# EDGAR Filing Document

**Accession Number:** 0000029440
**File Stem:** 0001145549-25-055956
**Filing Date:** 2025-8
**Character Count:** 802979
**Document Hash:** aee76942f9b2969e11621b42b06febb1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-055956.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001145549-25-055956

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**EFFECTIVENESS DATE**: 20250828

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00173
- **FILM NUMBER:** 251272971

**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'? 8dde668d05e2be6

#### 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:

#### June 30, 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 August 26, 2025.

### Dodge & Cox Stock Fund

### Class I \| DODGX
![TSR Fund Logo I](images_548.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Dodge & Cox Stock Fund — Class I for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
|  | **Costs of a<br>$10,000 investment** |
| Dodge & Cox Stock Fund — Class I | $260.51%<sup>1</sup> |

---

*1* <sup>Annualized</sup>

Key Fund Statistics

---

| | |
|:---|:---|
| Fund Net Assets | $117418705117 |
| Total Number of Portfolio Holdings | 86 |
| Portfolio Turnover Rate | 10% |

---

#### 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 | 24.9% |
| Financials | 21.8% |
| Industrials | 14.7% |
| Communication Services | 10.9% |
| Information Technology | 6.8% |
| Consumer Discretionary | 4.2% |
| Energy | 3.7% |
| Materials | 3.4% |
| Real Estate | 2.6% |
| Consumer Staples | 2.3% |
| Utilities | 1.3% |

---

#### 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_549.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_548.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Dodge & Cox Stock Fund — Class X for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
|  | **Costs of a<br>$10,000 investment** |
| Dodge & Cox Stock Fund — Class X | $210.41%<sup>1</sup> |

---

*1* <sup>Annualized</sup>

Key Fund Statistics

---

| | |
|:---|:---|
| Fund Net Assets | $117418705117 |
| Total Number of Portfolio Holdings | 86 |
| Portfolio Turnover Rate | 10% |

---

#### 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 | 24.9% |
| Financials | 21.8% |
| Industrials | 14.7% |
| Communication Services | 10.9% |
| Information Technology | 6.8% |
| Consumer Discretionary | 4.2% |
| Energy | 3.7% |
| Materials | 3.4% |
| Real Estate | 2.6% |
| Consumer Staples | 2.3% |
| Utilities | 1.3% |

---

#### 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_549.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_548.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Dodge & Cox Global Stock Fund — Class I for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
|  | **Costs of a<br>$10,000 investment** |
| Dodge & Cox Global Stock Fund — Class I | $330.62%<sup>1</sup> |

---

*1* <sup>Annualized</sup>

Key Fund Statistics

---

| | |
|:---|:---|
| Fund Net Assets | $12210024391 |
| Total Number of Portfolio Holdings | 260 |
| Portfolio Turnover Rate | 13% |

---

#### 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 | 22.8% |
| Health Care | 22.1% |
| Industrials | 11.8% |
| Communication Services | 9.0% |
| Consumer Discretionary | 8.5% |
| Materials | 7.5% |
| Information Technology | 6.7% |
| Energy | 3.6% |
| Consumer Staples | 3.1% |
| Real Estate | 1.1% |
| Utilities | 0.6% |

---

Region Diversification

![Graphical Representation - Allocation 1 Chart](chartimages_94852.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_549.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_548.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Dodge & Cox Global Stock Fund — Class X for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
|  | **Costs of a<br>$10,000 investment** |
| Dodge & Cox Global Stock Fund — Class X | $280.52%<sup>1</sup> |

---

*1* <sup>Annualized</sup>

Key Fund Statistics

---

| | |
|:---|:---|
| Fund Net Assets | $12210024391 |
| Total Number of Portfolio Holdings | 260 |
| Portfolio Turnover Rate | 13% |

---

#### 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 | 22.8% |
| Health Care | 22.1% |
| Industrials | 11.8% |
| Communication Services | 9.0% |
| Consumer Discretionary | 8.5% |
| Materials | 7.5% |
| Information Technology | 6.7% |
| Energy | 3.6% |
| Consumer Staples | 3.1% |
| Real Estate | 1.1% |
| Utilities | 0.6% |

---

Region Diversification

![Graphical Representation - Allocation 1 Chart](chartimages_94853.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_549.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_548.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Dodge & Cox International Stock Fund — Class I for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
|  | **Costs of a<br>$10,000 investment** |
| Dodge & Cox International Stock Fund — Class I | $340.62%<sup>1</sup> |

---

*1* <sup>Annualized</sup>

Key Fund Statistics

---

| | |
|:---|:---|
| Fund Net Assets | $56614190625 |
| Total Number of Portfolio Holdings | 258 |
| Portfolio Turnover Rate | 6% |

---

#### 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 | 24.5% |
| Health Care | 14.3% |
| Consumer Discretionary | 11.4% |
| Industrials | 10.5% |
| Materials | 10.2% |
| Information Technology | 7.9% |
| Consumer Staples | 7.7% |
| Communication Services | 5.6% |
| Energy | 5.1% |
| Real Estate | 1.3% |

---

Region Diversification

![Graphical Representation - Allocation 1 Chart](chartimages_94854.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_549.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_548.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Dodge & Cox International Stock Fund — Class X for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
|  | **Costs of a<br>$10,000 investment** |
| Dodge & Cox International Stock Fund — Class X | $290.52%<sup>1</sup> |

---

*1* <sup>Annualized</sup>

Key Fund Statistics

---

| | |
|:---|:---|
| Fund Net Assets | $56614190625 |
| Total Number of Portfolio Holdings | 258 |
| Portfolio Turnover Rate | 6% |

---

#### 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 | 24.5% |
| Health Care | 14.3% |
| Consumer Discretionary | 11.4% |
| Industrials | 10.5% |
| Materials | 10.2% |
| Information Technology | 7.9% |
| Consumer Staples | 7.7% |
| Communication Services | 5.6% |
| Energy | 5.1% |
| Real Estate | 1.3% |

---

Region Diversification

![Graphical Representation - Allocation 1 Chart](chartimages_94855.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_549.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_548.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Dodge & Cox Emerging Markets Stock Fund for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
|  | **Costs of a<br>$10,000 investment** |
| Dodge & Cox Emerging Markets Stock Fund | $380.70%<sup>1</sup> |

---

*1* <sup>Annualized</sup>

Key Fund Statistics

---

| | |
|:---|:---|
| Fund Net Assets | $629730792 |
| Total Number of Portfolio Holdings | 421 |
| Portfolio Turnover Rate | 14% |

---

#### 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 | 24.8% |
| Taiwan | 13.6% |
| Brazil | 10.1% |
| India | 9.1% |
| South Korea | 8.9% |
| Mexico | 4.1% |
| Hong Kong | 3.7% |
| Peru | 2.4% |
| United States | 2.4% |
| Australia | 1.8% |

---

Sector Diversification

![Graphical Representation - Allocation 1 Chart](chartimages_94838.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_549.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_548.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Dodge & Cox Balanced Fund — Class I for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
|  | **Costs of a<br>$10,000 investment** |
| Dodge & Cox Balanced Fund — Class I | $270.52%<sup>1</sup> |

---

*1* <sup>Annualized</sup>

Key Fund Statistics

---

| | |
|:---|:---|
| Fund Net Assets | $14641148730 |
| Total Number of Portfolio Holdings | 497 |
| Portfolio Turnover Rate | 17% |

---

#### 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 | 63.1% |
| Debt Securities | 33.3% |
| Mutual Funds | 1.0% |
| Net Cash & Other<sup>(a)</sup> | 2.6% |

---

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

Equity Sector Diversification

![Graphical Representation - Allocation 1 Chart](chartimages_94844.jpg)

Fixed Income Sector Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_94792.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_549.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_548.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Dodge & Cox Balanced Fund — Class X for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>dodgeandcox.com/documents</u>. You can also request this information by contacting us at 800-621-3979.

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

---

| | |
|:---|:---|
|  | **Costs of a<br>$10,000 investment** |
| Dodge & Cox Balanced Fund — Class X | $220.42%<sup>1</sup> |

---

*1* <sup>Annualized</sup>

Key Fund Statistics

---

| | |
|:---|:---|
| Fund Net Assets | $14641148730 |
| Total Number of Portfolio Holdings | 497 |
| Portfolio Turnover Rate | 17% |

---

#### 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 | 63.1% |
| Debt Securities | 33.3% |
| Mutual Funds | 1.0% |
| Net Cash & Other<sup>(a)</sup> | 2.6% |

---

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

Equity Sector Diversification

![Graphical Representation - Allocation 1 Chart](chartimages_94845.jpg)

Fixed Income Sector Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_94793.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_549.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_548.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Dodge & Cox Income Fund — Class I for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
|  | **Costs of a<br>$10,000 investment** |
| Dodge & Cox Income Fund — Class I | $210.41%<sup>1</sup> |

---

*1* <sup>Annualized</sup>

Key Fund Statistics

---

| | |
|:---|:---|
| Fund Net Assets | $96628410061 |
| Total Number of Portfolio Holdings | 1505 |
| Portfolio Turnover Rate | 12% |

---

#### 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 | 50.0% |
| Corporate | 29.5% |
| U.S. Treasury | 14.7% |
| Government-Related | 4.1% |

---

#### 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_549.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_548.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Dodge & Cox Income Fund — Class X for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
|  | **Costs of a<br>$10,000 investment** |
| Dodge & Cox Income Fund — Class X | $170.33%<sup>1</sup> |

---

*1* <sup>Annualized</sup>

Key Fund Statistics

---

| | |
|:---|:---|
| Fund Net Assets | $96628410061 |
| Total Number of Portfolio Holdings | 1505 |
| Portfolio Turnover Rate | 12% |

---

#### 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 | 50.0% |
| Corporate | 29.5% |
| U.S. Treasury | 14.7% |
| Government-Related | 4.1% |

---

#### 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_549.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_548.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Dodge & Cox Global Bond Fund — Class I for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
|  | **Costs of a<br>$10,000 investment** |
| Dodge & Cox Global Bond Fund — Class I | $230.45%<sup>1</sup> |

---

*1* <sup>Annualized</sup>

Key Fund Statistics

---

| | |
|:---|:---|
| Fund Net Assets | $3692682822 |
| Total Number of Portfolio Holdings | 308 |
| Portfolio Turnover Rate | 15% |

---

#### 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 | 50.5% |
| United Kingdom | 7.0% |
| Mexico | 5.3% |
| Brazil | 4.2% |
| Japan | 4.0% |

---

Sector Diversification

![Graphical Representation - Allocation 1 Chart](chartimages_94848.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_549.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_548.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Dodge & Cox Global Bond Fund — Class X for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
|  | **Costs of a<br>$10,000 investment** |
| Dodge & Cox Global Bond Fund — Class X | $190.37%<sup>1</sup> |

---

*1* <sup>Annualized</sup>

Key Fund Statistics

---

| | |
|:---|:---|
| Fund Net Assets | $3692682822 |
| Total Number of Portfolio Holdings | 308 |
| Portfolio Turnover Rate | 15% |

---

#### 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 | 50.5% |
| United Kingdom | 7.0% |
| Mexico | 5.3% |
| Brazil | 4.2% |
| Japan | 4.0% |

---

Sector Diversification

![Graphical Representation - Allocation 1 Chart](chartimages_94849.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_549.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.

Not required in a semi-annual report on Form N-CSR.

------

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not required in a semi-annual report on Form N-CSR.

------

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not required in a semi-annual report on Form N-CSR.

------

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.

------

![](imgabce44161.gif)

2025

**June 30, 2025**

------

**Financial Statements and Other Information**

------

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

**ESTABLISHED 1965**

06/25 SF SAR&nbsp;&nbsp;&nbsp;&nbsp;

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks: 96.6%** | **Common Stocks: 96.6%** | **Common Stocks: 96.6%** |
|  | **Shares** | **Value** |
| **Communication Services: 10.9%** | **Communication Services: 10.9%** | **Communication Services: 10.9%** |
| Media & Entertainment: 10.3% | Media & Entertainment: 10.3% | Media & Entertainment: 10.3% |
| Alphabet, Inc., Class A | 8905400 | &nbsp;&nbsp; $1569398642 |
| Alphabet, Inc., Class C | 7025560 | &nbsp;&nbsp; 1246264088 |
| Charter Communications, Inc., <br> Class A<sup>(a)</sup> <br>| 7455376 | &nbsp;&nbsp; 3047832263 |
| Comcast Corp., Class A | 74585994 | &nbsp;&nbsp; 2661974126 |
| EchoStar Corp., Class A<sup>(a)</sup> <br>| 9301409 | &nbsp;&nbsp; 257649029 |
| Fox Corp., Class A | 11125575 | &nbsp;&nbsp; 623477223 |
| Fox Corp., Class B | 5283865 | &nbsp;&nbsp; 272805950 |
| Meta Platforms, Inc., Class A | 2867600 | &nbsp;&nbsp; 2116546884 |
| News Corp., Class A | 9974090 | &nbsp;&nbsp; 296429955 |
|  |  | &nbsp;&nbsp; 12092378160 |
| Telecommunication Services: 0.6% | Telecommunication Services: 0.6% | Telecommunication Services: 0.6% |
| T-Mobile U.S., Inc. | 3081637 | &nbsp;&nbsp; 734230831 |
|  |  | &nbsp;&nbsp; 12826608991 |
| **Consumer Discretionary: 4.2%** | **Consumer Discretionary: 4.2%** | **Consumer Discretionary: 4.2%** |
| Consumer Discretionary Distribution & Retail: 2.1% | Consumer Discretionary Distribution & Retail: 2.1% | Consumer Discretionary Distribution & Retail: 2.1% |
| Amazon.com, Inc.<sup>(a)</sup> <br>| 10998100 | &nbsp;&nbsp; 2412873159 |
| The Gap, Inc.<sup>(b)</sup> <br>| 3941972 | &nbsp;&nbsp; 85974409 |
|  |  | &nbsp;&nbsp; 2498847568 |
| Consumer Durables & Apparel: 0.3% | Consumer Durables & Apparel: 0.3% | Consumer Durables & Apparel: 0.3% |
| VF Corp.<sup>(b)</sup> <br>| 27374300 | &nbsp;&nbsp; 321648025 |
| Consumer Services: 1.8% | Consumer Services: 1.8% | Consumer Services: 1.8% |
| Booking Holdings, Inc. | 363130 | &nbsp;&nbsp; 2102246721 |
|  |  | &nbsp;&nbsp; 4922742314 |
| **Consumer Staples: 2.3%** | **Consumer Staples: 2.3%** | **Consumer Staples: 2.3%** |
| Food, Beverage & Tobacco: 2.3% | Food, Beverage & Tobacco: 2.3% | Food, Beverage & Tobacco: 2.3% |
| Anheuser-Busch InBev SA/NV ADR <br> (Belgium)<br>| 28884685 | &nbsp;&nbsp; 1984955553 |
| Archer-Daniels-Midland Co. | 3409806 | &nbsp;&nbsp; 179969561 |
| Molson Coors Beverage Co., <br> Class B<sup>(b)</sup> <br>| 10569381 | &nbsp;&nbsp; 508281532 |
|  |  | &nbsp;&nbsp; 2673206646 |
| **Energy: 3.7%** | **Energy: 3.7%** | **Energy: 3.7%** |
| Baker Hughes Co., Class A | 32962766 | &nbsp;&nbsp; 1263792449 |
| ConocoPhillips | 8263834 | &nbsp;&nbsp; 741596463 |
| Occidental Petroleum Corp.<sup>(b)</sup> <br>| 54696940 | &nbsp;&nbsp; 2297818449 |
|  |  | &nbsp;&nbsp; 4303207361 |
| **Financials: 21.8%** | **Financials: 21.8%** | **Financials: 21.8%** |
| Banks: 3.0% | Banks: 3.0% | Banks: 3.0% |
| Bank of America Corp. | 12456800 | &nbsp;&nbsp; 589455776 |
| Wells Fargo & Co. | 36917041 | &nbsp;&nbsp; 2957793325 |
|  |  | &nbsp;&nbsp; 3547249101 |
| Financial Services: 15.6% | Financial Services: 15.6% | Financial Services: 15.6% |
| Capital One Financial Corp. | 9321935 | &nbsp;&nbsp; 1983334891 |
| Fidelity National Information Services, <br> Inc.<br>| 23924600 | &nbsp;&nbsp; 1947701686 |
| Fiserv, Inc.<sup>(a)</sup> <br>| 20242400 | &nbsp;&nbsp; 3489992184 |
| LPL Financial Holdings, Inc. | 1833630 | &nbsp;&nbsp; 687556241 |
| State Street Corp. | 5960000 | &nbsp;&nbsp; 633786400 |
| The Bank of New York Mellon Corp. | 28178624 | &nbsp;&nbsp; 2567354433 |
| The Charles Schwab Corp. | 57932535 | &nbsp;&nbsp; 5285764493 |
| The Goldman Sachs Group, Inc. | 2426000 | &nbsp;&nbsp; 1717001500 |
|  |  | &nbsp;&nbsp; 18312491828 |
| Insurance: 3.2% | Insurance: 3.2% | Insurance: 3.2% |
| Aegon, Ltd., NY Shs (Netherlands) | 70353839 | &nbsp;&nbsp; 509361794 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| MetLife, Inc.<sup>(b)</sup> <br>| 38790742 | &nbsp;&nbsp; $3119551472 |
| Willis Towers Watson PLC | 431337 | &nbsp;&nbsp; 132204790 |
|  |  | &nbsp;&nbsp; 3761118056 |
|  |  | &nbsp;&nbsp; 25620858985 |
| **Health Care: 24.9%** | **Health Care: 24.9%** | **Health Care: 24.9%** |
| Health Care Equipment & Services: 11.1% | Health Care Equipment & Services: 11.1% | Health Care Equipment & Services: 11.1% |
| Baxter International, Inc.<sup>(b)</sup> <br>| 35272400 | &nbsp;&nbsp; 1068048272 |
| CVS Health Corp. | 48222894 | &nbsp;&nbsp; 3326415228 |
| GE HealthCare Technologies, Inc. | 15054066 | &nbsp;&nbsp; 1115054669 |
| Humana, Inc.<sup>(b)</sup> <br>| 7551500 | &nbsp;&nbsp; 1846190720 |
| Medtronic PLC | 5743900 | &nbsp;&nbsp; 500695763 |
| The Cigna Group | 6015872 | &nbsp;&nbsp; 1988726966 |
| UnitedHealth Group, Inc. | 5994760 | &nbsp;&nbsp; 1870185277 |
| Zimmer Biomet Holdings, Inc.<sup>(b)</sup> <br>| 14622400 | &nbsp;&nbsp; 1333709104 |
|  |  | &nbsp;&nbsp; 13049025999 |
| Pharmaceuticals, Biotechnology & Life Sciences: 13.8% | Pharmaceuticals, Biotechnology & Life Sciences: 13.8% | Pharmaceuticals, Biotechnology & Life Sciences: 13.8% |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 2038100 | &nbsp;&nbsp; 664604029 |
| Avantor, Inc.<sup>(a)(b)</sup> <br>| 74871715 | &nbsp;&nbsp; 1007773284 |
| BioMarin Pharmaceutical, Inc.<sup>(a)(b)</sup> <br>| 9769625 | &nbsp;&nbsp; 537036286 |
| Bristol-Myers Squibb Co. | 6055739 | &nbsp;&nbsp; 280320158 |
| Elanco Animal Health, Inc.<sup>(a)(b)</sup> <br>| 55341300 | &nbsp;&nbsp; 790273764 |
| Gilead Sciences, Inc. | 22937812 | &nbsp;&nbsp; 2543115216 |
| GSK PLC ADR (United Kingdom) | 58412777 | &nbsp;&nbsp; 2243050637 |
| Haleon PLC ADR (United Kingdom) | 113554161 | &nbsp;&nbsp; 1177556650 |
| Incyte Corp.<sup>(a)(b)</sup> <br>| 9433428 | &nbsp;&nbsp; 642416447 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> <br>| 3964000 | &nbsp;&nbsp; 498235160 |
| Novartis AG ADR (Switzerland) | 8142808 | &nbsp;&nbsp; 985361196 |
| Regeneron Pharmaceuticals, Inc. | 2491485 | &nbsp;&nbsp; 1308029625 |
| Roche Holding AG ADR (Switzerland) | 19690899 | &nbsp;&nbsp; 802601043 |
| Sanofi SA ADR (France) | 55133024 | &nbsp;&nbsp; 2663476390 |
|  |  | &nbsp;&nbsp; 16143849885 |
|  |  | &nbsp;&nbsp; 29192875884 |
| **Industrials: 14.7%** | **Industrials: 14.7%** | **Industrials: 14.7%** |
| Capital Goods: 11.3% | Capital Goods: 11.3% | Capital Goods: 11.3% |
| Ashtead Group PLC<sup>(b)(c)</sup> (United <br> Kingdom)<br>| 26496300 | &nbsp;&nbsp; 1698121731 |
| Carrier Global Corp. | 9321779 | &nbsp;&nbsp; 682261005 |
| Fortive Corp.<sup>(b)</sup> <br>| 21343884 | &nbsp;&nbsp; 1112656673 |
| GE Aerospace | 6627100 | &nbsp;&nbsp; 1705749269 |
| Johnson Controls International PLC<sup>(b)</sup> <br>| 33603017 | &nbsp;&nbsp; 3549150656 |
| Ralliant Corp.<sup>(a)(b)</sup> <br>| 6854266 | &nbsp;&nbsp; 332363390 |
| RTX Corp. | 28340100 | &nbsp;&nbsp; 4138221402 |
|  |  | &nbsp;&nbsp; 13218524126 |
| Transportation: 3.4% | Transportation: 3.4% | Transportation: 3.4% |
| FedEx Corp. | 9732655 | &nbsp;&nbsp; 2212329808 |
| Norfolk Southern Corp. | 7125600 | &nbsp;&nbsp; 1823939832 |
|  |  | &nbsp;&nbsp; 4036269640 |
|  |  | &nbsp;&nbsp; 17254793766 |
| **Information Technology: 6.8%** | **Information Technology: 6.8%** | **Information Technology: 6.8%** |
| Semiconductors & Semiconductor Equipment: 1.6% | Semiconductors & Semiconductor Equipment: 1.6% | Semiconductors & Semiconductor Equipment: 1.6% |
| Microchip Technology, Inc. | 4227400 | &nbsp;&nbsp; 297482138 |
| Taiwan Semiconductor Manufacturing <br> Co., Ltd. (Taiwan)<br>| 42000000 | &nbsp;&nbsp; 1524031220 |
|  |  | &nbsp;&nbsp; 1821513358 |
| Software & Services: 3.0% | Software & Services: 3.0% | Software & Services: 3.0% |
| Cognizant Technology Solutions <br> Corp., Class A<br>| 12702877 | &nbsp;&nbsp; 991205492 |
| Microsoft Corp. | 5075600 | &nbsp;&nbsp; 2524654196 |
|  |  | &nbsp;&nbsp; 3515859688 |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  | **Shares** | **Value** |
| Technology, Hardware & Equipment: 2.2% | Technology, Hardware & Equipment: 2.2% | Technology, Hardware & Equipment: 2.2% |
| HP, Inc. | 26237456 | &nbsp;&nbsp; $641768174 |
| TE Connectivity PLC (Switzerland) | 8245275 | &nbsp;&nbsp; 1390730534 |
| Teledyne Technologies, Inc.<sup>(a)</sup> <br>| 1133700 | &nbsp;&nbsp; 580805847 |
|  |  | &nbsp;&nbsp; 2613304555 |
|  |  | &nbsp;&nbsp; 7950677601 |
| **Materials: 3.4%** | **Materials: 3.4%** | **Materials: 3.4%** |
| Air Products & Chemicals, Inc. | 5821951 | &nbsp;&nbsp; 1642139499 |
| Celanese Corp.<sup>(b)</sup> <br>| 10127698 | &nbsp;&nbsp; 560365531 |
| International Flavors & Fragrances, <br> Inc.<sup>(b)</sup> <br>| 16276300 | &nbsp;&nbsp; 1197121865 |
| LyondellBasell Industries NV, Class A | 11197363 | &nbsp;&nbsp; 647879423 |
|  |  | &nbsp;&nbsp; 4047506318 |
| **Real Estate: 2.6%** | **Real Estate: 2.6%** | **Real Estate: 2.6%** |
| Equity Real Estate Investment Trusts (Reits): 2.6% | Equity Real Estate Investment Trusts (Reits): 2.6% | Equity Real Estate Investment Trusts (Reits): 2.6% |
| Gaming & Leisure Properties, Inc. <br> REIT<br>| 10141681 | &nbsp;&nbsp; 473413669 |
| SBA Communications Corp. REIT, <br> Class A<sup>(b)</sup> <br>| 5398400 | &nbsp;&nbsp; 1267760256 |
| Sun Communities, Inc. REIT<sup>(b)</sup> <br>| 10679800 | &nbsp;&nbsp; 1350887902 |
|  |  | &nbsp;&nbsp; 3092061827 |
| **Utilities: 1.3%** | **Utilities: 1.3%** | **Utilities: 1.3%** |
| American Electric Power Co., Inc. | 5900000 | &nbsp;&nbsp; 612184000 |
| Dominion Energy, Inc. | 16333500 | &nbsp;&nbsp; 923169420 |
|  |  | &nbsp;&nbsp; 1535353420 |
| **Total Common Stocks** <br>(Cost $74,488,068,205)<br>|  | &nbsp;&nbsp; **$113419893113** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments: 3.4%** | **Short-Term Investments: 3.4%** | **Short-Term Investments: 3.4%** |
|  | **Par Value/** <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 2.8%** | **Repurchase Agreements: 2.8%** | **Repurchase Agreements: 2.8%** |
| Bank of America<sup>(d)</sup> <br>4.39%, dated 6/30/25, due 7/1/25, <br> maturity value $250,030,486<br>| $250000000 | &nbsp;&nbsp; 250000000 |
| Fixed Income Clearing Corp.<sup>(d)</sup> <br>4.38%, dated 6/30/25, due 7/1/25, <br> maturity value $1,901,231,288<br>| 1901000000 | &nbsp;&nbsp; 1901000000 |
| Fixed Income Clearing Corp.<sup>(d)</sup> <br>1.80%, dated 6/30/25, due 7/1/25, <br> maturity value $117,162,889<br>| 117157031 | &nbsp;&nbsp; 117157031 |
| Royal Bank of Canada<sup>(d)</sup> <br>4.36%, dated 6/30/25, due 7/1/25, <br> maturity value $500,060,556<br>| 500000000 | &nbsp;&nbsp; 500000000 |
| Standard Chartered<sup>(d)</sup> <br>4.36%, dated 6/30/25, due 7/1/25, <br> maturity value $500,060,556<br>| 500000000 | &nbsp;&nbsp; 500000000 |
|  |  | &nbsp;&nbsp; 3268157031 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value/**<br> **Shares**<br>| **Value** |
| **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>| 695772389 | &nbsp;&nbsp; 695772389 |
| **Total Short-Term Investments** <br>(Cost $3,963,929,420) | **Total Short-Term Investments** <br>(Cost $3,963,929,420) | &nbsp;&nbsp; **$3963929420** |
| **Total Investments In Securities** <br>(Cost $78,451,997,625)<br>| 100.0<br> %<br>| &nbsp;&nbsp; **$117383822533** |
| Other Assets Less Liabilities | 0.0<br> %<br>| &nbsp;&nbsp; 34882584 |
| **Net Assets** | **100.0%**<br>| &nbsp;&nbsp; **$117418705117** |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> <br>| Non-income producing |
| <sup>(b)</sup> <br>| See below regarding holdings of 5% voting securities |
| <sup>(c)</sup> <br>| The security is issued in British Pounds (GBP). |
| <sup>(d)</sup> <br>| Repurchase agreements are collateralized by: <br>Fixed Income Clearing Corporation: U.S. Treasury Notes 2.625%-4.125%, 5/31/27-<br> 6/30/32. Total collateral value is $2,058,520,271. <br>Bank of America: U.S. Treasury Bond 4.625%, 5/15/54. Total collateral value is <br> $255,031,098. <br>Royal Bank of Canada: U.S. Treasury Notes 3.375%-4.50%, 7/31/26-12/31/31. Total <br> collateral value is $510,061,800. <br>Standard Chartered: U.S. Treasury Bill 8/5/25. U.S. Treasury Notes 0.25%-4.875%, <br> 7/31/25-2/15/35. U.S. Treasury Bonds 1.125%-4.625%, 5/15/40-5/15/54. <br> U.S. Treasury Inflation Indexed Notes 0.125%-0.75%, 7/15/26-1/15/30. Total <br> collateral value is $510,061,802.<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> NY Shs: New York Registry Shares <br> USD United States Dollar

**Holdings of 5% Voting Securities**

Each of the companies listed below was considered to be an affiliate of the Fund because the Fund owned 5% or more of the company's voting securities during all or part of the six months ended June 30, 2025. Further detail on these holdings and related activity during the period appear below.

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

------

Portfolio of Investments (unaudited) June 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at** <br>**Beginning of Period**<br>| **Additions** | **Reductions** | **Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation/** <br>**Depreciation**<br>| **Value at** <br>**End of Period**<br>| **Dividend** <br>**Income** <br>**(net of foreign** <br>**taxes, if any)**<br>|
| **Common Stocks** <br> **20.4%**<br>|  |  |  |  |  |  |  |
| **Consumer** <br> **Discretionary 0.3%**<br>|  |  |  |  |  |  |  |
| The Gap, Inc. | $526253616 | $— | $(1015533976) | $151085237 | $(83597456) | $—<sup>(a)</sup> <br>| $7015230 |
| VF Corp. | 587452478 |  |  |  | (265804453) | 321648025 | 4927374 |
|  |  |  |  |  |  | 321648025 |  |
| **Consumer Staples** <br> **0.4%**<br>|  |  |  |  |  |  |  |
| Molson Coors Beverage <br> Co., Class B<br>| 614276945 | 73741513 | (95950310) | 5672407 | (89459023) | 508281532 | 9756519 |
| **Energy 2.0%** |  |  |  |  |  |  |  |
| Occidental Petroleum <br> Corp.<br>| 2349249144 | 253940095 | (118325862) | (6164391) | (180880537) | 2297818449 | 23974696 |
| Occidental Petroleum <br> Corp., Warrant<sup>(b)</sup> <br>| 261706101 |  | (51604707) |  | (210101394) |  |  |
|  |  |  |  |  |  | 2297818449 |  |
| **Financials 2.7%** |  |  |  |  |  |  |  |
| Brighthouse Financial, <br> Inc.<sup>(b)</sup> <br>| 243640577 |  | (304174065) | 92621120 | (32087632) |  |  |
| MetLife, Inc. | 3253939203 |  | (74117730) | 10779592 | (71049593) | 3119551472 | 43630976 |
|  |  |  |  |  |  | 3119551472 |  |
| **Health Care 5.6%** |  |  |  |  |  |  |  |
| Avantor, Inc.<sup>(b)</sup> <br>| 1408344400 | 120744793 |  |  | (521315909) | 1007773284 |  |
| Baxter International, Inc. | 1000456272 | 30410156 |  |  | 37181844 | 1068048272 | 11992616 |
| BioMarin <br> Pharmaceutical, Inc.<sup>(b)</sup> <br>| 642157451 |  |  |  | (105121165) | 537036286 |  |
| Elanco Animal Health, <br> Inc.<sup>(b)</sup> <br>| 670183143 |  |  |  | 120090621 | 790273764 |  |
| Humana, Inc. | 1731114072 | 188248893 |  |  | (73172245) | 1846190720 | 13037820 |
| Incyte Corp.<sup>(b)</sup> <br>| 670353912 |  | (33371936) | (11696692) | (10806302) | —<sup>(a)</sup> <br>|  |
| Zimmer Biomet <br> Holdings, Inc.<br>| 1322867868 | 203068604 |  |  | (192227368) | 1333709104 | 6439152 |
|  |  |  |  |  |  | 6583031430 |  |
| **Industrials 5.7%** |  |  |  |  |  |  |  |
| Ashtead Group PLC<sup>(c)</sup> <br>| 972991052 | 632389028 |  |  | 92741651 | 1698121731 | 5965665 |
| Fortive Corp. | 360968400 | 1191189880 | (368090812) |  | (71410795) | 1112656673 | 2393854 |
| Johnson Controls <br> International PLC<br>| 3151873567 |  | (529095367) | 169751243 | 756621213 | 3549150656 | 25499303 |
| Ralliant Corp.<sup>(b)</sup> <br>|  | 368090812 |  |  | (35727422) | 332363390 |  |
|  |  |  |  |  |  | 6692292450 |  |
| **Materials 1.5%** |  |  |  |  |  |  |  |
| Celanese Corp. | 613375909 | 83510361 |  |  | (136520739) | 560365531 | 607662 |
| International Flavors & <br> Fragrances, Inc.<br>| 1361753507 | 14221015 |  |  | (178852657) | 1197121865 | 13021040 |
|  |  |  |  |  |  | 1757487396 |  |
| **Real Estate 2.2%** |  |  |  |  |  |  |  |
| SBA Communications <br> Corp. REIT, Class A<br>| 994870080 | 109576583 |  |  | 163313593 | 1267760256 | 11892984 |
| Sun Communities, Inc. <br> REIT<br>| 866077710 | 457794454 |  |  | 27015738 | 1350887902 | 61638878 |
|  |  |  |  |  |  | 2618648158 |  |
|  |  |  |  | $412048516 | $(1061170030) | $23898758912 | $241793769 |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The security is issued in British Pounds (GBP).

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

------

Statement of Assets and Liabilities (unaudited)

---

| | |
|:---|:---|
|  | **June 30, 2025** |
| **Assets:** | **Assets:** |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $54,745,354,887) | $93485063621 |
| Affiliated issuers (cost $23,706,642,738) | 23898758912 |
|  | 117383822533 |
| Cash | 56448 |
| Receivable for Fund shares sold | 236961880 |
| Dividends and interest receivable | 179990916 |
| Expense reimbursement receivable | 2039022 |
| Prepaid expenses and other assets | 289903 |
|  | 117803160702 |
| **Liabilities:** | **Liabilities:** |
| Payable for investments purchased | 114154865 |
| Payable for Fund shares redeemed | 224997618 |
| Management fees payable | 45303102 |
|  | 384455585 |
| **Net Assets** | $117418705117 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $71333349210 |
| Distributable earnings | 46085355907 |
|  | $117418705117 |
| **Class I** | **Class I** |
| Total net assets | $68240110199 |
| Shares outstanding | 251884701 |
| Net asset value per share | $270.92 |
| **Class X** | **Class X** |
| Total net assets | $49178594918 |
| Shares outstanding | 181517223 |
| Net asset value per share | $270.93 |

---

Statement of Operations (unaudited)

---

| | |
|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**<br>|
| **Investment Income:** |  |
| Dividends (net of foreign taxes of $41,318,852) |  |
| Unaffiliated issuers | $956671558 |
| Affiliated issuers | 241793769 |
| Interest | 53514329 |
|  | 1251979656 |
| **Expenses:** |  |
| Investment advisory fees | 225304251 |
| Administrative services fees |  |
| Class I | 33053812 |
| Class X | 11636125 |
| Custody and fund accounting fees | 569735 |
| Professional services | 259348 |
| Shareholder reports | 881813 |
| Registration fees | 431833 |
| Trustees fees | 251878 |
| Miscellaneous | 3826758 |
| Total expenses | 276215553 |
| Expenses reimbursed by investment manager | (11903109)<br>|
| Net expenses | 264312444 |
| **Net Investment Income** | 987667212 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| Investments in securities of unaffiliated issuers (Note 5) | 6596131412 |
| Investments in securities of affiliated issuers (Note 5) | 412048516 |
| Foreign currency transactions | 1008950 |
| Net change in unrealized appreciation/depreciation |  |
| Investments in securities of unaffiliated issuers | 1347990663 |
| Investments in securities of affiliated issuers | (1061170030)<br>|
| Foreign currency translation | 122626 |
| Net realized and unrealized gain | 7296132137 |
| **Net Change in Net Assets From Operations** | $8283799349 |

---

Statement of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Year Ended** |
|  | **June 30, 2025** | **December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $987667212 | $1681245885 |
| Net realized gain (loss) | 7009188878 | 6951087429 |
| Net change in unrealized <br> appreciation/depreciation<br>| 286943259 | 6106959503 |
|  | 8283799349 | 14739292817 |
| **Distributions to Shareholders:** |  |  |
| Class I | (1361540679)<br>| (5243736541)<br>|
| Class X | (987010711)<br>| (3559850637)<br>|
| Total distributions | (2348551390)<br>| (8803587178)<br>|
| **Fund Share Transactions:** |  |  |
| **Class I** |  |  |
| Proceeds from sales of shares | 5087088993 | 7662859222 |
| Reinvestment of distributions | 1259580777 | 4873822809 |
| Cost of shares redeemed | (7477507366)<br>| (14016514361)<br>|
| **Class X** |  |  |
| Proceeds from sales of shares | 4015256529 | 8850776879 |
| Reinvestment of distributions | 973749970 | 3534578858 |
| Cost of shares redeemed | (4024101742)<br>| (6225063059)<br>|
| Net change from Fund share <br> transactions<br>| (165932839)<br>| 4680460348 |
| Total change in net assets | 5769315120 | 10616165987 |
| **Net Assets:** |  |  |
| Beginning of period | 111649389997 | 101033224010 |
| End of period | $117418705117 | $111649389997 |
| **Share Information:** |  |  |
| **Class I** |  |  |
| Shares sold | 19449325 | 29618190 |
| Distributions reinvested | 4741636 | 19081964 |
| Shares redeemed | (28444483)<br>| (53925254)<br>|
| Net change in shares outstanding | (4253522)<br>| (5225100)<br>|
| **Class X** |  |  |
| Shares sold | 15197508 | 34371731 |
| Distributions reinvested | 3665399 | 13834478 |
| Shares redeemed | (15337528)<br>| (23674847)<br>|
| Net change in shares outstanding | 3525379 | 24531362 |

---

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

------

Notes to Financial Statements (unaudited)

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

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

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. 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

Dodge & Cox Stock Fund <sup>■</sup> PAGE 6

------

Notes to Financial Statements (unaudited)

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.

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 infor

mation available. The Chair of the Fund 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 June 30, 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 | $12826608991 | $— |
| Consumer Discretionary | 4922742314 |  |
| Consumer Staples | 2673206646 |  |
| Energy | 4303207361 |  |
| Financials | 25620858985 |  |
| Health Care | 29192875884 |  |
| Industrials | 17254793766 |  |
| Information Technology | 7950677601 |  |
| Materials | 4047506318 |  |
| Real Estate | 3092061827 |  |
| Utilities | 1535353420 |  |
| Short-Term Investments | Short-Term Investments | Short-Term Investments |
| Repurchase Agreements |  | 3268157031 |
| Money Market Fund | 695772389 |  |
| Total Securities | $114115665502 | $3268157031 |

---

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

------

Notes to Financial Statements (unaudited)

**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. 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 six months ended June 30, 2025, Dodge & Cox reimbursed expenses of $11,903,109.

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| Class I |  |  |
| Ordinary income | $561530051 | &nbsp;&nbsp; $964094723 |
| Long-term capital gain | $800010628 | &nbsp;&nbsp; $4279641818 |
| Class X |  |  |
| Ordinary income | $423221959 | &nbsp;&nbsp; $684236601 |
| Long-term capital gain | $563788752 | &nbsp;&nbsp; $2875614036 |

---

The components of distributable earnings on a tax basis are reported as of the Fund's most recent year end. At December 31, 2024, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $17847319 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 1363724106 |
| Net unrealized appreciation | &nbsp;&nbsp; 38768536523 |
| Total distributable earnings | &nbsp;&nbsp; $40150107948 |

---

At June 30, 2025, unrealized appreciation and depreciation for investments based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | &nbsp;&nbsp; $78491874292 |
| Unrealized appreciation | &nbsp;&nbsp; 42490251166 |
| Unrealized depreciation | &nbsp;&nbsp; (3598302925)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 38891948241 |

---

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 six months ended June 30, 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 $912,215,696 attributable to the redemptions in-kind: $897,197,763 from unaffiliated issuers and $15,017,933 from affiliated issuers. For tax purposes, no capital gain on the redemptions in-kind was recognized.

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

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Notes to Financial Statements (unaudited)

**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 period.

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. For the six months ended June 30, 2025, the Fund's commitment fee amounted to $256,624 and is reflected as a Miscellaneous Expense in the Statement of Operations. Interest on borrowings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the period.

**Note 7: Purchases and Sales of Investments**

For the six months ended June 30, 2025, purchases and sales of securities, other than short-term securities, aggregated $10,699,540,561 and $13,686,158,336, 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. Management is currently evaluating the requirements and expects the adoption of this ASU will not have a material impact on the financial statements.

**Note 9: Subsequent Events**

In August 2025, the Board of Trustees of the Fund approved a 16-for-1 share split of the Fund's outstanding shares effective October 24, 2025. As a result of the split, each shareholder of record as of October 24, 2025 will receive additional shares in proportion to existing shares held, thereby increasing the number of shares outstanding without altering the total net assets of the Fund. Fund management has determined that no other material events or transactions occurred subsequent to June 30, 2025, and through the date of the Fund's financial statements issuance, which require disclosure in the Fund's financial statements.

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

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Financial Highlights (unaudited)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| &nbsp;&nbsp;&nbsp; **Six Months** <br>**Ended June 30,**<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** | **2020** |
| **Class I** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp; $257.18 | &nbsp;&nbsp;&nbsp;&nbsp; $243.55 | &nbsp;&nbsp;&nbsp;&nbsp; $215.71 | &nbsp;&nbsp;&nbsp;&nbsp; $245.26 | &nbsp;&nbsp;&nbsp;&nbsp; $192.56 | &nbsp;&nbsp;&nbsp;&nbsp; $193.76 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp; 3.41 <br><sup>(a)</sup><br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;16.88 | &nbsp;&nbsp;&nbsp;&nbsp;30.81 | &nbsp;&nbsp;&nbsp;&nbsp;33.39 | &nbsp;&nbsp;&nbsp;&nbsp; (20.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;57.69 | &nbsp;&nbsp;&nbsp;&nbsp;8.60 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;19.15 | &nbsp;&nbsp;&nbsp;&nbsp;34.71 | &nbsp;&nbsp;&nbsp;&nbsp;37.00 | &nbsp;&nbsp;&nbsp;&nbsp; (17.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;60.59 | &nbsp;&nbsp;&nbsp;&nbsp;12.01 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.36)<br>|
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.85)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.21)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $270.92 | &nbsp;&nbsp;&nbsp;&nbsp; $257.18 | &nbsp;&nbsp;&nbsp;&nbsp; $243.55 | &nbsp;&nbsp;&nbsp;&nbsp; $215.71 | &nbsp;&nbsp;&nbsp;&nbsp; $245.26 | &nbsp;&nbsp;&nbsp;&nbsp; $192.56 |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 7.50<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>| &nbsp;&nbsp;&nbsp;&nbsp; 7.16<br> %<br>|
| **Ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $68240 | &nbsp;&nbsp;&nbsp;&nbsp; $65872 | &nbsp;&nbsp;&nbsp;&nbsp; $63656 | &nbsp;&nbsp;&nbsp;&nbsp; $67386 | &nbsp;&nbsp;&nbsp;&nbsp; $96695 | &nbsp;&nbsp;&nbsp;&nbsp; $70674 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.51 %<sup>(b)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.71 %<sup>(b)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98 %<sup>(a)</sup><br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 10<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>| &nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>|
| **Class X**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp; $257.19 | &nbsp;&nbsp;&nbsp;&nbsp; $243.56 | &nbsp;&nbsp;&nbsp;&nbsp; $215.73 | &nbsp;&nbsp;&nbsp;&nbsp; $227.09 |  |  |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;4.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 |  |  |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;16.91 | &nbsp;&nbsp;&nbsp;&nbsp;30.81 | &nbsp;&nbsp;&nbsp;&nbsp;33.60 | &nbsp;&nbsp;&nbsp;&nbsp; (3.81)<br>|  |  |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;19.29 | &nbsp;&nbsp;&nbsp;&nbsp;34.97 | &nbsp;&nbsp;&nbsp;&nbsp;37.23 | &nbsp;&nbsp;&nbsp;&nbsp; (1.66)<br>|  |  |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.45)<br>|  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.25)<br>|  |  |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (5.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.70)<br>|  |  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $270.93 | &nbsp;&nbsp;&nbsp;&nbsp; $257.19 | &nbsp;&nbsp;&nbsp;&nbsp; $243.56 | &nbsp;&nbsp;&nbsp;&nbsp; $215.73 |  |  |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 7.56<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; $49179 | &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 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41 %<sup>(b)</sup><br>|  |  |
| Ratio of expenses to average net assets, before <br> reimbursement by investment manager<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46 %<sup>(b)</sup><br>|  |  |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.81 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45 %<sup>(b)</sup><br>|  |  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 10<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) Net investment income per share includes significant amounts received for EU reclaims
 related to prior years, which amounted to approximately $0.20 per share. Excluding
 such amounts, the ratio of net investment income to average net assets would have been
 1.87%.

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

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

See accompanying Notes to Financial Statements

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

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Board Approval of Funds' Investment Advisory Agreement

(unaudited)

On June 11, 2025, the Board of Trustees (the "Board") of the Dodge & Cox Funds (the "Trust"), including the members of the Board who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees"), voted to continue the Investment Advisory Agreement between Dodge & Cox and the Trust (the "Advisory Agreement") in effect for an additional year beginning July 1, 2025 for each series of the Trust (each a "Fund"). Prior to the Board's vote, the Trust's Contract Review Committee, consisting solely of the Independent Trustees, met with independent counsel to the Independent Trustees on May 7 and June 11, 2025, to discuss whether the Investment Advisory Agreement should be continued. At its June 11 meeting, the Board, including the Independent Trustees, concluded that the Investment Advisory Agreement is fair and reasonable. In considering the Investment Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor or particular information as all-important or controlling. In reaching the decision to continue the Investment Advisory Agreement in effect, the Board considered several factors, and reached the conclusions, described below:&nbsp;&nbsp;&nbsp;&nbsp;

Nature, Extent and Quality of Services Provided by Dodge & Cox

<sup>■</sup> The Board considered the nature, extent and quality of the services provided by Dodge & Cox to each Fund under the Advisory Agreement. This consideration included, among other things, Dodge & Cox's investment process and philosophy; the education and experience of the principal personnel of Dodge & Cox who provide such services; the other resources that Dodge & Cox uses in managing the Funds' portfolios; Dodge & Cox's record of compliance with the Funds' investment policies and restrictions and relevant regulatory and tax compliance requirements; and such matters as Dodge & Cox's business continuity planning and insurance coverage.

<sup>■</sup> The Board concluded that the nature, extent and quality of the services Dodge & Cox provides are consistent with the terms of the Advisory Agreement and support the recommendation to continue the Advisory Agreement in effect for an additional year.

<sup>■</sup> The Board also took note of the nature, extent and quality of the services that Dodge & Cox provides to the Funds and their shareholders under a separate Administrative and Shareholder Services Agreement. Although that agreement does not require Board approval on an annual basis, the services provided thereunder are an important part of the Funds' overall relationship with Dodge & Cox, and the Board's understanding and assessment of those services (including which Dodge & Cox services are provided pursuant to which agreement) were relevant factors in its decision to approve continuation of the Advisory Agreement.

Investment Performance

<sup>■</sup> The Board reviewed information regarding the total return of each Fund over the most recent 1-, 3-, 5-, 10- and 20-year periods (or since Fund inception, if shorter). The Board compared these returns to those of the Fund's broad-based securities market index and, for the Stock, Balanced, International Stock and Global Stock Funds, other appropriate indexes provided by Dodge & Cox. The Board also considered the volatility of the Funds' investment returns over various time horizons, including volatility data provided by Broadridge Financial Solutions ("Broadridge").

<sup>■</sup> In addition, the Board reviewed a report prepared by Broadridge comparing each Fund's performance with the performance of other mutual funds in the Fund's broad Morningstar category (as modified by Broadridge to include only those funds that have similar share class and expense characteristics to such Fund, the "Morningstar custom category"), as well as with the performance of a smaller peer group of comparable funds identified by Broadridge (such Fund's "peer group"). The Board received information regarding the methodology and process underlying the construction of the Morningstar custom categories and Broadridge peer groups, and any changes in the methodology from prior years. The Board also reviewed a report prepared by Dodge & Cox comparing each Fund's performance to the composite performance of other accounts (if any) managed by Dodge & Cox using the same investment approach as the Fund. This information regarding the performance of other mutual funds and of other accounts managed by Dodge & Cox provided helpful context for the Board's evaluation of the Funds' performance.

<sup>■</sup> The Board concluded that the investment performance and volatility experienced by each Fund were consistent with Dodge & Cox's long-term, research-driven, bottom-up, active investment style and support the recommendation to continue the Advisory Agreement in effect for an additional year.

Fees and Expense Ratios

<sup>■</sup> The Board reviewed a comparison prepared by Broadridge of the net expense ratio of each Fund (including the separate expense ratios of the two share classes of those Funds that have a dual class structure), and the various elements of those expense ratios, to those of mutual funds in (1) the Fund's Morningstar custom category and (2) the Fund's peer group.

<sup>■</sup> For each Fund for which such a comparison is relevant, the Board reviewed information regarding the fee rates Dodge & Cox charges for managing other accounts using the same investment approach as the Fund. In light of the fact that such other accounts may be charged lower fee rates than a Fund, the Board took note of the broader scope of services that Dodge & Cox provides to the Funds than to separate accounts and sub-advised funds, as well as differences in regulatory, litigation, and other risks associated with sponsoring a mutual fund as compared to managing separate accounts or sub-advising another sponsor's mutual fund, and

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

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certain characteristics of the market for institutional separate account management services.

<sup>■</sup> The Board concluded, after discussion and based on all the relevant information it received, that the advisory fee rate that each Fund pays to Dodge & Cox under the Advisory Agreement is reasonable in relation to the scope and quality of the services that Dodge & Cox provides to such Fund thereunder.

<sup>■</sup> In assessing the Funds' expense ratios and the fees the Funds pay to Dodge & Cox, the Board took note of and discussed with Dodge & Cox changes over the past several years in the competitive landscape for asset management services. The Board anticipates further changes in the competitive landscape and will continue to monitor and assess the Funds' competitive position.

Costs of Services Provided and Profits Realized by Dodge & Cox from its Relationship to the Funds

<sup>■</sup> Dodge & Cox informed the Board that it operates as a unified business, with most employees providing services to support the firm and its clients across multiple strategies and/or products. Consequently, the firm does not utilize cost accounting to allocate expenses across lines of business or across the Funds for management purposes. Also, the firm is owned exclusively by its senior managers and other active employees, and generally distributes substantially all of its net revenues each year to its employees, either as compensation or as a combination of compensation and distributions with respect to the shares they own in the firm. Accordingly, while Dodge & Cox provided the Board with data to consider profitability using several different possible methodologies, it is difficult, and in the Board's view not especially meaningful, to attempt to calculate a specific profit margin associated with Dodge & Cox's relationship to any particular Fund.

<sup>■</sup> The Board believes that Dodge & Cox's commitment to employee ownership of the firm enhances its ability to attract and retain key investment and other management professionals and reinforces a long-term perspective on the management of the firm and the Funds, which the Board believes aligns well with the interests of the Funds and their shareholders.

<sup>■</sup> The Board noted that the employee-shareholders of Dodge & Cox give up a substantial stock value (which would be taxed at long-term capital gains rates) as a consequence of the firm's independence from outside ownership; the estimated market value of the company is substantially in excess of its book value.

<sup>■</sup> The Board also considered that Dodge & Cox's fee revenues from the Funds fluctuate from year to year based on changes in the aggregate net assets of the Funds, and that the firm has continued to invest in improved systems, additional compliance resources, and enhanced research capabilities despite these fluctuations.

<sup>■</sup> The Board concluded that the profitability data provided by Dodge & Cox was based upon a reasonable range of assumptions and methodologies. The Board also concluded that Dodge & Cox's profits are a keystone of its independence, stability and long-term investment performance, and are reasonable.

Economies and Benefits of Scale

<sup>■</sup> The Board considered whether there have been economies or benefits of scale as the Funds have grown over the longer term, and whether fee levels reflect economies of scale for the benefit of Fund investors. In the Board's view, any consideration of economies of scale must take account of the relatively low overall fee and expense structure of the Funds. The Funds generally rank favorably when compared to their Broadridge custom categories and peer groups, on a net expense ratio basis.

<sup>■</sup> Dodge & Cox has built economies of scale into its fee structure by charging relatively low fees at the beginning of operations. A comparison of the Funds' advisory fee rates to those of many otherwise comparable funds that employ fee "breakpoints" shows that the Funds' advisory fee rates are in general relatively lower from the first dollar. As a result of their straightforward share class and fee structure and relatively low total expenses, the Funds provide small investors with access to professional, active portfolio management and related services at a reasonable cost. In addition to building economies of scale into its fee rates from the first dollar of each Fund's assets, Dodge & Cox has capped the expenses borne by certain Funds in their early years of operations when those Funds are not yet operating at scale. The Global Bond Fund has benefited from such an expense cap since its inception in 2014, as has the Emerging Markets Stock Fund since its inception in 2021. Dodge & Cox, in 2023, agreed to continue expense caps for those Funds, and for the X share class of each of the other Funds, through April 30, 2026.

<sup>■</sup> Over the years, Dodge & Cox has voluntarily forgone opportunities for growth in its assets under management and revenues in order to protect the Funds' ability to achieve investment returns for shareholders. Dodge & Cox closed the International Stock Fund for a number of years beginning in 2015 and previously closed other Funds and limited the growth of its separate account business during periods of high growth—to Dodge & Cox's economic detriment—and continues to closely monitor the size of the Funds.

<sup>■</sup> The Board also noted that Dodge & Cox has continued to make additional expenditures on staff and information technology to enable it to enhance its investment processes and to implement effectively the Funds' strategies. The Board also considered that there may be certain diseconomies of scale associated with managing very large asset pools such as several of the Funds, insofar as certain of the costs or risks associated with managing the Funds potentially increase at a rate that exceeds the rate of asset growth.

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

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Fall-Out Benefits and Other Matters

<sup>■</sup> The Board concluded that any "fall-out" benefits derived by Dodge & Cox from its relationship with the Funds are not a significant issue.

<sup>■</sup> The Board considered the information provided regarding any conflicts of interests present and Dodge & Cox's efforts to mitigate such conflicts.

<sup>■</sup> The Board considered that the Funds have never been a party to any litigation.

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

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![](img48de73381.gif)

2025

**June 30, 2025**

------

**Financial Statements and Other Information**

------

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

**ESTABLISHED 2008**

06/25 GSF SAR&nbsp;&nbsp;&nbsp;&nbsp;

------

Consolidated Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks: 94.9%** | **Common Stocks: 94.9%** | **Common Stocks: 94.9%** |
|  | **Shares** | **Value** |
| **Communication Services: 9.0%** | **Communication Services: 9.0%** | **Communication Services: 9.0%** |
| Media & Entertainment: 9.0% | Media & Entertainment: 9.0% | Media & Entertainment: 9.0% |
| Alphabet, Inc., Class C (United States) | 1522280 | &nbsp;&nbsp; $270037249 |
| Baidu, Inc. ADR, Class A<sup>(a)</sup> (China) | 555100 | &nbsp;&nbsp; 47605376 |
| Charter Communications, Inc., <br> Class A<sup>(a)</sup> (United States)<br>| 661397 | &nbsp;&nbsp; 270385708 |
| Comcast Corp., Class A <br> (United States)<br>| 6545900 | &nbsp;&nbsp; 233623171 |
| EchoStar Corp., Class A<sup>(a)</sup> <br> (United States)<br>| 502655 | &nbsp;&nbsp; 13923543 |
| Grupo Televisa SAB ADR (Mexico) | 9665600 | &nbsp;&nbsp; 21167664 |
| Meta Platforms, Inc., Class A <br> (United States)<br>| 227600 | &nbsp;&nbsp; 167989284 |
| Tencent Holdings, Ltd. (China) | 1221500 | &nbsp;&nbsp; 78269862 |
|  |  | &nbsp;&nbsp; 1103001857 |
| **Consumer Discretionary: 8.5%** | **Consumer Discretionary: 8.5%** | **Consumer Discretionary: 8.5%** |
| Automobiles & Components: 0.5% | Automobiles & Components: 0.5% | Automobiles & Components: 0.5% |
| Stellantis NV (Netherlands) | 6382123 | &nbsp;&nbsp; 63969181 |
| Consumer Discretionary Distribution & Retail: 5.2% | Consumer Discretionary Distribution & Retail: 5.2% | Consumer Discretionary Distribution & Retail: 5.2% |
| Alibaba Group Holding, Ltd. ADR <br> (China)<br>| 965300 | &nbsp;&nbsp; 109474673 |
| Amazon.com, Inc.<sup>(a)</sup> (United States) | 951500 | &nbsp;&nbsp; 208749585 |
| Coupang, Inc., Class A<sup>(a)</sup> (South <br> Korea)<br>| 7160457 | &nbsp;&nbsp; 214527292 |
| JD.com, Inc. ADR, Class A (China) | 2113746 | &nbsp;&nbsp; 68992670 |
| Prosus NV, Class N (China) | 563317 | &nbsp;&nbsp; 31499175 |
|  |  | &nbsp;&nbsp; 633243395 |
| Consumer Durables & Apparel: 0.6% | Consumer Durables & Apparel: 0.6% | Consumer Durables & Apparel: 0.6% |
| adidas AG (Germany) | 155600 | &nbsp;&nbsp; 36282081 |
| VF Corp. (United States) | 2748900 | &nbsp;&nbsp; 32299575 |
|  |  | &nbsp;&nbsp; 68581656 |
| Consumer Services: 2.2% | Consumer Services: 2.2% | Consumer Services: 2.2% |
| Booking Holdings, Inc. (United States) | 31800 | &nbsp;&nbsp; 184097832 |
| Entain PLC (United Kingdom) | 6881690 | &nbsp;&nbsp; 85109808 |
| Ollamani SAB<sup>(a)</sup> (Mexico) | 1786800 | &nbsp;&nbsp; 4761118 |
|  |  | &nbsp;&nbsp; 273968758 |
|  |  | &nbsp;&nbsp; 1039762990 |
| **Consumer Staples: 3.1%** | **Consumer Staples: 3.1%** | **Consumer Staples: 3.1%** |
| 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>| 25600000 | &nbsp;&nbsp; 84694396 |
| Food, Beverage & Tobacco: 1.7% | Food, Beverage & Tobacco: 1.7% | Food, Beverage & Tobacco: 1.7% |
| Anheuser-Busch InBev SA/NV <br> (Belgium)<br>| 2227400 | &nbsp;&nbsp; 152808206 |
| Archer-Daniels-Midland Co. <br> (United States)<br>| 1061899 | &nbsp;&nbsp; 56047029 |
|  |  | &nbsp;&nbsp; 208855235 |
| Household & Personal Products: 0.7% | Household & Personal Products: 0.7% | Household & Personal Products: 0.7% |
| Reckitt Benckiser Group PLC (United <br> Kingdom)<br>| 1295450 | &nbsp;&nbsp; 88109762 |
|  |  | &nbsp;&nbsp; 381659393 |
| **Energy: 3.6%** | **Energy: 3.6%** | **Energy: 3.6%** |
| BP PLC (United Kingdom) | 20763400 | &nbsp;&nbsp; 104227698 |
| Occidental Petroleum Corp. <br> (United States)<br>| 3487108 | &nbsp;&nbsp; 146493407 |
| Suncor Energy, Inc. (Canada) | 2630400 | &nbsp;&nbsp; 98508480 |
| TotalEnergies SE (France) | 1422500 | &nbsp;&nbsp; 87300573 |
|  |  | &nbsp;&nbsp; 436530158 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials: 21.4%** | **Financials: 21.4%** | **Financials: 21.4%** |
| Banks: 8.1% | Banks: 8.1% | Banks: 8.1% |
| Axis Bank, Ltd. (India) | 12002100 | &nbsp;&nbsp; $167799882 |
| Banco Santander SA (Spain) | 16187794 | &nbsp;&nbsp; 133993805 |
| Barclays PLC (United Kingdom) | 16991353 | &nbsp;&nbsp; 78669070 |
| BNP Paribas SA, Class A (France) | 1822700 | &nbsp;&nbsp; 163862905 |
| Credicorp, Ltd. (Peru) | 651000 | &nbsp;&nbsp; 145511520 |
| HDFC Bank, Ltd. (India) | 11077400 | &nbsp;&nbsp; 258334888 |
| IndusInd Bank, Ltd. (India) | 3573300 | &nbsp;&nbsp; 36374661 |
|  |  | &nbsp;&nbsp; 984546731 |
| Financial Services: 8.0% | Financial Services: 8.0% | Financial Services: 8.0% |
| Fidelity National Information Services, <br> Inc. (United States)<br>| 1673700 | &nbsp;&nbsp; 136255917 |
| Fiserv, Inc.<sup>(a)</sup> (United States) | 1195200 | &nbsp;&nbsp; 206064432 |
| Julius Baer Group, Ltd. (Switzerland) | 98900 | &nbsp;&nbsp; 6685987 |
| LPL Financial Holdings, Inc. <br> (United States)<br>| 145600 | &nbsp;&nbsp; 54595632 |
| The Charles Schwab Corp. <br> (United States)<br>| 3749900 | &nbsp;&nbsp; 342140876 |
| UBS Group AG (Switzerland) | 3318800 | &nbsp;&nbsp; 112306736 |
| XP, Inc., Class A (Brazil) | 6048767 | &nbsp;&nbsp; 122185093 |
|  |  | &nbsp;&nbsp; 980234673 |
| Insurance: 5.3% | Insurance: 5.3% | Insurance: 5.3% |
| Aegon, Ltd. (Netherlands) | 6185792 | &nbsp;&nbsp; 44797757 |
| AIA Group, Ltd. (Hong Kong) | 18646300 | &nbsp;&nbsp; 167223934 |
| Aviva PLC (United Kingdom) | 13777843 | &nbsp;&nbsp; 117104044 |
| MetLife, Inc. (United States) | 1360900 | &nbsp;&nbsp; 109443578 |
| Prudential PLC (Hong Kong) | 14700800 | &nbsp;&nbsp; 184153996 |
| Willis Towers Watson PLC <br> (United States)<br>| 89331 | &nbsp;&nbsp; 27379951 |
|  |  | &nbsp;&nbsp; 650103260 |
|  |  | &nbsp;&nbsp; 2614884664 |
| **Health Care: 22.1%** | **Health Care: 22.1%** | **Health Care: 22.1%** |
| Health Care Equipment & Services: 9.8% | Health Care Equipment & Services: 9.8% | Health Care Equipment & Services: 9.8% |
| Baxter International, Inc. <br> (United States)<br>| 3137900 | &nbsp;&nbsp; 95015612 |
| CVS Health Corp. (United States) | 3927800 | &nbsp;&nbsp; 270939644 |
| Fresenius Medical Care AG (Germany) | 2806300 | &nbsp;&nbsp; 160821473 |
| GE HealthCare Technologies, Inc. <br> (United States)<br>| 1598007 | &nbsp;&nbsp; 118364379 |
| Humana, Inc. (United States) | 733000 | &nbsp;&nbsp; 179203840 |
| The Cigna Group (United States) | 351838 | &nbsp;&nbsp; 116310606 |
| UnitedHealth Group, Inc. <br> (United States)<br>| 411900 | &nbsp;&nbsp; 128500443 |
| Zimmer Biomet Holdings, Inc. <br> (United States)<br>| 1412500 | &nbsp;&nbsp; 128834125 |
|  |  | &nbsp;&nbsp; 1197990122 |
| Pharmaceuticals, Biotechnology & Life Sciences: 12.3% | Pharmaceuticals, Biotechnology & Life Sciences: 12.3% | Pharmaceuticals, Biotechnology & Life Sciences: 12.3% |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> <br> (United States)<br>| 273141 | &nbsp;&nbsp; 89068549 |
| Avantor, Inc.<sup>(a)</sup> (United States) | 7756600 | &nbsp;&nbsp; 104403836 |
| Bayer AG (Germany) | 6681020 | &nbsp;&nbsp; 200958199 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> <br> (United States)<br>| 800500 | &nbsp;&nbsp; 44003485 |
| BioNTech SE ADR<sup>(a)</sup> (Germany) | 130278 | &nbsp;&nbsp; 13870699 |
| Elanco Animal Health, Inc.<sup>(a)</sup> <br> (United States)<br>| 3724100 | &nbsp;&nbsp; 53180148 |
| GSK PLC (United Kingdom) | 17121920 | &nbsp;&nbsp; 326683332 |
| Haleon PLC (United Kingdom) | 32656000 | &nbsp;&nbsp; 167825728 |
| Incyte Corp.<sup>(a)</sup> (United States) | 836880 | &nbsp;&nbsp; 56991528 |

---

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

------

Consolidated Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  | **Shares** | **Value** |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> <br> (United States)<br>| 176463 | &nbsp;&nbsp; $22179635 |
| Regeneron Pharmaceuticals, Inc. <br> (United States)<br>| 238852 | &nbsp;&nbsp; 125397300 |
| Roche Holding AG (Switzerland) | 325800 | &nbsp;&nbsp; 106102111 |
| Sanofi SA (France) | 1900257 | &nbsp;&nbsp; 184019601 |
|  |  | &nbsp;&nbsp; 1494684151 |
|  |  | &nbsp;&nbsp; 2692674273 |
| **Industrials: 11.8%** | **Industrials: 11.8%** | **Industrials: 11.8%** |
| Capital Goods: 8.0% | Capital Goods: 8.0% | Capital Goods: 8.0% |
| Ashtead Group PLC (United Kingdom) | 2785200 | &nbsp;&nbsp; 178500721 |
| Daikin Industries, Ltd. (Japan) | 733900 | &nbsp;&nbsp; 86765373 |
| Fortive Corp. (United States) | 2146000 | &nbsp;&nbsp; 111870980 |
| Johnson Controls International PLC <br> (United States)<br>| 1967203 | &nbsp;&nbsp; 207775981 |
| Mitsubishi Electric Corp. (Japan) | 2580700 | &nbsp;&nbsp; 55751937 |
| Ralliant Corp.<sup>(a)</sup> (United States) | 715334 | &nbsp;&nbsp; 34686513 |
| RTX Corp. (United States) | 2109000 | &nbsp;&nbsp; 307956180 |
|  |  | &nbsp;&nbsp; 983307685 |
| Transportation: 3.8% | Transportation: 3.8% | Transportation: 3.8% |
| DHL Group (Germany) | 2700400 | &nbsp;&nbsp; 124724576 |
| FedEx Corp. (United States) | 739900 | &nbsp;&nbsp; 168186669 |
| Norfolk Southern Corp. (United States) | 656100 | &nbsp;&nbsp; 167941917 |
|  |  | &nbsp;&nbsp; 460853162 |
|  |  | &nbsp;&nbsp; 1444160847 |
| **Information Technology: 6.2%** | **Information Technology: 6.2%** | **Information Technology: 6.2%** |
| Semiconductors & Semiconductor Equipment: 3.9% | Semiconductors & Semiconductor Equipment: 3.9% | Semiconductors & Semiconductor Equipment: 3.9% |
| Infineon Technologies AG (Germany) | 4322900 | &nbsp;&nbsp; 183903461 |
| Taiwan Semiconductor Manufacturing <br> Co., Ltd. (Taiwan)<br>| 8058800 | &nbsp;&nbsp; 292425305 |
|  |  | &nbsp;&nbsp; 476328766 |
| Software & Services: 1.2% | Software & Services: 1.2% | Software & Services: 1.2% |
| Microsoft Corp. (United States) | 283100 | &nbsp;&nbsp; 140816771 |
| Technology, Hardware & Equipment: 1.1% | Technology, Hardware & Equipment: 1.1% | Technology, Hardware & Equipment: 1.1% |
| Coherent Corp.<sup>(a)</sup> (United States) | 519419 | &nbsp;&nbsp; 46337369 |
| TE Connectivity PLC (Switzerland) | 543515 | &nbsp;&nbsp; 91674675 |
|  |  | &nbsp;&nbsp; 138012044 |
|  |  | &nbsp;&nbsp; 755157581 |
| **Materials: 7.5%** | **Materials: 7.5%** | **Materials: 7.5%** |
| Air Products & Chemicals, Inc. <br> (United States)<br>| 525200 | &nbsp;&nbsp; 148137912 |
| Akzo Nobel NV (Netherlands) | 2256100 | &nbsp;&nbsp; 157859923 |
| Amrize, Ltd.<sup>(a)</sup> (United States) | 504562 | &nbsp;&nbsp; 25169278 |
| Celanese Corp. (United States) | 934000 | &nbsp;&nbsp; 51678220 |
| Cemex SAB de CV ADR (Mexico) | 9632700 | &nbsp;&nbsp; 66754611 |
| Glencore PLC (Australia) | 28079600 | &nbsp;&nbsp; 109309236 |
| Holcim AG (Switzerland) | 504562 | &nbsp;&nbsp; 37455040 |
| International Flavors & Fragrances, <br> Inc. (United States)<br>| 2608727 | &nbsp;&nbsp; 191871871 |
| LyondellBasell Industries NV, Class A <br> (United States)<br>| 1157500 | &nbsp;&nbsp; 66972950 |
| Mitsubishi Chemical Group Corp. <br> (Japan)<br>| 5818500 | &nbsp;&nbsp; 30626874 |
| Nutrien, Ltd. (Canada) | 492900 | &nbsp;&nbsp; 28706496 |
|  |  | &nbsp;&nbsp; 914542411 |
| **Real Estate: 1.1%** | **Real Estate: 1.1%** | **Real Estate: 1.1%** |
| Equity Real Estate Investment Trusts (Reits): 1.1% | Equity Real Estate Investment Trusts (Reits): 1.1% | Equity Real Estate Investment Trusts (Reits): 1.1% |
| SBA Communications Corp. REIT, <br> Class A (United States)<br>| 563600 | &nbsp;&nbsp; 132355824 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities: 0.6%** | **Utilities: 0.6%** | **Utilities: 0.6%** |
| American Electric Power Co., Inc. <br> (United States)<br>| 729400 | &nbsp;&nbsp; $75682544 |
| **Total Common Stocks** <br>(Cost $8,801,029,629)<br>|  | &nbsp;&nbsp; **$11590412542** |

---

---

| | | |
|:---|:---|:---|
| **Preferred Stocks: 1.9%** | **Preferred Stocks: 1.9%** | **Preferred Stocks: 1.9%** |
|  | **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) | 25071852 | &nbsp;&nbsp; $170511298 |
| **Information Technology: 0.5%** | **Information Technology: 0.5%** | **Information Technology: 0.5%** |
| Technology, Hardware & Equipment: 0.5% | Technology, Hardware & Equipment: 0.5% | Technology, Hardware & Equipment: 0.5% |
| Samsung Electronics Co., Ltd., Pfd <br> (South Korea)<br>| 1786930 | &nbsp;&nbsp; 65540186 |
| **Total Preferred Stocks** <br>(Cost $130,892,015)<br>|  | &nbsp;&nbsp; **$236051484** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments: 2.9%** | **Short-Term Investments: 2.9%** | **Short-Term Investments: 2.9%** |
|  | **Par Value/** <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 2.3%** | **Repurchase Agreements: 2.3%** | **Repurchase Agreements: 2.3%** |
| Fixed Income Clearing Corp.<sup>(b)</sup> <br>4.38%, dated 6/30/25, due 7/1/25, <br> maturity value $264,032,120<br>| $264000000 | &nbsp;&nbsp; 264000000 |
| Fixed Income Clearing Corp.<sup>(b)</sup> <br>1.80%, dated 6/30/25, due 7/1/25, <br> maturity value $12,222,643<br>| 12222032 | &nbsp;&nbsp; 12222032 |
|  |  | &nbsp;&nbsp; 276222032 |
| **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>| 72108670 | &nbsp;&nbsp; 72108670 |
| **Total Short-Term Investments** <br>(Cost $348,330,702) | **Total Short-Term Investments** <br>(Cost $348,330,702) | &nbsp;&nbsp; **$348330702** |
| **Total Investments In Securities** <br>(Cost $9,280,252,346)<br>| 99.7<br> %<br>| &nbsp;&nbsp; **$12174794728** |
| Other Assets Less Liabilities | 0.3<br> %<br>| &nbsp;&nbsp; 35229663 |
| **Net Assets** | **100.0%**<br>| &nbsp;&nbsp; **$12210024391** |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> <br>| Non-income producing |
| <sup>(b)</sup> <br>| Repurchase agreement is collateralized by U.S. Treasury Notes 2.625%-4.125%, <br> 5/31/27-5/15/32. Total collateral value is $281,746,548.<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> USD United States Dollar

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

------

Consolidated Portfolio of Investments (unaudited) June 30, 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; 1864 | &nbsp;&nbsp;&nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $249934440 | &nbsp;&nbsp;&nbsp;&nbsp; $3206179 |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 576 | &nbsp;&nbsp;&nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 35524800 | &nbsp;&nbsp;&nbsp;&nbsp; 518335 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $3724514 |

---

**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** |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5911801 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 40666688 | &nbsp;&nbsp;&nbsp;&nbsp; $227020 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 15506389 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 110332613 | &nbsp;&nbsp;&nbsp;&nbsp; 83035 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 15504864 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 110332613 | &nbsp;&nbsp;&nbsp;&nbsp; 81510 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2874472 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 78679 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8717202 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 60500000 | &nbsp;&nbsp;&nbsp;&nbsp; 255573 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8692779 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 60500000 | &nbsp;&nbsp;&nbsp;&nbsp; 231149 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7682042 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 53776601 | &nbsp;&nbsp;&nbsp;&nbsp; 144767 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7672347 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 53776628 | &nbsp;&nbsp;&nbsp;&nbsp; 135068 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7672139 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 53776628 | &nbsp;&nbsp;&nbsp;&nbsp; 134860 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7680937 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 53776547 | &nbsp;&nbsp;&nbsp;&nbsp; 143670 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7346737 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 51012071 | &nbsp;&nbsp;&nbsp;&nbsp; 181492 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7345629 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 51009520 | &nbsp;&nbsp;&nbsp;&nbsp; 180742 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7338497 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 51012072 | &nbsp;&nbsp;&nbsp;&nbsp; 173251 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7344260 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 51004420 | &nbsp;&nbsp;&nbsp;&nbsp; 180090 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7344043 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 51009521 | &nbsp;&nbsp;&nbsp;&nbsp; 179156 |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5897053 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 40666667 | &nbsp;&nbsp;&nbsp;&nbsp; 179251 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5930942 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 40666687 | &nbsp;&nbsp;&nbsp;&nbsp; 213137 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5911448 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 40666626 | &nbsp;&nbsp;&nbsp;&nbsp; 193652 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5898678 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 40666666 | &nbsp;&nbsp;&nbsp;&nbsp; 180876 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6256326 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 43512744 | &nbsp;&nbsp;&nbsp;&nbsp; 129199 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12516250 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 87025489 | &nbsp;&nbsp;&nbsp;&nbsp; 261996 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6247971 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 43512745 | &nbsp;&nbsp;&nbsp;&nbsp; 120844 |
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5662758 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 40752037 | &nbsp;&nbsp;&nbsp;&nbsp; (90005)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5662632 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 40750000 | &nbsp;&nbsp;&nbsp;&nbsp; (89843)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5662145 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 40745925 | &nbsp;&nbsp;&nbsp;&nbsp; (89756)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5663624 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 40752038 | &nbsp;&nbsp;&nbsp;&nbsp; (89139)<br>|
| 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; (57494)<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; (57616)<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; (49733)<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; (48666)<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; (49894)<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; 24571964 | &nbsp;&nbsp;&nbsp;&nbsp; (57909)<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; (59538)<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; (79831)<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; (59729)<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; (59442)<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; (43796)<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; (44285)<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; (38018)<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; 481 |
| 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; 496 |
| 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; 52 |
| 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; (1047)<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; (14292)<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; (11878)<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; 22729575 | &nbsp;&nbsp;&nbsp;&nbsp; (15056)<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; (12111)<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; (1125)<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; (1207)<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; (1318)<br>|
| **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5665937 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 168250000 | &nbsp;&nbsp;&nbsp;&nbsp; (126844)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5666325 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 168233175 | &nbsp;&nbsp;&nbsp;&nbsp; (125878)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 168250000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5666891 | &nbsp;&nbsp;&nbsp;&nbsp; 125890 |

---

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

------

Consolidated Portfolio of Investments (unaudited) June 30, 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; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 168258412 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5686327 | &nbsp;&nbsp;&nbsp;&nbsp; $106744 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5679609 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 168258412 | &nbsp;&nbsp;&nbsp;&nbsp; (113462)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 168233175 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5673012 | &nbsp;&nbsp;&nbsp;&nbsp; 119190 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2213729 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 69500035 | &nbsp;&nbsp;&nbsp;&nbsp; (184719)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2213374 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 69499930 | &nbsp;&nbsp;&nbsp;&nbsp; (185072)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2208803 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 69500000 | &nbsp;&nbsp;&nbsp;&nbsp; (189644)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2214082 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 69500035 | &nbsp;&nbsp;&nbsp;&nbsp; (184367)<br>|
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3824948 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 111000000 | &nbsp;&nbsp;&nbsp;&nbsp; (10145)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 111000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3824948 | &nbsp;&nbsp;&nbsp;&nbsp; 10145 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4653828 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 136450226 | &nbsp;&nbsp;&nbsp;&nbsp; (60581)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4666985 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 136649322 | &nbsp;&nbsp;&nbsp;&nbsp; (54303)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4650655 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 136450226 | &nbsp;&nbsp;&nbsp;&nbsp; (63754)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3803266 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 110979287 | &nbsp;&nbsp;&nbsp;&nbsp; (31112)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3805874 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 110979288 | &nbsp;&nbsp;&nbsp;&nbsp; (28504)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3815032 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 110979288 | &nbsp;&nbsp;&nbsp;&nbsp; (19346)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 136649322 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4670175 | &nbsp;&nbsp;&nbsp;&nbsp; 51113 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4658276 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 136450226 | &nbsp;&nbsp;&nbsp;&nbsp; (56133)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 110979287 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3803266 | &nbsp;&nbsp;&nbsp;&nbsp; 31113 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3820113 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 111062137 | &nbsp;&nbsp;&nbsp;&nbsp; (17128)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 136450226 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4657004 | &nbsp;&nbsp;&nbsp;&nbsp; 57405 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 136450226 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4650655 | &nbsp;&nbsp;&nbsp;&nbsp; 63754 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 136450226 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4660185 | &nbsp;&nbsp;&nbsp;&nbsp; 54224 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 111062137 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3823137 | &nbsp;&nbsp;&nbsp;&nbsp; 14103 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 110979288 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3815688 | &nbsp;&nbsp;&nbsp;&nbsp; 18690 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 110979288 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3823576 | &nbsp;&nbsp;&nbsp;&nbsp; 10802 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 113500057 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3965760 | &nbsp;&nbsp;&nbsp;&nbsp; (40846)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3958838 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 113499886 | &nbsp;&nbsp;&nbsp;&nbsp; 33930 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3931174 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 113473341 | &nbsp;&nbsp;&nbsp;&nbsp; 7184 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3962991 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 113500057 | &nbsp;&nbsp;&nbsp;&nbsp; 38077 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3964375 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 113500057 | &nbsp;&nbsp;&nbsp;&nbsp; 39461 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3927018 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 113373017 | &nbsp;&nbsp;&nbsp;&nbsp; 6497 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 113653642 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3964201 | &nbsp;&nbsp;&nbsp;&nbsp; (33976)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 113499886 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3957458 | &nbsp;&nbsp;&nbsp;&nbsp; (32550)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 113500057 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3957464 | &nbsp;&nbsp;&nbsp;&nbsp; (32550)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 113473341 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3923698 | &nbsp;&nbsp;&nbsp;&nbsp; 292 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3957989 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 113653642 | &nbsp;&nbsp;&nbsp;&nbsp; 27764 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 113373017 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3948903 | &nbsp;&nbsp;&nbsp;&nbsp; (28383)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5807694 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 178000000 | &nbsp;&nbsp;&nbsp;&nbsp; (370746)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2051357 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 63750032 | &nbsp;&nbsp;&nbsp;&nbsp; (161428)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2065513 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 63750000 | &nbsp;&nbsp;&nbsp;&nbsp; (147271)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2052147 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 63749936 | &nbsp;&nbsp;&nbsp;&nbsp; (160635)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2051687 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 63750032 | &nbsp;&nbsp;&nbsp;&nbsp; (161098)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3277523 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 103750000 | &nbsp;&nbsp;&nbsp;&nbsp; (354290)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3267202 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 103750000 | &nbsp;&nbsp;&nbsp;&nbsp; (364611)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 10/23/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2223928 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 70414000 | &nbsp;&nbsp;&nbsp;&nbsp; (257335)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 10/23/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2154346 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 67991163 | &nbsp;&nbsp;&nbsp;&nbsp; (241540)<br>|
| Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4042655 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 127000000 | &nbsp;&nbsp;&nbsp;&nbsp; (445102)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2577999 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 74994000 | &nbsp;&nbsp;&nbsp;&nbsp; (72039)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2228915 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 70406958 | &nbsp;&nbsp;&nbsp;&nbsp; (265072)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 16498149 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 530300000 | &nbsp;&nbsp;&nbsp;&nbsp; (2286376)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2235122 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 70417521 | &nbsp;&nbsp;&nbsp;&nbsp; (272350)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3939104 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 111000000 | &nbsp;&nbsp;&nbsp;&nbsp; (13455)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8364635 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 265000000 | &nbsp;&nbsp;&nbsp;&nbsp; (1071653)<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; (408034)<br>|
| 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; (404625)<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; (283791)<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; (432337)<br>|
| 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; (122113)<br>|
| 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; (124221)<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; (278487)<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; (349710)<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; (270460)<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; (334205)<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; (338122)<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; (330562)<br>|

---

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

------

Consolidated Portfolio of Investments (unaudited) June 30, 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; 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; $(65602)<br>|
| 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; (31290)<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; 48445 |
| 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; (68371)<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; (377259)<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; (377401)<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; (378889)<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; (377543)<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; (597982)<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; (280241)<br>|
| 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; (630433)<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; (275067)<br>|
| 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; 37869 |
| 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; (274244)<br>|
| 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; (449634)<br>|
| 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; (448741)<br>|
| 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; (440955)<br>|
| 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; 39067 |
| 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; (125698)<br>|
| 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; (128471)<br>|
| 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; (131479)<br>|
| 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; (134002)<br>|
| 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; (49255)<br>|
| 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; (58477)<br>|
| 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; (56658)<br>|
| 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; 41312 |
| 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; 1294 |
| 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; 36565 |
| 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; (43384)<br>|
| 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; (21380)<br>|
| 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; (25819)<br>|
| 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; (30651)<br>|
| 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; (201926)<br>|
| 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; (171054)<br>|
| 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; (190231)<br>|
| 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; (74994)<br>|
| 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; (78460)<br>|
| 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; (93246)<br>|
| 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; (83280)<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; 4710976 |
| 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; (19835810)<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; $(15124834)<br>|

---

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

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

------

Consolidated

Statement of Assets and Liabilities (unaudited)

---

| | |
|:---|:---|
|  | **June 30, 2025** |
| **Assets:** | **Assets:** |
| Investments in securities, at value (cost $9,280,252,346) | $12174794728 |
| Unrealized appreciation on currency forward contracts | 4710976 |
| Cash pledged as collateral for currency forward contracts | 17550000 |
| Cash | 100 |
| Cash denominated in foreign currency (cost $2,377,317) | 2379802 |
| Deposits with broker for futures contracts | 10221771 |
| Receivable for variation margin for futures contracts | 319442 |
| Receivable for investments sold | 27311197 |
| Receivable for Fund shares sold | 8010523 |
| Dividends and interest receivable | 31871905 |
| Expense reimbursement receivable | 45780 |
| Prepaid expenses and other assets | 34845 |
|  | 12277251069 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on currency forward contracts | 19835810 |
| Payable for investments purchased | 12597098 |
| Payable for Fund shares redeemed | 5003861 |
| Deferred foreign capital gains tax | 23613744 |
| Management fees payable | 5865456 |
| Accrued expenses | 310709 |
|  | 67226678 |
| **Net Assets** | $12210024391 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $8651394181 |
| Distributable earnings | 3558630210 |
|  | $12210024391 |
| **Class I** | **Class I** |
| Total net assets | $11009362351 |
| Shares outstanding | 700039227 |
| Net asset value per share | $15.73 |
| **Class X** | **Class X** |
| Total net assets | $1200662040 |
| Shares outstanding | 76290259 |
| Net asset value per share | $15.74 |

---

Consolidated

Statement of Operations (unaudited)

---

| | |
|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**<br>|
| **Investment Income:** |  |
| Dividends (net of foreign taxes of $7,534,223) | $161276749 |
| Interest | 5162733 |
|  | 166439482 |
| **Expenses:** |  |
| Investment advisory fees | 28679666 |
| Administrative services fees |  |
| Class I | 5178314 |
| Class X | 278810 |
| Custody and fund accounting fees | 330001 |
| Professional services | 158937 |
| Shareholder reports | 50769 |
| Registration fees | 55797 |
| Trustees fees | 251878 |
| Miscellaneous | 120789 |
| Total expenses | 35104961 |
| Expenses reimbursed by investment manager | (262123)<br>|
| Net expenses | 34842838 |
| **Net Investment Income** | 131596644 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| Investments in securities (net of foreign capital gains tax <br> of $1,274,475)<br>| 406006661 |
| Futures contracts | 30140117 |
| Currency forward contracts | 9263063 |
| Foreign currency transactions | 187745 |
| Net change in unrealized appreciation/depreciation |  |
| Investments in securities (net of change in deferred <br> foreign capital gains tax of $5,193,844)<br>| 1040609398 |
| Futures contracts | 9828375 |
| Currency forward contracts | (32839285)<br>|
| Foreign currency translation | 1867129 |
| Net realized and unrealized gain | 1465063203 |
| **Net Change in Net Assets From Operations** | $1596659847 |

---

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

------

Consolidated

Statement of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Year Ended** |
|  | **June 30, 2025** | **December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $131596644 | $199760031 |
| Net realized gain (loss) | 445597586 | 1105180511 |
| Net change in unrealized <br> appreciation/depreciation<br>| 1019465617 | (742477398)<br>|
|  | 1596659847 | 562463144 |
| **Distributions to Shareholders:** |  |  |
| Class I |  | (1237415376)<br>|
| Class X |  | (134377211)<br>|
| Total distributions |  | (1371792587)<br>|
| **Fund Share Transactions:** |  |  |
| **Class I** |  |  |
| Proceeds from sales of shares | 393958803 | 1165945899 |
| Reinvestment of distributions |  | 1190983281 |
| Cost of shares redeemed | (804427474)<br>| (1893803083)<br>|
| **Class X** |  |  |
| Proceeds from sales of shares | 99777936 | 524223367 |
| Reinvestment of distributions |  | 134377211 |
| Cost of shares redeemed | (119142196)<br>| (155142907)<br>|
| Net change from Fund share <br> transactions<br>| (429832931)<br>| 966583768 |
| Total change in net assets | 1166826916 | 157254325 |
| **Net Assets:** |  |  |
| Beginning of period | 11043197475 | 10885943150 |
| End of period | $12210024391 | $11043197475 |
| **Share Information:** |  |  |
| **Class I** |  |  |
| Shares sold | 27136913 | 77216237 |
| Distributions reinvested |  | 87060181 |
| Shares redeemed | (55149910)<br>| (121030286)<br>|
| Net change in shares outstanding | (28012997)<br>| 43246132 |
| **Class X** |  |  |
| Shares sold | 6897206 | 32712949 |
| Distributions reinvested |  | 9815720 |
| Shares redeemed | (8250960)<br>| (9739658)<br>|
| Net change in shares outstanding | (1353754)<br>| 32789011 |

---

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

------

Notes to Consolidated Financial Statements (unaudited)

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

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

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 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

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

------

Notes to Consolidated Financial Statements (unaudited)

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 June 30, 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 Fund 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.

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

------

Notes to Consolidated Financial Statements (unaudited)

The following is a summary of the inputs used to value the Fund's holdings at June 30, 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 | $1103001857 | $— |
| Consumer Discretionary | 1039762990 |  |
| Consumer Staples | 381659393 |  |
| Energy | 436530158 |  |
| Financials | 2614884664 |  |
| Health Care | 2692674273 |  |
| Industrials | 1444160847 |  |
| Information Technology | 755157581 |  |
| Materials | 914542411 |  |
| Real Estate | 132355824 |  |
| Utilities | 75682544 |  |
| Preferred Stocks | Preferred Stocks | Preferred Stocks |
| Financials | 170511298 |  |
| Information Technology | 65540186 |  |
| Short-Term Investments | Short-Term Investments | Short-Term Investments |
| Repurchase Agreements |  | 276222032 |
| Money Market Fund | 72108670 |  |
| Total Securities | $11898572696 | $276222032 |
| **Other Investments** | **Other Investments** | **Other Investments** |
| Futures Contracts | Futures Contracts | Futures Contracts |
| Appreciation | $3724514 | $— |
| Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts |
| Appreciation |  | 4710976 |
| Depreciation |  | (19835810)<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; $4710976 | &nbsp;&nbsp; $4710976 |
| Futures contracts<sup>(a)</sup> <br>| &nbsp;&nbsp; 3724514 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3724514 |
|  | &nbsp;&nbsp; $3724514 | &nbsp;&nbsp; $4710976 | &nbsp;&nbsp; $8435490 |
| **Liabilities** |  |  |  |
| Unrealized depreciation on <br> currency forward contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $19835810 | &nbsp;&nbsp; $19835810 |

---

&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; $30140117 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 30140117 |
| Currency forward contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 9263063 | &nbsp;&nbsp; 9263063 |
|  | &nbsp;&nbsp; $30140117 | &nbsp;&nbsp; $9263063 | &nbsp;&nbsp; $39403180 |
| **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; $9828375 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 9828375 |
| Currency forward contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (32839285)<br>| &nbsp;&nbsp; (32839285)<br>|
|  | &nbsp;&nbsp; $9828375 | &nbsp;&nbsp; $(32839285)<br>| &nbsp;&nbsp; $(23010910)<br>|

---

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

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Notes to Consolidated Financial Statements (unaudited)

The following summarizes the range of volume in the Fund's derivative instruments during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Derivative** |  | **% of Net Assets** |
| Futures contracts | USD notional value | &nbsp;&nbsp; 1-4<br> %<br>|
| Currency forward contracts | USD total value | &nbsp;&nbsp; 3-5<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 June 30, 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 | $179251 | $(1389883)<br>| $1210632 | $— |
| Barclays |  | (215260)<br>| 215260 |  |
| Citibank | 285610 | (3346259)<br>| 3060649 |  |
| Goldman Sachs |  | (513473)<br>| 370000 | (143473)<br>|
| HSBC | 1580106 | (8702135)<br>| 7122029 |  |
| JPMorgan | 349423 | (1856919)<br>| 1507496 |  |
| Morgan Stanley |  | (340100)<br>| 340000 | (100)<br>|
| State Street | 173251 | (343720)<br>|  | (170469)<br>|
| UBS | 2143335 | (3128061)<br>| 984726 |  |
|  | $4710976 | $(19835810)<br>| $14810792 | $(314042)<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 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 six months ended June 30, 2025, Dodge & Cox reimbursed expenses of $262,123.

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

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

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Notes to Consolidated Financial Statements (unaudited)

ily due to differing treatments of wash sales, foreign currency realized gain (loss), foreign capital gains tax, certain corporate action transactions, derivatives, and distributions.

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| Class I |  |  |
| Ordinary income | $— | &nbsp;&nbsp; $200679127 |
| Long-term capital gain | $— | &nbsp;&nbsp; $1036736249 |
| Class X |  |  |
| Ordinary income | $— | &nbsp;&nbsp; $22701142 |
| Long-term capital gain | $— | &nbsp;&nbsp; $111676069 |

---

The components of distributable earnings on a tax basis are reported as of the Fund's most recent year end. At December 31, 2024, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $5807105 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 120196964 |
| Net unrealized appreciation | &nbsp;&nbsp; 1835966294 |
| Total distributable earnings | &nbsp;&nbsp; $1961970363 |

---

At June 30, 2025, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | &nbsp;&nbsp; $9326022590 |
| Unrealized appreciation | &nbsp;&nbsp; 3370663287 |
| Unrealized depreciation | &nbsp;&nbsp; (533291469)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 2837371818 |

---

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 inter

fund lending facility (Facility). The Facility allows the Fund to borrow money from or loan money to the Funds. Loans under the Facility are made for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest on borrowings is the average of the current repurchase agreement rate and the bank loan rate. There was no activity in the Facility during the period.

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. For the six months ended June 30, 2025, the Fund's commitment fee amounted to $25,832 and is reflected as a Miscellaneous Expense in the Consolidated Statement of Operations. Interest on borrowings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the period.

**Note 6: Purchases and Sales of Investments**

For the six months ended June 30, 2025, purchases and sales of securities, other than short-term securities, aggregated $1,500,507,443 and $1,752,829,534, 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. Management is currently evaluating the requirements and expects the adoption of this ASU will 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 June 30, 2025, and through the date of the Fund's financial statements issuance, which require disclosure in the Fund's financial statements.

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

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Consolidated Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| &nbsp;&nbsp;&nbsp; **Six Months** <br>**Ended June 30,**<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** | **2020** |
| **Class I** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &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 | &nbsp;&nbsp;&nbsp;&nbsp; $12.71 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp; 0.17 <br><sup>(a)</sup><br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>|
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; — | &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>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; — | &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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $15.73 | &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 |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 14.73<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>| &nbsp;&nbsp;&nbsp;&nbsp; 6.02<br> %<br>|
| **Ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $11009 | &nbsp;&nbsp;&nbsp;&nbsp; $9979 | &nbsp;&nbsp;&nbsp;&nbsp; $10217 | &nbsp;&nbsp;&nbsp;&nbsp; $9681 | &nbsp;&nbsp;&nbsp;&nbsp; $10487 | &nbsp;&nbsp;&nbsp;&nbsp; $10384 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.62 %<sup>(b)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 2.28 %<sup>(b)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57 %<sup>(a)</sup><br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 13<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>| &nbsp;&nbsp;&nbsp;&nbsp; 34<br> %<br>|
| **Class X**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| **Net asset value, beginning of period** | &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;0.17 | &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;1.86 | &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;2.03 | &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; — | &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; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)<br>|  |  |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; — | &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 period** | &nbsp;&nbsp;&nbsp;&nbsp; $15.74 | &nbsp;&nbsp;&nbsp;&nbsp; $13.71 | &nbsp;&nbsp;&nbsp;&nbsp; $14.92 | &nbsp;&nbsp;&nbsp;&nbsp; $12.61 |  |  |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 14.81<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; $1201 | &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 %<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 %<sup>(b)</sup><br>|  |  |
| Ratio of expenses to average net assets, before <br> reimbursement by investment manager<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57 %<sup>(b)</sup><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; 2.38 %<sup>(b)</sup><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; 13<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) Net investment income per share includes significant amounts received for EU reclaims
 related to prior years, which amounted to approximately $0.01 per share. Excluding
 such amounts, the ratio of net investment income to average net assets would have been
 1.47%.

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

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

See accompanying Notes to Consolidated Financial Statements

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

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Board Approval of Funds' Investment Advisory Agreement

(unaudited)

On June 11, 2025, the Board of Trustees (the "Board") of the Dodge & Cox Funds (the "Trust"), including the members of the Board who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees"), voted to continue the Investment Advisory Agreement between Dodge & Cox and the Trust (the "Advisory Agreement") in effect for an additional year beginning July 1, 2025 for each series of the Trust (each a "Fund"). Prior to the Board's vote, the Trust's Contract Review Committee, consisting solely of the Independent Trustees, met with independent counsel to the Independent Trustees on May 7 and June 11, 2025, to discuss whether the Investment Advisory Agreement should be continued. At its June 11 meeting, the Board, including the Independent Trustees, concluded that the Investment Advisory Agreement is fair and reasonable. In considering the Investment Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor or particular information as all-important or controlling. In reaching the decision to continue the Investment Advisory Agreement in effect, the Board considered several factors, and reached the conclusions, described below:&nbsp;&nbsp;&nbsp;&nbsp;

Nature, Extent and Quality of Services Provided by Dodge & Cox

<sup>■</sup> The Board considered the nature, extent and quality of the services provided by Dodge & Cox to each Fund under the Advisory Agreement. This consideration included, among other things, Dodge & Cox's investment process and philosophy; the education and experience of the principal personnel of Dodge & Cox who provide such services; the other resources that Dodge & Cox uses in managing the Funds' portfolios; Dodge & Cox's record of compliance with the Funds' investment policies and restrictions and relevant regulatory and tax compliance requirements; and such matters as Dodge & Cox's business continuity planning and insurance coverage.

<sup>■</sup> The Board concluded that the nature, extent and quality of the services Dodge & Cox provides are consistent with the terms of the Advisory Agreement and support the recommendation to continue the Advisory Agreement in effect for an additional year.

<sup>■</sup> The Board also took note of the nature, extent and quality of the services that Dodge & Cox provides to the Funds and their shareholders under a separate Administrative and Shareholder Services Agreement. Although that agreement does not require Board approval on an annual basis, the services provided thereunder are an important part of the Funds' overall relationship with Dodge & Cox, and the Board's understanding and assessment of those services (including which Dodge & Cox services are provided pursuant to which agreement) were relevant factors in its decision to approve continuation of the Advisory Agreement.

Investment Performance

<sup>■</sup> The Board reviewed information regarding the total return of each Fund over the most recent 1-, 3-, 5-, 10- and 20-year periods (or since Fund inception, if shorter). The Board compared these returns to those of the Fund's broad-based securities market index and, for the Stock, Balanced, International Stock and Global Stock Funds, other appropriate indexes provided by Dodge & Cox. The Board also considered the volatility of the Funds' investment returns over various time horizons, including volatility data provided by Broadridge Financial Solutions ("Broadridge").

<sup>■</sup> In addition, the Board reviewed a report prepared by Broadridge comparing each Fund's performance with the performance of other mutual funds in the Fund's broad Morningstar category (as modified by Broadridge to include only those funds that have similar share class and expense characteristics to such Fund, the "Morningstar custom category"), as well as with the performance of a smaller peer group of comparable funds identified by Broadridge (such Fund's "peer group"). The Board received information regarding the methodology and process underlying the construction of the Morningstar custom categories and Broadridge peer groups, and any changes in the methodology from prior years. The Board also reviewed a report prepared by Dodge & Cox comparing each Fund's performance to the composite performance of other accounts (if any) managed by Dodge & Cox using the same investment approach as the Fund. This information regarding the performance of other mutual funds and of other accounts managed by Dodge & Cox provided helpful context for the Board's evaluation of the Funds' performance.

<sup>■</sup> The Board concluded that the investment performance and volatility experienced by each Fund were consistent with Dodge & Cox's long-term, research-driven, bottom-up, active investment style and support the recommendation to continue the Advisory Agreement in effect for an additional year.

Fees and Expense Ratios

<sup>■</sup> The Board reviewed a comparison prepared by Broadridge of the net expense ratio of each Fund (including the separate expense ratios of the two share classes of those Funds that have a dual class structure), and the various elements of those expense ratios, to those of mutual funds in (1) the Fund's Morningstar custom category and (2) the Fund's peer group.

<sup>■</sup> For each Fund for which such a comparison is relevant, the Board reviewed information regarding the fee rates Dodge & Cox charges for managing other accounts using the same investment approach as the Fund. In light of the fact that such other accounts may be charged lower fee rates than a Fund, the Board took note of the broader scope of services that Dodge & Cox provides to the Funds than to separate accounts and sub-advised funds, as well as differences in regulatory, litigation, and other risks associated with sponsoring a mutual fund as compared to managing separate accounts or sub-advising another sponsor's mutual fund, and

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

------

certain characteristics of the market for institutional separate account management services.

<sup>■</sup> The Board concluded, after discussion and based on all the relevant information it received, that the advisory fee rate that each Fund pays to Dodge & Cox under the Advisory Agreement is reasonable in relation to the scope and quality of the services that Dodge & Cox provides to such Fund thereunder.

<sup>■</sup> In assessing the Funds' expense ratios and the fees the Funds pay to Dodge & Cox, the Board took note of and discussed with Dodge & Cox changes over the past several years in the competitive landscape for asset management services. The Board anticipates further changes in the competitive landscape and will continue to monitor and assess the Funds' competitive position.

Costs of Services Provided and Profits Realized by Dodge & Cox from its Relationship to the Funds

<sup>■</sup> Dodge & Cox informed the Board that it operates as a unified business, with most employees providing services to support the firm and its clients across multiple strategies and/or products. Consequently, the firm does not utilize cost accounting to allocate expenses across lines of business or across the Funds for management purposes. Also, the firm is owned exclusively by its senior managers and other active employees, and generally distributes substantially all of its net revenues each year to its employees, either as compensation or as a combination of compensation and distributions with respect to the shares they own in the firm. Accordingly, while Dodge & Cox provided the Board with data to consider profitability using several different possible methodologies, it is difficult, and in the Board's view not especially meaningful, to attempt to calculate a specific profit margin associated with Dodge & Cox's relationship to any particular Fund.

<sup>■</sup> The Board believes that Dodge & Cox's commitment to employee ownership of the firm enhances its ability to attract and retain key investment and other management professionals and reinforces a long-term perspective on the management of the firm and the Funds, which the Board believes aligns well with the interests of the Funds and their shareholders.

<sup>■</sup> The Board noted that the employee-shareholders of Dodge & Cox give up a substantial stock value (which would be taxed at long-term capital gains rates) as a consequence of the firm's independence from outside ownership; the estimated market value of the company is substantially in excess of its book value.

<sup>■</sup> The Board also considered that Dodge & Cox's fee revenues from the Funds fluctuate from year to year based on changes in the aggregate net assets of the Funds, and that the firm has continued to invest in improved systems, additional compliance resources, and enhanced research capabilities despite these fluctuations.

<sup>■</sup> The Board concluded that the profitability data provided by Dodge & Cox was based upon a reasonable range of assumptions and methodologies. The Board also concluded that Dodge & Cox's profits are a keystone of its independence, stability and long-term investment performance, and are reasonable.

Economies and Benefits of Scale

<sup>■</sup> The Board considered whether there have been economies or benefits of scale as the Funds have grown over the longer term, and whether fee levels reflect economies of scale for the benefit of Fund investors. In the Board's view, any consideration of economies of scale must take account of the relatively low overall fee and expense structure of the Funds. The Funds generally rank favorably when compared to their Broadridge custom categories and peer groups, on a net expense ratio basis.

<sup>■</sup> Dodge & Cox has built economies of scale into its fee structure by charging relatively low fees at the beginning of operations. A comparison of the Funds' advisory fee rates to those of many otherwise comparable funds that employ fee "breakpoints" shows that the Funds' advisory fee rates are in general relatively lower from the first dollar. As a result of their straightforward share class and fee structure and relatively low total expenses, the Funds provide small investors with access to professional, active portfolio management and related services at a reasonable cost. In addition to building economies of scale into its fee rates from the first dollar of each Fund's assets, Dodge & Cox has capped the expenses borne by certain Funds in their early years of operations when those Funds are not yet operating at scale. The Global Bond Fund has benefited from such an expense cap since its inception in 2014, as has the Emerging Markets Stock Fund since its inception in 2021. Dodge & Cox, in 2023, agreed to continue expense caps for those Funds, and for the X share class of each of the other Funds, through April 30, 2026.

<sup>■</sup> Over the years, Dodge & Cox has voluntarily forgone opportunities for growth in its assets under management and revenues in order to protect the Funds' ability to achieve investment returns for shareholders. Dodge & Cox closed the International Stock Fund for a number of years beginning in 2015 and previously closed other Funds and limited the growth of its separate account business during periods of high growth—to Dodge & Cox's economic detriment—and continues to closely monitor the size of the Funds.

<sup>■</sup> The Board also noted that Dodge & Cox has continued to make additional expenditures on staff and information technology to enable it to enhance its investment processes and to implement effectively the Funds' strategies. The Board also considered that there may be certain diseconomies of scale associated with managing very large asset pools such as several of the Funds, insofar as certain of the costs or risks associated with managing the Funds potentially increase at a rate that exceeds the rate of asset growth.

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

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Fall-Out Benefits and Other Matters

<sup>■</sup> The Board concluded that any "fall-out" benefits derived by Dodge & Cox from its relationship with the Funds are not a significant issue.

<sup>■</sup> The Board considered the information provided regarding any conflicts of interests present and Dodge & Cox's efforts to mitigate such conflicts.

<sup>■</sup> The Board considered that the Funds have never been a party to any litigation.

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

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![](img237a06771.gif)

2025

**June 30, 2025**

------

**Financial Statements and Other Information**

------

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

**ESTABLISHED 2001**

06/25 ISF SAR&nbsp;&nbsp;&nbsp;&nbsp;

------

Consolidated Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks: 95.7%** | **Common Stocks: 95.7%** | **Common Stocks: 95.7%** |
|  | **Shares** | **Value** |
| **Communication Services: 5.6%** | **Communication Services: 5.6%** | **Communication Services: 5.6%** |
| Media & Entertainment: 2.1% | Media & Entertainment: 2.1% | Media & Entertainment: 2.1% |
| Baidu, Inc. ADR, Class A<sup>(a)</sup> (China) | 3758585 | &nbsp;&nbsp; $322336250 |
| Grupo Televisa SAB ADR (Mexico) | 46380780 | &nbsp;&nbsp; 101573908 |
| NetEase, Inc. ADR (China) | 2597326 | &nbsp;&nbsp; 349548133 |
| Tencent Holdings, Ltd. (China) | 6566800 | &nbsp;&nbsp; 420779801 |
|  |  | &nbsp;&nbsp; 1194238092 |
| Telecommunication Services: 3.5% | Telecommunication Services: 3.5% | Telecommunication Services: 3.5% |
| Cellnex Telecom SA<sup>(b)</sup> (Spain) | 14116207 | &nbsp;&nbsp; 547899031 |
| Deutsche Telekom AG (Germany) | 24340200 | &nbsp;&nbsp; 887958039 |
| Liberty Global, Ltd., Class A<sup>(a)</sup> <br> (Belgium)<br>| 4612561 | &nbsp;&nbsp; 46171736 |
| Liberty Global, Ltd., Class C<sup>(a)</sup> <br> (Belgium)<br>| 6395068 | &nbsp;&nbsp; 65933151 |
| Millicom International Cellular SA <br> (Guatemala)<br>| 8247010 | &nbsp;&nbsp; 309015465 |
| Sunrise Communications AG ADR, <br> Class A (Switzerland)<br>| 2201525 | &nbsp;&nbsp; 124496239 |
|  |  | &nbsp;&nbsp; 1981473661 |
|  |  | &nbsp;&nbsp; 3175711753 |
| **Consumer Discretionary: 11.4%** | **Consumer Discretionary: 11.4%** | **Consumer Discretionary: 11.4%** |
| Automobiles & Components: 1.1% | Automobiles & Components: 1.1% | Automobiles & Components: 1.1% |
| Honda Motor Co., Ltd. (Japan) | 21452765 | &nbsp;&nbsp; 207741959 |
| Stellantis NV (Netherlands) | 39424300 | &nbsp;&nbsp; 395156937 |
|  |  | &nbsp;&nbsp; 602898896 |
| Consumer Discretionary Distribution & Retail: 5.7% | Consumer Discretionary Distribution & Retail: 5.7% | Consumer Discretionary Distribution & Retail: 5.7% |
| Alibaba Group Holding, Ltd. ADR <br> (China)<br>| 7754700 | &nbsp;&nbsp; 879460527 |
| Coupang, Inc., Class A<sup>(a)</sup> (South <br> Korea)<br>| 31561400 | &nbsp;&nbsp; 945579544 |
| JD.com, Inc. ADR, Class A (China) | 14183748 | &nbsp;&nbsp; 462957535 |
| Prosus NV, Class N (China) | 16850745 | &nbsp;&nbsp; 942248454 |
|  |  | &nbsp;&nbsp; 3230246060 |
| Consumer Durables & Apparel: 0.8% | Consumer Durables & Apparel: 0.8% | Consumer Durables & Apparel: 0.8% |
| adidas AG (Germany) | 646800 | &nbsp;&nbsp; 150817804 |
| Kering SA (France) | 1395200 | &nbsp;&nbsp; 303320068 |
|  |  | &nbsp;&nbsp; 454137872 |
| Consumer Services: 3.8% | Consumer Services: 3.8% | Consumer Services: 3.8% |
| Booking Holdings, Inc. (United States) | 174500 | &nbsp;&nbsp; 1010222380 |
| Entain PLC<sup>(c)</sup> (United Kingdom) | 48734596 | &nbsp;&nbsp; 602728704 |
| Flutter Entertainment PLC<sup>(a)</sup> <br> (United States)<br>| 604478 | &nbsp;&nbsp; 172735633 |
| Ollamani SAB<sup>(a)</sup> (Mexico) | 11595195 | &nbsp;&nbsp; 30896627 |
| Yum China Holdings, Inc. (China) | 8073100 | &nbsp;&nbsp; 360948301 |
|  |  | &nbsp;&nbsp; 2177531645 |
|  |  | &nbsp;&nbsp; 6464814473 |
| **Consumer Staples: 7.7%** | **Consumer Staples: 7.7%** | **Consumer Staples: 7.7%** |
| Consumer Staples Distribution & Retail: 1.2% | Consumer Staples Distribution & Retail: 1.2% | Consumer Staples Distribution & Retail: 1.2% |
| Seven & i Holdings Co., Ltd. (Japan) | 10853700 | &nbsp;&nbsp; 175085206 |
| Wal-Mart de Mexico SAB de CV <br> (Mexico)<br>| 141453700 | &nbsp;&nbsp; 467981864 |
|  |  | &nbsp;&nbsp; 643067070 |
| Food, Beverage & Tobacco: 5.1% | Food, Beverage & Tobacco: 5.1% | Food, Beverage & Tobacco: 5.1% |
| Anheuser-Busch InBev SA/NV <br> (Belgium)<br>| 14429400 | &nbsp;&nbsp; 989912332 |
| Danone SA (France) | 7036200 | &nbsp;&nbsp; 574876235 |
| Diageo PLC (United Kingdom) | 19468300 | &nbsp;&nbsp; 488499288 |
| Imperial Brands PLC (United Kingdom) | 21473497 | &nbsp;&nbsp; 848012690 |
|  |  | &nbsp;&nbsp; 2901300545 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Household & Personal Products: 1.4% | Household & Personal Products: 1.4% | Household & Personal Products: 1.4% |
| Beiersdorf AG (Germany) | 2515000 | &nbsp;&nbsp; $315807391 |
| Reckitt Benckiser Group PLC (United <br> Kingdom)<br>| 7249200 | &nbsp;&nbsp; 493052828 |
|  |  | &nbsp;&nbsp; 808860219 |
|  |  | &nbsp;&nbsp; 4353227834 |
| **Energy: 5.1%** | **Energy: 5.1%** | **Energy: 5.1%** |
| BP PLC (United Kingdom) | 63195900 | &nbsp;&nbsp; 317229508 |
| Equinor ASA (Norway) | 4354500 | &nbsp;&nbsp; 110208242 |
| Suncor Energy, Inc. (Canada) | 21668754 | &nbsp;&nbsp; 811494837 |
| TC Energy Corp. (Canada) | 9277800 | &nbsp;&nbsp; 452663862 |
| TotalEnergies SE (France) | 19027870 | &nbsp;&nbsp; 1167763763 |
|  |  | &nbsp;&nbsp; 2859360212 |
| **Financials: 22.2%** | **Financials: 22.2%** | **Financials: 22.2%** |
| Banks: 14.3% | Banks: 14.3% | Banks: 14.3% |
| Axis Bank, Ltd. (India) | 66840650 | &nbsp;&nbsp; 934490897 |
| Banco Santander SA (Spain) | 225043511 | &nbsp;&nbsp; 1862788482 |
| Barclays PLC (United Kingdom) | 310175709 | &nbsp;&nbsp; 1436097205 |
| BNP Paribas SA, Class A (France) | 20740092 | &nbsp;&nbsp; 1864559024 |
| Credicorp, Ltd. (Peru) | 3335080 | &nbsp;&nbsp; 745457082 |
| HDFC Bank, Ltd. (India) | 46246900 | &nbsp;&nbsp; 1078519123 |
| IndusInd Bank, Ltd. (India) | 17431600 | &nbsp;&nbsp; 177446208 |
|  |  | &nbsp;&nbsp; 8099358021 |
| Financial Services: 2.9% | Financial Services: 2.9% | Financial Services: 2.9% |
| Julius Baer Group, Ltd. (Switzerland) | 469200 | &nbsp;&nbsp; 31719564 |
| UBS Group AG (Switzerland) | 37961242 | &nbsp;&nbsp; 1284591780 |
| XP, Inc., Class A (Brazil) | 16476502 | &nbsp;&nbsp; 332825340 |
|  |  | &nbsp;&nbsp; 1649136684 |
| Insurance: 5.0% | Insurance: 5.0% | Insurance: 5.0% |
| Aegon, Ltd. (Netherlands) | 52466275 | &nbsp;&nbsp; 379962893 |
| AIA Group, Ltd. (Hong Kong) | 67403800 | &nbsp;&nbsp; 604491432 |
| Aviva PLC (United Kingdom) | 93673352 | &nbsp;&nbsp; 796171674 |
| Prudential PLC (Hong Kong) | 69170358 | &nbsp;&nbsp; 866483309 |
| Willis Towers Watson PLC <br> (United States)<br>| 506664 | &nbsp;&nbsp; 155292516 |
|  |  | &nbsp;&nbsp; 2802401824 |
|  |  | &nbsp;&nbsp; 12550896529 |
| **Health Care: 14.3%** | **Health Care: 14.3%** | **Health Care: 14.3%** |
| Health Care Equipment & Services: 1.9% | Health Care Equipment & Services: 1.9% | Health Care Equipment & Services: 1.9% |
| Fresenius Medical Care AG<sup>(c)</sup> <br> (Germany)<br>| 14722162 | &nbsp;&nbsp; 843687341 |
| Olympus Corp. (Japan) | 21423000 | &nbsp;&nbsp; 255133120 |
|  |  | &nbsp;&nbsp; 1098820461 |
| Pharmaceuticals, Biotechnology & Life Sciences: 12.4% | Pharmaceuticals, Biotechnology & Life Sciences: 12.4% | Pharmaceuticals, Biotechnology & Life Sciences: 12.4% |
| Bayer AG (Germany) | 22390610 | &nbsp;&nbsp; 673486482 |
| BioNTech SE ADR<sup>(a)</sup> (Germany) | 610213 | &nbsp;&nbsp; 64969378 |
| GSK PLC (United Kingdom) | 77964620 | &nbsp;&nbsp; 1487551739 |
| Haleon PLC (United Kingdom) | 158253904 | &nbsp;&nbsp; 813298528 |
| Novartis AG (Switzerland) | 12507370 | &nbsp;&nbsp; 1515954090 |
| Roche Holding AG (Switzerland) | 3255500 | &nbsp;&nbsp; 1060206945 |
| Sanofi SA (France) | 14456122 | &nbsp;&nbsp; 1399921065 |
|  |  | &nbsp;&nbsp; 7015388227 |
|  |  | &nbsp;&nbsp; 8114208688 |
| **Industrials: 10.5%** | **Industrials: 10.5%** | **Industrials: 10.5%** |
| Capital Goods: 9.2% | Capital Goods: 9.2% | Capital Goods: 9.2% |
| Ashtead Group PLC (United Kingdom) | 13623800 | &nbsp;&nbsp; 873135903 |
| Daikin Industries, Ltd. (Japan) | 3540200 | &nbsp;&nbsp; 418540363 |
| Johnson Controls International PLC <br> (United States)<br>| 17051701 | &nbsp;&nbsp; 1801000660 |
| Mitsubishi Electric Corp. (Japan) | 32519900 | &nbsp;&nbsp; 702540946 |

---

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

------

Consolidated Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  | **Shares** | **Value** |
| NIDEC Corp. (Japan) | 16435900 | &nbsp;&nbsp; $320146519 |
| Schneider Electric SE (France) | 1890646 | &nbsp;&nbsp; 502876399 |
| Smiths Group PLC<sup>(c)</sup> (United Kingdom) | 20175116 | &nbsp;&nbsp; 621993012 |
|  |  | &nbsp;&nbsp; 5240233802 |
| Transportation: 1.3% | Transportation: 1.3% | Transportation: 1.3% |
| DHL Group (Germany) | 15469100 | &nbsp;&nbsp; 714478204 |
|  |  | &nbsp;&nbsp; 5954712006 |
| **Information Technology: 7.4%** | **Information Technology: 7.4%** | **Information Technology: 7.4%** |
| Semiconductors & Semiconductor Equipment: 4.3% | Semiconductors & Semiconductor Equipment: 4.3% | Semiconductors & Semiconductor Equipment: 4.3% |
| Infineon Technologies AG (Germany) | 22091300 | &nbsp;&nbsp; 939801185 |
| Taiwan Semiconductor Manufacturing <br> Co., Ltd. (Taiwan)<br>| 41154200 | &nbsp;&nbsp; 1493340134 |
|  |  | &nbsp;&nbsp; 2433141319 |
| Technology, Hardware & Equipment: 3.1% | Technology, Hardware & Equipment: 3.1% | Technology, Hardware & Equipment: 3.1% |
| Brother Industries, Ltd. (Japan) | 7931700 | &nbsp;&nbsp; 137202630 |
| Kyocera Corp. (Japan) | 28338400 | &nbsp;&nbsp; 341131324 |
| Murata Manufacturing Co., Ltd. <br> (Japan)<br>| 21507800 | &nbsp;&nbsp; 321709671 |
| Samsung Electronics Co., Ltd. (South <br> Korea)<br>| 4419500 | &nbsp;&nbsp; 195825504 |
| TE Connectivity PLC (Switzerland) | 4444185 | &nbsp;&nbsp; 749600684 |
|  |  | &nbsp;&nbsp; 1745469813 |
|  |  | &nbsp;&nbsp; 4178611132 |
| **Materials: 10.2%** | **Materials: 10.2%** | **Materials: 10.2%** |
| Akzo Nobel NV<sup>(c)</sup> (Netherlands) | 13435060 | &nbsp;&nbsp; 940054756 |
| Amrize, Ltd.<sup>(a)</sup> (United States) | 11089597 | &nbsp;&nbsp; 553187030 |
| Cemex SAB de CV ADR (Mexico) | 73288735 | &nbsp;&nbsp; 507890934 |
| Glencore PLC (Australia) | 157627361 | &nbsp;&nbsp; 613617228 |
| Holcim AG (Switzerland) | 12104341 | &nbsp;&nbsp; 898538893 |
| International Flavors & Fragrances, <br> Inc. (United States)<br>| 7740800 | &nbsp;&nbsp; 569335840 |
| Linde PLC (United States) | 1277735 | &nbsp;&nbsp; 599487707 |
| Mitsubishi Chemical Group Corp. <br> (Japan)<br>| 58900000 | &nbsp;&nbsp; 310032291 |
| Nutrien, Ltd. (Canada) | 7822959 | &nbsp;&nbsp; 455609132 |
| Teck Resources, Ltd., Class B <br> (Canada)<br>| 8140840 | &nbsp;&nbsp; 328727119 |
|  |  | &nbsp;&nbsp; 5776480930 |
| **Real Estate: 1.3%** | **Real Estate: 1.3%** | **Real Estate: 1.3%** |
| Real Estate Management & Development: 1.3% | Real Estate Management & Development: 1.3% | Real Estate Management & Development: 1.3% |
| CK Asset Holdings, Ltd. (Hong Kong) | 70269600 | &nbsp;&nbsp; 309725305 |
| Daito Trust Construction Co., Ltd. <br> (Japan)<br>| 2465200 | &nbsp;&nbsp; 268337975 |
| Hang Lung Group, Ltd.<sup>(c)</sup> (Hong Kong) | 93433300 | &nbsp;&nbsp; 162586880 |
|  |  | &nbsp;&nbsp; 740650160 |
| **Total Common Stocks** <br>(Cost $39,683,624,771)<br>|  | &nbsp;&nbsp; **$54168673717** |

---

---

| | | |
|:---|:---|:---|
| **Preferred Stocks: 2.8%** | **Preferred Stocks: 2.8%** | **Preferred Stocks: 2.8%** |
|  | **Shares** | **Value** |
| **Financials: 2.3%** | **Financials: 2.3%** | **Financials: 2.3%** |
| Banks: 2.3% | Banks: 2.3% | Banks: 2.3% |
| Itau Unibanco Holding SA, Pfd (Brazil) | 197492296 | &nbsp;&nbsp; $1343126454 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology: 0.5%** | **Information Technology: 0.5%** | **Information Technology: 0.5%** |
| Technology, Hardware & Equipment: 0.5% | Technology, Hardware & Equipment: 0.5% | Technology, Hardware & Equipment: 0.5% |
| Samsung Electronics Co., Ltd., Pfd <br> (South Korea)<br>| 7414600 | &nbsp;&nbsp; $271949245 |
| **Total Preferred Stocks** <br>(Cost $888,115,905)<br>|  | &nbsp;&nbsp; **$1615075699** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments: 1.4%** | **Short-Term Investments: 1.4%** | **Short-Term Investments: 1.4%** |
|  | **Par Value/** <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 0.8%** | **Repurchase Agreements: 0.8%** | **Repurchase Agreements: 0.8%** |
| Fixed Income Clearing Corp.<sup>(d)</sup> <br>4.38%, dated 6/30/25, due 7/1/25, <br> maturity value $402,048,910<br>| $402000000 | &nbsp;&nbsp; 402000000 |
| Fixed Income Clearing Corp.<sup>(d)</sup> <br>1.80%, dated 6/30/25, due 7/1/25, <br> maturity value $56,773,725<br>| 56770886 | &nbsp;&nbsp; 56770886 |
|  |  | &nbsp;&nbsp; 458770886 |
| **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>| 324466515 | &nbsp;&nbsp; 324466515 |
| **Total Short-Term Investments** <br>(Cost $783,237,401) | **Total Short-Term Investments** <br>(Cost $783,237,401) | &nbsp;&nbsp; **$783237401** |
| **Total Investments In Securities** <br>(Cost $41,354,978,077)<br>| 99.9<br> %<br>| &nbsp;&nbsp; **$56566986817** |
| Other Assets Less Liabilities | 0.1<br> %<br>| &nbsp;&nbsp; 47203808 |
| **Net Assets** | **100.0%**<br>| &nbsp;&nbsp; **$56614190625** |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> <br>| Non-income producing |
| <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>| See below regarding holdings of 5% voting securities |
| <sup>(d)</sup> <br>| Repurchase agreement is collateralized by U.S. Treasury Notes 3.875%-4.00%, <br> 5/31/27-6/30/32. Total collateral value is $467,946,421.<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> USD United States Dollar

**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** |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 44338507<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 305000153 | &nbsp;&nbsp;&nbsp;&nbsp; $1702650 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 35652308<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 253676868 | &nbsp;&nbsp;&nbsp;&nbsp; 190914 |

---

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

------

Consolidated Portfolio of Investments (unaudited) June 30, 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>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 35648801 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 253676868 | &nbsp;&nbsp;&nbsp;&nbsp; $187407 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 50303257 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 350000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1376888 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 74204285 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 515000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2175536 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 73996379 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 515000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1967630 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 50480833 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 353380973 | &nbsp;&nbsp;&nbsp;&nbsp; 951304 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 50415752 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 353381150 | &nbsp;&nbsp;&nbsp;&nbsp; 886199 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 50417119 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 353381150 | &nbsp;&nbsp;&nbsp;&nbsp; 887566 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 50473572 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 353380619 | &nbsp;&nbsp;&nbsp;&nbsp; 944093 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 39768553 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 276132948 | &nbsp;&nbsp;&nbsp;&nbsp; 982432 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 39762556 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 276119141 | &nbsp;&nbsp;&nbsp;&nbsp; 978375 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 39723945 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 276132948 | &nbsp;&nbsp;&nbsp;&nbsp; 937824 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 39753969 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 276119141 | &nbsp;&nbsp;&nbsp;&nbsp; 969787 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 39755145 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 276091530 | &nbsp;&nbsp;&nbsp;&nbsp; 974842 |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 44227897 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 305000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1344382 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 44482062 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 305000152 | &nbsp;&nbsp;&nbsp;&nbsp; 1598526 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 44240086 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 305000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1356571 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 44335862 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 304999695 | &nbsp;&nbsp;&nbsp;&nbsp; 1452390 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 102509993 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 712751979 | &nbsp;&nbsp;&nbsp;&nbsp; 2145789 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 51240257 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 356375990 | &nbsp;&nbsp;&nbsp;&nbsp; 1058155 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 51171832 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 356375990 | &nbsp;&nbsp;&nbsp;&nbsp; 989730 |
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 46552734 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 335016750 | &nbsp;&nbsp;&nbsp;&nbsp; (739920)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 46547692 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 334966500 | &nbsp;&nbsp;&nbsp;&nbsp; (737869)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 46551700 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 335000000 | &nbsp;&nbsp;&nbsp;&nbsp; (738590)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 46559851 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 335016750 | &nbsp;&nbsp;&nbsp;&nbsp; (732803)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 73384511 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 523048100 | &nbsp;&nbsp;&nbsp;&nbsp; (562761)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 73479356 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 523048100 | &nbsp;&nbsp;&nbsp;&nbsp; (467916)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 36125945 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 260009623 | &nbsp;&nbsp;&nbsp;&nbsp; (725163)<br>|
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 44582401 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 318434254 | &nbsp;&nbsp;&nbsp;&nbsp; (549217)<br>|
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 44574465 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 318386491 | &nbsp;&nbsp;&nbsp;&nbsp; (550383)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 36001668 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 259100406 | &nbsp;&nbsp;&nbsp;&nbsp; (720576)<br>|
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 44483377 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 318434255 | &nbsp;&nbsp;&nbsp;&nbsp; (648241)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 39528515 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 282130821 | &nbsp;&nbsp;&nbsp;&nbsp; (516227)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 39613080 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 282738359 | &nbsp;&nbsp;&nbsp;&nbsp; (517893)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 39539594 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 282130821 | &nbsp;&nbsp;&nbsp;&nbsp; (505147)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 42758232 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 306183149 | &nbsp;&nbsp;&nbsp;&nbsp; (721587)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 42738106 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 306184340 | &nbsp;&nbsp;&nbsp;&nbsp; (741882)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 56978574 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 408245787 | &nbsp;&nbsp;&nbsp;&nbsp; (994744)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 42735720 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 306184340 | &nbsp;&nbsp;&nbsp;&nbsp; (744268)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 42739299 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 306184340 | &nbsp;&nbsp;&nbsp;&nbsp; (740689)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 29751423 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 210559749 | &nbsp;&nbsp;&nbsp;&nbsp; (209766)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 29671765 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 210559748 | &nbsp;&nbsp;&nbsp;&nbsp; (289424)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49783939 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 351972448 | &nbsp;&nbsp;&nbsp;&nbsp; (323751)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49779992 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 351919654 | &nbsp;&nbsp;&nbsp;&nbsp; (320182)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49829751 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 351972448 | &nbsp;&nbsp;&nbsp;&nbsp; (277939)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 57520606 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 410208199 | &nbsp;&nbsp;&nbsp;&nbsp; (978564)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 52359949 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 366268312 | &nbsp;&nbsp;&nbsp;&nbsp; 46982 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 52353592 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 366213375 | &nbsp;&nbsp;&nbsp;&nbsp; 48472 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 52318066 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 366268313 | &nbsp;&nbsp;&nbsp;&nbsp; 5099 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 52208062 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 366250000 | &nbsp;&nbsp;&nbsp;&nbsp; (102288)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49449329 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 347613948 | &nbsp;&nbsp;&nbsp;&nbsp; (218309)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49376189 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 347183733 | &nbsp;&nbsp;&nbsp;&nbsp; (229980)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49410481 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 347083925 | &nbsp;&nbsp;&nbsp;&nbsp; (181426)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49421172 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 347183733 | &nbsp;&nbsp;&nbsp;&nbsp; (184996)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 58161538 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 407066786 | &nbsp;&nbsp;&nbsp;&nbsp; (67728)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 58156552 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 407066786 | &nbsp;&nbsp;&nbsp;&nbsp; (72714)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 58141184 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 407005728 | &nbsp;&nbsp;&nbsp;&nbsp; (79348)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49926550 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 349296129 | &nbsp;&nbsp;&nbsp;&nbsp; (77206)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 50073781 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 350175968 | &nbsp;&nbsp;&nbsp;&nbsp; (55929)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 50126257 | &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 350527903 | &nbsp;&nbsp;&nbsp;&nbsp; (53835)<br>|
| **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9261452 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 274972500 | &nbsp;&nbsp;&nbsp;&nbsp; (205744)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9260818 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 275000000 | &nbsp;&nbsp;&nbsp;&nbsp; (207324)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 275000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9262378 | &nbsp;&nbsp;&nbsp;&nbsp; 205764 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9283165 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 275013750 | &nbsp;&nbsp;&nbsp;&nbsp; (185451)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 275013750 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9294145 | &nbsp;&nbsp;&nbsp;&nbsp; 174470 |

---

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

------

Consolidated Portfolio of Investments (unaudited) June 30, 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; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 274972500 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9272382 | &nbsp;&nbsp;&nbsp;&nbsp; $194813 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19031702 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 597500299 | &nbsp;&nbsp;&nbsp;&nbsp; (1588055)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19028643 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 597499402 | &nbsp;&nbsp;&nbsp;&nbsp; (1591083)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18989353 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 597500000 | &nbsp;&nbsp;&nbsp;&nbsp; (1630394)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19034734 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 597500299 | &nbsp;&nbsp;&nbsp;&nbsp; (1585024)<br>|
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19641626 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 570000000 | &nbsp;&nbsp;&nbsp;&nbsp; (52098)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 570000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19641627 | &nbsp;&nbsp;&nbsp;&nbsp; 52097 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17677726 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 518310931 | &nbsp;&nbsp;&nbsp;&nbsp; (230120)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17727705 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 519067207 | &nbsp;&nbsp;&nbsp;&nbsp; (206271)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17665676 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 518310931 | &nbsp;&nbsp;&nbsp;&nbsp; (242171)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19530282 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 569893639 | &nbsp;&nbsp;&nbsp;&nbsp; (159767)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19543678 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 569893639 | &nbsp;&nbsp;&nbsp;&nbsp; (146372)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19590706 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 569893639 | &nbsp;&nbsp;&nbsp;&nbsp; (99343)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17694624 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 518310931 | &nbsp;&nbsp;&nbsp;&nbsp; (213222)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 519067207 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17739823 | &nbsp;&nbsp;&nbsp;&nbsp; 194153 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19616795 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 570319083 | &nbsp;&nbsp;&nbsp;&nbsp; (87953)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 569893639 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19530282 | &nbsp;&nbsp;&nbsp;&nbsp; 159767 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 518310931 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17689793 | &nbsp;&nbsp;&nbsp;&nbsp; 218053 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 518310931 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17665676 | &nbsp;&nbsp;&nbsp;&nbsp; 242170 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 518310931 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17701876 | &nbsp;&nbsp;&nbsp;&nbsp; 205970 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 570319083 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19632326 | &nbsp;&nbsp;&nbsp;&nbsp; 72422 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 569893639 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19634579 | &nbsp;&nbsp;&nbsp;&nbsp; 55471 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 569893639 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19594074 | &nbsp;&nbsp;&nbsp;&nbsp; 95975 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 580000290 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20265559 | &nbsp;&nbsp;&nbsp;&nbsp; (208730)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20258480 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 580000290 | &nbsp;&nbsp;&nbsp;&nbsp; 201651 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20230186 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 579999420 | &nbsp;&nbsp;&nbsp;&nbsp; 173387 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20067582 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 579351098 | &nbsp;&nbsp;&nbsp;&nbsp; 33203 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20251407 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 580000290 | &nbsp;&nbsp;&nbsp;&nbsp; 194578 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20088819 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 579863766 | &nbsp;&nbsp;&nbsp;&nbsp; 36711 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 579999420 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20223132 | &nbsp;&nbsp;&nbsp;&nbsp; (166333)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 580785136 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20257591 | &nbsp;&nbsp;&nbsp;&nbsp; (173622)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 580000290 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20223162 | &nbsp;&nbsp;&nbsp;&nbsp; (166333)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 579863766 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20050614 | &nbsp;&nbsp;&nbsp;&nbsp; 1493 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20225845 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 580785136 | &nbsp;&nbsp;&nbsp;&nbsp; 141876 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 579351098 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20179418 | &nbsp;&nbsp;&nbsp;&nbsp; (145039)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17820114 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 550000000 | &nbsp;&nbsp;&nbsp;&nbsp; (1270571)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17697985 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 550000275 | &nbsp;&nbsp;&nbsp;&nbsp; (1392710)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17704795 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 549999450 | &nbsp;&nbsp;&nbsp;&nbsp; (1385871)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17700833 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 550000275 | &nbsp;&nbsp;&nbsp;&nbsp; (1389862)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18322540 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 580000000 | &nbsp;&nbsp;&nbsp;&nbsp; (1980607)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18264840 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 580000000 | &nbsp;&nbsp;&nbsp;&nbsp; (2038307)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 10/23/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19015243 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 602060625 | &nbsp;&nbsp;&nbsp;&nbsp; (2200290)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 10/23/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19929004 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 628959376 | &nbsp;&nbsp;&nbsp;&nbsp; (2234392)<br>|
| Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 22330097 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 701500000 | &nbsp;&nbsp;&nbsp;&nbsp; (2458574)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 14610038 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 425006000 | &nbsp;&nbsp;&nbsp;&nbsp; (408257)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19057883 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 602000418 | &nbsp;&nbsp;&nbsp;&nbsp; (2266446)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19110958 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 602090728 | &nbsp;&nbsp;&nbsp;&nbsp; (2328671)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20227829 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 570000000 | &nbsp;&nbsp;&nbsp;&nbsp; (69093)<br>|
| 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; (2281060)<br>|
| 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; (2261998)<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; (2426493)<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; (2400706)<br>|
| 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; (684858)<br>|
| 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; (696676)<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; (2576170)<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; (2562381)<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; (2501922)<br>|
| 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; (3035707)<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; (3071292)<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; (3002616)<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; (366149)<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; (174642)<br>|
| 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; 247559 |
| 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; (381606)<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; (3380364)<br>|

---

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

------

Consolidated Portfolio of Investments (unaudited) June 30, 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; 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20437255 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 657548246 | &nbsp;&nbsp;&nbsp;&nbsp; $(3381635)<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; (3394966)<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; (3382905)<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; (2249941)<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; (2592398)<br>|
| 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; (2372039)<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; (1497341)<br>|
| 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; 193516 |
| 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; (1492860)<br>|
| 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; (2496752)<br>|
| 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; (2491794)<br>|
| 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; (2448556)<br>|
| 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; 199638 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19195978 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 544666666 | &nbsp;&nbsp;&nbsp;&nbsp; (704963)<br>|
| 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; (720511)<br>|
| 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; (751531)<br>|
| 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; (737382)<br>|
| 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; (419435)<br>|
| 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; (482474)<br>|
| 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; (497968)<br>|
| 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; 211108 |
| 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; 6613 |
| 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; 186851 |
| 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; (222785)<br>|
| 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; (132585)<br>|
| 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; (109788)<br>|
| 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; (157397)<br>|
| 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; (330042)<br>|
| 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; (279583)<br>|
| 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; (310928)<br>|
| 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; (284866)<br>|
| 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; (354197)<br>|
| 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; (316342)<br>|
| 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; (298035)<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; 29858852 |
| 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; (113810000)<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; $(83951148)<br>|

---

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 six months ended June 30, 2025. Further detail on these holdings and related activity during the period appear below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at** <br>**Beginning of Period**<br>| **Additions** | **Reductions** | **Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation/** <br>**Depreciation**<br>| **Value at** <br>**End of Period**<br>| **Dividend** <br>**Income** <br>**(net of foreign** <br>**taxes, if any)**<br>|
| **Common Stocks 5.6%** |  |  |  |  |  |  |  |
| **Consumer Discretionary 1.1%** |  |  |  |  |  |  |  |
| Entain PLC | $417391431 | $— | $— | $— | $185337273 | $602728704 | $5866630 |
| **Health Care 1.5%** |  |  |  |  |  |  |  |
| Fresenius Medical Care AG | 662351779 | 18397900 | (12619727) | (3135975) | 178693364 | 843687341 | 20747783 |
| **Industrials 1.1%** |  |  |  |  |  |  |  |
| Smiths Group PLC | 432632511 |  |  |  | 189360501 | 621993012 | 3780281 |
| **Materials 1.6%** |  |  |  |  |  |  |  |
| Akzo Nobel NV | 806695185 |  |  |  | 133359571 | 940054756 | 20019595 |

---

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

------

Consolidated Portfolio of Investments (unaudited) June 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at**<br> **Beginning of Period**<br>| **Additions** | **Reductions** | **Realized**<br> **Gain (Loss)**<br>| **Net Change in**<br> **Unrealized**<br> **Appreciation/**<br> **Depreciation**<br>| **Value at**<br> **End of Period**<br>| **Dividend**<br> **Income**<br> **(net of foreign**<br> **taxes, if any)**<br>|
| **Real Estate 0.3%** |  |  |  |  |  |  |  |
| Hang Lung Group, Ltd. | $125843400 | $— | $— | $— | $36743480 | $162586880 | $7826092 |
|  |  |  |  | $(3135975) | $723494189 | $3171050693 | $58240381 |

---

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

------

Consolidated

Statement of Assets and Liabilities (unaudited)

---

| | |
|:---|:---|
|  | **June 30, 2025** |
| **Assets:** | **Assets:** |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $38,183,351,218) | $53395936124 |
| Affiliated issuers (cost $3,171,626,859) | 3171050693 |
|  | 56566986817 |
| Unrealized appreciation on currency forward contracts | 29858852 |
| Cash pledged as collateral for currency forward contracts | 92890000 |
| Cash | 100 |
| Cash denominated in foreign currency (cost $34,862,232) | 34945195 |
| Receivable for investments sold | 110942559 |
| Receivable for Fund shares sold | 32925259 |
| Dividends and interest receivable | 145353134 |
| Expense reimbursement receivable | 465514 |
| Prepaid expenses and other assets | 108230 |
|  | 57014475660 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on currency forward contracts | 113810000 |
| Payable for investments purchased | 94288857 |
| Payable for Fund shares redeemed | 52587338 |
| Deferred foreign capital gains tax | 111052500 |
| Management fees payable | 27025908 |
| Accrued expenses | 1520432 |
|  | 400285035 |
| **Net Assets** | $56614190625 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $39868761039 |
| Distributable earnings | 16745429586 |
|  | $56614190625 |
| **Class I** | **Class I** |
| Total net assets | $43831445014 |
| Shares outstanding | 717724918 |
| Net asset value per share | $61.07 |
| **Class X** | **Class X** |
| Total net assets | $12782745611 |
| Shares outstanding | 209221363 |
| Net asset value per share | $61.10 |

---

Consolidated

Statement of Operations (unaudited)

---

| | |
|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**<br>|
| **Investment Income:** |  |
| Dividends (net of foreign taxes of $66,661,607) |  |
| Unaffiliated issuers | $1050788459 |
| Affiliated issuers | 58240381 |
| Interest | 29838859 |
|  | 1138867699 |
| **Expenses:** |  |
| Investment advisory fees | 128241129 |
| Administrative services fees |  |
| Class I | 20037489 |
| Class X | 2805368 |
| Custody and fund accounting fees | 2038920 |
| Professional services | 238463 |
| Shareholder reports | 579787 |
| Registration fees | 282594 |
| Trustees fees | 251878 |
| Miscellaneous | 611701 |
| Total expenses | 155087329 |
| Expenses reimbursed by investment manager | (2576259)<br>|
| Net expenses | 152511070 |
| **Net Investment Income** | 986356629 |
| **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>| 862594742 |
| Investments in securities of affiliated issuers | (3135975)<br>|
| Futures contracts | 32399277 |
| Currency forward contracts | 78997885 |
| Foreign currency transactions | 3338479 |
| Net change in unrealized appreciation/depreciation |  |
| Investments in securities of unaffiliated issuers (net of <br> change in deferred foreign capital gains tax of <br> $26,687,601)<br>| 7982542130 |
| Investments in securities of affiliated issuers | 723494189 |
| Futures contracts | 35589390 |
| Currency forward contracts | (232802302)<br>|
| Foreign currency translation | 15272982 |
| Net realized and unrealized gain | 9498290797 |
| **Net Change in Net Assets From Operations** | $10484647426 |

---

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

------

Consolidated

Statement of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Year Ended** |
|  | **June 30, 2025** | **December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $986356629 | $1241490563 |
| Net realized gain (loss) | 974194408 | 2074136001 |
| Net change in unrealized <br> appreciation/depreciation<br>| 8524096389 | (1463324959)<br>|
|  | 10484647426 | 1852301605 |
| **Distributions to Shareholders:** |  |  |
| Class I |  | (828106912)<br>|
| Class X |  | (224668757)<br>|
| Total distributions |  | (1052775669)<br>|
| **Fund Share Transactions:** |  |  |
| **Class I** |  |  |
| Proceeds from sales of shares | 2331339990 | 4403840197 |
| Reinvestment of distributions |  | 737407057 |
| Cost of shares redeemed | (4008968619)<br>| (8790993477)<br>|
| **Class X** |  |  |
| Proceeds from sales of shares | 1574419644 | 4067791017 |
| Reinvestment of distributions |  | 217155942 |
| Cost of shares redeemed | (927948838)<br>| (1628877976)<br>|
| Net change from Fund share <br> transactions<br>| (1031157823)<br>| (993677240)<br>|
| Total change in net assets | 9453489603 | (194151304)<br>|
| **Net Assets:** |  |  |
| Beginning of period | 47160701022 | 47354852326 |
| End of period | $56614190625 | $47160701022 |
| **Share Information:** |  |  |
| **Class I** |  |  |
| Shares sold | 42411998 | 86406493 |
| Distributions reinvested |  | 14804398 |
| Shares redeemed | (72601109)<br>| (171147833)<br>|
| Net change in shares outstanding | (30189111)<br>| (69936942)<br>|
| **Class X** |  |  |
| Shares sold | 28856723 | 78896964 |
| Distributions reinvested |  | 4359686 |
| Shares redeemed | (16879233)<br>| (31473286)<br>|
| Net change in shares outstanding | 11977490 | 51783364 |

---

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

------

Notes to Consolidated Financial Statements (unaudited)

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

Dodge & Cox International Stock Fund (the "Fund") is one of the series constituting the Dodge & Cox Funds (the "Trust" or the "Funds"). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund 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 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 (unaudited)

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 June 30, 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 Fund 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

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Notes to Consolidated Financial Statements (unaudited)

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

The following is a summary of the inputs used to value the Fund's holdings at June 30, 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 | $3175711753 | $— |
| Consumer Discretionary | 6464814473 |  |
| Consumer Staples | 4353227834 |  |
| Energy | 2859360212 |  |
| Financials | 12550896529 |  |
| Health Care | 8114208688 |  |
| Industrials | 5954712006 |  |
| Information Technology | 4178611132 |  |
| Materials | 5776480930 |  |
| Real Estate | 740650160 |  |
| Preferred Stocks | Preferred Stocks | Preferred Stocks |
| Financials | 1343126454 |  |
| Information Technology | 271949245 |  |
| Short-Term Investments | Short-Term Investments | Short-Term Investments |
| Repurchase Agreements |  | 458770886 |
| Money Market Fund | 324466515 |  |
| Total Securities | $56108215931 | $458770886 |
| **Other Investments** | **Other Investments** | **Other Investments** |
| Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts |
| Appreciation | $— | $29858852 |
| Depreciation |  | (113810000)<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; $29858852 |
| **Liabilities** |  |
| Unrealized depreciation on currency forward contracts | &nbsp;&nbsp; $113810000 |

---

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; $32399277 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 32399277 |
| Currency forward <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 78997885 | &nbsp;&nbsp; 78997885 |
|  | &nbsp;&nbsp; $32399277 | &nbsp;&nbsp; $78997885 | &nbsp;&nbsp; $111397162 |
| **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; (232802302)<br>| &nbsp;&nbsp; (232802302)<br>|
|  | &nbsp;&nbsp; $35589390 | &nbsp;&nbsp; $(232802302)<br>| &nbsp;&nbsp; $(197212912)<br>|

---

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

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Notes to Consolidated Financial Statements (unaudited)

The following summarizes the range of volume in the Fund's derivative instruments during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Derivative** |  | **% of Net Assets** |
| Futures contracts | USD notional value | &nbsp;&nbsp; 0-3<br> %<br>|
| Currency forward contracts | USD total value | &nbsp;&nbsp; 7-8<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 June 30, 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 | $1344382 | $(6579919)<br>| $5235537 | $— |
| Barclays |  | (1891618)<br>| 1891618 |  |
| Citibank | 2002306 | (24716867)<br>| 22714561 |  |
| Goldman Sachs |  | (2840180)<br>| 2840180 |  |
| HSBC | 10068595 | (38077784)<br>| 28009189 |  |
| JPMorgan | 2303060 | (15048174)<br>| 12745114 |  |
| Morgan Stanley |  | (3257432)<br>| 3257432 |  |
| Standard Chartered |  | (648241)<br>| 560000 | (88241)<br>|
| State Street | 937824 | (3289900)<br>| 2352076 |  |
| UBS | 13202685 | (17459885)<br>| 4257200 |  |
|  | $29858852 | $(113810000)<br>| $83862907 | $(88241)<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 six months ended June 30, 2025, Dodge & Cox reimbursed expenses of $2,576,259.

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

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Notes to Consolidated Financial Statements (unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| Class I |  |  |
| Ordinary income | $— | &nbsp;&nbsp; $828106912 |
| Long-term capital gain | $— | &nbsp;&nbsp; $— |
| Class X |  |  |
| Ordinary income | $— | &nbsp;&nbsp; $224668757 |
| Long-term capital gain | $— | &nbsp;&nbsp; $— |

---

The components of distributable earnings on a tax basis are reported as of the Fund's most recent year end. At December 31, 2024, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $15992540 |
| Net unrealized appreciation | &nbsp;&nbsp; 6244789620 |
| Total distributable earnings | &nbsp;&nbsp; $6260782160 |

---

At June 30, 2025, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | &nbsp;&nbsp; $41645512853 |
| Unrealized appreciation | &nbsp;&nbsp; 17625683653 |
| Unrealized depreciation | &nbsp;&nbsp; (2788160837)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 14837522816 |

---

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 inter

fund lending facility (Facility). The Facility allows the Fund to borrow money from or loan money to the Funds. Loans under the Facility are made for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest on borrowings is the average of the current repurchase agreement rate and the bank loan rate. There was no activity in the Facility during the period.

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. For the six months ended June 30, 2025, the Fund's commitment fee amounted to $111,155 and is reflected as a Miscellaneous Expense in the Consolidated Statement of Operations. Interest on borrowings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the period.

**Note 6: Purchases and Sales of Investments**

For the six months ended June 30, 2025, purchases and sales of securities, other than short-term securities, aggregated $4,098,145,171 and $2,953,068,078, 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. Management is currently evaluating the requirements and expects the adoption of this ASU will not have a material impact on the financial statements.

**Note 8: Subsequent Events**

In August 2025, the Board of Trustees of the Fund approved a 4-for-1 share split of the Fund's outstanding shares effective October 24, 2025. As a result of the split, each shareholder of record as of October 24, 2025 will receive additional shares in proportion to existing shares held, thereby increasing the number of shares outstanding without altering the total net assets of the Fund. Fund management has determined that no other material events or transactions occurred subsequent to June 30, 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

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Consolidated Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| &nbsp;&nbsp;&nbsp; **Six Months** <br>**Ended June 30,**<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** | **2020** |
| **Class I** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp; $49.90 | &nbsp;&nbsp;&nbsp;&nbsp; $49.16 | &nbsp;&nbsp;&nbsp;&nbsp; $43.11 | &nbsp;&nbsp;&nbsp;&nbsp; $47.29 | &nbsp;&nbsp;&nbsp;&nbsp; $43.70 | &nbsp;&nbsp;&nbsp;&nbsp; $43.60 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp; 1.04 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95 <br><sup>(b)</sup><br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp; (4.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;11.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;7.18 | &nbsp;&nbsp;&nbsp;&nbsp; (3.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.81)<br>|
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.81)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $61.07 | &nbsp;&nbsp;&nbsp;&nbsp; $49.90 | &nbsp;&nbsp;&nbsp;&nbsp; $49.16 | &nbsp;&nbsp;&nbsp;&nbsp; $43.11 | &nbsp;&nbsp;&nbsp;&nbsp; $47.29 | &nbsp;&nbsp;&nbsp;&nbsp; $43.70 |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 22.38<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>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10 %<sup>(b)</sup><br>|
| **Ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $43831 | &nbsp;&nbsp;&nbsp;&nbsp; $37319 | &nbsp;&nbsp;&nbsp;&nbsp; $40204 | &nbsp;&nbsp;&nbsp;&nbsp; $37508 | &nbsp;&nbsp;&nbsp;&nbsp; $44085 | &nbsp;&nbsp;&nbsp;&nbsp; $40789 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.62 %<sup>(c)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 3.81 %<sup>(c)</sup><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>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39 %<sup>(b)</sup><br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 6<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>| &nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>|
| **Class X**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp; $49.90 | &nbsp;&nbsp;&nbsp;&nbsp; $49.16 | &nbsp;&nbsp;&nbsp;&nbsp; $43.11 | &nbsp;&nbsp;&nbsp;&nbsp; $44.59 |  |  |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |  |  |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;10.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;5.97 | &nbsp;&nbsp;&nbsp;&nbsp; (0.72)<br>|  |  |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;11.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;7.22 | &nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>|  |  |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.99)<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; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.99)<br>|  |  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $61.10 | &nbsp;&nbsp;&nbsp;&nbsp; $49.90 | &nbsp;&nbsp;&nbsp;&nbsp; $49.16 | &nbsp;&nbsp;&nbsp;&nbsp; $43.11 |  |  |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 22.44<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; $12783 | &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; 0.52 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52 %<sup>(c)</sup><br>|  |  |
| Ratio of expenses to average net assets, before <br> reimbursement by investment manager<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57 %<sup>(c)</sup><br>|  |  |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 3.96 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66 %<sup>(c)</sup><br>|  |  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 6<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) 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;(b) Net investment income per share includes significant amounts received for EU reclaims
 related to prior years, which amounted to approximately $0.28 per share. Excluding
 such amounts, the ratio of net investment income to average net assets would have been
 1.73% and total return would have been approximately 1.55%.

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

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

See accompanying Notes to Consolidated Financial Statements

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

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Board Approval of Funds' Investment Advisory Agreement

(unaudited)

On June 11, 2025, the Board of Trustees (the "Board") of the Dodge & Cox Funds (the "Trust"), including the members of the Board who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees"), voted to continue the Investment Advisory Agreement between Dodge & Cox and the Trust (the "Advisory Agreement") in effect for an additional year beginning July 1, 2025 for each series of the Trust (each a "Fund"). Prior to the Board's vote, the Trust's Contract Review Committee, consisting solely of the Independent Trustees, met with independent counsel to the Independent Trustees on May 7 and June 11, 2025, to discuss whether the Investment Advisory Agreement should be continued. At its June 11 meeting, the Board, including the Independent Trustees, concluded that the Investment Advisory Agreement is fair and reasonable. In considering the Investment Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor or particular information as all-important or controlling. In reaching the decision to continue the Investment Advisory Agreement in effect, the Board considered several factors, and reached the conclusions, described below:&nbsp;&nbsp;&nbsp;&nbsp;

Nature, Extent and Quality of Services Provided by Dodge & Cox

<sup>■</sup> The Board considered the nature, extent and quality of the services provided by Dodge & Cox to each Fund under the Advisory Agreement. This consideration included, among other things, Dodge & Cox's investment process and philosophy; the education and experience of the principal personnel of Dodge & Cox who provide such services; the other resources that Dodge & Cox uses in managing the Funds' portfolios; Dodge & Cox's record of compliance with the Funds' investment policies and restrictions and relevant regulatory and tax compliance requirements; and such matters as Dodge & Cox's business continuity planning and insurance coverage.

<sup>■</sup> The Board concluded that the nature, extent and quality of the services Dodge & Cox provides are consistent with the terms of the Advisory Agreement and support the recommendation to continue the Advisory Agreement in effect for an additional year.

<sup>■</sup> The Board also took note of the nature, extent and quality of the services that Dodge & Cox provides to the Funds and their shareholders under a separate Administrative and Shareholder Services Agreement. Although that agreement does not require Board approval on an annual basis, the services provided thereunder are an important part of the Funds' overall relationship with Dodge & Cox, and the Board's understanding and assessment of those services (including which Dodge & Cox services are provided pursuant to which agreement) were relevant factors in its decision to approve continuation of the Advisory Agreement.

Investment Performance

<sup>■</sup> The Board reviewed information regarding the total return of each Fund over the most recent 1-, 3-, 5-, 10- and 20-year periods (or since Fund inception, if shorter). The Board compared these returns to those of the Fund's broad-based securities market index and, for the Stock, Balanced, International Stock and Global Stock Funds, other appropriate indexes provided by Dodge & Cox. The Board also considered the volatility of the Funds' investment returns over various time horizons, including volatility data provided by Broadridge Financial Solutions ("Broadridge").

<sup>■</sup> In addition, the Board reviewed a report prepared by Broadridge comparing each Fund's performance with the performance of other mutual funds in the Fund's broad Morningstar category (as modified by Broadridge to include only those funds that have similar share class and expense characteristics to such Fund, the "Morningstar custom category"), as well as with the performance of a smaller peer group of comparable funds identified by Broadridge (such Fund's "peer group"). The Board received information regarding the methodology and process underlying the construction of the Morningstar custom categories and Broadridge peer groups, and any changes in the methodology from prior years. The Board also reviewed a report prepared by Dodge & Cox comparing each Fund's performance to the composite performance of other accounts (if any) managed by Dodge & Cox using the same investment approach as the Fund. This information regarding the performance of other mutual funds and of other accounts managed by Dodge & Cox provided helpful context for the Board's evaluation of the Funds' performance.

<sup>■</sup> The Board concluded that the investment performance and volatility experienced by each Fund were consistent with Dodge & Cox's long-term, research-driven, bottom-up, active investment style and support the recommendation to continue the Advisory Agreement in effect for an additional year.

Fees and Expense Ratios

<sup>■</sup> The Board reviewed a comparison prepared by Broadridge of the net expense ratio of each Fund (including the separate expense ratios of the two share classes of those Funds that have a dual class structure), and the various elements of those expense ratios, to those of mutual funds in (1) the Fund's Morningstar custom category and (2) the Fund's peer group.

<sup>■</sup> For each Fund for which such a comparison is relevant, the Board reviewed information regarding the fee rates Dodge & Cox charges for managing other accounts using the same investment approach as the Fund. In light of the fact that such other accounts may be charged lower fee rates than a Fund, the Board took note of the broader scope of services that Dodge & Cox provides to the Funds than to separate accounts and sub-advised funds, as well as differences in regulatory, litigation, and other risks associated with sponsoring a mutual fund as compared to managing separate accounts or sub-advising another sponsor's mutual fund, and

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

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certain characteristics of the market for institutional separate account management services.

<sup>■</sup> The Board concluded, after discussion and based on all the relevant information it received, that the advisory fee rate that each Fund pays to Dodge & Cox under the Advisory Agreement is reasonable in relation to the scope and quality of the services that Dodge & Cox provides to such Fund thereunder.

<sup>■</sup> In assessing the Funds' expense ratios and the fees the Funds pay to Dodge & Cox, the Board took note of and discussed with Dodge & Cox changes over the past several years in the competitive landscape for asset management services. The Board anticipates further changes in the competitive landscape and will continue to monitor and assess the Funds' competitive position.

Costs of Services Provided and Profits Realized by Dodge & Cox from its Relationship to the Funds

<sup>■</sup> Dodge & Cox informed the Board that it operates as a unified business, with most employees providing services to support the firm and its clients across multiple strategies and/or products. Consequently, the firm does not utilize cost accounting to allocate expenses across lines of business or across the Funds for management purposes. Also, the firm is owned exclusively by its senior managers and other active employees, and generally distributes substantially all of its net revenues each year to its employees, either as compensation or as a combination of compensation and distributions with respect to the shares they own in the firm. Accordingly, while Dodge & Cox provided the Board with data to consider profitability using several different possible methodologies, it is difficult, and in the Board's view not especially meaningful, to attempt to calculate a specific profit margin associated with Dodge & Cox's relationship to any particular Fund.

<sup>■</sup> The Board believes that Dodge & Cox's commitment to employee ownership of the firm enhances its ability to attract and retain key investment and other management professionals and reinforces a long-term perspective on the management of the firm and the Funds, which the Board believes aligns well with the interests of the Funds and their shareholders.

<sup>■</sup> The Board noted that the employee-shareholders of Dodge & Cox give up a substantial stock value (which would be taxed at long-term capital gains rates) as a consequence of the firm's independence from outside ownership; the estimated market value of the company is substantially in excess of its book value.

<sup>■</sup> The Board also considered that Dodge & Cox's fee revenues from the Funds fluctuate from year to year based on changes in the aggregate net assets of the Funds, and that the firm has continued to invest in improved systems, additional compliance resources, and enhanced research capabilities despite these fluctuations.

<sup>■</sup> The Board concluded that the profitability data provided by Dodge & Cox was based upon a reasonable range of assumptions and methodologies. The Board also concluded that Dodge & Cox's profits are a keystone of its independence, stability and long-term investment performance, and are reasonable.

Economies and Benefits of Scale

<sup>■</sup> The Board considered whether there have been economies or benefits of scale as the Funds have grown over the longer term, and whether fee levels reflect economies of scale for the benefit of Fund investors. In the Board's view, any consideration of economies of scale must take account of the relatively low overall fee and expense structure of the Funds. The Funds generally rank favorably when compared to their Broadridge custom categories and peer groups, on a net expense ratio basis.

<sup>■</sup> Dodge & Cox has built economies of scale into its fee structure by charging relatively low fees at the beginning of operations. A comparison of the Funds' advisory fee rates to those of many otherwise comparable funds that employ fee "breakpoints" shows that the Funds' advisory fee rates are in general relatively lower from the first dollar. As a result of their straightforward share class and fee structure and relatively low total expenses, the Funds provide small investors with access to professional, active portfolio management and related services at a reasonable cost. In addition to building economies of scale into its fee rates from the first dollar of each Fund's assets, Dodge & Cox has capped the expenses borne by certain Funds in their early years of operations when those Funds are not yet operating at scale. The Global Bond Fund has benefited from such an expense cap since its inception in 2014, as has the Emerging Markets Stock Fund since its inception in 2021. Dodge & Cox, in 2023, agreed to continue expense caps for those Funds, and for the X share class of each of the other Funds, through April 30, 2026.

<sup>■</sup> Over the years, Dodge & Cox has voluntarily forgone opportunities for growth in its assets under management and revenues in order to protect the Funds' ability to achieve investment returns for shareholders. Dodge & Cox closed the International Stock Fund for a number of years beginning in 2015 and previously closed other Funds and limited the growth of its separate account business during periods of high growth—to Dodge & Cox's economic detriment—and continues to closely monitor the size of the Funds.

<sup>■</sup> The Board also noted that Dodge & Cox has continued to make additional expenditures on staff and information technology to enable it to enhance its investment processes and to implement effectively the Funds' strategies. The Board also considered that there may be certain diseconomies of scale associated with managing very large asset pools such as several of the Funds, insofar as certain of the costs or risks associated with managing the Funds potentially increase at a rate that exceeds the rate of asset growth.

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

------

Fall-Out Benefits and Other Matters

<sup>■</sup> The Board concluded that any "fall-out" benefits derived by Dodge & Cox from its relationship with the Funds are not a significant issue.

<sup>■</sup> The Board considered the information provided regarding any conflicts of interests present and Dodge & Cox's efforts to mitigate such conflicts.

<sup>■</sup> The Board considered that the Funds have never been a party to any litigation.

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

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![](img4a35d5811.gif)

2025

**June 30, 2025**

------

**Financial Statements and Other Information**

------

Emerging Markets Stock Fund (dodex)

**ESTABLISHED 2021**

06/25 EM SAR&nbsp;&nbsp;&nbsp;&nbsp;

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks: 90.8%** | **Common Stocks: 90.8%** | **Common Stocks: 90.8%** |
|  | **Shares** | **Value** |
| **Communication Services: 8.1%** | **Communication Services: 8.1%** | **Communication Services: 8.1%** |
| Media & Entertainment: 5.8% | Media & Entertainment: 5.8% | Media & Entertainment: 5.8% |
| 37 Interactive Entertainment Network <br> Technology Group Co., Ltd., Class A <br> (China)<br>| 662300 | &nbsp;&nbsp; $1599716 |
| Baidu, Inc. ADR, Class A<sup>(a)</sup> (China) | 38044 | &nbsp;&nbsp; 3262654 |
| Grupo Televisa SAB (Mexico) | 2961814 | &nbsp;&nbsp; 1317975 |
| IGG, Inc. (Singapore) | 2214600 | &nbsp;&nbsp; 1241312 |
| JOYY, Inc. ADR, Class A (China) | 47206 | &nbsp;&nbsp; 2403258 |
| Megacable Holdings SAB de CV <br> (Mexico)<br>| 337994 | &nbsp;&nbsp; 945832 |
| MultiChoice Group<sup>(a)</sup> (South Africa) | 256669 | &nbsp;&nbsp; 1702355 |
| NetEase, Inc. ADR (China) | 48550 | &nbsp;&nbsp; 6533859 |
| Sun TV Network, Ltd. (India) | 242915 | &nbsp;&nbsp; 1695250 |
| Tencent Holdings, Ltd. (China) | 250400 | &nbsp;&nbsp; 16044841 |
|  |  | &nbsp;&nbsp; 36747052 |
| Telecommunication Services: 2.3% | Telecommunication Services: 2.3% | Telecommunication Services: 2.3% |
| America Movil SAB de CV, Series B <br> (Mexico)<br>| 1207600 | &nbsp;&nbsp; 1081173 |
| Millicom International Cellular SA <br> (Guatemala)<br>| 217479 | &nbsp;&nbsp; 8148938 |
| PT Telkom Indonesia Persero Tbk, <br> Class B (Indonesia)<br>| 6857700 | &nbsp;&nbsp; 1174278 |
| Safaricom PLC (Kenya) | 7050300 | &nbsp;&nbsp; 1371877 |
| Singapore Telecommunications, Ltd. <br> (Singapore)<br>| 725000 | &nbsp;&nbsp; 2178136 |
| Sitios Latinoamerica SAB de CV<sup>(a)</sup> <br> (Brazil)<br>| 1402802 | &nbsp;&nbsp; 234741 |
|  |  | &nbsp;&nbsp; 14189143 |
|  |  | &nbsp;&nbsp; 50936195 |
| **Consumer Discretionary: 15.2%** | **Consumer Discretionary: 15.2%** | **Consumer Discretionary: 15.2%** |
| Automobiles & Components: 1.4% | Automobiles & Components: 1.4% | Automobiles & Components: 1.4% |
| BYD Co., Ltd., Class H (China) | 148500 | &nbsp;&nbsp; 2317371 |
| Fuyao Glass Industry Group Co., Ltd., <br> Class H<sup>(b)(c)</sup> (China)<br>| 186729 | &nbsp;&nbsp; 1333277 |
| Hankook Tire & Technology Co., Ltd. <br> (South Korea)<br>| 27400 | &nbsp;&nbsp; 807017 |
| Hyundai Mobis Co., Ltd. (South Korea) | 10515 | &nbsp;&nbsp; 2236074 |
| Kia Corp. (South Korea) | 13535 | &nbsp;&nbsp; 971800 |
| Yadea Group Holdings, Ltd.<sup>(b)(c)</sup> <br> (China)<br>| 692000 | &nbsp;&nbsp; 1107207 |
|  |  | &nbsp;&nbsp; 8772746 |
| Consumer Discretionary Distribution & Retail: 9.5% | Consumer Discretionary Distribution & Retail: 9.5% | Consumer Discretionary Distribution & Retail: 9.5% |
| Alibaba Group Holding, Ltd. ADR <br> (China)<br>| 199641 | &nbsp;&nbsp; 22641286 |
| China Tourism Group Duty Free Corp., <br> Ltd., Class A (China)<br>| 136750 | &nbsp;&nbsp; 1164761 |
| China Yongda Automobiles Services <br> Holdings, Ltd. (China)<br>| 7894200 | &nbsp;&nbsp; 2262683 |
| Coupang, Inc., Class A<sup>(a)</sup> (South <br> Korea)<br>| 476400 | &nbsp;&nbsp; 14272944 |
| Cuckoo Homesys Co., Ltd. (South <br> Korea)<br>| 35634 | &nbsp;&nbsp; 678567 |
| JD.com, Inc., Class A (China) | 587771 | &nbsp;&nbsp; 9576610 |
| Motus Holdings, Ltd. (South Africa) | 259999 | &nbsp;&nbsp; 1381668 |
| Prosus NV, Class N (China) | 80500 | &nbsp;&nbsp; 4501344 |
| Vibra Energia SA (Brazil) | 168429 | &nbsp;&nbsp; 671472 |
| Vipshop Holdings, Ltd. ADR (China) | 117597 | &nbsp;&nbsp; 1769835 |
| Zhongsheng Group Holdings, Ltd. <br> (China)<br>| 536800 | &nbsp;&nbsp; 827429 |
|  |  | &nbsp;&nbsp; 59748599 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Consumer Durables & Apparel: 1.6% | Consumer Durables & Apparel: 1.6% | Consumer Durables & Apparel: 1.6% |
| Feng Tay Enterprise Co., Ltd. (Taiwan) | 440320 | &nbsp;&nbsp; $1846474 |
| Haier Smart Home Co., Ltd., Class H <br> (China)<br>| 452000 | &nbsp;&nbsp; 1292671 |
| Hangzhou GreatStar Industrial Co., <br> Ltd., Class A (China)<br>| 272974 | &nbsp;&nbsp; 972803 |
| Man Wah Holdings, Ltd. (Hong Kong) | 1680400 | &nbsp;&nbsp; 922620 |
| Midea Group Co., Ltd., Class A <br> (China)<br>| 157671 | &nbsp;&nbsp; 1590311 |
| Pou Chen Corp. (Taiwan) | 2066143 | &nbsp;&nbsp; 2189070 |
| Shenzhou International Group <br> Holdings, Ltd. (China)<br>| 175900 | &nbsp;&nbsp; 1250355 |
|  |  | &nbsp;&nbsp; 10064304 |
| Consumer Services: 2.7% | Consumer Services: 2.7% | Consumer Services: 2.7% |
| Afya, Ltd., Class A (Brazil) | 32855 | &nbsp;&nbsp; 586790 |
| Arcos Dorados Holdings, Inc., Class A <br> (Brazil)<br>| 105966 | &nbsp;&nbsp; 836072 |
| DigiPlus Interactive Corp. (Philippines) | 960750 | &nbsp;&nbsp; 886899 |
| H World Group, Ltd. (China) | 246640 | &nbsp;&nbsp; 834183 |
| Humansoft Holding Co. KSC (Kuwait) | 118197 | &nbsp;&nbsp; 948516 |
| Las Vegas Sands Corp. <br> (United States)<br>| 26786 | &nbsp;&nbsp; 1165459 |
| Laureate Education, Inc.<sup>(a)</sup> <br> (United States)<br>| 12100 | &nbsp;&nbsp; 282898 |
| Leejam Sports Co. JSC (Saudi Arabia) | 25808 | &nbsp;&nbsp; 891805 |
| New Oriental Education & Technology <br> Group, Inc. (China)<br>| 214900 | &nbsp;&nbsp; 1153897 |
| Ollamani SAB<sup>(a)</sup> (Mexico) | 679645 | &nbsp;&nbsp; 1810986 |
| Sands China, Ltd. (Macau) | 557443 | &nbsp;&nbsp; 1160341 |
| Ser Educacional SA<sup>(b)(c)</sup> (Brazil) | 384100 | &nbsp;&nbsp; 644750 |
| Trip.com Group, Ltd. ADR (China) | 18250 | &nbsp;&nbsp; 1070180 |
| Yum China Holdings, Inc. (China) | 111770 | &nbsp;&nbsp; 4997237 |
|  |  | &nbsp;&nbsp; 17270013 |
|  |  | &nbsp;&nbsp; 95855662 |
| **Consumer Staples: 5.9%** | **Consumer Staples: 5.9%** | **Consumer Staples: 5.9%** |
| Consumer Staples Distribution & Retail: 1.5% | Consumer Staples Distribution & Retail: 1.5% | Consumer Staples Distribution & Retail: 1.5% |
| BIM Birlesik Magazalar AS (Turkey) | 79434 | &nbsp;&nbsp; 986996 |
| Grupo Comercial Chedraui SAB de <br> CV, Class B (Mexico)<br>| 42500 | &nbsp;&nbsp; 336544 |
| Wal-Mart de Mexico SAB de CV <br> (Mexico)<br>| 2518457 | &nbsp;&nbsp; 8332000 |
|  |  | &nbsp;&nbsp; 9655540 |
| Food, Beverage & Tobacco: 4.2% | Food, Beverage & Tobacco: 4.2% | Food, Beverage & Tobacco: 4.2% |
| Ambev SA (Brazil) | 5210700 | &nbsp;&nbsp; 12774756 |
| Anadolu Efes Biracilik Ve Malt (Turkey) | 1620220 | &nbsp;&nbsp; 609143 |
| Arca Continental SAB de CV (Mexico) | 32499 | &nbsp;&nbsp; 344310 |
| Bombay Burmah Trading Co. (India) | 48500 | &nbsp;&nbsp; 1134853 |
| Century Pacific Food, Inc. (Philippines) | 1186043 | &nbsp;&nbsp; 847474 |
| China Feihe, Ltd.<sup>(b)(c)</sup> (China) | 1456557 | &nbsp;&nbsp; 1059490 |
| Coca-Cola HBC AG (Italy) | 25480 | &nbsp;&nbsp; 1330453 |
| Eastern Co. SAE (Egypt) | 459261 | &nbsp;&nbsp; 277779 |
| Fomento Economico Mexicano SAB <br> de CV (Mexico)<br>| 42002 | &nbsp;&nbsp; 432096 |
| GFPT PCL NVDR (Thailand) | 2504929 | &nbsp;&nbsp; 678075 |
| JBS NV, Class A<sup>(a)</sup> (Brazil) | 14250 | &nbsp;&nbsp; 208193 |
| Kweichow Moutai Co., Ltd., Class A <br> (China)<br>| 6162 | &nbsp;&nbsp; 1213350 |
| PT Indofood CBP Sukses Makmur Tbk <br> (Indonesia)<br>| 2205714 | &nbsp;&nbsp; 1426547 |
| Sanquan Food Co., Ltd., Class A <br> (China)<br>| 406305 | &nbsp;&nbsp; 628337 |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  | **Shares** | **Value** |
| Saudia Dairy & Foodstuff Co. (Saudi <br> Arabia)<br>| 8483 | &nbsp;&nbsp; $618837 |
| Thai Union Group PCL NVDR <br> (Thailand)<br>| 2155400 | &nbsp;&nbsp; 682912 |
| Tingyi (Cayman Islands) Holding Corp. <br> (China)<br>| 464000 | &nbsp;&nbsp; 679750 |
| Ulker Biskuvi Sanayi AS (Turkey) | 345004 | &nbsp;&nbsp; 914979 |
| Vietnam Dairy Products JSC (Vietnam) | 224700 | &nbsp;&nbsp; 498941 |
|  |  | &nbsp;&nbsp; 26360275 |
| Household & Personal Products: 0.2% | Household & Personal Products: 0.2% | Household & Personal Products: 0.2% |
| Grape King Bio, Ltd. (Taiwan) | 264714 | &nbsp;&nbsp; 1137259 |
|  |  | &nbsp;&nbsp; 37153074 |
| **Energy: 4.2%** | **Energy: 4.2%** | **Energy: 4.2%** |
| ADNOC Logistics & Services PLC <br> (United Arab Emirates)<br>| 297790 | &nbsp;&nbsp; 377852 |
| China Suntien Green Energy Corp., <br> Ltd., Class H (China)<br>| 2700000 | &nbsp;&nbsp; 1516825 |
| Geopark, Ltd. (Colombia) | 82059 | &nbsp;&nbsp; 535025 |
| LUKOIL PJSC<sup>(a)(d)</sup> (Russia) | 7143 | &nbsp;&nbsp; 1 |
| NAC Kazatomprom JSC GDR<sup>(b)</sup> <br> (Kazakhstan)<br>| 29948 | &nbsp;&nbsp; 1293754 |
| National Energy Services Reunited <br> Corp.<sup>(a)</sup> (United States)<br>| 2032230 | &nbsp;&nbsp; 12234024 |
| Novatek PJSC<sup>(a)(d)</sup> (Russia) | 30294 | &nbsp;&nbsp; 4 |
| Parex Resources, Inc. (Canada) | 45800 | &nbsp;&nbsp; 467838 |
| Petroleo Brasileiro SA - Petrobras <br> (Brazil)<br>| 1253843 | &nbsp;&nbsp; 7867241 |
| Petroreconcavo SA (Brazil) | 105200 | &nbsp;&nbsp; 277469 |
| PRIO SA<sup>(a)</sup> (Brazil) | 118400 | &nbsp;&nbsp; 923995 |
| PT Medco Energi Internasional Tbk <br> (Indonesia)<br>| 10814800 | &nbsp;&nbsp; 829346 |
|  |  | &nbsp;&nbsp; 26323374 |
| **Financials: 22.3%** | **Financials: 22.3%** | **Financials: 22.3%** |
| Banks: 14.4% | Banks: 14.4% | Banks: 14.4% |
| Akbank TAS (Turkey) | 717100 | &nbsp;&nbsp; 1228252 |
| Asia Commercial Bank JSC (Vietnam) | 963687 | &nbsp;&nbsp; 785840 |
| Axis Bank, Ltd. (India) | 737856 | &nbsp;&nbsp; 10315874 |
| Banca Transilvania SA (Romania) | 108728 | &nbsp;&nbsp; 780844 |
| Bangkok Bank PCL NVDR (Thailand) | 576600 | &nbsp;&nbsp; 2465410 |
| BDO Unibank, Inc. (Philippines) | 574209 | &nbsp;&nbsp; 1557592 |
| China Merchants Bank Co., Ltd., <br> Class H (China)<br>| 156800 | &nbsp;&nbsp; 1095609 |
| Commercial International Bank Egypt <br> (CIB) (Egypt)<br>| 412083 | &nbsp;&nbsp; 700375 |
| Credicorp, Ltd. (Peru) | 61243 | &nbsp;&nbsp; 13689035 |
| Equity Group Holdings PLC (Kenya) | 1408729 | &nbsp;&nbsp; 535154 |
| Grupo Cibest SA ADR (Colombia) | 11546 | &nbsp;&nbsp; 533310 |
| Grupo Financiero Banorte SAB de CV, <br> Class O (Mexico)<br>| 50343 | &nbsp;&nbsp; 461966 |
| HDFC Bank, Ltd. (India) | 717200 | &nbsp;&nbsp; 16725746 |
| Hong Leong Financial Group BHD <br> (Malaysia)<br>| 266600 | &nbsp;&nbsp; 1051077 |
| ICICI Bank, Ltd. (India) | 57556 | &nbsp;&nbsp; 972466 |
| IndusInd Bank, Ltd. (India) | 712593 | &nbsp;&nbsp; 7253891 |
| Intercorp Financial Services, Inc. <br> (Peru)<br>| 16548 | &nbsp;&nbsp; 630975 |
| JB Financial Group Co., Ltd. (South <br> Korea)<br>| 91786 | &nbsp;&nbsp; 1397601 |
| Kasikornbank PCL NVDR (Thailand) | 416843 | &nbsp;&nbsp; 1968252 |
| KB Financial Group, Inc. (South Korea) | 5119 | &nbsp;&nbsp; 420641 |
| Metropolitan Bank & Trust Co. <br> (Philippines)<br>| 1035040 | &nbsp;&nbsp; 1332157 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Military Commercial Joint Stock Bank <br> (Vietnam)<br>| 1310683 | &nbsp;&nbsp; $1377395 |
| OTP Bank Nyrt. (Hungary) | 21010 | &nbsp;&nbsp; 1678299 |
| PT Bank Mandiri Persero Tbk <br> (Indonesia)<br>| 4752800 | &nbsp;&nbsp; 1428621 |
| PT Bank Negara Indonesia Persero <br> Tbk, Class B (Indonesia)<br>| 5018100 | &nbsp;&nbsp; 1273457 |
| PT Bank Rakyat Indonesia Persero <br> Tbk, Class B (Indonesia)<br>| 5173613 | &nbsp;&nbsp; 1191827 |
| Saudi Awwal Bank (Saudi Arabia) | 134402 | &nbsp;&nbsp; 1207665 |
| Shinhan Financial Group Co., Ltd. <br> (South Korea)<br>| 215817 | &nbsp;&nbsp; 9818586 |
| The Commercial Bank PSQC (Qatar) | 463900 | &nbsp;&nbsp; 579716 |
| The Saudi National Bank (Saudi <br> Arabia)<br>| 77400 | &nbsp;&nbsp; 745417 |
| Vietnam Technological & Commercial <br> Joint Stock Bank (Vietnam)<br>| 4018200 | &nbsp;&nbsp; 5584145 |
|  |  | &nbsp;&nbsp; 90787195 |
| Financial Services: 3.4% | Financial Services: 3.4% | Financial Services: 3.4% |
| AEON Credit Service (M) BHD <br> (Malaysia)<br>| 687200 | &nbsp;&nbsp; 971106 |
| Chailease Holding Co., Ltd. (Taiwan) | 301081 | &nbsp;&nbsp; 1303805 |
| Dlocal, Ltd., Class A (Uruguay) | 34500 | &nbsp;&nbsp; 391230 |
| Fawry for Banking & Payment <br> Technology Services SAE<sup>(a)</sup> (Egypt)<br>| 1554200 | &nbsp;&nbsp; 377583 |
| FirstRand, Ltd. (South Africa) | 519007 | &nbsp;&nbsp; 2218945 |
| Grupo de Inversiones Suramericana <br> SA (Colombia)<br>| 24109 | &nbsp;&nbsp; 286341 |
| Kaspi.KZ JSC ADR (Kazakhstan) | 7439 | &nbsp;&nbsp; 631497 |
| KIWOOM Securities Co., Ltd. (South <br> Korea)<br>| 1900 | &nbsp;&nbsp; 322392 |
| KRUK SA (Poland) | 8000 | &nbsp;&nbsp; 891589 |
| Patria Investments, Ltd., Class A <br> (Cayman Islands)<br>| 19400 | &nbsp;&nbsp; 272764 |
| Samsung Card Co., Ltd. (South Korea) | 26200 | &nbsp;&nbsp; 959010 |
| Shriram Finance, Ltd. (India) | 126900 | &nbsp;&nbsp; 1046525 |
| XP, Inc., Class A (Brazil) | 581696 | &nbsp;&nbsp; 11750259 |
|  |  | &nbsp;&nbsp; 21423046 |
| Insurance: 4.5% | Insurance: 4.5% | Insurance: 4.5% |
| AIA Group, Ltd. (Hong Kong) | 1220700 | &nbsp;&nbsp; 10947494 |
| BB Seguridade Participacoes SA <br> (Brazil)<br>| 54400 | &nbsp;&nbsp; 358455 |
| China Pacific Insurance Group Co., <br> Ltd., Class H (China)<br>| 286800 | &nbsp;&nbsp; 980972 |
| Korean Reinsurance Co. (South Korea) | 154724 | &nbsp;&nbsp; 1173958 |
| Old Mutual, Ltd. (South Africa) | 1215078 | &nbsp;&nbsp; 828411 |
| Ping An Insurance Group Co. of <br> China, Ltd., Class H (China)<br>| 160657 | &nbsp;&nbsp; 1020229 |
| Prudential PLC (Hong Kong) | 837940 | &nbsp;&nbsp; 10496708 |
| Samsung Fire & Marine Insurance Co., <br> Ltd. (South Korea)<br>| 3053 | &nbsp;&nbsp; 981774 |
| Sanlam, Ltd. (South Africa) | 337718 | &nbsp;&nbsp; 1691475 |
|  |  | &nbsp;&nbsp; 28479476 |
|  |  | &nbsp;&nbsp; 140689717 |
| **Health Care: 3.8%** | **Health Care: 3.8%** | **Health Care: 3.8%** |
| Health Care Equipment & Services: 2.4% | Health Care Equipment & Services: 2.4% | Health Care Equipment & Services: 2.4% |
| China Isotope & Radiation Corp. <br> (China)<br>| 844800 | &nbsp;&nbsp; 1597059 |
| Narayana Hrudayalaya, Ltd.<sup>(b)</sup> (India) | 121200 | &nbsp;&nbsp; 3062505 |
| Shandong Pharmaceutical Glass Co., <br> Ltd., Class A (China)<br>| 436930 | &nbsp;&nbsp; 1351396 |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  | **Shares** | **Value** |
| Shandong Weigao Group Medical <br> Polymer Co., Ltd., Class H (China)<br>| 1684400 | &nbsp;&nbsp; $1311051 |
| Sinocare, Inc., Class A (China) | 412957 | &nbsp;&nbsp; 1303209 |
| Sinopharm Group Co., Ltd., Class H <br> (China)<br>| 1714414 | &nbsp;&nbsp; 4014157 |
| Sonoscape Medical Corp., Class A <br> (China)<br>| 297600 | &nbsp;&nbsp; 1235591 |
| Tofflon Science & Technology Group <br> Co., Ltd., Class A (China)<br>| 685160 | &nbsp;&nbsp; 1272067 |
|  |  | &nbsp;&nbsp; 15147035 |
| Pharmaceuticals, Biotechnology & Life Sciences: 1.4% | Pharmaceuticals, Biotechnology & Life Sciences: 1.4% | Pharmaceuticals, Biotechnology & Life Sciences: 1.4% |
| Adcock Ingram Holdings, Ltd. (South <br> Africa)<br>| 181041 | &nbsp;&nbsp; 515397 |
| Beijing Tong Ren Tang Chinese <br> Medicine Co., Ltd. (China)<br>| 1128700 | &nbsp;&nbsp; 1246610 |
| China Medical System Holdings, Ltd. <br> (China)<br>| 998000 | &nbsp;&nbsp; 1525615 |
| Dr Reddy's Laboratories, Ltd. (India) | 146560 | &nbsp;&nbsp; 2198229 |
| Imeik Technology Development Co., <br> Ltd., Class A (China)<br>| 68424 | &nbsp;&nbsp; 1670967 |
| Jiangsu Hengrui Pharmaceuticals Co., <br> Ltd., Class A (China)<br>| 234494 | &nbsp;&nbsp; 1700170 |
|  |  | &nbsp;&nbsp; 8856988 |
|  |  | &nbsp;&nbsp; 24004023 |
| **Industrials: 7.3%** | **Industrials: 7.3%** | **Industrials: 7.3%** |
| Capital Goods: 4.4% | Capital Goods: 4.4% | Capital Goods: 4.4% |
| Ayala Corp. (Philippines) | 92290 | &nbsp;&nbsp; 933877 |
| BOC Aviation, Ltd.<sup>(b)(c)</sup> (China) | 146300 | &nbsp;&nbsp; 1211409 |
| Chicony Power Technology Co., Ltd. <br> (Taiwan)<br>| 512000 | &nbsp;&nbsp; 1866630 |
| Contemporary Amperex Technology <br> Co., Ltd., Class A (China)<br>| 109700 | &nbsp;&nbsp; 3865265 |
| DL E&C Co., Ltd. (South Korea) | 40000 | &nbsp;&nbsp; 1535270 |
| Doosan Bobcat, Inc. (South Korea) | 32888 | &nbsp;&nbsp; 1418258 |
| Ferreycorp SAA (Peru) | 415150 | &nbsp;&nbsp; 376184 |
| Goldwind Science & Technology Co., <br> Ltd., Class H (China)<br>| 1727000 | &nbsp;&nbsp; 1643411 |
| Hanwha Aerospace Co., Ltd. (South <br> Korea)<br>| 1500 | &nbsp;&nbsp; 942502 |
| KOC Holding AS (Turkey) | 401234 | &nbsp;&nbsp; 1551821 |
| Larsen & Toubro, Ltd. (India) | 52654 | &nbsp;&nbsp; 2253881 |
| PT Astra International Tbk (Indonesia) | 7202100 | &nbsp;&nbsp; 1996270 |
| Sany Heavy Industry Co., Ltd., Class A <br> (China)<br>| 576600 | &nbsp;&nbsp; 1445880 |
| SFA Engineering Corp. (South Korea) | 70454 | &nbsp;&nbsp; 1229395 |
| Shenzhen Inovance Technology Co., <br> Ltd., Class A (China)<br>| 116100 | &nbsp;&nbsp; 1047264 |
| United Integrated Services Co., Ltd. <br> (Taiwan)<br>| 136153 | &nbsp;&nbsp; 2903715 |
| Xinyi Glass Holdings, Ltd. (China) | 1198000 | &nbsp;&nbsp; 1150698 |
|  |  | &nbsp;&nbsp; 27371730 |
| Commercial & Professional Services: 0.3% | Commercial & Professional Services: 0.3% | Commercial & Professional Services: 0.3% |
| NICE Information Service Co., Ltd. <br> (South Korea)<br>| 122295 | &nbsp;&nbsp; 1480661 |
| S-1 Corp. (South Korea) | 11250 | &nbsp;&nbsp; 571836 |
|  |  | &nbsp;&nbsp; 2052497 |
| Transportation: 2.6% | Transportation: 2.6% | Transportation: 2.6% |
| Aramex PJSC<sup>(a)</sup> (United Arab Emirates) | 952044 | &nbsp;&nbsp; 723248 |
| Copa Holdings SA, Class A (Panama) | 3736 | &nbsp;&nbsp; 410848 |
| DiDi Global, Inc. ADR, Class A<sup>(a)</sup> <br> (China)<br>| 1499700 | &nbsp;&nbsp; 7348530 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| 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; 510192 |
| Gulf Warehousing Co. (Qatar) | 622367 | &nbsp;&nbsp; 501688 |
| Hyundai Glovis Co., Ltd. (South Korea) | 12208 | &nbsp;&nbsp; 1219353 |
| International Container Terminal <br> Services, Inc. (Philippines)<br>| 274980 | &nbsp;&nbsp; 2006334 |
| Movida Participacoes SA (Brazil) | 510400 | &nbsp;&nbsp; 658538 |
| Promotora y Operadora de <br> Infraestructura SAB de CV (Mexico)<br>| 47961 | &nbsp;&nbsp; 540940 |
| SIMPAR SA (Brazil) | 716600 | &nbsp;&nbsp; 670028 |
| Westports Holdings BHD (Malaysia) | 1306200 | &nbsp;&nbsp; 1675212 |
|  |  | &nbsp;&nbsp; 16264919 |
|  |  | &nbsp;&nbsp; 45689146 |
| **Information Technology: 14.1%** | **Information Technology: 14.1%** | **Information Technology: 14.1%** |
| Semiconductors & Semiconductor Equipment: 10.9% | Semiconductors & Semiconductor Equipment: 10.9% | Semiconductors & Semiconductor Equipment: 10.9% |
| ACM Research, Inc., Class A<sup>(a)</sup> <br> (United States)<br>| 77992 | &nbsp;&nbsp; 2019993 |
| ASE Technology Holding Co., Ltd. <br> (Taiwan)<br>| 557000 | &nbsp;&nbsp; 2812457 |
| Elan Microelectronics Corp. (Taiwan) | 675000 | &nbsp;&nbsp; 2807493 |
| MediaTek, Inc. (Taiwan) | 134000 | &nbsp;&nbsp; 5733945 |
| Novatek Microelectronics Corp. <br> (Taiwan)<br>| 170857 | &nbsp;&nbsp; 3187631 |
| Powertech Technology, Inc. (Taiwan) | 663714 | &nbsp;&nbsp; 2987758 |
| Realtek Semiconductor Corp. (Taiwan) | 156000 | &nbsp;&nbsp; 3027934 |
| Taiwan Semiconductor Manufacturing <br> Co., Ltd. (Taiwan)<br>| 1265143 | &nbsp;&nbsp; 45907558 |
|  |  | &nbsp;&nbsp; 68484769 |
| Software & Services: 1.2% | Software & Services: 1.2% | Software & Services: 1.2% |
| Shanghai Baosight Software Co., Ltd., <br> Class A (China)<br>| 485604 | &nbsp;&nbsp; 1602342 |
| TOTVS SA (Brazil) | 761800 | &nbsp;&nbsp; 5918459 |
|  |  | &nbsp;&nbsp; 7520801 |
| Technology, Hardware & Equipment: 2.0% | Technology, Hardware & Equipment: 2.0% | Technology, Hardware & Equipment: 2.0% |
| Intelbras SA Industria de <br> Telecomunicacao Eletronica Brasileira <br> (Brazil)<br>| 414400 | &nbsp;&nbsp; 1216558 |
| Lenovo Group, Ltd. (China) | 1675271 | &nbsp;&nbsp; 2010338 |
| Universal Scientific Industrial <br> (Shanghai) Co., Ltd., Class A (China)<br>| 790300 | &nbsp;&nbsp; 1615211 |
| WNC Corp. (Taiwan) | 640806 | &nbsp;&nbsp; 2665272 |
| Yageo Corp. (Taiwan) | 171599 | &nbsp;&nbsp; 2849018 |
| Zhen Ding Technology Holding, Ltd. <br> (Taiwan)<br>| 749000 | &nbsp;&nbsp; 2576835 |
|  |  | &nbsp;&nbsp; 12933232 |
|  |  | &nbsp;&nbsp; 88938802 |
| **Materials: 5.7%** | **Materials: 5.7%** | **Materials: 5.7%** |
| Abou Kir Fertilizers & Chemical <br> Industries Co. (Egypt)<br>| 598100 | &nbsp;&nbsp; 602923 |
| Alpek SAB de CV, Class A (Mexico) | 279923 | &nbsp;&nbsp; 153055 |
| Alrosa PJSC<sup>(a)(d)</sup> (Russia) | 215620 | &nbsp;&nbsp; 28 |
| Cemex SAB de CV ADR (Mexico) | 1073814 | &nbsp;&nbsp; 7441531 |
| EID Parry India, Ltd.<sup>(a)</sup> (India) | 154188 | &nbsp;&nbsp; 1991985 |
| GCC SAB de CV (Mexico) | 26700 | &nbsp;&nbsp; 256535 |
| Glencore PLC (Australia) | 2919508 | &nbsp;&nbsp; 11365161 |
| Indorama Ventures PCL NVDR <br> (Thailand)<br>| 1308800 | &nbsp;&nbsp; 817277 |
| KCC Corp. (South Korea) | 3295 | &nbsp;&nbsp; 761737 |
| Loma Negra Cia Industrial Argentina <br> SA ADR<sup>(a)</sup> (Argentina)<br>| 29386 | &nbsp;&nbsp; 322364 |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  | **Shares** | **Value** |
| Orbia Advance Corp. SAB de CV <br> (Mexico)<br>| 307635 | &nbsp;&nbsp; $215096 |
| PTT Global Chemical PCL NVDR <br> (Thailand)<br>| 1300943 | &nbsp;&nbsp; 796363 |
| Sahara International Petrochemical <br> Co. (Saudi Arabia)<br>| 176724 | &nbsp;&nbsp; 933921 |
| Severstal PAO<sup>(a)(d)</sup> (Russia) | 16182 | &nbsp;&nbsp; 2 |
| Shandong Sinocera Functional <br> Material Co., Ltd., Class A (China)<br>| 1444660 | &nbsp;&nbsp; 3501533 |
| Suzano SA (Brazil) | 24800 | &nbsp;&nbsp; 233754 |
| Teck Resources, Ltd., Class B <br> (Canada)<br>| 33500 | &nbsp;&nbsp; 1352730 |
| UPL, Ltd. (India) | 246803 | &nbsp;&nbsp; 1902248 |
| Zhejiang NHU Co., Ltd., Class A <br> (China)<br>| 1000863 | &nbsp;&nbsp; 2973961 |
|  |  | &nbsp;&nbsp; 35622204 |
| **Real Estate: 1.4%** | **Real Estate: 1.4%** | **Real Estate: 1.4%** |
| 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>| 281449 | &nbsp;&nbsp; 450570 |
| Prologis Property Mexico SAB de CV <br> REIT (Mexico)<br>| 209516 | &nbsp;&nbsp; 789963 |
|  |  | &nbsp;&nbsp; 1240533 |
| Real Estate Management & Development: 1.2% | Real Estate Management & Development: 1.2% | Real Estate Management & Development: 1.2% |
| China Resources Land, Ltd. (China) | 393129 | &nbsp;&nbsp; 1332140 |
| Emaar Development PJSC (United <br> Arab Emirates)<br>| 437451 | &nbsp;&nbsp; 1608013 |
| Greentown Service Group Co., Ltd.<sup>(b)</sup> <br> (China)<br>| 3192871 | &nbsp;&nbsp; 1781511 |
| Hang Lung Group, Ltd. (Hong Kong) | 636129 | &nbsp;&nbsp; 1106953 |
| Megaworld Corp. (Philippines) | 43321943 | &nbsp;&nbsp; 1515076 |
|  |  | &nbsp;&nbsp; 7343693 |
|  |  | &nbsp;&nbsp; 8584226 |
| **Utilities: 2.8%** | **Utilities: 2.8%** | **Utilities: 2.8%** |
| China Gas Holdings, Ltd. (China) | 987476 | &nbsp;&nbsp; 922069 |
| China Water Affairs Group, Ltd. <br> (China)<br>| 1394000 | &nbsp;&nbsp; 1116983 |
| GAIL (India), Ltd. (India) | 985500 | &nbsp;&nbsp; 2191290 |
| Huaneng Power International, Inc., <br> Class H (China)<br>| 1236000 | &nbsp;&nbsp; 796713 |
| Jiangxi Hongcheng Environment Co., <br> Ltd., Class A (China)<br>| 486900 | &nbsp;&nbsp; 655707 |
| Korea Electric Power Corp. (South <br> Korea)<br>| 26800 | &nbsp;&nbsp; 780409 |
| KunLun Energy Co., Ltd. (China) | 986900 | &nbsp;&nbsp; 957991 |
| Mahanagar Gas, Ltd.<sup>(b)</sup> (India) | 123596 | &nbsp;&nbsp; 2134395 |
| Manila Electric Co. (Philippines) | 146600 | &nbsp;&nbsp; 1401457 |
| NTPC, Ltd. (India) | 593787 | &nbsp;&nbsp; 2318096 |
| Tenaga Nasional BHD (Malaysia) | 560843 | &nbsp;&nbsp; 1915431 |
| The Hub Power Co., Ltd. (Pakistan) | 1199600 | &nbsp;&nbsp; 581974 |
| YTL Power International BHD <br> (Malaysia)<br>| 2196000 | &nbsp;&nbsp; 2075782 |
| YTL Power International BHD, <br> Warrant<sup>(a)</sup> (Malaysia)<br>| 202420 | &nbsp;&nbsp; 91343 |
|  |  | &nbsp;&nbsp; 17939640 |
| **Total Common Stocks** <br>(Cost $517,843,511)<br>|  | &nbsp;&nbsp; **$571736063** |

---

---

| | | |
|:---|:---|:---|
| **Preferred Stocks: 5.1%** | **Preferred Stocks: 5.1%** | **Preferred Stocks: 5.1%** |
|  | **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; $1171146 |
| **Consumer Staples: 0.3%** | **Consumer Staples: 0.3%** | **Consumer Staples: 0.3%** |
| 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; 463774 |
| Household & Personal Products: 0.2% | Household & Personal Products: 0.2% | Household & Personal Products: 0.2% |
| Amorepacific Corp., Pfd (South Korea) | 25710 | &nbsp;&nbsp; 848681 |
| LG H&H Co., Ltd., Pfd (South Korea) | 5656 | &nbsp;&nbsp; 551100 |
|  |  | &nbsp;&nbsp; 1399781 |
|  |  | &nbsp;&nbsp; 1863555 |
| **Financials: 2.8%** | **Financials: 2.8%** | **Financials: 2.8%** |
| Banks: 2.8% | Banks: 2.8% | Banks: 2.8% |
| Itau Unibanco Holding SA, Pfd (Brazil) | 2561580 | &nbsp;&nbsp; 17421064 |
| **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; 127499 |
| DL E&C Co., Ltd., Pfd 2 (South Korea) | 6907 | &nbsp;&nbsp; 175797 |
|  |  | &nbsp;&nbsp; 303296 |
| **Information Technology: 1.7%** | **Information Technology: 1.7%** | **Information Technology: 1.7%** |
| Technology, Hardware & Equipment: 1.7% | Technology, Hardware & Equipment: 1.7% | Technology, Hardware & Equipment: 1.7% |
| Samsung Electro-Mechanics Co., Ltd., <br> Pfd (South Korea)<br>| 31477 | &nbsp;&nbsp; 1408721 |
| Samsung Electronics Co., Ltd., Pfd <br> (South Korea)<br>| 249779 | &nbsp;&nbsp; 9161278 |
|  |  | &nbsp;&nbsp; 10569999 |
| **Utilities: 0.1%** |  |  |
| Centrais Eletricas Brasileiras SA, Pfd, <br> Class B (Brazil)<br>| 59300 | &nbsp;&nbsp; 484716 |
| Cia Energetica de Minas Gerais, Pfd <br> (Brazil)<br>| 163600 | &nbsp;&nbsp; 325207 |
|  |  | &nbsp;&nbsp; 809923 |
| **Total Preferred Stocks** <br>(Cost $32,050,739)<br>|  | &nbsp;&nbsp; **$32138983** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments: 3.3%** | **Short-Term Investments: 3.3%** | **Short-Term Investments: 3.3%** |
|  | **Par Value/** <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 2.3%** | **Repurchase Agreements: 2.3%** | **Repurchase Agreements: 2.3%** |
| Fixed Income Clearing Corp.<sup>(e)</sup> <br>4.38%, dated 6/30/25, due 7/1/25, <br> maturity value $14,001,703<br>| $14000000 | &nbsp;&nbsp; 14000000 |
| Fixed Income Clearing Corp.<sup>(e)</sup> <br>1.80%, dated 6/30/25, due 7/1/25, <br> maturity value $628,743<br>| 628712 | &nbsp;&nbsp; 628712 |
|  |  | &nbsp;&nbsp; 14628712 |
| **Money Market Fund: 1.0%** | **Money Market Fund: 1.0%** | **Money Market Fund: 1.0%** |
| State Street Institutional <br> U.S. Government Money Market Fund <br> - Premier Class<br>| 6223802 | &nbsp;&nbsp; 6223802 |
| **Total Short-Term Investments** <br>(Cost $20,852,514) | **Total Short-Term Investments** <br>(Cost $20,852,514) | &nbsp;&nbsp; **$20852514** |
| **Total Investments In Securities** <br>(Cost $570,746,764)<br>| 99.2<br> %<br>| &nbsp;&nbsp; **$624727560** |
| Other Assets Less Liabilities | 0.8<br> %<br>| &nbsp;&nbsp; 5003232 |
| **Net Assets** | **100.0%**<br>| &nbsp;&nbsp; **$629730792** |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

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

---

| | |
|:---|:---|
| <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 2.625%-4.125%, <br> 5/31/27-3/31/32. Total collateral value is $14,921,447.<br>|
| <sup>\*</sup> <br>| Rounds to 0.0%. |
|  | 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; 371 | &nbsp;&nbsp;&nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $22881425 | &nbsp;&nbsp;&nbsp;&nbsp; $360790 |

---

**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** |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 194557<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 1338335 | &nbsp;&nbsp;&nbsp;&nbsp; $7471 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 474297<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 3303000 | &nbsp;&nbsp;&nbsp;&nbsp; 12572 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6144340<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 42721599 | &nbsp;&nbsp;&nbsp;&nbsp; 172304 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 561935<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp; 16475 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 560361<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp; 14901 |
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6829633<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 47405851 | &nbsp;&nbsp;&nbsp;&nbsp; 185276 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 136729<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 949381 | &nbsp;&nbsp;&nbsp;&nbsp; 3378 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 136709<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 949333 | &nbsp;&nbsp;&nbsp;&nbsp; 3364 |
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6138667<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 42548326 | &nbsp;&nbsp;&nbsp;&nbsp; 162254 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 136576<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 949382 | &nbsp;&nbsp;&nbsp;&nbsp; 3224 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 136679<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 949333 | &nbsp;&nbsp;&nbsp;&nbsp; 3334 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 136683<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 949239 | &nbsp;&nbsp;&nbsp;&nbsp; 3352 |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 194071<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 1338333 | &nbsp;&nbsp;&nbsp;&nbsp; 5899 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 195186<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 1338334 | &nbsp;&nbsp;&nbsp;&nbsp; 7014 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 194545<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 1338332 | &nbsp;&nbsp;&nbsp;&nbsp; 6373 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 194124<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 1338333 | &nbsp;&nbsp;&nbsp;&nbsp; 5953 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 13272611<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 95300000 | &nbsp;&nbsp;&nbsp;&nbsp; (146796)<br>|
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 972744<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 7000350 | &nbsp;&nbsp;&nbsp;&nbsp; (15461)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 972722<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; (15433)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 972638<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 6999300 | &nbsp;&nbsp;&nbsp;&nbsp; (15418)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 972892<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 7000350 | &nbsp;&nbsp;&nbsp;&nbsp; (15312)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1292427<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 9211770 | &nbsp;&nbsp;&nbsp;&nbsp; (9911)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 13386432<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 95800000 | &nbsp;&nbsp;&nbsp;&nbsp; (157540)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1294097<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 9211770 | &nbsp;&nbsp;&nbsp;&nbsp; (8241)<br>|
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1089760<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 7783722 | &nbsp;&nbsp;&nbsp;&nbsp; (13425)<br>|
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1089566<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 7782555 | &nbsp;&nbsp;&nbsp;&nbsp; (13453)<br>|
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1087340<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 7783723 | &nbsp;&nbsp;&nbsp;&nbsp; (15845)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1143387<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 8160809 | &nbsp;&nbsp;&nbsp;&nbsp; (14932)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1143707<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 8160809 | &nbsp;&nbsp;&nbsp;&nbsp; (14612)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1145833<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 8178382 | &nbsp;&nbsp;&nbsp;&nbsp; (14980)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 444493<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 3182928 | &nbsp;&nbsp;&nbsp;&nbsp; (7501)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 444284<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 3182940 | &nbsp;&nbsp;&nbsp;&nbsp; (7712)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 592321<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 4243920 | &nbsp;&nbsp;&nbsp;&nbsp; (10341)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 444297<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 3182940 | &nbsp;&nbsp;&nbsp;&nbsp; (7700)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 444259<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 3182940 | &nbsp;&nbsp;&nbsp;&nbsp; (7737)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 654261<br> &nbsp;&nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 4630398 | &nbsp;&nbsp;&nbsp;&nbsp; (4613)<br>|

---

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

------

Portfolio of Investments (unaudited) June 30, 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; 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; $(6365)<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; (1902)<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; (1923)<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; (21172)<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; (1651)<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; (84214)<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; 112 |
| 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; 1033 |
| 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; 1065 |
| 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; (2248)<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; (7425)<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; (7822)<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; (6170)<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; (6292)<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; (2619)<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; (2811)<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; (3068)<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; (1488)<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; (1918)<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; (2647)<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; (1846)<br>|
| **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** | **TWD: Taiwan Dollar** |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2778246 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 82500000 | &nbsp;&nbsp;&nbsp;&nbsp; (62197)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2778436 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 82491750 | &nbsp;&nbsp;&nbsp;&nbsp; (61723)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 82504125 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2849883 | &nbsp;&nbsp;&nbsp;&nbsp; (9299)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 82500000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2778713 | &nbsp;&nbsp;&nbsp;&nbsp; 61729 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2840738 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 82504125 | &nbsp;&nbsp;&nbsp;&nbsp; 153 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 82504125 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2788244 | &nbsp;&nbsp;&nbsp;&nbsp; 52341 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2784949 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 82504125 | &nbsp;&nbsp;&nbsp;&nbsp; (55635)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 82491750 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2781715 | &nbsp;&nbsp;&nbsp;&nbsp; 58444 |
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 133000000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4546076 | &nbsp;&nbsp;&nbsp;&nbsp; 34396 |
| Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4546076 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 133000000 | &nbsp;&nbsp;&nbsp;&nbsp; (34396)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7488718 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 238628000 | &nbsp;&nbsp;&nbsp;&nbsp; (746343)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 539895 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 16950008 | &nbsp;&nbsp;&nbsp;&nbsp; (45050)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 539808 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 16949983 | &nbsp;&nbsp;&nbsp;&nbsp; (45136)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 538694 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 16950000 | &nbsp;&nbsp;&nbsp;&nbsp; (46251)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 539981 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 16950009 | &nbsp;&nbsp;&nbsp;&nbsp; (44964)<br>|
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1070296 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31060000 | &nbsp;&nbsp;&nbsp;&nbsp; (2839)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31060000 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1070296 | &nbsp;&nbsp;&nbsp;&nbsp; 2839 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1408934 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 41309931 | &nbsp;&nbsp;&nbsp;&nbsp; (18341)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1407973 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 41309931 | &nbsp;&nbsp;&nbsp;&nbsp; (19301)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1412917 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 41370207 | &nbsp;&nbsp;&nbsp;&nbsp; (16440)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1064959 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31054204 | &nbsp;&nbsp;&nbsp;&nbsp; (7976)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1064229 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31054205 | &nbsp;&nbsp;&nbsp;&nbsp; (8706)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1067522 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31054204 | &nbsp;&nbsp;&nbsp;&nbsp; (5413)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1410280 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 41309931 | &nbsp;&nbsp;&nbsp;&nbsp; (16994)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 41370207 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1413883 | &nbsp;&nbsp;&nbsp;&nbsp; 15474 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31054205 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1064229 | &nbsp;&nbsp;&nbsp;&nbsp; 8706 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1068943 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31077387 | &nbsp;&nbsp;&nbsp;&nbsp; (4793)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 41309931 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1409895 | &nbsp;&nbsp;&nbsp;&nbsp; 17379 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 41309931 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1407973 | &nbsp;&nbsp;&nbsp;&nbsp; 19301 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 41309931 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1410858 | &nbsp;&nbsp;&nbsp;&nbsp; 16416 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31077387 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1069790 | &nbsp;&nbsp;&nbsp;&nbsp; 3946 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31054204 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1067705 | &nbsp;&nbsp;&nbsp;&nbsp; 5230 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31054204 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1069912 | &nbsp;&nbsp;&nbsp;&nbsp; 3023 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31966683 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1116935 | &nbsp;&nbsp;&nbsp;&nbsp; (11504)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1116545 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31966683 | &nbsp;&nbsp;&nbsp;&nbsp; 11114 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1116155 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31966683 | &nbsp;&nbsp;&nbsp;&nbsp; 10724 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1106024 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31930902 | &nbsp;&nbsp;&nbsp;&nbsp; 1830 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1114985 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31966634 | &nbsp;&nbsp;&nbsp;&nbsp; 9556 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1107194 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31959158 | &nbsp;&nbsp;&nbsp;&nbsp; 2023 |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 32009940 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1116496 | &nbsp;&nbsp;&nbsp;&nbsp; (9569)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31966634 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1114597 | &nbsp;&nbsp;&nbsp;&nbsp; (9167)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31966683 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1114599 | &nbsp;&nbsp;&nbsp;&nbsp; (9167)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31959158 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1105089 | &nbsp;&nbsp;&nbsp;&nbsp; 82 |

---

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

------

Portfolio of Investments (unaudited) June 30, 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; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1114746 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 32009940 | &nbsp;&nbsp;&nbsp;&nbsp; $7819 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31930902 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1112188 | &nbsp;&nbsp;&nbsp;&nbsp; (7994)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 368440 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 11450006 | &nbsp;&nbsp;&nbsp;&nbsp; (28994)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 370982 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 11450000 | &nbsp;&nbsp;&nbsp;&nbsp; (26451)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 368582 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 11449988 | &nbsp;&nbsp;&nbsp;&nbsp; (28851)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 368499 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 11450006 | &nbsp;&nbsp;&nbsp;&nbsp; (28934)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 75028 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 2375000 | &nbsp;&nbsp;&nbsp;&nbsp; (8110)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 74791 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 2375000 | &nbsp;&nbsp;&nbsp;&nbsp; (8347)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 10/23/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3563330 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 110000000 | &nbsp;&nbsp;&nbsp;&nbsp; (312872)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 10/23/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3615151 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 111672000 | &nbsp;&nbsp;&nbsp;&nbsp; (319970)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 10/23/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 376342 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 11915750 | &nbsp;&nbsp;&nbsp;&nbsp; (43547)<br>|
| Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1007162 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31640000 | &nbsp;&nbsp;&nbsp;&nbsp; (110890)<br>|
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 464077 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 13500000 | &nbsp;&nbsp;&nbsp;&nbsp; (12968)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 377186 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 11914558 | &nbsp;&nbsp;&nbsp;&nbsp; (44857)<br>|
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4681450 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 133000000 | &nbsp;&nbsp;&nbsp;&nbsp; (54498)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 378237 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 11916346 | &nbsp;&nbsp;&nbsp;&nbsp; (46088)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 794997 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 22500000 | &nbsp;&nbsp;&nbsp;&nbsp; (6197)<br>|
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1102239 | &nbsp;&nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp;&nbsp; 31060000 | &nbsp;&nbsp;&nbsp;&nbsp; (3765)<br>|
| 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; (9341)<br>|
| 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; (9262)<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; (48024)<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; (103871)<br>|
| 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; (27243)<br>|
| 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; (27714)<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; (122193)<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; (123626)<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; (120861)<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; (122212)<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; (3509)<br>|
| 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; (1674)<br>|
| 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; 13644 |
| 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; (3657)<br>|
| 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; (14331)<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; (43008)<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; (110914)<br>|
| 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; 10666 |
| 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; (110582)<br>|
| 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; (108026)<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; (105941)<br>|
| 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; (107812)<br>|
| 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; 11003 |
| 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; (28662)<br>|
| 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; (28043)<br>|
| 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; (29896)<br>|
| 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; (29333)<br>|
| 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; (16931)<br>|
| 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; (19476)<br>|
| 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; (20101)<br>|
| 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; 11635 |
| 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; 364 |
| 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; 10298 |
| 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; (12140)<br>|
| 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; (7225)<br>|
| 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; (5983)<br>|
| 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; (8577)<br>|
| 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; (7408)<br>|
| 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; (99013)<br>|
| 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; (93278)<br>|
| 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; (83875)<br>|
| 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; (22704)<br>|
| 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; (28230)<br>|

---

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

------

Portfolio of Investments (unaudited) June 30, 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; 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; $(25213)<br>|
| 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; (23754)<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; 1015489 |
| 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; (4978724)<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; $(3963235)<br>|

---

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 (unaudited)

---

| | |
|:---|:---|
|  | **June 30, 2025** |
| **Assets:** | **Assets:** |
| Investments in securities, at value (cost $570,746,764) | $624727560 |
| Unrealized appreciation on currency forward contracts | 1015489 |
| Cash pledged as collateral for currency forward contracts | 4380000 |
| Cash denominated in foreign currency (cost $1,930,613) | 1930931 |
| Deposits with broker for futures contracts | 816337 |
| Receivable for variation margin for futures contracts | 84693 |
| Receivable for investments sold | 1116028 |
| Receivable for Fund shares sold | 726181 |
| Dividends and interest receivable | 2269100 |
| Expense reimbursement receivable | 55199 |
| Prepaid expenses and other assets | 12838 |
|  | 637134356 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on currency forward contracts | 4978724 |
| Cash received as collateral for currency forward contracts | 380000 |
| Payable for Fund shares redeemed | 60628 |
| Deferred foreign capital gains tax | 1519736 |
| Management fees payable | 276879 |
| Accrued expenses | 187597 |
|  | 7403564 |
| **Net Assets** | $629730792 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $575233443 |
| Distributable earnings | 54497349 |
|  | $629730792 |
| Fund shares outstanding | 62260680 |
| Net asset value per share | $10.11 |

---

Statement of Operations (unaudited)

---

| | |
|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**<br>|
| **Investment Income:** |  |
| Dividends (net of foreign taxes of $731,682) | $8168556 |
| Interest | 399395 |
|  | 8567951 |
| **Expenses:** |  |
| Investment advisory fees | 1202103 |
| Custody and fund accounting fees | 111457 |
| Administrative services fees | 109282 |
| Professional services | 146728 |
| Shareholder reports | 15143 |
| Registration fees | 31709 |
| Trustees fees | 251878 |
| Miscellaneous | 18036 |
| Total expenses | 1886336 |
| Expenses reimbursed by investment manager | (356403)<br>|
| Net expenses | 1529933 |
| **Net Investment Income** | 7038018 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| Investments in securities (net of foreign capital gains tax <br> of $157,454)<br>| 3987530 |
| Futures contracts | 1238758 |
| Currency forward contracts | 1484941 |
| Foreign currency transactions | (5881)<br>|
| Net change in unrealized appreciation/depreciation |  |
| Investments in securities (net of change in deferred <br> foreign capital gains tax of $845,077)<br>| 61006628 |
| Futures contracts | 866592 |
| Currency forward contracts | (7700253)<br>|
| Foreign currency translation | 40561 |
| Net realized and unrealized gain | 60918876 |
| **Net Change in Net Assets From Operations** | $67956894 |

---

Statement of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Year Ended** |
|  | **June 30, 2025** | **December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $7038018 | $8201118 |
| Net realized gain (loss) | 6705348 | 2650226 |
| Net change in unrealized <br> appreciation/depreciation<br>| 54213528 | 7610636 |
|  | 67956894 | 18461980 |
| **Distributions to Shareholders:** |  |  |
| Total distributions |  | (7107894)<br>|
| **Fund Share Transactions:** |  |  |
| Proceeds from sale of shares | 213203010 | 121762166 |
| Reinvestment of distributions |  | 4897028 |
| Cost of shares redeemed | (28676085)<br>| (56616802)<br>|
| Net change from Fund share <br> transactions<br>| 184526925 | 70042392 |
| Total change in net assets | 252483819 | 81396478 |
| **Net Assets:** |  |  |
| Beginning of period | 377246973 | 295850495 |
| End of period | $629730792 | $377246973 |
| **Share Information:** |  |  |
| Shares sold | 22012592 | 13460908 |
| Distributions reinvested |  | 562231 |
| Shares redeemed | (3129186)<br>| (6492745)<br>|
| Net change in shares outstanding | 18883406 | 7530394 |

---

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

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Notes to Financial Statements (unaudited)

**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 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

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Notes to Financial Statements (unaudited)

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 Fund 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 June 30, 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 | $50936195 | $— | $— |
| Consumer Discretionary | 95855662 |  |  |
| Consumer Staples | 37153074 |  |  |
| Energy | 26323369 |  | 5 |
| Financials | 133441836 | 7247881 |  |
| Health Care | 24004023 |  |  |
| Industrials | 45689138 |  | 8 |
| Information Technology | 88938802 |  |  |
| Materials | 35622174 |  | 30 |
| Real Estate | 8584226 |  |  |
| Utilities | 17848297 | 91343 |  |
| Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks |
| Consumer Discretionary | 1171146 |  |  |
| Consumer Staples | 1863555 |  |  |
| Financials | 17421064 |  |  |
| Industrials | 303296 |  |  |
| Information Technology | 10569999 |  |  |
| Utilities | 809923 |  |  |
| Short-Term Investments | Short-Term Investments | Short-Term Investments | Short-Term Investments |
| Repurchase Agreements |  | 14628712 |  |
| Money Market Fund | 6223802 |  |  |
| Total Securities | $602759581 | $21967936 | $43 |
| **Other Investments** | **Other Investments** | **Other Investments** | **Other Investments** |
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| Appreciation | $360790 | $— | $— |
| Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts |
| Appreciation |  | 1015489 |  |
| Depreciation |  | (4978724)<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 (unaudited)

---

| | |
|:---|:---|
| **Common Stocks** | **Amount** |
| Net change in unrealized appreciation/depreciation | 64,921 |
| Balance at 6/30/2025 | **43** |

---

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; $1015489 | &nbsp;&nbsp; $1015489 |
| Futures contracts<sup>(a)</sup> <br>| &nbsp;&nbsp; 360790 | &nbsp;&nbsp; — | &nbsp;&nbsp; 360790 |
|  | &nbsp;&nbsp; $360790 | &nbsp;&nbsp; $1015489 | &nbsp;&nbsp; $1376279 |
| **Liabilities** |  |  |  |
| Unrealized depreciation on <br> currency forward contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $4978724 | &nbsp;&nbsp; $4978724 |

---

&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; $1238758 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 1238758 |
| Currency forward contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1484941 | &nbsp;&nbsp; 1484941 |
|  | &nbsp;&nbsp; $1238758 | &nbsp;&nbsp; $1484941 | &nbsp;&nbsp; $2723699 |
| **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; $866592 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 866592 |
| Currency forward contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (7700253)<br>| &nbsp;&nbsp; (7700253)<br>|
|  | &nbsp;&nbsp; $866592 | &nbsp;&nbsp; $(7700253)<br>| &nbsp;&nbsp; $(6833661)<br>|

---

The following summarizes the range of volume in the Fund's derivative instruments during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Derivative** |  | **% of Net Assets** |
| Futures contracts | USD notional value | &nbsp;&nbsp; 3-5<br> %<br>|
| Currency forward contracts | USD total value | &nbsp;&nbsp; 28-32<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 (unaudited)

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 | $5899 | $(144195)<br>| $— | $(138296)<br>|
| Barclays | 34396 | (99676)<br>|  | (65280)<br>|
| Citibank | 23954 | (1342253)<br>| 1318299 |  |
| Goldman Sachs |  | (148943)<br>|  | (148943)<br>|
| HSBC | 158818 | (1678996)<br>| 1520178 |  |
| JPMorgan | 24626 | (454065)<br>| 429439 |  |
| Morgan Stanley | 153 | (50764)<br>|  | (50611)<br>|
| Standard Chartered | 347530 | (15845)<br>| (331685)<br>|  |
| State Street | 3224 | (129401)<br>|  | (126177)<br>|
| UBS | 416889 | (914586)<br>| 497697 |  |
|  | $1015489 | $(4978724)<br>| $3433928 | $(529307)<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 0.55% 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 June 30, 2025, Dodge & Cox and its executive officers owned in aggregate 10.4% of the Fund's outstanding shares. Dodge & Cox Balanced Fund, another series of the Trust which is managed by Dodge & Cox, owned 22.6% 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, foreign currency realized gain (loss), foreign capital gains tax, passive foreign investment companies, certain corporate action transactions, derivatives, and distributions.

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| Ordinary income | $— | &nbsp;&nbsp; $7107894 |
|  | *($— per share)* | *($0.169 per share)* |

---

The components of distributable earnings on a tax basis are reported as of the Fund's most recent year end. At December 31, 2024, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; $(4347113)<br>|
| Deferred loss<sup>2</sup> <br>| &nbsp;&nbsp; (232830)<br>|
| Net unrealized depreciation | &nbsp;&nbsp; (8879602)<br>|
| Total distributable earnings | &nbsp;&nbsp; $(13459545)<br>|

---

<sup>1</sup> Represents accumulated long-term capital loss as of December 31, 2024, which may be carried forward to offset future capital gains. 

<sup>2</sup> Represents capital loss incurred between November 1, 2024 and December 31, 2024. As permitted by tax regulation, the Fund has elected to treat this loss as arising in 2025. 

At June 30, 2025, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | &nbsp;&nbsp; $573392167 |
| Unrealized appreciation | &nbsp;&nbsp; 83840110 |
| Unrealized depreciation | &nbsp;&nbsp; (36107162)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 47732948 |

---

Fund management has reviewed the tax positions for open periods (three years and four years, respectively, from filing the

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

------

Notes to Financial Statements (unaudited)

Fund's Federal and State tax returns) as applicable to the Fund, and has determined that no provision for income tax is required in the Fund's financial statements.

**Note 5: Loan Facilities**

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

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. For the six months ended June 30, 2025, the Fund's commitment fee amounted to $838 and is reflected as a Miscellaneous Expense in the Statement of Operations. Interest on borrowings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the period.

**Note 6: Purchases and Sales of Investments**

For the six months ended June 30, 2025, purchases and sales of securities, other than short-term securities, aggregated $235,251,771 and $57,958,584, 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. Management is currently evaluating the requirements and expects the adoption of this ASU will 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 June 30, 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

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Financial Highlights (unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected Data and Ratios** <br>**(for a share outstanding throughout each period)**<br>| &nbsp;&nbsp;&nbsp; **Six Months** <br>**Ended June 30,**<br>| **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 period** | &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;0.10 | &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;1.31 | &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;1.41 | &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; — | &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; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; — | &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 period** | &nbsp;&nbsp;&nbsp;&nbsp; $10.11 | &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; 16.21<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 period (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $630 | &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 %<sup>(a)</sup><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; 0.86 %<sup>(a)</sup><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; 3.21 %<sup>(a)</sup><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; 14<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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Board Approval of Funds' Investment Advisory Agreement

(unaudited)

On June 11, 2025, the Board of Trustees (the "Board") of the Dodge & Cox Funds (the "Trust"), including the members of the Board who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees"), voted to continue the Investment Advisory Agreement between Dodge & Cox and the Trust (the "Advisory Agreement") in effect for an additional year beginning July 1, 2025 for each series of the Trust (each a "Fund"). Prior to the Board's vote, the Trust's Contract Review Committee, consisting solely of the Independent Trustees, met with independent counsel to the Independent Trustees on May 7 and June 11, 2025, to discuss whether the Investment Advisory Agreement should be continued. At its June 11 meeting, the Board, including the Independent Trustees, concluded that the Investment Advisory Agreement is fair and reasonable. In considering the Investment Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor or particular information as all-important or controlling. In reaching the decision to continue the Investment Advisory Agreement in effect, the Board considered several factors, and reached the conclusions, described below:&nbsp;&nbsp;&nbsp;&nbsp;

Nature, Extent and Quality of Services Provided by Dodge & Cox

<sup>■</sup> The Board considered the nature, extent and quality of the services provided by Dodge & Cox to each Fund under the Advisory Agreement. This consideration included, among other things, Dodge & Cox's investment process and philosophy; the education and experience of the principal personnel of Dodge & Cox who provide such services; the other resources that Dodge & Cox uses in managing the Funds' portfolios; Dodge & Cox's record of compliance with the Funds' investment policies and restrictions and relevant regulatory and tax compliance requirements; and such matters as Dodge & Cox's business continuity planning and insurance coverage.

<sup>■</sup> The Board concluded that the nature, extent and quality of the services Dodge & Cox provides are consistent with the terms of the Advisory Agreement and support the recommendation to continue the Advisory Agreement in effect for an additional year.

<sup>■</sup> The Board also took note of the nature, extent and quality of the services that Dodge & Cox provides to the Funds and their shareholders under a separate Administrative and Shareholder Services Agreement. Although that agreement does not require Board approval on an annual basis, the services provided thereunder are an important part of the Funds' overall relationship with Dodge & Cox, and the Board's understanding and assessment of those services (including which Dodge & Cox services are provided pursuant to which agreement) were relevant factors in its decision to approve continuation of the Advisory Agreement.

Investment Performance

<sup>■</sup> The Board reviewed information regarding the total return of each Fund over the most recent 1-, 3-, 5-, 10- and 20-year periods (or since Fund inception, if shorter). The Board compared these returns to those of the Fund's broad-based securities market index and, for the Stock, Balanced, International Stock and Global Stock Funds, other appropriate indexes provided by Dodge & Cox. The Board also considered the volatility of the Funds' investment returns over various time horizons, including volatility data provided by Broadridge Financial Solutions ("Broadridge").

<sup>■</sup> In addition, the Board reviewed a report prepared by Broadridge comparing each Fund's performance with the performance of other mutual funds in the Fund's broad Morningstar category (as modified by Broadridge to include only those funds that have similar share class and expense characteristics to such Fund, the "Morningstar custom category"), as well as with the performance of a smaller peer group of comparable funds identified by Broadridge (such Fund's "peer group"). The Board received information regarding the methodology and process underlying the construction of the Morningstar custom categories and Broadridge peer groups, and any changes in the methodology from prior years. The Board also reviewed a report prepared by Dodge & Cox comparing each Fund's performance to the composite performance of other accounts (if any) managed by Dodge & Cox using the same investment approach as the Fund. This information regarding the performance of other mutual funds and of other accounts managed by Dodge & Cox provided helpful context for the Board's evaluation of the Funds' performance.

<sup>■</sup> The Board concluded that the investment performance and volatility experienced by each Fund were consistent with Dodge & Cox's long-term, research-driven, bottom-up, active investment style and support the recommendation to continue the Advisory Agreement in effect for an additional year.

Fees and Expense Ratios

<sup>■</sup> The Board reviewed a comparison prepared by Broadridge of the net expense ratio of each Fund (including the separate expense ratios of the two share classes of those Funds that have a dual class structure), and the various elements of those expense ratios, to those of mutual funds in (1) the Fund's Morningstar custom category and (2) the Fund's peer group.

<sup>■</sup> For each Fund for which such a comparison is relevant, the Board reviewed information regarding the fee rates Dodge & Cox charges for managing other accounts using the same investment approach as the Fund. In light of the fact that such other accounts may be charged lower fee rates than a Fund, the Board took note of the broader scope of services that Dodge & Cox provides to the Funds than to separate accounts and sub-advised funds, as well as differences in regulatory, litigation, and other risks associated with sponsoring a mutual fund as compared to managing separate accounts or sub-advising another sponsor's mutual fund, and

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

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certain characteristics of the market for institutional separate account management services.

<sup>■</sup> The Board concluded, after discussion and based on all the relevant information it received, that the advisory fee rate that each Fund pays to Dodge & Cox under the Advisory Agreement is reasonable in relation to the scope and quality of the services that Dodge & Cox provides to such Fund thereunder.

<sup>■</sup> In assessing the Funds' expense ratios and the fees the Funds pay to Dodge & Cox, the Board took note of and discussed with Dodge & Cox changes over the past several years in the competitive landscape for asset management services. The Board anticipates further changes in the competitive landscape and will continue to monitor and assess the Funds' competitive position.

Costs of Services Provided and Profits Realized by Dodge & Cox from its Relationship to the Funds

<sup>■</sup> Dodge & Cox informed the Board that it operates as a unified business, with most employees providing services to support the firm and its clients across multiple strategies and/or products. Consequently, the firm does not utilize cost accounting to allocate expenses across lines of business or across the Funds for management purposes. Also, the firm is owned exclusively by its senior managers and other active employees, and generally distributes substantially all of its net revenues each year to its employees, either as compensation or as a combination of compensation and distributions with respect to the shares they own in the firm. Accordingly, while Dodge & Cox provided the Board with data to consider profitability using several different possible methodologies, it is difficult, and in the Board's view not especially meaningful, to attempt to calculate a specific profit margin associated with Dodge & Cox's relationship to any particular Fund.

<sup>■</sup> The Board believes that Dodge & Cox's commitment to employee ownership of the firm enhances its ability to attract and retain key investment and other management professionals and reinforces a long-term perspective on the management of the firm and the Funds, which the Board believes aligns well with the interests of the Funds and their shareholders.

<sup>■</sup> The Board noted that the employee-shareholders of Dodge & Cox give up a substantial stock value (which would be taxed at long-term capital gains rates) as a consequence of the firm's independence from outside ownership; the estimated market value of the company is substantially in excess of its book value.

<sup>■</sup> The Board also considered that Dodge & Cox's fee revenues from the Funds fluctuate from year to year based on changes in the aggregate net assets of the Funds, and that the firm has continued to invest in improved systems, additional compliance resources, and enhanced research capabilities despite these fluctuations.

<sup>■</sup> The Board concluded that the profitability data provided by Dodge & Cox was based upon a reasonable range of assumptions and methodologies. The Board also concluded that Dodge & Cox's profits are a keystone of its independence, stability and long-term investment performance, and are reasonable.

Economies and Benefits of Scale

<sup>■</sup> The Board considered whether there have been economies or benefits of scale as the Funds have grown over the longer term, and whether fee levels reflect economies of scale for the benefit of Fund investors. In the Board's view, any consideration of economies of scale must take account of the relatively low overall fee and expense structure of the Funds. The Funds generally rank favorably when compared to their Broadridge custom categories and peer groups, on a net expense ratio basis.

<sup>■</sup> Dodge & Cox has built economies of scale into its fee structure by charging relatively low fees at the beginning of operations. A comparison of the Funds' advisory fee rates to those of many otherwise comparable funds that employ fee "breakpoints" shows that the Funds' advisory fee rates are in general relatively lower from the first dollar. As a result of their straightforward share class and fee structure and relatively low total expenses, the Funds provide small investors with access to professional, active portfolio management and related services at a reasonable cost. In addition to building economies of scale into its fee rates from the first dollar of each Fund's assets, Dodge & Cox has capped the expenses borne by certain Funds in their early years of operations when those Funds are not yet operating at scale. The Global Bond Fund has benefited from such an expense cap since its inception in 2014, as has the Emerging Markets Stock Fund since its inception in 2021. Dodge & Cox, in 2023, agreed to continue expense caps for those Funds, and for the X share class of each of the other Funds, through April 30, 2026.

<sup>■</sup> Over the years, Dodge & Cox has voluntarily forgone opportunities for growth in its assets under management and revenues in order to protect the Funds' ability to achieve investment returns for shareholders. Dodge & Cox closed the International Stock Fund for a number of years beginning in 2015 and previously closed other Funds and limited the growth of its separate account business during periods of high growth—to Dodge & Cox's economic detriment—and continues to closely monitor the size of the Funds.

<sup>■</sup> The Board also noted that Dodge & Cox has continued to make additional expenditures on staff and information technology to enable it to enhance its investment processes and to implement effectively the Funds' strategies. The Board also considered that there may be certain diseconomies of scale associated with managing very large asset pools such as several of the Funds, insofar as certain of the costs or risks associated with managing the Funds potentially increase at a rate that exceeds the rate of asset growth.

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

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Fall-Out Benefits and Other Matters

<sup>■</sup> The Board concluded that any "fall-out" benefits derived by Dodge & Cox from its relationship with the Funds are not a significant issue.

<sup>■</sup> The Board considered the information provided regarding any conflicts of interests present and Dodge & Cox's efforts to mitigate such conflicts.

<sup>■</sup> The Board considered that the Funds have never been a party to any litigation.

Dodge & Cox Emerging Markets Stock Fund <sup>■</sup> PAGE 18

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![](imgc71a100c1.gif)

2025

**June 30, 2025**

------

**Financial Statements and Other Information**

------

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

**ESTABLISHED 1931**

06/25 BF SAR&nbsp;&nbsp;&nbsp;&nbsp;

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks: 63.1%** | **Common Stocks: 63.1%** | **Common Stocks: 63.1%** |
|  | **Shares** | **Value** |
| **Communication Services: 5.4%** | **Communication Services: 5.4%** | **Communication Services: 5.4%** |
| Media & Entertainment: 5.4% | Media & Entertainment: 5.4% | Media & Entertainment: 5.4% |
| Alphabet, Inc., Class A | 445300 | &nbsp;&nbsp; $78475219 |
| Alphabet, Inc., Class C | 872200 | &nbsp;&nbsp; 154719558 |
| Baidu, Inc. ADR, Class A<sup>(a)</sup> (China) | 445200 | &nbsp;&nbsp; 38180352 |
| Charter Communications, Inc., <br> Class A<sup>(a)</sup> <br>| 472549 | &nbsp;&nbsp; 193182757 |
| Comcast Corp., Class A | 4270048 | &nbsp;&nbsp; 152398013 |
| EchoStar Corp., Class A<sup>(a)</sup> <br>| 1063449 | &nbsp;&nbsp; 29457537 |
| Fox Corp., Class A | 736733 | &nbsp;&nbsp; 41286517 |
| Fox Corp., Class B | 103780 | &nbsp;&nbsp; 5358162 |
| Meta Platforms, Inc., Class A | 121100 | &nbsp;&nbsp; 89382699 |
| News Corp., Class A | 502904 | &nbsp;&nbsp; 14946307 |
|  |  | &nbsp;&nbsp; 797387121 |
| **Consumer Discretionary: 2.9%** | **Consumer Discretionary: 2.9%** | **Consumer Discretionary: 2.9%** |
| Consumer Discretionary Distribution & Retail: 2.1% | Consumer Discretionary Distribution & Retail: 2.1% | Consumer Discretionary Distribution & Retail: 2.1% |
| Alibaba Group Holding, Ltd. ADR <br> (China)<br>| 902700 | &nbsp;&nbsp; 102375207 |
| Amazon.com, Inc.<sup>(a)</sup> <br>| 735500 | &nbsp;&nbsp; 161361345 |
| Prosus NV ADR (China) | 3787311 | &nbsp;&nbsp; 42152771 |
| The Gap, Inc. | 216978 | &nbsp;&nbsp; 4732290 |
|  |  | &nbsp;&nbsp; 310621613 |
| Consumer Durables & Apparel: 0.2% | Consumer Durables & Apparel: 0.2% | Consumer Durables & Apparel: 0.2% |
| VF Corp. | 2227600 | &nbsp;&nbsp; 26174300 |
| Consumer Services: 0.6% | Consumer Services: 0.6% | Consumer Services: 0.6% |
| Booking Holdings, Inc. | 16200 | &nbsp;&nbsp; 93785688 |
|  |  | &nbsp;&nbsp; 430581601 |
| **Consumer Staples: 2.6%** | **Consumer Staples: 2.6%** | **Consumer Staples: 2.6%** |
| Food, Beverage & Tobacco: 2.6% | Food, Beverage & Tobacco: 2.6% | Food, Beverage & Tobacco: 2.6% |
| Anheuser-Busch InBev SA/NV ADR <br> (Belgium)<br>| 2556600 | &nbsp;&nbsp; 175689552 |
| Archer-Daniels-Midland Co. | 381978 | &nbsp;&nbsp; 20160799 |
| Imperial Brands PLC ADR (United <br> Kingdom)<br>| 3732400 | &nbsp;&nbsp; 147280504 |
| Molson Coors Beverage Co., Class B | 865514 | &nbsp;&nbsp; 41622568 |
|  |  | &nbsp;&nbsp; 384753423 |
| **Energy: 2.3%** | **Energy: 2.3%** | **Energy: 2.3%** |
| Baker Hughes Co., Class A | 2754300 | &nbsp;&nbsp; 105599862 |
| ConocoPhillips | 525224 | &nbsp;&nbsp; 47133602 |
| Occidental Petroleum Corp. | 4450015 | &nbsp;&nbsp; 186945130 |
|  |  | &nbsp;&nbsp; 339678594 |
| **Financials: 15.3%** | **Financials: 15.3%** | **Financials: 15.3%** |
| Banks: 4.8% | Banks: 4.8% | Banks: 4.8% |
| Banco Santander SA<sup>(b)</sup> (Spain) | 13228300 | &nbsp;&nbsp; 109496714 |
| BNP Paribas SA ADR (France) | 3484800 | &nbsp;&nbsp; 157303872 |
| Credicorp, Ltd. (Peru) | 402797 | &nbsp;&nbsp; 90033185 |
| HDFC Bank, Ltd. ADR (India) | 1704000 | &nbsp;&nbsp; 130645680 |
| Wells Fargo & Co. | 2611542 | &nbsp;&nbsp; 209236745 |
|  |  | &nbsp;&nbsp; 696716196 |
| Financial Services: 8.7% | Financial Services: 8.7% | Financial Services: 8.7% |
| Capital One Financial Corp. | 557026 | &nbsp;&nbsp; 118512852 |
| Fidelity National Information Services, <br> Inc.<br>| 1968500 | &nbsp;&nbsp; 160255585 |
| Fiserv, Inc.<sup>(a)</sup> <br>| 1601900 | &nbsp;&nbsp; 276183579 |
| LPL Financial Holdings, Inc. | 164500 | &nbsp;&nbsp; 61682565 |
| The Bank of New York Mellon Corp. | 1207000 | &nbsp;&nbsp; 109969770 |
| The Charles Schwab Corp. | 3942700 | &nbsp;&nbsp; 359731948 |
| The Goldman Sachs Group, Inc. | 112900 | &nbsp;&nbsp; 79904975 |
| XP, Inc., Class A (Brazil) | 5288300 | &nbsp;&nbsp; 106823660 |
|  |  | &nbsp;&nbsp; 1273064934 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Insurance: 1.8% | Insurance: 1.8% | Insurance: 1.8% |
| Aegon, Ltd., NY Shs (Netherlands) | 3468403 | &nbsp;&nbsp; $25111237 |
| AIA Group, Ltd. ADR (Hong Kong) | 2891400 | &nbsp;&nbsp; 104610852 |
| MetLife, Inc. | 1553290 | &nbsp;&nbsp; 124915582 |
| Willis Towers Watson PLC | 31584 | &nbsp;&nbsp; 9680496 |
|  |  | &nbsp;&nbsp; 264318167 |
|  |  | &nbsp;&nbsp; 2234099297 |
| **Health Care: 16.5%** | **Health Care: 16.5%** | **Health Care: 16.5%** |
| Health Care Equipment & Services: 7.9% | Health Care Equipment & Services: 7.9% | Health Care Equipment & Services: 7.9% |
| Baxter International, Inc. | 2572300 | &nbsp;&nbsp; 77889244 |
| CVS Health Corp. | 4897400 | &nbsp;&nbsp; 337822652 |
| Fresenius Medical Care AG ADR <br> (Germany)<br>| 3826910 | &nbsp;&nbsp; 109334819 |
| GE HealthCare Technologies, Inc. | 1334300 | &nbsp;&nbsp; 98831601 |
| Humana, Inc. | 613400 | &nbsp;&nbsp; 149964032 |
| Medtronic PLC | 623700 | &nbsp;&nbsp; 54367929 |
| The Cigna Group | 452365 | &nbsp;&nbsp; 149542821 |
| UnitedHealth Group, Inc. | 393672 | &nbsp;&nbsp; 122813854 |
| Zimmer Biomet Holdings, Inc. | 673500 | &nbsp;&nbsp; 61429935 |
|  |  | &nbsp;&nbsp; 1161996887 |
| Pharmaceuticals, Biotechnology & Life Sciences: 8.6% | Pharmaceuticals, Biotechnology & Life Sciences: 8.6% | Pharmaceuticals, Biotechnology & Life Sciences: 8.6% |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 130900 | &nbsp;&nbsp; 42685181 |
| Avantor, Inc.<sup>(a)</sup> <br>| 6317700 | &nbsp;&nbsp; 85036242 |
| Bayer AG ADR (Germany) | 6249700 | &nbsp;&nbsp; 47122738 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> <br>| 955200 | &nbsp;&nbsp; 52507344 |
| Elanco Animal Health, Inc.<sup>(a)</sup> <br>| 5759600 | &nbsp;&nbsp; 82247088 |
| Gilead Sciences, Inc. | 1641180 | &nbsp;&nbsp; 181957627 |
| GSK PLC ADR (United Kingdom) | 5416295 | &nbsp;&nbsp; 207985728 |
| Haleon PLC ADR (United Kingdom) | 12213413 | &nbsp;&nbsp; 126653093 |
| Incyte Corp.<sup>(a)</sup> <br>| 1288900 | &nbsp;&nbsp; 87774090 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> <br>| 304000 | &nbsp;&nbsp; 38209760 |
| Regeneron Pharmaceuticals, Inc. | 207433 | &nbsp;&nbsp; 108902325 |
| Roche Holding AG ADR (Switzerland) | 1454000 | &nbsp;&nbsp; 59265040 |
| Sanofi SA ADR (France) | 2805365 | &nbsp;&nbsp; 135527183 |
|  |  | &nbsp;&nbsp; 1255873439 |
|  |  | &nbsp;&nbsp; 2417870326 |
| **Industrials: 6.9%** | **Industrials: 6.9%** | **Industrials: 6.9%** |
| Capital Goods: 5.1% | Capital Goods: 5.1% | Capital Goods: 5.1% |
| Ashtead Group PLC<sup>(c)</sup> (United <br> Kingdom)<br>| 2005700 | &nbsp;&nbsp; 128543334 |
| Daikin Industries, Ltd. (Japan) | 355000 | &nbsp;&nbsp; 41969897 |
| Fortive Corp. | 1835000 | &nbsp;&nbsp; 95658550 |
| GE Aerospace | 163900 | &nbsp;&nbsp; 42186221 |
| Johnson Controls International PLC | 1684114 | &nbsp;&nbsp; 177876121 |
| Ralliant Corp.<sup>(a)</sup> <br>| 611666 | &nbsp;&nbsp; 29659717 |
| RTX Corp. | 1552900 | &nbsp;&nbsp; 226754458 |
|  |  | &nbsp;&nbsp; 742648298 |
| Transportation: 1.8% | Transportation: 1.8% | Transportation: 1.8% |
| FedEx Corp. | 555934 | &nbsp;&nbsp; 126369357 |
| Norfolk Southern Corp. | 542800 | &nbsp;&nbsp; 138940516 |
|  |  | &nbsp;&nbsp; 265309873 |
|  |  | &nbsp;&nbsp; 1007958171 |
| **Information Technology: 3.7%** | **Information Technology: 3.7%** | **Information Technology: 3.7%** |
| Semiconductors & Semiconductor Equipment: 1.1% | Semiconductors & Semiconductor Equipment: 1.1% | Semiconductors & Semiconductor Equipment: 1.1% |
| Microchip Technology, Inc. | 477887 | &nbsp;&nbsp; 33628908 |
| Taiwan Semiconductor Manufacturing <br> Co., Ltd. (Taiwan)<br>| 3551000 | &nbsp;&nbsp; 128853211 |
|  |  | &nbsp;&nbsp; 162482119 |

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

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Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  | **Shares** | **Value** |
| Software & Services: 1.6% | Software & Services: 1.6% | Software & Services: 1.6% |
| Cognizant Technology Solutions <br> Corp., Class A<br>| 575000 | &nbsp;&nbsp; $44867250 |
| Microsoft Corp. | 371600 | &nbsp;&nbsp; 184837556 |
|  |  | &nbsp;&nbsp; 229704806 |
| Technology, Hardware & Equipment: 1.0% | Technology, Hardware & Equipment: 1.0% | Technology, Hardware & Equipment: 1.0% |
| HP, Inc. | 1022330 | &nbsp;&nbsp; 25006192 |
| TE Connectivity PLC (Switzerland) | 483136 | &nbsp;&nbsp; 81490549 |
| Teledyne Technologies, Inc.<sup>(a)</sup> <br>| 96400 | &nbsp;&nbsp; 49386684 |
|  |  | &nbsp;&nbsp; 155883425 |
|  |  | &nbsp;&nbsp; 548070350 |
| **Materials: 3.5%** | **Materials: 3.5%** | **Materials: 3.5%** |
| Air Products & Chemicals, Inc. | 484409 | &nbsp;&nbsp; 136632402 |
| Akzo Nobel NV ADR (Netherlands) | 2126200 | &nbsp;&nbsp; 49689294 |
| Celanese Corp. | 815032 | &nbsp;&nbsp; 45095721 |
| Glencore PLC<sup>(c)</sup> (Australia) | 18105400 | &nbsp;&nbsp; 70481326 |
| International Flavors & Fragrances, <br> Inc.<br>| 1186400 | &nbsp;&nbsp; 87259720 |
| LyondellBasell Industries NV, Class A | 1022400 | &nbsp;&nbsp; 59156064 |
| Nutrien, Ltd. (Canada) | 1045100 | &nbsp;&nbsp; 60866624 |
|  |  | &nbsp;&nbsp; 509181151 |
| **Real Estate: 2.3%** | **Real Estate: 2.3%** | **Real Estate: 2.3%** |
| Equity Real Estate Investment Trusts (Reits): 2.3% | Equity Real Estate Investment Trusts (Reits): 2.3% | Equity Real Estate Investment Trusts (Reits): 2.3% |
| Gaming & Leisure Properties, Inc. <br> REIT<br>| 1086054 | &nbsp;&nbsp; 50697001 |
| SBA Communications Corp. REIT, <br> Class A<br>| 595800 | &nbsp;&nbsp; 139917672 |
| Sun Communities, Inc. REIT | 1108900 | &nbsp;&nbsp; 140264761 |
|  |  | &nbsp;&nbsp; 330879434 |
| **Utilities: 1.7%** | **Utilities: 1.7%** | **Utilities: 1.7%** |
| American Electric Power Co., Inc. | 860600 | &nbsp;&nbsp; 89295856 |
| Dominion Energy, Inc. | 2722500 | &nbsp;&nbsp; 153875700 |
|  |  | &nbsp;&nbsp; 243171556 |
| **Total Common Stocks** <br>(Cost $6,692,293,889)<br>|  | &nbsp;&nbsp; **$9243631024** |

---

---

| | | |
|:---|:---|:---|
| **Debt Securities: 33.3%** | **Debt Securities: 33.3%** | **Debt Securities: 33.3%** |
|  | **Par Value** | **Value** |
| **U.S. Treasury: 5.2%** | **U.S. Treasury: 5.2%** | **U.S. Treasury: 5.2%** |
| U.S. Treasury Inflation Indexed |  |  |
| 2.50%, 1/15/29<sup>(d)</sup> <br>| $40338000 | &nbsp;&nbsp; $41969460 |
| 1.625%, 10/15/29<sup>(d)</sup> <br>| 170241470 | &nbsp;&nbsp; 172330850 |
| 1.50%, 2/15/53<sup>(d)</sup> <br>| 16029733 | &nbsp;&nbsp; 12689011 |
| 2.375%, 2/15/55<sup>(d)</sup> <br>| 19985800 | &nbsp;&nbsp; 19310949 |
| U.S. Treasury Note/Bond |  |  |
| 3.75%, 4/30/27 | 71209000 | &nbsp;&nbsp; 71197874 |
| 4.50%, 5/15/27 | 45162000 | &nbsp;&nbsp; 45756515 |
| 3.875%, 5/31/27 | 44092000 | &nbsp;&nbsp; 44195341 |
| 3.75%, 5/15/28 | 162931000 | &nbsp;&nbsp; 163172851 |
| 4.625%, 11/15/44 | 106247000 | &nbsp;&nbsp; 104005852 |
| 5.00%, 5/15/45 | 17685000 | &nbsp;&nbsp; 18165811 |
| 4.25%, 8/15/54 | 62702000 | &nbsp;&nbsp; 57259662 |
| 4.50%, 11/15/54 | 11017000 | &nbsp;&nbsp; 10498857 |
|  |  | &nbsp;&nbsp; 760553033 |
| **Government-Related: 1.1%** | **Government-Related: 1.1%** | **Government-Related: 1.1%** |
| Agency: 0.7% | Agency: 0.7% | Agency: 0.7% |
| Petroleo Brasileiro SA (Brazil) |  |  |
| 7.25%, 3/17/44 | 4300000 | &nbsp;&nbsp; 4371668 |
| Petroleos Mexicanos (Mexico) |  |  |
| 6.70%, 2/16/32 | 38299000 | &nbsp;&nbsp; 35582751 |
| 6.375%, 1/23/45 | 10725000 | &nbsp;&nbsp; 7596773 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| 6.75%, 9/21/47 | $11625000 | &nbsp;&nbsp; $8419882 |
| 7.69%, 1/23/50 | 52680000 | &nbsp;&nbsp; 41437308 |
|  |  | &nbsp;&nbsp; 97408382 |
| Local Authority: 0.2% | Local Authority: 0.2% | Local Authority: 0.2% |
| State of Illinois GO |  |  |
| 5.10%, 6/1/33 | 33056520 | &nbsp;&nbsp; 33155183 |
|  |  | &nbsp;&nbsp; 33155183 |
| Sovereign: 0.2% | Sovereign: 0.2% | Sovereign: 0.2% |
| Colombia Government International <br> (Colombia)<br>|  |  |
| 7.375%, 4/25/30 | 4925000 | &nbsp;&nbsp; 5091616 |
| 8.50%, 4/25/35 | 3925000 | &nbsp;&nbsp; 4072115 |
| 7.75%, 11/7/36 | 9425000 | &nbsp;&nbsp; 9203041 |
| 5.625%, 2/26/44 | 8100000 | &nbsp;&nbsp; 5976178 |
| 5.00%, 6/15/45 | 8300000 | &nbsp;&nbsp; 5592154 |
| 8.375%, 11/7/54 | 3875000 | &nbsp;&nbsp; 3677569 |
|  |  | &nbsp;&nbsp; 33612673 |
|  |  | &nbsp;&nbsp; 164176238 |
| **Securitized: 15.6%** | **Securitized: 15.6%** | **Securitized: 15.6%** |
| Asset-Backed: 2.6% | Asset-Backed: 2.6% | Asset-Backed: 2.6% |
| **Auto Loan: 0.9%** | **Auto Loan: 0.9%** | **Auto Loan: 0.9%** |
| Ford Credit Auto Owner Trust |  |  |
| Series 2023-B A3, 5.23%, 5/15/28 | 9660609 | &nbsp;&nbsp; 9713428 |
| Series 2024-B A3, 5.10%, 4/15/29 | 12828000 | &nbsp;&nbsp; 12990937 |
| GM Financial Consumer Automobile <br> Receivables Trust<br>|  |  |
| Series 2024-4 A3, 4.40%, 8/16/29 | 12556000 | &nbsp;&nbsp; 12592151 |
| Honda Auto Receivables Owner Trust |  |  |
| Series 2024-4 A3, 4.33%, 5/15/29 | 13002000 | &nbsp;&nbsp; 13032079 |
| Series 2025-2 A4, 4.28%, 8/15/31 | 12871000 | &nbsp;&nbsp; 12939295 |
| Hyundai Auto Receivables Trust |  |  |
| Series 2024-B A3, 4.84%, 3/15/29 | 33250000 | &nbsp;&nbsp; 33588884 |
| Series 2025-A A3, 4.32%, 10/15/29 | 3466000 | &nbsp;&nbsp; 3479388 |
| Toyota Auto Receivables Owner Trust |  |  |
| Series 2024-C A3, 4.88%, 3/15/29 | 12823000 | &nbsp;&nbsp; 12944626 |
| Volkswagen Auto Loan Enhanced <br> Trust<br>|  |  |
| Series 2025-1 A3, 4.50%, 8/20/29 | 21413000 | &nbsp;&nbsp; 21572096 |
|  |  | &nbsp;&nbsp; 132852884 |
| **Federal Agency: 0.0%\*** | **Federal Agency: 0.0%\*** | **Federal Agency: 0.0%\*** |
| Small Business Admin. - 504 Program |  |  |
| Series 2007-20F 1, 5.71%, 6/1/27 | 132945 | &nbsp;&nbsp; 134012 |
|  |  | &nbsp;&nbsp; 134012 |
| **Other: 0.1%** | **Other: 0.1%** | **Other: 0.1%** |
| Rio Oil Finance Trust (Brazil) |  |  |
| 9.75%, 1/6/27<sup>(e)</sup> <br>| 8944510 | &nbsp;&nbsp; 9219966 |
| 8.20%, 4/6/28<sup>(e)</sup> <br>| 6491300 | &nbsp;&nbsp; 6767076 |
|  |  | &nbsp;&nbsp; 15987042 |
| **Student Loan: 1.6%** | **Student Loan: 1.6%** | **Student Loan: 1.6%** |
| Navient Student Loan Trust |  |  |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +1.264%, Series 2016-7A A, <br> 5.57%, 3/25/66<sup>(e)</sup> <br>| 25314260 | &nbsp;&nbsp; 24903386 |
| +1.414%, Series 2016-6A A3, <br> 5.72%, 3/25/66<sup>(e)</sup> <br>| 17698559 | &nbsp;&nbsp; 17876114 |
| +0.914%, Series 2017-5A A, <br> 5.22%, 7/26/66<sup>(e)</sup> <br>| 3664156 | &nbsp;&nbsp; 3630262 |
| +1.264%, Series 2017-1A A3, <br> 5.57%, 7/26/66<sup>(e)</sup> <br>| 3837421 | &nbsp;&nbsp; 3847585 |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| +1.164%, Series 2017-2A A, <br> 5.47%, 12/27/66<sup>(e)</sup> <br>| $5608268 | &nbsp;&nbsp; $5602279 |
| +0.864%, Series 2018-2A A3, <br> 5.17%, 3/25/67<sup>(e)</sup> <br>| 56072211 | &nbsp;&nbsp; 55359175 |
| +1.114%, Series 2019-2A A2, <br> 5.42%, 2/27/68<sup>(e)</sup> <br>| 2474813 | &nbsp;&nbsp; 2465078 |
| +0.814%, Series 2016-1A A, <br> 5.12%, 2/25/70<sup>(e)</sup> <br>| 4013927 | &nbsp;&nbsp; 3993794 |
| +0.664%, Series 2021-2A A1B, <br> 4.97%, 2/25/70<sup>(e)</sup> <br>| 10807542 | &nbsp;&nbsp; 10587784 |
| SLM Student Loan Trust |  |  |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +0.914%, Series 2012-5 A3, <br> 5.22%, 3/25/26<br>| 32415918 | &nbsp;&nbsp; 32176491 |
| United States 90 Day Average <br> SOFR<br>|  |  |
| +0.861%, Series 2005-9 A7A, <br> 5.225%, 1/25/41<br>| 2964442 | &nbsp;&nbsp; 2923051 |
| +0.431%, Series 2006-2 A6, <br> 4.795%, 1/25/41<br>| 5980778 | &nbsp;&nbsp; 5761826 |
| +0.421%, Series 2006-8 A6, <br> 4.785%, 1/25/41<br>| 3241156 | &nbsp;&nbsp; 3112601 |
| +0.811%, Series 2004-3A A6B, <br> 5.175%, 10/25/64<sup>(e)</sup> <br>| 13012163 | &nbsp;&nbsp; 12972025 |
| SMB Private Education Loan Trust <br> (Private Loans)<br>|  |  |
| Series 2018-B A2A, 3.60%, <br> 1/15/37<sup>(e)</sup> <br>| 2964100 | &nbsp;&nbsp; 2921543 |
| Series 2023-C A1A, 5.67%, <br> 11/15/52<sup>(e)</sup> <br>| 8599573 | &nbsp;&nbsp; 8826789 |
| Series 2023-A A1A, 5.38%, <br> 1/15/53<sup>(e)</sup> <br>| 12008254 | &nbsp;&nbsp; 12179495 |
| Series 2023-D A1A, 6.15%, <br> 9/15/53<sup>(e)</sup> <br>| 11253569 | &nbsp;&nbsp; 11810044 |
| Series 2025-A A1A, 5.13%, <br> 4/15/54<sup>(e)</sup> <br>| 8453962 | &nbsp;&nbsp; 8547845 |
| Series 2024-A A1A, 5.24%, <br> 3/15/56<sup>(e)</sup> <br>| 1183796 | &nbsp;&nbsp; 1203722 |
|  |  | &nbsp;&nbsp; 230700889 |
|  |  | &nbsp;&nbsp; 379674827 |
| 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 Only |  |  |
| Series K055 X1, 1.464%, 3/25/26<sup>(f)</sup> <br>| 9103712 | &nbsp;&nbsp; 63779 |
| Series K056 X1, 1.362%, 5/25/26<sup>(f)</sup> <br>| 3783047 | &nbsp;&nbsp; 27562 |
| Series K064 X1, 0.725%, 3/25/27<sup>(f)</sup> <br>| 8358867 | &nbsp;&nbsp; 69730 |
| Series K065 X1, 0.794%, 4/25/27<sup>(f)</sup> <br>| 40499029 | &nbsp;&nbsp; 423231 |
| Series K066 X1, 0.867%, 6/25/27<sup>(f)</sup> <br>| 34720832 | &nbsp;&nbsp; 390943 |
| Series K069 X1, 0.467%, 9/25/27<sup>(f)</sup> <br>| 210992208 | &nbsp;&nbsp; 1430612 |
| Series K090 X1, 0.853%, 2/25/29<sup>(f)</sup> <br>| 176526744 | &nbsp;&nbsp; 4111431 |
|  |  | &nbsp;&nbsp; 6517288 |
|  |  | &nbsp;&nbsp; 6517288 |
| Mortgage-Related: 13.0% | Mortgage-Related: 13.0% | Mortgage-Related: 13.0% |
| **CMO & REMIC: 2.9%** | **CMO & REMIC: 2.9%** | **CMO & REMIC: 2.9%** |
| Dept. of Veterans Affairs |  |  |
| Series 2002-1 2J, 6.50%, 8/15/31 | 1566693 | &nbsp;&nbsp; 1577998 |
| Fannie Mae |  |  |
| Trust 2002-33 A1, 7.00%, 6/25/32 | 594863 | &nbsp;&nbsp; 603716 |
| Trust 2009-30 AG, 6.50%, 5/25/39 | 463006 | &nbsp;&nbsp; 493783 |
| Trust 2020-45 HD, 3.50%, 7/25/40 | 702583 | &nbsp;&nbsp; 662797 |
| Trust 2001-T7 A1, 7.50%, 2/25/41 | 468941 | &nbsp;&nbsp; 494261 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| Trust 2001-T5 A3, 7.50%, 6/19/41<sup>(f)</sup> <br>| $263956 | &nbsp;&nbsp; $270180 |
| Trust 2001-T4 A1, 7.50%, 7/25/41 | 452024 | &nbsp;&nbsp; 458047 |
| Trust 2001-T8 A1, 7.50%, 7/25/41 | 378138 | &nbsp;&nbsp; 385903 |
| Trust 2001-W3 A, 7.00%, 9/25/41<sup>(f)</sup> <br>| 222455 | &nbsp;&nbsp; 222743 |
| Trust 2001-T10 A2, 7.50%, <br> 12/25/41<br>| 248066 | &nbsp;&nbsp; 253741 |
| Trust 2013-106 MA, 4.00%, 2/25/42 | 2771602 | &nbsp;&nbsp; 2753102 |
| Trust 2002-W6 2A1, 7.00%, <br> 6/25/42<sup>(f)</sup> <br>| 402903 | &nbsp;&nbsp; 400158 |
| Trust 2002-W8 A2, 7.00%, 6/25/42 | 644277 | &nbsp;&nbsp; 672833 |
| Trust 2003-W2 1A2, 7.00%, 7/25/42 | 481048 | &nbsp;&nbsp; 502708 |
| Trust 2003-W2 1A1, 6.50%, 7/25/42 | 1013782 | &nbsp;&nbsp; 1057052 |
| Trust 2003-W4 4A, 5.205%, <br> 10/25/42<sup>(f)</sup> <br>| 477648 | &nbsp;&nbsp; 489237 |
| Trust 2012-121 NB, 7.00%, <br> 11/25/42<br>| 471338 | &nbsp;&nbsp; 500526 |
| Trust 2013-19 ZA, 3.50%, 3/25/43 | 16463996 | &nbsp;&nbsp; 15563364 |
| Trust 2004-T1 1A2, 6.50%, 1/25/44 | 321460 | &nbsp;&nbsp; 330544 |
| Trust 2004-W2 5A, 7.50%, 3/25/44 | 400384 | &nbsp;&nbsp; 415052 |
| Trust 2004-W8 3A, 7.50%, 6/25/44 | 68370 | &nbsp;&nbsp; 70159 |
| Trust 2005-W4 1A2, 6.50%, 8/25/45 | 897447 | &nbsp;&nbsp; 932755 |
| Trust 2009-11 MP, 7.00%, 3/25/49 | 1042693 | &nbsp;&nbsp; 1127800 |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +0.664%, Trust 2013-98 FA, <br> 4.97%, 9/25/43<br>| 1758352 | &nbsp;&nbsp; 1741535 |
| Freddie Mac |  |  |
| Series T-48 1A4, 5.538%, 7/25/33 | 10985432 | &nbsp;&nbsp; 11129509 |
| Series T-51 1A, 6.50%, 9/25/43<sup>(f)</sup> <br>| 101016 | &nbsp;&nbsp; 104410 |
| Series T-59 1A1, 6.50%, 10/25/43 | 3604290 | &nbsp;&nbsp; 3698133 |
| Series 4281 BC, 4.50%, 12/15/43<sup>(f)</sup> <br>| 10489821 | &nbsp;&nbsp; 10434267 |
| Series 4384 DZ, 2.50%, 9/15/44 | 19677923 | &nbsp;&nbsp; 17398234 |
| Series 4680 GZ, 3.50%, 3/15/47 | 13951852 | &nbsp;&nbsp; 12640929 |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +0.85%, Series 5524 FM, <br> 5.155%, 4/25/55<br>| 48491352 | &nbsp;&nbsp; 48384419 |
| +0.724%, Series 314 F2, 5.028%, <br> 9/15/43<br>| 4280729 | &nbsp;&nbsp; 4250825 |
| Ginnie Mae |  |  |
| CME Term SOFR 1 Month |  |  |
| +0.734%, Series 2014-H18 FA, <br> 5.066%, 9/20/64<br>| 895279 | &nbsp;&nbsp; 895377 |
| +0.814%, Series 2020-H02 FA, <br> 5.146%, 1/20/70<br>| 13932148 | &nbsp;&nbsp; 13880230 |
| +0.764%, Series 2020-H01 FV, <br> 5.096%, 1/20/70<br>| 19124835 | &nbsp;&nbsp; 19021886 |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +0.55%, Series 2022-H04 FG, <br> 4.852%, 2/20/67<br>| 5132903 | &nbsp;&nbsp; 5122756 |
| +0.8%, Series 2023-H05 FJ, <br> 5.102%, 2/20/68<br>| 28783047 | &nbsp;&nbsp; 28812230 |
| +0.41%, Series 2022-H06 FC, <br> 4.712%, 8/20/68<br>| 28294199 | &nbsp;&nbsp; 28034928 |
| +1.02%, Series 2023-H08 FE, <br> 5.322%, 8/20/71<br>| 21256777 | &nbsp;&nbsp; 21347226 |
| +1%, Series 2022-H20 FB, <br> 5.302%, 8/20/71<br>| 29413951 | &nbsp;&nbsp; 29485215 |
| +0.82%, Series 2022-H04 HF, <br> 5.122%, 2/20/72<br>| 6595247 | &nbsp;&nbsp; 6581921 |
| +0.67%, Series 2022-H09 FA, <br> 4.972%, 4/20/72<br>| 20556579 | &nbsp;&nbsp; 20357244 |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| +0.74%, Series 2022-H09 FC, <br> 5.042%, 4/20/72<br>| $25297637 | &nbsp;&nbsp; $25235101 |
| +0.97%, Series 2022-H11 EF, <br> 5.272%, 5/20/72<br>| 14717199 | &nbsp;&nbsp; 14782164 |
| CME Term SOFR 12 Month |  |  |
| +1.015%, Series 2017-H03 F, <br> 5.249%, 1/20/67<br>| 6616382 | &nbsp;&nbsp; 6670623 |
| +0.945%, Series 2017-H20 BF, <br> 5.163%, 10/20/67<br>| 8574797 | &nbsp;&nbsp; 8635574 |
| +0.945%, Series 2017-H20 FG, <br> 5.163%, 10/20/67<br>| 5547935 | &nbsp;&nbsp; 5588545 |
| +0.775%, Series 2018-H02 GF, <br> 4.938%, 12/20/67<br>| 14112478 | &nbsp;&nbsp; 14189744 |
| +0.795%, Series 2018-H08 GF, <br> 4.557%, 5/20/68<br>| 3780515 | &nbsp;&nbsp; 3781000 |
| +0.965%, Series 2018-H13 BF, <br> 6.015%, 6/20/68<br>| 11935393 | &nbsp;&nbsp; 12029512 |
| +0.995%, Series 2019-H04 EF, <br> 5.154%, 11/20/68<br>| 15408522 | &nbsp;&nbsp; 15531009 |
| +0.965%, Series 2019-H01 FV, <br> 5.199%, 12/20/68<br>| 1750699 | &nbsp;&nbsp; 1762764 |
|  |  | &nbsp;&nbsp; 421765769 |
| **Federal Agency Mortgage Pass-Through: 10.1%** | **Federal Agency Mortgage Pass-Through: 10.1%** | **Federal Agency Mortgage Pass-Through: 10.1%** |
| Fannie Mae, 15 Year |  |  |
| 4.50%, 1/1/27 | 18829 | &nbsp;&nbsp; 18735 |
| 3.50%, 1/1/27 - 12/1/29 | 954221 | &nbsp;&nbsp; 943266 |
| Fannie Mae, 20 Year |  |  |
| 4.00%, 11/1/30 - 2/1/37 | 9188329 | &nbsp;&nbsp; 9090101 |
| 4.50%, 1/1/31 - 12/1/34 | 11218172 | &nbsp;&nbsp; 11238357 |
| 3.50%, 4/1/36 - 4/1/37 | 6139902 | &nbsp;&nbsp; 5961935 |
| 2.50%, 4/1/42 | 34062442 | &nbsp;&nbsp; 30334544 |
| 3.00%, 8/1/42 | 21195090 | &nbsp;&nbsp; 19289192 |
| Fannie Mae, 30 Year |  |  |
| 6.50%, 12/1/28 - 8/1/39 | 3532683 | &nbsp;&nbsp; 3691470 |
| 5.50%, 7/1/33 - 8/1/37 | 2562235 | &nbsp;&nbsp; 2633879 |
| 6.00%, 9/1/36 - 8/1/37 | 3105019 | &nbsp;&nbsp; 3224342 |
| 7.00%, 8/1/37 | 111697 | &nbsp;&nbsp; 118676 |
| 4.50%, 3/1/40 - 10/1/52 | 35354435 | &nbsp;&nbsp; 33898349 |
| 5.00%, 12/1/48 - 3/1/49 | 2656096 | &nbsp;&nbsp; 2652852 |
| 2.50%, 6/1/50 - 10/1/50 | 113720987 | &nbsp;&nbsp; 95627816 |
| 2.00%, 9/1/50 - 12/1/50 | 82940212 | &nbsp;&nbsp; 66715172 |
| 3.00%, 3/1/52 | 28519596 | &nbsp;&nbsp; 24965412 |
| 3.50%, 4/1/52 - 8/1/52 | 306147167 | &nbsp;&nbsp; 277546010 |
| 4.00%, 10/1/52 - 7/1/53 | 124525178 | &nbsp;&nbsp; 115973939 |
| Fannie Mae, 40 Year |  |  |
| 4.50%, 6/1/56 | 12336096 | &nbsp;&nbsp; 11911656 |
| Fannie Mae, Hybrid ARM |  |  |
| 7.113%, 9/1/34<sup>(f)</sup> <br>| 147395 | &nbsp;&nbsp; 150192 |
| 6.082%, 12/1/34<sup>(f)</sup> <br>| 152087 | &nbsp;&nbsp; 152352 |
| 6.54%, 1/1/35<sup>(f)</sup> <br>| 200021 | &nbsp;&nbsp; 203190 |
| 6.319%, 1/1/35<sup>(f)</sup> <br>| 203426 | &nbsp;&nbsp; 208388 |
| 7.267%, 8/1/35<sup>(f)</sup> <br>| 100338 | &nbsp;&nbsp; 102014 |
| 6.601%, 5/1/37<sup>(f)</sup> <br>| 380741 | &nbsp;&nbsp; 388393 |
| 6.78%, 11/1/40<sup>(f)</sup> <br>| 162902 | &nbsp;&nbsp; 165857 |
| 6.52%, 12/1/40<sup>(f)</sup> <br>| 350919 | &nbsp;&nbsp; 360035 |
| 6.316%, 11/1/43<sup>(f)</sup> <br>| 583858 | &nbsp;&nbsp; 601227 |
| 6.519%, 4/1/44<sup>(f)</sup> <br>| 1308791 | &nbsp;&nbsp; 1353378 |
| 6.37%, 11/1/44<sup>(f)</sup> <br>| 1535056 | &nbsp;&nbsp; 1581313 |
| 6.225%, 12/1/44<sup>(f)</sup> <br>| 1165625 | &nbsp;&nbsp; 1200354 |
| 7.09%, 9/1/45<sup>(f)</sup> <br>| 424242 | &nbsp;&nbsp; 434874 |
| 6.288%, 12/1/45<sup>(f)</sup> <br>| 1037305 | &nbsp;&nbsp; 1067383 |
| 6.428%, 1/1/46<sup>(f)</sup> <br>| 395540 | &nbsp;&nbsp; 405376 |
| 3.09%, 4/1/46<sup>(f)</sup> <br>| 1237958 | &nbsp;&nbsp; 1274112 |
| 2.541%, 12/1/46<sup>(f)</sup> <br>| 2642692 | &nbsp;&nbsp; 2651430 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| 7.17%, 6/1/47<sup>(f)</sup> <br>| $452094 | &nbsp;&nbsp; $466059 |
| 7.483%, 7/1/47<sup>(f)</sup> <br>| 1064100 | &nbsp;&nbsp; 1096748 |
| 7.236%, 8/1/47<sup>(f)</sup> <br>| 1178551 | &nbsp;&nbsp; 1214614 |
| 4.143%, 1/1/49<sup>(f)</sup> <br>| 1084474 | &nbsp;&nbsp; 1130594 |
| 1.937%, 4/1/52<sup>(f)</sup> <br>| 13665638 | &nbsp;&nbsp; 12770631 |
| 1.944%, 4/1/52<sup>(f)</sup> <br>| 32242114 | &nbsp;&nbsp; 28989276 |
| 2.319%, 4/1/52<sup>(f)</sup> <br>| 19106395 | &nbsp;&nbsp; 17381410 |
| 2.639%, 7/1/52<sup>(f)</sup> <br>| 15813944 | &nbsp;&nbsp; 14615584 |
| Freddie Mac, Hybrid ARM |  |  |
| 6.861%, 5/1/34<sup>(f)</sup> <br>| 200414 | &nbsp;&nbsp; 204460 |
| 6.75%, 10/1/35<sup>(f)</sup> <br>| 281257 | &nbsp;&nbsp; 290169 |
| 6.479%, 4/1/37<sup>(f)</sup> <br>| 515209 | &nbsp;&nbsp; 530216 |
| 7.376%, 9/1/37<sup>(f)</sup> <br>| 420625 | &nbsp;&nbsp; 433441 |
| 7.384%, 1/1/38<sup>(f)</sup> <br>| 99549 | &nbsp;&nbsp; 101318 |
| 6.944%, 2/1/38<sup>(f)</sup> <br>| 306773 | &nbsp;&nbsp; 316424 |
| 7.586%, 7/1/38<sup>(f)</sup> <br>| 42641 | &nbsp;&nbsp; 43879 |
| 6.563%, 10/1/38<sup>(f)</sup> <br>| 129706 | &nbsp;&nbsp; 131150 |
| 7.141%, 10/1/41<sup>(f)</sup> <br>| 73928 | &nbsp;&nbsp; 76245 |
| 7.044%, 8/1/42<sup>(f)</sup> <br>| 519750 | &nbsp;&nbsp; 537818 |
| 6.457%, 5/1/44<sup>(f)</sup> <br>| 1431248 | &nbsp;&nbsp; 1474678 |
| 6.36%, 5/1/44<sup>(f)</sup> <br>| 69385 | &nbsp;&nbsp; 70687 |
| 6.365%, 6/1/44<sup>(f)</sup> <br>| 522563 | &nbsp;&nbsp; 532232 |
| 7.495%, 6/1/44<sup>(f)</sup> <br>| 479114 | &nbsp;&nbsp; 496949 |
| 6.834%, 1/1/45<sup>(f)</sup> <br>| 1206536 | &nbsp;&nbsp; 1243023 |
| 7.318%, 10/1/45<sup>(f)</sup> <br>| 737554 | &nbsp;&nbsp; 759243 |
| 7.166%, 10/1/45<sup>(f)</sup> <br>| 948617 | &nbsp;&nbsp; 976100 |
| 7.505%, 7/1/47<sup>(f)</sup> <br>| 384975 | &nbsp;&nbsp; 396111 |
| 5.33%, 1/1/49<sup>(f)</sup> <br>| 2987584 | &nbsp;&nbsp; 3061281 |
| 3.268%, 1/1/49<sup>(f)</sup> <br>| 7590092 | &nbsp;&nbsp; 7368732 |
| 3.737%, 3/1/49<sup>(f)</sup> <br>| 892512 | &nbsp;&nbsp; 907355 |
| 2.303%, 5/1/52<sup>(f)</sup> <br>| 12904908 | &nbsp;&nbsp; 11689309 |
| 2.024%, 5/1/52<sup>(f)</sup> <br>| 36912234 | &nbsp;&nbsp; 33280987 |
| 4.127%, 1/1/53<sup>(f)</sup> <br>| 7841350 | &nbsp;&nbsp; 7717297 |
| Freddie Mac Gold, 15 Year |  |  |
| 4.50%, 9/1/26 | 6626 | &nbsp;&nbsp; 6598 |
| Freddie Mac Gold, 20 Year |  |  |
| 6.50%, 10/1/26 | 126486 | &nbsp;&nbsp; 130764 |
| 4.50%, 4/1/31 - 6/1/31 | 1477238 | &nbsp;&nbsp; 1483752 |
| Freddie Mac Gold, 30 Year |  |  |
| 6.50%, 12/1/32 - 4/1/33 | 1152151 | &nbsp;&nbsp; 1204139 |
| 7.00%, 11/1/37 - 9/1/38 | 1082843 | &nbsp;&nbsp; 1159924 |
| 5.50%, 12/1/37 | 132885 | &nbsp;&nbsp; 136988 |
| 6.00%, 2/1/39 | 310156 | &nbsp;&nbsp; 325470 |
| 4.50%, 9/1/41 - 6/1/42 | 9073928 | &nbsp;&nbsp; 9028179 |
| Freddie Mac Pool, 20 Year |  |  |
| 3.00%, 5/1/42 - 10/1/42 | 96781341 | &nbsp;&nbsp; 88113860 |
| Freddie Mac Pool, 30 Year |  |  |
| 2.50%, 6/1/50 - 2/1/51 | 108160605 | &nbsp;&nbsp; 91068874 |
| 2.00%, 9/1/50 | 68634409 | &nbsp;&nbsp; 55176881 |
| 3.00%, 2/1/52 - 6/1/52 | 116501505 | &nbsp;&nbsp; 101599729 |
| 3.50%, 5/1/52 - 8/1/53 | 168510074 | &nbsp;&nbsp; 152408680 |
| 4.00%, 9/1/52 - 3/1/53 | 35520782 | &nbsp;&nbsp; 33074790 |
| 4.50%, 10/1/52 - 1/1/54 | 65475970 | &nbsp;&nbsp; 62737907 |
| Ginnie Mae, 30 Year |  |  |
| 7.50%, 10/15/25 | 234 | &nbsp;&nbsp; 234 |
|  |  | &nbsp;&nbsp; 1476096360 |
|  |  | &nbsp;&nbsp; 1897862129 |
|  |  | &nbsp;&nbsp; 2284054244 |
| **Corporate: 11.4%** | **Corporate: 11.4%** | **Corporate: 11.4%** |
| Financials: 4.8% | Financials: 4.8% | Financials: 4.8% |
| Bank of America Corp. |  |  |
| 4.45%, 3/3/26 | 3970000 | &nbsp;&nbsp; 3965779 |
| 4.25%, 10/22/26 | 2970000 | &nbsp;&nbsp; 2964591 |
| 4.183%, 11/25/27 | 7925000 | &nbsp;&nbsp; 7893009 |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| 4.623%, 5/9/29<sup>(g)</sup> <br>| $4650000 | &nbsp;&nbsp; $4679509 |
| 3.846%, 3/8/37<sup>(g)</sup> <br>| 40560000 | &nbsp;&nbsp; 37116215 |
| Barclays PLC (United Kingdom) |  |  |
| 5.829%, 5/9/27<sup>(g)</sup> <br>| 7700000 | &nbsp;&nbsp; 7778400 |
| 4.836%, 5/9/28 | 4525000 | &nbsp;&nbsp; 4531814 |
| 5.501%, 8/9/28<sup>(g)</sup> <br>| 10750000 | &nbsp;&nbsp; 10964066 |
| 5.746%, 8/9/33<sup>(g)</sup> <br>| 9500000 | &nbsp;&nbsp; 9847198 |
| 6.224%, 5/9/34<sup>(g)</sup> <br>| 2800000 | &nbsp;&nbsp; 2971795 |
| BNP Paribas SA (France) |  |  |
| 4.375%, 9/28/25<sup>(e)</sup> <br>| 8223000 | &nbsp;&nbsp; 8206723 |
| 4.625%, 3/13/27<sup>(e)</sup> <br>| 12175000 | &nbsp;&nbsp; 12167778 |
| 5.085%, 5/9/31<sup>(e)(g)</sup> <br>| 4500000 | &nbsp;&nbsp; 4543864 |
| 2.588%, 8/12/35<sup>(e)(g)</sup> <br>| 6500000 | &nbsp;&nbsp; 5727366 |
| Boston Properties, Inc. |  |  |
| 3.65%, 2/1/26 | 5341000 | &nbsp;&nbsp; 5306375 |
| 2.75%, 10/1/26 | 22161000 | &nbsp;&nbsp; 21670901 |
| 2.90%, 3/15/30 | 7270000 | &nbsp;&nbsp; 6679420 |
| 3.25%, 1/30/31 | 5850000 | &nbsp;&nbsp; 5360735 |
| 6.50%, 1/15/34 | 14850000 | &nbsp;&nbsp; 15898189 |
| Capital One Financial Corp. |  |  |
| 4.20%, 10/29/25 | 11475000 | &nbsp;&nbsp; 11458663 |
| 4.927%, 5/10/28<sup>(g)</sup> <br>| 10075000 | &nbsp;&nbsp; 10148754 |
| 7.624%, 10/30/31<sup>(g)</sup> <br>| 10600000 | &nbsp;&nbsp; 11976364 |
| Citigroup, Inc. |  |  |
| 6.25%, <sup>(g)(h)(i)</sup> <br>| 45886000 | &nbsp;&nbsp; 46334352 |
| 4.412%, 3/31/31<sup>(g)</sup> <br>| 6000000 | &nbsp;&nbsp; 5936323 |
| United States 90 Day Average <br> SOFR<br>|  |  |
| +6.63%, 10.911%, 10/30/40<sup>(h)</sup> <br>| 37080925 | &nbsp;&nbsp; 43859170 |
| Elevance Health, Inc. |  |  |
| 4.75%, 2/15/30 | 20000000 | &nbsp;&nbsp; 20237090 |
| 2.25%, 5/15/30 | 5000000 | &nbsp;&nbsp; 4513698 |
| HSBC Holdings PLC (United Kingdom) |  |  |
| 5.21%, 8/11/28<sup>(g)</sup> <br>| 5525000 | &nbsp;&nbsp; 5603115 |
| 4.762%, 3/29/33<sup>(g)</sup> <br>| 32986000 | &nbsp;&nbsp; 32295704 |
| 6.50%, 5/2/36 | 17805000 | &nbsp;&nbsp; 19287979 |
| 6.50%, 9/15/37 | 3265000 | &nbsp;&nbsp; 3492320 |
| JPMorgan Chase & Co. |  |  |
| 1.04%, 2/4/27<sup>(g)</sup> <br>| 17500000 | &nbsp;&nbsp; 17139135 |
| 8.75%, 9/1/30<sup>(h)</sup> <br>| 25692000 | &nbsp;&nbsp; 30389717 |
| 2.739%, 10/15/30<sup>(g)</sup> <br>| 5000000 | &nbsp;&nbsp; 4662205 |
| 2.956%, 5/13/31<sup>(g)</sup> <br>| 11793000 | &nbsp;&nbsp; 10904989 |
| Lloyds Banking Group PLC (United <br> Kingdom)<br>|  |  |
| 4.65%, 3/24/26 | 3100000 | &nbsp;&nbsp; 3097182 |
| 3.75%, 3/18/28<sup>(g)</sup> <br>| 8025000 | &nbsp;&nbsp; 7927022 |
| 7.953%, 11/15/33<sup>(g)</sup> <br>| 14000000 | &nbsp;&nbsp; 16041045 |
| NatWest Group PLC (United Kingdom) |  |  |
| 5.808%, 9/13/29<sup>(g)</sup> <br>| 11800000 | &nbsp;&nbsp; 12254740 |
| 6.016%, 3/2/34<sup>(g)</sup> <br>| 13000000 | &nbsp;&nbsp; 13755110 |
| 3.032%, 11/28/35<sup>(g)</sup> <br>| 12365000 | &nbsp;&nbsp; 11155399 |
| The Charles Schwab Corp. |  |  |
| 5.643%, 5/19/29<sup>(g)</sup> <br>| 4500000 | &nbsp;&nbsp; 4664307 |
| 5.853%, 5/19/34<sup>(g)</sup> <br>| 2500000 | &nbsp;&nbsp; 2655778 |
| 6.136%, 8/24/34<sup>(g)</sup> <br>| 5075000 | &nbsp;&nbsp; 5491045 |
| The Goldman Sachs Group, Inc. |  |  |
| 3.615%, 3/15/28<sup>(g)</sup> <br>| 12695000 | &nbsp;&nbsp; 12517742 |
| 4.937%, 4/23/28<sup>(g)</sup> <br>| 4600000 | &nbsp;&nbsp; 4635852 |
| 5.218%, 4/23/31<sup>(g)</sup> <br>| 5625000 | &nbsp;&nbsp; 5766589 |
| UBS Group AG (Switzerland) |  |  |
| 9.25%, <sup>(e)(g)(h)(i)</sup> <br>| 22775000 | &nbsp;&nbsp; 26337261 |
| 5.959%, 1/12/34<sup>(e)(g)</sup> <br>| 23275000 | &nbsp;&nbsp; 24501856 |
| UniCredit SPA (Italy) |  |  |
| 7.296%, 4/2/34<sup>(e)(g)</sup> <br>| 29960000 | &nbsp;&nbsp; 31689848 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| 5.459%, 6/30/35<sup>(e)(g)</sup> <br>| $7325000 | &nbsp;&nbsp; $7282646 |
| Unum Group |  |  |
| 6.75%, 12/15/28 | 8417000 | &nbsp;&nbsp; 8996594 |
| Wells Fargo & Co. |  |  |
| 4.10%, 6/3/26 | 3376000 | &nbsp;&nbsp; 3362510 |
| 4.30%, 7/22/27 | 13145000 | &nbsp;&nbsp; 13147589 |
| 2.572%, 2/11/31<sup>(g)</sup> <br>| 12005000 | &nbsp;&nbsp; 10997980 |
| 4.897%, 7/25/33<sup>(g)</sup> <br>| 11000000 | &nbsp;&nbsp; 11002138 |
| 5.389%, 4/24/34<sup>(g)</sup> <br>| 1900000 | &nbsp;&nbsp; 1944170 |
|  |  | &nbsp;&nbsp; 695737708 |
| Industrials: 5.6% | Industrials: 5.6% | Industrials: 5.6% |
| Bayer AG (Germany) |  |  |
| 4.375%, 12/15/28<sup>(e)</sup> <br>| 10100000 | &nbsp;&nbsp; 10005950 |
| 6.375%, 11/21/30<sup>(e)</sup> <br>| 6200000 | &nbsp;&nbsp; 6588756 |
| 6.50%, 11/21/33<sup>(e)</sup> <br>| 11350000 | &nbsp;&nbsp; 12170097 |
| British American Tobacco PLC (United <br> Kingdom)<br>|  |  |
| 3.75%, <sup>(b)(g)(h)(i)(j)</sup> <br>| 84228000 | &nbsp;&nbsp; 96706946 |
| 6.343%, 8/2/30 | 3900000 | &nbsp;&nbsp; 4202558 |
| 4.742%, 3/16/32 | 15335000 | &nbsp;&nbsp; 15245994 |
| 6.421%, 8/2/33 | 3900000 | &nbsp;&nbsp; 4235481 |
| Cemex SAB de CV (Mexico) |  |  |
| 5.20%, 9/17/30<sup>(e)</sup> <br>| 14400000 | &nbsp;&nbsp; 14366179 |
| 3.875%, 7/11/31<sup>(e)</sup> <br>| 13105000 | &nbsp;&nbsp; 12081185 |
| Charter Communications, Inc. |  |  |
| 4.50%, 5/1/32 | 14925000 | &nbsp;&nbsp; 13898799 |
| 4.40%, 4/1/33 | 2475000 | &nbsp;&nbsp; 2330391 |
| 4.50%, 6/1/33<sup>(e)</sup> <br>| 21105000 | &nbsp;&nbsp; 19290610 |
| 4.25%, 1/15/34<sup>(e)</sup> <br>| 2525000 | &nbsp;&nbsp; 2247722 |
| 6.55%, 5/1/37 | 11000000 | &nbsp;&nbsp; 11361011 |
| 6.75%, 6/15/39 | 6160000 | &nbsp;&nbsp; 6385395 |
| 6.484%, 10/23/45 | 18957000 | &nbsp;&nbsp; 18783370 |
| Cox Enterprises, Inc. |  |  |
| 3.35%, 9/15/26<sup>(e)</sup> <br>| 24386000 | &nbsp;&nbsp; 24007862 |
| 3.50%, 8/15/27<sup>(e)</sup> <br>| 16200000 | &nbsp;&nbsp; 15887886 |
| CVS Health Corp. |  |  |
| 7.00%, 3/10/55<sup>(g)(h)</sup> <br>| 24355000 | &nbsp;&nbsp; 25119996 |
| Dillard's, Inc. |  |  |
| 7.75%, 7/15/26 | 50000 | &nbsp;&nbsp; 50749 |
| 7.75%, 5/15/27 | 540000 | &nbsp;&nbsp; 564611 |
| 7.00%, 12/1/28 | 15135000 | &nbsp;&nbsp; 15959547 |
| Elanco Animal Health, Inc. |  |  |
| 6.65%, 8/28/28 | 13000000 | &nbsp;&nbsp; 13522834 |
| Fibercop SpA (Italy) |  |  |
| 7.20%, 7/18/36<sup>(e)</sup> <br>| 8688000 | &nbsp;&nbsp; 8467178 |
| 7.721%, 6/4/38<sup>(e)</sup> <br>| 5536000 | &nbsp;&nbsp; 5499231 |
| Ford Motor Credit Co. LLC |  |  |
| 3.375%, 11/13/25 | 9350000 | &nbsp;&nbsp; 9287729 |
| 4.389%, 1/8/26 | 18850000 | &nbsp;&nbsp; 18765755 |
| 4.542%, 8/1/26 | 18304000 | &nbsp;&nbsp; 18178358 |
| 2.70%, 8/10/26 | 12700000 | &nbsp;&nbsp; 12364999 |
| 4.95%, 5/28/27 | 10000000 | &nbsp;&nbsp; 9933719 |
| 7.35%, 11/4/27 | 4000000 | &nbsp;&nbsp; 4154208 |
| 6.80%, 5/12/28 | 3100000 | &nbsp;&nbsp; 3203927 |
| HCA Healthcare, Inc. |  |  |
| 5.00%, 3/1/28 | 2425000 | &nbsp;&nbsp; 2461029 |
| 5.25%, 3/1/30 | 8610000 | &nbsp;&nbsp; 8826923 |
| Imperial Brands PLC (United Kingdom) |  |  |
| 4.25%, 7/21/25<sup>(e)</sup> <br>| 25425000 | &nbsp;&nbsp; 25416394 |
| 3.50%, 7/26/26<sup>(e)</sup> <br>| 7800000 | &nbsp;&nbsp; 7707587 |
| 6.125%, 7/27/27<sup>(e)</sup> <br>| 11425000 | &nbsp;&nbsp; 11791955 |
| 3.875%, 7/26/29<sup>(e)</sup> <br>| 27915000 | &nbsp;&nbsp; 27046143 |
| Japan Tobacco, Inc. (Japan) |  |  |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| 4.85%, 5/15/28<sup>(e)</sup> <br>| $2550000 | &nbsp;&nbsp; $2588280 |
| 5.25%, 6/15/30<sup>(e)</sup> <br>| 3600000 | &nbsp;&nbsp; 3704900 |
| 5.85%, 6/15/35<sup>(e)</sup> <br>| 2425000 | &nbsp;&nbsp; 2535791 |
| Macy's, Inc. |  |  |
| 6.70%, 7/15/34<sup>(e)</sup> <br>| 2539000 | &nbsp;&nbsp; 2132286 |
| Mars, Inc. |  |  |
| 4.45%, 3/1/27<sup>(e)</sup> <br>| 2175000 | &nbsp;&nbsp; 2182530 |
| 4.60%, 3/1/28<sup>(e)</sup> <br>| 10025000 | &nbsp;&nbsp; 10106492 |
| 4.80%, 3/1/30<sup>(e)</sup> <br>| 5075000 | &nbsp;&nbsp; 5141990 |
| Oracle Corp. |  |  |
| 1.65%, 3/25/26 | 13990000 | &nbsp;&nbsp; 13703923 |
| 2.80%, 4/1/27 | 6350000 | &nbsp;&nbsp; 6189821 |
| 2.95%, 4/1/30 | 5000000 | &nbsp;&nbsp; 4669236 |
| Philip Morris International, Inc. |  |  |
| 4.875%, 2/13/29 | 9900000 | &nbsp;&nbsp; 10074676 |
| 5.125%, 2/13/31 | 5925000 | &nbsp;&nbsp; 6102428 |
| Prosus NV (China) |  |  |
| 4.85%, 7/6/27<sup>(e)</sup> <br>| 14200000 | &nbsp;&nbsp; 14216373 |
| 3.68%, 1/21/30<sup>(e)</sup> <br>| 3750000 | &nbsp;&nbsp; 3535284 |
| 3.061%, 7/13/31<sup>(e)</sup> <br>| 38650000 | &nbsp;&nbsp; 34235147 |
| 4.193%, 1/19/32<sup>(e)</sup> <br>| 13680000 | &nbsp;&nbsp; 12813368 |
| 4.987%, 1/19/52<sup>(e)</sup> <br>| 6779000 | &nbsp;&nbsp; 5230654 |
| Synopsys, Inc. |  |  |
| 4.65%, 4/1/28 | 1550000 | &nbsp;&nbsp; 1565778 |
| 4.85%, 4/1/30 | 7035000 | &nbsp;&nbsp; 7132575 |
| 5.00%, 4/1/32 | 3575000 | &nbsp;&nbsp; 3621239 |
| TC Energy Corp. (Canada) |  |  |
| 5.875%, 8/15/76<sup>(g)(h)</sup> <br>| 7465000 | &nbsp;&nbsp; 7476770 |
| 5.30%, 3/15/77<sup>(g)(h)</sup> <br>| 29935000 | &nbsp;&nbsp; 29730885 |
| 5.50%, 9/15/79<sup>(g)(h)</sup> <br>| 9435000 | &nbsp;&nbsp; 9341946 |
| The Cigna Group |  |  |
| 7.875%, 5/15/27 | 17587000 | &nbsp;&nbsp; 18632657 |
| 4.375%, 10/15/28 | 5211000 | &nbsp;&nbsp; 5217265 |
| T-Mobile U.S., Inc. |  |  |
| 2.25%, 2/15/26 | 6800000 | &nbsp;&nbsp; 6694608 |
| 3.375%, 4/15/29 | 6500000 | &nbsp;&nbsp; 6253958 |
| Ultrapar Participacoes SA (Brazil) |  |  |
| 5.25%, 10/6/26<sup>(e)</sup> <br>| 12050000 | &nbsp;&nbsp; 12004102 |
| 5.25%, 6/6/29<sup>(e)</sup> <br>| 2594000 | &nbsp;&nbsp; 2576496 |
| Union Pacific Corp. |  |  |
| 6.176%, 1/2/31 | 2015315 | &nbsp;&nbsp; 2092969 |
| VMware, Inc. |  |  |
| 1.40%, 8/15/26 | 19765000 | &nbsp;&nbsp; 19116342 |
| 4.65%, 5/15/27 | 14137000 | &nbsp;&nbsp; 14219472 |
| Vodafone Group PLC (United <br> Kingdom)<br>|  |  |
| 7.00%, 4/4/79<sup>(g)(h)</sup> <br>| 18300000 | &nbsp;&nbsp; 19093214 |
|  |  | &nbsp;&nbsp; 822052519 |
| Utilities: 1.0% | Utilities: 1.0% | Utilities: 1.0% |
| American Electric Power Co., Inc. |  |  |
| 5.699%, 8/15/25 | 11320000 | &nbsp;&nbsp; 11328942 |
| Dominion Energy, Inc. |  |  |
| 3.375%, 4/1/30 | 7500000 | &nbsp;&nbsp; 7127445 |
| 5.00%, 6/15/30 | 28981000 | &nbsp;&nbsp; 29576573 |
| NextEra Energy, Inc. |  |  |
| 5.749%, 9/1/25 | 3975000 | &nbsp;&nbsp; 3980828 |
| 4.625%, 7/15/27 | 10075000 | &nbsp;&nbsp; 10137102 |
| 4.90%, 3/15/29 | 11975000 | &nbsp;&nbsp; 12166960 |
| 5.05%, 3/15/30 | 14650000 | &nbsp;&nbsp; 14990942 |
| The Southern Co. |  |  |
| 5.113%, 8/1/27 | 11900000 | &nbsp;&nbsp; 12078722 |
| 4.85%, 6/15/28 | 12475000 | &nbsp;&nbsp; 12689359 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| 4.00%, 1/15/51<sup>(g)(h)</sup> <br>| $19036000 | &nbsp;&nbsp; $18925996 |
| 3.75%, 9/15/51<sup>(g)(h)</sup> <br>| 19900000 | &nbsp;&nbsp; 19625799 |
|  |  | &nbsp;&nbsp; 152628668 |
|  |  | &nbsp;&nbsp; 1670418895 |
| **Total Debt Securities** <br>(Cost $4,961,451,037) | **Total Debt Securities** <br>(Cost $4,961,451,037) | &nbsp;&nbsp; **$4879202410** |

---

---

| | | |
|:---|:---|:---|
| **Mutual Funds: 1.0%** | **Mutual Funds: 1.0%** | **Mutual Funds: 1.0%** |
|  | **Shares** | **Value** |
| Dodge & Cox Emerging Markets Stock <br> Fund<sup>(k)</sup> <br>| 14071008 | &nbsp;&nbsp; $142257888 |
| **Total Mutual Funds** <br>(Cost $140,000,000)<br>|  | &nbsp;&nbsp; **$142257888** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments: 2.1%** | **Short-Term Investments: 2.1%** | **Short-Term Investments: 2.1%** |
|  | **Par Value/** <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 1.5%** | **Repurchase Agreements: 1.5%** | **Repurchase Agreements: 1.5%** |
| Fixed Income Clearing Corp.<sup>(l)</sup> <br>4.38%, dated 6/30/25, due 7/1/25, <br> maturity value $205,024,942<br>| $205000000 | &nbsp;&nbsp; 205000000 |
| Fixed Income Clearing Corp.<sup>(l)</sup> <br>1.80%, dated 6/30/25, due 7/1/25, <br> maturity value $14,619,411<br>| 14618680 | &nbsp;&nbsp; 14618680 |
|  |  | &nbsp;&nbsp; 219618680 |
| **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>| 90406357 | &nbsp;&nbsp; 90406357 |
| **Total Short-Term Investments** <br>(Cost $310,025,037) | **Total Short-Term Investments** <br>(Cost $310,025,037) | &nbsp;&nbsp; **$310025037** |
| **Total Investments In Securities** <br>(Cost $12,103,769,963)<br>| 99.5<br> %<br>| &nbsp;&nbsp; **$14575116359** |
| Other Assets Less Liabilities | 0.5<br> %<br>| &nbsp;&nbsp; 66032371 |
| **Net Assets** | **100.0%**<br>| &nbsp;&nbsp; **$14641148730** |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

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

---

| | |
|:---|:---|
| <sup>(a)</sup> <br>| Non-income producing |
| <sup>(b)</sup> <br>| The security is issued in Euros (EUR). |
| <sup>(c)</sup> <br>| The security is issued in British Pounds (GBP). |
| <sup>(d)</sup> <br>| Inflation-linked |
| <sup>(e)</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>(f)</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>(g)</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>(h)</sup> <br>| Hybrid security: characteristics of both a debt and equity security. |
| <sup>(i)</sup> <br>| Perpetual security: no stated maturity date. |
| <sup>(j)</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>(k)</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>(l)</sup> <br>| Repurchase agreement is collateralized by U.S. Treasury Notes 2.625-4.125%, <br> 5/31/27-5/31/32. Total collateral value is $224,011,090.<br>|
| <sup>\*</sup> <br>| Rounds to 0.0%. |
|  | 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>|

---

---

| |
|:---|
| ADR: American Depositary Receipt |
| ARM: Adjustable Rate Mortgage |
| CMBS: Commercial Mortgage-Backed Security |
| CMO: Collateralized Mortgage Obligation |
| GO: General Obligation |
| NY Shs: New York Registry Shares |
| 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>|
| E-Mini S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp; (1925)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $(601923437)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(21289862)<br>|
| Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp; (598)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9/8/25 | &nbsp;&nbsp;&nbsp;&nbsp; (82895497)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 379482 |
| Long-Term U.S. Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 80828125 | &nbsp;&nbsp;&nbsp;&nbsp; 3226504 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(17683876)<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>|
| **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 22707892 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 20612245 | &nbsp;&nbsp;&nbsp;&nbsp; $(1731505)<br>|
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 22838757 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 20716508 | &nbsp;&nbsp;&nbsp;&nbsp; (1724262)<br>|
| 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; (2617581)<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; (2618268)<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; (8691616)<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; $(8691616)<br>|

---

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

**Holdings of Affiliate**

The Fund held shares of the fund listed below, which is a fund also managed by Dodge & Cox. The issuer was considered to be an affiliate of the Fund because it is under common control with the Fund. Further detail on these holdings and related activity during the period appear below.

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

------

Portfolio of Investments (unaudited) June 30, 2025

**Holdings of Affiliate** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at** <br>**Beginning of Period**<br>| **Additions** | **Reductions** | **Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation/** <br>**Depreciation**<br>| **Value at** <br>**End of Period**<br>| **Dividend** <br>**Income** <br>**(net of foreign** <br>**taxes, if any)**<br>|
| **Mutual Funds 1.0%** |  |  |  |  |  |  |  |
| Dodge & Cox Emerging Markets <br> Stock Fund<br>| $— | $140000200 | $(194) | $(6) | $2257888 | $142257888 | $— |

---

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

------

Statement of Assets and Liabilities (unaudited)

---

| | |
|:---|:---|
|  | **June 30, 2025** |
| **Assets:** | **Assets:** |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $11,963,769,963) | $14432858471 |
| Affiliated issuers (cost $140,000,000) | 142257888 |
|  | 14575116359 |
| Cash pledged as collateral for currency forward contracts | 7490000 |
| Cash denominated in foreign currency (cost $332,345) | 334043 |
| Deposits with broker for futures contracts | 42371543 |
| Receivable for investments sold | 971095 |
| Receivable for Fund shares sold | 2908180 |
| Dividends and interest receivable | 58420452 |
| Expense reimbursement receivable | 137302 |
| Prepaid expenses and other assets | 40754 |
|  | 14687789728 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on currency forward contracts | 8691616 |
| Cash received as collateral for currency forward contracts | 260000 |
| Payable for variation margin for futures contracts | 2264187 |
| Payable for investments purchased | 23390073 |
| Payable for Fund shares redeemed | 6133527 |
| Management fees payable | 5857446 |
| Accrued expenses | 44149 |
|  | 46640998 |
| **Net Assets** | $14641148730 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $11386443200 |
| Distributable earnings | 3254705530 |
|  | $14641148730 |
| **Class I** | **Class I** |
| Total net assets | $12414205134 |
| Shares outstanding | 115242377 |
| Net asset value per share | $107.72 |
| **Class X** | **Class X** |
| Total net assets | $2226943596 |
| Shares outstanding | 20669641 |
| Net asset value per share | $107.74 |

---

Statement of Operations (unaudited)

---

| | |
|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**<br>|
| **Investment Income:** |  |
| Dividends (net of foreign taxes of $5,384,941) | $119909240 |
| Interest (net of foreign taxes of $624) | 128652144 |
|  | 248561384 |
| **Expenses:** |  |
| Investment advisory fees | 28575123 |
| Administrative services fees |  |
| Class I | 6014999 |
| Class X | 564391 |
| Custody and fund accounting fees | 134150 |
| Professional services | 174198 |
| Shareholder reports | 98193 |
| Registration fees | 68494 |
| Trustees fees | 251878 |
| Miscellaneous | 443332 |
| Total expenses | 36324758 |
| Expenses reimbursed by investment manager | (570197)<br>|
| Net expenses | 35754561 |
| **Net Investment Income** | 212806823 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| Investments in securities of unaffiliated issuers (Note 5) | 752797918 |
| Investments in securities of affiliated issuers | (6)<br>|
| Futures contracts | 16578613 |
| Currency forward contracts | 3746239 |
| Foreign currency transactions | 55428 |
| Net change in unrealized appreciation/depreciation |  |
| Investments in securities of unaffiliated issuers | 243493485 |
| Investments in securities of affiliated issuers | 2257888 |
| Futures contracts | (32721501)<br>|
| Currency forward contracts | (14657497)<br>|
| Foreign currency translation | 295281 |
| Net realized and unrealized gain | 971845848 |
| **Net Change in Net Assets From Operations** | $1184652671 |

---

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

------

Statement of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Year Ended** |
|  | **June 30, 2025** | **December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $212806823 | $407250185 |
| Net realized gain (loss) | 773178192 | 791382901 |
| Net change in unrealized <br> appreciation/depreciation<br>| 198667656 | 21831203 |
|  | 1184652671 | 1220464289 |
| **Distributions to Shareholders:** |  |  |
| Class I | (300687215)<br>| (950216506)<br>|
| Class X | (54517075)<br>| (181717049)<br>|
| Total distributions | (355204290)<br>| (1131933555)<br>|
| **Fund Share Transactions:** |  |  |
| **Class I** |  |  |
| Proceeds from sales of shares | 737799709 | 782990779 |
| Reinvestment of distributions | 280970545 | 892387770 |
| Cost of shares redeemed | (1197389980)<br>| (2408640255)<br>|
| **Class X** |  |  |
| Proceeds from sales of shares | 174978096 | 918500552 |
| Reinvestment of distributions | 54517047 | 181717049 |
| Cost of shares redeemed | (509848524)<br>| (303930150)<br>|
| Net change from Fund share <br> transactions<br>| (458973107)<br>| 63025745 |
| Total change in net assets | 370475274 | 151556479 |
| **Net Assets:** |  |  |
| Beginning of period | 14270673456 | 14119116977 |
| End of period | $14641148730 | $14270673456 |
| **Share Information:** |  |  |
| **Class I** |  |  |
| Shares sold | 7016386 | 7479240 |
| Distributions reinvested | 2656151 | 8717660 |
| Shares redeemed | (11413644)<br>| (23173286)<br>|
| Net change in shares outstanding | (1741107)<br>| (6976386)<br>|
| **Class X** |  |  |
| Shares sold | 1664381 | 8938881 |
| Distributions reinvested | 515267 | 1775077 |
| Shares redeemed | (4850559)<br>| (2893922)<br>|
| Net change in shares outstanding | (2670911)<br>| 7820036 |

---

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

------

Notes to Financial Statements (unaudited)

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

Dodge & Cox Balanced Fund (the "Fund") is one of the series constituting the Dodge & Cox Funds (the "Trust" or the "Funds"). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund commenced operations on June 26, 1931, and seeks 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 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

------

Notes to Financial Statements (unaudited)

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 Fund 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

------

Notes to Financial Statements (unaudited)

**Note 2: Valuation Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels 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 June 30, 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 | $797387121 | $— |
| Consumer Discretionary | 430581601 |  |
| Consumer Staples | 384753423 |  |
| Energy | 339678594 |  |
| Financials | 2234099297 |  |
| Health Care | 2417870326 |  |
| Industrials | 1007958171 |  |
| Information Technology | 548070350 |  |
| Materials | 509181151 |  |
| Real Estate | 330879434 |  |
| Utilities | 243171556 |  |
| Debt Securities | Debt Securities | Debt Securities |
| U.S. Treasury |  | 760553033 |
| Government-Related |  | 164176238 |
| Securitized |  | 2284054244 |
| Corporate |  | 1670418895 |
| Mutual Funds | 142257888 |  |
| Short-Term Investments | Short-Term Investments | Short-Term Investments |
| Repurchase Agreements |  | 219618680 |
| Money Market Fund | 90406357 |  |
| Total Securities | $9476295269 | $5098821090 |
| **Other Investments** | **Other Investments** | **Other Investments** |
| Futures Contracts | Futures Contracts | Futures Contracts |
| Appreciation | $3605986 | $— |
| Depreciation | (21289862)<br>|  |
| Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts |
| Depreciation |  | (8691616)<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 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 (unaudited)

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; 3605986 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3605986 |
| **Liabilities** |  |  |  |  |
| Unrealized <br> depreciation <br> on currency <br> forward <br> contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $8691616 | &nbsp;&nbsp; $8691616 |
| Futures <br> contracts<sup>(a)</sup> <br>| &nbsp;&nbsp; 21289862 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21289862 |
|  | &nbsp;&nbsp; $21289862 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp; $8691616 | &nbsp;&nbsp; $29981478 |

---

&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; $20195370 | &nbsp;&nbsp; (3616757)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; 16578613 |
| Currency <br> forward <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3746239 | &nbsp;&nbsp; 3746239 |
|  | &nbsp;&nbsp; $20195370 | &nbsp;&nbsp; $(3616757)<br>| &nbsp;&nbsp; $3746239 | &nbsp;&nbsp; $20324852 |
| **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; $(39059123)<br>| &nbsp;&nbsp; 6337622 | &nbsp;&nbsp; $— | &nbsp;&nbsp; (32721501)<br>|
| Currency <br> forward <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (14657497)<br>| &nbsp;&nbsp; (14657497)<br>|
|  | &nbsp;&nbsp; $(39059123)<br>| &nbsp;&nbsp; $6337622 | &nbsp;&nbsp; $(14657497)<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;$(47378998)<br>|

---

The following summarizes the range of volume in the Fund's derivative instruments during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Derivative** |  | **% of Net Assets** |
| Futures contracts | USD notional value | &nbsp;&nbsp; 4-6<br> %<br>|
| Currency forward contracts | USD total value | &nbsp;&nbsp; 0-1<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 June 30, 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)**<br>| **Net Amount**<sup>(a)</sup> <br>|
| Bank of America | $— | $(1731505)<br>| $1350000 | $(381505)<br>|
| Barclays |  | (2617581)<br>| 2280000 | (337581)<br>|
| HSBC |  | (2618268)<br>| 2280000 | (338268)<br>|
| Standard Chartered |  | (1724262)<br>| 1580000 | (144262)<br>|
|  | $— | $(8691616)<br>| $7490000 | $(1201616)<br>|

---

<sup>(a)</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 shall not include nonrecurring shareholder account fees, fees and expenses associated with Fund shareholder meetings, fees on port

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

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Notes to Financial Statements (unaudited)

folio 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 six months ended June 30, 2025, Dodge & Cox reimbursed expenses of $519,102.

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 six months ended June 30, 2025, Dodge & Cox reimbursed such expenses in the amount of $51,095 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 periods noted below were characterized as follows for federal income tax purposes:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| Class I |  |  |
| Ordinary income | $180392287 | &nbsp;&nbsp; $319155581 |
| Long-term capital gain | $120294928 | &nbsp;&nbsp; $631060925 |
| Class X |  |  |
| Ordinary income | $33184108 | &nbsp;&nbsp; $61222367 |
| Long-term capital gain | $21332967 | &nbsp;&nbsp; $120494682 |

---

The components of distributable earnings on a tax basis are reported as of the Fund's most recent year end. At December 31, 2024, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Undistributed long-term capital gain | &nbsp;&nbsp; $141558898 |
| Net unrealized appreciation | &nbsp;&nbsp; 2283698251 |
| Total distributable earnings | &nbsp;&nbsp; $2425257149 |

---

At June 30, 2025, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | &nbsp;&nbsp; $12049081121 |
| Unrealized appreciation | &nbsp;&nbsp; 3068968645 |
| Unrealized depreciation | &nbsp;&nbsp; (569308899)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 2499659746 |

---

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 six months ended June 30, 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 $243,466,309 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 period.

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. For the six months ended June 30, 2025, the Fund's commitment fee amounted to $32,941 and is reflected as a Miscellaneous Expense in the Statement of Operations. Interest on borrowings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the period.

**Note 7: Purchases and Sales of Investments**

For the six months ended June 30, 2025, purchases and sales of securities, other than short-term securities and U.S. government

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

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Notes to Financial Statements (unaudited)

securities, aggregated $1,253,632,151 and $1,578,927,549, respectively. For the six months ended June 30, 2025, purchases and sales of U.S. government securities aggregated $1,155,479,662 and $1,094,652,078, 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. Management is currently evaluating the requirements and expects the adoption of this ASU will not have a material impact on the financial statements.

**Note 9: Subsequent Events**

In August 2025, the Board of Trustees of the Fund approved a 8-for-1 share split of the Fund's outstanding shares effective October 24, 2025. As a result of the split, each shareholder of record as of October 24, 2025 will receive additional shares in proportion to existing shares held, thereby increasing the number of shares outstanding without altering the total net assets of the Fund. Fund management has determined that no other material events or transactions occurred subsequent to June 30, 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

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Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| &nbsp;&nbsp;&nbsp; **Six Months** <br>**Ended June 30,**<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** | **2020** |
| **Class I** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp; $101.70 | &nbsp;&nbsp;&nbsp;&nbsp; $101.23 | &nbsp;&nbsp;&nbsp;&nbsp; $93.35 | &nbsp;&nbsp;&nbsp;&nbsp; $109.41 | &nbsp;&nbsp;&nbsp;&nbsp; $101.78 | &nbsp;&nbsp;&nbsp;&nbsp; $101.60 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp; 2.19 <br><sup>(a)</sup><br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;7.08 | &nbsp;&nbsp;&nbsp;&nbsp;6.08 | &nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp; (9.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.51 | &nbsp;&nbsp;&nbsp;&nbsp;5.03 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;8.64 | &nbsp;&nbsp;&nbsp;&nbsp;8.82 | &nbsp;&nbsp;&nbsp;&nbsp;12.58 | &nbsp;&nbsp;&nbsp;&nbsp; (7.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.25 | &nbsp;&nbsp;&nbsp;&nbsp;7.22 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.22)<br>|
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.82)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.04)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $107.72 | &nbsp;&nbsp;&nbsp;&nbsp; $101.70 | &nbsp;&nbsp;&nbsp;&nbsp; $101.23 | &nbsp;&nbsp;&nbsp;&nbsp; $93.35 | &nbsp;&nbsp;&nbsp;&nbsp; $109.41 | &nbsp;&nbsp;&nbsp;&nbsp; $101.78 |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 8.56<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>| &nbsp;&nbsp;&nbsp;&nbsp; 7.85<br> %<br>|
| **Ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $12414 | &nbsp;&nbsp;&nbsp;&nbsp; $11897 | &nbsp;&nbsp;&nbsp;&nbsp; $12548 | &nbsp;&nbsp;&nbsp;&nbsp; $12810 | &nbsp;&nbsp;&nbsp;&nbsp; $15320 | &nbsp;&nbsp;&nbsp;&nbsp; $14110 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.52 %<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; 0.53<br> %<br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 2.97 %<sup>(b)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 2.29 %<sup>(a)</sup><br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 17<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>| &nbsp;&nbsp;&nbsp;&nbsp; 54<br> %<br>|
| Portfolio turnover rate excluding TBA rolls<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<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>| &nbsp;&nbsp;&nbsp;&nbsp; 50<br> %<br>|
| **Class X**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp; $101.71 | &nbsp;&nbsp;&nbsp;&nbsp; $101.24 | &nbsp;&nbsp;&nbsp;&nbsp; $93.37 | &nbsp;&nbsp;&nbsp;&nbsp; $101.25 |  |  |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |  |  |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;7.09 | &nbsp;&nbsp;&nbsp;&nbsp;6.03 | &nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;&nbsp; (2.32)<br>|  |  |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;8.70 | &nbsp;&nbsp;&nbsp;&nbsp;8.92 | &nbsp;&nbsp;&nbsp;&nbsp;12.68 | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)<br>|  |  |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.54)<br>|  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.45)<br>|  |  |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (2.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.99)<br>|  |  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $107.74 | &nbsp;&nbsp;&nbsp;&nbsp; $101.71 | &nbsp;&nbsp;&nbsp;&nbsp; $101.24 | &nbsp;&nbsp;&nbsp;&nbsp; $93.37 |  |  |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 8.61<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; $2227 | &nbsp;&nbsp;&nbsp;&nbsp; $2374 | &nbsp;&nbsp;&nbsp;&nbsp; $1571 | &nbsp;&nbsp;&nbsp;&nbsp; $700 |  |  |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.42 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41 %<sup>(b)</sup><br>|  |  |
| Ratio of expenses to average net assets, before <br> reimbursement by investment manager<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<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 %<sup>(b)</sup><br>|  |  |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 3.04 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42 %<sup>(b)</sup><br>|  |  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 17<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; 17<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) Net investment income per share includes significant amounts received for EU reclaims
 related to prior years, which amounted to approximately $0.11 per share. Excluding
 such amounts, the ratio of net investment income to average net assets would have been
 2.17%.

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

&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

See accompanying Notes to Financial Statements

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

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Board Approval of Funds' Investment Advisory Agreement

(unaudited)

On June 11, 2025, the Board of Trustees (the "Board") of the Dodge & Cox Funds (the "Trust"), including the members of the Board who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees"), voted to continue the Investment Advisory Agreement between Dodge & Cox and the Trust (the "Advisory Agreement") in effect for an additional year beginning July 1, 2025 for each series of the Trust (each a "Fund"). Prior to the Board's vote, the Trust's Contract Review Committee, consisting solely of the Independent Trustees, met with independent counsel to the Independent Trustees on May 7 and June 11, 2025, to discuss whether the Investment Advisory Agreement should be continued. At its June 11 meeting, the Board, including the Independent Trustees, concluded that the Investment Advisory Agreement is fair and reasonable. In considering the Investment Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor or particular information as all-important or controlling. In reaching the decision to continue the Investment Advisory Agreement in effect, the Board considered several factors, and reached the conclusions, described below:&nbsp;&nbsp;&nbsp;&nbsp;

Nature, Extent and Quality of Services Provided by Dodge & Cox

<sup>■</sup> The Board considered the nature, extent and quality of the services provided by Dodge & Cox to each Fund under the Advisory Agreement. This consideration included, among other things, Dodge & Cox's investment process and philosophy; the education and experience of the principal personnel of Dodge & Cox who provide such services; the other resources that Dodge & Cox uses in managing the Funds' portfolios; Dodge & Cox's record of compliance with the Funds' investment policies and restrictions and relevant regulatory and tax compliance requirements; and such matters as Dodge & Cox's business continuity planning and insurance coverage.

<sup>■</sup> The Board concluded that the nature, extent and quality of the services Dodge & Cox provides are consistent with the terms of the Advisory Agreement and support the recommendation to continue the Advisory Agreement in effect for an additional year.

<sup>■</sup> The Board also took note of the nature, extent and quality of the services that Dodge & Cox provides to the Funds and their shareholders under a separate Administrative and Shareholder Services Agreement. Although that agreement does not require Board approval on an annual basis, the services provided thereunder are an important part of the Funds' overall relationship with Dodge & Cox, and the Board's understanding and assessment of those services (including which Dodge & Cox services are provided pursuant to which agreement) were relevant factors in its decision to approve continuation of the Advisory Agreement.

Investment Performance

<sup>■</sup> The Board reviewed information regarding the total return of each Fund over the most recent 1-, 3-, 5-, 10- and 20-year periods (or since Fund inception, if shorter). The Board compared these returns to those of the Fund's broad-based securities market index and, for the Stock, Balanced, International Stock and Global Stock Funds, other appropriate indexes provided by Dodge & Cox. The Board also considered the volatility of the Funds' investment returns over various time horizons, including volatility data provided by Broadridge Financial Solutions ("Broadridge").

<sup>■</sup> In addition, the Board reviewed a report prepared by Broadridge comparing each Fund's performance with the performance of other mutual funds in the Fund's broad Morningstar category (as modified by Broadridge to include only those funds that have similar share class and expense characteristics to such Fund, the "Morningstar custom category"), as well as with the performance of a smaller peer group of comparable funds identified by Broadridge (such Fund's "peer group"). The Board received information regarding the methodology and process underlying the construction of the Morningstar custom categories and Broadridge peer groups, and any changes in the methodology from prior years. The Board also reviewed a report prepared by Dodge & Cox comparing each Fund's performance to the composite performance of other accounts (if any) managed by Dodge & Cox using the same investment approach as the Fund. This information regarding the performance of other mutual funds and of other accounts managed by Dodge & Cox provided helpful context for the Board's evaluation of the Funds' performance.

<sup>■</sup> The Board concluded that the investment performance and volatility experienced by each Fund were consistent with Dodge & Cox's long-term, research-driven, bottom-up, active investment style and support the recommendation to continue the Advisory Agreement in effect for an additional year.

Fees and Expense Ratios

<sup>■</sup> The Board reviewed a comparison prepared by Broadridge of the net expense ratio of each Fund (including the separate expense ratios of the two share classes of those Funds that have a dual class structure), and the various elements of those expense ratios, to those of mutual funds in (1) the Fund's Morningstar custom category and (2) the Fund's peer group.

<sup>■</sup> For each Fund for which such a comparison is relevant, the Board reviewed information regarding the fee rates Dodge & Cox charges for managing other accounts using the same investment approach as the Fund. In light of the fact that such other accounts may be charged lower fee rates than a Fund, the Board took note of the broader scope of services that Dodge & Cox provides to the Funds than to separate accounts and sub-advised funds, as well as differences in regulatory, litigation, and other risks associated with sponsoring a mutual fund as compared to managing separate accounts or sub-advising another sponsor's mutual fund, and

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

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certain characteristics of the market for institutional separate account management services.

<sup>■</sup> The Board concluded, after discussion and based on all the relevant information it received, that the advisory fee rate that each Fund pays to Dodge & Cox under the Advisory Agreement is reasonable in relation to the scope and quality of the services that Dodge & Cox provides to such Fund thereunder.

<sup>■</sup> In assessing the Funds' expense ratios and the fees the Funds pay to Dodge & Cox, the Board took note of and discussed with Dodge & Cox changes over the past several years in the competitive landscape for asset management services. The Board anticipates further changes in the competitive landscape and will continue to monitor and assess the Funds' competitive position.

Costs of Services Provided and Profits Realized by Dodge & Cox from its Relationship to the Funds

<sup>■</sup> Dodge & Cox informed the Board that it operates as a unified business, with most employees providing services to support the firm and its clients across multiple strategies and/or products. Consequently, the firm does not utilize cost accounting to allocate expenses across lines of business or across the Funds for management purposes. Also, the firm is owned exclusively by its senior managers and other active employees, and generally distributes substantially all of its net revenues each year to its employees, either as compensation or as a combination of compensation and distributions with respect to the shares they own in the firm. Accordingly, while Dodge & Cox provided the Board with data to consider profitability using several different possible methodologies, it is difficult, and in the Board's view not especially meaningful, to attempt to calculate a specific profit margin associated with Dodge & Cox's relationship to any particular Fund.

<sup>■</sup> The Board believes that Dodge & Cox's commitment to employee ownership of the firm enhances its ability to attract and retain key investment and other management professionals and reinforces a long-term perspective on the management of the firm and the Funds, which the Board believes aligns well with the interests of the Funds and their shareholders.

<sup>■</sup> The Board noted that the employee-shareholders of Dodge & Cox give up a substantial stock value (which would be taxed at long-term capital gains rates) as a consequence of the firm's independence from outside ownership; the estimated market value of the company is substantially in excess of its book value.

<sup>■</sup> The Board also considered that Dodge & Cox's fee revenues from the Funds fluctuate from year to year based on changes in the aggregate net assets of the Funds, and that the firm has continued to invest in improved systems, additional compliance resources, and enhanced research capabilities despite these fluctuations.

<sup>■</sup> The Board concluded that the profitability data provided by Dodge & Cox was based upon a reasonable range of assumptions and methodologies. The Board also concluded that Dodge & Cox's profits are a keystone of its independence, stability and long-term investment performance, and are reasonable.

Economies and Benefits of Scale

<sup>■</sup> The Board considered whether there have been economies or benefits of scale as the Funds have grown over the longer term, and whether fee levels reflect economies of scale for the benefit of Fund investors. In the Board's view, any consideration of economies of scale must take account of the relatively low overall fee and expense structure of the Funds. The Funds generally rank favorably when compared to their Broadridge custom categories and peer groups, on a net expense ratio basis.

<sup>■</sup> Dodge & Cox has built economies of scale into its fee structure by charging relatively low fees at the beginning of operations. A comparison of the Funds' advisory fee rates to those of many otherwise comparable funds that employ fee "breakpoints" shows that the Funds' advisory fee rates are in general relatively lower from the first dollar. As a result of their straightforward share class and fee structure and relatively low total expenses, the Funds provide small investors with access to professional, active portfolio management and related services at a reasonable cost. In addition to building economies of scale into its fee rates from the first dollar of each Fund's assets, Dodge & Cox has capped the expenses borne by certain Funds in their early years of operations when those Funds are not yet operating at scale. The Global Bond Fund has benefited from such an expense cap since its inception in 2014, as has the Emerging Markets Stock Fund since its inception in 2021. Dodge & Cox, in 2023, agreed to continue expense caps for those Funds, and for the X share class of each of the other Funds, through April 30, 2026.

<sup>■</sup> Over the years, Dodge & Cox has voluntarily forgone opportunities for growth in its assets under management and revenues in order to protect the Funds' ability to achieve investment returns for shareholders. Dodge & Cox closed the International Stock Fund for a number of years beginning in 2015 and previously closed other Funds and limited the growth of its separate account business during periods of high growth—to Dodge & Cox's economic detriment—and continues to closely monitor the size of the Funds.

<sup>■</sup> The Board also noted that Dodge & Cox has continued to make additional expenditures on staff and information technology to enable it to enhance its investment processes and to implement effectively the Funds' strategies. The Board also considered that there may be certain diseconomies of scale associated with managing very large asset pools such as several of the Funds, insofar as certain of the costs or risks associated with managing the Funds potentially increase at a rate that exceeds the rate of asset growth.

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

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Fall-Out Benefits and Other Matters

<sup>■</sup> The Board concluded that any "fall-out" benefits derived by Dodge & Cox from its relationship with the Funds are not a significant issue.

<sup>■</sup> The Board considered the information provided regarding any conflicts of interests present and Dodge & Cox's efforts to mitigate such conflicts.

<sup>■</sup> The Board considered that the Funds have never been a party to any litigation.

Dodge & Cox Balanced Fund <sup>■</sup> PAGE 20

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![](img4ce9f1c61.gif)

2025

**June 30, 2025**

------

**Financial Statements and Other Information**

------

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

**ESTABLISHED 1989**

06/25 IF SAR&nbsp;&nbsp;&nbsp;&nbsp;

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities: 98.3%** | **Debt Securities: 98.3%** | **Debt Securities: 98.3%** |
|  | **Par Value** | **Value** |
| **U.S. Treasury: 14.7%** | **U.S. Treasury: 14.7%** | **U.S. Treasury: 14.7%** |
| U.S. Treasury Inflation Indexed |  |  |
| 1.50%, 2/15/53<sup>(a)</sup> <br>| $445416168 | &nbsp;&nbsp; $352587946 |
| 2.125%, 2/15/54<sup>(a)</sup> <br>| 119847351 | &nbsp;&nbsp; 109600816 |
| 2.375%, 2/15/55<sup>(a)</sup> <br>| 190380981 | &nbsp;&nbsp; 183952478 |
| U.S. Treasury Note/Bond |  |  |
| 3.75%, 12/31/30 | 1297735000 | &nbsp;&nbsp; 1291297015 |
| 4.00%, 1/31/31 | 149045000 | &nbsp;&nbsp; 150098794 |
| 4.625%, 4/30/31 | 645865000 | &nbsp;&nbsp; 670589520 |
| 4.25%, 6/30/31 | 496820000 | &nbsp;&nbsp; 505999525 |
| 4.125%, 7/31/31 | 248405000 | &nbsp;&nbsp; 251257777 |
| 4.125%, 5/31/32 | 550000000 | &nbsp;&nbsp; 554640625 |
| 4.00%, 6/30/32 | 400000000 | &nbsp;&nbsp; 400312500 |
| 3.875%, 8/15/34 | 1391095000 | &nbsp;&nbsp; 1358219516 |
| 3.375%, 8/15/42 | 818780000 | &nbsp;&nbsp; 687231481 |
| 4.00%, 11/15/42 | 148735000 | &nbsp;&nbsp; 135691638 |
| 4.50%, 2/15/44 | 819750000 | &nbsp;&nbsp; 792083438 |
| 4.125%, 8/15/44 | 1045585000 | &nbsp;&nbsp; 957894724 |
| 4.625%, 11/15/44 | 1640126000 | &nbsp;&nbsp; 1605529592 |
| 2.875%, 5/15/52 | 1078820000 | &nbsp;&nbsp; 759219575 |
| 3.00%, 8/15/52 | 431883000 | &nbsp;&nbsp; 311748671 |
| 4.00%, 11/15/52 | 619740000 | &nbsp;&nbsp; 542006204 |
| 4.125%, 8/15/53 | 2110356000 | &nbsp;&nbsp; 1885059015 |
| 4.75%, 11/15/53 | 298095000 | &nbsp;&nbsp; 295393514 |
| 4.25%, 2/15/54 | 99365000 | &nbsp;&nbsp; 90639511 |
| 4.50%, 11/15/54 | 100000000 | &nbsp;&nbsp; 95296875 |
| 4.75%, 5/15/55 | 225000000 | &nbsp;&nbsp; 223734375 |
|  |  | &nbsp;&nbsp; 14210085125 |
| **Government-Related: 4.1%** | **Government-Related: 4.1%** | **Government-Related: 4.1%** |
| Agency: 2.0% | Agency: 2.0% | Agency: 2.0% |
| Petroleos Mexicanos (Mexico) |  |  |
| 6.70%, 2/16/32 | 732625000 | &nbsp;&nbsp; 680665623 |
| 6.625%, 6/15/35 | 207456000 | &nbsp;&nbsp; 174839550 |
| 6.50%, 6/2/41 | 69963000 | &nbsp;&nbsp; 51967446 |
| 6.375%, 1/23/45 | 134016000 | &nbsp;&nbsp; 94926722 |
| 6.75%, 9/21/47 | 107825000 | &nbsp;&nbsp; 78096666 |
| 6.35%, 2/12/48 | 22250000 | &nbsp;&nbsp; 15491879 |
| 7.69%, 1/23/50 | 1077940000 | &nbsp;&nbsp; 847891651 |
|  |  | &nbsp;&nbsp; 1943879537 |
| Local Authority: 1.4% | Local Authority: 1.4% | Local Authority: 1.4% |
| New Jersey Turnpike Authority RB |  |  |
| 7.414%, 1/1/40 | 40320000 | &nbsp;&nbsp; 48184202 |
| 7.102%, 1/1/41 | 145657000 | &nbsp;&nbsp; 166836810 |
| State of California GO |  |  |
| 7.50%, 4/1/34 | 113011000 | &nbsp;&nbsp; 131056190 |
| 7.55%, 4/1/39 | 39695000 | &nbsp;&nbsp; 47573735 |
| 7.30%, 10/1/39 | 216400000 | &nbsp;&nbsp; 250279454 |
| 7.625%, 3/1/40 | 33650000 | &nbsp;&nbsp; 40278178 |
| State of Illinois GO |  |  |
| 5.10%, 6/1/33 | 620888431 | &nbsp;&nbsp; 622741597 |
|  |  | &nbsp;&nbsp; 1306950166 |
| Sovereign: 0.7% | Sovereign: 0.7% | Sovereign: 0.7% |
| Colombia Government International <br> (Colombia)<br>|  |  |
| 7.375%, 4/25/30 | 148800000 | &nbsp;&nbsp; 153834013 |
| 3.125%, 4/15/31 | 94380000 | &nbsp;&nbsp; 77402672 |
| 8.50%, 4/25/35 | 79250000 | &nbsp;&nbsp; 82220401 |
| 7.75%, 11/7/36 | 129210000 | &nbsp;&nbsp; 126167104 |
| 5.625%, 2/26/44 | 105130000 | &nbsp;&nbsp; 77564890 |
| 5.00%, 6/15/45 | 85825000 | &nbsp;&nbsp; 57824891 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| 5.20%, 5/15/49 | $82050000 | &nbsp;&nbsp; $54878994 |
| 8.375%, 11/7/54 | 53800000 | &nbsp;&nbsp; 51058890 |
|  |  | &nbsp;&nbsp; 680951855 |
|  |  | &nbsp;&nbsp; 3931781558 |
| **Securitized: 50.0%** | **Securitized: 50.0%** | **Securitized: 50.0%** |
| Asset-Backed: 6.9% | Asset-Backed: 6.9% | Asset-Backed: 6.9% |
| **Auto Loan: 2.6%** | **Auto Loan: 2.6%** | **Auto Loan: 2.6%** |
| BMW Vehicle Owner Trust |  |  |
| Series 2025-A A3, 4.56%, 9/25/29 | 140000000 | &nbsp;&nbsp; 141198764 |
| Series 2025-A A4, 4.66%, 12/27/32 | 42777000 | &nbsp;&nbsp; 43454224 |
| Ford Credit Auto Owner Trust |  |  |
| Series 2024-B A3, 5.10%, 4/15/29 | 180290000 | &nbsp;&nbsp; 182579989 |
| Series 2024-C A3, 4.07%, 7/15/29 | 8329000 | &nbsp;&nbsp; 8317405 |
| Series 2024-D A3, 4.61%, 8/15/29 | 66768000 | &nbsp;&nbsp; 67436174 |
| Series 2025-A A3, 4.45%, 10/15/29 | 210587000 | &nbsp;&nbsp; 211222236 |
| Series 2024-B A4, 4.96%, 5/15/30 | 15510000 | &nbsp;&nbsp; 15803759 |
| Series 2024-C A4, 4.11%, 7/15/30 | 4694000 | &nbsp;&nbsp; 4694040 |
| Series 2024-D A4, 4.66%, 9/15/30 | 15500000 | &nbsp;&nbsp; 15721523 |
| GM Financial Consumer Automobile <br> Receivables Trust<br>|  |  |
| Series 2024-4 A3, 4.40%, 8/16/29 | 54545000 | &nbsp;&nbsp; 54702046 |
| Series 2024-4 A4, 4.44%, 4/16/30 | 8043000 | &nbsp;&nbsp; 8085995 |
| Series 2025-2 A3, 4.28%, 4/16/30 | 31942000 | &nbsp;&nbsp; 32113886 |
| Series 2025-2 A4, 4.42%, 5/16/31 | 6866000 | &nbsp;&nbsp; 6929917 |
| Honda Auto Receivables Owner Trust |  |  |
| Series 2024-3 A3, 4.57%, 3/21/29 | 34001000 | &nbsp;&nbsp; 34186057 |
| Series 2024-4 A3, 4.33%, 5/15/29 | 87537000 | &nbsp;&nbsp; 87739508 |
| Series 2025-1 A3, 4.57%, 9/21/29 | 349060000 | &nbsp;&nbsp; 352433421 |
| Series 2025-2 A3, 4.15%, 10/15/29 | 108812000 | &nbsp;&nbsp; 109027796 |
| Series 2024-3 A4, 4.51%, 11/21/30 | 9463000 | &nbsp;&nbsp; 9527397 |
| Series 2024-4 A4, 4.35%, 12/16/30 | 11350000 | &nbsp;&nbsp; 11412240 |
| Series 2025-1 A4, 4.64%, 5/21/31 | 9360000 | &nbsp;&nbsp; 9482346 |
| Series 2025-2 A4, 4.28%, 8/15/31 | 24530000 | &nbsp;&nbsp; 24660159 |
| Hyundai Auto Receivables Trust |  |  |
| Series 2024-C A3, 4.41%, 5/15/29 | 26345000 | &nbsp;&nbsp; 26477584 |
| Series 2025-A A3, 4.32%, 10/15/29 | 167498000 | &nbsp;&nbsp; 168144978 |
| Series 2025-B A3, 4.36%, 12/17/29 | 83002000 | &nbsp;&nbsp; 83555095 |
| Series 2025-B A4, 4.44%, 6/17/30 | 15857000 | &nbsp;&nbsp; 16008772 |
| Series 2024-C A4, 4.44%, 1/15/31 | 12432000 | &nbsp;&nbsp; 12524683 |
| Series 2025-A A4, 4.40%, 4/15/31 | 20422000 | &nbsp;&nbsp; 20579562 |
| Nissan Auto Receivables Owner Trust |  |  |
| Series 2024-B A3, 4.34%, 3/15/29 | 8288000 | &nbsp;&nbsp; 8306037 |
| Series 2024-B A4, 4.35%, 9/15/31 | 16509000 | &nbsp;&nbsp; 16624971 |
| Toyota Auto Receivables Owner Trust |  |  |
| Series 2024-C A3, 4.88%, 3/15/29 | 140233000 | &nbsp;&nbsp; 141563110 |
| Series 2024-D A3, 4.40%, 6/15/29 | 59620000 | &nbsp;&nbsp; 59871471 |
| Series 2025-A A3, 4.64%, 8/15/29 | 135734000 | &nbsp;&nbsp; 136986377 |
| Series 2024-C A4, 4.83%, 11/15/29 | 50417000 | &nbsp;&nbsp; 51229656 |
| Series 2025-B A3, 4.34%, 11/15/29 | 16357000 | &nbsp;&nbsp; 16457641 |
| Series 2024-D A4, 4.43%, 4/15/30 | 12000000 | &nbsp;&nbsp; 12090881 |
| Series 2025-A A4, 4.76%, 5/15/30 | 34797000 | &nbsp;&nbsp; 35406699 |
| Series 2025-B A4, 4.49%, 6/17/30 | 22366000 | &nbsp;&nbsp; 22628539 |
| Volkswagen Auto Loan Enhanced <br> Trust<br>|  |  |
| Series 2024-1 A3, 4.63%, 7/20/29 | 104700000 | &nbsp;&nbsp; 105780179 |
| Series 2025-1 A3, 4.50%, 8/20/29 | 44040000 | &nbsp;&nbsp; 44367213 |
| Series 2024-1 A4, 4.67%, 6/20/31 | 14000000 | &nbsp;&nbsp; 14126909 |
| Series 2025-1 A4, 4.61%, 7/21/31 | 45885000 | &nbsp;&nbsp; 46492577 |
|  |  | &nbsp;&nbsp; 2469951816 |
| **Federal Agency: 0.0%\*** | **Federal Agency: 0.0%\*** | **Federal Agency: 0.0%\*** |
| Small Business Admin. - 504 Program |  |  |
| Series 2005-20G 1, 4.75%, 7/1/25 | 48211 | &nbsp;&nbsp; 48210 |
| Series 2005-20H 1, 5.11%, 8/1/25 | 453 | &nbsp;&nbsp; 453 |

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

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Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| Series 2005-20I 1, 4.76%, 9/1/25 | $75834 | &nbsp;&nbsp; $75625 |
| Series 2006-20A 1, 5.21%, 1/1/26 | 111269 | &nbsp;&nbsp; 111071 |
| Series 2006-20B 1, 5.35%, 2/1/26 | 31242 | &nbsp;&nbsp; 31243 |
| Series 2006-20C 1, 5.57%, 3/1/26 | 143218 | &nbsp;&nbsp; 143062 |
| Series 2006-20G 1, 6.07%, 7/1/26 | 294526 | &nbsp;&nbsp; 294277 |
| Series 2006-20H 1, 5.70%, 8/1/26 | 3077 | &nbsp;&nbsp; 3080 |
| Series 2006-20I 1, 5.54%, 9/1/26 | 5092 | &nbsp;&nbsp; 5090 |
| Series 2006-20J 1, 5.37%, 10/1/26 | 114685 | &nbsp;&nbsp; 114935 |
| Series 2006-20L 1, 5.12%, 12/1/26 | 109731 | &nbsp;&nbsp; 109729 |
| Series 2007-20A 1, 5.32%, 1/1/27 | 304781 | &nbsp;&nbsp; 305541 |
| Series 2007-20C 1, 5.23%, 3/1/27 | 528147 | &nbsp;&nbsp; 529062 |
| Series 2007-20D 1, 5.32%, 4/1/27 | 386925 | &nbsp;&nbsp; 387244 |
| Series 2007-20G 1, 5.82%, 7/1/27 | 403297 | &nbsp;&nbsp; 406848 |
|  |  | &nbsp;&nbsp; 2565470 |
| **Other: 0.2%** | **Other: 0.2%** | **Other: 0.2%** |
| Rio Oil Finance Trust (Brazil) |  |  |
| 9.75%, 1/6/27<sup>(b)</sup> <br>| 68725095 | &nbsp;&nbsp; 70841553 |
| 8.20%, 4/6/28<sup>(b)</sup> <br>| 114077856 | &nbsp;&nbsp; 118924340 |
|  |  | &nbsp;&nbsp; 189765893 |
| **Student Loan: 4.1%** | **Student Loan: 4.1%** | **Student Loan: 4.1%** |
| ECMC Group Student Loan Trust |  |  |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +1.464%, Series 2016-1A A, <br> 5.77%, 7/26/66<sup>(b)</sup> <br>| 10453015 | &nbsp;&nbsp; 10503759 |
| +1.314%, Series 2017-1A A, <br> 5.62%, 12/27/66<sup>(b)</sup> <br>| 24889264 | &nbsp;&nbsp; 25013200 |
| +1.164%, Series 2017-2A A, <br> 5.47%, 5/25/67<sup>(b)</sup> <br>| 5206837 | &nbsp;&nbsp; 5172081 |
| +1.264%, Series 2020-2A A, <br> 5.57%, 11/25/69<sup>(b)</sup> <br>| 4202229 | &nbsp;&nbsp; 4216928 |
| +1.15%, Series 2024-1A A, <br> 5.455%, 11/27/73<sup>(b)</sup> <br>| 159405427 | &nbsp;&nbsp; 159662819 |
| +0.95%, Series 2025-1A A, <br> 5.255%, 4/25/74<sup>(b)</sup> <br>| 385653120 | &nbsp;&nbsp; 381938702 |
| Navient Student Loan Trust |  |  |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +0.764%, Series 2015-3 A2, <br> 5.07%, 6/26/56<br>| 35652002 | &nbsp;&nbsp; 34833118 |
| +1.614%, Series 2016-2A A3, <br> 5.92%, 6/25/65<sup>(b)</sup> <br>| 27594290 | &nbsp;&nbsp; 28125157 |
| +1.014%, Series 2019-1A A2, <br> 5.32%, 12/27/67<sup>(b)</sup> <br>| 124001194 | &nbsp;&nbsp; 123263014 |
| +0.714%, Series 2014-8 A3, <br> 5.02%, 5/27/49<br>| 12887439 | &nbsp;&nbsp; 12779006 |
| +1.364%, Series 2016-5A A, <br> 5.67%, 6/25/65<sup>(b)</sup> <br>| 172907400 | &nbsp;&nbsp; 174195318 |
| +1.464%, Series 2016-3A A3, <br> 5.77%, 6/25/65<sup>(b)</sup> <br>| 2077267 | &nbsp;&nbsp; 2112441 |
| +1.264%, Series 2016-7A A, <br> 5.57%, 3/25/66<sup>(b)</sup> <br>| 159114672 | &nbsp;&nbsp; 156532098 |
| +1.414%, Series 2016-6A A3, <br> 5.72%, 3/25/66<sup>(b)</sup> <br>| 136666341 | &nbsp;&nbsp; 138037405 |
| +0.914%, Series 2017-5A A, <br> 5.22%, 7/26/66<sup>(b)</sup> <br>| 184616604 | &nbsp;&nbsp; 182908864 |
| +1.164%, Series 2017-3A A3, <br> 5.47%, 7/26/66<sup>(b)</sup> <br>| 214889919 | &nbsp;&nbsp; 215686882 |
| +1.264%, Series 2017-1A A3, <br> 5.57%, 7/26/66<sup>(b)</sup> <br>| 170517243 | &nbsp;&nbsp; 170968892 |
| +1.114%, Series 2017-4A A3, <br> 5.42%, 9/27/66<sup>(b)</sup> <br>| 106949065 | &nbsp;&nbsp; 106782417 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| +1.164%, Series 2017-2A A, <br> 5.47%, 12/27/66<sup>(b)</sup> <br>| $121170994 | &nbsp;&nbsp; $121041596 |
| +0.834%, Series 2018-1A A3, <br> 5.14%, 3/25/67<sup>(b)</sup> <br>| 89827644 | &nbsp;&nbsp; 88712937 |
| +0.914%, Series 2018-3A A3, <br> 5.22%, 3/25/67<sup>(b)</sup> <br>| 99682104 | &nbsp;&nbsp; 98923961 |
| +0.794%, Series 2018-4A A2, <br> 5.10%, 6/27/67<sup>(b)</sup> <br>| 107995499 | &nbsp;&nbsp; 106629388 |
| +1.114%, Series 2019-2A A2, <br> 5.42%, 2/27/68<sup>(b)</sup> <br>| 106870023 | &nbsp;&nbsp; 106449661 |
| +0.944%, Series 2019-3A A, <br> 5.25%, 7/25/68<sup>(b)</sup> <br>| 42054966 | &nbsp;&nbsp; 41659998 |
| +0.924%, Series 2019-4A A2, <br> 5.23%, 7/25/68<sup>(b)</sup> <br>| 36407989 | &nbsp;&nbsp; 36034330 |
| +1.164%, Series 2020-1A A1B, <br> 5.47%, 6/25/69<sup>(b)</sup> <br>| 34202867 | &nbsp;&nbsp; 34204653 |
| +1.014%, Series 2020-2A A1B, <br> 5.32%, 8/26/69<sup>(b)</sup> <br>| 60792910 | &nbsp;&nbsp; 60592409 |
| +0.714%, Series 2021-1A A1B, <br> 5.02%, 12/26/69<sup>(b)</sup> <br>| 38402064 | &nbsp;&nbsp; 37715408 |
| +0.814%, Series 2016-1A A, <br> 5.12%, 2/25/70<sup>(b)</sup> <br>| 113867410 | &nbsp;&nbsp; 113296263 |
| +0.664%, Series 2021-2A A1B, <br> 4.97%, 2/25/70<sup>(b)</sup> <br>| 48880565 | &nbsp;&nbsp; 47886637 |
| Nelnet Student Loan Trust |  |  |
| CME Term SOFR 1 Month |  |  |
| +0.994%, Series 2020-5A A, <br> 5.314%, 10/25/68<sup>(b)</sup> <br>| 42302305 | &nbsp;&nbsp; 42003020 |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +0.964%, Series 2017-3A A, <br> 5.27%, 2/25/66<sup>(b)</sup> <br>| 12316281 | &nbsp;&nbsp; 12289328 |
| +0.864%, Series 2019-1A A2, <br> 5.17%, 4/25/67<sup>(b)</sup> <br>| 14307176 | &nbsp;&nbsp; 14212262 |
| SLM Student Loan Trust |  |  |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +0.914%, Series 2012-5 A3, <br> 5.22%, 3/25/26<br>| 68445474 | &nbsp;&nbsp; 67939929 |
| +1.314%, Series 2011-2 A2, <br> 5.62%, 10/25/34<br>| 10109455 | &nbsp;&nbsp; 10130348 |
| United States 90 Day Average <br> SOFR<br>|  |  |
| +0.891%, Series 2004-8A A6, <br> 5.255%, 1/25/40<sup>(b)</sup> <br>| 56867619 | &nbsp;&nbsp; 56309930 |
| +0.431%, Series 2005-4 A4, <br> 4.795%, 7/25/40<br>| 8926170 | &nbsp;&nbsp; 8707892 |
| +0.751%, Series 2007-6 A5, <br> 5.115%, 4/27/43<br>| 35108251 | &nbsp;&nbsp; 33146925 |
| +0.811%, Series 2004-3A A6A, <br> 5.175%, 10/25/64<sup>(b)</sup> <br>| 30043436 | &nbsp;&nbsp; 29950767 |
| +0.811%, Series 2004-3A A6B, <br> 5.175%, 10/25/64<sup>(b)</sup> <br>| 18504726 | &nbsp;&nbsp; 18447646 |
| SMB Private Education Loan Trust <br> (Private Loans)<br>|  |  |
| Series 2017-A A2A, 2.88%, <br> 9/15/34<sup>(b)</sup> <br>| 451155 | &nbsp;&nbsp; 450014 |
| Series 2017-B A2A, 2.82%, <br> 10/15/35<sup>(b)</sup> <br>| 1914036 | &nbsp;&nbsp; 1892287 |
| Series 2018-A A2A, 3.50%, <br> 2/15/36<sup>(b)</sup> <br>| 12846220 | &nbsp;&nbsp; 12691495 |
| Series 2018-B A2A, 3.60%, <br> 1/15/37<sup>(b)</sup> <br>| 10112741 | &nbsp;&nbsp; 9967547 |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| Series 2024-C A1A, 5.50%, <br> 6/17/52<sup>(b)</sup> <br>| $35360492 | &nbsp;&nbsp; $36195862 |
| Series 2023-C A1A, 5.67%, <br> 11/15/52<sup>(b)</sup> <br>| 13113278 | &nbsp;&nbsp; 13459753 |
| Series 2021-A APT2, 1.07%, <br> 1/15/53<sup>(b)</sup> <br>| 20990239 | &nbsp;&nbsp; 18894185 |
| Series 2023-D A1A, 6.15%, <br> 9/15/53<sup>(b)</sup> <br>| 136521628 | &nbsp;&nbsp; 143272459 |
| Series 2024-F A1A, 5.06%, <br> 3/16/54<sup>(b)</sup> <br>| 54863305 | &nbsp;&nbsp; 55433741 |
| Series 2025-A A1A, 5.13%, <br> 4/15/54<sup>(b)</sup> <br>| 19488638 | &nbsp;&nbsp; 19705063 |
| Series 2024-A A1A, 5.24%, <br> 3/15/56<sup>(b)</sup> <br>| 226361579 | &nbsp;&nbsp; 230171833 |
| Series 2023-B A1A, 4.99%, <br> 10/16/56<sup>(b)</sup> <br>| 142536700 | &nbsp;&nbsp; 143135140 |
| Series 2024-E A1A, 5.09%, <br> 10/16/56<sup>(b)</sup> <br>| 66310468 | &nbsp;&nbsp; 66955297 |
| Series 2022-D A1A, 5.37%, <br> 10/15/58<sup>(b)</sup> <br>| 125820112 | &nbsp;&nbsp; 127271246 |
|  |  | &nbsp;&nbsp; 3998513311 |
|  |  | &nbsp;&nbsp; 6660796490 |
| CMBS: 0.1% | CMBS: 0.1% | CMBS: 0.1% |
| **Agency CMBS: 0.1%** | **Agency CMBS: 0.1%** | **Agency CMBS: 0.1%** |
| Freddie Mac Multifamily Interest Only |  |  |
| Series K055 X1, 1.464%, 3/25/26<sup>(c)</sup> <br>| 100788259 | &nbsp;&nbsp; 706102 |
| Series K056 X1, 1.362%, 5/25/26<sup>(c)</sup> <br>| 33199674 | &nbsp;&nbsp; 241883 |
| Series K062 X1, 0.401%, 12/25/26<sup>(c)</sup> <br>| 282165023 | &nbsp;&nbsp; 1020026 |
| Series K064 X1, 0.725%, 3/25/27<sup>(c)</sup> <br>| 356111735 | &nbsp;&nbsp; 2970684 |
| Series K065 X1, 0.794%, 4/25/27<sup>(c)</sup> <br>| 430665198 | &nbsp;&nbsp; 4500624 |
| Series K066 X1, 0.867%, 6/25/27<sup>(c)</sup> <br>| 344141234 | &nbsp;&nbsp; 3874893 |
| Series K067 X1, 0.697%, 7/25/27<sup>(c)</sup> <br>| 441630473 | &nbsp;&nbsp; 4216908 |
| Series K069 X1, 0.467%, 9/25/27<sup>(c)</sup> <br>| 87738354 | &nbsp;&nbsp; 594901 |
| Series K070 X1, 0.449%, 11/25/27<sup>(c)</sup> <br>| 185645029 | &nbsp;&nbsp; 1255369 |
| Series K071 X1, 0.407%, 11/25/27<sup>(c)</sup> <br>| 239738603 | &nbsp;&nbsp; 1295859 |
| Series K089 X1, 0.685%, 1/25/29<sup>(c)</sup> <br>| 498813681 | &nbsp;&nbsp; 8508015 |
| Series K091 X1, 0.705%, 3/25/29<sup>(c)</sup> <br>| 248757811 | &nbsp;&nbsp; 4625030 |
| Series K092 X1, 0.852%, 4/25/29<sup>(c)</sup> <br>| 469370371 | &nbsp;&nbsp; 10787304 |
| Series K093 X1, 1.078%, 5/25/29<sup>(c)</sup> <br>| 211925955 | &nbsp;&nbsp; 6455286 |
| Series K094 X1, 1.009%, 6/25/29<sup>(c)</sup> <br>| 311061937 | &nbsp;&nbsp; 9186499 |
| Series K095 X1, 1.082%, 6/25/29<sup>(c)</sup> <br>| 215889683 | &nbsp;&nbsp; 6761514 |
| Series K096 X1, 1.243%, 7/25/29<sup>(c)</sup> <br>| 516910060 | &nbsp;&nbsp; 19215511 |
| Series K097 X1, 1.214%, 7/25/29<sup>(c)</sup> <br>| 235704961 | &nbsp;&nbsp; 8758066 |
| Series K098 X1, 1.262%, 8/25/29<sup>(c)</sup> <br>| 457219836 | &nbsp;&nbsp; 18209329 |
| Series K099 X1, 0.998%, 9/25/29<sup>(c)</sup> <br>| 496281898 | &nbsp;&nbsp; 15338833 |
| Series K101 X1, 0.941%, 10/25/29<sup>(c)</sup> <br>| 191088056 | &nbsp;&nbsp; 5774643 |
| Series K102 X1, 0.939%, 10/25/29<sup>(c)</sup> <br>| 535545671 | &nbsp;&nbsp; 15870896 |
| Series K152 X1, 1.096%, 1/25/31<sup>(c)</sup> <br>| 114648416 | &nbsp;&nbsp; 4514144 |
| Series K154 X1, 0.426%, 11/25/32<sup>(c)</sup> <br>| 349015143 | &nbsp;&nbsp; 5344783 |
| Series K-1511 X1, 0.926%, <br> 3/25/34<sup>(c)</sup> <br>| 169880005 | &nbsp;&nbsp; 7855149 |
|  |  | &nbsp;&nbsp; 167882251 |
|  |  | &nbsp;&nbsp; 167882251 |
| Mortgage-Related: 43.0% | Mortgage-Related: 43.0% | Mortgage-Related: 43.0% |
| **CMO & REMIC: 4.4%** | **CMO & REMIC: 4.4%** | **CMO & REMIC: 4.4%** |
| Dept. of Veterans Affairs |  |  |
| Series 1997-2 Z, 7.50%, 6/15/27 | 763102 | &nbsp;&nbsp; 774716 |
| Fannie Mae |  |  |
| Trust 1998-58 PX, 6.50%, 9/25/28 | 28316 | &nbsp;&nbsp; 28621 |
| Trust 1998-58 PC, 6.50%, 10/25/28 | 188569 | &nbsp;&nbsp; 190977 |
| Trust 2001-69 PQ, 6.00%, 12/25/31 | 321829 | &nbsp;&nbsp; 333123 |
| Trust 2002-33 A1, 7.00%, 6/25/32 | 712354 | &nbsp;&nbsp; 722956 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| Trust 2002-69 Z, 5.50%, 10/25/32 | $49204 | &nbsp;&nbsp; $50626 |
| Trust 2008-24 GD, 6.50%, 3/25/37 | 221916 | &nbsp;&nbsp; 232835 |
| Trust 2007-47 PE, 5.00%, 5/25/37 | 541133 | &nbsp;&nbsp; 554790 |
| Trust 2009-30 AG, 6.50%, 5/25/39 | 1972373 | &nbsp;&nbsp; 2103483 |
| Trust 2009-40 TB, 6.00%, 6/25/39 | 1034779 | &nbsp;&nbsp; 1091373 |
| Trust 2001-T3 A1, 7.50%, 11/25/40 | 31276 | &nbsp;&nbsp; 31811 |
| Trust 2010-123 WT, 7.00%, <br> 11/25/40<br>| 7254562 | &nbsp;&nbsp; 7606807 |
| Trust 2001-T7 A1, 7.50%, 2/25/41 | 44750 | &nbsp;&nbsp; 47167 |
| Trust 2001-T5 A2, 7.00%, 6/19/41<sup>(c)</sup> <br>| 17057 | &nbsp;&nbsp; 17337 |
| Trust 2001-T5 A3, 7.50%, 6/19/41<sup>(c)</sup> <br>| 100876 | &nbsp;&nbsp; 103254 |
| Trust 2001-T4 A1, 7.50%, 7/25/41 | 633898 | &nbsp;&nbsp; 642344 |
| Trust 2011-58 AT, 4.00%, 7/25/41 | 2270849 | &nbsp;&nbsp; 2226129 |
| Trust 2001-T10 A1, 7.00%, <br> 12/25/41<br>| 552988 | &nbsp;&nbsp; 563581 |
| Trust 2013-106 MA, 4.00%, 2/25/42 | 6224790 | &nbsp;&nbsp; 6183241 |
| Trust 2012-15 PZ, 4.00%, 3/25/42 | 2714804 | &nbsp;&nbsp; 2621772 |
| Trust 2012-47 VZ, 4.00%, 5/25/42 | 4797372 | &nbsp;&nbsp; 4666012 |
| Trust 2002-W6 2A1, 7.00%, <br> 6/25/42<sup>(c)</sup> <br>| 738070 | &nbsp;&nbsp; 733041 |
| Trust 2002-W8 A2, 7.00%, 6/25/42 | 531055 | &nbsp;&nbsp; 554592 |
| Trust 2002-90 A1, 6.50%, 6/25/42 | 1616131 | &nbsp;&nbsp; 1656053 |
| Trust 2002-T16 A3, 7.50%, 7/25/42 | 1458678 | &nbsp;&nbsp; 1552063 |
| Trust 2003-W2 1A2, 7.00%, 7/25/42 | 3015422 | &nbsp;&nbsp; 3151191 |
| Trust 2003-W4 3A, 4.577%, <br> 10/25/42<sup>(c)</sup> <br>| 726327 | &nbsp;&nbsp; 779053 |
| Trust 2012-121 NB, 7.00%, <br> 11/25/42<br>| 251406 | &nbsp;&nbsp; 266975 |
| Trust 2003-W1 2A, 5.129%, <br> 12/25/42<sup>(c)</sup> <br>| 983855 | &nbsp;&nbsp; 985724 |
| Trust 2003-7 A1, 6.50%, 12/25/42 | 1384579 | &nbsp;&nbsp; 1406385 |
| Trust 2012-131 MZ, 3.50%, <br> 12/25/42<br>| 12862815 | &nbsp;&nbsp; 11923371 |
| Trust 2012-134 ZA, 3.00%, <br> 12/25/42<br>| 36473055 | &nbsp;&nbsp; 32989995 |
| Trust 2013-19 ZA, 3.50%, 3/25/43 | 10214555 | &nbsp;&nbsp; 9655787 |
| Trust 2013-72 Z, 3.00%, 7/25/43 | 10754144 | &nbsp;&nbsp; 9800100 |
| Trust 2004-T1 1A2, 6.50%, 1/25/44 | 417661 | &nbsp;&nbsp; 429464 |
| Trust 2004-W2 2A2, 7.00%, 2/25/44 | 43324 | &nbsp;&nbsp; 44915 |
| Trust 2004-W2 5A, 7.50%, 3/25/44 | 631895 | &nbsp;&nbsp; 655046 |
| Trust 2004-W8 3A, 7.50%, 6/25/44 | 485836 | &nbsp;&nbsp; 498550 |
| Trust 2004-W15 1A2, 6.50%, <br> 8/25/44<br>| 199138 | &nbsp;&nbsp; 207593 |
| Trust 2014-58 MZ, 4.00%, 9/25/44 | 28786377 | &nbsp;&nbsp; 27582758 |
| Trust 2005-W1 1A3, 7.00%, <br> 10/25/44<br>| 2053619 | &nbsp;&nbsp; 2081550 |
| Trust 2014-61 ZV, 3.00%, 10/25/44 | 36830388 | &nbsp;&nbsp; 33364851 |
| Trust 2014-68 MZ, 3.00%, 11/25/44 | 46596304 | &nbsp;&nbsp; 42193993 |
| Trust 2001-79 BA, 7.00%, 3/25/45 | 116608 | &nbsp;&nbsp; 118349 |
| Trust 2006-W1 1A1, 6.50%, <br> 12/25/45<br>| 86854 | &nbsp;&nbsp; 89066 |
| Trust 2006-W1 1A2, 7.00%, <br> 12/25/45<br>| 538136 | &nbsp;&nbsp; 557495 |
| Trust 2006-W1 1A3, 7.50%, <br> 12/25/45<br>| 7923 | &nbsp;&nbsp; 8178 |
| Trust 2006-W1 1A4, 8.00%, <br> 12/25/45<br>| 464471 | &nbsp;&nbsp; 481199 |
| Trust 2007-W10 1A, 6.016%, <br> 8/25/47<sup>(c)</sup> <br>| 1889861 | &nbsp;&nbsp; 1990891 |
| Trust 2007-W10 2A, 6.233%, <br> 8/25/47<sup>(c)</sup> <br>| 602881 | &nbsp;&nbsp; 630794 |
| Trust 2018-28 PT, 3.50%, 5/25/48 | 4241156 | &nbsp;&nbsp; 3899481 |
| Trust 2018-55 MY, 3.50%, 8/25/48 | 4111528 | &nbsp;&nbsp; 3698909 |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +0.664%, Trust 2013-98 FA, <br> 4.97%, 9/25/43<br>| $7977856 | &nbsp;&nbsp; $7901555 |
| +0.514%, Trust 2004-W14 1AF, <br> 4.82%, 7/25/44<br>| 593688 | &nbsp;&nbsp; 560938 |
| Freddie Mac |  |  |
| Series 2456 CJ, 6.50%, 6/15/32 | 27030 | &nbsp;&nbsp; 28257 |
| Series 3312 AB, 6.50%, 6/15/32 | 613857 | &nbsp;&nbsp; 640901 |
| Series T-41 2A, 4.614%, 7/25/32<sup>(c)</sup> <br>| 88663 | &nbsp;&nbsp; 83315 |
| Series 2587 ZU, 5.50%, 3/15/33 | 879445 | &nbsp;&nbsp; 911101 |
| Series 2610 UA, 4.00%, 5/15/33 | 424073 | &nbsp;&nbsp; 413311 |
| Series T-48 1A, 4.347%, 7/25/33<sup>(c)</sup> <br>| 1118419 | &nbsp;&nbsp; 1077738 |
| Series 2708 ZD, 5.50%, 11/15/33 | 3163165 | &nbsp;&nbsp; 3286102 |
| Series 3204 ZM, 5.00%, 8/15/34 | 1613693 | &nbsp;&nbsp; 1649764 |
| Series 3330 GZ, 5.50%, 6/15/37 | 260885 | &nbsp;&nbsp; 263203 |
| Series 3427 Z, 5.00%, 3/15/38 | 768791 | &nbsp;&nbsp; 788287 |
| Series 4197 LZ, 4.00%, 4/15/43 | 10289123 | &nbsp;&nbsp; 10032107 |
| Series 4215 LZ, 3.50%, 6/15/43 | 28573066 | &nbsp;&nbsp; 26780249 |
| Series T-51 1A, 6.50%, 9/25/43<sup>(c)</sup> <br>| 34345 | &nbsp;&nbsp; 35499 |
| Series T-59 1A1, 6.50%, 10/25/43 | 2361582 | &nbsp;&nbsp; 2423070 |
| Series 4283 DW, 4.50%, 12/15/43<sup>(c)</sup> <br>| 16617753 | &nbsp;&nbsp; 16539899 |
| Series 4283 EW, 4.50%, 12/15/43<sup>(c)</sup> <br>| 10280257 | &nbsp;&nbsp; 10237378 |
| Series 4281 BC, 4.50%, 12/15/43<sup>(c)</sup> <br>| 28236335 | &nbsp;&nbsp; 28086795 |
| Series 4319 MA, 4.50%, 3/15/44<sup>(c)</sup> <br>| 5679017 | &nbsp;&nbsp; 5648898 |
| Series 4358 Z, 3.00%, 6/15/44 | 17919968 | &nbsp;&nbsp; 16349020 |
| Series 4375 MZ, 3.50%, 8/15/44 | 17627281 | &nbsp;&nbsp; 16368191 |
| Series 4385 EZ, 3.00%, 9/15/44 | 38008571 | &nbsp;&nbsp; 33479086 |
| Series 4422 GZ, 3.00%, 12/15/44 | 11167664 | &nbsp;&nbsp; 10225165 |
| Series 4438 ZP, 3.50%, 2/15/45 | 5980425 | &nbsp;&nbsp; 5515112 |
| Series 4434 LZ, 3.00%, 2/15/45 | 37205223 | &nbsp;&nbsp; 32700046 |
| Series 4616 ZD, 2.50%, 9/15/46 | 20937696 | &nbsp;&nbsp; 17916822 |
| Series 4653 PZ, 3.50%, 2/15/47 | 19400996 | &nbsp;&nbsp; 17714081 |
| Series 4680 GZ, 3.50%, 3/15/47 | 14220578 | &nbsp;&nbsp; 12884406 |
| Series 4700 KZ, 3.50%, 7/15/47 | 2685394 | &nbsp;&nbsp; 2440534 |
| Series 4722 CZ, 3.50%, 9/15/47 | 10676424 | &nbsp;&nbsp; 9857997 |
| Series 4818 ZB, 4.00%, 8/15/48 | 9667660 | &nbsp;&nbsp; 9053964 |
| Series 5020 GT, 3.50%, 10/25/50 | 12176520 | &nbsp;&nbsp; 10674949 |
| Freddie Mac Seasoned Credit Risk <br> Transfer Trust<br>|  |  |
| Series 2017-4 M45T, 4.50%, <br> 6/25/57<br>| 8228165 | &nbsp;&nbsp; 7931690 |
| Ginnie Mae |  |  |
| Series 2010-115 Z, 4.50%, 9/20/40 | 5989953 | &nbsp;&nbsp; 5925412 |
| Series 2014-184 GZ, 3.50%, <br> 12/20/44<br>| 5351407 | &nbsp;&nbsp; 5034156 |
| Series 2015-24 Z, 3.50%, 2/20/45 | 14798481 | &nbsp;&nbsp; 13933697 |
| Series 2015-69 DZ, 3.50%, 5/20/45 | 3625592 | &nbsp;&nbsp; 3421312 |
| Series 2015-69 KZ, 3.50%, 5/20/45 | 11834414 | &nbsp;&nbsp; 11167618 |
| CME Term SOFR 1 Month |  |  |
| +0.714%, Series 2018-H20 FA, <br> 5.046%, 12/20/68<br>| 24566357 | &nbsp;&nbsp; 24387273 |
| +1.364%, Series 2020-H21 FL, <br> 5.696%, 12/20/70<br>| 16266441 | &nbsp;&nbsp; 16543653 |
| +0.764%, Series 2014-H21 FA, <br> 5.096%, 10/20/64<br>| 2606206 | &nbsp;&nbsp; 2607626 |
| +0.744%, Series 2015-H10 FB, <br> 5.076%, 4/20/65<br>| 3264760 | &nbsp;&nbsp; 3264727 |
| +0.714%, Series 2015-H18 FB, <br> 5.046%, 7/20/65<br>| 1697378 | &nbsp;&nbsp; 1697138 |
| +0.714%, Series 2015-H19 FK, <br> 5.046%, 8/20/65<br>| 1814998 | &nbsp;&nbsp; 1814172 |
| +0.734%, Series 2015-H23 FA, <br> 5.066%, 9/20/65<br>| 529209 | &nbsp;&nbsp; 529241 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| +0.864%, Series 2016-H02 FB, <br> 5.196%, 11/20/65<br>| $5981413 | &nbsp;&nbsp; $5990763 |
| +1.014%, Series 2016-H09 FM, <br> 5.346%, 3/20/66<br>| 4584492 | &nbsp;&nbsp; 4600789 |
| +1.014%, Series 2016-H09 FH, <br> 5.346%, 4/20/66<br>| 5675287 | &nbsp;&nbsp; 5695829 |
| +0.894%, Series 2016-H19 FA, <br> 5.226%, 9/20/66<br>| 2278156 | &nbsp;&nbsp; 2282615 |
| +0.864%, Series 2016-H23 F, <br> 5.196%, 10/20/66<br>| 12319352 | &nbsp;&nbsp; 12339460 |
| +0.914%, Series 2016-H24 FB, <br> 5.246%, 11/20/66<br>| 6836278 | &nbsp;&nbsp; 6852151 |
| +0.924%, Series 2017-H02 GF, <br> 5.256%, 12/20/66<br>| 2881658 | &nbsp;&nbsp; 2888967 |
| +0.684%, Series 2017-H17 FB, <br> 5.016%, 9/20/67<br>| 11059626 | &nbsp;&nbsp; 11095388 |
| +0.614%, Series 2018-H20 FB, <br> 4.946%, 6/20/68<br>| 14005691 | &nbsp;&nbsp; 13973573 |
| +0.614%, Series 2018-H20 FE, <br> 4.946%, 11/20/68<br>| 13500016 | &nbsp;&nbsp; 13471342 |
| +0.714%, Series 2019-H15 F, <br> 5.046%, 9/20/69<br>| 18926791 | &nbsp;&nbsp; 18798452 |
| +0.714%, Series 2019-H18 LF, <br> 5.046%, 11/20/69<br>| 17227541 | &nbsp;&nbsp; 17144609 |
| +0.764%, Series 2019-H18 F, <br> 5.096%, 11/20/69<br>| 20257806 | &nbsp;&nbsp; 20193273 |
| +0.764%, Series 2019-H17 FB, <br> 5.096%, 11/20/69<br>| 62525764 | &nbsp;&nbsp; 62198698 |
| +0.764%, Series 2019-H20 AF, <br> 5.096%, 11/20/69<br>| 12466366 | &nbsp;&nbsp; 12303536 |
| +0.664%, Series 2020-H06 FA, <br> 4.996%, 3/20/70<br>| 59756121 | &nbsp;&nbsp; 59193667 |
| +0.964%, Series 2021-H16 HF, <br> 5.296%, 9/20/71<br>| 6106553 | &nbsp;&nbsp; 6122256 |
| United States 30 Day Average <br> SOFR<br>|  |  |
| +0.55%, Series 2022-H04 FG, <br> 4.852%, 2/20/67<br>| 18568032 | &nbsp;&nbsp; 18531329 |
| +0.5%, Series 2022-H04 GF, <br> 4.802%, 2/20/67<br>| 19802031 | &nbsp;&nbsp; 19740571 |
| +0.5%, Series 2022-H07 FB, <br> 4.802%, 1/20/68<br>| 79046600 | &nbsp;&nbsp; 78802062 |
| +0.3%, Series 2022-H06 FA, <br> 4.602%, 2/20/68<br>| 91635625 | &nbsp;&nbsp; 91051182 |
| +0.5%, Series 2022-H07 AF, <br> 4.802%, 2/20/68<br>| 28101099 | &nbsp;&nbsp; 28002130 |
| +0.5%, Series 2022-H07 BF, <br> 4.802%, 2/20/68<br>| 103359033 | &nbsp;&nbsp; 102959767 |
| +0.5%, Series 2022-H07 FH, <br> 4.802%, 6/20/68<br>| 5772646 | &nbsp;&nbsp; 5732434 |
| +0.41%, Series 2022-H06 FC, <br> 4.712%, 8/20/68<br>| 51341921 | &nbsp;&nbsp; 50871454 |
| +1.3%, Series 2023-H08 EF, <br> 5.602%, 7/20/71<br>| 64588751 | &nbsp;&nbsp; 65348083 |
| +1.02%, Series 2023-H08 FE, <br> 5.322%, 8/20/71<br>| 40172109 | &nbsp;&nbsp; 40343045 |
| +1%, Series 2022-H20 FB, <br> 5.302%, 8/20/71<br>| 38418874 | &nbsp;&nbsp; 38511955 |
| +1.45%, Series 2021-H12 EF, <br> 5.752%, 8/20/71<br>| 38225641 | &nbsp;&nbsp; 38955617 |
| +0.7%, Series 2021-H17 FA, <br> 5.002%, 11/20/71<br>| 31030039 | &nbsp;&nbsp; 30830578 |
| +0.82%, Series 2021-H19 FM, <br> 5.122%, 12/20/71<br>| 36303734 | &nbsp;&nbsp; 36201760 |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| +0.8%, Series 2022-H08 FL, <br> 5.128%, 12/20/71<br>| $92199527 | &nbsp;&nbsp; $91924155 |
| +0.8%, Series 2022-H02 FC, <br> 5.102%, 1/20/72<br>| 111587521 | &nbsp;&nbsp; 111812448 |
| +0.35%, Series 2022-H01 FA, <br> 4.652%, 1/20/72<br>| 47923038 | &nbsp;&nbsp; 46946563 |
| +0.82%, Series 2022-H04 HF, <br> 5.122%, 2/20/72<br>| 167912607 | &nbsp;&nbsp; 167573323 |
| +0.75%, Series 2022-H07 F, <br> 5.052%, 2/20/72<br>| 24341214 | &nbsp;&nbsp; 24329669 |
| +0.75%, Series 2022-H08 FE, <br> 5.078%, 3/20/72<br>| 51142220 | &nbsp;&nbsp; 50831147 |
| +0.74%, Series 2022-H09 FC, <br> 5.042%, 4/20/72<br>| 64977076 | &nbsp;&nbsp; 64816453 |
| +1%, Series 2022-H11 FG, <br> 5.302%, 4/20/72<br>| 16820820 | &nbsp;&nbsp; 16870948 |
| +0.95%, Series 2022-H10 FA, <br> 5.252%, 5/20/72<br>| 101773600 | &nbsp;&nbsp; 101862937 |
| +0.95%, Series 2022-H11 AF, <br> 5.252%, 5/20/72<br>| 18812536 | &nbsp;&nbsp; 18832120 |
| +0.9%, Series 2022-H11 F, <br> 5.202%, 5/20/72<br>| 177356860 | &nbsp;&nbsp; 177191723 |
| +0.97%, Series 2022-H11 EF, <br> 5.272%, 5/20/72<br>| 42558233 | &nbsp;&nbsp; 42746094 |
| +0.95%, Series 2022-H12 FA, <br> 5.252%, 6/20/72<br>| 244306663 | &nbsp;&nbsp; 244507825 |
| +1.1%, Series 2022-H23 FA, <br> 5.402%, 10/20/72<br>| 227087277 | &nbsp;&nbsp; 230353791 |
| +1.63%, Series 2023-H08 FG, <br> 5.932%, 2/20/73<br>| 30188322 | &nbsp;&nbsp; 30896787 |
| +1.42%, Series 2023-H13 FJ, <br> 5.722%, 2/20/73<br>| 57170127 | &nbsp;&nbsp; 58002204 |
| +1.1%, Series 2023-H08 FD, <br> 5.402%, 3/20/73<br>| 138676979 | &nbsp;&nbsp; 139662279 |
| +1.35%, Series 2023-H23 FH, <br> 5.652%, 9/20/73<br>| 74813404 | &nbsp;&nbsp; 75999099 |
| +2.1%, Series 2023-H23 DF, <br> 6.402%, 9/20/73<br>| 74666210 | &nbsp;&nbsp; 77137699 |
| CME Term SOFR 12 Month |  |  |
| +1.015%, Series 2016-H21 CF, <br> 5.611%, 9/20/66<br>| 4416028 | &nbsp;&nbsp; 4454765 |
| +0.995%, Series 2016-H27 BF, <br> 5.186%, 12/20/66<br>| 8157485 | &nbsp;&nbsp; 8222217 |
| +1.015%, Series 2017-H02 BF, <br> 5.249%, 1/20/67<br>| 26216827 | &nbsp;&nbsp; 26429822 |
| +1.025%, Series 2017-H02 FP, <br> 5.259%, 1/20/67<br>| 11366306 | &nbsp;&nbsp; 11461858 |
| +1.015%, Series 2017-H03 F, <br> 5.249%, 1/20/67<br>| 27723475 | &nbsp;&nbsp; 27950752 |
| +0.965%, Series 2017-H08 FG, <br> 5.124%, 2/20/67<br>| 7051709 | &nbsp;&nbsp; 7114193 |
| +0.915%, Series 2017-H07 FQ, <br> 5.074%, 3/20/67<br>| 1119386 | &nbsp;&nbsp; 1125804 |
| +1.015%, Series 2017-H10 FA, <br> 5.142%, 4/20/67<br>| 8094141 | &nbsp;&nbsp; 8163369 |
| +0.915%, Series 2017-H12 FQ, <br> 4.875%, 5/20/67<br>| 14108128 | &nbsp;&nbsp; 14197312 |
| +1.015%, Series 2017-H11 FB, <br> 4.975%, 5/20/67<br>| 6265896 | &nbsp;&nbsp; 6317029 |
| +0.915%, Series 2017-H13 FQ, <br> 4.677%, 6/20/67<br>| 34783472 | &nbsp;&nbsp; 34982368 |
| +1.015%, Series 2017-H14 FA, <br> 4.777%, 6/20/67<br>| 6221200 | &nbsp;&nbsp; 6260411 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| +0.915%, Series 2017-H16 BF, <br> 5.965%, 8/20/67<br>| $7226598 | &nbsp;&nbsp; $7278669 |
| +0.985%, Series 2017-H17 FQ, <br> 5.581%, 9/20/67<br>| 25155310 | &nbsp;&nbsp; 25357878 |
| +0.965%, Series 2017-H18 GF, <br> 5.561%, 9/20/67<br>| 6894965 | &nbsp;&nbsp; 6950284 |
| +0.965%, Series 2017-H20 FB, <br> 5.183%, 10/20/67<br>| 18301758 | &nbsp;&nbsp; 18432447 |
| +0.945%, Series 2017-H20 BF, <br> 5.163%, 10/20/67<br>| 60668245 | &nbsp;&nbsp; 61098255 |
| +0.945%, Series 2017-H20 FG, <br> 5.163%, 10/20/67<br>| 30665027 | &nbsp;&nbsp; 30889492 |
| +0.935%, Series 2017-H21 FA, <br> 5.153%, 10/20/67<br>| 9682801 | &nbsp;&nbsp; 9747664 |
| +0.915%, Series 2017-H22 FK, <br> 4.733%, 11/20/67<br>| 5807925 | &nbsp;&nbsp; 5840888 |
| +0.935%, Series 2017-H22 FH, <br> 4.753%, 11/20/67<br>| 8270889 | &nbsp;&nbsp; 8317308 |
| +0.935%, Series 2017-H22 FA, <br> 4.753%, 11/20/67<br>| 57562573 | &nbsp;&nbsp; 57913509 |
| +0.775%, Series 2018-H02 GF, <br> 4.938%, 12/20/67<br>| 23087768 | &nbsp;&nbsp; 23214174 |
| +0.895%, Series 2017-H25 CF, <br> 5.086%, 12/20/67<br>| 14742359 | &nbsp;&nbsp; 14849906 |
| +0.875%, Series 2017-H25 FE, <br> 5.066%, 12/20/67<br>| 14242650 | &nbsp;&nbsp; 14339588 |
| +0.865%, Series 2018-H01 FL, <br> 5.099%, 12/20/67<br>| 16422035 | &nbsp;&nbsp; 16536337 |
| +0.865%, Series 2018-H01 FE, <br> 5.099%, 1/20/68<br>| 7287933 | &nbsp;&nbsp; 7340734 |
| +0.795%, Series 2018-H02 FA, <br> 4.958%, 1/20/68<br>| 14571069 | &nbsp;&nbsp; 14651083 |
| +0.775%, Series 2018-H02 HF, <br> 4.938%, 1/20/68<br>| 44467414 | &nbsp;&nbsp; 44717930 |
| +0.815%, Series 2018-H03 FD, <br> 4.978%, 2/20/68<br>| 34625478 | &nbsp;&nbsp; 34770029 |
| +0.865%, Series 2018-H02 PF, <br> 5.028%, 2/20/68<br>| 15509496 | &nbsp;&nbsp; 15620606 |
| +0.815%, Series 2018-H02 FM, <br> 4.978%, 2/20/68<br>| 21555394 | &nbsp;&nbsp; 21683483 |
| +0.755%, Series 2018-H05 BF, <br> 4.914%, 2/20/68<br>| 21337862 | &nbsp;&nbsp; 21454036 |
| +0.785%, Series 2018-H05 FE, <br> 4.944%, 2/20/68<br>| 22869909 | &nbsp;&nbsp; 23004185 |
| +0.765%, Series 2018-H11 FA, <br> 5.967%, 2/20/68<br>| 8819446 | &nbsp;&nbsp; 8860753 |
| +0.765%, Series 2018-H04 FC, <br> 4.924%, 2/20/68<br>| 1578950 | &nbsp;&nbsp; 1587471 |
| +0.775%, Series 2018-H05 CF, <br> 4.934%, 3/20/68<br>| 6903954 | &nbsp;&nbsp; 6926705 |
| +0.765%, Series 2018-H06 AF, <br> 4.892%, 3/20/68<br>| 18817797 | &nbsp;&nbsp; 18919375 |
| +0.745%, Series 2018-H06 MF, <br> 4.872%, 3/20/68<br>| 6524961 | &nbsp;&nbsp; 6561392 |
| +0.755%, Series 2018-H04 FJ, <br> 4.914%, 3/20/68<br>| 31425110 | &nbsp;&nbsp; 31588939 |
| +0.755%, Series 2018-H04 FK, <br> 4.914%, 3/20/68<br>| 14442298 | &nbsp;&nbsp; 14481503 |
| +0.735%, Series 2018-H06 BF, <br> 4.862%, 4/20/68<br>| 11487424 | &nbsp;&nbsp; 11491498 |
| +0.765%, Series 2018-H06 EF, <br> 4.892%, 4/20/68<br>| 18108761 | &nbsp;&nbsp; 18143252 |
| +0.765%, Series 2018-H06 JF, <br> 4.892%, 4/20/68<br>| 19033466 | &nbsp;&nbsp; 19066428 |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| +0.755%, Series 2018-H07 FA, <br> 4.715%, 5/20/68<br>| $18337957 | &nbsp;&nbsp; $18342872 |
| +0.865%, Series 2018-H09 FC, <br> 4.627%, 6/20/68<br>| 16607630 | &nbsp;&nbsp; 16648168 |
| +0.965%, Series 2018-H10 FV, <br> 6.167%, 7/20/68<br>| 18239551 | &nbsp;&nbsp; 18364707 |
| +0.835%, Series 2018-H15 FK, <br> 5.431%, 8/20/68<br>| 12416619 | &nbsp;&nbsp; 12495972 |
| +0.815%, Series 2018-H17 DF, <br> 4.933%, 10/20/68<br>| 29489609 | &nbsp;&nbsp; 29646293 |
| +0.935%, Series 2018-H19 FG, <br> 4.753%, 11/20/68<br>| 14160544 | &nbsp;&nbsp; 14200855 |
| +1.015%, Series 2018-H19 FE, <br> 4.833%, 11/20/68<br>| 12686401 | &nbsp;&nbsp; 12778081 |
| +1.115%, Series 2019-H04 FE, <br> 5.274%, 2/20/69<br>| 10844858 | &nbsp;&nbsp; 10965119 |
| +1.115%, Series 2019-H16 FC, <br> 5.333%, 10/20/69<br>| 6402070 | &nbsp;&nbsp; 6454902 |
| +1.115%, Series 2019-H18 EF, <br> 4.933%, 10/20/69<br>| 10638017 | &nbsp;&nbsp; 10722715 |
| +1.215%, Series 2019-H17 FA, <br> 5.033%, 11/20/69<br>| 29205460 | &nbsp;&nbsp; 29598239 |
| GSMPS Mortgage Loan Trust |  |  |
| Series 2004-4 1A4, 8.50%, <br> 6/25/34<sup>(b)</sup> <br>| 1241214 | &nbsp;&nbsp; 1248315 |
|  |  | &nbsp;&nbsp; 4288712360 |
| **Federal Agency Mortgage Pass-Through: 38.6%** | **Federal Agency Mortgage Pass-Through: 38.6%** | **Federal Agency Mortgage Pass-Through: 38.6%** |
| Fannie Mae, 15 Year |  |  |
| 4.00%, 9/1/25 - 11/1/33 | 86967144 | &nbsp;&nbsp; 85783534 |
| 3.50%, 9/1/28 - 12/1/29 | 9690974 | &nbsp;&nbsp; 9574384 |
| 4.50%, 3/1/29 | 151293 | &nbsp;&nbsp; 151018 |
| Fannie Mae, 20 Year |  |  |
| 4.50%, 3/1/29 - 1/1/34 | 63205516 | &nbsp;&nbsp; 63317972 |
| 4.00%, 9/1/30 - 3/1/37 | 382358019 | &nbsp;&nbsp; 377827496 |
| 3.50%, 11/1/35 - 4/1/37 | 62732143 | &nbsp;&nbsp; 61071221 |
| 2.00%, 6/1/41 - 3/1/42 | 361038070 | &nbsp;&nbsp; 311006791 |
| 2.50%, 9/1/41 - 6/1/42 | 166650636 | &nbsp;&nbsp; 148015759 |
| Fannie Mae, 30 Year |  |  |
| 6.00%, 11/1/28 - 2/1/39 | 23462401 | &nbsp;&nbsp; 24344975 |
| 7.00%, 4/1/32 - 2/1/39 | 2173147 | &nbsp;&nbsp; 2317301 |
| 6.50%, 12/1/32 - 8/1/39 | 10372224 | &nbsp;&nbsp; 10861334 |
| 5.50%, 2/1/33 - 11/1/39 | 35259196 | &nbsp;&nbsp; 36167863 |
| 4.50%, 11/1/35 - 12/1/54 | 2312972129 | &nbsp;&nbsp; 2227719373 |
| 5.00%, 7/1/37 - 3/1/49 | 25720245 | &nbsp;&nbsp; 25750998 |
| 4.00%, 10/1/40 - 7/1/53 | 1591183027 | &nbsp;&nbsp; 1483998639 |
| 3.50%, 2/1/48 - 12/1/53 | 3063481889 | &nbsp;&nbsp; 2769420311 |
| 2.50%, 6/1/50 - 4/1/52 | 3075846612 | &nbsp;&nbsp; 2584666221 |
| 2.00%, 6/1/50 - 1/1/52 | 2362228373 | &nbsp;&nbsp; 1896913065 |
| 3.50%, 1/1/51 | 595222551 | &nbsp;&nbsp; 541978036 |
| 3.00%, 4/1/52 - 5/1/52 | 195314988 | &nbsp;&nbsp; 171303583 |
| 3.50%, 5/1/52 | 3243883477 | &nbsp;&nbsp; 2925983253 |
| 3.50%, 6/1/52 | 838537963 | &nbsp;&nbsp; 756362802 |
| 3.50%, 7/1/52 | 1027135642 | &nbsp;&nbsp; 926477396 |
| 4.00%, 9/1/52 | 738498527 | &nbsp;&nbsp; 688107649 |
| 3.50%, 9/1/52 | 405520018 | &nbsp;&nbsp; 365714222 |
| 4.00%, 10/1/52 | 589443778 | &nbsp;&nbsp; 548311112 |
| 4.50%, 2/1/54 | 1232440125 | &nbsp;&nbsp; 1179810322 |
| Fannie Mae, 40 Year |  |  |
| 4.50%, 1/1/52 - 6/1/56 | 50574411 | &nbsp;&nbsp; 48831546 |
| 4.00%, 6/1/56 | 22982436 | &nbsp;&nbsp; 21423064 |
| 2.50%, 3/1/62 | 125658787 | &nbsp;&nbsp; 99748400 |
| Fannie Mae, Hybrid ARM |  |  |
| 6.943%, 10/1/33<sup>(c)</sup> <br>| 238699 | &nbsp;&nbsp; 244833 |
| 6.742%, 7/1/34<sup>(c)</sup> <br>| 272556 | &nbsp;&nbsp; 276736 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| 6.226%, 8/1/34<sup>(c)</sup> <br>| $338912 | &nbsp;&nbsp; $342962 |
| 7.056%, 9/1/34<sup>(c)</sup> <br>| 224772 | &nbsp;&nbsp; 229540 |
| 6.39%, 10/1/34<sup>(c)</sup> <br>| 238087 | &nbsp;&nbsp; 240419 |
| 6.647%, 1/1/35<sup>(c)</sup> <br>| 213455 | &nbsp;&nbsp; 218623 |
| 6.12%, 1/1/35<sup>(c)</sup> <br>| 261628 | &nbsp;&nbsp; 263214 |
| 6.235%, 4/1/35<sup>(c)</sup> <br>| 285444 | &nbsp;&nbsp; 289524 |
| 6.585%, 6/1/35<sup>(c)</sup> <br>| 122695 | &nbsp;&nbsp; 125279 |
| 7.282%, 7/1/35<sup>(c)</sup> <br>| 318196 | &nbsp;&nbsp; 325387 |
| 6.706%, 7/1/35<sup>(c)</sup> <br>| 129243 | &nbsp;&nbsp; 130546 |
| 7.386%, 7/1/35<sup>(c)</sup> <br>| 49771 | &nbsp;&nbsp; 50501 |
| 6.966%, 7/1/35<sup>(c)</sup> <br>| 119171 | &nbsp;&nbsp; 120265 |
| 7.471%, 8/1/35<sup>(c)</sup> <br>| 309251 | &nbsp;&nbsp; 317098 |
| 7.125%, 8/1/35<sup>(c)</sup> <br>| 412157 | &nbsp;&nbsp; 417967 |
| 7.046%, 8/1/35<sup>(c)</sup> <br>| 210184 | &nbsp;&nbsp; 211873 |
| 7.517%, 9/1/35<sup>(c)</sup> <br>| 68116 | &nbsp;&nbsp; 69372 |
| 7.114%, 10/1/35<sup>(c)</sup> <br>| 319012 | &nbsp;&nbsp; 325476 |
| 7.248%, 10/1/35<sup>(c)</sup> <br>| 158305 | &nbsp;&nbsp; 162042 |
| 6.195%, 11/1/35<sup>(c)</sup> <br>| 264975 | &nbsp;&nbsp; 271974 |
| 7.048%, 1/1/36<sup>(c)</sup> <br>| 581704 | &nbsp;&nbsp; 596641 |
| 6.719%, 1/1/36<sup>(c)</sup> <br>| 319549 | &nbsp;&nbsp; 325106 |
| 6.811%, 1/1/36<sup>(c)</sup> <br>| 1655148 | &nbsp;&nbsp; 1706813 |
| 6.554%, 11/1/36<sup>(c)</sup> <br>| 362151 | &nbsp;&nbsp; 369654 |
| 6.598%, 12/1/36<sup>(c)</sup> <br>| 208621 | &nbsp;&nbsp; 213325 |
| 7.00%, 12/1/36<sup>(c)</sup> <br>| 175077 | &nbsp;&nbsp; 180600 |
| 6.552%, 1/1/37<sup>(c)</sup> <br>| 417918 | &nbsp;&nbsp; 427572 |
| 6.915%, 2/1/37<sup>(c)</sup> <br>| 371101 | &nbsp;&nbsp; 382846 |
| 6.975%, 4/1/37<sup>(c)</sup> <br>| 136193 | &nbsp;&nbsp; 137693 |
| 7.192%, 8/1/37<sup>(c)</sup> <br>| 20359 | &nbsp;&nbsp; 20881 |
| 6.323%, 11/1/37<sup>(c)</sup> <br>| 189777 | &nbsp;&nbsp; 191995 |
| 6.793%, 5/1/38<sup>(c)</sup> <br>| 384541 | &nbsp;&nbsp; 395960 |
| 7.018%, 5/1/38<sup>(c)</sup> <br>| 19571653 | &nbsp;&nbsp; 20268011 |
| 7.636%, 9/1/38<sup>(c)</sup> <br>| 27650 | &nbsp;&nbsp; 28243 |
| 7.187%, 10/1/38<sup>(c)</sup> <br>| 723847 | &nbsp;&nbsp; 742166 |
| 7.298%, 10/1/38 - 8/1/45<sup>(c)</sup> <br>| 876498 | &nbsp;&nbsp; 901572 |
| 6.794%, 10/1/38<sup>(c)</sup> <br>| 148236 | &nbsp;&nbsp; 151184 |
| 6.417%, 6/1/39<sup>(c)</sup> <br>| 75702 | &nbsp;&nbsp; 77709 |
| 6.714%, 12/1/39<sup>(c)</sup> <br>| 275448 | &nbsp;&nbsp; 282434 |
| 6.713%, 4/1/42<sup>(c)</sup> <br>| 1124116 | &nbsp;&nbsp; 1165997 |
| 7.357%, 9/1/42<sup>(c)</sup> <br>| 214681 | &nbsp;&nbsp; 219856 |
| 6.586%, 11/1/42<sup>(c)</sup> <br>| 642003 | &nbsp;&nbsp; 662222 |
| 6.216%, 12/1/42<sup>(c)</sup> <br>| 1155152 | &nbsp;&nbsp; 1190577 |
| 6.758%, 2/1/43<sup>(c)</sup> <br>| 645682 | &nbsp;&nbsp; 666102 |
| 7.441%, 2/1/43<sup>(c)</sup> <br>| 297839 | &nbsp;&nbsp; 306484 |
| 6.31%, 5/1/43<sup>(c)</sup> <br>| 263264 | &nbsp;&nbsp; 272812 |
| 6.22%, 6/1/43<sup>(c)</sup> <br>| 181914 | &nbsp;&nbsp; 185138 |
| 6.845%, 9/1/43<sup>(c)</sup> <br>| 176830 | &nbsp;&nbsp; 179595 |
| 7.177%, 9/1/43<sup>(c)</sup> <br>| 841604 | &nbsp;&nbsp; 867075 |
| 7.10%, 9/1/43<sup>(c)</sup> <br>| 115731 | &nbsp;&nbsp; 118473 |
| 6.949%, 10/1/43<sup>(c)</sup> <br>| 3008475 | &nbsp;&nbsp; 3111391 |
| 6.902%, 11/1/43<sup>(c)</sup> <br>| 1621787 | &nbsp;&nbsp; 1668381 |
| 6.541%, 11/1/43<sup>(c)</sup> <br>| 1924727 | &nbsp;&nbsp; 1985136 |
| 6.326%, 12/1/43<sup>(c)</sup> <br>| 424380 | &nbsp;&nbsp; 436441 |
| 6.425%, 2/1/44<sup>(c)</sup> <br>| 85014 | &nbsp;&nbsp; 86839 |
| 6.505%, 2/1/44<sup>(c)</sup> <br>| 1048908 | &nbsp;&nbsp; 1084722 |
| 6.562%, 2/1/44<sup>(c)</sup> <br>| 716179 | &nbsp;&nbsp; 742552 |
| 6.537%, 4/1/44<sup>(c)</sup> <br>| 1033913 | &nbsp;&nbsp; 1066868 |
| 6.513%, 4/1/44<sup>(c)</sup> <br>| 398460 | &nbsp;&nbsp; 408466 |
| 6.59%, 4/1/44<sup>(c)</sup> <br>| 1028259 | &nbsp;&nbsp; 1061971 |
| 6.599%, 4/1/44<sup>(c)</sup> <br>| 2039741 | &nbsp;&nbsp; 2105160 |
| 6.711%, 4/1/44<sup>(c)</sup> <br>| 2936162 | &nbsp;&nbsp; 3045593 |
| 6.542%, 5/1/44<sup>(c)</sup> <br>| 838132 | &nbsp;&nbsp; 864991 |
| 6.411%, 5/1/44<sup>(c)</sup> <br>| 3770008 | &nbsp;&nbsp; 3893084 |
| 7.028%, 7/1/44<sup>(c)</sup> <br>| 153706 | &nbsp;&nbsp; 155528 |
| 6.85%, 7/1/44<sup>(c)</sup> <br>| 1047827 | &nbsp;&nbsp; 1080276 |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| 6.908%, 7/1/44<sup>(c)</sup> <br>| $1118167 | &nbsp;&nbsp; $1150345 |
| 7.465%, 7/1/44<sup>(c)</sup> <br>| 1214872 | &nbsp;&nbsp; 1252351 |
| 7.427%, 7/1/44<sup>(c)</sup> <br>| 1030500 | &nbsp;&nbsp; 1061072 |
| 7.34%, 7/1/44 - 8/1/47<sup>(c)</sup> <br>| 2108384 | &nbsp;&nbsp; 2173343 |
| 7.236%, 8/1/44 - 8/1/47<sup>(c)</sup> <br>| 2690007 | &nbsp;&nbsp; 2771259 |
| 7.335%, 8/1/44<sup>(c)</sup> <br>| 2421034 | &nbsp;&nbsp; 2493983 |
| 7.362%, 8/1/44<sup>(c)</sup> <br>| 956702 | &nbsp;&nbsp; 985275 |
| 7.33%, 8/1/44<sup>(c)</sup> <br>| 787871 | &nbsp;&nbsp; 813614 |
| 6.911%, 9/1/44<sup>(c)</sup> <br>| 2448449 | &nbsp;&nbsp; 2539294 |
| 7.19%, 9/1/44<sup>(c)</sup> <br>| 275731 | &nbsp;&nbsp; 282986 |
| 7.269%, 9/1/44<sup>(c)</sup> <br>| 534373 | &nbsp;&nbsp; 547581 |
| 7.325%, 9/1/44<sup>(c)</sup> <br>| 813316 | &nbsp;&nbsp; 839178 |
| 7.09%, 9/1/44<sup>(c)</sup> <br>| 158952 | &nbsp;&nbsp; 162862 |
| 7.095%, 10/1/44<sup>(c)</sup> <br>| 1770618 | &nbsp;&nbsp; 1826545 |
| 6.57%, 10/1/44 - 10/1/44<sup>(c)</sup> <br>| 379876 | &nbsp;&nbsp; 388625 |
| 6.743%, 10/1/44<sup>(c)</sup> <br>| 1287794 | &nbsp;&nbsp; 1328132 |
| 7.213%, 10/1/44<sup>(c)</sup> <br>| 2724739 | &nbsp;&nbsp; 2809541 |
| 7.185%, 10/1/44<sup>(c)</sup> <br>| 1117307 | &nbsp;&nbsp; 1150944 |
| 6.837%, 10/1/44<sup>(c)</sup> <br>| 2621942 | &nbsp;&nbsp; 2703452 |
| 6.58%, 10/1/44 - 4/1/46<sup>(c)</sup> <br>| 294306 | &nbsp;&nbsp; 299907 |
| 6.912%, 10/1/44<sup>(c)</sup> <br>| 868708 | &nbsp;&nbsp; 895803 |
| 7.166%, 10/1/44<sup>(c)</sup> <br>| 996119 | &nbsp;&nbsp; 1028457 |
| 7.077%, 10/1/44<sup>(c)</sup> <br>| 910938 | &nbsp;&nbsp; 941183 |
| 6.972%, 10/1/44<sup>(c)</sup> <br>| 1875449 | &nbsp;&nbsp; 1936629 |
| 6.841%, 11/1/44<sup>(c)</sup> <br>| 996840 | &nbsp;&nbsp; 1028171 |
| 6.545%, 11/1/44<sup>(c)</sup> <br>| 1889767 | &nbsp;&nbsp; 1947523 |
| 6.525%, 11/1/44<sup>(c)</sup> <br>| 2837743 | &nbsp;&nbsp; 2923720 |
| 7.08%, 11/1/44<sup>(c)</sup> <br>| 170337 | &nbsp;&nbsp; 174640 |
| 6.829%, 11/1/44<sup>(c)</sup> <br>| 520004 | &nbsp;&nbsp; 536332 |
| 6.60%, 11/1/44<sup>(c)</sup> <br>| 742764 | &nbsp;&nbsp; 770684 |
| 6.247%, 12/1/44<sup>(c)</sup> <br>| 2245284 | &nbsp;&nbsp; 2310795 |
| 6.455%, 12/1/44<sup>(c)</sup> <br>| 200515 | &nbsp;&nbsp; 206900 |
| 6.449%, 12/1/44<sup>(c)</sup> <br>| 319265 | &nbsp;&nbsp; 329028 |
| 6.477%, 12/1/44<sup>(c)</sup> <br>| 455158 | &nbsp;&nbsp; 464825 |
| 6.317%, 12/1/44<sup>(c)</sup> <br>| 1235805 | &nbsp;&nbsp; 1273531 |
| 6.465%, 12/1/44 - 3/1/45<sup>(c)</sup> <br>| 1127666 | &nbsp;&nbsp; 1158481 |
| 6.556%, 1/1/45<sup>(c)</sup> <br>| 1102194 | &nbsp;&nbsp; 1135506 |
| 6.498%, 2/1/45<sup>(c)</sup> <br>| 1163054 | &nbsp;&nbsp; 1199373 |
| 6.668%, 3/1/45<sup>(c)</sup> <br>| 15249945 | &nbsp;&nbsp; 15722711 |
| 6.466%, 4/1/45<sup>(c)</sup> <br>| 4410796 | &nbsp;&nbsp; 4559652 |
| 6.572%, 4/1/45<sup>(c)</sup> <br>| 484804 | &nbsp;&nbsp; 500019 |
| 6.819%, 8/1/45<sup>(c)</sup> <br>| 1032920 | &nbsp;&nbsp; 1062824 |
| 7.015%, 10/1/45<sup>(c)</sup> <br>| 1953351 | &nbsp;&nbsp; 2012351 |
| 7.175%, 11/1/45<sup>(c)</sup> <br>| 1832625 | &nbsp;&nbsp; 1888600 |
| 6.653%, 4/1/46<sup>(c)</sup> <br>| 4029407 | &nbsp;&nbsp; 4153979 |
| 6.603%, 4/1/46<sup>(c)</sup> <br>| 1156019 | &nbsp;&nbsp; 1193003 |
| 6.61%, 4/1/46 - 1/1/48<sup>(c)</sup> <br>| 1141279 | &nbsp;&nbsp; 1176724 |
| 6.578%, 5/1/46 - 4/1/48<sup>(c)</sup> <br>| 1619923 | &nbsp;&nbsp; 1670466 |
| 6.489%, 6/1/46<sup>(c)</sup> <br>| 267278 | &nbsp;&nbsp; 275656 |
| 6.607%, 7/1/46<sup>(c)</sup> <br>| 94820 | &nbsp;&nbsp; 97176 |
| 6.366%, 12/1/46<sup>(c)</sup> <br>| 1086682 | &nbsp;&nbsp; 1120177 |
| 6.901%, 6/1/47<sup>(c)</sup> <br>| 1049487 | &nbsp;&nbsp; 1079505 |
| 7.17%, 6/1/47<sup>(c)</sup> <br>| 1058009 | &nbsp;&nbsp; 1090691 |
| 7.397%, 7/1/47<sup>(c)</sup> <br>| 3286732 | &nbsp;&nbsp; 3385780 |
| 7.485%, 7/1/47<sup>(c)</sup> <br>| 525671 | &nbsp;&nbsp; 541200 |
| 7.36%, 8/1/47 - 8/1/47<sup>(c)</sup> <br>| 777255 | &nbsp;&nbsp; 798055 |
| 6.766%, 10/1/47<sup>(c)</sup> <br>| 942494 | &nbsp;&nbsp; 971362 |
| 6.414%, 11/1/47<sup>(c)</sup> <br>| 413740 | &nbsp;&nbsp; 426491 |
| 6.53%, 11/1/47<sup>(c)</sup> <br>| 1291181 | &nbsp;&nbsp; 1328743 |
| 4.054%, 3/1/48<sup>(c)</sup> <br>| 1625985 | &nbsp;&nbsp; 1620200 |
| 6.532%, 5/1/48<sup>(c)</sup> <br>| 8411861 | &nbsp;&nbsp; 8671082 |
| 3.434%, 8/1/48<sup>(c)</sup> <br>| 827202 | &nbsp;&nbsp; 847852 |
| 4.426%, 10/1/48<sup>(c)</sup> <br>| 1196782 | &nbsp;&nbsp; 1227537 |
| 4.789%, 11/1/48<sup>(c)</sup> <br>| 1121344 | &nbsp;&nbsp; 1151626 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| 3.393%, 4/1/49<sup>(c)</sup> <br>| $967532 | &nbsp;&nbsp; $987572 |
| 3.749%, 8/1/49<sup>(c)</sup> <br>| 5280032 | &nbsp;&nbsp; 5395919 |
| 3.631%, 8/1/49<sup>(c)</sup> <br>| 9813958 | &nbsp;&nbsp; 9576696 |
| 3.601%, 8/1/49<sup>(c)</sup> <br>| 2349444 | &nbsp;&nbsp; 2393616 |
| 3.331%, 9/1/49<sup>(c)</sup> <br>| 7453547 | &nbsp;&nbsp; 7197207 |
| 4.045%, 9/1/49<sup>(c)</sup> <br>| 10946951 | &nbsp;&nbsp; 11314484 |
| 3.328%, 10/1/49<sup>(c)</sup> <br>| 1370863 | &nbsp;&nbsp; 1383665 |
| 2.662%, 1/1/50<sup>(c)</sup> <br>| 1952214 | &nbsp;&nbsp; 1922569 |
| 2.162%, 12/1/50<sup>(c)</sup> <br>| 21621491 | &nbsp;&nbsp; 19914252 |
| 2.036%, 5/1/52<sup>(c)</sup> <br>| 135828996 | &nbsp;&nbsp; 123160350 |
| 4.693%, 4/1/53<sup>(c)</sup> <br>| 34576348 | &nbsp;&nbsp; 34635890 |
| 4.489%, 7/1/53<sup>(c)</sup> <br>| 34705150 | &nbsp;&nbsp; 34230966 |
| 4.279%, 7/1/53<sup>(c)</sup> <br>| 4610832 | &nbsp;&nbsp; 4508129 |
| Freddie Mac, Hybrid ARM |  |  |
| 7.437%, 9/1/33<sup>(c)</sup> <br>| 830675 | &nbsp;&nbsp; 850261 |
| 6.50%, 2/1/34 - 2/1/35<sup>(c)</sup> <br>| 935298 | &nbsp;&nbsp; 959746 |
| 7.551%, 8/1/34<sup>(c)</sup> <br>| 166023 | &nbsp;&nbsp; 171365 |
| 6.527%, 11/1/34<sup>(c)</sup> <br>| 343378 | &nbsp;&nbsp; 352837 |
| 6.509%, 1/1/35<sup>(c)</sup> <br>| 48876 | &nbsp;&nbsp; 49517 |
| 6.659%, 3/1/35<sup>(c)</sup> <br>| 191355 | &nbsp;&nbsp; 197845 |
| 6.375%, 4/1/35<sup>(c)</sup> <br>| 64537 | &nbsp;&nbsp; 65975 |
| 6.996%, 8/1/35<sup>(c)</sup> <br>| 188165 | &nbsp;&nbsp; 192456 |
| 7.62%, 8/1/35<sup>(c)</sup> <br>| 583568 | &nbsp;&nbsp; 598169 |
| 7.497%, 9/1/35<sup>(c)</sup> <br>| 328176 | &nbsp;&nbsp; 335344 |
| 7.451%, 10/1/35<sup>(c)</sup> <br>| 269879 | &nbsp;&nbsp; 273703 |
| 6.56%, 1/1/36<sup>(c)</sup> <br>| 541846 | &nbsp;&nbsp; 560720 |
| 6.074%, 1/1/36<sup>(c)</sup> <br>| 465657 | &nbsp;&nbsp; 470091 |
| 6.379%, 1/1/36<sup>(c)</sup> <br>| 258228 | &nbsp;&nbsp; 265918 |
| 6.868%, 4/1/36<sup>(c)</sup> <br>| 467221 | &nbsp;&nbsp; 483242 |
| 6.339%, 8/1/36<sup>(c)</sup> <br>| 460112 | &nbsp;&nbsp; 464842 |
| 6.496%, 12/1/36<sup>(c)</sup> <br>| 265180 | &nbsp;&nbsp; 270065 |
| 6.672%, 1/1/37<sup>(c)</sup> <br>| 297223 | &nbsp;&nbsp; 303285 |
| 6.476%, 3/1/37<sup>(c)</sup> <br>| 502458 | &nbsp;&nbsp; 513120 |
| 6.57%, 4/1/37<sup>(c)</sup> <br>| 312591 | &nbsp;&nbsp; 317643 |
| 6.479%, 4/1/37<sup>(c)</sup> <br>| 322333 | &nbsp;&nbsp; 331722 |
| 6.625%, 5/1/37<sup>(c)</sup> <br>| 118975 | &nbsp;&nbsp; 121807 |
| 7.265%, 7/1/37<sup>(c)</sup> <br>| 852940 | &nbsp;&nbsp; 877020 |
| 6.999%, 1/1/38<sup>(c)</sup> <br>| 119829 | &nbsp;&nbsp; 123388 |
| 6.654%, 2/1/38<sup>(c)</sup> <br>| 161196 | &nbsp;&nbsp; 162557 |
| 6.747%, 4/1/38<sup>(c)</sup> <br>| 43081 | &nbsp;&nbsp; 43864 |
| 6.743%, 4/1/38<sup>(c)</sup> <br>| 822987 | &nbsp;&nbsp; 849416 |
| 6.934%, 5/1/38<sup>(c)</sup> <br>| 110409 | &nbsp;&nbsp; 113203 |
| 6.418%, 6/1/38<sup>(c)</sup> <br>| 295772 | &nbsp;&nbsp; 301174 |
| 6.563%, 10/1/38<sup>(c)</sup> <br>| 63884 | &nbsp;&nbsp; 64595 |
| 7.168%, 10/1/38<sup>(c)</sup> <br>| 521539 | &nbsp;&nbsp; 534258 |
| 6.707%, 11/1/39<sup>(c)</sup> <br>| 144683 | &nbsp;&nbsp; 146863 |
| 7.531%, 7/1/43<sup>(c)</sup> <br>| 247858 | &nbsp;&nbsp; 255606 |
| 6.565%, 8/1/43<sup>(c)</sup> <br>| 2527605 | &nbsp;&nbsp; 2617652 |
| 7.348%, 10/1/43<sup>(c)</sup> <br>| 222612 | &nbsp;&nbsp; 229460 |
| 6.754%, 1/1/44<sup>(c)</sup> <br>| 852056 | &nbsp;&nbsp; 878946 |
| 6.61%, 1/1/44<sup>(c)</sup> <br>| 539616 | &nbsp;&nbsp; 554493 |
| 6.495%, 2/1/44<sup>(c)</sup> <br>| 2036400 | &nbsp;&nbsp; 2103765 |
| 6.633%, 4/1/44<sup>(c)</sup> <br>| 670083 | &nbsp;&nbsp; 693950 |
| 6.627%, 4/1/44<sup>(c)</sup> <br>| 567461 | &nbsp;&nbsp; 581683 |
| 6.575%, 5/1/44<sup>(c)</sup> <br>| 13252078 | &nbsp;&nbsp; 13680647 |
| 6.978%, 6/1/44<sup>(c)</sup> <br>| 1310310 | &nbsp;&nbsp; 1350162 |
| 6.37%, 6/1/44<sup>(c)</sup> <br>| 428739 | &nbsp;&nbsp; 438555 |
| 7.309%, 7/1/44<sup>(c)</sup> <br>| 794539 | &nbsp;&nbsp; 815776 |
| 7.505%, 7/1/44 - 6/1/45<sup>(c)</sup> <br>| 552153 | &nbsp;&nbsp; 565324 |
| 7.495%, 8/1/44<sup>(c)</sup> <br>| 277802 | &nbsp;&nbsp; 283261 |
| 6.932%, 8/1/44<sup>(c)</sup> <br>| 1380975 | &nbsp;&nbsp; 1425065 |
| 7.36%, 8/1/44<sup>(c)</sup> <br>| 903313 | &nbsp;&nbsp; 934047 |
| 7.441%, 9/1/44<sup>(c)</sup> <br>| 542131 | &nbsp;&nbsp; 554038 |
| 7.233%, 9/1/44<sup>(c)</sup> <br>| 1037049 | &nbsp;&nbsp; 1069597 |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| 7.232%, 9/1/44<sup>(c)</sup> <br>| $676535 | &nbsp;&nbsp; $694939 |
| 7.064%, 10/1/44<sup>(c)</sup> <br>| 2026642 | &nbsp;&nbsp; 2087987 |
| 7.024%, 10/1/44<sup>(c)</sup> <br>| 487138 | &nbsp;&nbsp; 501827 |
| 7.195%, 10/1/44<sup>(c)</sup> <br>| 1692470 | &nbsp;&nbsp; 1741292 |
| 6.762%, 10/1/44<sup>(c)</sup> <br>| 2195458 | &nbsp;&nbsp; 2261633 |
| 6.696%, 10/1/44<sup>(c)</sup> <br>| 1836955 | &nbsp;&nbsp; 1891109 |
| 7.139%, 11/1/44<sup>(c)</sup> <br>| 646296 | &nbsp;&nbsp; 667398 |
| 6.675%, 11/1/44<sup>(c)</sup> <br>| 1209483 | &nbsp;&nbsp; 1245719 |
| 6.377%, 11/1/44<sup>(c)</sup> <br>| 1075650 | &nbsp;&nbsp; 1106815 |
| 7.017%, 11/1/44<sup>(c)</sup> <br>| 1718433 | &nbsp;&nbsp; 1771137 |
| 6.876%, 11/1/44<sup>(c)</sup> <br>| 1808133 | &nbsp;&nbsp; 1862492 |
| 6.619%, 11/1/44<sup>(c)</sup> <br>| 684966 | &nbsp;&nbsp; 705888 |
| 6.484%, 11/1/44<sup>(c)</sup> <br>| 2959371 | &nbsp;&nbsp; 3044579 |
| 6.592%, 11/1/44<sup>(c)</sup> <br>| 1002993 | &nbsp;&nbsp; 1033096 |
| 6.28%, 11/1/44<sup>(c)</sup> <br>| 1334214 | &nbsp;&nbsp; 1370102 |
| 6.99%, 11/1/44<sup>(c)</sup> <br>| 2862919 | &nbsp;&nbsp; 2948153 |
| 6.411%, 11/1/44<sup>(c)</sup> <br>| 1068350 | &nbsp;&nbsp; 1098004 |
| 6.351%, 12/1/44<sup>(c)</sup> <br>| 1952929 | &nbsp;&nbsp; 2008981 |
| 6.385%, 12/1/44<sup>(c)</sup> <br>| 2095615 | &nbsp;&nbsp; 2155702 |
| 6.255%, 12/1/44<sup>(c)</sup> <br>| 175556 | &nbsp;&nbsp; 178980 |
| 6.329%, 12/1/44<sup>(c)</sup> <br>| 1507774 | &nbsp;&nbsp; 1548424 |
| 6.245%, 12/1/44<sup>(c)</sup> <br>| 316249 | &nbsp;&nbsp; 322215 |
| 6.482%, 1/1/45<sup>(c)</sup> <br>| 1731543 | &nbsp;&nbsp; 1778874 |
| 6.467%, 1/1/45<sup>(c)</sup> <br>| 478655 | &nbsp;&nbsp; 492254 |
| 6.416%, 1/1/45<sup>(c)</sup> <br>| 1124116 | &nbsp;&nbsp; 1156989 |
| 6.60%, 1/1/45<sup>(c)</sup> <br>| 968079 | &nbsp;&nbsp; 997052 |
| 6.834%, 1/1/45<sup>(c)</sup> <br>| 1618902 | &nbsp;&nbsp; 1667859 |
| 6.587%, 2/1/45<sup>(c)</sup> <br>| 1044661 | &nbsp;&nbsp; 1077844 |
| 7.16%, 4/1/45<sup>(c)</sup> <br>| 687373 | &nbsp;&nbsp; 710986 |
| 6.596%, 5/1/45<sup>(c)</sup> <br>| 2871995 | &nbsp;&nbsp; 2959152 |
| 7.118%, 8/1/45<sup>(c)</sup> <br>| 3251514 | &nbsp;&nbsp; 3344312 |
| 6.368%, 8/1/45<sup>(c)</sup> <br>| 45569 | &nbsp;&nbsp; 46377 |
| 7.347%, 8/1/45<sup>(c)</sup> <br>| 1002126 | &nbsp;&nbsp; 1031146 |
| 7.204%, 9/1/45<sup>(c)</sup> <br>| 788139 | &nbsp;&nbsp; 809737 |
| 6.43%, 5/1/46<sup>(c)</sup> <br>| 1216430 | &nbsp;&nbsp; 1251592 |
| 6.767%, 5/1/46<sup>(c)</sup> <br>| 13516190 | &nbsp;&nbsp; 13912699 |
| 6.67%, 7/1/46<sup>(c)</sup> <br>| 1182813 | &nbsp;&nbsp; 1217807 |
| 7.343%, 9/1/46<sup>(c)</sup> <br>| 2984690 | &nbsp;&nbsp; 3076103 |
| 7.205%, 6/1/47<sup>(c)</sup> <br>| 405870 | &nbsp;&nbsp; 414628 |
| 7.38%, 8/1/47<sup>(c)</sup> <br>| 157364 | &nbsp;&nbsp; 160156 |
| 7.14%, 10/1/47<sup>(c)</sup> <br>| 138056 | &nbsp;&nbsp; 142188 |
| 3.268%, 1/1/49<sup>(c)</sup> <br>| 50669109 | &nbsp;&nbsp; 49191376 |
| 3.72%, 2/1/49<sup>(c)</sup> <br>| 2245882 | &nbsp;&nbsp; 2315836 |
| 2.287%, 9/1/50<sup>(c)</sup> <br>| 22884808 | &nbsp;&nbsp; 21125624 |
| 2.179%, 11/1/50<sup>(c)</sup> <br>| 57707768 | &nbsp;&nbsp; 52974669 |
| 2.362%, 12/1/50<sup>(c)</sup> <br>| 63414058 | &nbsp;&nbsp; 58439763 |
| 1.851%, 8/1/51<sup>(c)</sup> <br>| 176898365 | &nbsp;&nbsp; 165904885 |
| 1.971%, 4/1/52<sup>(c)</sup> <br>| 90695276 | &nbsp;&nbsp; 81293715 |
| 2.303%, 5/1/52<sup>(c)</sup> <br>| 31750299 | &nbsp;&nbsp; 28759529 |
| 2.024%, 5/1/52<sup>(c)</sup> <br>| 87169325 | &nbsp;&nbsp; 78594029 |
| 3.335%, 6/1/52<sup>(c)</sup> <br>| 12079511 | &nbsp;&nbsp; 11408669 |
| 3.904%, 7/1/52<sup>(c)</sup> <br>| 7095405 | &nbsp;&nbsp; 6940435 |
| 4.066%, 9/1/52<sup>(c)</sup> <br>| 27678365 | &nbsp;&nbsp; 26895497 |
| 4.186%, 9/1/52<sup>(c)</sup> <br>| 40655778 | &nbsp;&nbsp; 40111372 |
| 4.121%, 10/1/52<sup>(c)</sup> <br>| 50964037 | &nbsp;&nbsp; 49599938 |
| 4.127%, 1/1/53<sup>(c)</sup> <br>| 172572192 | &nbsp;&nbsp; 169842019 |
| 4.518%, 4/1/53<sup>(c)</sup> <br>| 45256287 | &nbsp;&nbsp; 44541889 |
| 4.52%, 6/1/53<sup>(c)</sup> <br>| 30546028 | &nbsp;&nbsp; 30056597 |
| 4.618%, 8/1/53<sup>(c)</sup> <br>| 23887359 | &nbsp;&nbsp; 23597494 |
| 4.771%, 8/1/53<sup>(c)</sup> <br>| 33074925 | &nbsp;&nbsp; 32813038 |
| 3.95%, 6/1/55<sup>(c)</sup> <br>| 45895046 | &nbsp;&nbsp; 44449154 |
| Freddie Mac Gold, 15 Year |  |  |
| 4.50%, 6/1/26 | 9745 | &nbsp;&nbsp; 9733 |
| Freddie Mac Gold, 20 Year |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| 6.50%, 10/1/26 | $93045 | &nbsp;&nbsp; $96192 |
| 4.50%, 5/1/30 - 1/1/34 | 17590788 | &nbsp;&nbsp; 17672751 |
| 4.00%, 9/1/31 - 10/1/35 | 102898783 | &nbsp;&nbsp; 101869383 |
| 3.50%, 7/1/35 - 1/1/36 | 38570621 | &nbsp;&nbsp; 37450632 |
| Freddie Mac Gold, 30 Year |  |  |
| 7.00%, 4/1/31 - 11/1/38 | 543527 | &nbsp;&nbsp; 573621 |
| 6.50%, 12/1/32 - 10/1/38 | 2841606 | &nbsp;&nbsp; 2971394 |
| 6.00%, 12/1/33 - 2/1/39 | 4292386 | &nbsp;&nbsp; 4482243 |
| 5.50%, 3/1/34 - 12/1/38 | 13034414 | &nbsp;&nbsp; 13432899 |
| 4.50%, 3/1/39 - 10/1/47 | 292059667 | &nbsp;&nbsp; 287305774 |
| 4.00%, 11/1/45 - 11/1/47 | 70048787 | &nbsp;&nbsp; 66429352 |
| 3.50%, 2/1/48 | 29887350 | &nbsp;&nbsp; 26993553 |
| Freddie Mac Pool, 20 Year |  |  |
| 2.50%, 10/1/41 - 3/1/42 | 101693258 | &nbsp;&nbsp; 90627876 |
| Freddie Mac Pool, 30 Year |  |  |
| 7.00%, 11/1/37 | 3027 | &nbsp;&nbsp; 3263 |
| 4.50%, 7/1/42 - 12/1/54 | 1237116970 | &nbsp;&nbsp; 1185624065 |
| 2.50%, 5/1/50 - 5/1/52 | 1650873358 | &nbsp;&nbsp; 1386959230 |
| 2.00%, 6/1/50 - 12/1/50 | 1123111556 | &nbsp;&nbsp; 901315706 |
| 3.00%, 6/1/50 - 1/1/52 | 252282532 | &nbsp;&nbsp; 220785689 |
| 2.00%, 10/1/50 | 412471176 | &nbsp;&nbsp; 332518039 |
| 2.00%, 12/1/50 | 503504113 | &nbsp;&nbsp; 405026186 |
| 2.00%, 12/1/50 | 582912787 | &nbsp;&nbsp; 469356696 |
| 3.50%, 2/1/52 - 8/1/53 | 1925167782 | &nbsp;&nbsp; 1740710972 |
| 2.50%, 5/1/52 | 414238108 | &nbsp;&nbsp; 346854943 |
| 3.50%, 5/1/52 | 1699113149 | &nbsp;&nbsp; 1532602269 |
| 3.50%, 6/1/52 | 682050655 | &nbsp;&nbsp; 615208784 |
| 4.00%, 6/1/52 - 4/1/53 | 1402054756 | &nbsp;&nbsp; 1305764848 |
| 3.50%, 7/1/52 | 818391158 | &nbsp;&nbsp; 738145360 |
| 3.50%, 9/1/52 | 581539857 | &nbsp;&nbsp; 524485796 |
| 4.00%, 9/1/52 | 839605719 | &nbsp;&nbsp; 782316003 |
| 4.00%, 10/1/52 | 1349427850 | &nbsp;&nbsp; 1257210286 |
| 4.50%, 1/1/54 | 952685148 | &nbsp;&nbsp; 912634160 |
| Ginnie Mae, 20 Year |  |  |
| 4.00%, 1/20/35 | 1582857 | &nbsp;&nbsp; 1558572 |
| Ginnie Mae, 30 Year |  |  |
| 7.00%, 5/15/28 | 3010 | &nbsp;&nbsp; 3011 |
|  |  | &nbsp;&nbsp; 37253409127 |
|  |  | &nbsp;&nbsp; 41542121487 |
|  |  | &nbsp;&nbsp; 48370800228 |
| **Corporate: 29.5%** | **Corporate: 29.5%** | **Corporate: 29.5%** |
| Financials: 12.9% | Financials: 12.9% | Financials: 12.9% |
| Bank of America Corp. |  |  |
| 4.25%, 10/22/26 | 159829000 | &nbsp;&nbsp; 159537931 |
| 3.593%, 7/21/28<sup>(d)</sup> <br>| 39225000 | &nbsp;&nbsp; 38622885 |
| 4.948%, 7/22/28<sup>(d)</sup> <br>| 34480000 | &nbsp;&nbsp; 34877291 |
| 6.204%, 11/10/28<sup>(d)</sup> <br>| 42885000 | &nbsp;&nbsp; 44629476 |
| 3.419%, 12/20/28<sup>(d)</sup> <br>| 82224000 | &nbsp;&nbsp; 80372626 |
| 4.979%, 1/24/29<sup>(d)</sup> <br>| 121005000 | &nbsp;&nbsp; 122731002 |
| 5.202%, 4/25/29<sup>(d)</sup> <br>| 24930000 | &nbsp;&nbsp; 25477512 |
| 4.623%, 5/9/29<sup>(d)</sup> <br>| 125490000 | &nbsp;&nbsp; 126286376 |
| 2.496%, 2/13/31<sup>(d)</sup> <br>| 85980000 | &nbsp;&nbsp; 78530833 |
| 2.572%, 10/20/32<sup>(d)</sup> <br>| 19411000 | &nbsp;&nbsp; 17108099 |
| 5.015%, 7/22/33<sup>(d)</sup> <br>| 16565000 | &nbsp;&nbsp; 16758947 |
| 5.288%, 4/25/34<sup>(d)</sup> <br>| 24795000 | &nbsp;&nbsp; 25291737 |
| 3.846%, 3/8/37<sup>(d)</sup> <br>| 420071000 | &nbsp;&nbsp; 384404481 |
| Barclays PLC (United Kingdom) |  |  |
| 5.20%, 5/12/26 | 55538000 | &nbsp;&nbsp; 55788455 |
| 5.304%, 8/9/26<sup>(d)</sup> <br>| 12500000 | &nbsp;&nbsp; 12503484 |
| 5.829%, 5/9/27<sup>(d)</sup> <br>| 132870000 | &nbsp;&nbsp; 134222852 |
| 5.674%, 3/12/28<sup>(d)</sup> <br>| 35000000 | &nbsp;&nbsp; 35663811 |
| 4.836%, 5/9/28 | 100074000 | &nbsp;&nbsp; 100224694 |
| 5.501%, 8/9/28<sup>(d)</sup> <br>| 72215000 | &nbsp;&nbsp; 73653027 |
| 6.49%, 9/13/29<sup>(d)</sup> <br>| 73380000 | &nbsp;&nbsp; 77582010 |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| 5.69%, 3/12/30<sup>(d)</sup> <br>| $55000000 | &nbsp;&nbsp; $56909814 |
| 5.088%, 6/20/30<sup>(d)</sup> <br>| 95044000 | &nbsp;&nbsp; 95502027 |
| 3.564%, 9/23/35<sup>(d)</sup> <br>| 21975000 | &nbsp;&nbsp; 20216468 |
| BNP Paribas SA (France) |  |  |
| 4.375%, 9/28/25<sup>(b)</sup> <br>| 96752000 | &nbsp;&nbsp; 96560484 |
| 4.375%, 5/12/26<sup>(b)</sup> <br>| 159599000 | &nbsp;&nbsp; 159235207 |
| 4.625%, 3/13/27<sup>(b)</sup> <br>| 292220000 | &nbsp;&nbsp; 292046667 |
| 2.591%, 1/20/28<sup>(b)(d)</sup> <br>| 52976000 | &nbsp;&nbsp; 51420522 |
| 5.497%, 5/20/30<sup>(b)(d)</sup> <br>| 10000000 | &nbsp;&nbsp; 10268171 |
| 5.085%, 5/9/31<sup>(b)(d)</sup> <br>| 102025000 | &nbsp;&nbsp; 103019484 |
| 2.871%, 4/19/32<sup>(b)(d)</sup> <br>| 24300000 | &nbsp;&nbsp; 21771193 |
| 5.786%, 1/13/33<sup>(b)(d)</sup> <br>| 190725000 | &nbsp;&nbsp; 198411967 |
| 2.588%, 8/12/35<sup>(b)(d)</sup> <br>| 33275000 | &nbsp;&nbsp; 29319707 |
| 5.906%, 11/19/35<sup>(b)(d)</sup> <br>| 37450000 | &nbsp;&nbsp; 37771271 |
| Boston Properties, Inc. |  |  |
| 3.65%, 2/1/26 | 45870000 | &nbsp;&nbsp; 45572630 |
| 6.75%, 12/1/27 | 28600000 | &nbsp;&nbsp; 30032642 |
| 4.50%, 12/1/28 | 105172000 | &nbsp;&nbsp; 104341986 |
| 3.40%, 6/21/29 | 96153000 | &nbsp;&nbsp; 91161422 |
| 2.90%, 3/15/30 | 67330000 | &nbsp;&nbsp; 61860431 |
| 3.25%, 1/30/31 | 253569000 | &nbsp;&nbsp; 232361739 |
| 6.50%, 1/15/34 | 110743000 | &nbsp;&nbsp; 118559811 |
| Capital One Financial Corp. |  |  |
| 4.20%, 10/29/25 | 135507000 | &nbsp;&nbsp; 135314073 |
| 3.75%, 7/28/26 | 11785000 | &nbsp;&nbsp; 11669596 |
| 4.927%, 5/10/28<sup>(d)</sup> <br>| 93637000 | &nbsp;&nbsp; 94322469 |
| 6.312%, 6/8/29<sup>(d)</sup> <br>| 71854000 | &nbsp;&nbsp; 75425095 |
| 5.70%, 2/1/30<sup>(d)</sup> <br>| 36495000 | &nbsp;&nbsp; 37751340 |
| 5.463%, 7/26/30<sup>(d)</sup> <br>| 92110000 | &nbsp;&nbsp; 94782681 |
| 7.624%, 10/30/31<sup>(d)</sup> <br>| 108529000 | &nbsp;&nbsp; 122621020 |
| Citigroup, Inc. |  |  |
| 4.45%, 9/29/27 | 45814000 | &nbsp;&nbsp; 45857970 |
| 4.412%, 3/31/31<sup>(d)</sup> <br>| 88110000 | &nbsp;&nbsp; 87174906 |
| 6.174%, 5/25/34<sup>(d)</sup> <br>| 95165000 | &nbsp;&nbsp; 99621468 |
| United States 90 Day Average <br> SOFR<br>|  |  |
| +6.63%, 10.911%, 10/30/40<sup>(e)</sup> <br>| 419908075 | &nbsp;&nbsp; 496665591 |
| Elevance Health, Inc. |  |  |
| 4.50%, 10/30/26 | 24930000 | &nbsp;&nbsp; 25011009 |
| 5.15%, 6/15/29 | 22784000 | &nbsp;&nbsp; 23434047 |
| 2.875%, 9/15/29 | 6837000 | &nbsp;&nbsp; 6437753 |
| 4.75%, 2/15/30 | 148020000 | &nbsp;&nbsp; 149774705 |
| 2.25%, 5/15/30 | 56601000 | &nbsp;&nbsp; 51095964 |
| HSBC Holdings PLC (United Kingdom) |  |  |
| 4.755%, 6/9/28<sup>(d)</sup> <br>| 23650000 | &nbsp;&nbsp; 23739896 |
| 5.21%, 8/11/28<sup>(d)</sup> <br>| 20125000 | &nbsp;&nbsp; 20409538 |
| 4.95%, 3/31/30 | 63558000 | &nbsp;&nbsp; 64640117 |
| 3.973%, 5/22/30<sup>(d)</sup> <br>| 19800000 | &nbsp;&nbsp; 19282317 |
| 5.24%, 5/13/31<sup>(d)</sup> <br>| 141450000 | &nbsp;&nbsp; 144022594 |
| 2.848%, 6/4/31<sup>(d)</sup> <br>| 106915000 | &nbsp;&nbsp; 97705363 |
| 2.357%, 8/18/31<sup>(d)</sup> <br>| 32125000 | &nbsp;&nbsp; 28530821 |
| 4.762%, 3/29/33<sup>(d)</sup> <br>| 199080000 | &nbsp;&nbsp; 194913867 |
| 8.113%, 11/3/33<sup>(d)</sup> <br>| 164826000 | &nbsp;&nbsp; 190280697 |
| 6.547%, 6/20/34<sup>(d)</sup> <br>| 19964000 | &nbsp;&nbsp; 21208565 |
| 7.399%, 11/13/34<sup>(d)</sup> <br>| 29200000 | &nbsp;&nbsp; 32655925 |
| 6.50%, 5/2/36 | 221642000 | &nbsp;&nbsp; 240102573 |
| 6.50%, 9/15/37 | 187437000 | &nbsp;&nbsp; 200486988 |
| 6.80%, 6/1/38 | 10598000 | &nbsp;&nbsp; 11719555 |
| JPMorgan Chase & Co. |  |  |
| 4.125%, 12/15/26 | 115262000 | &nbsp;&nbsp; 115130070 |
| 4.25%, 10/1/27 | 129735000 | &nbsp;&nbsp; 130275149 |
| 5.04%, 1/23/28<sup>(d)</sup> <br>| 46275000 | &nbsp;&nbsp; 46716189 |
| 4.505%, 10/22/28<sup>(d)</sup> <br>| 86620000 | &nbsp;&nbsp; 86879057 |
| 8.75%, 9/1/30<sup>(e)</sup> <br>| 80937000 | &nbsp;&nbsp; 95736124 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| 2.739%, 10/15/30<sup>(d)</sup> <br>| $9865000 | &nbsp;&nbsp; $9198531 |
| 4.493%, 3/24/31<sup>(d)</sup> <br>| 361825000 | &nbsp;&nbsp; 361370323 |
| 2.522%, 4/22/31<sup>(d)</sup> <br>| 66910000 | &nbsp;&nbsp; 61175496 |
| 2.956%, 5/13/31<sup>(d)</sup> <br>| 167788000 | &nbsp;&nbsp; 155153585 |
| 4.586%, 4/26/33<sup>(d)</sup> <br>| 47980000 | &nbsp;&nbsp; 47487876 |
| 5.717%, 9/14/33<sup>(d)</sup> <br>| 74894000 | &nbsp;&nbsp; 78061834 |
| Lloyds Banking Group PLC (United <br> Kingdom)<br>|  |  |
| 4.582%, 12/10/25 | 115565000 | &nbsp;&nbsp; 115450885 |
| 4.65%, 3/24/26 | 163010000 | &nbsp;&nbsp; 162861798 |
| 4.716%, 8/11/26<sup>(d)</sup> <br>| 17731000 | &nbsp;&nbsp; 17723608 |
| 3.75%, 3/18/28<sup>(d)</sup> <br>| 102790000 | &nbsp;&nbsp; 101535029 |
| 4.818%, 6/13/29<sup>(d)</sup> <br>| 104890000 | &nbsp;&nbsp; 105835264 |
| 5.721%, 6/5/30<sup>(d)</sup> <br>| 125347000 | &nbsp;&nbsp; 130179428 |
| 7.953%, 11/15/33<sup>(d)</sup> <br>| 153426000 | &nbsp;&nbsp; 175793814 |
| NatWest Group PLC (United Kingdom) |  |  |
| 1.642%, 6/14/27<sup>(d)</sup> <br>| 249242000 | &nbsp;&nbsp; 242568024 |
| 4.892%, 5/18/29<sup>(d)</sup> <br>| 12550000 | &nbsp;&nbsp; 12675620 |
| 5.808%, 9/13/29<sup>(d)</sup> <br>| 157335000 | &nbsp;&nbsp; 163398264 |
| 6.016%, 3/2/34<sup>(d)</sup> <br>| 70360000 | &nbsp;&nbsp; 74446887 |
| 6.475%, 6/1/34<sup>(d)</sup> <br>| 129970000 | &nbsp;&nbsp; 136075302 |
| 3.032%, 11/28/35<sup>(d)</sup> <br>| 38731000 | &nbsp;&nbsp; 34942156 |
| The Charles Schwab Corp. |  |  |
| 5.643%, 5/19/29<sup>(d)</sup> <br>| 106172000 | &nbsp;&nbsp; 110048617 |
| 6.196%, 11/17/29<sup>(d)</sup> <br>| 178554000 | &nbsp;&nbsp; 189455056 |
| 5.853%, 5/19/34<sup>(d)</sup> <br>| 35715000 | &nbsp;&nbsp; 37940447 |
| 6.136%, 8/24/34<sup>(d)</sup> <br>| 80185000 | &nbsp;&nbsp; 86758505 |
| The Goldman Sachs Group, Inc. |  |  |
| 3.615%, 3/15/28<sup>(d)</sup> <br>| 342915000 | &nbsp;&nbsp; 338126940 |
| 4.937%, 4/23/28<sup>(d)</sup> <br>| 113920000 | &nbsp;&nbsp; 114807881 |
| 5.727%, 4/25/30<sup>(d)</sup> <br>| 65520000 | &nbsp;&nbsp; 68203318 |
| 4.692%, 10/23/30<sup>(d)</sup> <br>| 45824000 | &nbsp;&nbsp; 45961635 |
| 5.218%, 4/23/31<sup>(d)</sup> <br>| 109250000 | &nbsp;&nbsp; 111999981 |
| UBS Group AG (Switzerland) |  |  |
| 6.327%, 12/22/27<sup>(b)(d)</sup> <br>| 46075000 | &nbsp;&nbsp; 47306774 |
| 6.246%, 9/22/29<sup>(b)(d)</sup> <br>| 39775000 | &nbsp;&nbsp; 41785550 |
| 5.617%, 9/13/30<sup>(b)(d)</sup> <br>| 96755000 | &nbsp;&nbsp; 100468255 |
| 4.194%, 4/1/31<sup>(b)(d)</sup> <br>| 22300000 | &nbsp;&nbsp; 21837035 |
| 6.537%, 8/12/33<sup>(b)(d)</sup> <br>| 32787000 | &nbsp;&nbsp; 35661981 |
| 5.959%, 1/12/34<sup>(b)(d)</sup> <br>| 324377000 | &nbsp;&nbsp; 341475343 |
| 6.301%, 9/22/34<sup>(b)(d)</sup> <br>| 68310000 | &nbsp;&nbsp; 73361501 |
| 5.58%, 5/9/36<sup>(b)(d)</sup> <br>| 97025000 | &nbsp;&nbsp; 99219346 |
| UniCredit SPA (Italy) |  |  |
| 7.296%, 4/2/34<sup>(b)(d)</sup> <br>| 366046400 | &nbsp;&nbsp; 387181399 |
| 5.459%, 6/30/35<sup>(b)(d)</sup> <br>| 265326000 | &nbsp;&nbsp; 263791859 |
| Unum Group |  |  |
| 7.25%, 3/15/28 | 18534000 | &nbsp;&nbsp; 19662969 |
| 6.75%, 12/15/28 | 7997000 | &nbsp;&nbsp; 8547673 |
| Wells Fargo & Co. |  |  |
| 4.10%, 6/3/26 | 127795000 | &nbsp;&nbsp; 127284336 |
| 4.30%, 7/22/27 | 156500000 | &nbsp;&nbsp; 156530823 |
| 4.90%, 1/24/28<sup>(d)</sup> <br>| 89610000 | &nbsp;&nbsp; 90258861 |
| 5.707%, 4/22/28<sup>(d)</sup> <br>| 117210000 | &nbsp;&nbsp; 119755281 |
| 2.393%, 6/2/28<sup>(d)</sup> <br>| 37000000 | &nbsp;&nbsp; 35646336 |
| 4.808%, 7/25/28<sup>(d)</sup> <br>| 6925000 | &nbsp;&nbsp; 6983377 |
| 5.198%, 1/23/30<sup>(d)</sup> <br>| 129020000 | &nbsp;&nbsp; 132155445 |
| 2.879%, 10/30/30<sup>(d)</sup> <br>| 46275000 | &nbsp;&nbsp; 43236170 |
| 2.572%, 2/11/31<sup>(d)</sup> <br>| 43340000 | &nbsp;&nbsp; 39704494 |
| 3.35%, 3/2/33<sup>(d)</sup> <br>| 17074000 | &nbsp;&nbsp; 15592829 |
| 4.897%, 7/25/33<sup>(d)</sup> <br>| 104244000 | &nbsp;&nbsp; 104264265 |
| 5.389%, 4/24/34<sup>(d)</sup> <br>| 83470000 | &nbsp;&nbsp; 85410437 |
|  |  | &nbsp;&nbsp; 12508364707 |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| Industrials: 14.3% | Industrials: 14.3% | Industrials: 14.3% |
| AT&T, Inc. |  |  |
| 4.30%, 2/15/30 | $7255000 | &nbsp;&nbsp; $7231397 |
| 2.75%, 6/1/31 | 213067000 | &nbsp;&nbsp; 193188846 |
| 2.55%, 12/1/33 | 62712000 | &nbsp;&nbsp; 52484050 |
| Bayer AG (Germany) |  |  |
| 4.25%, 12/15/25<sup>(b)</sup> <br>| 44030000 | &nbsp;&nbsp; 43906059 |
| 4.375%, 12/15/28<sup>(b)</sup> <br>| 4485000 | &nbsp;&nbsp; 4443236 |
| 6.25%, 1/21/29<sup>(b)</sup> <br>| 124995000 | &nbsp;&nbsp; 131253653 |
| 6.375%, 11/21/30<sup>(b)</sup> <br>| 193410000 | &nbsp;&nbsp; 205537300 |
| 6.50%, 11/21/33<sup>(b)</sup> <br>| 167421000 | &nbsp;&nbsp; 179518038 |
| British American Tobacco PLC (United <br> Kingdom)<br>|  |  |
| 2.259%, 3/25/28 | 62534000 | &nbsp;&nbsp; 59163952 |
| 6.343%, 8/2/30 | 36040000 | &nbsp;&nbsp; 38835950 |
| 2.726%, 3/25/31 | 71080000 | &nbsp;&nbsp; 64011053 |
| 4.742%, 3/16/32 | 277215000 | &nbsp;&nbsp; 275606014 |
| 7.75%, 10/19/32 | 39365000 | &nbsp;&nbsp; 45498282 |
| 6.421%, 8/2/33 | 71455000 | &nbsp;&nbsp; 77601605 |
| Burlington Northern Santa Fe LLC |  |  |
| 3.442%, 6/16/28<sup>(b)</sup> <br>| 55624053 | &nbsp;&nbsp; 53546684 |
| Cemex SAB de CV (Mexico) |  |  |
| 5.45%, 11/19/29<sup>(b)</sup> <br>| 76952000 | &nbsp;&nbsp; 77163464 |
| 5.20%, 9/17/30<sup>(b)</sup> <br>| 213887000 | &nbsp;&nbsp; 213384644 |
| 3.875%, 7/11/31<sup>(b)</sup> <br>| 96015000 | &nbsp;&nbsp; 88513924 |
| Charter Communications, Inc. |  |  |
| 4.908%, 7/23/25 | 50074000 | &nbsp;&nbsp; 50070331 |
| 4.25%, 2/1/31<sup>(b)</sup> <br>| 42380000 | &nbsp;&nbsp; 39590272 |
| 4.50%, 5/1/32 | 192473000 | &nbsp;&nbsp; 179239095 |
| 4.40%, 4/1/33 | 40285000 | &nbsp;&nbsp; 37931240 |
| 4.50%, 6/1/33<sup>(b)</sup> <br>| 358231000 | &nbsp;&nbsp; 327433988 |
| 4.25%, 1/15/34<sup>(b)</sup> <br>| 82325000 | &nbsp;&nbsp; 73284645 |
| 6.55%, 5/1/37 | 45343000 | &nbsp;&nbsp; 46831122 |
| 6.75%, 6/15/39 | 121402000 | &nbsp;&nbsp; 125844114 |
| 6.484%, 10/23/45 | 404362000 | &nbsp;&nbsp; 400658392 |
| 5.375%, 5/1/47 | 87814000 | &nbsp;&nbsp; 76214694 |
| 5.75%, 4/1/48 | 221316000 | &nbsp;&nbsp; 201254304 |
| 5.125%, 7/1/49 | 64354000 | &nbsp;&nbsp; 53507960 |
| 4.80%, 3/1/50 | 27568000 | &nbsp;&nbsp; 22056282 |
| Comcast Corp. |  |  |
| 2.65%, 2/1/30 | 51410000 | &nbsp;&nbsp; 47756739 |
| 3.40%, 4/1/30 | 32175000 | &nbsp;&nbsp; 30851059 |
| 4.95%, 5/15/32 | 41895000 | &nbsp;&nbsp; 42637443 |
| Cox Enterprises, Inc. |  |  |
| 3.35%, 9/15/26<sup>(b)</sup> <br>| 161501000 | &nbsp;&nbsp; 158996709 |
| 3.50%, 8/15/27<sup>(b)</sup> <br>| 39848000 | &nbsp;&nbsp; 39080278 |
| 5.45%, 9/15/28<sup>(b)</sup> <br>| 64945000 | &nbsp;&nbsp; 66681905 |
| 1.80%, 10/1/30<sup>(b)</sup> <br>| 25863000 | &nbsp;&nbsp; 22117026 |
| 5.70%, 6/15/33<sup>(b)</sup> <br>| 39365000 | &nbsp;&nbsp; 39849100 |
| CVS Health Corp. |  |  |
| 4.30%, 3/25/28 | 119550000 | &nbsp;&nbsp; 119059454 |
| 5.40%, 6/1/29 | 79035000 | &nbsp;&nbsp; 81340107 |
| 3.25%, 8/15/29 | 12941000 | &nbsp;&nbsp; 12299444 |
| 5.125%, 2/21/30 | 133451000 | &nbsp;&nbsp; 135860043 |
| 3.75%, 4/1/30 | 94694000 | &nbsp;&nbsp; 90839732 |
| 5.25%, 1/30/31 | 10000000 | &nbsp;&nbsp; 10223960 |
| 1.875%, 2/28/31 | 21776000 | &nbsp;&nbsp; 18639940 |
| 5.55%, 6/1/31 | 38990000 | &nbsp;&nbsp; 40502913 |
| 2.125%, 9/15/31 | 14950000 | &nbsp;&nbsp; 12788489 |
| 4.125%, 4/1/40 | 24029000 | &nbsp;&nbsp; 20061210 |
| 6.75%, 12/10/54<sup>(d)(e)</sup> <br>| 22660000 | &nbsp;&nbsp; 22709344 |
| 7.00%, 3/10/55<sup>(d)(e)</sup> <br>| 175294000 | &nbsp;&nbsp; 180800027 |
| Dell Technologies, Inc. |  |  |
| 6.02%, 6/15/26 | 10831000 | &nbsp;&nbsp; 10933370 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| 6.10%, 7/15/27 | $37195000 | &nbsp;&nbsp; $38441298 |
| Dillard's, Inc. |  |  |
| 7.75%, 7/15/26 | 20631000 | &nbsp;&nbsp; 20939944 |
| 7.75%, 5/15/27 | 12958000 | &nbsp;&nbsp; 13548581 |
| 7.00%, 12/1/28 | 27710000 | &nbsp;&nbsp; 29219627 |
| Elanco Animal Health, Inc. |  |  |
| 6.65%, 8/28/28 | 124426000 | &nbsp;&nbsp; 129430165 |
| Fibercop SpA (Italy) |  |  |
| 7.20%, 7/18/36<sup>(b)</sup> <br>| 52317000 | &nbsp;&nbsp; 50987266 |
| 7.721%, 6/4/38<sup>(b)</sup> <br>| 117004000 | &nbsp;&nbsp; 116226883 |
| Ford Motor Credit Co. LLC |  |  |
| 4.134%, 8/4/25 | 77673000 | &nbsp;&nbsp; 77592730 |
| 3.375%, 11/13/25 | 228727000 | &nbsp;&nbsp; 227203683 |
| 4.389%, 1/8/26 | 31215000 | &nbsp;&nbsp; 31075493 |
| 6.95%, 3/6/26 | 18575000 | &nbsp;&nbsp; 18754137 |
| 4.542%, 8/1/26 | 22235000 | &nbsp;&nbsp; 22082374 |
| 2.70%, 8/10/26 | 230939000 | &nbsp;&nbsp; 224847279 |
| 5.125%, 11/5/26 | 91015000 | &nbsp;&nbsp; 90790794 |
| 4.95%, 5/28/27 | 63005000 | &nbsp;&nbsp; 62587399 |
| 7.35%, 11/4/27 | 126915000 | &nbsp;&nbsp; 131807817 |
| 5.918%, 3/20/28 | 51375000 | &nbsp;&nbsp; 51896405 |
| 6.80%, 5/12/28 | 183238000 | &nbsp;&nbsp; 189381025 |
| 6.798%, 11/7/28 | 26051000 | &nbsp;&nbsp; 26989964 |
| 2.90%, 2/10/29 | 15000000 | &nbsp;&nbsp; 13639095 |
| 5.113%, 5/3/29 | 5605000 | &nbsp;&nbsp; 5480509 |
| 6.054%, 11/5/31 | 6369000 | &nbsp;&nbsp; 6336146 |
| 6.532%, 3/19/32 | 61075000 | &nbsp;&nbsp; 62021532 |
| GE HealthCare Technologies, Inc. |  |  |
| 4.80%, 8/14/29 | 69115000 | &nbsp;&nbsp; 70128017 |
| 5.857%, 3/15/30 | 21550000 | &nbsp;&nbsp; 22759625 |
| 5.905%, 11/22/32 | 147710000 | &nbsp;&nbsp; 157015894 |
| HCA Healthcare, Inc. |  |  |
| 5.25%, 6/15/26 | 10912000 | &nbsp;&nbsp; 10927148 |
| 3.125%, 3/15/27 | 40524000 | &nbsp;&nbsp; 39677928 |
| 5.00%, 3/1/28 | 25600000 | &nbsp;&nbsp; 25980344 |
| 4.125%, 6/15/29 | 106136000 | &nbsp;&nbsp; 104281705 |
| 5.25%, 3/1/30 | 58890000 | &nbsp;&nbsp; 60373695 |
| Imperial Brands PLC (United Kingdom) |  |  |
| 4.25%, 7/21/25<sup>(b)</sup> <br>| 595937000 | &nbsp;&nbsp; 595735287 |
| 3.50%, 7/26/26<sup>(b)</sup> <br>| 49137000 | &nbsp;&nbsp; 48554837 |
| 6.125%, 7/27/27<sup>(b)</sup> <br>| 87665000 | &nbsp;&nbsp; 90480679 |
| 4.50%, 6/30/28<sup>(b)</sup> <br>| 39475000 | &nbsp;&nbsp; 39470280 |
| 3.875%, 7/26/29<sup>(b)</sup> <br>| 249659000 | &nbsp;&nbsp; 241888344 |
| 5.50%, 2/1/30<sup>(b)</sup> <br>| 167475000 | &nbsp;&nbsp; 172661635 |
| 5.875%, 7/1/34<sup>(b)</sup> <br>| 63825000 | &nbsp;&nbsp; 65473974 |
| Japan Tobacco, Inc. (Japan) |  |  |
| 4.85%, 5/15/28<sup>(b)</sup> <br>| 51750000 | &nbsp;&nbsp; 52526851 |
| 5.25%, 6/15/30<sup>(b)</sup> <br>| 72275000 | &nbsp;&nbsp; 74381020 |
| 5.85%, 6/15/35<sup>(b)</sup> <br>| 49300000 | &nbsp;&nbsp; 51552367 |
| Kinder Morgan, Inc. |  |  |
| 5.15%, 6/1/30 | 26000000 | &nbsp;&nbsp; 26546513 |
| 4.80%, 2/1/33 | 25340000 | &nbsp;&nbsp; 24930279 |
| 6.50%, 2/1/37 | 49931000 | &nbsp;&nbsp; 52846886 |
| 6.95%, 1/15/38 | 76609000 | &nbsp;&nbsp; 84950699 |
| 6.50%, 9/1/39 | 71221000 | &nbsp;&nbsp; 75675313 |
| 5.00%, 8/15/42 | 75866000 | &nbsp;&nbsp; 67761879 |
| Macy's, Inc. |  |  |
| 6.70%, 7/15/34<sup>(b)</sup> <br>| 54725000 | &nbsp;&nbsp; 45958777 |
| Mars, Inc. |  |  |
| 4.45%, 3/1/27<sup>(b)</sup> <br>| 41825000 | &nbsp;&nbsp; 41969806 |
| 4.60%, 3/1/28<sup>(b)</sup> <br>| 129165000 | &nbsp;&nbsp; 130214963 |
| 4.80%, 3/1/30<sup>(b)</sup> <br>| 174008000 | &nbsp;&nbsp; 176304893 |
| Nordstrom, Inc. |  |  |
| 6.95%, 3/15/28 | 19742000 | &nbsp;&nbsp; 20192295 |

---

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

------

Portfolio of Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| Oracle Corp. |  |  |
| 4.80%, 8/3/28 | $81720000 | &nbsp;&nbsp; $83062787 |
| 4.20%, 9/27/29 | 22600000 | &nbsp;&nbsp; 22444411 |
| 2.95%, 4/1/30 | 102220000 | &nbsp;&nbsp; 95457867 |
| Philip Morris International, Inc. |  |  |
| 4.875%, 2/13/29 | 50705000 | &nbsp;&nbsp; 51599639 |
| 5.625%, 11/17/29 | 38760000 | &nbsp;&nbsp; 40699411 |
| 5.125%, 2/15/30 | 32691000 | &nbsp;&nbsp; 33633354 |
| 5.50%, 9/7/30 | 42162000 | &nbsp;&nbsp; 44072164 |
| 5.125%, 2/13/31 | 35085000 | &nbsp;&nbsp; 36135643 |
| 5.75%, 11/17/32 | 33460000 | &nbsp;&nbsp; 35373835 |
| 5.375%, 2/15/33 | 77968000 | &nbsp;&nbsp; 80518846 |
| Prosus NV (China) |  |  |
| 3.257%, 1/19/27<sup>(b)</sup> <br>| 27741000 | &nbsp;&nbsp; 27158035 |
| 4.85%, 7/6/27<sup>(b)</sup> <br>| 193828000 | &nbsp;&nbsp; 194051484 |
| 3.68%, 1/21/30<sup>(b)</sup> <br>| 210322000 | &nbsp;&nbsp; 198279444 |
| 3.061%, 7/13/31<sup>(b)</sup> <br>| 552347000 | &nbsp;&nbsp; 489254357 |
| 4.193%, 1/19/32<sup>(b)</sup> <br>| 133075000 | &nbsp;&nbsp; 124644664 |
| 4.027%, 8/3/50<sup>(b)</sup> <br>| 28141000 | &nbsp;&nbsp; 18816184 |
| 3.832%, 2/8/51<sup>(b)</sup> <br>| 14085000 | &nbsp;&nbsp; 9060424 |
| 4.987%, 1/19/52<sup>(b)</sup> <br>| 368711000 | &nbsp;&nbsp; 284496161 |
| RTX Corp. |  |  |
| 6.00%, 3/15/31 | 55935000 | &nbsp;&nbsp; 60098257 |
| 6.10%, 3/15/34 | 61390000 | &nbsp;&nbsp; 66369390 |
| Synopsys, Inc. |  |  |
| 4.65%, 4/1/28 | 33950000 | &nbsp;&nbsp; 34295584 |
| 4.85%, 4/1/30 | 120588000 | &nbsp;&nbsp; 122260543 |
| 5.00%, 4/1/32 | 119080000 | &nbsp;&nbsp; 120620183 |
| TC Energy Corp. (Canada) |  |  |
| 5.875%, 8/15/76<sup>(d)(e)</sup> <br>| 263669000 | &nbsp;&nbsp; 264084708 |
| 5.30%, 3/15/77<sup>(d)(e)</sup> <br>| 337412000 | &nbsp;&nbsp; 335111323 |
| 5.50%, 9/15/79<sup>(d)(e)</sup> <br>| 210040000 | &nbsp;&nbsp; 207968451 |
| 5.60%, 3/7/82<sup>(d)(e)</sup> <br>| 41376000 | &nbsp;&nbsp; 40190959 |
| The Cigna Group |  |  |
| 7.875%, 5/15/27 | 26368000 | &nbsp;&nbsp; 27935742 |
| 4.375%, 10/15/28 | 97130000 | &nbsp;&nbsp; 97246784 |
| 5.00%, 5/15/29 | 30910000 | &nbsp;&nbsp; 31607328 |
| 2.40%, 3/15/30 | 95009000 | &nbsp;&nbsp; 86697564 |
| T-Mobile U.S., Inc. |  |  |
| 2.25%, 2/15/26 | 109045000 | &nbsp;&nbsp; 107354922 |
| 4.75%, 2/1/28 | 13285000 | &nbsp;&nbsp; 13282472 |
| 3.375%, 4/15/29 | 207295000 | &nbsp;&nbsp; 199448345 |
| 3.875%, 4/15/30 | 252579000 | &nbsp;&nbsp; 245309221 |
| 2.55%, 2/15/31 | 18435000 | &nbsp;&nbsp; 16503509 |
| 3.50%, 4/15/31 | 129944000 | &nbsp;&nbsp; 122006384 |
| 5.20%, 1/15/33 | 27025000 | &nbsp;&nbsp; 27529177 |
| Ultrapar Participacoes SA (Brazil) |  |  |
| 5.25%, 10/6/26<sup>(b)</sup> <br>| 151635000 | &nbsp;&nbsp; 151057422 |
| 5.25%, 6/6/29<sup>(b)</sup> <br>| 50542000 | &nbsp;&nbsp; 50200943 |
| Union Pacific Corp. |  |  |
| 5.082%, 1/2/29 | 291527 | &nbsp;&nbsp; 292965 |
| 5.866%, 7/2/30 | 5563283 | &nbsp;&nbsp; 5736458 |
| 6.176%, 1/2/31 | 8225093 | &nbsp;&nbsp; 8542024 |
| Verizon Communications, Inc. |  |  |
| 1.75%, 1/20/31 | 13855000 | &nbsp;&nbsp; 11938542 |
| 2.55%, 3/21/31 | 90862000 | &nbsp;&nbsp; 81493051 |
| VMware, Inc. |  |  |
| 1.40%, 8/15/26 | 87378000 | &nbsp;&nbsp; 84510384 |
| Vodafone Group PLC (United <br> Kingdom)<br>|  |  |
| 7.00%, 4/4/79<sup>(d)(e)</sup> <br>| 242640000 | &nbsp;&nbsp; 253157231 |
| Zoetis, Inc. |  |  |
| 4.50%, 11/13/25 | 100484000 | &nbsp;&nbsp; 100427799 |
|  |  | &nbsp;&nbsp; 13803371336 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| Utilities: 2.3% | Utilities: 2.3% | Utilities: 2.3% |
| American Electric Power Co., Inc. |  |  |
| 5.699%, 8/15/25 | $131194000 | &nbsp;&nbsp; $131297635 |
| Dominion Energy, Inc. |  |  |
| 1.45%, 4/15/26 | 30450000 | &nbsp;&nbsp; 29720417 |
| 4.60%, 5/15/28 | 28030000 | &nbsp;&nbsp; 28214663 |
| 3.375%, 4/1/30 | 108187000 | &nbsp;&nbsp; 102812920 |
| 5.00%, 6/15/30 | 123117000 | &nbsp;&nbsp; 125647113 |
| Enel SPA (Italy) |  |  |
| 5.00%, 6/15/32<sup>(b)</sup> <br>| 7150000 | &nbsp;&nbsp; 7168474 |
| 7.50%, 10/14/32<sup>(b)</sup> <br>| 17497000 | &nbsp;&nbsp; 19947039 |
| 6.80%, 9/15/37<sup>(b)</sup> <br>| 77977000 | &nbsp;&nbsp; 85920894 |
| 6.00%, 10/7/39<sup>(b)</sup> <br>| 120077000 | &nbsp;&nbsp; 123452510 |
| NextEra Energy, Inc. |  |  |
| 5.749%, 9/1/25 | 46060000 | &nbsp;&nbsp; 46127533 |
| 4.625%, 7/15/27 | 137115000 | &nbsp;&nbsp; 137960173 |
| 4.85%, 2/4/28 | 157413000 | &nbsp;&nbsp; 159578517 |
| 4.90%, 3/15/29 | 195965000 | &nbsp;&nbsp; 199106325 |
| 5.05%, 3/15/30 | 206346000 | &nbsp;&nbsp; 211148185 |
| The Southern Co. |  |  |
| 5.113%, 8/1/27 | 209080000 | &nbsp;&nbsp; 212220095 |
| 4.85%, 6/15/28 | 94545000 | &nbsp;&nbsp; 96169574 |
| 4.00%, 1/15/51<sup>(d)(e)</sup> <br>| 315289000 | &nbsp;&nbsp; 313467033 |
| 3.75%, 9/15/51<sup>(d)(e)</sup> <br>| 144501000 | &nbsp;&nbsp; 142509927 |
|  |  | &nbsp;&nbsp; 2172469027 |
|  |  | &nbsp;&nbsp; 28484205070 |
| **Total Debt Securities** <br>(Cost $97,364,823,208) | **Total Debt Securities** <br>(Cost $97,364,823,208) | &nbsp;&nbsp; **$94996871981** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments: 1.3%** | **Short-Term Investments: 1.3%** | **Short-Term Investments: 1.3%** |
|  | **Par Value/** <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 0.6%** | **Repurchase Agreements: 0.6%** | **Repurchase Agreements: 0.6%** |
| Fixed Income Clearing Corp.<sup>(f)</sup> <br>4.38%, dated 6/30/25, due 7/1/25, <br> maturity value $504,061,320<br>| $504000000 | &nbsp;&nbsp; 504000000 |
| Fixed Income Clearing Corp.<sup>(f)</sup> <br>1.80%, dated 6/30/25, due 7/1/25, <br> maturity value $96,125,504<br>| 96120698 | &nbsp;&nbsp; 96120698 |
|  |  | &nbsp;&nbsp; 600120698 |
| **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>| 609356486 | &nbsp;&nbsp; 609356486 |
| **Total Short-Term Investments** <br>(Cost $1,209,477,184) | **Total Short-Term Investments** <br>(Cost $1,209,477,184) | &nbsp;&nbsp; **$1209477184** |
| **Total Investments In Securities** <br>(Cost $98,574,300,392)<br>| 99.6<br> %<br>| &nbsp;&nbsp; **$96206349165** |
| Other Assets Less Liabilities | 0.4<br> %<br>| &nbsp;&nbsp; 422060896 |
| **Net Assets** | **100.0%**<br>| &nbsp;&nbsp; **$96628410061** |

---

PAGE 11 <sup>■</sup> Dodge & Cox Income FundSee accompanying Notes to Financial Statements

------

Portfolio of Investments (unaudited) June 30, 2025

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

---

| | |
|:---|:---|
| <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 agreement is collateralized by U.S. Treasury Notes 3.875%-4.00%, <br> 5/31/27-6/30/32. Total collateral value is $612,123,251.<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; 27939 | &nbsp;&nbsp;&nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $3132660375 | &nbsp;&nbsp;&nbsp;&nbsp; $57721144 |
| Ultra Long-Term U.S. Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp; 18913 | &nbsp;&nbsp;&nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2253011125 | &nbsp;&nbsp;&nbsp;&nbsp; 103178069 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $160899213 |

---

See accompanying Notes to Financial StatementsDodge & Cox Income Fund <sup>■</sup> PAGE 12

------

Statement of Assets and Liabilities (unaudited)

---

| | |
|:---|:---|
|  | **June 30, 2025** |
| **Assets:** | **Assets:** |
| Investments in securities, at value (cost $98,574,300,392) | $96206349165 |
| Cash | 10501 |
| Deposits with broker for futures contracts | 149787575 |
| Receivable for variation margin for futures contracts | 28893616 |
| Receivable for investments sold | 13817033 |
| Receivable for Fund shares sold | 130908968 |
| Dividends and interest receivable | 753184584 |
| Expense reimbursement receivable | 462532 |
| Prepaid expenses and other assets | 201935 |
|  | 97283615909 |
| **Liabilities:** | **Liabilities:** |
| Cash received as collateral for delayed delivery securities | 700000 |
| Payable for investments purchased | 575873632 |
| Payable for Fund shares redeemed | 46205518 |
| Management fees payable | 30442210 |
| Accrued expenses | 1984488 |
|  | 655205848 |
| **Net Assets** | $96628410061 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $101531858875 |
| Accumulated loss | (4903448814)<br>|
|  | $96628410061 |
| **Class I** | **Class I** |
| Total net assets | $75585382335 |
| Shares outstanding | 5978359377 |
| Net asset value per share | $12.64 |
| **Class X** | **Class X** |
| Total net assets | $21043027726 |
| Shares outstanding | 1663100763 |
| Net asset value per share | $12.65 |

---

Statement of Operations (unaudited)

---

| | |
|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**<br>|
| **Investment Income:** |  |
| Dividends | $23537699 |
| Interest (net of foreign taxes of $27,956) | 2201957810 |
|  | 2225495509 |
| **Expenses:** |  |
| Investment advisory fees | 138552167 |
| Administrative services fees |  |
| Class I | 36715723 |
| Class X | 4734166 |
| Custody and fund accounting fees | 513027 |
| Professional services | 138721 |
| Shareholder reports | 811394 |
| Registration fees | 1601316 |
| Trustees fees | 251878 |
| Miscellaneous | 514662 |
| Total expenses | 183833054 |
| Expenses reimbursed by investment manager | (2706337)<br>|
| Net expenses | 181126717 |
| **Net Investment Income** | 2044368792 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| Investments in securities (Note 5) | (119237772)<br>|
| Futures contracts | (90671190)<br>|
| Net change in unrealized appreciation/depreciation |  |
| Investments in securities | 1900241705 |
| Futures contracts | 252299392 |
| Net realized and unrealized gain | 1942632135 |
| **Net Change in Net Assets From Operations** | $3987000927 |

---

Statement of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Year Ended** |
|  | **June 30, 2025** | **December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $2044368792 | $3463068737 |
| Net realized gain (loss) | (209908962)<br>| (301849137)<br>|
| Net change in unrealized <br> appreciation/depreciation<br>| 2152541097 | (1478819832)<br>|
|  | 3987000927 | 1682399768 |
| **Distributions to Shareholders:** |  |  |
| Class I | (1609182377)<br>| (2851984697)<br>|
| Class X | (435506434)<br>| (593771357)<br>|
| Total distributions | (2044688811)<br>| (3445756054)<br>|
| **Fund Share Transactions:** |  |  |
| **Class I** |  |  |
| Proceeds from sales of shares | 8900957575 | 25298368259 |
| Reinvestment of distributions | 1402100834 | 2469952586 |
| Cost of shares redeemed | (9046458305)<br>| (14136205226)<br>|
| **Class X** |  |  |
| Proceeds from sales of shares | 5002571192 | 9292921751 |
| Reinvestment of distributions | 421263159 | 577901885 |
| Cost of shares redeemed | (1825584044)<br>| (2064226388)<br>|
| Net change from Fund share <br> transactions<br>| 4854850411 | 21438712867 |
| Total change in net assets | 6797162527 | 19675356581 |
| **Net Assets:** |  |  |
| Beginning of period | 89831247534 | 70155890953 |
| End of period | $96628410061 | $89831247534 |
| **Share Information:** |  |  |
| **Class I** |  |  |
| Shares sold | 710589552 | 2007788527 |
| Distributions reinvested | 111716872 | 196613038 |
| Shares redeemed | (722751855)<br>| (1126473346)<br>|
| Net change in shares outstanding | 99554569 | 1077928219 |
| **Class X** |  |  |
| Shares sold | 398800181 | 738348107 |
| Distributions reinvested | 33536094 | 45951640 |
| Shares redeemed | (145712509)<br>| (163931433)<br>|
| Net change in shares outstanding | 286623766 | 620368314 |

---

PAGE 13 <sup>■</sup> Dodge & Cox Income FundSee accompanying Notes to Financial Statements

------

Notes to Financial Statements (unaudited)

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

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

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 (unaudited)

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 Fund 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 June 30, 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 | $— | $14210085125 |
| Government-Related |  | 3931781558 |
| Securitized |  | 48370800228 |
| Corporate |  | 28484205070 |
| Short-Term Investments | Short-Term Investments | Short-Term Investments |
| Repurchase Agreements |  | 600120698 |
| Money Market Fund | 609356486 |  |
| Total Securities | $609356486 | $95596992679 |
| **Other Investments** | **Other Investments** | **Other Investments** |
| Futures Contracts | Futures Contracts | Futures Contracts |
| Appreciation | $160899213 | $— |

---

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

------

Notes to Financial Statements (unaudited)

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>|
| **Assets** |  |
| Futures contracts<sup>(a)</sup> <br>| &nbsp;&nbsp; $160899213 |

---

&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)** |  |
| Futures contracts | &nbsp;&nbsp; $(90671190)<br>|
| **Net change in unrealized appreciation/depreciation** |  |
| Futures contracts | &nbsp;&nbsp; $252299392 |

---

The following summarizes the range of volume in the Fund's derivative instruments during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Derivative** |  | **% of Net Assets** |
| Futures contracts | USD notional value | &nbsp;&nbsp; 5-7<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 port

folio 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 six months ended June 30, 2025, Dodge & Cox reimbursed expenses of $2,706,337.

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| Class I |  |  |
| Ordinary income | $1609182377 | &nbsp;&nbsp; $2851984697 |
| Long-term capital gain | $— | &nbsp;&nbsp; $— |
| Class X |  |  |
| Ordinary income | $435506434 | &nbsp;&nbsp; $593771357 |
| Long-term capital gain | $— | &nbsp;&nbsp; $— |

---

The components of distributable earnings on a tax basis are reported as of the Fund's most recent year end. At December 31, 2024, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; $(2577567996)<br>|
| Net unrealized depreciation | &nbsp;&nbsp; (4268192934)<br>|
| Total distributable earnings | &nbsp;&nbsp; $(6845760930)<br>|

---

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

------

Notes to Financial Statements (unaudited)

<sup>1</sup> Represents accumulated long-term capital loss as of December 31, 2024, which may be carried forward to offset future capital gains.

At June 30, 2025, unrealized appreciation and depreciation for investments based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | &nbsp;&nbsp; $98735199605 |
| Unrealized appreciation | &nbsp;&nbsp; 1059019070 |
| Unrealized depreciation | &nbsp;&nbsp; (3426970297)<br>|
| Net unrealized depreciation | &nbsp;&nbsp; (2367951227)<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 six months ended June 30, 2025, the Fund distributed securities and cash as payment for redemptions of Class I shares. For financial reporting purposes, the Fund realized a net loss of $3,500,858 attributable to the redemptions in-kind.

**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

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 period.

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. For the six months ended June 30, 2025, the Fund's commitment fee amounted to $193,981 and is reflected as a Miscellaneous Expense in the Statement of Operations. Interest on borrowings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the period.

**Note 7: Purchases and Sales of Investments**

For the six months ended June 30, 2025, purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $7,513,549,479 and $1,645,429,883, respectively. For the six months ended June 30, 2025, purchases and sales of U.S. government securities aggregated $8,411,873,572 and $9,388,013,783, respectively.

**Note 8: Subsequent Events**

Fund management has determined that no material events or transactions occurred subsequent to June 30, 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 (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| &nbsp;&nbsp;&nbsp; **Six Months** <br>**Ended June 30,**<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** | **2020** |
| **Class I** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &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 | &nbsp;&nbsp;&nbsp;&nbsp; $14.03 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &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>| &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &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>| &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.27)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.27)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.69)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $12.64 | &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 |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 4.32<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>| &nbsp;&nbsp;&nbsp;&nbsp; 9.45<br> %<br>|
| **Ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $75585 | &nbsp;&nbsp;&nbsp;&nbsp; $72778 | &nbsp;&nbsp;&nbsp;&nbsp; $60604 | &nbsp;&nbsp;&nbsp;&nbsp; $53542 | &nbsp;&nbsp;&nbsp;&nbsp; $71838 | &nbsp;&nbsp;&nbsp;&nbsp; $69127 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.41 %<sup>(a)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 4.41 %<sup>(a)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 12<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>| &nbsp;&nbsp;&nbsp;&nbsp; 94<br> %<br>|
| Portfolio turnover rate excluding TBA rolls<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12<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>| &nbsp;&nbsp;&nbsp;&nbsp; 77<br> %<br>|
| **Class X**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| **Net asset value, beginning of period** | &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;0.28 | &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;0.26 | &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;0.54 | &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; (0.28)<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; (0.28)<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 period** | &nbsp;&nbsp;&nbsp;&nbsp; $12.65 | &nbsp;&nbsp;&nbsp;&nbsp; $12.39 | &nbsp;&nbsp;&nbsp;&nbsp; $12.63 | &nbsp;&nbsp;&nbsp;&nbsp; $12.20 |  |  |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 4.36<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; $21043 | &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 %<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33 %<sup>(a)</sup><br>|  |  |
| Ratio of expenses to average net assets, before <br> reimbursement by investment manager<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36 %<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36 %<sup>(a)</sup><br>|  |  |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 4.49 %<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.53 %<sup>(a)</sup><br>|  |  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 12<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>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12<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) Annualized

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

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

See accompanying Notes to Financial Statements

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

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Board Approval of Funds' Investment Advisory Agreement

(unaudited)

On June 11, 2025, the Board of Trustees (the "Board") of the Dodge & Cox Funds (the "Trust"), including the members of the Board who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees"), voted to continue the Investment Advisory Agreement between Dodge & Cox and the Trust (the "Advisory Agreement") in effect for an additional year beginning July 1, 2025 for each series of the Trust (each a "Fund"). Prior to the Board's vote, the Trust's Contract Review Committee, consisting solely of the Independent Trustees, met with independent counsel to the Independent Trustees on May 7 and June 11, 2025, to discuss whether the Investment Advisory Agreement should be continued. At its June 11 meeting, the Board, including the Independent Trustees, concluded that the Investment Advisory Agreement is fair and reasonable. In considering the Investment Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor or particular information as all-important or controlling. In reaching the decision to continue the Investment Advisory Agreement in effect, the Board considered several factors, and reached the conclusions, described below:&nbsp;&nbsp;&nbsp;&nbsp;

Nature, Extent and Quality of Services Provided by Dodge & Cox

<sup>■</sup> The Board considered the nature, extent and quality of the services provided by Dodge & Cox to each Fund under the Advisory Agreement. This consideration included, among other things, Dodge & Cox's investment process and philosophy; the education and experience of the principal personnel of Dodge & Cox who provide such services; the other resources that Dodge & Cox uses in managing the Funds' portfolios; Dodge & Cox's record of compliance with the Funds' investment policies and restrictions and relevant regulatory and tax compliance requirements; and such matters as Dodge & Cox's business continuity planning and insurance coverage.

<sup>■</sup> The Board concluded that the nature, extent and quality of the services Dodge & Cox provides are consistent with the terms of the Advisory Agreement and support the recommendation to continue the Advisory Agreement in effect for an additional year.

<sup>■</sup> The Board also took note of the nature, extent and quality of the services that Dodge & Cox provides to the Funds and their shareholders under a separate Administrative and Shareholder Services Agreement. Although that agreement does not require Board approval on an annual basis, the services provided thereunder are an important part of the Funds' overall relationship with Dodge & Cox, and the Board's understanding and assessment of those services (including which Dodge & Cox services are provided pursuant to which agreement) were relevant factors in its decision to approve continuation of the Advisory Agreement.

Investment Performance

<sup>■</sup> The Board reviewed information regarding the total return of each Fund over the most recent 1-, 3-, 5-, 10- and 20-year periods (or since Fund inception, if shorter). The Board compared these returns to those of the Fund's broad-based securities market index and, for the Stock, Balanced, International Stock and Global Stock Funds, other appropriate indexes provided by Dodge & Cox. The Board also considered the volatility of the Funds' investment returns over various time horizons, including volatility data provided by Broadridge Financial Solutions ("Broadridge").

<sup>■</sup> In addition, the Board reviewed a report prepared by Broadridge comparing each Fund's performance with the performance of other mutual funds in the Fund's broad Morningstar category (as modified by Broadridge to include only those funds that have similar share class and expense characteristics to such Fund, the "Morningstar custom category"), as well as with the performance of a smaller peer group of comparable funds identified by Broadridge (such Fund's "peer group"). The Board received information regarding the methodology and process underlying the construction of the Morningstar custom categories and Broadridge peer groups, and any changes in the methodology from prior years. The Board also reviewed a report prepared by Dodge & Cox comparing each Fund's performance to the composite performance of other accounts (if any) managed by Dodge & Cox using the same investment approach as the Fund. This information regarding the performance of other mutual funds and of other accounts managed by Dodge & Cox provided helpful context for the Board's evaluation of the Funds' performance.

<sup>■</sup> The Board concluded that the investment performance and volatility experienced by each Fund were consistent with Dodge & Cox's long-term, research-driven, bottom-up, active investment style and support the recommendation to continue the Advisory Agreement in effect for an additional year.

Fees and Expense Ratios

<sup>■</sup> The Board reviewed a comparison prepared by Broadridge of the net expense ratio of each Fund (including the separate expense ratios of the two share classes of those Funds that have a dual class structure), and the various elements of those expense ratios, to those of mutual funds in (1) the Fund's Morningstar custom category and (2) the Fund's peer group.

<sup>■</sup> For each Fund for which such a comparison is relevant, the Board reviewed information regarding the fee rates Dodge & Cox charges for managing other accounts using the same investment approach as the Fund. In light of the fact that such other accounts may be charged lower fee rates than a Fund, the Board took note of the broader scope of services that Dodge & Cox provides to the Funds than to separate accounts and sub-advised funds, as well as differences in regulatory, litigation, and other risks associated with sponsoring a mutual fund as compared to managing separate accounts or sub-advising another sponsor's mutual fund, and

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

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certain characteristics of the market for institutional separate account management services.

<sup>■</sup> The Board concluded, after discussion and based on all the relevant information it received, that the advisory fee rate that each Fund pays to Dodge & Cox under the Advisory Agreement is reasonable in relation to the scope and quality of the services that Dodge & Cox provides to such Fund thereunder.

<sup>■</sup> In assessing the Funds' expense ratios and the fees the Funds pay to Dodge & Cox, the Board took note of and discussed with Dodge & Cox changes over the past several years in the competitive landscape for asset management services. The Board anticipates further changes in the competitive landscape and will continue to monitor and assess the Funds' competitive position.

Costs of Services Provided and Profits Realized by Dodge & Cox from its Relationship to the Funds

<sup>■</sup> Dodge & Cox informed the Board that it operates as a unified business, with most employees providing services to support the firm and its clients across multiple strategies and/or products. Consequently, the firm does not utilize cost accounting to allocate expenses across lines of business or across the Funds for management purposes. Also, the firm is owned exclusively by its senior managers and other active employees, and generally distributes substantially all of its net revenues each year to its employees, either as compensation or as a combination of compensation and distributions with respect to the shares they own in the firm. Accordingly, while Dodge & Cox provided the Board with data to consider profitability using several different possible methodologies, it is difficult, and in the Board's view not especially meaningful, to attempt to calculate a specific profit margin associated with Dodge & Cox's relationship to any particular Fund.

<sup>■</sup> The Board believes that Dodge & Cox's commitment to employee ownership of the firm enhances its ability to attract and retain key investment and other management professionals and reinforces a long-term perspective on the management of the firm and the Funds, which the Board believes aligns well with the interests of the Funds and their shareholders.

<sup>■</sup> The Board noted that the employee-shareholders of Dodge & Cox give up a substantial stock value (which would be taxed at long-term capital gains rates) as a consequence of the firm's independence from outside ownership; the estimated market value of the company is substantially in excess of its book value.

<sup>■</sup> The Board also considered that Dodge & Cox's fee revenues from the Funds fluctuate from year to year based on changes in the aggregate net assets of the Funds, and that the firm has continued to invest in improved systems, additional compliance resources, and enhanced research capabilities despite these fluctuations.

<sup>■</sup> The Board concluded that the profitability data provided by Dodge & Cox was based upon a reasonable range of assumptions and methodologies. The Board also concluded that Dodge & Cox's profits are a keystone of its independence, stability and long-term investment performance, and are reasonable.

Economies and Benefits of Scale

<sup>■</sup> The Board considered whether there have been economies or benefits of scale as the Funds have grown over the longer term, and whether fee levels reflect economies of scale for the benefit of Fund investors. In the Board's view, any consideration of economies of scale must take account of the relatively low overall fee and expense structure of the Funds. The Funds generally rank favorably when compared to their Broadridge custom categories and peer groups, on a net expense ratio basis.

<sup>■</sup> Dodge & Cox has built economies of scale into its fee structure by charging relatively low fees at the beginning of operations. A comparison of the Funds' advisory fee rates to those of many otherwise comparable funds that employ fee "breakpoints" shows that the Funds' advisory fee rates are in general relatively lower from the first dollar. As a result of their straightforward share class and fee structure and relatively low total expenses, the Funds provide small investors with access to professional, active portfolio management and related services at a reasonable cost. In addition to building economies of scale into its fee rates from the first dollar of each Fund's assets, Dodge & Cox has capped the expenses borne by certain Funds in their early years of operations when those Funds are not yet operating at scale. The Global Bond Fund has benefited from such an expense cap since its inception in 2014, as has the Emerging Markets Stock Fund since its inception in 2021. Dodge & Cox, in 2023, agreed to continue expense caps for those Funds, and for the X share class of each of the other Funds, through April 30, 2026.

<sup>■</sup> Over the years, Dodge & Cox has voluntarily forgone opportunities for growth in its assets under management and revenues in order to protect the Funds' ability to achieve investment returns for shareholders. Dodge & Cox closed the International Stock Fund for a number of years beginning in 2015 and previously closed other Funds and limited the growth of its separate account business during periods of high growth—to Dodge & Cox's economic detriment—and continues to closely monitor the size of the Funds.

<sup>■</sup> The Board also noted that Dodge & Cox has continued to make additional expenditures on staff and information technology to enable it to enhance its investment processes and to implement effectively the Funds' strategies. The Board also considered that there may be certain diseconomies of scale associated with managing very large asset pools such as several of the Funds, insofar as certain of the costs or risks associated with managing the Funds potentially increase at a rate that exceeds the rate of asset growth.

Dodge & Cox Income Fund <sup>■</sup> PAGE 20

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Fall-Out Benefits and Other Matters

<sup>■</sup> The Board concluded that any "fall-out" benefits derived by Dodge & Cox from its relationship with the Funds are not a significant issue.

<sup>■</sup> The Board considered the information provided regarding any conflicts of interests present and Dodge & Cox's efforts to mitigate such conflicts.

<sup>■</sup> The Board considered that the Funds have never been a party to any litigation.

PAGE 21 <sup>■</sup> Dodge & Cox Income Fund

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![](imgf902b7541.gif)

2025

**June 30, 2025**

------

**Financial Statements and Other Information**

------

Global Bond Fund \| Class I (dodlx) \| Class X (doxlx)

**ESTABLISHED 2014**

06/25 GBF SAR&nbsp;&nbsp;&nbsp;&nbsp;

------

Consolidated Portfolio of Investments (unaudited) June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Debt Securities: 97.6%** | **Debt Securities: 97.6%** | **Debt Securities: 97.6%** | **Debt Securities: 97.6%** |
|  |  | **Par Value** | **Value** |
| **Government: 32.3%** | **Government: 32.3%** | **Government: 32.3%** | **Government: 32.3%** |
| Brazil Government (Brazil) | Brazil Government (Brazil) |  |  |
| 10.00%, 1/1/33 | BRL | 843510000 | &nbsp;&nbsp; $131971565 |
| Chile Government (Chile) | Chile Government (Chile) |  |  |
| 5.00%, 10/1/28<sup>(a)(b)</sup> <br>| CLP | 17780000000 | &nbsp;&nbsp; 19070407 |
| 6.00%, 4/1/33<sup>(a)(b)</sup> <br>| CLP | 12280000000 | &nbsp;&nbsp; 13501135 |
| 5.80%, 10/1/34<sup>(a)(b)</sup> <br>| CLP | 18700000000 | &nbsp;&nbsp; 20401615 |
| Colombia Government (Colombia) | Colombia Government (Colombia) |  |  |
| 7.25%, 10/18/34 | COP | 345500000000 | &nbsp;&nbsp; 61647881 |
| Hungary Government (Hungary) | Hungary Government (Hungary) |  |  |
| 9.50%, 10/21/26 | HUF | 5530000000 | &nbsp;&nbsp; 16961112 |
| 6.75%, 10/22/28 | HUF | 3100000000 | &nbsp;&nbsp; 9228045 |
| Japan Government (Japan) | Japan Government (Japan) |  |  |
| 0.20%, 12/20/27 | JPY | 19767850000 | &nbsp;&nbsp; 135416405 |
| Malaysia Government (Malaysia) | Malaysia Government (Malaysia) |  |  |
| 2.632%, 4/15/31 | MYR | 153000000 | &nbsp;&nbsp; 34898268 |
| Mexico Government (Mexico) | Mexico Government (Mexico) |  |  |
| 7.75%, 11/23/34 | MXN | 363344200 | &nbsp;&nbsp; 17651660 |
| 8.00%, 11/7/47 | MXN | 1718718400 | &nbsp;&nbsp; 75951700 |
| New Zealand Government (New <br> Zealand) | New Zealand Government (New <br> Zealand) |  |  |
| 2.75%, 4/15/37<sup>(a)</sup> <br>| NZD | 141800000 | &nbsp;&nbsp; 71225092 |
| Norway Government (Norway) | Norway Government (Norway) |  |  |
| 3.00%, 8/15/33<sup>(a)(b)</sup> <br>| NOK | 1057750000 | &nbsp;&nbsp; 99232001 |
| 3.75%, 6/12/35<sup>(a)(b)</sup> <br>| NOK | 172500000 | &nbsp;&nbsp; 17031782 |
| Peru Government (Peru) | Peru Government (Peru) |  |  |
| 7.60%, 8/12/39<sup>(a)(b)</sup> <br>| PEN | 210311000 | &nbsp;&nbsp; 63071706 |
| South Africa Government (South <br> Africa) | South Africa Government (South <br> Africa) |  |  |
| 8.25%, 3/31/32 | ZAR | 510073000 | &nbsp;&nbsp; 27496556 |
| South Korea Government (South <br> Korea) | South Korea Government (South <br> Korea) |  |  |
| 2.875%, 12/10/27 | KRW | 34900000000 | &nbsp;&nbsp; 26114119 |
| 3.375%, 6/10/32 | KRW | 22916850000 | &nbsp;&nbsp; 17676607 |
| 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 | 15245767 | &nbsp;&nbsp; 14730970 |
| U.S. Treasury Note/Bond <br> (United States) | U.S. Treasury Note/Bond <br> (United States) |  |  |
| 3.75%, 5/15/28 | USD | 30045000 | &nbsp;&nbsp; 30089598 |
| 4.00%, 5/31/30 | USD | 36335000 | &nbsp;&nbsp; 36686995 |
| 4.125%, 5/31/32 | USD | 8989000 | &nbsp;&nbsp; 9064845 |
| 4.00%, 2/15/34 | USD | 32160000 | &nbsp;&nbsp; 31824581 |
| 4.375%, 5/15/34 | USD | 40000000 | &nbsp;&nbsp; 40623438 |
| 4.25%, 11/15/34 | USD | 54000000 | &nbsp;&nbsp; 54177187 |
| 4.25%, 5/15/35 | USD | 50000000 | &nbsp;&nbsp; 50078125 |
| 4.625%, 5/15/54 | USD | 16100000 | &nbsp;&nbsp; 15637125 |
| 4.50%, 11/15/54 | USD | 37000000 | &nbsp;&nbsp; 35259844 |
| United Kingdom Government (United <br> Kingdom) | United Kingdom Government (United <br> Kingdom) |  |  |
| 4.375%, 7/31/54 | GBP | 14500000 | &nbsp;&nbsp; 17266013 |
|  |  |  | &nbsp;&nbsp; 1193986377 |
| **Government-Related: 7.7%** | **Government-Related: 7.7%** | **Government-Related: 7.7%** | **Government-Related: 7.7%** |
| Chicago Transit Authority RB <br> (United States) | Chicago Transit Authority RB <br> (United States) |  |  |
| 6.899%, 12/1/40 | USD | 7330070 | &nbsp;&nbsp; 8119052 |
| 6.899%, 12/1/40 | USD | 5129213 | &nbsp;&nbsp; 5681302 |
| Colombia Government International <br> (Colombia) | Colombia Government International <br> (Colombia) |  |  |
| 3.125%, 4/15/31 | USD | 32825000 | &nbsp;&nbsp; 26920351 |
| 5.625%, 2/26/44 | USD | 4850000 | &nbsp;&nbsp; 3578329 |
| 5.00%, 6/15/45 | USD | 2100000 | &nbsp;&nbsp; 1414882 |
| 5.20%, 5/15/49 | USD | 8000000 | &nbsp;&nbsp; 5350786 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par Value** | **Value** |
| Kommuninvest Cooperative Society <br> (Sweden) | Kommuninvest Cooperative Society <br> (Sweden) |  |  |
| 3.25%, 11/12/29<sup>(a)</sup> <br>| SEK | 320900000 | &nbsp;&nbsp; $35076189 |
| Petroleo Brasileiro SA (Brazil) | Petroleo Brasileiro SA (Brazil) |  |  |
| 6.625%, 1/16/34 | GBP | 4900000 | &nbsp;&nbsp; 6632936 |
| Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) |  |  |
| 4.75%, 2/26/29<sup>(a)</sup> <br>| EUR | 7600000 | &nbsp;&nbsp; 8548638 |
| 6.70%, 2/16/32 | USD | 13050000 | &nbsp;&nbsp; 12124465 |
| 6.75%, 9/21/47 | USD | 2311000 | &nbsp;&nbsp; 1673836 |
| 7.69%, 1/23/50 | USD | 66350000 | &nbsp;&nbsp; 52189928 |
| Romanian Government International <br> (Romania) | Romanian Government International <br> (Romania) |  |  |
| 5.375%, 3/22/31<sup>(b)</sup> <br>| EUR | 21825000 | &nbsp;&nbsp; 25767827 |
| State of Illinois GO (United States) | State of Illinois GO (United States) |  |  |
| 5.10%, 6/1/33 | USD | 26743628 | &nbsp;&nbsp; 26823449 |
| 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 | 86500000 | &nbsp;&nbsp; 44951353 |
| State of Queensland Australia <br> (Australia) | State of Queensland Australia <br> (Australia) |  |  |
| 4.50%, 8/22/35<sup>(a)(b)</sup> <br>| AUD | 27300000 | &nbsp;&nbsp; 17324983 |
|  |  |  | &nbsp;&nbsp; 282178306 |
| **Securitized: 27.0%** | **Securitized: 27.0%** | **Securitized: 27.0%** | **Securitized: 27.0%** |
| Asset-Backed: 5.4% | Asset-Backed: 5.4% | Asset-Backed: 5.4% | Asset-Backed: 5.4% |
| **Auto Loan: 2.3%** | **Auto Loan: 2.3%** | **Auto Loan: 2.3%** | **Auto Loan: 2.3%** |
| 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; 16085530 |
| Series 2025-2 B, 4.62%, <br> 5/16/31<br>| USD | 3000000 | &nbsp;&nbsp; 3015627 |
| Series 2025-2 C, 4.91%, <br> 10/18/32<br>| USD | 2750000 | &nbsp;&nbsp; 2763884 |
| 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; 3022705 |
| Series 2024-C A4, 4.44%, <br> 1/15/31<br>| USD | 15000000 | &nbsp;&nbsp; 15111828 |
| Series 2024-C B, 4.67%, <br> 1/15/31<br>| USD | 4000000 | &nbsp;&nbsp; 4036978 |
| Series 2025-A B, 4.61%, <br> 4/15/31<br>| USD | 11000000 | &nbsp;&nbsp; 11050468 |
| Series 2024-C C, 4.86%, <br> 2/17/32<br>| USD | 8250000 | &nbsp;&nbsp; 8289160 |
| Series 2025-A C, 4.76%, <br> 6/15/32<br>| USD | 17000000 | &nbsp;&nbsp; 17050038 |
| Series 2025-B C, 4.92%, <br> 7/15/32<br>| USD | 4500000 | &nbsp;&nbsp; 4531479 |
|  |  |  | &nbsp;&nbsp; 84957697 |
| **Other: 0.2%** | **Other: 0.2%** | **Other: 0.2%** | **Other: 0.2%** |
| Rio Oil Finance Trust (Brazil) | Rio Oil Finance Trust (Brazil) |  |  |
| 9.75%, 1/6/27<sup>(b)</sup> <br>| USD | 2047287 | &nbsp;&nbsp; 2110336 |
| 8.20%, 4/6/28<sup>(b)</sup> <br>| USD | 4405744 | &nbsp;&nbsp; 4592917 |
|  |  |  | &nbsp;&nbsp; 6703253 |
| **Student Loan: 2.9%** | **Student Loan: 2.9%** | **Student Loan: 2.9%** | **Student Loan: 2.9%** |
| 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> 5.67%, 6/25/65<sup>(b)</sup> <br>| USD | 781125 | &nbsp;&nbsp; 786943 |

---

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

------

Consolidated Portfolio of Investments (unaudited) June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  |  | **Par Value** | **Value** |
| +1.464% Series 2016-3A <br> A3, 5.77%, 6/25/65<sup>(b)</sup> <br>| USD | 9822381 | &nbsp;&nbsp; $9988699 |
| +1.114% Series 2017-4A <br> A3, 5.42%, 9/27/66<sup>(b)</sup> <br>| USD | 2665980 | &nbsp;&nbsp; 2661826 |
| +0.664% Series 2021-2A <br> A1B, 4.97%, 2/25/70<sup>(b)</sup> <br>| USD | 4020871 | &nbsp;&nbsp; 3939111 |
| Navient Student Loan Trust (Private <br> Loans) (United States) | Navient Student Loan Trust (Private <br> Loans) (United States) |  |  |
| Series 2017-A B, 3.91%, <br> 12/16/58<sup>(b)</sup> <br>| USD | 916252 | &nbsp;&nbsp; 906646 |
| Series 2020-A B, 3.16%, <br> 11/15/68<sup>(b)</sup> <br>| USD | 2000000 | &nbsp;&nbsp; 1795642 |
| 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> 5.37%, 9/25/28<br>| USD | 826773 | &nbsp;&nbsp; 811951 |
| 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, 4.715%, 12/15/32<sup>(b)</sup> <br>| USD | 1233354 | &nbsp;&nbsp; 1166366 |
| +0.711% Series 2003-1 <br> A5B, 5.055%, 12/15/32<sup>(b)</sup> <br>| USD | 442591 | &nbsp;&nbsp; 424457 |
| +0.751% Series 2007-6 A5, <br> 5.115%, 4/27/43<br>| USD | 4995800 | &nbsp;&nbsp; 4716709 |
| 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 | 119839 | &nbsp;&nbsp; 118477 |
| Series 2018-C B, 4.00%, <br> 11/17/42<sup>(b)</sup> <br>| USD | 1000000 | &nbsp;&nbsp; 969999 |
| Series 2023-C B, 6.36%, <br> 11/15/52<sup>(b)</sup> <br>| USD | 9000000 | &nbsp;&nbsp; 9526030 |
| Series 2021-A APT2, 1.07%, <br> 1/15/53<sup>(b)</sup> <br>| USD | 2584418 | &nbsp;&nbsp; 2326342 |
| Series 2023-A B, 5.88%, <br> 1/15/53<sup>(b)</sup> <br>| USD | 7000000 | &nbsp;&nbsp; 7153899 |
| Series 2024-F B, 5.73%, <br> 3/16/54<sup>(b)</sup> <br>| USD | 5500000 | &nbsp;&nbsp; 5516328 |
| Series 2025-A B, 5.86%, <br> 4/15/54<sup>(b)</sup> <br>| USD | 8000000 | &nbsp;&nbsp; 7982580 |
| Series 2024-A B, 5.88%, <br> 3/15/56<sup>(b)</sup> <br>| USD | 5000000 | &nbsp;&nbsp; 5129598 |
| Series 2023-B B, 5.77%, <br> 10/16/56<sup>(b)</sup> <br>| USD | 15475000 | &nbsp;&nbsp; 15682466 |
| Series 2024-E A1A, 5.09%, <br> 10/16/56<sup>(b)</sup> <br>| USD | 17806438 | &nbsp;&nbsp; 17979596 |
| Series 2024-E B, 5.71%, <br> 10/16/56<sup>(b)</sup> <br>| USD | 7500000 | &nbsp;&nbsp; 7449333 |
|  |  |  | &nbsp;&nbsp; 107032998 |
|  |  |  | &nbsp;&nbsp; 198693948 |
| 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 | 898838 | &nbsp;&nbsp; 814873 |
| 3.384%, 11/25/55<sup>(b)(d)</sup> <br>| USD | 1487906 | &nbsp;&nbsp; 1303198 |
|  |  |  | &nbsp;&nbsp; 2118071 |
| Mortgage-Related: 21.6% | Mortgage-Related: 21.6% | Mortgage-Related: 21.6% | Mortgage-Related: 21.6% |
| **CMO & REMIC: 0.9%** | **CMO & REMIC: 0.9%** | **CMO & REMIC: 0.9%** | **CMO & REMIC: 0.9%** |
| Fannie Mae (United States) | Fannie Mae (United States) |  |  |
| Trust 2004-W9 1A3, 6.05%, <br> 2/25/44<br>| USD | 157469 | &nbsp;&nbsp; 163616 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par Value** | **Value** |
| Freddie Mac (United States) | Freddie Mac (United States) |  |  |
| Series 4183 Z, 3.00%, 3/15/43 | USD | 16624095 | &nbsp;&nbsp; $15170089 |
| Series 4283 EW, 4.50%, <br> 12/15/43<sup>(d)</sup> <br>| USD | 30418 | &nbsp;&nbsp; 30291 |
| Series 4319 MA, 4.50%, <br> 3/15/44<sup>(d)</sup> <br>| USD | 109198 | &nbsp;&nbsp; 108618 |
| Ginnie Mae (United States) | Ginnie Mae (United States) |  |  |
| Series 2010-169 JZ, 4.00%, <br> 12/20/40<br>| USD | 104984 | &nbsp;&nbsp; 101206 |
| Series 2014-184 GZ, 3.50%, <br> 12/20/44<br>| USD | 9842367 | &nbsp;&nbsp; 9258875 |
| 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, 5.152%, 1/20/73<br>| USD | 7458244 | &nbsp;&nbsp; 7439445 |
|  |  |  | &nbsp;&nbsp; 32272140 |
| **Federal Agency Mortgage Pass-Through: 20.7%** | **Federal Agency Mortgage Pass-Through: 20.7%** | **Federal Agency Mortgage Pass-Through: 20.7%** | **Federal Agency Mortgage Pass-Through: 20.7%** |
| 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 - 2/1/54 | USD | 5973408 | &nbsp;&nbsp; 5732120 |
| 2.50% 6/1/50 - 4/1/52 | USD | 48638631 | &nbsp;&nbsp; 40889877 |
| 2.00% 9/1/50 - 1/1/51 | USD | 9614402 | &nbsp;&nbsp; 7723913 |
| 2.50%, 2/1/52 | USD | 25939427 | &nbsp;&nbsp; 21752872 |
| 3.50% 4/1/52 - 5/1/53 | USD | 104431031 | &nbsp;&nbsp; 94362518 |
| 3.50%, 5/1/52 | USD | 50898261 | &nbsp;&nbsp; 45910237 |
| 3.50%, 6/1/52 | USD | 80685143 | &nbsp;&nbsp; 72782176 |
| 4.00% 6/1/52 - 7/1/53 | USD | 16335464 | &nbsp;&nbsp; 15201432 |
| 3.50%, 6/1/52 | USD | 29259030 | &nbsp;&nbsp; 26638663 |
| 4.00%, 8/1/52 | USD | 61181094 | &nbsp;&nbsp; 57006514 |
| 4.00%, 10/1/52 | USD | 59275007 | &nbsp;&nbsp; 55138669 |
| 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 | 21383195 | &nbsp;&nbsp; 18087127 |
| Fannie Mae, Hybrid ARM (United States) | Fannie Mae, Hybrid ARM (United States) | Fannie Mae, Hybrid ARM (United States) | Fannie Mae, Hybrid ARM (United States) |
| 7.362%, 8/1/44<sup>(d)</sup> <br>| USD | 19908 | &nbsp;&nbsp; 20503 |
| 7.269%, 9/1/44<sup>(d)</sup> <br>| USD | 11853 | &nbsp;&nbsp; 12146 |
| Freddie Mac, Hybrid ARM (United States) | Freddie Mac, Hybrid ARM (United States) | Freddie Mac, Hybrid ARM (United States) | Freddie Mac, Hybrid ARM (United States) |
| 7.195%, 10/1/44<sup>(d)</sup> <br>| USD | 34687 | &nbsp;&nbsp; 35688 |
| 6.484%, 11/1/44<sup>(d)</sup> <br>| USD | 121686 | &nbsp;&nbsp; 125189 |
| 6.416%, 1/1/45<sup>(d)</sup> <br>| USD | 62244 | &nbsp;&nbsp; 64064 |
| 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 | 18820 | &nbsp;&nbsp; 19530 |
| 4.50% 8/1/44 - 7/1/47 | USD | 342318 | &nbsp;&nbsp; 334592 |
| 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 | 35004328 | &nbsp;&nbsp; 29448705 |
| 3.50% 6/1/52 - 10/1/52 | USD | 54221157 | &nbsp;&nbsp; 48902987 |
| 4.00%, 8/1/52 | USD | 49751509 | &nbsp;&nbsp; 46356790 |
| 3.50%, 9/1/52 | USD | 63429828 | &nbsp;&nbsp; 57206816 |
| 4.00%, 9/1/52 | USD | 34767370 | &nbsp;&nbsp; 32395051 |
| 4.00%, 10/1/52 | USD | 8279031 | &nbsp;&nbsp; 7713256 |
| 3.50%, 8/1/53 | USD | 53444293 | &nbsp;&nbsp; 48206689 |
| 4.50%, 1/1/54 | USD | 30683177 | &nbsp;&nbsp; 29393253 |
| 4.50%, 1/1/54 | USD | 4103490 | &nbsp;&nbsp; 3927663 |
|  |  |  | &nbsp;&nbsp; 765389040 |
|  |  |  | &nbsp;&nbsp; 797661180 |
|  |  |  | &nbsp;&nbsp; 998473199 |
| **Corporate: 30.6%** | **Corporate: 30.6%** | **Corporate: 30.6%** | **Corporate: 30.6%** |
| Financials: 9.7% | Financials: 9.7% | Financials: 9.7% |  |
| Bank of America Corp. (United States) | Bank of America Corp. (United States) |  |  |
| 4.183%, 11/25/27 | USD | 9050000 | &nbsp;&nbsp; 9013467 |
| 2.572%, 10/20/32<sup>(e)</sup> <br>| USD | 2975000 | &nbsp;&nbsp; 2622049 |
| 3.846%, 3/8/37<sup>(e)</sup> <br>| USD | 24350000 | &nbsp;&nbsp; 22282541 |
| Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) |  |  |
| 4.836%, 5/9/28 | USD | 5925000 | &nbsp;&nbsp; 5933922 |
| 7.119%, 6/27/34<sup>(e)</sup> <br>| USD | 3375000 | &nbsp;&nbsp; 3686848 |
| 3.564%, 9/23/35<sup>(e)</sup> <br>| USD | 8550000 | &nbsp;&nbsp; 7865793 |

---

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

------

Consolidated Portfolio of Investments (unaudited) June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  |  | **Par Value** | **Value** |
| BNP Paribas SA (France) | BNP Paribas SA (France) |  |  |
| 4.375%, 9/28/25<sup>(b)</sup> <br>| USD | 3290000 | &nbsp;&nbsp; $3283488 |
| 4.375%, 5/12/26<sup>(b)</sup> <br>| USD | 5675000 | &nbsp;&nbsp; 5662064 |
| 4.625%, 3/13/27<sup>(b)</sup> <br>| USD | 3100000 | &nbsp;&nbsp; 3098161 |
| 2.591%, 1/20/28<sup>(b)(e)</sup> <br>| USD | 4000000 | &nbsp;&nbsp; 3882552 |
| 5.085%, 5/9/31<sup>(b)(e)</sup> <br>| USD | 3400000 | &nbsp;&nbsp; 3433141 |
| 2.588%, 8/12/35<sup>(b)(e)</sup> <br>| USD | 18396000 | &nbsp;&nbsp; 16209326 |
| 5.906%, 11/19/35<sup>(b)(e)</sup> <br>| USD | 5625000 | &nbsp;&nbsp; 5673255 |
| Boston Properties, Inc. (United States) | Boston Properties, Inc. (United States) |  |  |
| 3.65%, 2/1/26 | USD | 2150000 | &nbsp;&nbsp; 2136062 |
| 6.75%, 12/1/27 | USD | 3550000 | &nbsp;&nbsp; 3727828 |
| 4.50%, 12/1/28 | USD | 3075000 | &nbsp;&nbsp; 3050732 |
| 3.25%, 1/30/31 | USD | 8175000 | &nbsp;&nbsp; 7491283 |
| 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; 4172555 |
| 7.624%, 10/30/31<sup>(e)</sup> <br>| USD | 6950000 | &nbsp;&nbsp; 7852427 |
| Citigroup, Inc. (United States) | Citigroup, Inc. (United States) |  |  |
| 6.174%, 5/25/34<sup>(e)</sup> <br>| USD | 8493000 | &nbsp;&nbsp; 8890718 |
| United States 90 Day Average SOFR | United States 90 Day Average SOFR | United States 90 Day Average SOFR |  |
| +6.63%,10.911%, <br> 10/30/40<sup>(f)</sup> <br>| USD | 4162250 | &nbsp;&nbsp; 4923093 |
| HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |  |  |
| 8.113%, 11/3/33<sup>(e)</sup> <br>| USD | 8775000 | &nbsp;&nbsp; 10130156 |
| 6.547%, 6/20/34<sup>(e)</sup> <br>| USD | 13650000 | &nbsp;&nbsp; 14500947 |
| 7.399%, 11/13/34<sup>(e)</sup> <br>| USD | 8325000 | &nbsp;&nbsp; 9310294 |
| 6.50%, 5/2/36 | USD | 4500000 | &nbsp;&nbsp; 4874805 |
| 6.50%, 9/15/37 | USD | 1100000 | &nbsp;&nbsp; 1176586 |
| 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; 11149062 |
| 5.04%, 1/23/28<sup>(e)</sup> <br>| USD | 2625000 | &nbsp;&nbsp; 2650027 |
| 4.493%, 3/24/31<sup>(e)</sup> <br>| USD | 2125000 | &nbsp;&nbsp; 2122330 |
| 2.522%, 4/22/31<sup>(e)</sup> <br>| USD | 2000000 | &nbsp;&nbsp; 1828591 |
| 2.956%, 5/13/31<sup>(e)</sup> <br>| USD | 8550000 | &nbsp;&nbsp; 7906186 |
| 5.717%, 9/14/33<sup>(e)</sup> <br>| USD | 6400000 | &nbsp;&nbsp; 6670704 |
| Lloyds Banking Group PLC (United <br> Kingdom) | Lloyds Banking Group PLC (United <br> Kingdom) |  |  |
| 4.582%, 12/10/25 | USD | 6600000 | &nbsp;&nbsp; 6593483 |
| 4.65%, 3/24/26 | USD | 4200000 | &nbsp;&nbsp; 4196182 |
| 5.721%, 6/5/30<sup>(e)</sup> <br>| USD | 3000000 | &nbsp;&nbsp; 3115657 |
| NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) |  |  |
| 1.642%, 6/14/27<sup>(e)</sup> <br>| USD | 7135000 | &nbsp;&nbsp; 6943945 |
| 5.808%, 9/13/29<sup>(e)</sup> <br>| USD | 4469000 | &nbsp;&nbsp; 4641223 |
| 6.475%, 6/1/34<sup>(e)</sup> <br>| USD | 3200000 | &nbsp;&nbsp; 3350319 |
| 3.032%, 11/28/35<sup>(e)</sup> <br>| USD | 13325000 | &nbsp;&nbsp; 12021487 |
| 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; 1969374 |
| 6.196%, 11/17/29<sup>(e)</sup> <br>| USD | 5200000 | &nbsp;&nbsp; 5517470 |
| 5.853%, 5/19/34<sup>(e)</sup> <br>| USD | 3450000 | &nbsp;&nbsp; 3664974 |
| 6.136%, 8/24/34<sup>(e)</sup> <br>| USD | 1625000 | &nbsp;&nbsp; 1758216 |
| 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; 11635239 |
| 4.937%, 4/23/28<sup>(e)</sup> <br>| USD | 5225000 | &nbsp;&nbsp; 5265723 |
| 5.727%, 4/25/30<sup>(e)</sup> <br>| USD | 3000000 | &nbsp;&nbsp; 3122863 |
| 5.218%, 4/23/31<sup>(e)</sup> <br>| USD | 4325000 | &nbsp;&nbsp; 4433867 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |  |  |
| 2.746%, 2/11/33<sup>(b)(e)</sup> <br>| USD | 4100000 | &nbsp;&nbsp; 3577102 |
| 5.959%, 1/12/34<sup>(b)(e)</sup> <br>| USD | 7800000 | &nbsp;&nbsp; 8211148 |
| UniCredit SPA (Italy) | UniCredit SPA (Italy) |  |  |
| 5.459%, 6/30/35<sup>(b)(e)</sup> <br>| USD | 35700000 | &nbsp;&nbsp; 35493579 |
| Wells Fargo & Co. (United States) | Wells Fargo & Co. (United States) |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par Value** | **Value** |
| 4.90%, 1/24/28<sup>(e)</sup> <br>| USD | 2575000 | &nbsp;&nbsp; $2593645 |
| 2.572%, 2/11/31<sup>(e)</sup> <br>| USD | 5100000 | &nbsp;&nbsp; 4672195 |
| 3.35%, 3/2/33<sup>(e)</sup> <br>| USD | 9375000 | &nbsp;&nbsp; 8561718 |
| 4.897%, 7/25/33<sup>(e)</sup> <br>| USD | 2800000 | &nbsp;&nbsp; 2800544 |
| 5.389%, 4/24/34<sup>(e)</sup> <br>| USD | 7800000 | &nbsp;&nbsp; 7981328 |
|  |  |  | &nbsp;&nbsp; 359332274 |
| Industrials: 18.6% | Industrials: 18.6% | Industrials: 18.6% |  |
| Amrize, Ltd. (United States) | Amrize, Ltd. (United States) |  |  |
| 7.125%, 7/15/36<sup>(b)</sup> <br>| USD | 747000 | &nbsp;&nbsp; 844788 |
| 6.50%, 9/12/43<sup>(b)</sup> <br>| USD | 1225000 | &nbsp;&nbsp; 1254773 |
| Bayer AG (Germany) | Bayer AG (Germany) |  |  |
| 3.125%, 11/12/79<sup>(a)(e)(f)</sup> <br>| EUR | 29600000 | &nbsp;&nbsp; 34039937 |
| 5.375%, 3/25/82<sup>(a)(e)(f)</sup> <br>| EUR | 11200000 | &nbsp;&nbsp; 13262575 |
| 7.00%, 9/25/83<sup>(a)(e)(f)</sup> <br>| EUR | 7900000 | &nbsp;&nbsp; 9998393 |
| 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; 70898679 |
| Cemex SAB de CV (Mexico) | Cemex SAB de CV (Mexico) |  |  |
| 5.125%, <sup>(b)(e)(f)(g)</sup> <br>| USD | 26725000 | &nbsp;&nbsp; 26286173 |
| Charter Communications, Inc. <br> (United States) | Charter Communications, Inc. <br> (United States) |  |  |
| 4.50%, 5/1/32 | USD | 51975000 | &nbsp;&nbsp; 48401345 |
| 4.50%, 6/1/33<sup>(b)</sup> <br>| USD | 14775000 | &nbsp;&nbsp; 13504798 |
| CVS Health Corp. (United States) | CVS Health Corp. (United States) |  |  |
| 7.00%, 3/10/55<sup>(e)(f)</sup> <br>| USD | 16375000 | &nbsp;&nbsp; 16889343 |
| Elanco Animal Health, Inc. <br> (United States) | Elanco Animal Health, Inc. <br> (United States) |  |  |
| 6.65%, 8/28/28 | USD | 29932000 | &nbsp;&nbsp; 31135805 |
| Fibercop SpA (Italy) | Fibercop SpA (Italy) |  |  |
| 7.20%, 7/18/36<sup>(b)</sup> <br>| USD | 5716000 | &nbsp;&nbsp; 5570717 |
| 7.721%, 6/4/38<sup>(b)</sup> <br>| USD | 2764000 | &nbsp;&nbsp; 2745642 |
| Ford Motor Credit Co. LLC <br> (United States) | Ford Motor Credit Co. LLC <br> (United States) |  |  |
| 4.134%, 8/4/25 | USD | 1325000 | &nbsp;&nbsp; 1323631 |
| 3.375%, 11/13/25 | USD | 8488000 | &nbsp;&nbsp; 8431470 |
| 4.389%, 1/8/26 | USD | 6240000 | &nbsp;&nbsp; 6212112 |
| 5.918%, 3/20/28 | USD | 9350000 | &nbsp;&nbsp; 9444893 |
| 6.80%, 5/12/28 | USD | 7587000 | &nbsp;&nbsp; 7841353 |
| 6.798%, 11/7/28 | USD | 8000000 | &nbsp;&nbsp; 8288346 |
| 6.532%, 3/19/32 | USD | 8350000 | &nbsp;&nbsp; 8479407 |
| HCA Healthcare, Inc. (United States) | HCA Healthcare, Inc. (United States) |  |  |
| 5.00%, 3/1/28 | USD | 1625000 | &nbsp;&nbsp; 1649143 |
| 5.25%, 3/1/30 | USD | 6475000 | &nbsp;&nbsp; 6638133 |
| 5.50%, 3/1/32 | USD | 8800000 | &nbsp;&nbsp; 9081884 |
| Imperial Brands PLC (United Kingdom) | Imperial Brands PLC (United Kingdom) |  |  |
| 5.50%, 2/1/30<sup>(b)</sup> <br>| USD | 4200000 | &nbsp;&nbsp; 4330072 |
| 4.875%, 6/7/32<sup>(a)</sup> <br>| GBP | 29482000 | &nbsp;&nbsp; 39115973 |
| Japan Tobacco, Inc. (Japan) | Japan Tobacco, Inc. (Japan) |  |  |
| 4.85%, 5/15/28<sup>(b)</sup> <br>| USD | 1825000 | &nbsp;&nbsp; 1852396 |
| 5.25%, 6/15/30<sup>(b)</sup> <br>| USD | 2575000 | &nbsp;&nbsp; 2650033 |
| 5.85%, 6/15/35<sup>(b)</sup> <br>| USD | 1725000 | &nbsp;&nbsp; 1803810 |
| Mars, Inc. (United States) | Mars, Inc. (United States) |  |  |
| 4.45%, 3/1/27<sup>(b)</sup> <br>| USD | 1450000 | &nbsp;&nbsp; 1455020 |
| 4.60%, 3/1/28<sup>(b)</sup> <br>| USD | 2225000 | &nbsp;&nbsp; 2243087 |
| 4.80%, 3/1/30<sup>(b)</sup> <br>| USD | 7925000 | &nbsp;&nbsp; 8029609 |
| Millicom International Cellular SA <br> (Guatemala) | Millicom International Cellular SA <br> (Guatemala) |  |  |
| 5.125%, 1/15/28<sup>(b)</sup> <br>| USD | 33029100 | &nbsp;&nbsp; 32645939 |
| Molex Electronic Technologies LLC <br> (United States) | Molex Electronic Technologies LLC <br> (United States) |  |  |
| 4.75%, 4/30/28<sup>(b)</sup> <br>| USD | 10750000 | &nbsp;&nbsp; 10817601 |
| 5.25%, 4/30/32<sup>(b)</sup> <br>| USD | 6150000 | &nbsp;&nbsp; 6240517 |
| News Corp. (United States) | News Corp. (United States) |  |  |

---

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

------

Consolidated Portfolio of Investments (unaudited) June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  |  | **Par Value** | **Value** |
| 3.875%, 5/15/29<sup>(b)</sup> <br>| USD | 10497000 | &nbsp;&nbsp; $10042904 |
| Prosus NV (China) | Prosus NV (China) |  |  |
| 4.193%, 1/19/32<sup>(b)</sup> <br>| USD | 2000000 | &nbsp;&nbsp; 1873300 |
| 2.031%, 8/3/32<sup>(b)</sup> <br>| EUR | 32475000 | &nbsp;&nbsp; 34184584 |
| 4.027%, 8/3/50<sup>(b)</sup> <br>| USD | 11675000 | &nbsp;&nbsp; 7806366 |
| 3.832%, 2/8/51<sup>(b)</sup> <br>| USD | 10234000 | &nbsp;&nbsp; 6583201 |
| Synopsys, Inc. (United States) | Synopsys, Inc. (United States) |  |  |
| 4.65%, 4/1/28 | USD | 1025000 | &nbsp;&nbsp; 1035434 |
| 4.85%, 4/1/30 | USD | 4975000 | &nbsp;&nbsp; 5044003 |
| 5.00%, 4/1/32 | USD | 2350000 | &nbsp;&nbsp; 2380395 |
| TC Energy Corp. (Canada) | TC Energy Corp. (Canada) |  |  |
| 5.875%, 8/15/76<sup>(e)(f)</sup> <br>| USD | 26645000 | &nbsp;&nbsp; 26687009 |
| 5.30%, 3/15/77<sup>(e)(f)</sup> <br>| USD | 30142000 | &nbsp;&nbsp; 29936474 |
| 5.50%, 9/15/79<sup>(e)(f)</sup> <br>| USD | 23605000 | &nbsp;&nbsp; 23372192 |
| T-Mobile U.S., Inc. (United States) | T-Mobile U.S., Inc. (United States) |  |  |
| 3.50%, 4/15/31 | USD | 17225000 | &nbsp;&nbsp; 16172813 |
| 8.75%, 3/15/32 | USD | 21050000 | &nbsp;&nbsp; 25535548 |
| Ultrapar Participacoes SA (Brazil) | Ultrapar Participacoes SA (Brazil) |  |  |
| 5.25%, 10/6/26<sup>(b)</sup> <br>| USD | 7180000 | &nbsp;&nbsp; 7152651 |
| 5.25%, 6/6/29<sup>(b)</sup> <br>| USD | 1449000 | &nbsp;&nbsp; 1439222 |
| VMware, Inc. (United States) | VMware, Inc. (United States) |  |  |
| 1.40%, 8/15/26 | USD | 7350000 | &nbsp;&nbsp; 7108784 |
| Vodafone Group PLC (United <br> Kingdom) | Vodafone Group PLC (United <br> Kingdom) |  |  |
| 7.00%, 4/4/79<sup>(e)(f)</sup> <br>| USD | 14450000 | &nbsp;&nbsp; 15076335 |
| 3.00%, 8/27/80<sup>(a)(e)(f)</sup> <br>| EUR | 10148000 | &nbsp;&nbsp; 11339416 |
|  |  |  | &nbsp;&nbsp; 686178028 |
| Utilities: 2.3% | Utilities: 2.3% | Utilities: 2.3% |  |
| American Electric Power Co., Inc. <br> (United States) | American Electric Power Co., Inc. <br> (United States) |  |  |
| 5.699%, 8/15/25 | USD | 19135000 | &nbsp;&nbsp; 19150115 |
| 5.20%, 1/15/29 | USD | 12850000 | &nbsp;&nbsp; 13178192 |
| Dominion Energy, Inc. (United States) | Dominion Energy, Inc. (United States) |  |  |
| 4.60%, 5/15/28 | USD | 3375000 | &nbsp;&nbsp; 3397235 |
| 5.00%, 6/15/30 | USD | 9225000 | &nbsp;&nbsp; 9414578 |
| NextEra Energy, Inc. (United States) | NextEra Energy, Inc. (United States) |  |  |
| 5.749%, 9/1/25 | USD | 4375000 | &nbsp;&nbsp; 4381415 |
| 4.85%, 2/4/28 | USD | 1600000 | &nbsp;&nbsp; 1622011 |
| 5.05%, 3/15/30 | USD | 7070000 | &nbsp;&nbsp; 7234536 |
| 5.00%, 7/15/32 | USD | 4500000 | &nbsp;&nbsp; 4552749 |
| 5.65%, 5/1/79<sup>(e)(f)</sup> <br>| USD | 3000000 | &nbsp;&nbsp; 2988515 |
| The Southern Co. (United States) | The Southern Co. (United States) |  |  |
| 5.113%, 8/1/27 | USD | 4425000 | &nbsp;&nbsp; 4491457 |
| 3.75%, 9/15/51<sup>(e)(f)</sup> <br>| USD | 14226000 | &nbsp;&nbsp; 14029981 |
|  |  |  | &nbsp;&nbsp; 84440784 |
|  |  |  | &nbsp;&nbsp; 1129951086 |
| **Total Debt Securities** <br>(Cost $3,551,485,323)<br>|  |  | &nbsp;&nbsp; **$3604588968** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Short-Term Investments: 2.3%** | **Short-Term Investments: 2.3%** | **Short-Term Investments: 2.3%** | **Short-Term Investments: 2.3%** |
|  |  | **Par Value/** <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 1.4%** | **Repurchase Agreements: 1.4%** | **Repurchase Agreements: 1.4%** | **Repurchase Agreements: 1.4%** |
| Fixed Income Clearing Corp.<sup>(h)</sup> <br>4.38%, dated 6/30/25, <br>due 7/1/25, maturity value <br> $49,005,962<br>| USD | 49000000 | &nbsp;&nbsp; $49000000 |
| Fixed Income Clearing Corp.<sup>(h)</sup> <br>1.80%, dated 6/30/25, <br>due 7/1/25, maturity value <br> $3,669,717<br>| USD | 3669534 | &nbsp;&nbsp; 3669534 |
|  |  |  | &nbsp;&nbsp; 52669534 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par Value/**<br> **Shares**<br>| **Value** |
| **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 | 33391429 | &nbsp;&nbsp; $33391429 |
| **Total Short-Term Investments** <br>(Cost $86,060,963) | **Total Short-Term Investments** <br>(Cost $86,060,963) | **Total Short-Term Investments** <br>(Cost $86,060,963) | &nbsp;&nbsp; **$86060963** |
| **Total Investments in Securities** <br>(Cost $3,637,546,286)<br>|  | 99.9<br> %<br>| &nbsp;&nbsp; **$3690649931** |
| Other Assets Less Liabilities |  | 0.1<br> %<br>| &nbsp;&nbsp; 2032891 |
| **Net Assets** |  | **100.0%**<br>| &nbsp;&nbsp; **$3692682822** |

---

---

| | |
|:---|:---|
| <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 2.625%-4.375%, <br> 5/31/27-11/30/30. Total collateral value is $53,722,931.<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 (unaudited) June 30, 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; 1829 | &nbsp;&nbsp;&nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $205076625 | &nbsp;&nbsp;&nbsp;&nbsp; $4111782 |
| UK-Gilt | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/25 | &nbsp;&nbsp;&nbsp;&nbsp; 60656360 | &nbsp;&nbsp;&nbsp;&nbsp; 1192604 |
| Ultra 10 Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp; 1226 | &nbsp;&nbsp;&nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 140089656 | &nbsp;&nbsp;&nbsp;&nbsp; 3219959 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $8524345 |

---

**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; $(938849)<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; (166591)<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; (576738)<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; (203867)<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; (204799)<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; (516027)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3599387 | &nbsp;&nbsp;&nbsp;&nbsp; COP | &nbsp;&nbsp;&nbsp;&nbsp; 15371900000 | &nbsp;&nbsp;&nbsp;&nbsp; (45118)<br>|
| **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 28554846 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 25919600 | &nbsp;&nbsp;&nbsp;&nbsp; (2177342)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3673016 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3165000 | &nbsp;&nbsp;&nbsp;&nbsp; (79641)<br>|
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 28719407 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 26050710 | &nbsp;&nbsp;&nbsp;&nbsp; (2168234)<br>|
| 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; (4003921)<br>|
| 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; (255255)<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; (4004972)<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; (274225)<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; 7/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 43371564 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 33908812 | &nbsp;&nbsp;&nbsp;&nbsp; (3175223)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17063386 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 12808060 | &nbsp;&nbsp;&nbsp;&nbsp; (529474)<br>|
| **KRW: South Korean Won** | **KRW: South Korean Won** | **KRW: South Korean Won** | **KRW: South Korean Won** | **KRW: South Korean Won** | **KRW: South Korean Won** | **KRW: South Korean Won** |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12295380 | &nbsp;&nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp;&nbsp;&nbsp; 16900000000 | &nbsp;&nbsp;&nbsp;&nbsp; (301346)<br>|
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp;&nbsp;&nbsp; 10920803554 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7768391 | &nbsp;&nbsp;&nbsp;&nbsp; 371631 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12294933 | &nbsp;&nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp;&nbsp;&nbsp; 16900000000 | &nbsp;&nbsp;&nbsp;&nbsp; (301793)<br>|
| State Street | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp;&nbsp;&nbsp; 22879196446 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 16289923 | &nbsp;&nbsp;&nbsp;&nbsp; 763507 |
| **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; (559476)<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; (78330)<br>|

---

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

------

Consolidated Portfolio of Investments (unaudited) June 30, 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>|
| **NOK: Norwegian Krone** | **NOK: Norwegian Krone** | **NOK: Norwegian Krone** | **NOK: Norwegian Krone** | **NOK: Norwegian Krone** | **NOK: Norwegian Krone** | **NOK: Norwegian Krone** |
| Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 10079807 | &nbsp;&nbsp;&nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp; 113771792 | &nbsp;&nbsp;&nbsp;&nbsp; $(1209628)<br>|
| Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 10327167 | &nbsp;&nbsp;&nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp; 110237345 | &nbsp;&nbsp;&nbsp;&nbsp; (614997)<br>|
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12462223 | &nbsp;&nbsp;&nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp; 125500812 | &nbsp;&nbsp;&nbsp;&nbsp; 782 |
| **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** |
| HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 8/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4004990 | &nbsp;&nbsp;&nbsp;&nbsp; NZD | &nbsp;&nbsp;&nbsp;&nbsp; 6622218 | &nbsp;&nbsp;&nbsp;&nbsp; (39225)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 8/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 29068916 | &nbsp;&nbsp;&nbsp;&nbsp; NZD | &nbsp;&nbsp;&nbsp;&nbsp; 46638989 | &nbsp;&nbsp;&nbsp;&nbsp; 586299 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 8/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2534164 | &nbsp;&nbsp;&nbsp;&nbsp; NZD | &nbsp;&nbsp;&nbsp;&nbsp; 4067000 | &nbsp;&nbsp;&nbsp;&nbsp; 50431 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8228433 | &nbsp;&nbsp;&nbsp;&nbsp; NZD | &nbsp;&nbsp;&nbsp;&nbsp; 14184947 | &nbsp;&nbsp;&nbsp;&nbsp; (463037)<br>|
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8368762 | &nbsp;&nbsp;&nbsp;&nbsp; NZD | &nbsp;&nbsp;&nbsp;&nbsp; 14694929 | &nbsp;&nbsp;&nbsp;&nbsp; (635186)<br>|
| 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; (664262)<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; 14986464 | &nbsp;&nbsp;&nbsp;&nbsp; (585125)<br>|
| **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; (273944)<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; (240340)<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; (381982)<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; (138165)<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; (527545)<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; (546480)<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** |
| Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 160273076 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8800217 | &nbsp;&nbsp;&nbsp;&nbsp; 187256 |
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12066577 | &nbsp;&nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 238773795 | &nbsp;&nbsp;&nbsp;&nbsp; (1322902)<br>|
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12080739 | &nbsp;&nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 239279391 | &nbsp;&nbsp;&nbsp;&nbsp; (1337092)<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; (508406)<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; (147323)<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; 1959906 |
| 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; (30196860)<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; $(28236954)<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 (unaudited)

---

| | |
|:---|:---|
|  | **June 30, 2025** |
| **Assets:** | **Assets:** |
| Investments in securities, at value (cost $3,637,546,286) | $3690649931 |
| Unrealized appreciation on currency forward contracts | 1959906 |
| Cash pledged as collateral for currency forward contracts | 25320000 |
| Cash | 100 |
| Deposits with broker for futures contracts | 8202493 |
| Receivable for variation margin for futures contracts | 1235233 |
| Receivable for Fund shares sold | 5793673 |
| Dividends and interest receivable | 48984782 |
| Expense reimbursement receivable | 146306 |
| Prepaid expenses and other assets | 21770 |
|  | 3782314194 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on currency forward contracts | 30196860 |
| Payable for investments purchased | 54396345 |
| Payable for Fund shares redeemed | 3415525 |
| Management fees payable | 1319062 |
| Accrued expenses | 303580 |
|  | 89631372 |
| **Net Assets** | $3692682822 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $3740082351 |
| Accumulated loss | (47399529)<br>|
|  | $3692682822 |
| **Class I** | **Class I** |
| Total net assets | $3388046944 |
| Shares outstanding | 304150797 |
| Net asset value per share | $11.14 |
| **Class X** | **Class X** |
| Total net assets | $304635878 |
| Shares outstanding | 27351614 |
| Net asset value per share | $11.14 |

---

Consolidated

Statement of Operations (unaudited)

---

| | |
|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**<br>|
| **Investment Income:** |  |
| Dividends | $232968 |
| Interest (net of foreign taxes of $242,188) | 89318206 |
|  | 89551174 |
| **Expenses:** |  |
| Investment advisory fees | 5835718 |
| Administrative services fees |  |
| Class I | 1530212 |
| Class X | 68568 |
| Custody and fund accounting fees | 190608 |
| Professional services | 164546 |
| Shareholder reports | 60253 |
| Registration fees | 117497 |
| Trustees fees | 251878 |
| Miscellaneous | 28299 |
| Total expenses | 8247579 |
| Expenses reimbursed by investment manager | (854717)<br>|
| Net expenses | 7392862 |
| **Net Investment Income** | 82158312 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| Investments in securities (net of foreign capital gains tax <br> of $13,424)<br>| (4659481)<br>|
| Futures contracts | (1338170)<br>|
| Currency forward contracts | 8381958 |
| Foreign currency transactions | 242402 |
| Net change in unrealized appreciation/depreciation |  |
| Investments in securities | 201004622 |
| Futures contracts | 13674088 |
| Currency forward contracts | (47461357)<br>|
| Foreign currency translation | 2346243 |
| Net realized and unrealized gain | 172190305 |
| **Net Change in Net Assets From Operations** | $254348617 |

---

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

------

Consolidated

Statement of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Year Ended** |
|  | **June 30, 2025** | **December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $82158312 | $139548243 |
| Net realized gain (loss) | 2626709 | (41183646)<br>|
| Net change in unrealized <br> appreciation/depreciation<br>| 169563596 | (88792301)<br>|
|  | 254348617 | 9572296 |
| **Distributions to Shareholders:** |  |  |
| Class I | (53864141)<br>| (129368658)<br>|
| Class X | (4912005)<br>| (11233959)<br>|
| Total distributions | (58776146)<br>| (140602617)<br>|
| **Fund Share Transactions:** |  |  |
| **Class I** |  |  |
| Proceeds from sales of shares | 643009223 | 1189019165 |
| Reinvestment of distributions | 49127974 | 118114575 |
| Cost of shares redeemed | (418999208)<br>| (669368892)<br>|
| **Class X** |  |  |
| Proceeds from sales of shares | 70101617 | 174113779 |
| Reinvestment of distributions | 4912005 | 11233959 |
| Cost of shares redeemed | (47202570)<br>| (72250253)<br>|
| Net change from Fund share <br> transactions<br>| 300949041 | 750862333 |
| Total change in net assets | 496521512 | 619832012 |
| **Net Assets:** |  |  |
| Beginning of period | 3196161310 | 2576329298 |
| End of period | $3692682822 | $3196161310 |
| **Share Information:** |  |  |
| **Class I** |  |  |
| Shares sold | 59163971 | 108768809 |
| Distributions reinvested | 4486952 | 10953250 |
| Shares redeemed | (38795389)<br>| (61557680)<br>|
| Net change in shares outstanding | 24855534 | 58164379 |
| **Class X** |  |  |
| Shares sold | 6450978 | 16024782 |
| Distributions reinvested | 448905 | 1041485 |
| Shares redeemed | (4367052)<br>| (6655666)<br>|
| Net change in shares outstanding | 2532831 | 10410601 |

---

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

------

Notes to Consolidated Financial Statements (unaudited)

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

Dodge & Cox Global Bond Fund (the "Fund") is one of the series constituting the Dodge & Cox Funds (the "Trust" or the "Funds"). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The 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 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 (unaudited)

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 June 30, 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 Fund 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 (unaudited)

The following is a summary of the inputs used to value the Fund's holdings at June 30, 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 | $— | $1193986377 |
| Government-Related |  | 282178306 |
| Securitized |  | 998473199 |
| Corporate |  | 1129951086 |
| Short-Term Investments | Short-Term Investments | Short-Term Investments |
| Repurchase Agreements |  | 52669534 |
| Money Market Fund | 33391429 |  |
| Total Securities | $33391429 | $3657258502 |
| **Other Investments** | **Other Investments** | **Other Investments** |
| Futures Contracts | Futures Contracts | Futures Contracts |
| Appreciation | $8524345 | $— |
| Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts |
| Appreciation |  | 1959906 |
| Depreciation |  | (30196860)<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; $1959906 | &nbsp;&nbsp; $1959906 |
| Futures contracts<sup>(a)</sup> <br>| &nbsp;&nbsp; 8524345 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8524345 |
|  | &nbsp;&nbsp; $8524345 | &nbsp;&nbsp; $1959906 | &nbsp;&nbsp; $10484251 |
| **Liabilities** |  |  |  |
| Unrealized depreciation on <br> currency forward contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $30196860 | &nbsp;&nbsp; $30196860 |

---

&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; $(1338170)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; (1338170)<br>|
| Currency forward contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 8381958 | &nbsp;&nbsp; 8381958 |
|  | &nbsp;&nbsp; $(1338170)<br>| &nbsp;&nbsp; $8381958 | &nbsp;&nbsp; $7043788 |
| **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; $13674088 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 13674088 |
| Currency forward contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (47461357)<br>| &nbsp;&nbsp; (47461357)<br>|
|  | &nbsp;&nbsp; $13674088 | &nbsp;&nbsp; $(47461357)<br>| &nbsp;&nbsp; $(33787269)<br>|

---

The following summarizes the range of volume in the Fund's derivative instruments during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Derivative** |  | **% of Net Assets** |
| Futures contracts | USD notional value | &nbsp;&nbsp; 10-13<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 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

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

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Notes to Consolidated Financial Statements (unaudited)

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 June 30, 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 | $188038 | $(3263817)<br>| $2670000 | $(405779)<br>|
| Barclays |  | (4580659)<br>| 4490000 | (90659)<br>|
| Citibank |  | (2571493)<br>| 2150000 | (421493)<br>|
| Goldman Sachs |  | (2340652)<br>| 2310000 | (30652)<br>|
| HSBC | 371631 | (7748900)<br>| 7130000 | (247269)<br>|
| JPMorgan |  | (936979)<br>| 860000 | (76979)<br>|
| Morgan Stanley | 636730 | (2963942)<br>| 920000 | (1407212)<br>|
| Standard Chartered |  | (5336634)<br>| 4790000 | (546634)<br>|
| State Street | 763507 | (453784)<br>|  | 309723 |
|  | $1959906 | $(30196860)<br>| $25320000 | $(2916954)<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 reim

burse 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 six months ended June 30, 2025, Dodge & Cox reimbursed expenses of $746,528 and $108,189 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.

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| Class I |  |  |
| Ordinary income | $53864141 | &nbsp;&nbsp; $129368658 |
| Long-term capital gain | $— | &nbsp;&nbsp; $— |
| Class X |  |  |
| Ordinary income | $4912005 | &nbsp;&nbsp; $11233959 |
| Long-term capital gain | $— | &nbsp;&nbsp; $— |

---

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

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Notes to Consolidated Financial Statements (unaudited)

The components of distributable earnings on a tax basis are reported as of the Fund's most recent year end. At December 31, 2024, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; $(82796514)<br>|
| Deferred loss<sup>2</sup> <br>| &nbsp;&nbsp; (4328722)<br>|
| Net unrealized depreciation | &nbsp;&nbsp; (155846764)<br>|
| Total distributable earnings | &nbsp;&nbsp; $(242972000)<br>|

---

<sup>1</sup> Represents accumulated long-term capital loss as of December 31, 2024, which may be carried forward to offset future capital gains. 

<sup>2</sup> Represents capital loss incurred between November 1, 2024 and December 31, 2024. As permitted by tax regulation, the Fund has elected to treat this loss as arising in 2025. 

At June 30, 2025, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | &nbsp;&nbsp; $3627411611 |
| Unrealized appreciation | &nbsp;&nbsp; 95137299 |
| Unrealized depreciation | &nbsp;&nbsp; (51611588)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 43525711 |

---

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 inter

fund lending facility (Facility). The Facility allows the Fund to borrow money from or loan money to the Funds. Loans under the Facility are made for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest on borrowings is the average of the current repurchase agreement rate and the bank loan rate. There was no activity in the Facility during the period.

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. For the six months ended June 30, 2025, the Fund's commitment fee amounted to $7,101 and is reflected as a Miscellaneous Expense in the Consolidated Statement of Operations. Interest on borrowings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the period.

**Note 6: Purchases and Sales of Investments**

For the six months ended June 30, 2025, purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $334,690,255 and $216,174,248, respectively. For the six months ended June 30, 2025, purchases and sales of U.S. government securities aggregated $447,971,060 and $266,873,818, respectively.

**Note 7: Subsequent Events**

Fund management has determined that no material events or transactions occurred subsequent to June 30, 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

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Consolidated Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| &nbsp;&nbsp;&nbsp; **Six Months** <br>**Ended June 30,**<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** | **2020** |
| **Class I** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &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 | &nbsp;&nbsp;&nbsp;&nbsp; $11.10 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &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>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &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>| &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<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>| &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; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $11.14 | &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 |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 7.78<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>| &nbsp;&nbsp;&nbsp;&nbsp; 11.87<br> %<br>|
| **Ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $3388 | &nbsp;&nbsp;&nbsp;&nbsp; $2935 | &nbsp;&nbsp;&nbsp;&nbsp; $2419 | &nbsp;&nbsp;&nbsp;&nbsp; $1509 | &nbsp;&nbsp;&nbsp;&nbsp; $1991 | &nbsp;&nbsp;&nbsp;&nbsp; $981 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(a)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|
| Ratio of expenses to average net assets, before <br> reimbursement by investment manager<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(a)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 4.92 %<sup>(a)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 15<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>| &nbsp;&nbsp;&nbsp;&nbsp; 112<br> %<br>|
| Portfolio turnover rate excluding TBA rolls<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15<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>| &nbsp;&nbsp;&nbsp;&nbsp; 90<br> %<br>|
| **Class X**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| **Net asset value, beginning of period** | &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;0.18 | &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;0.64 | &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;0.82 | &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; (0.19)<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; (0.19)<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 period** | &nbsp;&nbsp;&nbsp;&nbsp; $11.14 | &nbsp;&nbsp;&nbsp;&nbsp; $10.51 | &nbsp;&nbsp;&nbsp;&nbsp; $10.94 | &nbsp;&nbsp;&nbsp;&nbsp; $10.07 |  |  |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 7.82<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; $305 | &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 %<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37 %<sup>(a)</sup><br>|  |  |
| Ratio of expenses to average net assets, before <br> reimbursement by investment manager<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(a)</sup><br>|  |  |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 5.00 %<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.75 %<sup>(a)</sup><br>|  |  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 15<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>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15<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) Annualized

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

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

See accompanying Notes to Consolidated Financial Statements

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

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Board Approval of Funds' Investment Advisory Agreement

(unaudited)

On June 11, 2025, the Board of Trustees (the "Board") of the Dodge & Cox Funds (the "Trust"), including the members of the Board who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees"), voted to continue the Investment Advisory Agreement between Dodge & Cox and the Trust (the "Advisory Agreement") in effect for an additional year beginning July 1, 2025 for each series of the Trust (each a "Fund"). Prior to the Board's vote, the Trust's Contract Review Committee, consisting solely of the Independent Trustees, met with independent counsel to the Independent Trustees on May 7 and June 11, 2025, to discuss whether the Investment Advisory Agreement should be continued. At its June 11 meeting, the Board, including the Independent Trustees, concluded that the Investment Advisory Agreement is fair and reasonable. In considering the Investment Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor or particular information as all-important or controlling. In reaching the decision to continue the Investment Advisory Agreement in effect, the Board considered several factors, and reached the conclusions, described below:&nbsp;&nbsp;&nbsp;&nbsp;

Nature, Extent and Quality of Services Provided by Dodge & Cox

<sup>■</sup> The Board considered the nature, extent and quality of the services provided by Dodge & Cox to each Fund under the Advisory Agreement. This consideration included, among other things, Dodge & Cox's investment process and philosophy; the education and experience of the principal personnel of Dodge & Cox who provide such services; the other resources that Dodge & Cox uses in managing the Funds' portfolios; Dodge & Cox's record of compliance with the Funds' investment policies and restrictions and relevant regulatory and tax compliance requirements; and such matters as Dodge & Cox's business continuity planning and insurance coverage.

<sup>■</sup> The Board concluded that the nature, extent and quality of the services Dodge & Cox provides are consistent with the terms of the Advisory Agreement and support the recommendation to continue the Advisory Agreement in effect for an additional year.

<sup>■</sup> The Board also took note of the nature, extent and quality of the services that Dodge & Cox provides to the Funds and their shareholders under a separate Administrative and Shareholder Services Agreement. Although that agreement does not require Board approval on an annual basis, the services provided thereunder are an important part of the Funds' overall relationship with Dodge & Cox, and the Board's understanding and assessment of those services (including which Dodge & Cox services are provided pursuant to which agreement) were relevant factors in its decision to approve continuation of the Advisory Agreement.

Investment Performance

<sup>■</sup> The Board reviewed information regarding the total return of each Fund over the most recent 1-, 3-, 5-, 10- and 20-year periods (or since Fund inception, if shorter). The Board compared these returns to those of the Fund's broad-based securities market index and, for the Stock, Balanced, International Stock and Global Stock Funds, other appropriate indexes provided by Dodge & Cox. The Board also considered the volatility of the Funds' investment returns over various time horizons, including volatility data provided by Broadridge Financial Solutions ("Broadridge").

<sup>■</sup> In addition, the Board reviewed a report prepared by Broadridge comparing each Fund's performance with the performance of other mutual funds in the Fund's broad Morningstar category (as modified by Broadridge to include only those funds that have similar share class and expense characteristics to such Fund, the "Morningstar custom category"), as well as with the performance of a smaller peer group of comparable funds identified by Broadridge (such Fund's "peer group"). The Board received information regarding the methodology and process underlying the construction of the Morningstar custom categories and Broadridge peer groups, and any changes in the methodology from prior years. The Board also reviewed a report prepared by Dodge & Cox comparing each Fund's performance to the composite performance of other accounts (if any) managed by Dodge & Cox using the same investment approach as the Fund. This information regarding the performance of other mutual funds and of other accounts managed by Dodge & Cox provided helpful context for the Board's evaluation of the Funds' performance.

<sup>■</sup> The Board concluded that the investment performance and volatility experienced by each Fund were consistent with Dodge & Cox's long-term, research-driven, bottom-up, active investment style and support the recommendation to continue the Advisory Agreement in effect for an additional year.

Fees and Expense Ratios

<sup>■</sup> The Board reviewed a comparison prepared by Broadridge of the net expense ratio of each Fund (including the separate expense ratios of the two share classes of those Funds that have a dual class structure), and the various elements of those expense ratios, to those of mutual funds in (1) the Fund's Morningstar custom category and (2) the Fund's peer group.

<sup>■</sup> For each Fund for which such a comparison is relevant, the Board reviewed information regarding the fee rates Dodge & Cox charges for managing other accounts using the same investment approach as the Fund. In light of the fact that such other accounts may be charged lower fee rates than a Fund, the Board took note of the broader scope of services that Dodge & Cox provides to the Funds than to separate accounts and sub-advised funds, as well as differences in regulatory, litigation, and other risks associated with sponsoring a mutual fund as compared to managing separate accounts or sub-advising another sponsor's mutual fund, and

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

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certain characteristics of the market for institutional separate account management services.

<sup>■</sup> The Board concluded, after discussion and based on all the relevant information it received, that the advisory fee rate that each Fund pays to Dodge & Cox under the Advisory Agreement is reasonable in relation to the scope and quality of the services that Dodge & Cox provides to such Fund thereunder.

<sup>■</sup> In assessing the Funds' expense ratios and the fees the Funds pay to Dodge & Cox, the Board took note of and discussed with Dodge & Cox changes over the past several years in the competitive landscape for asset management services. The Board anticipates further changes in the competitive landscape and will continue to monitor and assess the Funds' competitive position.

Costs of Services Provided and Profits Realized by Dodge & Cox from its Relationship to the Funds

<sup>■</sup> Dodge & Cox informed the Board that it operates as a unified business, with most employees providing services to support the firm and its clients across multiple strategies and/or products. Consequently, the firm does not utilize cost accounting to allocate expenses across lines of business or across the Funds for management purposes. Also, the firm is owned exclusively by its senior managers and other active employees, and generally distributes substantially all of its net revenues each year to its employees, either as compensation or as a combination of compensation and distributions with respect to the shares they own in the firm. Accordingly, while Dodge & Cox provided the Board with data to consider profitability using several different possible methodologies, it is difficult, and in the Board's view not especially meaningful, to attempt to calculate a specific profit margin associated with Dodge & Cox's relationship to any particular Fund.

<sup>■</sup> The Board believes that Dodge & Cox's commitment to employee ownership of the firm enhances its ability to attract and retain key investment and other management professionals and reinforces a long-term perspective on the management of the firm and the Funds, which the Board believes aligns well with the interests of the Funds and their shareholders.

<sup>■</sup> The Board noted that the employee-shareholders of Dodge & Cox give up a substantial stock value (which would be taxed at long-term capital gains rates) as a consequence of the firm's independence from outside ownership; the estimated market value of the company is substantially in excess of its book value.

<sup>■</sup> The Board also considered that Dodge & Cox's fee revenues from the Funds fluctuate from year to year based on changes in the aggregate net assets of the Funds, and that the firm has continued to invest in improved systems, additional compliance resources, and enhanced research capabilities despite these fluctuations.

<sup>■</sup> The Board concluded that the profitability data provided by Dodge & Cox was based upon a reasonable range of assumptions and methodologies. The Board also concluded that Dodge & Cox's profits are a keystone of its independence, stability and long-term investment performance, and are reasonable.

Economies and Benefits of Scale

<sup>■</sup> The Board considered whether there have been economies or benefits of scale as the Funds have grown over the longer term, and whether fee levels reflect economies of scale for the benefit of Fund investors. In the Board's view, any consideration of economies of scale must take account of the relatively low overall fee and expense structure of the Funds. The Funds generally rank favorably when compared to their Broadridge custom categories and peer groups, on a net expense ratio basis.

<sup>■</sup> Dodge & Cox has built economies of scale into its fee structure by charging relatively low fees at the beginning of operations. A comparison of the Funds' advisory fee rates to those of many otherwise comparable funds that employ fee "breakpoints" shows that the Funds' advisory fee rates are in general relatively lower from the first dollar. As a result of their straightforward share class and fee structure and relatively low total expenses, the Funds provide small investors with access to professional, active portfolio management and related services at a reasonable cost. In addition to building economies of scale into its fee rates from the first dollar of each Fund's assets, Dodge & Cox has capped the expenses borne by certain Funds in their early years of operations when those Funds are not yet operating at scale. The Global Bond Fund has benefited from such an expense cap since its inception in 2014, as has the Emerging Markets Stock Fund since its inception in 2021. Dodge & Cox, in 2023, agreed to continue expense caps for those Funds, and for the X share class of each of the other Funds, through April 30, 2026.

<sup>■</sup> Over the years, Dodge & Cox has voluntarily forgone opportunities for growth in its assets under management and revenues in order to protect the Funds' ability to achieve investment returns for shareholders. Dodge & Cox closed the International Stock Fund for a number of years beginning in 2015 and previously closed other Funds and limited the growth of its separate account business during periods of high growth—to Dodge & Cox's economic detriment—and continues to closely monitor the size of the Funds.

<sup>■</sup> The Board also noted that Dodge & Cox has continued to make additional expenditures on staff and information technology to enable it to enhance its investment processes and to implement effectively the Funds' strategies. The Board also considered that there may be certain diseconomies of scale associated with managing very large asset pools such as several of the Funds, insofar as certain of the costs or risks associated with managing the Funds potentially increase at a rate that exceeds the rate of asset growth.

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

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Fall-Out Benefits and Other Matters

<sup>■</sup> The Board concluded that any "fall-out" benefits derived by Dodge & Cox from its relationship with the Funds are not a significant issue.

<sup>■</sup> The Board considered the information provided regarding any conflicts of interests present and Dodge & Cox's efforts to mitigate such conflicts.

<sup>■</sup> The Board considered that the Funds have never been a party to any litigation.

PAGE 17 <sup>■</sup> Dodge & Cox Global Bond Fund

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ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

None.

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ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

None.

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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.

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ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

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

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ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

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ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

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ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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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.

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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.

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ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

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ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

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ITEM 19. EXHIBITS.

(a)(1) Not required in a semi-annual report on Form N-CSR.

(a)(2) Not applicable.

(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)

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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/ Dana M. Emery

Dana M. Emery

Chair and President - Principal Executive Officer

Date: August 28, 2025

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/ Dana M. Emery

Dana M. Emery

Chair and President - Principal Executive Officer

By: /s/ Shelly Chu

Shelly Chu

Treasurer - Principal Financial Officer

Date: August 28, 2025

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## Ex-99.Cert

I, Dana M. Emery, 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: August 28, 2025

<u>/s/ Dana M. Emery</u> Dana M. Emery

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: August 28, 2025

<u>/s/ Shelly Chu</u> Shelly Chu

Treasurer – Principal Financial Officer

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## 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.

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| | |
|:---|:---|
| Date: August 28, 2025 | <u>/s/ Dana M. Emery</u> |
|  | Dana M. Emery |
|  | Chair and President – Principal Executive Officer |

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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: August 28, 2025 | <u>/s/ Shelly Chu</u> |
|  | Shelly Chu |
|  | Treasurer – Principal Financial Officer |

---

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