounted based on the size of the Fund’s position and may differ from the value the Fund receives upon sale of the securities. All securities held by the Fund are denominated in U.S. dollars.

for implementing the Valuation Policies, including determining the fair value of securities and other investments when necessary. The Pricing Committee considers relevant indications of value that are reasonably available to it in determining the fair value assigned to a particular security, such as the value of similar financial instruments, trading volumes, contractual restrictions on disposition, related corporate actions, and changes in economic conditions. In doing so, the Pricing Committee employs various methods for calibrating fair valuation approaches, including a regular review of key inputs and assumptions, back-testing, and review of any related market activity.

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.

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 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. These amounts, if any, are reported in “dividends and interest receivable” in the Statement of Assets and Liabilities.

To-Be-Announced securities The Fund may purchase mortgage-related securities on a to-be-announced (“TBA”) basis at a fixed price, with payment and delivery on a scheduled future date beyond the customary settlement period for such securities. The Fund may choose to extend the settlement through a “dollar roll” transaction in which it sells the mortgage-related securities to a dealer and simultaneously agrees to purchase similar securities for future delivery at a predetermined price. The Fund accounts for TBA dollar rolls as purchase and sale 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, forward exchange rates, etc.)

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

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

The following is a summary of the inputs used to value the Fund’s holdings at December 31, 2019:


Classification	LEVEL 1 (Quoted Prices)		LEVEL 2 (Other Significant Observable Inputs)
Securities
Common Stocks^(a)	$	10,272,235,046	$	—
Preferred Stocks		—		447,813,172
Debt Securities
U.S. Treasury		—		1,037,825,340
Government-Related		—		210,714,172
Securitized		—		1,921,650,644
Corporate		—		1,620,928,658
Short-term Investments
Repurchase Agreements		—		132,441,000
Money Market Fund		62,983,694		—

Total Securities	$	10,335,218,740	$	5,371,372,986

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

NOTE 3—DERIVATIVE INSTRUMENTS

The Fund did not have open futures contracts at December 31, 2019.

Additional derivative information The following summarizes the effect of derivative instruments on the Statement of Operations.


	Interest Rate Derivatives
Net realized gain (loss)
Futures contracts	$	(7,355,862	)

Net change in unrealized appreciation/depreciation
Futures contracts	$	3,564,635

The following summarizes the range of volume in the Fund’s derivative instruments during the year ended December 31, 2019.


Derivative		% of Net Assets
Futures contracts	USD notional value		0-1	%

NOTE 4—RELATED PARTY TRANSACTIONS

NOTE 5—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. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes. Financial reporting records are adjusted for permanent book to tax differences at year end to reflect tax character. Book to tax differences are primarily due to differing treatments of wash sales, net short-term realized gain (loss), derivatives, and distributions.

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


	Year Ended December 31, 2019			Year Ended December 31, 2018
Ordinary income	$	381,385,933		$	297,446,889
	($	2.529 per share	)	($	2.010 per share	)
Long-term capital gain	$	1,040,127,826		$	1,002,545,238
	($	6.971 per share	)	($	6.916 per share	)

At December 31, 2019, the tax basis components of distributable earnings were as follows:


Undistributed ordinary income	$	27,395,424
Undistributed long-term capital gain		113,010,136

At December 31, 2019, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:


Tax cost	$	11,992,150,007

Unrealized appreciation		4,188,276,502
Unrealized depreciation		(473,834,783	)

Net unrealized appreciation		3,714,441,719

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. For the year ended December 31, 2019, the Fund’s commitment fee amounted to $95,540 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 year.

NOTE 7—PURCHASES AND SALES OF INVESTMENTS

For the year ended December 31, 2019, purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $2,373,436,244 and $3,322,909,319, respectively. For the year ended December 31, 2019, purchases and sales of U.S. government securities aggregated $2,762,152,617 and $2,099,697,530, respectively.

To the Board of Trustees of the Dodge & Cox Funds and Shareholders of Dodge & Cox Balanced Fund

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Dodge & Cox Balanced Fund (one of the funds constituting Dodge & Cox Funds, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

We have served as the auditor of one or more investment companies in the Dodge & Cox Funds since 1931.

SPECIAL 2019 TAX INFORMATION

(unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code:

The Fund designates $1,040,127,826 as long-term capital gain distributions in 2019.

The Fund designates $246,323,442 of its distributions paid to shareholders in 2019 as qualified dividends (treated for federal income tax purposes in the hands of shareholders as taxable at a maximum rate of 20%).

For shareholders that are corporations, the Fund designates 37% of its ordinary dividends paid to shareholders in 2019 as dividends from domestic corporations eligible for the corporate dividends received deduction, provided that the shareholder otherwise satisfies applicable requirements to claim that deduction.

FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

BOARD APPROVAL OF FUNDS’ INVESTMENT MANAGEMENT AGREEMENTS AND MANAGEMENT FEES

(unaudited)

held on December 12, 2019, the Trustees, by a unanimous vote (including a separate vote of those Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940) (the “Independent Trustees”)), approved the renewal of the Agreements for an additional one-year term through December 31, 2020 with respect to each Fund. During the course of the year, the Board received extensive information and materials relating to the investment management and administrative services provided by Dodge & Cox and the performance of each of the Funds.

INFORMATION RECEIVED

reaching the decision to approve the Agreements, the Board considered several factors, discussed below, to be key factors and reached the conclusions described below.

NATURE, QUALITY, AND EXTENT OF THE SERVICES

INVESTMENT PERFORMANCE

The Board reviewed each Fund’s recent and long-term investment performance (including periods of outperformance and underperformance), as compared to relevant indices and the

performance of such Fund’s peer group and broader Morningstar category. In assessing the performance of the Funds, the Board considered the Funds’ investment returns over various periods and the volatility thereof and concluded that the levels experienced were consistent with Dodge & Cox’s long-term approach and active investment style. The Board also compared the short- and long-term investment performance of the equity funds to value-oriented indices, in recognition of the significant performance divergence between value and growth stocks over the past several years. It was noted that equity performance has been consistent with the value oriented investment strategy employed by Dodge & Cox. The Board concluded that Dodge & Cox’s historic, long-term, team-oriented, bottom-up investment approach remains consistent and that Dodge & Cox continues to be distinguished by its integrity, transparency, and independence. The Board considered that the performance of the Funds is the result of a value-oriented investment management process that emphasizes a long-term investment horizon, independent research, a team approach, price discipline, low cost, and low portfolio turnover. The Board concluded that Dodge & Cox has delivered long-term performance for Fund investors consistent with the long-term investment strategies being pursued by the Funds.

COSTS AND ANCILLARY BENEFITS

at relatively low levels. Even without breakpoints, the Funds’ management fee rates are lower than those of many peer funds whose fee schedules include breakpoints. With respect to non-U.S. funds sponsored and managed by Dodge & Cox that are comparable to the Funds in many respects, the Board noted that the fee rates charged by Dodge & Cox are the same as or higher than the fee rates charged to the Funds. The Board reviewed information regarding the fee rates Dodge & Cox charges to separate accounts that have investment programs similar to those of the Funds, including instances where separate account fees are lower than Fund fees. The Board considered the differences in the nature and scope of services Dodge & Cox provides to the Funds as compared to other client accounts, as well as material differences in regulatory, litigation, and other risks as between Dodge & Cox Funds and other types of clients. The Board noted that different markets exist for mutual fund and institutional separate account management services and that a comparison of Fund fee rates and separate account fee rates must consider the fact that separate account clients bear additional costs and responsibilities that are included in the cost of a Fund. After consideration of these matters, the Board concluded that the overall costs incurred by the Funds for the services they receive (including the management fee paid to Dodge & Cox) are reasonable and that the fees are acceptable based upon the qualifications, experience, reputation, and performance of Dodge & Cox and the low overall expense ratios of the Funds.

benefit the Funds. The Board concluded that Dodge & Cox’s profitability is the keystone of its independence, stability, and long-term investment performance and that the profitability of Dodge & Cox’s relationship with the Funds (including fall-out benefits) is fair and reasonable.

ECONOMIES OF SCALE

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

The Dodge & Cox Income Fund had a total return of 9.7% for the year ended December 31, 2019, compared to a total return of 8.7% for the Bloomberg Barclays U.S. Aggregate Bond Index (Bloomberg Barclays U.S. Agg).

MARKET COMMENTARY

The U.S. investment-grade fixed income market posted a robust 8.7% return in 2019, fueled by the combination of falling U.S. Treasury yields and strong performance from the Corporate bond sector.

U.S. Treasury rates declined for much of the year amid a substantial pivot toward easing monetary policy by the Federal Reserve as well as rising trade tensions and concerns about slowing global growth. It wasn’t until the fourth quarter that long-term Treasury yields rose from multi-year lows, following a series of positive U.S. economic reports, encouraging developments in U.S.-China trade negotiations, and more clarity on Brexit.

The Fed reversed course from its path of steadily raising rates in 2017-2018 and carried out a “mid-cycle adjustment” of three quarter-point rate cuts in 2019. Moreover, Fed Chairman Jerome Powell signaled that the central bank is likely to keep rates on hold through 2020 amid low inflation. Although the pace of U.S. economic growth slowed last year, the economy continued to expand. For example, labor market reports released during the year were better than expected, as employers added an average of 175,000 jobs per month, and the unemployment rate declined to a 50-year low of 3.5%. Other data was mixed: robust consumer spending was offset by manufacturing sector weakness.

The investment-grade Corporate sector returned 14.5%^a for the year, outperforming comparable-duration Treasuries by 6.8 percentage points. Credit yield premiums^b on corporate bonds ended the year near their tightest level since the global financial crisis. Meanwhile, Agency^c mortgage-backed securities (MBS) returned 6.4% and outperformed comparable-duration^d Treasuries by a modest 0.6 percentage points.

INVESTMENT STRATEGY

The Fund’s strong year—in terms of both absolute and relative performance—was driven by outperformance from a wide variety of individual credit^e holdings and a significant overweight to the strong-performing Credit sector.

Over the year, we made a number of adjustments to the Fund’s portfolio positioning in light of higher credit market valuations and slightly less constructive economic fundamentals. Most notably, we trimmed multiple credit issuers and invested the proceeds in U.S. Treasuries.

We also made other modest adjustments in the portfolio, but it retains the same general themes. The Fund maintains sizeable exposures to corporate securities (34%)^f and Agency MBS (35%), both of which represent modest overweights relative to the Index. The Fund also features smaller positions in asset-backed securities (6%) and government-related securities (5%). The Fund’s

weighting in U.S. Treasuries (18%) and net cash (2%) represents “dry powder” we can deploy as we uncover compelling investment opportunities in the future. We continue to maintain the Fund’s overall defensive position with respect to interest rate risk, with a portfolio duration of 4.3 years (compared to 5.9 years for the Index).

The Credit Sector: Reduced Overall Exposure, but Still Finding Select Opportunities

The most meaningful change to positioning throughout 2019 was an eight percentage point reduction in the Fund’s credit weighting. This selective pruning leaves the Fund’s credit weighting at its post-global financial crisis low and represents the reversal of additions made amid the broad credit sell-off in late 2018/early 2019.

Reductions were achieved through a combination of maturities, relative value-driven trims, and participation in tenders related to corporate liability management exercises. For example, we trimmed certain Verizon^g bonds, which performed well as the company made progress towards its deleveraging targets. We also recently exited Anheuser-Busch InBev, a position established at the beginning of 2019 during a time of heightened credit market anxiety and issuer volatility driven by ratings downgrades. It is important to note that 2019 trims were, by and large, driven by a less attractive risk-reward tradeoff following strong performance and subsequently higher valuations, rather than a deteriorating view of the issuers’ creditworthiness.

Despite reducing the Fund’s credit exposure generally, we remain on the lookout for individual opportunities in credit, highlighted by the additions of AbbVie, Occidental Petroleum, UniCredit, and Vodafone Group over the course of the year.

AbbVie, a biopharmaceutical company that issued debt in November to help fund its acquisition of Allergan, merits highlighting. AbbVie’s business has been dominated by Humira, a prescription drug that will come off patent as early as 2022 and will likely face increased competition over the next few years. In our view, the acquisition of Allergan makes strategic sense as a means of bolstering free cash flow and increasing product diversification. We believe investors are adequately compensated with an attractive yield spread for the fundamental risks facing AbbVie, including its new, higher leverage and the potential for integration challenges, legislative changes to the U.S. drug pricing model, and unexpected product liabilities. In the coming years, we expect the company to pay down the incremental debt it incurred to finance the Allergan acquisition, leading to a much improved credit profile.

While we believe the credit market is fairly valued, the long-term total return prospects for a well-curated, thoroughly researched, and stress-tested credit portfolio remain attractive. Thus, we are comfortable with the Fund’s credit overweight, but we continue to be vigilant, taking into account the strong performance of credit in 2019.

The Securitized Sector: Adding Liquidity and Incremental Yield at a Compelling Valuation

The Fund’s holdings in the Securitized sector consist predominantly of Agency MBS, with a smaller weighting in AAA-rated asset-backed securities (ABS). As a group, these securities can provide attractive total-return potential in the front to intermediate part of the yield curve, and they continue to play an important role in the overall portfolio because of their generally substantial liquidity and high credit quality.

Within MBS, the Fund features a large position in 30-year 4.5% coupon securities. This segment underperformed in 2019 as borrowers faced greater refinancing incentives because of the decline in interest rates. Through our bottom-up, fundamental research we attempt to measure—and assess whether investors are being appropriately compensated for—prepayment risk. Given our analysis, we believe this risk is manageable for these securities going forward, and their favorable starting valuations make them attractive, especially relative to credit alternatives. There are also significant differences in prepayment behavior across servicers and origination channels, creating opportunities to benefit from astute security selection. Overall, we believe the risk-reward equation in Agency MBS continues to look compelling given modest dollar prices and relatively wide spreads.

Within ABS, we sold securities backed by credit card debt and auto loans because we concluded their high relative valuations no longer presented a compelling risk-reward dynamic, and we reinvested the proceeds in Agency MBS. The Fund continues to hold floating rate ABS backed by 97% federally guaranteed student loans. These short-duration securities trade at favorable levels relative to ABS and MBS alternatives, and their floating rate coupon adds a defensive duration element to the portfolio.

Defensive Duration: Mitigating the Risk of Rising Rates over Time

Although we have lowered our expectations for the future path of interest rates, the portfolio’s defensive duration position reflects our longer-term view that interest rates are still likely to exceed current market expectations.

The portfolio’s relative interest rate positioning is underpinned by two key factors. First, we believe recession risk is low and the U.S. economy is on solid footing. While we expect the economy to slow toward trend growth (2% real GDP) as the fiscal stimulus fades, the strengths of the consumer sector and the labor market should help it avoid a recession. In our view, U.S. Treasury valuations have swung too far in attempting to price in a period of low or negative growth. Second, the significant reduction in unemployment and the ensuing labor market tightening have raised the prospect of more rapid wage growth and somewhat higher inflation than what many indicators are forecasting. While we expect the Fed to keep short-term rates steady, we believe the long end of the curve will move higher over time. Given these factors and low starting yields, we believe it is important to remain defensive in order to mitigate the negative effect of any bond market price declines that could stem from potential increases in interest rates over time.

Inflation Expectations: An Additional Valuation-Driven Opportunity

In developing our economic forecasts, our team of analysts and traders is constantly on the lookout for segments of the market that appear undervalued. One example is Treasury Inflation Protected Securities (TIPS), where we recently established a small position in three-year securities. These securities look attractive relative to other investment opportunities due to the low level of inflation required to generate a competitive total return. We believe that underlying inflation (excluding energy prices) already looks strong relative to market expectations, and that a continuation of the economic expansion should support this level of inflation. Additionally, while inflation has remained below the Federal Reserve’s 2% target according to their preferred measure, TIPS returns are based off a different measure of inflation (CPI) that has been running significantly higher.

IN CLOSING

While we are pleased with the Fund’s 2019 results, we caution shareholders to temper their expectations for future returns. The low level of interest rates increases the risk of quite modest (or even negative) returns if yields rise substantially from current levels. In addition, because of current narrow credit yield premiums, credit markets are unlikely to provide the performance tailwind of the past year.

That said, we believe bonds continue to serve a vital defensive role in a diversified portfolio, providing liquidity, income generation, downside protection, and low correlation to riskier asset classes. We have positioned the Fund defensively from a duration standpoint, and we will continue to seek opportunities to build portfolio yield through our bottom-up, research-driven investment approach.

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

January 31, 2020

Sector returns as calculated and reported by Bloomberg.

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

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.

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

Credit securities refers to corporate bonds and government-related securities, as classified by Bloomberg.

Unless otherwise specified, all weightings and characteristics are as of December 31, 2019.

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

KEY CHARACTERISTICS OF DODGE & COX

Independent Organization

90 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 U.S. Fixed Income Investment Committee, which is the decision-making body for the Income Fund, is a nine-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.


DEBT SECURITIES: 98.1%

	PAR VALUE		VALUE
U.S. TREASURY: 17.5%
U.S. Treasury Inflation Indexed 0.125%, 1/15/22^(g)	$	133,806,429	$	133,730,962
0.125%, 4/15/22^(g)		689,475,057		688,434,998
0.625%, 4/15/23^(g)		138,374,513		140,509,698
U.S. Treasury Note/Bond 1.50%, 10/31/21		890,000,000		888,539,385
1.50%, 11/30/21		2,214,048,000		2,210,449,242
1.50%, 8/15/22		420,000,000		418,877,827
1.50%, 9/15/22		1,000,000,000		997,187,470
1.625%, 11/15/22		37,899,000		37,906,098
1.75%, 7/31/24		90,000,000		90,204,480
1.25%, 8/31/24		29,555,000		28,962,554
1.50%, 10/31/24		300,000,000		297,213,336
1.50%, 11/30/24		600,000,000		594,559,902
3.00%, 10/31/25		561,940,000		599,976,179
2.50%, 2/28/26		700,000,000		728,708,603
2.375%, 4/30/26		600,000,000		620,448,222
2.375%, 5/15/29		1,085,000,000		1,126,854,569
1.625%, 8/15/29		764,000,000		743,693,781
2.875%, 5/15/49		661,390,000		728,180,899
2.25%, 8/15/49		47,135,000		45,669,394

				11,120,107,599
GOVERNMENT-RELATED: 5.1%
FOREIGN AGENCY: 2.3%
Petroleo Brasileiro SA (Brazil) 5.093%, 1/15/30^(b)		253,092,000		271,190,609
7.25%, 3/17/44		10,705,000		12,985,165
6.90%, 3/19/49		12,355,000		14,492,415
Petroleos Mexicanos (Mexico) 6.875%, 8/4/26		120,490,000		132,304,044
6.50%, 3/13/27		227,365,000		241,397,968
6.84%, 1/23/30^(b)		125,987,000		134,344,978
6.625%, 6/15/35		112,290,000		115,041,105
6.375%, 1/23/45		166,156,000		159,825,456
6.75%, 9/21/47		191,366,000		191,725,768
6.35%, 2/12/48		192,270,000		185,540,550

				1,458,848,058
LOCAL AUTHORITY: 2.8%
L.A. Unified School District GO 5.75%, 7/1/34		6,075,000		7,779,706
6.758%, 7/1/34		185,585,000		255,851,193
New Jersey Turnpike Authority RB 7.414%, 1/1/40		41,065,000		64,417,023
7.102%, 1/1/41		148,277,000		226,128,356
New Valley Generation 4.929%, 1/15/21		146,348		149,434
State of California GO 7.50%, 4/1/34		162,016,000		243,970,173
7.55%, 4/1/39		106,975,000		171,590,040
7.30%, 10/1/39		202,095,000		308,603,107
7.625%, 3/1/40		115,675,000		185,222,280
State of Illinois GO 5.10%, 6/1/33		306,400,000		330,308,392

				1,794,019,704

				3,252,867,762
SECURITIZED: 41.5%
ASSET-BACKED: 6.5%
Federal Agency: 0.0%^(h)
Small Business Admin. — 504 Program
Series 2000-20C 1, 7.625%, 3/1/20		391		391
Series 2000-20G 1, 7.39%, 7/1/20		518		520
Series 2001-20G 1, 6.625%, 7/1/21		201,419		204,208
Series 2001-20L 1, 5.78%, 12/1/21		498,696		510,851
Series 2002-20A 1, 6.14%, 1/1/22		3,959		4,034



	PAR VALUE		VALUE
Series 2002-20L 1, 5.10%, 12/1/22	$	152,422	$	157,188
Series 2003-20G 1, 4.35%, 7/1/23		13,820		14,207
Series 2004-20L 1, 4.87%, 12/1/24		369,042		386,121
Series 2005-20B 1, 4.625%, 2/1/25		754,534		785,454
Series 2005-20D 1, 5.11%, 4/1/25		25,029		26,125
Series 2005-20E 1, 4.84%, 5/1/25		1,087,940		1,137,317
Series 2005-20G 1, 4.75%, 7/1/25		1,314,205		1,366,751
Series 2005-20H 1, 5.11%, 8/1/25		13,986		14,659
Series 2005-20I 1, 4.76%, 9/1/25		1,515,269		1,573,771
Series 2006-20A 1, 5.21%, 1/1/26		1,305,553		1,368,469
Series 2006-20B 1, 5.35%, 2/1/26		439,124		464,564
Series 2006-20C 1, 5.57%, 3/1/26		1,850,256		1,950,012
Series 2006-20G 1, 6.07%, 7/1/26		3,582,586		3,775,196
Series 2006-20H 1, 5.70%, 8/1/26		29,074		30,916
Series 2006-20I 1, 5.54%, 9/1/26		46,253		48,848
Series 2006-20J 1, 5.37%, 10/1/26		1,308,562		1,383,197
Series 2006-20L 1, 5.12%, 12/1/26		1,238,236		1,308,267
Series 2007-20A 1, 5.32%, 1/1/27		2,665,770		2,806,840
Series 2007-20C 1, 5.23%, 3/1/27		4,074,794		4,294,590
Series 2007-20D 1, 5.32%, 4/1/27		3,934,228		4,145,569
Series 2007-20G 1, 5.82%, 7/1/27		2,711,915		2,875,804

				30,633,869
Other: 1.2%
Rio Oil Finance Trust (Brazil)
9.25%, 7/6/24^(b)		365,457,313		409,315,846
9.75%, 1/6/27^(b)		221,176,382		260,990,342
8.20%, 4/6/28^(b)		67,600,000		78,078,676

				748,384,864
Student Loan: 5.3%
Navient Student Loan Trust USD LIBOR 1-Month
+1.25%, 3.042%, 6/25/65^(b)		279,041,159		281,748,974
+1.15%, 2.955%, 3/25/66^(b)		231,008,174		230,311,245
+1.30%, 3.092%, 3/25/66^(b)		152,006,000		153,098,756
+0.80%, 2.592%, 7/26/66^(b)		300,085,460		294,921,709
+1.05%, 2.842%, 7/26/66^(b)		323,668,000		321,134,586
+1.15%, 2.942%, 7/26/66^(b)		234,752,000		234,912,265
+1.00%, 2.792%, 9/27/66^(b)		114,564,000		113,081,576
+1.05%, 2.842%, 12/27/66^(b)		188,816,197		187,672,745
+0.72%, 2.512%, 3/25/67^(b)		97,760,000		95,740,611
+0.80%, 2.592%, 3/25/67^(b)		183,798,000		180,086,016
+0.68%, 2.472%, 6/27/67^(b)		225,000,000		221,201,303
+1.00%, 2.792%, 2/27/68^(b)		62,078,000		61,916,690
+0.70%, 2.505%, 2/25/70^(b)		252,630,963		248,832,682
Navient Student Loan Trust (Private Loans)
Series 2014-AA A2A, 2.74%, 2/15/29^(b)		14,026,593		14,086,402
Series 2017-A A2A, 2.88%, 12/16/58^(b)		31,000,000		31,069,260
SLM Student Loan Trust USD LIBOR 1-Month
+1.20%, 2.992%, 10/25/34		27,721,000		28,067,881
+1.10%, 2.892%, 8/27/40		25,924,630		25,931,518
USD LIBOR 3-Month
+0.63%, 2.57%, 1/25/40^(b)		142,597,151		138,999,482
+0.17%, 2.11%, 7/25/40		13,626,000		12,667,561
+0.75%, 2.69%, 10/25/40		80,889,000		78,542,135
+0.60%, 2.54%, 1/25/41		122,299,910		118,721,501
+0.55%, 2.49%, 10/25/64^(b)		32,458,000		31,889,449
+0.55%, 2.49%, 10/25/64^(b)		72,950,000		71,672,171
SMB Private Education Loan Trust (Private Loans)
Series 2017-A A2A, 2.88%, 9/15/34^(b)		20,963,943		21,038,417
Series 2017-B A2A, 2.82%, 10/15/35^(b)		23,915,878		23,952,706
Series 2018-A A2A, 3.50%, 2/15/36^(b)		50,000,000		51,797,335


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
Series 2018-B A2A, 3.60%, 1/15/37^(b)	$	68,386,000	$	70,245,368

				3,343,340,344

				4,122,359,077
CMBS: 0.8%
Agency CMBS: 0.8%
Fannie Mae Multifamily DUS Pool AL6455, 2.765%, 11/1/21		8,966,822		8,953,204
Freddie Mac Multifamily Interest Only
Series K055 X1, 1.365%, 3/25/26^(e)		118,242,286		8,479,982
Series K056 X1, 1.264%, 5/25/26^(e)		40,948,036		2,760,889
Series K057 X1, 1.191%, 7/25/26^(e)		245,523,370		15,623,511
Series K062 X1, 0.307%, 12/25/26^(e)		323,166,613		6,439,095
Series K064 X1, 0.607%, 3/25/27^(e)		411,951,783		15,792,172
Series K065 X1, 0.673%, 4/25/27^(e)		477,687,514		20,641,021
Series K066 X1, 0.752%, 6/25/27^(e)		380,591,929		18,413,228
Series K067 X1, 0.578%, 7/25/27^(e)		479,520,539		18,675,071
Series K069 X1, 0.365%, 9/25/27^(e)		99,189,122		2,571,865
Series K071 X1, 0.291%, 11/25/27^(e)		258,407,781		5,398,940
Series K070 X1, 0.327%, 11/25/27^(e)		201,183,845		4,798,617
Series K089 X1, 0.542%, 1/25/29^(e)		524,580,673		23,101,903
Series K091 X1, 0.559%, 3/25/29^(e)		263,547,557		12,158,318
Series K092 X1, 0.709%, 4/25/29^(e)		490,719,752		28,286,166
Series K093 X1, 0.952%, 5/25/29^(e)		234,892,621		17,715,648
Series K094 X1, 0.881%, 6/25/29^(e)		325,011,821		23,046,523
Series K095 X1, 0.949%, 6/25/29^(e)		226,438,157		16,717,318
Series K097 X1, 1.09%, 7/25/29^(e)		246,688,818		21,964,260
Series K096 X1, 1.257%, 7/25/29^(e)		550,107,708		49,654,427
Series K098 X1, 1.271%, 8/25/29^(e)		478,278,689		44,327,730
Series K099 X1, 1.006%, 9/25/29^(e)		520,693,890		37,769,312
Series K101 X1, 0.837%, 10/25/29^(e)		199,972,762		13,835,715
Series K102 X1, 0.947%, 10/25/29^(e)		555,442,759		37,938,351
Series K152 X1, 0.956%, 1/25/31^(e)		42,680,140		3,384,108
Series K154 X1, 0.308%, 11/25/32^(e)		389,165,345		11,834,752
Series K1511 X1, 0.778%, 3/25/34^(e)		177,744,388		14,438,905

				484,721,031
MORTGAGE-RELATED: 34.2%
Federal Agency CMO & REMIC: 5.1%
Dept. of Veterans Affairs
Series 1995-2D 4A, 9.293%, 5/15/25		52,896		59,454
Series 1997-2 Z, 7.50%, 6/15/27		4,642,447		5,172,855
Series 1998-2 2A, 8.505%, 8/15/27^(e)		10,415		11,621
Series 1998-1 1A, 8.293%, 3/15/28^(e)		81,841		89,377
Fannie Mae
Trust 1998-58 PX, 6.50%, 9/25/28		163,137		180,309
Trust 1998-58 PC, 6.50%, 10/25/28		981,102		1,086,572
Trust 2001-69 PQ, 6.00%, 12/25/31		1,157,273		1,305,838
Trust 2002-33 A1, 7.00%, 6/25/32		1,487,283		1,725,644
Trust 2002-69 Z, 5.50%, 10/25/32		162,545		176,994
Trust 2008-24 GD, 6.50%, 3/25/37		557,681		621,139
Trust 2007-47 PE, 5.00%, 5/25/37		1,958,627		2,137,861
Trust 2009-53 QM, 5.50%, 5/25/39		533,557		552,563
Trust 2009-30 AG, 6.50%, 5/25/39		5,528,241		6,121,405
Trust 2009-40 TB, 6.00%, 6/25/39		2,249,837		2,465,681
Trust 2010-123 WT, 7.00%, 11/25/40		22,576,306		26,327,404
Trust 2001-T3 A1, 7.50%, 11/25/40		78,643		86,579
Trust 2001-T7 A1, 7.50%, 2/25/41		47,432		54,998
Trust 2001-T5 A2, 6.979%, 6/19/41^(e)		31,883		36,058
Trust 2001-T5 A3, 7.50%, 6/19/41^(e)		166,546		193,084
Trust 2011-58 AT, 4.00%, 7/25/41		6,180,258		6,585,358
Trust 2001-T4 A1, 7.50%, 7/25/41		1,365,975		1,593,311
Trust 2001-T10 A1, 7.00%, 12/25/41		1,456,013		1,665,054
Trust 2013-106 MA, 4.00%, 2/25/42		14,707,170		15,580,803
Trust 2002-90 A1, 6.50%, 6/25/42		3,352,237		3,832,226
Trust 2002-W6 2A1, 7.00%, 6/25/42^(e)		1,803,515		1,996,843
Trust 2002-W8 A2, 7.00%, 6/25/42		1,059,279		1,236,770



	PAR VALUE		VALUE
Trust 2003-W2 1A2, 7.00%, 7/25/42	$	5,181,104	$	6,034,098
Trust 2002-T16 A3, 7.50%, 7/25/42		2,590,569		3,076,336
Trust 2003-W4 3A, 5.676%, 10/25/42^(e)		1,595,428		1,786,894
Trust 2012-121 NB, 7.00%, 11/25/42		744,416		872,649
Trust 2003-W1 2A, 5.808%, 12/25/42^(e)		1,979,564		2,133,799
Trust 2003-7 A1, 6.50%, 12/25/42		2,698,237		3,039,371
Trust 2004-T1 1A2, 6.50%, 1/25/44		1,223,093		1,394,644
Trust 2004-W2 2A2, 7.00%, 2/25/44		64,427		73,601
Trust 2004-W2 5A, 7.50%, 3/25/44		2,752,705		3,129,050
Trust 2004-W8 3A, 7.50%, 6/25/44		2,160,152		2,512,407
Trust 2004-W15 1A2, 6.50%, 8/25/44		543,065		618,762
Trust 2005-W1 1A3, 7.00%, 10/25/44		4,575,982		5,341,094
Trust 2001-79 BA, 7.00%, 3/25/45		174,884		198,951
Trust 2006-W1 1A1, 6.50%, 12/25/45		259,539		296,774
Trust 2006-W1 1A2, 7.00%, 12/25/45		1,904,247		2,205,224
Trust 2006-W1 1A3, 7.50%, 12/25/45		32,103		37,475
Trust 2006-W1 1A4, 8.00%, 12/25/45		2,187,089		2,561,275
Trust 2007-W10 1A, 6.26%, 8/25/47^(e)		6,365,346		7,085,622
Trust 2007-W10 2A, 6.316%, 8/25/47^(e)		1,959,147		2,175,172
USD LIBOR 1-Month
+0.55%, 2.342%, 9/25/43		26,432,450		26,617,466
+0.40%, 2.192%, 7/25/44		1,064,071		1,053,026
Freddie Mac
Series 3312 AB, 6.50%, 6/15/32		1,982,608		2,253,712
Series 2456 CJ, 6.50%, 6/15/32		108,617		123,896
Series T-41 2A, 5.276%, 7/25/32^(e)		185,232		196,046
Series 2587 ZU, 5.50%, 3/15/33		2,824,763		3,107,980
Series 2610 UA, 4.00%, 5/15/33		1,184,088		1,244,871
Series T-48 1A, 4.899%, 7/25/33^(e)		2,046,123		2,195,895
Series 2708 ZD, 5.50%, 11/15/33		10,839,146		11,929,927
Series 3204 ZM, 5.00%, 8/15/34		5,076,932		5,555,540
Series 3330 GZ, 5.50%, 6/15/37		486,190		513,006
Series 3427 Z, 5.00%, 3/15/38		2,224,644		2,441,834
Series T-51 1A, 6.50%, 9/25/43^(e)		47,288		55,599
Series 4283 DW, 4.50%, 12/15/43^(e)		59,089,573		64,046,904
Series 4283 EW, 4.50%, 12/15/43^(e)		35,119,155		38,161,394
Series 4281 BC, 4.50%, 12/15/43^(e)		99,135,465		106,296,455
Series 4319 MA, 4.50%, 3/15/44^(e)		19,437,903		20,785,494
Ginnie Mae USD LIBOR 1-Month
+0.65%, 2.424%, 10/20/64		7,325,847		7,327,838
+0.63%, 2.404%, 4/20/65		10,773,591		10,768,995
+0.60%, 2.374%, 7/20/65		7,287,678		7,277,014
+0.60%, 2.374%, 8/20/65		7,145,487		7,134,901
+0.62%, 2.394%, 9/20/65		1,547,315		1,546,075
+0.75%, 2.524%, 11/20/65		28,641,728		28,749,730
+0.90%, 2.674%, 3/20/66		18,079,918		18,248,260
+0.90%, 2.674%, 4/20/66		19,898,374		20,084,287
+0.78%, 2.554%, 9/20/66		10,690,613		10,743,469
+0.75%, 2.524%, 10/20/66		51,194,211		51,404,378
+0.80%, 2.574%, 11/20/66		22,274,923		22,410,650
+0.81%, 2.584%, 12/20/66		12,853,998		12,939,094
+0.57%, 2.344%, 9/20/67		28,775,981		28,796,332
+0.60%, 2.374%, 9/20/69		44,330,404		44,184,043
+0.60%, 2.374%, 11/20/69		30,418,113		30,175,016
+0.65%, 2.424%, 11/20/69		39,828,269		39,629,852
+0.65%, 2.424%, 11/20/69		120,004,752		119,402,690
USD LIBOR 12-Month
+0.30%, 2.416%, 9/20/66		18,462,022		18,406,145
+0.28%, 2.205%, 12/20/66		35,322,642		35,029,510
+0.30%, 3.42%, 1/20/67		93,002,433		92,351,537
+0.30%, 3.42%, 1/20/67		100,640,273		99,941,135
+0.31%, 3.43%, 1/20/67		37,155,321		36,914,209


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
+0.25%, 3.271%, 2/20/67	$	19,474,805	$	19,327,450
+0.20%, 3.221%, 3/20/67		3,257,860		3,227,344
+0.30%, 3.179%, 4/20/67		23,066,985		22,950,734
+0.20%, 2.93%, 5/20/67		45,232,702		44,773,305
+0.30%, 3.03%, 5/20/67		19,742,465		19,632,480
+0.20%, 2.937%, 6/20/67		98,866,019		97,871,575
+0.30%, 3.037%, 6/20/67		23,527,397		23,405,099
+0.20%, 2.403%, 8/20/67		21,975,571		21,715,523
+0.25%, 2.366%, 9/20/67		22,721,217		22,500,730
+0.27%, 2.386%, 9/20/67		68,861,066		68,182,495
+0.22%, 2.194%, 10/20/67		32,855,249		32,463,056
+0.23%, 2.204%, 10/20/67		157,005,662		154,925,274
+0.23%, 2.204%, 10/20/67		72,934,083		72,006,011
+0.25%, 2.224%, 10/20/67		47,997,422		47,416,505
+0.20%, 2.158%, 11/20/67		16,836,315		16,611,673
+0.22%, 2.178%, 11/20/67		22,837,593		22,551,209
+0.22%, 2.178%, 11/20/67		130,572,907		128,772,895
+0.18%, 2.105%, 12/20/67		33,984,699		33,436,304
+0.06%, 3.062%, 12/20/67		55,674,382		54,578,510
+0.06%, 3.062%, 1/20/68		101,971,595		99,986,096
+0.08%, 3.082%, 1/20/68		45,084,760		44,344,243
+0.15%, 3.27%, 1/20/68		15,890,033		15,620,028
+0.05%, 2.56%, 2/20/68		24,688,109		24,293,092
+0.04%, 3.061%, 2/20/68		52,753,517		51,739,368
+0.05%, 3.071%, 2/20/68		3,635,749		3,568,424
+0.07%, 3.091%, 2/20/68		47,685,390		46,815,084
+0.10%, 3.102%, 2/20/68		92,443,103		90,395,350
+0.10%, 3.102%, 2/20/68		46,166,788		45,243,304
+0.15%, 3.152%, 2/20/68		33,010,622		32,470,175
+0.03%, 2.909%, 3/20/68		17,975,119		17,608,976
+0.05%, 2.929%, 3/20/68		43,416,549		42,689,226
+0.04%, 3.061%, 3/20/68		84,949,986		83,356,494
+0.04%, 3.061%, 3/20/68		34,848,319		33,987,628
+0.06%, 3.081%, 3/20/68		13,765,003		13,435,430
+0.02%, 2.899%, 4/20/68		23,901,949		23,280,078
+0.05%, 2.929%, 4/20/68		45,083,144		44,009,056
+0.05%, 2.929%, 4/20/68		39,566,921		38,618,221
+0.04%, 2.77%, 5/20/68		46,429,685		45,277,050
+0.15%, 2.887%, 6/20/68		44,444,397		43,645,558
+0.25%, 2.76%, 7/20/68		41,089,848		40,541,800
+0.12%, 2.236%, 8/20/68		33,732,386		33,169,952
+0.10%, 2.074%, 10/20/68		62,250,920		60,555,647
+0.22%, 2.178%, 11/20/68		34,131,204		33,513,392
+0.30%, 2.258%, 11/20/68		35,268,295		34,932,597
+0.40%, 3.30%, 2/20/69		30,357,179		30,266,900
+0.50%, 2.506%, 11/20/69		71,456,059		71,450,484

				3,206,675,029
Federal Agency Mortgage Pass-Through: 29.1%
Fannie Mae, 15 Year 6.00%, 12/1/19-3/1/23		7,962,898		8,156,517
5.50%, 1/1/21-7/1/25		39,829,314		41,296,940
4.00%, 9/1/25		562,878		573,174
4.00%, 11/1/33		329,699,991		353,142,225
5.00%, 9/1/25		17,968,894		18,669,363
3.50%, 10/1/25-9/1/33		585,541,438		607,322,361
3.50%, 6/1/34		356,938,488		370,070,537
4.50%, 3/1/29		12,968,508		13,629,494
Fannie Mae, 20 Year 4.50%, 3/1/29-1/1/34		295,730,706		316,376,955
4.00%, 9/1/30-3/1/37		1,419,057,843		1,511,054,663
3.50%, 11/1/35-10/1/39		379,156,608		394,227,841
Fannie Mae, 30 Year 6.00%, 11/1/28-2/1/39		76,596,738		87,645,029
7.00%, 4/1/32-2/1/39		6,629,734		7,632,640
6.50%, 12/1/32-8/1/39		31,189,238		35,530,408
5.50%, 2/1/33-11/1/39		115,200,902		128,341,764



	PAR VALUE		VALUE
4.50%, 11/1/35-3/1/49	$	4,300,822,654	$	4,568,055,445
4.50%, 6/1/48		379,214,830		400,449,867
4.50%, 6/1/48		547,804,438		578,577,259
4.50%, 7/1/48		261,402,264		275,299,959
4.50%, 7/1/48		248,842,681		262,851,113
4.50%, 1/1/49		557,880,311		586,593,384
4.50%, 3/1/49		536,082,543		563,857,848
5.00%, 7/1/37-3/1/49		157,763,453		169,245,709
4.00%, 10/1/40-2/1/47		464,167,554		491,943,655
Fannie Mae, 40 Year 4.50%, 1/1/52-6/1/56		131,717,117		142,569,632
Fannie Mae, Hybrid ARM^(e)1-Year U.S. Treasury CMT
+2.14%, 4.357%, 10/1/33		873,666		919,694
+2.14%, 4.544%, 8/1/34		241,556		254,473
+1.95%, 3.953%, 9/1/34		1,127,447		1,181,921
+2.29%, 4.72%, 1/1/36		6,998,707		7,377,108
+2.12%, 4.496%, 7/1/36		60,031		63,335
+2.12%, 4.58%, 12/1/36		1,032,346		1,083,968
USD LIBOR 12-Month
+1.68%, 4.482%, 7/1/34		1,279,452		1,337,351
+1.37%, 3.247%, 10/1/34		608,464		627,761
+1.94%, 4.117%, 1/1/35		646,610		683,801
+1.39%, 4.379%, 4/1/35		1,184,289		1,226,363
+1.75%, 4.625%, 6/1/35		361,143		379,604
+1.45%, 4.148%, 7/1/35		342,994		354,760
+1.45%, 4.176%, 7/1/35		329,174		342,587
+1.52%, 4.291%, 7/1/35		519,888		539,691
+1.75%, 4.524%, 7/1/35		1,023,914		1,077,235
+1.31%, 3.667%, 8/1/35		629,454		648,826
+1.36%, 3.739%, 8/1/35		2,193,793		2,298,993
+1.75%, 4.125%, 8/1/35		1,043,621		1,094,127
+1.77%, 4.085%, 9/1/35		949,039		984,550
+1.55%, 3.854%, 10/1/35		1,149,984		1,193,858
+1.75%, 3.998%, 10/1/35		784,951		820,149
+1.62%, 3.698%, 12/1/35		321,875		333,583
+1.62%, 3.696%, 1/1/36		1,500,446		1,565,743
+1.69%, 4.087%, 1/1/36		2,180,447		2,283,835
+1.71%, 4.205%, 11/1/36		800,890		839,332
+1.74%, 3.753%, 12/1/36		753,280		788,960
+1.59%, 3.863%, 1/1/37		925,542		966,922
+1.98%, 4.516%, 2/1/37		1,632,833		1,731,131
+1.93%, 4.803%, 4/1/37		333,777		355,040
+1.74%, 4.523%, 8/1/37		1,077,235		1,133,862
+1.48%, 4.042%, 11/1/37		450,738		467,510
+1.73%, 4.357%, 5/1/38		71,189,926		74,581,437
+1.93%, 4.801%, 5/1/38		1,473,300		1,561,331
+1.88%, 4.285%, 9/1/38		114,511		119,111
+1.71%, 3.881%, 10/1/38		938,378		981,745
+1.59%, 3.981%, 10/1/38		2,301,971		2,397,633
+1.73%, 4.269%, 10/1/38		542,664		570,328
+1.71%, 4.277%, 6/1/39		403,776		424,597
+1.77%, 3.744%, 12/1/39		655,697		677,329
+1.71%, 4.608%, 4/1/42		3,617,060		3,757,467
+1.67%, 3.979%, 9/1/42		2,570,651		2,656,616
+1.68%, 3.598%, 11/1/42		3,063,014		3,173,583
+1.57%, 2.284%, 12/1/42		11,778,537		11,885,532
+1.57%, 3.407%, 2/1/43		6,875,552		7,069,547
+1.82%, 4.115%, 2/1/43		1,439,575		1,501,538
+1.56%, 2.317%, 5/1/43		2,471,722		2,492,978
+1.47%, 4.306%, 6/1/43		666,130		674,241
+1.56%, 2.955%, 9/1/43		2,953,575		3,035,342
+1.56%, 3.257%, 9/1/43		2,019,037		2,061,380
+1.46%, 4.045%, 9/1/43		1,493,422		1,533,988
+1.60%, 2.887%, 10/1/43		20,269,514		20,834,678
+1.55%, 2.649%, 11/1/43		8,585,056		8,817,378
+1.60%, 2.883%, 11/1/43		10,950,875		11,117,094


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
+1.56%, 3.126%, 12/1/43	$	3,640,082	$	3,737,158
+1.59%, 2.684%, 2/1/44		4,553,830		4,659,046
+1.58%, 2.981%, 2/1/44		4,469,650		4,583,655
+1.55%, 4.675%, 2/1/44		746,872		768,311
+1.59%, 2.975%, 4/1/44		3,581,886		3,663,319
+1.59%, 3.041%, 4/1/44		3,054,390		3,127,118
+1.58%, 3.182%, 4/1/44		13,187,507		13,454,490
+1.68%, 4.227%, 4/1/44		11,923,905		12,365,103
+1.56%, 4.555%, 4/1/44		3,594,311		3,699,249
+1.57%, 3.025%, 5/1/44		14,123,505		14,473,032
+1.57%, 4.501%, 5/1/44		4,271,546		4,400,167
+1.58%, 2.817%, 7/1/44		7,410,190		7,557,665
+1.59%, 2.854%, 7/1/44		9,250,601		9,434,537
+1.57%, 2.927%, 7/1/44		4,117,661		4,201,782
+1.59%, 2.959%, 7/1/44		3,364,022		3,434,082
+1.56%, 2.959%, 7/1/44		6,168,601		6,297,838
+1.58%, 3.09%, 7/1/44		8,325,911		8,516,068
+1.57%, 2.782%, 8/1/44		13,429,334		13,671,404
+1.58%, 2.79%, 8/1/44		6,700,603		6,821,460
+1.58%, 2.873%, 8/1/44		4,544,856		4,633,516
+1.57%, 3.024%, 8/1/44		4,469,561		4,560,584
+1.58%, 2.622%, 9/1/44		5,658,695		5,743,713
+1.58%, 2.748%, 9/1/44		7,160,737		7,289,295
+1.65%, 2.812%, 9/1/44		24,367,424		24,899,576
+1.58%, 2.861%, 9/1/44		3,386,104		3,444,523
+1.64%, 2.926%, 9/1/44		10,484,752		10,705,229
+1.59%, 3.006%, 9/1/44		5,153,304		5,259,958
+1.57%, 2.436%, 10/1/44		5,824,262		5,890,023
+1.60%, 2.537%, 10/1/44		4,782,284		4,847,627
+1.57%, 2.636%, 10/1/44		10,059,024		10,210,776
+1.58%, 2.73%, 10/1/44		6,551,904		6,659,859
+1.57%, 2.743%, 10/1/44		23,546,461		23,951,247
+1.58%, 2.775%, 10/1/44		10,216,634		10,388,395
+1.60%, 2.838%, 10/1/44		10,226,945		10,417,995
+1.56%, 2.84%, 10/1/44		5,984,847		6,090,217
+1.60%, 2.86%, 10/1/44		6,721,774		6,842,989
+1.60%, 2.903%, 10/1/44		11,403,727		11,616,744
+1.56%, 2.934%, 10/1/44		5,286,354		5,382,624
+1.58%, 2.946%, 10/1/44		3,341,589		3,403,579
+1.58%, 2.736%, 11/1/44		3,658,800		3,709,719
+1.60%, 2.785%, 11/1/44		10,437,892		10,619,358
+1.60%, 2.827%, 11/1/44		4,687,335		4,767,761
+1.58%, 2.842%, 11/1/44		12,090,643		12,310,719
+1.57%, 2.932%, 11/1/44		9,861,579		10,037,412
+1.56%, 2.934%, 11/1/44		12,180,567		12,405,584
+1.59%, 2.664%, 12/1/44		3,311,368		3,374,137
+1.57%, 2.721%, 12/1/44		21,541,627		21,944,939
+1.58%, 2.735%, 12/1/44		3,160,722		3,223,055
+1.58%, 2.784%, 12/1/44		4,061,877		4,143,636
+1.60%, 2.799%, 12/1/44		8,272,026		8,439,301
+1.59%, 2.938%, 12/1/44		4,578,330		4,683,923
+1.57%, 2.893%, 1/1/45		7,402,836		7,563,337
+1.58%, 2.785%, 2/1/45		11,760,387		11,999,252
+1.57%, 2.997%, 3/1/45		100,851,572		102,957,243
+1.59%, 3.096%, 3/1/45		2,355,457		2,409,794
+1.61%, 2.561%, 4/1/45		4,160,317		4,227,007
+1.57%, 2.835%, 4/1/45		25,532,587		26,039,727
+1.59%, 2.643%, 8/1/45		9,064,896		9,210,358
+1.58%, 2.648%, 8/1/45		7,813,269		7,950,537
+1.58%, 2.819%, 10/1/45		19,662,742		20,036,591
+1.60%, 2.603%, 11/1/45		15,499,761		15,741,084
+1.61%, 2.745%, 3/1/46		2,541,844		2,583,255
+1.60%, 2.418%, 4/1/46		25,777,618		26,274,405
+1.59%, 2.685%, 4/1/46		5,649,362		5,738,763
+1.61%, 2.705%, 4/1/46		4,677,861		4,751,553
+1.57%, 2.775%, 4/1/46		13,573,818		13,800,960



	PAR VALUE		VALUE
+1.61%, 2.924%, 4/1/46	$	3,929,442	$	3,990,890
+1.58%, 2.467%, 5/1/46		7,153,406		7,260,057
+1.59%, 2.727%, 6/1/46		7,983,819		8,128,185
+1.60%, 2.74%, 6/1/46		2,397,369		2,441,227
+1.59%, 2.666%, 7/1/46		2,435,907		2,477,817
+1.62%, 2.298%, 12/1/46		5,915,731		5,954,873
+1.61%, 3.079%, 6/1/47		19,072,207		19,399,458
+1.61%, 3.157%, 6/1/47		21,591,420		21,997,349
+1.59%, 3.119%, 7/1/47		17,427,411		17,753,378
+1.61%, 3.137%, 7/1/47		7,476,435		7,617,178
+1.60%, 2.707%, 8/1/47		22,461,712		22,866,246
+1.61%, 3.006%, 8/1/47		6,633,541		6,736,613
+1.61%, 3.033%, 8/1/47		5,808,061		5,901,068
+1.59%, 3.236%, 8/1/47		7,763,131		7,928,435
+1.57%, 2.883%, 10/1/47		5,055,947		5,120,607
+1.61%, 3.057%, 10/1/47		8,767,453		8,907,225
+1.61%, 2.88%, 11/1/47		5,573,251		5,638,195
+1.59%, 2.954%, 11/1/47		14,446,932		14,666,304
+1.61%, 3.115%, 1/1/48		3,772,355		3,819,121
+1.61%, 3.138%, 1/1/48		6,685,476		6,818,867
+1.61%, 3.073%, 3/1/48		8,741,202		8,896,585
+1.61%, 3.175%, 4/1/48		9,730,221		9,920,900
+1.61%, 3.167%, 5/1/48		78,317,009		79,852,624
+1.62%, 3.496%, 8/1/48		8,115,045		8,319,440
+1.62%, 3.313%, 10/1/48		18,510,357		18,894,285
+1.60%, 3.386%, 4/1/49		11,037,105		11,223,346
+1.61%, 3.668%, 8/1/49		88,684,680		91,178,378
+1.62%, 3.73%, 8/1/49		51,365,439		52,855,639
+1.61%, 3.444%, 9/1/49		82,497,564		84,531,349
+1.61%, 3.453%, 9/1/49		57,813,850		59,290,520
+1.62%, 3.357%, 10/1/49		10,220,012		10,474,435
USD LIBOR 6-Month
+1.41%, 3.52%, 8/1/34		1,172,946		1,205,366
+1.50%, 3.608%, 1/1/35		656,926		675,952
+1.57%, 3.802%, 11/1/35		846,516		872,385
Freddie Mac, Hybrid ARM^(e)1-Year U.S. Treasury CMT
+2.25%, 4.953%, 2/1/34		2,086,768		2,190,759
+2.25%, 4.025%, 11/1/34		884,160		935,205
+2.25%, 5.00%, 2/1/35		509,211		535,876
+2.13%, 4.625%, 4/1/35		181,289		186,917
+1.67%, 3.999%, 1/1/36		1,610,280		1,669,354
+2.25%, 4.642%, 1/1/36		2,126,346		2,245,631
USD LIBOR 12-Month
+1.78%, 4.143%, 9/1/33		3,265,388		3,420,543
+1.80%, 4.129%, 8/1/34		492,234		516,636
+1.63%, 4.703%, 1/1/35		257,717		267,906
+1.80%, 4.672%, 3/1/35		674,523		708,192
+1.73%, 4.226%, 8/1/35		701,738		735,558
+1.87%, 4.229%, 8/1/35		1,582,812		1,668,012
+1.83%, 4.077%, 9/1/35		863,526		884,966
+1.63%, 4.092%, 10/1/35		1,202,131		1,256,211
+1.59%, 3.845%, 1/1/36		688,306		716,802
+1.88%, 4.703%, 4/1/36		1,568,099		1,653,208
+1.78%, 3.858%, 12/1/36		1,352,476		1,420,280
+1.77%, 4.80%, 1/1/37		974,628		1,023,317
+1.57%, 4.678%, 3/1/37		971,647		998,021
+1.55%, 4.442%, 4/1/37		808,660		844,997
+1.71%, 4.623%, 4/1/37		807,565		839,426
+1.63%, 4.50%, 5/1/37		536,926		561,102
+1.63%, 4.388%, 7/1/37		2,904,467		3,046,081
+2.09%, 4.335%, 10/1/37		106,716		112,738
+2.04%, 5.101%, 1/1/38		301,397		315,138
+1.61%, 4.177%, 2/1/38		2,047,042		2,138,966
+1.74%, 4.634%, 4/1/38		1,960,905		2,060,914
+1.85%, 4.739%, 4/1/38		2,946,170		3,102,558


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
+1.89%, 4.767%, 5/1/38	$	590,741	$	611,767
+1.67%, 4.414%, 6/1/38		1,620,170		1,698,870
+1.73%, 4.294%, 10/1/38		233,852		243,008
+1.74%, 4.344%, 10/1/38		1,726,299		1,812,396
+1.78%, 4.528%, 11/1/39		876,476		923,139
+1.85%, 4.437%, 7/1/43		1,067,846		1,115,345
+1.71%, 4.375%, 8/1/43		12,610,119		13,096,596
+1.64%, 2.781%, 10/1/43		1,413,258		1,451,501
+1.58%, 2.856%, 1/1/44		2,281,091		2,334,064
+1.61%, 3.083%, 1/1/44		2,683,387		2,748,207
+1.62%, 2.837%, 2/1/44		7,531,884		7,694,543
+1.64%, 3.123%, 4/1/44		2,157,768		2,208,509
+1.63%, 3.148%, 4/1/44		4,662,609		4,772,478
+1.63%, 2.998%, 5/1/44		66,108,780		67,694,769
+1.62%, 2.854%, 6/1/44		4,021,466		4,099,211
+1.62%, 3.096%, 6/1/44		13,122,167		13,430,796
+1.62%, 3.062%, 7/1/44		4,639,325		4,740,665
+1.63%, 3.076%, 7/1/44		3,386,596		3,458,002
+1.61%, 2.848%, 8/1/44		5,457,372		5,552,113
+1.62%, 3.023%, 8/1/44		6,647,292		6,783,499
+1.63%, 3.075%, 8/1/44		6,543,327		6,680,338
+1.62%, 2.682%, 9/1/44		6,426,794		6,520,761
+1.62%, 2.781%, 9/1/44		6,821,495		6,918,109
+1.62%, 2.841%, 9/1/44		5,901,532		6,008,602
+1.62%, 2.821%, 10/1/44		3,583,914		3,642,227
+1.62%, 2.881%, 10/1/44		11,019,662		11,244,406
+1.61%, 2.913%, 10/1/44		8,301,234		8,448,106
+1.63%, 2.913%, 10/1/44		9,864,105		10,069,690
+1.63%, 3.025%, 10/1/44		10,011,848		10,209,830
+1.60%, 2.693%, 11/1/44		12,705,462		12,933,896
+1.63%, 2.737%, 11/1/44		6,097,664		6,209,042
+1.63%, 2.803%, 11/1/44		9,513,569		9,670,399
+1.61%, 2.887%, 11/1/44		6,414,981		6,547,426
+1.61%, 2.901%, 11/1/44		17,285,430		17,587,068
+1.61%, 2.904%, 11/1/44		5,033,350		5,125,908
+1.62%, 2.924%, 11/1/44		9,993,717		10,209,603
+1.62%, 2.934%, 11/1/44		8,421,782		8,596,454
+1.63%, 2.936%, 11/1/44		13,501,113		13,752,431
+1.63%, 2.941%, 11/1/44		8,122,119		8,294,596
+1.60%, 3.005%, 11/1/44		4,507,970		4,612,990
+1.63%, 2.71%, 12/1/44		2,698,689		2,746,672
+1.63%, 2.83%, 12/1/44		13,825,550		14,102,120
+1.62%, 2.893%, 12/1/44		8,254,394		8,431,057
+1.63%, 2.901%, 12/1/44		11,435,327		11,677,631
+1.62%, 2.938%, 12/1/44		5,862,532		5,989,687
+1.62%, 2.64%, 1/1/45		8,895,931		9,048,811
+1.63%, 2.836%, 1/1/45		7,457,417		7,610,366
+1.62%, 2.837%, 1/1/45		7,247,568		7,386,598
+1.62%, 2.922%, 1/1/45		12,989,448		13,261,288
+1.63%, 3.071%, 1/1/45		16,279,116		16,613,100
+1.62%, 2.876%, 2/1/45		10,684,287		10,899,588
+1.62%, 2.588%, 4/1/45		4,889,852		4,970,076
+1.63%, 2.60%, 5/1/45		33,654,644		34,183,218
+1.63%, 2.755%, 6/1/45		3,760,184		3,825,330
+1.63%, 2.651%, 8/1/45		9,536,895		9,682,162
+1.64%, 2.74%, 8/1/45		26,710,853		27,162,801
+1.61%, 2.816%, 8/1/45		6,439,688		6,553,157
+1.63%, 2.803%, 9/1/45		7,901,967		8,042,387
+1.63%, 2.724%, 5/1/46		170,596,151		173,510,392
+1.62%, 2.751%, 5/1/46		11,588,725		11,767,969
+1.62%, 2.605%, 7/1/46		18,209,491		18,477,821
+1.63%, 2.533%, 9/1/46		33,983,483		34,336,715
+1.63%, 3.167%, 6/1/47		8,606,124		8,751,787
+1.63%, 3.182%, 8/1/47		5,129,759		5,219,066
+1.64%, 3.099%, 10/1/47		6,707,398		6,816,870
+1.64%, 3.146%, 11/1/47		3,447,430		3,507,572
+1.64%, 3.573%, 2/1/49		27,545,963		28,243,574



	PAR VALUE		VALUE
USD LIBOR 6-Month
+1.60%, 3.794%, 8/1/36	$	1,578,173	$	1,636,011
Freddie Mac Gold, 15 Year
5.50%, 10/1/20-12/1/24		608,142		617,229
6.00%, 8/1/21-11/1/23		3,749,546		3,874,564
4.50%, 3/1/25-6/1/26		6,734,087		7,027,359
Freddie Mac Gold, 20 Year
6.50%, 10/1/26		1,514,886		1,682,624
4.50%, 5/1/30-1/1/34		74,673,212		80,148,998
4.00%, 9/1/31-10/1/35		356,767,188		380,027,146
3.50%, 7/1/35-1/1/36		139,531,193		145,877,262
Freddie Mac Gold, 30 Year
7.90%, 2/17/21		437		437
7.00%, 4/1/31-11/1/38		2,317,031		2,607,186
6.50%, 12/1/32-10/1/38		7,718,824		8,763,994
6.00%, 12/1/33-2/1/39		13,507,839		15,411,381
5.50%, 3/1/34-12/1/38		38,522,067		43,241,945
4.50%, 3/1/39-2/1/49		1,778,001,815		1,899,385,047
4.50%, 3/1/49		251,339,762		264,914,364
4.00%, 11/1/45-11/1/47		634,871,625		671,900,928
Freddie Mac Pool, 15 Year
6.00%, 10/1/21		1,940		1,980
Freddie Mac Pool, 20 Year
3.50%, 8/1/39		241,531,740		251,490,758
Freddie Mac Pool, 30 Year
7.00%, 11/1/37		8,302		9,638
4.50%, 7/1/42-4/1/49		438,001,453		461,445,775
Ginnie Mae, 20 Year
4.00%, 1/20/35		6,325,044		6,535,341
Ginnie Mae, 30 Year
7.80%, 7/15/20-1/15/21		6,250		6,269
7.85%, 1/15/21		1,221		1,223
7.50%, 12/15/23-5/15/25		460,296		493,875
7.00%, 5/15/28		165,177		179,592

				18,511,561,803
PRIVATE LABEL CMO & REMIC: 0.0%^(h)
GSMPS Mortgage Loan Trust Series 2004-4 1A4, 8.50%, 6/25/34^(b)		2,785,084		3,065,982
Seasoned Credit Risk Transfer Trust Series 2017-4 M45T, 4.50%, 6/25/57		24,534,699		26,218,197

				29,284,179

				21,747,521,011

				26,354,601,119
CORPORATE: 34.0%
FINANCIALS: 11.6%
Bank of America Corp.
3.004%, 12/20/23^(f)		422,916,000		433,107,684
4.20%, 8/26/24		163,140,000		175,112,031
4.25%, 10/22/26		185,082,000		201,695,256
Barclays PLC (United Kingdom)
4.375%, 9/11/24		239,204,000		251,098,538
4.836%, 5/9/28		77,975,000		83,995,812
BNP Paribas SA (France)
4.25%, 10/15/24		381,716,000		409,184,997
4.375%, 9/28/25^(b)		70,131,000		75,479,453
4.375%, 5/12/26^(b)		102,019,000		109,441,127
4.625%, 3/13/27^(b)		232,400,000		253,937,256
Boston Properties, Inc.
4.125%, 5/15/21		52,852,000		54,082,632
3.85%, 2/1/23		76,031,000		79,627,389
3.125%, 9/1/23		19,500,000		20,111,711
3.80%, 2/1/24		64,024,000		67,677,868


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
3.20%, 1/15/25	$	47,075,000	$	48,823,165
3.65%, 2/1/26		19,580,000		20,728,560
4.50%, 12/1/28		101,325,000		114,752,952
Capital One Financial Corp.
3.50%, 6/15/23		129,377,000		134,366,485
3.75%, 4/24/24		14,640,000		15,406,397
3.20%, 2/5/25		45,901,000		47,506,234
4.20%, 10/29/25		121,149,000		130,644,392
Citigroup, Inc.
3.50%, 5/15/23		72,730,000		75,659,157
4.00%, 8/5/24		31,300,000		33,495,673
USD LIBOR 3-Month +6.37%, 8.306%, 10/30/40^(a)		427,488,075		474,511,763
Equity Residential
4.625%, 12/15/21		108,687,000		113,526,832
3.00%, 4/15/23		47,300,000		48,685,536
3.375%, 6/1/25		77,890,000		81,787,465
HSBC Holdings PLC (United Kingdom)
5.10%, 4/5/21		85,935,000		89,105,837
9.30%, 6/1/21		100,000		109,354
2.65%, 1/5/22		32,865,000		33,214,540
3.262%, 3/13/23^(f)		13,570,000		13,874,347
3.60%, 5/25/23		63,550,000		66,256,742
3.95%, 5/18/24^(f)		133,680,000		140,565,870
4.30%, 3/8/26		116,100,000		126,316,716
6.50%, 5/2/36		218,122,000		297,540,390
6.50%, 9/15/37		230,191,000		316,577,781
6.80%, 6/1/38		20,025,000		28,475,318
JPMorgan Chase & Co.
3.375%, 5/1/23		92,238,000		95,801,273
4.125%, 12/15/26		119,864,000		131,173,304
4.25%, 10/1/27		125,244,000		138,500,968
8.75%, 9/1/30^(a)		81,412,000		118,601,343
Lloyds Banking Group PLC (United Kingdom)
4.05%, 8/16/23		131,150,000		138,969,803
4.50%, 11/4/24		218,317,000		233,289,095
4.65%, 3/24/26		92,232,000		100,215,530
Royal Bank of Scotland Group PLC (United Kingdom)
6.125%, 12/15/22		340,311,000		372,298,461
6.10%, 6/10/23		19,737,000		21,717,751
6.00%, 12/19/23		350,211,000		389,225,020
5.125%, 5/28/24		28,169,000		30,497,239
UniCredit SPA (Italy)
7.296%, 4/2/34^(b)(f)		292,266,000		335,823,004
Unum Group
7.25%, 3/15/28		18,838,000		23,276,166
6.75%, 12/15/28		8,107,000		10,065,018
Wells Fargo & Co.
3.55%, 8/14/23		244,815,000		256,501,060
4.10%, 6/3/26		130,170,000		140,257,860
4.30%, 7/22/27		159,265,000		174,354,336

				7,377,050,491
INDUSTRIALS: 20.8%
AbbVie, Inc. 3.20%, 11/21/29^(b)		239,530,000		243,524,019
4.05%, 11/21/39^(b)		99,360,000		105,004,562
4.25%, 11/21/49^(b)		121,960,000		128,355,980
AT&T, Inc. 8.75%, 11/15/31		100,978,000		143,356,156
5.35%, 9/1/40		59,744,000		71,929,580
4.75%, 5/15/46		78,945,000		89,084,988
5.65%, 2/15/47		122,520,000		155,860,808
5.45%, 3/1/47		140,205,000		173,671,507
Bayer AG (Germany) 3.875%, 12/15/23^(b)		301,635,000		316,414,273
4.25%, 12/15/25^(b)		133,965,000		144,427,227



	PAR VALUE		VALUE
4.375%, 12/15/28^(b)	$	170,210,000	$	185,558,117
BHP Billiton, Ltd. (Australia) 6.75%, 10/19/75^(a)(b)(f)		55,286,000		64,915,163
Burlington Northern Santa Fe LLC^(d)
8.251%, 1/15/21		978,256		1,004,184
3.05%, 9/1/22		39,535,000		40,619,973
5.943%, 1/15/23		8,173		8,314
3.85%, 9/1/23		79,525,000		84,452,217
5.72%, 1/15/24		9,702,747		10,339,866
5.342%, 4/1/24		2,751,962		2,887,828
5.629%, 4/1/24		11,937,632		12,632,876
5.996%, 4/1/24		26,189,768		28,535,048
3.442%, 6/16/28^(b)		75,389,733		79,687,829
Cemex SAB de CV (Mexico)
6.00%, 4/1/24^(b)		72,394,000		74,421,756
5.70%, 1/11/25^(b)		225,456,000		231,658,295
6.125%, 5/5/25^(b)		113,075,000		117,316,443
7.75%, 4/16/26^(b)		138,048,000		150,127,200
Charter Communications, Inc.
5.00%, 2/1/20		20,700,000		20,738,765
4.125%, 2/15/21		33,095,000		33,624,628
4.00%, 9/1/21		40,609,000		41,546,655
4.908%, 7/23/25		109,110,000		120,103,598
6.55%, 5/1/37		46,188,000		56,543,275
6.75%, 6/15/39		112,072,000		142,012,837
6.484%, 10/23/45		450,292,000		561,550,287
5.375%, 5/1/47		57,310,000		64,117,129
5.75%, 4/1/48		195,865,000		228,118,497
Cigna Corp.
4.00%, 2/15/22^(b)		62,964,000		64,983,780
7.65%, 3/1/23^(b)		7,217,000		8,279,632
3.75%, 7/15/23		244,625,000		256,385,572
4.125%, 11/15/25		47,550,000		51,548,640
7.875%, 5/15/27^(b)		26,720,000		34,638,090
4.375%, 10/15/28		154,300,000		170,728,326
Cox Enterprises, Inc.
3.25%, 12/15/22^(b)		94,333,000		96,986,380
2.95%, 6/30/23^(b)		251,295,000		255,878,671
3.85%, 2/1/25^(b)		231,475,000		245,137,548
3.35%, 9/15/26^(b)		139,412,000		143,876,141
3.50%, 8/15/27^(b)		48,562,000		50,728,118
CRH PLC (Ireland) 3.875%, 5/18/25^(b)		181,839,000		194,118,868
CSX Corp.
9.75%, 6/15/20		10,067,000		10,402,413
6.251%, 1/15/23		10,784,691		11,740,485
CVS Health Corp.
4.10%, 3/25/25		42,500,000		45,587,279
4.30%, 3/25/28		153,100,000		167,068,137
4.78%, 3/25/38		89,275,000		101,189,390
Dell Technologies, Inc. 5.45%, 6/15/23^(b)		90,089,000		97,661,767
Dillard’s, Inc.
7.875%, 1/1/23		275,000		297,064
7.75%, 7/15/26		21,016,000		23,713,850
7.75%, 5/15/27		12,848,000		14,684,408
7.00%, 12/1/28		28,225,000		31,338,538
Dow, Inc.
7.375%, 11/1/29		69,100,000		91,536,069
9.40%, 5/15/39		153,811,000		251,915,307
5.25%, 11/15/41		39,918,000		46,586,258
Elanco Animal Health, Inc.
3.912%, 8/27/21		32,870,000		33,713,717
4.272%, 8/28/23		32,775,000		34,599,454
4.90%, 8/28/28		46,519,000		50,560,547
Ford Motor Credit Co. LLC^(d)
5.75%, 2/1/21		192,923,000		199,117,981


DEBT SECURITIES (continued)

	PAR VALUE		VALUE
5.875%, 8/2/21	$	169,660,000	$	177,577,642
3.813%, 10/12/21		194,775,000		198,330,168
5.596%, 1/7/22		105,725,000		111,378,973
3.219%, 1/9/22		30,125,000		30,335,698
4.25%, 9/20/22		3,142,000		3,248,697
4.14%, 2/15/23		127,081,000		130,672,397
4.375%, 8/6/23		49,659,000		51,604,904
4.063%, 11/1/24		39,570,000		40,356,163
HCA Healthcare, Inc.
4.125%, 6/15/29		73,620,000		78,009,945
5.125%, 6/15/39		39,000,000		43,041,139
5.25%, 6/15/49		43,600,000		48,599,149
Imperial Brands PLC (United Kingdom)
4.25%, 7/21/25^(b)		580,620,000		612,176,819
3.875%, 7/26/29^(b)		195,925,000		197,371,888
Kinder Morgan, Inc.
6.50%, 2/1/37		50,861,000		63,419,916
6.95%, 1/15/38		92,139,000		121,813,181
6.50%, 9/1/39		72,546,000		91,962,782
5.00%, 8/15/42		78,782,000		86,175,839
5.00%, 3/1/43		86,308,000		94,879,768
5.50%, 3/1/44		96,910,000		113,147,829
5.40%, 9/1/44		69,297,000		80,044,046
Macy’s, Inc.
6.70%, 7/15/34		77,960,000		87,721,070
4.50%, 12/15/34		95,617,000		90,828,390
6.375%, 3/15/37		21,354,000		22,689,761
Nordstrom, Inc. 6.95%, 3/15/28		20,107,000		24,164,260
Occidental Petroleum Corp.
2.90%, 8/15/24		107,365,000		109,023,368
3.20%, 8/15/26		38,905,000		39,364,108
3.50%, 8/15/29		91,530,000		93,307,992
Prosus NV (Netherlands)
6.00%, 7/18/20^(b)		220,010,000		223,550,401
5.50%, 7/21/25^(b)		347,931,000		386,236,811
4.85%, 7/6/27^(b)		140,217,000		152,752,119
RELX PLC (United Kingdom)
3.125%, 10/15/22		146,687,000		151,083,626
3.50%, 3/16/23		64,115,000		66,627,774
4.00%, 3/18/29		59,330,000		64,355,634
TC Energy Corp. (Canada)
5.625%, 5/20/75^(a)(f)		237,639,000		247,738,657
5.875%, 8/15/76^(a)(f)		84,536,000		90,986,097
5.30%, 3/15/77^(a)(f)		282,129,000		289,735,198
5.50%, 9/15/79^(a)(f)		138,575,000		145,434,462
Telecom Italia SPA (Italy)
5.303%, 5/30/24^(b)		241,154,000		259,240,550
7.20%, 7/18/36		61,253,000		72,572,554
7.721%, 6/4/38		166,317,000		204,569,910
The Walt Disney Co.
6.20%, 12/15/34		14,795,000		20,736,933
6.65%, 11/15/37		79,075,000		117,221,763
Ultrapar Participacoes SA (Brazil)
5.25%, 10/6/26^(b)		151,950,000		163,157,832
5.25%, 6/6/29^(b)		137,300,000		144,782,850
Union Pacific Corp.
6.061%, 1/17/23		1,939,227		2,116,964
4.698%, 1/2/24		1,514,664		1,580,543
5.082%, 1/2/29		4,539,555		4,873,579
5.866%, 7/2/30		27,919,074		31,313,373
6.176%, 1/2/31		24,386,051		28,033,312
Verizon Communications, Inc. 4.272%, 1/15/36		166,472,000		187,965,405
Vodafone Group PLC (United Kingdom) 7.00%, 4/4/79^(a)(f)		201,235,000		236,118,431



	PAR VALUE		VALUE
Xerox Holdings Corp.
2.75%, 9/1/20	$	22,690,000	$	22,620,682
4.50%, 5/15/21		100,501,000		103,212,517
4.07%, 3/17/22		2,349,000		2,401,852
Zoetis, Inc.
3.45%, 11/13/20		39,377,000		39,800,002
4.50%, 11/13/25		166,139,000		183,837,610

				13,195,055,643
UTILITIES: 1.6%
Dominion Energy, Inc.
2.579%, 7/1/20		32,099,000		32,165,261
4.104%, 4/1/21		97,451,000		99,854,647
5.75%, 10/1/54^(a)(f)		232,036,000		250,088,408
Enel SPA (Italy)
4.25%, 9/14/23^(b)		30,675,000		32,458,124
4.625%, 9/14/25^(b)		120,488,000		131,349,399
3.625%, 5/25/27^(b)		38,125,000		39,457,714
6.80%, 9/15/37^(b)		174,509,000		231,841,189
6.00%, 10/7/39^(b)		161,224,000		202,669,368

				1,019,884,110

				21,591,990,244
TOTAL DEBT SECURITIES (Cost $59,889,761,215)			$	62,319,566,724



SHORT-TERM INVESTMENTS: 1.4%

	PAR VALUE/ SHARES			VALUE
REPURCHASE AGREEMENTS: 1.0%
Bank of Montreal^(c)
1.48%, dated 12/31/19, due 1/2/20, maturity value $156,712,884	$	156,700,000		$	156,700,000
Fixed Income Clearing Corporation^(c)
1.00%, dated 12/31/19, due 1/2/20, maturity value $194,326,795		194,316,000			194,316,000
Royal Bank of Canada^(c)
1.53%, dated 12/31/19, due 1/2/20, maturity value $313,326,631		313,300,000			313,300,000

					664,316,000

MONEY MARKET FUND: 0.4%
State Street Institutional U.S. Government Money Market Fund		254,584,447			254,584,447

TOTAL SHORT-TERM INVESTMENTS (Cost $918,900,447)				$	918,900,447

TOTAL INVESTMENTS IN SECURITIES (Cost $60,808,661,662)		99.5	%	$	63,238,467,171
OTHER ASSETS LESS LIABILITIES		0.5	%		307,094,384

NET ASSETS		100.0	%	$	63,545,561,555

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

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

^(c)	Repurchase agreements are collateralized by:

Bank of Montreal: U.S. Treasury Notes 1.125%-2.875%, 7/31/20-5/15/46 and U.S. Treasury Inflation Indexed Notes 0.125%-1.375%, 7/15/24-2/15/45. Total collateral value is $159,847,229.

Fixed Income Clearing Corporation: U.S. Treasury Note 1.50%, 8/31/21. Total collateral value is $198,206,175.

Royal Bank of Canada: U.S. Treasury Notes 2.125%-2.875%, 9/30/23-5/15/27 and U.S. Treasury Inflation Indexed Notes 3.375%-3.875%, 4/15/29-4/15/32. Total collateral value is $319,593,355.

^(d)	Subsidiary (see below)

^(e)

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

^(g)	Inflation-linked

^(h)	Rounds to 0.0%.

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

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


STATEMENT OF ASSETS AND LIABILITIES


	December 31, 2019
ASSETS:
Investments in securities, at value (cost $60,808,661,662)	$	63,238,467,171
Cash		1,182,783
Receivable for investments sold		17,460,944
Receivable for Fund shares sold		79,554,791
Interest receivable		411,467,061
Prepaid expenses and other assets		304,550

		63,748,437,300

LIABILITIES:
Payable for Fund shares redeemed		177,678,190
Management fees payable		21,521,249
Accrued expenses		3,676,306

		202,875,745

NET ASSETS	$	63,545,561,555

NET ASSETS CONSIST OF:
Paid in capital	$	60,964,832,308
Distributable earnings		2,580,729,247

	$	63,545,561,555

Fund shares outstanding (par value $0.01 each, unlimited shares authorized)		4,530,761,843
Net asset value per share	$	14.03

STATEMENT OF OPERATIONS

	Year Ended December 31, 2019
INVESTMENT INCOME:
Dividends	$	38,568,317
Interest		2,062,523,768

		2,101,092,085

EXPENSES:
Management fees		237,350,192
Custody and fund accounting fees		740,839
Transfer agent fees		7,919,343
Professional services		240,391
Shareholder reports		1,954,008
Registration fees		1,202,626
Trustees’ fees		341,667
Miscellaneous		678,673

		250,427,739

NET INVESTMENT INCOME		1,850,664,346

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss)
Investments in securities		640,367,179
Futures contracts		(65,402,334	)
Net change in unrealized appreciation/depreciation
Investments in securities		2,943,215,105
Futures contracts		27,176,840

Net realized and unrealized gain		3,545,356,790

NET CHANGE IN NET ASSETS FROM OPERATIONS	$	5,396,021,136


STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31, 2019			Year Ended December 31, 2018
OPERATIONS:
Net investment income	$	1,850,664,346		$	1,688,153,909
Net realized gain (loss)		574,964,845			67,886,229
Net change in unrealized appreciation/depreciation		2,970,391,945			(1,942,972,195	)

		5,396,021,136			(186,932,057	)


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions		(2,203,565,377	)		(1,887,086,223	)

FUND SHARE TRANSACTIONS:
Proceeds from sale of shares		15,958,728,359			14,058,784,954
Reinvestment of distributions		1,912,882,574			1,568,832,950
Cost of shares redeemed		(11,832,125,919	)		(13,526,739,100	)

Net change from Fund share transactions		6,039,485,014			2,100,878,804

Total change in net assets		9,231,940,773			26,860,524

NET ASSETS:
Beginning of year		54,313,620,782			54,286,760,258

End of year	$	63,545,561,555		$	54,313,620,782


SHARE INFORMATION:
Shares sold		1,153,948,397			1,043,147,794
Distributions reinvested		137,478,496			117,588,178
Shares redeemed		(857,254,896	)		(1,008,309,102	)

Net change in shares outstanding		434,171,997			152,426,870

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.

Debt securities and derivatives traded over the counter are valued using prices received from independent pricing services which utilize dealer quotes, recent transaction data, pricing models, and other inputs to arrive at market-based valuations. Pricing models may consider quoted prices for similar securities, interest rates, cash flows (including prepayment speeds), and credit risk. Exchange-traded derivatives are valued at the settlement price determined by the relevant exchange. 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. Security values are not discounted based on the size of the Fund’s position and may differ from the value the Fund receives upon sale of the securities. All securities held by the Fund are denominated in U.S. dollars.

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.

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

Repurchase agreements Repurchase agreements are transactions under which a Fund purchases a security from a dealer counterparty and agrees to resell the security to that counterparty on a specified future date at the same price, plus a specified interest rate. The Fund’s repurchase agreements are secured by U.S. government or agency securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. The Fund maintains custody of the underlying collateral securities, either through its regular custodian or through a third party custodian that maintains separate accounts for both the Fund and its counterparties. 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.

transaction in which it sells the mortgage-related securities to a dealer and simultaneously agrees to purchase similar securities for future delivery at a predetermined price. The Fund accounts for TBA dollar rolls as purchase and sale 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, forward exchange rates, etc.)

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

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

The following is a summary of the inputs used to value the Fund’s holdings at December 31, 2019:


Classification	LEVEL 1 (Quoted Prices)		LEVEL 2 (Other Significant Observable Inputs)
Securities
Debt Securities
U.S. Treasury	$	—	$	11,120,107,599
Government-Related		—		3,252,867,762
Securitized		—		26,354,601,119
Corporate		—		21,591,990,244
Short-term Investments
Repurchase Agreements		—		664,316,000
Money Market Fund		254,584,447		—

Total Securities	$	254,584,447	$	62,983,882,724

NOTE 3—DERIVATIVE INSTRUMENTS

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 the contract. 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 in the Statement of Assets and Liabilities. A receivable and/or payable to brokers for daily variation margin is also recorded in the Statement of Assets and Liabilities.

The Fund did not have open futures contracts at December 31, 2019.

Additional derivative information The following summarizes the effect of derivative instruments on the Statement of Operations.


	Interest Rate Derivatives
Net realized gain (loss)
Futures contracts	$	(65,402,334	)

Net change in unrealized appreciation/depreciation
Futures contracts	$	27,176,840

The following summarizes the range of volume in the Fund’s derivative instruments during the year ended December 31, 2019.


Derivative		% of Net Assets
Futures contracts	USD notional value		0-1	%

NOTE 4—RELATED PARTY TRANSACTIONS

Management fees Under a written agreement approved by a unanimous vote of the Board of Trustees, the Fund pays a management fee monthly at an annual rate 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 5—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. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes. Financial reporting records are adjusted for permanent book to tax differences at year end to reflect tax character. Book to tax differences are primarily due to differing treatments of wash sales, net short-term realized gain (loss), derivatives, and distributions.

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


	Year Ended December 31, 2019			Year Ended December 31, 2018
Ordinary income	$	1,993,518,195		$	1,653,646,376
	($	0.462 per share	)	($	0.398 per share	)
Long-term capital gain	$	210,047,182		$	233,439,847
	($	0.047 per share	)	($	0.057 per share	)

At December 31, 2019, the tax basis components of distributable earnings were as follows:


Undistributed ordinary income	$	35,103,885
Undistributed long-term capital gain		115,979,668

At December 31, 2019, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:


Tax cost	$	60,808,821,477

Unrealized appreciation		2,623,673,988
Unrealized depreciation		(194,028,294	)

Net unrealized appreciation		2,429,645,694

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. For the year ended December 31, 2019, the Fund’s commitment fee amounted to $381,795 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 year.

NOTE 7—PURCHASES AND SALES OF INVESTMENTS

For the year ended December 31, 2019, purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $3,453,152,078 and $7,691,881,822 respectively. For the year ended December 31, 2019, purchases and sales of U.S. government securities aggregated $30,295,157,112 and $20,868,219,196 respectively.

NOTE 8—NEW ACCOUNTING GUIDANCE

In March 2017, the Financial Accounting Standards Board issued an update to amend the amortization period for certain purchased callable debt securities held at a premium. The amendments shorten the amortization period for premiums to the earliest call date, but do not require an accounting change for securities held at a discount. The amendments are effective for financial statements for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Fund’s adoption of the updated accounting standards on January 1, 2019 did not have a material impact on the Fund’s financial statements.

NOTE 9—SUBSEQUENT EVENTS

To the Board of Trustees of the Dodge & Cox Funds and Shareholders of Dodge & Cox Income Fund

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Dodge & Cox Income Fund (one of the funds constituting Dodge & Cox Funds, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the Dodge & Cox Funds since 1931.

SPECIAL 2019 TAX INFORMATION

(unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code:

The Fund designates $210,047,182 as long-term capital gain distributions in 2019.

FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

BOARD APPROVAL OF FUNDS’ INVESTMENT MANAGEMENT AGREEMENTS AND MANAGEMENT FEES

(unaudited)

The Board of Trustees is responsible for overseeing the performance of the Dodge & Cox Funds’ investment manager and determining whether to continue the Investment Management Agreements between the Funds and Dodge & Cox each year (the “Agreements”). At a meeting of the Board of Trustees of the Trust held on December 12, 2019, the Trustees, by a unanimous vote (including a separate vote of those Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940) (the “Independent Trustees”)), approved the renewal of the Agreements for an additional one-year term through December 31, 2020 with respect to each Fund. During the course of the year, the Board received extensive information and materials relating to the investment management and administrative services provided by Dodge & Cox and the performance of each of the Funds.

INFORMATION RECEIVED

NATURE, QUALITY, AND EXTENT OF THE SERVICES

filings, tax compliance and filings, website, and anti-money laundering. The nature of services provided by Dodge & Cox has been documented in materials provided to the Board and in presentations made to the Board throughout the year. In particular, the Board considered the nature, quality, and extent of portfolio management, administrative, and shareholder services performed by Dodge & Cox. With regard to portfolio management services, the Board considered Dodge & Cox’s established long-term history of care in the management of the Funds; its consistency in investment approach and depth; the background and experience of the Dodge & Cox U.S. Equity Investment Committee, International Equity Investment Committee, Global Equity Investment Committee, U.S. Fixed Income Investment Committee, and Global Fixed Income Investment Committee, and research analysts responsible for managing the Funds; Dodge & Cox’s methods for assessing the regulatory and investment climate in various jurisdictions; its overall level of attention to its core investment management function; and its commitment to the Funds and their shareholders. The Board reviewed information from Dodge & Cox regarding any material conflicts of interest between the Funds and Dodge & Cox or its other clients, and regarding how Dodge & Cox addresses those conflicts. The Board noted Dodge & Cox’s record of favorable press and industry coverage, as well as its good compliance record, and its reputation as a trusted, shareholder-friendly mutual fund family. In addition, the Board considered that Dodge & Cox manages approximately $211 billion in Fund assets with fewer professionals than most comparable funds, and that on average these professionals have more experience and longer tenure than investment professionals at comparable funds. The Board also noted that Dodge & Cox is an investment research-oriented firm with no other business endeavors to distract management’s attention from its research efforts, that its investment professionals adhere to a consistent investment approach across the Funds, and that due to its deliberate strategy with respect to new products, Dodge & Cox has had stability in its mutual fund product offerings over the course of many years and has the fewest funds of any of the 25 largest mutual fund families by assets. The Board further considered the “Gold” analyst rating awarded by Morningstar to all of the Funds (other than the Global Bond Fund, which has a “Silver” rating). The Board concluded that it was satisfied with the nature, extent, and quality of investment management and other services provided to the Funds by Dodge & Cox.

INVESTMENT PERFORMANCE

divergence between value and growth stocks over the past several years. It was noted that equity performance has been consistent with the value oriented investment strategy employed by Dodge & Cox. The Board concluded that Dodge & Cox’s historic, long-term, team-oriented, bottom-up investment approach remains consistent and that Dodge & Cox continues to be distinguished by its integrity, transparency, and independence. The Board considered that the performance of the Funds is the result of a value-oriented investment management process that emphasizes a long-term investment horizon, independent research, a team approach, price discipline, low cost, and low portfolio turnover. The Board concluded that Dodge & Cox has delivered long-term performance for Fund investors consistent with the long-term investment strategies being pursued by the Funds.

COSTS AND ANCILLARY BENEFITS

separate account fees are lower than Fund fees. The Board considered the differences in the nature and scope of services Dodge & Cox provides to the Funds as compared to other client accounts, as well as material differences in regulatory, litigation, and other risks as between Dodge & Cox Funds and other types of clients. The Board noted that different markets exist for mutual fund and institutional separate account management services and that a comparison of Fund fee rates and separate account fee rates must consider the fact that separate account clients bear additional costs and responsibilities that are included in the cost of a Fund. After consideration of these matters, the Board concluded that the overall costs incurred by the Funds for the services they receive (including the management fee paid to Dodge & Cox) are reasonable and that the fees are acceptable based upon the qualifications, experience, reputation, and performance of Dodge & Cox and the low overall expense ratios of the Funds.

ECONOMIES OF SCALE

Board’s view, any consideration of economies of scale must take account of the Funds’ low fee and expense structure and the fact that the Dodge & Cox Funds build economies of scale into their fee structures by charging low fees from a fund’s inception and keeping overall expenses down as a Fund grows, as compared to other fund complexes that employ fee “breakpoints” only after a fund reaches a certain scale. An assessment of economies of scale must also take into account that Dodge & Cox invests time and resources in each new Fund for months (and sometimes years) prior to launch; in addition, in a Fund’s early periods of operations, expenses are capped, which means that Dodge & Cox subsidizes the operations of a new Fund for a period of time until it reaches scale. The Board also observed that, while total Fund assets have grown over the long term, this growth has not been continuous or evenly distributed across all of the Funds. In addition, the Board noted that Dodge & Cox has shared the benefits of economies of scale with the Funds by adding services to the Funds over time, and that Dodge & Cox’s internal costs of providing investment management, technology, administrative, legal, and compliance services to the Funds continue to increase. For example, Dodge & Cox has increased its global research staff and investment resources over the years to add new capabilities for the benefit of Fund shareholders and to address the increased complexity of investing globally. In addition, Dodge & Cox has made expenditures in other staff, technology, and infrastructure to enable it to integrate credit and equity analyses and to implement its strategy in a more effective manner. Over the last ten years, Dodge & Cox has increased its spending on research, investment management, client servicing, cybersecurity, technology, third-party research, data services, and computer systems for trading, operations, compliance, accounting, and communications at a rate that has outpaced the Funds’ growth rate during the same period. The Board also observed that, even without fee breakpoints, the Funds are competitively priced in a competitive market and that having a low fee from inception is better for shareholders than starting with a higher fee and adding breakpoints. The Board also noted that there are certain diseconomies of scale associated with managing large funds, insofar as certain of the costs and risks associated with portfolio management increase disproportionately as assets grow. The Board concluded that the current Dodge & Cox fee structure is fair and reasonable and adequately shares economies of scale that may exist.

CONCLUSION

FUND HOLDINGS

PROXY VOTING

HOUSEHOLD MAILINGS

The Dodge & Cox Global Bond Fund had a total return of 12.2% for the year ended December 31, 2019, compared to 6.8% for the Bloomberg Barclays Global Aggregate Bond Index (Bloomberg Barclays Global Agg).

MARKET COMMENTARY

2019 was a strong year for bond returns as declines in interest rates and credit yield premiums^a across nearly all markets powered significant price increases. The Bloomberg Barclays Global Agg’s annual return was the second-highest in the past decade, despite a modest drag from currency (primarily the euro’s depreciation versus the U.S. dollar). The fall in interest rates was largely driven by renewed monetary easing by major central banks and concerns regarding low growth and inflation outlooks. Pessimism with respect to the economic outlook peaked in August: at that point, the U.S. Treasury yield curve inverted, bond market prices implied a recession probability of approximately 35%, and the stockpile of negative-yielding global debt grew to $17 trillion. But these seemingly foreboding indicators subsided in the fourth quarter. Moreover, despite a myriad of troublesome geopolitical headlines (e.g., trade tensions, Brexit, U.S. impeachment proceedings), investor risk appetite was strong, driving positive returns across a variety of asset classes, including equities, emerging market debt, and corporate bonds. As we enter 2020, the longest U.S. economic expansion on record continues and global growth is expected to pick up modestly.

The Bloomberg Barclays U.S. Corporate Bond Index returned 14.5%,^b the highest since 2009. Triple-B bonds outperformed higher-rated securities, despite many negative headlines throughout the year related to the growth in the triple-B bond market and the potential for credit rating downgrades. The decline in yield premiums that drove this performance has left valuations near post-financial crisis highs, which suggests that recent excess returns are unlikely to be repeated. Nonetheless, even at mediocre valuation levels, we believe the long-term outlook for corporate bonds is still positive, particularly for a hand-picked, carefully-researched set of issuers.

Facing significant global economic and political uncertainty and weak manufacturing data, the Federal Reserve reversed course from the year prior and carried out a “mid-cycle adjustment” of three rate cuts. In the fourth quarter, better-than-expected GDP growth and continued strong employment data (e.g., the U.S. unemployment rate is 3.5%, a 50-year low) led Fed Chair Jerome Powell to express a “patient wait-and-see approach regarding further policy actions.” Many other central banks joined the rate cutting bandwagon in 2019. The European Central Bank (ECB) and the Bank of Japan maintained negative policy rates and are expected to leave rates unchanged for the foreseeable future. Overall, developed market government bond yields are low and, in our view, do not offer compelling value.

The U.S. dollar did not move much on a broad trade-weighted basis, but there was significant variation amongst individual currencies. The British pound appreciated sharply in the fourth quarter, when Brexit uncertainty subsided following a surprisingly strong electoral victory for Boris Johnson’s Conservative Party. While the decline in Brexit uncertainty provided some support to the euro, the currency mildly depreciated during the year due to

ECB easing, a recession in Italy, social unrest in France, and weak industrial production in Germany. Within emerging markets, the Russian ruble appreciated strongly as concerns about sanctions receded and fiscal balances improved, while the Argentine peso suffered a large depreciation as a new, less market-friendly administration was elected, capital controls were imposed, and intentions for debt restructuring were announced. Most currencies appear undervalued versus the U.S. dollar and we continue to find value in select currency opportunities.

INVESTMENT STRATEGY

We are pleased with the Fund’s double-digit returns in 2019, with positive contributions from all three primary return levers of our investment strategy—credit, rates, and currency. Performance was driven by broad market moves including declining global yields and credit yield premiums, but also particularly strong performance from a number of individual credit^c issuers and emerging market currency and rates exposures. We believe these results highlight the benefit of a global, broad, and flexible fixed income investment strategy, as well as the importance of careful individual security selection.

During the year, we made several incremental adjustments to the Fund’s interest rate and currency positioning, but we were particularly active in the Credit sector. As credit valuations rose throughout the year, we significantly trimmed the Fund’s credit holdings.

Credit: A Banner Year

Credit performed exceptionally well in 2019 (the Bloomberg Barclays Global Aggregate Credit Index returned 10.7%), and was a significant driver of the Fund’s returns (as it has been over the Fund’s history). At the end of 2018, 59% of the Fund’s assets were invested in credit, a reflection of our optimism about valuations and the outlook for our individually selected holdings. However, as credit valuations increased over the year, we reduced our credit exposure by 18 percentage points via sales or trims of more than 35 issuers. For example, we reduced our exposure to Kinder Morgan,^d a midstream energy company, whose bonds we first purchased in November 2014 and added to during the 2015 energy sell-off. Although the company’s fundamentals have improved since then, at current valuations we believe a smaller position size is warranted.

We enter each investment based on our assessment of the risk-reward profile over a three- to five- year horizon, and frequently hold investments for this time period or even longer. This approach facilitates the accumulation and compounding of income, provides time for our fundamental investment thesis to play out, and keeps transaction costs low. Nonetheless, we are comfortable selling a position more quickly if we no longer believe valuations reflect our assessment of the fundamentals. In January, we purchased bonds of AB InBev, the largest beverage company in the world, at a time when the credit markets were relatively stressed and yield premiums on the bonds looked attractive. However, as the broad credit market improved and AB InBev bond valuations rose, we began trimming our position during the second quarter and fully sold the position by the end of the year.

As of December 31, 2019, the Fund’s credit weighting is 41%, its lowest level since the inception of the Fund. This is driven by our view that yield premiums are likely to rise moderately over our long-term investment horizon and therefore current valuation levels offer only modest excess return prospects. That said, we continue to believe corporate bonds offer more value than developed market government bonds. We also believe that corporate fundamentals are relatively strong, banks are well-capitalized, and a major recession is unlikely. Furthermore, even in a market generally characterized by mediocre valuations, our research team continues to identify individual opportunities. Despite broad reduction, we added six new corporate issuers across a range of industries during the year. One of the new purchases was AbbVie, a biopharmaceutical company, which issued debt in November to help fund its acquisition of Allergan. In the coming years, we expect the company to generate tens of billions of dollars of free cash flow, which should enable it to pay down debt and improve its credit profile.

Rates: Falling Yields Everywhere (Almost)

For the global bond market as a whole, the substantial and broad-based decline in global government bond yields created a significant tailwind for returns. However, the low yield environment presents challenges for fixed income investors seeking to generate attractive long-term returns. In markets like Germany and Japan, bonds provide no income to cushion against the potential for price declines from rising rates. As of December 31, there was approximately $11 trillion in negative yielding debt outstanding (of which the Fund owns none). Even in the United States, where interest rates are higher (e.g., two-year U.S. Treasury yield of 1.6%), the level of income is quite low. While we do not foresee a major rise in inflation and interest rates, we believe the Fund’s moderate U.S.-dollar duration^e—around three years—is prudent given that accepting much higher interest rate risk could result in a return profile with an asymmetric downside risk.

An important benefit of a global bond strategy is the ability to diversify interest rate risk, whereas domestic bond strategies are typically constrained to a sole market—regardless of whether it is attractively priced. As discussed above, we generally do not find developed market government bond yields compelling, but through our extensive and rigorous research efforts, we have identified several opportunities in emerging market countries. In late 2018, we added exposure to longer-dated bonds in Mexico and Indonesia. In Mexico, yields spiked to the highest level since the global financial crisis following the election of Andres Manuel Lopez Obrador (a.k.a. AMLO) as President, which drove up uncertainty and prompted fears over fiscal policies. We felt this provided an attractive entry point because yields reflected a greater degree of risk than we believed was warranted. In Indonesia, negative emerging market sentiment drove interest rates to multi-year highs, despite proactive policy responses to external risks and solid economic fundamentals, similarly providing a good entry point. Our conviction in these markets during periods of heightened volatility paid off over the course of 2019, as yields in both markets fell significantly, generating extremely strong performance from these holdings (e.g., Mexico 2047 bonds returned 36% in 2019).

During the year, we initiated positions in currency-hedged government bonds in Thailand and Korea, where we believe rates

are likely to remain relatively low over our long-term investment horizon. Our positive outlook was based on our expectations for monetary accommodation on the back of stalling growth and subdued inflation, and structural headwinds that are likely to exert downward pressure on real rates over time. On a hedged basis, both markets provide yields notably higher than comparable U.S. Treasuries, and they also exhibit relatively low correlations with many of our other holdings, thus offering diversification benefits.

Currency: Differentiation is Key

Looking at the dispersion of emerging market currency returns in 2019 highlights the importance of country and currency selection. Careful analysis of economic and political dynamics across countries is essential and served the Fund well in 2019. Overall, the Fund’s currency positioning added to performance, with gains concentrated in the Mexican peso and Indonesian rupiah.

We continue to find value in several emerging market currencies that we believe offer a compelling risk-reward profile. The Fund’s newest currency exposure is the Chilean peso, which was initiated via the purchase of five-year Chilean government bonds. We established this position in November, after a significant depreciation of the peso following a rise in social unrest and political turmoil. From our perspective, Chile’s strong government institutions, history of solid macroeconomic management, and low leverage, as well as a global economic environment likely to support the price of copper (Chile’s major export), create a compelling case for the peso to appreciate to levels more aligned with those fundamentals over our long-term horizon.

IN CLOSING

We are pleased by the Fund’s strong performance over the year. However, given current valuations, the declines in interest rates and credit yield premiums that have fueled recent returns are unlikely to be repeated in the near future. Nonetheless, we are confident in our portfolio positioning and believe our flexible approach and the multiple and diverse sources of return will continue to benefit the Fund. We thank you for your continued confidence in Dodge & Cox.

For the Board of Trustees,

Charles F. Pohl,

Chairman

Dana M. Emery,

President

January 31, 2020

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

Unless otherwise specified, all weightings and characteristics are as of December 31, 2019.

Credit securities refers to corporate bonds and government-related securities, as classified by Bloomberg.

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

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

KEY CHARACTERISTICS OF DODGE & COX

Independent Organization

90 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 Fixed Income Investment 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 21 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.

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.

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 interest income but, unlike Fund returns, do not reflect fees or expenses. The Bloomberg Barclays Global Aggregate Bond Index (Bloomberg Barclays Global Agg) is a widely recognized, unmanaged index of multi-currency investment-grade, debt securities.

Bloomberg is a registered trademark of Bloomberg Finance L.P. and its affiliates. Barclays^® is a trademark of Barclays Bank PLC.


DEBT SECURITIES: 97.8%

		PAR VALUE		VALUE
GOVERNMENT: 33.7%
Argentina Government^(h)(Argentina) 4.50%, 2/13/20	USD		3,890,000	$	2,189,688
Brazil Government (Brazil) 6.00%, 8/15/24^(a)	BRL		2,026,000		1,915,349
Chile Government (Chile) 4.00%, 3/1/23^(c)	CLP		2,130,000,000		2,985,800
Colombia Government (Colombia)
7.75%, 4/14/21	COP		19,560,000,000		6,133,740
3.00%, 3/25/33^(a)	COP		13,535,660,000		4,245,730
India Government (India) 8.24%, 2/15/27	INR		795,000,000		11,958,529
Indonesia Government (Indonesia)
8.75%, 5/15/31	IDR		39,200,000,000		3,116,868
8.25%, 5/15/36	IDR		156,400,000,000		11,772,956
Mexico Government (Mexico)
2.00%, 6/9/22^(a)	MXN		166,118,507		8,447,158
5.75%, 3/5/26	MXN		85,100,000		4,264,114
4.00%, 11/30/28^(a)	MXN		76,788,216		4,255,020
8.00%, 11/7/47	MXN		74,000,000		4,285,953
Poland Government (Poland) 2.50%, 1/25/23	PLN		24,170,000		6,524,784
South Korea Government (South Korea) 3.00%, 9/10/24	KRW		3,900,000,000		3,598,479
Thailand Government (Thailand) 1.25%, 3/12/28^(a)	THB		161,214,900		5,264,144
Turkey Government (Turkey) 10.50%, 8/11/27	TRY		5,785,000		904,362
U.S. Treasury Note/Bond (United States)
1.50%, 10/31/21	USD		18,000,000		17,970,459
1.50%, 11/30/21	USD		26,000,000		25,957,739
1.375%, 10/15/22	USD		3,550,000		3,526,471
1.625%, 11/15/22	USD		6,085,000		6,086,140
1.50%, 9/30/24	USD		3,660,000		3,626,048
1.50%, 10/31/24	USD		7,400,000		7,331,262

					146,360,793
GOVERNMENT-RELATED: 2.9%
Chicago Transit Authority RB (United States)
6.20%, 12/1/40	USD		225,000		294,466
6.899%, 12/1/40	USD		1,000,000		1,350,920
Petroleo Brasileiro SA (Brazil)
6.625%, 1/16/34	GBP		525,000		833,511
7.25%, 3/17/44	USD		1,500,000		1,819,500
Petroleos Mexicanos (Mexico)
4.75%, 2/26/29	EUR		1,800,000		2,139,168
6.75%, 9/21/47	USD		4,061,000		4,068,635
6.35%, 2/12/48	USD		51,000		49,215
Province of Buenos Aires Argentina (Argentina) 59.739%, 5/31/22	ARS		54,100,000		519,815
State of Illinois GO (United States) 5.10%, 6/1/33	USD		1,600,000		1,724,848

					12,800,078
SECURITIZED: 23.3%
ASSET-BACKED: 4.6%
Other: 0.9%
Rio Oil Finance Trust (Brazil)
9.25%, 7/6/24^(c)	USD		1,958,216		2,193,221
9.75%, 1/6/27^(c)	USD		501,673		591,980
8.20%, 4/6/28^(c)	USD		1,074,000		1,240,481

					4,025,682



		PAR VALUE		VALUE
Student Loan: 3.7%
Navient Student Loan Trust (United States)
USD LIBOR 1-Month
+1.25%, 3.042%, 6/25/65^(c)	USD		1,325,101	$	1,337,960
+1.35%, 3.142%, 6/25/65^(c)	USD		900,000		907,537
+1.00%, 2.792%, 9/27/66^(c)	USD		3,863,000		3,813,014
Navient Student Loan Trust (Private Loans) (United States) Series 2017-A B, 3.91%, 12/16/58^(c)	USD		1,445,000		1,479,253
SLM Student Loan Trust (United States)
USD LIBOR 1-Month
+0.95%, 2.742%, 9/25/28	USD		1,901,481		1,867,469
USD LIBOR 3-Month
+0.11%, 2.004%, 12/15/32^(c)	USD		3,047,263		2,880,518
+0.45%, 2.344%, 12/15/32^(c)	USD		1,093,516		1,047,661
SMB Private Education Loan Trust (Private Loans) (United States)
Series 2017-B A2A, 2.82%, 10/15/35^(c)	USD		1,506,170		1,508,489
Series 2018-C B, 4.00%, 11/17/42^(c)	USD		1,000,000		1,027,699

					15,869,600

					19,895,282
CMBS: 0.7%
Agency CMBS: 0.7%
Freddie Mac Military Housing Trust Multifamily (United States)
4.10%, 11/25/52^(c)(f)	USD		1,028,368		1,139,644
12.442%, 11/25/55^(c)(f)	USD		1,619,193		1,847,284

					2,986,928
MORTGAGE-RELATED: 18.0%
Federal Agency CMO & REMIC: 2.2%
Fannie Mae (United States) Trust 2004-W9 1A3, 6.05%, 2/25/44	USD		381,325		424,585
Freddie Mac (United States)
Series 4283 EW, 4.50%, 12/15/43^(f)	USD		103,179		112,117
Series 4319 MA, 4.50%, 3/15/44^(f)	USD		372,665		398,501
Ginnie Mae (United States) Series 2010-169 JZ, 4.00%, 12/20/40	USD		504,358		529,341
USD LIBOR 1-Month +0.65%, 2.424%, 9/20/69	USD		5,154,597		5,153,535
USD LIBOR 12-Month
+0.22%, 2.194%, 10/20/67	USD		583,241		576,279
+0.15%, 3.27%, 12/20/67	USD		1,429,606		1,406,103
+0.04%, 3.061%, 2/20/68	USD		1,077,885		1,057,164

					9,657,625
Federal Agency Mortgage Pass-Through: 15.8%
Fannie Mae, 15 Year (United States) 5.00%, 7/1/25	USD		12,961		13,496
Fannie Mae, 20 Year (United States) 3.50%, 10/1/39	USD		1,627,180		1,688,699


DEBT SECURITIES (continued)

		PAR VALUE		VALUE
Fannie Mae, 30 Year (United States)
4.50%, 4/1/39-12/1/48	USD		5,137,921	$	5,454,327
4.50%, 5/1/48	USD		3,088,812		3,262,969
4.50%, 3/1/49	USD		6,284,588		6,610,203
4.50%, 6/1/49	USD		6,062,782		6,376,577
Fannie Mae, Hybrid ARM^(f) (United States) USD LIBOR 12-Month
+1.58%, 2.873%, 8/1/44	USD		94,574		96,419
+1.58%, 2.748%, 9/1/44	USD		158,829		161,681
+1.60%, 3.323%, 6/1/49	USD		4,833,866		4,948,595
+1.62%, 3.73%, 8/1/49	USD		2,827,933		2,909,976
Freddie Mac, Hybrid ARM^(f) (United States) USD LIBOR 12-Month
+1.63%, 3.025%, 10/1/44	USD		205,192		209,250
+1.60%, 2.693%, 11/1/44	USD		522,432		531,825
+1.62%, 2.64%, 1/1/45	USD		492,580		501,045
Freddie Mac Gold, 30 Year (United States)
6.00%, 2/1/35	USD		54,845		62,403
4.50%, 8/1/44-8/1/47	USD		1,833,938		1,945,950
4.50%, 10/1/48	USD		4,273,935		4,515,426
4.50%, 11/1/48	USD		3,698,817		3,903,237
4.50%, 3/1/49	USD		7,049,796		7,430,548
Freddie Mac Pool, 15 Year (United States) 3.50%, 6/1/34	USD		11,831,152		12,263,788
Freddie Mac Pool, 30 Year (United States) 4.50%, 3/1/49	USD		5,625,009		5,919,310

					68,805,724

					78,463,349

					101,345,559
CORPORATE: 37.9%
FINANCIALS: 10.5%
Bank of America Corp. (United States)
4.25%, 10/22/26	USD		1,000,000		1,089,762
4.183%, 11/25/27	USD		2,925,000		3,168,253
Barclays PLC (United Kingdom) 4.836%, 5/9/28	USD		2,050,000		2,208,290
BNP Paribas SA (France)
4.375%, 9/28/25^(c)	USD		2,400,000		2,583,033
4.625%, 3/13/27^(c)	USD		1,550,000		1,693,643
Chubb, Ltd. (Switzerland) 2.50%, 3/15/38	EUR		4,275,000		5,607,057
Citigroup, Inc. (United States)
USD LIBOR 3-Month +6.37%, 8.306%, 10/30/40^(b)	USD		3,300,000		3,663,000
HSBC Holdings PLC (United Kingdom) 6.00%, 3/29/40	GBP		2,851,000		5,138,442
JPMorgan Chase & Co. (United States) 1.09%, 3/11/27^(g)	EUR		3,100,000		3,609,704
Lloyds Banking Group PLC (United Kingdom)
4.50%, 11/4/24	USD		1,125,000		1,202,152
4.582%, 12/10/25	USD		3,225,000		3,489,172
Royal Bank of Scotland Group PLC (United Kingdom)
6.00%, 12/19/23	USD		3,525,000		3,917,690
5.125%, 5/28/24	USD		650,000		703,724
UniCredit SPA (Italy) 7.296%, 4/2/34^(c)(g)	USD		3,850,000		4,423,773



		PAR VALUE		VALUE
Wells Fargo & Co. (United States) 4.30%, 7/22/27	USD		2,950,000	$	3,229,494

					45,727,189
INDUSTRIALS: 23.9%
AbbVie, Inc. (United States) 4.25%, 11/21/49^(c)	USD		2,675,000		2,815,286
AT&T, Inc. (United States) 3.15%, 9/4/36	EUR		4,300,000		5,626,278
Bayer AG (Germany) 3.75%, 7/1/74^(b)(g)	EUR		4,425,000		5,341,743
BHP Billiton, Ltd. (Australia) 6.75%, 10/19/75^(b)(c)(g)	USD		1,425,000		1,673,192
Cemex SAB de CV (Mexico)
5.70%, 1/11/25^(c)	USD		1,350,000		1,387,139
7.75%, 4/16/26^(c)	USD		2,900,000		3,153,750
Charter Communications, Inc. (United States)
7.30%, 7/1/38	USD		2,150,000		2,798,867
6.75%, 6/15/39	USD		1,300,000		1,647,304
6.484%, 10/23/45	USD		3,125,000		3,897,126
Cigna Corp. (United States)
3.75%, 7/15/23	USD		850,000		890,865
4.125%, 11/15/25	USD		575,000		623,354
4.375%, 10/15/28	USD		1,575,000		1,742,690
Concho Resources, Inc. (United States)
4.875%, 10/1/47	USD		500,000		582,480
4.85%, 8/15/48	USD		250,000		291,006
Cox Enterprises, Inc. (United States)
4.80%, 2/1/35^(c)	USD		350,000		386,936
8.375%, 3/1/39^(c)	USD		2,450,000		3,676,500
CVS Health Corp. (United States)
4.30%, 3/25/28	USD		1,000,000		1,091,235
4.78%, 3/25/38	USD		1,000,000		1,133,457
Danaher Corp. (United States) 1.35%, 9/18/39	EUR		2,725,000		2,877,453
Dow, Inc. (United States) 5.55%, 11/30/48	USD		1,575,000		1,963,552
Elanco Animal Health, Inc. (United States) 4.90%, 8/28/28	USD		1,525,000		1,657,491
Ford Motor Credit Co. LLC^(d) (United States)
3.35%, 11/1/22	USD		550,000		555,295
4.14%, 2/15/23	USD		1,825,000		1,876,576
4.375%, 8/6/23	USD		2,350,000		2,442,086
4.063%, 11/1/24	USD		1,375,000		1,402,318
Grupo Televisa SAB (Mexico)
8.50%, 3/11/32	USD		1,464,000		1,967,853
6.125%, 1/31/46	USD		700,000		840,894
HCA Healthcare, Inc. (United States) 4.125%, 6/15/29	USD		1,150,000		1,218,574
Imperial Brands PLC (United Kingdom)
3.375%, 2/26/26	EUR		2,500,000		3,160,463
3.875%, 7/26/29^(c)	USD		1,525,000		1,536,262
Kinder Morgan, Inc. (United States)
6.95%, 1/15/38	USD		3,700,000		4,891,618
5.50%, 3/1/44	USD		675,000		788,100
LafargeHolcim, Ltd. (Switzerland)
7.125%, 7/15/36	USD		1,150,000		1,500,388
6.50%, 9/12/43^(c)	USD		1,225,000		1,529,613
4.75%, 9/22/46^(c)	USD		950,000		974,033
Macy’s, Inc. (United States)
6.70%, 9/15/28	USD		50,000		57,072
6.70%, 7/15/34	USD		425,000		478,213


DEBT SECURITIES (continued)

		PAR VALUE		VALUE
Millicom International Cellular SA (Luxembourg) 5.125%, 1/15/28^(c)	USD		3,625,000	$	3,800,849
Molex Electronic Technologies^(d) LLC (United States) 2.878%, 4/15/20^(c)	USD		731,000		731,977
MTN Group, Ltd. (South Africa) 4.755%, 11/11/24^(c)	USD		1,425,000		1,460,625
Occidental Petroleum Corp. (United States)
4.30%, 8/15/39	USD		750,000		762,908
6.60%, 3/15/46	USD		1,450,000		1,864,034
Prosus NV (Netherlands)
5.50%, 7/21/25^(c)	USD		2,450,000		2,719,735
4.85%, 7/6/27^(c)	USD		1,975,000		2,151,561
QVC, Inc.^(d) (United States) 4.45%, 2/15/25	USD		1,800,000		1,860,042
TC Energy Corp. (Canada)
5.625%, 5/20/75^(b)(g)	USD		1,800,000		1,876,500
5.30%, 3/15/77^(b)(g)	USD		6,350,000		6,521,196
Telecom Italia SPA (Italy)
7.20%, 7/18/36	USD		1,333,000		1,579,338
7.721%, 6/4/38	USD		3,250,000		3,997,500
Ultrapar Participacoes SA (Brazil)
5.25%, 10/6/26^(c)	USD		559,000		600,232
5.25%, 6/6/29^(c)	USD		2,000,000		2,109,000
Vodafone Group PLC (United Kingdom) 7.00%, 4/4/79^(b)(g)	USD		900,000		1,056,012

					103,568,571
UTILITIES: 3.5%
Dominion Energy, Inc. (United States) 5.75%, 10/1/54^(b)(g)	USD		4,340,000		4,677,652
Enel SPA (Italy) 3.375%, 11/24/81^(b)(g)	EUR		4,425,000		5,373,013
NextEra Energy, Inc. (United States) 5.65%, 5/1/79^(b)(g)	USD		1,875,000		2,075,605
The Southern Co. (United States) 5.50%, 3/15/57^(b)(g)	USD		2,925,000		3,064,444

					15,190,714

					164,486,474

TOTAL DEBT SECURITIES (Cost $413,563,573)				$	424,992,904

SHORT-TERM INVESTMENTS: 1.7%

		PAR VALUE/ SHARES		VALUE
REPURCHASE AGREEMENTS: 1.3%
Bank of Montreal^(e) 1.48%, dated 12/31/19, due 1/2/20, maturity value $1,300,107	USD		1,300,000	$	1,300,000
Fixed Income Clearing Corporation^(e) 1.00%, dated 12/31/19, due 1/2/20, maturity value $1,759,098	USD		1,759,000		1,759,000
Royal Bank of Canada^(e) 1.53%, dated 12/31/19, due 1/2/20, maturity value $2,600,221	USD		2,600,000		2,600,000

					5,659,000



		PAR VALUE/ SHARES			VALUE
MONEY MARKET FUND: 0.4%
State Street Institutional U.S. Government Money Market Fund	USD		1,710,556		$	1,710,556

TOTAL SHORT-TERM INVESTMENTS (Cost $7,369,556)					$	7,369,556

TOTAL INVESTMENTS IN SECURITIES (Cost $420,933,129)			99.5	%	$	432,362,460
OTHER ASSETS LESS LIABILITIES			0.5	%		2,211,585

NET ASSETS			100.0	%	$	434,574,045

^(a)	Inflation-linked

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

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

^(d)	Subsidiary (see below)

^(e)	Repurchase agreements are collateralized by:

Bank of Montreal: U.S. Treasury Note 2.50%, 5/15/46 and U.S. Treasury Inflation Indexed Note 2.375%, 1/15/25. Total collateral value is $1,326,194.

Fixed Income Clearing Corporation: U.S. Treasury Note 1.50%, 8/31/21. Total collateral value is $1,795,764.

Royal Bank of Canada: U.S. Treasury Note 2.375%, 5/15/27. Total collateral value is $2,652,293.

^(f)

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

^(h)	Dual currency bond. Issued in USD but pays in ARS at maturity.

ARM: Adjustable Rate Mortgage

CMBS: Commercial Mortgage-Backed Security

CMO: Collateralized Mortgage Obligation

GO: General Obligation

REMIC: Real Estate Mortgage Investment Conduit

RB: Revenue Bond

ARS: Argentine Peso

BRL: Brazilian Real

CLP: Chilean Peso

COP: Colombian Peso

EUR: Euro

GBP: British Pound

IDR: Indonesian Rupiah

INR: Indian Rupee

KRW: South Korean Won

MXN: Mexican Peso

PLN: Polish Zloty

THB: Thai Baht

TRY: Turkish Lira

USD: United States Dollar


CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

	December 31, 2019
ASSETS:
Investments in securities, at value (cost $420,933,129)	$	432,362,460
Unrealized appreciation on currency forward contracts		59,259
Cash		100
Cash denominated in foreign currency (cost $846,900)		845,847
Deposits with broker for futures contracts		973,851
Deposits with broker for swaps		180,766
Receivable for variation margin for futures contracts		430,999
Receivable for variation margin for swaps		12,190
Receivable for investments sold		11,968
Receivable for Fund shares sold		2,611,985
Dividends and interest receivable		4,533,261
Prepaid expenses and other assets		19,804

		442,042,490

LIABILITIES:
Unrealized depreciation on currency forward contracts		654,914
Bank overdraft		388,231
Payable for investments purchased		5,852,116
Payable for Fund shares redeemed		108,133
Deferred foreign capital gains tax		87,775
Management fees payable		169,467
Accrued expenses		207,809

		7,468,445

NET ASSETS	$	434,574,045

NET ASSETS CONSIST OF:
Paid in capital	$	425,511,359
Distributable earnings		9,062,686

	$	434,574,045

Fund shares outstanding (par value $0.01 each, unlimited shares authorized)		39,150,092
Net asset value per share	$	11.10

CONSOLIDATED STATEMENT OF OPERATIONS

	Year Ended December 31 , 2019
INVESTMENT INCOME:
Dividends	$	204,312
Interest (net of foreign taxes of $136,642)		13,589,185

		13,793,497

EXPENSES:
Management fees		1,478,240
Custody and fund accounting fees		116,018
Transfer agent fees		42,628
Professional services		301,583
Shareholder reports		51,947
Registration fees		99,815
Trustees’ fees		341,667
Miscellaneous		23,445

Total expenses		2,455,343

Expenses reimbursed by investment manager		(1,124,927	)

Net expenses		1,330,416

NET INVESTMENT INCOME		12,463,081

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss)
Investments in securities		3,928,250
Futures contracts		(4,576,411	)
Swaps		(372,926	)
Currency forward contracts		1,611,439
Foreign currency transactions		(83,282	)
Net change in unrealized appreciation/depreciation
Investments in securities (net of increase in deferred foreign capital gains tax of $34,009)		18,472,186
Futures contracts		1,954,665
Swaps		106,460
Currency forward contracts		(714,871	)
Foreign currency translation		42,648

Net realized and unrealized gain		20,368,158

NET CHANGE IN NET ASSETS FROM OPERATIONS	$	32,831,239


CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2019			Year Ended December 31, 2018
OPERATIONS:
Net investment income	$	12,463,081		$	8,249,112
Net realized gain (loss)		507,070			576,759
Net change in unrealized appreciation/depreciation		19,861,088			(11,885,492	)

		32,831,239			(3,059,621	)


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions		(12,957,331	)		(10,969,606	)

FUND SHARE TRANSACTIONS:
Proceeds from sale of shares		230,427,910			123,099,819
Reinvestment of distributions		12,291,764			10,700,054
Cost of shares redeemed		(54,122,654	)		(49,996,330	)

Net change from Fund share transactions		188,597,020			83,803,543

Total change in net assets		208,470,928			69,774,316

NET ASSETS:
Beginning of year		226,103,117			156,328,801

End of year	$	434,574,045		$	226,103,117


SHARE INFORMATION:
Shares sold		20,885,448			11,449,398
Distributions reinvested		1,112,139			1,037,870
Shares redeemed		(4,953,662	)		(4,697,860	)

Net change in shares outstanding		17,043,925			7,789,408

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.

Debt securities and derivatives traded over the counter are valued using prices received from independent pricing services which utilize dealer quotes, recent transaction data, pricing models, and other inputs to arrive at market-based valuations. Pricing models may consider quoted prices for similar securities, interest rates, cash flows (including prepayment speeds), and credit risk. Exchange-traded derivatives are valued at the settlement price determined by the relevant exchange. Other financial instruments for which market quotes are readily available are valued at market value. 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. Security values are not discounted based on the size of the Fund’s position and may differ from the value the Fund receives upon sale of the securities.

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.

or under the direction of the Fund’s Board of Trustees. The Board of Trustees has appointed Dodge & Cox, the Fund’s investment manager, to make fair value determinations in accordance with the Dodge & Cox Funds Valuation Policies (“Valuation Policies”), subject to Board oversight. Dodge & Cox has established a Pricing Committee that is comprised of representatives from Treasury, Legal, Compliance, and Operations. The Pricing Committee is responsible for implementing the Valuation Policies, including determining the fair value of securities and other investments when necessary. The Pricing Committee considers relevant indications of value that are reasonably available to it in determining the fair value assigned to a particular security, such as the value of similar financial instruments, trading volumes, contractual restrictions on disposition, related corporate actions, and changes in economic conditions. In doing so, the Pricing Committee employs various methods for calibrating fair valuation approaches, including a regular review of key inputs and assumptions, back-testing, and review of any related market activity.

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.

Repurchase agreements Repurchase agreements are transactions under which a Fund purchases a security from a dealer counterparty and agrees to resell the security to that counterparty on a specified future date at the same price, plus a specified interest rate. The Fund’s repurchase agreements are secured by U.S. government or agency securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. The Fund maintains custody of the underlying collateral securities, either through its regular custodian or through a third party custodian that maintains separate accounts for both the Fund and its counterparties. In the event of default by a counterparty, the Fund has the contractual right to liquidate the securities and to apply the proceeds in satisfaction of the obligation.

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.

Consolidation The Fund may invest in certain securities through its wholly owned subsidiary, Dodge & Cox Global Bond 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 December 31, 2019, 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. These inputs are summarized in the three broad levels listed below.

Level 1: Quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used to value the Fund’s holdings at December 31, 2019:


Classification	LEVEL 1 (Quoted Prices)		LEVEL 2 (Other Significant Observable Inputs)
Securities
Debt Securities
Government	$	—	$	146,360,793
Government-Related		—		12,800,078
Securitized		—		101,345,559
Corporate		—		164,486,474
Short-term Investments
Repurchase Agreements		—		5,659,000
Money Market Fund		1,710,556		—

Total Securities	$	1,710,556	$	430,651,904


Other Investments
Futures Contracts
Appreciation	$	1,095,897	$	—
Interest Rate Swap Contracts
Appreciation		—		58,887
Currency Forward Contracts
Appreciation		—		59,259
Depreciation		—		(654,914	)

NOTE 3—DERIVATIVE INSTRUMENTS

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

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 the swap. Changes in the market value of open interest rate swaps are recorded as unrealized appreciation or depreciation in the Consolidated Statement of Operations. Realized gains and losses on interest rate swaps are recorded in the Consolidated 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 in the Consolidated Statement of Assets and Liabilities. A receivable and/or payable to brokers for daily variation margin is also recorded in the Consolidated 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.

Currency forward contracts Currency forward contracts are agreements to purchase or sell a specific currency amount at a specified future date and price. Currency forward contracts are traded over-the-counter. The values of currency forward contracts change 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 a currency forward 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.

Losses from these transactions may arise from unfavorable changes in currency values or if a counterparty does not perform under a contract’s terms.


	Interest Rate Derivatives		Foreign Exchange Derivatives		Total Value
Assets
Unrealized appreciation on currency forward contracts	$	—	$	59,259	$	59,259
Futures contracts^(a)		1,095,897		—		1,095,897
Swaps^(a)		58,887		—		58,887

	$	1,154,784	$	59,259	$	1,214,043

Liabilities
Unrealized depreciation on currency forward contracts	$	—	$	654,914	$	654,914

^(a)	Includes cumulative appreciation (depreciation). Only the current day’s variation margin is reported in the Consolidated Statement of Assets and Liabilities.

The following summarizes the effect of derivative instruments on the Consolidated Statement of Operations, categorized by primary underlying risk exposure.


	Interest Rate Derivatives			Foreign Exchange Derivatives			Total
Net realized gain (loss)
Futures contracts	$	(4,576,411	)	$	—		$	(4,576,411	)
Swaps		(372,926	)		—			(372,926	)
Currency forward contracts		—			1,611,439			1,611,439

	$	(4,949,337	)	$	1,611,439		$	(3,337,898	)

Net change in unrealized appreciation/depreciation
Futures contracts	$	1,954,665		$	—		$	1,954,665
Swaps		106,460			—			106,460
Currency forward contracts		—			(714,871	)		(714,871	)

	$	2,061,125		$	(714,871	)	$	1,346,254

The following summarizes the range of volume in the Fund’s derivative instruments during the year ended December 31, 2019.


Derivative		% of Net Assets
Futures contracts	USD notional value		12-19	%
Swaps	USD notional value		0-1	%
Currency forward contracts	USD total value		11-14	%

For financial reporting purposes, the Fund does not offset assets and liabilities that are subject to a master netting arrangement in the Consolidated Statement of Assets and Liabilities.


Counterparty	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Cash Collateral Pledged/ (Received)		Net Amount^(a)
Bank of America	$	—	$	24,585	$	—	$	(24,585	)
Barclays		—		236,525		—		(236,525	)
Citibank		16,912		253,500		—		(236,588	)
Credit Suisse		—		122,250		—		(122,250	)
Goldman Sachs		42,347		18,054		—		24,293

Total	$	59,259	$	654,914	$	—	$	(595,655	)

^(a)	Represents the net amount receivable (payable) from the counterparty in the event of a default.

NOTE 4—RELATED PARTY TRANSACTIONS

Management fees Under a written agreement approved by a unanimous vote of the Board of Trustees, the Fund pays a management fee monthly at an annual rate 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 for all ordinary expenses to the extent necessary to maintain the ratio of total operating expenses to average net assets (“net expense ratio”) at 0.45% through April 30, 2020. The term of the agreement is renewable annually thereafter unless terminated with 30 days’ written notice by either party prior to the end of the term.

NOTE 5—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. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes. Financial reporting records are adjusted for permanent book to tax differences at year end to reflect tax character. Book to tax differences are primarily due to differing treatments of wash sales, net short-term realized gain (loss), foreign currency realized gain (loss), straddles, derivatives, and distributions.

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


	Year Ended December 31, 2019			Year Ended December 31, 2018
Ordinary income	$	12,957,331		$	9,758,236
	($	0.377 per share	)	($	0.471 per share	)
Long-term capital gain		—		$	1,211,370
				($	0.060 per share	)

At December 31, 2019, the tax basis components of distributable earnings were as follows:


Undistributed ordinary income	$	80,485
Capital loss carryforward^(a)		(1,938,295	)

At December 31, 2019, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:


Tax cost	$	421,944,150

Unrealized appreciation		15,959,012
Unrealized depreciation		(4,981,573	)

Net unrealized appreciation		10,977,439

^(a)	Represents accumulated long-term capital loss as of December 31, 2019, which may be carried forward to offset future capital gains.

Fund management has reviewed the tax positions for the open periods (three years and four years, respectively, from filing the Fund’s federal and State tax returns) 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. For the year ended December 31, 2019, the Fund’s commitment fee amounted to $2,023 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 year.

NOTE 7—PURCHASES AND SALES OF INVESTMENTS

For the year ended December 31, 2019, purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $132,062,660 and $70,148,906, respectively. For the year ended December 31, 2019, purchases and sales of U.S. government securities aggregated $219,739,709 and $100,252,669, respectively.

NOTE 8—NEW ACCOUNTING GUIDANCE

NOTE 9—SUBSEQUENT EVENTS

To the Board of Trustees of the Dodge & Cox Funds and Shareholders of Dodge & Cox Global Bond Fund

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, of Dodge & Cox Global Bond Fund and its subsidiary (one of the funds constituting Dodge & Cox Funds, referred to hereafter as the “Fund”) as of December 31, 2019, the related consolidated statement of operations for the year ended December 31, 2019, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

We have served as the auditor of one or more investment companies in the Dodge & Cox Funds since 1931.

FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

BOARD APPROVAL OF FUNDS’ INVESTMENT MANAGEMENT AGREEMENTS AND MANAGEMENT FEES

(unaudited)

INFORMATION RECEIVED

meetings referred to below, the Board, including the Independent Trustees, requested, received, and reviewed materials relating to the Agreements and the services provided by Dodge & Cox. The Independent Trustees retained Broadridge to prepare an independent expense and performance summary for each Fund and comparable funds managed by other advisers identified by Broadridge. The Broadridge materials included information regarding advisory and administrative fee rates, expense ratios, and transfer agency, custodial, and distribution expenses, as well as performance comparisons to each Fund’s peer group and to a broad-based securities index or combination of indices. The Broadridge materials also included a comparison of expenses of various share classes offered by comparable funds. The materials reviewed by the Board contained information concerning, among other things, Dodge & Cox’s profitability, financial results and condition, management fee revenue, and separate account fee schedules. The Board additionally considered the Funds’ brokerage commissions, turnover rates, sales and redemption data, and the investment that Dodge & Cox makes in research used in managing the Funds. The Board received and reviewed memoranda and related materials addressing, among other things, Dodge & Cox’s services to the Funds; how Dodge & Cox Funds’ fees compare to fees of peer group funds; the different fees, services, costs, and risks associated with other accounts managed by Dodge & Cox as compared to the Dodge & Cox Funds; and the ways in which the Funds realize economies of scale. Throughout the process of reviewing the services provided by Dodge & Cox and preparing for the meeting, the Independent Trustees found Dodge & Cox to be open, forthright, detailed, and helpful in answering questions about all issues. The Board received copies of the Agreements and a memorandum from the independent legal counsel to the Independent Trustees discussing the factors generally regarded as appropriate to consider in evaluating mutual fund management arrangements. The Trust’s Contract Review Committee, consisting solely of Independent Trustees, met with the independent legal counsel on November 7, 2019 and again on December 12, 2019 to discuss whether to renew the Agreements. The Board, including the Independent Trustees, subsequently concluded that the existing Agreements are fair and reasonable and voted to approve the Agreements. In considering the Agreements, the Board, including the Independent Trustees, did not identify any single factor or particular information as all-important or controlling. In reaching the decision to approve the Agreements, the Board considered several factors, discussed below, to be key factors and reached the conclusions described below.

NATURE, QUALITY, AND EXTENT OF THE SERVICES

Dodge & Cox. With regard to portfolio management services, the Board considered Dodge & Cox’s established long-term history of care in the management of the Funds; its consistency in investment approach and depth; the background and experience of the Dodge & Cox U.S. Equity Investment Committee, International Equity Investment Committee, Global Equity Investment Committee, U.S. Fixed Income Investment Committee, and Global Fixed Income Investment Committee, and research analysts responsible for managing the Funds; Dodge & Cox’s methods for assessing the regulatory and investment climate in various jurisdictions; its overall level of attention to its core investment management function; and its commitment to the Funds and their shareholders. The Board reviewed information from Dodge & Cox regarding any material conflicts of interest between the Funds and Dodge & Cox or its other clients, and regarding how Dodge & Cox addresses those conflicts. The Board noted Dodge & Cox’s record of favorable press and industry coverage, as well as its good compliance record, and its reputation as a trusted, shareholder-friendly mutual fund family. In addition, the Board considered that Dodge & Cox manages approximately $211 billion in Fund assets with fewer professionals than most comparable funds, and that on average these professionals have more experience and longer tenure than investment professionals at comparable funds. The Board also noted that Dodge & Cox is an investment research-oriented firm with no other business endeavors to distract management’s attention from its research efforts, that its investment professionals adhere to a consistent investment approach across the Funds, and that due to its deliberate strategy with respect to new products, Dodge & Cox has had stability in its mutual fund product offerings over the course of many years and has the fewest funds of any of the 25 largest mutual fund families by assets. The Board further considered the “Gold” analyst rating awarded by Morningstar to all of the Funds (other than the Global Bond Fund, which has a “Silver” rating). The Board concluded that it was satisfied with the nature, extent, and quality of investment management and other services provided to the Funds by Dodge & Cox.

INVESTMENT PERFORMANCE

The Board considered that the performance of the Funds is the result of a value-oriented investment management process that emphasizes a long-term investment horizon, independent research, a team approach, price discipline, low cost, and low portfolio turnover. The Board concluded that Dodge & Cox has delivered long-term performance for Fund investors consistent with the long-term investment strategies being pursued by the Funds.

COSTS AND ANCILLARY BENEFITS

Costs of Services to Funds: Fees and Expenses The Board considered each Fund’s management fee rate and net expense ratio relative to (1) a broad category of other mutual funds with similar portfolio characteristics and share class and expense structures and (2) a smaller group of peers selected by Broadridge based on investment style, share class characteristics, and asset levels. The Board also considered the management fees charged by Dodge & Cox to other clients. In particular, the Board considered that the Funds continue to be below their peer group medians in net expense ratios. The Board also evaluated the operating structures of the Funds and Dodge & Cox, noting that the Funds do not charge front-end sales commissions or distribution fees, and Dodge & Cox bears, among other things, the cost of most third-party research, reimbursement for shareholder recordkeeping and administrative costs to third-party retirement plan administrators, and administrative and office overhead. The Board noted that the Broadridge report shows that the net expense ratio of every Dodge & Cox Fund is in the least expensive quartile compared to its broad Morningstar category. The Board noted the Funds’ unusual single-share-class structure and reviewed Broadridge data (including asset-weighted average expense ratios) showing that most of the peer group funds offer several different classes of shares, with different expense ratios, to different categories of investors, and that the Broadridge expense comparisons described above generally compare the net expense ratio of each Dodge & Cox Fund’s single share class to one of the least expensive share classes of the peer fund, even though those share classes are often not available to retail investors. The Board noted that the Funds provide access for small investors to high quality investment management at a relatively low cost. The Board also considered that the Funds are priced to scale, i.e., management fee rates begin at relatively low levels. Even without breakpoints, the Funds’ management fee rates are lower than those of many peer funds whose fee schedules include breakpoints. With respect to non-U.S. funds sponsored and managed by Dodge & Cox that are comparable to the Funds in many respects, the Board noted that the fee rates charged by Dodge & Cox are the same as or higher than the fee rates charged to the Funds. The Board reviewed information regarding the fee rates Dodge & Cox charges to separate accounts that have investment programs similar to those of the Funds, including instances where separate account fees are lower than Fund fees. The Board considered the differences in the nature and scope of services Dodge & Cox provides to the Funds as compared to other client accounts, as well as material differences in regulatory, litigation, and other risks as between Dodge & Cox Funds and other types of clients. The Board noted that different

markets exist for mutual fund and institutional separate account management services and that a comparison of Fund fee rates and separate account fee rates must consider the fact that separate account clients bear additional costs and responsibilities that are included in the cost of a Fund. After consideration of these matters, the Board concluded that the overall costs incurred by the Funds for the services they receive (including the management fee paid to Dodge & Cox) are reasonable and that the fees are acceptable based upon the qualifications, experience, reputation, and performance of Dodge & Cox and the low overall expense ratios of the Funds.

Profitability and Costs of Services to Dodge & Cox; “Fall-out” Benefits The Board reviewed reports of Dodge & Cox’s financial position, profitability, and estimated overall value and considered Dodge & Cox’s overall profitability within its context as a private, employee-owned S-Corporation and relative to the scope and quality of the services provided. The Board noted in particular that Dodge & Cox’s profits are not generated by high fee rates, but reflect a focused business approach toward investment management. The Board recognized the importance of Dodge & Cox’s profitability — which is derived solely from management fees and does not include other business ventures — to maintain its independence, stability, company culture and ethics, and management continuity. The Board also considered that the compensation/profit structure at Dodge & Cox includes a return on shareholder employees’ investment in the firm, which is vital for remaining independent and facilitating retention of management and investment professionals. The Board also considered that Dodge & Cox has in the past closed some of the Funds to new investors to proactively manage growth in those Funds. While these actions are intended to benefit existing Fund shareholders, the effect is to reduce potential revenues to Dodge & Cox from new shareholders. The Board also considered potential “fall-out” benefits (including the receipt of research from unaffiliated brokers and reputational benefits to non-U.S. funds sponsored and managed by Dodge & Cox) that Dodge & Cox might receive as a result of its association with the Funds and determined that they are acceptable. The Board also noted that Dodge & Cox continues to invest in its business to provide enhanced services, systems, and research capabilities, all of which benefit the Funds. The Board concluded that Dodge & Cox’s profitability is the keystone of its independence, stability, and long-term investment performance and that the profitability of Dodge & Cox’s relationship with the Funds (including fall-out benefits) is fair and reasonable.

ECONOMIES OF SCALE

and keeping overall expenses down as a Fund grows, as compared to other fund complexes that employ fee “breakpoints” only after a fund reaches a certain scale. An assessment of economies of scale must also take into account that Dodge & Cox invests time and resources in each new Fund for months (and sometimes years) prior to launch; in addition, in a Fund’s early periods of operations, expenses are capped, which means that Dodge & Cox subsidizes the operations of a new Fund for a period of time until it reaches scale. The Board also observed that, while total Fund assets have grown over the long term, this growth has not been continuous or evenly distributed across all of the Funds. In addition, the Board noted that Dodge & Cox has shared the benefits of economies of scale with the Funds by adding services to the Funds over time, and that Dodge & Cox’s internal costs of providing investment management, technology, administrative, legal, and compliance services to the Funds continue to increase. For example, Dodge & Cox has increased its global research staff and investment resources over the years to add new capabilities for the benefit of Fund shareholders and to address the increased complexity of investing globally. In addition, Dodge & Cox has made expenditures in other staff, technology, and infrastructure to enable it to integrate credit and equity analyses and to implement its strategy in a more effective manner. Over the last ten years, Dodge & Cox has increased its spending on research, investment management, client servicing, cybersecurity, technology, third-party research, data services, and computer systems for trading, operations, compliance, accounting, and communications at a rate that has outpaced the Funds’ growth rate during the same period. The Board also observed that, even without fee breakpoints, the Funds are competitively priced in a competitive market and that having a low fee from inception is better for shareholders than starting with a higher fee and adding breakpoints. The Board also noted that there are certain diseconomies of scale associated with managing large funds, insofar as certain of the costs and risks associated with portfolio management increase disproportionately as assets grow. The Board concluded that the current Dodge & Cox fee structure is fair and reasonable and adequately shares economies of scale that may exist.

CONCLUSION

FUND HOLDINGS

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 www.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

A code of ethics, as defined in Item 2 of Form N-CSR, adopted by the registrant and applicable to the registrant’s principal executive officer and principal financial officer was in effect during the entire period covered by this report. A copy of the code of ethics as revised May 1, 2014 is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

The Board of Trustees of the registrant has determined that Ann Mather, Robert B. Morris III and Mark E. Smith, members of the registrant’s Audit and Compliance Committee, are each an “audit committee financial expert” and are “independent”, as defined in Item 3 of Form N-CSR.

(a)– (d) Aggregate fees billed to the registrant for the fiscal years ended December 31, 2019 and December 31, 2018 for professional services rendered by the registrant’s principal accountant were as follows:

Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Tax fees include amounts related to tax advice and tax return preparation, compliance, and reviews.

(e) (1) The registrant’s Audit and Compliance Committee has adopted policies and procedures (“Policies”) which require the registrant’s Audit and Compliance Committee to pre-approve all audit and non-audit services provided by the principal accountant to the registrant. The policies also require the Audit and Compliance Committee to pre-approve any engagement of the principal accountant to provide non-audit services to the registrant’s investment adviser, if the services directly impact the registrant’s operations and financial reporting. The Policies do not apply in the case of audit services that the principal accountant provides to the registrant’s adviser. If a service (other than the engagement of the principal accountant to audit the registrant’s financial statements) is required to be pre-approved under the Policies between regularly scheduled Audit and Compliance Committee meetings, pre-approval may be authorized by a designated Audit and Compliance Committee member with ratification at the next scheduled Audit and Compliance Committee meeting.

(e) (2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less than 50% of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) For the fiscal years ended December 31, 2019 and December 31, 2018, the aggregate fees billed by the registrant’s principal accountant for non-audit services rendered to the registrant, for non-audit services rendered to the registrant’s investment adviser, and for non-audit services rendered to entities controlled by the adviser were $732,040 and $666,770, respectively.

(h) All non-audit services described under (g) above that were not pre-approved by the registrant’s Audit and Compliance Committee were considered by the registrant’s Audit and Compliance Committee and found to be compatible with maintaining the principal accountant’s independence.

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.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

The registrant has adopted the following procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

1. The shareholder must submit any such recommendation in writing to the registrant to the attention of the Secretary at the address of the principal executive offices of the registrant. The shareholder’s recommendation is then considered by the registrant’s Nominating Committee.

(i) A statement in writing setting forth (a) the name, date of birth, business address and residence address of the person recommended by the shareholder (the “candidate”); and (b) whether the recommending shareholder believes that the candidate is or will be an “interested person” of the registrant (as defined in the Investment Company Act of 1940) and, if not an “interested person,” information regarding the candidate that will be sufficient for the registrant to make such determination and, if applicable, similar information regarding whether the candidate would satisfy the standards for independence of a Board member under listing standards of the New York Stock Exchange or other applicable securities exchange.

(ii) The written and manually signed consent of the candidate to be named as a nominee and to serve as a Trustee if elected;

(iii) The recommending shareholder’s name as it appears on the registrant’s books and the number of all shares of the registrant owned beneficially and of record by the recommending shareholder (as evidenced to the Nominating Committee’s satisfaction by a recent brokerage or account statement); and

(iv) A description of all arrangements or understandings between the recommending shareholder and the candidate and any other person or persons (including their names) pursuant to which the recommendation is being made by the recommending shareholder.

In addition, the Nominating Committee may require the candidate to furnish such other information as it may reasonably require or deem necessary to determine the eligibility of such candidate to serve on the Board or to satisfy applicable law and information regarding the candidate that would be required to be disclosed if the candidate were a nominee in a proxy statement or other filing required to be made in connection with solicitation of proxies for election of Trustees.

(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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a) (1) The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached. (EX.99A)

(a) (2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached. (EX.99B)

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached. (EX.99C)

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.

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.


	1 Year			5 Years			10 Years			20 Years
Dodge & Cox Stock Fund		24.80	%		9.72	%		12.60	%		9.07	%
S&P 500 Index		31.49			11.70			13.56			6.06


Six Months Ended December 31, 2019	Beginning Account Value 7/1/2019		Ending Account Value 12/31/2019		Expenses Paid During Period*
Based on Actual Fund Return	$	1,000.00	$	1,103.30	$	2.75
Based on Hypothetical 5% Yearly Return		1,000.00		1,022.59		2.65


Description	Number of Contracts		Expiration Date		Notional Amount		Value / Unrealized Appreciation (Depreciation)
E-mini S&P 500 Index—Long Position		5,774		3/20/20	$	932,818,570	$	9,379,333


	Value at Beginning of Year		Additions		Reductions			Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value at End of Year		Dividend Income^(a)
COMMON STOCKS: 23.5%
COMMUNICATION SERVICES: 0.0%
Zayo Group Holdings, Inc.^(b)	$	366,068,100	$	—	$	(542,532,796	)	$	13,937,647		$	162,527,049		$	—	$	—

CONSUMER DISCRETIONARY: 1.3%
Mattel, Inc.^(b)		204,839,965		35,869,760		(5,130,521	)		(342,397	)		78,422,726			313,659,533		—
Qurate Retail, Inc., Series A^(b)		630,282,764		69,277,732		(1,434,016	)		1,286,181			(389,833,759	)		309,578,902		—
The Gap, Inc.		231,615,965		209,181,477		(25,525,395	)		4,018,655			(86,365,694	)		332,925,008		12,175,066

															956,163,443


CONSUMER STAPLES: 0.8%
Molson Coors Brewing Company, Class B		325,813,644		319,374,192		—			—			(32,995,679	)		612,192,157		18,153,569

ENERGY: 4.0%
Anadarko Petroleum Corp.		1,181,822,105		47,776,611		(1,976,098,030	)		599,911,115			146,588,199			—		15,393,943
Apache Corp.		826,455,840		30,208,052		(2,215,052	)		574,351			(22,457,429	)		832,565,762		32,551,359
Occidental Petroleum Corp.		1,038,225,882		1,783,660,163		(2,437,264	)		266,664			(652,567,014	)		2,167,148,431		115,590,628

															2,999,714,193


FINANCIALS: 3.7%
Brighthouse Financial, Inc.^(b)		204,196,584		—		(590,648	)		82,225			58,594,321			262,282,482		—
Capital One Financial Corp.		1,712,961,090		249,209,329		(120,101,115	)		18,762,202			659,384,277			2,520,215,783		40,360,781

															2,782,498,265


INDUSTRIALS: 5.4%
FedEx Corp.		1,559,092,959		966,932,536		(4,146,503	)		3,275,783			(210,719,545	)		2,314,435,230		35,223,107
Johnson Controls International PLC		1,258,768,542		78,843,533		(139,635,678	)		(6,018,744	)		493,074,720			1,685,032,373		45,080,976

															3,999,467,603


INFORMATION TECHNOLOGY: 7.3%
Hewlett Packard Enterprise Co.		1,113,547,426		33,561,950		(166,358,165	)		64,065,639			172,077,256			1,216,894,106		35,654,499
HP Inc.		1,040,320,986		464,082,463		(2,469,903	)		1,802,741			21,963,076			1,525,699,363		46,215,805
Juniper Networks, Inc.		689,788,470		113,218,022		(1,493,160	)		312,179			(65,904,140	)		735,921,371		22,005,089
Microchip Technology, Inc.		816,308,757		357,870,627		(43,455,884	)		3,310,649			460,551,219			1,594,585,368		19,908,422
Micro Focus International PLC ADR		413,046,488		41,947,119		(1,188,774	)		554,516			(133,770,650	)		320,588,699		128,102,588

															5,393,688,907


MATERIALS: 1.0%
Celanese Corp.		563,778,831		—		(13,487,653	)		7,960,877			199,378,931			757,630,986		15,015,493

								$	713,760,283		$	857,947,864		$	17,501,355,554	$	581,431,325


SELECTED DATA AND RATIOS (for a share outstanding throughout each year)	Year Ended December 31,
	2019			2018			2017			2016			2015

Net asset value, beginning of year		$172.81			$203.61			$184.30			$162.77			$180.94
Income from investment operations:
Net investment income		3.65			2.90			3.09			3.05			2.42
Net realized and unrealized gain (loss)		37.98			(16.96	)		30.03			30.56			(10.55	)

Total from investment operations		41.63			(14.06	)		33.12			33.61			(8.13	)

Distributions to shareholders from:
Net investment income		(3.65	)		(2.90	)		(3.11	)		(3.03	)		(2.46	)
Net realized gain		(17.03	)		(13.84	)		(10.70	)		(9.05	)		(7.58	)

Total distributions		(20.68	)		(16.74	)		(13.81	)		(12.08	)		(10.04	)

Net asset value, end of year		$193.76			$172.81			$203.61			$184.30			$162.77

Total return		24.80	%		(7.08	)%		18.32	%		21.27	%		(4.47	)%
Ratios/ supplemental data:
Net assets, end of year (millions)		$74,585			$63,005			$70,901			$61,600			$54,845
Ratios of expenses to average net assets		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Ratios of net investment income to average net assets		1.93	%		1.41	%		1.58	%		1.83	%		1.36	%
Portfolio turnover rate		17	%		20	%		13	%		16	%		15	%


PAGE 6 § DODGE & COX STOCK FUND		See accompanying Notes to Financial Statements


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


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



Name (Age) and Address*	Position with Trust (Year of Election or Appointment)**	Principal Occupation During Past Five Years and Other Relevant Experience**	Other Directorships of Public Companies Held by Trustees

INTERESTED TRUSTEES AND EXECUTIVE OFFICERS
Charles F. Pohl (61)	Chairman and Trustee (since 2014)	Chairman and Director of Dodge & Cox; Chief Investment Officer and member of U.S. Equity Investment Committee (USEIC), Global Equity Investment Committee (GEIC), and International Equity Investment Committee (IEIC)	—
Dana M. Emery (58)	President (since 2014) and Trustee (since 1993)	Chief Executive Officer, President, and Director of Dodge & Cox; Co-Director of Fixed Income (until January 2020) and member of U.S. Fixed Income Investment Committee (USFIIC) and Global Fixed Income Investment Committee (GFIIC)	—
Diana S. Strandberg (60)	Senior Vice President (since 2006)	Senior Vice President and Director of Dodge & Cox; Director of International Equity and member of GEIC, IEIC, and GFIIC; member of USEIC (until January 2020)	—
Roberta R.W. Kameda (59)	Chief Legal Officer (since 2019) and Secretary (since 2017)	Vice President, General Counsel, and Secretary (since 2017) of Dodge & Cox	—
David H. Longhurst (62)	Treasurer (since 2006)	Vice President and Assistant Treasurer of Dodge & Cox	—
Katherine M. Primas (45)	Chief Compliance Officer (since 2010)	Vice President and Chief Compliance Officer of Dodge & Cox	—

INDEPENDENT TRUSTEES
Caroline M. Hoxby (53)	Trustee (since 2017)	Professor of Economics, Stanford University; Director of the Economics of Education Program, National Bureau of Economic Research; Senior Fellow, Hoover Institution and Stanford Institute for Economic Policy Research	—
Thomas A. Larsen (70)	Trustee (since 2002)	Senior Counsel of Arnold & Porter (law firm) (2015-2018); Partner of Arnold & Porter (until 2015); Director of Howard, Rice, Nemerovski, Canady, Falk & Rabkin (1977-2011)	—
Ann Mather (59)	Trustee (since 2011)	CFO, Pixar Animation Studios (1999-2004)	Director, Alphabet Inc. (internet information services) (since 2005); Director, Glu Mobile, Inc. (multimedia software) (since 2004); Director, Netflix, Inc. (internet television) (since 2010); Director, Arista Networks (cloud networking) (since 2013)
Robert B. Morris III (67)	Trustee (since 2011)	Advisory Director, The Presidio Group (2005-2016); Partner and Managing Director—Global Investment Research at Goldman Sachs (until 2001)	—
Gabriela Franco Parcella (51)	Trustee (since 2020)	Managing Partner of Merlone Geier Partners (since 2018); Chairman, President, and CEO, Mellon Capital (2011 to 2017); COO, Mellon Capital (1997 to 2011).	Director, Terreno Realty Corporation (since 2018)
Gary Roughead (68)	Trustee (since 2013)	Robert and Marion Oster Distinguished Military Fellow, Hoover Institution (since 2012); Admiral, United States Navy (Ret.); U.S. Navy Chief of Naval Operations (2008-2011)	Director, Northrop Grumman Corp. (global security) (since 2012); Director, Maersk Line, Limited (shipping and transportation) (since 2016)
Mark E. Smith (68)	Trustee (since 2014)	Executive Vice President, Managing Director—Fixed Income at Loomis Sayles & Company, L.P. (2003-2011)	—
John B. Taylor (73)	Trustee (since 2005) (and 1995-2001)	Professor of Economics, Stanford University (since 1984); Senior Fellow, Hoover Institution (since 1996); Under Secretary for International Affairs, United States Treasury (2001-2005)	—


	1 Year			3 Years			5 Years			10 Years
Dodge & Cox Global Stock Fund		23.85	%		9.54	%		7.20	%		9.40	%
MSCI World Index		27.67			12.57			8.74			9.47


Six Months Ended December 31, 2019	Beginning Account Value 7/1/2019		Ending Account Value 12/31/2019		Expenses Paid During Period*
Based on Actual Fund Return	$	1,000.00	$	1,103.40	$	3.30
Based on Hypothetical 5% Yearly Return		1,000.00		1,022.06		3.18


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


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


Fund Receives	Fund Pays	Counterparty		Maturity Date		Notional Amount		Value / Unrealized Appreciation/ (Depreciation)
Total Return on Naspers, Ltd.	2.898%		JPMorgan		9/30/20	$	46,468,024	$	(1,468,355	)
Total Return on Prosus NV	2.898%		JPMorgan		9/30/20		21,380,090		(2,007,612	)
2.198%	Total Return on Tencent Holdings, Ltd.		JPMorgan		9/30/20		75,950,463		(5,948,848	)

								$	(9,424,815	)


Counterparty	Settle Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
CHF: Swiss Franc
UBS		1/29/20		USD	51,670,164		CHF	51,051,000	$	(1,165,447	)
UBS		1/29/20		USD	51,690,986		CHF	51,051,000		(1,144,625	)
Barclays		2/26/20		USD	12,135,613		CHF	11,900,000		(204,583	)
Citibank		2/26/20		USD	12,137,915		CHF	11,900,000		(202,281	)
Barclays		3/11/20		USD	18,809,554		CHF	18,450,000		(341,966	)
Morgan Stanley		3/11/20		USD	18,785,318		CHF	18,450,000		(366,202	)
CNH: Chinese Yuan Renminbi
Credit Suisse		1/8/20		USD	19,694,939		CNH	135,156,520		280,541
State Street		1/8/20		USD	2,917,791		CNH	20,000,000		44,915
State Street		1/8/20		USD	2,916,940		CNH	20,000,000		44,064
Bank of America		1/15/20		USD	18,602,432		CNH	125,717,097		546,279
Credit Suisse		1/15/20		USD	18,843,578		CNH	127,621,902		513,847
State Street		1/15/20		USD	18,881,493		CNH	127,621,901		551,762
JPMorgan		1/15/20		CNH	280,000,000		USD	40,238,557		(23,479	)
Goldman Sachs		1/22/20		USD	19,155,086		CNH	130,676,000		389,775
Citibank		2/5/20		USD	8,002,896		CNH	54,018,750		248,265
HSBC		2/5/20		USD	7,967,921		CNH	53,750,000		251,869
JPMorgan		2/5/20		USD	16,469,916		CNH	115,240,000		(73,298	)
JPMorgan		2/5/20		USD	8,004,557		CNH	54,018,750		249,925
State Street		2/5/20		USD	7,882,983		CNH	53,212,500		244,092
UBS		2/5/20		USD	16,225,255		CNH	113,520,000		(71,045	)
UBS		2/5/20		USD	16,466,386		CNH	115,240,000		(76,828	)
Citibank		2/5/20		CNH	72,025,000		USD	10,143,652		195,857
Citibank		2/5/20		CNH	70,950,000		USD	10,007,758		177,430
Citibank		2/5/20		CNH	72,025,000		USD	10,142,938		196,571
Bank of America		2/12/20		USD	4,790,613		CNH	32,500,000		125,910
HSBC		2/12/20		USD	4,796,057		CNH	32,500,000		131,354
JPMorgan		2/12/20		USD	15,679,738		CNH	111,000,000		(252,017	)
Barclays		3/4/20		USD	18,724,862		CNH	125,700,000		692,661
UBS		9/23/20		USD	45,575,548		CNH	327,000,000		(1,098,728	)
HSBC		11/18/20		USD	2,680,091		CNH	18,926,000		(17,522	)
JPMorgan		11/18/20		USD	13,810,598		CNH	98,000,000		(157,811	)
JPMorgan		11/18/20		USD	13,801,845		CNH	98,000,000		(166,563	)
UBS		11/18/20		USD	21,551,724		CNH	152,000,000		(113,562	)
HSBC		1/13/21		USD	30,646,516		CNH	219,000,000		(524,094	)
HSBC		1/13/21		USD	30,631,513		CNH	219,000,000		(539,097	)
JPMorgan		5/12/21		USD	39,755,786		CNH	280,000,000		48,607
Goldman Sachs		10/27/21		USD	12,720,309		CNH	90,000,000		22,803
HSBC		10/27/21		USD	12,723,546		CNH	90,000,000		26,040
HSBC		1/26/22		USD	9,113,221		CNH	64,397,667		52,174
JPMorgan		1/26/22		USD	9,135,069		CNH	64,397,666		74,022


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


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


See accompanying Notes to Consolidated Financial Statements		DODGE & COX GLOBAL STOCK FUND § PAGE 11


SELECTED DATA AND RATIOS (for a share outstanding throughout each year)	Year Ended December 31,
	2019			2018			2017			2016			2015

Net asset value, beginning of year		$11.03			$13.86			$11.91			$10.46			$11.83
Income from investment operations:
Net investment income		0.27			0.21			0.13			0.14			0.16
Net realized and unrealized gain (loss)		2.35			(1.96	)		2.42			1.65			(1.11	)

Total from investment operations		2.62			(1.75	)		2.55			1.79			(0.95	)

Distributions to shareholders from:
Net investment income		(0.34	)		(0.25	)		(0.13	)		(0.14	)		(0.19	)
Net realized gain		(0.60	)		(0.83	)		(0.47	)		(0.20	)		(0.23	)

Total distributions		(0.94	)		(1.08	)		(0.60	)		(0.34	)		(0.42	)

Net asset value, end of year		$12.71			$11.03			$13.86			$11.91			$10.46

Total return		23.85	%		(12.65	)%		21.51	%		17.09	%		(8.05	)%
Ratios/supplemental data:
Net assets, end of year (millions)		$10,296			$8,614			$9,911			$7,101			$5,708
Ratio of expenses to average net assets		0.62	%		0.62	%		0.63	%		0.63	%		0.63	%
Ratio of net investment income to average net assets		2.13	%		1.52	%		1.02	%		1.36	%		1.39	%
Portfolio turnover rate		22	%		31	%		18	%		25	%		20	%


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


PREFERRED STOCKS: 5.1%

	SHARES			VALUE
ENERGY: 0.7%
Petroleo Brasileiro SA (Brazil)		48,857,500		$	365,658,581

FINANCIALS: 2.2%
BANKS: 2.2%
Itau Unibanco Holding SA (Brazil)		119,079,551			1,095,792,307

INFORMATION TECHNOLOGY: 2.2%
TECHNOLOGY, HARDWARE & EQUIPMENT: 2.2%
Samsung Electronics Co., Ltd. (South Korea)		28,739,700			1,121,259,878

TOTAL PREFERRED STOCKS (Cost $1,471,207,221)				$	2,582,710,766

SHORT-TERM INVESTMENTS: 1.3%

	PAR VALUE/ SHARES			VALUE

REPURCHASE AGREEMENTS: 0.9%
Bank of Montreal^(c) 1.48%, dated 12/31/19, due 1/2/20, maturity value $110,409,077	$	110,400,000		$	110,400,000
Fixed Income Clearing Corporation^(c) 1.00%, dated 12/31/19, due 1/2/20, maturity value $115,590,421		115,584,000			115,584,000
Royal Bank of Canada^(c) 1.53%, dated 12/31/19, due 1/2/20, maturity value $220,918,777		220,900,000			220,900,000

					446,884,000
MONEY MARKET FUND: 0.4%
State Street Institutional U.S. Government Money Market Fund		202,091,143			202,091,143

TOTAL SHORT-TERM INVESTMENTS (Cost $648,975,143)				$	648,975,143

TOTAL INVESTMENTS IN SECURITIES (Cost $45,897,262,893)		100.4	%	$	50,418,742,857
OTHER ASSETS LESS LIABILITIES		(0.4	%)		(190,790,621	)

NET ASSETS		100.0	%	$	50,227,952,236


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


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


FIVE LARGEST EQUITY SECTORS (%)	Common		Preferred		% of Net Assets
Financials		17.3		2.5		19.8
Health Care		14.8		—		14.8
Information Technology		10.2		—		10.2
Communication Services		8.0		0.3		8.4
Energy		6.5		—		6.5


FIXED INCOME SECTOR DIVERSIFICATION (%)	% of Net Assets
U.S. Treasury		6.6
Government-Related		1.3
Securitized		12.2
Corporate		10.3


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


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


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


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


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


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


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


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


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


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