# EDGAR Filing Document

**Accession Number:** 0000029440
**File Stem:** 0000029440-26-000002
**Filing Date:** 2026-3
**Character Count:** 815547
**Document Hash:** cdbe532d58bb7ec2325d9e1360de92e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000029440-26-000002.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0000029440-26-000002

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00173
- **FILM NUMBER:** 26723473

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

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

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

## Series and Classes Contracts Data

### Dodge & Cox Stock Fund (Series ID: S000011202)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030875 | Class I      | DODGX           |
| C000235734 | Class X      | DOXGX           |

### Dodge & Cox International Stock Fund (Series ID: S000011203)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030876 | Class I      | DODFX           |
| C000235735 | Class X      | DOXFX           |

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

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

### Dodge & Cox Income Fund (Series ID: S000011205)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030878 | Class I      | DODIX           |
| C000235737 | Class X      | DOXIX           |

### Dodge & Cox Global Stock Fund (Series ID: S000022057)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000063339 | Class I      | DODWX           |
| C000235738 | Class X      | DOXWX           |

### Dodge & Cox Global Bond Fund (Series ID: S000045260)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000140963 | Class I      | DODLX           |
| C000235739 | Class X      | DOXLX           |

### Dodge & Cox Emerging Markets Stock Fund (Series ID: S000069725)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000222467 | Dodge & Cox Emerging Markets Stock Fund | DODEX           |

?xml version='1.0' encoding='ASCII'? 85b8bf84-25f1-42c3-8c48-b2a51d57e1b7

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number
811-00173

DODGE & COX FUNDS

(Exact name of registrant as specified in charter)

------

555 California Street, 40th Floor

San Francisco, CA 94104

(Address of principal executive offices) (Zip code)

Roberta R.W. Kameda, Esq.

555 California Street, 40th Floor

San Francisco, CA 94104

(Name and address of agent for service)

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

#### Date of fiscal year end:
December 31, 2025

#### Date of reporting period:
December 31, 2025

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) The following are the shareholder reports of the Dodge & Cox Funds, a Delaware statutory trust, consisting of seven series: Dodge & Cox Stock Fund, Dodge & Cox Global Stock Fund, Dodge & Cox International Stock Fund, Dodge & Cox Emerging Markets Stock Fund, Dodge & Cox Balanced Fund, Dodge & Cox Income Fund, and Dodge & Cox Global Bond Fund. The reports for each series and share class of a fund were transmitted to their respective shareholders on February 27, 2026.

### Dodge & Cox Stock Fund

### Class I \| DODGX
![TSR Fund Logo I](images_553.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Dodge & Cox Stock Fund — Class I for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at dodgeandcox.com/documents. You can also request this information by contacting us at 800-621-3979.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Dodge & Cox Stock Fund — Class I | $54 | 0.51% |

---

#### Management's Discussion of Fund Performance

#### Summary of Results

#### Key contributors to relative results (vs. S&P 500) included the Fund's:
* Industrials holdings, particularly RTX and Johnson Controls International;

* Consumer Discretionary underweight position and stock selection;

* Stock selection and underweight position in Consumer Staples; and

* Positions in CVS, Charles Schwab, and BNY Mellon. 

#### Key detractors from relative results (vs. S&P 500) included the Fund's:
* Communication Services stock selection, notably Charter Communications and Comcast;

* Financials holdings and overweight position, mainly Fiserv; 

* Materials stock selection and overweight position;

* Underweight position in Information Technology; and

* Positions in Avantor and Occidental Petroleum.

#### Key contributors to relative results (vs. Russell 1000 Value) included the Fund's:
* Industrials holdings, notably RTX and Johnson Controls International; 

* Stock selection in Health Care, primarily CVS Health; 

* Consumer Staples stock selection and underweight position; and

* Positions in Charles Schwab, TSMC, and BNY Mellon. 

#### Key detractors from relative results (vs. Russell 1000 Value) included the Fund's:
* Financials stock selection, mainly Fiserv; 

* Stock selection in Materials; 

* Communications Services holdings, mostly Charter Communications; and

* Positions in Avantor and Occidental Petroleum.

#### Fund Performance (Class I shares)
The following chart compares the Fund's performance over the past 10 years, assuming a $10,000 initial investment.

![Fund Performance - Growth of 10K](chartimages_97109.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Dodge & Cox Stock Fund — Class I** | 13.66 | 13.31 | 12.79 |
| **S&P 500 Index** | 17.88 | 14.42 | 14.82 |
| **Russell 1000 Value Index** | 15.91 | 11.33 | 10.53 |

---

**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. Current month-end performance can be obtained at** dodgeandcox.com **or by calling 800-621-3979.** 

The Fund's total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include dividends but, unlike Fund returns, do not reflect fees or expenses.

*The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates. Copyright 2025 , S&P Dow Jones Indices LLC, a division of S&P Global, Inc. and/or its affiliates. FTSE Russell is a trading name of certain of the LSE Group Companies and Russell is trademark of the relevant LSE Group companies. For more information, visit:* dodgeandcox.com/disclosures.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund Net Assets** | $119131415085 |
| **Total Number of Portfolio Holdings** | 89 |
| **Total Advisory Fees Paid** | $465334685 |
| **Portfolio Turnover Rate** | 20% |

---

#### Graphical Representations of Holdings
The table below provides information related to the holdings of the Fund, excluding derivatives unless otherwise noted, represented as a percentage of Fund total net assets.

Sector Diversification

---

| | |
|:---|:---|
| Health Care | 25.9% |
| Financials | 21.0% |
| Industrials | 15.7% |
| Communication Services | 11.3% |
| Information Technology | 8.3% |
| Consumer Discretionary | 3.9% |
| Energy | 3.7% |
| Materials | 3.0% |
| Real Estate | 2.8% |
| Consumer Staples | 2.4% |
| Utilities | 1.3% |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's Annual Financial Statements and Other Information, which is available as at dodgeandcox.com/documents or upon request at 800-621-3979.

In August 2025, the Board of Trustees of the Fund approved a 16-for-1 share split of the Fund's outstanding shares. The share split applied to shareholders of record as of the close of U.S. markets on October 24, 2025. The share split increased the number of shares outstanding and decreased the net asset value per share. The share split did not change the total market value of a shareholder's investment.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at dodgeandcox.com. You can also request this information by contacting us at 800-621-3979.

#### Householding
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.

![TSR_QR_Code](images_554.jpg)

For more information, please scan the QR code at the left to navigate to additional hosted material at dodgeandcox.com.

DODGE & COX STOCK FUND — CLASS I

### Dodge & Cox Stock Fund

### Class X \| DOXGX
![TSR Fund Logo I](images_553.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Dodge & Cox Stock Fund — Class X for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at dodgeandcox.com/documents. You can also request this information by contacting us at 800-621-3979.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Dodge & Cox Stock Fund — Class X | $44 | 0.41% |

---

#### Management's Discussion of Fund Performance

#### Summary of Results

#### Key contributors to relative results (vs. S&P 500) included the Fund's:
* Industrials holdings, particularly RTX and Johnson Controls International;

* Consumer Discretionary underweight position and stock selection;

* Stock selection and underweight position in Consumer Staples; and

* Positions in CVS, Charles Schwab, and BNY Mellon. 

#### Key detractors from relative results (vs. S&P 500) included the Fund's:
* Communication Services stock selection, notably Charter Communications and Comcast;

* Financials holdings and overweight position, mainly Fiserv; 

* Materials stock selection and overweight position;

* Underweight position in Information Technology; and

* Positions in Avantor and Occidental Petroleum.

#### Key contributors to relative results (vs. Russell 1000 Value) included the Fund's:
* Industrials holdings, notably RTX and Johnson Controls International; 

* Stock selection in Health Care, primarily CVS Health; 

* Consumer Staples stock selection and underweight position; and

* Positions in Charles Schwab, TSMC, and BNY Mellon. 

#### Key detractors from relative results (vs. Russell 1000 Value) included the Fund's:
* Financials stock selection, mainly Fiserv; 

* Stock selection in Materials; 

* Communications Services holdings, mostly Charter Communications; and

* Positions in Avantor and Occidental Petroleum.

#### Fund Performance (Class X <sup>1</sup> shares)
The following chart compares the Fund's performance over the past 10 years, assuming a $10,000 initial investment.

![Fund Performance - Growth of 10K](chartimages_97143.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Dodge & Cox Stock Fund — Class X1** | 13.77 | 13.40 | 12.84 |
| **S&P 500 Index** | 17.88 | 14.42 | 14.82 |
| **Russell 1000 Value Index** | 15.91 | 11.33 | 10.53 |

---

<sup>1</sup> <sup>The Class X share inception date is May 2, 2022. The returns shown prior to that date are for the fund's Class I shares.</sup>

**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. Current month-end performance can be obtained at** dodgeandcox.com **or by calling 800-621-3979.** 

The Fund's total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include dividends but, unlike Fund returns, do not reflect fees or expenses.

*The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates. Copyright 2025 , S&P Dow Jones Indices LLC, a division of S&P Global, Inc. and/or its affiliates. FTSE Russell is a trading name of certain of the LSE Group Companies and Russell is trademark of the relevant LSE Group companies. For more information, visit:* dodgeandcox.com/disclosures.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund Net Assets** | $119131415085 |
| **Total Number of Portfolio Holdings** | 89 |
| **Total Advisory Fees Paid** | $465334685 |
| **Portfolio Turnover Rate** | 20% |

---

#### Graphical Representations of Holdings
The table below provides information related to the holdings of the Fund, excluding derivatives unless otherwise noted, represented as a percentage of Fund total net assets.

Sector Diversification

---

| | |
|:---|:---|
| Health Care | 25.9% |
| Financials | 21.0% |
| Industrials | 15.7% |
| Communication Services | 11.3% |
| Information Technology | 8.3% |
| Consumer Discretionary | 3.9% |
| Energy | 3.7% |
| Materials | 3.0% |
| Real Estate | 2.8% |
| Consumer Staples | 2.4% |
| Utilities | 1.3% |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's Annual Financial Statements and Other Information, which is available as at dodgeandcox.com/documents or upon request at 800-621-3979.

In August 2025, the Board of Trustees of the Fund approved a 16-for-1 share split of the Fund's outstanding shares. The share split applied to shareholders of record as of the close of U.S. markets on October 24, 2025. The share split increased the number of shares outstanding and decreased the net asset value per share. The share split did not change the total market value of a shareholder's investment.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at dodgeandcox.com. You can also request this information by contacting us at 800-621-3979.

#### Householding
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.

![TSR_QR_Code](images_554.jpg)

For more information, please scan the QR code at the left to navigate to additional hosted material at dodgeandcox.com.

DODGE & COX STOCK FUND — CLASS X

### Dodge & Cox Global Stock Fund

### Class I \| DODWX
![TSR Fund Logo I](images_553.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Dodge & Cox Global Stock Fund — Class I for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at dodgeandcox.com/documents. You can also request this information by contacting us at 800-621-3979.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Dodge & Cox Global Stock Fund — Class I | $70 | 0.62% |

---

#### Management's Discussion of Fund Performance

#### Summary of Results

#### Key contributors to relative results included the Fund's:
* Overweight position in non-U.S. holdings;

* Information Technology holdings;

* Underweight position and stock selection in Consumer Staples;

* Health Care holdings, such as Bayer and CVS Health; and

* Positions in Banco Santander, RTX, and Prudential.

#### Key detractors from relative results included the Fund's:
* Stock selection in Materials, notably International Flavors & Fragrances;

* Communication Services holdings, including Charter Communications and Comcast; and

* Positions in Fiserv and Avantor.

#### Fund Performance (Class I shares)
The following chart compares the Fund's performance over the past 10 years, assuming a $10,000 initial investment.

![Fund Performance - Growth of 10K](chartimages_97177.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Dodge & Cox Global Stock Fund — Class I** | 25.18 | 12.47 | 11.38 |
| **MSCI ACWI Index** | 22.34 | 11.19 | 11.72 |

---

**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. Current month-end performance can be obtained at** dodgeandcox.com **or by calling 800-621-3979.** 

The Fund's total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include dividends but, unlike Fund returns, do not reflect fees or expenses.

*MSCI ACWI is a service mark of MSCI. For more information, visit:* dodgeandcox.com/disclosures.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund Net Assets** | $12547305744 |
| **Total Number of Portfolio Holdings** | 284 |
| **Total Advisory Fees Paid** | $60372842 |
| **Portfolio Turnover Rate** | 26% |

---

#### Graphical Representations of Holdings
The table and chart below provide information related to the holdings of the Fund, excluding derivatives unless otherwise noted, represented as a percentage of Fund total net assets.

Sector Diversification

---

| | |
|:---|:---|
| Financials | 24.1% |
| Health Care | 22.4% |
| Industrials | 12.4% |
| Communication Services | 8.8% |
| Information Technology | 8.3% |
| Consumer Discretionary | 8.1% |
| Materials | 5.8% |
| Energy | 3.6% |
| Consumer Staples | 2.9% |
| Real Estate | 1.2% |
| Utilities | 0.6% |
| Government | 0.4% |

---

Region Diversification

![Graphical Representation - Allocation 1 Chart](chartimages_97180.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at dodgeandcox.com. You can also request this information by contacting us at 800-621-3979.

#### Householding
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.

![TSR_QR_Code](images_554.jpg)

For more information, please scan the QR code at the left to navigate to additional hosted material at dodgeandcox.com.

DODGE & COX GLOBAL STOCK FUND — CLASS I

### Dodge & Cox Global Stock Fund

### Class X \| DOXWX
![TSR Fund Logo I](images_553.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Dodge & Cox Global Stock Fund — Class X for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at dodgeandcox.com/documents. You can also request this information by contacting us at 800-621-3979.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Dodge & Cox Global Stock Fund — Class X | $59 | 0.52% |

---

#### Management's Discussion of Fund Performance

#### Summary of Results

#### Key contributors to relative results included the Fund's:
* Overweight position in non-U.S. holdings;

* Information Technology holdings;

* Underweight position and stock selection in Consumer Staples;

* Health Care holdings, such as Bayer and CVS Health; and

* Positions in Banco Santander, RTX, and Prudential.

#### Key detractors from relative results included the Fund's:
* Stock selection in Materials, notably International Flavors & Fragrances;

* Communication Services holdings, including Charter Communications and Comcast; and

* Positions in Fiserv and Avantor.

#### Fund Performance (Class X <sup>1</sup> shares)
The following chart compares the Fund's performance over the past 10 years, assuming a $10,000 initial investment.

![Fund Performance - Growth of 10K](chartimages_97211.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Dodge & Cox Global Stock Fund — Class X1** | 25.30 | 12.55 | 11.42 |
| **MSCI ACWI Index** | 22.34 | 11.19 | 11.72 |

---

<sup>1</sup> <sup>The Class X share inception date is May 2, 2022. The returns shown prior to that date are for the fund's Class I shares.</sup>

**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. Current month-end performance can be obtained at** dodgeandcox.com **or by calling 800-621-3979.** 

The Fund's total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include dividends but, unlike Fund returns, do not reflect fees or expenses.

*MSCI ACWI is a service mark of MSCI. For more information, visit:* dodgeandcox.com/disclosures.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund Net Assets** | $12547305744 |
| **Total Number of Portfolio Holdings** | 284 |
| **Total Advisory Fees Paid** | $60372842 |
| **Portfolio Turnover Rate** | 26% |

---

#### Graphical Representations of Holdings
The table and chart below provide information related to the holdings of the Fund, excluding derivatives unless otherwise noted, represented as a percentage of Fund total net assets.

Sector Diversification

---

| | |
|:---|:---|
| Financials | 24.1% |
| Health Care | 22.4% |
| Industrials | 12.4% |
| Communication Services | 8.8% |
| Information Technology | 8.3% |
| Consumer Discretionary | 8.1% |
| Materials | 5.8% |
| Energy | 3.6% |
| Consumer Staples | 2.9% |
| Real Estate | 1.2% |
| Utilities | 0.6% |
| Government | 0.4% |

---

Region Diversification

![Graphical Representation - Allocation 1 Chart](chartimages_97214.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at dodgeandcox.com. You can also request this information by contacting us at 800-621-3979.

#### Householding
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.

![TSR_QR_Code](images_554.jpg)

For more information, please scan the QR code at the left to navigate to additional hosted material at dodgeandcox.com.

DODGE & COX GLOBAL STOCK FUND — CLASS X

### Dodge & Cox International Stock Fund

### Class I \| DODFX
![TSR Fund Logo I](images_553.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Dodge & Cox International Stock Fund — Class I for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at dodgeandcox.com/documents. You can also request this information by contacting us at 800-621-3979.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Dodge & Cox International Stock Fund — Class I | $73 | 0.61% |

---

#### Management's Discussion of Fund Performance

#### Summary of Results

#### Key contributors to relative results included the Fund's:
* Stock selection within the Financials sector, specifically positions in Banco Santander, Barclays, BNP Paribas, and Itau Unibanco;

* Health Care holdings, notably a position in Bayer;

* Stock selection within the Information Technology sector; and

* Consumer Discretionary holdings. 

#### Key detractors from relative results included the Fund's:
* Stock selection within the Materials sector, notably a position in International Flavors & Fragrances;

* U.S. holdings; and;

* Positions in Sanofi, HDFC Bank, Diageo, and Coupang.

#### Fund Performance (Class I shares)
The following chart compares the Fund's performance over the past 10 years, assuming a $10,000 initial investment.

![Fund Performance - Growth of 10K](chartimages_97245.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Dodge & Cox International Stock Fund — Class I** | 38.71 | 11.70 | 9.14 |
| **MSCI ACWI ex USA Index** | 32.39 | 7.91 | 8.41 |

---

**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. Current month-end performance can be obtained at** dodgeandcox.com **or by calling 800-621-3979.** 

The Fund's total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include dividends but, unlike Fund returns, do not reflect fees or expenses.

*MSCI ACWI is service mark of MSCI. For more information, visit:* dodgeandcox.com/disclosures.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund Net Assets** | $60951922999 |
| **Total Number of Portfolio Holdings** | 287 |
| **Total Advisory Fees Paid** | $277494501 |
| **Portfolio Turnover Rate** | 17% |

---

#### Graphical Representations of Holdings
The table and chart below provide information related to the holdings of the Fund, excluding derivatives unless otherwise noted, represented as a percentage of Fund total net assets.

Sector Diversification

---

| | |
|:---|:---|
| Financials | 27.2% |
| Health Care | 15.3% |
| Industrials | 10.4% |
| Consumer Discretionary | 10.1% |
| Information Technology | 9.6% |
| Materials | 7.6% |
| Consumer Staples | 7.4% |
| Communication Services | 5.2% |
| Energy | 5.2% |
| Real Estate | 1.1% |
| Utilities | 0.0% |

---

Region Diversification

![Graphical Representation - Allocation 1 Chart](chartimages_97248.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's Annual Financial Statements and Other Information, which is available as at dodgeandcox.com/documents or upon request at 800-621-3979.

In August 2025, the Board of Trustees of the Fund approved a 4-for-1 share split of the Fund's outstanding shares. The share split applied to shareholders of record as of the close of U.S. markets on October 24, 2025. The share split increased the number of shares outstanding and decreased the net asset value per share. The share split did not change the total market value of a shareholder's investment.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at dodgeandcox.com. You can also request this information by contacting us at 800-621-3979.

#### Householding
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.

![TSR_QR_Code](images_554.jpg)

For more information, please scan the QR code at the left to navigate to additional hosted material at dodgeandcox.com.

DODGE & COX INTERNATIONAL STOCK FUND — CLASS I

### Dodge & Cox International Stock Fund

### Class X \| DOXFX
![TSR Fund Logo I](images_553.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Dodge & Cox International Stock Fund — Class X for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at dodgeandcox.com/documents. You can also request this information by contacting us at 800-621-3979.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Dodge & Cox International Stock Fund — Class X | $61 | 0.51% |

---

#### Management's Discussion of Fund Performance

#### Summary of Results

#### Key contributors to relative results included the Fund's:
* Stock selection within the Financials sector, specifically positions in Banco Santander, Barclays, BNP Paribas, and Itau Unibanco;

* Health Care holdings, notably a position in Bayer;

* Stock selection within the Information Technology sector; and

* Consumer Discretionary holdings. 

#### Key detractors from relative results included the Fund's:
* Stock selection within the Materials sector, notably a position in International Flavors & Fragrances;

* U.S. holdings; and;

* Positions in Sanofi, HDFC Bank, Diageo, and Coupang.

#### Fund Performance (Class X <sup>1</sup> shares)
The following chart compares the Fund's performance over the past 10 years, assuming a $10,000 initial investment.

![Fund Performance - Growth of 10K](chartimages_97279.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Dodge & Cox International Stock Fund — Class X1** | 38.84 | 11.78 | 9.18 |
| **MSCI ACWI ex USA Index** | 32.39 | 7.91 | 8.41 |

---

<sup>1</sup> <sup>The Class X share inception date is May 2, 2022. The returns shown prior to that date are for the fund's Class I shares.</sup>

**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. Current month-end performance can be obtained at** dodgeandcox.com **or by calling 800-621-3979.** 

The Fund's total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include dividends but, unlike Fund returns, do not reflect fees or expenses.

*MSCI ACWI is service mark of MSCI. For more information, visit:* dodgeandcox.com/disclosures.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund Net Assets** | $60951922999 |
| **Total Number of Portfolio Holdings** | 287 |
| **Total Advisory Fees Paid** | $277494501 |
| **Portfolio Turnover Rate** | 17% |

---

#### Graphical Representations of Holdings
The table and chart below provide information related to the holdings of the Fund, excluding derivatives unless otherwise noted, represented as a percentage of Fund total net assets.

Sector Diversification

---

| | |
|:---|:---|
| Financials | 27.2% |
| Health Care | 15.3% |
| Industrials | 10.4% |
| Consumer Discretionary | 10.1% |
| Information Technology | 9.6% |
| Materials | 7.6% |
| Consumer Staples | 7.4% |
| Communication Services | 5.2% |
| Energy | 5.2% |
| Real Estate | 1.1% |
| Utilities | 0.0% |

---

Region Diversification

![Graphical Representation - Allocation 1 Chart](chartimages_97282.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's Annual Financial Statements and Other Information, which is available as at dodgeandcox.com/documents or upon request at 800-621-3979.

In August 2025, the Board of Trustees of the Fund approved a 4-for-1 share split of the Fund's outstanding shares. The share split applied to shareholders of record as of the close of U.S. markets on October 24, 2025. The share split increased the number of shares outstanding and decreased the net asset value per share. The share split did not change the total market value of a shareholder's investment.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at dodgeandcox.com. You can also request this information by contacting us at 800-621-3979.

#### Householding
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.

![TSR_QR_Code](images_554.jpg)

For more information, please scan the QR code at the left to navigate to additional hosted material at dodgeandcox.com.

DODGE & COX INTERNATIONAL STOCK FUND — CLASS X

### Dodge & Cox Emerging Markets Stock Fund

### DODEX
![TSR Fund Logo I](images_553.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Dodge & Cox Emerging Markets Stock Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at dodgeandcox.com/documents. You can also request this information by contacting us at 800-621-3979.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Dodge & Cox Emerging Markets Stock Fund | $84 | 0.70% |

---

#### Management's Discussion of Fund Performance

#### Summary of Results

#### Key contributors to relative results included the Fund's:
* Underweight position and stock selection in India;

* Financials holdings, notably Itau Unibanco;

* Energy holdings, particularly National Energy Services Reunited;

* Overweight position and stock selection in Latin America, including Millicom International Cellular and Cemex; and

* Position in Alibaba.

#### Key detractors from relative results included the Fund's:
* South Korean holdings, such as Samsung Electronics, SK hynix, and Coupang;

* Stock selection and underweight position in the Metals & Mining industry within the Materials sector; and

* Positions in TSMC and JD.com.

#### Fund Performance
The following chart compares the Fund's performance since the Fund's inception, assuming a $10,000 initial investment.

![Fund Performance - Growth of 10K](chartimages_97517.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%)** | **1 Year** | **Since Inception<br>(5/11/2021)** |
| **Dodge & Cox Emerging Markets Stock Fund** | 38.62 | 5.76 |
| **MSCI Emerging Markets Index** | 33.57 | 3.77 |

---

**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. Current month-end performance can be obtained at** dodgeandcox.com **or by calling 800-621-3979.** 

The Fund's total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include dividends but, unlike Fund returns, do not reflect fees or expenses.

*MSCI Emerging Markets is a service mark of MSCI. For more information, visit:* dodgeandcox.com/disclosures.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund Net Assets** | $882305268 |
| **Total Number of Portfolio Holdings** | 415 |
| **Total Advisory Fees Paid** | $3285443 |
| **Portfolio Turnover Rate** | 23% |

---

#### Graphical Representations of Holdings
The table and chart below provide information related to the holdings of the Fund, excluding derivatives unless otherwise noted, represented as a percentage of Fund total net assets.

**Ten Largest Countries**

---

| | |
|:---|:---|
| China | 23.8% |
| Taiwan | 12.9% |
| South Korea | 10.5% |
| Brazil | 8.6% |
| India | 6.7% |
| United States | 4.2% |
| Mexico | 3.9% |
| Hong Kong | 3.8% |
| Peru | 2.6% |
| Indonesia | 2.5% |

---

Sector Diversification

![Graphical Representation - Allocation 1 Chart](chartimages_97520.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at dodgeandcox.com. You can also request this information by contacting us at 800-621-3979.

#### Householding
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.

![TSR_QR_Code](images_554.jpg)

For more information, please scan the QR code at the left to navigate to additional hosted material at dodgeandcox.com.

DODGE & COX EMERGING MARKETS STOCK FUND

### Dodge & Cox Balanced Fund

### Class I \| DODBX
![TSR Fund Logo I](images_553.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Dodge & Cox Balanced Fund — Class I for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at dodgeandcox.com/documents. You can also request this information by contacting us at 800-621-3979.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Dodge & Cox Balanced Fund — Class I | $55 | 0.51% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS

#### Equity Portfolio (vs. S&P 500 Index)
Key contributors to relative results included the portfolio's:

* Consumer Discretionary stock selection and underweight position;

* Health Care stock selection, mainly CVS Health and GSK;

* Industrials holdings, notably RTX;

* Consumer Staples stock selection and underweight position; and

* Holding in Banco Santander. 

Key detractors from relative results included the portfolio's:

* Underweight position in Information Technology;

* Materials stock selection and overweight position;

* Communication Services holdings and underweight position, particularly Charter Communications; and

* Positions in Fiserv, Occidental Petroleum, and Avantor.

#### Fixed Income Portfolio (vs. Bloomberg U.S. Aggregate Bond Index)
Key contributors to relative results included the portfolio's:

* Credit security selection, particularly Pemex as well as British American Tobacco, Citigroup, and Republic of Colombia;

* Security selection within Agency\* mortgage-backed securities (MBS) and overweight to the sector; and

* Underweight to U.S. Treasuries and overweight to corporate bonds.

Key detractors from relative results included the portfolio's:

* Below-benchmark duration position.

\*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.

#### Fund Performance (Class I shares)
The following chart compares the Fund's performance over the past 10 years, assuming a $10,000 initial investment.

![Fund Performance - Growth of 10K](chartimages_97313.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Dodge & Cox Balanced Fund — Class I** | 14.45 | 9.41 | 9.73 |
| **S&P 500 Index** | 17.88 | 14.42 | 14.82 |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30 | (0.36) | 2.01 |
| **Combined Index** | 13.70 | 8.47 | 9.79 |

---

**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. Current month-end performance can be obtained at** dodgeandcox.com **or by calling 800-621-3979.** 

The Fund's total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include dividends and/or interest income but, unlike Fund returns, do not reflect fees or expenses.

*The Combined Index reflects an unmanaged portfolio (rebalanced monthly) of 60% of the S&P 500 Index and 40% of the Bloomberg U.S. Aggregate Bond Index. S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates. Copyright 2025 , S&P Dow Jones Indices LLC, a division of S&P Global, Inc. and/or its affiliates. Bloomberg and the Bloomberg indices are service marks of Bloomberg Finance L.P. and its affiliates. For more information, visit:* dodgeandcox.com/disclosures.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund Net Assets** | $14884525203 |
| **Total Number of Portfolio Holdings** | 500 |
| **Total Advisory Fees Paid** | $58436563 |
| **Portfolio Turnover Rate** | 30% |

---

#### Graphical Representations of Holdings
The table and charts below provide information related to the holdings of the Fund, excluding derivatives unless otherwise noted, represented as a percentage of Fund total net assets.

Asset

Allocation

---

| | |
|:---|:---|
| Common Stocks | 64.1% |
| Debt Securities | 32.0% |
| Mutual Funds | 1.4% |
| Net Cash & Other<sup>(a)</sup> | 2.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Net Cash & Other includes cash, short-term investments, derivatives, receivables, and payables.

Equity Sector Diversification

![Graphical Representation - Allocation 1 Chart](chartimages_97316.jpg)

Fixed Income Sector Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_97320.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's Annual Financial Statements and Other Information, which is available as at dodgeandcox.com/documents or upon request at 800-621-3979.

In August 2025, the Board of Trustees of the Fund approved a 8-for-1 share split of the Fund's outstanding shares. The share split applied to shareholders of record as of the close of U.S. markets on October 24, 2025. The share split increased the number of shares outstanding and decreased the net asset value per share. The share split did not change the total market value of a shareholder's investment.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at dodgeandcox.com. You can also request this information by contacting us at 800-621-3979.

#### Householding
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.

![TSR_QR_Code](images_554.jpg)

For more information, please scan the QR code at the left to navigate to additional hosted material at dodgeandcox.com.

DODGE & COX BALANCED FUND — CLASS I

### Dodge & Cox Balanced Fund

### Class X \| DOXBX
![TSR Fund Logo I](images_553.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Dodge & Cox Balanced Fund — Class X for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at dodgeandcox.com/documents. You can also request this information by contacting us at 800-621-3979.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Dodge & Cox Balanced Fund — Class X | $44 | 0.41% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS

#### Equity Portfolio (vs. S&P 500 Index)
Key contributors to relative results included the portfolio's:

* Consumer Discretionary stock selection and underweight position;

* Health Care stock selection, mainly CVS Health and GSK;

* Industrials holdings, notably RTX;

* Consumer Staples stock selection and underweight position; and

* Holding in Banco Santander. 

Key detractors from relative results included the portfolio's:

* Underweight position in Information Technology;

* Materials stock selection and overweight position;

* Communication Services holdings and underweight position, particularly Charter Communications; and

* Positions in Fiserv, Occidental Petroleum, and Avantor.

#### Fixed Income Portfolio (vs. Bloomberg U.S. Aggregate Bond Index)
Key contributors to relative results included the portfolio's:

* Credit security selection, particularly Pemex as well as British American Tobacco, Citigroup, and Republic of Colombia;

* Security selection within Agency\* mortgage-backed securities (MBS) and overweight to the sector; and

* Underweight to U.S. Treasuries and overweight to corporate bonds.

Key detractors from relative results included the portfolio's:

* Below-benchmark duration position.

\*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.

#### Fund Performance (Class X <sup>1</sup> shares)
The following chart compares the Fund's performance over the past 10 years, assuming a $10,000 initial investment.

![Fund Performance - Growth of 10K](chartimages_97347.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Dodge & Cox Balanced Fund — Class X1** | 14.55 | 9.49 | 9.77 |
| **S&P 500 Index** | 17.88 | 14.42 | 14.82 |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30 | (0.36) | 2.01 |
| **Combined Index** | 13.70 | 8.47 | 9.79 |

---

<sup>1</sup> <sup>The Class X share inception date is May 2, 2022. The returns shown prior to that date are for the fund's Class I shares.</sup>

**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. Current month-end performance can be obtained at** dodgeandcox.com **or by calling 800-621-3979.** 

The Fund's total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include dividends and/or interest income but, unlike Fund returns, do not reflect fees or expenses.

*The Combined Index reflects an unmanaged portfolio (rebalanced monthly) of 60% of the S&P 500 Index and 40% of the Bloomberg U.S. Aggregate Bond Index. S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates. Copyright 2025 , S&P Dow Jones Indices LLC, a division of S&P Global, Inc. and/or its affiliates. Bloomberg and the Bloomberg indices are service marks of Bloomberg Finance L.P. and its affiliates. For more information, visit:* dodgeandcox.com/disclosures.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund Net Assets** | $14884525203 |
| **Total Number of Portfolio Holdings** | 500 |
| **Total Advisory Fees Paid** | $58436563 |
| **Portfolio Turnover Rate** | 30% |

---

#### Graphical Representations of Holdings
The table and charts below provide information related to the holdings of the Fund, excluding derivatives unless otherwise noted, represented as a percentage of Fund total net assets.

Asset

Allocation

---

| | |
|:---|:---|
| Common Stocks | 64.1% |
| Debt Securities | 32.0% |
| Mutual Funds | 1.4% |
| Net Cash & Other<sup>(a)</sup> | 2.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Net Cash & Other includes cash, short-term investments, derivatives, receivables, and payables.

Equity Sector Diversification

![Graphical Representation - Allocation 1 Chart](chartimages_97350.jpg)

Fixed Income Sector Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_97354.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's Annual Financial Statements and Other Information, which is available as at dodgeandcox.com/documents or upon request at 800-621-3979.

In August 2025, the Board of Trustees of the Fund approved a 8-for-1 share split of the Fund's outstanding shares. The share split applied to shareholders of record as of the close of U.S. markets on October 24, 2025. The share split increased the number of shares outstanding and decreased the net asset value per share. The share split did not change the total market value of a shareholder's investment.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at dodgeandcox.com. You can also request this information by contacting us at 800-621-3979.

#### Householding
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.

![TSR_QR_Code](images_554.jpg)

For more information, please scan the QR code at the left to navigate to additional hosted material at dodgeandcox.com.

DODGE & COX BALANCED FUND — CLASS X

### Dodge & Cox Income Fund

### Class I \| DODIX
![TSR Fund Logo I](images_553.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Dodge & Cox Income Fund — Class I for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at dodgeandcox.com/documents. You can also request this information by contacting us at 800-621-3979.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Dodge & Cox Income Fund — Class I | $43 | 0.41% |

---

#### Management's Discussion of Fund Performance

#### Summary of Results

#### Key contributors to relative results included the Fund's:
* Credit issuer selection, most notably Pemex, as well as Prosus, Republic of Colombia, and TC Energy;

* Overweight to Agency\* mortgage-backed securities (MBS) and security selection within the sector; 

* Underweight position in U.S. Treasuries; and

* Slightly longer duration positioning.

#### Key detractors from relative results included the Fund's:
* There were no notable detractors during the period.

\*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.

#### Fund Performance (Class I shares)
The following chart compares the Fund's performance over the past 10 years, assuming a $10,000 initial investment.

![Fund Performance - Growth of 10K](chartimages_97381.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Dodge & Cox Income Fund — Class I** | 8.32 | 1.05 | 3.35 |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30 | (0.36) | 2.01 |

---

**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. Current month-end performance can be obtained at** dodgeandcox.com **or by calling 800-621-3979.** 

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.

*Bloomberg and the Bloomberg indices are service marks of Bloomberg Finance L.P. and its affiliates. For more information, visit:* dodgeandcox.com/disclosures.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund Net Assets** | $104343345986 |
| **Total Number of Portfolio Holdings** | 1559 |
| **Total Advisory Fees Paid** | $291210814 |
| **Portfolio Turnover Rate** | 18% |

---

#### Graphical Representations of Holdings
The table below provides information related to the holdings of the Fund, excluding derivatives unless otherwise noted, represented as a percentage of Fund total net assets.

Sector Diversification

---

| | |
|:---|:---|
| Securitized | 53.5% |
| Corporate | 26.8% |
| U.S. Treasury | 13.8% |
| Government-Related | 3.7% |

---

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at dodgeandcox.com. You can also request this information by contacting us at 800-621-3979.

#### Householding
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.

![TSR_QR_Code](images_554.jpg)

For more information, please scan the QR code at the left to navigate to additional hosted material at dodgeandcox.com.

DODGE & COX INCOME FUND — CLASS I

### Dodge & Cox Income Fund

### Class X \| DOXIX
![TSR Fund Logo I](images_553.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Dodge & Cox Income Fund — Class X for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at dodgeandcox.com/documents. You can also request this information by contacting us at 800-621-3979.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Dodge & Cox Income Fund — Class X | $34 | 0.33% |

---

#### Management's Discussion of Fund Performance

#### Summary of Results

#### Key contributors to relative results included the Fund's:
* Credit issuer selection, most notably Pemex, as well as Prosus, Republic of Colombia, and TC Energy;

* Overweight to Agency\* mortgage-backed securities (MBS) and security selection within the sector; 

* Underweight position in U.S. Treasuries; and

* Slightly longer duration positioning.

#### Key detractors from relative results included the Fund's:
* There were no notable detractors during the period.

\*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.

#### Fund Performance (Class X <sup>1</sup> shares)
The following chart compares the Fund's performance over the past 10 years, assuming a $10,000 initial investment.

![Fund Performance - Growth of 10K](chartimages_97415.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Dodge & Cox Income Fund — Class X1** | 8.39 | 1.11 | 3.38 |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30 | (0.36) | 2.01 |

---

<sup>1</sup> <sup>The Class X share inception date is May 2, 2022. The returns shown prior to that date are for the fund's Class I shares.</sup>

**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. Current month-end performance can be obtained at** dodgeandcox.com **or by calling 800-621-3979.** 

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.

*Bloomberg and the Bloomberg indices are service marks of Bloomberg Finance L.P. and its affiliates. For more information, visit:* dodgeandcox.com/disclosures.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund Net Assets** | $104343345986 |
| **Total Number of Portfolio Holdings** | 1559 |
| **Total Advisory Fees Paid** | $291210814 |
| **Portfolio Turnover Rate** | 18% |

---

#### Graphical Representations of Holdings
The table below provides information related to the holdings of the Fund, excluding derivatives unless otherwise noted, represented as a percentage of Fund total net assets.

Sector Diversification

---

| | |
|:---|:---|
| Securitized | 53.5% |
| Corporate | 26.8% |
| U.S. Treasury | 13.8% |
| Government-Related | 3.7% |

---

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at dodgeandcox.com. You can also request this information by contacting us at 800-621-3979.

#### Householding
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.

![TSR_QR_Code](images_554.jpg)

For more information, please scan the QR code at the left to navigate to additional hosted material at dodgeandcox.com.

DODGE & COX INCOME FUND — CLASS X

### Dodge & Cox Global Bond Fund

### Class I \| DODLX
![TSR Fund Logo I](images_553.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Dodge & Cox Global Bond Fund — Class I for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at dodgeandcox.com/documents. You can also request this information by contacting us at 800-621-3979.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Dodge & Cox Global Bond Fund — Class I | $48 | 0.45% |

---

#### Management's Discussion of Fund Performance

#### Summary of Results

#### Key contributors included the Fund's:
* Interest rate exposure in the United States; 

* Local currency government bonds in Brazil, Mexico, and Chile;

* Credit securities, including Pemex, Bayer, and British American Tobacco; and

* Exposure to the Norwegian krone, euro, and Swedish krona.

#### Key detractors included the Fund's:
* Exposure to the Japanese yen.

#### Fund Performance (Class I shares)
The following chart compares the Fund's performance over the past 10 years, assuming a $10,000 initial investment.

![Fund Performance - Growth of 10K](chartimages_97449.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Dodge & Cox Global Bond Fund — Class I** | 11.51 | 2.77 | 5.26 |
| **Bloomberg Global Aggregate Bond Index (USD Hedged)** | 4.86 | 0.34 | 2.39 |

---

**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. Current month-end performance can be obtained at** dodgeandcox.com **or by calling 800-621-3979.** 

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.

*Bloomberg and the Bloomberg indices are service marks of Bloomberg Finance L.P. and its affiliates. For more information, visit:* dodgeandcox.com/disclosures.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund Net Assets** | $4573673205 |
| **Total Number of Portfolio Holdings** | 339 |
| **Total Advisory Fees Paid** | $13149419 |
| **Portfolio Turnover Rate** | 26% |

---

#### Graphical Representations of Holdings
The table and chart below provide information related to the holdings of the Fund, excluding derivatives unless otherwise noted, represented as a percentage of Fund total net assets.

**Five Largest Countries**

---

| | |
|:---|:---|
| United States | 52.5% |
| United Kingdom | 5.8% |
| Mexico | 5.1% |
| Brazil | 3.9% |
| Japan | 3.8% |

---

Sector Diversification

![Graphical Representation - Allocation 1 Chart](chartimages_97452.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at dodgeandcox.com. You can also request this information by contacting us at 800-621-3979.

#### Householding
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.

![TSR_QR_Code](images_554.jpg)

For more information, please scan the QR code at the left to navigate to additional hosted material at dodgeandcox.com.

DODGE & COX GLOBAL BOND FUND — CLASS I

### Dodge & Cox Global Bond Fund

### Class X \| DOXLX
![TSR Fund Logo I](images_553.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Dodge & Cox Global Bond Fund — Class X for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at dodgeandcox.com/documents. You can also request this information by contacting us at 800-621-3979.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Dodge & Cox Global Bond Fund — Class X | $39 | 0.37% |

---

#### Management's Discussion of Fund Performance

#### Summary of Results

#### Key contributors included the Fund's:
* Interest rate exposure in the United States; 

* Local currency government bonds in Brazil, Mexico, and Chile;

* Credit securities, including Pemex, Bayer, and British American Tobacco; and

* Exposure to the Norwegian krone, euro, and Swedish krona.

#### Key detractors included the Fund's:
* Exposure to the Japanese yen.

#### Fund Performance (Class X <sup>1</sup> shares)
The following chart compares the Fund's performance over the past 10 years, assuming a $10,000 initial investment.

![Fund Performance - Growth of 10K](chartimages_97483.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Dodge & Cox Global Bond Fund — Class X1** | 11.60 | 2.83 | 5.29 |
| **Bloomberg Global Aggregate Bond Index (USD Hedged)** | 4.86 | 0.34 | 2.39 |

---

<sup>1</sup> <sup>The Class X share inception date is May 2, 2022. The returns shown prior to that date are for the fund's Class I shares.</sup>

**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. Current month-end performance can be obtained at** dodgeandcox.com **or by calling 800-621-3979.** 

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.

*Bloomberg and the Bloomberg indices are service marks of Bloomberg Finance L.P. and its affiliates. For more information, visit:* dodgeandcox.com/disclosures.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund Net Assets** | $4573673205 |
| **Total Number of Portfolio Holdings** | 339 |
| **Total Advisory Fees Paid** | $13149419 |
| **Portfolio Turnover Rate** | 26% |

---

#### Graphical Representations of Holdings
The table and chart below provide information related to the holdings of the Fund, excluding derivatives unless otherwise noted, represented as a percentage of Fund total net assets.

**Five Largest Countries**

---

| | |
|:---|:---|
| United States | 52.5% |
| United Kingdom | 5.8% |
| Mexico | 5.1% |
| Brazil | 3.9% |
| Japan | 3.8% |

---

Sector Diversification

![Graphical Representation - Allocation 1 Chart](chartimages_97486.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at dodgeandcox.com. You can also request this information by contacting us at 800-621-3979.

#### Householding
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.

![TSR_QR_Code](images_554.jpg)

For more information, please scan the QR code at the left to navigate to additional hosted material at dodgeandcox.com.

DODGE & COX GLOBAL BOND FUND — CLASS X

------

(b) Not applicable.

------

ITEM 2. CODE OF ETHICS.

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 January 1, 2021 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.

------

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the registrant has determined that Luis Borgen, Ann Mather, Gabriela Franco Parcella 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.

------

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a)-(d) Aggregate fees billed to the registrant for the fiscal years ended December 31, 2025 and December 31, 2024 for professional services rendered by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| (a) Audit Fees | $555600 | $539300 |
| (b) Audit-Related Fees |  |  |
| (c) Tax Fees | 439000 | 304684 |
| (d) All Other Fees |  |  |

---

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, 2025 and December 31, 2024, 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 $1,031,974 and $880,180 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.

------

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

------

ITEM 6. INVESTMENTS.

(a) The complete schedule of investments is included in Item 7(a) of this Form N-CSR.

(b) Not applicable.

------

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

(a) The following are the financial statements and other information of each series of the Dodge & Cox Funds: Dodge & Cox Stock Fund, Dodge & Cox Global Stock Fund, Dodge & Cox International Stock Fund, Dodge & Cox Emerging Markets Stock Fund, Dodge & Cox Balanced Fund, Dodge & Cox Income Fund, and Dodge & Cox Global Bond Fund.

(b) The financial highlights information is included in Item 7(a) of this Form N-CSR.

------

![](imgf697b7ff1.gif)

2025

**December 31, 2025**

------

**Financial Statements and Other Information**

------

Stock Fund \| Class I (dodgx) \| Class X (doxgx)

**ESTABLISHED 1965**

12/25 SF AR&nbsp;&nbsp;&nbsp;&nbsp;

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks: 99.3%** | **Common Stocks: 99.3%** | **Common Stocks: 99.3%** |
|  | **Shares** | **Value** |
| **Communication Services: 11.3%** | **Communication Services: 11.3%** | **Communication Services: 11.3%** |
| Media & Entertainment: 10.5% | Media & Entertainment: 10.5% | Media & Entertainment: 10.5% |
| Alphabet, Inc., Class A | 8460700 | &nbsp;&nbsp; $2648199100 |
| Alphabet, Inc., Class C | 6146460 | &nbsp;&nbsp; 1928759148 |
| Charter Communications, Inc., <br> Class A<sup>(a)(b)</sup> <br>| 9791376 | &nbsp;&nbsp; 2043949740 |
| Comcast Corp., Class A | 75418594 | &nbsp;&nbsp; 2254261775 |
| Fox Corp., Class A | 9349875 | &nbsp;&nbsp; 683195366 |
| Fox Corp., Class B | 5283865 | &nbsp;&nbsp; 343081354 |
| Meta Platforms, Inc., Class A | 3492200 | &nbsp;&nbsp; 2305166298 |
| News Corp., Class A | 9974090 | &nbsp;&nbsp; 260523231 |
|  |  | &nbsp;&nbsp; 12467136012 |
| Telecommunication Services: 0.8% | Telecommunication Services: 0.8% | Telecommunication Services: 0.8% |
| T-Mobile U.S., Inc. | 4664337 | &nbsp;&nbsp; 947046985 |
|  |  | &nbsp;&nbsp; 13414182997 |
| **Consumer Discretionary: 3.9%** | **Consumer Discretionary: 3.9%** | **Consumer Discretionary: 3.9%** |
| Consumer Discretionary Distribution & Retail: 1.9% | Consumer Discretionary Distribution & Retail: 1.9% | Consumer Discretionary Distribution & Retail: 1.9% |
| Amazon.com, Inc.<sup>(b)</sup> <br>| 9834700 | &nbsp;&nbsp; 2270045454 |
| Consumer Durables & Apparel: 0.4% | Consumer Durables & Apparel: 0.4% | Consumer Durables & Apparel: 0.4% |
| VF Corp.<sup>(a)</sup> <br>| 27374300 | &nbsp;&nbsp; 494927344 |
| Consumer Services: 1.6% | Consumer Services: 1.6% | Consumer Services: 1.6% |
| Booking Holdings, Inc. | 353530 | &nbsp;&nbsp; 1893269815 |
|  |  | &nbsp;&nbsp; 4658242613 |
| **Consumer Staples: 2.4%** | **Consumer Staples: 2.4%** | **Consumer Staples: 2.4%** |
| Food, Beverage & Tobacco: 2.4% | Food, Beverage & Tobacco: 2.4% | Food, Beverage & Tobacco: 2.4% |
| Anheuser-Busch InBev SA/NV <br> ADR (Belgium)<br>| 24746585 | &nbsp;&nbsp; 1584771303 |
| Archer-Daniels-Midland Co. | 11515000 | &nbsp;&nbsp; 661997350 |
| Molson Coors Beverage Co., <br> Class B<sup>(a)</sup> <br>| 13942525 | &nbsp;&nbsp; 650837067 |
|  |  | &nbsp;&nbsp; 2897605720 |
| **Energy: 3.7%** | **Energy: 3.7%** | **Energy: 3.7%** |
| Baker Hughes Co., Class A | 30154866 | &nbsp;&nbsp; 1373252597 |
| ConocoPhillips | 7617834 | &nbsp;&nbsp; 713105441 |
| Occidental Petroleum Corp.<sup>(a)</sup> <br>| 54696940 | &nbsp;&nbsp; 2249138173 |
|  |  | &nbsp;&nbsp; 4335496211 |
| **Financials: 21.0%** | **Financials: 21.0%** | **Financials: 21.0%** |
| Banks: 1.8% | Banks: 1.8% | Banks: 1.8% |
| First Citizens BancShares, Inc., <br> Class A<br>| 20556 | &nbsp;&nbsp; 44116876 |
| Wells Fargo & Co. | 23048541 | &nbsp;&nbsp; 2148124021 |
|  |  | &nbsp;&nbsp; 2192240897 |
| Financial Services: 14.1% | Financial Services: 14.1% | Financial Services: 14.1% |
| Brookfield Corp. (Canada) | 20332450 | &nbsp;&nbsp; 933056130 |
| Capital One Financial Corp. | 6601535 | &nbsp;&nbsp; 1599948023 |
| Fidelity National Information <br> Services, Inc.<sup>(a)</sup> <br>| 33304400 | &nbsp;&nbsp; 2213410424 |
| Fiserv, Inc.<sup>(a)(b)</sup> <br>| 31869400 | &nbsp;&nbsp; 2140667598 |
| LPL Financial Holdings, Inc. | 2649927 | &nbsp;&nbsp; 946474427 |
| State Street Corp. | 3709700 | &nbsp;&nbsp; 478588397 |
| The Bank of New York Mellon <br> Corp.<br>| 19000524 | &nbsp;&nbsp; 2205770831 |
| The Charles Schwab Corp. | 52225135 | &nbsp;&nbsp; 5217813238 |
| The Goldman Sachs Group, Inc. | 1239100 | &nbsp;&nbsp; 1089168900 |
|  |  | &nbsp;&nbsp; 16824897968 |
| Insurance: 5.1% | Insurance: 5.1% | Insurance: 5.1% |
| Aegon, Ltd., NY Shs <br> (Netherlands)<br>| 57563139 | &nbsp;&nbsp; 443811802 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| Aon PLC, Class A |  | 3684200 | &nbsp;&nbsp; $1300080496 |
| Arthur J Gallagher & Co. |  | 536705 | &nbsp;&nbsp; 138893887 |
| MetLife, Inc.<sup>(a)</sup> <br>|  | 38238918 | &nbsp;&nbsp; 3018580187 |
| Willis Towers Watson PLC |  | 3376496 | &nbsp;&nbsp; 1109516585 |
|  |  |  | &nbsp;&nbsp; 6010882957 |
|  |  |  | &nbsp;&nbsp; 25028021822 |
| **Health Care: 25.9%** | **Health Care: 25.9%** | **Health Care: 25.9%** | **Health Care: 25.9%** |
| Health Care Equipment & Services: 11.6% | Health Care Equipment & Services: 11.6% | Health Care Equipment & Services: 11.6% | Health Care Equipment & Services: 11.6% |
| Baxter International, Inc.<sup>(a)</sup> <br>|  | 38623700 | &nbsp;&nbsp; 738098907 |
| CVS Health Corp. |  | 41853204 | &nbsp;&nbsp; 3321470270 |
| GE HealthCare Technologies, <br> Inc.<br>|  | 21100966 | &nbsp;&nbsp; 1730701231 |
| Humana, Inc.<sup>(a)</sup> <br>|  | 7551500 | &nbsp;&nbsp; 1934165695 |
| Medtronic PLC |  | 5743900 | &nbsp;&nbsp; 551759034 |
| The Cigna Group |  | 7457383 | &nbsp;&nbsp; 2052495523 |
| UnitedHealth Group, Inc. |  | 6279460 | &nbsp;&nbsp; 2072912541 |
| Zimmer Biomet Holdings, Inc.<sup>(a)</sup> <br>|  | 15549900 | &nbsp;&nbsp; 1398247008 |
|  |  |  | &nbsp;&nbsp; 13799850209 |
| Pharmaceuticals, Biotechnology & Life Sciences: 14.3% | Pharmaceuticals, Biotechnology & Life Sciences: 14.3% | Pharmaceuticals, Biotechnology & Life Sciences: 14.3% | Pharmaceuticals, Biotechnology & Life Sciences: 14.3% |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> <br>|  | 1233200 | &nbsp;&nbsp; 490381980 |
| Avantor, Inc.<sup>(a)(b)</sup> <br>|  | 74871715 | &nbsp;&nbsp; 858029854 |
| BioMarin Pharmaceutical, <br> Inc.<sup>(a)(b)</sup> <br>|  | 9769625 | &nbsp;&nbsp; 580608814 |
| Bristol-Myers Squibb Co. |  | 5112039 | &nbsp;&nbsp; 275743384 |
| Elanco Animal Health, Inc.<sup>(a)(b)</sup> <br>|  | 53122900 | &nbsp;&nbsp; 1202171227 |
| Gilead Sciences, Inc. |  | 19505112 | &nbsp;&nbsp; 2394057447 |
| GSK PLC ADR (United Kingdom) |  | 50557077 | &nbsp;&nbsp; 2479319056 |
| Haleon PLC ADR (United <br> Kingdom)<br>|  | 111605661 | &nbsp;&nbsp; 1128333233 |
| Incyte Corp.<sup>(a)(b)</sup> <br>|  | 8987414 | &nbsp;&nbsp; 887686881 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> <br>|  | 3964000 | &nbsp;&nbsp; 562214120 |
| Novartis AG ADR (Switzerland) |  | 6797608 | &nbsp;&nbsp; 937186215 |
| Regeneron Pharmaceuticals, Inc. |  | 2994704 | &nbsp;&nbsp; 2311522176 |
| Roche Holding AG ADR <br> (Switzerland)<br>|  | 16637999 | &nbsp;&nbsp; 858021608 |
| Sanofi SA ADR (France) |  | 42709825 | &nbsp;&nbsp; 2069718119 |
|  |  |  | &nbsp;&nbsp; 17034994114 |
|  |  |  | &nbsp;&nbsp; 30834844323 |
| **Industrials: 15.7%** | **Industrials: 15.7%** | **Industrials: 15.7%** | **Industrials: 15.7%** |
| Capital Goods: 11.2% | Capital Goods: 11.2% | Capital Goods: 11.2% | Capital Goods: 11.2% |
| Ashtead Group PLC<sup>(a)</sup> (United <br> Kingdom)<br>| GBP | 26496300 | &nbsp;&nbsp; 1807712315 |
| Carrier Global Corp. |  | 9932779 | &nbsp;&nbsp; 524848042 |
| Fortive Corp.<sup>(a)</sup> <br>|  | 28566975 | &nbsp;&nbsp; 1577182690 |
| GE Aerospace |  | 3498700 | &nbsp;&nbsp; 1077704561 |
| IDEX Corp. |  | 808831 | &nbsp;&nbsp; 143923388 |
| Johnson Controls International <br> PLC<sup>(a)</sup> <br>|  | 29666817 | &nbsp;&nbsp; 3552601336 |
| RTX Corp. |  | 25204600 | &nbsp;&nbsp; 4622523640 |
|  |  |  | &nbsp;&nbsp; 13306495972 |
| Commercial & Professional Services: 0.4% | Commercial & Professional Services: 0.4% | Commercial & Professional Services: 0.4% | Commercial & Professional Services: 0.4% |
| TransUnion |  | 6478300 | &nbsp;&nbsp; 555514225 |
| Transportation: 4.1% | Transportation: 4.1% | Transportation: 4.1% | Transportation: 4.1% |
| FedEx Corp. |  | 10559255 | &nbsp;&nbsp; 3050146399 |
| Norfolk Southern Corp. |  | 6238800 | &nbsp;&nbsp; 1801266336 |
|  |  |  | &nbsp;&nbsp; 4851412735 |
|  |  |  | &nbsp;&nbsp; 18713422932 |

---

PAGE 1 <sup>■</sup> Dodge & Cox Stock FundSee accompanying Notes to Financial Statements

------

Portfolio of Investments December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  |  | **Shares** | **Value** |
| **Information Technology: 8.3%** | **Information Technology: 8.3%** | **Information Technology: 8.3%** | **Information Technology: 8.3%** |
| Semiconductors & Semiconductor Equipment: 2.3% | Semiconductors & Semiconductor Equipment: 2.3% | Semiconductors & Semiconductor Equipment: 2.3% | Semiconductors & Semiconductor Equipment: 2.3% |
| Microchip Technology, Inc. |  | 4227400 | &nbsp;&nbsp; $269369928 |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. (Taiwan)<br>| TWD | 51459000 | &nbsp;&nbsp; 2513945957 |
|  |  |  | &nbsp;&nbsp; 2783315885 |
| Software & Services: 3.2% | Software & Services: 3.2% | Software & Services: 3.2% | Software & Services: 3.2% |
| Adobe, Inc.<sup>(b)</sup> <br>|  | 1640100 | &nbsp;&nbsp; 574018599 |
| Cognizant Technology Solutions <br> Corp., Class A<br>|  | 11631677 | &nbsp;&nbsp; 965429191 |
| Microsoft Corp. |  | 4590300 | &nbsp;&nbsp; 2219960886 |
|  |  |  | &nbsp;&nbsp; 3759408676 |
| Technology, Hardware & Equipment: 2.8% | Technology, Hardware & Equipment: 2.8% | Technology, Hardware & Equipment: 2.8% | Technology, Hardware & Equipment: 2.8% |
| HP, Inc. |  | 26237456 | &nbsp;&nbsp; 584570520 |
| Ralliant Corp.<sup>(a)</sup> <br>|  | 7893376 | &nbsp;&nbsp; 401851772 |
| TE Connectivity PLC <br> (Switzerland)<br>|  | 7315975 | &nbsp;&nbsp; 1664457472 |
| Teledyne Technologies, Inc.<sup>(b)</sup> <br>|  | 1287100 | &nbsp;&nbsp; 657360583 |
|  |  |  | &nbsp;&nbsp; 3308240347 |
|  |  |  | &nbsp;&nbsp; 9850964908 |
| **Materials: 3.0%** | **Materials: 3.0%** | **Materials: 3.0%** | **Materials: 3.0%** |
| Air Products & Chemicals, Inc. |  | 6137551 | &nbsp;&nbsp; 1516097848 |
| Celanese Corp.<sup>(a)</sup> <br>|  | 10127698 | &nbsp;&nbsp; 428199071 |
| International Flavors & <br> Fragrances, Inc.<sup>(a)</sup> <br>|  | 17514000 | &nbsp;&nbsp; 1180268460 |
| LyondellBasell Industries NV, <br> Class A<br>|  | 11197363 | &nbsp;&nbsp; 484845818 |
|  |  |  | &nbsp;&nbsp; 3609411197 |
| **Real Estate: 2.8%** | **Real Estate: 2.8%** | **Real Estate: 2.8%** | **Real Estate: 2.8%** |
| Equity Real Estate Investment Trusts (Reits): 2.8% | Equity Real Estate Investment Trusts (Reits): 2.8% | Equity Real Estate Investment Trusts (Reits): 2.8% | Equity Real Estate Investment Trusts (Reits): 2.8% |
| Gaming & Leisure Properties, <br> Inc. REIT<br>|  | 10141681 | &nbsp;&nbsp; 453231724 |
| SBA Communications Corp. <br> REIT, Class A<sup>(a)</sup> <br>|  | 7757000 | &nbsp;&nbsp; 1500436510 |
| Sun Communities, Inc. REIT<sup>(a)</sup> <br>|  | 10948300 | &nbsp;&nbsp; 1356603853 |
|  |  |  | &nbsp;&nbsp; 3310272087 |
| **Utilities: 1.3%** | **Utilities: 1.3%** | **Utilities: 1.3%** | **Utilities: 1.3%** |
| American Electric Power Co., <br> Inc.<br>|  | 5707400 | &nbsp;&nbsp; 658120294 |
| Dominion Energy, Inc. |  | 15820300 | &nbsp;&nbsp; 926911377 |
|  |  |  | &nbsp;&nbsp; 1585031671 |
| **Total Common Stocks** <br>(Cost $80,517,834,987)<br>|  |  | &nbsp;&nbsp; **$118237496481** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments: 1.2%** | **Short-Term Investments: 1.2%** | **Short-Term Investments: 1.2%** |
|  | **Par Value**/ <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 0.6%** | **Repurchase Agreements: 0.6%** | **Repurchase Agreements: 0.6%** |
| Bank of America<sup>(c)</sup> <br>3.80%, dated 12/31/25, due <br> 1/2/26, maturity value <br> $125,026,389<br>| $125000000 | &nbsp;&nbsp; 125000000 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**/<br> **Shares**<br>| **Value** |
| Fixed Income Clearing Corp.<sup>(c)</sup> <br>3.78%, dated 12/31/25, due <br> 1/2/26, maturity value <br> $351,073,710<br>| $351000000 | &nbsp;&nbsp; 351000000 |
| Fixed Income Clearing Corp.<sup>(c)</sup> <br>1.35%, dated 12/31/25, due <br> 1/2/26, maturity value <br> $131,803,856<br>| 131793971 | &nbsp;&nbsp; 131793971 |
| Standard Chartered<sup>(c)</sup> <br>3.81%, dated 12/31/25, due <br> 1/2/26, maturity value <br> $125,026,458<br>| 125000000 | &nbsp;&nbsp; 125000000 |
|  |  | &nbsp;&nbsp; 732793971 |
| **Money Market Fund: 0.6%** | **Money Market Fund: 0.6%** | **Money Market Fund: 0.6%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund - Premier Class<br>| 705461181 | &nbsp;&nbsp; 705461181 |
| **Total Short-Term Investments** <br>(Cost $1,438,255,152) | **Total Short-Term Investments** <br>(Cost $1,438,255,152) | &nbsp;&nbsp; **$1438255152** |
| **Total Investments In Securities** <br>(Cost $81,956,090,139)<br>| 100.5<br> %<br>| &nbsp;&nbsp; **$119675751633** |
| Other Assets Less Liabilities | (0.5)%<br>| &nbsp;&nbsp; (544336548)<br>|
| **Net Assets** | **100.0%**<br>| &nbsp;&nbsp; **$119131415085** |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> <br>| See below regarding holdings of 5% voting securities |
| <sup>(b)</sup> <br>| Non-income producing |
| <sup>(c)</sup> <br>| Repurchase agreements are collateralized by: <br>Fixed Income Clearing Corporation: U.S. Treasury Notes 3.75%-4.125%, 4/30/27-<br> 2/29/32. Total collateral value is $492,449,902. <br>Bank of America: U.S. Treasury Note 0.625%, 5/15/30. U.S. Treasury Inflation Indexed <br> Note 0.125%, 4/15/26. Total collateral value is $127,526,946. <br>Standard Chartered: U.S. Treasury Bills 1/29/26-4/2/26. U.S. Treasury Notes 2.625%-<br> 4.00%, 4/15/28-11/15/35. U.S. Treasury Bonds 1.625%-5.00%, 11/15/43-2/15/55. <br> Total collateral value is $127,526,988.<br>|
|  | The Fund usually classifies a company or issuer based on its country of risk, but may <br> designate a different country in certain circumstances.<br>|

---

---

| |
|:---|
| ADR: American Depositary Receipt |
| NY Shs: New York Registry Shares |
| USD United States Dollar |
| GBP British Pound |
| TWD Taiwan New Dollar |

---

See accompanying Notes to Financial StatementsDodge & Cox Stock Fund <sup>■</sup> PAGE 2

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Portfolio of Investments December 31, 2025

**Holdings of 5% Voting Securities**

Each of the companies listed below was considered to be an affiliate of the Fund because the Fund owned 5% or more of the company's voting securities during all or part of the year ended December 31, 2025. Further detail on these holdings and related activity during the year appear below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at** <br>**Beginning of Year**<br>| **Additions** | **Reductions** | **Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation/** <br>**Depreciation**<br>| **Value at** <br>**End of Year**<br>| **Dividend** <br>**Income** <br>**(net of foreign** <br>**taxes, if any)**<br>|
| **Common Stocks 23.3%** |  |  |  |  |  |  |  |
| **Communication Services** <br> **1.7%**<br>|  |  |  |  |  |  |  |
| Charter Communications, <br> Inc., Class A<sup>(a)</sup> <br>| $2555479232 | $581039907 | $— | $— | $(1092569399) | $2043949740 | $— |
| **Consumer Discretionary** <br> **0.4%**<br>|  |  |  |  |  |  |  |
| The Gap, Inc. | 526253616 |  | (598903782) | 179936178 | (107286012) |  | 8316081 |
| VF Corp. | 587452478 |  |  |  | (92525134) | 494927344 | 9854748 |
|  |  |  |  |  |  | 494927344 |  |
| **Consumer Staples 0.6%** |  |  |  |  |  |  |  |
| Molson Coors Beverage Co., <br> Class B<br>| 614276945 | 238637349 | (95950310) | 5672407 | (111799324) | 650837067 | 21936565 |
| **Energy 1.9%** |  |  |  |  |  |  |  |
| Occidental Petroleum Corp. | 2349249144 | 253940095 | (118325862) | (6164391) | (229560813) | 2249138173 | 50229227 |
| Occidental Petroleum Corp., <br> Warrant<sup>(a)</sup> <br>| 261706101 |  | (51604707) |  | (210101394) |  |  |
|  |  |  |  |  |  | 2249138173 |  |
| **Financials 6.2%** |  |  |  |  |  |  |  |
| Brighthouse Financial, Inc.<sup>(a)</sup> <br>| 243640577 |  | (304174065) | 92621120 | (32087632) |  |  |
| Fidelity National Information <br> Services, Inc.<br>| 1856256140 | 708839974 |  |  | (351685690) | 2213410424 | 42659080 |
| Fiserv, Inc.<sup>(a)</sup> <br>| 4501224666 | 1323680089 | (481724513) | 222758292 | (3425270936) | 2140667598 |  |
| MetLife, Inc. | 3253939203 | 34562935 | (156435786) | 20890543 | (134376708) | 3018580187 | 87918383 |
|  |  |  |  |  |  | 7372658209 |  |
| **Health Care 5.6%** |  |  |  |  |  |  |  |
| Avantor, Inc.<sup>(a)</sup> <br>| 1408344400 | 120744793 |  |  | (671059339) | 858029854 |  |
| Baxter International, Inc. | 1000456272 | 104778326 |  |  | (367135691) | 738098907 | 18935702 |
| BioMarin Pharmaceutical, <br> Inc.<sup>(a)</sup> <br>| 642157451 |  |  |  | (61548637) | 580608814 |  |
| Elanco Animal Health, Inc.<sup>(a)</sup> <br>| 670183143 |  | (49446349) | (25093582) | 606528015 | 1202171227 |  |
| Humana, Inc. | 1731114072 | 188248893 |  |  | 14802730 | 1934165695 | 26403975 |
| Incyte Corp.<sup>(a)</sup> <br>| 670353912 |  | (63294544) | 3935527 | 276691986 | —<sup>(b)</sup> <br>|  |
| Zimmer Biomet Holdings, <br> Inc.<br>| 1322867868 | 289884664 |  |  | (214505524) | 1398247008 | 13903104 |
|  |  |  |  |  |  | 6711321505 |  |
| **Industrials 2.8%** |  |  |  |  |  |  |  |
| Ashtead Group PLC | 972991052 | 632389028 |  |  | 202332235 | 1807712315 | 24990465 |
| Fortive Corp. | 360968400 | 1554958100 | (368090812) |  | 29347002 | 1577182690 | 5694369 |
| Johnson Controls <br> International PLC<br>| 3151873567 |  | (968626821) | 449639211 | 919715379 | —<sup>(b)</sup> <br>| 50384276 |
|  |  |  |  |  |  | 3384895005 |  |
| **Information Technology** <br> **0.3%**<br>|  |  |  |  |  |  |  |
| Ralliant Corp. |  | 413264171 |  |  | (11412399) | 401851772 | 737382 |

---

PAGE 3 <sup>■</sup> Dodge & Cox Stock FundSee accompanying Notes to Financial Statements

------

Portfolio of Investments December 31, 2025

**Holdings of 5% Voting Securities** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at**<br> **Beginning of Year**<br>| **Additions** | **Reductions** | **Realized**<br> **Gain (Loss)**<br>| **Net Change in**<br> **Unrealized**<br> **Appreciation/**<br> **Depreciation**<br>| **Value at**<br> **End of Year**<br>| **Dividend**<br> **Income**<br> **(net of foreign**<br> **taxes, if any)**<br>|
| **Materials 1.4%** |  |  |  |  |  |  |  |
| Celanese Corp. | $613375909 | $83510361 | $— | $— | $(268687199) | $428199071 | $1215324 |
| International Flavors & <br> Fragrances, Inc.<br>| 1361753507 | 101478714 |  |  | (282963761) | 1180268460 | 27032240 |
|  |  |  |  |  |  | 1608467531 |  |
| **Real Estate 2.4%** |  |  |  |  |  |  |  |
| SBA Communications Corp. <br> REIT, Class A<br>| 994870080 | 568651715 |  |  | (63085285) | 1500436510 | 26495478 |
| Sun Communities, Inc. REIT | 866077710 | 491296359 |  |  | (770216) | 1356603853 | 84411342 |
|  |  |  |  |  |  | 2857040363 |  |
|  |  |  |  | $944195305 | $(5679013746) | $27775086709 | $501117741 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing

&nbsp;&nbsp;&nbsp;&nbsp;(b) Company was not an affiliate at period end

See accompanying Notes to Financial StatementsDodge & Cox Stock Fund <sup>■</sup> PAGE 4

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| **Assets:** | **Assets:** |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $49,587,054,943) | $91900664924 |
| Affiliated issuers (cost $32,369,035,196) | 27775086709 |
|  | 119675751633 |
| Cash | 33176 |
| Receivable for investments sold | 23076735 |
| Receivable for Fund shares sold | 59418649 |
| Dividends and interest receivable | 162345505 |
| Expense reimbursement receivable | 2154848 |
| Prepaid expenses and other assets | 19589727 |
|  | 119942370273 |
| **Liabilities:** | **Liabilities:** |
| Payable for investments purchased | 62274119 |
| Payable for Fund shares redeemed | 696734192 |
| Management fees payable | 48668220 |
| Accrued expenses | 3278657 |
|  | 810955188 |
| **Net Assets** | $119131415085 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $80297760282 |
| Distributable earnings | 38833654803 |
|  | $119131415085 |
| **Class I** | **Class I** |
| Total net assets | $68584115726 |
| Shares outstanding | 4135264945 |
| Net asset value per share | $16.59 |
| **Class X** | **Class X** |
| Total net assets | $50547299359 |
| Shares outstanding | 3047591733 |
| Net asset value per share | $16.59 |

---

Statement of Operations

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>|
| **Investment Income:** |  |
| Dividends (net of foreign taxes of $49,066,359) |  |
| Unaffiliated issuers | $1624866922 |
| Affiliated issuers | 501117741 |
| Interest | 118345196 |
|  | 2244329859 |
| **Expenses:** |  |
| Investment advisory fees | 465334685 |
| Administrative services fees |  |
| Class I | 67711173 |
| Class X | 24311249 |
| Custody and fund accounting fees | 1800230 |
| Professional services | 421678 |
| Shareholder reports | 1916755 |
| Registration fees | 1046210 |
| Trustees fees | 526032 |
| Miscellaneous | 7379623 |
| Total expenses | 570447635 |
| Expenses reimbursed by investment manager | (24431411)<br>|
| Net expenses | 546016224 |
| **Net Investment Income** | 1698313635 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| Investments in securities of unaffiliated issuers (Note 5) | 13205229816 |
| Investments in securities of affiliated issuers (Note 5) | 944195305 |
| Foreign currency transactions | (425942)<br>|
| Net change in unrealized appreciation/depreciation |  |
| Investments in securities of unaffiliated issuers | 4753670965 |
| Investments in securities of affiliated issuers | (5679013746)<br>|
| Foreign currency translation | (47764)<br>|
| Net realized and unrealized gain | 13223608634 |
| **Net Change in Net Assets From Operations** | $14921922269 |

---

PAGE 5 <sup>■</sup> Dodge & Cox Stock FundSee accompanying Notes to Financial Statements

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $1698313635 | $1681245885 |
| Net realized gain (loss) | 14148999179 | 6951087429 |
| Net change in unrealized <br> appreciation/depreciation<br>| (925390545)<br>| 6106959503 |
|  | 14921922269 | 14739292817 |
| **Distributions to Shareholders:** |  |  |
| Class I | (6438948974)<br>| (5243736541)<br>|
| Class X | (4741259210)<br>| (3559850637)<br>|
| Total distributions | (11180208184)<br>| (8803587178)<br>|
| **Fund Share Transactions:** |  |  |
| **Class I** |  |  |
| Proceeds from sales of shares | 12594597057 | 7662859222 |
| Reinvestment of distributions | 5961750023 | 4873822809 |
| Cost of shares redeemed | (18085451762)<br>| (14016514361)<br>|
| **Class X** |  |  |
| Proceeds from sales of shares | 7477204527 | 8850776879 |
| Reinvestment of distributions | 4612783040 | 3534578858 |
| Cost of shares redeemed | (8820571882)<br>| (6225063059)<br>|
| Net change from Fund share <br> transactions<br>| 3740311003 | 4680460348 |
| Total change in net assets | 7482025088 | 10616165987 |
| **Net Assets:** |  |  |
| Beginning of year | 111649389997 | 101033224010 |
| End of year | $119131415085 | $111649389997 |
| **Share Information:**<sup>(a)</sup> <br>|  |  |
| **Class I** |  |  |
| Shares sold | 3914109120 | 473891040 |
| Distributions reinvested | 279179352 | 305311424 |
| Shares redeemed | (314161750)<br>| (862804064)<br>|
| Net change in shares outstanding | 3879126722 | (83601600)<br>|
| **Class X** |  |  |
| Shares sold | 2822842779 | 549947696 |
| Distributions reinvested | 215332313 | 221351648 |
| Shares redeemed | (168575204)<br>| (378797552)<br>|
| Net change in shares outstanding | 2869599888 | 392501792 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Share amounts have been retroactively adjusted to reflect a 16-for-1 share split effective after the close of U.S. markets on October 24, 2025. See Note 8 for additional information.

See accompanying Notes to Financial StatementsDodge & Cox Stock Fund <sup>■</sup> PAGE 6

------

Notes to Financial Statements

**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.

On May 1, 2022, the then-outstanding shares of the Fund were redesignated as Class I Shares, and Class X shares of the Fund were established. The share classes have different eligibility requirements and expense structures due to differing shareholder servicing arrangements. The share classes have the same rights as to redemption, dividends and liquidation proceeds, and voting privileges, except that each class has the exclusive right to vote on matters affecting only its class.

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. 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 a 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. 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.

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 Dodge & Cox. The Board of Trustees has appointed Dodge & Cox, the Fund's investment manager, as its "valuation designee", as permitted by Rule 2a-5 under the Investment Company Act of 1940, 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.

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.

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 dividend/corporate action 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.

Share class accounting Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated to each share class of the Fund based upon the proportion of net assets of each class.

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

PAGE 7 <sup>■</sup> Dodge & Cox Stock Fund

------

Notes to Financial Statements

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 ("EU 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. Expenses incurred related to filing EU reclaims are recorded on the accrual basis in professional services in the Statement of Operations. Expenses that are contingent upon successful EU reclaims are recorded in professional services in the Statement of Operations once the amount is known.

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 in exchange rate between the trade and settlement dates on securities transactions, the difference in exchange rate 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.

Repurchase agreements Repurchase agreements are transactions under which a Fund purchases a security from a 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. It is the Fund's policy that its regular custodian or third party custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. In the event of default by the counterparty, the Fund has the contractual right to liquidate the collateral securities and to apply the proceeds in satisfaction of the obligation.

Segment Reporting An operating segment is defined in Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - *Improvements to Reporting Segment Disclosures* as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Chair of the Board of Trustees of the Trust acts as the Fund's CODM. The Fund represents a single operating seg

ment, as the CODM monitors the operating results of the Fund as a whole. "Net change in net assets from operations" reported on the Statement of Operations is used by the CODM to assess the single operating segment's performance and to make resource allocation decisions for the single operating segment.

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 below.

<sup>■</sup> Level 1: Unadjusted quoted prices in active markets for identical securities

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

<sup>■</sup> 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, 2025:

---

| | | |
|:---|:---|:---|
| **Classification** | **LEVEL 1** <br>**(Quoted Prices)**<br>| **LEVEL 2** <br>**(Other Significant** <br>**Observable Inputs)**<br>|
| **Securities** | **Securities** | **Securities** |
| Common Stocks | Common Stocks | Common Stocks |
| Communication Services | $13414182997 | $— |
| Consumer Discretionary | 4658242613 |  |
| Consumer Staples | 2897605720 |  |
| Energy | 4335496211 |  |
| Financials | 25028021822 |  |
| Health Care | 30834844323 |  |
| Industrials | 16905710617 | 1807712315 |
| Information Technology | 7337018951 | 2513945957 |
| Materials | 3609411197 |  |
| Real Estate | 3310272087 |  |
| Utilities | 1585031671 |  |
| Short-Term Investments | Short-Term Investments | Short-Term Investments |
| Repurchase Agreements |  | 732793971 |
| Money Market Fund | 705461181 |  |
| Total Securities | $114621299390 | $5054452243 |

---

**Note 3: Related Party Transactions**

The Fund's management fees include an investment advisory fee and an administrative services fee described below.

Dodge & Cox Stock Fund <sup>■</sup> PAGE 8

------

Notes to Financial Statements

Investment advisory fee The Fund pays an investment advisory fee, accrued daily and paid monthly, at an annual rate of 0.40% 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.

Administrative services fee The Fund pays Dodge & Cox a fee for administrative and shareholder services. The fee is accrued daily and paid monthly equal to an annual rate of the average daily net assets of 0.10% for Class I shares and 0.05% for Class X shares. Under this agreement, Dodge & Cox is responsible for the payment of the Fund's transfer agency fees.

Expense reimbursement Dodge & Cox has contractually agreed, through April 30, 2026, to waive management fees or reimburse the Fund for ordinary expenses to the extent necessary to maintain the net ordinary expense ratio of the Class X shares at an amount 0.10% less than the net ordinary expense ratio of the Class I shares, and additionally to the extent total ordinary expenses of the Class X shares would otherwise exceed 0.41%. This agreement cannot be terminated prior to April 30, 2026, other than by resolution of the Board of Trustees. For purposes of the foregoing, ordinary expenses shall not include nonrecurring shareholder account fees, fees and expenses associated with Fund shareholder meetings, fees on portfolio transactions such as exchange fees, dividends and interest on short positions, fees and expenses of pooled investment vehicles that are held by the Fund, interest expenses and other fees and expenses related to any borrowings, taxes, brokerage fees and commissions and other costs and expenses relating to the acquisition and disposition of Fund investments, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses or extraordinary expenses not incurred in the ordinary course of the Fund's business, such as litigation expenses. The term of the agreement with respect to the maintenance of the net ordinary expense ratio differential between Class X and Class I shares will automatically renew for subsequent three-year terms unless terminated with at least 30 days' written notice by either party prior to the end of the then-current term. The agreement does not permit Dodge & Cox to recoup any fees waived or payments made to the Fund for a prior year. For the year ended December 31, 2025, Dodge & Cox reimbursed expenses of $24,431,411 to Class X.

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

**Note 4: Income Tax Information and Distributions to Shareholders**

A provision for federal income taxes is not required since the Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income to shareholders. Distributions are determined in accordance with income tax regulations, and such amounts may differ from net investment income and realized gains for financial reporting purposes. 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, foreign currency realized gain (loss), certain corporate action transactions, REITs, and distributions.

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| Class I |  |  |
| Ordinary income | $946391066 | &nbsp;&nbsp; $964094723 |
| Long-term capital gain | $5492557908 | &nbsp;&nbsp; $4279641818 |
| Class X |  |  |
| Ordinary income | $730660694 | &nbsp;&nbsp; $684236601 |
| Long-term capital gain | $4010598516 | &nbsp;&nbsp; $2875614036 |

---

At December 31, 2025, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Undistributed long-term capital gain | &nbsp;&nbsp; $1153970778 |
| Net unrealized appreciation | &nbsp;&nbsp; 37679684025 |
| Total distributable earnings | &nbsp;&nbsp; $38833654803 |

---

At December 31, 2025, unrealized appreciation and depreciation for investments based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | &nbsp;&nbsp; $81995966782 |
| Unrealized appreciation | &nbsp;&nbsp; 43077121446 |
| Unrealized depreciation | &nbsp;&nbsp; (5397336595)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 37679784851 |

---

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

**Note 5: Redemptions In-Kind**

During the year ended December 31, 2025, the Fund distributed securities and cash as payment for redemptions of Class I shares. For financial reporting purposes, the Fund realized a net gain of $4,149,376,680 attributable to the redemptions in-kind: $4,058,727,779 from unaffiliated issuers and $90,648,901 from affiliated issuers. For tax purposes, no capital gain on the redemptions in-kind was recognized.

**Note 6: 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 share

PAGE 9 <sup>■</sup> Dodge & Cox Stock Fund

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Notes to Financial Statements

holder 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, 2025, the Fund's commitment fee amounted to $494,058 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, 2025, purchases and sales of securities, other than short-term securities, aggregated to $23,140,392,038 and $22,885,911,493, respectively.

**Note 8: Share Split**

In August 2025, the Board of Trustees approved a 16-for-1 share split of the Fund's outstanding shares. The share split applied to share

holders of record as of the close of U.S. markets on October 24, 2025. The share split increased the number of shares outstanding and decreased the net asset value per share. The share split did not change the total market value of a shareholder's investment. The Financial Highlights and Statement of Changes in Net Assets have been retroactively adjusted to reflect the share split for the year ended December 31, 2025 and all prior periods presented.

**Note 9: New Accounting Guidance**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740) - *Improvements to Income Tax Disclosures*. The amendments in the ASU provide for enhanced disclosures related to income taxes paid, disaggregated by federal, state, local and foreign taxes. The ASU is effective for annual periods beginning after December 15, 2024. The adoption of this ASU did not have a material impact on the financial statements.

**Note 10: Subsequent Events**

Fund management has determined that no material events or transactions occurred subsequent to December 31, 2025, and through the date of the Fund's financial statements issuance, which require disclosure in the Fund's financial statements.

Dodge & Cox Stock Fund <sup>■</sup> PAGE 10

------

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025**<sup>(a)</sup> <br>| **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Class I** |  |  |  |  |  |
| **Net asset value, beginning of year** | &nbsp;&nbsp;&nbsp;&nbsp; $16.07 | &nbsp;&nbsp;&nbsp;&nbsp; $15.22 | &nbsp;&nbsp;&nbsp;&nbsp; $13.48 | &nbsp;&nbsp;&nbsp;&nbsp; $15.33 | &nbsp;&nbsp;&nbsp;&nbsp; $12.04 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.60 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.78 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.19)<br>|
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp;&nbsp; $16.59 | &nbsp;&nbsp;&nbsp;&nbsp; $16.07 | &nbsp;&nbsp;&nbsp;&nbsp; $15.22 | &nbsp;&nbsp;&nbsp;&nbsp; $13.48 | &nbsp;&nbsp;&nbsp;&nbsp; $15.33 |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 13.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.22)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.68<br> %<br>|
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $68584 | &nbsp;&nbsp;&nbsp;&nbsp; $65872 | &nbsp;&nbsp;&nbsp;&nbsp; $63656 | &nbsp;&nbsp;&nbsp;&nbsp; $67386 | &nbsp;&nbsp;&nbsp;&nbsp; $96695 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10<br> %<br>|
| **Class X**<sup>(b)</sup> <br>|  |  |  |  |  |
| **Net asset value, beginning of year** | &nbsp;&nbsp;&nbsp;&nbsp; $16.07 | &nbsp;&nbsp;&nbsp;&nbsp; $15.22 | &nbsp;&nbsp;&nbsp;&nbsp; $13.48 | &nbsp;&nbsp;&nbsp;&nbsp; $14.19 |  |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |  |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)<br>|  |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>|  |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15)<br>|  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>|  |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>|  |
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp;&nbsp; $16.59 | &nbsp;&nbsp;&nbsp;&nbsp; $16.07 | &nbsp;&nbsp;&nbsp;&nbsp; $15.22 | &nbsp;&nbsp;&nbsp;&nbsp; $13.48 |  |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 13.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.61)%<br>|  |
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $50547 | &nbsp;&nbsp;&nbsp;&nbsp; $45777 | &nbsp;&nbsp;&nbsp;&nbsp; $37377 | &nbsp;&nbsp;&nbsp;&nbsp; $20998 |  |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41 %<sup>(c)</sup><br>|  |
| Ratio of expenses to average net assets, before reimbursement by <br> investment manager<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46 %<sup>(c)</sup><br>|  |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45 %<sup>(c)</sup><br>|  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per-share amounts have been retroactively adjusted to reflect a 16-for-1 share split
 effective after the close of U.S. markets on October 24, 2025. See Note 8 for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(b) For 2022, the period covers 5/2/2022 (commencement of operations) to 12/31/2022

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized

See accompanying Notes to Financial Statements

PAGE 11 <sup>■</sup> Dodge & Cox Stock Fund

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Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements**

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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2025, 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, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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, 2025 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.

/s/PricewaterhouseCoopers LLP

San Francisco, California

February 19, 2026

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

Dodge & Cox Stock Fund <sup>■</sup> PAGE 12

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Special 2025 Tax Information (unaudited)

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

The Fund designates $10,312,845,680 as long-term capital gain distributions in 2025.

The Fund designates up to a maximum amount of $2,074,961,062 of its distributions paid to shareholders in 2025 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 84% of its ordinary dividends paid to shareholders in 2025 as dividends from domestic corporations eligible for the corporate dividends received deduction, provided that the shareholder otherwise satisfies applicable requirements to claim that deduction.

PAGE 13 <sup>■</sup> Dodge & Cox Stock Fund

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![](img194022231.gif)

2025

**December 31, 2025**

------

**Financial Statements and Other Information**

------

Global Stock Fund \| Class I (dodwx) \| Class X (doxwx)

**ESTABLISHED 2008**

12/25 GSF AR&nbsp;&nbsp;&nbsp;&nbsp;

------

Consolidated Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks: 96.2%** | **Common Stocks: 96.2%** | **Common Stocks: 96.2%** |
|  | **Shares** | **Value** |
| **Communication Services: 8.8%** | **Communication Services: 8.8%** | **Communication Services: 8.8%** |
| Media & Entertainment: 8.8% | Media & Entertainment: 8.8% | Media & Entertainment: 8.8% |
| Alphabet, Inc., Class C (United States) | 1456380 | &nbsp;&nbsp; $457012044 |
| Charter Communications, Inc., <br> Class A<sup>(a)</sup> (United States)<br>| 789197 | &nbsp;&nbsp; 164744874 |
| Comcast Corp., Class A <br> (United States)<br>| 6383900 | &nbsp;&nbsp; 190814771 |
| Meta Platforms, Inc., Class A <br> (United States)<br>| 261300 | &nbsp;&nbsp; 172481517 |
| Tencent Holdings, Ltd. (China) | 1577100 | &nbsp;&nbsp; 120848815 |
|  |  | &nbsp;&nbsp; 1105902021 |
| **Consumer Discretionary: 8.1%** | **Consumer Discretionary: 8.1%** | **Consumer Discretionary: 8.1%** |
| Automobiles & Components: 0.5% | Automobiles & Components: 0.5% | Automobiles & Components: 0.5% |
| Stellantis NV (Netherlands) | 6070123 | &nbsp;&nbsp; 67014374 |
| Consumer Discretionary Distribution & Retail: 4.6% | Consumer Discretionary Distribution & Retail: 4.6% | Consumer Discretionary Distribution & Retail: 4.6% |
| Alibaba Group Holding, Ltd. ADR <br> (China)<br>| 910600 | &nbsp;&nbsp; 133475748 |
| Amazon.com, Inc.<sup>(a)</sup> (United States) | 883000 | &nbsp;&nbsp; 203814060 |
| Coupang, Inc., Class A<sup>(a)</sup> (South <br> Korea)<br>| 7109257 | &nbsp;&nbsp; 167707373 |
| PDD Holdings, Inc. ADR, Class A<sup>(a)</sup> <br> (China)<br>| 653100 | &nbsp;&nbsp; 74055009 |
|  |  | &nbsp;&nbsp; 579052190 |
| Consumer Durables & Apparel: 1.0% | Consumer Durables & Apparel: 1.0% | Consumer Durables & Apparel: 1.0% |
| adidas AG (Germany) | 404600 | &nbsp;&nbsp; 79645007 |
| VF Corp. (United States) | 2587400 | &nbsp;&nbsp; 46780192 |
|  |  | &nbsp;&nbsp; 126425199 |
| Consumer Services: 2.0% | Consumer Services: 2.0% | Consumer Services: 2.0% |
| Booking Holdings, Inc. (United States) | 33900 | &nbsp;&nbsp; 181545687 |
| Entain PLC (United Kingdom) | 5781690 | &nbsp;&nbsp; 59535640 |
| Ollamani SAB<sup>(a)</sup> (Mexico) | 1733141 | &nbsp;&nbsp; 7410904 |
|  |  | &nbsp;&nbsp; 248492231 |
|  |  | &nbsp;&nbsp; 1020983994 |
| **Consumer Staples: 2.9%** | **Consumer Staples: 2.9%** | **Consumer Staples: 2.9%** |
| Consumer Staples Distribution & Retail: 0.7% | Consumer Staples Distribution & Retail: 0.7% | Consumer Staples Distribution & Retail: 0.7% |
| Wal-Mart de Mexico SAB de CV <br> (Mexico)<br>| 26611500 | &nbsp;&nbsp; 82771629 |
| Food, Beverage & Tobacco: 1.4% | Food, Beverage & Tobacco: 1.4% | Food, Beverage & Tobacco: 1.4% |
| Anheuser-Busch InBev SA/NV <br> (Belgium)<br>| 1857000 | &nbsp;&nbsp; 119145866 |
| Archer-Daniels-Midland Co. <br> (United States)<br>| 1091700 | &nbsp;&nbsp; 62761833 |
|  |  | &nbsp;&nbsp; 181907699 |
| Household & Personal Products: 0.8% | Household & Personal Products: 0.8% | Household & Personal Products: 0.8% |
| Reckitt Benckiser Group PLC (United <br> Kingdom)<br>| 1191050 | &nbsp;&nbsp; 96428824 |
|  |  | &nbsp;&nbsp; 361108152 |
| **Energy: 3.6%** | **Energy: 3.6%** | **Energy: 3.6%** |
| BP PLC (United Kingdom) | 20023200 | &nbsp;&nbsp; 116234300 |
| Occidental Petroleum Corp. <br> (United States)<br>| 3280108 | &nbsp;&nbsp; 134878041 |
| Suncor Energy, Inc. (Canada) | 2476700 | &nbsp;&nbsp; 109866412 |
| TotalEnergies SE (France) | 1344400 | &nbsp;&nbsp; 87625125 |
|  |  | &nbsp;&nbsp; 448603878 |
| **Financials: 22.7%** | **Financials: 22.7%** | **Financials: 22.7%** |
| Banks: 6.4% | Banks: 6.4% | Banks: 6.4% |
| Axis Bank, Ltd. (India) | 11442400 | &nbsp;&nbsp; 161883095 |
| Banco Santander SA (Spain) | 11067194 | &nbsp;&nbsp; 129871786 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| BNP Paribas SA, Class A (France) | 1719700 | &nbsp;&nbsp; $162727616 |
| Credicorp, Ltd. (Peru) | 362700 | &nbsp;&nbsp; 104094900 |
| HDFC Bank, Ltd. (India) | 21035500 | &nbsp;&nbsp; 232841902 |
| IndusInd Bank, Ltd.<sup>(a)</sup> (India) | 1939500 | &nbsp;&nbsp; 18675151 |
|  |  | &nbsp;&nbsp; 810094450 |
| Financial Services: 9.2% | Financial Services: 9.2% | Financial Services: 9.2% |
| Brookfield Corp. (Canada) | 2283000 | &nbsp;&nbsp; 104766870 |
| Fidelity National Information Services, <br> Inc. (United States)<br>| 2310000 | &nbsp;&nbsp; 153522600 |
| Fiserv, Inc.<sup>(a)</sup> (United States) | 3187000 | &nbsp;&nbsp; 214070790 |
| Julius Baer Group, Ltd. (Switzerland) | 1896500 | &nbsp;&nbsp; 148265844 |
| LPL Financial Holdings, Inc. <br> (United States)<br>| 238024 | &nbsp;&nbsp; 85015032 |
| The Charles Schwab Corp. <br> (United States)<br>| 3494900 | &nbsp;&nbsp; 349175459 |
| XP, Inc., Class A (Brazil) | 5767167 | &nbsp;&nbsp; 94408524 |
|  |  | &nbsp;&nbsp; 1149225119 |
| Insurance: 7.1% | Insurance: 7.1% | Insurance: 7.1% |
| AIA Group, Ltd. (Hong Kong) | 18576800 | &nbsp;&nbsp; 190811474 |
| Aon PLC, Class A (United States) | 387100 | &nbsp;&nbsp; 136599848 |
| Arthur J Gallagher & Co. <br> (United States)<br>| 95200 | &nbsp;&nbsp; 24636808 |
| Aviva PLC (United Kingdom) | 12797043 | &nbsp;&nbsp; 117164029 |
| MetLife, Inc. (United States) | 1265600 | &nbsp;&nbsp; 99906464 |
| Prudential PLC (Hong Kong) | 13354600 | &nbsp;&nbsp; 206051491 |
| Willis Towers Watson PLC <br> (United States)<br>| 359500 | &nbsp;&nbsp; 118131700 |
|  |  | &nbsp;&nbsp; 893301814 |
|  |  | &nbsp;&nbsp; 2852621383 |
| **Health Care: 22.4%** | **Health Care: 22.4%** | **Health Care: 22.4%** |
| Health Care Equipment & Services: 9.5% | Health Care Equipment & Services: 9.5% | Health Care Equipment & Services: 9.5% |
| Baxter International, Inc. <br> (United States)<br>| 3390900 | &nbsp;&nbsp; 64800099 |
| CVS Health Corp. (United States) | 2646400 | &nbsp;&nbsp; 210018304 |
| Fresenius Medical Care AG (Germany) | 2609200 | &nbsp;&nbsp; 125006679 |
| GE HealthCare Technologies, Inc. <br> (United States)<br>| 1621900 | &nbsp;&nbsp; 133028238 |
| Humana, Inc. (United States) | 713000 | &nbsp;&nbsp; 182620690 |
| Koninklijke Philips NV (Netherlands) | 2000000 | &nbsp;&nbsp; 54129937 |
| The Cigna Group (United States) | 540024 | &nbsp;&nbsp; 148630806 |
| UnitedHealth Group, Inc. <br> (United States)<br>| 407300 | &nbsp;&nbsp; 134453803 |
| Zimmer Biomet Holdings, Inc. <br> (United States)<br>| 1493700 | &nbsp;&nbsp; 134313504 |
|  |  | &nbsp;&nbsp; 1187002060 |
| Pharmaceuticals, Biotechnology & Life Sciences: 12.9% | Pharmaceuticals, Biotechnology & Life Sciences: 12.9% | Pharmaceuticals, Biotechnology & Life Sciences: 12.9% |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> <br> (United States)<br>| 161841 | &nbsp;&nbsp; 64356074 |
| Avantor, Inc.<sup>(a)</sup> (United States) | 7756600 | &nbsp;&nbsp; 88890636 |
| Bayer AG (Germany) | 5555620 | &nbsp;&nbsp; 239653858 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> <br> (United States)<br>| 758500 | &nbsp;&nbsp; 45077655 |
| BioNTech SE ADR<sup>(a)</sup> (Germany) | 525778 | &nbsp;&nbsp; 50054066 |
| Elanco Animal Health, Inc.<sup>(a)</sup> <br> (United States)<br>| 2988253 | &nbsp;&nbsp; 67624165 |
| GSK PLC (United Kingdom) | 13533220 | &nbsp;&nbsp; 332586333 |
| Haleon PLC (United Kingdom) | 30719700 | &nbsp;&nbsp; 155446319 |
| Incyte Corp.<sup>(a)</sup> (United States) | 491180 | &nbsp;&nbsp; 48513849 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> <br> (United States)<br>| 160563 | &nbsp;&nbsp; 22772650 |

---

PAGE 1 <sup>■</sup> Dodge & Cox Global Stock FundSee accompanying Notes to Consolidated Financial Statements

------

Consolidated Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  | **Shares** | **Value** |
| Regeneron Pharmaceuticals, Inc. <br> (United States)<br>| 287352 | &nbsp;&nbsp; $221798388 |
| Roche Holding AG (Switzerland) | 270900 | &nbsp;&nbsp; 111954318 |
| Sanofi SA (France) | 1752957 | &nbsp;&nbsp; 170067907 |
|  |  | &nbsp;&nbsp; 1618796218 |
|  |  | &nbsp;&nbsp; 2805798278 |
| **Industrials: 12.4%** | **Industrials: 12.4%** | **Industrials: 12.4%** |
| Capital Goods: 8.0% | Capital Goods: 8.0% | Capital Goods: 8.0% |
| Ashtead Group PLC (United Kingdom) | 2675100 | &nbsp;&nbsp; 182508924 |
| Daikin Industries, Ltd. (Japan) | 693100 | &nbsp;&nbsp; 88975354 |
| Fortive Corp. (United States) | 2495414 | &nbsp;&nbsp; 137771807 |
| IDEX Corp. (United States) | 116157 | &nbsp;&nbsp; 20668977 |
| Johnson Controls International PLC <br> (United States)<br>| 1646703 | &nbsp;&nbsp; 197192684 |
| RTX Corp. (United States) | 2029400 | &nbsp;&nbsp; 372191960 |
|  |  | &nbsp;&nbsp; 999309706 |
| Commercial & Professional Services: 0.5% | Commercial & Professional Services: 0.5% | Commercial & Professional Services: 0.5% |
| TransUnion (United States) | 772200 | &nbsp;&nbsp; 66216150 |
| Transportation: 3.9% | Transportation: 3.9% | Transportation: 3.9% |
| DHL Group (Germany) | 2175400 | &nbsp;&nbsp; 119151496 |
| FedEx Corp. (United States) | 720000 | &nbsp;&nbsp; 207979200 |
| Norfolk Southern Corp. (United States) | 557700 | &nbsp;&nbsp; 161019144 |
|  |  | &nbsp;&nbsp; 488149840 |
|  |  | &nbsp;&nbsp; 1553675696 |
| **Information Technology: 7.7%** | **Information Technology: 7.7%** | **Information Technology: 7.7%** |
| Semiconductors & Semiconductor Equipment: 5.8% | Semiconductors & Semiconductor Equipment: 5.8% | Semiconductors & Semiconductor Equipment: 5.8% |
| Infineon Technologies AG (Germany) | 4115800 | &nbsp;&nbsp; 182366397 |
| SK hynix, Inc. (South Korea) | 287175 | &nbsp;&nbsp; 130040133 |
| Taiwan Semiconductor Manufacturing <br> Co., Ltd. (Taiwan)<br>| 8642700 | &nbsp;&nbsp; 422225087 |
|  |  | &nbsp;&nbsp; 734631617 |
| Software & Services: 1.0% | Software & Services: 1.0% | Software & Services: 1.0% |
| Microsoft Corp. (United States) | 259200 | &nbsp;&nbsp; 125354304 |
| Technology, Hardware & Equipment: 0.9% | Technology, Hardware & Equipment: 0.9% | Technology, Hardware & Equipment: 0.9% |
| Ralliant Corp. (United States) | 775727 | &nbsp;&nbsp; 39492261 |
| TE Connectivity PLC (Switzerland) | 305715 | &nbsp;&nbsp; 69553220 |
|  |  | &nbsp;&nbsp; 109045481 |
|  |  | &nbsp;&nbsp; 969031402 |
| **Materials: 5.8%** | **Materials: 5.8%** | **Materials: 5.8%** |
| Air Products & Chemicals, Inc. <br> (United States)<br>| 503200 | &nbsp;&nbsp; 124300464 |
| Akzo Nobel NV (Netherlands) | 2177500 | &nbsp;&nbsp; 151235747 |
| Celanese Corp. (United States) | 934000 | &nbsp;&nbsp; 39489520 |
| Cemex SAB de CV ADR (Mexico) | 5109400 | &nbsp;&nbsp; 58707006 |
| Glencore PLC (Australia) | 26023000 | &nbsp;&nbsp; 141558263 |
| International Flavors & Fragrances, <br> Inc. (United States)<br>| 2447927 | &nbsp;&nbsp; 164965800 |
| LyondellBasell Industries NV, Class A <br> (United States)<br>| 1112500 | &nbsp;&nbsp; 48171250 |
|  |  | &nbsp;&nbsp; 728428050 |
| **Real Estate: 1.2%** | **Real Estate: 1.2%** | **Real Estate: 1.2%** |
| Equity Real Estate Investment Trusts (Reits): 1.2% | Equity Real Estate Investment Trusts (Reits): 1.2% | Equity Real Estate Investment Trusts (Reits): 1.2% |
| SBA Communications Corp. REIT, <br> Class A (United States)<br>| 760600 | &nbsp;&nbsp; 147122858 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities: 0.6%** | **Utilities: 0.6%** | **Utilities: 0.6%** |
| American Electric Power Co., Inc. <br> (United States)<br>| 692200 | &nbsp;&nbsp; $79817582 |
| **Total Common Stocks** <br>(Cost $8,867,725,508)<br>|  | &nbsp;&nbsp; **$12073093294** |

---

---

| | | |
|:---|:---|:---|
| **Preferred Stocks: 2.0%** | **Preferred Stocks: 2.0%** | **Preferred Stocks: 2.0%** |
|  | **Shares** | **Value** |
| **Financials: 1.4%** | **Financials: 1.4%** | **Financials: 1.4%** |
| Banks: 1.4% | Banks: 1.4% | Banks: 1.4% |
| Itau Unibanco Holding SA, Pfd (Brazil) | 24784840 | &nbsp;&nbsp; $177658764 |
| **Information Technology: 0.6%** | **Information Technology: 0.6%** | **Information Technology: 0.6%** |
| Technology, Hardware & Equipment: 0.6% | Technology, Hardware & Equipment: 0.6% | Technology, Hardware & Equipment: 0.6% |
| Samsung Electronics Co., Ltd., Pfd <br> (South Korea)<br>| 1140030 | &nbsp;&nbsp; 69961886 |
| **Total Preferred Stocks** <br>(Cost $96,083,629)<br>|  | &nbsp;&nbsp; **$247620650** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments: 2.0%** | **Short-Term Investments: 2.0%** | **Short-Term Investments: 2.0%** |
|  | **Par Value/** <br>**Shares**<br>| **Value** |
| **Government: 0.4%** | **Government: 0.4%** | **Government: 0.4%** |
| Canadian Treasury Bill <br>0.000%, dated 1/28/25, due 1/28/26, <br> maturity value $53,825,127<br>| CAD<br> 74,000,000<br>| &nbsp;&nbsp; 53825127 |
| **Repurchase Agreements: 0.9%** | **Repurchase Agreements: 0.9%** | **Repurchase Agreements: 0.9%** |
| Fixed Income Clearing Corp.<sup>(b)</sup> <br>3.78%, dated 12/31/25, due 1/2/26, <br> maturity value $95,019,950<br>| $95000000 | &nbsp;&nbsp; 95000000 |
| Fixed Income Clearing Corp.<sup>(b)</sup> <br>1.35%, dated 12/31/25, due 1/2/26, <br> maturity value $12,732,339<br>| 12731384 | &nbsp;&nbsp; 12731384 |
|  |  | &nbsp;&nbsp; 107731384 |
| **Money Market Fund: 0.7%** | **Money Market Fund: 0.7%** | **Money Market Fund: 0.7%** |
| State Street Institutional <br> U.S. Government Money Market Fund <br> - Premier Class<br>| 94562179 | &nbsp;&nbsp; 94562179 |
| **Total Short-Term Investments** <br>(Cost $256,234,668) | **Total Short-Term Investments** <br>(Cost $256,234,668) | &nbsp;&nbsp; **$256118690** |
| **Total Investments In Securities** <br>(Cost $9,220,043,805)<br>| 100.2<br> %<br>| &nbsp;&nbsp; **$12576832634** |
| Other Assets Less Liabilities | (0.2)%<br>| &nbsp;&nbsp; (29526890)<br>|
| **Net Assets** | **100.0%**<br>| &nbsp;&nbsp; **$12547305744** |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> <br>| Non-income producing |
| <sup>(b)</sup> <br>| Repurchase agreement is collateralized by U.S. Treasury Notes 3.75%-4.125%, <br> 4/30/27-2/29/32. Total collateral value is $109,886,165.<br>|
|  | The Fund usually classifies a company or issuer based on its country of risk, but may <br> designate a different country in certain circumstances.<br>|

---

ADR: American Depositary Receipt <br> CAD Canadian Dollar <br> USD United States Dollar

See accompanying Notes to Consolidated Financial StatementsDodge & Cox Global Stock Fund <sup>■</sup> PAGE 2

------

Consolidated Portfolio of Investments December 31, 2025

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Appreciation/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp;&nbsp; 1183 | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; $171659215 | &nbsp;&nbsp;&nbsp;&nbsp; $377436 |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 24699500 | &nbsp;&nbsp;&nbsp;&nbsp; 367480 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $744916 |

---

**Currency Forward Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settle Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | &nbsp;&nbsp;&nbsp; **Unrealized Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **CAD: Canadian Dollar** | **CAD: Canadian Dollar** | **CAD: Canadian Dollar** | **CAD: Canadian Dollar** | **CAD: Canadian Dollar** | **CAD: Canadian Dollar** | **CAD: Canadian Dollar** |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 54009694 | &nbsp;&nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp; 73881600 | &nbsp;&nbsp;&nbsp;&nbsp; $174129 |
| **CNH: Chinese Yuan Renminbi** | **CNH: Chinese Yuan Renminbi** | **CNH: Chinese Yuan Renminbi** | **CNH: Chinese Yuan Renminbi** | **CNH: Chinese Yuan Renminbi** | **CNH: Chinese Yuan Renminbi** | **CNH: Chinese Yuan Renminbi** |
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4667068 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 33335000 | &nbsp;&nbsp;&nbsp;&nbsp; (114337)<br>|
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4666237 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 33330000 | &nbsp;&nbsp;&nbsp;&nbsp; (114451)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 66665000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9471075 | &nbsp;&nbsp;&nbsp;&nbsp; 91018 |
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7516141 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 53176697 | &nbsp;&nbsp;&nbsp;&nbsp; (118238)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 85000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12086740 | &nbsp;&nbsp;&nbsp;&nbsp; 116392 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7516234 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 53173219 | &nbsp;&nbsp;&nbsp;&nbsp; (117646)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3808178 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 27180490 | &nbsp;&nbsp;&nbsp;&nbsp; (95452)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7506898 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 53055000 | &nbsp;&nbsp;&nbsp;&nbsp; (112800)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3809245 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 27180490 | &nbsp;&nbsp;&nbsp;&nbsp; (94385)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3816325 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 27239020 | &nbsp;&nbsp;&nbsp;&nbsp; (95711)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3431455 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 24571963 | &nbsp;&nbsp;&nbsp;&nbsp; (99007)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3429840 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 24572059 | &nbsp;&nbsp;&nbsp;&nbsp; (100636)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4572673 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 32762745 | &nbsp;&nbsp;&nbsp;&nbsp; (134628)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3429648 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 24572059 | &nbsp;&nbsp;&nbsp;&nbsp; (100827)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3429936 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 24572059 | &nbsp;&nbsp;&nbsp;&nbsp; (100540)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6735419 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 47601900 | &nbsp;&nbsp;&nbsp;&nbsp; (115577)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6809211 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 48137718 | &nbsp;&nbsp;&nbsp;&nbsp; (121673)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6809751 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 48144940 | &nbsp;&nbsp;&nbsp;&nbsp; (122173)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6816018 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 48144940 | &nbsp;&nbsp;&nbsp;&nbsp; (115906)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9089626 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 63884617 | &nbsp;&nbsp;&nbsp;&nbsp; (122826)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9113992 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 64057692 | &nbsp;&nbsp;&nbsp;&nbsp; (123418)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9121519 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 64057692 | &nbsp;&nbsp;&nbsp;&nbsp; (115891)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7541217 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 53085640 | &nbsp;&nbsp;&nbsp;&nbsp; (116800)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 536109 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 3750187 | &nbsp;&nbsp;&nbsp;&nbsp; (5485)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 536044 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 3749625 | &nbsp;&nbsp;&nbsp;&nbsp; (5469)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 535680 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 3750188 | &nbsp;&nbsp;&nbsp;&nbsp; (5914)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 534554 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; (7013)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3237370 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 22757740 | &nbsp;&nbsp;&nbsp;&nbsp; (50466)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3234827 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 22723040 | &nbsp;&nbsp;&nbsp;&nbsp; (47996)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3232582 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 22729574 | &nbsp;&nbsp;&nbsp;&nbsp; (51185)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3235527 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 22729575 | &nbsp;&nbsp;&nbsp;&nbsp; (48240)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 965747 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 6759168 | &nbsp;&nbsp;&nbsp;&nbsp; (11841)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 965664 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 6759168 | &nbsp;&nbsp;&nbsp;&nbsp; (11924)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 965409 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 6758154 | &nbsp;&nbsp;&nbsp;&nbsp; (12033)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7285617 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 51009520 | &nbsp;&nbsp;&nbsp;&nbsp; (97431)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8467631 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 59216683 | &nbsp;&nbsp;&nbsp;&nbsp; (109456)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8466299 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 59216683 | &nbsp;&nbsp;&nbsp;&nbsp; (110788)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8462551 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 59215430 | &nbsp;&nbsp;&nbsp;&nbsp; (114354)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8490275 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 59373341 | &nbsp;&nbsp;&nbsp;&nbsp; (109503)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4617273 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 32319529 | &nbsp;&nbsp;&nbsp;&nbsp; (65501)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17820738 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 125000000 | &nbsp;&nbsp;&nbsp;&nbsp; (290505)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4607328 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 32240701 | &nbsp;&nbsp;&nbsp;&nbsp; (64025)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4606405 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 32239771 | &nbsp;&nbsp;&nbsp;&nbsp; (64813)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8167670 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 57373800 | &nbsp;&nbsp;&nbsp;&nbsp; (156145)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6116033 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 42965130 | &nbsp;&nbsp;&nbsp;&nbsp; (117366)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8170148 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 57390388 | &nbsp;&nbsp;&nbsp;&nbsp; (156073)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8168254 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 57377086 | &nbsp;&nbsp;&nbsp;&nbsp; (156037)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7310224 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 50971266 | &nbsp;&nbsp;&nbsp;&nbsp; (94443)<br>|
| Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7309071 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 50971266 | &nbsp;&nbsp;&nbsp;&nbsp; (95596)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7330777 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 51110913 | &nbsp;&nbsp;&nbsp;&nbsp; (94176)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7309416 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 50984638 | &nbsp;&nbsp;&nbsp;&nbsp; (97194)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5828381 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 40666657 | &nbsp;&nbsp;&nbsp;&nbsp; (81265)<br>|

---

PAGE 3 <sup>■</sup> Dodge & Cox Global Stock FundSee accompanying Notes to Consolidated Financial Statements

------

Consolidated Portfolio of Investments December 31, 2025

**Currency Forward Contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settle Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | &nbsp;&nbsp;&nbsp; **Unrealized Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5834445 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 40666664 | &nbsp;&nbsp;&nbsp;&nbsp; $(75203)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5831935 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 40666664 | &nbsp;&nbsp;&nbsp;&nbsp; (77713)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5829510 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 40666661 | &nbsp;&nbsp;&nbsp;&nbsp; (80137)<br>|
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3915546 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 27411956 | &nbsp;&nbsp;&nbsp;&nbsp; (73070)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3914999 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 27411647 | &nbsp;&nbsp;&nbsp;&nbsp; (73573)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3915222 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 27411647 | &nbsp;&nbsp;&nbsp;&nbsp; (73349)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3912931 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 27411647 | &nbsp;&nbsp;&nbsp;&nbsp; (75640)<br>|
| **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 139000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4420557 | &nbsp;&nbsp;&nbsp;&nbsp; 3306 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4447146 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 139000000 | &nbsp;&nbsp;&nbsp;&nbsp; 23283 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4420557 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 139000000 | &nbsp;&nbsp;&nbsp;&nbsp; (3306)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 139000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4448997 | &nbsp;&nbsp;&nbsp;&nbsp; (25133)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3925950 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 123000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8877 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 123000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3926576 | &nbsp;&nbsp;&nbsp;&nbsp; (9504)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/9/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3679765 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 115000000 | &nbsp;&nbsp;&nbsp;&nbsp; 16702 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/9/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 115000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3680000 | &nbsp;&nbsp;&nbsp;&nbsp; (16938)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6767775 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 210870348 | &nbsp;&nbsp;&nbsp;&nbsp; 48936 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2085539 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 65000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14482 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2106754 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 65667521 | &nbsp;&nbsp;&nbsp;&nbsp; 14428 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 341537869 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 10955505 | &nbsp;&nbsp;&nbsp;&nbsp; (73283)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3305098 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 103713988 | &nbsp;&nbsp;&nbsp;&nbsp; 869 |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 118836792 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3807651 | &nbsp;&nbsp;&nbsp;&nbsp; (21623)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 139000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4454557 | &nbsp;&nbsp;&nbsp;&nbsp; (26148)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4641485 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 145000000 | &nbsp;&nbsp;&nbsp;&nbsp; 21922 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3311087 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 103786012 | &nbsp;&nbsp;&nbsp;&nbsp; 4562 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2288020 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 71505188 | &nbsp;&nbsp;&nbsp;&nbsp; 9932 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 118836792 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3802777 | &nbsp;&nbsp;&nbsp;&nbsp; (16749)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2286995 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 71505187 | &nbsp;&nbsp;&nbsp;&nbsp; 8907 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 118836791 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3801561 | &nbsp;&nbsp;&nbsp;&nbsp; (15533)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3983556 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 125000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1174 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 125000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3985969 | &nbsp;&nbsp;&nbsp;&nbsp; (3587)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3674121 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 115000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11876 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 115000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3674121 | &nbsp;&nbsp;&nbsp;&nbsp; (11876)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4894327 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 154000000 | &nbsp;&nbsp;&nbsp;&nbsp; (9897)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3881718 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 123000000 | &nbsp;&nbsp;&nbsp;&nbsp; (35292)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 154000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4895105 | &nbsp;&nbsp;&nbsp;&nbsp; 9119 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 123000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3882208 | &nbsp;&nbsp;&nbsp;&nbsp; 34802 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4112232 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 130000000 | &nbsp;&nbsp;&nbsp;&nbsp; (26824)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 130000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4114445 | &nbsp;&nbsp;&nbsp;&nbsp; 24611 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3887607 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 123000000 | &nbsp;&nbsp;&nbsp;&nbsp; (28164)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 123000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3887361 | &nbsp;&nbsp;&nbsp;&nbsp; 28410 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 123000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3889943 | &nbsp;&nbsp;&nbsp;&nbsp; 24590 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 91683000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2902096 | &nbsp;&nbsp;&nbsp;&nbsp; 15759 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2912754 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 91683000 | &nbsp;&nbsp;&nbsp;&nbsp; (5101)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3889943 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 123000000 | &nbsp;&nbsp;&nbsp;&nbsp; (24590)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2247105 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 70417521 | &nbsp;&nbsp;&nbsp;&nbsp; 8420 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 123000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3930466 | &nbsp;&nbsp;&nbsp;&nbsp; (20100)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 65667521 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2107701 | &nbsp;&nbsp;&nbsp;&nbsp; (20026)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3817718 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 118250000 | &nbsp;&nbsp;&nbsp;&nbsp; 58362 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3372926 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 97116667 | &nbsp;&nbsp;&nbsp;&nbsp; 285678 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3370819 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 97116668 | &nbsp;&nbsp;&nbsp;&nbsp; 283571 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 115000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3685779 | &nbsp;&nbsp;&nbsp;&nbsp; (30037)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 79233335 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2545241 | &nbsp;&nbsp;&nbsp;&nbsp; (26487)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2174434 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 67994563 | &nbsp;&nbsp;&nbsp;&nbsp; 13270 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 210870348 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6774951 | &nbsp;&nbsp;&nbsp;&nbsp; (72569)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2351649 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 74881222 | &nbsp;&nbsp;&nbsp;&nbsp; (28403)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2182461 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 67994563 | &nbsp;&nbsp;&nbsp;&nbsp; 21296 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 65000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2088152 | &nbsp;&nbsp;&nbsp;&nbsp; (22312)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2170664 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 69331013 | &nbsp;&nbsp;&nbsp;&nbsp; (32825)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2167122 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 69341415 | &nbsp;&nbsp;&nbsp;&nbsp; (36697)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 71505188 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2290365 | &nbsp;&nbsp;&nbsp;&nbsp; (17776)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 71505187 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2289485 | &nbsp;&nbsp;&nbsp;&nbsp; (16896)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2174558 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 69337947 | &nbsp;&nbsp;&nbsp;&nbsp; (29152)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2526781 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 71659500 | &nbsp;&nbsp;&nbsp;&nbsp; 249134 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2561481 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 71670250 | &nbsp;&nbsp;&nbsp;&nbsp; 283493 |

---

See accompanying Notes to Consolidated Financial StatementsDodge & Cox Global Stock Fund <sup>■</sup> PAGE 4

------

Consolidated Portfolio of Investments December 31, 2025

**Currency Forward Contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settle Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | &nbsp;&nbsp;&nbsp; **Unrealized Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4154468 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 113500057 | &nbsp;&nbsp;&nbsp;&nbsp; $546948 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 115000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3679058 | &nbsp;&nbsp;&nbsp;&nbsp; (23864)<br>|
| Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2524400 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 71670250 | &nbsp;&nbsp;&nbsp;&nbsp; 246412 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 125000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3984826 | &nbsp;&nbsp;&nbsp;&nbsp; (11788)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2281003 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 73384412 | &nbsp;&nbsp;&nbsp;&nbsp; (51627)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2280861 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 73384417 | &nbsp;&nbsp;&nbsp;&nbsp; (51769)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 154000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4901181 | &nbsp;&nbsp;&nbsp;&nbsp; (6069)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2279373 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 73384416 | &nbsp;&nbsp;&nbsp;&nbsp; (53256)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2280719 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 73384405 | &nbsp;&nbsp;&nbsp;&nbsp; (51910)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3615430 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 116163756 | &nbsp;&nbsp;&nbsp;&nbsp; (77252)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2185641 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 67984364 | &nbsp;&nbsp;&nbsp;&nbsp; 24514 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3582979 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 116163756 | &nbsp;&nbsp;&nbsp;&nbsp; (109703)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 145000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4652058 | &nbsp;&nbsp;&nbsp;&nbsp; (41492)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1981147 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 62000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9733 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4168199 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 113500057 | &nbsp;&nbsp;&nbsp;&nbsp; 559237 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1981970 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 62000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10556 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3853549 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 118250000 | &nbsp;&nbsp;&nbsp;&nbsp; 93553 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3861661 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 118329019 | &nbsp;&nbsp;&nbsp;&nbsp; 98734 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3863691 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 118170981 | &nbsp;&nbsp;&nbsp;&nbsp; 105789 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4173557 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 113499886 | &nbsp;&nbsp;&nbsp;&nbsp; 564199 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3422734 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 97116666 | &nbsp;&nbsp;&nbsp;&nbsp; 333340 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3419962 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 97116666 | &nbsp;&nbsp;&nbsp;&nbsp; 330567 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3416954 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 97116666 | &nbsp;&nbsp;&nbsp;&nbsp; 327559 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3414431 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 97116667 | &nbsp;&nbsp;&nbsp;&nbsp; 325037 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2551493 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 71107555 | &nbsp;&nbsp;&nbsp;&nbsp; 289227 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2542661 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 71118223 | &nbsp;&nbsp;&nbsp;&nbsp; 280055 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2544480 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 71118222 | &nbsp;&nbsp;&nbsp;&nbsp; 281875 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4202390 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 113653642 | &nbsp;&nbsp;&nbsp;&nbsp; 586130 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4155772 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 113473341 | &nbsp;&nbsp;&nbsp;&nbsp; 545248 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4187369 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 113373017 | &nbsp;&nbsp;&nbsp;&nbsp; 580038 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4023905 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 110979287 | &nbsp;&nbsp;&nbsp;&nbsp; 492344 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4045909 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 110979288 | &nbsp;&nbsp;&nbsp;&nbsp; 514349 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4044506 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 111062137 | &nbsp;&nbsp;&nbsp;&nbsp; 510309 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4036638 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 110979288 | &nbsp;&nbsp;&nbsp;&nbsp; 505077 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5970547 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 168250000 | &nbsp;&nbsp;&nbsp;&nbsp; 615933 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6001727 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 168258412 | &nbsp;&nbsp;&nbsp;&nbsp; 646845 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5981624 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 168233175 | &nbsp;&nbsp;&nbsp;&nbsp; 627546 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4948373 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 136649322 | &nbsp;&nbsp;&nbsp;&nbsp; 598493 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4937587 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 136450226 | &nbsp;&nbsp;&nbsp;&nbsp; 594044 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4922802 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 136450226 | &nbsp;&nbsp;&nbsp;&nbsp; 579259 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4932768 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 136450226 | &nbsp;&nbsp;&nbsp;&nbsp; 589225 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18186393 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 506000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2075151 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4120319 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 121912000 | &nbsp;&nbsp;&nbsp;&nbsp; 238592 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18187046 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 506000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2075805 |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2506455 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 69466398 | &nbsp;&nbsp;&nbsp;&nbsp; 294265 |
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2511017 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 69499930 | &nbsp;&nbsp;&nbsp;&nbsp; 297759 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2497485 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 69500000 | &nbsp;&nbsp;&nbsp;&nbsp; 284225 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2506169 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 69533672 | &nbsp;&nbsp;&nbsp;&nbsp; 291837 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3787614 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 108250000 | &nbsp;&nbsp;&nbsp;&nbsp; 339793 |
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3815269 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 108239175 | &nbsp;&nbsp;&nbsp;&nbsp; 367793 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3807386 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 108255412 | &nbsp;&nbsp;&nbsp;&nbsp; 358294 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3799635 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 108255413 | &nbsp;&nbsp;&nbsp;&nbsp; 350544 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3557468 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 103750000 | &nbsp;&nbsp;&nbsp;&nbsp; 251922 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3571552 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 103750000 | &nbsp;&nbsp;&nbsp;&nbsp; 266005 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 8/28/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5372674 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 158198395 | &nbsp;&nbsp;&nbsp;&nbsp; 329955 |
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 8/28/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5373586 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 158198362 | &nbsp;&nbsp;&nbsp;&nbsp; 330867 |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4067589 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 117960094 | &nbsp;&nbsp;&nbsp;&nbsp; 306304 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4087571 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 118000000 | &nbsp;&nbsp;&nbsp;&nbsp; 325013 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 123000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3908981 | &nbsp;&nbsp;&nbsp;&nbsp; 13007 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 91683000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2926514 | &nbsp;&nbsp;&nbsp;&nbsp; (3102)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4067589 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 117960095 | &nbsp;&nbsp;&nbsp;&nbsp; 306304 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4083687 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 118079811 | &nbsp;&nbsp;&nbsp;&nbsp; 318584 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 123000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3908857 | &nbsp;&nbsp;&nbsp;&nbsp; 13132 |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4449093 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 127666730 | &nbsp;&nbsp;&nbsp;&nbsp; 377652 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4443667 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 127666539 | &nbsp;&nbsp;&nbsp;&nbsp; 372231 |

---

PAGE 5 <sup>■</sup> Dodge & Cox Global Stock FundSee accompanying Notes to Consolidated Financial Statements

------

Consolidated Portfolio of Investments December 31, 2025

**Currency Forward Contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settle Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | &nbsp;&nbsp;&nbsp; **Unrealized Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 123000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3901665 | &nbsp;&nbsp;&nbsp;&nbsp; $20948 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 130000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4135649 | &nbsp;&nbsp;&nbsp;&nbsp; 10203 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4410819 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 127666731 | &nbsp;&nbsp;&nbsp;&nbsp; 339377 |
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 11/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9993461 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 300353479 | &nbsp;&nbsp;&nbsp;&nbsp; 402696 |
| Unrealized gain on currency forward contracts | Unrealized gain on currency forward contracts | Unrealized gain on currency forward contracts | Unrealized gain on currency forward contracts |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25281743 |
| Unrealized loss on currency forward contracts | Unrealized loss on currency forward contracts | Unrealized loss on currency forward contracts | Unrealized loss on currency forward contracts |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (6402504)<br>|
| Net unrealized gain on currency forward contracts | Net unrealized gain on currency forward contracts | Net unrealized gain on currency forward contracts |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $18879239 |

---

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

See accompanying Notes to Consolidated Financial StatementsDodge & Cox Global Stock Fund <sup>■</sup> PAGE 6

------

Consolidated

Statement of Assets and Liabilities

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| **Assets:** | **Assets:** |
| Investments in securities, at value (cost $9,220,043,805) | $12576832634 |
| Unrealized appreciation on currency forward contracts | 25281743 |
| Cash pledged as collateral for currency forward contracts | 90000 |
| Cash | 100 |
| Cash denominated in foreign currency (cost $69,982) | 69985 |
| Deposits with broker for futures contracts | 6149411 |
| Receivable for investments sold | 2680086 |
| Receivable for Fund shares sold | 1015703 |
| Dividends and interest receivable | 24805401 |
| Expense reimbursement receivable | 57107 |
| Prepaid expenses and other assets | 44476 |
|  | 12637026646 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on currency forward contracts | 6402504 |
| Cash received as collateral for currency forward <br> contracts<br>| 18030000 |
| Payable for variation margin for futures contracts | 1005303 |
| Payable for investments purchased | 2330753 |
| Payable for Fund shares redeemed | 20406808 |
| Deferred foreign capital gains tax | 34738070 |
| Management fees payable | 6453481 |
| Accrued expenses | 353983 |
|  | 89720902 |
| **Net Assets** | $12547305744 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $9085650484 |
| Distributable earnings | 3461655260 |
|  | $12547305744 |
| **Class I** | **Class I** |
| Total net assets | $11207920680 |
| Shares outstanding | 709092387 |
| Net asset value per share | $15.81 |
| **Class X** | **Class X** |
| Total net assets | $1339385064 |
| Shares outstanding | 84714038 |
| Net asset value per share | $15.81 |

---

Consolidated

Statement of Operations

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>|
| **Investment Income:** |  |
| Dividends (net of foreign taxes of $10,581,927) | $264441620 |
| Interest | 11889175 |
|  | 276330795 |
| **Expenses:** |  |
| Investment advisory fees | 60372842 |
| Administrative services fees |  |
| Class I | 10863716 |
| Class X | 605426 |
| Custody and fund accounting fees | 797117 |
| Professional services | 297261 |
| Shareholder reports | 140241 |
| Registration fees | 128681 |
| Trustees fees | 526031 |
| Miscellaneous | 157582 |
| Total expenses | 73888897 |
| Expenses reimbursed by investment manager | (593853)<br>|
| Net expenses | 73295044 |
| **Net Investment Income** | 203035751 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| Investments in securities (net of foreign capital gains <br> tax of $1,328,700) (Note 5)<br>| 930681121 |
| Futures contracts | 48178038 |
| Currency forward contracts | 11516765 |
| Foreign currency transactions | (13192)<br>|
| Net change in unrealized appreciation/depreciation |  |
| Investments in securities (net of change in deferred <br> foreign capital gains tax of $16,318,170)<br>| 1491731519 |
| Futures contracts | 6848777 |
| Currency forward contracts | 1164788 |
| Foreign currency translation | 1671009 |
| Net realized and unrealized gain | 2491778825 |
| **Net Change in Net Assets From Operations** | $2694814576 |

---

PAGE 7 <sup>■</sup> Dodge & Cox Global Stock FundSee accompanying Notes to Consolidated Financial Statements

------

Consolidated

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $203035751 | $199760031 |
| Net realized gain (loss) | 990362732 | 1105180511 |
| Net change in unrealized <br> appreciation/depreciation<br>| 1501416093 | (742477398)<br>|
|  | 2694814576 | 562463144 |
| **Distributions to Shareholders:** |  |  |
| Class I | (901880877)<br>| (1237415376)<br>|
| Class X | (107430007)<br>| (134377211)<br>|
| Total distributions | (1009310884)<br>| (1371792587)<br>|
| **Fund Share Transactions:** |  |  |
| **Class I** |  |  |
| Proceeds from sales of shares | 1015655671 | 1165945899 |
| Reinvestment of distributions | 865021932 | 1190983281 |
| Cost of shares redeemed | (2172382136)<br>| (1893803083)<br>|
| **Class X** |  |  |
| Proceeds from sales of shares | 271532827 | 524223367 |
| Reinvestment of distributions | 107430007 | 134377211 |
| Cost of shares redeemed | (268653724)<br>| (155142907)<br>|
| Net change from Fund share <br> transactions<br>| (181395423)<br>| 966583768 |
| Total change in net assets | 1504108269 | 157254325 |
| **Net Assets:** |  |  |
| Beginning of year | 11043197475 | 10885943150 |
| End of year | $12547305744 | $11043197475 |
| **Share Information:** |  |  |
| **Class I** |  |  |
| Shares sold | 65336152 | 77216237 |
| Distributions reinvested | 55628420 | 87060181 |
| Shares redeemed | (139924409)<br>| (121030286)<br>|
| Net change in shares outstanding | (18959837)<br>| 43246132 |
| **Class X** |  |  |
| Shares sold | 17665291 | 32712949 |
| Distributions reinvested | 6908682 | 9815720 |
| Shares redeemed | (17503948)<br>| (9739658)<br>|
| Net change in shares outstanding | 7070025 | 32789011 |

---

See accompanying Notes to Consolidated Financial StatementsDodge & Cox Global Stock Fund <sup>■</sup> PAGE 8

------

Notes to Consolidated Financial Statements

**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.

On May 1, 2022, the then-outstanding shares of the Fund were redesignated as Class I Shares, and Class X shares of the Fund were established. The share classes have different eligibility requirements and expense structures due to differing shareholder servicing arrangements. The share classes have the same rights as to redemption, dividends and liquidation proceeds, and voting privileges, except that each class has the exclusive right to vote on matters affecting only its class.

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 a 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.

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 Dodge & Cox. The Board of Trustees has appointed Dodge & Cox, the Fund's investment manager, as its "valuation designee", as permitted

by Rule 2a-5 under the Investment Company Act of 1940, 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.

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.

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 dividend/corporate action 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.

Share class accounting Investment income, realized and unrealized gains and losses and expenses, other than class-specific

PAGE 9 <sup>■</sup> Dodge & Cox Global Stock Fund

------

Notes to Consolidated Financial Statements

expenses, are allocated to each share class of the Fund based upon the proportion of net assets of each class.

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 ("EU 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. Expenses incurred related to filing EU reclaims are recorded on the accrual basis in professional services in the Consolidated Statement of Operations. Expenses that are contingent upon successful EU reclaims are recorded in professional services in the Consolidated Statement of Operations once the amount is known.

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

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 in exchange rate between the trade and settlement dates on securities transactions, the difference in exchange rate 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.

Repurchase agreements Repurchase agreements are transactions under which a Fund purchases a security from a 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. It is the Fund's policy that its regular custodian or third party custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the

repurchase transaction, including accrued interest, at all times. In the event of default by the counterparty, the Fund has the contractual right to liquidate the collateral securities and to apply the proceeds in satisfaction of the obligation.

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, 2025, the Subsidiary had net assets of $100, which represented less than 0.01% of the Fund's consolidated net assets.

Segment Reporting An operating segment is defined in Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - *Improvements to Reporting Segment Disclosures* as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Chair of the Board of Trustees of the Trust acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole. "Net change in net assets from operations" reported on the Statement of Operations is used by the CODM to assess the single operating segment's performance and to make resource allocation decisions for the single operating segment.

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 below.

<sup>■</sup> Level 1: Unadjusted quoted prices in active markets for identical securities

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

<sup>■</sup> 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.

Dodge & Cox Global Stock Fund <sup>■</sup> PAGE 10

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Notes to Consolidated Financial Statements

The following is a summary of the inputs used to value the Fund's holdings at December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Classification** | **LEVEL 1** <br>**(Quoted Prices)**<br>| **LEVEL 2** <br>**(Other Significant** <br>**Observable Inputs)**<br>|
| **Securities** | **Securities** | **Securities** |
| Common Stocks | Common Stocks | Common Stocks |
| Communication Services | $985053206 | $120848815 |
| Consumer Discretionary | 814788973 | 206195021 |
| Consumer Staples | 145533462 | 215574690 |
| Energy | 244744453 | 203859425 |
| Financials | 1484328995 | 1368292388 |
| Health Care | 1616952927 | 1188845351 |
| Industrials | 1163039922 | 390635774 |
| Information Technology | 234399785 | 734631617 |
| Materials | 435634040 | 292794010 |
| Real Estate | 147122858 |  |
| Utilities | 79817582 |  |
| Preferred Stocks | Preferred Stocks | Preferred Stocks |
| Financials |  | 177658764 |
| Information Technology |  | 69961886 |
| Short-Term Investments | Short-Term Investments | Short-Term Investments |
| Government |  | 53825127 |
| Repurchase Agreements |  | 107731384 |
| Money Market Fund | 94562179 |  |
| Total Securities | $7445978382 | $5130854252 |
| **Other Investments** | **Other Investments** | **Other Investments** |
| Futures Contracts | Futures Contracts | Futures Contracts |
| Appreciation | $744916 | $— |
| Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts |
| Appreciation |  | 25281743 |
| Depreciation |  | (6402504)<br>|

---

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 the contract is purchased. 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 to secure the Fund's obligation to perform. Initial margin is returned to the Fund when the futures contract is closed. Subsequent payments (referred to as "variation margin") are made to or received from the clearing broker 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.

Investments in futures contracts may include certain risks, which may be different from, and potentially greater than, those of the

underlying securities. To the extent the Fund uses futures, it is exposed to additional volatility and potential losses resulting from leverage.

The Fund used equity index futures contracts to create equity exposure, equal to some or all of its non-equity net assets.

Currency forward contracts Currency forward contracts are agreements to purchase or sell a specific currency 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.

The Fund used currency forward contracts to hedge direct and indirect foreign currency exposure.

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** <br>**Derivatives**<br>| **Foreign** <br>**Exchange** <br>**Derivatives**<br>| **Total** <br>**Value**<br>|
| **Assets** |  |  |  |
| Unrealized appreciation on <br> currency forward contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $25281743 | &nbsp;&nbsp; $25281743 |
| Futures contracts<sup>(a)</sup> <br>| &nbsp;&nbsp; 744916 | &nbsp;&nbsp; — | &nbsp;&nbsp; 744916 |
|  | &nbsp;&nbsp; $744916 | &nbsp;&nbsp; $25281743 | &nbsp;&nbsp; $26026659 |
| **Liabilities** |  |  |  |
| Unrealized depreciation on <br> currency forward contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $6402504 | &nbsp;&nbsp; $6402504 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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** <br>**Derivatives**<br>| **Foreign** <br>**Exchange** <br>**Derivatives**<br>| **Total** |
| **Net realized gain (loss)** |  |  |  |
| Futures contracts | &nbsp;&nbsp; $48178038 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 48178038 |
| Currency forward contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 11516765 | &nbsp;&nbsp; 11516765 |
|  | &nbsp;&nbsp; $48178038 | &nbsp;&nbsp; $11516765 | &nbsp;&nbsp; $59694803 |
| **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** |
| Futures contracts | &nbsp;&nbsp; $6848777 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 6848777 |
| Currency forward contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1164788 | &nbsp;&nbsp; 1164788 |
|  | &nbsp;&nbsp; $6848777 | &nbsp;&nbsp; $1164788 | &nbsp;&nbsp; $8013565 |

---

PAGE 11 <sup>■</sup> Dodge & Cox Global Stock Fund

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Notes to Consolidated Financial Statements

The following summarizes the range of volume in the Fund's derivative instruments during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
| **Derivative** |  | **% of Net Assets** |
| Futures contracts | USD notional value | &nbsp;&nbsp; 0-4<br> %<br>|
| Currency forward contracts | USD total value | &nbsp;&nbsp; 3-6<br> %<br>|

---

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, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross** <br>**Amount of** <br>**Recognized** <br>**Assets** <br>| **Gross** <br>**Amount of** <br>**Recognized** <br>**Liabilities**<br>| **Cash** <br>**Collateral** <br>**Pledged /** <br>**(Received)**<sup>(a)</sup> <br>| **Net Amount**<sup>(b)</sup> <br>|
| Bank of America | $1241494 | $(510207)<br>| $(731287)<br>| $— |
| Barclays | 700455 | (420096)<br>| (270000)<br>| 10359 |
| Citibank | 6767077 | (944385)<br>| (5822692)<br>|  |
| Goldman Sachs | 246412 | (95596)<br>|  | 150816 |
| HSBC | 5883502 | (2117800)<br>| (3720000)<br>| 45702 |
| JPMorgan | 1897404 | (474169)<br>| (1260000)<br>| 163235 |
| Morgan Stanley | 1174 | (282021)<br>| 90000 | (190847)<br>|
| Standard Chartered | 698660 |  | (520000)<br>| 178660 |
| State Street | 650797 | (92608)<br>|  | 558189 |
| UBS | 7194768 | (1465622)<br>| (5610000)<br>| 119146 |
|  | $25281743 | $(6402504)<br>| $(17843979)<br>| $1035260 |

---

<sup>(a)</sup> 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. 

<sup>(b)</sup> Represents the net amount receivable from (payable to) the counterparty in the event of a default. 

**Note 3: Related Party Transactions**

The Fund's management fees include an investment advisory fee and an administrative services fee described below.

Investment advisory fee The Fund pays an investment advisory fee, accrued daily and paid monthly, at an annual rate of 0.50% of the Fund's average daily net assets to Dodge & Cox, investment manager of the Fund.

Administrative services fee The Fund pays Dodge & Cox a fee for administrative and shareholder services. The fee is accrued daily and paid monthly equal to an annual rate of the average daily net assets of 0.10% for Class I shares and 0.05% for Class X shares. Under this agreement, Dodge & Cox is responsible for the payment of the Fund's transfer agency fees.

Expense reimbursement Dodge & Cox has contractually agreed, through April 30, 2026, to waive management fees or reimburse the Fund for ordinary expenses to the extent necessary to maintain the net ordinary expense ratio of the Class X shares at an amount 0.10% less than the net ordinary expense ratio of the Class I shares, and additionally to the extent total ordinary expenses of the Class X shares would otherwise exceed 0.52%. This agreement cannot be terminated prior to April 30, 2026, other than by resolution of the Board of Trustees. For purposes of the foregoing, ordinary expenses shall not include nonrecurring shareholder account fees, fees and expenses associated with Fund shareholder meetings, fees on portfolio transactions such as exchange fees, dividends and interest on short positions, fees and expenses of pooled investment vehicles that are held by the Fund, interest expenses and other fees and expenses related to any borrowings, taxes, brokerage fees and commissions and other costs and expenses relating to the acquisition and disposition of Fund investments, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses or extraordinary expenses not incurred in the ordinary course of the Fund's business, such as litigation expenses. The term of the agreement with respect to the maintenance of the net ordinary expense ratio differential between Class X and Class I shares will automatically renew for subsequent three-year terms unless terminated with at least 30 days' written notice by either party prior to the end of the then-current term. The agreement does not permit Dodge & Cox to recoup any fees waived or payments made to the Fund for a prior year. For the year ended December 31, 2025, Dodge & Cox reimbursed expenses of $593,853 to Class X.

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

**Note 4: Income Tax Information and Distributions to Shareholders**

A provision for federal income taxes is not required since the Fund intends to 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 primar

Dodge & Cox Global Stock Fund <sup>■</sup> PAGE 12

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Notes to Consolidated Financial Statements

ily due to differing treatments of redemptions in-kind, wash sales, 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** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| Class I |  |  |
| Ordinary income | $265478460 | &nbsp;&nbsp; $200679127 |
| Long-term capital gain | $636402417 | &nbsp;&nbsp; $1036736249 |
| Class X |  |  |
| Ordinary income | $32518749 | &nbsp;&nbsp; $22701142 |
| Long-term capital gain | $74911258 | &nbsp;&nbsp; $111676069 |

---

At December 31, 2025, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $12329350 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 124445310 |
| Net unrealized appreciation | &nbsp;&nbsp; 3324880600 |
| Total distributable earnings | &nbsp;&nbsp; $3461655260 |

---

At December 31, 2025, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | &nbsp;&nbsp; $9238452419 |
| Unrealized appreciation | &nbsp;&nbsp; 3826193666 |
| Unrealized depreciation | &nbsp;&nbsp; (468189296)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 3358004370 |

---

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

**Note 5: Redemptions In-Kind**

During the year ended December 31, 2025, the Fund distributed securities and cash as payment for redemptions of Class I shares. For financial reporting purposes, the Fund realized a net gain of $117,873,925 attributable to the redemptions in-kind. For tax purposes, no capital gain on the redemptions in-kind was recognized.

**Note 6: 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, 2025, the Fund's commitment fee amounted to $50,430 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, 2025, purchases and sales of securities, other than short-term securities, aggregated to $3,059,444,094 and $3,659,732,871, respectively.

**Note 8: New Accounting Guidance**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740) - *Improvements to Income Tax Disclosures*. The amendments in the ASU provide for enhanced disclosures related to income taxes paid, disaggregated by federal, state, local and foreign taxes. The ASU is effective for annual periods beginning after December 15, 2024. The adoption of this ASU did not have a material impact on the financial statements.

**Note 9: Subsequent Events**

Fund management has determined that no material events or transactions occurred subsequent to December 31, 2025, and through the date of the Fund's financial statements issuance, which require disclosure in the Fund's financial statements.

PAGE 13 <sup>■</sup> Dodge & Cox Global Stock Fund

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Consolidated Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Class I** |  |  |  |  |  |
| **Net asset value, beginning of year** | &nbsp;&nbsp;&nbsp;&nbsp; $13.71 | &nbsp;&nbsp;&nbsp;&nbsp; $14.92 | &nbsp;&nbsp;&nbsp;&nbsp; $12.61 | &nbsp;&nbsp;&nbsp;&nbsp; $14.44 | &nbsp;&nbsp;&nbsp;&nbsp; $13.30 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.46 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.69 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.27)<br>|
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.28)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.55)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp;&nbsp; $15.81 | &nbsp;&nbsp;&nbsp;&nbsp; $13.71 | &nbsp;&nbsp;&nbsp;&nbsp; $14.92 | &nbsp;&nbsp;&nbsp;&nbsp; $12.61 | &nbsp;&nbsp;&nbsp;&nbsp; $14.44 |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 25.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.80)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.75<br> %<br>|
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $11208 | &nbsp;&nbsp;&nbsp;&nbsp; $9979 | &nbsp;&nbsp;&nbsp;&nbsp; $10217 | &nbsp;&nbsp;&nbsp;&nbsp; $9681 | &nbsp;&nbsp;&nbsp;&nbsp; $10487 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24<br> %<br>|
| **Class X**<sup>(a)</sup> <br>|  |  |  |  |  |
| **Net asset value, beginning of year** | &nbsp;&nbsp;&nbsp;&nbsp; $13.71 | &nbsp;&nbsp;&nbsp;&nbsp; $14.92 | &nbsp;&nbsp;&nbsp;&nbsp; $12.61 | &nbsp;&nbsp;&nbsp;&nbsp; $13.83 |  |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |  |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>|  |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)<br>|  |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.22)<br>|  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)<br>|  |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.98)<br>|  |
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp;&nbsp; $15.81 | &nbsp;&nbsp;&nbsp;&nbsp; $13.71 | &nbsp;&nbsp;&nbsp;&nbsp; $14.92 | &nbsp;&nbsp;&nbsp;&nbsp; $12.61 |  |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 25.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.58)%<br>|  |
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $1339 | &nbsp;&nbsp;&nbsp;&nbsp; $1064 | &nbsp;&nbsp;&nbsp;&nbsp; $669 | &nbsp;&nbsp;&nbsp;&nbsp; $390 |  |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52 %<sup>(b)</sup><br>|  |
| Ratio of expenses to average net assets, before reimbursement by <br> investment manager<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57 %<sup>(b)</sup><br>|  |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02 %<sup>(b)</sup><br>|  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25<br> %<br>|  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) For 2022, the period covers 5/2/2022 (commencement of operations) to 12/31/2022

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized

See accompanying Notes to Consolidated Financial Statements

Dodge & Cox Global Stock Fund <sup>■</sup> PAGE 14

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Report of Independent Registered Public Accounting Firm

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

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, of Dodge & Cox Global Stock Fund (one of the funds constituting Dodge & Cox Funds, referred to hereafter as the "Fund") as of December 31, 2025, the related consolidated statement of operations for the year ended December 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (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, 2025, 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, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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, 2025 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.

/s/PricewaterhouseCoopers LLP

San Francisco, California

February 19, 2026

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

PAGE 15 <sup>■</sup> Dodge & Cox Global Stock Fund

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Special 2025 Tax Information (unaudited)

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

The Fund designates $745,660,952 as long-term capital gain distributions in 2025.

In 2025, the Fund elected to pass through to shareholders foreign source income of $196,852,283 and foreign taxes paid of $11,911,149.

The Fund designates $255,783,305 of its distributions paid to shareholders in 2025 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 2025 as dividends from domestic corporations eligible for the corporate dividends received deduction, provided that the shareholder otherwise satisfies applicable requirements to claim that deduction.

Dodge & Cox Global Stock Fund <sup>■</sup> PAGE 16

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![](imgf8f39fbc1.gif)

2025

**December 31, 2025**

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**Financial Statements and Other Information**

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International Stock Fund \| Class I (dodfx) \| Class X (doxfx)

**ESTABLISHED 2001**

12/25 ISF AR&nbsp;&nbsp;&nbsp;&nbsp;

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Consolidated Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks: 96.3%** | **Common Stocks: 96.3%** | **Common Stocks: 96.3%** |
|  | **Shares** | **Value** |
| **Communication Services: 5.2%** | **Communication Services: 5.2%** | **Communication Services: 5.2%** |
| Media & Entertainment: 1.5% | Media & Entertainment: 1.5% | Media & Entertainment: 1.5% |
| NetEase, Inc. ADR (China) | 2024726 | &nbsp;&nbsp; $278642792 |
| Tencent Holdings, Ltd. (China) | 8746800 | &nbsp;&nbsp; 670243115 |
|  |  | &nbsp;&nbsp; 948885907 |
| Telecommunication Services: 3.7% | Telecommunication Services: 3.7% | Telecommunication Services: 3.7% |
| Cellnex Telecom SA<sup>(a)(b)</sup> (Spain) | 25525500 | &nbsp;&nbsp; 821067465 |
| Deutsche Telekom AG (Germany) | 24340200 | &nbsp;&nbsp; 789531489 |
| Liberty Global, Ltd., Class A<sup>(c)</sup> <br> (Belgium)<br>| 4326061 | &nbsp;&nbsp; 48192320 |
| Liberty Global, Ltd., Class C<sup>(c)</sup> <br> (Belgium)<br>| 6395068 | &nbsp;&nbsp; 70601551 |
| Millicom International Cellular SA <br> (Guatemala)<br>| 7551010 | &nbsp;&nbsp; 418627994 |
| Sunrise Communications AG, Class A <br> (Switzerland)<br>| 2073133 | &nbsp;&nbsp; 110943970 |
|  |  | &nbsp;&nbsp; 2258964789 |
|  |  | &nbsp;&nbsp; 3207850696 |
| **Consumer Discretionary: 10.1%** | **Consumer Discretionary: 10.1%** | **Consumer Discretionary: 10.1%** |
| Automobiles & Components: 0.7% | Automobiles & Components: 0.7% | Automobiles & Components: 0.7% |
| Stellantis NV (Netherlands) | 37661900 | &nbsp;&nbsp; 415788715 |
| Consumer Discretionary Distribution & Retail: 4.9% | Consumer Discretionary Distribution & Retail: 4.9% | Consumer Discretionary Distribution & Retail: 4.9% |
| Alibaba Group Holding, Ltd. ADR <br> (China)<br>| 7067500 | &nbsp;&nbsp; 1035954150 |
| Coupang, Inc., Class A<sup>(c)</sup> (South <br> Korea)<br>| 33806300 | &nbsp;&nbsp; 797490617 |
| JD.com, Inc. ADR, Class A (China) | 11731048 | &nbsp;&nbsp; 336681078 |
| PDD Holdings, Inc. ADR, Class A<sup>(c)</sup> <br> (China)<br>| 3004100 | &nbsp;&nbsp; 340634899 |
| Prosus NV, Class N (China) | 7992164 | &nbsp;&nbsp; 493625461 |
|  |  | &nbsp;&nbsp; 3004386205 |
| Consumer Durables & Apparel: 1.2% | Consumer Durables & Apparel: 1.2% | Consumer Durables & Apparel: 1.2% |
| adidas AG (Germany) | 1583300 | &nbsp;&nbsp; 311670636 |
| Kering SA (France) | 1202500 | &nbsp;&nbsp; 424316344 |
|  |  | &nbsp;&nbsp; 735986980 |
| Consumer Services: 3.3% | Consumer Services: 3.3% | Consumer Services: 3.3% |
| Booking Holdings, Inc. (United States) | 182800 | &nbsp;&nbsp; 978954324 |
| Entain PLC<sup>(d)</sup> (United Kingdom) | 44909996 | &nbsp;&nbsp; 462450487 |
| Flutter Entertainment PLC<sup>(c)</sup> <br> (United States)<br>| 604478 | &nbsp;&nbsp; 129986949 |
| Ollamani SAB<sup>(c)</sup> (Mexico) | 11595195 | &nbsp;&nbsp; 49581009 |
| Yum China Holdings, Inc. (China) | 8073100 | &nbsp;&nbsp; 385409794 |
|  |  | &nbsp;&nbsp; 2006382563 |
|  |  | &nbsp;&nbsp; 6162544463 |
| **Consumer Staples: 7.4%** | **Consumer Staples: 7.4%** | **Consumer Staples: 7.4%** |
| Consumer Staples Distribution & Retail: 0.8% | Consumer Staples Distribution & Retail: 0.8% | Consumer Staples Distribution & Retail: 0.8% |
| Seven & i Holdings Co., Ltd. (Japan) | 10853700 | &nbsp;&nbsp; 155869084 |
| Wal-Mart de Mexico SAB de CV <br> (Mexico)<br>| 115479700 | &nbsp;&nbsp; 359184673 |
|  |  | &nbsp;&nbsp; 515053757 |
| Food, Beverage & Tobacco: 4.8% | Food, Beverage & Tobacco: 4.8% | Food, Beverage & Tobacco: 4.8% |
| Anheuser-Busch InBev SA/NV <br> (Belgium)<br>| 13439500 | &nbsp;&nbsp; 862283721 |
| Danone SA (France) | 7036200 | &nbsp;&nbsp; 634872230 |
| Diageo PLC (United Kingdom) | 24368300 | &nbsp;&nbsp; 524910289 |
| Imperial Brands PLC (United Kingdom) | 21473497 | &nbsp;&nbsp; 902783973 |
|  |  | &nbsp;&nbsp; 2924850213 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Household & Personal Products: 1.8% | Household & Personal Products: 1.8% | Household & Personal Products: 1.8% |
| Beiersdorf AG (Germany) | 4374500 | &nbsp;&nbsp; $481395506 |
| Reckitt Benckiser Group PLC (United <br> Kingdom)<br>| 7249200 | &nbsp;&nbsp; 586903847 |
|  |  | &nbsp;&nbsp; 1068299353 |
|  |  | &nbsp;&nbsp; 4508203323 |
| **Energy: 5.2%** | **Energy: 5.2%** | **Energy: 5.2%** |
| BP PLC (United Kingdom) | 63195900 | &nbsp;&nbsp; 366851013 |
| Equinor ASA (Norway) | 4354500 | &nbsp;&nbsp; 102947127 |
| Suncor Energy, Inc. (Canada) | 21668754 | &nbsp;&nbsp; 961225927 |
| TC Energy Corp. (Canada) | 8933400 | &nbsp;&nbsp; 491426334 |
| TotalEnergies SE (France) | 19027870 | &nbsp;&nbsp; 1240195993 |
|  |  | &nbsp;&nbsp; 3162646394 |
| **Financials: 25.0%** | **Financials: 25.0%** | **Financials: 25.0%** |
| Banks: 13.6% | Banks: 13.6% | Banks: 13.6% |
| Axis Bank, Ltd. (India) | 66840650 | &nbsp;&nbsp; 945638265 |
| Banco Santander SA (Spain) | 142808516 | &nbsp;&nbsp; 1675835536 |
| Barclays PLC (United Kingdom) | 270051508 | &nbsp;&nbsp; 1714301273 |
| BNP Paribas SA, Class A (France) | 20740092 | &nbsp;&nbsp; 1962543310 |
| Credicorp, Ltd. (Peru) | 2738280 | &nbsp;&nbsp; 785886360 |
| HDFC Bank, Ltd. (India) | 92493800 | &nbsp;&nbsp; 1023813666 |
| IndusInd Bank, Ltd.<sup>(c)</sup> (India) | 17431600 | &nbsp;&nbsp; 167846228 |
|  |  | &nbsp;&nbsp; 8275864638 |
| Financial Services: 4.5% | Financial Services: 4.5% | Financial Services: 4.5% |
| Brookfield Corp. (Canada) | 10520679 | &nbsp;&nbsp; 482793959 |
| Julius Baer Group, Ltd. (Switzerland) | 6581500 | &nbsp;&nbsp; 514532904 |
| UBS Group AG (Switzerland) | 32415142 | &nbsp;&nbsp; 1498456787 |
| XP, Inc., Class A (Brazil) | 16476502 | &nbsp;&nbsp; 269720338 |
|  |  | &nbsp;&nbsp; 2765503988 |
| Insurance: 6.9% | Insurance: 6.9% | Insurance: 6.9% |
| Aegon, Ltd. (Netherlands) | 22081964 | &nbsp;&nbsp; 170418897 |
| AIA Group, Ltd. (Hong Kong) | 79983500 | &nbsp;&nbsp; 821549975 |
| Aon PLC, Class A (United States) | 2053100 | &nbsp;&nbsp; 724497928 |
| Aviva PLC (United Kingdom) | 91642652 | &nbsp;&nbsp; 839039326 |
| Prudential PLC (Hong Kong) | 69388158 | &nbsp;&nbsp; 1070607385 |
| Willis Towers Watson PLC <br> (United States)<br>| 1805600 | &nbsp;&nbsp; 593320160 |
|  |  | &nbsp;&nbsp; 4219433671 |
|  |  | &nbsp;&nbsp; 15260802297 |
| **Health Care: 15.3%** | **Health Care: 15.3%** | **Health Care: 15.3%** |
| Health Care Equipment & Services: 2.3% | Health Care Equipment & Services: 2.3% | Health Care Equipment & Services: 2.3% |
| Fresenius Medical Care AG<sup>(d)</sup> <br> (Germany)<br>| 14034734 | &nbsp;&nbsp; 672403606 |
| Koninklijke Philips NV (Netherlands) | 15529400 | &nbsp;&nbsp; 420302723 |
| Olympus Corp. (Japan) | 21423000 | &nbsp;&nbsp; 272890989 |
|  |  | &nbsp;&nbsp; 1365597318 |
| Pharmaceuticals, Biotechnology & Life Sciences: 13.0% | Pharmaceuticals, Biotechnology & Life Sciences: 13.0% | Pharmaceuticals, Biotechnology & Life Sciences: 13.0% |
| Bayer AG (Germany) | 21789910 | &nbsp;&nbsp; 939955575 |
| BioNTech SE ADR<sup>(c)</sup> (Germany) | 2517713 | &nbsp;&nbsp; 239686278 |
| GSK PLC (United Kingdom) | 74716020 | &nbsp;&nbsp; 1836187331 |
| Haleon PLC (United Kingdom) | 154811204 | &nbsp;&nbsp; 783368060 |
| Novartis AG (Switzerland) | 11751470 | &nbsp;&nbsp; 1623326925 |
| Roche Holding AG (Switzerland) | 3094500 | &nbsp;&nbsp; 1278858022 |
| Sanofi SA (France) | 12779822 | &nbsp;&nbsp; 1239869308 |
|  |  | &nbsp;&nbsp; 7941251499 |
|  |  | &nbsp;&nbsp; 9306848817 |
| **Industrials: 10.4%** | **Industrials: 10.4%** | **Industrials: 10.4%** |
| Capital Goods: 9.1% | Capital Goods: 9.1% | Capital Goods: 9.1% |
| Ashtead Group PLC (United Kingdom) | 13623800 | &nbsp;&nbsp; 929484910 |
| Daikin Industries, Ltd. (Japan) | 3540200 | &nbsp;&nbsp; 454466236 |

---

PAGE 1 <sup>■</sup> Dodge & Cox International Stock FundSee accompanying Notes to Consolidated Financial Statements

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Consolidated Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  | **Shares** | **Value** |
| Johnson Controls International PLC <br> (United States)<br>| 16345201 | &nbsp;&nbsp; $1957337820 |
| Mitsubishi Electric Corp. (Japan) | 24550000 | &nbsp;&nbsp; 720210519 |
| NIDEC Corp. (Japan) | 27185500 | &nbsp;&nbsp; 368147451 |
| Schneider Electric SE (France) | 1890646 | &nbsp;&nbsp; 518228699 |
| Smiths Group PLC<sup>(d)</sup> (United Kingdom) | 19027426 | &nbsp;&nbsp; 599575118 |
|  |  | &nbsp;&nbsp; 5547450753 |
| Transportation: 1.3% | Transportation: 1.3% | Transportation: 1.3% |
| DHL Group (Germany) | 14051200 | &nbsp;&nbsp; 769615473 |
|  |  | &nbsp;&nbsp; 6317066226 |
| **Information Technology: 9.0%** | **Information Technology: 9.0%** | **Information Technology: 9.0%** |
| Semiconductors & Semiconductor Equipment: 5.8% | Semiconductors & Semiconductor Equipment: 5.8% | Semiconductors & Semiconductor Equipment: 5.8% |
| Infineon Technologies AG (Germany) | 22091300 | &nbsp;&nbsp; 978840271 |
| SK hynix, Inc. (South Korea) | 1225100 | &nbsp;&nbsp; 554756393 |
| Taiwan Semiconductor Manufacturing <br> Co., Ltd. (Taiwan)<br>| 41154200 | &nbsp;&nbsp; 2010521671 |
|  |  | &nbsp;&nbsp; 3544118335 |
| Technology, Hardware & Equipment: 3.2% | Technology, Hardware & Equipment: 3.2% | Technology, Hardware & Equipment: 3.2% |
| Brother Industries, Ltd. (Japan) | 7931700 | &nbsp;&nbsp; 158245213 |
| Kyocera Corp. (Japan) | 28338400 | &nbsp;&nbsp; 397816742 |
| Murata Manufacturing Co., Ltd. <br> (Japan)<br>| 21507800 | &nbsp;&nbsp; 446493857 |
| TE Connectivity PLC (Switzerland) | 4056985 | &nbsp;&nbsp; 923004657 |
|  |  | &nbsp;&nbsp; 1925560469 |
|  |  | &nbsp;&nbsp; 5469678804 |
| **Materials: 7.6%** | **Materials: 7.6%** | **Materials: 7.6%** |
| Akzo Nobel NV<sup>(d)</sup> (Netherlands) | 13435060 | &nbsp;&nbsp; 933116569 |
| Amrize, Ltd.<sup>(c)</sup> (United States) | 5176541 | &nbsp;&nbsp; 281991715 |
| Cemex SAB de CV ADR (Mexico) | 70890135 | &nbsp;&nbsp; 814527651 |
| Glencore PLC (Australia) | 150656017 | &nbsp;&nbsp; 819529035 |
| Holcim AG (Switzerland) | 4677041 | &nbsp;&nbsp; 458506041 |
| International Flavors & Fragrances, <br> Inc. (United States)<br>| 7740800 | &nbsp;&nbsp; 521652512 |
| Linde PLC (United States) | 1277735 | &nbsp;&nbsp; 544813427 |
| Mitsubishi Chemical Group Corp. <br> (Japan)<br>| 43225400 | &nbsp;&nbsp; 252463435 |
|  |  | &nbsp;&nbsp; 4626600385 |
| **Real Estate: 1.1%** | **Real Estate: 1.1%** | **Real Estate: 1.1%** |
| Real Estate Management & Development: 1.1% | Real Estate Management & Development: 1.1% | Real Estate Management & Development: 1.1% |
| CK Asset Holdings, Ltd. (Hong Kong) | 47412800 | &nbsp;&nbsp; 238822520 |
| Daito Trust Construction Co., Ltd. <br> (Japan)<br>| 12326000 | &nbsp;&nbsp; 235075455 |
| Hang Lung Group, Ltd.<sup>(d)</sup> (Hong Kong) | 91709300 | &nbsp;&nbsp; 179476233 |
|  |  | &nbsp;&nbsp; 653374208 |
| **Utilities: 0.0%** | **Utilities: 0.0%** | **Utilities: 0.0%** |
| The Kansai Electric Power Co., Inc. <br> (Japan)<br>| 128800 | &nbsp;&nbsp; 2020991 |
| **Total Common Stocks** <br>(Cost $39,446,601,534)<br>|  | &nbsp;&nbsp; **$58677636604** |

---

---

| | | |
|:---|:---|:---|
| **Preferred Stocks: 2.8%** | **Preferred Stocks: 2.8%** | **Preferred Stocks: 2.8%** |
|  | **Shares** | **Value** |
| **Financials: 2.2%** | **Financials: 2.2%** | **Financials: 2.2%** |
| Banks: 2.2% | Banks: 2.2% | Banks: 2.2% |
| Itau Unibanco Holding SA, Pfd (Brazil) | 188445087 | &nbsp;&nbsp; $1350782224 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology: 0.6%** | **Information Technology: 0.6%** | **Information Technology: 0.6%** |
| Technology, Hardware & Equipment: 0.6% | Technology, Hardware & Equipment: 0.6% | Technology, Hardware & Equipment: 0.6% |
| Samsung Electronics Co., Ltd., Pfd <br> (South Korea)<br>| 6479600 | &nbsp;&nbsp; $397643078 |
| **Total Preferred Stocks** <br>(Cost $797,053,892)<br>|  | &nbsp;&nbsp; **$1748425302** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments: 1.7%** | **Short-Term Investments: 1.7%** | **Short-Term Investments: 1.7%** |
|  | **Par Value/** <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 1.0%** | **Repurchase Agreements: 1.0%** | **Repurchase Agreements: 1.0%** |
| Fixed Income Clearing Corp.<sup>(e)</sup> <br>3.78%, dated 12/31/25, due 1/2/26, <br> maturity value $548,115,080<br>| $548000000 | &nbsp;&nbsp; 548000000 |
| Fixed Income Clearing Corp.<sup>(e)</sup> <br>1.35%, dated 12/31/25, due 1/2/26, <br> maturity value $61,820,690<br>| 61816054 | &nbsp;&nbsp; 61816054 |
|  |  | &nbsp;&nbsp; 609816054 |
| **Money Market Fund: 0.7%** | **Money Market Fund: 0.7%** | **Money Market Fund: 0.7%** |
| State Street Institutional <br> U.S. Government Money Market Fund <br> - Premier Class<br>| 414816324 | &nbsp;&nbsp; 414816324 |
| **Total Short-Term Investments** <br>(Cost $1,024,632,378) | **Total Short-Term Investments** <br>(Cost $1,024,632,378) | &nbsp;&nbsp; **$1024632378** |
| **Total Investments In Securities** <br>(Cost $41,268,287,804)<br>| 100.8<br> %<br>| &nbsp;&nbsp; **$61450694284** |
| Other Assets Less Liabilities | (0.8)%<br>| &nbsp;&nbsp; (498771285)<br>|
| **Net Assets** | **100.0%**<br>| &nbsp;&nbsp; **$60951922999** |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> <br>| Security exempt from registration pursuant to Regulation S under the Securities Act of <br> 1933, as amended. Regulation S securities are subject to restrictions on resale in the <br> United States.<br>|
| <sup>(b)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. The <br> security may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers.<br>|
| <sup>(c)</sup> <br>| Non-income producing |
| <sup>(d)</sup> <br>| See below regarding holdings of 5% voting securities |
| <sup>(e)</sup> <br>| Repurchase agreement is collateralized by U.S. Treasury Notes 3.50%-4.75%, <br> 4/30/27-11/15/43. Total collateral value is $622,012,401.<br>|
|  | The Fund usually classifies a company or issuer based on its country of risk, but may <br> designate a different country in certain circumstances.<br>|

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ADR: American Depositary Receipt <br> USD United States Dollar

See accompanying Notes to Consolidated Financial StatementsDodge & Cox International Stock Fund <sup>■</sup> PAGE 2

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Consolidated Portfolio of Investments December 31, 2025

**Currency Forward Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settle Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | &nbsp;&nbsp;&nbsp; **Unrealized Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **CNH: Chinese Yuan Renminbi** | **CNH: Chinese Yuan Renminbi** | **CNH: Chinese Yuan Renminbi** | **CNH: Chinese Yuan Renminbi** | **CNH: Chinese Yuan Renminbi** | **CNH: Chinese Yuan Renminbi** |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 36125945<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 260009623 | &nbsp;&nbsp;&nbsp;&nbsp; $(1168531)<br>|
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 44582401<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 318434254 | &nbsp;&nbsp;&nbsp;&nbsp; (1092211)<br>|
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 44574465<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 318386491 | &nbsp;&nbsp;&nbsp;&nbsp; (1093295)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 36001668<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 259100406 | &nbsp;&nbsp;&nbsp;&nbsp; (1162394)<br>|
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 44483377<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 318434255 | &nbsp;&nbsp;&nbsp;&nbsp; (1191234)<br>|
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 84904555<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 600699726 | &nbsp;&nbsp;&nbsp;&nbsp; (1335657)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 84905603<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 600660442 | &nbsp;&nbsp;&nbsp;&nbsp; (1328969)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 39528515<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 282130821 | &nbsp;&nbsp;&nbsp;&nbsp; (990785)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 84800141<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 599325000 | &nbsp;&nbsp;&nbsp;&nbsp; (1274217)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 39613080<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 282738359 | &nbsp;&nbsp;&nbsp;&nbsp; (993474)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 39539594<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 282130821 | &nbsp;&nbsp;&nbsp;&nbsp; (979706)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 42758232<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 306183149 | &nbsp;&nbsp;&nbsp;&nbsp; (1233690)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 42738106<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 306184340 | &nbsp;&nbsp;&nbsp;&nbsp; (1253987)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 56978574<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 408245787 | &nbsp;&nbsp;&nbsp;&nbsp; (1677550)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 42735720<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 306184340 | &nbsp;&nbsp;&nbsp;&nbsp; (1256373)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 42739299<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 306184340 | &nbsp;&nbsp;&nbsp;&nbsp; (1252794)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 29751423<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 210559749 | &nbsp;&nbsp;&nbsp;&nbsp; (552915)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 86722133<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 612900000 | &nbsp;&nbsp;&nbsp;&nbsp; (1488121)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 29671765<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 210559748 | &nbsp;&nbsp;&nbsp;&nbsp; (632573)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49783939<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 351972448 | &nbsp;&nbsp;&nbsp;&nbsp; (893166)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49779992<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 351919654 | &nbsp;&nbsp;&nbsp;&nbsp; (889512)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49829751<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 351972448 | &nbsp;&nbsp;&nbsp;&nbsp; (847354)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 28547106<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 200637624 | &nbsp;&nbsp;&nbsp;&nbsp; (385750)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 28623631<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 201181188 | &nbsp;&nbsp;&nbsp;&nbsp; (387610)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 28647271<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 201181188 | &nbsp;&nbsp;&nbsp;&nbsp; (363970)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 57520606<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 410208199 | &nbsp;&nbsp;&nbsp;&nbsp; (1633279)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 85187817<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 599671119 | &nbsp;&nbsp;&nbsp;&nbsp; (1319402)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 52359949<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 366268312 | &nbsp;&nbsp;&nbsp;&nbsp; (535679)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 52353592<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 366213375 | &nbsp;&nbsp;&nbsp;&nbsp; (534102)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 52318065<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 366268313 | &nbsp;&nbsp;&nbsp;&nbsp; (577563)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 52208062<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 366250000 | &nbsp;&nbsp;&nbsp;&nbsp; (684921)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49449329<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 347613949 | &nbsp;&nbsp;&nbsp;&nbsp; (770837)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49376189<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 347183733 | &nbsp;&nbsp;&nbsp;&nbsp; (781824)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49410481<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 347083925 | &nbsp;&nbsp;&nbsp;&nbsp; (733112)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49421172<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 347183733 | &nbsp;&nbsp;&nbsp;&nbsp; (736841)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 58161538<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 407066786 | &nbsp;&nbsp;&nbsp;&nbsp; (713140)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 58156552<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 407066786 | &nbsp;&nbsp;&nbsp;&nbsp; (718126)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 58141184<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 407005728 | &nbsp;&nbsp;&nbsp;&nbsp; (724664)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 39437704<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 276119141 | &nbsp;&nbsp;&nbsp;&nbsp; (527402)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49926550<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 349296129 | &nbsp;&nbsp;&nbsp;&nbsp; (630093)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 50073781<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 350175968 | &nbsp;&nbsp;&nbsp;&nbsp; (610209)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 50126257<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 350527903 | &nbsp;&nbsp;&nbsp;&nbsp; (608671)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 41518636<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 290397946 | &nbsp;&nbsp;&nbsp;&nbsp; (543301)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 41525166<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 290397946 | &nbsp;&nbsp;&nbsp;&nbsp; (536770)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 41500254<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 290391801 | &nbsp;&nbsp;&nbsp;&nbsp; (560793)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 41636212<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 291166195 | &nbsp;&nbsp;&nbsp;&nbsp; (536999)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49130079<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 343895813 | &nbsp;&nbsp;&nbsp;&nbsp; (696966)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49024257<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 343057042 | &nbsp;&nbsp;&nbsp;&nbsp; (681259)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49014437<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 343047145 | &nbsp;&nbsp;&nbsp;&nbsp; (689644)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 40190148<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 282335793 | &nbsp;&nbsp;&nbsp;&nbsp; (771247)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 53672028<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 377019163 | &nbsp;&nbsp;&nbsp;&nbsp; (1026070)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 53675867<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 377040762 | &nbsp;&nbsp;&nbsp;&nbsp; (1025364)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 53688311<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 377128174 | &nbsp;&nbsp;&nbsp;&nbsp; (1025602)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 39570901<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 275912065 | &nbsp;&nbsp;&nbsp;&nbsp; (511229)<br>|
| Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 39564659<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 275912065 | &nbsp;&nbsp;&nbsp;&nbsp; (517471)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 39682160<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 276667988 | &nbsp;&nbsp;&nbsp;&nbsp; (509784)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 39566528<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 275984450 | &nbsp;&nbsp;&nbsp;&nbsp; (526117)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 43712861<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 304999931 | &nbsp;&nbsp;&nbsp;&nbsp; (609490)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 43758336<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 304999978 | &nbsp;&nbsp;&nbsp;&nbsp; (564022)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 43739510<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 304999977 | &nbsp;&nbsp;&nbsp;&nbsp; (582848)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 43721325<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 304999961 | &nbsp;&nbsp;&nbsp;&nbsp; (601031)<br>|
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 40726645<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 285119100 | &nbsp;&nbsp;&nbsp;&nbsp; (760021)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 40699444<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 285115883 | &nbsp;&nbsp;&nbsp;&nbsp; (786755)<br>|

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PAGE 3 <sup>■</sup> Dodge & Cox International Stock FundSee accompanying Notes to Consolidated Financial Statements

------

Consolidated Portfolio of Investments December 31, 2025

**Currency Forward Contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settle Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | &nbsp;&nbsp;&nbsp; **Unrealized Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 40720951 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 285115883 | &nbsp;&nbsp;&nbsp;&nbsp; $(765248)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 40723278 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 285115883 | &nbsp;&nbsp;&nbsp;&nbsp; (762921)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 64055705 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 446622000 | &nbsp;&nbsp;&nbsp;&nbsp; (989859)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 64067152 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 446689000 | &nbsp;&nbsp;&nbsp;&nbsp; (988170)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 25333209 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 176689000 | &nbsp;&nbsp;&nbsp;&nbsp; (399594)<br>|
| **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 632000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20099224 | &nbsp;&nbsp;&nbsp;&nbsp; 15032 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20220118 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 632000000 | &nbsp;&nbsp;&nbsp;&nbsp; 105861 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20099224 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 632000000 | &nbsp;&nbsp;&nbsp;&nbsp; (15033)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 632000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20228531 | &nbsp;&nbsp;&nbsp;&nbsp; (114275)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17874242 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 560000000 | &nbsp;&nbsp;&nbsp;&nbsp; 40415 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 560000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17877095 | &nbsp;&nbsp;&nbsp;&nbsp; (43268)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/9/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17662870 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 552000000 | &nbsp;&nbsp;&nbsp;&nbsp; 80172 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/9/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 552000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17664000 | &nbsp;&nbsp;&nbsp;&nbsp; (81302)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 400000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12830794 | &nbsp;&nbsp;&nbsp;&nbsp; (85827)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12832852 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 400000000 | &nbsp;&nbsp;&nbsp;&nbsp; 87885 |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18476695 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 579798681 | &nbsp;&nbsp;&nbsp;&nbsp; 4856 |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9571154 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 298715729 | &nbsp;&nbsp;&nbsp;&nbsp; 54353 |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 565571909 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18121497 | &nbsp;&nbsp;&nbsp;&nbsp; (102910)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 632000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20253813 | &nbsp;&nbsp;&nbsp;&nbsp; (118890)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2240717 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 70000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10583 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9562667 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 300000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4951 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18510171 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 580201319 | &nbsp;&nbsp;&nbsp;&nbsp; 25505 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 565571909 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18098301 | &nbsp;&nbsp;&nbsp;&nbsp; (79714)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 565571911 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18092511 | &nbsp;&nbsp;&nbsp;&nbsp; (73924)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19190175 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 600000000 | &nbsp;&nbsp;&nbsp;&nbsp; 74741 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19198771 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 600000000 | &nbsp;&nbsp;&nbsp;&nbsp; 83338 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9560534 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 300000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2817 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 400000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12816549 | &nbsp;&nbsp;&nbsp;&nbsp; (72927)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 600000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19132653 | &nbsp;&nbsp;&nbsp;&nbsp; (17220)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 520000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 16613419 | &nbsp;&nbsp;&nbsp;&nbsp; (53700)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 16613419 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 520000000 | &nbsp;&nbsp;&nbsp;&nbsp; 53700 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 23235855 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 731000000 | &nbsp;&nbsp;&nbsp;&nbsp; (43288)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18935210 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 600000000 | &nbsp;&nbsp;&nbsp;&nbsp; (172157)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 731000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 23235855 | &nbsp;&nbsp;&nbsp;&nbsp; 43288 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 600000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18937601 | &nbsp;&nbsp;&nbsp;&nbsp; 169767 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18979534 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 600000000 | &nbsp;&nbsp;&nbsp;&nbsp; (123803)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 600000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18989746 | &nbsp;&nbsp;&nbsp;&nbsp; 113592 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18963937 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 600000000 | &nbsp;&nbsp;&nbsp;&nbsp; (137386)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 600000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18962738 | &nbsp;&nbsp;&nbsp;&nbsp; 138584 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 585000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18500949 | &nbsp;&nbsp;&nbsp;&nbsp; 116951 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 341600000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 10812864 | &nbsp;&nbsp;&nbsp;&nbsp; 58716 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 10852575 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 341600000 | &nbsp;&nbsp;&nbsp;&nbsp; (19005)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18500949 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 585000000 | &nbsp;&nbsp;&nbsp;&nbsp; (116951)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 298715729 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9577292 | &nbsp;&nbsp;&nbsp;&nbsp; (80643)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19213413 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 602090729 | &nbsp;&nbsp;&nbsp;&nbsp; 71990 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 560000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17894804 | &nbsp;&nbsp;&nbsp;&nbsp; (91512)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 400000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12838618 | &nbsp;&nbsp;&nbsp;&nbsp; (121981)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21199232 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 656625000 | &nbsp;&nbsp;&nbsp;&nbsp; 324077 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18916635 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 544666667 | &nbsp;&nbsp;&nbsp;&nbsp; 1602190 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18904816 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 544666668 | &nbsp;&nbsp;&nbsp;&nbsp; 1590372 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 552000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17691741 | &nbsp;&nbsp;&nbsp;&nbsp; (144176)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 537333335 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17260949 | &nbsp;&nbsp;&nbsp;&nbsp; (179624)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20114833 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 628990824 | &nbsp;&nbsp;&nbsp;&nbsp; 122753 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 300000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9565411 | &nbsp;&nbsp;&nbsp;&nbsp; (30099)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 520000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 16627230 | &nbsp;&nbsp;&nbsp;&nbsp; (99355)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 731000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 23252855 | &nbsp;&nbsp;&nbsp;&nbsp; (18477)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17230930 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 548667259 | &nbsp;&nbsp;&nbsp;&nbsp; (208116)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20189081 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 628990824 | &nbsp;&nbsp;&nbsp;&nbsp; 197001 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19716960 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 629759702 | &nbsp;&nbsp;&nbsp;&nbsp; (298161)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19684788 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 629854176 | &nbsp;&nbsp;&nbsp;&nbsp; (333335)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 600000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19218449 | &nbsp;&nbsp;&nbsp;&nbsp; (149156)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 600000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19211066 | &nbsp;&nbsp;&nbsp;&nbsp; (141773)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19752327 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 629822685 | &nbsp;&nbsp;&nbsp;&nbsp; (264796)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 14102962 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 399960000 | &nbsp;&nbsp;&nbsp;&nbsp; 1390514 |

---

See accompanying Notes to Consolidated Financial StatementsDodge & Cox International Stock Fund <sup>■</sup> PAGE 4

------

Consolidated Portfolio of Investments December 31, 2025

**Currency Forward Contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settle Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | &nbsp;&nbsp;&nbsp; **Unrealized Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 14296640 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 400020000 | &nbsp;&nbsp;&nbsp;&nbsp; $1582286 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21229879 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 580000290 | &nbsp;&nbsp;&nbsp;&nbsp; 2794977 |
| Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 14089676 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 400020000 | &nbsp;&nbsp;&nbsp;&nbsp; 1375321 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 300000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9563582 | &nbsp;&nbsp;&nbsp;&nbsp; (28292)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20438525 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 657548212 | &nbsp;&nbsp;&nbsp;&nbsp; (462593)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20437255 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 657548246 | &nbsp;&nbsp;&nbsp;&nbsp; (463864)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20423924 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 657548246 | &nbsp;&nbsp;&nbsp;&nbsp; (477194)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20435982 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 657548146 | &nbsp;&nbsp;&nbsp;&nbsp; (465134)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 13603262 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 437072807 | &nbsp;&nbsp;&nbsp;&nbsp; (290664)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20218501 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 628896480 | &nbsp;&nbsp;&nbsp;&nbsp; 226772 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 13481164 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 437072807 | &nbsp;&nbsp;&nbsp;&nbsp; (412762)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 70000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2245821 | &nbsp;&nbsp;&nbsp;&nbsp; (20031)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 10784470 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 337500000 | &nbsp;&nbsp;&nbsp;&nbsp; 52980 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21300047 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 580000290 | &nbsp;&nbsp;&nbsp;&nbsp; 2857774 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 10788952 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 337500000 | &nbsp;&nbsp;&nbsp;&nbsp; 57462 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21398195 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 656625000 | &nbsp;&nbsp;&nbsp;&nbsp; 519484 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21443241 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 657063780 | &nbsp;&nbsp;&nbsp;&nbsp; 548253 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21454511 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 656186220 | &nbsp;&nbsp;&nbsp;&nbsp; 587430 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21327429 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 579999420 | &nbsp;&nbsp;&nbsp;&nbsp; 2883130 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19195977 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 544666666 | &nbsp;&nbsp;&nbsp;&nbsp; 1869494 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19180430 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 544666666 | &nbsp;&nbsp;&nbsp;&nbsp; 1853947 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19149410 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 544666667 | &nbsp;&nbsp;&nbsp;&nbsp; 1822927 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19163559 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 544666666 | &nbsp;&nbsp;&nbsp;&nbsp; 1837075 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21727557 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 605525274 | &nbsp;&nbsp;&nbsp;&nbsp; 2462945 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21667839 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 605616113 | &nbsp;&nbsp;&nbsp;&nbsp; 2400338 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21652346 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 605616113 | &nbsp;&nbsp;&nbsp;&nbsp; 2384844 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21474769 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 580785136 | &nbsp;&nbsp;&nbsp;&nbsp; 2995200 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21236542 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 579863766 | &nbsp;&nbsp;&nbsp;&nbsp; 2786289 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21398009 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 579351098 | &nbsp;&nbsp;&nbsp;&nbsp; 2964069 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20663294 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 569893639 | &nbsp;&nbsp;&nbsp;&nbsp; 2528253 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20769085 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 570319083 | &nbsp;&nbsp;&nbsp;&nbsp; 2620507 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20776290 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 569893639 | &nbsp;&nbsp;&nbsp;&nbsp; 2641250 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20728681 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 569893639 | &nbsp;&nbsp;&nbsp;&nbsp; 2593641 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9758694 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 275000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006725 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9809658 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 275013750 | &nbsp;&nbsp;&nbsp;&nbsp; 1057251 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9776800 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 274972500 | &nbsp;&nbsp;&nbsp;&nbsp; 1025706 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18796567 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 519067207 | &nbsp;&nbsp;&nbsp;&nbsp; 2273395 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18699435 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 518310931 | &nbsp;&nbsp;&nbsp;&nbsp; 2200336 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18737291 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 518310931 | &nbsp;&nbsp;&nbsp;&nbsp; 2238192 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18755597 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 518310931 | &nbsp;&nbsp;&nbsp;&nbsp; 2256499 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18688590 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 552958000 | &nbsp;&nbsp;&nbsp;&nbsp; 1082187 |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21548299 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 597211114 | &nbsp;&nbsp;&nbsp;&nbsp; 2529832 |
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21587521 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 597499402 | &nbsp;&nbsp;&nbsp;&nbsp; 2559873 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21471180 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 597500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2443513 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21545846 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 597789484 | &nbsp;&nbsp;&nbsp;&nbsp; 2508960 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19244227 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 550000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1726430 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12181540 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 350000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033851 |
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19384737 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 549945000 | &nbsp;&nbsp;&nbsp;&nbsp; 1868693 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19344688 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 550027500 | &nbsp;&nbsp;&nbsp;&nbsp; 1820434 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19305307 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 550027500 | &nbsp;&nbsp;&nbsp;&nbsp; 1781053 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19887533 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 580000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1408334 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19966264 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 580000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1487065 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 8/28/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 24368916 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 717542723 | &nbsp;&nbsp;&nbsp;&nbsp; 1496581 |
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 8/28/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 24373049 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 717542572 | &nbsp;&nbsp;&nbsp;&nbsp; 1500719 |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18528215 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 537318228 | &nbsp;&nbsp;&nbsp;&nbsp; 1395240 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18619232 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 537500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1480462 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 600000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19068200 | &nbsp;&nbsp;&nbsp;&nbsp; 63450 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 341600000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 10903844 | &nbsp;&nbsp;&nbsp;&nbsp; (11558)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18601541 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 537863544 | &nbsp;&nbsp;&nbsp;&nbsp; 1451178 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18528215 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 537318228 | &nbsp;&nbsp;&nbsp;&nbsp; 1395240 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 585000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18590905 | &nbsp;&nbsp;&nbsp;&nbsp; 62455 |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19747933 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 566666950 | &nbsp;&nbsp;&nbsp;&nbsp; 1676262 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19723846 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 566666100 | &nbsp;&nbsp;&nbsp;&nbsp; 1652202 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 600000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19032514 | &nbsp;&nbsp;&nbsp;&nbsp; 102188 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 600000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19087612 | &nbsp;&nbsp;&nbsp;&nbsp; 47089 |

---

PAGE 5 <sup>■</sup> Dodge & Cox International Stock FundSee accompanying Notes to Consolidated Financial Statements

------

Consolidated Portfolio of Investments December 31, 2025

**Currency Forward Contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settle Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | &nbsp;&nbsp;&nbsp; **Unrealized Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19578046 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 566666950 | &nbsp;&nbsp;&nbsp;&nbsp; $1506374 |
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 11/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 10014980 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 301000209 | &nbsp;&nbsp;&nbsp;&nbsp; 403563 |
| Unrealized gain on currency forward contracts | Unrealized gain on currency forward contracts | Unrealized gain on currency forward contracts | Unrealized gain on currency forward contracts |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 102371984 |
| Unrealized loss on currency forward contracts | Unrealized loss on currency forward contracts | Unrealized loss on currency forward contracts | Unrealized loss on currency forward contracts |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (62799154)<br>|
| Net unrealized gain on currency forward contracts | Net unrealized gain on currency forward contracts | Net unrealized gain on currency forward contracts |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $39572830 |

---

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

**Holdings of 5% Voting Securities**

Each of the companies listed below was considered to be an affiliate of the Fund because the Fund owned 5% or more of the company's voting securities during all or part of the year ended December 31, 2025. Further details on these holdings and related activity during the year appear below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at** <br>**Beginning of Year**<br>| **Additions** | **Reductions** | **Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation/** <br>**Depreciation**<br>| **Value at** <br>**End of Year**<br>| **Dividend** <br>**Income** <br>**(net of foreign** <br>**taxes, if any)**<br>|
| **Common Stocks 3.6%** |  |  |  |  |  |  |  |
| **Consumer Discretionary 0.8%** |  |  |  |  |  |  |  |
| Entain PLC | $417391431 | $— | $(48407598) | $(36660157) | $130126811 | $462450487 | $11776316 |
| **Health Care 0.0%** |  |  |  |  |  |  |  |
| Fresenius Medical Care AG | 662351779 | 18397900 | (50561712) | (14021205) | 56236844 | —<sup>(a)</sup> <br>| 20747783 |
| **Industrials 1.0%** |  |  |  |  |  |  |  |
| Smiths Group PLC | 432632511 |  | (36842532) | 13435849 | 190349290 | 599575118 | 12391307 |
| **Materials 1.5%** |  |  |  |  |  |  |  |
| Akzo Nobel NV | 806695185 |  |  |  | 126421384 | 933116569 | 25866098 |
| **Real Estate 0.3%** |  |  |  |  |  |  |  |
| Hang Lung Group, Ltd. | 125843400 |  | (3200249) | (5947149) | 62780231 | 179476233 | 10298845 |
|  |  |  |  | $(43192662) | $565914560 | $2174618407 | $81080349 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Company was not an affiliate at period end

See accompanying Notes to Consolidated Financial StatementsDodge & Cox International Stock Fund <sup>■</sup> PAGE 6

------

Consolidated

Statement of Assets and Liabilities

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| **Assets:** | **Assets:** |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $38,263,109,997) | $59276075877 |
| Affiliated issuers (cost $3,005,177,807) | 2174618407 |
|  | 61450694284 |
| Unrealized appreciation on currency forward contracts | 102371984 |
| Cash pledged as collateral for currency forward contracts | 4050000 |
| Cash | 100 |
| Cash denominated in foreign currency (cost $12,468,107) | 12488871 |
| Receivable for investments sold | 80667391 |
| Receivable for Fund shares sold | 47224856 |
| Dividends and interest receivable | 176631119 |
| Expense reimbursement receivable | 787753 |
| Prepaid expenses and other assets | 118875 |
|  | 61875035233 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on currency forward contracts | 62799154 |
| Cash received as collateral for currency forward <br> contracts<br>| 47260000 |
| Payable for Fund shares redeemed | 622791154 |
| Deferred foreign capital gains tax | 158098472 |
| Management fees payable | 30638403 |
| Accrued expenses | 1525051 |
|  | 923112234 |
| **Net Assets** | $60951922999 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $40040173627 |
| Distributable earnings | 20911749372 |
|  | $60951922999 |
| **Class I** | **Class I** |
| Total net assets | $46966410672 |
| Shares outstanding | 2852875197 |
| Net asset value per share | $16.46 |
| **Class X** | **Class X** |
| Total net assets | $13985512327 |
| Shares outstanding | 849465539 |
| Net asset value per share | $16.46 |

---

Consolidated

Statement of Operations

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>|
| **Investment Income:** |  |
| Dividends (net of foreign taxes of $95,279,402) |  |
| Unaffiliated issuers | $1583703635 |
| Affiliated issuers | 81080349 |
| Interest | 56853130 |
|  | 1721637114 |
| **Expenses:** |  |
| Investment advisory fees | 277494501 |
| Administrative services fees |  |
| Class I | 43011230 |
| Class X | 6243835 |
| Custody and fund accounting fees | 4708913 |
| Professional services | 485820 |
| Shareholder reports | 1156356 |
| Registration fees | 477904 |
| Trustees fees | 526032 |
| Miscellaneous | 842989 |
| Total expenses | 334947580 |
| Expenses reimbursed by investment manager | (6281581)<br>|
| Net expenses | 328665999 |
| **Net Investment Income** | 1392971115 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| Investments in securities of unaffiliated issuers (net of <br> foreign capital gains taxes of $1,937,828)<br>| 2879154737 |
| Investments in securities of affiliated issuers | (43192662)<br>|
| Futures contracts | 46381790 |
| Currency forward contracts | 96153678 |
| Foreign currency transactions | (519042)<br>|
| Net change in unrealized appreciation/depreciation |  |
| Investments in securities of unaffiliated issuers (net of <br> change in deferred foreign capital gains tax of <br> $73,733,573)<br>| 13063473527 |
| Investments in securities of affiliated issuers | 565914560 |
| Futures contracts | 35589390 |
| Currency forward contracts | (109278324)<br>|
| Foreign currency translation | 14206000 |
| Net realized and unrealized gain | 16547883654 |
| **Net Change in Net Assets From Operations** | $17940854769 |

---

PAGE 7 <sup>■</sup> Dodge & Cox International Stock FundSee accompanying Notes to Consolidated Financial Statements

------

Consolidated

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $1392971115 | $1241490563 |
| Net realized gain (loss) | 2977978501 | 2074136001 |
| Net change in unrealized <br> appreciation/depreciation<br>| 13569905153 | (1463324959)<br>|
|  | 17940854769 | 1852301605 |
| **Distributions to Shareholders:** |  |  |
| Class I | (2295398505)<br>| (828106912)<br>|
| Class X | (710324229)<br>| (224668757)<br>|
| Total distributions | (3005722734)<br>| (1052775669)<br>|
| **Fund Share Transactions:** |  |  |
| **Class I** |  |  |
| Proceeds from sales of shares | 4678326199 | 4403840197 |
| Reinvestment of distributions | 2045106162 | 737407057 |
| Cost of shares redeemed | (8699688663)<br>| (8790993477)<br>|
| **Class X** |  |  |
| Proceeds from sales of shares | 3584558363 | 4067791017 |
| Reinvestment of distributions | 691238559 | 217155942 |
| Cost of shares redeemed | (3443450678)<br>| (1628877976)<br>|
| Net change from Fund share <br> transactions<br>| (1143910058)<br>| (993677240)<br>|
| Total change in net assets | 13791221977 | (194151304)<br>|
| **Net Assets:** |  |  |
| Beginning of year | 47160701022 | 47354852326 |
| End of year | $60951922999 | $47160701022 |
| **Share Information:**<sup>(a)</sup> <br>|  |  |
| **Class I** |  |  |
| Shares sold | 2214454114 | 345625972 |
| Distributions reinvested | 126088523 | 59217592 |
| Shares redeemed | (235581469)<br>| (684591332)<br>|
| Net change in shares outstanding | 2104961168 | (279747768)<br>|
| **Class X** |  |  |
| Shares sold | 732726948 | 315587856 |
| Distributions reinvested | 42616434 | 17438744 |
| Shares redeemed | (123121716)<br>| (125893144)<br>|
| Net change in shares outstanding | 652221666 | 207133456 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Share amounts have been retroactively adjusted to reflect a 4-for-1 share split effective after the close of U.S. markets on October 24, 2025. See Note 7 for additional information.

See accompanying Notes to Consolidated Financial StatementsDodge & Cox International Stock Fund <sup>■</sup> PAGE 8

------

Notes to Consolidated Financial Statements

**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.

On May 1, 2022, the then-outstanding shares of the Fund were redesignated as Class I Shares, and Class X shares of the Fund were established. The share classes have different eligibility requirements and expense structures due to differing shareholder servicing arrangements. The share classes have the same rights as to redemption, dividends and liquidation proceeds, and voting privileges, except that each class has the exclusive right to vote on matters affecting only its class.

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 a 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.

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 Dodge & Cox. The Board of Trustees has appointed Dodge & Cox, the Fund's investment manager, as its "valuation designee", as permitted

by Rule 2a-5 under the Investment Company Act of 1940, 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.

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.

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 dividend/corporate action 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.

Share class accounting Investment income, realized and unrealized gains and losses and expenses, other than class-specific

PAGE 9 <sup>■</sup> Dodge & Cox International Stock Fund

------

Notes to Consolidated Financial Statements

expenses, are allocated to each share class of the Fund based upon the proportion of net assets of each class.

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 ("EU 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. Expenses incurred related to filing EU reclaims are recorded on the accrual basis in professional services in the Consolidated Statement of Operations. Expenses that are contingent upon successful EU reclaims are recorded in professional services in the Consolidated Statement of Operations once the amount is known.

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 in exchange rate between the trade and settlement dates on securities transactions, the difference in exchange rate 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.

Repurchase agreements Repurchase agreements are transactions under which a Fund purchases a security from a 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. It is the Fund's policy that its regular custodian or third party custodian take possession of the underlying collateral

securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. In the event of default by the counterparty, the Fund has the contractual right to liquidate the collateral securities and to apply the proceeds in satisfaction of the obligation.

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, 2025, the Subsidiary had net assets of $100, which represented less than 0.01% of the Fund's consolidated net assets.

Segment Reporting An operating segment is defined in Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - *Improvements to Reporting Segment Disclosures* as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Chair of the Board of Trustees of the Trust acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole. "Net change in net assets from operations" reported on the Statement of Operations is used by the CODM to assess the single operating segment's performance and to make resource allocation decisions for the single operating segment.

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 below.

<sup>■</sup> Level 1: Unadjusted quoted prices in active markets for identical securities

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

<sup>■</sup> Level 3: Significant unobservable inputs (including Fund management's assumptions in determining the fair value of investments)

Dodge & Cox International Stock Fund <sup>■</sup> PAGE 10

------

Notes to Consolidated Financial Statements

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, 2025:

---

| | | |
|:---|:---|:---|
| **Classification** | **LEVEL 1** <br>**(Quoted Prices)**<br>| **LEVEL 2** <br>**(Other Significant** <br>**Observable Inputs)**<br>|
| **Securities** | **Securities** | **Securities** |
| Common Stocks | Common Stocks | Common Stocks |
| Communication Services | $816064657 | $2391786039 |
| Consumer Discretionary | 4054692820 | 2107851643 |
| Consumer Staples | 359184673 | 4149018650 |
| Energy | 1452652261 | 1709994133 |
| Financials | 2856218745 | 12404583552 |
| Health Care | 239686278 | 9067162539 |
| Industrials | 1957337820 | 4359728406 |
| Information Technology | 923004657 | 4546674147 |
| Materials | 1880993590 | 2745606795 |
| Real Estate |  | 653374208 |
| Utilities |  | 2020991 |
| Preferred Stocks | Preferred Stocks | Preferred Stocks |
| Financials |  | 1350782224 |
| Information Technology |  | 397643078 |
| Short-Term Investments | Short-Term Investments | Short-Term Investments |
| Repurchase Agreements |  | 609816054 |
| Money Market Fund | 414816324 |  |
| Total Securities | $14954651825 | $46496042459 |
| **Other Investments** | **Other Investments** | **Other Investments** |
| Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts |
| Appreciation | $— | $102371984 |
| Depreciation |  | (62799154)<br>|

---

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 the contract is purchased. 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 to secure the Fund's obligation to perform. Initial margin is returned to the Fund when the futures contract is closed. Subsequent payments (referred to as "variation margin") are made to or received from the clearing broker 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.

Investments in futures contracts may include certain risks, which may be different from, and potentially greater than, those of the

underlying securities. To the extent the Fund uses futures, it is exposed to additional volatility and potential losses resulting from leverage.

The Fund used equity index futures contracts to create equity exposure equal to some or all of its non-equity net assets.

Currency forward contracts Currency forward contracts are agreements to purchase or sell a specific currency 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.

The Fund used currency forward contracts to hedge direct and indirect foreign currency exposure.

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.

---

| | |
|:---|:---|
|  | **Foreign** <br>**Exchange** <br>**Derivatives**<br>|
| **Assets** |  |
| Unrealized appreciation on currency forward contracts | &nbsp;&nbsp; $102371984 |
| **Liabilities** |  |
| Unrealized depreciation on currency forward contracts | &nbsp;&nbsp; $62799154 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Equity** <br>**Derivatives**<br>| **Foreign** <br>**Exchange** <br>**Derivatives**<br>| **Total** |
| **Net realized gain (loss)** |  |  |  |
| Futures contracts | &nbsp;&nbsp; $46381790 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 46381790 |
| Currency forward <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 96153678 | &nbsp;&nbsp; 96153678 |
|  | &nbsp;&nbsp; $46381790 | &nbsp;&nbsp; $96153678 | &nbsp;&nbsp; $142535468 |
| **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** |
| Futures contracts | &nbsp;&nbsp; $35589390 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 35589390 |
| Currency forward <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (109278324)<br>| &nbsp;&nbsp; (109278324)<br>|
|  | &nbsp;&nbsp; $35589390 | &nbsp;&nbsp; $(109278324)<br>| &nbsp;&nbsp; $(73688934)<br>|

---

PAGE 11 <sup>■</sup> Dodge & Cox International Stock Fund

------

Notes to Consolidated Financial Statements

The following summarizes the range of volume in the Fund's derivative instruments during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
| **Derivative** |  | **% of Net Assets** |
| Futures contracts | USD notional value | &nbsp;&nbsp; 0-3<br> %<br>|
| Currency forward contracts | USD total value | &nbsp;&nbsp; 6-9<br> %<br>|

---

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, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross** <br>**Amount of** <br>**Recognized** <br>**Assets** <br>| **Gross** <br>**Amount of** <br>**Recognized** <br>**Liabilities**<br>| **Cash** <br>**Collateral** <br>**Pledged /** <br>**(Received)**<sup>(a)</sup> <br>| **Net Amount**<sup>(b)</sup> <br>|
| Bank of America | $7173810 | $(3934912)<br>| $(3238898)<br>| $— |
| Barclays | 2963436 | (4281184)<br>| 990000 | (327748)<br>|
| Citibank | 26631617 | (5818985)<br>| (20650000)<br>| 162632 |
| Goldman Sachs | 1375321 | (517471)<br>| (857850)<br>|  |
| HSBC | 20268798 | (22933099)<br>| 760000 | (1904301)<br>|
| JPMorgan | 8030250 | (5286173)<br>| (2744077)<br>|  |
| Morgan Stanley | 2817 | (2602503)<br>| 2300000 | (299686)<br>|
| Standard Chartered | 3369412 | (1191234)<br>| (2178178)<br>|  |
| State Street | 2147272 | (1790048)<br>| (357224)<br>|  |
| UBS | 30409251 | (14443545)<br>| (15965706)<br>|  |
|  | $102371984 | $(62799154)<br>| $(41941933)<br>| $(2369103)<br>|

---

<sup>(a)</sup> 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. 

<sup>(b)</sup> Represents the net amount receivable from (payable to) the counterparty in the event of a default. 

**Note 3: Related Party Transactions**

The Fund's management fees include an investment advisory fee and an administrative services fee described below.

Investment advisory fee The Fund pays an investment advisory fee, accrued daily and paid monthly, at an annual rate of 0.50% of the Fund's average daily net assets to Dodge & Cox, investment manager of the Fund.

Administrative services fee The Fund pays Dodge & Cox a fee for administrative and shareholder services. The fee is accrued daily and paid monthly equal to an annual rate of the average daily net assets of 0.10% for Class I shares and 0.05% for Class X shares. Under this agreement, Dodge & Cox is responsible for the payment of the Fund's transfer agency fees.

Expense reimbursement Dodge & Cox has contractually agreed, through April 30, 2026, to waive management fees or reimburse the Fund for ordinary expenses to the extent necessary to maintain the net ordinary expense ratio of the Class X shares at an amount 0.10% less than the net ordinary expense ratio of the Class I shares, and additionally to the extent total ordinary expenses of the Fund's Class X shares would otherwise exceed 0.52%. This agreement cannot be terminated prior to April 30, 2026, other than by resolution of the Board of Trustees. For purposes of the foregoing, ordinary expenses shall not include nonrecurring shareholder account fees, fees and expenses associated with Fund shareholder meetings, fees on portfolio transactions such as exchange fees, dividends and interest on short positions, fees and expenses of pooled investment vehicles that are held by the Fund, interest expenses and other fees and expenses related to any borrowings, taxes, brokerage fees and commissions and other costs and expenses relating to the acquisition and disposition of Fund investments, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses or extraordinary expenses not incurred in the ordinary course of the Fund's business, such as litigation expenses. The term of the agreement with respect to the maintenance of the net ordinary expense ratio differential between Class X and Class I shares will automatically renew for subsequent three-year terms unless terminated with at least 30 days' written notice by either party prior to the end of the then-current term. The agreement does not permit Dodge & Cox to recoup any fees waived or payments made to the Fund for a prior year. For the year ended December 31, 2025, Dodge & Cox reimbursed expenses of $6,281,581 to Class X.

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

**Note 4: Income Tax Information and Distributions to Shareholders**

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

Dodge & Cox International Stock Fund <sup>■</sup> PAGE 12

------

Notes to Consolidated Financial Statements

ences are primarily due to differing treatments of wash sales, expenses, 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** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| Class I |  |  |
| Ordinary income | $1146042552 | &nbsp;&nbsp; $828106912 |
| Long-term capital gain | $1149355953 | &nbsp;&nbsp; $— |
| Class X |  |  |
| Ordinary income | $361154240 | &nbsp;&nbsp; $224668757 |
| Long-term capital gain | $349169989 | &nbsp;&nbsp; $— |

---

At December 31, 2025, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $36856596 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 1029825788 |
| Net unrealized appreciation | &nbsp;&nbsp; 19845066988 |
| Total distributable earnings | &nbsp;&nbsp; $20911749372 |

---

At December 31, 2025, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | &nbsp;&nbsp; $41500401590 |
| Unrealized appreciation | &nbsp;&nbsp; 21646443165 |
| Unrealized depreciation | &nbsp;&nbsp; (1656577641)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 19989865524 |

---

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.

For U.S. income tax purposes, EU reclaims received by the Fund reduce the amounts of foreign taxes that the Fund passes through to shareholders. In the event that EU reclaims received by the Fund during the year exceed foreign withholding taxes paid, and the Fund previously passed foreign tax credit on to its shareholders, the Fund will enter into a closing agreement with the Internal Revenue Service (IRS) in order to pay the associated tax liability on behalf of the Fund's shareholders.

**Note 5: Loan Facilities**

Pursuant to an exemptive order issued by the Securities and Exchange Commission (SEC), the Fund may participate in an interfund lending facility (Facility). The Facility allows the Fund to borrow money from or loan money to the Funds. Loans under the Facility are

made for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest on borrowings is the average of the current repurchase agreement rate and the bank loan rate. There was no activity in the Facility during the 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, 2025, the Fund's commitment fee amounted to $229,911 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 6: Purchases and Sales of Investments**

For the year ended December 31, 2025, purchases and sales of securities, other than short-term securities, aggregated to $8,916,924,764 and $10,076,421,472, respectively.

**Note 7: Share Split**

In August 2025, the Board of Trustees approved a 4-for-1 share split of the Fund's outstanding shares. The share split applied to shareholders of record as of the close of U.S. markets on October 24, 2025. The share split increased the number of shares outstanding and decreased the net asset value per share. The share split did not change the total market value of a shareholder's investment. The Consolidated Financial Highlights and Consolidated Statement of Changes in Net Assets have been retroactively adjusted to reflect the share split for the year ended December 31, 2025 and all prior periods presented.

**Note 8: New Accounting Guidance**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740) - *Improvements to Income Tax Disclosures*. The amendments in the ASU provide for enhanced disclosures related to income taxes paid, disaggregated by federal, state, local and foreign taxes. The ASU is effective for annual periods beginning after December 15, 2024. The adoption of this ASU did not have a material impact on the financial statements.

**Note 9: Subsequent Events**

Fund management has determined that no material events or transactions occurred subsequent to December 31, 2025, and through the date of the Fund's financial statements issuance, which require disclosure in the Fund's financial statements.

PAGE 13 <sup>■</sup> Dodge & Cox International Stock Fund

------

Consolidated Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025**<sup>(a)</sup> <br>| **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Class I** |  |  |  |  |  |
| **Net asset value, beginning of year** | &nbsp;&nbsp;&nbsp;&nbsp; $12.48 | &nbsp;&nbsp;&nbsp;&nbsp; $12.29 | &nbsp;&nbsp;&nbsp;&nbsp; $10.78 | &nbsp;&nbsp;&nbsp;&nbsp; $11.82 | &nbsp;&nbsp;&nbsp;&nbsp; $10.93 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp; 0.26 <br><sup>(b)</sup><br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>|
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp;&nbsp; $16.46 | &nbsp;&nbsp;&nbsp;&nbsp; $12.48 | &nbsp;&nbsp;&nbsp;&nbsp; $12.29 | &nbsp;&nbsp;&nbsp;&nbsp; $10.78 | &nbsp;&nbsp;&nbsp;&nbsp; $11.82 |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 38.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.02<br> %<br>|
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $46966 | &nbsp;&nbsp;&nbsp;&nbsp; $37319 | &nbsp;&nbsp;&nbsp;&nbsp; $40204 | &nbsp;&nbsp;&nbsp;&nbsp; $37508 | &nbsp;&nbsp;&nbsp;&nbsp; $44085 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 2.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.15 %<sup>(b)</sup><br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| **Class X**<sup>(c)</sup> <br>|  |  |  |  |  |
| **Net asset value, beginning of year** | &nbsp;&nbsp;&nbsp;&nbsp; $12.48 | &nbsp;&nbsp;&nbsp;&nbsp; $12.29 | &nbsp;&nbsp;&nbsp;&nbsp; $10.78 | &nbsp;&nbsp;&nbsp;&nbsp; $11.15 |  |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |  |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>|  |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>|  |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.25)<br>|  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |  |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.25)<br>|  |
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp;&nbsp; $16.46 | &nbsp;&nbsp;&nbsp;&nbsp; $12.48 | &nbsp;&nbsp;&nbsp;&nbsp; $12.29 | &nbsp;&nbsp;&nbsp;&nbsp; $10.78 |  |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 38.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.07)%<br>|  |
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $13986 | &nbsp;&nbsp;&nbsp;&nbsp; $9842 | &nbsp;&nbsp;&nbsp;&nbsp; $7151 | &nbsp;&nbsp;&nbsp;&nbsp; $3769 |  |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52 %<sup>(d)</sup><br>|  |
| Ratio of expenses to average net assets, before reimbursement by <br> investment manager<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57 %<sup>(d)</sup><br>|  |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66 %<sup>(d)</sup><br>|  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per-share amounts have been retroactively adjusted to reflect a 4-for-1 share split
 effective after the close of U.S. markets on October 24, 2025. See Note 7 for additional
 information.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per share includes significant amounts received for EU reclaims
 related to prior years, which amounted to approximately $0.13 per share. Excluding
 such amounts, the ratio of net investment income to average net assets would have been
 1.87%.

&nbsp;&nbsp;&nbsp;&nbsp;(c) For 2022, the period covers 5/2/2022 (commencement of operations) to 12/31/2022

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized

See accompanying Notes to Consolidated Financial Statements

Dodge & Cox International Stock Fund <sup>■</sup> PAGE 14

------

Report of Independent Registered Public Accounting Firm

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

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, of Dodge & Cox International Stock Fund (one of the funds constituting Dodge & Cox Funds, referred to hereafter as the "Fund") as of December 31, 2025, the related consolidated statement of operations for the year ended December 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (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, 2025, 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, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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, 2025 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.

/s/PricewaterhouseCoopers LLP

San Francisco, California

February 19, 2026

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

PAGE 15 <sup>■</sup> Dodge & Cox International Stock Fund

------

Special 2025 Tax Information (unaudited)

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

The Fund designates $1,610,241,014 as long-term capital gain distributions in 2025.

In 2025, the Fund elected to pass through to shareholders foreign source income of $1,733,543,771 and foreign taxes paid of $97,217,230.

The Fund designates up to a maximum of $1,594,955,679 of its distributions paid to shareholders in 2025 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 2% of its ordinary dividends paid to shareholders in 2025 as dividends from domestic corporations eligible for the corporate dividends received deduction, provided that the shareholder otherwise satisfies applicable requirements to claim that deduction.

Dodge & Cox International Stock Fund <sup>■</sup> PAGE 16

------

![](imge0c1d95c1.gif)

2025

**December 31, 2025**

------

**Financial Statements and Other Information**

------

Emerging Markets Stock Fund (dodex)

**ESTABLISHED 2021**

12/25 EM AR&nbsp;&nbsp;&nbsp;&nbsp;

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks: 91.3%** | **Common Stocks: 91.3%** | **Common Stocks: 91.3%** |
|  | **Shares** | **Value** |
| **Communication Services: 7.5%** | **Communication Services: 7.5%** | **Communication Services: 7.5%** |
| Media & Entertainment: 4.9% | Media & Entertainment: 4.9% | Media & Entertainment: 4.9% |
| 37 Interactive Entertainment Network <br> Technology Group Co., Ltd., Class A <br> (China)<br>| 705400 | &nbsp;&nbsp; $2379278 |
| Baidu, Inc. ADR, Class A<sup>(a)</sup> (China) | 15744 | &nbsp;&nbsp; 2057111 |
| IGG, Inc. (Singapore) | 2753600 | &nbsp;&nbsp; 1344543 |
| JOYY, Inc. ADR, Class A (China) | 47206 | &nbsp;&nbsp; 3057061 |
| Megacable Holdings SAB de CV <br> (Mexico)<br>| 476517 | &nbsp;&nbsp; 1371533 |
| NetEase, Inc. ADR (China) | 43550 | &nbsp;&nbsp; 5993351 |
| Sun TV Network, Ltd. (India) | 263234 | &nbsp;&nbsp; 1716029 |
| Tencent Holdings, Ltd. (China) | 315400 | &nbsp;&nbsp; 24168230 |
| Zhihu, Inc. ADR<sup>(a)</sup> (China) | 304430 | &nbsp;&nbsp; 998530 |
|  |  | &nbsp;&nbsp; 43085666 |
| Telecommunication Services: 2.6% | Telecommunication Services: 2.6% | Telecommunication Services: 2.6% |
| America Movil SAB de CV, Series B <br> (Mexico)<br>| 1207600 | &nbsp;&nbsp; 1246663 |
| Millicom International Cellular SA <br> (Guatemala)<br>| 261279 | &nbsp;&nbsp; 14485308 |
| PT Telkom Indonesia Persero Tbk, <br> Class B (Indonesia)<br>| 11316000 | &nbsp;&nbsp; 2353594 |
| Safaricom PLC (Kenya) | 10050300 | &nbsp;&nbsp; 2220662 |
| Singapore Telecommunications, Ltd. <br> (Singapore)<br>| 725000 | &nbsp;&nbsp; 2568708 |
| Sitios Latinoamerica SAB de CV<sup>(a)</sup> <br> (Brazil)<br>| 2118402 | &nbsp;&nbsp; 685841 |
|  |  | &nbsp;&nbsp; 23560776 |
|  |  | &nbsp;&nbsp; 66646442 |
| **Consumer Discretionary: 14.5%** | **Consumer Discretionary: 14.5%** | **Consumer Discretionary: 14.5%** |
| Automobiles & Components: 1.5% | Automobiles & Components: 1.5% | Automobiles & Components: 1.5% |
| BYD Co., Ltd., Class H (China) | 468400 | &nbsp;&nbsp; 5703693 |
| Fuyao Glass Industry Group Co., Ltd., <br> Class H<sup>(b)(c)</sup> (China)<br>| 185929 | &nbsp;&nbsp; 1603169 |
| Hankook Tire & Technology Co., Ltd. <br> (South Korea)<br>| 46800 | &nbsp;&nbsp; 1888686 |
| Hyundai Mobis Co., Ltd. (South Korea) | 9000 | &nbsp;&nbsp; 2331968 |
| Kia Corp. (South Korea) | 13535 | &nbsp;&nbsp; 1140142 |
| Yadea Group Holdings, Ltd.<sup>(b)(c)</sup> <br> (China)<br>| 696000 | &nbsp;&nbsp; 1015538 |
|  |  | &nbsp;&nbsp; 13683196 |
| Consumer Discretionary Distribution & Retail: 9.2% | Consumer Discretionary Distribution & Retail: 9.2% | Consumer Discretionary Distribution & Retail: 9.2% |
| Alibaba Group Holding, Ltd. ADR <br> (China)<br>| 197641 | &nbsp;&nbsp; 28970218 |
| China Tourism Group Duty Free Corp., <br> Ltd., Class A (China)<br>| 136750 | &nbsp;&nbsp; 1850404 |
| China Yongda Automobiles Services <br> Holdings, Ltd. (China)<br>| 7572200 | &nbsp;&nbsp; 1705295 |
| Com7 PCL NVDR (Thailand) | 1952400 | &nbsp;&nbsp; 1210911 |
| Coupang, Inc., Class A<sup>(a)</sup> (South <br> Korea)<br>| 629800 | &nbsp;&nbsp; 14856982 |
| Cuckoo Homesys Co., Ltd. (South <br> Korea)<br>| 47934 | &nbsp;&nbsp; 800039 |
| JD.com, Inc., Class A (China) | 491921 | &nbsp;&nbsp; 7056862 |
| MercadoLibre, Inc.<sup>(a)</sup> (Brazil) | 1373 | &nbsp;&nbsp; 2765579 |
| Motus Holdings, Ltd. (South Africa) | 259999 | &nbsp;&nbsp; 1914868 |
| PDD Holdings, Inc. ADR, Class A<sup>(a)</sup> <br> (China)<br>| 84500 | &nbsp;&nbsp; 9581455 |
| Prosus NV, Class N (China) | 60400 | &nbsp;&nbsp; 3730526 |
| PT Mitra Adiperkasa Tbk (Indonesia) | 28158500 | &nbsp;&nbsp; 1967150 |
| Vibra Energia SA (Brazil) | 180405 | &nbsp;&nbsp; 848386 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Vipshop Holdings, Ltd. ADR (China) | 117597 | &nbsp;&nbsp; $2080291 |
| Zhongsheng Group Holdings, Ltd. <br> (China)<br>| 987300 | &nbsp;&nbsp; 1468481 |
|  |  | &nbsp;&nbsp; 80807447 |
| Consumer Durables & Apparel: 1.1% | Consumer Durables & Apparel: 1.1% | Consumer Durables & Apparel: 1.1% |
| ANTA Sports Products, Ltd. (China) | 51200 | &nbsp;&nbsp; 528875 |
| Haier Smart Home Co., Ltd., Class H <br> (China)<br>| 452000 | &nbsp;&nbsp; 1404669 |
| Hangzhou GreatStar Industrial Co., <br> Ltd., Class A (China)<br>| 272974 | &nbsp;&nbsp; 1331409 |
| Man Wah Holdings, Ltd. (Hong Kong) | 2184800 | &nbsp;&nbsp; 1281223 |
| Midea Group Co., Ltd., Class A <br> (China)<br>| 157671 | &nbsp;&nbsp; 1765826 |
| Pou Chen Corp. (Taiwan) | 2104143 | &nbsp;&nbsp; 2013565 |
| Shenzhou International Group <br> Holdings, Ltd. (China)<br>| 175900 | &nbsp;&nbsp; 1374614 |
|  |  | &nbsp;&nbsp; 9700181 |
| Consumer Services: 2.7% | Consumer Services: 2.7% | Consumer Services: 2.7% |
| Afya, Ltd., Class A (Brazil) | 32980 | &nbsp;&nbsp; 508222 |
| Arcos Dorados Holdings, Inc., Class A <br> (Brazil)<br>| 108966 | &nbsp;&nbsp; 799810 |
| Atour Lifestyle Holdings, Ltd. ADR <br> (China)<br>| 26940 | &nbsp;&nbsp; 1061436 |
| DigiPlus Interactive Corp. (Philippines) | 5401740 | &nbsp;&nbsp; 1487430 |
| H World Group, Ltd. (China) | 248840 | &nbsp;&nbsp; 1175481 |
| Humansoft Holding Co. KSC (Kuwait) | 118197 | &nbsp;&nbsp; 1008262 |
| Las Vegas Sands Corp. <br> (United States)<br>| 26786 | &nbsp;&nbsp; 1743501 |
| Laureate Education, Inc.<sup>(a)</sup> <br> (United States)<br>| 14700 | &nbsp;&nbsp; 494949 |
| Leejam Sports Co. JSC (Saudi Arabia) | 25808 | &nbsp;&nbsp; 684057 |
| New Oriental Education & Technology <br> Group, Inc. (China)<br>| 220000 | &nbsp;&nbsp; 1210294 |
| Ollamani SAB<sup>(a)</sup> (Mexico) | 705556 | &nbsp;&nbsp; 3016955 |
| Sands China, Ltd. (Macau) | 557443 | &nbsp;&nbsp; 1404863 |
| Ser Educacional SA<sup>(b)(c)</sup> (Brazil) | 384100 | &nbsp;&nbsp; 681165 |
| Trip.com Group, Ltd. ADR (China) | 18250 | &nbsp;&nbsp; 1312357 |
| Yum China Holdings, Inc. (China) | 149470 | &nbsp;&nbsp; 7135698 |
|  |  | &nbsp;&nbsp; 23724480 |
|  |  | &nbsp;&nbsp; 127915304 |
| **Consumer Staples: 5.3%** | **Consumer Staples: 5.3%** | **Consumer Staples: 5.3%** |
| Consumer Staples Distribution & Retail: 1.3% | Consumer Staples Distribution & Retail: 1.3% | Consumer Staples Distribution & Retail: 1.3% |
| BIM Birlesik Magazalar AS (Turkey) | 79434 | &nbsp;&nbsp; 994722 |
| Jeronimo Martins SGPS SA (Portugal) | 27000 | &nbsp;&nbsp; 643150 |
| Migros Ticaret AS (Turkey) | 27195 | &nbsp;&nbsp; 331252 |
| PriceSmart, Inc. (United States) | 5863 | &nbsp;&nbsp; 719214 |
| Wal-Mart de Mexico SAB de CV <br> (Mexico)<br>| 3018557 | &nbsp;&nbsp; 9388831 |
|  |  | &nbsp;&nbsp; 12077169 |
| Food, Beverage & Tobacco: 3.8% | Food, Beverage & Tobacco: 3.8% | Food, Beverage & Tobacco: 3.8% |
| Ambev SA (Brazil) | 6732000 | &nbsp;&nbsp; 16947932 |
| Anadolu Efes Biracilik Ve Malt (Turkey) | 1620220 | &nbsp;&nbsp; 594106 |
| Arca Continental SAB de CV (Mexico) | 32499 | &nbsp;&nbsp; 351023 |
| Bombay Burmah Trading Co. (India) | 48500 | &nbsp;&nbsp; 1016871 |
| Century Pacific Food, Inc. (Philippines) | 3051243 | &nbsp;&nbsp; 2017012 |
| China Feihe, Ltd.<sup>(b)(c)</sup> (China) | 1456557 | &nbsp;&nbsp; 758527 |
| Coca-Cola HBC AG (Italy) | 25480 | &nbsp;&nbsp; 1319525 |
| Eastern Co. SAE (Egypt) | 459261 | &nbsp;&nbsp; 357212 |
| Fomento Economico Mexicano SAB <br> de CV (Mexico)<br>| 42002 | &nbsp;&nbsp; 424580 |
| GFPT PCL NVDR (Thailand) | 3455629 | &nbsp;&nbsp; 1158724 |

---

PAGE 1 <sup>■</sup> Dodge & Cox Emerging Markets Stock FundSee accompanying Notes to Financial Statements

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  | **Shares** | **Value** |
| JBS NV, Class A<sup>(a)</sup> (Brazil) | 15250 | &nbsp;&nbsp; $219905 |
| Kweichow Moutai Co., Ltd., Class A <br> (China)<br>| 2062 | &nbsp;&nbsp; 406800 |
| PT Indofood CBP Sukses Makmur Tbk <br> (Indonesia)<br>| 4405214 | &nbsp;&nbsp; 2166172 |
| Sanquan Food Co., Ltd., Class A <br> (China)<br>| 406305 | &nbsp;&nbsp; 657226 |
| Saudia Dairy & Foodstuff Co. (Saudi <br> Arabia)<br>| 8483 | &nbsp;&nbsp; 558618 |
| Thai Union Group PCL NVDR <br> (Thailand)<br>| 5538500 | &nbsp;&nbsp; 2250111 |
| Tingyi (Cayman Islands) Holding Corp. <br> (China)<br>| 464000 | &nbsp;&nbsp; 702263 |
| Ulker Biskuvi Sanayi AS (Turkey) | 345004 | &nbsp;&nbsp; 869731 |
| Vietnam Dairy Products JSC (Vietnam) | 224700 | &nbsp;&nbsp; 522876 |
|  |  | &nbsp;&nbsp; 33299214 |
| Household & Personal Products: 0.2% | Household & Personal Products: 0.2% | Household & Personal Products: 0.2% |
| Grape King Bio, Ltd. (Taiwan) | 371714 | &nbsp;&nbsp; 1494634 |
|  |  | &nbsp;&nbsp; 46871017 |
| **Energy: 5.3%** | **Energy: 5.3%** | **Energy: 5.3%** |
| ADNOC Logistics & Services PLC <br> (United Arab Emirates)<br>| 632159 | &nbsp;&nbsp; 1019000 |
| China Suntien Green Energy Corp., <br> Ltd., Class H (China)<br>| 2395000 | &nbsp;&nbsp; 1212471 |
| Geopark, Ltd. (Colombia) | 90559 | &nbsp;&nbsp; 671042 |
| LUKOIL PJSC<sup>(a)(d)</sup> (Russia) | 7143 | &nbsp;&nbsp; 1 |
| NAC Kazatomprom JSC GDR<sup>(b)</sup> <br> (Kazakhstan)<br>| 41050 | &nbsp;&nbsp; 2280695 |
| National Energy Services Reunited <br> Corp.<sup>(a)</sup> (United States)<br>| 1849230 | &nbsp;&nbsp; 28958942 |
| Novatek PJSC<sup>(a)(d)</sup> (Russia) | 30294 | &nbsp;&nbsp; 4 |
| Parex Resources, Inc. (Canada) | 51500 | &nbsp;&nbsp; 692270 |
| Petroleo Brasileiro SA - Petrobras <br> (Brazil)<br>| 1450743 | &nbsp;&nbsp; 8632260 |
| Petroreconcavo SA (Brazil) | 149300 | &nbsp;&nbsp; 307509 |
| PRIO SA<sup>(a)</sup> (Brazil) | 118400 | &nbsp;&nbsp; 891043 |
| PT Medco Energi Internasional Tbk <br> (Indonesia)<br>| 22890900 | &nbsp;&nbsp; 1846193 |
|  |  | &nbsp;&nbsp; 46511430 |
| **Financials: 21.3%** | **Financials: 21.3%** | **Financials: 21.3%** |
| Banks: 12.2% | Banks: 12.2% | Banks: 12.2% |
| Akbank TAS (Turkey) | 717100 | &nbsp;&nbsp; 1168765 |
| Asia Commercial Bank JSC (Vietnam) | 963687 | &nbsp;&nbsp; 879410 |
| Axis Bank, Ltd. (India) | 862956 | &nbsp;&nbsp; 12208801 |
| Banca Transilvania SA (Romania) | 129295 | &nbsp;&nbsp; 900726 |
| Bangkok Bank PCL NVDR (Thailand) | 273600 | &nbsp;&nbsp; 1469219 |
| BDO Unibank, Inc. (Philippines) | 627349 | &nbsp;&nbsp; 1430314 |
| China Merchants Bank Co., Ltd., <br> Class H (China)<br>| 150800 | &nbsp;&nbsp; 1019817 |
| Commercial International Bank Egypt <br> (CIB) (Egypt)<br>| 453291 | &nbsp;&nbsp; 978804 |
| Credicorp, Ltd. (Peru) | 66403 | &nbsp;&nbsp; 19057661 |
| Equity Group Holdings PLC (Kenya) | 3448729 | &nbsp;&nbsp; 1778255 |
| Grupo Cibest SA ADR (Colombia) | 11546 | &nbsp;&nbsp; 734441 |
| Grupo Financiero Banorte SAB de CV, <br> Class O (Mexico)<br>| 50343 | &nbsp;&nbsp; 466429 |
| HDFC Bank, Ltd. (India) | 1729600 | &nbsp;&nbsp; 19144939 |
| Hong Leong Financial Group BHD <br> (Malaysia)<br>| 287300 | &nbsp;&nbsp; 1347610 |
| ICICI Bank, Ltd. (India) | 57556 | &nbsp;&nbsp; 859348 |
| IndusInd Bank, Ltd.<sup>(a)</sup> (India) | 800793 | &nbsp;&nbsp; 7710714 |
| Intercorp Financial Services, Inc. <br> (Peru)<br>| 16548 | &nbsp;&nbsp; 700973 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| JB Financial Group Co., Ltd. (South <br> Korea)<br>| 89686 | &nbsp;&nbsp; $1593069 |
| Kasikornbank PCL NVDR (Thailand) | 416843 | &nbsp;&nbsp; 2573362 |
| KB Financial Group, Inc. (South Korea) | 17009 | &nbsp;&nbsp; 1470395 |
| Metropolitan Bank & Trust Co. <br> (Philippines)<br>| 1143550 | &nbsp;&nbsp; 1331477 |
| Military Commercial Joint Stock Bank <br> (Vietnam)<br>| 1730101 | &nbsp;&nbsp; 1664318 |
| OTP Bank Nyrt. (Hungary) | 14910 | &nbsp;&nbsp; 1597547 |
| PT Bank Mandiri Persero Tbk <br> (Indonesia)<br>| 5250000 | &nbsp;&nbsp; 1605496 |
| PT Bank Negara Indonesia Persero <br> Tbk, Class B (Indonesia)<br>| 6145200 | &nbsp;&nbsp; 1610267 |
| PT Bank Rakyat Indonesia Persero <br> Tbk, Class B (Indonesia)<br>| 9723613 | &nbsp;&nbsp; 2134008 |
| Saudi Awwal Bank (Saudi Arabia) | 99302 | &nbsp;&nbsp; 856330 |
| Shinhan Financial Group Co., Ltd. <br> (South Korea)<br>| 169117 | &nbsp;&nbsp; 9024899 |
| The Commercial Bank PSQC (Qatar) | 463900 | &nbsp;&nbsp; 535128 |
| The Saudi National Bank (Saudi <br> Arabia)<br>| 37300 | &nbsp;&nbsp; 376605 |
| Vietnam Technological & Commercial <br> Joint Stock Bank (Vietnam)<br>| 7018200 | &nbsp;&nbsp; 9303523 |
|  |  | &nbsp;&nbsp; 107532650 |
| Financial Services: 4.6% | Financial Services: 4.6% | Financial Services: 4.6% |
| AEON Credit Service (M) BHD <br> (Malaysia)<br>| 1088200 | &nbsp;&nbsp; 1538113 |
| Banco Latinoamericano de Comercio <br> Exterior SA, Class E (Panama)<br>| 10000 | &nbsp;&nbsp; 446000 |
| Chailease Holding Co., Ltd. (Taiwan) | 977102 | &nbsp;&nbsp; 3280780 |
| Dlocal, Ltd., Class A (Uruguay) | 34500 | &nbsp;&nbsp; 487830 |
| Fawry for Banking & Payment <br> Technology Services SAE<sup>(a)</sup> (Egypt)<br>| 1554200 | &nbsp;&nbsp; 525235 |
| FirstRand, Ltd. (South Africa) | 519007 | &nbsp;&nbsp; 2839102 |
| Grupo de Inversiones Suramericana <br> SA (Colombia)<br>| 24109 | &nbsp;&nbsp; 343693 |
| Kaspi.KZ JSC ADR<sup>(a)</sup> (Kazakhstan) | 176239 | &nbsp;&nbsp; 13769553 |
| KIWOOM Securities Co., Ltd. (South <br> Korea)<br>| 11000 | &nbsp;&nbsp; 2184418 |
| KRUK SA (Poland) | 7600 | &nbsp;&nbsp; 1042821 |
| Patria Investments, Ltd., Class A <br> (Cayman Islands)<br>| 19400 | &nbsp;&nbsp; 308266 |
| Samsung Card Co., Ltd. (South Korea) | 26200 | &nbsp;&nbsp; 1018294 |
| Shriram Finance, Ltd. (India) | 123700 | &nbsp;&nbsp; 1371977 |
| XP, Inc., Class A (Brazil) | 724696 | &nbsp;&nbsp; 11863274 |
|  |  | &nbsp;&nbsp; 41019356 |
| Insurance: 4.5% | Insurance: 4.5% | Insurance: 4.5% |
| AIA Group, Ltd. (Hong Kong) | 1594600 | &nbsp;&nbsp; 16378923 |
| BB Seguridade Participacoes SA <br> (Brazil)<br>| 54400 | &nbsp;&nbsp; 358480 |
| China Pacific Insurance Group Co., <br> Ltd., Class H (China)<br>| 278800 | &nbsp;&nbsp; 1255655 |
| Korean Reinsurance Co. (South Korea) | 154724 | &nbsp;&nbsp; 1237504 |
| Old Mutual, Ltd. (South Africa) | 1215078 | &nbsp;&nbsp; 1093429 |
| Ping An Insurance Group Co. of <br> China, Ltd., Class H (China)<br>| 137657 | &nbsp;&nbsp; 1157948 |
| Prudential PLC (Hong Kong) | 970040 | &nbsp;&nbsp; 14966992 |
| Samsung Fire & Marine Insurance Co., <br> Ltd. (South Korea)<br>| 3053 | &nbsp;&nbsp; 1052296 |
| Sanlam, Ltd. (South Africa) | 337718 | &nbsp;&nbsp; 2005095 |
|  |  | &nbsp;&nbsp; 39506322 |
|  |  | &nbsp;&nbsp; 188058328 |

---

See accompanying Notes to Financial StatementsDodge & Cox Emerging Markets Stock Fund <sup>■</sup> PAGE 2

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  | **Shares** | **Value** |
| **Health Care: 3.4%** | **Health Care: 3.4%** | **Health Care: 3.4%** |
| Health Care Equipment & Services: 2.1% | Health Care Equipment & Services: 2.1% | Health Care Equipment & Services: 2.1% |
| China Isotope & Radiation Corp., <br> Class H (China)<br>| 844800 | &nbsp;&nbsp; $2184439 |
| Narayana Hrudayalaya, Ltd.<sup>(b)</sup> (India) | 121200 | &nbsp;&nbsp; 2548778 |
| Shandong Pharmaceutical Glass Co., <br> Ltd., Class A (China)<br>| 496130 | &nbsp;&nbsp; 1417480 |
| Shandong Weigao Group Medical <br> Polymer Co., Ltd., Class H (China)<br>| 3630800 | &nbsp;&nbsp; 2335431 |
| Sinocare, Inc., Class A (China) | 595757 | &nbsp;&nbsp; 1461280 |
| Sinopharm Group Co., Ltd., Class H <br> (China)<br>| 1276414 | &nbsp;&nbsp; 3177907 |
| Sonoscape Medical Corp., Class A <br> (China)<br>| 848700 | &nbsp;&nbsp; 3209482 |
| Tofflon Science & Technology Group <br> Co., Ltd., Class A (China)<br>| 722060 | &nbsp;&nbsp; 1622312 |
|  |  | &nbsp;&nbsp; 17957109 |
| Pharmaceuticals, Biotechnology & Life Sciences: 1.3% | Pharmaceuticals, Biotechnology & Life Sciences: 1.3% | Pharmaceuticals, Biotechnology & Life Sciences: 1.3% |
| Beijing Tong Ren Tang Chinese <br> Medicine Co., Ltd. (China)<br>| 1407700 | &nbsp;&nbsp; 1526851 |
| China Medical System Holdings, Ltd. <br> (China)<br>| 2338000 | &nbsp;&nbsp; 3868618 |
| Dr Reddy's Laboratories, Ltd. (India) | 181560 | &nbsp;&nbsp; 2567664 |
| Imeik Technology Development Co., <br> Ltd., Class A (China)<br>| 83524 | &nbsp;&nbsp; 1694190 |
| Jiangsu Hengrui Pharmaceuticals Co., <br> Ltd., Class A (China)<br>| 234494 | &nbsp;&nbsp; 1997709 |
|  |  | &nbsp;&nbsp; 11655032 |
|  |  | &nbsp;&nbsp; 29612141 |
| **Industrials: 7.6%** | **Industrials: 7.6%** | **Industrials: 7.6%** |
| Capital Goods: 4.7% | Capital Goods: 4.7% | Capital Goods: 4.7% |
| Ayala Corp. (Philippines) | 183010 | &nbsp;&nbsp; 1455839 |
| BOC Aviation, Ltd.<sup>(b)(c)</sup> (China) | 146300 | &nbsp;&nbsp; 1367533 |
| Chicony Power Technology Co., Ltd. <br> (Taiwan)<br>| 866000 | &nbsp;&nbsp; 2530401 |
| Contemporary Amperex Technology <br> Co., Ltd., Class A (China)<br>| 115800 | &nbsp;&nbsp; 6073122 |
| DL E&C Co., Ltd. (South Korea) | 139100 | &nbsp;&nbsp; 3948469 |
| Doosan Bobcat, Inc. (South Korea) | 32888 | &nbsp;&nbsp; 1310834 |
| Ferreycorp SAA (Peru) | 2415150 | &nbsp;&nbsp; 2802382 |
| Goldwind Science & Technology Co., <br> Ltd., Class H (China)<br>| 933800 | &nbsp;&nbsp; 1602825 |
| Hanwha Aerospace Co., Ltd. (South <br> Korea)<br>| 2800 | &nbsp;&nbsp; 1821698 |
| KOC Holding AS (Turkey) | 401234 | &nbsp;&nbsp; 1581477 |
| Larsen & Toubro, Ltd. (India) | 52654 | &nbsp;&nbsp; 2392097 |
| PT Astra International Tbk (Indonesia) | 14217200 | &nbsp;&nbsp; 5711636 |
| Sany Heavy Industry Co., Ltd., Class A <br> (China)<br>| 576600 | &nbsp;&nbsp; 1744264 |
| SFA Engineering Corp. (South Korea) | 71534 | &nbsp;&nbsp; 1156306 |
| Shenzhen Inovance Technology Co., <br> Ltd., Class A (China)<br>| 126100 | &nbsp;&nbsp; 1358817 |
| Sieyuan Electric Co., Ltd., Class A <br> (China)<br>| 65000 | &nbsp;&nbsp; 1435607 |
| Sungrow Power Supply Co., Ltd., <br> Class A (China)<br>| 67000 | &nbsp;&nbsp; 1635050 |
| Xinyi Glass Holdings, Ltd. (China) | 1198000 | &nbsp;&nbsp; 1269814 |
|  |  | &nbsp;&nbsp; 41198171 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Commercial & Professional Services: 0.3% | Commercial & Professional Services: 0.3% | Commercial & Professional Services: 0.3% |
| NICE Information Service Co., Ltd. <br> (South Korea)<br>| 122485 | &nbsp;&nbsp; $1442913 |
| S-1 Corp. (South Korea) | 28450 | &nbsp;&nbsp; 1420987 |
|  |  | &nbsp;&nbsp; 2863900 |
| Transportation: 2.6% | Transportation: 2.6% | Transportation: 2.6% |
| Copa Holdings SA, Class A (Panama) | 3736 | &nbsp;&nbsp; 450599 |
| DiDi Global, Inc. ADR, Class A<sup>(a)</sup> <br> (China)<br>| 2297700 | &nbsp;&nbsp; 12131856 |
| Globaltrans Investment PLC <br> GDR<sup>(a)(b)(d)</sup> (Russia)<br>| 62160 | &nbsp;&nbsp; 8 |
| Grupo Aeroportuario del Sureste SAB <br> de CV ADR (Mexico)<br>| 1600 | &nbsp;&nbsp; 517440 |
| Gulf Warehousing Co. (Qatar) | 672367 | &nbsp;&nbsp; 413411 |
| Hyundai Glovis Co., Ltd. (South Korea) | 12208 | &nbsp;&nbsp; 1526405 |
| International Container Terminal <br> Services, Inc. (Philippines)<br>| 299940 | &nbsp;&nbsp; 2875901 |
| Movida Participacoes SA (Brazil) | 517200 | &nbsp;&nbsp; 915923 |
| Promotora y Operadora de <br> Infraestructura SAB de CV (Mexico)<br>| 47961 | &nbsp;&nbsp; 711738 |
| SIMPAR SA (Brazil) | 731600 | &nbsp;&nbsp; 687185 |
| Westports Holdings BHD (Malaysia) | 1734500 | &nbsp;&nbsp; 2421695 |
|  |  | &nbsp;&nbsp; 22652161 |
|  |  | &nbsp;&nbsp; 66714232 |
| **Information Technology: 16.3%** | **Information Technology: 16.3%** | **Information Technology: 16.3%** |
| Semiconductors & Semiconductor Equipment: 12.7% | Semiconductors & Semiconductor Equipment: 12.7% | Semiconductors & Semiconductor Equipment: 12.7% |
| ACM Research, Inc., Class A<sup>(a)</sup> <br> (United States)<br>| 106592 | &nbsp;&nbsp; 4205054 |
| ASE Technology Holding Co., Ltd. <br> (Taiwan)<br>| 634000 | &nbsp;&nbsp; 5026064 |
| Elan Microelectronics Corp. (Taiwan) | 1097000 | &nbsp;&nbsp; 4130259 |
| MediaTek, Inc. (Taiwan) | 152000 | &nbsp;&nbsp; 6887359 |
| Powertech Technology, Inc. (Taiwan) | 817714 | &nbsp;&nbsp; 4455598 |
| Realtek Semiconductor Corp. (Taiwan) | 275000 | &nbsp;&nbsp; 4279828 |
| SK hynix, Inc. (South Korea) | 37283 | &nbsp;&nbsp; 16882689 |
| Taiwan Semiconductor Manufacturing <br> Co., Ltd. (Taiwan)<br>| 1359143 | &nbsp;&nbsp; 66398726 |
|  |  | &nbsp;&nbsp; 112265577 |
| Software & Services: 1.2% | Software & Services: 1.2% | Software & Services: 1.2% |
| Karooooo, Ltd. (South Africa) | 23423 | &nbsp;&nbsp; 1065747 |
| Shanghai Baosight Software Co., Ltd., <br> Class A (China)<br>| 722804 | &nbsp;&nbsp; 2144040 |
| TOTVS SA (Brazil) | 935600 | &nbsp;&nbsp; 7128359 |
|  |  | &nbsp;&nbsp; 10338146 |
| Technology, Hardware & Equipment: 2.4% | Technology, Hardware & Equipment: 2.4% | Technology, Hardware & Equipment: 2.4% |
| Ennoconn Corp. (Taiwan) | 455036 | &nbsp;&nbsp; 4131415 |
| Intelbras SA Industria de <br> Telecomunicacao Eletronica Brasileira <br> (Brazil)<br>| 615500 | &nbsp;&nbsp; 1300727 |
| Lenovo Group, Ltd. (China) | 2075271 | &nbsp;&nbsp; 2460751 |
| Universal Scientific Industrial <br> (Shanghai) Co., Ltd., Class A (China)<br>| 1118300 | &nbsp;&nbsp; 4791008 |
| Yageo Corp. (Taiwan) | 599396 | &nbsp;&nbsp; 4390326 |
| Zhen Ding Technology Holding, Ltd. <br> (Taiwan)<br>| 900000 | &nbsp;&nbsp; 4032628 |
|  |  | &nbsp;&nbsp; 21106855 |
|  |  | &nbsp;&nbsp; 143710578 |
| **Materials: 6.4%** | **Materials: 6.4%** | **Materials: 6.4%** |
| Abou Kir Fertilizers & Chemical <br> Industries Co. (Egypt)<br>| 598100 | &nbsp;&nbsp; 639268 |
| Alpek SAB de CV, Class A<sup>(a)</sup> (Mexico) | 773623 | &nbsp;&nbsp; 396961 |

---

PAGE 3 <sup>■</sup> Dodge & Cox Emerging Markets Stock FundSee accompanying Notes to Financial Statements

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  | **Shares** | **Value** |
| Alrosa PJSC<sup>(a)(d)</sup> (Russia) | 215620 | &nbsp;&nbsp; $27 |
| Cemex SAB de CV ADR (Mexico) | 1235814 | &nbsp;&nbsp; 14199503 |
| GCC SAB de CV (Mexico) | 72251 | &nbsp;&nbsp; 732481 |
| Glencore PLC (Australia) | 3471808 | &nbsp;&nbsp; 18885721 |
| Indorama Ventures PCL NVDR <br> (Thailand)<br>| 6629200 | &nbsp;&nbsp; 3377587 |
| KCC Corp. (South Korea) | 3295 | &nbsp;&nbsp; 955384 |
| Loma Negra Cia Industrial Argentina <br> SA ADR<sup>(a)</sup> (Argentina)<br>| 41768 | &nbsp;&nbsp; 540896 |
| Orbia Advance Corp. SAB de CV<sup>(a)</sup> <br> (Mexico)<br>| 813130 | &nbsp;&nbsp; 703516 |
| PT Alamtri Minerals Indonesia Tbk <br> (Indonesia)<br>| 38457500 | &nbsp;&nbsp; 3597240 |
| PTT Global Chemical PCL NVDR <br> (Thailand)<br>| 6440743 | &nbsp;&nbsp; 4270647 |
| Sahara International Petrochemical <br> Co. (Saudi Arabia)<br>| 176724 | &nbsp;&nbsp; 706803 |
| Severstal PAO<sup>(a)(d)</sup> (Russia) | 16182 | &nbsp;&nbsp; 2 |
| Shandong Sinocera Functional <br> Material Co., Ltd., Class A (China)<br>| 644660 | &nbsp;&nbsp; 2524140 |
| Suzano SA (Brazil) | 84700 | &nbsp;&nbsp; 793445 |
| Zhejiang NHU Co., Ltd., Class A <br> (China)<br>| 1205871 | &nbsp;&nbsp; 4347421 |
|  |  | &nbsp;&nbsp; 56671042 |
| **Real Estate: 1.5%** | **Real Estate: 1.5%** | **Real Estate: 1.5%** |
| Equity Real Estate Investment Trusts (Reits): 0.2% | Equity Real Estate Investment Trusts (Reits): 0.2% | Equity Real Estate Investment Trusts (Reits): 0.2% |
| Macquarie Mexico Real Estate <br> Management SAB de CV REIT<sup>(b)(c)</sup> <br> (Mexico)<br>| 353549 | &nbsp;&nbsp; 664003 |
| Prologis Property Mexico SAB de CV <br> REIT (Mexico)<br>| 214112 | &nbsp;&nbsp; 894377 |
|  |  | &nbsp;&nbsp; 1558380 |
| Real Estate Management & Development: 1.3% | Real Estate Management & Development: 1.3% | Real Estate Management & Development: 1.3% |
| China Resources Land, Ltd. (China) | 393129 | &nbsp;&nbsp; 1369300 |
| Emaar Development PJSC (United <br> Arab Emirates)<br>| 337451 | &nbsp;&nbsp; 1391977 |
| Greentown Service Group Co., Ltd.<sup>(b)</sup> <br> (China)<br>| 9202871 | &nbsp;&nbsp; 5531779 |
| Hang Lung Group, Ltd. (Hong Kong) | 637129 | &nbsp;&nbsp; 1246869 |
| Megaworld Corp. (Philippines) | 51615943 | &nbsp;&nbsp; 1822623 |
|  |  | &nbsp;&nbsp; 11362548 |
|  |  | &nbsp;&nbsp; 12920928 |
| **Utilities: 2.2%** | **Utilities: 2.2%** | **Utilities: 2.2%** |
| China Gas Holdings, Ltd. (China) | 987476 | &nbsp;&nbsp; 973129 |
| China Water Affairs Group, Ltd. <br> (China)<br>| 1394000 | &nbsp;&nbsp; 928675 |
| GAIL (India), Ltd. (India) | 985500 | &nbsp;&nbsp; 1886476 |
| Huaneng Power International, Inc., <br> Class H (China)<br>| 1236000 | &nbsp;&nbsp; 909248 |
| Jiangxi Hongcheng Environment Co., <br> Ltd., Class A (China)<br>| 663467 | &nbsp;&nbsp; 881514 |
| Korea Electric Power Corp. (South <br> Korea)<br>| 65470 | &nbsp;&nbsp; 2127938 |
| KunLun Energy Co., Ltd. (China) | 986900 | &nbsp;&nbsp; 942011 |
| Mahanagar Gas, Ltd.<sup>(b)</sup> (India) | 123596 | &nbsp;&nbsp; 1562179 |
| Manila Electric Co. (Philippines) | 170490 | &nbsp;&nbsp; 1660535 |
| NTPC, Ltd. (India) | 589687 | &nbsp;&nbsp; 2163552 |
| Tenaga Nasional BHD (Malaysia) | 775643 | &nbsp;&nbsp; 2624596 |
| The Hub Power Co., Ltd. (Pakistan) | 1199600 | &nbsp;&nbsp; 948965 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| YTL Power International BHD <br> (Malaysia)<br>| 2539200 | &nbsp;&nbsp; $2068325 |
| YTL Power International BHD, <br> Warrant<sup>(a)</sup> (Malaysia)<br>| 202420 | &nbsp;&nbsp; 55369 |
|  |  | &nbsp;&nbsp; 19732512 |
| **Total Common Stocks** <br>(Cost $661,694,290)<br>|  | &nbsp;&nbsp; **$805363954** |

---

---

| | | |
|:---|:---|:---|
| **Preferred Stocks: 5.0%** | **Preferred Stocks: 5.0%** | **Preferred Stocks: 5.0%** |
|  | **Shares** | **Value** |
| **Consumer Discretionary: 0.2%** | **Consumer Discretionary: 0.2%** | **Consumer Discretionary: 0.2%** |
| Automobiles & Components: 0.2% | Automobiles & Components: 0.2% | Automobiles & Components: 0.2% |
| Hyundai Motor Co., Pfd 2 (South <br> Korea)<br>| 9947 | &nbsp;&nbsp; $1460669 |
| **Consumer Staples: 0.2%** | **Consumer Staples: 0.2%** | **Consumer Staples: 0.2%** |
| Food, Beverage & Tobacco: 0.1% | Food, Beverage & Tobacco: 0.1% | Food, Beverage & Tobacco: 0.1% |
| Embotelladora Andina SA, Pfd, <br> Class B (Chile)<br>| 113671 | &nbsp;&nbsp; 525978 |
| Household & Personal Products: 0.1% | Household & Personal Products: 0.1% | Household & Personal Products: 0.1% |
| Amorepacific Corp., Pfd (South Korea) | 25710 | &nbsp;&nbsp; 780046 |
| LG H&H Co., Ltd., Pfd (South Korea) | 5656 | &nbsp;&nbsp; 445413 |
|  |  | &nbsp;&nbsp; 1225459 |
|  |  | &nbsp;&nbsp; 1751437 |
| **Financials: 2.1%** | **Financials: 2.1%** | **Financials: 2.1%** |
| Banks: 2.1% | Banks: 2.1% | Banks: 2.1% |
| Itau Unibanco Holding SA, Pfd (Brazil) | 2603703 | &nbsp;&nbsp; 18663451 |
| **Industrials: 0.0%** | **Industrials: 0.0%** | **Industrials: 0.0%** |
| Capital Goods: 0.0% | Capital Goods: 0.0% | Capital Goods: 0.0% |
| DL E&C Co., Ltd., Pfd (South Korea) | 7401 | &nbsp;&nbsp; 111581 |
| DL E&C Co., Ltd., Pfd 2 (South Korea) | 6907 | &nbsp;&nbsp; 145767 |
|  |  | &nbsp;&nbsp; 257348 |
| **Information Technology: 2.4%** | **Information Technology: 2.4%** | **Information Technology: 2.4%** |
| Technology, Hardware & Equipment: 2.4% | Technology, Hardware & Equipment: 2.4% | Technology, Hardware & Equipment: 2.4% |
| Samsung Electro-Mechanics Co., Ltd., <br> Pfd (South Korea)<br>| 43277 | &nbsp;&nbsp; 3461565 |
| Samsung Electronics Co., Ltd., Pfd <br> (South Korea)<br>| 284179 | &nbsp;&nbsp; 17439628 |
|  |  | &nbsp;&nbsp; 20901193 |
| **Utilities: 0.1%** |  |  |
| Axia Energia, Pfd, Class B (Brazil) | 59300 | &nbsp;&nbsp; 562418 |
| Axia Energia, Pfd, Class C<sup>(a)</sup> (Brazil) | 15586 | &nbsp;&nbsp; 139712 |
| Cia Energetica de Minas Gerais, Pfd <br> (Brazil)<br>| 163600 | &nbsp;&nbsp; 331803 |
|  |  | &nbsp;&nbsp; 1033933 |
| **Total Preferred Stocks** <br>(Cost $35,200,832)<br>|  | &nbsp;&nbsp; **$44068031** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments: 4.2%** | **Short-Term Investments: 4.2%** | **Short-Term Investments: 4.2%** |
|  | **Par Value/** <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 2.5%** | **Repurchase Agreements: 2.5%** | **Repurchase Agreements: 2.5%** |
| Fixed Income Clearing Corp.<sup>(e)</sup> <br>3.78%, dated 12/31/25, due 1/2/26, <br> maturity value $21,004,410<br>| $21000000 | &nbsp;&nbsp; 21000000 |
| Fixed Income Clearing Corp.<sup>(e)</sup> <br>1.35%, dated 12/31/25, due 1/2/26, <br> maturity value $881,181<br>| 881115 | &nbsp;&nbsp; 881115 |
|  |  | &nbsp;&nbsp; 21881115 |

---

See accompanying Notes to Financial StatementsDodge & Cox Emerging Markets Stock Fund <sup>■</sup> PAGE 4

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Short-Term Investments** (continued) | **Short-Term Investments** (continued) | **Short-Term Investments** (continued) |
|  | **Par Value/**<br> **Shares**<br>| **Value** |
| **Money Market Fund: 1.7%** | **Money Market Fund: 1.7%** | **Money Market Fund: 1.7%** |
| State Street Institutional <br> U.S. Government Money Market Fund <br> - Premier Class<br>| 15347680 | &nbsp;&nbsp; 15347680 |
| **Total Short-Term Investments** <br>(Cost $37,228,795) | **Total Short-Term Investments** <br>(Cost $37,228,795) | &nbsp;&nbsp; **$37228795** |
| **Total Investments In Securities** <br>(Cost $734,123,917)<br>| 100.5<br> %<br>| &nbsp;&nbsp; **$886660780** |
| Other Assets Less Liabilities | (0.5)%<br>| &nbsp;&nbsp; (4355512)<br>|
| **Net Assets** | **100.0%**<br>| &nbsp;&nbsp; **$882305268** |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> <br>| Non-income producing |
| <sup>(b)</sup> <br>| Security exempt from registration pursuant to Regulation S under the Securities Act of <br> 1933, as amended. Regulation S securities are subject to restrictions on resale in the <br> United States.<br>|
| <sup>(c)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. The <br> security may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers.<br>|
| <sup>(d)</sup> <br>| Valued using significant unobservable inputs. |
| <sup>(e)</sup> <br>| Repurchase agreement is collateralized by U.S. Treasury Notes 3.75%-4.25%, <br> 4/30/27-6/30/31. Total collateral value is $22,318,797.<br>|
|  | The Fund usually classifies a company or issuer based on its country of risk, but may <br> designate a different country in certain circumstances.<br>|

---

---

| |
|:---|
| ADR: American Depositary Receipt |
| GDR: Global Depositary Receipt |
| NVDR: Non-Voting Depository Receipt |
| USD United States Dollar |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Appreciation/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; $28510280 | &nbsp;&nbsp;&nbsp;&nbsp; $580782 |

---

**Currency Forward Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settle Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | &nbsp;&nbsp;&nbsp; **Unrealized Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **CNH: Chinese Yuan Renminbi** | **CNH: Chinese Yuan Renminbi** | **CNH: Chinese Yuan Renminbi** | **CNH: Chinese Yuan Renminbi** | **CNH: Chinese Yuan Renminbi** | **CNH: Chinese Yuan Renminbi** | **CNH: Chinese Yuan Renminbi** |
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 13157801 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 92000000 | &nbsp;&nbsp;&nbsp;&nbsp; $(30651)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 92000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 13154885 | &nbsp;&nbsp;&nbsp;&nbsp; 33567 |
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1089760 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 7783722 | &nbsp;&nbsp;&nbsp;&nbsp; (26698)<br>|
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1089566 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 7782555 | &nbsp;&nbsp;&nbsp;&nbsp; (26724)<br>|
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1087340 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 7783723 | &nbsp;&nbsp;&nbsp;&nbsp; (29118)<br>|
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1252690 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 8862782 | &nbsp;&nbsp;&nbsp;&nbsp; (19706)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1252706 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 8862203 | &nbsp;&nbsp;&nbsp;&nbsp; (19608)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1143387 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 8160809 | &nbsp;&nbsp;&nbsp;&nbsp; (28659)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1251150 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 8842500 | &nbsp;&nbsp;&nbsp;&nbsp; (18800)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1143707 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 8160809 | &nbsp;&nbsp;&nbsp;&nbsp; (28339)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1145833 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 8178382 | &nbsp;&nbsp;&nbsp;&nbsp; (28737)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 444493 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 3182928 | &nbsp;&nbsp;&nbsp;&nbsp; (12825)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 444284 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 3182940 | &nbsp;&nbsp;&nbsp;&nbsp; (13036)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 592321 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 4243920 | &nbsp;&nbsp;&nbsp;&nbsp; (17439)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 444297 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 3182940 | &nbsp;&nbsp;&nbsp;&nbsp; (13023)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 444259 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 3182940 | &nbsp;&nbsp;&nbsp;&nbsp; (13061)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 654261 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 4630398 | &nbsp;&nbsp;&nbsp;&nbsp; (12159)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 780499 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 5516100 | &nbsp;&nbsp;&nbsp;&nbsp; (13393)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 652509 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 4630397 | &nbsp;&nbsp;&nbsp;&nbsp; (13911)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 295696 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 2090424 | &nbsp;&nbsp;&nbsp;&nbsp; (5284)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 295720 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 2090738 | &nbsp;&nbsp;&nbsp;&nbsp; (5305)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3936506 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 27800000 | &nbsp;&nbsp;&nbsp;&nbsp; (66147)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 295992 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 2090738 | &nbsp;&nbsp;&nbsp;&nbsp; (5033)<br>|

---

PAGE 5 <sup>■</sup> Dodge & Cox Emerging Markets Stock FundSee accompanying Notes to Financial Statements

------

Portfolio of Investments December 31, 2025

**Currency Forward Contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settle Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | &nbsp;&nbsp;&nbsp; **Unrealized Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2509115 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 17634816 | &nbsp;&nbsp;&nbsp;&nbsp; $(33905)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2515841 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 17682592 | &nbsp;&nbsp;&nbsp;&nbsp; (34069)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2517919 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 17682592 | &nbsp;&nbsp;&nbsp;&nbsp; (31991)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4950181 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 35302216 | &nbsp;&nbsp;&nbsp;&nbsp; (140559)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1256869 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 8847607 | &nbsp;&nbsp;&nbsp;&nbsp; (19467)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1149926 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 8050403 | &nbsp;&nbsp;&nbsp;&nbsp; (12695)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1150847 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 8050402 | &nbsp;&nbsp;&nbsp;&nbsp; (11774)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1150707 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 8049195 | &nbsp;&nbsp;&nbsp;&nbsp; (11739)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1147508 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 8050000 | &nbsp;&nbsp;&nbsp;&nbsp; (15054)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1681799 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 11822545 | &nbsp;&nbsp;&nbsp;&nbsp; (26217)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1679312 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 11807913 | &nbsp;&nbsp;&nbsp;&nbsp; (26590)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1680478 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 11804519 | &nbsp;&nbsp;&nbsp;&nbsp; (24934)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1680842 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 11807913 | &nbsp;&nbsp;&nbsp;&nbsp; (25060)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2248768 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 15738899 | &nbsp;&nbsp;&nbsp;&nbsp; (27573)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2248575 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 15738898 | &nbsp;&nbsp;&nbsp;&nbsp; (27766)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2247980 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 15736537 | &nbsp;&nbsp;&nbsp;&nbsp; (28018)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 23601099 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 165000000 | &nbsp;&nbsp;&nbsp;&nbsp; (263098)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1351015 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 9458998 | &nbsp;&nbsp;&nbsp;&nbsp; (18067)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1716815 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 12006033 | &nbsp;&nbsp;&nbsp;&nbsp; (20921)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1711767 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 11975867 | &nbsp;&nbsp;&nbsp;&nbsp; (21603)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1718615 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 12018100 | &nbsp;&nbsp;&nbsp;&nbsp; (20869)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1692044 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 11832970 | &nbsp;&nbsp;&nbsp;&nbsp; (21872)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1691778 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 11832970 | &nbsp;&nbsp;&nbsp;&nbsp; (22138)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1691029 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 11832720 | &nbsp;&nbsp;&nbsp;&nbsp; (22851)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1696569 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 11864274 | &nbsp;&nbsp;&nbsp;&nbsp; (21881)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 372053 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 2604260 | &nbsp;&nbsp;&nbsp;&nbsp; (5278)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9979613 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 70000000 | &nbsp;&nbsp;&nbsp;&nbsp; (162683)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 371252 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 2597908 | &nbsp;&nbsp;&nbsp;&nbsp; (5159)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 371177 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 2597833 | &nbsp;&nbsp;&nbsp;&nbsp; (5223)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1800018 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 12644225 | &nbsp;&nbsp;&nbsp;&nbsp; (34412)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 10814063 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 75968796 | &nbsp;&nbsp;&nbsp;&nbsp; (207521)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1800146 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 12644949 | &nbsp;&nbsp;&nbsp;&nbsp; (34388)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1800564 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 12647881 | &nbsp;&nbsp;&nbsp;&nbsp; (34396)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1355578 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 9451905 | &nbsp;&nbsp;&nbsp;&nbsp; (17513)<br>|
| Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1355364 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 9451905 | &nbsp;&nbsp;&nbsp;&nbsp; (17727)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 10758241 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 75000000 | &nbsp;&nbsp;&nbsp;&nbsp; (137114)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1359390 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 9477801 | &nbsp;&nbsp;&nbsp;&nbsp; (17464)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1355428 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 9454385 | &nbsp;&nbsp;&nbsp;&nbsp; (18023)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 384021 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 2676666 | &nbsp;&nbsp;&nbsp;&nbsp; (4950)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 383856 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 2676666 | &nbsp;&nbsp;&nbsp;&nbsp; (5115)<br>|
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2722721 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 19061224 | &nbsp;&nbsp;&nbsp;&nbsp; (50810)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2720151 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 19055749 | &nbsp;&nbsp;&nbsp;&nbsp; (52583)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2722340 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 19061009 | &nbsp;&nbsp;&nbsp;&nbsp; (51159)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2720902 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 19061009 | &nbsp;&nbsp;&nbsp;&nbsp; (52597)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2722496 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 19061009 | &nbsp;&nbsp;&nbsp;&nbsp; (51004)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1338477 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 9332400 | &nbsp;&nbsp;&nbsp;&nbsp; (20684)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1338717 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 9333800 | &nbsp;&nbsp;&nbsp;&nbsp; (20648)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1338256 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 9333800 | &nbsp;&nbsp;&nbsp;&nbsp; (21109)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 13382597 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 92000000 | &nbsp;&nbsp;&nbsp;&nbsp; (36556)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 16485804 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 114223540 | &nbsp;&nbsp;&nbsp;&nbsp; (174883)<br>|
| **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 893712 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 28000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2021 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 28000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 893855 | &nbsp;&nbsp;&nbsp;&nbsp; (2163)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/9/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 43333335 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1386667 | &nbsp;&nbsp;&nbsp;&nbsp; (6382)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/9/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1386578 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 43333335 | &nbsp;&nbsp;&nbsp;&nbsp; 6294 |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 75659 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 2374176 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 75796 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 2375824 | &nbsp;&nbsp;&nbsp;&nbsp; 104 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1118211 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 35000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3614 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1388712 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 43466683 | &nbsp;&nbsp;&nbsp;&nbsp; 4489 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 78466683 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2506923 | &nbsp;&nbsp;&nbsp;&nbsp; (8103)<br>|
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 726928 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 23000000 | &nbsp;&nbsp;&nbsp;&nbsp; (5289)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 23000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 726905 | &nbsp;&nbsp;&nbsp;&nbsp; 5312 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 33000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1043643 | &nbsp;&nbsp;&nbsp;&nbsp; 6597 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 39500000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1250317 | &nbsp;&nbsp;&nbsp;&nbsp; 6790 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1254805 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 39500000 | &nbsp;&nbsp;&nbsp;&nbsp; (2301)<br>|

---

See accompanying Notes to Financial StatementsDodge & Cox Emerging Markets Stock Fund <sup>■</sup> PAGE 6

------

Portfolio of Investments December 31, 2025

**Currency Forward Contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settle Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | &nbsp;&nbsp;&nbsp; **Unrealized Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1043643 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 33000000 | &nbsp;&nbsp;&nbsp;&nbsp; $(6597)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 380264 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 11916346 | &nbsp;&nbsp;&nbsp;&nbsp; 1425 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 28000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 894740 | &nbsp;&nbsp;&nbsp;&nbsp; (4576)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 917221 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 28410000 | &nbsp;&nbsp;&nbsp;&nbsp; 14022 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 752498 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 21666667 | &nbsp;&nbsp;&nbsp;&nbsp; 63735 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 752028 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 21666668 | &nbsp;&nbsp;&nbsp;&nbsp; 63265 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 43333335 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1388844 | &nbsp;&nbsp;&nbsp;&nbsp; (11318)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 793648 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 25349104 | &nbsp;&nbsp;&nbsp;&nbsp; (12002)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 792353 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 25352907 | &nbsp;&nbsp;&nbsp;&nbsp; (13417)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 795071 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 25351639 | &nbsp;&nbsp;&nbsp;&nbsp; (10659)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 793767 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 25352908 | &nbsp;&nbsp;&nbsp;&nbsp; (12003)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 135153 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 3832950 | &nbsp;&nbsp;&nbsp;&nbsp; 13326 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 137009 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 3833525 | &nbsp;&nbsp;&nbsp;&nbsp; 15164 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1170084 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31966683 | &nbsp;&nbsp;&nbsp;&nbsp; 154045 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 43466683 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1390578 | &nbsp;&nbsp;&nbsp;&nbsp; (9020)<br>|
| Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 135026 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 3833525 | &nbsp;&nbsp;&nbsp;&nbsp; 13180 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 86646 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 2787571 | &nbsp;&nbsp;&nbsp;&nbsp; (1961)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 259922 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 8362716 | &nbsp;&nbsp;&nbsp;&nbsp; (5899)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 798850 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3924 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1173951 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31966683 | &nbsp;&nbsp;&nbsp;&nbsp; 157506 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 799182 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4256 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 925829 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 28410000 | &nbsp;&nbsp;&nbsp;&nbsp; 22476 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 35000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1121040 | &nbsp;&nbsp;&nbsp;&nbsp; (8021)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 928266 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 28391015 | &nbsp;&nbsp;&nbsp;&nbsp; 25416 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 927778 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 28428985 | &nbsp;&nbsp;&nbsp;&nbsp; 23721 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1175460 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31966634 | &nbsp;&nbsp;&nbsp;&nbsp; 158904 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 762991 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 21666666 | &nbsp;&nbsp;&nbsp;&nbsp; 73749 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 763610 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 21666666 | &nbsp;&nbsp;&nbsp;&nbsp; 74368 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 761757 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 21666667 | &nbsp;&nbsp;&nbsp;&nbsp; 72515 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 762320 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 21666666 | &nbsp;&nbsp;&nbsp;&nbsp; 73078 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 877076 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 24443222 | &nbsp;&nbsp;&nbsp;&nbsp; 99422 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 874665 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 24446889 | &nbsp;&nbsp;&nbsp;&nbsp; 96894 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 874040 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 24446889 | &nbsp;&nbsp;&nbsp;&nbsp; 96269 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1183581 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 32009940 | &nbsp;&nbsp;&nbsp;&nbsp; 165080 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1170451 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31959158 | &nbsp;&nbsp;&nbsp;&nbsp; 153566 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1179350 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31930902 | &nbsp;&nbsp;&nbsp;&nbsp; 163365 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1125968 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31054205 | &nbsp;&nbsp;&nbsp;&nbsp; 137768 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1131733 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31077387 | &nbsp;&nbsp;&nbsp;&nbsp; 142795 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1132126 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31054204 | &nbsp;&nbsp;&nbsp;&nbsp; 143925 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1129531 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31054204 | &nbsp;&nbsp;&nbsp;&nbsp; 141331 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3019364 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 82504125 | &nbsp;&nbsp;&nbsp;&nbsp; 393642 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2927608 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 82500000 | &nbsp;&nbsp;&nbsp;&nbsp; 302017 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2933040 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 82491750 | &nbsp;&nbsp;&nbsp;&nbsp; 307712 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2942897 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 82504125 | &nbsp;&nbsp;&nbsp;&nbsp; 317175 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1498106 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 41370207 | &nbsp;&nbsp;&nbsp;&nbsp; 181192 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1490365 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 41309931 | &nbsp;&nbsp;&nbsp;&nbsp; 175369 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1493382 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 41309931 | &nbsp;&nbsp;&nbsp;&nbsp; 178386 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1494841 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 41309931 | &nbsp;&nbsp;&nbsp;&nbsp; 179845 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6339742 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 185000000 | &nbsp;&nbsp;&nbsp;&nbsp; 449268 |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2762762 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 76569961 | &nbsp;&nbsp;&nbsp;&nbsp; 324356 |
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2767791 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 76606923 | &nbsp;&nbsp;&nbsp;&nbsp; 328208 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2752875 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 76607000 | &nbsp;&nbsp;&nbsp;&nbsp; 313289 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2762448 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 76644116 | &nbsp;&nbsp;&nbsp;&nbsp; 321680 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 39500000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1258403 | &nbsp;&nbsp;&nbsp;&nbsp; (507)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 400630 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 11450000 | &nbsp;&nbsp;&nbsp;&nbsp; 35941 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3898093 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 112000000 | &nbsp;&nbsp;&nbsp;&nbsp; 330832 |
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 403555 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 11448855 | &nbsp;&nbsp;&nbsp;&nbsp; 38903 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 33000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1047120 | &nbsp;&nbsp;&nbsp;&nbsp; 3947 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 402721 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 11450572 | &nbsp;&nbsp;&nbsp;&nbsp; 37898 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 401901 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 11450573 | &nbsp;&nbsp;&nbsp;&nbsp; 37078 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 81436 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 2375000 | &nbsp;&nbsp;&nbsp;&nbsp; 5767 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 81758 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 2375000 | &nbsp;&nbsp;&nbsp;&nbsp; 6089 |

---

PAGE 7 <sup>■</sup> Dodge & Cox Emerging Markets Stock FundSee accompanying Notes to Financial Statements

------

Portfolio of Investments December 31, 2025

**Currency Forward Contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settle Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | &nbsp;&nbsp;&nbsp; **Unrealized Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 23000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 729811 | &nbsp;&nbsp;&nbsp;&nbsp; $2985 |
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 11/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 198213 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 5957279 | &nbsp;&nbsp;&nbsp;&nbsp; 7987 |
| Unrealized gain on currency forward contracts | Unrealized gain on currency forward contracts | Unrealized gain on currency forward contracts | Unrealized gain on currency forward contracts |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6716864 |
| Unrealized loss on currency forward contracts | Unrealized loss on currency forward contracts | Unrealized loss on currency forward contracts | Unrealized loss on currency forward contracts |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (2737584)<br>|
| Net unrealized gain on currency forward contracts | Net unrealized gain on currency forward contracts | Net unrealized gain on currency forward contracts |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $3979280 |

---

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

See accompanying Notes to Financial StatementsDodge & Cox Emerging Markets Stock Fund <sup>■</sup> PAGE 8

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| **Assets:** | **Assets:** |
| Investments in securities, at value (cost $734,123,917) | $886660780 |
| Unrealized appreciation on currency forward contracts | 6716864 |
| Cash denominated in foreign currency (cost $1,903,505) | 1903566 |
| Deposits with broker for futures contracts | 828088 |
| Receivable for Fund shares sold | 1142329 |
| Dividends and interest receivable | 1541447 |
| Expense reimbursement receivable | 49057 |
| Prepaid expenses and other assets | 23539 |
|  | 898865670 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on currency forward contracts | 2737584 |
| Cash received as collateral for currency forward <br> contracts<br>| 4490000 |
| Payable for variation margin for futures contracts | 90698 |
| Payable for investments purchased | 6475148 |
| Payable for Fund shares redeemed | 259726 |
| Deferred foreign capital gains tax | 1839686 |
| Management fees payable | 429275 |
| Accrued expenses | 238285 |
|  | 16560402 |
| **Net Assets** | $882305268 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $723582122 |
| Distributable earnings | 158723146 |
|  | $882305268 |
| Fund shares outstanding | 75255507 |
| Net asset value per share | $11.72 |

---

Statement of Operations

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>|
| **Investment Income:** |  |
| Dividends (net of foreign taxes of $1,761,813) | $17704011 |
| Interest | 1037055 |
|  | 18741066 |
| **Expenses:** |  |
| Investment advisory fees | 3285443 |
| Custody and fund accounting fees | 366119 |
| Administrative services fees | 298677 |
| Professional services | 273522 |
| Shareholder reports | 48196 |
| Registration fees | 97730 |
| Trustees fees | 526032 |
| Miscellaneous | 39366 |
| Total expenses | 4935085 |
| Expenses reimbursed by investment manager | (753612)<br>|
| Net expenses | 4181473 |
| **Net Investment Income** | 14559593 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| Investments in securities (net of foreign capital gains <br> tax of $275,637)<br>| 16204045 |
| Futures contracts | 4113649 |
| Currency forward contracts | 1534259 |
| Foreign currency transactions | (106878)<br>|
| Net change in unrealized appreciation/depreciation |  |
| Investments in securities (net of change in deferred <br> foreign capital gains tax of $1,165,027)<br>| 159242745 |
| Futures contracts | 1086584 |
| Currency forward contracts | 242262 |
| Foreign currency translation | 12642 |
| Net realized and unrealized gain | 182329308 |
| **Net Change in Net Assets From Operations** | $196888901 |

---

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $14559593 | $8201118 |
| Net realized gain (loss) | 21745075 | 2650226 |
| Net change in unrealized <br> appreciation/depreciation<br>| 160584233 | 7610636 |
|  | 196888901 | 18461980 |
| **Distributions to Shareholders:** |  |  |
| Total distributions | (24118542)<br>| (7107894)<br>|
| **Fund Share Transactions:** |  |  |
| Proceeds from sale of shares | 391281281 | 121762166 |
| Reinvestment of distributions | 19345039 | 4897028 |
| Cost of shares redeemed | (78338384)<br>| (56616802)<br>|
| Net change from Fund share <br> transactions<br>| 332287936 | 70042392 |
| Total change in net assets | 505058295 | 81396478 |
| **Net Assets:** |  |  |
| Beginning of year | 377246973 | 295850495 |
| End of year | $882305268 | $377246973 |
| **Share Information:** |  |  |
| Shares sold | 37607708 | 13460908 |
| Distributions reinvested | 1692479 | 562231 |
| Shares redeemed | (7421954)<br>| (6492745)<br>|
| Net change in shares outstanding | 31878233 | 7530394 |

---

PAGE 9 <sup>■</sup> Dodge & Cox Emerging Markets Stock FundSee accompanying Notes to Financial Statements

------

Notes to Financial Statements

**Note 1: Organization and Significant Accounting Policies**

Dodge & Cox Emerging Markets 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 11, 2021, and seeks long-term growth of principal and income. The Fund invests primarily in a diversified portfolio of emerging markets equity securities issued by companies from at least three different countries. 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.

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 a 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.

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 Dodge & Cox. The Board of Trustees has appointed Dodge & Cox, the Fund's investment manager, as its "valuation designee", as permitted by Rule 2a-5 under the Investment Company Act of 1940, 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.

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.

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 dividend/corporate action 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.

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.

Dodge & Cox Emerging Markets Stock Fund <sup>■</sup> PAGE 10

------

Notes to Financial Statements

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 in exchange rate between the trade and settlement dates on securities transactions, the difference in exchange rate 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.

Repurchase agreements Repurchase agreements are transactions under which a Fund purchases a security from a 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. It is the Fund's policy that its regular custodian or third party custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. In the event of default by the counterparty, the Fund has the contractual right to liquidate the collateral securities and to apply the proceeds in satisfaction of the obligation.

Segment Reporting An operating segment is defined in Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - *Improvements to Reporting Segment Disclosures* as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Chair of the Board of Trustees of the Trust acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole. "Net change in net assets from operations" reported on the Statement of Operations is used by the CODM to assess the single operating segment's performance and to make resource allocation decisions for the single operating segment.

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 below.

<sup>■</sup> Level 1: Unadjusted quoted prices in active markets for identical securities

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

<sup>■</sup> 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, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Classification** | **LEVEL 1** <br>**(Quoted Prices)**<br>| **LEVEL 2** <br>**(Other Significant** <br>**Observable** <br>**Inputs)**<br>| **LEVEL 3** <br>**(Signficant** <br>**Unobservable** <br>**Inputs)**<br>|
| **Securities** | **Securities** | **Securities** | **Securities** |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| Communication Services | $29895398 | $36751044 | $— |
| Consumer Discretionary | 74327453 | 53587851 |  |
| Consumer Staples | 11103553 | 35767464 |  |
| Energy | 30322254 | 16189171 | 5 |
| Financials | 47834427 | 140223901 |  |
| Health Care |  | 29612141 |  |
| Industrials | 16614015 | 50100209 | 8 |
| Information Technology | 5270801 | 138439777 |  |
| Materials | 16573357 | 40097656 | 29 |
| Real Estate | 1558380 | 11362548 |  |
| Utilities |  | 19732512 |  |
| Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks |
| Consumer Discretionary |  | 1460669 |  |
| Consumer Staples |  | 1751437 |  |
| Financials |  | 18663451 |  |
| Industrials |  | 257348 |  |
| Information Technology |  | 20901193 |  |
| Utilities |  | 1033933 |  |
| Short-Term Investments | Short-Term Investments | Short-Term Investments | Short-Term Investments |
| Repurchase Agreements |  | 21881115 |  |
| Money Market Fund | 15347680 |  |  |
| Total Securities | $248847318 | $637813420 | $42 |
| **Other Investments** | **Other Investments** | **Other Investments** | **Other Investments** |
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| Appreciation | $580782 | $— | $— |
| Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts |
| Appreciation |  | 6716864 |  |
| Depreciation |  | (2737584)<br>|  |

---

The following is a reconciliation of the Fund's holdings for which Level 3 inputs were used in determining value.

---

| | |
|:---|:---|
| **Common Stocks** | **Amount** |
| Balance at 1/1/2025 | $235795 |
| Net realized loss | (300673)<br>|

---

PAGE 11 <sup>■</sup> Dodge & Cox Emerging Markets Stock Fund

------

Notes to Financial Statements

---

| | |
|:---|:---|
| **Common Stocks** | **Amount** |
| Net change in unrealized depreciation | 64,920 |
| Balance at 12/31/2025 | **42** |

---

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 the contract is purchased. 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 to secure the Fund's obligation to perform. Initial margin is returned to the Fund when the futures contract is closed. Subsequent payments (referred to as "variation margin") are made to or received from the clearing broker 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 securities. To the extent the Fund uses futures, it is exposed to additional volatility and potential losses resulting from leverage.

The Fund used equity index futures contracts to create equity exposure, equal to some or all of its non-equity net assets.

Currency forward contracts Currency forward contracts are agreements to purchase or sell a specific currency 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 Statement of Operations. When a currency forward contract is closed, the Fund records a realized gain or loss in the Statement of Operations equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

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

The Fund used currency forward contracts to hedge direct and indirect foreign currency exposure.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Equity** <br>**Derivatives**<br>| **Foreign** <br>**Exchange** <br>**Derivatives**<br>| **Total** <br>**Value**<br>|
| **Assets** |  |  |  |
| Unrealized appreciation on <br> currency forward contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $6716864 | &nbsp;&nbsp; $6716864 |
| Futures contracts<sup>(a)</sup> <br>| &nbsp;&nbsp; 580782 | &nbsp;&nbsp; — | &nbsp;&nbsp; 580782 |
|  | &nbsp;&nbsp; $580782 | &nbsp;&nbsp; $6716864 | &nbsp;&nbsp; $7297646 |
| **Liabilities** |  |  |  |
| Unrealized depreciation on <br> currency forward contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $2737584 | &nbsp;&nbsp; $2737584 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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, categorized by primary underlying risk exposure.

---

| | | | |
|:---|:---|:---|:---|
|  | **Equity** <br>**Derivatives**<br>| **Foreign** <br>**Exchange** <br>**Derivatives**<br>| **Total** |
| **Net realized gain (loss)** |  |  |  |
| Futures contracts | &nbsp;&nbsp; $4113649 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 4113649 |
| Currency forward contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1534259 | &nbsp;&nbsp; 1534259 |
|  | &nbsp;&nbsp; $4113649 | &nbsp;&nbsp; $1534259 | &nbsp;&nbsp; $5647908 |
| **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** |
| Futures contracts | &nbsp;&nbsp; $1086584 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 1086584 |
| Currency forward contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 242262 | &nbsp;&nbsp; 242262 |
|  | &nbsp;&nbsp; $1086584 | &nbsp;&nbsp; $242262 | &nbsp;&nbsp; $1328846 |

---

The following summarizes the range of volume in the Fund's derivative instruments during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
| **Derivative** |  | **% of Net Assets** |
| Futures contracts | USD notional value | &nbsp;&nbsp; 3-5<br> %<br>|
| Currency forward contracts | USD total value | &nbsp;&nbsp; 26-33<br> %<br>|

---

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.

Dodge & Cox Emerging Markets Stock Fund <sup>■</sup> PAGE 12

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Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross** <br>**Amount of** <br>**Recognized** <br>**Assets** <br>| **Gross** <br>**Amount of** <br>**Recognized** <br>**Liabilities**<br>| **Cash** <br>**Collateral** <br>**Pledged /** <br>**(Received)**<sup>(a)</sup> <br>| **Net Amount**<sup>(b)</sup> <br>|
| Bank of America | $337702 | $(129771)<br>| $(207931)<br>| $— |
| Barclays | 336195 | (154589)<br>| (181606)<br>|  |
| Citibank | 1607577 | (389086)<br>| (1218491)<br>|  |
| Goldman Sachs | 13180 | (17727)<br>|  | (4547)<br>|
| HSBC | 1365537 | (931147)<br>| (434390)<br>|  |
| JPMorgan | 476782 | (145584)<br>| (260000)<br>| 71198 |
| Morgan Stanley | 449268 | (123223)<br>| (260000)<br>| 66045 |
| Standard Chartered | 41888 | (34407)<br>|  | 7481 |
| State Street | 18699 | (53581)<br>|  | (34882)<br>|
| UBS | 2070036 | (758469)<br>| (1311567)<br>|  |
|  | $6716864 | $(2737584)<br>| $(3873985)<br>| $105295 |

---

<sup>(a)</sup> 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 Statement of Assets and Liabilities. 

<sup>(b)</sup> Represents the net amount receivable from (payable to) the counterparty in the event of a default. 

**Note 3: Related Party Transactions**

The Fund's management fees include an investment advisory fee and an administrative services fee described below.

Investment advisory fee The Fund pays an investment advisory fee, accrued daily and paid monthly, at an annual rate of 0.55% of the Fund's average daily net assets to Dodge & Cox, investment manager of the Fund.

Administrative services fee The Fund pays Dodge & Cox a fee for administrative and shareholder services. The fee is accrued daily and paid monthly equal to an annual rate of 0.05% of the Fund's average daily net assets.Under this agreement, Dodge & Cox is responsible for the payment of the Fund's transfer agency fees.

Expense reimbursement Dodge & Cox has contractually agreed, through April 30, 2026, to waive management fees or reimburse the Fund for ordinary expenses to the extent necessary to maintain the net ordinary expense ratio at 0.70%. Under this agreement, ordinary expenses do not include nonrecurring shareholder account fees, fees and expenses associated with Fund shareholder meetings (other than, through April 30, 2026, meetings held exclusively for the purpose of electing Trustees), fees on portfolio transactions such as exchange fees, dividends and interest on short positions, fees and expenses of pooled investment vehicles that are held by the Fund, interest expenses and other fees and expenses related to any borrowings, taxes, brokerage fees and commissions and other costs and expenses relating to the acquisition and disposition of Fund investments, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses or extraordinary expenses not incurred in the ordinary course of the Fund's business, such as litigation expenses. The term of the agreement will automatically renew for subsequent three-year terms unless terminated with at least 30 days' written notice by either party prior to the end of the then-current term.

Fund officers and trustees All officers and certain 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.

Share ownership At December 31, 2025, Dodge & Cox Balanced Fund, another series of the Trust which is managed by Dodge & Cox, owned 24.4% of the Fund's outstanding shares.

**Note 4: 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, passive foreign investment companies, foreign currency realized gain (loss), foreign capital gains tax, passive foreign investment companies, certain corporate action transactions, derivatives, and distributions.

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| Ordinary income | $23136339 | &nbsp;&nbsp; $7107894 |
|  | *($0.318 per share)* | *($0.169 per share)* |
| Long-term capital gain | $982203 | &nbsp;&nbsp; $— |
|  | *($0.014 per share)* | *($— per share)* |

---

At December 31, 2025, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $3262191 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 4959182 |
| Net unrealized appreciation | &nbsp;&nbsp; 150501773 |
| Total distributable earnings | &nbsp;&nbsp; $158723146 |

---

At December 31, 2025, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | &nbsp;&nbsp; $738874437 |
| Unrealized appreciation | &nbsp;&nbsp; 185628202 |
| Unrealized depreciation | &nbsp;&nbsp; (33281797)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 152346405 |

---

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

**Note 5: Loan Facilities**

Pursuant to an exemptive order issued by the Securities and Exchange Commission (SEC), the Fund may participate in an interfund lending facility (Facility). The Facility allows the Fund to borrow

PAGE 13 <sup>■</sup> Dodge & Cox Emerging Markets Stock Fund

------

Notes to Financial Statements

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, 2025, the Fund's commitment fee amounted to $2,446 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 6: Purchases and Sales of Investments**

For the year ended December 31, 2025, purchases and sales of securities, other than short-term securities, aggregated to $445,040,940 and $133,163,122, respectively.

**Note 7: New Accounting Guidance**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740) - *Improvements to Income Tax Disclosures*. The amendments in the ASU provide for enhanced disclosures related to income taxes paid, disaggregated by federal, state, local and foreign taxes. The ASU is effective for annual periods beginning after December 15, 2024. The adoption of this ASU did not have a material impact on the financial statements.

**Note 8: Subsequent Events**

Fund management has determined that no material events or transactions occurred subsequent to December 31, 2025, and through the date of the Fund's financial statements issuance, which require disclosure in the Fund's financial statements.

Dodge & Cox Emerging Markets Stock Fund <sup>■</sup> PAGE 14

------

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | &nbsp;&nbsp;&nbsp; **Period from** <br>**May 11, 2021** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Inception) to** <br>**December 31,**<br>|
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | &nbsp;&nbsp;&nbsp;&nbsp; $8.70 | &nbsp;&nbsp;&nbsp;&nbsp; $8.25 | &nbsp;&nbsp;&nbsp;&nbsp; $7.42 | &nbsp;&nbsp;&nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.06)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.99)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>|
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp;&nbsp; $11.72 | &nbsp;&nbsp;&nbsp;&nbsp; $8.70 | &nbsp;&nbsp;&nbsp;&nbsp; $8.25 | &nbsp;&nbsp;&nbsp;&nbsp; $7.42 | &nbsp;&nbsp;&nbsp;&nbsp; $8.89 |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 38.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.91)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.82)%<br>|
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $882 | &nbsp;&nbsp;&nbsp;&nbsp; $377 | &nbsp;&nbsp;&nbsp;&nbsp; $296 | &nbsp;&nbsp;&nbsp;&nbsp; $173 | &nbsp;&nbsp;&nbsp;&nbsp; $161 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70 %<sup>(a)</sup><br>|
| Ratio of expenses to average net assets, before reimbursement by <br> investment manager<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52 %<sup>(a)</sup><br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61 %<sup>(a)</sup><br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized

See accompanying Notes to Financial Statements

PAGE 15 <sup>■</sup> Dodge & Cox Emerging Markets Stock Fund

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Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Dodge & Cox Emerging Markets Stock Fund (one of the funds constituting Dodge & Cox Funds, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the four years ended December 31, 2025 and for the period May 11, 2021 (commencement of operations) to December 31, 2021 (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, 2025, 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, 2025 and the financial highlights for each of the four years ended December 31, 2025 and for the period May 11, 2021 (commencement of operations) to December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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, 2025 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.

/s/PricewaterhouseCoopers LLP

San Francisco, California

February 19, 2026

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

Dodge & Cox Emerging Markets Stock Fund <sup>■</sup> PAGE 16

------

Special 2025 Tax Information (unaudited)

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

The Fund designates $982,203 as long-term capital gain distributions in 2025.

In 2025, the Fund elected to pass through to shareholders foreign source income of $19,393,136 and foreign taxes paid of $2,037,452.

The Fund designates $8,960,262 of its distributions paid to shareholders in 2025 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 0.5% of its ordinary dividends paid to shareholders in 2025 as dividends from domestic corporations eligible for the corporate dividends received deduction, provided that the shareholder otherwise satisfies applicable requirements to claim that deduction.

PAGE 17 <sup>■</sup> Dodge & Cox Emerging Markets Stock Fund

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![](img152385961.gif)

2025

**December 31, 2025**

------

**Financial Statements and Other Information**

------

Balanced Fund \| Class I (dodbx) \| Class X (doxbx)

**ESTABLISHED 1931**

12/25 BF AR&nbsp;&nbsp;&nbsp;&nbsp;

------

Portfolio of Investments December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks: 64.1%** | **Common Stocks: 64.1%** | **Common Stocks: 64.1%** | **Common Stocks: 64.1%** |
|  |  | **Shares** | **Value** |
| **Communication Services: 5.9%** | **Communication Services: 5.9%** | **Communication Services: 5.9%** | **Communication Services: 5.9%** |
| Media & Entertainment: 5.6% | Media & Entertainment: 5.6% | Media & Entertainment: 5.6% | Media & Entertainment: 5.6% |
| Alphabet, Inc., Class A |  | 399500 | &nbsp;&nbsp; $125043500 |
| Alphabet, Inc., Class C |  | 750600 | &nbsp;&nbsp; 235538280 |
| Charter Communications, Inc., <br> Class A<sup>(a)</sup> <br>|  | 799249 | &nbsp;&nbsp; 166843229 |
| Comcast Corp., Class A |  | 4982748 | &nbsp;&nbsp; 148934338 |
| Fox Corp., Class A |  | 580633 | &nbsp;&nbsp; 42426853 |
| Fox Corp., Class B |  | 103780 | &nbsp;&nbsp; 6738435 |
| Meta Platforms, Inc., Class A |  | 161700 | &nbsp;&nbsp; 106736553 |
| News Corp., Class A |  | 91604 | &nbsp;&nbsp; 2392697 |
|  |  |  | &nbsp;&nbsp; 834653885 |
| Telecommunication Services: 0.3% | Telecommunication Services: 0.3% | Telecommunication Services: 0.3% | Telecommunication Services: 0.3% |
| T-Mobile U.S., Inc. |  | 191600 | &nbsp;&nbsp; 38902464 |
|  |  |  | &nbsp;&nbsp; 873556349 |
| **Consumer Discretionary: 2.5%** | **Consumer Discretionary: 2.5%** | **Consumer Discretionary: 2.5%** | **Consumer Discretionary: 2.5%** |
| Consumer Discretionary Distribution & Retail: 1.6% | Consumer Discretionary Distribution & Retail: 1.6% | Consumer Discretionary Distribution & Retail: 1.6% | Consumer Discretionary Distribution & Retail: 1.6% |
| Alibaba Group Holding, Ltd. ADR <br> (China)<br>|  | 724100 | &nbsp;&nbsp; 106138578 |
| Amazon.com, Inc.<sup>(a)</sup> <br>|  | 573100 | &nbsp;&nbsp; 132282942 |
|  |  |  | &nbsp;&nbsp; 238421520 |
| Consumer Durables & Apparel: 0.3% | Consumer Durables & Apparel: 0.3% | Consumer Durables & Apparel: 0.3% | Consumer Durables & Apparel: 0.3% |
| VF Corp. |  | 2227600 | &nbsp;&nbsp; 40275008 |
| Consumer Services: 0.6% | Consumer Services: 0.6% | Consumer Services: 0.6% | Consumer Services: 0.6% |
| Booking Holdings, Inc. |  | 18000 | &nbsp;&nbsp; 96395940 |
|  |  |  | &nbsp;&nbsp; 375092468 |
| **Consumer Staples: 2.5%** | **Consumer Staples: 2.5%** | **Consumer Staples: 2.5%** | **Consumer Staples: 2.5%** |
| Food, Beverage & Tobacco: 2.5% | Food, Beverage & Tobacco: 2.5% | Food, Beverage & Tobacco: 2.5% | Food, Beverage & Tobacco: 2.5% |
| Anheuser-Busch InBev SA/NV <br> ADR (Belgium)<br>|  | 2240200 | &nbsp;&nbsp; 143462408 |
| Archer-Daniels-Midland Co. |  | 912300 | &nbsp;&nbsp; 52448127 |
| Imperial Brands PLC ADR <br> (United Kingdom)<br>|  | 3041300 | &nbsp;&nbsp; 127765013 |
| Molson Coors Beverage Co., <br> Class B<br>|  | 1135414 | &nbsp;&nbsp; 53001126 |
|  |  |  | &nbsp;&nbsp; 376676674 |
| **Energy: 2.1%** | **Energy: 2.1%** | **Energy: 2.1%** | **Energy: 2.1%** |
| Baker Hughes Co., Class A |  | 2255000 | &nbsp;&nbsp; 102692700 |
| ConocoPhillips |  | 421424 | &nbsp;&nbsp; 39449500 |
| Occidental Petroleum Corp. |  | 4279315 | &nbsp;&nbsp; 175965433 |
|  |  |  | &nbsp;&nbsp; 318107633 |
| **Financials: 15.1%** | **Financials: 15.1%** | **Financials: 15.1%** | **Financials: 15.1%** |
| Banks: 4.0% | Banks: 4.0% | Banks: 4.0% | Banks: 4.0% |
| Banco Santander SA (Spain) | EUR | 9519100 | &nbsp;&nbsp; 111705146 |
| BNP Paribas SA ADR (France) |  | 3259500 | &nbsp;&nbsp; 154500300 |
| Credicorp, Ltd. (Peru) |  | 256997 | &nbsp;&nbsp; 73758139 |
| First Citizens BancShares, Inc., <br> Class A<br>|  | 832 | &nbsp;&nbsp; 1785622 |
| HDFC Bank, Ltd. ADR (India) |  | 2930700 | &nbsp;&nbsp; 107087778 |
| Wells Fargo & Co. |  | 1535342 | &nbsp;&nbsp; 143093874 |
|  |  |  | &nbsp;&nbsp; 591930859 |
| Financial Services: 8.0% | Financial Services: 8.0% | Financial Services: 8.0% | Financial Services: 8.0% |
| Brookfield Corp. (Canada) |  | 1700400 | &nbsp;&nbsp; 78031356 |
| Capital One Financial Corp. |  | 410426 | &nbsp;&nbsp; 99470845 |
| Fidelity National Information <br> Services, Inc.<br>|  | 2834600 | &nbsp;&nbsp; 188387516 |
| Fiserv, Inc.<sup>(a)</sup> <br>|  | 3086500 | &nbsp;&nbsp; 207320205 |
| LPL Financial Holdings, Inc. |  | 220500 | &nbsp;&nbsp; 78755985 |
| The Bank of New York Mellon <br> Corp.<br>|  | 910800 | &nbsp;&nbsp; 105734772 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| The Charles Schwab Corp. |  | 3542000 | &nbsp;&nbsp; $353881220 |
| XP, Inc., Class A (Brazil) |  | 5057100 | &nbsp;&nbsp; 82784727 |
|  |  |  | &nbsp;&nbsp; 1194366626 |
| Insurance: 3.1% | Insurance: 3.1% | Insurance: 3.1% | Insurance: 3.1% |
| AIA Group, Ltd. ADR (Hong <br> Kong)<br>|  | 2735200 | &nbsp;&nbsp; 112225256 |
| Aon PLC, Class A |  | 357700 | &nbsp;&nbsp; 126225176 |
| Arthur J Gallagher & Co. |  | 53300 | &nbsp;&nbsp; 13793507 |
| MetLife, Inc. |  | 1555643 | &nbsp;&nbsp; 122802459 |
| Willis Towers Watson PLC |  | 276984 | &nbsp;&nbsp; 91016942 |
|  |  |  | &nbsp;&nbsp; 466063340 |
|  |  |  | &nbsp;&nbsp; 2252360825 |
| **Health Care: 17.4%** | **Health Care: 17.4%** | **Health Care: 17.4%** | **Health Care: 17.4%** |
| Health Care Equipment & Services: 8.0% | Health Care Equipment & Services: 8.0% | Health Care Equipment & Services: 8.0% | Health Care Equipment & Services: 8.0% |
| Baxter International, Inc. |  | 2693100 | &nbsp;&nbsp; 51465141 |
| CVS Health Corp. |  | 4317738 | &nbsp;&nbsp; 342655688 |
| Fresenius Medical Care AG ADR <br> (Germany)<br>|  | 3826910 | &nbsp;&nbsp; 91156996 |
| GE HealthCare Technologies, <br> Inc.<br>|  | 1628000 | &nbsp;&nbsp; 133528560 |
| Humana, Inc. |  | 613400 | &nbsp;&nbsp; 157110142 |
| Medtronic PLC |  | 623700 | &nbsp;&nbsp; 59912622 |
| The Cigna Group |  | 572955 | &nbsp;&nbsp; 157694405 |
| UnitedHealth Group, Inc. |  | 408972 | &nbsp;&nbsp; 135005747 |
| Zimmer Biomet Holdings, Inc. |  | 673500 | &nbsp;&nbsp; 60561120 |
|  |  |  | &nbsp;&nbsp; 1189090421 |
| Pharmaceuticals, Biotechnology & Life Sciences: 9.4% | Pharmaceuticals, Biotechnology & Life Sciences: 9.4% | Pharmaceuticals, Biotechnology & Life Sciences: 9.4% | Pharmaceuticals, Biotechnology & Life Sciences: 9.4% |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> <br>|  | 83700 | &nbsp;&nbsp; 33283305 |
| Avantor, Inc.<sup>(a)</sup> <br>|  | 6317700 | &nbsp;&nbsp; 72400842 |
| Bayer AG ADR (Germany) |  | 6249700 | &nbsp;&nbsp; 67621754 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> <br>|  | 955200 | &nbsp;&nbsp; 56767536 |
| Elanco Animal Health, Inc.<sup>(a)</sup> <br>|  | 5320800 | &nbsp;&nbsp; 120409704 |
| Gilead Sciences, Inc. |  | 1329880 | &nbsp;&nbsp; 163229471 |
| GSK PLC ADR (United Kingdom) |  | 4918395 | &nbsp;&nbsp; 241198091 |
| Haleon PLC ADR (United <br> Kingdom)<br>|  | 11685813 | &nbsp;&nbsp; 118143569 |
| Incyte Corp.<sup>(a)</sup> <br>|  | 1196400 | &nbsp;&nbsp; 118168428 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> <br>|  | 304000 | &nbsp;&nbsp; 43116320 |
| Regeneron Pharmaceuticals, Inc. |  | 247800 | &nbsp;&nbsp; 191269386 |
| Roche Holding AG ADR <br> (Switzerland)<br>|  | 1150200 | &nbsp;&nbsp; 59315814 |
| Sanofi SA ADR (France) |  | 2351565 | &nbsp;&nbsp; 113956840 |
|  |  |  | &nbsp;&nbsp; 1398881060 |
|  |  |  | &nbsp;&nbsp; 2587971481 |
| **Industrials: 7.4%** | **Industrials: 7.4%** | **Industrials: 7.4%** | **Industrials: 7.4%** |
| Capital Goods: 5.0% | Capital Goods: 5.0% | Capital Goods: 5.0% | Capital Goods: 5.0% |
| Ashtead Group PLC (United <br> Kingdom)<br>| GBP | 2005700 | &nbsp;&nbsp; 136839053 |
| Daikin Industries, Ltd. (Japan) | JPY | 355000 | &nbsp;&nbsp; 45572429 |
| Fortive Corp. |  | 2320228 | &nbsp;&nbsp; 128099788 |
| GE Aerospace |  | 106400 | &nbsp;&nbsp; 32774392 |
| IDEX Corp. |  | 36200 | &nbsp;&nbsp; 6441428 |
| Johnson Controls International <br> PLC<br>|  | 1310914 | &nbsp;&nbsp; 156981951 |
| RTX Corp. |  | 1269700 | &nbsp;&nbsp; 232862980 |
|  |  |  | &nbsp;&nbsp; 739572021 |
| Commercial & Professional Services: 0.3% | Commercial & Professional Services: 0.3% | Commercial & Professional Services: 0.3% | Commercial & Professional Services: 0.3% |
| TransUnion |  | 561110 | &nbsp;&nbsp; 48115183 |

---

PAGE 1 <sup>■</sup> Dodge & Cox Balanced FundSee accompanying Notes to Financial Statements

------

Portfolio of Investments December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  |  | **Shares** | **Value** |
| Transportation: 2.1% | Transportation: 2.1% | Transportation: 2.1% | Transportation: 2.1% |
| FedEx Corp. |  | 582834 | &nbsp;&nbsp; $168357429 |
| Norfolk Southern Corp. |  | 491500 | &nbsp;&nbsp; 141905880 |
|  |  |  | &nbsp;&nbsp; 310263309 |
|  |  |  | &nbsp;&nbsp; 1097950513 |
| **Information Technology: 4.3%** | **Information Technology: 4.3%** | **Information Technology: 4.3%** | **Information Technology: 4.3%** |
| Semiconductors & Semiconductor Equipment: 1.5% | Semiconductors & Semiconductor Equipment: 1.5% | Semiconductors & Semiconductor Equipment: 1.5% | Semiconductors & Semiconductor Equipment: 1.5% |
| Microchip Technology, Inc. |  | 369387 | &nbsp;&nbsp; 23537340 |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. (Taiwan)<br>| TWD | 4044100 | &nbsp;&nbsp; 197567944 |
|  |  |  | &nbsp;&nbsp; 221105284 |
| Software & Services: 1.6% | Software & Services: 1.6% | Software & Services: 1.6% | Software & Services: 1.6% |
| Adobe, Inc.<sup>(a)</sup> <br>|  | 133500 | &nbsp;&nbsp; 46723665 |
| Cognizant Technology Solutions <br> Corp., Class A<br>|  | 517800 | &nbsp;&nbsp; 42977400 |
| Microsoft Corp. |  | 305500 | &nbsp;&nbsp; 147745910 |
|  |  |  | &nbsp;&nbsp; 237446975 |
| Technology, Hardware & Equipment: 1.2% | Technology, Hardware & Equipment: 1.2% | Technology, Hardware & Equipment: 1.2% | Technology, Hardware & Equipment: 1.2% |
| HP, Inc. |  | 747330 | &nbsp;&nbsp; 16650513 |
| Ralliant Corp. |  | 671453 | &nbsp;&nbsp; 34183672 |
| TE Connectivity PLC <br> (Switzerland)<br>|  | 329636 | &nbsp;&nbsp; 74995486 |
| Teledyne Technologies, Inc.<sup>(a)</sup> <br>|  | 96400 | &nbsp;&nbsp; 49234372 |
|  |  |  | &nbsp;&nbsp; 175064043 |
|  |  |  | &nbsp;&nbsp; 633616302 |
| **Materials: 2.9%** | **Materials: 2.9%** | **Materials: 2.9%** | **Materials: 2.9%** |
| Air Products & Chemicals, Inc. |  | 489309 | &nbsp;&nbsp; 120869109 |
| Akzo Nobel NV ADR <br> (Netherlands)<br>|  | 2126200 | &nbsp;&nbsp; 49221530 |
| Celanese Corp. |  | 815032 | &nbsp;&nbsp; 34459553 |
| Glencore PLC (Australia) | GBP | 18105400 | &nbsp;&nbsp; 98488605 |
| International Flavors & <br> Fragrances, Inc.<br>|  | 1186400 | &nbsp;&nbsp; 79951496 |
| LyondellBasell Industries NV, <br> Class A<br>|  | 1022400 | &nbsp;&nbsp; 44269920 |
|  |  |  | &nbsp;&nbsp; 427260213 |
| **Real Estate: 2.2%** | **Real Estate: 2.2%** | **Real Estate: 2.2%** | **Real Estate: 2.2%** |
| Equity Real Estate Investment Trusts (Reits): 2.2% | Equity Real Estate Investment Trusts (Reits): 2.2% | Equity Real Estate Investment Trusts (Reits): 2.2% | Equity Real Estate Investment Trusts (Reits): 2.2% |
| Gaming & Leisure Properties, <br> Inc. REIT<br>|  | 1086054 | &nbsp;&nbsp; 48535753 |
| SBA Communications Corp. <br> REIT, Class A<br>|  | 730800 | &nbsp;&nbsp; 141358644 |
| Sun Communities, Inc. REIT |  | 1108900 | &nbsp;&nbsp; 137403799 |
|  |  |  | &nbsp;&nbsp; 327298196 |
| **Utilities: 1.8%** | **Utilities: 1.8%** | **Utilities: 1.8%** | **Utilities: 1.8%** |
| American Electric Power Co., <br> Inc.<br>|  | 983900 | &nbsp;&nbsp; 113453509 |
| Dominion Energy, Inc. |  | 2644600 | &nbsp;&nbsp; 154947114 |
|  |  |  | &nbsp;&nbsp; 268400623 |
| **Total Common Stocks** <br>(Cost $7,060,955,018)<br>|  |  | &nbsp;&nbsp; **$9538291277** |

---

---

| | | |
|:---|:---|:---|
| **Debt Securities: 32.0%** |  |  |
|  | **Par Value** | **Value** |
| **U.S. Treasury: 3.8%** | **U.S. Treasury: 3.8%** | **U.S. Treasury: 3.8%** |
| U.S. Treasury Inflation Indexed |  |  |
| 2.50% 1/15/29<sup>(b)</sup> <br>| $40943610 | &nbsp;&nbsp; $42256646 |
| 1.625% 10/15/29<sup>(b)</sup> <br>| 172796570 | &nbsp;&nbsp; 174491312 |
| 1.50% 2/15/53<sup>(b)</sup> <br>| 16270533 | &nbsp;&nbsp; 12681532 |
| 2.375% 2/15/55<sup>(b)</sup> <br>| 23151080 | &nbsp;&nbsp; 21960948 |
| U.S. Treasury Note/Bond |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| 4.25% 8/15/35 | $8762000 | &nbsp;&nbsp; $8824977 |
| 4.625% 11/15/44 | 106247000 | &nbsp;&nbsp; 104113760 |
| 5.00% 5/15/45 | 22108000 | &nbsp;&nbsp; 22695244 |
| 4.875% 8/15/45 | 51700000 | &nbsp;&nbsp; 52200844 |
| 4.25% 8/15/54 | 62702000 | &nbsp;&nbsp; 56691425 |
| 4.50% 11/15/54 | 6805000 | &nbsp;&nbsp; 6418497 |
| 4.75% 8/15/55 | 19331000 | &nbsp;&nbsp; 19004789 |
| 4.625% 11/15/55 | 46704000 | &nbsp;&nbsp; 44996385 |
|  |  | &nbsp;&nbsp; 566336359 |
| **Government-Related: 1.0%** | **Government-Related: 1.0%** | **Government-Related: 1.0%** |
| Agency: 0.7% | Agency: 0.7% | Agency: 0.7% |
| Petroleos Mexicanos (Mexico) |  |  |
| 6.70% 2/16/32 | 38299000 | &nbsp;&nbsp; 38196750 |
| 6.375% 1/23/45 | 10725000 | &nbsp;&nbsp; 8637993 |
| 6.75% 9/21/47 | 11625000 | &nbsp;&nbsp; 9558118 |
| 7.69% 1/23/50 | 49355000 | &nbsp;&nbsp; 44231761 |
|  |  | &nbsp;&nbsp; 100624622 |
| Local Authority: 0.2% | Local Authority: 0.2% | Local Authority: 0.2% |
| State of Illinois GO |  |  |
| 5.10% 6/1/33 | 33056519 | &nbsp;&nbsp; 33878625 |
|  |  | &nbsp;&nbsp; 33878625 |
| Sovereign: 0.1% | Sovereign: 0.1% | Sovereign: 0.1% |
| Colombia Government <br> International (Colombia)<br>|  |  |
| 7.375% 4/25/30 | 4925000 | &nbsp;&nbsp; 5200800 |
| 7.75% 11/7/36 | 9425000 | &nbsp;&nbsp; 9822264 |
|  |  | &nbsp;&nbsp; 15023064 |
|  |  | &nbsp;&nbsp; 149526311 |
| **Securitized: 16.2%** | **Securitized: 16.2%** | **Securitized: 16.2%** |
| Asset-Backed: 2.9% | Asset-Backed: 2.9% | Asset-Backed: 2.9% |
| **Auto Loan: 1.3%** | **Auto Loan: 1.3%** | **Auto Loan: 1.3%** |
| Ford Credit Auto Owner Trust |  |  |
| Series 2023-B A3, 5.23% 5/15/28 | 5987154 | &nbsp;&nbsp; 6025856 |
| Series 2024-B A3, 5.10% 4/15/29 | 12828000 | &nbsp;&nbsp; 12993003 |
| GM Financial Consumer <br> Automobile Receivables Trust<br>|  |  |
| Series 2024-4 A3, 4.40% 8/16/29 | 12556000 | &nbsp;&nbsp; 12650150 |
| Series 2025-4 A3, 3.84% 2/18/31 | 4254000 | &nbsp;&nbsp; 4256243 |
| Honda Auto Receivables Owner <br> Trust<br>|  |  |
| Series 2024-4 A3, 4.33% 5/15/29 | 13002000 | &nbsp;&nbsp; 13073939 |
| Series 2025-4 A3, 3.98% 6/17/30 | 5992000 | &nbsp;&nbsp; 6023810 |
| Series 2025-2 A4, 4.28% 8/15/31 | 12871000 | &nbsp;&nbsp; 13008784 |
| Hyundai Auto Receivables Trust |  |  |
| Series 2024-B A3, 4.84% 3/15/29 | 33250000 | &nbsp;&nbsp; 33621865 |
| Series 2025-A A3, 4.32% 10/15/29 | 3466000 | &nbsp;&nbsp; 3491666 |
| Toyota Auto Receivables Owner <br> Trust<br>|  |  |
| Series 2024-C A3, 4.88% 3/15/29 | 12823000 | &nbsp;&nbsp; 12957629 |
| Series 2024-D A3, 4.40% 6/15/29 | 3165000 | &nbsp;&nbsp; 3187011 |
| Series 2025-B A4, 4.49% 6/17/30 | 15302000 | &nbsp;&nbsp; 15526966 |
| Volkswagen Auto Loan <br> Enhanced Trust<br>|  |  |
| Series 2025-1 A3, 4.50% 8/20/29 | 21413000 | &nbsp;&nbsp; 21635361 |
| Series 2025-2 A3, 3.92% 3/20/30 | 35156000 | &nbsp;&nbsp; 35242719 |
|  |  | &nbsp;&nbsp; 193695002 |
| **Federal Agency: 0.0%** | **Federal Agency: 0.0%** | **Federal Agency: 0.0%** |
| Small Business Admin. - 504 <br> Program<br>|  |  |
| Series 2007-20F 1, 5.71% 6/1/27 | 95895 | &nbsp;&nbsp; 96867 |
|  |  | &nbsp;&nbsp; 96867 |

---

See accompanying Notes to Financial StatementsDodge & Cox Balanced Fund <sup>■</sup> PAGE 2

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) |  |  |
|  | **Par Value** | **Value** |
| **Other: 0.1%** | **Other: 0.1%** | **Other: 0.1%** |
| Rio Oil Finance Trust (Brazil) |  |  |
| 9.75% 1/6/27<sup>(c)</sup>  | $6581810 | &nbsp;&nbsp; $6783032 |
| 8.20% 4/6/28<sup>(c)</sup>  | 5545625 | &nbsp;&nbsp; 5728433 |
|  |  | &nbsp;&nbsp; 12511465 |
| **Student Loan: 1.5%** | **Student Loan: 1.5%** | **Student Loan: 1.5%** |
| ECMC Group Student Loan <br> Trust<br>|  |  |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +1.05%, Series 2025-2A A, <br> 4.924% 11/25/74<sup>(c)</sup>  | 5055918 | &nbsp;&nbsp; 5055905 |
| Navient Student Loan Trust |  |  |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +1.264%, Series 2016-7A A, <br> 5.139% 3/25/66<sup>(c)</sup>  | 24282635 | &nbsp;&nbsp; 24459435 |
| +1.414%, Series 2016-6A A3, <br> 5.289% 3/25/66<sup>(c)</sup>  | 16876434 | &nbsp;&nbsp; 17148003 |
| +0.914%, Series 2017-5A A, <br> 4.789% 7/26/66<sup>(c)</sup>  | 3509865 | &nbsp;&nbsp; 3489152 |
| +1.264%, Series 2017-1A A3, <br> 5.139% 7/26/66<sup>(c)</sup>  | 3659011 | &nbsp;&nbsp; 3684059 |
| +1.164%, Series 2017-2A A, <br> 5.039% 12/27/66<sup>(c)</sup>  | 5363796 | &nbsp;&nbsp; 5391426 |
| +0.864%, Series 2018-2A A3, <br> 4.739% 3/25/67<sup>(c)</sup>  | 53476607 | &nbsp;&nbsp; 53641930 |
| +1.114%, Series 2019-2A A2, <br> 4.989% 2/27/68<sup>(c)</sup>  | 2365390 | &nbsp;&nbsp; 2371158 |
| +0.814%, Series 2016-1A A, <br> 4.689% 2/25/70<sup>(c)</sup>  | 3758675 | &nbsp;&nbsp; 3721307 |
| +0.664%, Series 2021-2A A1B, <br> 4.539% 2/25/70<sup>(c)</sup>  | 10345670 | &nbsp;&nbsp; 10330165 |
| SLM Student Loan Trust |  |  |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +0.914%, Series 2012-5 A3, <br> 4.789% 1/25/75 | 30882962 | &nbsp;&nbsp; 30896581 |
| United States 90 Day Average <br> SOFR<br>|  |  |
| +0.861%, Series 2005-9 A7A, <br> 5.175% 1/25/41 | 2783333 | &nbsp;&nbsp; 2761910 |
| +0.431%, Series 2006-2 A6, <br> 4.745% 1/25/41 | 5633130 | &nbsp;&nbsp; 5498488 |
| +0.421%, Series 2006-8 A6, <br> 4.735% 1/25/41 | 3077321 | &nbsp;&nbsp; 2979183 |
| +0.811%, Series 2004-3A A6B, <br> 5.125% 10/25/64<sup>(c)</sup>  | 12244698 | &nbsp;&nbsp; 12157016 |
| SMB Private Education Loan <br> Trust (Private Loans)<br>|  |  |
| Series 2018-B A2A, 3.60% <br> 1/15/37<sup>(c)</sup>  | 2033966 | &nbsp;&nbsp; 2022976 |
| Series 2023-C A1A, 5.67% <br> 11/15/52<sup>(c)</sup>  | 7574447 | &nbsp;&nbsp; 7776986 |
| Series 2023-A A1A, 5.38% <br> 1/15/53<sup>(c)</sup>  | 10960241 | &nbsp;&nbsp; 11153812 |
| Series 2023-D A1A, 6.15% <br> 9/15/53<sup>(c)</sup>  | 10130428 | &nbsp;&nbsp; 10659743 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| Series 2025-A A1A, 5.13% <br> 4/15/54<sup>(c)</sup>  | $7972477 | &nbsp;&nbsp; $8087903 |
| Series 2024-A A1A, 5.24% <br> 3/15/56<sup>(c)</sup>  | 7753605 | &nbsp;&nbsp; 7885510 |
|  |  | &nbsp;&nbsp; 231172648 |
|  |  | &nbsp;&nbsp; 437475982 |
| CMBS: 0.0% | CMBS: 0.0% | CMBS: 0.0% |
| **Agency CMBS: 0.0%** | **Agency CMBS: 0.0%** | **Agency CMBS: 0.0%** |
| Freddie Mac Multifamily Interest <br> Only<br>|  |  |
| Series K055 X1, 1.335% 3/25/26<sup>(d)</sup>  | 8377050 | &nbsp;&nbsp; 9140 |
| Series K056 X1, 1.208% 5/25/26<sup>(d)</sup>  | 3281349 | &nbsp;&nbsp; 6438 |
| Series K064 X1, 0.585% 3/25/27<sup>(d)</sup>  | 8254419 | &nbsp;&nbsp; 44752 |
| Series K065 X1, 0.649% 4/25/27<sup>(d)</sup>  | 40005374 | &nbsp;&nbsp; 289847 |
| Series K066 X1, 0.726% 6/25/27<sup>(d)</sup>  | 34401835 | &nbsp;&nbsp; 267677 |
| Series K069 X1, 0.34% 9/25/27<sup>(d)</sup>  | 208792988 | &nbsp;&nbsp; 1057203 |
| Series K090 X1, 0.706% 2/25/29<sup>(d)</sup>  | 175481921 | &nbsp;&nbsp; 3566056 |
|  |  | &nbsp;&nbsp; 5241113 |
| Mortgage-Related: 13.3% | Mortgage-Related: 13.3% | Mortgage-Related: 13.3% |
| **CMO & REMIC: 3.0%** | **CMO & REMIC: 3.0%** | **CMO & REMIC: 3.0%** |
| Dept. of Veterans Affairs |  |  |
| Series 2002-1 2J, 6.50% 8/15/31 | 1338009 | &nbsp;&nbsp; 1384116 |
| Fannie Mae |  |  |
| Trust 2002-33 A1, 7.00% 6/25/32 | 547544 | &nbsp;&nbsp; 556217 |
| Trust 2009-30 AG, 6.50% 5/25/39 | 412621 | &nbsp;&nbsp; 441395 |
| Trust 2020-45 HD, 3.50% 7/25/40 | 661456 | &nbsp;&nbsp; 631426 |
| Trust 2001-T7 A1, 7.50% 2/25/41 | 452794 | &nbsp;&nbsp; 481607 |
| Trust 2001-T5 A3, 7.50% 6/19/41<sup>(d)</sup>  | 259817 | &nbsp;&nbsp; 270075 |
| Trust 2001-T4 A1, 7.50% 7/25/41 | 431042 | &nbsp;&nbsp; 452451 |
| Trust 2001-T8 A1, 7.50% 7/25/41 | 348047 | &nbsp;&nbsp; 359739 |
| Trust 2001-W3 A, 7.00% 9/25/41<sup>(d)</sup>  | 204511 | &nbsp;&nbsp; 206365 |
| Trust 2001-T10 A2, 7.50% 12/25/41 | 229049 | &nbsp;&nbsp; 237820 |
| Trust 2013-106 MA, 4.00% 2/25/42 | 2330117 | &nbsp;&nbsp; 2325637 |
| Trust 2002-W6 2A1, 7.00% <br> 6/25/42<sup>(d)</sup>  | 374547 | &nbsp;&nbsp; 375504 |
| Trust 2002-W8 A2, 7.00% 6/25/42 | 607704 | &nbsp;&nbsp; 639315 |
| Trust 2003-W2 1A2, 7.00% 7/25/42 | 451853 | &nbsp;&nbsp; 474993 |
| Trust 2003-W2 1A1, 6.50% 7/25/42 | 931361 | &nbsp;&nbsp; 976805 |
| Trust 2003-W4 4A, 5.078% <br> 10/25/42<sup>(d)</sup>  | 423314 | &nbsp;&nbsp; 434506 |
| Trust 2012-121 NB, 7.00% 11/25/42 | 427390 | &nbsp;&nbsp; 456127 |
| Trust 2013-19 ZA, 3.50% 3/25/43 | 15810564 | &nbsp;&nbsp; 14983076 |
| Trust 2004-T1 1A2, 6.50% 1/25/44 | 290556 | &nbsp;&nbsp; 299996 |
| Trust 2004-W2 5A, 7.50% 3/25/44 | 319569 | &nbsp;&nbsp; 332252 |
| Trust 2004-W8 3A, 7.50% 6/25/44 | 56288 | &nbsp;&nbsp; 57895 |
| Trust 2005-W4 1A2, 6.50% 8/25/45 | 772266 | &nbsp;&nbsp; 804956 |
| Trust 2009-11 MP, 7.00% 3/25/49 | 956948 | &nbsp;&nbsp; 1040566 |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +0.664%, Trust 2013-98 FA, <br> 4.539% 9/25/43 | 1659399 | &nbsp;&nbsp; 1646505 |
| Freddie Mac |  |  |
| Series T-48 1A4, 5.538% 7/25/33 | 10314835 | &nbsp;&nbsp; 10499069 |
| Series T-51 1A, 6.50% 9/25/43<sup>(d)</sup>  | 99413 | &nbsp;&nbsp; 103196 |
| Series T-59 1A1, 6.50% 10/25/43 | 3433095 | &nbsp;&nbsp; 3540707 |
| Series 4281 BC, 4.50% 12/15/43<sup>(d)</sup>  | 9861460 | &nbsp;&nbsp; 9945545 |
| Series 4384 DZ, 2.50% 9/15/44 | 18715880 | &nbsp;&nbsp; 16793301 |
| Series 4680 GZ, 3.50% 3/15/47 | 14197797 | &nbsp;&nbsp; 13187487 |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +0.85%, Series 5524 FM, 4.724% <br> 4/25/55 | 45055060 | &nbsp;&nbsp; 45158402 |

---

PAGE 3 <sup>■</sup> Dodge & Cox Balanced FundSee accompanying Notes to Financial Statements

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) |  |  |
|  | **Par Value** | **Value** |
| +0.9%, Series 5572 FA, 4.774% <br> 9/25/55 | $48444415 | &nbsp;&nbsp; $48502834 |
| +0.724%, Series 314 F2, 4.708% <br> 9/15/43 | 4080774 | &nbsp;&nbsp; 4060243 |
| Ginnie Mae |  |  |
| CME Term SOFR 1 Month |  |  |
| +0.734%, Series 2014-H18 FA, <br> 4.734% 9/20/64 | 552975 | &nbsp;&nbsp; 553621 |
| +0.814%, Series 2020-H02 FA, <br> 4.814% 1/20/70 | 13457629 | &nbsp;&nbsp; 13461556 |
| +0.764%, Series 2020-H01 FV, <br> 4.764% 1/20/70 | 18571994 | &nbsp;&nbsp; 18548606 |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +0.55%, Series 2022-H04 FG, <br> 4.468% 2/20/67 | 3347986 | &nbsp;&nbsp; 3344027 |
| +0.8%, Series 2023-H05 FJ, <br> 4.718% 2/20/68 | 21007826 | &nbsp;&nbsp; 21052304 |
| +0.41%, Series 2022-H06 FC, <br> 4.328% 8/20/68 | 24413269 | &nbsp;&nbsp; 24242117 |
| +1.02%, Series 2023-H08 FE, <br> 4.938% 8/20/71 | 21235061 | &nbsp;&nbsp; 21420456 |
| +1%, Series 2022-H20 FB, <br> 4.918% 8/20/71 | 28093410 | &nbsp;&nbsp; 28302712 |
| +0.82%, Series 2022-H04 HF, <br> 4.738% 2/20/72 | 6312175 | &nbsp;&nbsp; 6324139 |
| +0.67%, Series 2022-H09 FA, <br> 4.588% 4/20/72 | 20479118 | &nbsp;&nbsp; 20408012 |
| +0.74%, Series 2022-H09 FC, <br> 4.658% 4/20/72 | 25203767 | &nbsp;&nbsp; 25180988 |
| +0.97%, Series 2022-H11 EF, <br> 4.888% 5/20/72 | 14299619 | &nbsp;&nbsp; 14402597 |
| CME Term SOFR 12 Month |  |  |
| +1.015%, Series 2017-H03 F, <br> 5.249% 1/20/67 | 4503389 | &nbsp;&nbsp; 4524924 |
| +0.945%, Series 2017-H20 BF, <br> 4.712% 10/20/67 | 6508488 | &nbsp;&nbsp; 6543492 |
| +0.945%, Series 2017-H20 FG, <br> 4.712% 10/20/67 | 4417351 | &nbsp;&nbsp; 4441321 |
| +0.775%, Series 2018-H02 GF, <br> 4.938% 12/20/67 | 12109261 | &nbsp;&nbsp; 12130039 |
| +0.795%, Series 2018-H08 GF, <br> 4.557% 5/20/68 | 3681753 | &nbsp;&nbsp; 3677933 |
| +0.965%, Series 2018-H13 BF, <br> 4.832% 6/20/68 | 11721176 | &nbsp;&nbsp; 11781560 |
| +0.995%, Series 2019-H04 EF, <br> 5.154% 11/20/68 | 15043470 | &nbsp;&nbsp; 15114038 |
| +0.965%, Series 2019-H01 FV, <br> 5.199% 12/20/68 | 1676736 | &nbsp;&nbsp; 1681520 |
|  |  | &nbsp;&nbsp; 438796090 |
| **Federal Agency Mortgage Pass-Through: 10.3%** | **Federal Agency Mortgage Pass-Through: 10.3%** | **Federal Agency Mortgage Pass-Through: 10.3%** |
| Fannie Mae, 15 Year |  |  |
| 4.50% 1/1/27 | 6801 | &nbsp;&nbsp; 6804 |
| 3.50%, 1/1/27 - 12/1/29 | 721636 | &nbsp;&nbsp; 717010 |
| Fannie Mae, 20 Year |  |  |
| 4.00%, 11/1/30 - 2/1/37 | 8474741 | &nbsp;&nbsp; 8397116 |
| 4.50%, 1/1/31 - 12/1/34 | 9572887 | &nbsp;&nbsp; 9624988 |
| 3.50%, 4/1/36 - 4/1/37 | 5712202 | &nbsp;&nbsp; 5574163 |
| 2.50% 4/1/42 | 32362722 | &nbsp;&nbsp; 29026105 |
| 3.00% 8/1/42 | 19102194 | &nbsp;&nbsp; 17847255 |
| Fannie Mae, 30 Year |  |  |
| 6.50%, 12/1/28 - 8/1/39 | 3123875 | &nbsp;&nbsp; 3286294 |
| 5.50%, 7/1/33 - 8/1/37 | 2323515 | &nbsp;&nbsp; 2389590 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| 6.00%, 9/1/36 - 8/1/37 | $2733951 | &nbsp;&nbsp; $2834112 |
| 7.00% 8/1/37 | 103712 | &nbsp;&nbsp; 110447 |
| 4.50%, 3/1/40 - 2/1/55 | 122650199 | &nbsp;&nbsp; 119915953 |
| 5.00%, 12/1/48 - 3/1/49 | 2515866 | &nbsp;&nbsp; 2554401 |
| 2.50%, 6/1/50 - 10/1/50 | 107910807 | &nbsp;&nbsp; 93052368 |
| 2.00%, 9/1/50 - 12/1/50 | 78837205 | &nbsp;&nbsp; 65061252 |
| 3.00% 3/1/52 | 27135036 | &nbsp;&nbsp; 24317462 |
| 3.50%, 4/1/52 - 8/1/52 | 291893029 | &nbsp;&nbsp; 271745021 |
| 4.00%, 10/1/52 - 7/1/53 | 119457245 | &nbsp;&nbsp; 113844451 |
| Fannie Mae, 40 Year |  |  |
| 4.50% 6/1/56 | 11817614 | &nbsp;&nbsp; 11466839 |
| Fannie Mae, Hybrid ARM |  |  |
| 5.988% 9/1/34<sup>(d)</sup> <br>| 141462 | &nbsp;&nbsp; 144848 |
| 5.913% 12/1/34<sup>(d)</sup> <br>| 145975 | &nbsp;&nbsp; 147718 |
| 6.54% 1/1/35<sup>(d)</sup> <br>| 191994 | &nbsp;&nbsp; 196586 |
| 6.058% 1/1/35<sup>(d)</sup> <br>| 184555 | &nbsp;&nbsp; 191798 |
| 6.373% 8/1/35<sup>(d)</sup> <br>| 91585 | &nbsp;&nbsp; 93937 |
| 6.601% 5/1/37<sup>(d)</sup> <br>| 370174 | &nbsp;&nbsp; 380447 |
| 6.28% 11/1/40<sup>(d)</sup> <br>| 159903 | &nbsp;&nbsp; 165204 |
| 6.193% 12/1/40<sup>(d)</sup> <br>| 344395 | &nbsp;&nbsp; 356298 |
| 5.972% 11/1/43<sup>(d)</sup> <br>| 575674 | &nbsp;&nbsp; 598693 |
| 6.51% 4/1/44<sup>(d)</sup> <br>| 1002432 | &nbsp;&nbsp; 1040052 |
| 6.023% 11/1/44<sup>(d)</sup> <br>| 1505310 | &nbsp;&nbsp; 1565375 |
| 5.975% 12/1/44<sup>(d)</sup> <br>| 1145210 | &nbsp;&nbsp; 1190706 |
| 6.34% 9/1/45<sup>(d)</sup> <br>| 356906 | &nbsp;&nbsp; 370022 |
| 6.24% 12/1/45<sup>(d)</sup> <br>| 712867 | &nbsp;&nbsp; 740650 |
| 6.38% 1/1/46<sup>(d)</sup> <br>| 390690 | &nbsp;&nbsp; 403392 |
| 3.856% 4/1/46<sup>(d)</sup> <br>| 1024783 | &nbsp;&nbsp; 1069146 |
| 2.546% 12/1/46<sup>(d)</sup> <br>| 2552697 | &nbsp;&nbsp; 2607775 |
| 6.276% 6/1/47<sup>(d)</sup> <br>| 446886 | &nbsp;&nbsp; 464824 |
| 6.235% 7/1/47<sup>(d)</sup> <br>| 812033 | &nbsp;&nbsp; 844588 |
| 6.357% 8/1/47<sup>(d)</sup> <br>| 1163457 | &nbsp;&nbsp; 1211356 |
| 6.287% 1/1/49<sup>(d)</sup> <br>| 800041 | &nbsp;&nbsp; 837876 |
| 1.945% 4/1/52<sup>(d)</sup> <br>| 12752590 | &nbsp;&nbsp; 12118065 |
| 1.941% 4/1/52<sup>(d)</sup> <br>| 31313399 | &nbsp;&nbsp; 28555739 |
| 2.318% 4/1/52<sup>(d)</sup> <br>| 18818961 | &nbsp;&nbsp; 17350719 |
| 2.641% 7/1/52<sup>(d)</sup> <br>| 15337461 | &nbsp;&nbsp; 14330629 |
| Freddie Mac, Hybrid ARM |  |  |
| 6.861% 5/1/34<sup>(d)</sup> <br>| 192037 | &nbsp;&nbsp; 197799 |
| 6.125% 10/1/35<sup>(d)</sup> <br>| 271501 | &nbsp;&nbsp; 280339 |
| 6.48% 4/1/37<sup>(d)</sup> <br>| 493486 | &nbsp;&nbsp; 511106 |
| 6.563% 9/1/37<sup>(d)</sup> <br>| 376823 | &nbsp;&nbsp; 391373 |
| 6.634% 1/1/38<sup>(d)</sup> <br>| 97045 | &nbsp;&nbsp; 99723 |
| 6.944% 2/1/38<sup>(d)</sup> <br>| 295557 | &nbsp;&nbsp; 307335 |
| 6.629% 7/1/38<sup>(d)</sup> <br>| 40667 | &nbsp;&nbsp; 42271 |
| 6.25% 10/1/38<sup>(d)</sup> <br>| 106762 | &nbsp;&nbsp; 109122 |
| 6.63% 10/1/41<sup>(d)</sup> <br>| 68873 | &nbsp;&nbsp; 71740 |
| 6.521% 8/1/42<sup>(d)</sup> <br>| 509975 | &nbsp;&nbsp; 533831 |
| 6.457% 5/1/44<sup>(d)</sup> <br>| 1412648 | &nbsp;&nbsp; 1468810 |
| 6.36% 5/1/44<sup>(d)</sup> <br>| 68488 | &nbsp;&nbsp; 70811 |
| 6.365% 6/1/44<sup>(d)</sup> <br>| 368332 | &nbsp;&nbsp; 379701 |
| 6.245% 6/1/44<sup>(d)</sup> <br>| 370872 | &nbsp;&nbsp; 385914 |
| 6.319% 1/1/45<sup>(d)</sup> <br>| 1096156 | &nbsp;&nbsp; 1139708 |
| 6.352% 10/1/45<sup>(d)</sup> <br>| 708814 | &nbsp;&nbsp; 736837 |
| 6.344% 10/1/45<sup>(d)</sup> <br>| 811909 | &nbsp;&nbsp; 843524 |
| 6.255% 7/1/47<sup>(d)</sup> <br>| 381286 | &nbsp;&nbsp; 395483 |
| 6.081% 1/1/49<sup>(d)</sup> <br>| 2603956 | &nbsp;&nbsp; 2700243 |
| 3.28% 1/1/49<sup>(d)</sup> <br>| 7097692 | &nbsp;&nbsp; 6988496 |
| 3.815% 3/1/49<sup>(d)</sup> <br>| 784810 | &nbsp;&nbsp; 809074 |
| 2.302% 5/1/52<sup>(d)</sup> <br>| 12490368 | &nbsp;&nbsp; 11470446 |
| 2.023% 5/1/52<sup>(d)</sup> <br>| 35368896 | &nbsp;&nbsp; 32346986 |
| 4.135% 1/1/53<sup>(d)</sup> <br>| 7389480 | &nbsp;&nbsp; 7339303 |
| Freddie Mac Gold, 15 Year |  |  |
| 4.50% 9/1/26 | 487 | &nbsp;&nbsp; 488 |

---

See accompanying Notes to Financial StatementsDodge & Cox Balanced Fund <sup>■</sup> PAGE 4

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) |  |  |
|  | **Par Value** | **Value** |
| Freddie Mac Gold, 20 Year |  |  |
| 6.50% 10/1/26 | $59746 | &nbsp;&nbsp; $62044 |
| 4.50%, 4/1/31 - 6/1/31 | 1302233 | &nbsp;&nbsp; 1313069 |
| Freddie Mac Gold, 30 Year |  |  |
| 6.50%, 12/1/32 - 4/1/33 | 1031413 | &nbsp;&nbsp; 1081035 |
| 7.00%, 11/1/37 - 9/1/38 | 993523 | &nbsp;&nbsp; 1064684 |
| 5.50% 12/1/37 | 127463 | &nbsp;&nbsp; 133422 |
| 6.00% 2/1/39 | 292473 | &nbsp;&nbsp; 309584 |
| 4.50%, 9/1/41 - 6/1/42 | 8565102 | &nbsp;&nbsp; 8627446 |
| Freddie Mac Pool, 20 Year |  |  |
| 3.00%, 5/1/42 - 10/1/42 | 92140028 | &nbsp;&nbsp; 86086705 |
| Freddie Mac Pool, 30 Year |  |  |
| 2.50%, 6/1/50 - 2/1/51 | 102483501 | &nbsp;&nbsp; 88416912 |
| 2.00% 9/1/50 | 65855710 | &nbsp;&nbsp; 54384786 |
| 3.00%, 2/1/52 - 6/1/52 | 112249453 | &nbsp;&nbsp; 100429538 |
| 3.50%, 5/1/52 - 8/1/53 | 160258593 | &nbsp;&nbsp; 148920508 |
| 4.00%, 9/1/52 - 3/1/53 | 34097364 | &nbsp;&nbsp; 32514289 |
| 4.50%, 10/1/52 - 1/1/54 | 74395923 | &nbsp;&nbsp; 72881008 |
|  |  | &nbsp;&nbsp; 1534593567 |
|  |  | &nbsp;&nbsp; 1973389657 |
|  |  | &nbsp;&nbsp; 2416106752 |
| **Corporate: 11.0%** | **Corporate: 11.0%** | **Corporate: 11.0%** |
| Financials: 4.4% | Financials: 4.4% | Financials: 4.4% |
| Bank of America Corp. |  |  |
| 4.45% 3/3/26 | 3970000 | &nbsp;&nbsp; 3972861 |
| 4.25% 10/22/26 | 2970000 | &nbsp;&nbsp; 2976979 |
| 4.183% 11/25/27 | 7925000 | &nbsp;&nbsp; 7944026 |
| 4.623% 5/9/29<sup>(e)</sup> <br>| 4650000 | &nbsp;&nbsp; 4711685 |
| 3.846% 3/8/37<sup>(e)</sup> <br>| 40560000 | &nbsp;&nbsp; 38196778 |
| Barclays PLC (United Kingdom) |  |  |
| 5.829% 5/9/27<sup>(e)</sup> <br>| 7700000 | &nbsp;&nbsp; 7743331 |
| 4.836% 5/9/28 | 4525000 | &nbsp;&nbsp; 4563658 |
| 5.501% 8/9/28<sup>(e)</sup> <br>| 10750000 | &nbsp;&nbsp; 10982991 |
| 5.746% 8/9/33<sup>(e)</sup> <br>| 9500000 | &nbsp;&nbsp; 9973299 |
| 6.224% 5/9/34<sup>(e)</sup> <br>| 2800000 | &nbsp;&nbsp; 3010852 |
| BNP Paribas SA (France) |  |  |
| 4.625% 3/13/27<sup>(c)</sup> <br>| 12175000 | &nbsp;&nbsp; 12220549 |
| 5.085% 5/9/31<sup>(c)(e)</sup> <br>| 4500000 | &nbsp;&nbsp; 4593701 |
| 2.588% 8/12/35<sup>(c)(e)</sup> <br>| 6500000 | &nbsp;&nbsp; 5876719 |
| Boston Properties, Inc. |  |  |
| 3.65% 2/1/26 | 5341000 | &nbsp;&nbsp; 5337076 |
| 2.75% 10/1/26 | 22161000 | &nbsp;&nbsp; 21929572 |
| 2.90% 3/15/30 | 7270000 | &nbsp;&nbsp; 6816338 |
| 3.25% 1/30/31 | 5850000 | &nbsp;&nbsp; 5486544 |
| 6.50% 1/15/34 | 14850000 | &nbsp;&nbsp; 15985172 |
| Capital One Financial Corp. |  |  |
| 4.927% 5/10/28<sup>(e)</sup> <br>| 10075000 | &nbsp;&nbsp; 10193634 |
| 7.624% 10/30/31<sup>(e)</sup> <br>| 10600000 | &nbsp;&nbsp; 11979546 |
| Citigroup, Inc. |  |  |
| 6.25% <sup>(e)(f)(g)</sup> <br>| 45886000 | &nbsp;&nbsp; 45929523 |
| 4.412% 3/31/31<sup>(e)</sup> <br>| 6000000 | &nbsp;&nbsp; 5998996 |
| United States 90 Day Average <br> SOFR<br>|  |  |
| +6.63%, 10.47% 10/30/40<sup>(f)</sup> <br>| 37080925 | &nbsp;&nbsp; 44808590 |
| Elevance Health, Inc. |  |  |
| 4.75% 2/15/30 | 20000000 | &nbsp;&nbsp; 20398432 |
| 2.25% 5/15/30 | 5000000 | &nbsp;&nbsp; 4590589 |
| HSBC Holdings PLC (United <br> Kingdom)<br>|  |  |
| 5.21% 8/11/28<sup>(e)</sup> <br>| 5525000 | &nbsp;&nbsp; 5618233 |
| 4.762% 3/29/33<sup>(e)</sup> <br>| 32986000 | &nbsp;&nbsp; 32794584 |
| 6.50% 5/2/36 | 17805000 | &nbsp;&nbsp; 19815202 |
| 6.50% 9/15/37 | 3265000 | &nbsp;&nbsp; 3581620 |
| JPMorgan Chase & Co. |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par Value** | **Value** |
| 1.04% 2/4/27<sup>(e)</sup> <br>|  | $17500000 | &nbsp;&nbsp; $17451519 |
| 8.75% 9/1/30<sup>(f)</sup> <br>|  | 25692000 | &nbsp;&nbsp; 30249283 |
| 2.739% 10/15/30<sup>(e)</sup> <br>|  | 5000000 | &nbsp;&nbsp; 4743231 |
| 2.956% 5/13/31<sup>(e)</sup> <br>|  | 11793000 | &nbsp;&nbsp; 11125092 |
| Lloyds Banking Group PLC <br> (United Kingdom)<br>|  |  |  |
| 4.65% 3/24/26 |  | 3100000 | &nbsp;&nbsp; 3103790 |
| 3.75% 3/18/28<sup>(e)</sup> <br>|  | 8025000 | &nbsp;&nbsp; 7995676 |
| 7.953% 11/15/33<sup>(e)</sup> <br>|  | 14000000 | &nbsp;&nbsp; 16286424 |
| NatWest Group PLC (United <br> Kingdom)<br>|  |  |  |
| 5.808% 9/13/29<sup>(e)</sup> <br>|  | 11800000 | &nbsp;&nbsp; 12291609 |
| 6.016% 3/2/34<sup>(e)</sup> <br>|  | 13000000 | &nbsp;&nbsp; 13946151 |
| 3.032% 11/28/35<sup>(e)</sup> <br>|  | 12365000 | &nbsp;&nbsp; 11368799 |
| The Charles Schwab Corp. |  |  |  |
| 5.643% 5/19/29<sup>(e)</sup> <br>|  | 4500000 | &nbsp;&nbsp; 4671426 |
| 5.853% 5/19/34<sup>(e)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2677987 |
| 6.136% 8/24/34<sup>(e)</sup> <br>|  | 5075000 | &nbsp;&nbsp; 5531607 |
| The Goldman Sachs Group, Inc. |  |  |  |
| 3.615% 3/15/28<sup>(e)</sup> <br>|  | 12695000 | &nbsp;&nbsp; 12624514 |
| 4.937% 4/23/28<sup>(e)</sup> <br>|  | 4600000 | &nbsp;&nbsp; 4652540 |
| 5.218% 4/23/31<sup>(e)</sup> <br>|  | 5625000 | &nbsp;&nbsp; 5809767 |
| UBS Group AG (Switzerland) |  |  |  |
| 5.959% 1/12/34<sup>(c)(e)</sup> <br>|  | 23275000 | &nbsp;&nbsp; 24804171 |
| UniCredit SPA (Italy) |  |  |  |
| 7.296% 4/2/34<sup>(c)(e)</sup> <br>|  | 29960000 | &nbsp;&nbsp; 32124130 |
| 5.459% 6/30/35<sup>(c)(e)</sup> <br>|  | 7325000 | &nbsp;&nbsp; 7466477 |
| Unum Group |  |  |  |
| 6.75% 12/15/28 |  | 8417000 | &nbsp;&nbsp; 8937876 |
| Wells Fargo & Co. |  |  |  |
| 4.10% 6/3/26 |  | 3376000 | &nbsp;&nbsp; 3376312 |
| 4.30% 7/22/27 |  | 13145000 | &nbsp;&nbsp; 13196238 |
| 2.572% 2/11/31<sup>(e)</sup> <br>|  | 12005000 | &nbsp;&nbsp; 11212484 |
| 4.897% 7/25/33<sup>(e)</sup> <br>|  | 11000000 | &nbsp;&nbsp; 11171103 |
| 5.389% 4/24/34<sup>(e)</sup> <br>|  | 1900000 | &nbsp;&nbsp; 1976821 |
|  |  |  | &nbsp;&nbsp; 656826107 |
| Industrials: 5.6% | Industrials: 5.6% | Industrials: 5.6% | Industrials: 5.6% |
| Bayer AG (Germany) |  |  |  |
| 4.375% 12/15/28<sup>(c)</sup> <br>|  | 10100000 | &nbsp;&nbsp; 10111068 |
| 6.375% 11/21/30<sup>(c)</sup> <br>|  | 6200000 | &nbsp;&nbsp; 6628578 |
| 6.50% 11/21/33<sup>(c)</sup> <br>|  | 11350000 | &nbsp;&nbsp; 12287452 |
| British American Tobacco PLC <br> (United Kingdom)<br>|  |  |  |
| 3.75% <sup>(e)(f)(g)(h)</sup> <br>| EUR | 84228000 | &nbsp;&nbsp; 98492296 |
| 6.343% 8/2/30 |  | 3900000 | &nbsp;&nbsp; 4218120 |
| 4.742% 3/16/32 |  | 15335000 | &nbsp;&nbsp; 15474953 |
| 6.421% 8/2/33 |  | 3900000 | &nbsp;&nbsp; 4303400 |
| Cemex SAB de CV (Mexico) |  |  |  |
| 5.20% 9/17/30<sup>(c)</sup> <br>|  | 14400000 | &nbsp;&nbsp; 14600102 |
| 3.875% 7/11/31<sup>(c)</sup> <br>|  | 13105000 | &nbsp;&nbsp; 12548769 |
| Charter Communications, Inc. |  |  |  |
| 4.50% 5/1/32 |  | 14925000 | &nbsp;&nbsp; 13395744 |
| 4.40% 4/1/33 |  | 2475000 | &nbsp;&nbsp; 2331618 |
| 4.50% 6/1/33<sup>(c)</sup> <br>|  | 21105000 | &nbsp;&nbsp; 18474442 |
| 4.25% 1/15/34<sup>(c)</sup> <br>|  | 2525000 | &nbsp;&nbsp; 2146943 |
| 6.55% 5/1/37 |  | 11000000 | &nbsp;&nbsp; 11225047 |
| 6.75% 6/15/39 |  | 6160000 | &nbsp;&nbsp; 6230593 |
| 6.484% 10/23/45 |  | 18957000 | &nbsp;&nbsp; 17822732 |
| Cox Enterprises, Inc. |  |  |  |
| 3.35% 9/15/26<sup>(c)</sup> <br>|  | 24386000 | &nbsp;&nbsp; 24257182 |
| 3.50% 8/15/27<sup>(c)</sup> <br>|  | 16200000 | &nbsp;&nbsp; 16014421 |
| CVS Health Corp. |  |  |  |
| 7.00% 3/10/55<sup>(e)(f)</sup> <br>|  | 24355000 | &nbsp;&nbsp; 25549566 |
| Dillard's, Inc. |  |  |  |

---

PAGE 5 <sup>■</sup> Dodge & Cox Balanced FundSee accompanying Notes to Financial Statements

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) |  |  |
|  | **Par Value** | **Value** |
| 7.75% 7/15/26 | $50000 | &nbsp;&nbsp; $50649 |
| 7.75% 5/15/27 | 540000 | &nbsp;&nbsp; 558371 |
| 7.00% 12/1/28 | 15135000 | &nbsp;&nbsp; 15900508 |
| Elanco Animal Health, Inc. |  |  |
| 6.65% 8/28/28 | 13000000 | &nbsp;&nbsp; 13585475 |
| Fibercop SpA (Italy) |  |  |
| 7.20% 7/18/36<sup>(c)</sup> <br>| 1507000 | &nbsp;&nbsp; 1499842 |
| 7.721% 6/4/38<sup>(c)</sup> <br>| 5536000 | &nbsp;&nbsp; 5543739 |
| Ford Motor Credit Co. LLC |  |  |
| 4.389% 1/8/26 | 18850000 | &nbsp;&nbsp; 18851169 |
| 4.542% 8/1/26 | 18304000 | &nbsp;&nbsp; 18279081 |
| 2.70% 8/10/26 | 12700000 | &nbsp;&nbsp; 12576809 |
| 4.95% 5/28/27 | 10000000 | &nbsp;&nbsp; 10036306 |
| 7.35% 11/4/27 | 4000000 | &nbsp;&nbsp; 4174710 |
| 6.80% 5/12/28 | 3100000 | &nbsp;&nbsp; 3234775 |
| HCA Healthcare, Inc. |  |  |
| 5.00% 3/1/28 | 2425000 | &nbsp;&nbsp; 2470200 |
| 5.25% 3/1/30 | 8610000 | &nbsp;&nbsp; 8888333 |
| Imperial Brands PLC (United <br> Kingdom)<br>|  |  |
| 3.50% 7/26/26<sup>(c)</sup> <br>| 7800000 | &nbsp;&nbsp; 7765448 |
| 6.125% 7/27/27<sup>(c)</sup> <br>| 11425000 | &nbsp;&nbsp; 11759941 |
| 3.875% 7/26/29<sup>(c)</sup> <br>| 27915000 | &nbsp;&nbsp; 27365403 |
| Japan Tobacco, Inc. (Japan) |  |  |
| 4.85% 5/15/28<sup>(c)</sup> <br>| 2550000 | &nbsp;&nbsp; 2595416 |
| 5.25% 6/15/30<sup>(c)</sup> <br>| 3600000 | &nbsp;&nbsp; 3735153 |
| 5.85% 6/15/35<sup>(c)</sup> <br>| 2425000 | &nbsp;&nbsp; 2585476 |
| Macy's, Inc. |  |  |
| 6.70% 7/15/34<sup>(c)</sup> <br>| 2539000 | &nbsp;&nbsp; 2450864 |
| Mars, Inc. |  |  |
| 4.45% 3/1/27<sup>(c)</sup> <br>| 2175000 | &nbsp;&nbsp; 2190695 |
| 4.60% 3/1/28<sup>(c)</sup> <br>| 10025000 | &nbsp;&nbsp; 10162346 |
| 4.80% 3/1/30<sup>(c)</sup> <br>| 5075000 | &nbsp;&nbsp; 5186460 |
| Meta Platforms, Inc. |  |  |
| 4.60% 11/15/32 | 3250000 | &nbsp;&nbsp; 3276127 |
| 4.875% 11/15/35 | 3500000 | &nbsp;&nbsp; 3495310 |
| Oracle Corp. |  |  |
| 1.65% 3/25/26 | 13990000 | &nbsp;&nbsp; 13901794 |
| 2.80% 4/1/27 | 6350000 | &nbsp;&nbsp; 6224023 |
| 2.95% 4/1/30 | 5000000 | &nbsp;&nbsp; 4615844 |
| Philip Morris International, Inc. |  |  |
| 4.875% 2/13/29 | 9900000 | &nbsp;&nbsp; 10133670 |
| 5.125% 2/13/31 | 5925000 | &nbsp;&nbsp; 6139503 |
| Prosus NV (China) |  |  |
| 4.85% 7/6/27<sup>(c)</sup> <br>| 14200000 | &nbsp;&nbsp; 14288040 |
| 3.68% 1/21/30<sup>(c)</sup> <br>| 3750000 | &nbsp;&nbsp; 3600086 |
| 3.061% 7/13/31<sup>(c)</sup> <br>| 38650000 | &nbsp;&nbsp; 35155747 |
| 4.193% 1/19/32<sup>(c)</sup> <br>| 13680000 | &nbsp;&nbsp; 13092352 |
| Synopsys, Inc. |  |  |
| 4.65% 4/1/28 | 1550000 | &nbsp;&nbsp; 1570888 |
| 4.85% 4/1/30 | 7035000 | &nbsp;&nbsp; 7185217 |
| 5.00% 4/1/32 | 3575000 | &nbsp;&nbsp; 3650472 |
| TC Energy Corp. (Canada) |  |  |
| 5.875% 8/15/76<sup>(e)(f)</sup> <br>| 7465000 | &nbsp;&nbsp; 7474137 |
| 5.30% 3/15/77<sup>(e)(f)</sup> <br>| 29935000 | &nbsp;&nbsp; 29932653 |
| 5.50% 9/15/79<sup>(e)(f)</sup> <br>| 9435000 | &nbsp;&nbsp; 9364050 |
| The Cigna Group |  |  |
| 7.875% 5/15/27 | 17587000 | &nbsp;&nbsp; 18425211 |
| 4.375% 10/15/28 | 5211000 | &nbsp;&nbsp; 5258369 |
| T-Mobile U.S., Inc. |  |  |
| 2.25% 2/15/26 | 6800000 | &nbsp;&nbsp; 6784439 |
| 3.375% 4/15/29 | 6500000 | &nbsp;&nbsp; 6335041 |
| Ultrapar Participacoes SA <br> (Brazil)<br>|  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par Value** | **Value** |
| 5.25% 10/6/26<sup>(c)</sup> <br>|  | $12050000 | &nbsp;&nbsp; $12036691 |
| 5.25% 6/6/29<sup>(c)</sup> <br>|  | 2594000 | &nbsp;&nbsp; 2588564 |
| Union Pacific Corp. |  |  |  |
| 6.176% 1/2/31 |  | 1883777 | &nbsp;&nbsp; 1989951 |
| Verizon Communications, Inc. |  |  |  |
| 5.742% 6/15/56<sup>(e)(f)</sup> <br>| GBP | 19375000 | &nbsp;&nbsp; 26098434 |
| 3.996% 6/15/56<sup>(e)(f)</sup> <br>| EUR | 22000000 | &nbsp;&nbsp; 25723215 |
| VMware, Inc. |  |  |  |
| 1.40% 8/15/26 |  | 19765000 | &nbsp;&nbsp; 19472963 |
| Vodafone Group PLC (United <br> Kingdom)<br>|  |  |  |
| 7.00% 4/4/79<sup>(e)(f)</sup> <br>|  | 18300000 | &nbsp;&nbsp; 19385417 |
|  |  |  | &nbsp;&nbsp; 824758403 |
| Utilities: 1.0% | Utilities: 1.0% | Utilities: 1.0% | Utilities: 1.0% |
| Dominion Energy, Inc. |  |  |  |
| 3.375% 4/1/30 |  | 7500000 | &nbsp;&nbsp; 7236282 |
| 5.00% 6/15/30 |  | 28981000 | &nbsp;&nbsp; 29776094 |
| NextEra Energy, Inc. |  |  |  |
| 4.625% 7/15/27 |  | 10075000 | &nbsp;&nbsp; 10183051 |
| 4.685% 9/1/27 |  | 10552000 | &nbsp;&nbsp; 10677389 |
| 4.90% 3/15/29 |  | 11975000 | &nbsp;&nbsp; 12272533 |
| 5.05% 3/15/30 |  | 14650000 | &nbsp;&nbsp; 15113474 |
| The Southern Co. |  |  |  |
| 5.113% 8/1/27 |  | 11900000 | &nbsp;&nbsp; 12090255 |
| 4.85% 6/15/28 |  | 12475000 | &nbsp;&nbsp; 12700542 |
| 4.00% 1/15/51<sup>(e)(f)</sup> <br>|  | 19036000 | &nbsp;&nbsp; 19024588 |
| 3.75% 9/15/51<sup>(e)(f)</sup> <br>|  | 19900000 | &nbsp;&nbsp; 19618230 |
|  |  |  | &nbsp;&nbsp; 148692438 |
|  |  |  | &nbsp;&nbsp; 1630276948 |
| **Total Debt Securities** <br>(Cost $4,796,405,289) | **Total Debt Securities** <br>(Cost $4,796,405,289) | **Total Debt Securities** <br>(Cost $4,796,405,289) | &nbsp;&nbsp; **$4762246370** |

---

---

| | | |
|:---|:---|:---|
| **Mutual Funds: 1.4%** | **Mutual Funds: 1.4%** | **Mutual Funds: 1.4%** |
|  | **Shares** | **Value** |
| Dodge & Cox Emerging Markets <br> Stock Fund<sup>(i)</sup> <br>| 18371932 | &nbsp;&nbsp; $215319044 |
| **Total Mutual Funds** <br>(Cost $190,918,640)<br>|  | &nbsp;&nbsp; **$215319044** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments: 2.0%** | **Short-Term Investments: 2.0%** | **Short-Term Investments: 2.0%** |
|  | **Par Value**/ <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 1.3%** | **Repurchase Agreements: 1.3%** | **Repurchase Agreements: 1.3%** |
| Fixed Income Clearing Corp.<sup>(j)</sup> <br>3.78%, dated 12/31/25, due <br> 1/2/26, maturity value <br> $182,038,220<br>| $182000000 | &nbsp;&nbsp; 182000000 |
| Fixed Income Clearing Corp.<sup>(j)</sup> <br>1.35%, dated 12/31/25, due <br> 1/2/26, maturity value <br> $15,053,943<br>| 15052814 | &nbsp;&nbsp; 15052814 |
|  |  | &nbsp;&nbsp; 197052814 |
| **Money Market Fund: 0.7%** | **Money Market Fund: 0.7%** | **Money Market Fund: 0.7%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund - Premier Class<br>| 95513991 | &nbsp;&nbsp; 95513991 |
| **Total Short-Term Investments** <br>(Cost $292,566,805) | **Total Short-Term Investments** <br>(Cost $292,566,805) | &nbsp;&nbsp; **$292566805** |
| **Total Investments In Securities** <br>(Cost $12,340,845,752)<br>| 99.5<br> %<br>| &nbsp;&nbsp; **$14808423496** |
| Other Assets Less Liabilities | 0.5<br> %<br>| &nbsp;&nbsp; 76101707 |
| **Net Assets** | **100.0%**<br>| &nbsp;&nbsp; **$14884525203** |

---

See accompanying Notes to Financial StatementsDodge & Cox Balanced Fund <sup>■</sup> PAGE 6

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Portfolio of Investments December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| <sup>(a)</sup> <br>| Non-income producing |
| <sup>(b)</sup> <br>| Inflation-linked |
| <sup>(c)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. The <br> security may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers.<br>|
| <sup>(d)</sup> <br>| Variable rate security: interest rate is determined by the interest rates of underlying <br> pool of assets that collateralize the security. The interest rate of the security may <br> change due to a change in the interest rates or the composition of underlying pool of <br> assets. The interest rate shown is the rate as of period end.<br>|
| <sup>(e)</sup> <br>| Variable rate security: fixed-to-float security pays an initial fixed interest rate and will <br> pay a floating interest rate established at a predetermined time in the future. The <br> interest rate shown is the rate as of period end.<br>|
| <sup>(f)</sup> <br>| Hybrid security: characteristics of both a debt and equity security. |
| <sup>(g)</sup> <br>| Perpetual security: no stated maturity date. |
| <sup>(h)</sup> <br>| Security exempt from registration pursuant to Regulation S under the Securities Act of <br> 1933, as amended. Regulation S securities are subject to restrictions on resale in the <br> United States.<br>|
| <sup>(i)</sup> <br>| An affiliated fund under the Investment Company Act of 1940 managed by <br> Dodge & Cox. See below regarding holdings of affiliates.<br>|
| <sup>(j)</sup> <br>| Repurchase agreement is collateralized by U.S. Treasury Notes 3.50%-4.25%, <br> 4/30/27-6/30/31. Total collateral value is $200,994,031.<br>|
|  | The Fund usually classifies a company or issuer based on its country of risk, but may <br> designate a different country in certain circumstances.<br>|
|  | Debt securities are generally grouped by parent company. Actual securities may be <br> issued by the listed parent company or one of its subsidiaries.<br>|
|  | Debt securities with floating interest rates are linked to the referenced benchmark; <br> the interest rate shown is the rate as of period end.<br>|

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| |
|:---|
| ADR: American Depositary Receipt |
| ARM: Adjustable Rate Mortgage |
| CMBS: Commercial Mortgage-Backed Security |
| CMO: Collateralized Mortgage Obligation |
| GO: General Obligation |
| REMIC: Real Estate Mortgage Investment Conduit |
| SOFR: Secured Overnight Financing Rate |
| USD United States Dollar |
| EUR Euro |
| GBP British Pound |
| JPY Japanese Yen |
| TWD Taiwan New Dollar |

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**Futures Contracts**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Appreciation/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| E-Mini S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp; (1925)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; $(663403125)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(370050)<br>|
| Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp; (766)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; (104567603)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 457046 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $86996 |

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**Currency Forward Contracts**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settle Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | &nbsp;&nbsp;&nbsp; **Unrealized Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** |
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20498330 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 19390089 | &nbsp;&nbsp;&nbsp;&nbsp; $(2292143)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20666551 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 19531773 | &nbsp;&nbsp;&nbsp;&nbsp; (2290452)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5924393 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 5045000 | &nbsp;&nbsp;&nbsp;&nbsp; (5334)<br>|
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 25670709 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 22000000 | &nbsp;&nbsp;&nbsp;&nbsp; (486484)<br>|
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 23369728 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 19744082 | &nbsp;&nbsp;&nbsp;&nbsp; (105262)<br>|
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 23480411 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 19869671 | &nbsp;&nbsp;&nbsp;&nbsp; (143898)<br>|
| **GBP: British Pound** | **GBP: British Pound** | **GBP: British Pound** | **GBP: British Pound** | **GBP: British Pound** | **GBP: British Pound** | **GBP: British Pound** |
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 10/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 25257167 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 19375000 | &nbsp;&nbsp;&nbsp;&nbsp; (832262)<br>|
| Unrealized gain on currency forward contracts | Unrealized gain on currency forward contracts | Unrealized gain on currency forward contracts | Unrealized gain on currency forward contracts |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Unrealized loss on currency forward contracts | Unrealized loss on currency forward contracts | Unrealized loss on currency forward contracts | Unrealized loss on currency forward contracts |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (6155835)<br>|
| Net unrealized loss on currency forward contracts | Net unrealized loss on currency forward contracts | Net unrealized loss on currency forward contracts |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(6155835)<br>|

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

PAGE 7 <sup>■</sup> Dodge & Cox Balanced FundSee accompanying Notes to Financial Statements

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Portfolio of Investments December 31, 2025

**Holdings of Affiliate**

The Fund held shares of a fund which is also managed by Dodge & Cox. The fund was considered to be an affiliate of the Fund because it is under common control with the Fund. Further details on these holdings and related activity during the year appear below. Distributions received from the fund may be reinvested into the fund. Any reinvestment amounts are included within `Additions' below.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at** <br>**Beginning of Year**<br>| **Additions** | **Reductions** | **Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation/** <br>**Depreciation**<br>| **Value at** <br>**End of Year**<br>| **Dividend** <br>**Income** <br>**(net of foreign** <br>**taxes, if any)**<br>| **Capital Gains** <br>**Distributions**<br>|
| **Mutual Funds 1.4%** |  |  |  |  |  |  |  |  |
| Dodge & Cox Emerging <br> Markets Stock Fund<sup>(a)</sup> <br>| $— | $190918839 | $(194) | $(6) | $24400405 | $215319044 | $4342121 | $1576519 |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) An affiliated fund under the Investment Company Act of 1940 managed by Dodge & Cox.

See accompanying Notes to Financial StatementsDodge & Cox Balanced Fund <sup>■</sup> PAGE 8

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Statement of Assets and Liabilities

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| | |
|:---|:---|
|  | **December 31, 2025** |
| **Assets:** | **Assets:** |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $12,149,927,112) | $14593104452 |
| Affiliated fund (cost $190,918,640) | 215319044 |
|  | 14808423496 |
| Cash pledged as collateral for currency forward contracts | 6170000 |
| Cash denominated in foreign currency (cost $3,261) | 3276 |
| Deposits with broker for futures contracts | 41524405 |
| Receivable for variation margin for futures contracts | 5022792 |
| Receivable for investments sold | 11166250 |
| Receivable for Fund shares sold | 4688384 |
| Dividends and interest receivable | 50316605 |
| Expense reimbursement receivable | 253875 |
| Prepaid expenses and other assets | 2837988 |
|  | 14930407071 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on currency forward contracts | 6155835 |
| Payable for investments purchased | 17157746 |
| Payable for Fund shares redeemed | 15792139 |
| Management fees payable | 6215750 |
| Accrued expenses | 560398 |
|  | 45881868 |
| **Net Assets** | $14884525203 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $12302665696 |
| Distributable earnings | 2581859507 |
|  | $14884525203 |
| **Class I** | **Class I** |
| Total net assets | $12458788039 |
| Shares outstanding | 923028181 |
| Net asset value per share | $13.50 |
| **Class X** | **Class X** |
| Total net assets | $2425737164 |
| Shares outstanding | 179682430 |
| Net asset value per share | $13.50 |

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Statement of Operations

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| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>|
| **Investment Income:** |  |
| Dividends (net of foreign taxes of $7,076,067) |  |
| Unaffiliated issuers | $199690678 |
| Affiliated fund | 4342121 |
| Interest | 263419092 |
|  | 467451891 |
| **Expenses:** |  |
| Investment advisory fees | 58436563 |
| Administrative services fees |  |
| Class I | 12292588 |
| Class X | 1158277 |
| Custody and fund accounting fees | 331376 |
| Professional services | 480466 |
| Shareholder reports | 248258 |
| Registration fees | 147418 |
| Trustees fees | 526031 |
| Miscellaneous | 919223 |
| Total expenses | 74540200 |
| Expenses reimbursed by investment manager | (1783999)<br>|
| Net expenses | 72756201 |
| **Net Investment Income** | 394695690 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| Investments in securities of unaffiliated issuers (Note 5) | 1402845166 |
| Investments in securities of affiliated fund | (6)<br>|
| Futures contracts | (48346409)<br>|
| Currency forward contracts | 1243745 |
| Foreign currency transactions | 54960 |
| Capital gain distributions received from affiliated fund | 1576519 |
| Net change in unrealized appreciation/depreciation |  |
| Investments in securities of unaffiliated issuers | 217582316 |
| Investments in securities of affiliated fund | 24400405 |
| Futures contracts | (14950629)<br>|
| Currency forward contracts | (12121716)<br>|
| Foreign currency translation | 45792 |
| Net realized and unrealized gain | 1572330143 |
| **Net Change in Net Assets From Operations** | $1967025833 |

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PAGE 9 <sup>■</sup> Dodge & Cox Balanced FundSee accompanying Notes to Financial Statements

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Statement of Changes in Net Assets

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| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $394695690 | $407250185 |
| Net realized gain (loss) | 1357373975 | 791382901 |
| Net change in unrealized <br> appreciation/depreciation<br>| 214956168 | 21831203 |
|  | 1967025833 | 1220464289 |
| **Distributions to Shareholders:** |  |  |
| Class I | (915113793)<br>| (950216506)<br>|
| Class X | (174754219)<br>| (181717049)<br>|
| Total distributions | (1089868012)<br>| (1131933555)<br>|
| **Fund Share Transactions:** |  |  |
| **Class I** |  |  |
| Proceeds from sales of shares | 1696109682 | 782990779 |
| Reinvestment of distributions | 856527264 | 892387770 |
| Cost of shares redeemed | (2729429199)<br>| (2408640255)<br>|
| **Class X** |  |  |
| Proceeds from sales of shares | 420347416 | 918500552 |
| Reinvestment of distributions | 174754191 | 181717049 |
| Cost of shares redeemed | (681615428)<br>| (303930150)<br>|
| Net change from Fund share <br> transactions<br>| (263306074)<br>| 63025745 |
| Total change in net assets | 613851747 | 151556479 |
| **Net Assets:** |  |  |
| Beginning of year | 14270673456 | 14119116977 |
| End of year | $14884525203 | $14270673456 |
| **Share Information:**<sup>(a)</sup> <br>|  |  |
| **Class I** |  |  |
| Shares sold | 821477925 | 59833920 |
| Distributions reinvested | 40790160 | 69741280 |
| Shares redeemed | (56223388)<br>| (185386288)<br>|
| Net change in shares outstanding | 806044697 | (55811088)<br>|
| **Class X** |  |  |
| Shares sold | 158858580 | 71511048 |
| Distributions reinvested | 8463851 | 14200616 |
| Shares redeemed | (10980552)<br>| (23151376)<br>|
| Net change in shares outstanding | 156341879 | 62560288 |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) Share amounts have been retroactively adjusted to reflect a 8-for-1 share split effective after the close of U.S. markets on October 24, 2025. See Note 8 for additional information.

See accompanying Notes to Financial StatementsDodge & Cox Balanced Fund <sup>■</sup> PAGE 10

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Notes to Financial Statements

**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 income and long-term capital appreciation. Risk considerations and investment strategies of the Fund are discussed in the Fund's Prospectus.

On May 1, 2022, the then-outstanding shares of the Fund were redesignated as Class I Shares, and Class X shares of the Fund were established. The share classes have different eligibility requirements and expense structures due to differing shareholder servicing arrangements. The share classes have the same rights as to redemption, dividends and liquidation proceeds, and voting privileges, except that each class has the exclusive right to vote on matters affecting only its class.

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.

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 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 a 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.

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 invest

ment will be valued at fair value as determined in good faith by Dodge & Cox. The Board of Trustees has appointed Dodge & Cox, the Fund's investment manager, as its "valuation designee", as permitted by Rule 2a-5 under the Investment Company Act of 1940, 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.

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.

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 dividend/corporate action 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. 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

PAGE 11 <sup>■</sup> Dodge & Cox Balanced Fund

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Notes to Financial Statements

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.

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.

Share class accounting Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated to each share class of the Fund based upon the proportion of net assets of each class.

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 ("EU 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. Expenses incurred related to filing EU reclaims are recorded on the accrual basis in professional services in the Statement of Operations. Expenses that are contingent upon successful EU reclaims are recorded in professional services in the Statement of Operations once the amount is known.

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 in exchange rate between the trade and settlement dates on securities transactions, the difference in exchange rate 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.

Repurchase agreements Repurchase agreements are transactions under which a Fund purchases a security from a 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. It is the Fund's policy that its regular custodian or third party custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. In the event of default by the counterparty, the Fund has the contractual right to liquidate the collateral securities and to apply the proceeds in satisfaction of the obligation.

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.

The Fund may also enter into a Master Securities Forward Transaction Agreement ("MSFTA") with a counterparty to govern transactions of delayed delivery securities, including TBA securities. The MSFTA provides for collateralization requirements and the right to offset amounts due to or from counterparties under specified conditions.

Segment Reporting An operating segment is defined in Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - *Improvements to Reporting Segment Disclosures* as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Chair of the Board of Trustees of the Trust acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole. "Net change in net assets from operations" reported on the Statement of Operations is used by the CODM to assess the single operating segment's performance and to make resource allocation decisions for the single operating segment.

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.

Dodge & Cox Balanced Fund <sup>■</sup> PAGE 12

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Notes to Financial Statements

**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 below.

<sup>■</sup> Level 1: Unadjusted quoted prices in active markets for identical securities

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

<sup>■</sup> 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, 2025:

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| | | |
|:---|:---|:---|
| **Classification** | **LEVEL 1** <br>**(Quoted Prices)**<br>| **LEVEL 2** <br>**(Other Significant** <br>**Observable Inputs)**<br>|
| **Securities** | **Securities** | **Securities** |
| Common Stocks | Common Stocks | Common Stocks |
| Communication Services | $873556349 | $— |
| Consumer Discretionary | 375092468 |  |
| Consumer Staples | 376676674 |  |
| Energy | 318107633 |  |
| Financials | 2140655679 | 111705146 |
| Health Care | 2587971481 |  |
| Industrials | 915539031 | 182411482 |
| Information Technology | 436048358 | 197567944 |
| Materials | 328771608 | 98488605 |
| Real Estate | 327298196 |  |
| Utilities | 268400623 |  |
| Debt Securities | Debt Securities | Debt Securities |
| U.S. Treasury |  | 566336359 |
| Government-Related |  | 149526311 |
| Securitized |  | 2416106752 |
| Corporate |  | 1630276948 |
| Mutual Funds | 215319044 |  |
| Short-Term Investments | Short-Term Investments | Short-Term Investments |
| Repurchase Agreements |  | 197052814 |
| Money Market Fund | 95513991 |  |
| Total Securities | $9258951135 | $5549472361 |
| **Other Investments** | **Other Investments** | **Other Investments** |
| Futures Contracts | Futures Contracts | Futures Contracts |
| Appreciation | $457046 | $— |
| Depreciation | (370050)<br>|  |
| Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts |
| Depreciation |  | (6155835)<br>|

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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 the contract is purchased. 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 to

secure the Fund's obligation to perform. Initial margin is returned to the Fund when the futures contract is closed. Subsequent payments (referred to as "variation margin") are made to or received from the clearing broker 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 securities. To the extent the Fund uses futures, it is exposed to additional volatility and potential losses resulting from leverage.

The Fund used short equity index futures contracts to reduce the exposure of the Fund's equity allocation to a general downturn in the equity markets. The Fund used government debt futures contracts to adjust the overall interest rate exposure and duration of the portfolio.

Currency forward contracts Currency forward contracts are agreements to purchase or sell a specific currency 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 Statement of Operations. When a currency forward contract is closed, the Fund records a realized gain or loss in the Statement of Operations equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

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

The Fund used currency forward contracts to hedge direct and indirect foreign currency exposure.

PAGE 13 <sup>■</sup> Dodge & Cox Balanced Fund

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Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity** <br>**Derivatives**<br>| **Interest Rate** <br>**Derivatives**<br>| **Foreign** <br>**Exchange** <br>**Derivatives**<br>| **Total** <br>**Value**<br>|
| **Assets** |  |  |  |  |
| Futures <br> contracts<sup>(a)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $457046 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $457046 |
| **Liabilities** |  |  |  |  |
| Unrealized <br> depreciation on <br> currency <br> forward <br> contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6155835 | &nbsp;&nbsp; $6155835 |
| Futures <br> contracts<sup>(a)</sup> <br>| &nbsp;&nbsp; 370050 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 370050 |
|  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;$370050 | &nbsp;&nbsp; $— | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;$6155835 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;$6525885 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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, categorized by primary underlying risk exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity** <br>**Derivatives**<br>| **Interest Rate** <br>**Derivatives**<br>| **Foreign** <br>**Exchange** <br>**Derivatives**<br>| **Total** |
| **Net realized gain (loss)** | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net realized gain (loss)** |  |
| Futures <br> contracts<br>| &nbsp;&nbsp; $(51089773)<br>| &nbsp;&nbsp; $2743364 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(48346409)<br>|
| Currency <br> forward <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1243745 | &nbsp;&nbsp; 1243745 |
|  | &nbsp;&nbsp; $(51089773)<br>| &nbsp;&nbsp; $2743364 | &nbsp;&nbsp; $1243745 | &nbsp;&nbsp; $(47102664)<br>|
| **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** |  |
| Futures <br> contracts<br>| &nbsp;&nbsp; $(18139311)<br>| &nbsp;&nbsp; $3188682 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(14950629)<br>|
| Currency <br> forward <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (12121716)<br>| &nbsp;&nbsp; (12121716)<br>|
|  | &nbsp;&nbsp; $(18139311)<br>| &nbsp;&nbsp; $3188682 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;$(12121716)<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;$(27072345)<br>|

---

The following summarizes the range of volume in the Fund's derivative instruments during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
| **Derivative** |  | **% of Net Assets** |
| Futures contracts | USD notional value | &nbsp;&nbsp; 4-6<br> %<br>|
| Currency forward contracts | USD total value | &nbsp;&nbsp; 0-2<br> %<br>|

---

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 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, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross** <br>**Amount of** <br>**Recognized** <br>**Assets** <br>| **Gross** <br>**Amount of** <br>**Recognized** <br>**Liabilities**<br>| **Cash** <br>**Collateral** <br>**Pledged /** <br>**(Received)**<sup>(a)</sup> <br>| **Net Amount**<sup>(b)</sup> <br>|
| Barclays | $— | $(2292143)<br>| $2292143 | $— |
| HSBC |  | (2290452)<br>| 2290000 | (452)<br>|
| Standard Chartered |  | (1567906)<br>| 1567906 |  |
| State Street |  | (5334)<br>|  | (5334)<br>|
|  | $— | $(6155835)<br>| $6150049 | $(5786)<br>|

---

<sup>(a)</sup> 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 Statement of Assets and Liabilities. 

<sup>(b)</sup> Represents the net amount receivable from (payable to) the counterparty in the event of a default. 

**Note 3: Related Party Transactions**

The Fund's management fees include an investment advisory fee and an administrative services fee described below.

Investment advisory fee The Fund pays an investment advisory fee, accrued daily and paid monthly, at an annual rate of 0.40% of the Fund's average daily net assets to Dodge & Cox, investment manager of the Fund.

Administrative services fee The Fund pays Dodge & Cox a fee for administrative and shareholder services. The fee is accrued daily and paid monthly equal to an annual rate of the average daily net assets of 0.10% for Class I shares and 0.05% for Class X shares. Under this agreement, Dodge & Cox is responsible for the payment of the Fund's transfer agency fees.

Expense reimbursement Dodge & Cox has contractually agreed, through April 30, 2026, to waive management fees or reimburse the Fund for ordinary expenses to the extent necessary to maintain the net ordinary expense ratio of the Class X shares at an amount 0.10% less than the net ordinary expense ratio of the Class I shares, and additionally to the extent total ordinary expenses of the Class X shares would otherwise exceed 0.42%. This agreement cannot be terminated prior to April 30, 2026, other than by resolution of the Board of Trustees. For purposes of the foregoing, ordinary expenses

Dodge & Cox Balanced Fund <sup>■</sup> PAGE 14

------

Notes to Financial Statements

shall not include nonrecurring shareholder account fees, fees and expenses associated with Fund shareholder meetings, fees on portfolio transactions such as exchange fees, dividends and interest on short positions, fees and expenses of pooled investment vehicles that are held by the Fund, interest expenses and other fees and expenses related to any borrowings, taxes, brokerage fees and commissions and other costs and expenses relating to the acquisition and disposition of Fund investments, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses or extraordinary expenses not incurred in the ordinary course of the Fund's business, such as litigation expenses. The term of the agreement with respect to the maintenance of the net ordinary expense ratio differential between Class X and Class I shares will automatically renew for subsequent three-year terms unless terminated with at least 30 days' written notice by either party prior to the end of the then-current term. The agreement does not permit Dodge & Cox to recoup any fees waived or payments made to the Fund for a prior year. For the year ended December 31, 2025, Dodge & Cox reimbursed expenses of $1,161,401 to Class X.

Investment in Dodge & Cox Emerging Markets Stock Fund The Fund holds shares of Dodge & Cox Emerging Markets Stock Fund ("EMSF"), another series of the Trust, of which Dodge & Cox is the investment manager. Dodge & Cox has agreed to reimburse the amount of EMSF's net operating expenses indirectly borne by the Fund. For the year ended December 31, 2025, Dodge & Cox reimbursed such expenses in the amount of $622,598 associated with the Fund's investment in EMSF.

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

**Note 4: Income Tax Information and Distributions to Shareholders**

A provision for federal income taxes is not required since the Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income to shareholders. Distributions are determined in accordance with income tax regulations, and such amounts may differ from net investment income and realized gains for financial reporting purposes. 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, foreign currency realized gain (loss), redemptions in-kind, certain corporate action transactions, REITs, straddles, derivatives, and distributions.

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| Class I |  |  |
| Ordinary income | $314602143 | &nbsp;&nbsp; $319155581 |
| Long-term capital gain | $600511650 | &nbsp;&nbsp; $631060925 |
| Class X |  |  |
| Ordinary income | $60024849 | &nbsp;&nbsp; $61222367 |
| Long-term capital gain | $114729370 | &nbsp;&nbsp; $120494682 |

---

At December 31, 2025, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Undistributed long-term capital gain | &nbsp;&nbsp; $92329384 |
| Net unrealized appreciation | &nbsp;&nbsp; 2489530123 |
| Total distributable earnings | &nbsp;&nbsp; $2581859507 |

---

At December 31, 2025, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | &nbsp;&nbsp; $12312831661 |
| Unrealized appreciation | &nbsp;&nbsp; 3094500657 |
| Unrealized depreciation | &nbsp;&nbsp; (604977661)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 2489522996 |

---

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

**Note 5: Redemptions In-Kind**

During the year ended December 31, 2025, the Fund distributed securities and cash as payment for redemptions of Class I shares. For financial reporting purposes, the Fund realized a net gain of $643,835,575 attributable to the redemptions in-kind. For tax purposes, no capital gain on the redemptions in-kind was recognized.

**Note 6: 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, 2025, the Fund's

PAGE 15 <sup>■</sup> Dodge & Cox Balanced Fund

------

Notes to Financial Statements

commitment fee amounted to $61,288 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, 2025, purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated to $2,568,469,098 and $2,534,058,246, respectively. For the year ended December 31, 2025, purchases and sales of U.S. government securities aggregated to $1,685,059,706 and $1,800,894,911, respectively.

**Note 8: Share Split**

In August 2025, the Board of Trustees approved a 8-for-1 share split of the Fund's outstanding shares. The share split applied to shareholders of record as of the close of U.S. markets on October 24, 2025. The share split increased the number of shares outstanding and decreased the net asset value per share. The share split did not change the total market value of a shareholder's investment. The

Financial Highlights and Statement of Changes in Net Assets have been retroactively adjusted to reflect the share split for the year ended December 31, 2025 and all prior periods presented.

**Note 9: New Accounting Guidance**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740) - *Improvements to Income Tax Disclosures*. The amendments in the ASU provide for enhanced disclosures related to income taxes paid, disaggregated by federal, state, local and foreign taxes. The ASU is effective for annual periods beginning after December 15, 2024. The adoption of this ASU did not have a material impact on the financial statements.

**Note 10: Subsequent Events**

Fund management has determined that no material events or transactions occurred subsequent to December 31, 2025, and through the date of the Fund's financial statements issuance, which require disclosure in the Fund's financial statements.

Dodge & Cox Balanced Fund <sup>■</sup> PAGE 16

------

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025**<sup>(a)</sup> <br>| **2024**<sup>(a)</sup> <br>| **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Class I** |  |  |  |  |  |
| **Net asset value, beginning of year** | &nbsp;&nbsp;&nbsp;&nbsp; $12.71 | &nbsp;&nbsp;&nbsp;&nbsp; $12.65 | &nbsp;&nbsp;&nbsp;&nbsp; $11.67 | &nbsp;&nbsp;&nbsp;&nbsp; $13.68 | &nbsp;&nbsp;&nbsp;&nbsp; $12.72 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.19 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.41 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.22)<br>|
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.23)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.45)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp;&nbsp; $13.50 | &nbsp;&nbsp;&nbsp;&nbsp; $12.71 | &nbsp;&nbsp;&nbsp;&nbsp; $12.65 | &nbsp;&nbsp;&nbsp;&nbsp; $11.67 | &nbsp;&nbsp;&nbsp;&nbsp; $13.68 |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 14.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.28)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.28<br> %<br>|
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $12459 | &nbsp;&nbsp;&nbsp;&nbsp; $11897 | &nbsp;&nbsp;&nbsp;&nbsp; $12548 | &nbsp;&nbsp;&nbsp;&nbsp; $12810 | &nbsp;&nbsp;&nbsp;&nbsp; $15320 |
| Ratio of expenses to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>|
| Ratio of expenses to average net assets, before reimbursement by <br> investment manager<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>|
| Portfolio turnover rate excluding TBA rolls<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>|
| **Class X**<sup>(d)</sup> <br>|  |  |  |  |  |
| **Net asset value, beginning of year** | &nbsp;&nbsp;&nbsp;&nbsp; $12.71 | &nbsp;&nbsp;&nbsp;&nbsp; $12.66 | &nbsp;&nbsp;&nbsp;&nbsp; $11.67 | &nbsp;&nbsp;&nbsp;&nbsp; $12.66 |  |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |  |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>|  |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>|  |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>|  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.68)<br>|  |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.88)<br>|  |
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp;&nbsp; $13.50 | &nbsp;&nbsp;&nbsp;&nbsp; $12.71 | &nbsp;&nbsp;&nbsp;&nbsp; $12.66 | &nbsp;&nbsp;&nbsp;&nbsp; $11.67 |  |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 14.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%<br>|  |
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $2426 | &nbsp;&nbsp;&nbsp;&nbsp; $2374 | &nbsp;&nbsp;&nbsp;&nbsp; $1571 | &nbsp;&nbsp;&nbsp;&nbsp; $700 |  |
| Ratio of expenses to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41 %<sup>(e)</sup><br>|  |
| Ratio of expenses to average net assets, before reimbursement by <br> investment manager<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(e)</sup><br>|  |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 2.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42 %<sup>(e)</sup><br>|  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59<br> %<br>|  |
| Portfolio turnover rate excluding TBA rolls<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>|  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per-share amounts have been retroactively adjusted to reflect a 8-for-1 share split
 effective after the close of U.S. markets on October 24, 2025. See Note 8 for additional
 information.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly
 bears a pro rata share of the fees and expenses of any other funds in which it invests.
 Such indirect expenses are not included in the Fund's reported expense ratios.

&nbsp;&nbsp;&nbsp;&nbsp;(c) See Note 1 regarding To-Be-Announced securities

&nbsp;&nbsp;&nbsp;&nbsp;(d) For 2022, the period covers 5/2/2022 (commencement of operations) to 12/31/2022

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized

See accompanying Notes to Financial Statements

PAGE 17 <sup>■</sup> Dodge & Cox Balanced Fund

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Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements**

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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2025, 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, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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, 2025 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.

/s/PricewaterhouseCoopers LLP

San Francisco, California

February 19, 2026

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

Dodge & Cox Balanced Fund <sup>■</sup> PAGE 18

------

Special 2025 Tax Information (unaudited)

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

The Fund designates $769,101,936 as long-term capital gain distributions in 2025.

The Fund designates $192,929,261 of its distributions paid to shareholders in 2025 as qualified dividends (treated for federal income tax purposes in the hands of shareholders as taxable at a maximum rate of 20%).

The Fund designates 2.19% of its ordinary dividends paid to shareholders in 2025 as Section 199A dividends.

For shareholders that are corporations, the Fund designates 26% of its ordinary dividends paid to shareholders in 2025 as dividends from domestic corporations eligible for the corporate dividends received deduction, provided that the shareholder otherwise satisfies applicable requirements to claim that deduction.

For shareholders that are corporations, the Fund designates 55% of its ordinary dividends paid to shareholders in 2025 as Section 163(j) interest dividends.

PAGE 19 <sup>■</sup> Dodge & Cox Balanced Fund

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![](img71a740e01.gif)

2025

**December 31, 2025**

------

**Financial Statements and Other Information**

------

Income Fund \| Class I (dodix) \| Class X (doxix)

**ESTABLISHED 1989**

12/25 IF AR&nbsp;&nbsp;&nbsp;&nbsp;

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities: 97.8%** | **Debt Securities: 97.8%** | **Debt Securities: 97.8%** |
|  | **Par Value** | **Value** |
| **U.S. Treasury: 13.8%** | **U.S. Treasury: 13.8%** | **U.S. Treasury: 13.8%** |
| U.S. Treasury Inflation Indexed |  |  |
| 1.50%, 2/15/53<sup>(a)</sup> <br>| $450480729 | &nbsp;&nbsp; $351112406 |
| 2.125%, 2/15/54<sup>(a)</sup> <br>| 121212721 | &nbsp;&nbsp; 108871104 |
| 2.375%, 2/15/55<sup>(a)</sup> <br>| 192542529 | &nbsp;&nbsp; 182644457 |
| U.S. Treasury Note/Bond |  |  |
| 3.375%, 9/15/28 | 116084000 | &nbsp;&nbsp; 115607874 |
| 3.625%, 10/31/30 | 375000000 | &nbsp;&nbsp; 373417969 |
| 3.75%, 12/31/30 | 1293075000 | &nbsp;&nbsp; 1293731636 |
| 4.00%, 1/31/31 | 73780000 | &nbsp;&nbsp; 74630199 |
| 4.625%, 4/30/31 | 643545000 | &nbsp;&nbsp; 669864986 |
| 4.25%, 6/30/31 | 495035000 | &nbsp;&nbsp; 506250637 |
| 4.125%, 7/31/31 | 247515000 | &nbsp;&nbsp; 251537119 |
| 4.00%, 6/30/32 | 398565000 | &nbsp;&nbsp; 400853636 |
| 4.00%, 7/31/32 | 124550000 | &nbsp;&nbsp; 125201942 |
| 3.875%, 8/15/34 | 1386100000 | &nbsp;&nbsp; 1364767062 |
| 3.375%, 8/15/42 | 815840000 | &nbsp;&nbsp; 689384800 |
| 4.00%, 11/15/42 | 148200000 | &nbsp;&nbsp; 135834562 |
| 4.50%, 2/15/44 | 816805000 | &nbsp;&nbsp; 790195029 |
| 4.125%, 8/15/44 | 1041830000 | &nbsp;&nbsp; 956163903 |
| 4.625%, 11/15/44 | 1634236000 | &nbsp;&nbsp; 1601423613 |
| 4.875%, 8/15/45 | 199280000 | &nbsp;&nbsp; 201210525 |
| 2.875%, 5/15/52 | 1074945000 | &nbsp;&nbsp; 751117819 |
| 3.00%, 8/15/52 | 430333000 | &nbsp;&nbsp; 308209202 |
| 4.00%, 11/15/52 | 617515000 | &nbsp;&nbsp; 535477169 |
| 4.125%, 8/15/53 | 2102776000 | &nbsp;&nbsp; 1861449609 |
| 4.75%, 11/15/53 | 297025000 | &nbsp;&nbsp; 291583410 |
| 4.25%, 2/15/54 | 99010000 | &nbsp;&nbsp; 89511228 |
| 4.50%, 11/15/54 | 99640000 | &nbsp;&nbsp; 93980759 |
| 4.75%, 5/15/55 | 224190000 | &nbsp;&nbsp; 220301705 |
|  |  | &nbsp;&nbsp; 14344334360 |
| **Government-Related: 3.7%** | **Government-Related: 3.7%** | **Government-Related: 3.7%** |
| Agency: 1.9% | Agency: 1.9% | Agency: 1.9% |
| Petroleos Mexicanos (Mexico) |  |  |
| 6.70%, 2/16/32 | 699755000 | &nbsp;&nbsp; 697886808 |
| 6.625%, 6/15/35 | 206711000 | &nbsp;&nbsp; 196152820 |
| 6.50%, 6/2/41 | 69713000 | &nbsp;&nbsp; 60367249 |
| 6.375%, 1/23/45 | 133536000 | &nbsp;&nbsp; 107550869 |
| 6.75%, 9/21/47 | 107440000 | &nbsp;&nbsp; 88337569 |
| 6.35%, 2/12/48 | 22170000 | &nbsp;&nbsp; 17401016 |
| 7.69%, 1/23/50 | 916810000 | &nbsp;&nbsp; 821641583 |
|  |  | &nbsp;&nbsp; 1989337914 |
| Local Authority: 1.4% | Local Authority: 1.4% | Local Authority: 1.4% |
| New Jersey Turnpike Authority RB |  |  |
| 7.414%, 1/1/40 | 40175000 | &nbsp;&nbsp; 48151453 |
| 7.102%, 1/1/41 | 145132000 | &nbsp;&nbsp; 169572156 |
| State of California GO |  |  |
| 7.50%, 4/1/34 | 112606000 | &nbsp;&nbsp; 131372724 |
| 7.55%, 4/1/39 | 46390000 | &nbsp;&nbsp; 56297856 |
| 7.30%, 10/1/39 | 223385000 | &nbsp;&nbsp; 259969365 |
| 7.35%, 11/1/39 | 17190000 | &nbsp;&nbsp; 20090450 |
| 7.625%, 3/1/40 | 49430000 | &nbsp;&nbsp; 59594340 |
| State of Illinois GO |  |  |
| 5.10%, 6/1/33 | 719425392 | &nbsp;&nbsp; 737317286 |
|  |  | &nbsp;&nbsp; 1482365630 |
| Sovereign: 0.4% | Sovereign: 0.4% | Sovereign: 0.4% |
| Colombia Government International <br> (Colombia)<br>|  |  |
| 7.375%, 4/25/30 | 148265000 | &nbsp;&nbsp; 156567840 |
| 3.125%, 4/15/31 | 94040000 | &nbsp;&nbsp; 81438640 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| 7.75%, 11/7/36 | $128745000 | &nbsp;&nbsp; $134171602 |
| 8.375%, 11/7/54 | 31275000 | &nbsp;&nbsp; 33167137 |
|  |  | &nbsp;&nbsp; 405345219 |
|  |  | &nbsp;&nbsp; 3877048763 |
| **Securitized: 53.5%** | **Securitized: 53.5%** | **Securitized: 53.5%** |
| Asset-Backed: 8.2% | Asset-Backed: 8.2% | Asset-Backed: 8.2% |
| **Auto Loan: 3.4%** | **Auto Loan: 3.4%** | **Auto Loan: 3.4%** |
| BMW Vehicle Owner Trust |  |  |
| Series 2025-A A3, 4.56%, 9/25/29 | 139500000 | &nbsp;&nbsp; 140902993 |
| Series 2025-A A4, 4.66%, 12/27/32 | 42850000 | &nbsp;&nbsp; 43624557 |
| Ford Credit Auto Owner Trust |  |  |
| Series 2024-B A3, 5.10%, 4/15/29 | 179645000 | &nbsp;&nbsp; 181955720 |
| Series 2024-C A3, 4.07%, 7/15/29 | 8329000 | &nbsp;&nbsp; 8354714 |
| Series 2024-D A3, 4.61%, 8/15/29 | 66528000 | &nbsp;&nbsp; 67259748 |
| Series 2025-A A3, 4.45%, 10/15/29 | 209832000 | &nbsp;&nbsp; 211914562 |
| Series 2024-B A4, 4.96%, 5/15/30 | 15510000 | &nbsp;&nbsp; 15852557 |
| Series 2025-C A3, 3.90%, 6/15/30 | 74843000 | &nbsp;&nbsp; 75042060 |
| Series 2024-C A4, 4.11%, 7/15/30 | 4694000 | &nbsp;&nbsp; 4720151 |
| Series 2024-D A4, 4.66%, 9/15/30 | 15500000 | &nbsp;&nbsp; 15797775 |
| Series 2025-B A4, 3.95%, 7/15/31 | 32880000 | &nbsp;&nbsp; 32932582 |
| Series 2025-C A4, 3.98%, 1/15/32 | 32000000 | &nbsp;&nbsp; 32032387 |
| GM Financial Consumer Automobile <br> Receivables Trust<br>|  |  |
| Series 2024-4 A3, 4.40%, 8/16/29 | 58290000 | &nbsp;&nbsp; 58727082 |
| Series 2024-4 A4, 4.44%, 4/16/30 | 8043000 | &nbsp;&nbsp; 8134758 |
| Series 2025-2 A3, 4.28%, 4/16/30 | 31827000 | &nbsp;&nbsp; 32068210 |
| Series 2025-3 A3, 4.18%, 8/16/30 | 38950000 | &nbsp;&nbsp; 39264147 |
| Series 2025-4 A3, 3.84%, 2/18/31 | 31657000 | &nbsp;&nbsp; 31673694 |
| Series 2025-2 A4, 4.42%, 5/16/31 | 6866000 | &nbsp;&nbsp; 6954562 |
| Honda Auto Receivables Owner Trust |  |  |
| Series 2024-2 A3, 5.27%, 11/20/28 | 19406635 | &nbsp;&nbsp; 19641348 |
| Series 2024-3 A3, 4.57%, 3/21/29 | 33881000 | &nbsp;&nbsp; 34138485 |
| Series 2024-4 A3, 4.33%, 5/15/29 | 87222000 | &nbsp;&nbsp; 87704591 |
| Series 2025-1 A3, 4.57%, 9/21/29 | 352539000 | &nbsp;&nbsp; 356447424 |
| Series 2025-2 A3, 4.15%, 10/15/29 | 111355000 | &nbsp;&nbsp; 112036114 |
| Series 2025-3 A3, 4.04%, 2/21/30 | 192258000 | &nbsp;&nbsp; 193355774 |
| Series 2024-3 A4, 4.51%, 11/21/30 | 9463000 | &nbsp;&nbsp; 9565127 |
| Series 2024-4 A4, 4.35%, 12/16/30 | 11350000 | &nbsp;&nbsp; 11456374 |
| Series 2025-1 A4, 4.64%, 5/21/31 | 9360000 | &nbsp;&nbsp; 9520571 |
| Series 2025-2 A4, 4.28%, 8/15/31 | 24530000 | &nbsp;&nbsp; 24792594 |
| Series 2025-3 A4, 4.10%, 11/21/31 | 34375000 | &nbsp;&nbsp; 34552200 |
| Hyundai Auto Receivables Trust |  |  |
| Series 2024-C A3, 4.41%, 5/15/29 | 27337000 | &nbsp;&nbsp; 27552492 |
| Series 2025-A A3, 4.32%, 10/15/29 | 167650000 | &nbsp;&nbsp; 168891465 |
| Series 2025-B A3, 4.36%, 12/17/29 | 82702000 | &nbsp;&nbsp; 83491523 |
| Series 2025-B A4, 4.44%, 6/17/30 | 15857000 | &nbsp;&nbsp; 16082293 |
| Series 2025-D A3, 3.99%, 9/16/30 | 222270000 | &nbsp;&nbsp; 223123717 |
| Series 2024-C A4, 4.44%, 1/15/31 | 12759000 | &nbsp;&nbsp; 12920167 |
| Series 2025-A A4, 4.40%, 4/15/31 | 24767000 | &nbsp;&nbsp; 25071106 |
| Series 2025-C A4, 3.89%, 1/15/32 | 38860000 | &nbsp;&nbsp; 38833365 |
| Series 2025-D A4, 4.07%, 3/15/32 | 33275000 | &nbsp;&nbsp; 33410486 |
| Nissan Auto Receivables Owner Trust |  |  |
| Series 2024-B A3, 4.34%, 3/15/29 | 8288000 | &nbsp;&nbsp; 8331434 |
| Series 2024-B A4, 4.35%, 9/15/31 | 16509000 | &nbsp;&nbsp; 16653011 |
| Toyota Auto Receivables Owner Trust |  |  |
| Series 2024-C A3, 4.88%, 3/15/29 | 139728000 | &nbsp;&nbsp; 141195004 |
| Series 2024-D A3, 4.40%, 6/15/29 | 59405000 | &nbsp;&nbsp; 59818138 |
| Series 2025-A A3, 4.64%, 8/15/29 | 135249000 | &nbsp;&nbsp; 136696732 |
| Series 2024-C A4, 4.83%, 11/15/29 | 50237000 | &nbsp;&nbsp; 51141698 |
| Series 2025-B A3, 4.34%, 11/15/29 | 16357000 | &nbsp;&nbsp; 16485347 |
| Series 2025-C A3, 4.11%, 3/15/30 | 175311000 | &nbsp;&nbsp; 176526449 |
| Series 2024-D A4, 4.43%, 4/15/30 | 12000000 | &nbsp;&nbsp; 12151662 |
| Series 2025-A A4, 4.76%, 5/15/30 | 37322000 | &nbsp;&nbsp; 38062103 |
| Series 2025-B A4, 4.49%, 6/17/30 | 22366000 | &nbsp;&nbsp; 22694818 |

---

PAGE 1 <sup>■</sup> Dodge & Cox Income FundSee accompanying Notes to Financial Statements

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| Series 2025-D A3, 3.84%, 6/17/30 | $52810000 | &nbsp;&nbsp; $52866544 |
| Series 2025-D A4, 3.94%, 2/17/31 | 33997000 | &nbsp;&nbsp; 34002246 |
| Volkswagen Auto Loan Enhanced <br> Trust<br>|  |  |
| Series 2024-1 A3, 4.63%, 7/20/29 | 104325000 | &nbsp;&nbsp; 105617868 |
| Series 2025-1 A3, 4.50%, 8/20/29 | 43880000 | &nbsp;&nbsp; 44335667 |
| Series 2025-2 A3, 3.92%, 3/20/30 | 20603000 | &nbsp;&nbsp; 20653821 |
| Series 2024-1 A4, 4.67%, 6/20/31 | 14000000 | &nbsp;&nbsp; 14266585 |
| Series 2025-1 A4, 4.61%, 7/21/31 | 45720000 | &nbsp;&nbsp; 46433246 |
| Series 2025-2 A4, 4.05%, 9/20/32 | 32180000 | &nbsp;&nbsp; 32236949 |
|  |  | &nbsp;&nbsp; 3559968797 |
| **Federal Agency: 0.0%\*** | **Federal Agency: 0.0%\*** | **Federal Agency: 0.0%\*** |
| Small Business Admin. - 504 Program |  |  |
| Series 2006-20A 1, 5.21%, 1/1/26 | 50133 | &nbsp;&nbsp; 50133 |
| Series 2006-20B 1, 5.35%, 2/1/26 | 14865 | &nbsp;&nbsp; 14874 |
| Series 2006-20C 1, 5.57%, 3/1/26 | 70992 | &nbsp;&nbsp; 71011 |
| Series 2006-20G 1, 6.07%, 7/1/26 | 172104 | &nbsp;&nbsp; 172289 |
| Series 2006-20H 1, 5.70%, 8/1/26 | 2049 | &nbsp;&nbsp; 2054 |
| Series 2006-20I 1, 5.54%, 9/1/26 | 3237 | &nbsp;&nbsp; 3251 |
| Series 2006-20J 1, 5.37%, 10/1/26 | 69146 | &nbsp;&nbsp; 69413 |
| Series 2006-20L 1, 5.12%, 12/1/26 | 69937 | &nbsp;&nbsp; 70114 |
| Series 2007-20A 1, 5.32%, 1/1/27 | 208714 | &nbsp;&nbsp; 209568 |
| Series 2007-20C 1, 5.23%, 3/1/27 | 375383 | &nbsp;&nbsp; 376937 |
| Series 2007-20D 1, 5.32%, 4/1/27 | 264843 | &nbsp;&nbsp; 266197 |
| Series 2007-20G 1, 5.82%, 7/1/27 | 314646 | &nbsp;&nbsp; 317712 |
|  |  | &nbsp;&nbsp; 1623553 |
| **Other: 0.1%** | **Other: 0.1%** | **Other: 0.1%** |
| Rio Oil Finance Trust (Brazil) |  |  |
| 9.75%, 1/6/27<sup>(b)</sup> <br>| 50571296 | &nbsp;&nbsp; 52117387 |
| 8.20%, 4/6/28<sup>(b)</sup> <br>| 97109475 | &nbsp;&nbsp; 100310631 |
|  |  | &nbsp;&nbsp; 152428018 |
| **Student Loan: 4.7%** | **Student Loan: 4.7%** | **Student Loan: 4.7%** |
| ECMC Group Student Loan Trust |  |  |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +1.464%, Series 2016-1A A, <br> 5.339%, 7/26/66<sup>(b)</sup> <br>| 9988175 | &nbsp;&nbsp; 10102704 |
| +1.314%, Series 2017-1A A, <br> 5.189%, 12/27/66<sup>(b)</sup> <br>| 24022760 | &nbsp;&nbsp; 24203074 |
| +1.164%, Series 2017-2A A, <br> 5.039%, 5/25/67<sup>(b)</sup> <br>| 5078314 | &nbsp;&nbsp; 5070401 |
| +1.264%, Series 2020-2A A, <br> 5.139%, 11/25/69<sup>(b)</sup> <br>| 3960625 | &nbsp;&nbsp; 3986097 |
| +1.15%, Series 2024-1A A, <br> 5.024%, 11/27/73<sup>(b)</sup> <br>| 200639949 | &nbsp;&nbsp; 201587792 |
| +0.95%, Series 2025-1A A, <br> 4.824%, 4/25/74<sup>(b)</sup> <br>| 362647332 | &nbsp;&nbsp; 362211539 |
| +1.05%, Series 2025-2A A, <br> 4.924%, 11/25/74<sup>(b)</sup> <br>| 352328728 | &nbsp;&nbsp; 352327882 |
| Navient Student Loan Trust |  |  |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +0.764%, Series 2015-3 A2, <br> 4.639%, 6/26/56<br>| 33998832 | &nbsp;&nbsp; 33638271 |
| +1.614%, Series 2016-2A A3, <br> 5.489%, 6/25/65<sup>(b)</sup> <br>| 26218675 | &nbsp;&nbsp; 26781388 |
| +1.014%, Series 2019-1A A2, <br> 4.889%, 12/27/67<sup>(b)</sup> <br>| 117709171 | &nbsp;&nbsp; 117541588 |
| +0.714%, Series 2014-8 A3, <br> 4.589%, 5/27/49<br>| 12399208 | &nbsp;&nbsp; 12272714 |
| +1.364%, Series 2016-5A A, <br> 5.239%, 6/25/65<sup>(b)</sup> <br>| 165983643 | &nbsp;&nbsp; 168922815 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| +1.464%, Series 2016-3A A3, <br> 5.339%, 6/25/65<sup>(b)</sup> <br>| $1983474 | &nbsp;&nbsp; $2012151 |
| +1.264%, Series 2016-7A A, <br> 5.139%, 3/25/66<sup>(b)</sup> <br>| 152081572 | &nbsp;&nbsp; 153188863 |
| +1.414%, Series 2016-6A A3, <br> 5.289%, 3/25/66<sup>(b)</sup> <br>| 129849044 | &nbsp;&nbsp; 131938523 |
| +0.914%, Series 2017-5A A, <br> 4.789%, 7/26/66<sup>(b)</sup> <br>| 176207987 | &nbsp;&nbsp; 175168095 |
| +1.164%, Series 2017-3A A3, <br> 5.039%, 7/26/66<sup>(b)</sup> <br>| 205321542 | &nbsp;&nbsp; 206334660 |
| +1.264%, Series 2017-1A A3, <br> 5.139%, 7/26/66<sup>(b)</sup> <br>| 162006416 | &nbsp;&nbsp; 163115430 |
| +1.114%, Series 2017-4A A3, <br> 4.989%, 9/27/66<sup>(b)</sup> <br>| 101363586 | &nbsp;&nbsp; 101655290 |
| +1.164%, Series 2017-2A A, <br> 5.039%, 12/27/66<sup>(b)</sup> <br>| 115473125 | &nbsp;&nbsp; 116067938 |
| +0.834%, Series 2018-1A A3, <br> 4.709%, 3/25/67<sup>(b)</sup> <br>| 84495451 | &nbsp;&nbsp; 83596647 |
| +0.914%, Series 2018-3A A3, <br> 4.789%, 3/25/67<sup>(b)</sup> <br>| 94812188 | &nbsp;&nbsp; 94304364 |
| +0.794%, Series 2018-4A A2, <br> 4.669%, 6/27/67<sup>(b)</sup> <br>| 102475052 | &nbsp;&nbsp; 101387956 |
| +1.114%, Series 2019-2A A2, <br> 4.989%, 2/27/68<sup>(b)</sup> <br>| 101779393 | &nbsp;&nbsp; 102027572 |
| +0.944%, Series 2019-3A A, <br> 4.819%, 7/25/68<sup>(b)</sup> <br>| 40124584 | &nbsp;&nbsp; 39836702 |
| +0.924%, Series 2019-4A A2, <br> 4.799%, 7/25/68<sup>(b)</sup> <br>| 34627317 | &nbsp;&nbsp; 34433169 |
| +1.164%, Series 2020-1A A1B, <br> 5.039%, 6/25/69<sup>(b)</sup> <br>| 32325957 | &nbsp;&nbsp; 32473551 |
| +1.014%, Series 2020-2A A1B, <br> 4.889%, 8/26/69<sup>(b)</sup> <br>| 57879421 | &nbsp;&nbsp; 58356278 |
| +0.714%, Series 2021-1A A1B, <br> 4.589%, 12/26/69<sup>(b)</sup> <br>| 36453252 | &nbsp;&nbsp; 35954695 |
| +0.814%, Series 2016-1A A, <br> 4.689%, 2/25/70<sup>(b)</sup> <br>| 106243852 | &nbsp;&nbsp; 105187576 |
| +0.664%, Series 2021-2A A1B, <br> 4.539%, 2/25/70<sup>(b)</sup> <br>| 46623495 | &nbsp;&nbsp; 46553625 |
| Nelnet Student Loan Trust |  |  |
| CME Term SOFR 1 Month |  |  |
| +0.994%, Series 2020-5A A, <br> 4.726%, 10/25/68<sup>(b)</sup> <br>| 39090927 | &nbsp;&nbsp; 39023902 |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +0.964%, Series 2017-3A A, <br> 4.839%, 2/25/66<sup>(b)</sup> <br>| 66592414 | &nbsp;&nbsp; 66596290 |
| +0.864%, Series 2019-1A A2, <br> 4.739%, 4/25/67<sup>(b)</sup> <br>| 13334973 | &nbsp;&nbsp; 13326916 |
| +0.95%, Series 2025-1A A2, <br> 5.111%, 11/27/90<sup>(b)</sup> <br>| 357505000 | &nbsp;&nbsp; 357495955 |
| SLM Student Loan Trust |  |  |
| United States 90 Day Average <br> SOFR<br>|  |  |
| +0.931%, Series 2003-12 A6, <br> 5.064%, 12/15/68<sup>(b)</sup> <br>| 138169982 | &nbsp;&nbsp; 138637881 |
| +0.891%, Series 2004-8A A6, <br> 5.205%, 1/25/40<sup>(b)</sup> <br>| 53625558 | &nbsp;&nbsp; 53293283 |
| +0.431%, Series 2005-4 A4, <br> 4.745%, 7/25/40<br>| 8393665 | &nbsp;&nbsp; 8273937 |
| +0.751%, Series 2007-6 A5, <br> 5.065%, 4/27/43<br>| 33461508 | &nbsp;&nbsp; 32320474 |
| +0.811%, Series 2004-3A A6A, <br> 5.125%, 10/25/64<sup>(b)</sup> <br>| 28271457 | &nbsp;&nbsp; 28069011 |

---

See accompanying Notes to Financial StatementsDodge & Cox Income Fund <sup>■</sup> PAGE 2

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| +0.811%, Series 2004-3A A6B, <br> 5.125%, 10/25/64<sup>(b)</sup> <br>| $17413306 | &nbsp;&nbsp; $17288613 |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +1.314%, Series 2011-2 A2, <br> 5.189%, 10/25/34<br>| 9093864 | &nbsp;&nbsp; 9166110 |
| +0.914%, Series 2012-5 A3, <br> 4.789%, 1/25/75<br>| 64975295 | &nbsp;&nbsp; 65003949 |
| SMB Private Education Loan Trust <br> (Private Loans)<br>|  |  |
| Series 2017-B A2A, 2.82%, <br> 10/15/35<sup>(b)</sup> <br>| 702021 | &nbsp;&nbsp; 700015 |
| Series 2018-A A2A, 3.50%, <br> 2/15/36<sup>(b)</sup> <br>| 8579457 | &nbsp;&nbsp; 8545158 |
| Series 2018-B A2A, 3.60%, <br> 1/15/37<sup>(b)</sup> <br>| 6939365 | &nbsp;&nbsp; 6901870 |
| Series 2024-C A1A, 5.50%, <br> 6/17/52<sup>(b)</sup> <br>| 39077063 | &nbsp;&nbsp; 40093707 |
| Series 2023-C A1A, 5.67%, <br> 11/15/52<sup>(b)</sup> <br>| 11550088 | &nbsp;&nbsp; 11858935 |
| Series 2021-A APT2, 1.07%, <br> 1/15/53<sup>(b)</sup> <br>| 19037460 | &nbsp;&nbsp; 17434911 |
| Series 2025-B A1A, 5.02%, <br> 3/17/53<sup>(b)</sup> <br>| 73851339 | &nbsp;&nbsp; 74395262 |
| Series 2023-D A1A, 6.15%, <br> 9/15/53<sup>(b)</sup> <br>| 122454930 | &nbsp;&nbsp; 128853201 |
| Series 2024-F A1A, 5.06%, <br> 3/16/54<sup>(b)</sup> <br>| 58570248 | &nbsp;&nbsp; 59277642 |
| Series 2025-A A1A, 5.13%, <br> 4/15/54<sup>(b)</sup> <br>| 18378688 | &nbsp;&nbsp; 18644775 |
| Series 2024-A A1A, 5.24%, <br> 3/15/56<sup>(b)</sup> <br>| 230723910 | &nbsp;&nbsp; 234648986 |
| Series 2023-B A1A, 4.99%, <br> 10/16/56<sup>(b)</sup> <br>| 129077643 | &nbsp;&nbsp; 130066881 |
| Series 2024-E A1A, 5.09%, <br> 10/16/56<sup>(b)</sup> <br>| 88579167 | &nbsp;&nbsp; 89954324 |
| Series 2022-D A1A, 5.37%, <br> 10/15/58<sup>(b)</sup> <br>| 114170120 | &nbsp;&nbsp; 116655764 |
|  |  | &nbsp;&nbsp; 4868767102 |
|  |  | &nbsp;&nbsp; 8582787470 |
| CMBS: 0.2% | CMBS: 0.2% | CMBS: 0.2% |
| **Agency CMBS: 0.2%** | **Agency CMBS: 0.2%** | **Agency CMBS: 0.2%** |
| Freddie Mac Multifamily Interest Only |  |  |
| Series K055 X1, 1.335%, 3/25/26<sup>(c)</sup> <br>| 92410688 | &nbsp;&nbsp; 100829 |
| Series K056 X1, 1.208%, 5/25/26<sup>(c)</sup> <br>| 28692254 | &nbsp;&nbsp; 56294 |
| Series K062 X1, 0.27%, 12/25/26<sup>(c)</sup> <br>| 277566739 | &nbsp;&nbsp; 711931 |
| Series K064 X1, 0.585%, 3/25/27<sup>(c)</sup> <br>| 350401392 | &nbsp;&nbsp; 1899736 |
| Series K065 X1, 0.649%, 4/25/27<sup>(c)</sup> <br>| 423889484 | &nbsp;&nbsp; 3071164 |
| Series K066 X1, 0.726%, 6/25/27<sup>(c)</sup> <br>| 339755384 | &nbsp;&nbsp; 2643603 |
| Series K067 X1, 0.561%, 7/25/27<sup>(c)</sup> <br>| 435931550 | &nbsp;&nbsp; 3013246 |
| Series K069 X1, 0.34%, 9/25/27<sup>(c)</sup> <br>| 86513489 | &nbsp;&nbsp; 438052 |
| Series K070 X1, 0.316%, 11/25/27<sup>(c)</sup> <br>| 183283791 | &nbsp;&nbsp; 939586 |
| Series K071 X1, 0.276%, 11/25/27<sup>(c)</sup> <br>| 236262175 | &nbsp;&nbsp; 1009029 |
| Series K089 X1, 0.538%, 1/25/29<sup>(c)</sup> <br>| 493678195 | &nbsp;&nbsp; 7168701 |
| Series K091 X1, 0.558%, 3/25/29<sup>(c)</sup> <br>| 246213127 | &nbsp;&nbsp; 4062418 |
| Series K092 X1, 0.707%, 4/25/29<sup>(c)</sup> <br>| 464200105 | &nbsp;&nbsp; 9214372 |
| Series K093 X1, 0.937%, 5/25/29<sup>(c)</sup> <br>| 209719837 | &nbsp;&nbsp; 5560365 |
| Series K094 X1, 0.872%, 6/25/29<sup>(c)</sup> <br>| 307773922 | &nbsp;&nbsp; 8227566 |
| Series K095 X1, 0.938%, 6/25/29<sup>(c)</sup> <br>| 211024425 | &nbsp;&nbsp; 5830626 |
| Series K096 X1, 1.111%, 7/25/29<sup>(c)</sup> <br>| 510355122 | &nbsp;&nbsp; 16660543 |
| Series K097 X1, 1.082%, 7/25/29<sup>(c)</sup> <br>| 232805754 | &nbsp;&nbsp; 7853004 |
| Series K098 X1, 1.135%, 8/25/29<sup>(c)</sup> <br>| 452303945 | &nbsp;&nbsp; 15853932 |
| Series K099 X1, 0.874%, 9/25/29<sup>(c)</sup> <br>| 488486997 | &nbsp;&nbsp; 13322555 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| Series K101 X1, 0.827%, 10/25/29<sup>(c)</sup> <br>| $188814345 | &nbsp;&nbsp; $5139262 |
| Series K102 X1, 0.816%, 10/25/29<sup>(c)</sup> <br>| 529591523 | &nbsp;&nbsp; 13927886 |
| Series K152 X1, 0.949%, 1/25/31<sup>(c)</sup> <br>| 112895907 | &nbsp;&nbsp; 4077191 |
| Series K154 X1, 0.286%, 11/25/32<sup>(c)</sup> <br>| 344415816 | &nbsp;&nbsp; 4909992 |
| Series K-1511 X1, 0.773%, <br> 3/25/34<sup>(c)</sup> <br>| 168251545 | &nbsp;&nbsp; 7541455 |
|  |  | &nbsp;&nbsp; 143233338 |
|  |  | &nbsp;&nbsp; 143233338 |
| Mortgage-Related: 45.1% | Mortgage-Related: 45.1% | Mortgage-Related: 45.1% |
| **CMO & REMIC: 4.9%** | **CMO & REMIC: 4.9%** | **CMO & REMIC: 4.9%** |
| Dept. of Veterans Affairs |  |  |
| Series 1997-2 Z, 7.50%, 6/15/27 | 551608 | &nbsp;&nbsp; 559729 |
| Fannie Mae |  |  |
| Trust 1998-58 PX, 6.50%, 9/25/28 | 21355 | &nbsp;&nbsp; 21648 |
| Trust 1998-58 PC, 6.50%, 10/25/28 | 148687 | &nbsp;&nbsp; 150968 |
| Trust 2001-69 PQ, 6.00%, 12/25/31 | 282818 | &nbsp;&nbsp; 292952 |
| Trust 2002-33 A1, 7.00%, 6/25/32 | 655689 | &nbsp;&nbsp; 666076 |
| Trust 2002-69 Z, 5.50%, 10/25/32 | 45110 | &nbsp;&nbsp; 46349 |
| Trust 2008-24 GD, 6.50%, 3/25/37 | 202055 | &nbsp;&nbsp; 213310 |
| Trust 2007-47 PE, 5.00%, 5/25/37 | 518068 | &nbsp;&nbsp; 532450 |
| Trust 2009-30 AG, 6.50%, 5/25/39 | 1757735 | &nbsp;&nbsp; 1880310 |
| Trust 2009-40 TB, 6.00%, 6/25/39 | 936989 | &nbsp;&nbsp; 990770 |
| Trust 2001-T3 A1, 7.50%, 11/25/40 | 29275 | &nbsp;&nbsp; 30443 |
| Trust 2010-123 WT, 7.00%, <br> 11/25/40<br>| 6572244 | &nbsp;&nbsp; 6929385 |
| Trust 2001-T7 A1, 7.50%, 2/25/41 | 43209 | &nbsp;&nbsp; 45959 |
| Trust 2001-T5 A2, 7.00%, 6/19/41<sup>(c)</sup> <br>| 16224 | &nbsp;&nbsp; 16493 |
| Trust 2001-T5 A3, 7.50%, 6/19/41<sup>(c)</sup> <br>| 99294 | &nbsp;&nbsp; 103214 |
| Trust 2001-T4 A1, 7.50%, 7/25/41 | 604473 | &nbsp;&nbsp; 634496 |
| Trust 2011-58 AT, 4.00%, 7/25/41 | 2078734 | &nbsp;&nbsp; 2050043 |
| Trust 2001-T10 A1, 7.00%, <br> 12/25/41<br>| 514406 | &nbsp;&nbsp; 529628 |
| Trust 2013-106 MA, 4.00%, 2/25/42 | 5233252 | &nbsp;&nbsp; 5223189 |
| Trust 2012-15 PZ, 4.00%, 3/25/42 | 2697217 | &nbsp;&nbsp; 2631956 |
| Trust 2012-47 VZ, 4.00%, 5/25/42 | 4500373 | &nbsp;&nbsp; 4397897 |
| Trust 2002-W6 2A1, 7.00%, <br> 6/25/42<sup>(c)</sup> <br>| 686124 | &nbsp;&nbsp; 687878 |
| Trust 2002-W8 A2, 7.00%, 6/25/42 | 500909 | &nbsp;&nbsp; 526965 |
| Trust 2002-90 A1, 6.50%, 6/25/42 | 1528371 | &nbsp;&nbsp; 1550655 |
| Trust 2002-T16 A3, 7.50%, 7/25/42 | 1389967 | &nbsp;&nbsp; 1507754 |
| Trust 2003-W2 1A2, 7.00%, 7/25/42 | 2832412 | &nbsp;&nbsp; 2977465 |
| Trust 2003-W4 3A, 4.471%, <br> 10/25/42<sup>(c)</sup> <br>| 687000 | &nbsp;&nbsp; 698916 |
| Trust 2012-121 NB, 7.00%, <br> 11/25/42<br>| 227965 | &nbsp;&nbsp; 243293 |
| Trust 2003-W1 2A, 5.063%, <br> 12/25/42<sup>(c)</sup> <br>| 930278 | &nbsp;&nbsp; 917223 |
| Trust 2003-7 A1, 6.50%, 12/25/42 | 1342008 | &nbsp;&nbsp; 1368430 |
| Trust 2012-131 MZ, 3.50%, <br> 12/25/42<br>| 12917925 | &nbsp;&nbsp; 12284417 |
| Trust 2012-134 ZA, 3.00%, <br> 12/25/42<br>| 34439542 | &nbsp;&nbsp; 31834814 |
| Trust 2013-19 ZA, 3.50%, 3/25/43 | 9809155 | &nbsp;&nbsp; 9295766 |
| Trust 2013-72 Z, 3.00%, 7/25/43 | 10295427 | &nbsp;&nbsp; 9467605 |
| Trust 2004-T1 1A2, 6.50%, 1/25/44 | 377510 | &nbsp;&nbsp; 389774 |
| Trust 2004-W2 2A2, 7.00%, 2/25/44 | 36835 | &nbsp;&nbsp; 38261 |
| Trust 2004-W2 5A, 7.50%, 3/25/44 | 504352 | &nbsp;&nbsp; 524368 |
| Trust 2004-W8 3A, 7.50%, 6/25/44 | 399984 | &nbsp;&nbsp; 411404 |
| Trust 2004-W15 1A2, 6.50%, <br> 8/25/44<br>| 176631 | &nbsp;&nbsp; 184791 |
| Trust 2014-58 MZ, 4.00%, 9/25/44 | 27328752 | &nbsp;&nbsp; 26375757 |
| Trust 2005-W1 1A3, 7.00%, <br> 10/25/44<br>| 1959155 | &nbsp;&nbsp; 2002188 |

---

PAGE 3 <sup>■</sup> Dodge & Cox Income FundSee accompanying Notes to Financial Statements

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| Trust 2014-61 ZV, 3.00%, 10/25/44 | $37253227 | &nbsp;&nbsp; $34205328 |
| Trust 2014-68 MZ, 3.00%, 11/25/44 | 47131949 | &nbsp;&nbsp; 43311287 |
| Trust 2014-81 ZC, 3.00%, 12/25/44 | 11561968 | &nbsp;&nbsp; 10686496 |
| Trust 2001-79 BA, 7.00%, 3/25/45 | 103107 | &nbsp;&nbsp; 106773 |
| Trust 2006-W1 1A1, 6.50%, <br> 12/25/45<br>| 74914 | &nbsp;&nbsp; 77095 |
| Trust 2006-W1 1A2, 7.00%, <br> 12/25/45<br>| 452226 | &nbsp;&nbsp; 469499 |
| Trust 2006-W1 1A3, 7.50%, <br> 12/25/45<br>| 6671 | &nbsp;&nbsp; 6901 |
| Trust 2006-W1 1A4, 8.00%, <br> 12/25/45<br>| 382505 | &nbsp;&nbsp; 396472 |
| Trust 2007-W10 1A, 5.938%, <br> 8/25/47<sup>(c)</sup> <br>| 1628496 | &nbsp;&nbsp; 1676572 |
| Trust 2007-W10 2A, 6.135%, <br> 8/25/47<sup>(c)</sup> <br>| 478613 | &nbsp;&nbsp; 495591 |
| Trust 2018-28 PT, 3.50%, 5/25/48 | 3996329 | &nbsp;&nbsp; 3749527 |
| Trust 2018-55 MY, 3.50%, 8/25/48 | 4042080 | &nbsp;&nbsp; 3658144 |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +0.7%, Trust 2025-107 FA, <br> 4.574%, 8/25/52<br>| 15313120 | &nbsp;&nbsp; 15266880 |
| +0.7%, Trust 2025-107 FB, <br> 4.574%, 9/25/52<br>| 60915020 | &nbsp;&nbsp; 60729903 |
| +0.7%, Trust 2025-95 FC, <br> 4.574%, 9/25/52<br>| 83943796 | &nbsp;&nbsp; 83385494 |
| +0.7%, Trust 2025-95 FH, <br> 4.574%, 9/25/52<br>| 163069726 | &nbsp;&nbsp; 161985166 |
| +1%, Trust 2024-105 FC, <br> 4.874%, 1/25/55<br>| 193325414 | &nbsp;&nbsp; 193973132 |
| +1%, Trust 2025-70 AF, 4.874%, <br> 9/25/55<br>| 163051770 | &nbsp;&nbsp; 163712406 |
| +0.9%, Trust 2025-89 FB, <br> 4.774%, 10/25/55<br>| 31000782 | &nbsp;&nbsp; 31122383 |
| +0.9%, Trust 2025-85 FH, <br> 4.774%, 10/25/55<br>| 49100648 | &nbsp;&nbsp; 49297827 |
| +0.9%, Trust 2025-89 FP, <br> 4.774%, 10/25/55<br>| 77722405 | &nbsp;&nbsp; 78066646 |
| +1%, Trust 2025-81 FE, 4.874%, <br> 10/25/55<br>| 40947271 | &nbsp;&nbsp; 41116534 |
| +0.664%, Trust 2013-98 FA, <br> 4.539%, 9/25/43<br>| 7528893 | &nbsp;&nbsp; 7470391 |
| +0.514%, Trust 2004-W14 1AF, <br> 4.389%, 7/25/44<br>| 554040 | &nbsp;&nbsp; 537308 |
| Freddie Mac |  |  |
| Series 2456 CJ, 6.50%, 6/15/32 | 23667 | &nbsp;&nbsp; 24870 |
| Series 3312 AB, 6.50%, 6/15/32 | 523020 | &nbsp;&nbsp; 548087 |
| Series T-41 2A, 4.596%, 7/25/32<sup>(c)</sup> <br>| 81234 | &nbsp;&nbsp; 76729 |
| Series 2587 ZU, 5.50%, 3/15/33 | 789806 | &nbsp;&nbsp; 815401 |
| Series 2610 UA, 4.00%, 5/15/33 | 369090 | &nbsp;&nbsp; 361960 |
| Series T-48 1A, 4.316%, 7/25/33<sup>(c)</sup> <br>| 1050146 | &nbsp;&nbsp; 1019580 |
| Series 2708 ZD, 5.50%, 11/15/33 | 2927154 | &nbsp;&nbsp; 3057964 |
| Series 3204 ZM, 5.00%, 8/15/34 | 1448265 | &nbsp;&nbsp; 1488684 |
| Series 3330 GZ, 5.50%, 6/15/37 | 252570 | &nbsp;&nbsp; 263047 |
| Series 3427 Z, 5.00%, 3/15/38 | 701062 | &nbsp;&nbsp; 723052 |
| Series 4197 LZ, 4.00%, 4/15/43 | 9604230 | &nbsp;&nbsp; 9407540 |
| Series 4215 LZ, 3.50%, 6/15/43 | 26661427 | &nbsp;&nbsp; 25317489 |
| Series T-51 1A, 6.50%, 9/25/43<sup>(c)</sup> <br>| 33801 | &nbsp;&nbsp; 35087 |
| Series T-59 1A1, 6.50%, 10/25/43 | 2249413 | &nbsp;&nbsp; 2319922 |
| Series 4283 DW, 4.50%, 12/15/43<sup>(c)</sup> <br>| 15749562 | &nbsp;&nbsp; 15756671 |
| Series 4283 EW, 4.50%, 12/15/43<sup>(c)</sup> <br>| 9667049 | &nbsp;&nbsp; 9733616 |
| Series 4281 BC, 4.50%, 12/15/43<sup>(c)</sup> <br>| 26544923 | &nbsp;&nbsp; 26771261 |
| Series 4291 KZ, 3.00%, 1/15/44 | 12063816 | &nbsp;&nbsp; 11147865 |
| Series 4319 MA, 4.50%, 3/15/44<sup>(c)</sup> <br>| 5352134 | &nbsp;&nbsp; 5397750 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| Series 4358 Z, 3.00%, 6/15/44 | $18125837 | &nbsp;&nbsp; $16753177 |
| Series 4375 MZ, 3.50%, 8/15/44 | 17109731 | &nbsp;&nbsp; 16224190 |
| Series 4385 EZ, 3.00%, 9/15/44 | 38442190 | &nbsp;&nbsp; 34163286 |
| Series 4422 GZ, 3.00%, 12/15/44 | 10614100 | &nbsp;&nbsp; 9776433 |
| Series 4438 ZP, 3.50%, 2/15/45 | 5852730 | &nbsp;&nbsp; 5437626 |
| Series 4434 LZ, 3.00%, 2/15/45 | 37628454 | &nbsp;&nbsp; 33628139 |
| Series 4616 ZD, 2.50%, 9/15/46 | 21200784 | &nbsp;&nbsp; 18580855 |
| Series 4640 DZ, 3.00%, 12/15/46 | 26394485 | &nbsp;&nbsp; 23960402 |
| Series 4653 PZ, 3.50%, 2/15/47 | 19087306 | &nbsp;&nbsp; 17527704 |
| Series 4680 GZ, 3.50%, 3/15/47 | 14471260 | &nbsp;&nbsp; 13441491 |
| Series 4700 KZ, 3.50%, 7/15/47 | 2674025 | &nbsp;&nbsp; 2473417 |
| Series 4722 CZ, 3.50%, 9/15/47 | 10133360 | &nbsp;&nbsp; 9469673 |
| Series 4818 ZB, 4.00%, 8/15/48 | 9862631 | &nbsp;&nbsp; 9342754 |
| Series 5020 GT, 3.50%, 10/25/50 | 11741263 | &nbsp;&nbsp; 10342504 |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +0.9%, Series 5587 FP, 4.774%, <br> 10/25/55<br>| 122071286 | &nbsp;&nbsp; 122579517 |
| +0.85%, Series 5598 FC, 4.724%, <br> 11/25/55<br>| 101688680 | &nbsp;&nbsp; 100575250 |
| +0.95%, Series 5595 PF, 4.824%, <br> 11/25/55<br>| 35208186 | &nbsp;&nbsp; 35399345 |
| +0.95%, Series 5593 GF, 4.824%, <br> 11/25/55<br>| 15234225 | &nbsp;&nbsp; 15294282 |
| Freddie Mac Seasoned Credit Risk <br> Transfer Trust<br>|  |  |
| Series 2017-4 M45T, 4.50%, <br> 6/25/57<br>| 7912692 | &nbsp;&nbsp; 7812604 |
| Ginnie Mae |  |  |
| Series 2010-115 Z, 4.50%, 9/20/40 | 5699690 | &nbsp;&nbsp; 5742450 |
| Series 2014-184 GZ, 3.50%, <br> 12/20/44<br>| 5082277 | &nbsp;&nbsp; 4804402 |
| Series 2015-24 Z, 3.50%, 2/20/45 | 14032058 | &nbsp;&nbsp; 13270689 |
| Series 2015-69 DZ, 3.50%, 5/20/45 | 3360039 | &nbsp;&nbsp; 3188503 |
| Series 2015-69 KZ, 3.50%, 5/20/45 | 10967615 | &nbsp;&nbsp; 10407697 |
| CME Term SOFR 1 Month |  |  |
| +0.714%, Series 2018-H20 FA, <br> 4.714%, 12/20/68<br>| 23603155 | &nbsp;&nbsp; 23550768 |
| +1.364%, Series 2020-H21 FL, <br> 5.364%, 12/20/70<br>| 16100948 | &nbsp;&nbsp; 16418486 |
| +0.764%, Series 2014-H21 FA, <br> 4.764%, 10/20/64<br>| 1378397 | &nbsp;&nbsp; 1380463 |
| +0.744%, Series 2015-H10 FB, <br> 4.744%, 4/20/65<br>| 2473868 | &nbsp;&nbsp; 2476834 |
| +0.714%, Series 2015-H18 FB, <br> 4.714%, 7/20/65<br>| 1062491 | &nbsp;&nbsp; 1063347 |
| +0.714%, Series 2015-H19 FK, <br> 4.714%, 8/20/65<br>| 1236066 | &nbsp;&nbsp; 1236807 |
| +0.734%, Series 2015-H23 FA, <br> 4.734%, 9/20/65<br>| 391331 | &nbsp;&nbsp; 391799 |
| +0.864%, Series 2016-H02 FB, <br> 4.864%, 11/20/65<br>| 4362115 | &nbsp;&nbsp; 4372819 |
| +1.014%, Series 2016-H09 FM, <br> 5.014%, 3/20/66<br>| 2766461 | &nbsp;&nbsp; 2780772 |
| +1.014%, Series 2016-H09 FH, <br> 5.014%, 4/20/66<br>| 4006186 | &nbsp;&nbsp; 4025691 |
| +0.894%, Series 2016-H19 FA, <br> 4.894%, 9/20/66<br>| 1356886 | &nbsp;&nbsp; 1361102 |
| +0.864%, Series 2016-H23 F, <br> 4.864%, 10/20/66<br>| 8066659 | &nbsp;&nbsp; 8090640 |
| +0.914%, Series 2016-H24 FB, <br> 4.914%, 11/20/66<br>| 4542268 | &nbsp;&nbsp; 4558805 |
| +0.924%, Series 2017-H02 GF, <br> 4.924%, 12/20/66<br>| 1994403 | &nbsp;&nbsp; 2002436 |

---

See accompanying Notes to Financial StatementsDodge & Cox Income Fund <sup>■</sup> PAGE 4

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| +0.684%, Series 2017-H17 FB, <br> 4.684%, 9/20/67<br>| $9269793 | &nbsp;&nbsp; $9280605 |
| +0.614%, Series 2018-H20 FB, <br> 4.614%, 6/20/68<br>| 11029325 | &nbsp;&nbsp; 11020399 |
| +0.614%, Series 2018-H20 FE, <br> 4.614%, 11/20/68<br>| 10798247 | &nbsp;&nbsp; 10791596 |
| +0.714%, Series 2019-H15 F, <br> 4.714%, 9/20/69<br>| 18400877 | &nbsp;&nbsp; 18349693 |
| +0.714%, Series 2019-H18 LF, <br> 4.714%, 11/20/69<br>| 17151660 | &nbsp;&nbsp; 17134695 |
| +0.764%, Series 2019-H18 F, <br> 4.764%, 11/20/69<br>| 20246698 | &nbsp;&nbsp; 20258216 |
| +0.764%, Series 2019-H17 FB, <br> 4.764%, 11/20/69<br>| 62385708 | &nbsp;&nbsp; 62312448 |
| +0.764%, Series 2019-H20 AF, <br> 4.764%, 11/20/69<br>| 12363216 | &nbsp;&nbsp; 12343936 |
| +0.664%, Series 2020-H06 FA, <br> 4.664%, 3/20/70<br>| 59418594 | &nbsp;&nbsp; 59139933 |
| +0.964%, Series 2021-H16 HF, <br> 4.964%, 9/20/71<br>| 5999386 | &nbsp;&nbsp; 6037593 |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +0.55%, Series 2022-H04 FG, <br> 4.468%, 2/20/67<br>| 12111180 | &nbsp;&nbsp; 12096860 |
| +0.5%, Series 2022-H04 GF, <br> 4.418%, 2/20/67<br>| 14817953 | &nbsp;&nbsp; 14786709 |
| +0.5%, Series 2022-H07 FB, <br> 4.418%, 1/20/68<br>| 62084301 | &nbsp;&nbsp; 61977156 |
| +0.3%, Series 2022-H06 FA, <br> 4.218%, 2/20/68<br>| 79599791 | &nbsp;&nbsp; 79267549 |
| +0.5%, Series 2022-H07 AF, <br> 4.418%, 2/20/68<br>| 22275049 | &nbsp;&nbsp; 22225064 |
| +0.5%, Series 2022-H07 BF, <br> 4.418%, 2/20/68<br>| 83497341 | &nbsp;&nbsp; 83291470 |
| +0.5%, Series 2022-H07 FH, <br> 4.418%, 6/20/68<br>| 5090811 | &nbsp;&nbsp; 5065746 |
| +0.41%, Series 2022-H06 FC, <br> 4.328%, 8/20/68<br>| 44140684 | &nbsp;&nbsp; 43831231 |
| +1.3%, Series 2023-H08 EF, <br> 5.218%, 7/20/71<br>| 62942357 | &nbsp;&nbsp; 63858792 |
| +1.02%, Series 2023-H08 FE, <br> 4.938%, 8/20/71<br>| 39985486 | &nbsp;&nbsp; 40334584 |
| +1%, Series 2022-H20 FB, <br> 4.918%, 8/20/71<br>| 36564365 | &nbsp;&nbsp; 36836777 |
| +1.45%, Series 2021-H12 EF, <br> 5.368%, 8/20/71<br>| 37988292 | &nbsp;&nbsp; 38901633 |
| +0.7%, Series 2021-H17 FA, <br> 4.618%, 11/20/71<br>| 29960928 | &nbsp;&nbsp; 29905923 |
| +0.82%, Series 2021-H19 FM, <br> 4.738%, 12/20/71<br>| 35172917 | &nbsp;&nbsp; 35241799 |
| +0.8%, Series 2022-H08 FL, <br> 4.899%, 12/20/71<br>| 88718121 | &nbsp;&nbsp; 88832630 |
| +0.8%, Series 2022-H02 FC, <br> 4.718%, 1/20/72<br>| 109053588 | &nbsp;&nbsp; 109393737 |
| +0.35%, Series 2022-H01 FA, <br> 4.268%, 1/20/72<br>| 47965027 | &nbsp;&nbsp; 47283497 |
| +0.82%, Series 2022-H04 HF, <br> 4.738%, 2/20/72<br>| 160128178 | &nbsp;&nbsp; 160431685 |
| +0.75%, Series 2022-H07 F, <br> 4.668%, 2/20/72<br>| 20668419 | &nbsp;&nbsp; 20692093 |
| +0.75%, Series 2022-H08 FE, <br> 4.849%, 3/20/72<br>| 50629632 | &nbsp;&nbsp; 50587513 |
| +0.74%, Series 2022-H09 FC, <br> 4.658%, 4/20/72<br>| 64504098 | &nbsp;&nbsp; 64445799 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| +1%, Series 2022-H11 FG, <br> 4.918%, 4/20/72<br>| $17050384 | &nbsp;&nbsp; $17199571 |
| +0.95%, Series 2022-H10 FA, <br> 4.868%, 5/20/72<br>| 101437062 | &nbsp;&nbsp; 102146482 |
| +0.95%, Series 2022-H11 AF, <br> 4.868%, 5/20/72<br>| 18743181 | &nbsp;&nbsp; 18872242 |
| +0.9%, Series 2022-H11 F, <br> 4.818%, 5/20/72<br>| 176064793 | &nbsp;&nbsp; 176948972 |
| +0.97%, Series 2022-H11 EF, <br> 4.888%, 5/20/72<br>| 41200881 | &nbsp;&nbsp; 41497589 |
| +0.95%, Series 2022-H12 FA, <br> 4.868%, 6/20/72<br>| 242280358 | &nbsp;&nbsp; 243981505 |
| +1.1%, Series 2022-H23 FA, <br> 5.018%, 10/20/72<br>| 222261450 | &nbsp;&nbsp; 225789828 |
| +1.63%, Series 2023-H08 FG, <br> 5.548%, 2/20/73<br>| 27739383 | &nbsp;&nbsp; 28455551 |
| +1.42%, Series 2023-H13 FJ, <br> 5.338%, 2/20/73<br>| 55761454 | &nbsp;&nbsp; 57029101 |
| +1.1%, Series 2023-H08 FD, <br> 5.018%, 3/20/73<br>| 137572783 | &nbsp;&nbsp; 139190433 |
| +1.35%, Series 2023-H23 FH, <br> 5.268%, 9/20/73<br>| 73798032 | &nbsp;&nbsp; 75288288 |
| +2.1%, Series 2023-H23 DF, <br> 6.018%, 9/20/73<br>| 66528643 | &nbsp;&nbsp; 68889086 |
| CME Term SOFR 12 Month |  |  |
| +1.015%, Series 2016-H21 CF, <br> 5.077%, 9/20/66<br>| 3167784 | &nbsp;&nbsp; 3193861 |
| +0.995%, Series 2016-H27 BF, <br> 4.607%, 12/20/66<br>| 5895584 | &nbsp;&nbsp; 5928365 |
| +1.015%, Series 2017-H02 BF, <br> 5.249%, 1/20/67<br>| 18616971 | &nbsp;&nbsp; 18703736 |
| +1.025%, Series 2017-H02 FP, <br> 5.259%, 1/20/67<br>| 7288875 | &nbsp;&nbsp; 7325776 |
| +1.015%, Series 2017-H03 F, <br> 5.249%, 1/20/67<br>| 18869768 | &nbsp;&nbsp; 18959999 |
| +0.965%, Series 2017-H08 FG, <br> 5.124%, 2/20/67<br>| 6268387 | &nbsp;&nbsp; 6300230 |
| +0.915%, Series 2017-H07 FQ, <br> 5.074%, 3/20/67<br>| 720063 | &nbsp;&nbsp; 722681 |
| +1.015%, Series 2017-H10 FA, <br> 5.142%, 4/20/67<br>| 5991111 | &nbsp;&nbsp; 6027169 |
| +0.915%, Series 2017-H12 FQ, <br> 4.875%, 5/20/67<br>| 10114806 | &nbsp;&nbsp; 10160254 |
| +1.015%, Series 2017-H11 FB, <br> 4.975%, 5/20/67<br>| 3929156 | &nbsp;&nbsp; 3953843 |
| +0.915%, Series 2017-H13 FQ, <br> 4.677%, 6/20/67<br>| 27223090 | &nbsp;&nbsp; 27337854 |
| +1.015%, Series 2017-H14 FA, <br> 4.777%, 6/20/67<br>| 4744086 | &nbsp;&nbsp; 4767014 |
| +0.915%, Series 2017-H16 BF, <br> 4.782%, 8/20/67<br>| 5306899 | &nbsp;&nbsp; 5332771 |
| +0.985%, Series 2017-H17 FQ, <br> 5.047%, 9/20/67<br>| 19215496 | &nbsp;&nbsp; 19350844 |
| +0.965%, Series 2017-H18 GF, <br> 5.027%, 9/20/67<br>| 5009440 | &nbsp;&nbsp; 5044663 |
| +0.965%, Series 2017-H20 FB, <br> 4.732%, 10/20/67<br>| 13381278 | &nbsp;&nbsp; 13455006 |
| +0.945%, Series 2017-H20 BF, <br> 4.712%, 10/20/67<br>| 45883404 | &nbsp;&nbsp; 46130174 |
| +0.945%, Series 2017-H20 FG, <br> 4.712%, 10/20/67<br>| 24415966 | &nbsp;&nbsp; 24548452 |
| +0.935%, Series 2017-H21 FA, <br> 4.702%, 10/20/67<br>| 6833104 | &nbsp;&nbsp; 6868459 |

---

PAGE 5 <sup>■</sup> Dodge & Cox Income FundSee accompanying Notes to Financial Statements

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| +0.915%, Series 2017-H22 FK, <br> 4.494%, 11/20/67<br>| $4490024 | &nbsp;&nbsp; $4507763 |
| +0.935%, Series 2017-H22 FH, <br> 4.514%, 11/20/67<br>| 6207796 | &nbsp;&nbsp; 6233088 |
| +0.935%, Series 2017-H22 FA, <br> 4.514%, 11/20/67<br>| 49366814 | &nbsp;&nbsp; 49573775 |
| +0.775%, Series 2018-H02 GF, <br> 4.938%, 12/20/67<br>| 19810539 | &nbsp;&nbsp; 19844532 |
| +0.895%, Series 2017-H25 CF, <br> 4.507%, 12/20/67<br>| 12995453 | &nbsp;&nbsp; 13049464 |
| +0.875%, Series 2017-H25 FE, <br> 4.487%, 12/20/67<br>| 12563273 | &nbsp;&nbsp; 12618930 |
| +0.865%, Series 2018-H01 FL, <br> 5.099%, 12/20/67<br>| 13318970 | &nbsp;&nbsp; 13355118 |
| +0.865%, Series 2018-H01 FE, <br> 5.099%, 1/20/68<br>| 6349241 | &nbsp;&nbsp; 6366803 |
| +0.795%, Series 2018-H02 FA, <br> 4.958%, 1/20/68<br>| 10809638 | &nbsp;&nbsp; 10833126 |
| +0.775%, Series 2018-H02 HF, <br> 4.938%, 1/20/68<br>| 37517863 | &nbsp;&nbsp; 37599776 |
| +0.815%, Series 2018-H03 FD, <br> 4.978%, 2/20/68<br>| 32791565 | &nbsp;&nbsp; 32786312 |
| +0.865%, Series 2018-H02 PF, <br> 5.028%, 2/20/68<br>| 12719435 | &nbsp;&nbsp; 12760920 |
| +0.815%, Series 2018-H02 FM, <br> 4.978%, 2/20/68<br>| 20153990 | &nbsp;&nbsp; 20187397 |
| +0.755%, Series 2018-H05 BF, <br> 4.914%, 2/20/68<br>| 17608226 | &nbsp;&nbsp; 17646175 |
| +0.785%, Series 2018-H05 FE, <br> 4.944%, 2/20/68<br>| 18552158 | &nbsp;&nbsp; 18600128 |
| +0.765%, Series 2018-H11 FA, <br> 4.831%, 2/20/68<br>| 6494228 | &nbsp;&nbsp; 6517960 |
| +0.765%, Series 2018-H04 FC, <br> 4.924%, 2/20/68<br>| 1279431 | &nbsp;&nbsp; 1282473 |
| +0.775%, Series 2018-H05 CF, <br> 4.934%, 3/20/68<br>| 6516863 | &nbsp;&nbsp; 6511603 |
| +0.765%, Series 2018-H06 AF, <br> 4.892%, 3/20/68<br>| 14350367 | &nbsp;&nbsp; 14388225 |
| +0.745%, Series 2018-H06 MF, <br> 4.872%, 3/20/68<br>| 5655460 | &nbsp;&nbsp; 5669462 |
| +0.755%, Series 2018-H04 FJ, <br> 4.914%, 3/20/68<br>| 24843613 | &nbsp;&nbsp; 24892428 |
| +0.755%, Series 2018-H04 FK, <br> 4.914%, 3/20/68<br>| 14080901 | &nbsp;&nbsp; 14064185 |
| +0.735%, Series 2018-H06 BF, <br> 4.862%, 4/20/68<br>| 11075106 | &nbsp;&nbsp; 11047001 |
| +0.765%, Series 2018-H06 EF, <br> 4.892%, 4/20/68<br>| 17132356 | &nbsp;&nbsp; 17112741 |
| +0.765%, Series 2018-H06 JF, <br> 4.892%, 4/20/68<br>| 18159697 | &nbsp;&nbsp; 18135292 |
| +0.755%, Series 2018-H07 FA, <br> 4.715%, 5/20/68<br>| 17872665 | &nbsp;&nbsp; 17841261 |
| +0.865%, Series 2018-H09 FC, <br> 4.627%, 6/20/68<br>| 15779284 | &nbsp;&nbsp; 15793628 |
| +0.965%, Series 2018-H10 FV, <br> 5.031%, 7/20/68<br>| 17608820 | &nbsp;&nbsp; 17709241 |
| +0.835%, Series 2018-H15 FK, <br> 4.897%, 8/20/68<br>| 9737286 | &nbsp;&nbsp; 9788951 |
| +0.815%, Series 2018-H17 DF, <br> 4.482%, 10/20/68<br>| 26570788 | &nbsp;&nbsp; 26650429 |
| +0.935%, Series 2018-H19 FG, <br> 4.514%, 11/20/68<br>| 14329351 | &nbsp;&nbsp; 14360294 |
| +1.015%, Series 2018-H19 FE, <br> 4.594%, 11/20/68<br>| 9886698 | &nbsp;&nbsp; 9940831 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| +1.115%, Series 2019-H04 FE, <br> 5.274%, 2/20/69<br>| $8726569 | &nbsp;&nbsp; $8790809 |
| +1.115%, Series 2019-H16 FC, <br> 4.882%, 10/20/69<br>| 5217553 | &nbsp;&nbsp; 5250765 |
| +1.115%, Series 2019-H18 EF, <br> 4.694%, 10/20/69<br>| 8729726 | &nbsp;&nbsp; 8783574 |
| +1.215%, Series 2019-H17 FA, <br> 4.794%, 11/20/69<br>| 28057007 | &nbsp;&nbsp; 28385047 |
| GSMPS Mortgage Loan Trust |  |  |
| Series 2004-4 1A4, 8.50%, <br> 6/25/34<sup>(b)</sup> <br>| 1199649 | &nbsp;&nbsp; 1206398 |
|  |  | &nbsp;&nbsp; 5170355543 |
| **Federal Agency Mortgage Pass-Through: 40.2%** | **Federal Agency Mortgage Pass-Through: 40.2%** | **Federal Agency Mortgage Pass-Through: 40.2%** |
| Fannie Mae, 15 Year |  |  |
| 3.50%, 9/1/28 - 12/1/29 | 7783025 | &nbsp;&nbsp; 7732301 |
| 4.50%, 3/1/29 | 54303 | &nbsp;&nbsp; 54354 |
| 4.00%, 11/1/33 | 76346210 | &nbsp;&nbsp; 75639650 |
| Fannie Mae, 20 Year |  |  |
| 4.50%, 3/1/29 - 1/1/34 | 52924061 | &nbsp;&nbsp; 53218282 |
| 4.00%, 9/1/30 - 3/1/37 | 345658709 | &nbsp;&nbsp; 342576976 |
| 3.50%, 11/1/35 - 4/1/37 | 58451513 | &nbsp;&nbsp; 57208634 |
| 2.50%, 9/1/41 - 6/1/42 | 157912685 | &nbsp;&nbsp; 141454784 |
| 2.00%, 11/1/41 | 69060778 | &nbsp;&nbsp; 60111622 |
| Fannie Mae, 30 Year |  |  |
| 6.00%, 11/1/28 - 2/1/39 | 20991137 | &nbsp;&nbsp; 21848301 |
| 7.00%, 4/1/32 - 2/1/39 | 2038683 | &nbsp;&nbsp; 2177512 |
| 6.50%, 12/1/32 - 8/1/39 | 9474531 | &nbsp;&nbsp; 10041122 |
| 5.50%, 2/1/33 - 11/1/39 | 31601779 | &nbsp;&nbsp; 32608399 |
| 4.50%, 11/1/35 - 12/1/55 | 3112990705 | &nbsp;&nbsp; 3055670597 |
| 5.00%, 7/1/37 - 3/1/49 | 24175990 | &nbsp;&nbsp; 24536993 |
| 4.00%, 10/1/40 - 7/1/53 | 1600218049 | &nbsp;&nbsp; 1526248615 |
| 3.50%, 2/1/48 - 12/1/53 | 3061626488 | &nbsp;&nbsp; 2844537110 |
| 3.00%, 3/1/50 - 5/1/52 | 290714714 | &nbsp;&nbsp; 260418590 |
| 2.50%, 6/1/50 - 4/1/52 | 2926242690 | &nbsp;&nbsp; 2519808221 |
| 2.00%, 6/1/50 - 1/1/52 | 2091622696 | &nbsp;&nbsp; 1723912828 |
| 3.50%, 1/1/51 | 564407622 | &nbsp;&nbsp; 526184154 |
| 3.50%, 5/1/52 | 3104143061 | &nbsp;&nbsp; 2876817694 |
| 3.50%, 6/1/52 | 800260282 | &nbsp;&nbsp; 741654908 |
| 3.50%, 7/1/52 | 983016376 | &nbsp;&nbsp; 911027246 |
| 4.00%, 9/1/52 | 704798771 | &nbsp;&nbsp; 671481439 |
| 3.50%, 9/1/52 | 389506790 | &nbsp;&nbsp; 360982082 |
| 4.50%, 9/1/52 | 407411377 | &nbsp;&nbsp; 399349965 |
| 4.00%, 10/1/52 | 560395814 | &nbsp;&nbsp; 533991728 |
| 4.50%, 2/1/54 | 1179513395 | &nbsp;&nbsp; 1153599510 |
| 4.50%, 12/1/54 | 805099269 | &nbsp;&nbsp; 786169405 |
| 4.50%, 9/1/55 | 373671048 | &nbsp;&nbsp; 364884745 |
| Fannie Mae, 40 Year |  |  |
| 4.50%, 1/1/52 - 6/1/56 | 48541499 | &nbsp;&nbsp; 47250978 |
| 4.00%, 6/1/56 | 22258995 | &nbsp;&nbsp; 20831222 |
| 2.50%, 3/1/62 | 120408813 | &nbsp;&nbsp; 99144997 |
| Fannie Mae, Hybrid ARM |  |  |
| 6.238%, 10/1/33 - 7/1/47<sup>(c)</sup> <br>| 3807129 | &nbsp;&nbsp; 3955517 |
| 6.449%, 7/1/34 - 10/1/38<sup>(c)</sup> <br>| 382727 | &nbsp;&nbsp; 392428 |
| 5.892%, 8/1/34<sup>(c)</sup> <br>| 324730 | &nbsp;&nbsp; 329976 |
| 6.124%, 9/1/34<sup>(c)</sup> <br>| 216033 | &nbsp;&nbsp; 221784 |
| 5.89%, 10/1/34<sup>(c)</sup> <br>| 228746 | &nbsp;&nbsp; 237359 |
| 6.446%, 1/1/35 - 11/1/36<sup>(c)</sup> <br>| 528581 | &nbsp;&nbsp; 545311 |
| 6.051%, 1/1/35<sup>(c)</sup> <br>| 249687 | &nbsp;&nbsp; 254119 |
| 6.235%, 4/1/35 - 7/1/47<sup>(c)</sup> <br>| 794451 | &nbsp;&nbsp; 820754 |
| 6.586%, 6/1/35<sup>(c)</sup> <br>| 116416 | &nbsp;&nbsp; 120020 |
| 6.425%, 7/1/35<sup>(c)</sup> <br>| 234974 | &nbsp;&nbsp; 241967 |
| 6.094%, 7/1/35<sup>(c)</sup> <br>| 123914 | &nbsp;&nbsp; 126547 |
| 6.136%, 7/1/35<sup>(c)</sup> <br>| 48009 | &nbsp;&nbsp; 49156 |
| 6.358%, 7/1/35<sup>(c)</sup> <br>| 54701 | &nbsp;&nbsp; 55872 |

---

See accompanying Notes to Financial StatementsDodge & Cox Income Fund <sup>■</sup> PAGE 6

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| 6.509%, 8/1/35<sup>(c)</sup> <br>| $236584 | &nbsp;&nbsp; $244278 |
| 6.125%, 8/1/35<sup>(c)</sup> <br>| 396693 | &nbsp;&nbsp; 406553 |
| 6.042%, 8/1/35<sup>(c)</sup> <br>| 200574 | &nbsp;&nbsp; 204483 |
| 6.517%, 9/1/35<sup>(c)</sup> <br>| 65623 | &nbsp;&nbsp; 67593 |
| 6.278%, 10/1/35<sup>(c)</sup> <br>| 307962 | &nbsp;&nbsp; 316931 |
| 6.498%, 10/1/35<sup>(c)</sup> <br>| 153033 | &nbsp;&nbsp; 158056 |
| 6.189%, 11/1/35<sup>(c)</sup> <br>| 255186 | &nbsp;&nbsp; 264529 |
| 6.395%, 1/1/36<sup>(c)</sup> <br>| 534165 | &nbsp;&nbsp; 552235 |
| 6.324%, 1/1/36<sup>(c)</sup> <br>| 308306 | &nbsp;&nbsp; 317014 |
| 6.459%, 1/1/36<sup>(c)</sup> <br>| 1435854 | &nbsp;&nbsp; 1491170 |
| 6.25%, 12/1/36<sup>(c)</sup> <br>| 185081 | &nbsp;&nbsp; 189896 |
| 6.50%, 12/1/36<sup>(c)</sup> <br>| 111220 | &nbsp;&nbsp; 115598 |
| 6.551%, 1/1/37<sup>(c)</sup> <br>| 405606 | &nbsp;&nbsp; 418005 |
| 6.915%, 2/1/37<sup>(c)</sup> <br>| 354810 | &nbsp;&nbsp; 367838 |
| 6.975%, 4/1/37<sup>(c)</sup> <br>| 132486 | &nbsp;&nbsp; 135368 |
| 6.447%, 8/1/37<sup>(c)</sup> <br>| 17948 | &nbsp;&nbsp; 18579 |
| 6.10%, 11/1/37 - 11/1/44<sup>(c)</sup> <br>| 904049 | &nbsp;&nbsp; 940915 |
| 6.788%, 5/1/38<sup>(c)</sup> <br>| 367181 | &nbsp;&nbsp; 380413 |
| 6.497%, 5/1/38<sup>(c)</sup> <br>| 17716668 | &nbsp;&nbsp; 18445890 |
| 6.636%, 9/1/38<sup>(c)</sup> <br>| 26896 | &nbsp;&nbsp; 27756 |
| 6.283%, 10/1/38<sup>(c)</sup> <br>| 648554 | &nbsp;&nbsp; 671703 |
| 6.521%, 10/1/38 - 4/1/44<sup>(c)</sup> <br>| 816128 | &nbsp;&nbsp; 848993 |
| 6.314%, 6/1/39 - 10/1/44<sup>(c)</sup> <br>| 1165946 | &nbsp;&nbsp; 1212762 |
| 6.246%, 12/1/39 - 2/1/45<sup>(c)</sup> <br>| 1328312 | &nbsp;&nbsp; 1378814 |
| 6.713%, 4/1/42<sup>(c)</sup> <br>| 1105704 | &nbsp;&nbsp; 1155469 |
| 6.42%, 9/1/42 - 12/1/44<sup>(c)</sup> <br>| 508392 | &nbsp;&nbsp; 526723 |
| 6.151%, 11/1/42<sup>(c)</sup> <br>| 623768 | &nbsp;&nbsp; 649494 |
| 5.989%, 12/1/42<sup>(c)</sup> <br>| 1123947 | &nbsp;&nbsp; 1169317 |
| 6.389%, 2/1/43<sup>(c)</sup> <br>| 611588 | &nbsp;&nbsp; 635895 |
| 6.60%, 2/1/43<sup>(c)</sup> <br>| 292314 | &nbsp;&nbsp; 304077 |
| 6.31%, 5/1/43 - 9/1/43<sup>(c)</sup> <br>| 1033903 | &nbsp;&nbsp; 1075232 |
| 6.22%, 6/1/43 - 9/1/43<sup>(c)</sup> <br>| 353699 | &nbsp;&nbsp; 364400 |
| 6.36%, 10/1/43 - 8/1/47<sup>(c)</sup> <br>| 4426398 | &nbsp;&nbsp; 4617221 |
| 6.211%, 11/1/43<sup>(c)</sup> <br>| 1535826 | &nbsp;&nbsp; 1594993 |
| 6.09%, 11/1/43<sup>(c)</sup> <br>| 1614549 | &nbsp;&nbsp; 1680808 |
| 5.988%, 12/1/43<sup>(c)</sup> <br>| 402889 | &nbsp;&nbsp; 418061 |
| 6.439%, 2/1/44<sup>(c)</sup> <br>| 867921 | &nbsp;&nbsp; 905301 |
| 6.562%, 2/1/44<sup>(c)</sup> <br>| 693791 | &nbsp;&nbsp; 722756 |
| 6.526%, 4/1/44<sup>(c)</sup> <br>| 393306 | &nbsp;&nbsp; 406884 |
| 6.59%, 4/1/44<sup>(c)</sup> <br>| 919015 | &nbsp;&nbsp; 956051 |
| 6.495%, 4/1/44<sup>(c)</sup> <br>| 1920350 | &nbsp;&nbsp; 1996657 |
| 6.458%, 4/1/44<sup>(c)</sup> <br>| 2719272 | &nbsp;&nbsp; 2846787 |
| 6.542%, 5/1/44<sup>(c)</sup> <br>| 825959 | &nbsp;&nbsp; 858577 |
| 6.397%, 5/1/44<sup>(c)</sup> <br>| 3010158 | &nbsp;&nbsp; 3124048 |
| 6.223%, 7/1/44 - 8/1/44<sup>(c)</sup> <br>| 1248384 | &nbsp;&nbsp; 1295588 |
| 6.303%, 7/1/44<sup>(c)</sup> <br>| 1027408 | &nbsp;&nbsp; 1069195 |
| 6.215%, 7/1/44<sup>(c)</sup> <br>| 1192444 | &nbsp;&nbsp; 1240155 |
| 6.233%, 7/1/44<sup>(c)</sup> <br>| 1016655 | &nbsp;&nbsp; 1057200 |
| 6.34%, 7/1/44 - 8/1/47<sup>(c)</sup> <br>| 1194884 | &nbsp;&nbsp; 1240687 |
| 6.305%, 8/1/44<sup>(c)</sup> <br>| 2273520 | &nbsp;&nbsp; 2365478 |
| 6.298%, 8/1/44 - 10/1/44<sup>(c)</sup> <br>| 3362361 | &nbsp;&nbsp; 3499628 |
| 6.33%, 8/1/44 - 11/1/44<sup>(c)</sup> <br>| 2523016 | &nbsp;&nbsp; 2625372 |
| 6.341%, 9/1/44<sup>(c)</sup> <br>| 2337097 | &nbsp;&nbsp; 2437330 |
| 6.07%, 10/1/44 - 11/1/47<sup>(c)</sup> <br>| 1385039 | &nbsp;&nbsp; 1437541 |
| 6.16%, 10/1/44<sup>(c)</sup> <br>| 1000673 | &nbsp;&nbsp; 1040810 |
| 6.306%, 10/1/44<sup>(c)</sup> <br>| 1091714 | &nbsp;&nbsp; 1135655 |
| 6.199%, 10/1/44<sup>(c)</sup> <br>| 2578963 | &nbsp;&nbsp; 2684216 |
| 6.08%, 10/1/44<sup>(c)</sup> <br>| 176456 | &nbsp;&nbsp; 182033 |
| 6.269%, 10/1/44<sup>(c)</sup> <br>| 840846 | &nbsp;&nbsp; 875359 |
| 6.35%, 10/1/44<sup>(c)</sup> <br>| 950383 | &nbsp;&nbsp; 991535 |
| 6.339%, 10/1/44<sup>(c)</sup> <br>| 888910 | &nbsp;&nbsp; 928205 |
| 6.287%, 10/1/44<sup>(c)</sup> <br>| 1804141 | &nbsp;&nbsp; 1879861 |
| 6.175%, 11/1/44<sup>(c)</sup> <br>| 984324 | &nbsp;&nbsp; 1024298 |
| 6.062%, 11/1/44<sup>(c)</sup> <br>| 1865112 | &nbsp;&nbsp; 1939017 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| 6.059%, 11/1/44<sup>(c)</sup> <br>| $2802239 | &nbsp;&nbsp; $2912984 |
| 5.965%, 11/1/44 - 12/1/44<sup>(c)</sup> <br>| 323627 | &nbsp;&nbsp; 335206 |
| 5.996%, 12/1/44<sup>(c)</sup> <br>| 2088004 | &nbsp;&nbsp; 2169175 |
| 6.455%, 12/1/44<sup>(c)</sup> <br>| 162370 | &nbsp;&nbsp; 168550 |
| 6.184%, 12/1/44<sup>(c)</sup> <br>| 985349 | &nbsp;&nbsp; 1024039 |
| 6.465%, 12/1/44 - 3/1/45<sup>(c)</sup> <br>| 1112808 | &nbsp;&nbsp; 1152198 |
| 6.403%, 1/1/45<sup>(c)</sup> <br>| 1085364 | &nbsp;&nbsp; 1126981 |
| 6.204%, 3/1/45<sup>(c)</sup> <br>| 14008432 | &nbsp;&nbsp; 14570147 |
| 6.431%, 4/1/45<sup>(c)</sup> <br>| 4116586 | &nbsp;&nbsp; 4275497 |
| 6.572%, 4/1/45<sup>(c)</sup> <br>| 477268 | &nbsp;&nbsp; 496212 |
| 6.304%, 8/1/45<sup>(c)</sup> <br>| 559265 | &nbsp;&nbsp; 581209 |
| 6.299%, 8/1/45<sup>(c)</sup> <br>| 774958 | &nbsp;&nbsp; 809626 |
| 6.239%, 10/1/45<sup>(c)</sup> <br>| 1913584 | &nbsp;&nbsp; 1990095 |
| 6.292%, 11/1/45<sup>(c)</sup> <br>| 1672447 | &nbsp;&nbsp; 1740174 |
| 6.373%, 4/1/46<sup>(c)</sup> <br>| 3871650 | &nbsp;&nbsp; 4023358 |
| 6.603%, 4/1/46<sup>(c)</sup> <br>| 1139128 | &nbsp;&nbsp; 1183174 |
| 6.58%, 4/1/46<sup>(c)</sup> <br>| 114406 | &nbsp;&nbsp; 117970 |
| 6.61%, 4/1/46 - 1/1/48<sup>(c)</sup> <br>| 1006566 | &nbsp;&nbsp; 1044000 |
| 6.468%, 5/1/46<sup>(c)</sup> <br>| 525174 | &nbsp;&nbsp; 545826 |
| 6.471%, 6/1/46<sup>(c)</sup> <br>| 227955 | &nbsp;&nbsp; 236811 |
| 6.523%, 7/1/46<sup>(c)</sup> <br>| 84322 | &nbsp;&nbsp; 86918 |
| 6.135%, 12/1/46<sup>(c)</sup> <br>| 968526 | &nbsp;&nbsp; 1003699 |
| 6.30%, 6/1/47<sup>(c)</sup> <br>| 1038729 | &nbsp;&nbsp; 1078734 |
| 6.276%, 6/1/47<sup>(c)</sup> <br>| 1045821 | &nbsp;&nbsp; 1087800 |
| 6.357%, 8/1/47<sup>(c)</sup> <br>| 1538114 | &nbsp;&nbsp; 1601437 |
| 6.351%, 10/1/47<sup>(c)</sup> <br>| 785209 | &nbsp;&nbsp; 816544 |
| 6.033%, 11/1/47<sup>(c)</sup> <br>| 347324 | &nbsp;&nbsp; 360953 |
| 3.867%, 3/1/48<sup>(c)</sup> <br>| 1564399 | &nbsp;&nbsp; 1591067 |
| 6.579%, 4/1/48<sup>(c)</sup> <br>| 911272 | &nbsp;&nbsp; 946379 |
| 6.528%, 5/1/48<sup>(c)</sup> <br>| 7366806 | &nbsp;&nbsp; 7655093 |
| 6.37%, 8/1/48<sup>(c)</sup> <br>| 533257 | &nbsp;&nbsp; 554813 |
| 6.404%, 10/1/48<sup>(c)</sup> <br>| 1181564 | &nbsp;&nbsp; 1228440 |
| 6.423%, 11/1/48<sup>(c)</sup> <br>| 1011712 | &nbsp;&nbsp; 1051384 |
| 6.219%, 4/1/49<sup>(c)</sup> <br>| 633351 | &nbsp;&nbsp; 658126 |
| 4.648%, 8/1/49<sup>(c)</sup> <br>| 4359052 | &nbsp;&nbsp; 4515914 |
| 3.631%, 8/1/49<sup>(c)</sup> <br>| 9219752 | &nbsp;&nbsp; 9084134 |
| 5.093%, 8/1/49<sup>(c)</sup> <br>| 1801250 | &nbsp;&nbsp; 1868434 |
| 3.346%, 9/1/49<sup>(c)</sup> <br>| 6724189 | &nbsp;&nbsp; 6566920 |
| 5.179%, 9/1/49<sup>(c)</sup> <br>| 9525981 | &nbsp;&nbsp; 9783861 |
| 3.326%, 10/1/49<sup>(c)</sup> <br>| 1291777 | &nbsp;&nbsp; 1324707 |
| 2.659%, 1/1/50<sup>(c)</sup> <br>| 1922276 | &nbsp;&nbsp; 1940906 |
| 2.168%, 12/1/50<sup>(c)</sup> <br>| 20023116 | &nbsp;&nbsp; 18729438 |
| 2.034%, 5/1/52<sup>(c)</sup> <br>| 128714883 | &nbsp;&nbsp; 118372374 |
| 4.672%, 4/1/53<sup>(c)</sup> <br>| 32521859 | &nbsp;&nbsp; 32781736 |
| 4.512%, 7/1/53<sup>(c)</sup> <br>| 31631792 | &nbsp;&nbsp; 31579038 |
| 4.258%, 7/1/53<sup>(c)</sup> <br>| 4502808 | &nbsp;&nbsp; 4454570 |
| 5.094%, 6/1/55<sup>(c)</sup> <br>| 23611445 | &nbsp;&nbsp; 23863993 |
| Freddie Mac, Hybrid ARM |  |  |
| 6.522%, 9/1/33<sup>(c)</sup> <br>| 750723 | &nbsp;&nbsp; 772720 |
| 6.50%, 2/1/34 - 2/1/35<sup>(c)</sup> <br>| 875967 | &nbsp;&nbsp; 904748 |
| 6.544%, 8/1/34<sup>(c)</sup> <br>| 145823 | &nbsp;&nbsp; 151377 |
| 5.962%, 11/1/34<sup>(c)</sup> <br>| 327087 | &nbsp;&nbsp; 337093 |
| 6.51%, 1/1/35<sup>(c)</sup> <br>| 44483 | &nbsp;&nbsp; 45450 |
| 6.616%, 3/1/35<sup>(c)</sup> <br>| 179195 | &nbsp;&nbsp; 186052 |
| 6.375%, 4/1/35<sup>(c)</sup> <br>| 61086 | &nbsp;&nbsp; 62622 |
| 6.408%, 8/1/35<sup>(c)</sup> <br>| 175704 | &nbsp;&nbsp; 181185 |
| 6.62%, 8/1/35<sup>(c)</sup> <br>| 448905 | &nbsp;&nbsp; 463765 |
| 6.582%, 9/1/35<sup>(c)</sup> <br>| 315379 | &nbsp;&nbsp; 325841 |
| 6.299%, 10/1/35<sup>(c)</sup> <br>| 260285 | &nbsp;&nbsp; 266963 |
| 6.306%, 1/1/36<sup>(c)</sup> <br>| 495171 | &nbsp;&nbsp; 517097 |
| 5.58%, 1/1/36<sup>(c)</sup> <br>| 450641 | &nbsp;&nbsp; 458106 |
| 6.144%, 1/1/36<sup>(c)</sup> <br>| 247920 | &nbsp;&nbsp; 256981 |
| 6.791%, 4/1/36<sup>(c)</sup> <br>| 442717 | &nbsp;&nbsp; 460093 |
| 6.187%, 8/1/36<sup>(c)</sup> <br>| 441818 | &nbsp;&nbsp; 452652 |

---

PAGE 7 <sup>■</sup> Dodge & Cox Income FundSee accompanying Notes to Financial Statements

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| 6.158%, 12/1/36<sup>(c)</sup> <br>| $258022 | &nbsp;&nbsp; $265955 |
| 6.648%, 1/1/37<sup>(c)</sup> <br>| 230743 | &nbsp;&nbsp; 236895 |
| 6.476%, 3/1/37<sup>(c)</sup> <br>| 488432 | &nbsp;&nbsp; 502672 |
| 6.57%, 4/1/37<sup>(c)</sup> <br>| 303637 | &nbsp;&nbsp; 311915 |
| 6.48%, 4/1/37<sup>(c)</sup> <br>| 308742 | &nbsp;&nbsp; 319766 |
| 6.625%, 5/1/37<sup>(c)</sup> <br>| 116299 | &nbsp;&nbsp; 120045 |
| 6.35%, 7/1/37<sup>(c)</sup> <br>| 830183 | &nbsp;&nbsp; 861590 |
| 7.085%, 1/1/38<sup>(c)</sup> <br>| 33633 | &nbsp;&nbsp; 34730 |
| 5.993%, 2/1/38 - 11/1/44<sup>(c)</sup> <br>| 1471372 | &nbsp;&nbsp; 1523689 |
| 6.698%, 4/1/38<sup>(c)</sup> <br>| 42065 | &nbsp;&nbsp; 43321 |
| 6.685%, 4/1/38<sup>(c)</sup> <br>| 555812 | &nbsp;&nbsp; 577242 |
| 6.934%, 5/1/38<sup>(c)</sup> <br>| 107751 | &nbsp;&nbsp; 111436 |
| 6.268%, 6/1/38<sup>(c)</sup> <br>| 262531 | &nbsp;&nbsp; 270004 |
| 6.25%, 10/1/38<sup>(c)</sup> <br>| 52583 | &nbsp;&nbsp; 53746 |
| 6.567%, 10/1/38<sup>(c)</sup> <br>| 320801 | &nbsp;&nbsp; 330812 |
| 6.578%, 11/1/39<sup>(c)</sup> <br>| 139068 | &nbsp;&nbsp; 142714 |
| 6.626%, 7/1/43<sup>(c)</sup> <br>| 125083 | &nbsp;&nbsp; 129801 |
| 6.426%, 8/1/43<sup>(c)</sup> <br>| 2310096 | &nbsp;&nbsp; 2414036 |
| 6.39%, 10/1/43 - 10/1/47<sup>(c)</sup> <br>| 355753 | &nbsp;&nbsp; 369350 |
| 6.367%, 1/1/44 - 9/1/46<sup>(c)</sup> <br>| 3633746 | &nbsp;&nbsp; 3779032 |
| 6.61%, 1/1/44<sup>(c)</sup> <br>| 532011 | &nbsp;&nbsp; 550739 |
| 6.495%, 2/1/44 - 5/1/44<sup>(c)</sup> <br>| 13363987 | &nbsp;&nbsp; 13888877 |
| 6.633%, 4/1/44<sup>(c)</sup> <br>| 661042 | &nbsp;&nbsp; 688195 |
| 6.627%, 4/1/44<sup>(c)</sup> <br>| 537847 | &nbsp;&nbsp; 556714 |
| 6.41%, 6/1/44<sup>(c)</sup> <br>| 1175913 | &nbsp;&nbsp; 1222208 |
| 6.37%, 6/1/44 - 9/1/44<sup>(c)</sup> <br>| 2076630 | &nbsp;&nbsp; 2156557 |
| 6.272%, 7/1/44<sup>(c)</sup> <br>| 783147 | &nbsp;&nbsp; 812091 |
| 6.255%, 7/1/44 - 6/1/45<sup>(c)</sup> <br>| 544094 | &nbsp;&nbsp; 563087 |
| 6.245%, 8/1/44 - 11/1/44<sup>(c)</sup> <br>| 2054401 | &nbsp;&nbsp; 2134396 |
| 6.518%, 8/1/44<sup>(c)</sup> <br>| 1357306 | &nbsp;&nbsp; 1412436 |
| 6.36%, 8/1/44<sup>(c)</sup> <br>| 814126 | &nbsp;&nbsp; 848743 |
| 6.308%, 9/1/44 - 11/1/44<sup>(c)</sup> <br>| 1097045 | &nbsp;&nbsp; 1137588 |
| 6.333%, 10/1/44<sup>(c)</sup> <br>| 1694537 | &nbsp;&nbsp; 1762571 |
| 6.312%, 10/1/44<sup>(c)</sup> <br>| 392126 | &nbsp;&nbsp; 410275 |
| 6.357%, 10/1/44<sup>(c)</sup> <br>| 1672878 | &nbsp;&nbsp; 1737715 |
| 6.196%, 10/1/44<sup>(c)</sup> <br>| 2160729 | &nbsp;&nbsp; 2247273 |
| 6.163%, 10/1/44<sup>(c)</sup> <br>| 1612657 | &nbsp;&nbsp; 1675869 |
| 6.111%, 11/1/44<sup>(c)</sup> <br>| 994228 | &nbsp;&nbsp; 1032627 |
| 6.044%, 11/1/44<sup>(c)</sup> <br>| 950318 | &nbsp;&nbsp; 988263 |
| 6.323%, 11/1/44<sup>(c)</sup> <br>| 1676692 | &nbsp;&nbsp; 1744929 |
| 6.129%, 11/1/44<sup>(c)</sup> <br>| 650790 | &nbsp;&nbsp; 677129 |
| 6.059%, 11/1/44<sup>(c)</sup> <br>| 2780035 | &nbsp;&nbsp; 2886150 |
| 6.112%, 11/1/44<sup>(c)</sup> <br>| 723299 | &nbsp;&nbsp; 752296 |
| 6.261%, 11/1/44<sup>(c)</sup> <br>| 2658799 | &nbsp;&nbsp; 2764659 |
| 6.039%, 11/1/44<sup>(c)</sup> <br>| 987157 | &nbsp;&nbsp; 1024982 |
| 6.139%, 12/1/44<sup>(c)</sup> <br>| 1558479 | &nbsp;&nbsp; 1618110 |
| 6.242%, 12/1/44<sup>(c)</sup> <br>| 1668195 | &nbsp;&nbsp; 1731101 |
| 6.005%, 12/1/44<sup>(c)</sup> <br>| 173347 | &nbsp;&nbsp; 179108 |
| 6.154%, 12/1/44<sup>(c)</sup> <br>| 1489355 | &nbsp;&nbsp; 1543706 |
| 5.995%, 12/1/44<sup>(c)</sup> <br>| 311144 | &nbsp;&nbsp; 320889 |
| 6.433%, 1/1/45<sup>(c)</sup> <br>| 1388395 | &nbsp;&nbsp; 1437018 |
| 6.427%, 1/1/45<sup>(c)</sup> <br>| 433444 | &nbsp;&nbsp; 449380 |
| 6.316%, 1/1/45<sup>(c)</sup> <br>| 1107076 | &nbsp;&nbsp; 1148039 |
| 6.60%, 1/1/45 - 5/1/45<sup>(c)</sup> <br>| 3280970 | &nbsp;&nbsp; 3407159 |
| 6.319%, 1/1/45<sup>(c)</sup> <br>| 1470795 | &nbsp;&nbsp; 1529232 |
| 6.583%, 2/1/45<sup>(c)</sup> <br>| 883386 | &nbsp;&nbsp; 919699 |
| 6.396%, 4/1/45<sup>(c)</sup> <br>| 646108 | &nbsp;&nbsp; 673232 |
| 6.273%, 8/1/45<sup>(c)</sup> <br>| 2963170 | &nbsp;&nbsp; 3078620 |
| 6.231%, 8/1/45<sup>(c)</sup> <br>| 44957 | &nbsp;&nbsp; 46313 |
| 6.38%, 8/1/45 - 8/1/47<sup>(c)</sup> <br>| 1143134 | &nbsp;&nbsp; 1186800 |
| 6.356%, 9/1/45<sup>(c)</sup> <br>| 775295 | &nbsp;&nbsp; 804256 |
| 6.43%, 5/1/46<sup>(c)</sup> <br>| 1198784 | &nbsp;&nbsp; 1244259 |
| 6.368%, 5/1/46<sup>(c)</sup> <br>| 11774661 | &nbsp;&nbsp; 12227765 |
| 6.508%, 7/1/46<sup>(c)</sup> <br>| 1168629 | &nbsp;&nbsp; 1212767 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| 6.285%, 6/1/47<sup>(c)</sup> <br>| $391454 | &nbsp;&nbsp; $403884 |
| 3.28%, 1/1/49<sup>(c)</sup> <br>| 47212167 | &nbsp;&nbsp; 46485819 |
| 4.622%, 2/1/49<sup>(c)</sup> <br>| 1929337 | &nbsp;&nbsp; 2012255 |
| 2.284%, 9/1/50<sup>(c)</sup> <br>| 21495853 | &nbsp;&nbsp; 20264682 |
| 2.182%, 11/1/50<sup>(c)</sup> <br>| 54617602 | &nbsp;&nbsp; 50906861 |
| 2.363%, 12/1/50<sup>(c)</sup> <br>| 59496873 | &nbsp;&nbsp; 56081136 |
| 1.852%, 8/1/51<sup>(c)</sup> <br>| 168275669 | &nbsp;&nbsp; 160825959 |
| 1.966%, 4/1/52<sup>(c)</sup> <br>| 86376863 | &nbsp;&nbsp; 78516731 |
| 2.302%, 5/1/52<sup>(c)</sup> <br>| 30619841 | &nbsp;&nbsp; 28119525 |
| 2.023%, 5/1/52<sup>(c)</sup> <br>| 83226880 | &nbsp;&nbsp; 76115997 |
| 3.339%, 6/1/52<sup>(c)</sup> <br>| 10959381 | &nbsp;&nbsp; 10501949 |
| 3.901%, 7/1/52<sup>(c)</sup> <br>| 6817867 | &nbsp;&nbsp; 6738206 |
| 4.063%, 9/1/52<sup>(c)</sup> <br>| 26729386 | &nbsp;&nbsp; 26278640 |
| 4.171%, 9/1/52<sup>(c)</sup> <br>| 37731495 | &nbsp;&nbsp; 37549070 |
| 4.107%, 10/1/52<sup>(c)</sup> <br>| 48590713 | &nbsp;&nbsp; 47839559 |
| 4.135%, 1/1/53<sup>(c)</sup> <br>| 162042631 | &nbsp;&nbsp; 160942314 |
| 4.524%, 4/1/53<sup>(c)</sup> <br>| 42679853 | &nbsp;&nbsp; 42504976 |
| 4.511%, 6/1/53<sup>(c)</sup> <br>| 28353251 | &nbsp;&nbsp; 28215174 |
| 4.573%, 8/1/53<sup>(c)</sup> <br>| 22193534 | &nbsp;&nbsp; 22122390 |
| 4.75%, 8/1/53<sup>(c)</sup> <br>| 31993190 | &nbsp;&nbsp; 32011405 |
| 3.945%, 6/1/55<sup>(c)</sup> <br>| 44370322 | &nbsp;&nbsp; 43476342 |
| Freddie Mac Gold, 15 Year |  |  |
| 4.50%, 6/1/26 | 3672 | &nbsp;&nbsp; 3677 |
| Freddie Mac Gold, 20 Year |  |  |
| 6.50%, 10/1/26 | 43950 | &nbsp;&nbsp; 45640 |
| 4.50%, 5/1/30 - 1/1/34 | 15329591 | &nbsp;&nbsp; 15457329 |
| 4.00%, 9/1/31 - 10/1/35 | 93573569 | &nbsp;&nbsp; 92875688 |
| 3.50%, 7/1/35 - 1/1/36 | 35232311 | &nbsp;&nbsp; 34389395 |
| Freddie Mac Gold, 30 Year |  |  |
| 7.00%, 4/1/31 - 11/1/38 | 480082 | &nbsp;&nbsp; 504645 |
| 6.50%, 12/1/32 - 10/1/38 | 2607475 | &nbsp;&nbsp; 2745086 |
| 6.00%, 12/1/33 - 2/1/39 | 3992717 | &nbsp;&nbsp; 4207335 |
| 5.50%, 3/1/34 - 12/1/38 | 11919033 | &nbsp;&nbsp; 12400629 |
| 4.50%, 3/1/39 - 10/1/47 | 276011327 | &nbsp;&nbsp; 276212629 |
| 4.00%, 11/1/45 - 11/1/47 | 65856513 | &nbsp;&nbsp; 63733274 |
| 3.50%, 2/1/48 | 28837845 | &nbsp;&nbsp; 26845879 |
| Freddie Mac Pool, 20 Year |  |  |
| 2.50%, 10/1/41 - 3/1/42 | 96109087 | &nbsp;&nbsp; 86311573 |
| Freddie Mac Pool, 30 Year |  |  |
| 7.00%, 11/1/37 | 2752 | &nbsp;&nbsp; 2958 |
| 4.50%, 7/1/42 - 11/1/55 | 2043207530 | &nbsp;&nbsp; 1998621980 |
| 2.50%, 5/1/50 - 5/1/52 | 1964625091 | &nbsp;&nbsp; 1689708266 |
| 2.00%, 6/1/50 - 12/1/50 | 1459387879 | &nbsp;&nbsp; 1205037347 |
| 3.00%, 6/1/50 - 5/1/52 | 329171249 | &nbsp;&nbsp; 294064902 |
| 2.00%, 12/1/50 | 480001952 | &nbsp;&nbsp; 396281974 |
| 2.00%, 12/1/50 | 558905228 | &nbsp;&nbsp; 462279501 |
| 3.50%, 2/1/52 - 8/1/53 | 2011743682 | &nbsp;&nbsp; 1868772432 |
| 3.50%, 5/1/52 | 1627695987 | &nbsp;&nbsp; 1508495105 |
| 3.50%, 6/1/52 | 650834009 | &nbsp;&nbsp; 603171554 |
| 4.00%, 6/1/52 - 4/1/53 | 1426088391 | &nbsp;&nbsp; 1360242525 |
| 3.50%, 7/1/52 | 782707829 | &nbsp;&nbsp; 725387872 |
| 3.50%, 9/1/52 | 557823510 | &nbsp;&nbsp; 516972482 |
| 4.00%, 9/1/52 | 895555346 | &nbsp;&nbsp; 854676415 |
| 4.50%, 9/1/52 | 403310994 | &nbsp;&nbsp; 395580324 |
| 4.00%, 10/1/52 | 1291509621 | &nbsp;&nbsp; 1231972190 |
| 4.50%, 11/1/52 | 506776794 | &nbsp;&nbsp; 496644907 |
| 4.50%, 1/1/54 | 912519459 | &nbsp;&nbsp; 893185736 |
| 4.50%, 11/1/54 | 468138777 | &nbsp;&nbsp; 457131753 |
| 4.50%, 12/1/54 | 598667657 | &nbsp;&nbsp; 584591502 |
| Ginnie Mae, 20 Year |  |  |
| 4.00%, 1/20/35 | 1498206 | &nbsp;&nbsp; 1481570 |

---

See accompanying Notes to Financial StatementsDodge & Cox Income Fund <sup>■</sup> PAGE 8

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| Ginnie Mae, 30 Year |  |  |
| 7.00%, 5/15/28 | $554 | &nbsp;&nbsp; $554 |
|  |  | &nbsp;&nbsp; 41908374524 |
|  |  | &nbsp;&nbsp; 47078730067 |
|  |  | &nbsp;&nbsp; 55804750875 |
| **Corporate: 26.8%** | **Corporate: 26.8%** | **Corporate: 26.8%** |
| Financials: 12.1% | Financials: 12.1% | Financials: 12.1% |
| Bank of America Corp. |  |  |
| 4.25%, 10/22/26 | 159254000 | &nbsp;&nbsp; 159628215 |
| 3.593%, 7/21/28<sup>(d)</sup> <br>| 39085000 | &nbsp;&nbsp; 38815611 |
| 4.948%, 7/22/28<sup>(d)</sup> <br>| 34355000 | &nbsp;&nbsp; 34841436 |
| 6.204%, 11/10/28<sup>(d)</sup> <br>| 42730000 | &nbsp;&nbsp; 44401242 |
| 3.419%, 12/20/28<sup>(d)</sup> <br>| 116354000 | &nbsp;&nbsp; 114890504 |
| 4.979%, 1/24/29<sup>(d)</sup> <br>| 120570000 | &nbsp;&nbsp; 122826310 |
| 5.202%, 4/25/29<sup>(d)</sup> <br>| 24840000 | &nbsp;&nbsp; 25476099 |
| 4.623%, 5/9/29<sup>(d)</sup> <br>| 125040000 | &nbsp;&nbsp; 126698743 |
| 2.496%, 2/13/31<sup>(d)</sup> <br>| 85670000 | &nbsp;&nbsp; 79796048 |
| 2.572%, 10/20/32<sup>(d)</sup> <br>| 19341000 | &nbsp;&nbsp; 17443709 |
| 5.015%, 7/22/33<sup>(d)</sup> <br>| 16505000 | &nbsp;&nbsp; 16829355 |
| 5.288%, 4/25/34<sup>(d)</sup> <br>| 24705000 | &nbsp;&nbsp; 25434945 |
| 3.846%, 3/8/37<sup>(d)</sup> <br>| 418561000 | &nbsp;&nbsp; 394173610 |
| Barclays PLC (United Kingdom) |  |  |
| 5.20%, 5/12/26 | 55538000 | &nbsp;&nbsp; 55777681 |
| 5.829%, 5/9/27<sup>(d)</sup> <br>| 132395000 | &nbsp;&nbsp; 133140036 |
| 5.674%, 3/12/28<sup>(d)</sup> <br>| 35000000 | &nbsp;&nbsp; 35623297 |
| 4.836%, 5/9/28 | 99714000 | &nbsp;&nbsp; 100565874 |
| 5.501%, 8/9/28<sup>(d)</sup> <br>| 71955000 | &nbsp;&nbsp; 73514526 |
| 6.49%, 9/13/29<sup>(d)</sup> <br>| 73115000 | &nbsp;&nbsp; 77268318 |
| 5.69%, 3/12/30<sup>(d)</sup> <br>| 55000000 | &nbsp;&nbsp; 57233735 |
| 5.088%, 6/20/30<sup>(d)</sup> <br>| 94704000 | &nbsp;&nbsp; 96315433 |
| 3.564%, 9/23/35<sup>(d)</sup> <br>| 39975000 | &nbsp;&nbsp; 37720660 |
| BNP Paribas SA (France) |  |  |
| 4.375%, 5/12/26<sup>(b)</sup> <br>| 159024000 | &nbsp;&nbsp; 158985500 |
| 4.625%, 3/13/27<sup>(b)</sup> <br>| 291170000 | &nbsp;&nbsp; 292259331 |
| 2.591%, 1/20/28<sup>(b)(d)</sup> <br>| 52976000 | &nbsp;&nbsp; 52156441 |
| 5.497%, 5/20/30<sup>(b)(d)</sup> <br>| 31325000 | &nbsp;&nbsp; 32404471 |
| 5.085%, 5/9/31<sup>(b)(d)</sup> <br>| 172553000 | &nbsp;&nbsp; 176145961 |
| 2.871%, 4/19/32<sup>(b)(d)</sup> <br>| 24300000 | &nbsp;&nbsp; 22183329 |
| 5.786%, 1/13/33<sup>(b)(d)</sup> <br>| 190040000 | &nbsp;&nbsp; 199491590 |
| 2.588%, 8/12/35<sup>(b)(d)</sup> <br>| 37175000 | &nbsp;&nbsp; 33610315 |
| 5.906%, 11/19/35<sup>(b)(d)</sup> <br>| 37450000 | &nbsp;&nbsp; 38884727 |
| Boston Properties, Inc. |  |  |
| 3.65%, 2/1/26 | 45705000 | &nbsp;&nbsp; 45671420 |
| 6.75%, 12/1/27 | 28500000 | &nbsp;&nbsp; 29810132 |
| 4.50%, 12/1/28 | 109836000 | &nbsp;&nbsp; 110545899 |
| 3.40%, 6/21/29 | 98273000 | &nbsp;&nbsp; 95151186 |
| 2.90%, 3/15/30 | 67090000 | &nbsp;&nbsp; 62903452 |
| 3.25%, 1/30/31 | 268354000 | &nbsp;&nbsp; 251681370 |
| 6.50%, 1/15/34 | 110348000 | &nbsp;&nbsp; 118783286 |
| Capital One Financial Corp. |  |  |
| 3.75%, 7/28/26 | 11745000 | &nbsp;&nbsp; 11720411 |
| 4.927%, 5/10/28<sup>(d)</sup> <br>| 93302000 | &nbsp;&nbsp; 94400640 |
| 6.312%, 6/8/29<sup>(d)</sup> <br>| 71594000 | &nbsp;&nbsp; 75134367 |
| 5.70%, 2/1/30<sup>(d)</sup> <br>| 36365000 | &nbsp;&nbsp; 37808738 |
| 5.463%, 7/26/30<sup>(d)</sup> <br>| 91780000 | &nbsp;&nbsp; 95113289 |
| 7.624%, 10/30/31<sup>(d)</sup> <br>| 108139000 | &nbsp;&nbsp; 122212844 |
| Citigroup, Inc. |  |  |
| 4.45%, 9/29/27 | 45649000 | &nbsp;&nbsp; 45942649 |
| 4.412%, 3/31/31<sup>(d)</sup> <br>| 87795000 | &nbsp;&nbsp; 87780314 |
| 6.174%, 5/25/34<sup>(d)</sup> <br>| 94825000 | &nbsp;&nbsp; 100702767 |
| United States 90 Day Average <br> SOFR<br>|  |  |
| +6.63%, 10.47%, 10/30/40<sup>(e)</sup> <br>| 418399950 | &nbsp;&nbsp; 505594500 |
| Elevance Health, Inc. |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| 4.50%, 10/30/26 | $24840000 | &nbsp;&nbsp; $24943519 |
| 5.15%, 6/15/29 | 22704000 | &nbsp;&nbsp; 23427335 |
| 2.875%, 9/15/29 | 6837000 | &nbsp;&nbsp; 6517115 |
| 4.75%, 2/15/30 | 147490000 | &nbsp;&nbsp; 150428235 |
| 2.25%, 5/15/30 | 56396000 | &nbsp;&nbsp; 51778174 |
| HSBC Holdings PLC (United Kingdom) |  |  |
| 4.755%, 6/9/28<sup>(d)</sup> <br>| 23650000 | &nbsp;&nbsp; 23857010 |
| 5.21%, 8/11/28<sup>(d)</sup> <br>| 20125000 | &nbsp;&nbsp; 20464603 |
| 4.95%, 3/31/30 | 63328000 | &nbsp;&nbsp; 64919365 |
| 3.973%, 5/22/30<sup>(d)</sup> <br>| 19800000 | &nbsp;&nbsp; 19559338 |
| 5.24%, 5/13/31<sup>(d)</sup> <br>| 140940000 | &nbsp;&nbsp; 145207209 |
| 2.848%, 6/4/31<sup>(d)</sup> <br>| 106530000 | &nbsp;&nbsp; 99576746 |
| 2.357%, 8/18/31<sup>(d)</sup> <br>| 32125000 | &nbsp;&nbsp; 29219050 |
| 4.762%, 3/29/33<sup>(d)</sup> <br>| 198365000 | &nbsp;&nbsp; 197213900 |
| 8.113%, 11/3/33<sup>(d)</sup> <br>| 164236000 | &nbsp;&nbsp; 192477321 |
| 6.547%, 6/20/34<sup>(d)</sup> <br>| 19964000 | &nbsp;&nbsp; 21581786 |
| 7.399%, 11/13/34<sup>(d)</sup> <br>| 29200000 | &nbsp;&nbsp; 33321437 |
| 6.50%, 5/2/36 | 220847000 | &nbsp;&nbsp; 245780838 |
| 6.50%, 9/15/37 | 186762000 | &nbsp;&nbsp; 204873082 |
| 6.80%, 6/1/38 | 10598000 | &nbsp;&nbsp; 11966838 |
| JPMorgan Chase & Co. |  |  |
| 4.125%, 12/15/26 | 114847000 | &nbsp;&nbsp; 115053741 |
| 4.25%, 10/1/27 | 129270000 | &nbsp;&nbsp; 130209529 |
| 5.04%, 1/23/28<sup>(d)</sup> <br>| 46110000 | &nbsp;&nbsp; 46587215 |
| 4.505%, 10/22/28<sup>(d)</sup> <br>| 86310000 | &nbsp;&nbsp; 87155873 |
| 8.75%, 9/1/30<sup>(e)</sup> <br>| 80647000 | &nbsp;&nbsp; 94952277 |
| 2.739%, 10/15/30<sup>(d)</sup> <br>| 9830000 | &nbsp;&nbsp; 9325191 |
| 4.493%, 3/24/31<sup>(d)</sup> <br>| 360525000 | &nbsp;&nbsp; 363658683 |
| 2.522%, 4/22/31<sup>(d)</sup> <br>| 66670000 | &nbsp;&nbsp; 62104917 |
| 2.956%, 5/13/31<sup>(d)</sup> <br>| 179053000 | &nbsp;&nbsp; 168912165 |
| 4.586%, 4/26/33<sup>(d)</sup> <br>| 47810000 | &nbsp;&nbsp; 48061969 |
| 5.717%, 9/14/33<sup>(d)</sup> <br>| 74624000 | &nbsp;&nbsp; 78892050 |
| Lloyds Banking Group PLC (United <br> Kingdom)<br>|  |  |
| 4.65%, 3/24/26 | 162425000 | &nbsp;&nbsp; 162623578 |
| 3.75%, 3/18/28<sup>(d)</sup> <br>| 102420000 | &nbsp;&nbsp; 102045747 |
| 4.818%, 6/13/29<sup>(d)</sup> <br>| 104515000 | &nbsp;&nbsp; 106217306 |
| 5.721%, 6/5/30<sup>(d)</sup> <br>| 124897000 | &nbsp;&nbsp; 130897967 |
| 4.425%, 11/4/31<sup>(d)</sup> <br>| 40750000 | &nbsp;&nbsp; 40622876 |
| 7.953%, 11/15/33<sup>(d)</sup> <br>| 152876000 | &nbsp;&nbsp; 177843092 |
| NatWest Group PLC (United Kingdom) |  |  |
| 1.642%, 6/14/27<sup>(d)</sup> <br>| 248347000 | &nbsp;&nbsp; 245640842 |
| 4.892%, 5/18/29<sup>(d)</sup> <br>| 12550000 | &nbsp;&nbsp; 12761115 |
| 5.808%, 9/13/29<sup>(d)</sup> <br>| 156770000 | &nbsp;&nbsp; 163301324 |
| 6.016%, 3/2/34<sup>(d)</sup> <br>| 70110000 | &nbsp;&nbsp; 75212667 |
| 6.475%, 6/1/34<sup>(d)</sup> <br>| 141460000 | &nbsp;&nbsp; 148521331 |
| 3.032%, 11/28/35<sup>(d)</sup> <br>| 88932000 | &nbsp;&nbsp; 81767090 |
| The Charles Schwab Corp. |  |  |
| 5.643%, 5/19/29<sup>(d)</sup> <br>| 105792000 | &nbsp;&nbsp; 109822106 |
| 6.196%, 11/17/29<sup>(d)</sup> <br>| 177914000 | &nbsp;&nbsp; 188169500 |
| 4.343%, 11/14/31<sup>(d)</sup> <br>| 84895000 | &nbsp;&nbsp; 84768224 |
| 5.853%, 5/19/34<sup>(d)</sup> <br>| 35585000 | &nbsp;&nbsp; 38118461 |
| 6.136%, 8/24/34<sup>(d)</sup> <br>| 79900000 | &nbsp;&nbsp; 87088747 |
| The Goldman Sachs Group, Inc. |  |  |
| 3.615%, 3/15/28<sup>(d)</sup> <br>| 341685000 | &nbsp;&nbsp; 339787866 |
| 4.937%, 4/23/28<sup>(d)</sup> <br>| 113510000 | &nbsp;&nbsp; 114806492 |
| 4.153%, 10/21/29<sup>(d)</sup> <br>| 75865000 | &nbsp;&nbsp; 75848024 |
| 5.727%, 4/25/30<sup>(d)</sup> <br>| 65285000 | &nbsp;&nbsp; 68204670 |
| 4.692%, 10/23/30<sup>(d)</sup> <br>| 45659000 | &nbsp;&nbsp; 46281963 |
| 5.218%, 4/23/31<sup>(d)</sup> <br>| 108860000 | &nbsp;&nbsp; 112435771 |
| UBS Group AG (Switzerland) |  |  |
| 6.327%, 12/22/27<sup>(b)(d)</sup> <br>| 46075000 | &nbsp;&nbsp; 47033952 |
| 6.246%, 9/22/29<sup>(b)(d)</sup> <br>| 39775000 | &nbsp;&nbsp; 41869667 |
| 5.617%, 9/13/30<sup>(b)(d)</sup> <br>| 96410000 | &nbsp;&nbsp; 100655195 |

---

PAGE 9 <sup>■</sup> Dodge & Cox Income FundSee accompanying Notes to Financial Statements

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| 4.194%, 4/1/31<sup>(b)(d)</sup> <br>| $22300000 | &nbsp;&nbsp; $22087455 |
| 5.959%, 1/12/34<sup>(b)(d)</sup> <br>| 323212000 | &nbsp;&nbsp; 344447074 |
| 6.301%, 9/22/34<sup>(b)(d)</sup> <br>| 68065000 | &nbsp;&nbsp; 74248602 |
| 5.58%, 5/9/36<sup>(b)(d)</sup> <br>| 96675000 | &nbsp;&nbsp; 100527237 |
| UniCredit SPA (Italy) |  |  |
| 7.296%, 4/2/34<sup>(b)(d)</sup> <br>| 364731400 | &nbsp;&nbsp; 391077397 |
| 5.459%, 6/30/35<sup>(b)(d)</sup> <br>| 267361000 | &nbsp;&nbsp; 272524875 |
| Unum Group |  |  |
| 7.25%, 3/15/28 | 18469000 | &nbsp;&nbsp; 19360191 |
| 6.75%, 12/15/28 | 7967000 | &nbsp;&nbsp; 8460028 |
| Wells Fargo & Co. |  |  |
| 4.10%, 6/3/26 | 127335000 | &nbsp;&nbsp; 127346780 |
| 4.30%, 7/22/27 | 155940000 | &nbsp;&nbsp; 156547835 |
| 4.90%, 1/24/28<sup>(d)</sup> <br>| 110392000 | &nbsp;&nbsp; 111321320 |
| 5.707%, 4/22/28<sup>(d)</sup> <br>| 116790000 | &nbsp;&nbsp; 119207393 |
| 2.393%, 6/2/28<sup>(d)</sup> <br>| 36870000 | &nbsp;&nbsp; 36025454 |
| 4.808%, 7/25/28<sup>(d)</sup> <br>| 6925000 | &nbsp;&nbsp; 7002541 |
| 5.198%, 1/23/30<sup>(d)</sup> <br>| 128555000 | &nbsp;&nbsp; 132392353 |
| 2.879%, 10/30/30<sup>(d)</sup> <br>| 46110000 | &nbsp;&nbsp; 43864120 |
| 2.572%, 2/11/31<sup>(d)</sup> <br>| 43185000 | &nbsp;&nbsp; 40334123 |
| 3.35%, 3/2/33<sup>(d)</sup> <br>| 17014000 | &nbsp;&nbsp; 15879793 |
| 4.897%, 7/25/33<sup>(d)</sup> <br>| 103869000 | &nbsp;&nbsp; 105484666 |
| 5.389%, 4/24/34<sup>(d)</sup> <br>| 83170000 | &nbsp;&nbsp; 86532741 |
|  |  | &nbsp;&nbsp; 12654538378 |
| Industrials: 12.6% | Industrials: 12.6% | Industrials: 12.6% |
| AT&T, Inc. |  |  |
| 4.30%, 2/15/30 | 7230000 | &nbsp;&nbsp; 7239133 |
| 2.75%, 6/1/31 | 212302000 | &nbsp;&nbsp; 194976507 |
| 2.55%, 12/1/33 | 62487000 | &nbsp;&nbsp; 53330796 |
| Bayer AG (Germany) |  |  |
| 4.375%, 12/15/28<sup>(b)</sup> <br>| 4485000 | &nbsp;&nbsp; 4489915 |
| 6.25%, 1/21/29<sup>(b)</sup> <br>| 124545000 | &nbsp;&nbsp; 130921769 |
| 6.375%, 11/21/30<sup>(b)</sup> <br>| 192715000 | &nbsp;&nbsp; 206036525 |
| 6.50%, 11/21/33<sup>(b)</sup> <br>| 166821000 | &nbsp;&nbsp; 180599555 |
| British American Tobacco PLC (United <br> Kingdom)<br>|  |  |
| 2.259%, 3/25/28 | 62309000 | &nbsp;&nbsp; 59958070 |
| 6.343%, 8/2/30 | 35910000 | &nbsp;&nbsp; 38839156 |
| 2.726%, 3/25/31 | 70825000 | &nbsp;&nbsp; 65299270 |
| 4.742%, 3/16/32 | 276220000 | &nbsp;&nbsp; 278740880 |
| 7.75%, 10/19/32 | 39225000 | &nbsp;&nbsp; 45816312 |
| 6.421%, 8/2/33 | 71200000 | &nbsp;&nbsp; 78564633 |
| Burlington Northern Santa Fe LLC |  |  |
| 3.442%, 6/16/28<sup>(b)</sup> <br>| 53635812 | &nbsp;&nbsp; 52614800 |
| Cemex SAB de CV (Mexico) |  |  |
| 5.45%, 11/19/29<sup>(b)</sup> <br>| 82677000 | &nbsp;&nbsp; 83719309 |
| 5.20%, 9/17/30<sup>(b)</sup> <br>| 218377000 | &nbsp;&nbsp; 221411567 |
| 3.875%, 7/11/31<sup>(b)</sup> <br>| 95670000 | &nbsp;&nbsp; 91609363 |
| Charter Communications, Inc. |  |  |
| 4.25%, 2/1/31<sup>(b)</sup> <br>| 42230000 | &nbsp;&nbsp; 38803040 |
| 4.50%, 5/1/32 | 191783000 | &nbsp;&nbsp; 172132396 |
| 4.40%, 4/1/33 | 40140000 | &nbsp;&nbsp; 37814610 |
| 4.50%, 6/1/33<sup>(b)</sup> <br>| 356946000 | &nbsp;&nbsp; 312455737 |
| 4.25%, 1/15/34<sup>(b)</sup> <br>| 111480000 | &nbsp;&nbsp; 94788582 |
| 6.55%, 5/1/37 | 45183000 | &nbsp;&nbsp; 46107391 |
| 6.75%, 6/15/39 | 120967000 | &nbsp;&nbsp; 122353262 |
| 6.484%, 10/23/45 | 402912000 | &nbsp;&nbsp; 378804276 |
| 5.375%, 5/1/47 | 87499000 | &nbsp;&nbsp; 72076830 |
| 5.75%, 4/1/48 | 205326000 | &nbsp;&nbsp; 175140171 |
| 5.125%, 7/1/49 | 33204000 | &nbsp;&nbsp; 25983799 |
| 4.80%, 3/1/50 | 27468000 | &nbsp;&nbsp; 20633951 |
| Comcast Corp. |  |  |
| 2.65%, 2/1/30 | 51225000 | &nbsp;&nbsp; 48346339 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| 3.40%, 4/1/30 | $32060000 | &nbsp;&nbsp; $31093051 |
| 4.95%, 5/15/32 | 41745000 | &nbsp;&nbsp; 42758985 |
| Cox Enterprises, Inc. |  |  |
| 3.35%, 9/15/26<sup>(b)</sup> <br>| 160921000 | &nbsp;&nbsp; 160070941 |
| 3.50%, 8/15/27<sup>(b)</sup> <br>| 39703000 | &nbsp;&nbsp; 39248183 |
| 5.45%, 9/15/28<sup>(b)</sup> <br>| 64710000 | &nbsp;&nbsp; 66573509 |
| 1.80%, 10/1/30<sup>(b)</sup> <br>| 52941000 | &nbsp;&nbsp; 46331433 |
| 5.70%, 6/15/33<sup>(b)</sup> <br>| 39225000 | &nbsp;&nbsp; 39562840 |
| CVS Health Corp. |  |  |
| 4.30%, 3/25/28 | 119120000 | &nbsp;&nbsp; 119514506 |
| 5.40%, 6/1/29 | 78750000 | &nbsp;&nbsp; 81561017 |
| 3.25%, 8/15/29 | 12896000 | &nbsp;&nbsp; 12448895 |
| 5.125%, 2/21/30 | 132971000 | &nbsp;&nbsp; 136609636 |
| 3.75%, 4/1/30 | 94354000 | &nbsp;&nbsp; 92132660 |
| 5.25%, 1/30/31 | 9965000 | &nbsp;&nbsp; 10297222 |
| 1.875%, 2/28/31 | 21696000 | &nbsp;&nbsp; 19035977 |
| 5.55%, 6/1/31 | 38850000 | &nbsp;&nbsp; 40659089 |
| 2.125%, 9/15/31 | 14895000 | &nbsp;&nbsp; 13084739 |
| 4.125%, 4/1/40 | 23944000 | &nbsp;&nbsp; 20461822 |
| 6.75%, 12/10/54<sup>(d)(e)</sup> <br>| 22580000 | &nbsp;&nbsp; 23581875 |
| 7.00%, 3/10/55<sup>(d)(e)</sup> <br>| 174664000 | &nbsp;&nbsp; 183230934 |
| Dell Technologies, Inc. |  |  |
| 6.10%, 7/15/27 | 37060000 | &nbsp;&nbsp; 38072755 |
| Dillard's, Inc. |  |  |
| 7.75%, 7/15/26 | 20556000 | &nbsp;&nbsp; 20822781 |
| 7.75%, 5/15/27 | 12913000 | &nbsp;&nbsp; 13352306 |
| 7.00%, 12/1/28 | 27610000 | &nbsp;&nbsp; 29006476 |
| Elanco Animal Health, Inc. |  |  |
| 6.65%, 8/28/28 | 123981000 | &nbsp;&nbsp; 129564677 |
| Fibercop SpA (Italy) |  |  |
| 7.20%, 7/18/36<sup>(b)</sup> <br>| 52317000 | &nbsp;&nbsp; 52068494 |
| 7.721%, 6/4/38<sup>(b)</sup> <br>| 116584000 | &nbsp;&nbsp; 116746984 |
| Ford Motor Credit Co. LLC |  |  |
| 4.389%, 1/8/26 | 31215000 | &nbsp;&nbsp; 31216937 |
| 6.95%, 3/6/26 | 18575000 | &nbsp;&nbsp; 18616882 |
| 4.542%, 8/1/26 | 22235000 | &nbsp;&nbsp; 22204729 |
| 2.70%, 8/10/26 | 230109000 | &nbsp;&nbsp; 227876934 |
| 5.125%, 11/5/26 | 90690000 | &nbsp;&nbsp; 91182737 |
| 4.95%, 5/28/27 | 62780000 | &nbsp;&nbsp; 63007929 |
| 7.35%, 11/4/27 | 126460000 | &nbsp;&nbsp; 131983468 |
| 5.918%, 3/20/28 | 51375000 | &nbsp;&nbsp; 52566764 |
| 6.80%, 5/12/28 | 182578000 | &nbsp;&nbsp; 190515699 |
| 6.798%, 11/7/28 | 26051000 | &nbsp;&nbsp; 27330621 |
| 2.90%, 2/10/29 | 15000000 | &nbsp;&nbsp; 14096228 |
| 5.113%, 5/3/29 | 5605000 | &nbsp;&nbsp; 5613651 |
| 5.73%, 9/5/30 | 83975000 | &nbsp;&nbsp; 85267950 |
| 6.054%, 11/5/31 | 6369000 | &nbsp;&nbsp; 6523899 |
| 6.532%, 3/19/32 | 60855000 | &nbsp;&nbsp; 63639544 |
| GE HealthCare Technologies, Inc. |  |  |
| 4.80%, 8/14/29 | 68865000 | &nbsp;&nbsp; 70390713 |
| 5.857%, 3/15/30 | 21550000 | &nbsp;&nbsp; 22789421 |
| 5.905%, 11/22/32 | 147180000 | &nbsp;&nbsp; 158541061 |
| HCA Healthcare, Inc. |  |  |
| 5.25%, 6/15/26 | 10872000 | &nbsp;&nbsp; 10880462 |
| 3.125%, 3/15/27 | 40379000 | &nbsp;&nbsp; 39956134 |
| 5.00%, 3/1/28 | 25510000 | &nbsp;&nbsp; 25985485 |
| 4.125%, 6/15/29 | 105756000 | &nbsp;&nbsp; 105397399 |
| 5.25%, 3/1/30 | 58680000 | &nbsp;&nbsp; 60576931 |
| Imperial Brands PLC (United Kingdom) |  |  |
| 3.50%, 7/26/26<sup>(b)</sup> <br>| 49137000 | &nbsp;&nbsp; 48919337 |
| 6.125%, 7/27/27<sup>(b)</sup> <br>| 112575000 | &nbsp;&nbsp; 115875303 |
| 4.50%, 6/30/28<sup>(b)</sup> <br>| 39475000 | &nbsp;&nbsp; 39792854 |
| 3.875%, 7/26/29<sup>(b)</sup> <br>| 248764000 | &nbsp;&nbsp; 243866275 |
| 5.50%, 2/1/30<sup>(b)</sup> <br>| 166875000 | &nbsp;&nbsp; 172865949 |

---

See accompanying Notes to Financial StatementsDodge & Cox Income Fund <sup>■</sup> PAGE 10

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| 5.875%, 7/1/34<sup>(b)</sup> <br>| $63595000 | &nbsp;&nbsp; $66496112 |
| Japan Tobacco, Inc. (Japan) |  |  |
| 4.85%, 5/15/28<sup>(b)</sup> <br>| 51565000 | &nbsp;&nbsp; 52483374 |
| 5.25%, 6/15/30<sup>(b)</sup> <br>| 72015000 | &nbsp;&nbsp; 74718622 |
| 5.85%, 6/15/35<sup>(b)</sup> <br>| 49125000 | &nbsp;&nbsp; 52375876 |
| Kinder Morgan, Inc. |  |  |
| 5.15%, 6/1/30 | 25905000 | &nbsp;&nbsp; 26785687 |
| 4.80%, 2/1/33 | 25250000 | &nbsp;&nbsp; 25307818 |
| 6.50%, 2/1/37 | 49751000 | &nbsp;&nbsp; 54216880 |
| 6.95%, 1/15/38 | 76334000 | &nbsp;&nbsp; 85742341 |
| 6.50%, 9/1/39 | 70966000 | &nbsp;&nbsp; 76532391 |
| 5.00%, 8/15/42 | 75596000 | &nbsp;&nbsp; 69270990 |
| Macy's, Inc. |  |  |
| 6.70%, 7/15/34<sup>(b)</sup> <br>| 54530000 | &nbsp;&nbsp; 52637106 |
| Mars, Inc. |  |  |
| 4.45%, 3/1/27<sup>(b)</sup> <br>| 41675000 | &nbsp;&nbsp; 41975741 |
| 4.60%, 3/1/28<sup>(b)</sup> <br>| 128700000 | &nbsp;&nbsp; 130463239 |
| 4.80%, 3/1/30<sup>(b)</sup> <br>| 173383000 | &nbsp;&nbsp; 177190947 |
| Meta Platforms, Inc. |  |  |
| 4.60%, 11/15/32 | 64000000 | &nbsp;&nbsp; 64514503 |
| 4.875%, 11/15/35 | 163990000 | &nbsp;&nbsp; 163770255 |
| Nordstrom, Inc. |  |  |
| 6.95%, 3/15/28 | 19672000 | &nbsp;&nbsp; 20294717 |
| Oracle Corp. |  |  |
| 4.80%, 8/3/28 | 81425000 | &nbsp;&nbsp; 81830387 |
| 4.20%, 9/27/29 | 22520000 | &nbsp;&nbsp; 22070871 |
| 2.95%, 4/1/30 | 101855000 | &nbsp;&nbsp; 94029361 |
| Philip Morris International, Inc. |  |  |
| 4.875%, 2/13/29 | 50525000 | &nbsp;&nbsp; 51717542 |
| 5.625%, 11/17/29 | 38620000 | &nbsp;&nbsp; 40600369 |
| 5.125%, 2/15/30 | 32576000 | &nbsp;&nbsp; 33673022 |
| 5.50%, 9/7/30 | 42012000 | &nbsp;&nbsp; 44174755 |
| 5.125%, 2/13/31 | 34960000 | &nbsp;&nbsp; 36225660 |
| 5.75%, 11/17/32 | 33340000 | &nbsp;&nbsp; 35631580 |
| 5.375%, 2/15/33 | 77688000 | &nbsp;&nbsp; 81237409 |
| Prosus NV (China) |  |  |
| 3.257%, 1/19/27<sup>(b)</sup> <br>| 27741000 | &nbsp;&nbsp; 27342292 |
| 4.85%, 7/6/27<sup>(b)</sup> <br>| 193133000 | &nbsp;&nbsp; 194330425 |
| 3.68%, 1/21/30<sup>(b)</sup> <br>| 209567000 | &nbsp;&nbsp; 201189140 |
| 3.061%, 7/13/31<sup>(b)</sup> <br>| 550362000 | &nbsp;&nbsp; 500605109 |
| 4.193%, 1/19/32<sup>(b)</sup> <br>| 132600000 | &nbsp;&nbsp; 126903938 |
| 4.987%, 1/19/52<sup>(b)</sup> <br>| 284361000 | &nbsp;&nbsp; 225248362 |
| RTX Corp. |  |  |
| 6.00%, 3/15/31 | 55735000 | &nbsp;&nbsp; 60035055 |
| 6.10%, 3/15/34 | 61170000 | &nbsp;&nbsp; 66925767 |
| Synopsys, Inc. |  |  |
| 4.65%, 4/1/28 | 33830000 | &nbsp;&nbsp; 34285891 |
| 4.85%, 4/1/30 | 120153000 | &nbsp;&nbsp; 122718608 |
| 5.00%, 4/1/32 | 118655000 | &nbsp;&nbsp; 121159944 |
| TC Energy Corp. (Canada) |  |  |
| 5.875%, 8/15/76<sup>(d)(e)</sup> <br>| 262724000 | &nbsp;&nbsp; 263045574 |
| 5.30%, 3/15/77<sup>(d)(e)</sup> <br>| 336202000 | &nbsp;&nbsp; 336175642 |
| 5.50%, 9/15/79<sup>(d)(e)</sup> <br>| 209285000 | &nbsp;&nbsp; 207711198 |
| 5.60%, 3/7/82<sup>(d)(e)</sup> <br>| 41226000 | &nbsp;&nbsp; 40717873 |
| The Cigna Group |  |  |
| 7.875%, 5/15/27 | 26273000 | &nbsp;&nbsp; 27525193 |
| 4.375%, 10/15/28 | 96780000 | &nbsp;&nbsp; 97659741 |
| 5.00%, 5/15/29 | 30800000 | &nbsp;&nbsp; 31632519 |
| 2.40%, 3/15/30 | 94669000 | &nbsp;&nbsp; 87861389 |
| T-Mobile U.S., Inc. |  |  |
| 2.25%, 2/15/26 | 108655000 | &nbsp;&nbsp; 108406358 |
| 4.75%, 2/1/28 | 13240000 | &nbsp;&nbsp; 13245184 |
| 3.375%, 4/15/29 | 229325000 | &nbsp;&nbsp; 223505119 |
| 3.875%, 4/15/30 | 251674000 | &nbsp;&nbsp; 247489902 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| 2.55%, 2/15/31 | $18370000 | &nbsp;&nbsp; $16782529 |
| 3.50%, 4/15/31 | 129479000 | &nbsp;&nbsp; 123789719 |
| 5.20%, 1/15/33 | 26930000 | &nbsp;&nbsp; 27795678 |
| Ultrapar Participacoes SA (Brazil) |  |  |
| 5.25%, 10/6/26<sup>(b)</sup> <br>| 151090000 | &nbsp;&nbsp; 150923121 |
| 5.25%, 6/6/29<sup>(b)</sup> <br>| 50542000 | &nbsp;&nbsp; 50436079 |
| Union Pacific Corp. |  |  |
| 5.082%, 1/2/29 | 291527 | &nbsp;&nbsp; 295568 |
| 5.866%, 7/2/30 | 1570909 | &nbsp;&nbsp; 1634184 |
| 6.176%, 1/2/31 | 7688248 | &nbsp;&nbsp; 8121575 |
| Verizon Communications, Inc. |  |  |
| 1.75%, 1/20/31 | 13805000 | &nbsp;&nbsp; 12151654 |
| 2.55%, 3/21/31 | 136442000 | &nbsp;&nbsp; 124597942 |
| 4.75%, 1/15/33 | 50980000 | &nbsp;&nbsp; 50940079 |
| VMware, Inc. |  |  |
| 1.40%, 8/15/26 | 87063000 | &nbsp;&nbsp; 85776603 |
| Vodafone Group PLC (United <br> Kingdom)<br>|  |  |
| 7.00%, 4/4/79<sup>(d)(e)</sup> <br>| 241770000 | &nbsp;&nbsp; 256109954 |
|  |  | &nbsp;&nbsp; 13096023490 |
| Utilities: 2.1% | Utilities: 2.1% | Utilities: 2.1% |
| Dominion Energy, Inc. |  |  |
| 1.45%, 4/15/26 | 30340000 | &nbsp;&nbsp; 30113983 |
| 4.60%, 5/15/28 | 27930000 | &nbsp;&nbsp; 28255971 |
| 3.375%, 4/1/30 | 107797000 | &nbsp;&nbsp; 104006596 |
| 5.00%, 6/15/30 | 122677000 | &nbsp;&nbsp; 126042646 |
| Enel SPA (Italy) |  |  |
| 5.00%, 6/15/32<sup>(b)</sup> <br>| 7150000 | &nbsp;&nbsp; 7277441 |
| 7.50%, 10/14/32<sup>(b)</sup> <br>| 17497000 | &nbsp;&nbsp; 20157376 |
| 6.80%, 9/15/37<sup>(b)</sup> <br>| 77697000 | &nbsp;&nbsp; 87226316 |
| 6.00%, 10/7/39<sup>(b)</sup> <br>| 119647000 | &nbsp;&nbsp; 125730016 |
| NextEra Energy, Inc. |  |  |
| 4.625%, 7/15/27 | 136625000 | &nbsp;&nbsp; 138090259 |
| 4.685%, 9/1/27 | 164662000 | &nbsp;&nbsp; 166618674 |
| 4.85%, 2/4/28 | 156848000 | &nbsp;&nbsp; 159721322 |
| 4.90%, 3/15/29 | 195260000 | &nbsp;&nbsp; 200111471 |
| 5.05%, 3/15/30 | 205606000 | &nbsp;&nbsp; 212110646 |
| The Southern Co. |  |  |
| 5.113%, 8/1/27 | 208330000 | &nbsp;&nbsp; 211660732 |
| 4.85%, 6/15/28 | 94205000 | &nbsp;&nbsp; 95908177 |
| 5.50%, 3/15/29 | 46162000 | &nbsp;&nbsp; 47909289 |
| 4.00%, 1/15/51<sup>(d)(e)</sup> <br>| 314159000 | &nbsp;&nbsp; 313970662 |
| 3.75%, 9/15/51<sup>(d)(e)</sup> <br>| 143981000 | &nbsp;&nbsp; 141942330 |
|  |  | &nbsp;&nbsp; 2216853907 |
|  |  | &nbsp;&nbsp; 27967415775 |
| **Total Debt Securities** <br>(Cost $102,828,141,660) | **Total Debt Securities** <br>(Cost $102,828,141,660) | &nbsp;&nbsp; **$101993549773** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments: 1.3%** | **Short-Term Investments: 1.3%** | **Short-Term Investments: 1.3%** |
|  | **Par Value/** <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 0.7%** | **Repurchase Agreements: 0.7%** | **Repurchase Agreements: 0.7%** |
| Bank of America<sup>(f)</sup> <br>3.80%, dated 12/31/25, due 1/2/26, <br> maturity value $125,026,389<br>| $125000000 | &nbsp;&nbsp; 125000000 |
| Fixed Income Clearing Corp.<sup>(f)</sup> <br>3.78%, dated 12/31/25, due 1/2/26, <br> maturity value $365,076,650<br>| 365000000 | &nbsp;&nbsp; 365000000 |

---

PAGE 11 <sup>■</sup> Dodge & Cox Income FundSee accompanying Notes to Financial Statements

------

Portfolio of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| **Short-Term Investments** (continued) | **Short-Term Investments** (continued) | **Short-Term Investments** (continued) |
|  | **Par Value/**<br> **Shares**<br>| **Value** |
| Fixed Income Clearing Corp.<sup>(f)</sup> <br>1.35%, dated 12/31/25, due 1/2/26, <br> maturity value $112,772,685<br>| $112764228 | &nbsp;&nbsp; 112764228 |
| Standard Chartered<sup>(f)</sup> <br>3.81%, dated 12/31/25, due 1/2/26, <br> maturity value $125,026,458<br>| 125000000 | &nbsp;&nbsp; 125000000 |
|  |  | &nbsp;&nbsp; 727764228 |
| **Money Market Fund: 0.6%** | **Money Market Fund: 0.6%** | **Money Market Fund: 0.6%** |
| State Street Institutional <br> U.S. Government Money Market Fund <br> - Premier Class<br>| 645049314 | &nbsp;&nbsp; 645049314 |
| **Total Short-Term Investments** <br>(Cost $1,372,813,542) | **Total Short-Term Investments** <br>(Cost $1,372,813,542) | &nbsp;&nbsp; **$1372813542** |
| **Total Investments In Securities** <br>(Cost $104,200,955,202)<br>| 99.1<br> %<br>| &nbsp;&nbsp; **$103366363315** |
| Other Assets Less Liabilities | 0.9<br> %<br>| &nbsp;&nbsp; 976982671 |
| **Net Assets** | **100.0%**<br>| &nbsp;&nbsp; **$104343345986** |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> <br>| Inflation-linked |
| <sup>(b)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. The <br> security may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers.<br>|
| <sup>(c)</sup> <br>| Variable rate security: interest rate is determined by the interest rates of underlying <br> pool of assets that collateralize the security. The interest rate of the security may <br> change due to a change in the interest rates or the composition of underlying pool of <br> assets. The interest rate shown is the rate as of period end.<br>|
| <sup>(d)</sup> <br>| Variable rate security: fixed-to-float security pays an initial fixed interest rate and will <br> pay a floating interest rate established at a predetermined time in the future. The <br> interest rate shown is the rate as of period end.<br>|
| <sup>(e)</sup> <br>| Hybrid security: characteristics of both a debt and equity security. |
| <sup>(f)</sup> <br>| Repurchase agreements are collateralized by: <br>Fixed Income Clearing Corporation: U.S. Treasury Notes 3.50%-3.75%, 4/30/27-<br> 9/30/29. Total collateral value is $487,319,620. <br>Bank of America: U.S. Treasury Note 0.625%, 5/15/30. U.S. Treasury Inflation Indexed <br> Notes 0.125%-1.875%, 1/15/26-2/15/52. Total collateral value is $127,526,918. <br>Standard Chartered: U.S. Treasury Bill 1/22/26. U.S. Treasury Notes 0.375%-4.375%, <br> 5/31/26-8/15/33. U.S. Treasury Bonds 1.125%-4.75%, 5/15/38-2/15/55. <br> U.S. Treasury Inflation Indexed Notes 0.125%-2.375%, 1/15/27-2/15/49. Total <br> collateral value is $127,527,038.<br>|
| <sup>\*</sup> <br>| Rounds to 0.0%. |
|  | Debt securities are generally grouped by parent company. Actual securities may be <br> issued by the listed parent company or one of its subsidiaries. <br>The Fund usually classifies a company or issuer based on its country of risk, but may <br> designate a different country in certain circumstances.<br>|
|  | Debt securities with floating interest rates are linked to the referenced benchmark; <br> the interest rate shown is the rate as of period end.<br>|

---

---

| |
|:---|
| ARM: Adjustable Rate Mortgage |
| CMBS: Commercial Mortgage-Backed Security |
| CMO: Collateralized Mortgage Obligation |
| GO: General Obligation |
| RB: Revenue Bond |
| REMIC: Real Estate Mortgage Investment Conduit |
| SOFR: Secured Overnight Financing Rate |
| USD United States Dollar |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Appreciation/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| 10 Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp; 45389 | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; $5103425688 | &nbsp;&nbsp;&nbsp;&nbsp; $(27608626)<br>|
| Ultra Long-Term U.S. Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp; 27716 | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3270488000 | &nbsp;&nbsp;&nbsp;&nbsp; (47288715)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(74897341)<br>|

---

See accompanying Notes to Financial StatementsDodge & Cox Income Fund <sup>■</sup> PAGE 12

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| **Assets:** | **Assets:** |
| Investments in securities, at value (cost <br> $104,200,955,202)<br>| $103366363315 |
| Cash | 7252 |
| Deposits with broker for futures contracts | 227841775 |
| Receivable for investments sold | 8014464 |
| Receivable for Fund shares sold | 117941705 |
| Dividends and interest receivable | 742005086 |
| Expense reimbursement receivable | 576643 |
| Prepaid expenses and other assets | 194817 |
|  | 104462945057 |
| **Liabilities:** | **Liabilities:** |
| Payable for variation margin for futures contracts | 19613519 |
| Payable for Fund shares redeemed | 63196488 |
| Management fees payable | 34366038 |
| Accrued expenses | 2423026 |
|  | 119599071 |
| **Net Assets** | $104343345986 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $107716937528 |
| Accumulated loss | (3373591542)<br>|
|  | $104343345986 |
| **Class I** | **Class I** |
| Total net assets | $81841688525 |
| Shares outstanding | 6370761688 |
| Net asset value per share | $12.85 |
| **Class X** | **Class X** |
| Total net assets | $22501657461 |
| Shares outstanding | 1750111724 |
| Net asset value per share | $12.86 |

---

Statement of Operations

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>|
| **Investment Income:** |  |
| Dividends | $46860668 |
| Interest | 4566221990 |
|  | 4613082658 |
| **Expenses:** |  |
| Investment advisory fees | 291210814 |
| Administrative services fees |  |
| Class I | 76461935 |
| Class X | 10304168 |
| Custody and fund accounting fees | 1118860 |
| Professional services | 216773 |
| Shareholder reports | 1939476 |
| Registration fees | 2320644 |
| Trustees fees | 526032 |
| Miscellaneous | 1082570 |
| Total expenses | 385181272 |
| Expenses reimbursed by investment manager | (6135700)<br>|
| Net expenses | 379045572 |
| **Net Investment Income** | 4234037086 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| Investments in securities (Note 5) | (110499263)<br>|
| Futures contracts | 136186595 |
| Swaps | (48)<br>|
| Net change in unrealized appreciation/depreciation |  |
| Investments in securities | 3433601045 |
| Futures contracts | 16502838 |
| Net realized and unrealized gain | 3475791167 |
| **Net Change in Net Assets From Operations** | $7709828253 |

---

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $4234037086 | $3463068737 |
| Net realized gain (loss) | 25687284 | (301849137)<br>|
| Net change in unrealized <br> appreciation/depreciation<br>| 3450103883 | (1478819832)<br>|
|  | 7709828253 | 1682399768 |
| **Distributions to Shareholders:** |  |  |
| Class I | (3293484558)<br>| (2851984697)<br>|
| Class X | (911674247)<br>| (593771357)<br>|
| Total distributions | (4205158805)<br>| (3445756054)<br>|
| **Fund Share Transactions:** |  |  |
| **Class I** |  |  |
| Proceeds from sales of shares | 18971847971 | 25298368259 |
| Reinvestment of distributions | 2867925712 | 2469952586 |
| Cost of shares redeemed | (15543740947)<br>| (14136205226)<br>|
| **Class X** |  |  |
| Proceeds from sales of shares | 8000935516 | 9292921751 |
| Reinvestment of distributions | 882250224 | 577901885 |
| Cost of shares redeemed | (4171789472)<br>| (2064226388)<br>|
| Net change from Fund share <br> transactions<br>| 11007429004 | 21438712867 |
| Total change in net assets | 14512098452 | 19675356581 |
| **Net Assets:** |  |  |
| Beginning of year | 89831247534 | 70155890953 |
| End of year | $104343345986 | $89831247534 |
| **Share Information:** |  |  |
| **Class I** |  |  |
| Shares sold | 1494615213 | 2007788527 |
| Distributions reinvested | 225965957 | 196613038 |
| Shares redeemed | (1228624289)<br>| (1126473346)<br>|
| Net change in shares outstanding | 491956881 | 1077928219 |
| **Class X** |  |  |
| Shares sold | 631966925 | 738348107 |
| Distributions reinvested | 69438845 | 45951640 |
| Shares redeemed | (327771042)<br>| (163931433)<br>|
| Net change in shares outstanding | 373634728 | 620368314 |

---

PAGE 13 <sup>■</sup> Dodge & Cox Income FundSee accompanying Notes to Financial Statements

------

Notes to Financial Statements

**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.

On May 1, 2022, the then-outstanding shares of the Fund were redesignated as Class I Shares, and Class X shares of the Fund were established. The share classes have different eligibility requirements and expense structures due to differing shareholder servicing arrangements. The share classes have the same rights as to redemption, dividends and liquidation proceeds, and voting privileges, except that each class has the exclusive right to vote on matters affecting only its class.

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.

Debt securities 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. 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 a 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 Dodge & Cox. The Board of Trustees has appointed Dodge & Cox, the Fund's investment manager, as its "valuation designee", as permitted by Rule 2a-5 under the Investment Company Act of 1940, 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 rel

evant 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.

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. Dividend income is recorded on the ex-dividend date.

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.

Share class accounting Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated to each share class of the Fund based upon the proportion of net assets of each class.

Repurchase agreements Repurchase agreements are transactions under which a Fund purchases a security from a 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. It is the Fund's policy that its regular custodian or third party custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. In the event of default by the counterparty, the Fund has the contractual

Dodge & Cox Income Fund <sup>■</sup> PAGE 14

------

Notes to Financial Statements

right to liquidate the collateral securities and to apply the proceeds in satisfaction of the obligation.

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.

The Fund may also enter into a Master Securities Forward Transaction Agreement ("MSFTA") with a counterparty to govern transactions of delayed delivery securities, including TBA securities. The MSFTA provides for collateralization requirements and the right to offset amounts due to or from counterparties under specified conditions.

Segment Reporting An operating segment is defined in Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - *Improvements to Reporting Segment Disclosures* as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Chair of the Board of Trustees of the Trust acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole. "Net change in net assets from operations" reported on the Statement of Operations is used by the CODM to assess the single operating segment's performance and to make resource allocation decisions for the single operating segment.

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 below.

<sup>■</sup> Level 1: Unadjusted quoted prices in active markets for identical securities

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

<sup>■</sup> 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, 2025:

---

| | | |
|:---|:---|:---|
| **Classification** | **LEVEL 1** <br>**(Quoted Prices)**<br>| **LEVEL 2** <br>**(Other Significant** <br>**Observable Inputs)**<br>|
| **Securities** | **Securities** | **Securities** |
| Debt Securities | Debt Securities | Debt Securities |
| U.S. Treasury | $— | $14344334360 |
| Government-Related |  | 3877048763 |
| Securitized |  | 55804750875 |
| Corporate |  | 27967415775 |
| Short-Term Investments | Short-Term Investments | Short-Term Investments |
| Repurchase Agreements |  | 727764228 |
| Money Market Fund | 645049314 |  |
| Total Securities | $645049314 | $102721314001 |
| **Other Investments** | **Other Investments** | **Other Investments** |
| Futures Contracts | Futures Contracts | Futures Contracts |
| Depreciation | $(74897341)<br>| $— |

---

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 securities. To the extent the Fund uses futures, it is exposed to additional volatility and potential losses resulting from leverage.

The Fund used government debt futures contracts to adjust the overall interest rate exposure and duration of the portfolio.

PAGE 15 <sup>■</sup> Dodge & Cox Income Fund

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Notes to Financial Statements

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

---

| | |
|:---|:---|
|  | **Interest Rate** <br>**Derivatives**<br>|
| **Liabilities** |  |
| Futures contracts<sup>(a)</sup> <br>| &nbsp;&nbsp; $74897341 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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, categorized by primary underlying risk exposure.

---

| | |
|:---|:---|
|  | **Interest Rate** <br>**Derivatives**<br>|
| **Net realized gain (loss)** |  |
| Swaps | &nbsp;&nbsp; $(48)<br>|
| Futures contracts | &nbsp;&nbsp; 136186595 |
|  | &nbsp;&nbsp; $136186547 |
| **Net change in unrealized appreciation/depreciation** |  |
| Futures contracts | &nbsp;&nbsp; $16502838 |

---

The following summarizes the range of volume in the Fund's derivative instruments during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
| **Derivative** |  | **% of Net Assets** |
| Futures contracts | USD notional value | &nbsp;&nbsp; 5-8<br> %<br>|

---

**Note 3: Related Party Transactions**

The Fund's management fees include an investment advisory fee and an administrative services fee described below.

Investment advisory fee The Fund pays an investment advisory fee, accrued daily and paid monthly, at an annual rate of 0.30% 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 1% of the average daily net assets for the year.

Administrative services fee The Fund pays Dodge & Cox a fee for administrative and shareholder services. The fee is accrued daily and paid monthly equal to an annual rate of the average daily net assets of 0.10% for Class I shares and 0.05% for Class X shares. Under this agreement, Dodge & Cox is responsible for the payment of the Fund's transfer agency fees.

Expense reimbursement Dodge & Cox has contractually agreed, through April 30, 2026, to waive management fees or reimburse the Fund for ordinary expenses to the extent necessary to maintain the net ordinary expense ratio of the Class X shares at an amount 0.08% less than the net ordinary expense ratio of the Class I shares, and additionally to the extent total ordinary expenses of the Class X shares would otherwise exceed 0.33%. This agreement cannot be terminated prior to April 30, 2026, other than by resolution of the Board of Trustees. For purposes of the foregoing, ordinary expenses

shall not include nonrecurring shareholder account fees, fees and expenses associated with Fund shareholder meetings, fees on portfolio transactions such as exchange fees, dividends and interest on short positions, fees and expenses of pooled investment vehicles that are held by the Fund, interest expenses and other fees and expenses related to any borrowings, taxes, brokerage fees and commissions and other costs and expenses relating to the acquisition and disposition of Fund investments, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses or extraordinary expenses not incurred in the ordinary course of the Fund's business, such as litigation expenses. The term of the agreement with respect to the maintenance of the net ordinary expense ratio differential between Class X and Class I shares will automatically renew for subsequent three-year terms unless terminated with at least 30 days' written notice by either party prior to the end of the then-current term. The agreement does not permit Dodge & Cox to recoup any fees waived or payments made to the Fund for a prior year. For the year ended December 31, 2025, Dodge & Cox reimbursed expenses of $6,135,700 to Class X.

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

**Note 4: Income Tax Information and Distributions to Shareholders**

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

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| Class I |  |  |
| Ordinary income | $3293484558 | &nbsp;&nbsp; $2851984697 |
| Long-term capital gain | $— | &nbsp;&nbsp; $— |
| Class X |  |  |
| Ordinary income | $911674247 | &nbsp;&nbsp; $593771357 |
| Long-term capital gain | $— | &nbsp;&nbsp; $— |

---

At December 31, 2025, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; $(2538999653)<br>|
| Net unrealized depreciation | &nbsp;&nbsp; (834591889)<br>|
| Total distributable earnings | &nbsp;&nbsp; $(3373591542)<br>|

---

Dodge & Cox Income Fund <sup>■</sup> PAGE 16

------

Notes to Financial Statements

<sup>1</sup> Represents accumulated long-term capital loss as of December 31, 2025, which may be carried forward to offset future capital gains.

At December 31, 2025, unrealized appreciation and depreciation for investments based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | &nbsp;&nbsp; $104126057861 |
| Unrealized appreciation | &nbsp;&nbsp; 1878950904 |
| Unrealized depreciation | &nbsp;&nbsp; (2713542791)<br>|
| Net unrealized depreciation | &nbsp;&nbsp; (834591887)<br>|

---

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

**Note 5: Redemptions In-Kind**

During the year ended December 31, 2025, the Fund distributed securities and cash as payment for redemptions of Class I shares. For financial reporting purposes, the Fund realized a net gain of $3,621,779 attributable to the redemptions in-kind. For tax purposes, no capital gain on the redemptions in-kind was recognized.

**Note 6: 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 Com

pany, 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, 2025, the Fund's commitment fee amounted to $413,568 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, 2025, purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated to $11,709,556,568 and $4,091,273,995, respectively. For the year ended December 31, 2025, purchases and sales of U.S. government securities aggregated to $16,563,242,111 and $13,421,132,144, respectively.

**Note 8: New Accounting Guidance**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740) - *Improvements to Income Tax Disclosures*. The amendments in the ASU provide for enhanced disclosures related to income taxes paid, disaggregated by federal, state, local and foreign taxes. The ASU is effective for annual periods beginning after December 15, 2024. The adoption of this ASU did not have a material impact on the financial statements.

**Note 9: Subsequent Events**

Fund management has determined that no material events or transactions occurred subsequent to December 31, 2025, and through the date of the Fund's financial statements issuance, which require disclosure in the Fund's financial statements.

PAGE 17 <sup>■</sup> Dodge & Cox Income Fund

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Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Class I** |  |  |  |  |  |
| **Net asset value, beginning of year** | &nbsp;&nbsp;&nbsp;&nbsp; $12.38 | &nbsp;&nbsp;&nbsp;&nbsp; $12.62 | &nbsp;&nbsp;&nbsp;&nbsp; $12.19 | &nbsp;&nbsp;&nbsp;&nbsp; $14.06 | &nbsp;&nbsp;&nbsp;&nbsp; $14.65 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.27)<br>|
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.19)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp;&nbsp; $12.85 | &nbsp;&nbsp;&nbsp;&nbsp; $12.38 | &nbsp;&nbsp;&nbsp;&nbsp; $12.62 | &nbsp;&nbsp;&nbsp;&nbsp; $12.19 | &nbsp;&nbsp;&nbsp;&nbsp; $14.06 |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 8.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.87)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.91)%<br>|
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $81842 | &nbsp;&nbsp;&nbsp;&nbsp; $72778 | &nbsp;&nbsp;&nbsp;&nbsp; $60604 | &nbsp;&nbsp;&nbsp;&nbsp; $53542 | &nbsp;&nbsp;&nbsp;&nbsp; $71838 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 4.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 118<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 91<br> %<br>|
| Portfolio turnover rate excluding TBA rolls<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| **Class X**<sup>(b)</sup> <br>|  |  |  |  |  |
| **Net asset value, beginning of year** | &nbsp;&nbsp;&nbsp;&nbsp; $12.39 | &nbsp;&nbsp;&nbsp;&nbsp; $12.63 | &nbsp;&nbsp;&nbsp;&nbsp; $12.20 | &nbsp;&nbsp;&nbsp;&nbsp; $12.83 |  |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |  |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>|  |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp; (0.35)<br>|  |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>|  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |  |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>|  |
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp;&nbsp; $12.86 | &nbsp;&nbsp;&nbsp;&nbsp; $12.39 | &nbsp;&nbsp;&nbsp;&nbsp; $12.63 | &nbsp;&nbsp;&nbsp;&nbsp; $12.20 |  |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 8.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.72)%<br>|  |
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $22502 | &nbsp;&nbsp;&nbsp;&nbsp; $17053 | &nbsp;&nbsp;&nbsp;&nbsp; $9552 | &nbsp;&nbsp;&nbsp;&nbsp; $4523 |  |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33 %<sup>(c)</sup><br>|  |
| Ratio of expenses to average net assets, before reimbursement by <br> investment manager<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36 %<sup>(c)</sup><br>|  |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 4.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.53 %<sup>(c)</sup><br>|  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 118<br> %<br>|  |
| Portfolio turnover rate excluding TBA rolls<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34<br> %<br>|  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Note 1 regarding To-Be-Announced securities

&nbsp;&nbsp;&nbsp;&nbsp;(b) For 2022, the period covers 5/2/2022 (commencement of operations) to 12/31/2022

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized

See accompanying Notes to Financial Statements

Dodge & Cox Income Fund <sup>■</sup> PAGE 18

------

Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements**

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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2025, 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, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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, 2025 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.

/s/PricewaterhouseCoopers LLP

San Francisco, California

February 19, 2026

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

PAGE 19 <sup>■</sup> Dodge & Cox Income Fund

------

Special 2025 Tax Information (unaudited)

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

For shareholders that are corporations, the Fund designates 99% of its ordinary dividends paid to shareholders in 2025 as Section 163(j) interest dividends.

Dodge & Cox Income Fund <sup>■</sup> PAGE 20

------

![](img2fa2987c1.gif)

2025

**December 31, 2025**

------

**Financial Statements and Other Information**

------

Global Bond Fund \| Class I (dodlx) \| Class X (doxlx)

**ESTABLISHED 2014**

12/25 GBF AR&nbsp;&nbsp;&nbsp;&nbsp;

------

Consolidated Portfolio of Investments December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Debt Securities: 96.9%** | **Debt Securities: 96.9%** | **Debt Securities: 96.9%** | **Debt Securities: 96.9%** |
|  |  | **Par Value** | **Value** |
| **Government: 31.5%** | **Government: 31.5%** | **Government: 31.5%** | **Government: 31.5%** |
| Brazil Government (Brazil) | Brazil Government (Brazil) |  |  |
| 10.00%, 1/1/33 | BRL | 1061468000 | &nbsp;&nbsp; $163031867 |
| Chile Government (Chile) | Chile Government (Chile) |  |  |
| 5.00%, 10/1/28<sup>(a)(b)</sup> <br>| CLP | 17780000000 | &nbsp;&nbsp; 19898211 |
| 6.00%, 4/1/33<sup>(a)(b)</sup> <br>| CLP | 12280000000 | &nbsp;&nbsp; 14206071 |
| 5.80%, 10/1/34<sup>(a)(b)</sup> <br>| CLP | 29700000000 | &nbsp;&nbsp; 34111246 |
| Colombia Government (Colombia) | Colombia Government (Colombia) |  |  |
| 7.25%, 10/18/34 | COP | 419000000000 | &nbsp;&nbsp; 78396046 |
| Hungary Government (Hungary) | Hungary Government (Hungary) |  |  |
| 9.50%, 10/21/26 | HUF | 5530000000 | &nbsp;&nbsp; 17323392 |
| 6.75%, 10/22/28 | HUF | 5850000000 | &nbsp;&nbsp; 18099975 |
| Japan Government (Japan) | Japan Government (Japan) |  |  |
| 0.20%, 12/20/27 | JPY | 26847850000 | &nbsp;&nbsp; 168299435 |
| Malaysia Government (Malaysia) | Malaysia Government (Malaysia) |  |  |
| 2.632%, 4/15/31 | MYR | 190575000 | &nbsp;&nbsp; 45328856 |
| Mexico Government (Mexico) | Mexico Government (Mexico) |  |  |
| 7.75%, 11/23/34 | MXN | 423344200 | &nbsp;&nbsp; 21803960 |
| 8.00%, 11/7/47 | MXN | 1868087000 | &nbsp;&nbsp; 89256331 |
| New Zealand Government (New <br> Zealand) | New Zealand Government (New <br> Zealand) |  |  |
| 2.75%, 4/15/37<sup>(a)</sup> <br>| NZD | 187200000 | &nbsp;&nbsp; 90115441 |
| Norway Government (Norway) | Norway Government (Norway) |  |  |
| 3.00%, 8/15/33<sup>(a)(b)</sup> <br>| NOK | 1057750000 | &nbsp;&nbsp; 97619808 |
| 3.75%, 6/12/35<sup>(a)(b)</sup> <br>| NOK | 487700000 | &nbsp;&nbsp; 46810152 |
| Peru Government (Peru) | Peru Government (Peru) |  |  |
| 7.60%, 8/12/39<sup>(a)(b)</sup> <br>| PEN | 232311000 | &nbsp;&nbsp; 75383668 |
| South Africa Government (South <br> Africa) | South Africa Government (South <br> Africa) |  |  |
| 8.25%, 3/31/32 | ZAR | 565673000 | &nbsp;&nbsp; 34915011 |
| South Korea Government (South <br> Korea) | South Korea Government (South <br> Korea) |  |  |
| 2.875%, 12/10/27 | KRW | 49050000000 | &nbsp;&nbsp; 34059556 |
| 3.375%, 6/10/32 | KRW | 68716850000 | &nbsp;&nbsp; 47763669 |
| U.S. Treasury Inflation Indexed <br> (United States) | U.S. Treasury Inflation Indexed <br> (United States) |  |  |
| 2.375%, 2/15/55<sup>(c)</sup> <br>| USD | 15474636 | &nbsp;&nbsp; 14679129 |
| U.S. Treasury Note/Bond <br> (United States) | U.S. Treasury Note/Bond <br> (United States) |  |  |
| 4.00%, 6/30/32 | USD | 26625000 | &nbsp;&nbsp; 26777886 |
| 3.875%, 9/30/32 | USD | 25587000 | &nbsp;&nbsp; 25508040 |
| 4.00%, 2/15/34 | USD | 32160000 | &nbsp;&nbsp; 32059500 |
| 4.375%, 5/15/34 | USD | 40000000 | &nbsp;&nbsp; 40876562 |
| 4.25%, 11/15/34 | USD | 54000000 | &nbsp;&nbsp; 54567422 |
| 4.00%, 11/15/35 | USD | 75299000 | &nbsp;&nbsp; 74216577 |
| 4.625%, 5/15/54 | USD | 16100000 | &nbsp;&nbsp; 15505684 |
| 4.50%, 11/15/54 | USD | 37000000 | &nbsp;&nbsp; 34898515 |
| United Kingdom Government (United <br> Kingdom) | United Kingdom Government (United <br> Kingdom) |  |  |
| 4.375%, 7/31/54<sup>(a)</sup> <br>| GBP | 18300000 | &nbsp;&nbsp; 21639991 |
|  |  |  | &nbsp;&nbsp; 1437152001 |
| **Government-Related: 7.4%** | **Government-Related: 7.4%** | **Government-Related: 7.4%** | **Government-Related: 7.4%** |
| Chicago Transit Authority RB <br> (United States) | Chicago Transit Authority RB <br> (United States) |  |  |
| 6.899%, 12/1/40 | USD | 11588085 | &nbsp;&nbsp; 12998487 |
| 6.899%, 12/1/40 | USD | 4943719 | &nbsp;&nbsp; 5549250 |
| Colombia Government International <br> (Colombia) | Colombia Government International <br> (Colombia) |  |  |
| 3.125%, 4/15/31 | USD | 38825000 | &nbsp;&nbsp; 33622450 |
| Kommuninvest Cooperative Society <br> (Sweden) | Kommuninvest Cooperative Society <br> (Sweden) |  |  |
| 3.25%, 11/12/29<sup>(a)</sup> <br>| SEK | 432900000 | &nbsp;&nbsp; 48022155 |
| Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) |  |  |
| 6.70%, 2/16/32 | USD | 35650000 | &nbsp;&nbsp; 35554822 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par Value** | **Value** |
| 6.75%, 9/21/47 | USD | 2311000 | &nbsp;&nbsp; $1900113 |
| 7.69%, 1/23/50 | USD | 55025000 | &nbsp;&nbsp; 49313193 |
| Romanian Government International <br> (Romania) | Romanian Government International <br> (Romania) |  |  |
| 5.375%, 3/22/31<sup>(b)</sup> <br>| EUR | 15325000 | &nbsp;&nbsp; 18692664 |
| State of Illinois GO (United States) | State of Illinois GO (United States) |  |  |
| 5.10%, 6/1/33 | USD | 31206716 | &nbsp;&nbsp; 31982817 |
| State of New South Wales Australia <br> (Australia) | State of New South Wales Australia <br> (Australia) |  |  |
| 1.75%, 3/20/34<sup>(a)</sup> <br>| AUD | 109950000 | &nbsp;&nbsp; 56816569 |
| State of Queensland Australia <br> (Australia) | State of Queensland Australia <br> (Australia) |  |  |
| 4.50%, 8/22/35<sup>(a)(b)</sup> <br>| AUD | 71850000 | &nbsp;&nbsp; 44811790 |
|  |  |  | &nbsp;&nbsp; 339264310 |
| **Securitized: 30.6%** | **Securitized: 30.6%** | **Securitized: 30.6%** | **Securitized: 30.6%** |
| Asset-Backed: 6.8% | Asset-Backed: 6.8% | Asset-Backed: 6.8% | Asset-Backed: 6.8% |
| **Auto Loan: 4.0%** | **Auto Loan: 4.0%** | **Auto Loan: 4.0%** | **Auto Loan: 4.0%** |
| Ford Credit Auto Owner Trust <br> (United States) | Ford Credit Auto Owner Trust <br> (United States) |  |  |
| Series 2025-B B, 4.24%, <br> 7/15/31<br>| USD | 6450038 | &nbsp;&nbsp; 6477507 |
| Series 2025-C B, 4.22%, <br> 1/15/32<br>| USD | 6000000 | &nbsp;&nbsp; 6004274 |
| GM Financial Consumer Automobile <br> Receivables Trust (United States) | GM Financial Consumer Automobile <br> Receivables Trust (United States) |  |  |
| Series 2024-4 A4, 4.44%, <br> 4/16/30<br>| USD | 16000000 | &nbsp;&nbsp; 16182534 |
| Series 2025-2 B, 4.62%, <br> 5/16/31<br>| USD | 3000000 | &nbsp;&nbsp; 3022138 |
| Series 2025-3 B, 4.53%, <br> 9/16/31<br>| USD | 1500000 | &nbsp;&nbsp; 1514701 |
| Series 2025-4 B, 4.16%, <br> 4/16/32<br>| USD | 14810000 | &nbsp;&nbsp; 14780170 |
| Series 2025-2 C, 4.91%, <br> 10/18/32<br>| USD | 2750000 | &nbsp;&nbsp; 2774702 |
| Series 2025-3 C, 4.73%, <br> 1/18/33<br>| USD | 2500000 | &nbsp;&nbsp; 2520354 |
| Series 2025-4 C, 4.36%, <br> 5/16/33<br>| USD | 13890000 | &nbsp;&nbsp; 13872814 |
| Hyundai Auto Receivables Trust <br> (United States) | Hyundai Auto Receivables Trust <br> (United States) |  |  |
| Series 2025-B B, 4.72%, <br> 7/15/30<br>| USD | 3000000 | &nbsp;&nbsp; 3057004 |
| Series 2024-C A4, 4.44%, <br> 1/15/31<br>| USD | 15000000 | &nbsp;&nbsp; 15189474 |
| Series 2024-C B, 4.67%, <br> 1/15/31<br>| USD | 4000000 | &nbsp;&nbsp; 4056846 |
| Series 2025-A B, 4.61%, <br> 4/15/31<br>| USD | 23500000 | &nbsp;&nbsp; 23767031 |
| Series 2024-C C, 4.86%, <br> 2/17/32<br>| USD | 8250000 | &nbsp;&nbsp; 8364867 |
| Series 2025-D B, 4.36%, <br> 3/15/32<br>| USD | 15000000 | &nbsp;&nbsp; 15092352 |
| Series 2025-A C, 4.76%, <br> 6/15/32<br>| USD | 17000000 | &nbsp;&nbsp; 17240788 |
| Series 2025-B C, 4.92%, <br> 7/15/32<br>| USD | 4500000 | &nbsp;&nbsp; 4587899 |
| Series 2025-C C, 4.37%, <br> 1/18/33<br>| USD | 6492000 | &nbsp;&nbsp; 6501265 |
| Series 2025-D C, 4.56%, <br> 3/15/33<br>| USD | 16364000 | &nbsp;&nbsp; 16448494 |
|  |  |  | &nbsp;&nbsp; 181455214 |

---

PAGE 1 <sup>■</sup> Dodge & Cox Global Bond FundSee accompanying Notes to Consolidated Financial Statements

------

Consolidated Portfolio of Investments December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  |  | **Par Value** | **Value** |
| **Other: 0.1%** | **Other: 0.1%** | **Other: 0.1%** | **Other: 0.1%** |
| Rio Oil Finance Trust (Brazil) | Rio Oil Finance Trust (Brazil) |  |  |
| 9.75%, 1/6/27<sup>(b)</sup> <br>| USD | 1506494 | &nbsp;&nbsp; $1552552 |
| 8.20%, 4/6/28<sup>(b)</sup> <br>| USD | 3763900 | &nbsp;&nbsp; 3887975 |
|  |  |  | &nbsp;&nbsp; 5440527 |
| **Student Loan: 2.7%** | **Student Loan: 2.7%** | **Student Loan: 2.7%** | **Student Loan: 2.7%** |
| ECMC Group Student Loan Trust <br> (United States) | ECMC Group Student Loan Trust <br> (United States) |  |  |
| United States 30 Day Average SOFR | United States 30 Day Average SOFR | United States 30 Day Average SOFR |  |
| +1.05% Series 2025-2A A, <br> 4.924%, 11/25/74<sup>(b)</sup> <br>| USD | 16122016 | &nbsp;&nbsp; 16121977 |
| Navient Student Loan Trust <br> (United States) | Navient Student Loan Trust <br> (United States) |  |  |
| United States 30 Day Average SOFR | United States 30 Day Average SOFR | United States 30 Day Average SOFR |  |
| +1.364% Series 2016-5A A, <br> 5.239%, 6/25/65<sup>(b)</sup> <br>| USD | 752549 | &nbsp;&nbsp; 765875 |
| +1.464% Series 2016-3A <br> A3, 5.339%, 6/25/65<sup>(b)</sup> <br>| USD | 9378876 | &nbsp;&nbsp; 9514475 |
| +1.114% Series 2017-4A <br> A3, 4.989%, 9/27/66<sup>(b)</sup> <br>| USD | 2535829 | &nbsp;&nbsp; 2543127 |
| +0.664% Series 2021-2A <br> A1B, 4.539%, 2/25/70<sup>(b)</sup> <br>| USD | 3849034 | &nbsp;&nbsp; 3843266 |
| Navient Student Loan Trust (Private <br> Loans) (United States) | Navient Student Loan Trust (Private <br> Loans) (United States) |  |  |
| Series 2020-A B, 3.16%, <br> 11/15/68<sup>(b)</sup> <br>| USD | 2000000 | &nbsp;&nbsp; 1827499 |
| SLM Student Loan Trust <br> (United States) | SLM Student Loan Trust <br> (United States) |  |  |
| United States 30 Day Average SOFR | United States 30 Day Average SOFR | United States 30 Day Average SOFR |  |
| +1.064% Series 2012-1 A3, <br> 4.939%, 9/25/28<br>| USD | 786087 | &nbsp;&nbsp; 777458 |
| United States 90 Day Average SOFR | United States 90 Day Average SOFR | United States 90 Day Average SOFR |  |
| +0.371% Series 2003-1 <br> A5A, 4.504%, 12/15/32<sup>(b)</sup> <br>| USD | 1156754 | &nbsp;&nbsp; 1100655 |
| +0.711% Series 2003-1 <br> A5B, 4.844%, 12/15/32<sup>(b)</sup> <br>| USD | 415103 | &nbsp;&nbsp; 400188 |
| +0.751% Series 2007-6 A5, <br> 5.065%, 4/27/43<br>| USD | 4778472 | &nbsp;&nbsp; 4615527 |
| SMB Private Education Loan Trust <br> (Private Loans) (United States) | SMB Private Education Loan Trust <br> (Private Loans) (United States) |  |  |
| Series 2017-B A2A, 2.82%, <br> 10/15/35<sup>(b)</sup> <br>| USD | 43954 | &nbsp;&nbsp; 43828 |
| Series 2018-C B, 4.00%, <br> 11/17/42<sup>(b)</sup> <br>| USD | 1000000 | &nbsp;&nbsp; 983816 |
| Series 2023-C B, 6.36%, <br> 11/15/52<sup>(b)</sup> <br>| USD | 9000000 | &nbsp;&nbsp; 9468347 |
| Series 2021-A APT2, 1.07%, <br> 1/15/53<sup>(b)</sup> <br>| USD | 2343982 | &nbsp;&nbsp; 2146669 |
| Series 2023-A B, 5.88%, <br> 1/15/53<sup>(b)</sup> <br>| USD | 7000000 | &nbsp;&nbsp; 7155423 |
| Series 2025-B A1A, 5.02%, <br> 3/17/53<sup>(b)</sup> <br>| USD | 5290981 | &nbsp;&nbsp; 5329950 |
| Series 2024-F B, 5.73%, <br> 3/16/54<sup>(b)</sup> <br>| USD | 5500000 | &nbsp;&nbsp; 5508442 |
| Series 2025-A B, 5.86%, <br> 4/15/54<sup>(b)</sup> <br>| USD | 8000000 | &nbsp;&nbsp; 8024670 |
| Series 2024-A B, 5.88%, <br> 3/15/56<sup>(b)</sup> <br>| USD | 5000000 | &nbsp;&nbsp; 5137197 |
| Series 2023-B B, 5.77%, <br> 10/16/56<sup>(b)</sup> <br>| USD | 14331385 | &nbsp;&nbsp; 14623745 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par Value** | **Value** |
| Series 2024-E A1A, 5.09%, <br> 10/16/56<sup>(b)</sup> <br>| USD | 16396498 | &nbsp;&nbsp; $16651047 |
| Series 2024-E B, 5.71%, <br> 10/16/56<sup>(b)</sup> <br>| USD | 7500000 | &nbsp;&nbsp; 7491073 |
|  |  |  | &nbsp;&nbsp; 124074254 |
|  |  |  | &nbsp;&nbsp; 310969995 |
| CMBS: 0.0% | CMBS: 0.0% | CMBS: 0.0% | CMBS: 0.0% |
| **Agency CMBS: 0.0%** | **Agency CMBS: 0.0%** | **Agency CMBS: 0.0%** | **Agency CMBS: 0.0%** |
| Freddie Mac Military Housing Trust <br> Multifamily (United States) | Freddie Mac Military Housing Trust <br> Multifamily (United States) |  |  |
| 4.095%, 11/25/52<sup>(b)(d)</sup> <br>| USD | 883843 | &nbsp;&nbsp; 797289 |
| 3.384%, 11/25/55<sup>(b)(d)</sup> <br>| USD | 1473610 | &nbsp;&nbsp; 1275713 |
|  |  |  | &nbsp;&nbsp; 2073002 |
| Mortgage-Related: 23.8% | Mortgage-Related: 23.8% | Mortgage-Related: 23.8% | Mortgage-Related: 23.8% |
| **CMO & REMIC: 0.7%** | **CMO & REMIC: 0.7%** | **CMO & REMIC: 0.7%** | **CMO & REMIC: 0.7%** |
| Fannie Mae (United States) | Fannie Mae (United States) |  |  |
| Trust 2004-W9 1A3, 6.05%, <br> 2/25/44<br>| USD | 140834 | &nbsp;&nbsp; 146917 |
| Freddie Mac (United States) | Freddie Mac (United States) |  |  |
| Series 4183 Z, 3.00%, 3/15/43 | USD | 15823884 | &nbsp;&nbsp; 14637515 |
| Series 4283 EW, 4.50%, <br> 12/15/43<sup>(d)</sup> <br>| USD | 28603 | &nbsp;&nbsp; 28800 |
| Series 4319 MA, 4.50%, <br> 3/15/44<sup>(d)</sup> <br>| USD | 102912 | &nbsp;&nbsp; 103789 |
| Ginnie Mae (United States) | Ginnie Mae (United States) |  |  |
| Series 2010-169 JZ, 4.00%, <br> 12/20/40<br>| USD | 98056 | &nbsp;&nbsp; 94067 |
| Series 2014-184 GZ, 3.50%, <br> 12/20/44<br>| USD | 9347381 | &nbsp;&nbsp; 8836310 |
| United States 30 Day Average SOFR | United States 30 Day Average SOFR | United States 30 Day Average SOFR |  |
| +0.85% Series 2023-H04 <br> FC, 4.768%, 1/20/73<br>| USD | 7401307 | &nbsp;&nbsp; 7426157 |
|  |  |  | &nbsp;&nbsp; 31273555 |
| **Federal Agency Mortgage Pass-Through: 23.1%** | **Federal Agency Mortgage Pass-Through: 23.1%** | **Federal Agency Mortgage Pass-Through: 23.1%** | **Federal Agency Mortgage Pass-Through: 23.1%** |
| Fannie Mae, 30 Year (United States) | Fannie Mae, 30 Year (United States) | Fannie Mae, 30 Year (United States) | Fannie Mae, 30 Year (United States) |
| 4.50% 4/1/39 - 10/1/55 | USD | 36035345 | &nbsp;&nbsp; 35422840 |
| 2.50% 6/1/50 - 4/1/52 | USD | 71248300 | &nbsp;&nbsp; 61306819 |
| 2.00% 9/1/50 - 1/1/51 | USD | 9095046 | &nbsp;&nbsp; 7497732 |
| 3.50% 4/1/52 - 5/1/53 | USD | 127598196 | &nbsp;&nbsp; 118613984 |
| 3.50%, 5/1/52 | USD | 48615980 | &nbsp;&nbsp; 45055691 |
| 3.50%, 6/1/52 | USD | 77868674 | &nbsp;&nbsp; 72166126 |
| 4.00% 6/1/52 - 7/1/53 | USD | 15665262 | &nbsp;&nbsp; 14930810 |
| 4.00%, 8/1/52 | USD | 58521204 | &nbsp;&nbsp; 55572045 |
| 4.00%, 10/1/52 | USD | 56557200 | &nbsp;&nbsp; 53892402 |
| 4.50%, 12/1/54 | USD | 40567943 | &nbsp;&nbsp; 39614091 |
| 4.50%, 2/1/55 | USD | 31462222 | &nbsp;&nbsp; 30722433 |
| Fannie Mae, 40 Year (United States) | Fannie Mae, 40 Year (United States) | Fannie Mae, 40 Year (United States) | Fannie Mae, 40 Year (United States) |
| 3.00%, 6/1/62 | USD | 20475459 | &nbsp;&nbsp; 17727255 |
| Fannie Mae, Hybrid ARM (United States) | Fannie Mae, Hybrid ARM (United States) | Fannie Mae, Hybrid ARM (United States) | Fannie Mae, Hybrid ARM (United States) |
| 6.298%, 8/1/44<sup>(d)</sup> <br>| USD | 19643 | &nbsp;&nbsp; 20434 |
| 6.33%, 9/1/44<sup>(d)</sup> <br>| USD | 11482 | &nbsp;&nbsp; 11906 |
| Freddie Mac, Hybrid ARM (United States) | Freddie Mac, Hybrid ARM (United States) | Freddie Mac, Hybrid ARM (United States) | Freddie Mac, Hybrid ARM (United States) |
| 6.357%, 10/1/44<sup>(d)</sup> <br>| USD | 34286 | &nbsp;&nbsp; 35614 |
| 6.059%, 11/1/44<sup>(d)</sup> <br>| USD | 114312 | &nbsp;&nbsp; 118675 |
| 6.316%, 1/1/45<sup>(d)</sup> <br>| USD | 61300 | &nbsp;&nbsp; 63568 |
| Freddie Mac Gold, 30 Year (United States) | Freddie Mac Gold, 30 Year (United States) | Freddie Mac Gold, 30 Year (United States) | Freddie Mac Gold, 30 Year (United States) |
| 6.00%, 2/1/35 | USD | 17194 | &nbsp;&nbsp; 18000 |
| 4.50% 8/1/44 - 7/1/47 | USD | 324434 | &nbsp;&nbsp; 323368 |
| Freddie Mac Pool, 30 Year (United States) | Freddie Mac Pool, 30 Year (United States) | Freddie Mac Pool, 30 Year (United States) | Freddie Mac Pool, 30 Year (United States) |
| 2.50% 6/1/50 - 11/1/51 | USD | 33407370 | &nbsp;&nbsp; 28813851 |
| 3.50% 5/1/52 - 10/1/52 | USD | 76818004 | &nbsp;&nbsp; 71192400 |
| 4.00%, 8/1/52 | USD | 47672574 | &nbsp;&nbsp; 45496509 |

---

See accompanying Notes to Consolidated Financial StatementsDodge & Cox Global Bond Fund <sup>■</sup> PAGE 2

------

Consolidated Portfolio of Investments December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  |  | **Par Value** | **Value** |
| 3.50%, 9/1/52 | USD | 61062487 | &nbsp;&nbsp; $56590704 |
| 4.00%, 9/1/52 | USD | 157763084 | &nbsp;&nbsp; 150561758 |
| 4.00%, 10/1/52 | USD | 7952239 | &nbsp;&nbsp; 7585648 |
| 3.50%, 8/1/53 | USD | 51312087 | &nbsp;&nbsp; 47554355 |
| 4.50% 1/1/54 - 1/1/55 | USD | 67172962 | &nbsp;&nbsp; 65671554 |
| 4.50%, 4/1/55 | USD | 29723423 | &nbsp;&nbsp; 29024515 |
|  |  |  | &nbsp;&nbsp; 1055605087 |
|  |  |  | &nbsp;&nbsp; 1086878642 |
|  |  |  | &nbsp;&nbsp; 1399921639 |
| **Corporate: 27.4%** | **Corporate: 27.4%** | **Corporate: 27.4%** | **Corporate: 27.4%** |
| Financials: 8.2% | Financials: 8.2% | Financials: 8.2% |  |
| Bank of America Corp. (United States) | Bank of America Corp. (United States) |  |  |
| 4.183%, 11/25/27 | USD | 9050000 | &nbsp;&nbsp; 9071727 |
| 3.419%, 12/20/28<sup>(e)</sup> <br>| USD | 4300000 | &nbsp;&nbsp; 4245915 |
| 2.572%, 10/20/32<sup>(e)</sup> <br>| USD | 2975000 | &nbsp;&nbsp; 2683162 |
| 3.846%, 3/8/37<sup>(e)</sup> <br>| USD | 28850000 | &nbsp;&nbsp; 27169059 |
| Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) |  |  |
| 4.836%, 5/9/28 | USD | 5925000 | &nbsp;&nbsp; 5975618 |
| 3.564%, 9/23/35<sup>(e)</sup> <br>| USD | 8550000 | &nbsp;&nbsp; 8067833 |
| BNP Paribas SA (France) | BNP Paribas SA (France) |  |  |
| 4.375%, 5/12/26<sup>(b)</sup> <br>| USD | 5675000 | &nbsp;&nbsp; 5673626 |
| 4.625%, 3/13/27<sup>(b)</sup> <br>| USD | 3100000 | &nbsp;&nbsp; 3111598 |
| 2.591%, 1/20/28<sup>(b)(e)</sup> <br>| USD | 8800000 | &nbsp;&nbsp; 8663861 |
| 5.085%, 5/9/31<sup>(b)(e)</sup> <br>| USD | 3400000 | &nbsp;&nbsp; 3470796 |
| 2.588%, 8/12/35<sup>(b)(e)</sup> <br>| USD | 18396000 | &nbsp;&nbsp; 16632020 |
| 5.906%, 11/19/35<sup>(b)(e)</sup> <br>| USD | 5625000 | &nbsp;&nbsp; 5840496 |
| Boston Properties, Inc. (United States) | Boston Properties, Inc. (United States) |  |  |
| 3.65%, 2/1/26 | USD | 2150000 | &nbsp;&nbsp; 2148420 |
| 6.75%, 12/1/27 | USD | 3550000 | &nbsp;&nbsp; 3713192 |
| 4.50%, 12/1/28 | USD | 7885000 | &nbsp;&nbsp; 7935963 |
| 3.25%, 1/30/31 | USD | 8175000 | &nbsp;&nbsp; 7667093 |
| Capital One Financial Corp. <br> (United States) | Capital One Financial Corp. <br> (United States) |  |  |
| 6.312%, 6/8/29<sup>(e)</sup> <br>| USD | 3975000 | &nbsp;&nbsp; 4171566 |
| 7.624%, 10/30/31<sup>(e)</sup> <br>| USD | 6950000 | &nbsp;&nbsp; 7854514 |
| Citigroup, Inc. (United States) | Citigroup, Inc. (United States) |  |  |
| 6.174%, 5/25/34<sup>(e)</sup> <br>| USD | 4093000 | &nbsp;&nbsp; 4346706 |
| United States 90 Day Average SOFR | United States 90 Day Average SOFR | United States 90 Day Average SOFR |  |
| +6.63%,10.47%, 10/30/40<sup>(f)</sup> <br>| USD | 4162250 | &nbsp;&nbsp; 5029663 |
| HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |  |  |
| 8.113%, 11/3/33<sup>(e)</sup> <br>| USD | 8775000 | &nbsp;&nbsp; 10283912 |
| 6.547%, 6/20/34<sup>(e)</sup> <br>| USD | 13650000 | &nbsp;&nbsp; 14756130 |
| 7.399%, 11/13/34<sup>(e)</sup> <br>| USD | 8325000 | &nbsp;&nbsp; 9500033 |
| 6.50%, 5/2/36 | USD | 4500000 | &nbsp;&nbsp; 5008054 |
| 6.50%, 9/15/37 | USD | 1100000 | &nbsp;&nbsp; 1206672 |
| JPMorgan Chase & Co. <br> (United States) | JPMorgan Chase & Co. <br> (United States) |  |  |
| 1.09%, 3/11/27<sup>(a)(e)</sup> <br>| EUR | 9550000 | &nbsp;&nbsp; 11195393 |
| 5.04%, 1/23/28<sup>(e)</sup> <br>| USD | 2625000 | &nbsp;&nbsp; 2652167 |
| 4.493%, 3/24/31<sup>(e)</sup> <br>| USD | 2125000 | &nbsp;&nbsp; 2143470 |
| 2.522%, 4/22/31<sup>(e)</sup> <br>| USD | 2000000 | &nbsp;&nbsp; 1863054 |
| 2.956%, 5/13/31<sup>(e)</sup> <br>| USD | 8550000 | &nbsp;&nbsp; 8065763 |
| 5.717%, 9/14/33<sup>(e)</sup> <br>| USD | 6400000 | &nbsp;&nbsp; 6766042 |
| Lloyds Banking Group PLC (United <br> Kingdom) | Lloyds Banking Group PLC (United <br> Kingdom) |  |  |
| 4.65%, 3/24/26 | USD | 4200000 | &nbsp;&nbsp; 4205135 |
| 5.721%, 6/5/30<sup>(e)</sup> <br>| USD | 3000000 | &nbsp;&nbsp; 3144142 |
| 4.425%, 11/4/31<sup>(e)</sup> <br>| USD | 4300000 | &nbsp;&nbsp; 4286586 |
| NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) |  |  |
| 1.642%, 6/14/27<sup>(e)</sup> <br>| USD | 7135000 | &nbsp;&nbsp; 7057252 |
| 5.808%, 9/13/29<sup>(e)</sup> <br>| USD | 4469000 | &nbsp;&nbsp; 4655187 |
| 6.475%, 6/1/34<sup>(e)</sup> <br>| USD | 7700000 | &nbsp;&nbsp; 8084365 |
| 3.032%, 11/28/35<sup>(e)</sup> <br>| USD | 13325000 | &nbsp;&nbsp; 12251456 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par Value** | **Value** |
| The Charles Schwab Corp. <br> (United States) | The Charles Schwab Corp. <br> (United States) |  |  |
| 5.643%, 5/19/29<sup>(e)</sup> <br>| USD | 1900000 | &nbsp;&nbsp; $1972380 |
| 6.196%, 11/17/29<sup>(e)</sup> <br>| USD | 5200000 | &nbsp;&nbsp; 5499744 |
| 5.853%, 5/19/34<sup>(e)</sup> <br>| USD | 3450000 | &nbsp;&nbsp; 3695621 |
| 6.136%, 8/24/34<sup>(e)</sup> <br>| USD | 1625000 | &nbsp;&nbsp; 1771204 |
| The Goldman Sachs Group, Inc. <br> (United States) | The Goldman Sachs Group, Inc. <br> (United States) |  |  |
| 3.615%, 3/15/28<sup>(e)</sup> <br>| USD | 11800000 | &nbsp;&nbsp; 11734483 |
| 4.937%, 4/23/28<sup>(e)</sup> <br>| USD | 5225000 | &nbsp;&nbsp; 5284679 |
| 5.727%, 4/25/30<sup>(e)</sup> <br>| USD | 3000000 | &nbsp;&nbsp; 3134166 |
| 5.218%, 4/23/31<sup>(e)</sup> <br>| USD | 4325000 | &nbsp;&nbsp; 4467065 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |  |  |
| 2.746%, 2/11/33<sup>(b)(e)</sup> <br>| USD | 4100000 | &nbsp;&nbsp; 3676595 |
| 5.959%, 1/12/34<sup>(b)(e)</sup> <br>| USD | 7800000 | &nbsp;&nbsp; 8312461 |
| UniCredit SPA (Italy) | UniCredit SPA (Italy) |  |  |
| 5.459%, 6/30/35<sup>(b)(e)</sup> <br>| USD | 32200000 | &nbsp;&nbsp; 32821919 |
| Wells Fargo & Co. (United States) | Wells Fargo & Co. (United States) |  |  |
| 4.90%, 1/24/28<sup>(e)</sup> <br>| USD | 2575000 | &nbsp;&nbsp; 2596677 |
| 2.572%, 2/11/31<sup>(e)</sup> <br>| USD | 9600000 | &nbsp;&nbsp; 8966252 |
| 3.35%, 3/2/33<sup>(e)</sup> <br>| USD | 9375000 | &nbsp;&nbsp; 8750033 |
| 4.897%, 7/25/33<sup>(e)</sup> <br>| USD | 2800000 | &nbsp;&nbsp; 2843554 |
| 5.389%, 4/24/34<sup>(e)</sup> <br>| USD | 7800000 | &nbsp;&nbsp; 8115371 |
|  |  |  | &nbsp;&nbsp; 374239845 |
| Industrials: 17.3% | Industrials: 17.3% | Industrials: 17.3% |  |
| Bayer AG (Germany) | Bayer AG (Germany) |  |  |
| 3.125%, 11/12/79<sup>(a)(e)(f)</sup> <br>| EUR | 33400000 | &nbsp;&nbsp; 38696173 |
| 5.375%, 3/25/82<sup>(a)(e)(f)</sup> <br>| EUR | 16200000 | &nbsp;&nbsp; 19536957 |
| 7.00%, 9/25/83<sup>(a)(e)(f)</sup> <br>| EUR | 7900000 | &nbsp;&nbsp; 10187341 |
| British American Tobacco PLC (United <br> Kingdom) | British American Tobacco PLC (United <br> Kingdom) |  |  |
| 3.75%, <sup>(a)(e)(f)(g)</sup> <br>| EUR | 61750000 | &nbsp;&nbsp; 72207571 |
| Cemex SAB de CV (Mexico) | Cemex SAB de CV (Mexico) |  |  |
| 5.125%, <sup>(b)(e)(f)(g)</sup> <br>| USD | 32725000 | &nbsp;&nbsp; 32625431 |
| Charter Communications, Inc. <br> (United States) | Charter Communications, Inc. <br> (United States) |  |  |
| 4.50%, 5/1/32 | USD | 51975000 | &nbsp;&nbsp; 46649501 |
| 4.50%, 6/1/33<sup>(b)</sup> <br>| USD | 36275000 | &nbsp;&nbsp; 31753632 |
| 4.25%, 1/15/34<sup>(b)</sup> <br>| USD | 11000000 | &nbsp;&nbsp; 9353018 |
| CVS Health Corp. (United States) | CVS Health Corp. (United States) |  |  |
| 7.00%, 3/10/55<sup>(e)(f)</sup> <br>| USD | 16375000 | &nbsp;&nbsp; 17178162 |
| Elanco Animal Health, Inc. <br> (United States) | Elanco Animal Health, Inc. <br> (United States) |  |  |
| 6.65%, 8/28/28 | USD | 29932000 | &nbsp;&nbsp; 31280034 |
| Fibercop SpA (Italy) | Fibercop SpA (Italy) |  |  |
| 7.20%, 7/18/36<sup>(b)</sup> <br>| USD | 3940000 | &nbsp;&nbsp; 3921285 |
| 7.721%, 6/4/38<sup>(b)</sup> <br>| USD | 2764000 | &nbsp;&nbsp; 2767864 |
| Ford Motor Credit Co. LLC <br> (United States) | Ford Motor Credit Co. LLC <br> (United States) |  |  |
| 4.389%, 1/8/26 | USD | 6240000 | &nbsp;&nbsp; 6240387 |
| 4.95%, 5/28/27 | USD | 3700000 | &nbsp;&nbsp; 3713433 |
| 2.90%, 2/16/28 | USD | 4500000 | &nbsp;&nbsp; 4333013 |
| 5.918%, 3/20/28 | USD | 9350000 | &nbsp;&nbsp; 9566895 |
| 6.80%, 5/12/28 | USD | 7587000 | &nbsp;&nbsp; 7916850 |
| 6.798%, 11/7/28 | USD | 8000000 | &nbsp;&nbsp; 8392959 |
| 6.532%, 3/19/32 | USD | 8350000 | &nbsp;&nbsp; 8732071 |
| HCA Healthcare, Inc. (United States) | HCA Healthcare, Inc. (United States) |  |  |
| 5.00%, 3/1/28 | USD | 1625000 | &nbsp;&nbsp; 1655289 |
| 4.125%, 6/15/29 | USD | 4500000 | &nbsp;&nbsp; 4484741 |
| 5.25%, 3/1/30 | USD | 6475000 | &nbsp;&nbsp; 6684315 |
| 5.50%, 3/1/32 | USD | 8800000 | &nbsp;&nbsp; 9170200 |
| Imperial Brands PLC (United Kingdom) | Imperial Brands PLC (United Kingdom) |  |  |
| 4.50%, 6/30/28<sup>(b)</sup> <br>| USD | 1598000 | &nbsp;&nbsp; 1610867 |

---

PAGE 3 <sup>■</sup> Dodge & Cox Global Bond FundSee accompanying Notes to Consolidated Financial Statements

------

Consolidated Portfolio of Investments December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  |  | **Par Value** | **Value** |
| 5.50%, 2/1/30<sup>(b)</sup> <br>| USD | 6571000 | &nbsp;&nbsp; $6806904 |
| 4.875%, 6/7/32<sup>(a)</sup> <br>| GBP | 34797000 | &nbsp;&nbsp; 46289310 |
| Japan Tobacco, Inc. (Japan) | Japan Tobacco, Inc. (Japan) |  |  |
| 4.85%, 5/15/28<sup>(b)</sup> <br>| USD | 1825000 | &nbsp;&nbsp; 1857503 |
| 5.25%, 6/15/30<sup>(b)</sup> <br>| USD | 2575000 | &nbsp;&nbsp; 2671672 |
| 5.85%, 6/15/35<sup>(b)</sup> <br>| USD | 1725000 | &nbsp;&nbsp; 1839153 |
| Mars, Inc. (United States) | Mars, Inc. (United States) |  |  |
| 4.45%, 3/1/27<sup>(b)</sup> <br>| USD | 1450000 | &nbsp;&nbsp; 1460464 |
| 4.60%, 3/1/28<sup>(b)</sup> <br>| USD | 2225000 | &nbsp;&nbsp; 2255483 |
| 4.80%, 3/1/30<sup>(b)</sup> <br>| USD | 7925000 | &nbsp;&nbsp; 8099054 |
| Millicom International Cellular SA <br> (Guatemala) | Millicom International Cellular SA <br> (Guatemala) |  |  |
| 5.125%, 1/15/28<sup>(b)</sup> <br>| USD | 41886000 | &nbsp;&nbsp; 41681848 |
| Molex Electronic Technologies LLC <br> (United States) | Molex Electronic Technologies LLC <br> (United States) |  |  |
| 4.75%, 4/30/28<sup>(b)</sup> <br>| USD | 11950000 | &nbsp;&nbsp; 12080326 |
| 5.25%, 4/30/32<sup>(b)</sup> <br>| USD | 6150000 | &nbsp;&nbsp; 6313439 |
| News Corp. (United States) | News Corp. (United States) |  |  |
| 3.875%, 5/15/29<sup>(b)</sup> <br>| USD | 10497000 | &nbsp;&nbsp; 10184888 |
| Prosus NV (China) | Prosus NV (China) |  |  |
| 3.68%, 1/21/30<sup>(b)</sup> <br>| USD | 8000000 | &nbsp;&nbsp; 7680184 |
| 4.193%, 1/19/32<sup>(b)</sup> <br>| USD | 2000000 | &nbsp;&nbsp; 1914087 |
| 2.031%, 8/3/32<sup>(b)</sup> <br>| EUR | 32475000 | &nbsp;&nbsp; 34155018 |
| Synopsys, Inc. (United States) | Synopsys, Inc. (United States) |  |  |
| 4.65%, 4/1/28 | USD | 1025000 | &nbsp;&nbsp; 1038813 |
| 4.85%, 4/1/30 | USD | 8975000 | &nbsp;&nbsp; 9166642 |
| 5.00%, 4/1/32 | USD | 2350000 | &nbsp;&nbsp; 2399611 |
| TC Energy Corp. (Canada) | TC Energy Corp. (Canada) |  |  |
| 5.875%, 8/15/76<sup>(e)(f)</sup> <br>| USD | 26645000 | &nbsp;&nbsp; 26677613 |
| 5.30%, 3/15/77<sup>(e)(f)</sup> <br>| USD | 30142000 | &nbsp;&nbsp; 30139637 |
| 5.50%, 9/15/79<sup>(e)(f)</sup> <br>| USD | 23605000 | &nbsp;&nbsp; 23427493 |
| T-Mobile U.S., Inc. (United States) | T-Mobile U.S., Inc. (United States) |  |  |
| 3.50%, 4/15/31 | USD | 17225000 | &nbsp;&nbsp; 16468137 |
| 8.75%, 3/15/32 | USD | 30350000 | &nbsp;&nbsp; 36703960 |
| Ultrapar Participacoes SA (Brazil) | Ultrapar Participacoes SA (Brazil) |  |  |
| 5.25%, 10/6/26<sup>(b)</sup> <br>| USD | 7180000 | &nbsp;&nbsp; 7172070 |
| 5.25%, 6/6/29<sup>(b)</sup> <br>| USD | 1449000 | &nbsp;&nbsp; 1445963 |
| Verizon Communications, Inc. <br> (United States) | Verizon Communications, Inc. <br> (United States) |  |  |
| 5.742%, 6/15/56<sup>(e)(f)</sup> <br>| GBP | 12800000 | &nbsp;&nbsp; 17241804 |
| 3.996%, 6/15/56<sup>(e)(f)</sup> <br>| EUR | 14775000 | &nbsp;&nbsp; 17275477 |
| VMware, Inc. (United States) | VMware, Inc. (United States) |  |  |
| 1.40%, 8/15/26 | USD | 7350000 | &nbsp;&nbsp; 7241400 |
| Vodafone Group PLC (United <br> Kingdom) | Vodafone Group PLC (United <br> Kingdom) |  |  |
| 7.00%, 4/4/79<sup>(e)(f)</sup> <br>| USD | 21050000 | &nbsp;&nbsp; 22298526 |
|  |  |  | &nbsp;&nbsp; 792644468 |
| Utilities: 1.9% | Utilities: 1.9% | Utilities: 1.9% |  |
| American Electric Power Co., Inc. <br> (United States) | American Electric Power Co., Inc. <br> (United States) |  |  |
| 5.20%, 1/15/29 | USD | 12850000 | &nbsp;&nbsp; 13244457 |
| Dominion Energy, Inc. (United States) | Dominion Energy, Inc. (United States) |  |  |
| 4.60%, 5/15/28 | USD | 3375000 | &nbsp;&nbsp; 3414390 |
| 3.375%, 4/1/30 | USD | 5000000 | &nbsp;&nbsp; 4824188 |
| 5.00%, 6/15/30 | USD | 14575000 | &nbsp;&nbsp; 14974865 |
| NextEra Energy, Inc. (United States) | NextEra Energy, Inc. (United States) |  |  |
| 4.685%, 9/1/27 | USD | 15300000 | &nbsp;&nbsp; 15481809 |
| 4.85%, 2/4/28 | USD | 1600000 | &nbsp;&nbsp; 1629311 |
| 5.05%, 3/15/30 | USD | 7070000 | &nbsp;&nbsp; 7293670 |
| 5.00%, 7/15/32 | USD | 4500000 | &nbsp;&nbsp; 4609211 |
| 5.65%, 5/1/79<sup>(e)(f)</sup> <br>| USD | 3000000 | &nbsp;&nbsp; 3029283 |
| The Southern Co. (United States) | The Southern Co. (United States) |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par Value** | **Value** |
| 5.113%, 8/1/27 | USD | 4425000 | &nbsp;&nbsp; $4495746 |
| 3.75%, 9/15/51<sup>(e)(f)</sup> <br>| USD | 14226000 | &nbsp;&nbsp; 14024570 |
|  |  |  | &nbsp;&nbsp; 87021500 |
|  |  |  | &nbsp;&nbsp; 1253905813 |
| **Total Debt Securities** <br>(Cost $4,336,966,035)<br>|  |  | &nbsp;&nbsp; **$4430243763** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Short-Term Investments: 2.4%** | **Short-Term Investments: 2.4%** | **Short-Term Investments: 2.4%** | **Short-Term Investments: 2.4%** |
|  |  | **Par Value/** <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 1.5%** | **Repurchase Agreements: 1.5%** | **Repurchase Agreements: 1.5%** | **Repurchase Agreements: 1.5%** |
| Fixed Income Clearing Corp.<sup>(h)</sup> <br>3.78%, dated 12/31/25, <br>due 1/2/26, maturity value <br> $64,013,440<br>| USD | 64000000 | &nbsp;&nbsp; $64000000 |
| Fixed Income Clearing Corp.<sup>(h)</sup> <br>1.35%, dated 12/31/25, <br>due 1/2/26, maturity value <br> $4,570,258<br>| USD | 4569915 | &nbsp;&nbsp; 4569915 |
|  |  |  | &nbsp;&nbsp; 68569915 |
| **Money Market Fund: 0.9%** | **Money Market Fund: 0.9%** | **Money Market Fund: 0.9%** | **Money Market Fund: 0.9%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund - Premier Class <br>| USD | 42165326 | &nbsp;&nbsp; 42165326 |
| **Total Short-Term Investments** <br>(Cost $110,735,241) | **Total Short-Term Investments** <br>(Cost $110,735,241) | **Total Short-Term Investments** <br>(Cost $110,735,241) | &nbsp;&nbsp; **$110735241** |
| **Total Investments in Securities** <br>(Cost $4,447,701,276)<br>|  | 99.3<br> %<br>| &nbsp;&nbsp; **$4540979004** |
| Other Assets Less Liabilities |  | 0.7<br> %<br>| &nbsp;&nbsp; 32694201 |
| **Net Assets** |  | **100.0%**<br>| &nbsp;&nbsp; **$4573673205** |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> <br>| Security exempt from registration pursuant to Regulation S under the Securities Act of <br> 1933, as amended. Regulation S securities are subject to restrictions on resale in the <br> United States.<br>|
| <sup>(b)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. The <br> security may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers.<br>|
| <sup>(c)</sup> <br>| Inflation-linked |
| <sup>(d)</sup> <br>| Variable rate security: interest rate is determined by the interest rates of underlying <br> pool of assets that collateralize the security. The interest rate of the security may <br> change due to a change in the interest rates or the composition of underlying pool of <br> assets. The interest rate shown is the rate as of period end.<br>|
| <sup>(e)</sup> <br>| Variable rate security: fixed-to-float security pays an initial fixed interest rate and will <br> pay a floating interest rate established at a predetermined time in the future. The <br> interest rate shown is the rate as of period end.<br>|
| <sup>(f)</sup> <br>| Hybrid security: characteristics of both a debt and equity security. |
| <sup>(g)</sup> <br>| Perpetual security: no stated maturity date. |
| <sup>(h)</sup> <br>| Repurchase agreement is collateralized by U.S. Treasury Notes 3.50%-3.75%, <br> 4/30/27-9/30/29. Total collateral value is $69,941,392.<br>|
|  | Debt securities are generally grouped by parent company. Actual securities may be <br> issued by the listed parent company or one of its subsidiaries. <br>The Fund usually classifies a company or issuer based on its country of risk, but may <br> designate a different country in certain circumstances.<br>|
|  | Debt securities with floating interest rates are linked to the referenced benchmark; <br> the interest rate shown is the rate as of period end.<br>|

---

See accompanying Notes to Consolidated Financial StatementsDodge & Cox Global Bond Fund <sup>■</sup> PAGE 4

------

Consolidated Portfolio of Investments December 31, 2025

---

| |
|:---|
| ARM: Adjustable Rate Mortgage |
| CMBS: Commercial Mortgage-Backed Security |
| CMO: Collateralized Mortgage Obligation |
| GO: General Obligation |
| RB: Revenue Bond |
| REMIC: Real Estate Mortgage Investment Conduit |
| SOFR: Secured Overnight Financing Rate |
| AUD: Australian Dollar |
| BRL: Brazilian Real |
| CLP: Chilean Peso |
| COP: Colombian Peso |
| EUR: Euro |
| GBP: British Pound |
| HUF: Hungarian Forint |
| JPY: Japanese Yen |
| KRW: South Korean Won |
| MXN: Mexican Peso |
| MYR: Malaysian Ringgit |
| NOK: Norwegian Krone |
| NZD: New Zealand Dollar |
| PEN: Peruvian Nuevo Sol |
| SEK: Swedish Krona |
| USD: United States Dollar |
| ZAR: South African Rand |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Appreciation/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| 10 Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp; 3453 | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; $388246687 | &nbsp;&nbsp;&nbsp;&nbsp; $(2819448)<br>|
| UK-Gilt | &nbsp;&nbsp;&nbsp;&nbsp; 654 | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 80548104 | &nbsp;&nbsp;&nbsp;&nbsp; 562903 |
| Ultra 10 Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp; 1619 | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 186210297 | &nbsp;&nbsp;&nbsp;&nbsp; (554069)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(2810614)<br>|

---

**Currency Forward Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settle Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | &nbsp;&nbsp;&nbsp; **Unrealized Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **CHF: Swiss Franc** | **CHF: Swiss Franc** | **CHF: Swiss Franc** | **CHF: Swiss Franc** | **CHF: Swiss Franc** | **CHF: Swiss Franc** | **CHF: Swiss Franc** |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 5/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17251973 | &nbsp;&nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp; 13927000 | &nbsp;&nbsp;&nbsp;&nbsp; $(555497)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1929550 | &nbsp;&nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp; 1504000 | &nbsp;&nbsp;&nbsp;&nbsp; (199)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9120517 | &nbsp;&nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp; 7085000 | &nbsp;&nbsp;&nbsp;&nbsp; 29913 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4377132 | &nbsp;&nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp; 3455000 | &nbsp;&nbsp;&nbsp;&nbsp; (55901)<br>|
| **COP: Colombian Peso** | **COP: Colombian Peso** | **COP: Colombian Peso** | **COP: Colombian Peso** | **COP: Colombian Peso** | **COP: Colombian Peso** | **COP: Colombian Peso** |
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 16591290 | &nbsp;&nbsp;&nbsp;&nbsp; COP | &nbsp;&nbsp;&nbsp;&nbsp; 72197000000 | &nbsp;&nbsp;&nbsp;&nbsp; (2353343)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3513865 | &nbsp;&nbsp;&nbsp;&nbsp; COP | &nbsp;&nbsp;&nbsp;&nbsp; 15634240000 | &nbsp;&nbsp;&nbsp;&nbsp; (588590)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3641886 | &nbsp;&nbsp;&nbsp;&nbsp; COP | &nbsp;&nbsp;&nbsp;&nbsp; 16176529500 | &nbsp;&nbsp;&nbsp;&nbsp; (602867)<br>|
| Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 16656548 | &nbsp;&nbsp;&nbsp;&nbsp; COP | &nbsp;&nbsp;&nbsp;&nbsp; 72431000000 | &nbsp;&nbsp;&nbsp;&nbsp; (2173664)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4234069 | &nbsp;&nbsp;&nbsp;&nbsp; COP | &nbsp;&nbsp;&nbsp;&nbsp; 17533281000 | &nbsp;&nbsp;&nbsp;&nbsp; (324136)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3599386 | &nbsp;&nbsp;&nbsp;&nbsp; COP | &nbsp;&nbsp;&nbsp;&nbsp; 15371900000 | &nbsp;&nbsp;&nbsp;&nbsp; (396915)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2118047 | &nbsp;&nbsp;&nbsp;&nbsp; COP | &nbsp;&nbsp;&nbsp;&nbsp; 8251275200 | &nbsp;&nbsp;&nbsp;&nbsp; (27074)<br>|
| **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** |
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 31354783 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 29659589 | &nbsp;&nbsp;&nbsp;&nbsp; (3506122)<br>|
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3784000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4377528 | &nbsp;&nbsp;&nbsp;&nbsp; 70061 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2210354 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2068203 | &nbsp;&nbsp;&nbsp;&nbsp; (220543)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 31612099 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 29876312 | &nbsp;&nbsp;&nbsp;&nbsp; (3503535)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8105683 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 7029234 | &nbsp;&nbsp;&nbsp;&nbsp; (156248)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3158880 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3702394 | &nbsp;&nbsp;&nbsp;&nbsp; 10449 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3737541 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4359206 | &nbsp;&nbsp;&nbsp;&nbsp; 33777 |
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 7936888 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9162020 | &nbsp;&nbsp;&nbsp;&nbsp; 166737 |
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1158000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1358278 | &nbsp;&nbsp;&nbsp;&nbsp; 2797 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6144678 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 5211062 | &nbsp;&nbsp;&nbsp;&nbsp; (51083)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4406938 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3743377 | &nbsp;&nbsp;&nbsp;&nbsp; (43800)<br>|
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17240215 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 14775000 | &nbsp;&nbsp;&nbsp;&nbsp; (326718)<br>|
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 24065300 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 20364618 | &nbsp;&nbsp;&nbsp;&nbsp; (147483)<br>|
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 23951860 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 20235901 | &nbsp;&nbsp;&nbsp;&nbsp; (107884)<br>|

---

PAGE 5 <sup>■</sup> Dodge & Cox Global Bond FundSee accompanying Notes to Consolidated Financial Statements

------

Consolidated Portfolio of Investments December 31, 2025

**Currency Forward Contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settle Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | &nbsp;&nbsp;&nbsp; **Unrealized Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **GBP: British Pound** | **GBP: British Pound** | **GBP: British Pound** | **GBP: British Pound** | **GBP: British Pound** | **GBP: British Pound** | **GBP: British Pound** |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3957593 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 2965004 | &nbsp;&nbsp;&nbsp;&nbsp; $(39039)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 31302109 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 23007681 | &nbsp;&nbsp;&nbsp;&nbsp; 289254 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2992246 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 2278069 | &nbsp;&nbsp;&nbsp;&nbsp; (78442)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4312223 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 3208185 | &nbsp;&nbsp;&nbsp;&nbsp; (12201)<br>|
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 10/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 25297618 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 18988706 | &nbsp;&nbsp;&nbsp;&nbsp; (271646)<br>|
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 10/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 16686025 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 12800000 | &nbsp;&nbsp;&nbsp;&nbsp; (549830)<br>|
| **MXN: Mexican Peso** | **MXN: Mexican Peso** | **MXN: Mexican Peso** | **MXN: Mexican Peso** | **MXN: Mexican Peso** | **MXN: Mexican Peso** | **MXN: Mexican Peso** |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9899706 | &nbsp;&nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp;&nbsp; 202958820 | &nbsp;&nbsp;&nbsp;&nbsp; (1248816)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6442741 | &nbsp;&nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp;&nbsp; 127476075 | &nbsp;&nbsp;&nbsp;&nbsp; (513513)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3097435 | &nbsp;&nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp;&nbsp; 58786844 | &nbsp;&nbsp;&nbsp;&nbsp; (110510)<br>|
| **NOK: Norwegian Krone** | **NOK: Norwegian Krone** | **NOK: Norwegian Krone** | **NOK: Norwegian Krone** | **NOK: Norwegian Krone** | **NOK: Norwegian Krone** | **NOK: Norwegian Krone** |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3886185 | &nbsp;&nbsp;&nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp; 39801918 | &nbsp;&nbsp;&nbsp;&nbsp; (62771)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3939215 | &nbsp;&nbsp;&nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp; 39797838 | &nbsp;&nbsp;&nbsp;&nbsp; (9337)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 11143953 | &nbsp;&nbsp;&nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp; 113771792 | &nbsp;&nbsp;&nbsp;&nbsp; (125532)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 11214809 | &nbsp;&nbsp;&nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp; 110237345 | &nbsp;&nbsp;&nbsp;&nbsp; 303146 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 14124374 | &nbsp;&nbsp;&nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp; 143750812 | &nbsp;&nbsp;&nbsp;&nbsp; (89470)<br>|
| **NZD: New Zealand Dollar** | **NZD: New Zealand Dollar** | **NZD: New Zealand Dollar** | **NZD: New Zealand Dollar** | **NZD: New Zealand Dollar** | **NZD: New Zealand Dollar** | **NZD: New Zealand Dollar** |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3275405 | &nbsp;&nbsp;&nbsp;&nbsp; NZD | &nbsp;&nbsp;&nbsp;&nbsp; 5458253 | &nbsp;&nbsp;&nbsp;&nbsp; 124876 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5457623 | &nbsp;&nbsp;&nbsp;&nbsp; NZD | &nbsp;&nbsp;&nbsp;&nbsp; 9094928 | &nbsp;&nbsp;&nbsp;&nbsp; 207989 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9783826 | &nbsp;&nbsp;&nbsp;&nbsp; NZD | &nbsp;&nbsp;&nbsp;&nbsp; 17017718 | &nbsp;&nbsp;&nbsp;&nbsp; (38878)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8615868 | &nbsp;&nbsp;&nbsp;&nbsp; NZD | &nbsp;&nbsp;&nbsp;&nbsp; 14986465 | &nbsp;&nbsp;&nbsp;&nbsp; (34388)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 8/28/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6082084 | &nbsp;&nbsp;&nbsp;&nbsp; NZD | &nbsp;&nbsp;&nbsp;&nbsp; 10355684 | &nbsp;&nbsp;&nbsp;&nbsp; 74580 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 8/28/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 26615222 | &nbsp;&nbsp;&nbsp;&nbsp; NZD | &nbsp;&nbsp;&nbsp;&nbsp; 44945314 | &nbsp;&nbsp;&nbsp;&nbsp; 541701 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4359549 | &nbsp;&nbsp;&nbsp;&nbsp; NZD | &nbsp;&nbsp;&nbsp;&nbsp; 7628365 | &nbsp;&nbsp;&nbsp;&nbsp; (71972)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3432776 | &nbsp;&nbsp;&nbsp;&nbsp; NZD | &nbsp;&nbsp;&nbsp;&nbsp; 5881808 | &nbsp;&nbsp;&nbsp;&nbsp; 15876 |
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 24124278 | &nbsp;&nbsp;&nbsp;&nbsp; NZD | &nbsp;&nbsp;&nbsp;&nbsp; 41262768 | &nbsp;&nbsp;&nbsp;&nbsp; 153632 |
| **PEN: Peruvian Sol** | **PEN: Peruvian Sol** | **PEN: Peruvian Sol** | **PEN: Peruvian Sol** | **PEN: Peruvian Sol** | **PEN: Peruvian Sol** | **PEN: Peruvian Sol** |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8622844 | &nbsp;&nbsp;&nbsp;&nbsp; PEN | &nbsp;&nbsp;&nbsp;&nbsp; 31745000 | &nbsp;&nbsp;&nbsp;&nbsp; (801842)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8313132 | &nbsp;&nbsp;&nbsp;&nbsp; PEN | &nbsp;&nbsp;&nbsp;&nbsp; 30520000 | &nbsp;&nbsp;&nbsp;&nbsp; (747867)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12961098 | &nbsp;&nbsp;&nbsp;&nbsp; PEN | &nbsp;&nbsp;&nbsp;&nbsp; 47610000 | &nbsp;&nbsp;&nbsp;&nbsp; (1173704)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3747331 | &nbsp;&nbsp;&nbsp;&nbsp; PEN | &nbsp;&nbsp;&nbsp;&nbsp; 13864000 | &nbsp;&nbsp;&nbsp;&nbsp; (368714)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 13509246 | &nbsp;&nbsp;&nbsp;&nbsp; PEN | &nbsp;&nbsp;&nbsp;&nbsp; 50200358 | &nbsp;&nbsp;&nbsp;&nbsp; (1352542)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 13604477 | &nbsp;&nbsp;&nbsp;&nbsp; PEN | &nbsp;&nbsp;&nbsp;&nbsp; 50608655 | &nbsp;&nbsp;&nbsp;&nbsp; (1378186)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 8/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6861696 | &nbsp;&nbsp;&nbsp;&nbsp; PEN | &nbsp;&nbsp;&nbsp;&nbsp; 23338000 | &nbsp;&nbsp;&nbsp;&nbsp; (19422)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 8/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3069007 | &nbsp;&nbsp;&nbsp;&nbsp; PEN | &nbsp;&nbsp;&nbsp;&nbsp; 10438000 | &nbsp;&nbsp;&nbsp;&nbsp; (8596)<br>|
| **ZAR: South African Rand** | **ZAR: South African Rand** | **ZAR: South African Rand** | **ZAR: South African Rand** | **ZAR: South African Rand** | **ZAR: South African Rand** | **ZAR: South African Rand** |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8460706 | &nbsp;&nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 146178851 | &nbsp;&nbsp;&nbsp;&nbsp; (360901)<br>|
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5790149 | &nbsp;&nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 113165568 | &nbsp;&nbsp;&nbsp;&nbsp; (1039170)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2481754 | &nbsp;&nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 47632312 | &nbsp;&nbsp;&nbsp;&nbsp; (372186)<br>|
| Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1930201 | &nbsp;&nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 34853000 | &nbsp;&nbsp;&nbsp;&nbsp; (158054)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3184532 | &nbsp;&nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 56040680 | &nbsp;&nbsp;&nbsp;&nbsp; (173205)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9854630 | &nbsp;&nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 171601259 | &nbsp;&nbsp;&nbsp;&nbsp; (427041)<br>|
| Unrealized gain on currency forward contracts | Unrealized gain on currency forward contracts | Unrealized gain on currency forward contracts | Unrealized gain on currency forward contracts |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2024788 |
| Unrealized loss on currency forward contracts | Unrealized loss on currency forward contracts | Unrealized loss on currency forward contracts | Unrealized loss on currency forward contracts |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (26779377)<br>|
| Net unrealized loss on currency forward contracts | Net unrealized loss on currency forward contracts | Net unrealized loss on currency forward contracts |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(24754589)<br>|

---

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

See accompanying Notes to Consolidated Financial StatementsDodge & Cox Global Bond Fund <sup>■</sup> PAGE 6

------

Consolidated

Statement of Assets and Liabilities

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| **Assets:** | **Assets:** |
| Investments in securities, at value (cost $4,447,701,276) | $4540979004 |
| Unrealized appreciation on currency forward contracts | 2024788 |
| Cash pledged as collateral for currency forward contracts | 25320000 |
| Cash | 100 |
| Cash denominated in foreign currency (cost $654,123) | 652703 |
| Deposits with broker for futures contracts | 12567900 |
| Receivable for Fund shares sold | 6780455 |
| Dividends and interest receivable | 47508291 |
| Expense reimbursement receivable | 225207 |
| Prepaid expenses and other assets | 29425 |
|  | 4636087873 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on currency forward contracts | 26779377 |
| Payable for variation margin for futures contracts | 862703 |
| Payable for investments purchased | 29780600 |
| Payable for Fund shares redeemed | 2926758 |
| Management fees payable | 1709816 |
| Accrued expenses | 355414 |
|  | 62414668 |
| **Net Assets** | $4573673205 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $4587656596 |
| Accumulated loss | (13983391)<br>|
|  | $4573673205 |
| **Class I** | **Class I** |
| Total net assets | $4224973165 |
| Shares outstanding | 375483521 |
| Net asset value per share | $11.25 |
| **Class X** | **Class X** |
| Total net assets | $348700040 |
| Shares outstanding | 30993439 |
| Net asset value per share | $11.25 |

---

Consolidated

Statement of Operations

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>|
| **Investment Income:** |  |
| Dividends | $464151 |
| Interest (net of foreign taxes of $424,765) | 197322688 |
|  | 197786839 |
| **Expenses:** |  |
| Investment advisory fees | 13149419 |
| Administrative services fees |  |
| Class I | 3453051 |
| Class X | 151963 |
| Custody and fund accounting fees | 451251 |
| Professional services | 288720 |
| Shareholder reports | 155908 |
| Registration fees | 317313 |
| Trustees fees | 526032 |
| Miscellaneous | 60725 |
| Total expenses | 18554382 |
| Expenses reimbursed by investment manager | (1891621)<br>|
| Net expenses | 16662761 |
| **Net Investment Income** | 181124078 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| Investments in securities (net of foreign capital gains <br> tax of $13,424)<br>| (745650)<br>|
| Futures contracts | 11813412 |
| Currency forward contracts | (288198)<br>|
| Foreign currency transactions | 1760977 |
| Net change in unrealized appreciation/depreciation |  |
| Investments in securities | 241178705 |
| Futures contracts | 2339129 |
| Currency forward contracts | (43978992)<br>|
| Foreign currency translation | 1022045 |
| Net realized and unrealized gain | 213101428 |
| **Net Change in Net Assets From Operations** | $394225506 |

---

PAGE 7 <sup>■</sup> Dodge & Cox Global Bond FundSee accompanying Notes to Consolidated Financial Statements

------

Consolidated

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $181124078 | $139548243 |
| Net realized gain (loss) | 12540541 | (41183646)<br>|
| Net change in unrealized <br> appreciation/depreciation<br>| 200560887 | (88792301)<br>|
|  | 394225506 | 9572296 |
| **Distributions to Shareholders:** |  |  |
| Class I | (150743707)<br>| (129368658)<br>|
| Class X | (13273701)<br>| (11233959)<br>|
| Total distributions | (164017408)<br>| (140602617)<br>|
| **Fund Share Transactions:** |  |  |
| **Class I** |  |  |
| Proceeds from sales of shares | 1674184599 | 1189019165 |
| Reinvestment of distributions | 138049013 | 118114575 |
| Cost of shares redeemed | (733790086)<br>| (669368892)<br>|
| **Class X** |  |  |
| Proceeds from sales of shares | 142447875 | 174113779 |
| Reinvestment of distributions | 13273575 | 11233959 |
| Cost of shares redeemed | (86861179)<br>| (72250253)<br>|
| Net change from Fund share <br> transactions<br>| 1147303797 | 750862333 |
| Total change in net assets | 1377511895 | 619832012 |
| **Net Assets:** |  |  |
| Beginning of year | 3196161310 | 2576329298 |
| End of year | $4573673205 | $3196161310 |
| **Share Information:** |  |  |
| **Class I** |  |  |
| Shares sold | 150492851 | 108768809 |
| Distributions reinvested | 12392439 | 10953250 |
| Shares redeemed | (66697032)<br>| (61557680)<br>|
| Net change in shares outstanding | 96188258 | 58164379 |
| **Class X** |  |  |
| Shares sold | 12863302 | 16024782 |
| Distributions reinvested | 1192272 | 1041485 |
| Shares redeemed | (7880917)<br>| (6655666)<br>|
| Net change in shares outstanding | 6174657 | 10410601 |

---

See accompanying Notes to Consolidated Financial StatementsDodge & Cox Global Bond Fund <sup>■</sup> PAGE 8

------

Notes to Consolidated Financial Statements

**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 Fund commenced operations on May 1, 2014, and 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.

On May 1, 2022, the then-outstanding shares of the Fund were redesignated as Class I Shares, and Class X shares of the Fund were established. The share classes have different eligibility requirements and expense structures due to differing shareholder servicing arrangements. The share classes have the same rights as to redemption, dividends and liquidation proceeds, and voting privileges, except that each class has the exclusive right to vote on matters affecting only its class.

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.

Debt securities 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 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 a 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.

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 Dodge & Cox. The Board of Trustees has appointed Dodge & Cox, the Fund's investment manager, as its "valuation designee", as permitted

by Rule 2a-5 under the Investment Company Act of 1940, 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.

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.

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.

Share class accounting Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated to each share class of the Fund based upon the proportion of net assets of each class.

PAGE 9 <sup>■</sup> Dodge & Cox Global Bond Fund

------

Notes to Consolidated Financial Statements

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 receipts and are accrued at the time the associated interest income is recorded.

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: holding/disposing of foreign currency, the difference in exchange rate between the trade and settlement dates on securities transactions, the difference in exchange rate 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.

Repurchase agreements Repurchase agreements are transactions under which a Fund purchases a security from a 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. It is the Fund's policy that its regular custodian or third party custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. In the event of default by the counterparty, the Fund has the contractual right to liquidate the collateral securities and to apply the proceeds in satisfaction of the obligation.

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.

The Fund may also enter into a Master Securities Forward Transaction Agreement ("MSFTA") with a counterparty to govern transactions of delayed delivery securities, including TBA securities. The

MSFTA provides for collateralization requirements and the right to offset amounts due to or from counterparties under specified conditions.

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, 2025, the Subsidiary had net assets of $100, which represented less than 0.01% of the Fund's consolidated net assets.

Segment Reporting An operating segment is defined in Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - *Improvements to Reporting Segment Disclosures* as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Chair of the Board of Trustees of the Trust acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole. "Net change in net assets from operations" reported on the Statement of Operations is used by the CODM to assess the single operating segment's performance and to make resource allocation decisions for the single operating segment.

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 below.

<sup>■</sup> Level 1: Unadjusted quoted prices in active markets for identical securities

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

<sup>■</sup> 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.

Dodge & Cox Global Bond Fund <sup>■</sup> PAGE 10

------

Notes to Consolidated Financial Statements

The following is a summary of the inputs used to value the Fund's holdings at December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Classification** | **LEVEL 1** <br>**(Quoted Prices)**<br>| **LEVEL 2** <br>**(Other Significant** <br>**Observable Inputs)**<br>|
| **Securities** | **Securities** | **Securities** |
| Debt Securities | Debt Securities | Debt Securities |
| Government | $— | $1437152001 |
| Government-Related |  | 339264310 |
| Securitized |  | 1399921639 |
| Corporate |  | 1253905813 |
| Short-Term Investments | Short-Term Investments | Short-Term Investments |
| Repurchase Agreements |  | 68569915 |
| Money Market Fund | 42165326 |  |
| Total Securities | $42165326 | $4498813678 |
| **Other Investments** | **Other Investments** | **Other Investments** |
| Futures Contracts | Futures Contracts | Futures Contracts |
| Appreciation | $562903 | $— |
| Depreciation | (3373517)<br>|  |
| Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts |
| Appreciation |  | 2024788 |
| Depreciation |  | (26779377)<br>|

---

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 the contract is purchased. 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 to secure the Fund's obligation to perform. Initial margin is returned to the Fund when the futures contract is closed. Subsequent payments (referred to as "variation margin") are made to or received from the clearing broker 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.

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

The Fund used government debt futures contracts to adjust the overall interest rate exposure and duration of the portfolio.

Currency forward contracts Currency forward contracts are agreements to purchase or sell a specific currency 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.

The Fund used short currency forward contracts to hedge direct and/or indirect foreign currency exposure.

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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Interest Rate** <br>**Derivatives**<br>| **Foreign** <br>**Exchange** <br>**Derivatives**<br>| **Total** <br>**Value**<br>|
| **Assets** |  |  |  |
| Unrealized appreciation on <br> currency forward contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $2024788 | &nbsp;&nbsp; $2024788 |
| Futures contracts<sup>(a)</sup> <br>| &nbsp;&nbsp; 562903 | &nbsp;&nbsp; — | &nbsp;&nbsp; 562903 |
|  | &nbsp;&nbsp; $562903 | &nbsp;&nbsp; $2024788 | &nbsp;&nbsp; $2587691 |
| **Liabilities** |  |  |  |
| Unrealized depreciation on <br> currency forward contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $26779377 | &nbsp;&nbsp; $26779377 |
| Futures contracts<sup>(a)</sup> <br>| &nbsp;&nbsp; 3373517 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3373517 |
|  | &nbsp;&nbsp; $3373517 | &nbsp;&nbsp; $26779377 | &nbsp;&nbsp; $30152894 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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** <br>**Derivatives**<br>| **Foreign** <br>**Exchange** <br>**Derivatives**<br>| **Total** |
| **Net realized gain (loss)** |  |  |  |
| Futures contracts | &nbsp;&nbsp; $11813412 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 11813412 |
| Currency forward contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (288198)<br>| &nbsp;&nbsp; (288198)<br>|
|  | &nbsp;&nbsp; $11813412 | &nbsp;&nbsp; $(288198)<br>| &nbsp;&nbsp; $11525214 |
| **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** |
| Futures contracts | &nbsp;&nbsp; $2339129 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 2339129 |
| Currency forward contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (43978992)<br>| &nbsp;&nbsp; (43978992)<br>|
|  | &nbsp;&nbsp; $2339129 | &nbsp;&nbsp; $(43978992)<br>| &nbsp;&nbsp; $(41639863)<br>|

---

The following summarizes the range of volume in the Fund's derivative instruments during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
| **Derivative** |  | **% of Net Assets** |
| Futures contracts | USD notional value | &nbsp;&nbsp; 10-15<br> %<br>|
| Currency forward contracts | USD total value | &nbsp;&nbsp; 9-14<br> %<br>|

---

The Fund may enter into various over-the-counter derivative contracts governed by International Swaps and Derivatives

PAGE 11 <sup>■</sup> Dodge & Cox Global Bond Fund

------

Notes to Consolidated Financial Statements

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, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross** <br>**Amount of** <br>**Recognized** <br>**Assets** <br>| **Gross** <br>**Amount of** <br>**Recognized** <br>**Liabilities**<br>| **Cash** <br>**Collateral** <br>**Pledged /** <br>**(Received)**<sup>(a)</sup> <br>| **Net Amount**<sup>(b)</sup> <br>|
| Bank of America | $— | $(2264447)<br>| $2100000 | $(164447)<br>|
| Barclays | 70061 | (5859465)<br>| 5780000 | (9404)<br>|
| Citibank | 124876 | (5885626)<br>| 5700000 | (60750)<br>|
| Goldman Sachs |  | (2331718)<br>| 2331718 |  |
| HSBC | 874969 | (4667268)<br>| 3792299 |  |
| Morgan Stanley | 631716 | (1712676)<br>| 1080960 |  |
| Standard Chartered | 323166 | (2442731)<br>| 2119565 |  |
| State Street |  | (1615446)<br>| 1615446 |  |
|  | $2024788 | $(26779377)<br>| $24519988 | $(234601)<br>|

---

<sup>(a)</sup> 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. 

<sup>(b)</sup> Represents the net amount receivable from (payable to) the counterparty in the event of a default. 

**Note 3: Related Party Transactions**

The Fund's management fees include an investment advisory fee and an administrative services fee described below.

Investment advisory fee The Fund pays an investment advisory fee, accrued daily and paid monthly, at an annual rate of 0.35% of the Fund's average daily net assets to Dodge & Cox, investment manager of the Fund.

Administrative services fee The Fund pays Dodge & Cox a fee for administrative and shareholder services. The fee is accrued daily and paid monthly equal to an annual rate of the average daily net assets of 0.10% for Class I shares and 0.05% for Class X shares. Under this agreement, Dodge & Cox is responsible for the payment of the Fund's transfer agency fees.

Expense reimbursement Dodge & Cox has contractually agreed, through April 30, 2026, to waive management fees or reimburse the Fund for ordinary expenses to the extent necessary to maintain the net ordinary expense ratio of the Class I shares at 0.45%, and the net ordinary expense ratio of the Class X shares at an amount 0.08% less than the net ordinary expense ratio of Class I shares. These agreements cannot be terminated prior to April 30, 2026 other than by resolution of the Board of Trustees. For purposes of the foregoing, ordinary expenses shall not include nonrecurring shareholder account fees, fees and expenses associated with Fund shareholder meetings, fees on portfolio transactions such as exchange fees, dividends and interest on short positions, fees and expenses of pooled investment vehicles that are held by the Fund, interest expenses and other fees and expenses related to any borrowings, taxes, brokerage fees and commissions and other costs and expenses relating to the acquisition and disposition of Fund investments, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses or extraordinary expenses not incurred in the ordinary course of the Fund's business, such as litigation expenses. The term of the agreement will automatically renew for subsequent three-year terms unless terminated with at least 30 days' written notice by either party prior to the end of the then-current term. The agreement does not permit Dodge & Cox to recoup any fees waived or payments made to the Fund for a prior year. For the year ended December 31, 2025, Dodge & Cox reimbursed expenses of $1,655,051 and $236,570 to Class I and Class X, respectively.

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

**Note 4: Income Tax Information and Distributions to Shareholders**

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

Dodge & Cox Global Bond Fund <sup>■</sup> PAGE 12

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Notes to Consolidated Financial Statements

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| Class I |  |  |
| Ordinary income | $150743707 | &nbsp;&nbsp; $129368658 |
| Long-term capital gain | $— | &nbsp;&nbsp; $— |
| Class X |  |  |
| Ordinary income | $13273701 | &nbsp;&nbsp; $11233959 |
| Long-term capital gain | $— | &nbsp;&nbsp; $— |

---

At December 31, 2025, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; $(70485218)<br>|
| Deferred loss<sup>2</sup> <br>| &nbsp;&nbsp; (4695240)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 61197067 |
| Total distributable earnings | &nbsp;&nbsp; $(13983391)<br>|

---

<sup>1</sup> Represents accumulated long-term capital loss as of December 31, 2025, which may be carried forward to offset future capital gains. 

<sup>2</sup> Represents capital loss incurred between November 1, 2025 and December 31, 2025. As permitted by tax regulation, the Fund has elected to treat this loss as arising in 2026. 

At December 31, 2025, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | &nbsp;&nbsp; $4452391492 |
| Unrealized appreciation | &nbsp;&nbsp; 135250430 |
| Unrealized depreciation | &nbsp;&nbsp; (74228121)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 61022309 |

---

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

**Note 5: Loan Facilities**

Pursuant to an exemptive order issued by the Securities and Exchange Commission (SEC), the Fund may participate in an interfund lending facility (Facility). The Facility allows the Fund to borrow

money from or loan money to the Funds. Loans under the Facility are made for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest on borrowings is the average of the current repurchase agreement rate and the bank loan rate. There was no activity in the Facility during the 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, 2025, the Fund's commitment fee amounted to $15,660 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 6: Purchases and Sales of Investments**

For the year ended December 31, 2025, purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated to $1,115,769,177 and $359,420,033, respectively. For the year ended December 31, 2025, purchases and sales of U.S. government securities aggregated to $889,851,507 and $574,387,286, respectively.

**Note 7: New Accounting Guidance**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740) - *Improvements to Income Tax Disclosures*. The amendments in the ASU provide for enhanced disclosures related to income taxes paid, disaggregated by federal, state, local and foreign taxes. The ASU is effective for annual periods beginning after December 15, 2024. The adoption of this ASU did not have a material impact on the financial statements.

**Note 8: Subsequent Events**

Fund management has determined that no material events or transactions occurred subsequent to December 31, 2025, and through the date of the Fund's financial statements issuance, which require disclosure in the Fund's financial statements.

PAGE 13 <sup>■</sup> Dodge & Cox Global Bond Fund

------

Consolidated Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Class I** |  |  |  |  |  |
| **Net asset value, beginning of year** | &nbsp;&nbsp;&nbsp;&nbsp; $10.51 | &nbsp;&nbsp;&nbsp;&nbsp; $10.94 | &nbsp;&nbsp;&nbsp;&nbsp; $10.08 | &nbsp;&nbsp;&nbsp;&nbsp; $11.54 | &nbsp;&nbsp;&nbsp;&nbsp; $12.09 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.38)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>|
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp;&nbsp; $11.25 | &nbsp;&nbsp;&nbsp;&nbsp; $10.51 | &nbsp;&nbsp;&nbsp;&nbsp; $10.94 | &nbsp;&nbsp;&nbsp;&nbsp; $10.08 | &nbsp;&nbsp;&nbsp;&nbsp; $11.54 |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 11.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.19)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.85)%<br>|
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $4225 | &nbsp;&nbsp;&nbsp;&nbsp; $2935 | &nbsp;&nbsp;&nbsp;&nbsp; $2419 | &nbsp;&nbsp;&nbsp;&nbsp; $1509 | &nbsp;&nbsp;&nbsp;&nbsp; $1991 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|
| Ratio of expenses to average net assets, before reimbursement by investment <br> manager<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 4.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 136<br> %<br>|
| Portfolio turnover rate excluding TBA rolls<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40<br> %<br>|
| **Class X**<sup>(b)</sup> <br>|  |  |  |  |  |
| **Net asset value, beginning of year** | &nbsp;&nbsp;&nbsp;&nbsp; $10.51 | &nbsp;&nbsp;&nbsp;&nbsp; $10.94 | &nbsp;&nbsp;&nbsp;&nbsp; $10.07 | &nbsp;&nbsp;&nbsp;&nbsp; $10.52 |  |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |  |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)<br>|  |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |  |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47)<br>|  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |  |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47)<br>|  |
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp;&nbsp; $11.25 | &nbsp;&nbsp;&nbsp;&nbsp; $10.51 | &nbsp;&nbsp;&nbsp;&nbsp; $10.94 | &nbsp;&nbsp;&nbsp;&nbsp; $10.07 |  |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 11.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>|  |
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $349 | &nbsp;&nbsp;&nbsp;&nbsp; $261 | &nbsp;&nbsp;&nbsp;&nbsp; $158 | &nbsp;&nbsp;&nbsp;&nbsp; $51 |  |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37 %<sup>(c)</sup><br>|  |
| Ratio of expenses to average net assets, before reimbursement by investment <br> manager<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(c)</sup><br>|  |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 4.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.75 %<sup>(c)</sup><br>|  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 92<br> %<br>|  |
| Portfolio turnover rate excluding TBA rolls<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40<br> %<br>|  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Note 1 regarding To-Be-Announced securities

&nbsp;&nbsp;&nbsp;&nbsp;(b) For 2022, the period covers 5/2/2022 (commencement of operations) to 12/31/2022

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized

See accompanying Notes to Consolidated Financial Statements

Dodge & Cox Global Bond Fund <sup>■</sup> PAGE 14

------

Report of Independent Registered Public Accounting Firm

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

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, of Dodge & Cox Global Bond Fund (one of the funds constituting Dodge & Cox Funds, referred to hereafter as the "Fund") as of December 31, 2025, the related consolidated statement of operations for the year ended December 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (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, 2025, 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, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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, 2025 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.

/s/PricewaterhouseCoopers LLP

San Francisco, California

February 19, 2026

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

PAGE 15 <sup>■</sup> Dodge & Cox Global Bond Fund

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Special 2025 Tax Information (unaudited)

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

For shareholders that are corporations, the Fund designates 100% of its ordinary dividends paid to shareholders in 2025 as Section 163(j) interest dividends.

Dodge & Cox Global Bond Fund <sup>■</sup> PAGE 16

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

None.

------

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

None.

------

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The trustees fees information is included in Item 7(a) of this Form N-CSR.

------

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

None.

------

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

------

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

------

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

------

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

------

ITEM 16. CONTROLS AND PROCEDURES.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant's management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the registrant's disclosure controls and procedures. Based on that evaluation, the principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures were effective.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the 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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

------

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

------

ITEM 19. EXHIBITS.

(a)(1) [The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.](Item19N-CSREx99A_codeeth.htm)

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached.](Item19NCSR_302cert.htm)

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached.](Item19NCSR_906cert.htm)

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dodge & Cox Funds

By: /s/ Roger G. Kuo

Roger G. Kuo

Chair and President - Principal Executive Officer

Date: March 04, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Dodge & Cox Funds

By: /s/ Roger G. Kuo

Roger G. Kuo

Chair and President - Principal Executive Officer

By: /s/ Shelly Chu

Shelly Chu

Treasurer - Principal Financial Officer

Date: March 04, 2026

------

## Exhibit 99.906

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: Dodge & Cox Funds

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

---

| | |
|:---|:---|
| Date: March 04, 2026 | <u>/s/ Roger G. Kuo</u> |
|  | Roger G. Kuo |
|  | Chair and President – Principal Executive Officer |

---

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: Dodge & Cox Funds

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

---

| | |
|:---|:---|
| Date: March 04, 2026 | <u>/s/ Shelly Chu</u> |
|  | Shelly Chu |
|  | Treasurer – Principal Financial Officer |

---

------

## Ex-99.Code

---

| | | |
|:---|:---|:---|
| **DODGE & COX** | **INVESTMENT MANAGERS** | **SAN FRANCISCO** |

---

**(EX.99A)**

**DODGE & COX FUNDS**

**Dodge & Cox Stock Fund**

**Dodge & Cox Global Stock Fund**

**Dodge & Cox International Stock Fund**

**Dodge & Cox Emerging Markets Stock Fund**

**Dodge & Cox Balanced Fund**

**Dodge & Cox Income Fund**

**Dodge & Cox Global Bond Fund**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE OFFICER**

**AND**

**PRINCIPAL FINANCIAL OFFICER**

**Effective January 1, 2021**

**I.COVERED OFFICERS/PURPOSE OF THE CODE**

Dodge & Cox Funds (the "Trust") Code of Ethics (this "Code") applies to the Trust's Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

****honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

****full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the U.S. Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

****compliance with applicable laws and governmental rules and regulations;

****the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code; and

****accountability for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

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|:---|:---|:---|
| **DODGE & COX** | **INVESTMENT MANAGERS** | **SAN FRANCISCO** |

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**II.COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST**

A "conflict of interest" occurs when a Covered Officer's private

interest interferes with the interests of, or his/her service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and are already subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The Trust and Dodge & Cox (the "Dodge & Cox Group") have adopted compliance programs and procedures that are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and Dodge & Cox, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for Dodge & Cox, or for both), be involved in establishing policies and implementing decisions that will have different effects on Dodge & Cox and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and Dodge & Cox and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following restrictions and disclosure requirements are intended to avoid actual and apparent conflicts of interest under this Code, but Covered Officers should keep in mind that these restrictions and disclosure requirements do not address every possible actual or apparent conflict of interest. **The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.**

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|:---|:---|:---|
| **DODGE & COX** | **INVESTMENT MANAGERS** | **SAN FRANCISCO** |

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**III.GENERAL RESTRICTIONS AND DISCLOSURE REQUIREMENTS**

Each Covered Officer must:

****not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

****not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

****not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

****immediately report any affiliation with a brokerage firm or an issuer of securities in the Funds' portfolios.

Covered Officers are prohibited from engaging in any of the following activities:

****serving as a director on the board of any public or private company excluding non-profit companies;

****owning any interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than Dodge & Cox;

****having a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

IV. DISCLOSURE AND COMPLIANCE

****Each Covered Officer should familiarize himself/herself with the disclosure requirements generally applicable to the Trust;

****each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's Board of Trustees (the "Board") and auditors, and to governmental regulators and self-regulatory organizations;

****each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Trust and Dodge & Cox with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust; and

![Image is missing](g7isu9nsw5coy6ewsesw5.jpg)

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| | | |
|:---|:---|:---|
| **DODGE & COX** | **INVESTMENT MANAGERS** | **SAN FRANCISCO** |

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****it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**V.REPORTING AND ACCOUNTABILITY** Each Covered Officer must:

****upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, understands, and will comply with this Code;

****annually thereafter affirm to the Board that he has complied with the requirements of this Code;

****not retaliate against any other Covered Officer or any employee of the Trust or Dodge & Cox for reports of potential violations that are made in good faith; and

****notify the General Counsel promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.[<sup>1</sup>](#div779ee5ad-2aae-4baf-938b-1d240c3e9bca)However, any approvals or waivers sought by Covered Officers will be considered by the Audit and Compliance Committee.

The Trust will follow these procedures in investigating and enforcing this Code:

**** the General Counsel will take all appropriate action to investigate any potential violations reported to him/her;

**** if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action;

**** any matter that the General Counsel believes is a violation will be reported to the Audit and Compliance Committee;

**** if the Audit and Compliance Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures, notification to

<sup>1</sup> The General Counsel is authorized to consult, as appropriate, with counsel to the Trust, and is encouraged to do so.

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|:---|:---|:---|
| **DODGE & COX** | **INVESTMENT MANAGERS** | **SAN FRANCISCO** |

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appropriate personnel of Dodge & Cox, or a recommendation to dismiss the Covered Officer;

****the Audit and Compliance Committee will be responsible for granting waivers, as appropriate; and

****any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VI. OTHER POLICIES AND PROCEDURES

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust or Dodge & Cox purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Dodge & Cox Group Code of Ethics under Rule 17j-1 under the Investment Company Act and Dodge & Cox's more detailed policies and procedures set forth in Dodge & Cox's Compliance Manual are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII. AMENDMENTS

Any substantive amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees.

VIII. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the General Counsel, the Board and counsel to the Trust.

IX. INTERNAL USE

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

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| | | |
|:---|:---|:---|
| **DODGE & COX** | **INVESTMENT MANAGERS** | **SAN FRANCISCO** |

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**Exhibit A**

Persons Covered by this Code of Conduct:

Roger Kuo, Principal Executive Officer

Shelly Chu, Principal Financial Officer

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## Ex-99.Cert

I, Roger G. Kuo, certify that:

1. I have reviewed this report on Form N-CSR of Dodge & Cox Funds ("registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 04, 2026

<u>/s/ Roger G. Kuo</u> Roger G. Kuo

Chair and President – Principal Executive Officer

I, Shelly Chu, certify that:

1. I have reviewed this report on Form N-CSR of Dodge & Cox Funds ("registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 04, 2026

<u>/s/ Shelly Chu</u> Shelly Chu

Treasurer – Principal Financial Officer

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