# EDGAR Filing Document

**Accession Number:** 0000029440
**File Stem:** 0001193125-23-053394
**Filing Date:** 2023-2
**Character Count:** 1054277
**Document Hash:** 2b694c267d3426d618da47313f073245
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-053394.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001193125-23-053394

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DODGE & COX FUNDS
- **CENTRAL INDEX KEY:** 0000029440
- **IRS NUMBER:** 946067274
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00173
- **FILM NUMBER:** 23683507

**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           |

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

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

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## DODGE & COX FUNDS
**(Exact name of registrant as specified in charter)** 

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**555 California Street, 40th Floor** 

**San Francisco, CA 94104** 

**(Address of principal executive offices) (Zip code)** 

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**Roberta R.W. Kameda, Esq.** 

**555 California Street, 40th Floor** 

**San Francisco, CA 94104** 

**(Name and address of agent for service)** 

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

**Date of fiscal year end: DECEMBER 31, 2022** 

**Date of reporting period: DECEMBER 31, 2022** 

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

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

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ITEM 1. REPORTS TO STOCKHOLDERS.

(a) The following are the December 31, 2022 annual reports for 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 of each series were transmitted to their respective shareholders on February 21, 2023.

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![](g451839img732d40ee1.gif)

2022 <br>**December 31, 2022**

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**Annual Report**

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

**ESTABLISHED 1965**

12/22 SF AR Printed on recycled paper ![](g451839imgf3d56b632.gif)

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To Our Shareholders (unaudited)

The Dodge & Cox Stock Fund — Class I had a total return of -7.22% for the year ended December 31, 2022 compared to -18.11% for the S&P 500 Index and -7.54% for the Russell 1000 Value Index.<sup>1</sup>

**Market Commentary**

In 2022, the broad-based U.S. equity market posted a negative return during a challenging year. The S&P 500 was down 18% and had its worst calendar year return since 2008. Energy (up 66%) was the S&P 500's standout sector during the year, and Utilities (up 2%) was the only other sector with a positive return.

U.S. inflation spiked in 2022 and remained elevated at 6.5% (as measured by the Consumer Price Index<sup>2</sup>) as of December 31. Amid heightened concerns about inflation, the Federal Reserve raised U.S. interest rates to their highest level in 15 years. The outlook for economic growth deteriorated and fears of recession increased.

U.S. equity market valuations have declined, with the S&P 500 now trading at 17.2 times forward earnings.<sup>3</sup> Valuations compressed as companies faced a combination of supply chain bottlenecks, higher input prices, weaker consumer demand, and tighter credit markets. U.S. value stocks<sup>4</sup> outperformed growth stocks by 21.6 percentage points in 2022.<sup>5</sup> While the valuation disparity between value and growth stocks also narrowed, it remains wide: the Russell 1000 Value trades at 14.6 times forward earnings compared to 21.5 times for the Russell 1000 Growth Index.<sup>6</sup> While rates rose throughout the year, the valuation spread between stocks benefiting from, and those hindered by, low interest rates continues to be sizeable.

**Investment Strategy**

The Fund had a positive return in the fourth quarter of 2022, outperforming the S&P 500 by 5.4 percentage points and the Russell 1000 Value by 0.6 percentage points.<sup>7</sup> For the full year, the Fund had a negative return, but declined significantly less than the S&P 500, and modestly less than the Russell 1000 Value. The Fund benefited from its Energy holdings' strong performance and our long-held valuation discipline, as we avoided exposure to high-valuation companies that experienced dramatic share price declines. We believe the Fund is well positioned over the long term. Our individual security selection has resulted in a diversified portfolio with exposure to a variety of investment theses. Areas of emphasis include Financials, which have benefited from higher rates, and Health Care, which has below-average sensitivity to economic growth. The Fund's portfolio trades at 11.5 times forward earnings, a significant discount to the S&P 500 and Russell 1000 Value, which trade at 17.2 times and 14.6 times, respectively.

We believe volatile market environments can provide opportunities for investors with patience, discipline, and a long-term investment horizon. Our active, value-oriented approach has enabled us to navigate many uncertain environments successfully. We make investment decisions based on our long-term assessment of a company's fundamentals and are not overly influenced by short-term considerations. Our valuation discipline helps us to avoid areas where we believe valuations are not supported by a company's long-term prospects. We seek to take advantage of valuation declines for

companies whose long-term outlook is positive in our view. Based on this approach, we started positions in a number of companies in 2022, including Amazon and General Electric.<sup>8</sup>

At Dodge & Cox, we invest for the long term. Our investment horizon is three to five years, although we often hold positions for much longer. As we near the three-year anniversary since the start of the COVID-19 pandemic, it is timely to highlight how we have applied our investment philosophy during this very volatile period.

Responding to Changes in Market Environment

In early 2020, U.S. equity markets declined dramatically due to concerns about the COVID-19 pandemic and the economic impact of containment policies globally. As a result of COVID-19, stock returns were bifurcated: shares of companies that were largely immune to or benefited from the pandemic's economic impact performed well on a relative basis, while those hurt by the economic consequences of the pandemic underperformed. In the first half of 2020, we added to economically sensitive areas of the market that declined significantly (e.g., Energy, Financials), while trimming from more economically stable areas (e.g., Pharmaceuticals, Communication Services).

Following the development of an effective COVID-19 vaccine in late 2020, many stocks geared to economic reopening outperformed. Our purchases of out-of-favor securities during 2020 contributed to strong absolute and relative performance for the Fund in 2021. Our results during this market reversal highlight the value of our disciplined, contrarian approach.

In 2021, the portfolio's Financials and Energy holdings performed well, and we trimmed these areas as valuations recovered. Conversely, Health Care, Communication Services, and other economically resilient segments of the market lagged. We added to these areas based on their more attractive relative valuations and durable business models, as well as company-specific factors.

Since the first quarter of 2022, markets have been more volatile. Valuations have compressed amid concerns about rising inflation, interest rates, and recession fears. We believe our portfolio is well-positioned for an environment of higher interest rates and slowing economic growth. The portfolio has exposure to more cyclical areas of the economy, like Financials and Energy, which together accounted for 31% of the Fund at the end of 2022. This is balanced by a similar exposure to relatively more stable sectors, like Health Care and Communications Services, which combined comprised 32% of the Fund at year end. Below we discuss Pharmaceuticals and Biotechnology, a key area of emphasis in the portfolio.

Pharmaceuticals and Biotechnology

Additions to Pharmaceuticals and Biotechnology were a key portfolio theme in 2021 and 2022. We found investment opportunities that we believe are less vulnerable to economic downturns and trade at low valuations. This contrasts with other stable sectors, such as Consumer Staples and Utilities, which have an unfavorable combination of high valuations and low growth.

We analyze a company's financial prospects by evaluating various scenarios and developing a range of forecasts: a base, down, and upside case for earnings and cash flows, as well as other financial

PAGE 1 <sup>◾</sup> Dodge & Cox Stock Fund

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metrics. The future is always uncertain, and the range of projected outcomes can be as important as the central or base case. Recession risk in the United States is currently elevated, as the Fed is raising interest rates while the economy slows. We have responded by introducing a fourth forecast scenario—a recession case—modeled using consistent assumptions for interest rates, unemployment, and market levels for the Fund's holdings across all industries.

We believe biopharmaceutical stocks can perform relatively well in a recession scenario. Revenues for many of these companies are generally stable, and do not fluctuate with the broader economy. Margins also are typically more resilient, and less sensitive to economic growth. Based on our analysis of all of the scenarios, we also believe our holdings provide an attractive risk/reward profile, with upside potential due to innovation and product development. We added to positions throughout 2021 and 2022, including Elanco Animal Health, Gilead Sciences, GSK, Regeneron Pharmaceuticals, and Sanofi, and holdings in Pharmaceuticals and Biotechnology were 15% of the Fund at year end.

**In Closing**

Our decision-making process combines rigorous company analysis by our experienced team with a strong price discipline and a long- term investment horizon. We believe this approach provides us with a competitive advantage, as many other investors are more focused on shorter-term factors. The Fund's low turnover and high active share<sup>9</sup> mean that performance in any one year is a function of cumulative decisions over an extended period. We urge Fund shareholders to take a long-term view, as we do in managing the portfolio.

Thank you for your continued confidence in Dodge & Cox. As always, we welcome your comments and questions.

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| |
|:---|
| For the Board of Trustees, |
| ![](g451839img4d4ad2173.gif) |
| Dana M. Emery, <br>Chair and President<br>|

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January 31, 2023

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| | |
|:---|:---|
| 1 | &nbsp;&nbsp; All returns are stated in U.S. dollars, unless otherwise noted. The Funds' total returns <br> include the reinvestment of dividend and capital gain distributions, but have not been <br> adjusted for any income taxes payable by shareholders on these distributions or on <br> Fund share redemptions. Index returns include dividend and/or interest income but, <br> unlike Fund returns, do not reflect fees or expenses. The S&P 500 Index is a market <br> capitalization-weighted index of 500 large-capitalization stocks commonly used to <br> represent the U.S. equity market. The Russell 1000 Value Index is a broad-based, <br> unmanaged equity market index composed of those Russell 1000 companies with <br> lower price-to-book ratios and lower forecasted growth values.<br>|
| 2 | &nbsp;&nbsp; The Consumer Price Index is a measure of the average change over time in the prices <br> paid by urban consumers for a market basket of consumer goods and services.<br>|
| 3 | &nbsp;&nbsp; Unless otherwise specified, all weightings and characteristics are as of <br> December 31, 2022. Price-to-earnings (forward) ratios are calculated using <br> 12-month forward earnings estimates from third-party sources as of the reporting <br> period. Estimates reflect a consensus of sell-side analyst estimates, which may lag <br> as market conditions change.<br>|
| 4 | &nbsp;&nbsp; Generally, stocks that have lower valuations are considered "value" stocks, while <br> those with higher valuations are considered "growth" stocks.<br>|
| 5 | &nbsp;&nbsp; For the 12 months ended December 31, 2022, the Russell 1000 Value Index had a <br> total return of -7.56% and the Russell 1000 Growth Index had a total return of <br> -29.14%.<br>|
| 6 | &nbsp;&nbsp; The Russell 1000 Growth Index is a broad-based, unmanaged equity market index <br> composed of those Russell 1000 companies with higher price-to-book ratios and <br> higher forecasted growth values.<br>|
| 7 | Return for the Stock Fund's Class I shares. |
| 8 | &nbsp;&nbsp; The use of specific examples does not imply that they are more or less attractive <br> investments than the portfolio's other holdings.<br>|
| 9 | &nbsp;&nbsp; Active share is a measure of how much an investment portfolio differs from its <br> primary benchmark index, based on a scale of 0% (complete overlap with the index) <br> to 100% (no overlap). Overlap for each security in the Fund is the lower of either its <br> percentage weight in the Fund or its percentage weight in the relevant index. Active <br> share is calculated as 100% minus the sum of the overlapping security weights.<br>|

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Dodge & Cox Stock Fund <sup>◾</sup> PAGE 2

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2022 Performance Review for the Fund's Class I Shares (unaudited)

The Fund outperformed the S&P 500 by 10.89 percentage points in 2022.

**Key contributors to relative results included the Fund's:**

<sup>◾</sup> Energy overweight and holdings—especially Occidental Petroleum, ConocoPhillips, and Williams Companies;

<sup>◾</sup> Stock selection in Information Technology—including VMware and Microsoft—and underweight position in the sector;

<sup>◾</sup> Health Care holdings—particularly Cigna, Sanofi, and Gilead Sciences—and overweight position in the sector; <br>

<sup>◾</sup> Financials overweight and holdings—including MetLife and Charles Schwab; and, <br>

<sup>◾</sup> Position in Raytheon Technologies. <br>

**Key detractors from relative results included the Fund's:**

<sup>◾</sup> Underweight positions in the Consumer Staples and Utilities sectors; and, <br>

<sup>◾</sup> Positions in Charter Communications, Capital One Financial, Elanco Animal Health, FedEx, and DISH Network. <br>

The Fund outperformed the Russell 1000 Value by 0.32 percentage points in 2022.

**Key contributors to relative results included the Fund's:**

<sup>◾</sup> Energy overweight and holdings—including Occidental Petroleum, ConocoPhillips, Williams Companies, and Schlumberger; <br>

<sup>◾</sup> Health Care holdings—particularly Cigna and Gilead Sciences—and overweight position in the sector; <br>

<sup>◾</sup> Real Estate underweight position and stock selection; and,

<sup>◾</sup> Positions in MetLife, Charles Schwab, and Raytheon Technologies.

**Key detractors from relative results included the Fund's:**

<sup>◾</sup> The Communication Services holdings—including Charter Communications, Alphabet, Meta Platforms, and DISH Network—and overweight position in the sector; <br>

<sup>◾</sup> Underweight positions in the Utilities and Consumer Staples sectors; and,

<sup>◾</sup> Positions in Capital One Financial, FedEx, Elanco Animal Health, and Microsoft. <br>

Key Characteristics of Dodge & Cox

**Independent Organization** 

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

**Over 90 Years of Investment Experience** 

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

**Experienced Investment Team**

The U.S. Equity Investment Committee, which is the decision-making body for the Stock Fund, is a seven-member committee with an average tenure of 20 years at Dodge & Cox.

**One Business with a Single Decision-Making Office** 

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

**Consistent Investment Approach** 

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

**Long-Term Focus and Low Expenses** 

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

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

**Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security. Please see the Portfolio of Investments section in this report for a complete list of fund holdings.**

PAGE 3 <sup>◾</sup> Dodge & Cox Stock Fund

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Growth of $10,000 Over 10 Years (unaudited)

For An Investment Made On December 31, 2012 ![](g451839imgc62428e54.gif)

**Average Annual Total Return**

For Periods Ended December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **20 Years** |
| Dodge & Cox Stock Fund |  |  |  |  |
| Class I | &nbsp;&nbsp; -7.22% | 8.72% | 12.44% | 9.84% |
| Class X<sup>(a)</sup> <br>| &nbsp;&nbsp; -7.15 | 8.74 | 12.45 | 9.85 |
| S&P 500 Index | -18.11 | 9.42 | 12.56 | 9.80 |
| Russell 1000 Value Index | &nbsp;&nbsp; -7.54 | 6.67 | 10.29 | 8.83 |

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**Expense Ratios**

Per the Prospectus Dated May 1, 2022

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| | | |
|:---|:---|:---|
|  | **Net Expense** <br>**Ratio**<br>| **Gross Expense** <br>**Ratio**<br>|
| Dodge & Cox Stock Fund |  |  |
| Class I | 0.51% | 0.51% |
| Class X | 0.41%<sup>(b)</sup> <br>| 0.46% |

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<sup>(a)</sup> The Class X shares inception date is May 2, 2022. The returns shown prior to that date are for the Class I shares. 

<sup>(b)</sup> Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain Total Annual Fund Operating Expenses of the Dodge & Cox Stock Fund — Class X at 0.41% until April 30, 2023. This agreement cannot be terminated prior to April 30, 2023 other than by resolution of the Fund's Board of Trustees. The term of the agreement renews annually unless terminated with 30 days' written notice by either party prior to the end of the term. The agreement does not permit Dodge & Cox to recoup any fees waived or payments made to the Fund for a prior year. 

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

The Fund's total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include dividends but, unlike Fund returns, do not reflect fees or expenses. The S&P 500 Index is a market capitalization-weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. The Russell 1000 Value Index is a broad-based, unmanaged equity market index composed of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

*S&P 500*<sup>®</sup> *is a trademark of S&P Global Inc. Russell 1000*<sup>®</sup> *is a trademark of the London Stock Exchange Group plc.* 

*For more information about these indices, visit:* <br>*www.dodgeandcox.com/stockfund*

Dodge & Cox Stock Fund <sup>◾</sup> PAGE 4

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Portfolio Information (unaudited) December 31, 2022

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| | |
|:---|:---|
| **Sector Diversification** | **% of Net Assets** |
| Financials | **22.9** |
| Health Care | **21.3** |
| Information Technology | **17.6** |
| Communication Services | **11.1** |
| Industrials | **10.2** |
| Energy | **7.7** |
| Consumer Discretionary | **3.0** |
| Consumer Staples | **2.8** |
| Materials | **1.5** |
| Real Estate | **0.3** |
| Net Cash & Other<sup>(a)</sup> <br>| **1.6** |

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

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

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Fund Expense Example (unaudited)

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

Actual Expenses

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

Hypothetical Example for Comparison with Other Mutual Funds

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Six Months Ended** <br>**December 31, 2022**<br>| **Beginning Account Value** <br>**7/1/2022**<br>| **Ending Account Value** <br>**12/31/2022**<br>| **Expenses Paid** <br>**During Period\***<br>| **Annualized** <br>**Expense Ratio**<br>|
| **Class I** |  |  |  |  |
| Based on actual return | $1000.00 | $1048.60 | $2.63 | 0.51% |
| Based on hypothetical 5% yearly return | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.63 | &nbsp;&nbsp; 2.60 | 0.51 |
| **Class X** |  |  |  |  |
| Based on actual return | $1000.00 | $1049.30 | $2.12 | 0.41% |
| Based on hypothetical 5% yearly return | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.14 | &nbsp;&nbsp; 2.09 | 0.41 |

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\* Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

PAGE 5 <sup>◾</sup> Dodge & Cox Stock Fund

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Portfolio of Investments December 31, 2022

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| | | |
|:---|:---|:---|
| **Common Stocks: 98.4%** | **Common Stocks: 98.4%** | **Common Stocks: 98.4%** |
|  | **Shares** | **Value** |
| **Communication Services: 11.1%** | **Communication Services: 11.1%** | **Communication Services: 11.1%** |
| Media & Entertainment: 9.9% | Media & Entertainment: 9.9% | Media & Entertainment: 9.9% |
| Alphabet, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 6911700 | $609819291 |
| Alphabet, Inc., Class C<sup>(a)</sup> <br>| 26109360 | &nbsp;&nbsp;&nbsp;&nbsp; 2316683513 |
| Charter Communications, Inc., <br> Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 5085386 | &nbsp;&nbsp;&nbsp;&nbsp; 1724454393 |
| Comcast Corp., Class A | 46512494 | &nbsp;&nbsp;&nbsp;&nbsp; 1626541915 |
| DISH Network Corp., Class A<sup>(a)</sup> <br>| 26325837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369614751 |
| Fox Corp., Class A | 27659475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840018256 |
| Fox Corp., Class B | &nbsp;&nbsp; 8419433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239532869 |
| Meta Platforms, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 7444900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895919266 |
| News Corp., Class A | &nbsp;&nbsp; 7697190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140088858 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8762673112 |
| Telecommunication Services: 1.2% | Telecommunication Services: 1.2% | Telecommunication Services: 1.2% |
| T-Mobile U.S., Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 7438337 | &nbsp;&nbsp;&nbsp;&nbsp; 1041367180 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9804040292 |
| **Consumer Discretionary: 3.0%** | **Consumer Discretionary: 3.0%** | **Consumer Discretionary: 3.0%** |
| Automobiles & Components: 0.8% | Automobiles & Components: 0.8% | Automobiles & Components: 0.8% |
| Honda Motor Co., Ltd. ADR (Japan) | 31383300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717422238 |
| Consumer Services: 0.9% | Consumer Services: 0.9% | Consumer Services: 0.9% |
| Booking Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815442746 |
| Retailing: 1.3% | Retailing: 1.3% | Retailing: 1.3% |
| Amazon.com, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 9441300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 793069200 |
| Qurate Retail, Inc., Series A<sup>(a)(b)</sup> <br>| 33211534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54134800 |
| The Gap, Inc.<sup>(b)</sup> <br>| 26631900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300407832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1147611832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2680476816 |
| **Consumer Staples: 2.8%** | **Consumer Staples: 2.8%** | **Consumer Staples: 2.8%** |
| Food, Beverage & Tobacco: 2.2% | Food, Beverage & Tobacco: 2.2% | Food, Beverage & Tobacco: 2.2% |
| Anheuser-Busch InBev SA/NV ADR <br> (Belgium)<br>| 17639700 | &nbsp;&nbsp;&nbsp;&nbsp; 1059087588 |
| Molson Coors Beverage Co., <br> Class B<sup>(b)</sup> <br>| 18195425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 937428296 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1996515884 |
| Household & Personal Products: 0.6% | Household & Personal Products: 0.6% | Household & Personal Products: 0.6% |
| Haleon PLC ADR<sup>(a)</sup> (United Kingdom) | 63918341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511346728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2507862612 |
| **Energy: 7.7%** | **Energy: 7.7%** | **Energy: 7.7%** |
| Baker Hughes Co., Class A | 20751508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 612792031 |
| ConocoPhillips | &nbsp;&nbsp; 9618158 | &nbsp;&nbsp;&nbsp;&nbsp; 1134942644 |
| Occidental Petroleum Corp.<sup>(b)</sup> <br>| 60553726 | &nbsp;&nbsp;&nbsp;&nbsp; 3814279201 |
| Occidental Petroleum Corp., <br> Warrant<sup>(a)(b)</sup> <br>| &nbsp;&nbsp; 9423052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388512434 |
| The Williams Companies, Inc. | 26598565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875092789 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6825619099 |
| **Financials: 22.9%** | **Financials: 22.9%** | **Financials: 22.9%** |
| Banks: 5.3% | Banks: 5.3% | Banks: 5.3% |
| Bank of America Corp. | 25863500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856599120 |
| Truist Financial Corp. | 12815044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551431343 |
| Wells Fargo & Co. | 79205641 | &nbsp;&nbsp;&nbsp;&nbsp; 3270400917 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4678431380 |
| Diversified Financials: 13.5% | Diversified Financials: 13.5% | Diversified Financials: 13.5% |
| American Express Co. | &nbsp;&nbsp; 2826014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417543569 |
| Bank of New York Mellon Corp. | 36999624 | &nbsp;&nbsp;&nbsp;&nbsp; 1684222884 |
| Capital One Financial Corp.<sup>(b)</sup> <br>| 23541913 | &nbsp;&nbsp;&nbsp;&nbsp; 2188456232 |
| Charles Schwab Corp. | 51614500 | &nbsp;&nbsp;&nbsp;&nbsp; 4297423270 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp; 4201520 | &nbsp;&nbsp;&nbsp;&nbsp; 1442717938 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| State Street Corp. | 15597100 | $1209867047 |
| UBS Group AG, NY Shs (Switzerland) | 35680800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666160536 |
|  |  | &nbsp;&nbsp; 11906391476 |
| Insurance: 4.1% | Insurance: 4.1% | Insurance: 4.1% |
| Aegon NV, NY Shs (Netherlands) | 98306939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495466973 |
| Brighthouse Financial, Inc.<sup>(a)(b)</sup> <br>| &nbsp;&nbsp; 6627963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339815663 |
| Lincoln National Corp. | &nbsp;&nbsp; 2750880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84507034 |
| MetLife, Inc. | 37310942 | &nbsp;&nbsp;&nbsp;&nbsp; 2700192872 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3619982542 |
|  |  | &nbsp;&nbsp; 20204805398 |
| **Health Care: 21.3%** | **Health Care: 21.3%** | **Health Care: 21.3%** |
| Health Care Equipment & Services: 6.0% | Health Care Equipment & Services: 6.0% | Health Care Equipment & Services: 6.0% |
| Cigna Corp. | &nbsp;&nbsp; 7755172 | &nbsp;&nbsp;&nbsp;&nbsp; 2569598690 |
| CVS Health Corp. | &nbsp;&nbsp; 8998500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838570215 |
| Medtronic PLC | &nbsp;&nbsp; 3056000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237512320 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 2264560 | &nbsp;&nbsp;&nbsp;&nbsp; 1200624421 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 3799400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484423500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5330729146 |
| Pharmaceuticals, Biotechnology & Life Sciences: 15.3% | Pharmaceuticals, Biotechnology & Life Sciences: 15.3% | Pharmaceuticals, Biotechnology & Life Sciences: 15.3% |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2961777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703866304 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 8834825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 914316039 |
| Bristol-Myers Squibb Co. | 11255039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 809800056 |
| Elanco Animal Health, Inc.<sup>(a)(b)</sup> <br>| 54903300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670918326 |
| Gilead Sciences, Inc. | 25187812 | &nbsp;&nbsp;&nbsp;&nbsp; 2162373660 |
| GSK PLC ADR (United Kingdom) | 45460757 | &nbsp;&nbsp;&nbsp;&nbsp; 1597491001 |
| Incyte Corp.<sup>(a)(b)</sup> <br>| 12002300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964024736 |
| Novartis AG ADR (Switzerland) | 14909200 | &nbsp;&nbsp;&nbsp;&nbsp; 1352562624 |
| Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 1424285 | &nbsp;&nbsp;&nbsp;&nbsp; 1027607385 |
| Roche Holding AG ADR (Switzerland) | 11054899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432799296 |
| Sanofi ADR (France) | 59876028 | &nbsp;&nbsp;&nbsp;&nbsp; 2899796036 |
|  |  | &nbsp;&nbsp; 13535555463 |
|  |  | &nbsp;&nbsp; 18866284609 |
| **Industrials: 10.2%** | **Industrials: 10.2%** | **Industrials: 10.2%** |
| Capital Goods: 8.1% | Capital Goods: 8.1% | Capital Goods: 8.1% |
| Carrier Global Corp. | 11197079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461879509 |
| General Electric Co. | 24055400 | &nbsp;&nbsp;&nbsp;&nbsp; 2015601966 |
| Johnson Controls International PLC | 31788917 | &nbsp;&nbsp;&nbsp;&nbsp; 2034490688 |
| Otis Worldwide Corp. | &nbsp;&nbsp; 4040950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316446794 |
| Raytheon Technologies Corp. | 22984100 | &nbsp;&nbsp;&nbsp;&nbsp; 2319555372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7147974329 |
| Transportation: 2.1% | Transportation: 2.1% | Transportation: 2.1% |
| FedEx Corp. | 10797177 | &nbsp;&nbsp;&nbsp;&nbsp; 1870071057 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9018045386 |
| **Information Technology: 17.6%** | **Information Technology: 17.6%** | **Information Technology: 17.6%** |
| Semiconductors & Semiconductor Equipment: 1.2% | Semiconductors & Semiconductor Equipment: 1.2% | Semiconductors & Semiconductor Equipment: 1.2% |
| Microchip Technology, Inc. | 14913966 | &nbsp;&nbsp;&nbsp;&nbsp; 1047706111 |
| Software & Services: 9.9% | Software & Services: 9.9% | Software & Services: 9.9% |
| Cognizant Technology Solutions <br> Corp., Class A<br>| 14309977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 818387585 |
| Fidelity National Information Services, <br> Inc.<br>| 17508600 | &nbsp;&nbsp;&nbsp;&nbsp; 1187958510 |
| Fiserv, Inc.<sup>(a)</sup> <br>| 23192100 | &nbsp;&nbsp;&nbsp;&nbsp; 2344025547 |
| Micro Focus International PLC ADR<sup>(b)</sup> <br> (United Kingdom)<br>| 22784028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143767217 |
| Microsoft Corp. | &nbsp;&nbsp; 7424600 | &nbsp;&nbsp;&nbsp;&nbsp; 1780567572 |
| PayPal Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 5336500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380065530 |
| VMware, Inc., Class A<sup>(a)</sup> <br>| 16817283 | &nbsp;&nbsp;&nbsp;&nbsp; 2064489661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8719261622 |

---

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

------

Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  | **Shares** | **Value** |
| Technology, Hardware & Equipment: 6.5% | Technology, Hardware & Equipment: 6.5% | Technology, Hardware & Equipment: 6.5% |
| Cisco Systems, Inc. | 29078287 | $1385289593 |
| Coherent Corp.<sup>(a)(b)</sup> <br>| 11296700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396514170 |
| Dell Technologies, Inc., Class C | 12982488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522155667 |
| Hewlett Packard Enterprise Co.<sup>(b)</sup> <br>| 43159749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688829594 |
| HP, Inc.<sup>(b)</sup> <br>| 37417656 | &nbsp;&nbsp;&nbsp;&nbsp; 1005412417 |
| Juniper Networks, Inc.<sup>(b)</sup> <br>| 26484065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846430717 |
| TE Connectivity, Ltd. (Switzerland) | &nbsp;&nbsp; 8156375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936351850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5780984008 |
|  |  | &nbsp;&nbsp; 15547951741 |
| **Materials: 1.5%** | **Materials: 1.5%** | **Materials: 1.5%** |
| Celanese Corp. | &nbsp;&nbsp; 4444798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454436147 |
| LyondellBasell Industries NV, Class A | 10409163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864272804 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1318708951 |
| **Real Estate: 0.3%** | **Real Estate: 0.3%** | **Real Estate: 0.3%** |
| Gaming and Leisure Properties, Inc. <br> REIT<br>| &nbsp;&nbsp; 4424794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230487520 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** <br>(Cost $63,868,639,376)<br>|  | **$87004282424** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments: 1.4%** | **Short-Term Investments: 1.4%** | **Short-Term Investments: 1.4%** |
|  | **Par Value/** <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 1.0%** | **Repurchase Agreements: 1.0%** | **Repurchase Agreements: 1.0%** |
| Barclays Plc<sup>(c)</sup> <br>4.27%, dated 12/30/22, due 1/3/23, <br> maturity value $65,030,839<br>| $65000000 | $65000000 |
| Fixed Income Clearing Corporation<sup>(c)</sup> <br>1.80%, dated 12/30/22, due 1/3/23, <br> maturity value $352,330,452<br>| &nbsp;&nbsp; 352260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352260000 |
| Fixed Income Clearing Corporation<sup>(c)</sup> <br>4.26%, dated 12/30/22, due 1/3/23, <br> maturity value $300,142,000<br>| &nbsp;&nbsp; 300000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000000 |
| Royal Bank of Canada<sup>(c)</sup> <br>4.24%, dated 12/30/22, due 1/3/23, <br> maturity value $65,030,622<br>| &nbsp;&nbsp;&nbsp;&nbsp; 65000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000000 |
| Royal Bank of Canada<sup>(c)</sup> <br>4.05%, dated 12/30/22, due 1/3/23, <br> maturity value $25,011,250<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| Standard Chartered<sup>(c)</sup> <br>4.26%, dated 12/30/22, due 1/3/23, <br> maturity value $65,030,767<br>| &nbsp;&nbsp;&nbsp;&nbsp; 65000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872260000 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value/**<br> **Shares**<br>| **Value** |
| **Money Market Fund: 0.4%** | **Money Market Fund: 0.4%** | **Money Market Fund: 0.4%** |
| State Street Institutional <br> U.S. Government Money Market Fund <br> - Premier Class<br>| &nbsp;&nbsp; 353587855 | $353587855 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $1,225,847,855) | &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $1,225,847,855) | **$1225847855** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments In Securities** <br>(Cost $65,094,487,231)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.8% | **$88230130279** |
| Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154632154 |
| **Net Assets** | **100.0%** | **$88384762433** |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> <br>| Non-income producing |
| <sup>(b)</sup> <br>| See below regarding holdings of 5% voting securities |
| <sup>(c)</sup> <br>| Repurchase agreements are collateralized by: <br>Barclays: U.S. Treasury Note 3.125%, 8/31/29. Total collateral value is $66,331,460. <br>Fixed Income Clearing Corporation: U.S. Treasury Notes 0.625%-1.50%, 2/28/23-<br> 5/15/30. U.S. Treasury Inflation Indexed Notes 0.125%, 1/15/30-7/15/30. <br> U.S. Treasury Bills, 2/21/23. Total collateral value is $665,305,357. <br>Royal Bank of Canada: U.S. Treasury Notes 2.25%-2.875%, 3/31/24-3/31/29. Total <br> collateral value is $91,842,832. <br>Standard Chartered: U.S. Treasury Notes 1.875%-4.375%, 10/31/24-2/15/41. Total <br> collateral value is $66,331,382.<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

**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— Long Position | 6058 | 3/17/23 | $1169496900 | $(32496462) |

---

**Holdings of 5% Voting Securities**

Each of the companies listed below was considered to be an affiliate of the Fund because the Fund owned 5% or more of the company's voting securities during all or part of the year ended December 31, 2022. Further detail on these holdings and related activity during the year appear below.

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

------

Portfolio of Investments December 31, 2022

**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 12.5%** |  |  |  |  |  |  |  |
| **Consumer Discretionary** <br> **0.4%**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Qurate Retail, Inc., <br> Series A<sup>(a)</sup> <br>| $252247906 | $128150 | $(62875) | $(454500) | $(197723881) | $54134800 | $— |
| The Gap, Inc. | 310332890 | 159554585 |  |  | (169479643) | 300407832 | 14076867 |
|  |  |  |  |  |  | 354542632 |  |
| **Consumer Staples 1.1%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., <br> Class B<br>| 841935004 | 2095100 | (335878) | 145815 | 93588255 | 937428296 | 27633714 |
| **Energy 4.7%** |  |  |  |  |  |  |  |
| Occidental Petroleum Corp. | 1982293469 | 6511495 | (448323668) | (80226641) | 2354024546 | 3814279201 | 32565157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., <br> Warrant<sup>(a)</sup> <br>| 118470824 | 999568 |  |  | 269042042 | 388512434 |  |
|  |  |  |  |  |  | 4202791635 |  |
| **Financials 2.9%** |  |  |  |  |  |  |  |
| Brighthouse Financial, Inc.<sup>(a)</sup> <br>| 344411103 | 662720 | (1692603) | 313131 | (3878688) | 339815663 |  |
| Capital One Financial Corp. | 3095729180 | 279466666 | (19440482) | 14554208 | (1181853340) | 2188456232 | 54273031 |
|  |  |  |  |  |  | 2528271895 |  |
| **Health Care 1.8%** |  |  |  |  |  |  |  |
| Elanco Animal Health, Inc.<sup>(a)</sup> <br>| 435564888 | 722734832 |  |  | (487381394) | 670918326 |  |
| Incyte Corp.<sup>(a)</sup> <br>| 721544020 | 178722257 | (16714248) | (2058742) | 82531449 | 964024736 |  |
|  |  |  |  |  |  | 1634943062 |  |
| **Information Technology** <br> **1.6%**<br>|  |  |  |  |  |  |  |
| Coherent Corp.<sup>(a)</sup> <br>| 124187657 | 536758225 |  |  | (264431712) | 396514170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise <br> Co.<br>| 1124952146 | 1889280 | (398844057) | 137023256 | (176191031) | —<sup>(b)</sup> <br>| 27788688 |
| HP, Inc. | 2613930228 | 2349750 | (1198190538) | 677518358 | (1090195381) | —<sup>(b)</sup> <br>| 43285622 |
| Juniper Networks, Inc. | 1028475318 | 1503610 | (64965278) | 2572907 | (121155840) | 846430717 | 23528266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micro Focus International <br> PLC ADR<br>| 126572836 | 194400 |  |  | 16999981 | 143767217 | 5525539 |
|  |  |  |  |  |  | 1386712104 |  |
|  |  |  |  | $749387792 | $(876104637) | $11044689624 | $228676884 |

---

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

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

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

------

<br>Statement of Assets and Liabilities

---

| | |
|:---|:---|
|  | **December 31, 2022** |
| **Assets:** | **Assets:** |
| Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $54,860,403,476) | $77185440655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $10,234,083,755) | &nbsp;&nbsp; 11044689624 |
|  | &nbsp;&nbsp; 88230130279 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28256 |
| Deposits with broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64214800 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87180213 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176397537 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85378591 |
| Expense reimbursement receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957690 |
| Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20233742 |
|  | &nbsp;&nbsp; 88664521108 |
| **Liabilities:** | **Liabilities:** |
| Payable for variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3256169 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39235845 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196286350 |
| Management fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37146926 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3833385 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279758675 |
| **Net Assets** | $88384762433 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $64374719234 |
| Distributable earnings | &nbsp;&nbsp; 24010043199 |
|  | $88384762433 |
| **Class I** | **Class I** |
| Total net assets | $67386410635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (par value $0.01 each, unlimited <br> shares authorized)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312386638 |
| Net asset value per share | $215.71 |
| **Class X** | **Class X** |
| Total net assets | $20998351798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (par value $0.01 each, unlimited <br> shares authorized)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97336396 |
| Net asset value per share | $215.73 |

---

<br>Statement of Operations

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2022**<br>|
| **Investment Income:** |  |
| Dividends (net of foreign taxes of $30,812,805) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $1519485887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228676884 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19652846 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1767815617 |
| **Expenses:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398274665 |
| Administrative services fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52812517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3216620 |
| Custody and fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900873 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3181362 |
| Professional services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388665 |
| Shareholder reports | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1615893 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1186955 |
| Trustees fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419123 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3262252 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465258925 |
| Expenses reimbursed by investment manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3260159) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461998766 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1305816851 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities of unaffiliated issuers (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4476005852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities of affiliated issuers (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749387792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33299137) |
| Net change in unrealized appreciation/depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities of unaffiliated issuers | &nbsp;&nbsp; (12628568619) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities of affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (876104637) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32496462) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1794697) |
| Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;&nbsp; (8346869908) |
| **Net Change in Net Assets From Operations** | $(7041053057)  |

---

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

------

<br>Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** |
| **Operations:** |  |  |
| Net investment income | $1305816851 | $1094485837 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5192094507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5607320632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation/depreciation<br>| &nbsp;&nbsp; (13538964415) | &nbsp;&nbsp;&nbsp; 15719202680 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (7041053057) | &nbsp;&nbsp;&nbsp; 22421009149 |
| **Distributions to Shareholders:** |  |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (3908853956) | &nbsp;&nbsp;&nbsp;&nbsp; (2993861770) |
| Class X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (789701508) | &nbsp;&nbsp;&nbsp;&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; (4698555464) | &nbsp;&nbsp;&nbsp;&nbsp; (2993861770) |
| **Fund Share Transactions:** |  |  |
| **Class I** |  |  |
| Proceeds from sales of shares | &nbsp;&nbsp;&nbsp; 14288694841 | &nbsp;&nbsp;&nbsp; 21468329458 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3667538974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2833785975 |
| Cost of shares redeemed | &nbsp;&nbsp; (35854507024) | &nbsp;&nbsp; (17707845551) |
| **Class X** |  |  |
| Proceeds from sales of shares | &nbsp;&nbsp;&nbsp; 21276134334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785303785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (734081290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net change from Fund share <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3429083620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6594269882 |
| Total change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; (8310524901) | &nbsp;&nbsp;&nbsp; 26021417261 |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp; 96695287334 | &nbsp;&nbsp;&nbsp; 70673870073 |
| End of year | $88384762433 | $96695287334 |
| **Share Information:** |  |  |
| **Class I** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61752594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92176384 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16709537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12157252 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (160324126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77114454) |
| Net change in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81861995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27219182 |
| **Class X** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96960799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3721347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3345750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net change in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97336396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

See accompanying Notes to Financial StatementsDodge & Cox Stock Fund <sup>◾</sup> PAGE 10

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Notes to Financial Statements

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

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

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

The Fund is an investment company and follows the accounting and reporting guidance issued in Topic 946 by the Financial Accounting Standards Board. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require the use of estimates and assumptions by management. Actual results may differ from those estimates. Significant accounting policies are as follows:

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

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

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

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

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

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

Foreign taxes The Fund may be subject to foreign taxes which may be imposed by certain countries in which the Fund invests. The Fund endeavors to record foreign taxes based on applicable foreign tax law. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the associated dividend is recorded. The Fund files withholding tax reclaims in certain jurisdictions to recover a 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

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

------

Notes to Financial Statements

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.

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.

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

**Note 2: Valuation Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

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

The following is a summary of the inputs used to value the Fund's holdings at December 31, 2022:

---

| | | |
|:---|:---|:---|
| **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 |
| &nbsp;&nbsp;&nbsp; Communication Services | $9804040292 | $— |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp; 2680476816 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; 2507862612 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp;&nbsp;&nbsp; 6825619099 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; 20204805398 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; 18866284609 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp;&nbsp;&nbsp; 9018045386 | &nbsp;&nbsp; — |

---

---

| | | |
|:---|:---|:---|
| **Classification** | **LEVEL 1**<br> **(Quoted Prices)**<br>| **LEVEL 2**<br> **(Other Significant**<br> **Observable Inputs)**<br>|
| &nbsp;&nbsp;&nbsp; Information Technology | $15547951741 | $— |
| &nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp;&nbsp;&nbsp; 1318708951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230487520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Short-Term Investments | Short-Term Investments | Short-Term Investments |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 872260000 |
| &nbsp;&nbsp;&nbsp; Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353587855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Securities | $87357870279 | $872260000 |
| **Other Investments** | **Other Investments** | **Other Investments** |
| Futures Contracts | Futures Contracts | Futures Contracts |
| &nbsp;&nbsp;&nbsp; Depreciation | $(32496462) | $— |

---

**Note 3: Derivative Instruments**

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

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

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

The Fund used long S&P 500 Index futures contracts to provide equity exposure, approximately equal to some or all of the Fund's non-equity assets.

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>|
| **Liabilities** |  |
| Futures contracts<sup>(a)</sup> <br>| $32496462 |

---

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

------

Notes to Financial Statements

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

&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>|
| **Net realized gain (loss)** |  |
| Futures contracts | $(33299137) |
| **Net change in unrealized appreciation/depreciation** |  |
| Futures contracts | $(32496462) |

---

The following summarizes the range of volume in the Fund's derivative instruments during the year ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Derivative** |  | **% of Net Assets** |
| Futures contracts | USD notional value | 0-2% |

---

**Note 4: Related Party Transactions**

Investment advisory fee From January 1, 2022 through April 30, 2022, the Fund paid an investment advisory fee monthly at an annual rate of 0.50% of the Fund's average daily net assets to Dodge & Cox, investment manager of the Fund. Effective May 1, 2022, the Fund pays an investment advisory fee monthly at an annual rate of 0.40% of the Fund's average daily net assets to Dodge & Cox. 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 Effective May 1, 2022, 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 also pays for the Fund's transfer agent fees.

Expense reimbursement Effective May 1, 2022, Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain the ratio of total operating expenses of the Class X shares to average net assets of the Class X shares at 0.41% through April 30, 2023. The term of the agreement is renewable annually thereafter and is subject to termination upon 30 days' written notice by either party prior to the end of the term. For the year ended December 31, 2022, Dodge & Cox reimbursed expenses of $3,260,159.

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

**Note 5: Income Tax Information and Distributions to Shareholders**

A provision for federal income taxes is not required since the Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of

its taxable income to shareholders. Distributions are determined in accordance with income tax regulations, and such amounts may differ from net investment income and realized gains for financial reporting purposes. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes. Financial reporting records are adjusted for permanent book to tax differences at year end to reflect tax character. Book to tax differences are primarily due to differing treatments of redemptions in-kind, wash sales, certain corporate action transactions, derivatives, and distributions.

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2022**<br>| **Year Ended** <br>**December 31, 2021**<br>|
| Class I |  |  |
| Ordinary income | $1118257355 | $1229786635 |
| Long-term capital gain | $2790596601 | $1764075135 |
| Class X |  |  |
| Ordinary income | $119970142 | $— |
| Long-term capital gain | $669731366 | $— |

---

At December 31, 2022, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $29923458 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647777589 |
| Net unrealized appreciation | &nbsp;&nbsp; 23332342152 |
| Total distributable earnings | $24010043199 |

---

At December 31, 2022, unrealized appreciation and depreciation for investments based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | $64863496968 |
| Unrealized appreciation | &nbsp;&nbsp; 28036368357 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp; (4702231508) |
| Net unrealized appreciation | &nbsp;&nbsp; 23334136849 |

---

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

**Note 6: Redemptions In-Kind**

During the year ended December 31, 2022, 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 $735,158,813 attributable to the redemptions in-kind: $718,437,125 from unaffiliated issuers and $16,721,688 from affiliated issuers. For tax purposes, no capital gain on the redemptions in-kind was recognized.

**Note 7: Loan Facilities**

Pursuant to an exemptive order issued by the Securities and Exchange Commission (SEC), the Fund may participate in an inter

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

------

Notes to Financial Statements

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 year.

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. For the year ended December 31, 2022, the Fund's commitment fee amounted to $518,704 and is reflected as a Miscellaneous Expense in the Statement of Operations. Interest on borrow

ings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the year.

**Note 8: Purchases and Sales of Investments**

For the year ended December 31, 2022, purchases and sales of securities, other than short-term securities, aggregated $14,700,231,955 and $14,100,106,753, respectively.

**Note 9: Subsequent Events**

Fund management has determined that no material events or transactions occurred subsequent to December 31, 2022, and through the date of the Fund's financial statements issuance, which require disclosure in the Fund's financial statements.

Dodge & Cox Stock Fund <sup>◾</sup> PAGE 14

------

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Class I** |  |  |  |  |  |
| **Net asset value, beginning of year** | $245.26 | $192.56 | $193.76 | $172.81 | $203.61 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.41<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (20.99) | &nbsp;&nbsp;&nbsp;&nbsp; 57.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.60 | &nbsp;&nbsp;&nbsp;&nbsp; 37.98 | &nbsp;&nbsp;&nbsp; (16.96) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp; (17.75) | &nbsp;&nbsp;&nbsp;&nbsp; 60.59 | &nbsp;&nbsp;&nbsp;&nbsp; 12.01 | &nbsp;&nbsp;&nbsp;&nbsp; 41.63 | &nbsp;&nbsp;&nbsp; (14.06) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.90) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.85) | &nbsp;&nbsp;&nbsp; (17.03) | &nbsp;&nbsp;&nbsp; (13.84) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp; (11.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.89) | &nbsp;&nbsp;&nbsp; (13.21) | &nbsp;&nbsp;&nbsp; (20.68) | &nbsp;&nbsp;&nbsp; (16.74) |
| **Net asset value, end of year** | $215.71 | $245.26 | $192.56 | $193.76 | $172.81 |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.22)% | &nbsp;&nbsp;&nbsp;&nbsp; 31.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.16% | &nbsp;&nbsp;&nbsp;&nbsp; 24.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.08)% |
| **Ratios/supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $67386 | $96695 | $70674 | $74585 | $63005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.98%<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20% |
| **Class X**<sup>(b)</sup> <br>|  |  |  |  |  |
| **Net asset value, beginning of year** | $227.09 |  |  |  |  |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.81) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.66) |  |  |  |  |
| **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.45) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.25) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.70) |  |  |  |  |
| **Net asset value, end of year** | $215.73 |  |  |  |  |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.61)% |  |  |  |  |
| **Ratios/supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (millions) | $20998 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41%<sup>(c)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets, before reimbursement by <br> investment manager<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46%<sup>(c)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%<sup>(c)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16% |  |  |  |  |

---

&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) From 5/2/2022 (commencement of operations) to 12/31/2022

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

See accompanying Notes to Financial Statements

PAGE 15 <sup>◾</sup> Dodge & Cox Stock Fund

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Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Dodge & Cox Stock Fund (one of the funds constituting Dodge & Cox Funds, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP <br>San Francisco, California <br>February 17, 2023

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

Dodge & Cox Stock Fund <sup>◾</sup> PAGE 16

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Special 2022 Tax Information (unaudited)

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

The Fund designates $4,064,368,907 as long-term capital gain distributions in 2022.

The Fund designates up to a maximum amount of $1,781,182,722 of its distributions paid to shareholders in 2022 as qualified dividends (treated for federal income tax purposes in the hands of shareholders as taxable at a maximum rate of 20%).

For shareholders that are corporations, the Fund designates 92% of its ordinary dividends paid to shareholders in 2022 as dividends from domestic corporations eligible for the corporate dividends received deduction, provided that the shareholder otherwise satisfies applicable requirements to claim that deduction.

Funds' Liquidity Risk Management Program <br>(unaudited)

The Funds have adopted and implemented a written liquidity risk management program ("Program") as required by Rule 22e-4 under the Investment Company Act. The Program is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources including the Funds' interfund lending facility and line of credit.

The Funds' Board of Trustees has approved the appointment of a Liquidity Risk Management Committee including representatives from Dodge & Cox's Legal, Compliance, Treasury, Operations, Trading, and Portfolio Management departments, which is responsible for the Program's administration and oversight and for reporting to the Board on at least an annual basis regarding the Program's operation and effectiveness.

The Liquidity Risk Management Committee refreshed its assessment of the Funds' liquidity risk profiles and considered the adequacy and effectiveness of the Program's operations for the 12 months ended September 30, 2022 (the "covered period") in order to prepare a written report to the Board of Trustees for consideration at its meeting held on December 14, 2022. The report concluded that (i) the Funds had adequate liquidity to operate effectively throughout the covered period; (ii) each Fund's investment strategy continues to be appropriate for an open end fund; and (iii) the Funds' Program is reasonably designed to assess and manage its liquidity risk.

Fund Holdings

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

end and remains available on the website until the list is updated for the subsequent quarter.

Proxy Voting

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

Household Mailings

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

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

PAGE 17 <sup>◾</sup> Dodge & Cox Stock Fund

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Dodge & Cox Funds — Executive Officer & Trustee Information

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| | | | |
|:---|:---|:---|:---|
| **Name (Age) and** <br>**Address\***<br>| **Position with Trust** <br>**(Year of Election or** <br>**Appointment)**<br>| **Principal Occupation During Past Five Years and Other Relevant** <br> **Experience**<br>| **Other Directorships of Public Companies Held** <br>**by Trustees**<br>|
| **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** |
| **Charles F. Pohl** <br>**(64)**<br>| Trustee <br>(since 2014)<br>| Chairman and Director, Dodge & Cox (until 2022); Chief <br> Investment Officer (until 2022) and member of U.S. Equity <br> Investment Committee and Emerging Markets Equity <br> Investment Committee (until 2022); Global Equity Investment <br> Committee and International Equity Investment Committee <br> (until 2021); U.S. Fixed Income Investment Committee (until <br> 2019)<br>|  |
| **Dana M. Emery** <br>**(61)**<br>| Chair (since 2022) <br>President <br>(since 2014) and <br>Trustee (since 1993)<br>| Chair, Chief Executive Officer, and Director, Dodge & Cox; <br> President (until 2022); Co-Director of Fixed Income (until <br> 2020); Director of Fixed Income (until 2019); member of <br> U.S. Fixed Income Investment Committee and Global Fixed <br> Income Investment Committee <br>|  |
| **Roberta R.W. Kameda** <br>**(62)**<br>| Chief Legal Officer <br>(since 2019) and <br> Secretary (since 2017)<br>| Vice President, General Counsel, and Secretary (since 2017), <br> Dodge & Cox<br>|  |
| **Shelly Chu** <br>**(49)**<br>| Treasurer <br>(since 2021)<br>| Funds Treasurer (since 2021), Dodge & Cox; Vice President <br> (since 2020); Financial Oversight and Control Analyst (until <br> 2021)<br>|  |
| **Katherine M. Primas** <br>**(48)**<br>| Chief Compliance <br>Officer (since 2010)<br>| Vice President and Chief Compliance Officer, Dodge & Cox |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Luis Borgen** <br>**(52)**<br>| Trustee <br>(since 2022)<br>| CFO, athenahealth, Inc. (2019-2022) | Director, Synopsys Inc. (software <br> company); Director, Carter's Inc. <br> (children's apparel); Director, Eastern <br> Bankshares, Inc. (financial services and <br> banking services)<br>|
| **Caroline M. Hoxby** <br>**(56)**<br>| Trustee <br>(since 2017)<br>| Professor of Economics, Stanford University; Director of the <br> Economics of Education Program, National Bureau of <br> Economic Research; Senior Fellow, Hoover Institution and <br> Stanford Institute for Economic Policy Research<br>|  |
| **Thomas A. Larsen** <br>**(73)**<br>| Trustee <br>(since 2002)<br>| Senior Counsel, Arnold & Porter (law firm) (2015-2018); <br> Partner, Arnold & Porter (until 2015); Director, Howard, Rice, <br> Nemerovski, Canady, Falk & Rabkin (1977-2011)<br>|  |
| **Ann Mather** <br>**(62)**<br>| Trustee <br>(since 2011)<br>| CFO, Pixar Animation Studios (1999-2004) | Director, Alphabet Inc. (internet <br> information services); Director, Netflix, Inc. <br> (internet television); Director, Blend <br> (software company); Director, Bumble <br> (online dating) <br>|
| **Gabriela Franco** <br>**Parcella (54)**<br>| Trustee <br>(since 2020)<br>| President (since 2020) and Executive Managing Director, <br> Merlone Geier Partners (2018-2019); Chairman, President, <br> and CEO, Mellon Capital (2011 to 2017); COO, Mellon Capital <br> (1997 to 2011)<br>|  |
| **Shawn Purvis** <br>**(49)**<br>| Trustee <br>(since 2022)<br>| President and CEO, QinetiQ US (since 2022); Corporate Vice <br> President/President Enterprise Services, Northrop Grumman <br> (2012-2022)<br>|  |
| **Gary Roughead** <br>**(71)**<br>| Trustee <br>(since 2013)<br>| Robert and Marion Oster Distinguished Military Fellow, <br> Hoover Institution (since 2012); Admiral, United States Navy <br> (Ret.); U.S. Navy Chief of Naval Operations (2007-2011)<br>| Director, Northrop Grumman Corp. <br> (global security); Director, Maersk Line, <br> Limited (shipping and transportation)<br>|
| **Mark E. Smith** <br>**(71)**<br>| Trustee <br>(since 2014)<br>| Executive Vice President, Managing Director, Fixed Income at <br> Loomis Sayles & Company, L.P. (2003-2011)<br>|  |

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\* The address for each Officer and Trustee is 555 California Street, 40th Floor, San Francisco, California 94104. Each Officer and Trustee oversees all seven series in the Dodge & Cox Funds complex and serves for an indefinite term.

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

Dodge & Cox Stock Fund <sup>◾</sup> PAGE 18

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![](g451839img732d40ee1.gif)

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Stock Fund

**dodgeandcox.com** 

For Fund literature, transactions, and account <br>information, please visit the Funds' website.

or write or call:

**Dodge & Cox Funds**

P.O. Box 219502 <br>Kansas City, Missouri 64121-9502 <br>(800) 621-3979

**Investment Manager**

Dodge & Cox <br>555 California Street, 40th Floor <br>San Francisco, California 94104 <br>(415) 981-1710

**Principal Underwriter**

Foreside Fund Services, LLC <br>3 Canal Plaza, Suite 100 <br>Portland, Maine 04101 <br>

(866) 251-6920

**This report is submitted for the general information of the shareholders of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless it is accompanied by a current prospectus.** <br>**This report reflects our views, opinions, and portfolio holdings as of December 31, 2022, the end of the reporting period. Any such views are subject to change at any time based upon market or other conditions and Dodge & Cox disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dodge & Cox Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dodge & Cox Fund.**

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![](g451839imgd888b4cd1.gif)

2022 <br>**December 31, 2022**

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**Annual Report**

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

**ESTABLISHED 2008**

12/22 GSF AR Printed on recycled paper ![](g451839img2ef910f72.gif)

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To Our Shareholders (unaudited)

The Dodge & Cox Global Stock Fund—Class I had a total return of -5.80% for the year ended December 31, 2022, compared to a return of -18.36% for the MSCI ACWI Index and -18.14% for the MSCI World Index.<sup>1</sup>

**Market Commentary**

After three consecutive quarters of negative returns, global equity markets appreciated in the fourth quarter of 2022, but still finished down for the full year. The MSCI ACWI posted its worst calendar year return since 2008, as every sector of the Index declined with the sole exception of Energy (up 33%).

Geopolitical conflicts, high inflation, and interest rate hikes continued to fuel concerns about the potential for recession across various markets. Inflation has pulled back recently, but remains well above central bank targets for most large economies. For example, U.S. inflation ended the year at 6.5%, while the Eurozone ended above 9.0%. Hence, many companies continue to juggle the challenging combination of higher input prices, weaker end-market demand, and tighter credit markets.

Against this backdrop, global value stocks<sup>2</sup> outperformed growth stocks by 8.9 percentage points in the fourth quarter and 21.1 percentage points for the year.<sup>3</sup> Despite value stocks' recent outperformance, however, the valuation disparity with growth stocks remains very wide by historical standards. The MSCI ACWI Value Index<sup>4</sup> now trades at 11.3 times forward earnings<sup>5</sup> compared to 20.7 times for the MSCI ACWI Growth Index<sup>6</sup>, a gap that places it in the 85<sup>th</sup> percentile of historical observations.<sup>7</sup>

**Investment Strategy**

Our persistent and patient valuation-based approach contributed to the Fund's outperformance this year. The Fund had a positive return of 13.3% for the fourth quarter, outperforming the MSCI ACWI by 3.5 percentage points.<sup>8</sup> For the full year, the Fund outperformed the MSCI ACWI by 12.6 percentage points, with a return of -5.8%, versus the MSCI ACWI's -18.4%. The Fund's overweight positions in value sectors, such as Energy and Financials, as well as its underweight positions in Information Technology and other expensive parts of the market, all contributed to the Fund's outperformance.

We believe the Fund is well positioned for the long term, based on the portfolio's attractive valuation and current exposures. The portfolio currently trades at 9.8 times forward earnings, versus 14.5 times for the MSCI ACWI. The Fund remains well diversified with multiple investment drivers. Approximately 40% of the portfolio is invested in value opportunities (e.g., Financials, Energy, Materials). Another 45% is invested in reasonably priced secular growth opportunities in innovation-led companies (e.g., Health Care, Internet, Communication Services). The Fund remains underweight other sectors of the market—Consumer Discretionary (excluding Internet), Consumer Staples, Industrials, Real Estate, and Utilities—that have higher valuations. These remaining parts of the market represent 32% of the MSCI ACWI, but account for just 13% of the Fund.

We highlight below a few areas where the Fund is currently overweight.

Energy and Financials

We developed our conviction and overweight in the Fund's Energy and Financials holdings over multiple years. Valuations became more attractive as concerns about economic growth weighed on expectations. We concluded that the Fund's holdings in these sectors looked unlikely to fare as poorly as valuations suggested and added to the Fund's positions. Our persistence was rewarded in 2022 as these sectors outperformed on a relative basis.

*Energy*

Energy became the best-performing sector of the market in 2022, and the Fund's Energy holdings also outperformed the sector. We trimmed selected holdings on strength and sold Schlumberger.<sup>9</sup> Oil prices have fallen back to pre-invasion levels as Russian oil has continued to find its way to market and forecasts for demand growth have moderated. Nevertheless, the Fund remains overweight Energy for several reasons. First, it has not been easy to bring supply online, and the oil industry does not appear to have invested sufficiently to keep up with demand over the medium term. This could lead to higher oil prices over our investment horizon. More specifically, the Fund's Energy holdings are generating prolific cash flows. In previous cycles, industry cash flows were redeployed back into capital projects; instead, cash flows are now increasingly accruing to the benefit of shareholders, in the form of share repurchase, dividends, or debt reduction. Valuations also remain attractive—the MSCI ACWI Energy trades at 7.9 times forward earnings, already reflecting lower expectations for oil prices than we have seen more recently. Finally, commodities, such as Energy, could prove to be an effective hedge in an environment of input cost inflation.

*Financials*

While absolute returns were negative for the year, the Fund's Financials holdings outperformed the market, supported by the higher rate environment and better than expected macro backdrop. The Fund's Financials portfolio continues to trade at an attractive valuation, and is well diversified by region, as well as by core business exposures.

For example, the Fund's European and UK Financials holdings include globally focused asset management, insurance, and capital- markets oriented businesses, as well as retail and corporate banking businesses which tend to be more exposed to credit cycles. Notably, UBS Group is a global asset management business, while Standard Chartered and Prudential UK are focused on emerging markets and provide exposure to secular growth opportunities due to favorable demographics and continued financial services penetration. In addition, the Fund's holdings have demonstrated improved fundamentals, with stronger balance sheets that have survived real- life stress tests, including the most recent COVID cycle. Several have refocused on more profitable core business models and also stand to benefit from a rising rate environment. Most importantly, valuations are compelling, due to recession concerns facing the region for 2023. As of December 31, 2022, Financials represented 25.4% of the Fund's net assets compared to 15.2% for the MSCI ACWI.

PAGE 1 <sup>◾</sup> Dodge & Cox Global Stock Fund

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China Internet

China equities, particularly China Internet stocks, declined meaningfully in 2021 and continued to trend downward through October of 2022. Slower economic growth, adverse political developments, and heightened geopolitical tensions sent the MSCI China Index<sup>10</sup> down 63% and the CSI Overseas China Internet Index<sup>11</sup> down 81% from their peaks in February 2021 to their troughs in October 2022. Many China stocks, including most of the Fund's China Internet<sup>12</sup> holdings, were trading at decade low valuation levels.

We continued to monitor developments throughout the year and reaffirmed our views on individual stocks, relative to our assessment of potential regulatory and competitive developments. We added to selected China Internet holdings—Prosus, Alibaba, and JD.com— and also NetEase, a company that develops and operates some of the most popular PC and mobile games in China.

In the second half of 2022, the Chinese government signaled support for private enterprise and the economy, and loosened COVID restrictions. This led to a significant rebound in prices, benefiting the Fund's holdings. Despite this rebound, the CSI Overseas China Internet still ended the year 68% lower than that February 2021 peak. The Fund's holdings in this area appear to offer attractive growth potential at lower valuations, relative to similar franchises in other markets.

Health Care

Market uncertainty can provide attractive opportunities in unexpected places. For example, in 2022, several of the Fund's holdings (GSK, Sanofi, and Haleon) declined over fears of potentially large legal liabilities related to the sale of Zantac, a heartburn medication that was sold under prescription and over the counter. Our team researched the issue, assessed the risk to be lower than the market reaction, and we added to the Fund's positions. These stocks later recovered when the Judge overseeing the large majority of initial cases concluded that the Plaintiff's causation evidence was not supported by reliable expert testimony and dismissed the cases in her court.

**In Closing**

Our long-term, active, value-oriented approach has enabled our firm to navigate many uncertain environments for over 90 years. In fact, we have found that periods of market uncertainty can provide attractive opportunities for investors with patience, discipline, and a long-term investment horizon.

Thank you for your continued confidence in Dodge & Cox. As always, we welcome your comments and questions.

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| |
|:---|
| For the Board of Trustees, |
| ![](g451839img6e506e473.gif) |
| Dana M. Emery, <br>Chair and President<br>|

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January 31, 2023

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| | |
|:---|:---|
| 1 | &nbsp;&nbsp; All returns are stated in U.S. dollars, unless otherwise noted. The Funds' total returns <br> include the reinvestment of dividend and capital gain distributions, but have not been <br> adjusted for any income taxes payable by shareholders on these distributions or on <br> Fund share redemptions. Index returns include dividend and/or interest income but, <br> unlike Fund returns, do not reflect fees or expenses. The MSCI ACWI (All Country <br> World Index) Index is a broad-based, unmanaged equity market index aggregated <br> from developed market and emerging market country indices. The MSCI World Index <br> is a broad-based, unmanaged equity market index aggregated from developed <br> market country indices. It covers approximately 85% of the free float-adjusted <br> market capitalization in each country.<br>|
| 2 | &nbsp;&nbsp; Generally, stocks that have lower valuations are considered "value" stocks, while <br> those with higher valuations are considered "growth" stocks.<br>|
| 3 | &nbsp;&nbsp; For the fourth quarter of 2022, the MSCI ACWI Value Index had a total return of <br> 14.21% compared to 5.28% for the MSCI ACWI Growth Index. For the one year ended <br> December 31, 2022, the MSCI ACWI Value Index had a total return of -7.55% <br> compared to -28.61% for the MSCI ACWI Growth Index.<br>|
| 4 | &nbsp;&nbsp; The MSCI ACWI Value Index captures large- and mid-cap securities exhibiting overall <br> value style characteristics across developed market and emerging market countries. <br> The value investment style characteristics for index construction are defined using <br> three variables: book value to price, 12-month forward earnings to price, and <br> dividend yield.<br>|
| 5 | &nbsp;&nbsp; Unless otherwise specified, all weightings and characteristics are as of <br> December 31, 2022. Price-to-earnings (forward) ratios are calculated using <br> 12-month forward earnings estimates from third-party sources as of the reporting <br> period. Estimates reflect a consensus of sell-side analyst estimates, which may lag <br> as market conditions change.<br>|
| 6 | &nbsp;&nbsp; The MSCI ACWI Growth Index captures large- and mid-cap securities exhibiting <br> overall growth style characteristics across developed market and emerging market <br> countries. The growth investment style characteristics for index construction are <br> defined using five variables: long-term forward EPS growth rate, short-term forward <br> EPS growth rate, current internal growth rate, long-term historical EPS growth trend, <br> and long-term historical sales per share growth trend.<br>|
| 7 | &nbsp;&nbsp; A percentile is a comparison score between a particular score and the scores of the <br> rest of a group. It shows the percentage of scores that a particular score surpassed. <br> This 85<sup>th</sup> percentile means that the current valuation disparity is in the 85<sup>th</sup> <br> percentile of all monthly valuation disparities since June 2003.<br>|
| 8 | Return for the Global Stock Fund's Class I shares. |
| 9 | &nbsp;&nbsp; The use of specific examples does not imply that they are more or less attractive <br> investments than the portfolio's other holdings.<br>|
| 10 | &nbsp;&nbsp; The MSCI China Index captures large- and mid-cap representation across China A <br> shares, H shares, B shares, Red chips, P chips, and foreign listings (e.g., ADRs).<br>|
| 11 | &nbsp;&nbsp; The CSI Overseas China Internet Index is designed to measure the performance of <br> the investable universe of publicly traded China-based companies whose primary <br> business or businesses are in the Internet and Internet-related sectors.<br>|
| 12 | China Internet comprises Alibaba, Baidu, JD.com, and Prosus. |

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Dodge & Cox Global Stock Fund <sup>◾</sup> PAGE 2

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2022 Performance Review for the Fund's Class I Shares (unaudited)

The Fund outperformed the MSCI ACWI by 12.56 percentage points in 2022.

**Key contributors to relative results included the Fund's:**

<sup>◾</sup> Energy holdings (up 71% compared to up 33% for the MSCI ACWI sector)—such as Occidental Petroleum, Ovintiv, and Suncor Energy—and an overweight position in the best-performing sector of the market;

<sup>◾</sup> Information Technology positioning, including VMware, reflecting positive stock selection amid an underweight in the sector;

<sup>◾</sup> Financials holdings—especially Itau Unibanco, Axis Bank, and Standard Chartered—and an overweight position in the sector; and,

<sup>◾</sup> Positions in Cigna, Sanofi, Novartis, and Amazon.

**Key detractors from relative results included the Fund's:**

<sup>◾</sup> Overweight position in Communication Services, which was the worst-performing sector of the market, and specific holdings, such as Charter Communications, which fared poorly; and,

<sup>◾</sup> Positions in Credit Suisse and Fresenius Medical Care.

Key Characteristics of Dodge & Cox

**Independent Organization** 

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

**Over 90 Years of Investment Experience** 

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

**Experienced Investment Team**

The Global Equity Investment Committee, which is the decision-making body for the Global Stock Fund, is a six-member committee with an average tenure of 24 years at Dodge & Cox.

**One Business with a Single Decision-Making Office** 

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

**Consistent Investment Approach**

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

**Long-Term Focus and Low Expenses** 

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

------

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

**Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security. Please see the Portfolio of Investments section in this report for a complete list of fund holdings.**

PAGE 3 <sup>◾</sup> Dodge & Cox Global Stock Fund

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Growth of $10,000 Over 10 Years (unaudited)

For An Investment Made On December 31, 2012 ![](g451839img038fc6614.gif)

**Average Annual Total Return**

For Periods Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Dodge & Cox Global Stock Fund |  |  |  |  |
| Class I | &nbsp;&nbsp; -5.80% | 6.44% | 5.46% | 9.29% |
| Class X<sup>(a)</sup> <br>| &nbsp;&nbsp; -5.74 | 6.46 | 5.48 | 9.30 |
| MSCI ACWI Index | -18.36 | 4.00 | 5.23 | 7.98 |
| MSCI World Index | -18.14 | 4.94 | 6.14 | 8.85 |

---

**Expense Ratios**

Per the Prospectus Dated May 1, 2022

---

| | | |
|:---|:---|:---|
|  | **Net Expense** <br>**Ratio**<br>| **Gross Expense** <br>**Ratio**<br>|
| Dodge & Cox Global Stock Fund |  |  |
| Class I | 0.62% | 0.62% |
| Class X | 0.52%<sup>(b)</sup> <br>| 0.57% |

---

<sup>(a)</sup> The Class X shares inception date is May 2, 2022. The returns shown prior to that date are for the Class I shares. 

<sup>(b)</sup> Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain Total Annual Fund Operating Expenses of the Dodge & Cox Global Stock Fund — Class X at 0.52% until April 30, 2023. This agreement cannot be terminated prior to April 30, 2023 other than by resolution of the Fund's Board of Trustees. The term of the agreement renews annually unless terminated with 30 days' written notice by either party prior to the end of the term. The agreement does not permit Dodge & Cox to recoup any fees waived or payments made to the Fund for a prior year. 

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

The Fund's total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include dividends but, unlike Fund returns, do not reflect fees or expenses. Effective May 1, 2022, the Fund's benchmark changed from the MSCI World Index (Net) to the MSCI All Country World Index (Net) ("MSCI ACWI Index"). The Fund's investment manager believes the MSCI ACWI Index is a more appropriate index against which to measure performance in light of the Fund's portfolio and investable universe. The MSCI ACWI (All Country World Index) Index is a broad-based, unmanaged equity market index aggregated from developed market and emerging market country indices. The MSCI World Index is a broad-based, unmanaged equity market index aggregated from developed market country indices. It covers approximately 85% of the free float-adjusted market capitalization in each country. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

*MSCI ACWI and MSCI World are service marks of MSCI Barra. For more information about these indices, visit:* <br>*www.dodgeandcox.com/globalstockfund*

Dodge & Cox Global Stock Fund <sup>◾</sup> PAGE 4

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Portfolio Information (unaudited) December 31, 2022

---

| | |
|:---|:---|
| **Sector Diversification**<sup>(a)</sup> <br>| **% of Net Assets** |
| Financials | **25.4** |
| Health Care | **17.5** |
| Communication Services | **11.7** |
| Information Technology | **10.4** |
| Consumer Discretionary | **8.0** |
| Energy | **8.0** |
| Industrials | **7.6** |
| Materials | **6.7** |
| Consumer Staples | **3.2** |
| Real Estate | **0.3** |
| Net Cash & Other<sup>(b)</sup> <br>| **1.2** |

---

---

| | |
|:---|:---|
| **Region Diversification**<sup>(a),(c)</sup> <br>| **% of Net Assets** |
| United States | **48.6** |
| Developed Europe (excluding United Kingdom) | **20.2** |
| Emerging Markets | **13.2** |
| United Kingdom | **8.4** |
| Other Developed | **5.7** |
| Japan | **2.5** |

---

<sup>(a)</sup> Excludes derivatives.

<sup>(b)</sup> Net Cash & Other includes cash, short-term investments, unrealized gain (loss) on derivatives, receivables, and payables. 

<sup>(c)</sup> The Fund usually classifies a company or issuer based on its country of risk, but may designate a different country in certain circumstances. 

------

Fund Expense Example (unaudited)

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

Actual Expenses

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

Hypothetical Example for Comparison with Other Mutual Funds

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Six Months Ended** <br>**December 31, 2022**<br>| **Beginning Account Value** <br>**7/1/2022**<br>| **Ending Account Value** <br>**12/31/2022**<br>| **Expenses Paid** <br>**During Period\***<br>| **Annualized** <br>**Expense Ratio**<br>|
| **Class I** |  |  |  |  |
| Based on actual return | $1000.00 | $1020.50 | $3.16 | 0.62% |
| Based on hypothetical 5% yearly return | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.08 | &nbsp;&nbsp; 3.16 | 0.62 |
| **Class X** |  |  |  |  |
| Based on actual return | $1000.00 | $1020.40 | $2.65 | 0.52% |
| Based on hypothetical 5% yearly return | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.58 | &nbsp;&nbsp; 2.65 | 0.52 |

---

\* Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

PAGE 5 <sup>◾</sup> Dodge & Cox Global Stock Fund

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Consolidated Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common Stocks: 97.0%** | **Common Stocks: 97.0%** | **Common Stocks: 97.0%** |
|  | **Shares** | **Value** |
| **Communication Services: 11.7%** | **Communication Services: 11.7%** | **Communication Services: 11.7%** |
| Media & Entertainment: 11.0% | Media & Entertainment: 11.0% | Media & Entertainment: 11.0% |
| Alphabet, Inc., Class C<sup>(a)</sup> <br> (United States)<br>| &nbsp;&nbsp; 3133180 | $278007061 |
| Baidu, Inc. ADR<sup>(a)</sup> (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104108676 |
| Charter Communications, Inc., <br> Class A<sup>(a)</sup> (United States)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218718483 |
| Comcast Corp., Class A <br> (United States)<br>| &nbsp;&nbsp; 6436700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225091399 |
| DISH Network Corp., Class A<sup>(a)</sup> <br> (United States)<br>| &nbsp;&nbsp; 1642900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23066316 |
| Fox Corp., Class A (United States) | &nbsp;&nbsp; 1615200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49053624 |
| Grupo Televisa SAB ADR (Mexico) | &nbsp;&nbsp; 9665600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44075136 |
| Meta Platforms, Inc., Class A<sup>(a)</sup> <br> (United States)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 802700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96596918 |
| NetEase, Inc. ADR (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 931932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67686221 |
| Television Broadcasts, Ltd.<sup>(a)</sup> (Hong <br> Kong)<br>| &nbsp;&nbsp; 2101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992222 |
|  |  | &nbsp;&nbsp; 1107396056 |
| Telecommunication Services: 0.7% | Telecommunication Services: 0.7% | Telecommunication Services: 0.7% |
| T-Mobile U.S., Inc.<sup>(a)</sup> (United States) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65548000 |
|  |  | &nbsp;&nbsp; 1172944056 |
| **Consumer Discretionary: 8.0%** | **Consumer Discretionary: 8.0%** | **Consumer Discretionary: 8.0%** |
| Automobiles & Components: 0.4% | Automobiles & Components: 0.4% | Automobiles & Components: 0.4% |
| Stellantis NV (Netherlands) | &nbsp;&nbsp; 3121689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44218515 |
| Consumer Services: 1.7% | Consumer Services: 1.7% | Consumer Services: 1.7% |
| Booking Holdings, Inc.<sup>(a)</sup> <br> (United States)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76177584 |
| Entain PLC<sup>(a)</sup> (United Kingdom) | &nbsp;&nbsp; 5229300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83844911 |
| Flutter Entertainment PLC<sup>(a)</sup> (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12099265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172121760 |
| Retailing: 5.9% | Retailing: 5.9% | Retailing: 5.9% |
| Alibaba Group Holding, Ltd. ADR<sup>(a)</sup> <br> (China)<br>| &nbsp;&nbsp; 1999600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176144764 |
| Amazon.com, Inc.<sup>(a)</sup> (United States) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78548400 |
| JD.com, Inc. ADR<sup>(a)</sup> (China) | &nbsp;&nbsp; 1833246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102900098 |
| Prosus NV, Class N<sup>(a)</sup> (China) | &nbsp;&nbsp; 3316362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227686329 |
| Qurate Retail, Inc., Series A<sup>(a)</sup> <br> (United States)<br>| &nbsp;&nbsp; 1713792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2793481 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588073072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 804413347 |
| **Consumer Staples: 3.2%** | **Consumer Staples: 3.2%** | **Consumer Staples: 3.2%** |
| Food & Staples Retailing: 0.0% | Food & Staples Retailing: 0.0% | Food & Staples Retailing: 0.0% |
| Magnit PJSC<sup>(b)</sup> (Russia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| Food, Beverage & Tobacco: 2.4% | Food, Beverage & Tobacco: 2.4% | Food, Beverage & Tobacco: 2.4% |
| Anheuser-Busch InBev SA/NV <br> (Belgium)<br>| &nbsp;&nbsp; 3063800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184190082 |
| Molson Coors Beverage Co., Class B <br> (United States)<br>| &nbsp;&nbsp; 1103100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56831712 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241021794 |
| Household & Personal Products: 0.8% | Household & Personal Products: 0.8% | Household & Personal Products: 0.8% |
| Haleon PLC<sup>(a)</sup> (United Kingdom) | 20940700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83760344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324782221 |
| **Energy: 8.0%** | **Energy: 8.0%** | **Energy: 8.0%** |
| Occidental Petroleum Corp. <br> (United States)<br>| &nbsp;&nbsp; 4541463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286066755 |
| Occidental Petroleum Corp., Warrant<sup>(a)</sup> <br> (United States)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 939445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38733317 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Ovintiv, Inc. (United States) | &nbsp;&nbsp; 4699938 | $238333856 |
| Suncor Energy, Inc. (Canada) | &nbsp;&nbsp; 7576500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240402345 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803536273 |
| **Financials: 24.5%** | **Financials: 24.5%** | **Financials: 24.5%** |
| Banks: 12.3% | Banks: 12.3% | Banks: 12.3% |
| Axis Bank, Ltd. (India) | 16230300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182650867 |
| Banco Santander SA (Spain) | 68813894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206086190 |
| Barclays PLC (United Kingdom) | 65547200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126020135 |
| BNP Paribas SA (France) | &nbsp;&nbsp; 3469100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197417204 |
| Credicorp, Ltd. (Peru) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98746914 |
| ICICI Bank, Ltd. (India) | &nbsp;&nbsp; 7189936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77246986 |
| Standard Chartered PLC (United <br> Kingdom)<br>| 24419477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183285835 |
| Wells Fargo & Co. (United States) | &nbsp;&nbsp; 4143773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171096387 |
|  |  | &nbsp;&nbsp; 1242550518 |
| Diversified Financials: 8.9% | Diversified Financials: 8.9% | Diversified Financials: 8.9% |
| Bank of New York Mellon Corp. <br> (United States)<br>| &nbsp;&nbsp; 3402200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154868144 |
| Capital One Financial Corp. <br> (United States)<br>| &nbsp;&nbsp; 1102597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102497417 |
| Charles Schwab Corp. (United States) | &nbsp;&nbsp; 2993100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249205506 |
| Credit Suisse Group AG (Switzerland) | 12444923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37390314 |
| Jackson Financial, Inc., Class A <br> (United States)<br>| &nbsp;&nbsp; 2411382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83891980 |
| UBS Group AG (Switzerland) | 10553100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196705390 |
| XP, Inc., Class A<sup>(a)</sup> (Brazil) | &nbsp;&nbsp; 4765767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73106866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897665617 |
| Insurance: 3.3% | Insurance: 3.3% | Insurance: 3.3% |
| Aegon NV (Netherlands) | 10342692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52466864 |
| Aviva PLC (United Kingdom) | 19684043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104918754 |
| MetLife, Inc. (United States) | &nbsp;&nbsp; 1107200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80128064 |
| Prudential PLC (Hong Kong) | &nbsp;&nbsp; 6673600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90311381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327825063 |
|  |  | &nbsp;&nbsp; 2468041198 |
| **Health Care: 17.5%** | **Health Care: 17.5%** | **Health Care: 17.5%** |
| Health Care Equipment & Services: 3.0% | Health Care Equipment & Services: 3.0% | Health Care Equipment & Services: 3.0% |
| Cigna Corp. (United States) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101402631 |
| CVS Health Corp. (United States) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29420083 |
| Fresenius Medical Care AG & Co. <br> KGaA (Germany)<br>| &nbsp;&nbsp; 2844500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93038368 |
| UnitedHealth Group, Inc. <br> (United States)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75338578 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299199660 |
| Pharmaceuticals, Biotechnology & Life Sciences: 14.5% | Pharmaceuticals, Biotechnology & Life Sciences: 14.5% | Pharmaceuticals, Biotechnology & Life Sciences: 14.5% |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> <br> (United States)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72754409 |
| Bayer AG (Germany) | &nbsp;&nbsp; 1691020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87311553 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> <br> (United States)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93234141 |
| Elanco Animal Health, Inc.<sup>(a)</sup> <br> (United States)<br>| &nbsp;&nbsp; 3725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45519500 |
| Euroapi SA<sup>(a)</sup> (France) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2199954 |
| GSK PLC (United Kingdom) | 14252820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247853801 |
| Incyte Corp.<sup>(a)</sup> (United States) | &nbsp;&nbsp; 1424500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114415840 |
| Novartis AG (Switzerland) | &nbsp;&nbsp; 2293900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207784469 |
| Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> <br> (United States)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108333166 |
| Roche Holding AG (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140286486 |
| Sanofi (France) | &nbsp;&nbsp; 3592157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347579349 |
|  |  | &nbsp;&nbsp; 1467272668 |
|  |  | &nbsp;&nbsp; 1766472328 |

---

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

------

Consolidated Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  | **Shares** | **Value** |
| **Industrials: 7.6%** | **Industrials: 7.6%** | **Industrials: 7.6%** |
| Capital Goods: 5.6% | Capital Goods: 5.6% | Capital Goods: 5.6% |
| General Electric Co. (United States) | &nbsp;&nbsp; 1847700 | $154818783 |
| Johnson Controls International PLC <br> (United States)<br>| &nbsp;&nbsp; 2042103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130694592 |
| Mitsubishi Electric Corp. (Japan) | 12619400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124920577 |
| Raytheon Technologies Corp. <br> (United States)<br>| &nbsp;&nbsp; 1547900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156214068 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 566648020 |
| Transportation: 2.0% | Transportation: 2.0% | Transportation: 2.0% |
| FedEx Corp. (United States) | &nbsp;&nbsp; 1131100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195906520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 762554540 |
| **Information Technology: 9.5%** | **Information Technology: 9.5%** | **Information Technology: 9.5%** |
| Semiconductors & Semiconductor Equipment: 0.9% | Semiconductors & Semiconductor Equipment: 0.9% | Semiconductors & Semiconductor Equipment: 0.9% |
| Microchip Technology, Inc. <br> (United States)<br>| &nbsp;&nbsp; 1244000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87391000 |
| Software & Services: 6.8% | Software & Services: 6.8% | Software & Services: 6.8% |
| Cognizant Technology Solutions <br> Corp., Class A (United States)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34542760 |
| Fidelity National Information Services, <br> Inc. (United States)<br>| &nbsp;&nbsp; 1254400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85111040 |
| Fiserv, Inc.<sup>(a)</sup> (United States) | &nbsp;&nbsp; 1618700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163602009 |
| Micro Focus International PLC (United <br> Kingdom)<br>| &nbsp;&nbsp; 2738099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17511835 |
| Microsoft Corp. (United States) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 626300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150199266 |
| VMware, Inc., Class A<sup>(a)</sup> <br> (United States)<br>| &nbsp;&nbsp; 1929829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236905808 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 687872718 |
| Technology, Hardware & Equipment: 1.8% | Technology, Hardware & Equipment: 1.8% | Technology, Hardware & Equipment: 1.8% |
| Cisco Systems, Inc. (United States) | &nbsp;&nbsp; 1325200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63132528 |
| Coherent Corp.<sup>(a)</sup> (United States) | &nbsp;&nbsp; 1449700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50884470 |
| Dell Technologies, Inc., Class C <br> (United States)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9147758 |
| TE Connectivity, Ltd. (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54313602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177478358 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 952742076 |
| **Materials: 6.7%** | **Materials: 6.7%** | **Materials: 6.7%** |
| Akzo Nobel NV (Netherlands) | &nbsp;&nbsp; 1408900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94010313 |
| Celanese Corp. (United States) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59524128 |
| Glencore PLC (Australia) | &nbsp;&nbsp; 8316400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55609890 |
| Holcim, Ltd. (Switzerland) | &nbsp;&nbsp; 1583462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81654656 |
| LyondellBasell Industries NV, Class A <br> (United States)<br>| &nbsp;&nbsp; 1194000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99137820 |
| Mitsubishi Chemical Group Corp. <br> (Japan)<br>| 20174400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104233264 |
| Nutrien, Ltd. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 968500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70729555 |
| Teck Resources, Ltd., Class B <br> (Canada)<br>| &nbsp;&nbsp; 2974500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112495590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677395216 |
| **Real Estate: 0.3%** | **Real Estate: 0.3%** | **Real Estate: 0.3%** |
| Daito Trust Construction Co., Ltd. <br> (Japan)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23391716 |
| Hang Lung Group, Ltd. (Hong Kong) | &nbsp;&nbsp; 4535700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8333554 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31725270 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** <br>(Cost $8,569,610,270)<br>|  | **$9764606525** |

---

---

| | | |
|:---|:---|:---|
| **Preferred Stocks: 1.8%** | **Preferred Stocks: 1.8%** | **Preferred Stocks: 1.8%** |
|  | **Shares** | **Value** |
| **Financials: 0.9%** | **Financials: 0.9%** | **Financials: 0.9%** |
| Banks: 0.9% | Banks: 0.9% | Banks: 0.9% |
| Itau Unibanco Holding SA, Pfd (Brazil) | 18774693 | $89166323 |
| **Information Technology: 0.9%** | **Information Technology: 0.9%** | **Information Technology: 0.9%** |
| Technology, Hardware & Equipment: 0.9% | Technology, Hardware & Equipment: 0.9% | Technology, Hardware & Equipment: 0.9% |
| Samsung Electronics Co., Ltd., Pfd <br> (South Korea)<br>| &nbsp;&nbsp; 2195330 | &nbsp;&nbsp;&nbsp;&nbsp; 88335374 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Preferred Stocks** <br>(Cost $108,263,364)<br>|  | **$177501697** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments: 1.0%** | **Short-Term Investments: 1.0%** | **Short-Term Investments: 1.0%** |
|  | **Par Value/** <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 0.6%** | **Repurchase Agreements: 0.6%** | **Repurchase Agreements: 0.6%** |
| Barclays Plc<sup>(c)</sup> <br>4.27%, dated 12/30/22, due 1/3/23, <br> maturity value $4,001,898<br>| $4000000 | $4000000 |
| Fixed Income Clearing Corporation<sup>(c)</sup> <br>1.80%, dated 12/30/22, due 1/3/23, <br> maturity value $59,896,977<br>| &nbsp;&nbsp; 59885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59885000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63885000 |
| **Money Market Fund: 0.4%** | **Money Market Fund: 0.4%** | **Money Market Fund: 0.4%** |
| State Street Institutional <br> U.S. Government Money Market Fund <br> - Premier Class<br>| &nbsp;&nbsp; 40755798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40755798 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $104,640,798) | &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $104,640,798) | **$104640798** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments In Securities** <br>(Cost $8,782,514,432)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.8% | **$10046749020** |
| Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23928786 |
| **Net Assets** | **100.0%** | **$10070677806** |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> <br>| Non-income producing |
| <sup>(b)</sup> <br>| Valued using significant unobservable inputs. |
| <sup>(c)</sup> <br>| Repurchase agreements are collateralized by: <br>Barclays: U.S. Treasury Note 1.25%, 11/30/26. Total collateral value is $4,082,005. <br>Fixed Income Clearing Corporation: U.S. Treasury Bills, 2/21/23. Total collateral value <br> is $61,082,724.<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>

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

------

Consolidated Portfolio of Investments December 31, 2022

**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>|
| Euro Stoxx 50 Index— Long Position | 1201 | 3/17/23 | $48660332 | $(1095699) |
| Yen Denominated Nikkei 225 Index— Long Position | &nbsp;&nbsp;&nbsp; 332 | &nbsp;&nbsp; 3/9/23 | &nbsp;&nbsp; 32551128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (827880) |
|  |  |  |  | $(1923579) |

---

**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** |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | &nbsp;&nbsp; 1/11/23 | CNH | 246878000 | USD | &nbsp;&nbsp; 34165237 | $1529700 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp; 1/11/23 | USD | &nbsp;&nbsp; 23098202 | CNH | 167000000 | &nbsp;&nbsp;&nbsp; (1047548) |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp; 1/11/23 | USD | &nbsp;&nbsp; 16344152 | CNH | 106000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018107 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp; 1/11/23 | USD | &nbsp;&nbsp; 12081597 | CNH | &nbsp;&nbsp; 78000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803942 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 1/11/23 | USD | &nbsp;&nbsp; 16349194 | CNH | 106000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered | &nbsp;&nbsp; 1/11/23 | USD | &nbsp;&nbsp; 12082159 | CNH | &nbsp;&nbsp; 78000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 804503 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 2/8/23 | USD | &nbsp;&nbsp; 27308596 | CNH | 176596500 | &nbsp;&nbsp;&nbsp;&nbsp; 1723932 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS | &nbsp;&nbsp;&nbsp;&nbsp; 2/8/23 | USD | &nbsp;&nbsp; 27302897 | CNH | 176596500 | &nbsp;&nbsp;&nbsp;&nbsp; 1718232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank | &nbsp;&nbsp; 3/22/23 | USD | &nbsp;&nbsp; 15513773 | CNH | 100250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 941570 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 3/22/23 | USD | &nbsp;&nbsp; 39603960 | CNH | 256000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2392150 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 3/22/23 | USD | &nbsp;&nbsp; 15511373 | CNH | 100250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 939169 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 3/22/23 | USD | &nbsp;&nbsp; 15510456 | CNH | 100500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered | &nbsp;&nbsp; 3/22/23 | USD | &nbsp;&nbsp; 15511174 | CNH | 100500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 6/7/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 9375140 | CNH | &nbsp;&nbsp; 62700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 6/7/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 9514200 | CNH | &nbsp;&nbsp; 63650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208935 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/7/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 9517757 | CNH | &nbsp;&nbsp; 63650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | &nbsp;&nbsp; 6/14/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 7461579 | CNH | &nbsp;&nbsp; 49900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank | &nbsp;&nbsp; 6/14/23 | USD | &nbsp;&nbsp; 16886617 | CNH | 112836375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | &nbsp;&nbsp; 6/14/23 | USD | &nbsp;&nbsp; 16625869 | CNH | 111152250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367601 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp; 6/14/23 | USD | &nbsp;&nbsp; 16884090 | CNH | 112836375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379484 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp; 6/14/23 | USD | &nbsp;&nbsp; 16792552 | CNH | 112275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370058 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS | &nbsp;&nbsp; 6/14/23 | USD | &nbsp;&nbsp; 30997724 | CNH | 207040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 713930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | &nbsp;&nbsp; 7/12/23 | USD | &nbsp;&nbsp; 40045172 | CNH | 267661930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 814537 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp; 7/12/23 | USD | &nbsp;&nbsp; 40015239 | CNH | 267661930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 784604 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp; 7/19/23 | USD | &nbsp;&nbsp; 18456501 | CNH | 124000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | &nbsp;&nbsp; 8/16/23 | USD | &nbsp;&nbsp; 11805876 | CNH | &nbsp;&nbsp; 79245764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163509 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 8/16/23 | USD | &nbsp;&nbsp; 11803415 | CNH | &nbsp;&nbsp; 79245765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161047 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 8/16/23 | USD | &nbsp;&nbsp; 11635736 | CNH | &nbsp;&nbsp; 78062991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | &nbsp;&nbsp; 9/13/23 | USD | &nbsp;&nbsp; 15370093 | CNH | 107875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (508390) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | &nbsp;&nbsp; 9/13/23 | USD | &nbsp;&nbsp; 15379962 | CNH | 107875054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (498529) |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp; 9/13/23 | USD | &nbsp;&nbsp; 15365699 | CNH | 107874892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (512768) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 9/13/23 | USD | &nbsp;&nbsp; 15386543 | CNH | 107875054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (491948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | 10/18/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 7111836 | CNH | &nbsp;&nbsp; 48580950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 10/18/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 7211884 | CNH | &nbsp;&nbsp; 49317025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63087) |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | 10/18/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 7215577 | CNH | &nbsp;&nbsp; 49317025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59394) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6907655 | CNH | &nbsp;&nbsp; 47637216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127147) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6988611 | CNH | &nbsp;&nbsp; 48118400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (117250) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 7010565 | CNH | &nbsp;&nbsp; 48358992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130824) |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8257686 | CNH | &nbsp;&nbsp; 57642780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (254682) |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8218605 | CNH | &nbsp;&nbsp; 57356000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251413) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8212486 | CNH | &nbsp;&nbsp; 57356000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (257533) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8133622 | CNH | &nbsp;&nbsp; 56782440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251696) |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 7017591 | CNH | &nbsp;&nbsp; 48358992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123799) |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6983711 | CNH | &nbsp;&nbsp; 48118400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (122149) |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8256752 | CNH | &nbsp;&nbsp; 57642780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (255616) |
| 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; 20069294 |
| 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; (5128326) |
| Net unrealized gain on currency forward contracts | Net unrealized gain on currency forward contracts | Net unrealized gain on currency forward contracts |  |  |  | $14940968 |

---

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

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

------

Consolidated <br>Statement of Assets and Liabilities

---

| | |
|:---|:---|
|  | **December 31, 2022** |
| **Assets:** | **Assets:** |
| Investments in securities, at value (cost $8,782,514,432) | $10046749020 |
| Unrealized appreciation on currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20069294 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| Cash denominated in foreign currency (cost $405,702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406195 |
| Deposits with broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6872651 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5907155 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24522928 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19242152 |
| Expense reimbursement receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23370 |
| Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18069 |
|  | &nbsp;&nbsp; 10123810934 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5128326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash received as collateral for currency forward <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19930000 |
| Payable for variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1467363 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1944786 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2796565 |
| Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16288834 |
| Management fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5224841 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352413 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53133128 |
| **Net Assets** | $10070677806 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $8944678660 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; 1125999146 |
|  | $10070677806 |
| **Class I** | **Class I** |
| Total net assets | $9680850737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (par value $0.01 each, unlimited <br> shares authorized)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 767617921 |
| Net asset value per share | $12.61 |
| **Class X** | **Class X** |
| Total net assets | $389827069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (par value $0.01 each, unlimited <br> shares authorized)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30905024 |
| Net asset value per share | $12.61 |

---

Consolidated <br>Statement of Operations

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2022**<br>|
| **Investment Income:** |  |
| Dividends (net of foreign taxes of $7,789,080) | $238050174 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2205998 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240256172 |
| **Expenses:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55095375 |
| Administrative services fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6659715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57344 |
| Custody and fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581004 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141903 |
| Professional services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305719 |
| Shareholder reports | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99981 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215400 |
| Trustees fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419121 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231436 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63806998 |
| Expenses reimbursed by investment manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62165) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63744833 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176511339 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of foreign capital gains <br> tax of $10,168,989)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376376724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7731066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4639623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2057519) |
| Net change in unrealized appreciation/depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of change in deferred <br> foreign capital gains tax of $(2002120))<br>| &nbsp;&nbsp; (1231184623) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4225454) |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37852363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (372301) |
| Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (811240121) |
| **Net Change in Net Assets From Operations** | $(634728782) |

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PAGE 9 <sup>◾</sup> Dodge & Cox Global Stock FundSee accompanying Notes to Consolidated Financial Statements

------

Consolidated <br>Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** |
| **Operations:** |  |  |
| Net investment income | $176511339 | $148305916 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386689894 | &nbsp;&nbsp;&nbsp;&nbsp; 1635170433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp; (1197930015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311656976 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (634728782) | &nbsp;&nbsp;&nbsp;&nbsp; 2095133325 |
| **Distributions to Shareholders:** |  |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (710941433) | &nbsp;&nbsp;&nbsp; (1025735037) |
| Class X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24083544) | &nbsp;&nbsp;&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; (735024977) | &nbsp;&nbsp;&nbsp; (1025735037) |
| **Fund Share Transactions:** |  |  |
| **Class I** |  |  |
| Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp; 2117052228 | &nbsp;&nbsp;&nbsp;&nbsp; 1386396120 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 682234755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995397758 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2254559437) | &nbsp;&nbsp;&nbsp; (3348677349) |
| **Class X** |  |  |
| Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411553420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24083544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26455394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net change from Fund share <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 953909116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (966883471) |
| Total change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (415844643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102514817 |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 10486522449 | &nbsp;&nbsp; 10384007632 |
| End of year | $10070677806 | $10486522449 |
| **Share Information:** |  |  |
| **Class I** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154630291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90402451 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55107806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71869874 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (168363196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (216733367) |
| Net change in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41374901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54461042) |
| **Class X** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30974138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1943789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2012903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net change in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30905024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

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See accompanying Notes to Consolidated Financial StatementsDodge & Cox Global Stock Fund <sup>◾</sup> PAGE 10

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Notes to Consolidated Financial Statements

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

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

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

The Fund is an investment company and follows the accounting and reporting guidance issued in Topic 946 by the Financial Accounting Standards Board. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require the use of estimates and assumptions by management. Actual results may differ from those estimates. Significant accounting policies are as follows:

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

Portfolio holdings for which market quotes are readily available are valued at market value. Listed securities, for example, are generally valued using the official quoted close price or the last sale on the exchange that is determined to be the primary market for the security. Convertible 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. Equity total return swaps are valued using prices received from independent pricing services which utilize market quotes from underlying reference instruments. 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

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

------

Notes to Consolidated Financial Statements

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 is subject to foreign taxes which may be imposed by certain countries in which the Fund invests. The Fund endeavors to record foreign taxes based on applicable foreign tax law. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the associated dividend is recorded. The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund records a reclaim receivable based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. In consideration of recent decisions rendered by European courts, the Fund has filed for additional reclaims ("EU reclaims") related to prior years. A corresponding receivable is established when both the amount is known and significant contingencies or uncertainties regarding collectability are removed. These amounts, if any, are reported in dividends and interest receivable in the Consolidated Statement of Assets and Liabilities. Expenses incurred related to filing EU reclaims are recorded on the accrual basis in professional services in the Consolidated Statement of Operations. Expenses that are contingent upon successful EU reclaims are recorded in professional services in the Consolidated Statement of Operations once the amount is known.

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

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

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

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

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

Consolidation The Fund may invest in certain securities through its wholly owned subsidiary, Dodge & Cox Global Stock Fund Cayman, Ltd. (the "Subsidiary"). The Subsidiary is a Cayman Islands exempted company and invests in certain securities consistent with the investment objective of the Fund. The Fund's Consolidated Financial Statements, including the Consolidated Portfolio of Investments, consist of the holdings and accounts of the Fund and the Subsidiary. All intercompany transactions and balances have been eliminated. At December 31, 2022, the Subsidiary had net assets of $100, which represented less than 0.01% of the Fund's consolidated net assets.

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

**Note 2: Valuation Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

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

The following is a summary of the inputs used to value the Fund's holdings at December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **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** |

---

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

------

Notes to Consolidated Financial Statements

---

| | | | |
|:---|:---|:---|:---|
| **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>|
| Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp; Communication Services | $1171951834 | $992222 | $— |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp; 436564327 | &nbsp;&nbsp;&nbsp;&nbsp; 367849020 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56831712 | &nbsp;&nbsp;&nbsp;&nbsp; 267950426 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp;&nbsp;&nbsp; 803536273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; 1013541278 | &nbsp;&nbsp; 1454499920 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp;&nbsp;&nbsp; 640418348 | &nbsp;&nbsp; 1126053980 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp;&nbsp;&nbsp; 637633963 | &nbsp;&nbsp;&nbsp;&nbsp; 124920577 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp;&nbsp;&nbsp; 935230241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17511835 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp;&nbsp;&nbsp; 341887093 | &nbsp;&nbsp;&nbsp;&nbsp; 335508123 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31725270 | &nbsp;&nbsp; — |
| Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks |
| &nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89166323 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88335374 | &nbsp;&nbsp; — |
| Short-Term Investments | Short-Term Investments | Short-Term Investments | Short-Term Investments |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63885000 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40755798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Securities | $6078350867 | $3968398070 | $83 |
| **Other Investments** | **Other Investments** | **Other Investments** | **Other Investments** |
| Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts |
| &nbsp;&nbsp;&nbsp; Appreciation | $— | $20069294 | $— |
| &nbsp;&nbsp;&nbsp; Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5128326) | &nbsp;&nbsp; — |
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| &nbsp;&nbsp;&nbsp; Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1923579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**Note 3: Derivative Instruments**

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

Futures contracts Futures contracts involve an obligation to purchase or sell (depending on whether the Fund has entered a long or short futures contract, respectively) an asset at a future date, at a price set at the time 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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on <br> currency forward contracts<br>| $— | $20069294 | $20069294 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on <br> currency forward contracts<br>| $— | $5128326 | $5128326 |
| Futures contracts<sup>(a)</sup> <br>| &nbsp;&nbsp; 1923579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1923579 |
|  | $1923579 | $5128326 | $7051905 |

---

&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.

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

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Notes to Consolidated Financial Statements

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 | $7731066 | $— | &nbsp;&nbsp;&nbsp;&nbsp; 7731066 |
| Currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4639623 | &nbsp;&nbsp;&nbsp;&nbsp; 4639623 |
|  | $7731066 | $4639623 | $12370689 |
| **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 | $(4225454) | $— | &nbsp;&nbsp;&nbsp; (4225454) |
| Currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 37852363 | &nbsp;&nbsp; 37852363 |
|  | $(4225454) | $37852363 | $33626909 |

---

The following summarizes the range of volume in the Fund's derivative instruments during the year ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Derivative** |  | **% of Net Assets** |
| Futures contracts | USD notional value | 0-3% |
| Currency forward contracts | USD total value | 5-7% |

---

The Fund may enter into various over-the-counter derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, specify (i) events of default and other events permitting a party to terminate some or all of the contracts thereunder and (ii) the process by which those contracts will be valued for purposes of determining termination payments. If some or all of the contracts under a master agreement are terminated because of an event of default or similar event, the values of all terminated contracts must be netted to determine a single payment owed by one party to the other. To the extent amounts owed to the Fund by its counterparties are not collateralized, the Fund is at risk of those counterparties' non-performance. The Fund attempts to mitigate counterparty credit risk by entering into contracts only with counterparties it believes to be of good credit quality, by exchanging collateral, and by monitoring the financial stability of those counterparties.

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

The Fund's ability to net assets and liabilities and to offset collateral pledged or received is based on contractual netting/offset provisions in the ISDA agreements. The following table presents the Fund's net exposure to each counterparty for derivatives that are subject to enforceable master netting arrangements as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $534961 | $(938164) | $— | $(403203) |
| Citibank | &nbsp;&nbsp; 1532516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1532516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs | &nbsp;&nbsp; 2711838 | &nbsp;&nbsp;&nbsp;&nbsp; (561616) | &nbsp;&nbsp; (2150222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC | &nbsp;&nbsp; 3842187 | &nbsp;&nbsp; (2125805) | &nbsp;&nbsp; (1716382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **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> |
| JPMorgan | $7308496 | $(1001177) | $(6307319) | $— |
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 1707134 | &nbsp;&nbsp;&nbsp;&nbsp; (501564) | &nbsp;&nbsp;&nbsp;&nbsp; (1205570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 2432162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2432162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | $20069294 | $(5128326) | $(15344171) | $(403203) |

---

<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 4: Related Party Transactions**

Investment advisory fee From January 1, 2022 through April 30, 2022, the Fund paid an investment advisory fee monthly at an annual rate of 0.60% of the Fund's average daily net assets to Dodge & Cox, investment manager of the Fund. Effective May 1, 2022, the Fund pays an investment advisory fee monthly at an annual rate of 0.50% of the Fund's average daily net assets to Dodge & Cox.

Administrative services fee Effective May 1, 2022, 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 also pays for the Fund's transfer agent fees.

Expense reimbursement Effective May 1, 2022, Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain the ratio of total operating expenses of the Class X shares to average net assets of the Class X shares at 0.52% through April 30, 2023. The term of the agreement is renewable annually thereafter and is subject to termination upon 30 days' written notice by either party prior to the end of the term. For the year ended December 31, 2022, Dodge & Cox reimbursed expenses of $62,165.

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

**Note 5: Income Tax Information and Distributions to Shareholders**

A provision for federal income taxes is not required since the Fund intends to 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, investments in passive

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

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Notes to Consolidated Financial Statements

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

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2022**<br>| **Year Ended** <br>**December 31, 2021**<br>|
| Class I |  |  |
| Ordinary income | $155314159 | $243562447 |
| Long-term capital gain | $555627274 | $782172590 |
| Class X |  |  |
| Ordinary income | $5433482 | $— |
| Long-term capital gain | $18650062 | $— |

---

At December 31, 2022, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Deferred loss<sup>1</sup> <br>| $(75108735) |
| Net unrealized appreciation | &nbsp;&nbsp; 1201107881 |
| Total distributable earnings | $1125999146 |

---

<sup>1</sup> Represents capital loss incurred between November 1, 2022 and December 31, 2022. As permitted by tax regulation, the Fund has elected to treat this loss as arising in 2023.

At December 31, 2022, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | $8842059051 |
| Unrealized appreciation | &nbsp;&nbsp;&nbsp; 2219098238 |
| Unrealized depreciation | &nbsp;&nbsp; (1001390880) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp; 1217707358 |

---

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

**Note 6: Loan Facilities**

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

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. For the year ended December 31, 2022, the Fund's commitment fee amounted to $58,861 and is reflected as a Miscellaneous Expense in the Consolidated Statement of Operations. Interest on borrowings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the year.

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

For the year ended December 31, 2022, purchases and sales of securities, other than short-term securities, aggregated $2,943,439,593 and $2,484,670,260, respectively.

**Note 8: Subsequent Events**

Fund management has determined that no material events or transactions occurred subsequent to December 31, 2022, and through the date of the Fund's financial statements issuance, which require disclosure in the Fund's financial statements.

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

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Consolidated Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Class I** |  |  |  |  |  |
| **Net asset value, beginning of year** | $14.44 | &nbsp;&nbsp; $13.30 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $11.03 | $13.86 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp;&nbsp; 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (1.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35 | &nbsp;&nbsp;&nbsp; (1.96) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp; (0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62 | &nbsp;&nbsp;&nbsp; (1.75) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp; (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp;&nbsp; (0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.60) | &nbsp;&nbsp;&nbsp; (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp; (0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.94) | &nbsp;&nbsp;&nbsp; (1.08) |
| **Net asset value, end of year** | $12.61 | &nbsp;&nbsp; $14.44 | &nbsp;&nbsp; $13.30 | &nbsp;&nbsp; $12.71 | $11.03 |
| **Total return** | &nbsp;&nbsp;&nbsp; (5.80)% | &nbsp;&nbsp;&nbsp;&nbsp; 20.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02% | &nbsp;&nbsp;&nbsp;&nbsp; 23.85% | (12.65)% |
| **Ratios/supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $9681 | $10487 | $10384 | $10296 | $8614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.62% | &nbsp;&nbsp;&nbsp;&nbsp; 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57%<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13% | &nbsp;&nbsp;&nbsp;&nbsp; 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31% |
| **Class X**<sup>(b)</sup> <br>|  |  |  |  |  |
| **Net asset value, beginning of year** | $13.83 |  |  |  |  |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.08 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.32) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp; (0.24) |  |  |  |  |
| **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp; (0.22) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp;&nbsp; (0.76) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp; (0.98) |  |  |  |  |
| **Net asset value, end of year** | $12.61 |  |  |  |  |
| **Total return** | &nbsp;&nbsp;&nbsp; (1.58)% |  |  |  |  |
| **Ratios/supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp; $390 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.52%<sup>(c)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets, before reimbursement by <br> investment manager<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57%<sup>(c)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.02%<sup>(c)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25% |  |  |  |  |

---

&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) From 5/2/2022 (commencement of operations) to 12/31/2022

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

See accompanying Notes to Consolidated Financial Statements

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

------

Report Of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, of Dodge & Cox Global Stock Fund and its subsidiary (one of the funds constituting Dodge & Cox Funds, referred to hereafter as the "Fund") as of December 31, 2022, the related consolidated statement of operations for the year ended December 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP <br>San Francisco, California <br>February 17, 2023

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

PAGE 17 <sup>◾</sup> Dodge & Cox Global Stock Fund

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Special 2022 Tax Information (unuadited)

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

The Fund designates $606,749,389 as long-term capital gain distributions in 2022.

In 2022, the Fund elected to pass through to shareholders foreign source income of $188,655,068 and foreign taxes paid of $17,958,068.

The Fund designates up to a maximum of $238,691,099 of its distributions paid to shareholders in 2022 as qualified dividends (treated for federal income tax purposes in the hands of shareholders as taxable at a maximum rate of 20%).

For shareholders that are corporations, the Fund designates 33% of its ordinary dividends paid to shareholders in 2022 as dividends from domestic corporations eligible for the corporate dividends received deduction, provided that the shareholder otherwise satisfies applicable requirements to claim that deduction.

Funds' Liquidity Risk Management Program <br>(unaudited)

The Funds have adopted and implemented a written liquidity risk management program ("Program") as required by Rule 22e-4 under the Investment Company Act. The Program is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources including the Funds' interfund lending facility and line of credit.

The Funds' Board of Trustees has approved the appointment of a Liquidity Risk Management Committee including representatives from Dodge & Cox's Legal, Compliance, Treasury, Operations, Trading, and Portfolio Management departments, which is responsible for the Program's administration and oversight and for reporting to the Board on at least an annual basis regarding the Program's operation and effectiveness.

The Liquidity Risk Management Committee refreshed its assessment of the Funds' liquidity risk profiles and considered the adequacy and effectiveness of the Program's operations for the 12 months ended September 30, 2022 (the "covered period") in order to prepare a written report to the Board of Trustees for consideration at its meeting held on December 14, 2022. The report concluded that (i) the Funds had adequate liquidity to operate effectively throughout the covered period; (ii) each Fund's investment strategy continues to be appropriate for an open end fund; and (iii) the Funds' Program is reasonably designed to assess and manage its liquidity risk.

Fund Holdings

The Fund provides a complete list of its holdings on a quarterly basis by filing the lists with the SEC on Form N-CSR (as of the end of the second and fourth quarters) and on Part F of Form N-PORT (as of the end of the first and third quarters). Shareholders may view the Fund's Forms N-CSR and Part F of N-PORT on the SEC's website at sec.gov. A list of the Fund's quarter-end holdings is also available at

dodgeandcox.com on or about the 15th day following each quarter end and remains available on the website until the list is updated for the subsequent quarter.

Proxy Voting

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

Household Mailings

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

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

Dodge & Cox Global Stock Fund <sup>◾</sup> PAGE 18

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Dodge & Cox Funds — Executive Officer & Trustee Information

---

| | | | |
|:---|:---|:---|:---|
| **Name (Age) and** <br>**Address\***<br>| **Position with Trust** <br>**(Year of Election or** <br>**Appointment)**<br>| **Principal Occupation During Past Five Years and Other Relevant** <br> **Experience**<br>| **Other Directorships of Public Companies Held** <br>**by Trustees**<br>|
| **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** |
| **Charles F. Pohl** <br>**(64)**<br>| Trustee <br>(since 2014)<br>| Chairman and Director, Dodge & Cox (until 2022); Chief <br> Investment Officer (until 2022) and member of U.S. Equity <br> Investment Committee and Emerging Markets Equity <br> Investment Committee (until 2022); Global Equity Investment <br> Committee and International Equity Investment Committee <br> (until 2021); U.S. Fixed Income Investment Committee (until <br> 2019)<br>|  |
| **Dana M. Emery** <br>**(61)**<br>| Chair (since 2022) <br>President <br>(since 2014) and <br>Trustee (since 1993)<br>| Chair, Chief Executive Officer, and Director, Dodge & Cox; <br> President (until 2022); Co-Director of Fixed Income (until <br> 2020); Director of Fixed Income (until 2019); member of <br> U.S. Fixed Income Investment Committee and Global Fixed <br> Income Investment Committee <br>|  |
| **Roberta R.W. Kameda** <br>**(62)**<br>| Chief Legal Officer <br>(since 2019) and <br> Secretary (since 2017)<br>| Vice President, General Counsel, and Secretary (since 2017), <br> Dodge & Cox<br>|  |
| **Shelly Chu** <br>**(49)**<br>| Treasurer <br>(since 2021)<br>| Funds Treasurer (since 2021), Dodge & Cox; Vice President <br> (since 2020); Financial Oversight and Control Analyst (until <br> 2021)<br>|  |
| **Katherine M. Primas** <br>**(48)**<br>| Chief Compliance <br>Officer (since 2010)<br>| Vice President and Chief Compliance Officer, Dodge & Cox |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Luis Borgen** <br>**(52)**<br>| Trustee <br>(since 2022)<br>| CFO, athenahealth, Inc. (2019-2022) | Director, Synopsys Inc. (software <br> company); Director, Carter's Inc. <br> (children's apparel); Director, Eastern <br> Bankshares, Inc. (financial services and <br> banking services)<br>|
| **Caroline M. Hoxby** <br>**(56)**<br>| Trustee <br>(since 2017)<br>| Professor of Economics, Stanford University; Director of the <br> Economics of Education Program, National Bureau of <br> Economic Research; Senior Fellow, Hoover Institution and <br> Stanford Institute for Economic Policy Research<br>|  |
| **Thomas A. Larsen** <br>**(73)**<br>| Trustee <br>(since 2002)<br>| Senior Counsel, Arnold & Porter (law firm) (2015-2018); <br> Partner, Arnold & Porter (until 2015); Director, Howard, Rice, <br> Nemerovski, Canady, Falk & Rabkin (1977-2011)<br>|  |
| **Ann Mather** <br>**(62)**<br>| Trustee <br>(since 2011)<br>| CFO, Pixar Animation Studios (1999-2004) | Director, Alphabet Inc. (internet <br> information services); Director, Netflix, Inc. <br> (internet television); Director, Blend <br> (software company); Director, Bumble <br> (online dating) <br>|
| **Gabriela Franco** <br>**Parcella (54)**<br>| Trustee <br>(since 2020)<br>| President (since 2020) and Executive Managing Director, <br> Merlone Geier Partners (2018-2019); Chairman, President, <br> and CEO, Mellon Capital (2011 to 2017); COO, Mellon Capital <br> (1997 to 2011)<br>|  |
| **Shawn Purvis** <br>**(49)**<br>| Trustee <br>(since 2022)<br>| President and CEO, QinetiQ US (since 2022); Corporate Vice <br> President/President Enterprise Services, Northrop Grumman <br> (2012-2022)<br>|  |
| **Gary Roughead** <br>**(71)**<br>| Trustee <br>(since 2013)<br>| Robert and Marion Oster Distinguished Military Fellow, <br> Hoover Institution (since 2012); Admiral, United States Navy <br> (Ret.); U.S. Navy Chief of Naval Operations (2007-2011)<br>| Director, Northrop Grumman Corp. <br> (global security); Director, Maersk Line, <br> Limited (shipping and transportation)<br>|
| **Mark E. Smith** <br>**(71)**<br>| Trustee <br>(since 2014)<br>| Executive Vice President, Managing Director, Fixed Income at <br> Loomis Sayles & Company, L.P. (2003-2011)<br>|  |

---

\* The address for each Officer and Trustee is 555 California Street, 40th Floor, San Francisco, California 94104. Each Officer and Trustee oversees all seven series in the Dodge & Cox Funds complex and serves for an indefinite term.

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

PAGE 19 <sup>◾</sup> Dodge & Cox Global Stock Fund

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![](g451839imgd888b4cd1.gif)

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Global Stock Fund

**dodgeandcox.com** 

For Fund literature, transactions, and account <br>information, please visit the Funds' website.

or write or call:

**Dodge & Cox Funds**

P.O. Box 219502 <br>Kansas City, Missouri 64121-9502 <br>(800) 621-3979

**Investment Manager**

Dodge & Cox <br>555 California Street, 40th Floor <br>San Francisco, California 94104 <br>(415) 981-1710

**Principal Underwriter**

Foreside Fund Services, LLC <br>3 Canal Plaza, Suite 100 <br>Portland, Maine 04101 <br>

(866) 251-6920

**This report is submitted for the general information of the shareholders of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless it is accompanied by a current prospectus.** <br>**This report reflects our views, opinions, and portfolio holdings as of December 31, 2022, the end of the reporting period. Any such views are subject to change at any time based upon market or other conditions and Dodge & Cox disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dodge & Cox Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dodge & Cox Fund.**

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![](g451839img19205b5b1.gif)

2022 <br>**December 31, 2022**

------

**Annual Report**

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

**ESTABLISHED 2001**

12/22 ISF AR Printed on recycled paper ![](g451839img4bf5a7da2.gif)

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To Our Shareholders (unaudited)

The Dodge & Cox International Stock Fund—Class I had a total return of -6.78% for the year ended December 31, 2022, compared to a return of -14.45% for the MSCI EAFE (Europe, Australasia, Far East) Index.<sup>1</sup>

**Market Commentary**

During the first nine months of 2022, international equity markets declined significantly amid heightened geopolitical concerns and economic uncertainty. Recession fears grew as many central banks increased interest rates to combat inflation. In the fourth quarter, investors were encouraged by the slowing pace of interest rate hikes. Stocks reversed course, and the MSCI EAFE surged 17.3%. Despite this strong quarter, international equities still posted negative returns for the full year. U.S. dollar-based investors exposed to international equities faced an additional headwind in 2022—the U.S. dollar appreciated rapidly as the U.S. Federal Reserve aggressively hiked interest rates. Thus, the MSCI EAFE was down 7.0% in local currency, but down 14.5% in U.S. dollars for the year.

International value stocks<sup>2</sup> outperformed growth stocks by 17.4 percentage points in 2022.<sup>3</sup> While the valuation gap between value and growth compressed, it remains wide at 2.1 standard deviations<sup>4</sup>: the MSCI EAFE Value Index<sup>5</sup> trades at only 8.9 times forward earnings<sup>6</sup> compared to 19.0 times for the MSCI EAFE Growth Index.<sup>7</sup> International stocks are also inexpensive relative to U.S. stocks: the MSCI EAFE trades at 12.0 times forward earnings compared to 17.0 times for the MSCI USA Index.<sup>8</sup> Furthermore, the valuation spread between stocks benefiting from low interest rates, and those hindered by them, remains near its widest point over the past 20 years. Markets remain concerned central banks may not to be able to thread the needle of getting inflation under control without causing a recession.

**Investment Strategy**

Higher inflation has contributed to recent macroeconomic concerns and driven volatility across global financial markets. However, successful investing requires disciplined decision-making amid uncertainty. While uncertainty poses risks, it also provides opportunities. As an active manager, we seek to uncover these opportunities and position the portfolio accordingly. We focus our research on what is knowable today—understanding company fundamentals and valuations—to develop risk/reward profiles for individual companies over our three- to five-year investment horizon.

As a result of this process, the Fund remains diversified with multiple portfolio drivers and continues to look different from its benchmark. Approximately 80% of the portfolio is in sectors that represent about 50% of the MSCI EAFE. These sectors represent a combination of deep-value opportunities (Financials, Materials, and Energy), as well as reasonably priced secular growth opportunities (Health Care, China Internet, and Technology holdings, with the latter two showing up in the Consumer Discretionary and Information Technology sectors). Other sectors of the market—such as Consumer Staples, Industrials, and Utilities—have higher valuations and account for about 20% of the Fund, but represent around 50% of the MSCI EAFE. That said, we are seeing more opportunities here than we have in past years.

Below we highlight four positions in the Fund where we have found investment opportunities due to macroeconomic uncertainty and other unknowns.

**Energy**

After years of headwinds, Energy was the best-performing sector of the MSCI EAFE in both 2021 and 2022. Our persistence in maintaining an overweight position in the sector was rewarded, as Energy contributed significantly to the Fund's outperformance. While we sold Schlumberger and trimmed selected holdings as their share prices increased, the Fund remains overweight Energy because we still see opportunities in the sector.<sup>9</sup> First, valuations remain attractive—the MSCI EAFE Energy trades at 5.6 times forward earnings. Second, we believe the oil industry has not invested enough to keep up with demand over the medium term, and it is not easy to bring new supply online. This could lead to higher oil prices over our investment horizon. Third, the Fund's Energy holdings are generating prolific cash flows, which are now being returned to shareholders and used to reduce debt. In previous cycles, cash flows were redeployed back into projects, so this change is a positive for investors. Finally, commodities, such as Energy, could prove to be an effective hedge in an environment of input cost inflation.

Financials

Investors' concerns about economic growth prospects and return on capital have weighed on the Financials sector for years. Despite this uncertainty, we maintained our conviction that the Fund's Financials holdings are well capitalized, generate substantial free cash flow, and could return meaningful amounts of capital to shareholders. While absolute returns were negative in 2022, these holdings outperformed, boosted by higher earnings from interest rate hikes across most major economies. They continue to trade at an attractive valuation and are well diversified across regions and core business exposures.

For example, the Fund's European and UK Financials holdings include globally focused asset management, insurance, and capital-markets oriented businesses, as well as retail and corporate banking businesses, which tend to be more exposed to credit cycles. Notably, UBS Group is a global asset management business, while Standard Chartered and Prudential UK are focused on emerging markets and provide exposure to secular growth opportunities due to favorable demographics and continued financial services penetration. In addition, the Fund's holdings have demonstrated improved fundamentals, with stronger balance sheets that have survived real-life stress tests, including the most recent COVID cycle. Several businesses have refocused on more profitable core business models and also stand to benefit from a rising rate environment. Most importantly, valuations are compelling. On December 31, Financials represented 27.1% of the Fund's net assets compared to 18.7% for the MSCI EAFE.

Health Care

Market uncertainty can provide attractive opportunities in unexpected places. For example, in 2022, several of the Fund's holdings (GSK, Sanofi, and Haleon) declined over fears of potentially large legal

PAGE 1 <sup>◾</sup> Dodge & Cox International Stock Fund

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liabilities related to the sale of Zantac, a heartburn medication that was sold under prescription and over the counter.

As a result of our extensive due diligence, we concluded the market reaction exceeded the risk. Since we thought adverse outcomes were already priced in, we added to GSK, Sanofi, and Haleon. These stocks later recovered when the Judge overseeing the large majority of initial cases concluded that the Plaintiff's causation evidence was not supported by reliable expert testimony and dismissed the cases in her court.

Going forward, we are particularly enthusiastic about Haleon, which was spun out of GSK in July 2022 and is now classified in Consumer Staples. Haleon is one of the largest consumer health care companies with strong franchises in oral care, over-the-counter medicines (brands such as Advil), and vitamins, minerals, and supplements. Haleon trades at a meaningful discount to other leading Consumer Staples companies that offer similar long-term growth and product stability. On December 31, Haleon was a 1.1% position in the Fund.

China Internet

China equities, particularly China Internet stocks, declined sharply in 2021 and continued to trend downward through October 2022. Slower economic growth, adverse political developments, and heightened geopolitical tensions sent the MSCI China Index<sup>10</sup> down 63% and the CSI Overseas China Internet Index<sup>11</sup> down 81% from their peaks in February 2021 to their troughs in October 2022.

Early in 2022, we revisited our theses and reaffirmed our view that the Fund's China Internet<sup>12</sup> holdings remain attractive, despite ongoing regulatory and competitive concerns. As share prices declined, we considerably added to three of the Fund's China Internet holdings—Prosus, Alibaba, and JD.com—and also started a new position in NetEase, a company that develops and operates some of the most popular PC and mobile games in China and trades at a reasonable valuation. China Internet was our largest add in 2022. While the valuations of these companies remain below their historical averages, we believe their forecasted earnings growth remains robust.

In December, China suddenly reversed its COVID policy, which happened much faster and earlier than the market had expected. The Fund's China Internet holdings dramatically rebounded in price, demonstrating how our long-term, value-oriented, contrarian approach can add value for our shareholders in times of uncertainty.

**In Closing**

2022 was a volatile year characterized by high inflation, tight monetary policy, and geopolitical uncertainty. Large valuation disparities have presented opportunities, despite headline concerns. We believe our investment approach is well suited for volatile market environments and remain enthusiastic about the long-term outlook for the Fund. Valuation changes can occur swiftly and without warning, so we encourage our shareholders to maintain a long-term perspective.

Thank you for your continued confidence in Dodge & Cox. As always, we welcome your comments and questions.

---

| |
|:---|
| For the Board of Trustees, |
| ![](g451839img337833d23.gif) |
| Dana M. Emery, <br>Chair and President<br>|

---

January 31, 2023

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| | |
|:---|:---|
| 1 | &nbsp;&nbsp; All returns are stated in U.S. dollars, unless otherwise noted. The Funds' total returns <br> include the reinvestment of dividend and capital gain distributions, but have not been <br> adjusted for any income taxes payable by shareholders on these distributions or on <br> Fund share redemptions. Index returns include dividend and/or interest income but, <br> unlike Fund returns, do not reflect fees or expenses. The MSCI EAFE (Europe, <br> Australasia, Far East) Index is a broad-based, unmanaged equity market index <br> aggregated from developed market country indices, excluding the United States and <br> Canada. It covers approximately 85% of the free float-adjusted market capitalization <br> in each country.<br>|
| 2 | &nbsp;&nbsp; Generally, stocks that have lower valuations are considered "value" stocks, while <br> those with higher valuations are considered "growth" stocks.<br>|
| 3 | &nbsp;&nbsp; For the 12 months ended December 31, 2022, the MSCI EAFE Value Index had a total <br> return of -5.58% and the MSCI EAFE Growth Index had a total return of -22.95%.<br>|
| 4 | &nbsp;&nbsp; Unless otherwise specified, all weightings and characteristics are as of <br> December 31, 2022. Standard deviation measures the volatility of the Fund's returns. <br> Higher standard deviation represents higher volatility.<br>|
| 5 | &nbsp;&nbsp; The MSCI EAFE Value Index captures large- and mid-cap securities exhibiting overall <br> value style characteristics across developed market countries around the world, <br> excluding the United States and Canada. The value investment style characteristics <br> for index construction are defined using three variables: book value to price, <br> 12-month forward earnings to price, and dividend yield.<br>|
| 6 | &nbsp;&nbsp; Price-to-earnings (forward) ratios are calculated using 12-month forward earnings <br> estimates from third-party sources as of the reporting period. Estimates reflect a <br> consensus of sell-side analyst estimates, which may lag as market conditions <br> change.<br>|
| 7 | &nbsp;&nbsp; The MSCI EAFE Growth Index captures large- and mid-cap securities exhibiting <br> overall growth style characteristics across developed market countries around the <br> world, excluding the United States and Canada. The growth investment style <br> characteristics for index construction are defined using five variables: long-term <br> forward EPS growth rate, short-term forward EPS growth rate, current internal <br> growth rate, long-term historical EPS growth trend, and long-term historical sales <br> per share growth trend.<br>|
| 8 | &nbsp;&nbsp; The MSCI USA Index is designed to measure the performance of the large- and mid-<br> cap segments of the U.S. market. The index covers approximately 85% of the free <br> float-adjusted market capitalization in the United States.<br>|
| 9 | &nbsp;&nbsp; The use of specific examples does not imply that they are more or less attractive <br> investments than the portfolio's other holdings.<br>|
| 10 | &nbsp;&nbsp; The MSCI China Index captures large- and mid-cap representation across China A <br> shares, H shares, B shares, Red chips, P chips, and foreign listings (e.g. ADRs).<br>|
| 11 | &nbsp;&nbsp; The CSI Overseas China Internet Index is designed to measure the performance of <br> the investable universe of publicly traded China-based companies whose primary <br> business or businesses are in the Internet and Internet-related sectors.<br>|
| 12 | China Internet comprises Alibaba, Baidu, JD.com, and Prosus. |

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Dodge & Cox International Stock Fund <sup>◾</sup> PAGE 2

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2022 Performance Review for the Fund's Class I Shares (unaudited)

The Fund outperformed the MSCI EAFE by 7.67 percentage points in 2022.

**Key contributors to relative results included the Fund's:**

<sup>◾</sup> Overweight position in Energy, the best-performing sector of the market, and selected holdings, including Suncor Energy, Ovintiv, and TotalEnergies;

<sup>◾</sup> Financials overweight position and holdings, notably Itau Unibanco, Axis Bank, UBS Group, and ICICI Bank;

<sup>◾</sup> Materials holdings, particularly Teck Resources and Glencore;

<sup>◾</sup> Information Technology holdings and underweight position; and,

<sup>◾</sup> Position in Imperial Brands.

**Key detractors from relative results included the Fund's:**

<sup>◾</sup> Communication Services holdings (down 27% compared to down 17% for the MSCI EAFE sector), particularly Grupo Televisa; and,

<sup>◾</sup> Positions in Credit Suisse, Samsung Electronics, Magnit,

Akzo Nobel, and XP.

Key Characteristics of Dodge & Cox

**Independent Organization** 

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

**Over 90 Years of Investment Experience** 

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

**Experienced Investment Team** 

The International Equity Investment Committee, which is the decision-making body for the International Stock Fund, is a seven-member committee with average tenure of 23 years at Dodge & Cox.

**One Business with a Single Decision-Making Office** 

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

**Consistent Investment Approach**

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

**Long-Term Focus and Low Expenses** 

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

------

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

**Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security. Please see the Portfolio of Investments section in this report for a complete list of fund holdings.**

PAGE 3 <sup>◾</sup> Dodge & Cox International Stock Fund

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Growth of $10,000 Over 10 Years (unaudited)

For An Investment Made On December 31, 2012 ![](g451839imga76a308b4.gif)

**Average Annual Total Return**

For Periods Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **20 Years** |
| &nbsp;&nbsp;&nbsp; Dodge & Cox International Stock <br> Fund<br>|  |  |  |  |
| Class I | &nbsp;&nbsp; -6.78% | 1.25% | 4.81% | 8.17% |
| Class X<sup>(a)</sup> <br>| &nbsp;&nbsp; -6.72 | 1.26 | 4.82 | 8.17 |
| MSCI EAFE Index | -14.45 | 1.54 | 4.67 | 6.43 |

---

**Expense Ratios**

Per the Prospectus Dated May 1, 2022

---

| | | |
|:---|:---|:---|
|  | **Net Expense** <br>**Ratio**<br>| **Gross Expense** <br>**Ratio**<br>|
| Dodge & Cox International Stock Fund |  |  |
| Class I | 0.62% | 0.62% |
| Class X | 0.52%<sup>(b)</sup> <br>| 0.57% |

---

<sup>(a)</sup> The Class X shares inception date is May 2, 2022. The returns shown prior to that date are for the Class I shares. 

<sup>(b)</sup> Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain Total Annual Fund Operating Expenses of the Dodge & Cox International Stock Fund — Class X shares at 0.52% until April 30, 2023. This agreement cannot be terminated prior to April 30, 2023 other than by resolution of the Fund's Board of Trustees. The term of the agreement renews annually unless terminated with 30 days' written notice by either party prior to the end of the term. The agreement does not permit Dodge & Cox to recoup any fees waived or payments made to the Fund for a prior year. 

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

The Fund's total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include dividends but, unlike Fund returns, do not reflect fees or expenses. The MSCI EAFE (Europe, Australasia, Far East) Index is a broad-based, unmanaged equity market index aggregated from developed market country indices, excluding the United States and Canada. It covers approximately 85% of the free float-adjusted market capitalization in each country. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

*MSCI EAFE is a service mark of MSCI Barra*. *For more information about this index, visit:* <br>*www.dodgeandcox.com/internationalstockfund*

Dodge & Cox International Stock Fund <sup>◾</sup> PAGE 4

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Portfolio Information (unaudited) December 31, 2022

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| | |
|:---|:---|
| **Sector Diversification**<sup>(a)</sup> <br>| **% of Net Assets** |
| Financials | **27.1** |
| Health Care | **16.1** |
| Consumer Discretionary | **11.2** |
| Materials | **11.2** |
| Energy | **7.8** |
| Consumer Staples | **6.8** |
| Industrials | **6.1** |
| Information Technology | **5.7** |
| Communication Services | **3.8** |
| Real Estate | **2.1** |
| Utilities | **0.6** |
| Net Cash & Other<sup>(b)</sup> <br>| **1.5** |

---

---

| | |
|:---|:---|
| **Region Diversification**<sup>(a),(c)</sup> <br>| **% of Net Assets** |
| Developed Europe (excluding United Kingdom) | **37.2** |
| Emerging Markets | **20.8** |
| United Kingdom | **15.3** |
| Other Developed | **14.6** |
| Japan | **10.7** |

---

<sup>(a)</sup> Excludes derivatives.

<sup>(b)</sup> Net Cash & Other includes cash, short-term investments, unrealized gain (loss) on derivatives, receivables, and payables. 

<sup>(c)</sup> The Fund usually classifies a company or issuer based on its country of risk, but may designate a different country in certain circumstances. 

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Fund Expense Example (unaudited)

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

Actual Expenses

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

Hypothetical Example for Comparison with Other Mutual Funds

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Six Months Ended** <br>**December 31, 2022**<br>| **Beginning Account Value** <br>**7/1/2022**<br>| **Ending Account Value** <br>**12/31/2022**<br>| **Expenses Paid** <br>**During Period\***<br>| **Annualized** <br>**Expense Ratio**<br>|
| **Class I** |  |  |  |  |
| Based on actual return | $1000.00 | $1036.00 | $3.18 | 0.62% |
| Based on hypothetical 5% yearly return | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.08 | &nbsp;&nbsp; 3.16 | 0.62 |
| **Class X** |  |  |  |  |
| Based on actual return | $1000.00 | $1036.50 | $2.67 | 0.52% |
| Based on hypothetical 5% yearly return | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.58 | &nbsp;&nbsp; 2.65 | 0.52 |

---

\* Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

PAGE 5 <sup>◾</sup> Dodge & Cox International Stock Fund

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Consolidated Portfolio of Investments December 31, 2022

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| | | |
|:---|:---|:---|
| **Common Stocks: 94.2%** | **Common Stocks: 94.2%** | **Common Stocks: 94.2%** |
|  | **Shares** | **Value** |
| **Communication Services: 3.8%** | **Communication Services: 3.8%** | **Communication Services: 3.8%** |
| Media & Entertainment: 2.9% | Media & Entertainment: 2.9% | Media & Entertainment: 2.9% |
| Baidu, Inc. ADR<sup>(a)</sup> (China) | &nbsp;&nbsp;&nbsp;&nbsp; 4466425 | $510869692 |
| Grupo Televisa SAB ADR (Mexico) | &nbsp;&nbsp; 46380780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211496357 |
| NetEase, Inc. ADR (China) | &nbsp;&nbsp;&nbsp;&nbsp; 6599426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479316310 |
| Television Broadcasts, Ltd.<sup>(a)(b)</sup> (Hong <br> Kong)<br>| &nbsp;&nbsp; 38464400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18165258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1219847617 |
| Telecommunication Services: 0.9% | Telecommunication Services: 0.9% | Telecommunication Services: 0.9% |
| Liberty Global PLC, Class A<sup>(a)</sup> (United <br> Kingdom)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4612561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87315780 |
| Liberty Global PLC, Class C<sup>(a)</sup> (United <br> Kingdom)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8459768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164373292 |
| Millicom International Cellular SA <br> SDR<sup>(a)</sup> (Guatemala)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8247010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104282024 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355971096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1575818713 |
| **Consumer Discretionary: 11.2%** | **Consumer Discretionary: 11.2%** | **Consumer Discretionary: 11.2%** |
| Automobiles & Components: 2.6% | Automobiles & Components: 2.6% | Automobiles & Components: 2.6% |
| Honda Motor Co., Ltd. (Japan) | &nbsp;&nbsp; 24170455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552637005 |
| Stellantis NV (Netherlands) | &nbsp;&nbsp; 28702647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406571063 |
| Yamaha Motor Co., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp; 4279800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97258435 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1056466503 |
| Consumer Services: 2.0% | Consumer Services: 2.0% | Consumer Services: 2.0% |
| Booking Holdings, Inc.<sup>(a)</sup> <br> (United States)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351666360 |
| Entain PLC<sup>(a)</sup> (United Kingdom) | &nbsp;&nbsp; 25417100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407529590 |
| Flutter Entertainment PLC<sup>(a)</sup> (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82828307 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842024257 |
| Retailing: 6.6% | Retailing: 6.6% | Retailing: 6.6% |
| Alibaba Group Holding, Ltd. ADR<sup>(a)</sup> <br> (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8789200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774240628 |
| JD.com, Inc. ADR<sup>(a)</sup> (China) | &nbsp;&nbsp; 10264448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576143466 |
| Prosus NV, Class N<sup>(a)</sup> (China) | &nbsp;&nbsp; 20017581 | &nbsp;&nbsp;&nbsp;&nbsp; 1374316056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2724700150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4623190910 |
| **Consumer Staples: 6.8%** | **Consumer Staples: 6.8%** | **Consumer Staples: 6.8%** |
| Food & Staples Retailing: 0.9% | Food & Staples Retailing: 0.9% | Food & Staples Retailing: 0.9% |
| Magnit PJSC<sup>(c)</sup> (Russia) | &nbsp;&nbsp;&nbsp;&nbsp; 3293785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447 |
| Seven & i Holdings Co., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp; 9107900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389621113 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389621560 |
| Food, Beverage & Tobacco: 3.9% | Food, Beverage & Tobacco: 3.9% | Food, Beverage & Tobacco: 3.9% |
| Anheuser-Busch InBev SA/NV <br> (Belgium)<br>| &nbsp;&nbsp; 10953800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 658522529 |
| Imperial Brands PLC (United Kingdom) | &nbsp;&nbsp; 38224397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955020407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1613542936 |
| Household & Personal Products: 2.0% | Household & Personal Products: 2.0% | Household & Personal Products: 2.0% |
| Beiersdorf AG (Germany) | &nbsp;&nbsp;&nbsp;&nbsp; 3144900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360882344 |
| Haleon PLC<sup>(a)</sup> (United Kingdom) | 116142104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464554796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825437140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2828601636 |
| **Energy: 7.8%** | **Energy: 7.8%** | **Energy: 7.8%** |
| Equinor ASA (Norway) | &nbsp;&nbsp;&nbsp;&nbsp; 7239238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259659802 |
| Ovintiv, Inc. (United States) | &nbsp;&nbsp; 11499924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583161146 |
| Suncor Energy, Inc. (Canada) | &nbsp;&nbsp; 27318954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 866830410 |
| TC Energy Corp. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp; 9688000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386163680 |
| TotalEnergies SE (France) | &nbsp;&nbsp; 17903370 | &nbsp;&nbsp;&nbsp;&nbsp; 1117441587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3213256625 |

---

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials: 25.1%** | **Financials: 25.1%** | **Financials: 25.1%** |
| Banks: 16.7% | Banks: 16.7% | Banks: 16.7% |
| Axis Bank, Ltd. (India) | &nbsp;&nbsp; 97674150 | $1099195220 |
| Banco Santander SA (Spain) | 387171916 | &nbsp;&nbsp;&nbsp;&nbsp; 1159515622 |
| Barclays PLC (United Kingdom) | 449876008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864925355 |
| BNP Paribas SA (France) | &nbsp;&nbsp; 22045892 | &nbsp;&nbsp;&nbsp;&nbsp; 1254572759 |
| Credicorp, Ltd. (Peru) | &nbsp;&nbsp;&nbsp;&nbsp; 3039180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412295159 |
| ICICI Bank, Ltd. (India) | &nbsp;&nbsp; 86823676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 932813209 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Japan)<br>| &nbsp;&nbsp; 59056700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398398225 |
| Standard Chartered PLC (United <br> Kingdom)<br>| 102953314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 772739074 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6894454623 |
| Diversified Financials: 5.1% | Diversified Financials: 5.1% | Diversified Financials: 5.1% |
| Credit Suisse Group AG (Switzerland) | &nbsp;&nbsp; 69904267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210024805 |
| UBS Group AG (Switzerland) | &nbsp;&nbsp; 84928642 | &nbsp;&nbsp;&nbsp;&nbsp; 1583034525 |
| XP, Inc., Class A<sup>(a)</sup> (Brazil) | &nbsp;&nbsp; 20397602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312899215 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2105958545 |
| Insurance: 3.3% | Insurance: 3.3% | Insurance: 3.3% |
| Aegon NV (Netherlands) | &nbsp;&nbsp; 52466275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266153233 |
| Aviva PLC (United Kingdom) | &nbsp;&nbsp; 99490252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530297222 |
| Prudential PLC (Hong Kong) | &nbsp;&nbsp; 40796947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552090119 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1348540574 |
|  |  | &nbsp;&nbsp; 10348953742 |
| **Health Care: 16.1%** | **Health Care: 16.1%** | **Health Care: 16.1%** |
| Health Care Equipment & Services: 1.4% | Health Care Equipment & Services: 1.4% | Health Care Equipment & Services: 1.4% |
| Fresenius Medical Care AG & Co. <br> KGaA (Germany)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8757248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286433489 |
| Olympus Corp. (Japan) | &nbsp;&nbsp; 17155200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303230157 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589663646 |
| Pharmaceuticals, Biotechnology & Life Sciences: 14.7% | Pharmaceuticals, Biotechnology & Life Sciences: 14.7% | Pharmaceuticals, Biotechnology & Life Sciences: 14.7% |
| Bayer AG (Germany) | &nbsp;&nbsp; 11930510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616001799 |
| Euroapi SA<sup>(a)</sup> (France) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 728248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10792270 |
| GSK PLC (United Kingdom) | &nbsp;&nbsp; 67387920 | &nbsp;&nbsp;&nbsp;&nbsp; 1171862979 |
| Novartis AG (Switzerland) | &nbsp;&nbsp; 16729370 | &nbsp;&nbsp;&nbsp;&nbsp; 1515368263 |
| Roche Holding AG (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp; 3311200 | &nbsp;&nbsp;&nbsp;&nbsp; 1040583807 |
| Sanofi (France) | &nbsp;&nbsp; 17747822 | &nbsp;&nbsp;&nbsp;&nbsp; 1717290311 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6071899429 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6661563075 |
| **Industrials: 6.1%** | **Industrials: 6.1%** | **Industrials: 6.1%** |
| Capital Goods: 6.1% | Capital Goods: 6.1% | Capital Goods: 6.1% |
| Johnson Controls International PLC <br> (United States)<br>| &nbsp;&nbsp; 14299501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915168064 |
| Mitsubishi Electric Corp. (Japan) | &nbsp;&nbsp; 80302800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 794924650 |
| Nidec Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp; 3027100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157642206 |
| Schneider Electric SA (France) | &nbsp;&nbsp;&nbsp;&nbsp; 2269046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319117353 |
| Smiths Group PLC<sup>(b)</sup> (United Kingdom) | &nbsp;&nbsp; 18150616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349933367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2536785640 |
| **Information Technology: 3.4%** | **Information Technology: 3.4%** | **Information Technology: 3.4%** |
| Software & Services: 0.3% | Software & Services: 0.3% | Software & Services: 0.3% |
| Micro Focus International PLC<sup>(b)</sup> <br> (United Kingdom)<br>| &nbsp;&nbsp; 18874983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120717182 |
| Technology, Hardware & Equipment: 3.1% | Technology, Hardware & Equipment: 3.1% | Technology, Hardware & Equipment: 3.1% |
| Brother Industries, Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp; 9270900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140288309 |
| Kyocera Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp; 6683400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333530622 |

---

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

------

Consolidated Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  | **Shares** | **Value** |
| Murata Manufacturing Co., Ltd. <br> (Japan)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7397000 | $371102287 |
| TE Connectivity, Ltd. (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp; 3871985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444503878 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1289425096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1410142278 |
| **Materials: 11.2%** | **Materials: 11.2%** | **Materials: 11.2%** |
| Akzo Nobel NV<sup>(b)</sup> (Netherlands) | &nbsp;&nbsp; 11504360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 767640347 |
| Glencore PLC (Australia) | &nbsp;&nbsp; 78153261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522593219 |
| Holcim, Ltd. (Switzerland) | &nbsp;&nbsp; 20189441 | &nbsp;&nbsp;&nbsp;&nbsp; 1041112364 |
| Linde PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp; 1277735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417782400 |
| Mitsubishi Chemical Group Corp.<sup>(b)</sup> <br> (Japan)<br>| 108521900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560690371 |
| Nutrien, Ltd. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp; 7822959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571310696 |
| Teck Resources, Ltd., Class B <br> (Canada)<br>| &nbsp;&nbsp; 19441440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735275261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4616404658 |
| **Real Estate: 2.1%** | **Real Estate: 2.1%** | **Real Estate: 2.1%** |
| CK Asset Holdings, Ltd. (Hong Kong) | &nbsp;&nbsp; 59144600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364141742 |
| Daito Trust Construction Co., Ltd. <br> (Japan)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3059800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314472639 |
| Hang Lung Group, Ltd.<sup>(b)</sup> (Hong Kong) | &nbsp;&nbsp; 96116500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176597231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855211612 |
| **Utilities: 0.6%** | **Utilities: 0.6%** | **Utilities: 0.6%** |
| Engie SA (France) | &nbsp;&nbsp; 16455113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235703697 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** <br>(Cost $36,811,875,985)<br>|  | **$38905632586** |

---

---

| | | |
|:---|:---|:---|
| **Preferred Stocks: 4.3%** | **Preferred Stocks: 4.3%** | **Preferred Stocks: 4.3%** |
|  | **Shares** | **Value** |
| **Financials: 2.0%** | **Financials: 2.0%** | **Financials: 2.0%** |
| Banks: 2.0% | Banks: 2.0% | Banks: 2.0% |
| Itau Unibanco Holding SA, Pfd (Brazil) | 176002651 | $835886335 |
| **Information Technology: 2.3%** | **Information Technology: 2.3%** | **Information Technology: 2.3%** |
| Technology, Hardware & Equipment: 2.3% | Technology, Hardware & Equipment: 2.3% | Technology, Hardware & Equipment: 2.3% |
| Samsung Electronics Co., Ltd., Pfd <br> (South Korea)<br>| &nbsp;&nbsp; 23666600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 952293263 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Preferred Stocks** <br>(Cost $1,252,255,236)<br>|  | **$1788179598** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments: 1.6%** | **Short-Term Investments: 1.6%** | **Short-Term Investments: 1.6%** |
|  | **Par Value/** <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 1.2%** | **Repurchase Agreements: 1.2%** | **Repurchase Agreements: 1.2%** |
| Barclays Plc<sup>(d)</sup> <br>4.27%, dated 12/30/22, due 1/3/23, <br> maturity value $30,014,233<br>| $30000000 | $30000000 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value/**<br> **Shares**<br>| **Value** |
| Fixed Income Clearing Corporation<sup>(d)</sup> <br>1.80%, dated 12/30/22, due 1/3/23, <br> maturity value $238,886,768<br>| $238839000 | $238839000 |
| Royal Bank of Canada<sup>(d)</sup> <br>4.05%, dated 12/30/22, due 1/3/23, <br> maturity value $143,064,350<br>| &nbsp;&nbsp; 143000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143000000 |
| Royal Bank of Canada<sup>(d)</sup> <br>4.24%, dated 12/30/22, due 1/3/23, <br> maturity value $34,016,018<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34000000 |
| Standard Chartered<sup>(d)</sup> <br>4.26%, dated 12/30/22, due 1/3/23, <br> maturity value $30,014,200<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475839000 |
| **Money Market Fund: 0.4%** | **Money Market Fund: 0.4%** | **Money Market Fund: 0.4%** |
| State Street Institutional <br> U.S. Government Money Market Fund <br> - Premier Class<br>| &nbsp;&nbsp; 166391327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166391327 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $642,230,327) | &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $642,230,327) | **$642230327** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments In Securities** <br>(Cost $38,706,361,548)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.1% | **$41336042511** |
| Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.1)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59057159) |
| **Net Assets** | **100.0%** | **$41276985352** |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> <br>| Non-income producing |
| <sup>(b)</sup> <br>| See below regarding holdings of 5% voting securities |
| <sup>(c)</sup> <br>| Valued using significant unobservable inputs. |
| <sup>(d)</sup> <br>| Repurchase agreements are collateralized by: <br>Barclays: U.S. Treasury Note 1.25%, 11/30/26. Total collateral value is $30,614,544. <br>Fixed Income Clearing Corporation: U.S. Treasury Bills, 2/21/23. Total collateral value <br> is $243,615,846. <br>Royal Bank of Canada: U.S. Treasury Notes 0.125%-2.375%, 12/31/22-3/31/29. Total <br> collateral value is $180,622,052. <br>Standard Chartered: U.S. Treasury Notes 0.125%-2.75%, 7/31/23-1/15/24. Total <br> collateral value is $30,614,485.<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> SDR: Swedish Depository Receipt

**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>|
| Euro Stoxx 50 Index— Long Position | 7685 | 3/17/23 | $311369405 | $(11308308) |
| Yen Denominated Nikkei 225 Index— Long Position | 2127 | &nbsp;&nbsp; 3/9/23 | &nbsp;&nbsp; 208542917 | &nbsp;&nbsp; (16473406) |
|  |  |  |  | $(27781714) |

---

**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** |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | 1/11/23 | USD | 93360996<br> CNH | 675000000 | $(4234102) |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | 1/11/23 | USD | 43558708<br> CNH | 282500000 | &nbsp;&nbsp;&nbsp; 2713352 |

---

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

------

Consolidated Portfolio of Investments December 31, 2022

**Currency Forward Contracts** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settle Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | &nbsp;&nbsp;&nbsp; **Unrealized Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp; 1/11/23 | USD | &nbsp;&nbsp; 66448785<br> CNH | 429000000 | $4421678 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 1/11/23 | USD | &nbsp;&nbsp; 43572145<br> CNH | 282500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2726789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered | &nbsp;&nbsp; 1/11/23 | USD | &nbsp;&nbsp; 66451873<br> CNH | 429000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4424766 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/8/23 | USD | &nbsp;&nbsp; 54196346<br> CNH | 350000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3489608 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 2/8/23 | USD | &nbsp;&nbsp; 54185438<br> CNH | 350000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3478700 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 2/8/23 | USD | 107211870<br> CNH | 693307000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6768052 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS | &nbsp;&nbsp;&nbsp;&nbsp; 2/8/23 | USD | 107189493<br> CNH | 693307000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6745674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank | &nbsp;&nbsp; 3/22/23 | USD | &nbsp;&nbsp; 54549675<br> CNH | 352500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3310756 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 3/22/23 | USD | &nbsp;&nbsp; 54541235<br> CNH | 352500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3302316 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 3/22/23 | USD | &nbsp;&nbsp; 59495331<br> CNH | 385500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3459577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered | &nbsp;&nbsp; 3/22/23 | USD | &nbsp;&nbsp; 59498086<br> CNH | 385500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3462332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 6/7/23 | USD | &nbsp;&nbsp; 68339838<br> CNH | 457050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1521743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 6/7/23 | USD | &nbsp;&nbsp; 69353513<br> CNH | 463975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1523023 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 6/7/23 | USD | &nbsp;&nbsp; 69379439<br> CNH | 463975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1548950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | &nbsp;&nbsp; 6/14/23 | USD | &nbsp;&nbsp; 36186413<br> CNH | 242000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank | &nbsp;&nbsp; 6/14/23 | USD | &nbsp;&nbsp; 81895016<br> CNH | 547222500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1852639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | &nbsp;&nbsp; 6/14/23 | USD | &nbsp;&nbsp; 80630469<br> CNH | 539055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1782754 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp; 6/14/23 | USD | &nbsp;&nbsp; 81882762<br> CNH | 547222500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1840385 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp; 6/14/23 | USD | &nbsp;&nbsp; 81438827<br> CNH | 544500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1794671 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS | &nbsp;&nbsp; 6/14/23 | USD | &nbsp;&nbsp; 42520062<br> CNH | 284000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 979309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | &nbsp;&nbsp; 7/12/23 | USD | &nbsp;&nbsp; 78790112<br> CNH | 526633110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1602628 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp; 7/12/23 | USD | &nbsp;&nbsp; 78731217<br> CNH | 526633109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1543732 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp; 7/19/23 | USD | &nbsp;&nbsp; 75909801<br> CNH | 510000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1124885 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 8/9/23 | USD | &nbsp;&nbsp; 94181666<br> CNH | 630000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1669192 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp;&nbsp;&nbsp; 8/9/23 | USD | &nbsp;&nbsp; 94247887<br> CNH | 630000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1735413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | &nbsp;&nbsp; 8/16/23 | USD | &nbsp;&nbsp; 96595798<br> CNH | 648389632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1337832 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 8/16/23 | USD | &nbsp;&nbsp; 96575655<br> CNH | 648389633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1317689 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 8/16/23 | USD | &nbsp;&nbsp; 95203711<br> CNH | 638712175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1367505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | &nbsp;&nbsp; 9/13/23 | USD | &nbsp;&nbsp; 73769324<br> CNH | 517750000 | &nbsp;&nbsp;&nbsp;&nbsp; (2440036) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | &nbsp;&nbsp; 9/13/23 | USD | &nbsp;&nbsp; 73816689<br> CNH | 517750259 | &nbsp;&nbsp;&nbsp;&nbsp; (2392708) |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp; 9/13/23 | USD | &nbsp;&nbsp; 73748235<br> CNH | 517749482 | &nbsp;&nbsp;&nbsp;&nbsp; (2461049) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 9/13/23 | USD | &nbsp;&nbsp; 73848275<br> CNH | 517750259 | &nbsp;&nbsp;&nbsp;&nbsp; (2361122) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | 10/18/23 | USD | &nbsp;&nbsp; 52941353<br> CNH | 361642380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (406100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 10/18/23 | USD | &nbsp;&nbsp; 53686122<br> CNH | 367121810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (469625) |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | 10/18/23 | USD | &nbsp;&nbsp; 53713614<br> CNH | 367121810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (442133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp; 36161826<br> CNH | 249382584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (665621) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp; 36700568<br> CNH | 253161108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (684871) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp; 36585634<br> CNH | 251901600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (613808) |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp; 40901244<br> CNH | 285441600 | &nbsp;&nbsp;&nbsp;&nbsp; (1251201) |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp; 41095739<br> CNH | 286868808 | &nbsp;&nbsp;&nbsp;&nbsp; (1267467) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp; 40870790<br> CNH | 285441600 | &nbsp;&nbsp;&nbsp;&nbsp; (1281654) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp; 40478311<br> CNH | 282587184 | &nbsp;&nbsp;&nbsp;&nbsp; (1252609) |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp; 36559987<br> CNH | 251901600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (639455) |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp; 36737348<br> CNH | 253161108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (648091) |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered | &nbsp;&nbsp; 11/8/23 | USD | &nbsp;&nbsp; 41091089<br> CNH | 286868808 | &nbsp;&nbsp;&nbsp;&nbsp; (1272118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | &nbsp;&nbsp; 12/6/23 | USD | &nbsp;&nbsp; 78384949<br> CNH | 533801500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (558166) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 12/6/23 | USD | &nbsp;&nbsp; 78448306<br> CNH | 533801500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (494808) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 12/6/23 | USD | 115561592<br> CNH | 786939771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (817768) |
| 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; 73634960 |
| 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; (26654512) |
| Net unrealized gain on currency forward contracts | Net unrealized gain on currency forward contracts | Net unrealized gain on currency forward contracts |  |  | $46980448 |

---

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

**Holdings of 5% Voting Securities**

Each of the companies listed below was considered to be an affiliate of the Fund because the Fund owned 5% or more of the company's voting securities during all or part of the year ended December 31, 2022. Further detail on these holdings and related activity during the year appear below.

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

------

Consolidated Portfolio of Investments December 31, 2022

**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 4.8%** |  |  |  |  |  |  |  |
| **Communication Services 0.0%** |  |  |  |  |  |  |  |
| Television Broadcasts, Ltd.<sup>(a)</sup> <br>| $23233878 | $— | $— | $— | $(5068620) | $18165258 | $— |
| **Industrials 0.9%** |  |  |  |  |  |  |  |
| Smiths Group PLC | 398026975 | 45406383 | (57073935) | 6865586 | (43291642) | 349933367 | 8527315 |
| **Information Technology 0.3%** |  |  |  |  |  |  |  |
| Micro Focus International PLC | 106766063 |  |  |  | 13951119 | 120717182 | 5344569 |
| **Materials 3.2%** |  |  |  |  |  |  |  |
| Akzo Nobel NV | 739366516 | 349341317 |  |  | (321067486) | 767640347 | 15803138 |
| Mitsubishi Chemical Group Corp. | 473331099 | 296131887 |  |  | (208772615) | 560690371 | 19829862 |
|  |  |  |  |  |  | 1328330718 |  |
| **Real Estate 0.4%** |  |  |  |  |  |  |  |
| Hang Lung Group, Ltd. | 205698563 |  | (284451) | (561978) | (28254903) | 176597231 | 10551587 |
|  |  |  |  | $6303608 | $(592504147) | $1993743756 | $60056471 |

---

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

PAGE 9 <sup>◾</sup> Dodge & Cox International Stock FundSee accompanying Notes to Consolidated Financial Statements

------

Consolidated <br>Statement of Assets and Liabilities

---

| | |
|:---|:---|
|  | **December 31, 2022** |
| **Assets:** | **Assets:** |
| Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $35,576,154,627) | $39342298755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $3,130,206,921) | &nbsp;&nbsp;&nbsp;&nbsp; 1993743756 |
|  | &nbsp;&nbsp; 41336042511 |
| Unrealized appreciation on currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73634960 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| Cash denominated in foreign currency (cost $26,134,787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26180871 |
| Deposits with broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44119624 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15011592 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65417368 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73252291 |
| Expense reimbursement receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160203 |
| Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75157 |
|  | &nbsp;&nbsp; 41633894677 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26654512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash received as collateral for currency forward <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74320000 |
| Payable for variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9370838 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21741276 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71961660 |
| Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129769784 |
| Management fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21042206 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2049049 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356909325 |
| **Net Assets** | $41276985352 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $41478329210 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (201343858) |
|  | $41276985352 |
| **Class I** | **Class I** |
| Total net assets | $37507899063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (par value $0.01 each, unlimited <br> shares authorized)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870098870 |
| Net asset value per share | $43.11 |
| **Class X** | **Class X** |
| Total net assets | $3769086289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (par value $0.01 each, unlimited <br> shares authorized)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87432082 |
| Net asset value per share | $43.11 |

---

Consolidated <br>Statement of Operations

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2022**<br>|
| **Investment Income:** |  |
| Dividends (net of foreign taxes of $44,738,702) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $1304336757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60056471 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10956405 |
|  | &nbsp;&nbsp;&nbsp; 1375349633 |
| **Expenses:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225054831 |
| Administrative services fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26337998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538246 |
| Custody and fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3446008 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1173321 |
| Professional services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381836 |
| Shareholder reports | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1083587 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536209 |
| Trustees fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419121 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 947156 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259918313 |
| Expenses reimbursed by investment manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (513090) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259405223 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp; 1115944410 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities of unaffiliated issuers (net of <br> foreign capital gains taxes of $26,455,932)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591639891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities of affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6303608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23586684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42129632) |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33785565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11390062) |
| Net change in unrealized appreciation/depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities of unaffiliated issuers (net of <br> change in deferred foreign capital gains tax of <br> $23,288,650)<br>| &nbsp;&nbsp; (4342415826) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities of affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (592504147) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42480973) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1508644) |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177229770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3452129) |
| Net realized and unrealized loss | &nbsp;&nbsp; (4203335895) |
| **Net Change in Net Assets From Operations** | $(3087391485) |

---

See accompanying Notes to Consolidated Financial StatementsDodge & Cox International Stock Fund <sup>◾</sup> PAGE 10

------

Consolidated <br>Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** |
| **Operations:** |  |  |
| Net investment income | $1115944410 | $942867720 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601796054 | &nbsp;&nbsp;&nbsp;&nbsp; 2017645742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4805131949) | &nbsp;&nbsp;&nbsp;&nbsp; 1505533108 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (3087391485) | &nbsp;&nbsp;&nbsp;&nbsp; 4466046570 |
| **Distributions to Shareholders:** |  |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (823619232) | &nbsp;&nbsp;&nbsp; (1071523629) |
| Class X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83123172) | &nbsp;&nbsp;&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; (906742404) | &nbsp;&nbsp;&nbsp; (1071523629) |
| **Fund Share Transactions:** |  |  |
| **Class I** |  |  |
| Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8394804116 | &nbsp;&nbsp;&nbsp;&nbsp; 7103442262 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 732771456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 952656001 |
| Cost of shares redeemed | &nbsp;&nbsp; (11594991532) | &nbsp;&nbsp;&nbsp; (8154334715) |
| **Class X** |  |  |
| Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3716952273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76122946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (139473851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net change from Fund share <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1186185408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98236452) |
| Total change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; (2807948481) | &nbsp;&nbsp;&nbsp;&nbsp; 3296286489 |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp; 44084933833 | &nbsp;&nbsp; 40788647344 |
| End of year | $41276985352 | $44084933833 |
| **Share Information:** |  |  |
| **Class I** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188773812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148713367 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17221421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21025298 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (268147422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (170965299) |
| Net change in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62152189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1226634) |
| **Class X** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88959669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1789023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3316610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net change in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87432082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

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PAGE 11 <sup>◾</sup> Dodge & Cox International Stock FundSee accompanying Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements

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

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

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

The Fund is an investment company and follows the accounting and reporting guidance issued in Topic 946 by the Financial Accounting Standards Board. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require the use of estimates and assumptions by management. Actual results may differ from those estimates. Significant accounting policies are as follows:

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

Portfolio holdings for which market quotes are readily available are valued at market value. Listed securities, for example, are generally valued using the official quoted close price or the last sale on the exchange that is determined to be the primary market for the security. Convertible 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. Equity total return swaps are valued using prices received from independent pricing services which utilize market quotes from underlying reference instruments. 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

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

------

Notes to Consolidated Financial Statements

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 is subject to foreign taxes which may be imposed by certain countries in which the Fund invests. The Fund endeavors to record foreign taxes based on applicable foreign tax law. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the associated dividend is recorded. The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund records a reclaim receivable based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. In consideration of recent decisions rendered by European courts, the Fund has filed for additional reclaims ("EU reclaims") related to prior years. A corresponding receivable is established when both the amount is known and significant contingencies or uncertainties regarding collectability are removed. These amounts, if any, are reported in dividends and interest receivable in the Consolidated Statement of Assets and Liabilities. Expenses incurred related to filing EU reclaims are recorded on the accrual basis in professional services in the Consolidated Statement of Operations. Expenses that are contingent upon successful EU reclaims are recorded in professional services in the Consolidated Statement of Operations once the amount is known.

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

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

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

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

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

Consolidation The Fund may invest in certain securities through its wholly owned subsidiary, Dodge & Cox International Stock Fund Cayman, Ltd. (the "Subsidiary"). The Subsidiary is a Cayman Islands exempted company and invests in certain securities consistent with the investment objective of the Fund. The Fund's Consolidated Financial Statements, including the Consolidated Portfolio of Investments, consist of the holdings and accounts of the Fund and the Subsidiary. All intercompany transactions and balances have been eliminated. At December 31, 2022, the Subsidiary had net assets of $100, which represented less than 0.01% of the Fund's consolidated net assets.

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

**Note 2: Valuation Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

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

The following is a summary of the inputs used to value the Fund's holdings at December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **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** |

---

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

------

Notes to Consolidated Financial Statements

---

| | | | |
|:---|:---|:---|:---|
| **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>|
| Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp; Communication Services | $1453371431 | $122447282 | $— |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; 1702050454 | &nbsp;&nbsp;&nbsp;&nbsp; 2921140456 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2828601189 | &nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; 1836155236 | &nbsp;&nbsp;&nbsp;&nbsp; 1377101389 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp;&nbsp;&nbsp; 725194374 | &nbsp;&nbsp;&nbsp;&nbsp; 9623759368 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6661563075 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp;&nbsp;&nbsp; 915168064 | &nbsp;&nbsp;&nbsp;&nbsp; 1621617576 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp;&nbsp;&nbsp; 444503878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965638400 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp; 1306585957 | &nbsp;&nbsp;&nbsp;&nbsp; 3309818701 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855211612 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235703697 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks |
| &nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835886335 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 952293263 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Short-Term Investments | Short-Term Investments | Short-Term Investments | Short-Term Investments |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475839000 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 166391327 | &nbsp;&nbsp;&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 Securities | $8549420721 | $32786621343 | $447 |
| **Other Investments** | **Other Investments** | **Other Investments** | **Other Investments** |
| Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts |
| &nbsp;&nbsp;&nbsp; Appreciation | $— | $73634960 | $— |
| &nbsp;&nbsp;&nbsp; Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26654512) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| &nbsp;&nbsp;&nbsp; Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27781714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**Note 3: Derivative Instruments**

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

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

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

Statement of Operations upon exchange of cash flows for periodic payments and upon the closing or expiration of the swaps.

Futures contracts Futures contracts involve an obligation to purchase or sell (depending on whether the Fund has entered a long or short futures contract, respectively) an asset at a future date, at a price set at the time 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

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

------

Notes to Consolidated Financial Statements

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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on <br> currency forward contracts<br>| $— | $73634960 | $73634960 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on <br> currency forward contracts<br>| $— | $26654512 | $26654512 |
| Futures contracts<sup>(a)</sup> <br>| &nbsp;&nbsp; 27781714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 27781714 |
|  | $27781714 | $26654512 | $54436226 |

---

&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)** |  |  |  |
| Swaps | $(42129632) | $— | &nbsp;&nbsp;&nbsp; (42129632) |
| Futures contracts | &nbsp;&nbsp;&nbsp; 23586684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23586684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency forward <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33785565 | &nbsp;&nbsp;&nbsp;&nbsp; 33785565 |
|  | $(18542948) | $33785565 | $15242617 |
| **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** |
| Swaps | $(1508644) | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1508644) |
| Futures contracts | &nbsp;&nbsp; (42480973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (42480973) |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency forward <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 177229770 | &nbsp;&nbsp; 177229770 |
|  | $(43989617) | $177229770 | $133240153 |

---

The following summarizes the range of volume in the Fund's derivative instruments during the year ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Derivative** |  | **% of Net Assets** |
| Futures contracts | USD notional value | 0-4% |
| Swaps - long | USD notional value | 0-2% |
| Swaps - short | USD notional value | 0-1% |
| Currency forward contracts | USD total value | 6-9% |

---

The Fund may enter into various over-the-counter derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, specify (i) events of default and other events permitting a party to terminate some or all of the contracts thereunder and (ii) the process by which those contracts will be valued for purposes of determining termination payments. If some or all of the contracts under a master agreement are terminated because of an event of default or similar event, the values of all terminated contracts must be netted to determine a single payment owed by one party to the other. To the extent amounts owed to the Fund by its counterparties are not collateralized, the Fund is at risk of those counterparties' non-

performance. The Fund attempts to mitigate counterparty credit risk by entering into contracts only with counterparties it believes to be of good credit quality, by exchanging collateral, and by monitoring the financial stability of those counterparties.

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

The Fund's ability to net assets and liabilities and to offset collateral pledged or received is based on contractual netting/offset provisions in the ISDA agreements. The following table presents the Fund's net exposure to each counterparty for derivatives that are subject to enforceable master netting arrangements as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $3648585 | $(4810436) | $— | $(1161851) |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp; 6686418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6686418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; 3385382 | &nbsp;&nbsp;&nbsp;&nbsp; (3420499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35117) |
| HSBC | &nbsp;&nbsp; 25360566 | &nbsp;&nbsp;&nbsp;&nbsp; (9655952) | &nbsp;&nbsp; (15704614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan | &nbsp;&nbsp; 18941928 | &nbsp;&nbsp;&nbsp;&nbsp; (6207961) | &nbsp;&nbsp; (12733967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp; 7887098 | &nbsp;&nbsp;&nbsp;&nbsp; (2559664) | &nbsp;&nbsp;&nbsp;&nbsp; (5327434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp; 7724983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7724983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | $73634960 | $(26654512) | $(48177416) | $(1196968) |

---

<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 4: Related Party Transactions**

Investment advisory fee From January 1, 2022 through April 30, 2022, the Fund paid an investment advisory fee monthly at an annual rate of 0.60% of the Fund's average daily net assets to Dodge & Cox, investment manager of the Fund. Effective May 1, 2022, the Fund pays an investment advisory fee monthly at an annual rate of 0.50% of the Fund's average daily net assets to Dodge & Cox.

Administrative services fee Effective May 1, 2022, 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 also pays for the Fund's transfer agent fees.

Expense reimbursement Effective May 1, 2022, Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain the ratio of total operating expenses of the Class X shares to average net assets of the Class X shares at 0.52% through April 30, 2023. The term of the agreement is renewable annually thereafter and is subject to termination upon 30 days' written notice by either party prior to the end of the term. For the year ended December 31, 2022, Dodge & Cox reimbursed expenses of $513,090.

Fund officers and trustees All officers and two of the trustees of the Trust are current or former senior executive officers of

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

------

Notes to Consolidated Financial Statements

Dodge & Cox. The Trust pays a fee only to those trustees who are not affiliated with Dodge & Cox.

**Note 5: Income Tax Information and Distributions to Shareholders**

A provision for federal income taxes is not required since the Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income to shareholders. Distributions are determined in accordance with income tax regulations, and such amounts may differ from net investment income and realized gains for financial reporting purposes. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes. Financial reporting records are adjusted for permanent book to tax differences at year end to reflect tax character. Book to tax differences are primarily due to differing treatments of wash sales, expenses, investments in passive foreign investment companies, foreign currency realized gain (loss), foreign capital gains tax, certain corporate action transactions, derivatives, and distributions.

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2022**<br>| **Year Ended** <br>**December 31, 2021**<br>|
| Class I |  |  |
| Ordinary income | $823619232 | $1071523629 |
| Long-term capital gain | $— | $— |
| Class X |  |  |
| Ordinary income | $83123172 | $— |
| Long-term capital gain | $— | $— |

---

At December 31, 2022, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $12777325 |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; (2181956894) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp; 1967835711 |
| Total distributable earnings | $(201343858) |

---

<sup>1</sup> Represents accumulated long-term capital loss as of December 31, 2022, which may be carried forward to offset future capital gains.

At December 31, 2022, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | $39254846626 |
| Unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 7849295451 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp; (5748900832) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 2100394619 |

---

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 6: Loan Facilities**

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

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. For the year ended December 31, 2022, the Fund's commitment fee amounted to $237,880 and is reflected as a Miscellaneous Expense in the Consolidated Statement of Operations. Interest on borrowings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the year.

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

For the year ended December 31, 2022, purchases and sales of securities, other than short-term securities, aggregated $6,726,212,575 and $4,824,219,135, respectively.

**Note 8: Subsequent Events**

Fund management has determined that no material events or transactions occurred subsequent to December 31, 2022, and through the date of the Fund's financial statements issuance, which require disclosure in the Fund's financial statements.

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

------

Consolidated Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Class I** |  |  |  |  |  |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $47.29 | &nbsp;&nbsp; $43.70 | &nbsp;&nbsp; $43.60 | &nbsp;&nbsp; $36.91 | &nbsp;&nbsp; $46.32 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.33) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&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; (0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.08) |
| **Net asset value, end of year** | &nbsp;&nbsp; $43.11 | &nbsp;&nbsp; $47.29 | &nbsp;&nbsp; $43.70 | &nbsp;&nbsp; $43.60 | &nbsp;&nbsp; $36.91 |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.78)% | &nbsp;&nbsp;&nbsp;&nbsp; 11.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.78% | &nbsp;&nbsp;&nbsp; (17.98)% |
| **Ratios/supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $37508 | $44085 | $40789 | $50228 | $48108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.39%<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17% |
| **Class X**<sup>(c)</sup> <br>|  |  |  |  |  |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $44.59 |  |  |  |  |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.72) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.49) |  |  |  |  |
| **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.99) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.99) |  |  |  |  |
| **Net asset value, end of year** | &nbsp;&nbsp; $43.11 |  |  |  |  |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.07)% |  |  |  |  |
| **Ratios/supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (millions) | &nbsp;&nbsp; $3769 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52%<sup>(d)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets, before reimbursement by <br> investment manager<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57%<sup>(d)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.66%<sup>(d)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12% |  |  |  |  |

---

&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) From 5/2/2022 (commencement of operations) to 12/31/2022

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

See accompanying Notes to Consolidated Financial Statements

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

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Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, of Dodge & Cox International Stock Fund (one of the funds constituting Dodge & Cox Funds, referred to hereafter as the "Fund") as of December 31, 2022, the related consolidated statement of operations for the year ended December 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP <br>San Francisco, California <br>February 17, 2023

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

Dodge & Cox International Stock Fund <sup>◾</sup> PAGE 18

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Special 2022 Tax Information (unaudited)

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

In 2022, the Fund elected to pass through to shareholders foreign source income of $1,407,792,144 and foreign taxes paid of $71,195,207.

The Fund designates up to a maximum of $1,369,023,253 of its distributions paid to shareholders in 2022 as qualified dividends (treated for federal income tax purposes in the hands of shareholders as taxable at a maximum rate of 20%).

For shareholders that are corporations, the Fund designates 1% of its ordinary dividends paid to shareholders in 2022 as dividends from domestic corporations eligible for the corporate dividends received deduction, provided that the shareholder otherwise satisfies applicable requirements to claim that deduction.

Funds' Liquidity Risk Management Program <br>(unaudited)

The Funds have adopted and implemented a written liquidity risk management program ("Program") as required by Rule 22e-4 under the Investment Company Act. The Program is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources including the Funds' interfund lending facility and line of credit.

The Funds' Board of Trustees has approved the appointment of a Liquidity Risk Management Committee including representatives from Dodge & Cox's Legal, Compliance, Treasury, Operations, Trading, and Portfolio Management departments, which is responsible for the Program's administration and oversight and for reporting to the Board on at least an annual basis regarding the Program's operation and effectiveness.

The Liquidity Risk Management Committee refreshed its assessment of the Funds' liquidity risk profiles and considered the adequacy and effectiveness of the Program's operations for the 12 months ended September 30, 2022 (the "covered period") in order to prepare a written report to the Board of Trustees for consideration at its meeting held on December 14, 2022. The report concluded that (i) the Funds had adequate liquidity to operate effectively throughout the covered period; (ii) each Fund's investment strategy continues to be appropriate for an open end fund; and (iii) the Funds' Program is reasonably designed to assess and manage its liquidity risk.

Fund Holdings

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

end and remains available on the website until the list is updated for the subsequent quarter.

Proxy Voting

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

Household Mailings

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

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

PAGE 19 <sup>◾</sup> Dodge & Cox International Stock Fund

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Dodge & Cox Funds — Executive Officer & Trustee Information

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| | | | |
|:---|:---|:---|:---|
| **Name (Age) and** <br>**Address\***<br>| **Position with Trust** <br>**(Year of Election or** <br>**Appointment)**<br>| **Principal Occupation During Past Five Years and Other Relevant** <br> **Experience**<br>| **Other Directorships of Public Companies Held** <br>**by Trustees**<br>|
| **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** |
| **Charles F. Pohl** <br>**(64)**<br>| Trustee <br>(since 2014)<br>| Chairman and Director, Dodge & Cox (until 2022); Chief <br> Investment Officer (until 2022) and member of U.S. Equity <br> Investment Committee and Emerging Markets Equity <br> Investment Committee (until 2022); Global Equity Investment <br> Committee and International Equity Investment Committee <br> (until 2021); U.S. Fixed Income Investment Committee (until <br> 2019)<br>|  |
| **Dana M. Emery** <br>**(61)**<br>| Chair (since 2022) <br>President <br>(since 2014) and <br>Trustee (since 1993)<br>| Chair, Chief Executive Officer, and Director, Dodge & Cox; <br> President (until 2022); Co-Director of Fixed Income (until <br> 2020); Director of Fixed Income (until 2019); member of <br> U.S. Fixed Income Investment Committee and Global Fixed <br> Income Investment Committee <br>|  |
| **Roberta R.W. Kameda** <br>**(62)**<br>| Chief Legal Officer <br>(since 2019) and <br> Secretary (since 2017)<br>| Vice President, General Counsel, and Secretary (since 2017), <br> Dodge & Cox<br>|  |
| **Shelly Chu** <br>**(49)**<br>| Treasurer <br>(since 2021)<br>| Funds Treasurer (since 2021), Dodge & Cox; Vice President <br> (since 2020); Financial Oversight and Control Analyst (until <br> 2021)<br>|  |
| **Katherine M. Primas** <br>**(48)**<br>| Chief Compliance <br>Officer (since 2010)<br>| Vice President and Chief Compliance Officer, Dodge & Cox |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Luis Borgen** <br>**(52)**<br>| Trustee <br>(since 2022)<br>| CFO, athenahealth, Inc. (2019-2022) | Director, Synopsys Inc. (software <br> company); Director, Carter's Inc. <br> (children's apparel); Director, Eastern <br> Bankshares, Inc. (financial services and <br> banking services)<br>|
| **Caroline M. Hoxby** <br>**(56)**<br>| Trustee <br>(since 2017)<br>| Professor of Economics, Stanford University; Director of the <br> Economics of Education Program, National Bureau of <br> Economic Research; Senior Fellow, Hoover Institution and <br> Stanford Institute for Economic Policy Research<br>|  |
| **Thomas A. Larsen** <br>**(73)**<br>| Trustee <br>(since 2002)<br>| Senior Counsel, Arnold & Porter (law firm) (2015-2018); <br> Partner, Arnold & Porter (until 2015); Director, Howard, Rice, <br> Nemerovski, Canady, Falk & Rabkin (1977-2011)<br>|  |
| **Ann Mather** <br>**(62)**<br>| Trustee <br>(since 2011)<br>| CFO, Pixar Animation Studios (1999-2004) | Director, Alphabet Inc. (internet <br> information services); Director, Netflix, Inc. <br> (internet television); Director, Blend <br> (software company); Director, Bumble <br> (online dating) <br>|
| **Gabriela Franco** <br>**Parcella (54)**<br>| Trustee <br>(since 2020)<br>| President (since 2020) and Executive Managing Director, <br> Merlone Geier Partners (2018-2019); Chairman, President, <br> and CEO, Mellon Capital (2011 to 2017); COO, Mellon Capital <br> (1997 to 2011)<br>|  |
| **Shawn Purvis** <br>**(49)**<br>| Trustee <br>(since 2022)<br>| President and CEO, QinetiQ US (since 2022); Corporate Vice <br> President/President Enterprise Services, Northrop Grumman <br> (2012-2022)<br>|  |
| **Gary Roughead** <br>**(71)**<br>| Trustee <br>(since 2013)<br>| Robert and Marion Oster Distinguished Military Fellow, <br> Hoover Institution (since 2012); Admiral, United States Navy <br> (Ret.); U.S. Navy Chief of Naval Operations (2007-2011)<br>| Director, Northrop Grumman Corp. <br> (global security); Director, Maersk Line, <br> Limited (shipping and transportation)<br>|
| **Mark E. Smith** <br>**(71)**<br>| Trustee <br>(since 2014)<br>| Executive Vice President, Managing Director, Fixed Income at <br> Loomis Sayles & Company, L.P. (2003-2011)<br>|  |

---

\* The address for each Officer and Trustee is 555 California Street, 40th Floor, San Francisco, California 94104. Each Officer and Trustee oversees all seven series in the Dodge & Cox Funds complex and serves for an indefinite term.

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

Dodge & Cox International Stock Fund <sup>◾</sup> PAGE 20

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![](g451839img19205b5b1.gif)

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International Stock Fund

**dodgeandcox.com** 

For Fund literature, transactions, and account <br>information, please visit the Funds' website.

or write or call:

**Dodge & Cox Funds**

P.O. Box 219502 <br>Kansas City, Missouri 64121-9502 <br>(800) 621-3979

**Investment Manager**

Dodge & Cox <br>555 California Street, 40th Floor <br>San Francisco, California 94104 <br>(415) 981-1710

**Principal Underwriter**

Foreside Fund Services, LLC <br>3 Canal Plaza, Suite 100 <br>Portland, Maine 04101 <br>

(866) 251-6920

**This report is submitted for the general information of the shareholders of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless it is accompanied by a current prospectus.** <br>**This report reflects our views, opinions, and portfolio holdings as of December 31, 2022, the end of the reporting period. Any such views are subject to change at any time based upon market or other conditions and Dodge & Cox disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dodge & Cox Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dodge & Cox Fund.**

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![](g451839imgadb2952c1.gif)

2022 <br>**December 31, 2022**

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**Annual Report**

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Emerging Markets Stock Fund (dodex)

**ESTABLISHED 2021**

12/22 EM AR Printed on recycled paper ![](g451839imga9a06a992.gif)

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To Our Shareholders (unaudited)

The Dodge & Cox Emerging Markets Stock Fund had a total return of -14.91% for the year ended December 31, 2022, compared to a return of -20.09% for the MSCI Emerging Markets (MSCI EM) Index.<sup>1</sup>

**Market Commentary**

2022 was a difficult year for emerging and developed equity markets around the world. Waning economic growth, rising geopolitical tensions, disruption in global supply chains, and tightening monetary policies in the face of surging inflation, all weighed on stocks. The Trade-Weighted U.S. Dollar Index<sup>2</sup> had one of its strongest years since its inception in 1973, rising 6%, and creating additional headwinds for many emerging markets. The fourth quarter provided a positive ending to a down year for emerging markets and equities in general, as developments connected to China's zero-COVID policy reversal bolstered market returns. However, the MSCI EM declined by 20.1% for the year.

From a valuation perspective, emerging markets equities continue to look compelling: the MSCI EM ended the year at 11.3 times forward earnings.<sup>3</sup> Emerging markets value stocks<sup>4</sup> remain attractively priced compared to growth stocks, with a wide valuation spread—nearly two standard deviations<sup>5</sup> above the historical mean. The broad divergence between performance and valuation within emerging markets, coupled with a highly volatile and uncertain global economic and political backdrop, provides a potentially productive setting for our active, bottom-up, price-disciplined investment team to find interesting opportunities.

**Investment Strategy**

At Dodge & Cox, we focus on a three- to five-year investment horizon and a valuation-oriented approach. In a market where most emerging market investors focus primarily on growth and the upside, we differentiate by bringing the same valuation-focused rigor to our emerging markets investment process that we apply across all of our strategies. The Fund's holdings, on average, trade at 9.5 times forward earnings, compared to the MSCI EM at 11.3 times. This, coupled with our long-term investment horizon, enables us to invest in companies, industries, and countries that may face significant uncertainty in the short term, but where we believe the long-term prospects are bright. An example of these principles in action is the Fund's large overweight position in select China Internet<sup>6</sup> holdings, the biggest contributor to the Fund's outperformance last year.

Setting the Context around China

The Chinese equity market, in particular China Internet stocks, declined significantly in 2021 and for much of 2022. This market has gone through quite a journey since the end of 2020. The last-minute cancellation of Ant Group's IPO in November 2020 was the first warning sign of a regulatory regime change. Soon after, there was a crackdown on for-profit education companies, and then broad and deep regulations were imposed on technology companies, primarily large Internet platforms. In late 2021, the default of Evergrande Group, a large property developer, ignited investor concern about the health of the real estate sector in China. Chinese ADRs faced the looming risk of being delisted from U.S. exchanges, further weighing on their

share prices. In 2022, slowing economic growth as a result of strict zero-COVID policies combined with heightened geopolitical tensions sent many global investors fleeing China's equity market, with some labeling China as "uninvestable." From the peak in February 2021 through the end of October 2022, the MSCI China Index<sup>7</sup> declined 63% and the CSI Overseas China Internet Index<sup>8</sup> was down 81%.

Investing during Times of Uncertainty: Overweight Greater China and China Internet

In the face of these macroeconomic, regulatory, and geopolitical uncertainties, we remained committed to our time-tested, bottom-up investment philosophy, constantly weighing what we were buying (company fundamentals) against what we were paying (valuation). We assessed a range of possible outcomes, reexamined our assumptions for the Fund's key China holdings' growth, profitability, free cash flow<sup>9</sup> generation, and shareholder returns under various macro and geopolitical scenarios. As we tested and retested our investment theses and assumptions, we compared the probabilistic distribution of outcomes against current valuation levels. We sought to determine how much risk was being priced in, and how our existing and potential investments in China compared with each other and compared with the rest of the portfolio.

This rigorous investment process gave us confidence that the Fund's holdings remained attractive long-term investments, despite the near-term uncertainty. In fact, we added to a number of our positions in the first half of 2022 as valuations became increasingly compelling, and we observed the government's attitude towards big tech gradually swinging from restrictive to more supportive. While it was not clear when China might exit its zero-COVID policy, we were convinced it was a matter of "when" and not "if." This led us to initiate new positions in Las Vegas Sands and increase the Fund's position in Sands China in the third quarter.<sup>10</sup>

Extreme market pessimism led to many stocks in China trading at their lowest valuation levels in decades. For example, Alibaba's e-commerce business and Baidu's core search business were valued at mid-single-digit forward earnings, an extraordinary bargain. Another major Fund holding, Prosus, derives the majority of its value from its underlying stake in Tencent. Earlier in 2022, the discount to net-asset value for Prosus had increased to over 50%, and we added to the Fund's position. Subsequently, management announced a major shareholder return program sending the stock soaring. Broadly, we have observed that management of the companies we hold has really stepped up cost cutting and returning capital to shareholders in a tough macro environment, giving us more comfort on the potential for downside protection. From a risk management perspective, we started a currency hedge in the Chinese renminbi in the fourth quarter to take advantage of the positive carry and also hedge against geopolitical tail risks.

Our long-term horizon allowed us to stay the course and remain overweight China Internet stocks and other holdings poised to benefit from China's reopening. December saw a sudden reversal in COVID policy that unfolded much faster and earlier than the market had expected. Other factors contributing to the market rally included the government's broad economic stimulus policies, government

PAGE 1 <sup>◾</sup> Dodge & Cox Emerging Markets Stock Fund

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reaffirmation of support for the private sector, and easing geopolitical tensions (as delisting risks substantially diminished after the PCAOB<sup>11</sup> inspection report). Greater China was the Fund's top-contributing region for the year in terms of portfolio attribution—both our allocation and stock selection contributed to the outperformance. This turnaround is an example of how our long-term, value-oriented, contrarian approach enabled us to add value for our shareholders in an uncertain environment.

Expanded Universe and Valuation Discipline: Overweight in Latin America and Underweight in India

The Fund is diversified across regions, industries, and various investment themes, resulting from our individual stock selection rooted in strong valuation discipline. We have a much broader investment universe than the MSCI EM, including about 4,000 companies in over 60 countries, compared to approximately 1,400 companies in 31 countries in the Index.<sup>12</sup> This has given us the flexibility to find attractive opportunities across the market cap spectrum, even in markets with expensive headline multiples. Our value discipline has led us to overweight Latin America and underweight India. We highlight below some opportunities we are finding in both regions.

Latin America was the best-performing emerging market region during 2022, yet it currently trades at an extremely low valuation compared to its own history. We have large positions in a few leading Financials companies as credit and financial services continue to grow in underpenetrated markets:

<sup>◾</sup> Itau Unibanco is one of the best-run banking franchises in Brazil, with an owner-operator at the helm, best-in-class cost efficiency, and a strong track record of managing credit risks through cycles.

<sup>◾</sup> Credicorp, the largest financial services company in Peru, faces a long growth runway from higher banking penetration<sup>13</sup> in an oligopolistic market, and also provides long-term shareholder alignment through the founding Romero family's controlling ownership position.

<sup>◾</sup> XP, the largest online broker-dealer in Brazil, is well positioned to capitalize on the double-digit growth expected in the wealth management industry in Brazil and trades attractively at low-teens forward earnings multiple.

On the other end of the spectrum, a number of smaller-cap holdings in the Fund are well positioned to capitalize on growing consumer spending:

<sup>◾</sup> Atacadao is the largest food retailer in Brazil with a dominant position in the faster growing part of the Brazilian retail market like Cash & Carry. A recent acquisition of the third-largest player should allow it to expand its footprint and extract cost synergies.

<sup>◾</sup> Andina, a leading Coca Cola bottler in Latin America, has a strong track record of capital allocation, shareholder alignment with the controlling Chilean families, and trades attractively at 10.5 times forward earnings.

The Fund remains underweight in India, where we see fewer undervalued companies. However, we hold positions in leading Indian private sector banks, ICICI Bank and Axis Bank, which continue to gain share in a large and growing banking market at an attractive point of the credit cycle. There is a notable valuation gap between the large-

cap and small-cap stocks in India, and we have been able to capitalize on that spread with a number of investments in lesser-known names across industries. Some examples of our recent purchases include Aurobindo Pharma, a leading generics pharma and active pharmaceutical ingredients manufacturer, and GAIL, India's flagship natural gas company, which should benefit from long-term structural growth of the country's energy transition and industrialization.

**In Closing**

Emerging market equities offer exposure to fast-growing economies and key drivers of global growth. Emerging market economies are widely expected to see an accelerating gross domestic product (GDP) growth differential versus developed market economies in 2023, and, historically, such periods have generally been correlated with emerging market stock outperformance. Looking forward, we continue to be enthusiastic about the broad range of opportunities presented to us.

As we have often noted, investing in emerging markets tends to come with high market volatility. In this sphere of uncertainty and volatility, we believe patience, persistence and a long-term investment horizon are essential to investment success. We encourage our shareholders to maintain a similar view.

Thank you for your continued confidence in Dodge & Cox. As always, we welcome your comments and questions.

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| |
|:---|
| For the Board of Trustees, |
| ![](g451839img788e1efd3.gif) |
| Dana M. Emery, <br>Chair and President<br>|

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January 31, 2023

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| | |
|:---|:---|
| 1 | &nbsp;&nbsp; All returns are stated in U.S. dollars, unless otherwise noted. The Funds' total returns <br> include the reinvestment of dividend and capital gain distributions, but have not been <br> adjusted for any income taxes payable by shareholders on these distributions or on <br> Fund share redemptions. Index returns include dividend and/or interest income but, <br> unlike Fund returns, do not reflect fees or expenses. The MSCI Emerging Markets <br> Index captures large- and mid-cap representation across emerging market <br> countries.<br>|
| 2 | &nbsp;&nbsp; The Trade-Weighted U.S. Dollar Index measures the value of the United States dollar <br> relative to other world currencies.<br>|
| 3 | &nbsp;&nbsp; Measured since January 31, 2004. Unless otherwise specified, all weightings and <br> characteristics are as of December 31, 2022. Price-to-earnings (forward) ratios are <br> calculated using 12-month forward earnings estimates from third-party sources as <br> of the reporting period. Estimates reflect a consensus of sell-side analyst estimates, <br> which may lag as market conditions change.<br>|
| 4 | &nbsp;&nbsp; Generally, stocks that have lower valuations are considered "value" stocks, while <br> those with higher valuations are considered "growth" stocks.<br>|
| 5 | &nbsp;&nbsp; Standard Deviation measures the volatility of the Fund's returns. Higher Standard <br> Deviation represents higher volatility.<br>|
| 6 | China Internet comprises Alibaba, Baidu, JD.com, and Prosus. |
| 7 | &nbsp;&nbsp; The MSCI China Index captures large- and mid-cap representation across China A <br> shares, H shares, B shares, Red chips, P chips, and foreign listings (e.g., ADRs).<br>|
| 8 | &nbsp;&nbsp; The CSI Overseas China Internet Index is designed to measure the performance of <br> the investable universe of publicly traded China-based companies whose primary <br> business or businesses are in the Internet and Internet-related sectors.<br>|

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Dodge & Cox Emerging Markets Stock Fund <sup>◾</sup> PAGE 2

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| | |
|:---|:---|
| 9 | &nbsp;&nbsp; Free cash flow is the cash a company generates after paying all expenses and loans. <br> The free cash flow yield compares a company's free cash flow per share with its <br> market price per share. A high free cash flow yield means a company is generating <br> enough cash to satisfy its debt and other obligations.<br>|
| 10 | &nbsp;&nbsp; The use of specific examples does not imply that they are more or less attractive <br> investments than the portfolio's other holdings.<br>|
| 11 | &nbsp;&nbsp; The PCAOB is a non-profit corporation established by Congress to oversee the audits <br> of public companies in order to protect investors and further the public interest in the <br> preparation of informative, accurate, and independent audit reports. The PCAOB also <br> oversees the audits of brokers and dealers registered with the Securities and <br> Exchange Commission (SEC), including compliance reports filed pursuant to federal <br> securities laws.<br>|

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| | |
|:---|:---|
| 12 | &nbsp;&nbsp; The Fund may classify a company in a different category than the Index. The Fund <br> usually classifies a company based on its country of risk, but may designate a <br> different country in certain circumstances.<br>|
| 13 | &nbsp;&nbsp; Percentage of total financial resources provided to the private sector by financial <br> corporations.<br>|

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PAGE 3 <sup>◾</sup> Dodge & Cox Emerging Markets Stock Fund

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2022 Performance Review (unaudited)

The Fund outperformed the MSCI Emerging Markets Index by 5.18 percentage points in 2022.

**Key contributors to relative results included the Fund's:**

<sup>◾</sup> Consumer Discretionary holdings in China, notably Prosus, Sands China, and New Oriental Education, and overweight position in the sector;

<sup>◾</sup> Energy holdings, particularly Petrobras, ITMG, and Inpex Corp.;

<sup>◾</sup> Financials holdings, especially Itau Unibanco, ICICI Bank, Axis Bank, and Credicorp;

<sup>◾</sup> Information Technology sector underweight, particularly Taiwan; and,

<sup>◾</sup> Positions in Glencore, Anheuser-Busch InBev, Sinopharm Group, and Koc Holding.

**Key detractors from relative results included the Fund's:**

<sup>◾</sup> Russian Consumer Staples holdings, especially Magnit and X5 Retail;

<sup>◾</sup> MENA\* region underweight, especially during the first half of the year; and,

<sup>◾</sup> Positions in non-Brazilian Latin American holdings, notably Grupo Televisa and CEMEX.

\*MENA is the Middle East and North Africa.

Key Characteristics of Dodge & Cox

**Independent Organization** 

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

**Over 90 Years of Investment Experience** 

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

**Experienced Investment Team**

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

**One Business with a Single Decision-Making Office** 

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

**Consistent Investment Approach**

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

**Long-Term Focus and Low Expenses** 

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

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

**Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security. Please see the Portfolio of Investments section in this report for a complete list of fund holdings.**

Dodge & Cox Emerging Markets Stock Fund <sup>◾</sup> PAGE 4

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Growth of $10,000 Since Inception (unaudited)

For an Investment Made on May 11, 2021 ![](g451839imgf48313dd4.gif)

**Average Annual Total Return**

For Periods Ended December 31, 2022

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| | | |
|:---|:---|:---|
|  |  | **Since** |
|  |  | **Inception** |
|  | **1 Year** | **(5/11/21)** |
| Dodge & Cox Emerging Markets Stock Fund | -14.91% | -14.94% |
| MSCI Emerging Markets Index | -20.09 | -15.93 |

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**Expense Ratios**

Per the Prospectus Dated May 1, 2022

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| | | |
|:---|:---|:---|
|  | **Net Expense Ratio**<sup>(a)</sup> <br>| **Gross Expense** <br>**Ratio**<br>|
| Dodge & Cox Emerging Markets Stock Fund | 0.70% | 1.50% |

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<sup>(a)</sup> Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain Total Annual Fund Operating Expenses at 0.70% through April 30, 2023. This agreement cannot be terminated prior to April 30, 2023 other than by resolution of the Fund's Board of Trustees. The term of the agreement renews annually unless terminated with 30 days' written notice by either party prior to the end of the term. The agreement does not permit Dodge & Cox to recoup any fees waived or payments made to the Fund for a prior year. 

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

The Fund's total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include dividends but, unlike Fund returns, do not reflect fees or expenses. The MSCI Emerging Markets Index captures large- and mid-cap representation across emerging market countries. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

*MSCI Emerging Markets is a service mark of MSCI Barra. For more information about this index, visit:* <br>*www.dodgeandcox.com/emergingmarketsstockfund*

PAGE 5 <sup>◾</sup> Dodge & Cox Emerging Markets Stock Fund

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Portfolio Information (unaudited) December 31, 2022

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| | |
|:---|:---|
| **Sector Diversification**<sup>(a)</sup> <br>| **% of Net Assets** |
| Financials | **21.9** |
| Consumer Discretionary | **21.8** |
| Information Technology | **12.3** |
| Materials | **7.4** |
| Communication Services | **7.3** |
| Consumer Staples | **6.5** |
| Industrials | **4.8** |
| Health Care | **4.5** |
| Energy | **4.2** |
| Utilities | **3.0** |
| Real Estate | **2.2** |
| Net Cash & Other<sup>(b)</sup> <br>| **4.1** |

---

---

| | |
|:---|:---|
| **Ten Largest Countries**<sup>(a),(c),(d)</sup> <br>| **% of Net Assets** |
| China | **31.2** |
| India | **9.4** |
| South Korea | **8.5** |
| Taiwan | **8.3** |
| Brazil | **6.0** |
| Mexico | **3.9** |
| Australia | **2.4** |
| Thailand | **2.4** |
| Hong Kong | **2.3** |
| Canada | **2.1** |

---

<sup>(a)</sup> Excludes derivatives.

<sup>(b)</sup> Net Cash & Other includes cash, short-term investments, unrealized gain (loss) on derivatives, receivables, and payables. 

<sup>(c)</sup> The Fund usually classifies a company or issuer based on its country of risk, but may designate a different country in certain circumstances. 

<sup>(d)</sup> A company or issuer located in a developed market country may still be considered an "emerging markets issuer" for other purposes if it has significant economic exposure to emerging markets. 

------

Fund Expense Example (unaudited)

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

Actual Expenses

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

Hypothetical Example for Comparison with Other Mutual Funds

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

---

| | | | |
|:---|:---|:---|:---|
| **Six Months Ended** <br>**December 31, 2022**<br>| **Beginning Account Value** <br>**7/1/2022**<br>| **Ending Account Value** <br>**12/31/2022**<br>| **Expenses Paid** <br>**During Period\***<br>|
| Based on Actual Fund Return | $1000.00 | $1005.90 | $3.54 |
| Based on Hypothetical 5% Yearly Return | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.68 | &nbsp;&nbsp; 3.57 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 0.70%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

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

Dodge & Cox Emerging Markets Stock Fund <sup>◾</sup> PAGE 6

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Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common Stocks: 88.4%** | **Common Stocks: 88.4%** | **Common Stocks: 88.4%** |
|  | **Shares** | **Value** |
| **Communication Services: 7.3%** | **Communication Services: 7.3%** | **Communication Services: 7.3%** |
| Media & Entertainment: 6.5% | Media & Entertainment: 6.5% | Media & Entertainment: 6.5% |
| 37 Interactive Entertainment Network <br> Technology Group Co., Ltd., Class A <br> (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195500 | $510160 |
| AfreecaTV Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335986 |
| Astro Malaysia Holdings BHD <br> (Malaysia)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 849314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125010 |
| Baidu, Inc. ADR<sup>(a)</sup> (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4019771 |
| Grupo Televisa SAB (Mexico) | &nbsp;&nbsp; 1661814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1509461 |
| IGG, Inc.<sup>(a)</sup> (Singapore) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 669600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246353 |
| JOYY, Inc. ADR (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161994 |
| Megacable Holdings SAB de CV <br> (Mexico)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245001 |
| MultiChoice Group, Ltd. (South Africa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321128 |
| NetEase, Inc. ADR (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3119241 |
| Sun TV Network, Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360119 |
| XD, Inc.<sup>(a)(b)</sup> (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11194158 |
| Telecommunication Services: 0.8% | Telecommunication Services: 0.8% | Telecommunication Services: 0.8% |
| America Movil SAB de CV, Series L <br> (Mexico)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 612633 |
| China Tower Corp., Ltd., Class H<sup>(b)(c)</sup> <br> (China)<br>| &nbsp;&nbsp; 3364800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362160 |
| Millicom International Cellular SA <br> SDR<sup>(a)</sup> (Guatemala)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437245 |
| Sitios Latinoamerica SAB de CV<sup>(a)</sup> <br> (Brazil)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1428709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12622867 |
| **Consumer Discretionary: 21.6%** | **Consumer Discretionary: 21.6%** | **Consumer Discretionary: 21.6%** |
| Automobiles & Components: 1.0% | Automobiles & Components: 1.0% | Automobiles & Components: 1.0% |
| Fuyao Glass Industry Group Co., Ltd., <br> Class H<sup>(b)(c)</sup> (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316975 |
| Hyundai Mobis Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460085 |
| Kia Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468586 |
| PT Astra International Tbk (Indonesia) | &nbsp;&nbsp; 1274800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464435 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1710081 |
| Consumer Durables & Apparel: 2.2% | Consumer Durables & Apparel: 2.2% | Consumer Durables & Apparel: 2.2% |
| Feng Tay Enterprise Co., Ltd. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673190 |
| Gree Electric Appliances, Inc. of <br> Zhuhai, Class A (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750387 |
| Haier Smart Home Co., Ltd., Class H <br> (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443851 |
| Man Wah Holdings, Ltd. (Hong Kong) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383954 |
| Midea Group Co., Ltd., Class A <br> (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599672 |
| Pou Chen Corp. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556221 |
| Suofeiya Home Collection Co., Ltd., <br> Class A (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3821589 |
| Consumer Services: 3.9% | Consumer Services: 3.9% | Consumer Services: 3.9% |
| Afya, Ltd., Class A<sup>(a)</sup> (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81896 |
| H World Group, Ltd.<sup>(a)</sup> (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323823 |
| Haidilao International Holding, <br> Ltd.<sup>(a)(b)(c)</sup> (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583928 |
| HumanSoft Holding Co. KSCC <br> (Kuwait)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 757515 |
| Las Vegas Sands Corp.<sup>(a)</sup> <br> (United States)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1057540 |
| Leejam Sports Co. JSC (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448482 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| New Oriental Education & Technology <br> Group, Inc.<sup>(a)</sup> (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243043 | $858729 |
| Sands China, Ltd.<sup>(a)</sup> (Macau) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1075532 |
| Ser Educacional SA<sup>(b)(c)</sup> (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82736 |
| Trip.com Group, Ltd. ADR (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657040 |
| Yum China Holdings, Inc. (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6649038 |
| Retailing: 14.5% | Retailing: 14.5% | Retailing: 14.5% |
| Alibaba Group Holding, Ltd. ADR<sup>(a)</sup> <br> (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8389780 |
| China Tourism Group Duty Free Corp., <br> Ltd., Class A (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326614 |
| China Yongda Automobiles Services <br> Holdings, Ltd. (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155656 |
| Cuckoo Homesys Co., Ltd. (South <br> Korea)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275297 |
| Detsky Mir PJSC<sup>(a)(b)(c)(d)</sup> (Russia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| JD.com, Inc., Class A<sup>(a)</sup> (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5364044 |
| Motus Holdings, Ltd. (South Africa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215916 |
| Prosus NV, Class N<sup>(a)</sup> (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9173467 |
| PTG Energy PCL NVDR (Thailand) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376834 |
| Vibra Energia SA (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152355 |
| Vipshop Holdings, Ltd. ADR<sup>(a)</sup> (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426209 |
| Zhongsheng Group Holdings, Ltd. <br> (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25150811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 37331519 |
| **Consumer Staples: 6.0%** | **Consumer Staples: 6.0%** | **Consumer Staples: 6.0%** |
| Food & Staples Retailing: 0.8% | Food & Staples Retailing: 0.8% | Food & Staples Retailing: 0.8% |
| Atacadao SA (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139989 |
| BIM Birlesik Magazalar AS (Turkey) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393364 |
| Grupo Comercial Chedraui SAB de CV <br> (Mexico)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180640 |
| Magnit PJSC<sup>(d)</sup> (Russia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| Wal-Mart de Mexico SAB de CV <br> (Mexico)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225365 |
| X5 Retail Group NV GDR<sup>(b)(d)</sup> (Russia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| Yonghui Superstores Co., Ltd., <br> Class A (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 752200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1335697 |
| Food, Beverage & Tobacco: 4.9% | Food, Beverage & Tobacco: 4.9% | Food, Beverage & Tobacco: 4.9% |
| Anadolu Efes Biracilik Ve Malt (Turkey) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367062 |
| Angel Yeast Co., Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270604 |
| Anheuser-Busch InBev SA/NV <br> (Belgium)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3232134 |
| Arca Continental SAB de CV (Mexico) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440961 |
| Century Pacific Food, Inc. (Philippines) | &nbsp;&nbsp; 1000743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462323 |
| China Feihe, Ltd.<sup>(b)(c)</sup> (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334860 |
| Eastern Co. SAE (Egypt) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93016 |
| Fomento Economico Mexicano SAB <br> de CV (Mexico)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284138 |
| GFPT Public Company Ltd., NVDR <br> (Thailand)<br>| &nbsp;&nbsp; 1172529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432340 |
| JBS SA (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162448 |
| PT Indofood CBP Sukses Makmur Tbk <br> (Indonesia)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411262 |
| Sanquan Food Co., Ltd., Class A <br> (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229826 |
| Saudia Dairy & Foodstuff Co. (Saudi <br> Arabia)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637978 |
| Tingyi (Cayman Islands) Holding Corp. <br> (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253611 |

---

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

------

Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  | **Shares** | **Value** |
| Vietnam Dairy Products JSC (Vietnam) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124700 | $401641 |
| WH Group, Ltd.<sup>(b)(c)</sup> (Hong Kong) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8434844 |
| Household & Personal Products: 0.3% | Household & Personal Products: 0.3% | Household & Personal Products: 0.3% |
| Grape King Bio, Ltd. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10326325 |
| **Energy: 4.2%** | **Energy: 4.2%** | **Energy: 4.2%** |
| Bharat Petroleum Corp., Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 738623 |
| China Suntien Green Energy Corp., <br> Ltd., Class H (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244451 |
| Ecopetrol SA (Colombia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239195 |
| Geopark, Ltd. (Colombia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316941 |
| Hindustan Petroleum Corp., Ltd. <br> (India)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 623594 |
| INPEX Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629564 |
| Lukoil PJSC<sup>(d)</sup> (Russia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| MOL Hungarian Oil & Gas PLC, <br> Class A (Hungary)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499892 |
| Motor Oil (Hellas) Corinth Refineries <br> SA (Greece)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561479 |
| National Energy Services Reunited <br> Corp.<sup>(a)</sup> (United States)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739408 |
| Novatek PJSC<sup>(d)</sup> (Russia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| Petroleo Brasileiro SA (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1199058 |
| PTT Exploration & Production PCL <br> NVDR (Thailand)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 824266 |
| Saudi Arabian Oil Co.<sup>(b)(c)</sup> (Saudi <br> Arabia)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7363560 |
| **Financials: 19.4%** | **Financials: 19.4%** | **Financials: 19.4%** |
| Banks: 13.1% | Banks: 13.1% | Banks: 13.1% |
| Axis Bank, Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3378990 |
| Banca Transilvania SA (Romania) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152037 |
| Bangkok Bank PCL NVDR (Thailand) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517124 |
| Bank Polska Kasa Opieki SA (Poland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269837 |
| BDO Unibank, Inc. (Philippines) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560156 |
| Brac Bank, Ltd. (Bangladesh) | &nbsp;&nbsp; 1000234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375171 |
| China Merchants Bank Co., Ltd., <br> Class H (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314866 |
| Commercial International Bank (Egypt) <br> SAE (Egypt)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569683 |
| Credicorp, Ltd. (Peru) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3071749 |
| Equity Group Holdings PLC (Kenya) | &nbsp;&nbsp; 1408729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513055 |
| Grupo Financiero Banorte SAB de CV, <br> Class O<sup>(a)</sup> (Mexico)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354341 |
| Habib Bank, Ltd. (Pakistan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120204 |
| Hong Leong Financial Group BHD <br> (Malaysia)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607099 |
| ICICI Bank, Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6387770 |
| IndusInd Bank, Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536463 |
| Intercorp Financial Services, Inc. <br> (Peru)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83589 |
| JB Financial Group Co., Ltd. (South <br> Korea)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471436 |
| Kasikornbank PCL NVDR (Thailand) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637226 |
| KB Financial Group, Inc. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328289 |
| Military Commercial Joint Stock Bank <br> (Vietnam)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407052 |
| OTP Bank Nyrt. (Hungary) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251734 |
| Ping An Bank Co., Ltd., Class A <br> (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494041 |
| PT Bank Rakyat Indonesia (Persero) <br> Tbk, Class B (Indonesia)<br>| &nbsp;&nbsp; 2263613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717590 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Shinhan Financial Group Co., Ltd. <br> (South Korea)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27517 | $766768 |
| TCS Group Holding PLC GDR, <br> Class A<sup>(a)(b)(d)</sup> (Russia)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Tisco Financial Group PCL NVDR <br> (Thailand)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505878 |
| Vietnam Technological & Commercial <br> Joint Stock Bank<sup>(a)</sup> (Vietnam)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22628943 |
| Diversified Financials: 2.4% | Diversified Financials: 2.4% | Diversified Financials: 2.4% |
| AEON Credit Service (M) BHD <br> (Malaysia)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357023 |
| Banco BTG Pactual SA (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246172 |
| Chailease Holding Co., Ltd. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672451 |
| FirstRand, Ltd. (South Africa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547870 |
| Grupo de Inversiones Suramericana <br> SA (Colombia)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136112 |
| Kaspi.kz JSC GDR<sup>(b)</sup> (Kazakhstan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124263 |
| Noah Holdings, Ltd. ADR, Class A<sup>(a)</sup> <br> (Cayman Islands/China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153000 |
| XP, Inc., Class A<sup>(a)</sup> (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1833069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4069960 |
| Insurance: 3.9% | Insurance: 3.9% | Insurance: 3.9% |
| BB Seguridade Participacoes SA <br> (Brazil)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344789 |
| China Pacific Insurance (Group) Co., <br> Ltd., Class H (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286629 |
| DB Insurance Co., Ltd.<sup>(a)</sup> (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519261 |
| Korean Reinsurance Co. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451863 |
| Old Mutual, Ltd. (South Africa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 761921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468364 |
| Ping An Insurance (Group) Co. of <br> China Ltd., Class H (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1149470 |
| Prudential PLC (Hong Kong) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2712481 |
| Samsung Fire & Marine Insurance Co., <br> Ltd.<sup>(a)</sup> (South Korea)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404732 |
| Sanlam, Ltd. (South Africa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6808489 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33507392 |
| **Health Care: 4.5%** | **Health Care: 4.5%** | **Health Care: 4.5%** |
| Health Care Equipment & Services: 2.7% | Health Care Equipment & Services: 2.7% | Health Care Equipment & Services: 2.7% |
| China Isotope & Radiation Corp. <br> (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142449 |
| Guangzhou Baiyunshan <br> Pharmaceutical Holdings Co., Ltd., <br> Class H (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295720 |
| Hartalega Holdings BHD (Malaysia) | &nbsp;&nbsp; 1034000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399343 |
| Kossan Rubber Industries BHD <br> (Malaysia)<br>| &nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305242 |
| Shandong Pharmaceutical Glass Co., <br> Ltd., Class A (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375968 |
| Shandong Weigao Group Medical <br> Polymer Co., Ltd., Class H (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321672 |
| Sinocare, Inc., Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489238 |
| Sinopharm Group Co., Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1780828 |
| Sonoscape Medical Corp., Class A <br> (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629329 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4739789 |
| Pharmaceuticals, Biotechnology & Life Sciences: 1.8% | Pharmaceuticals, Biotechnology & Life Sciences: 1.8% | Pharmaceuticals, Biotechnology & Life Sciences: 1.8% |
| Adcock Ingram Holdings, Ltd. (South <br> Africa)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517269 |
| Aurobindo Pharma, Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429788 |

---

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

------

Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  | **Shares** | **Value** |
| Beijing Tong Ren Tang Chinese <br> Medicine Co., Ltd. (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261700 | $384287 |
| Dr. Reddy's Laboratories, Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467601 |
| Hypera SA (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295549 |
| Jiangsu Hengrui Pharmaceuticals Co., <br> Ltd., Class A (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643178 |
| Zhejiang NHU Co., Ltd., Class A <br> (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408434 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3146106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7885895 |
| **Industrials: 4.5%** | **Industrials: 4.5%** | **Industrials: 4.5%** |
| Capital Goods: 2.3% | Capital Goods: 2.3% | Capital Goods: 2.3% |
| BOC Aviation, Ltd.<sup>(b)(c)</sup> (Singapore) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431414 |
| Chicony Power Technology Co., Ltd. <br> (Taiwan)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474834 |
| Doosan Bobcat, Inc. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620077 |
| Ferreycorp SAA (Peru) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93057 |
| Fosun International, Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263465 |
| HEG, Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188774 |
| KOC Holding AS (Turkey) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489057 |
| Larsen & Toubro, Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456629 |
| SFA Engineering Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322488 |
| United Integrated Services Co., Ltd. <br> (Taiwan)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488780 |
| Xinjiang Goldwind Science & <br> Technology Co., Ltd., Class H (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4057973 |
| Transportation: 2.2% | Transportation: 2.2% | Transportation: 2.2% |
| Air Arabia PJSC (United Arab <br> Emirates)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205799 |
| Aramex PJSC (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 671084 |
| Cebu Air, Inc.<sup>(a)</sup> (Philippines) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244618 |
| Copa Holdings SA, Class A<sup>(a)</sup> <br> (Panama)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 622611 |
| Globaltrans Investment PLC <br> GDR<sup>(a)(b)(d)</sup> (Russia)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| Gulf Warehousing Co. (Qatar) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131464 |
| Hyundai Glovis Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546647 |
| International Container Terminal <br> Services, Inc. (Philippines)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568660 |
| Movida Participacoes SA (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101616 |
| Promotora y Operadora de <br> Infraestructura SAB de CV (Mexico)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152460 |
| Westports Holdings BHD (Malaysia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3805416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7863389 |
| **Information Technology: 8.5%** | **Information Technology: 8.5%** | **Information Technology: 8.5%** |
| Semiconductors & Semiconductor Equipment: 6.0% | Semiconductors & Semiconductor Equipment: 6.0% | Semiconductors & Semiconductor Equipment: 6.0% |
| Alpha & Omega Semiconductor, Ltd.<sup>(a)</sup> <br> (United States)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142878 |
| ASE Technology Holding Co., Ltd. <br> (Taiwan)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778350 |
| ELAN Microelectronics Corp. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637545 |
| Nanya Technology Corp. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606345 |
| Novatek Microelectronics Corp. <br> (Taiwan)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747212 |
| Powertech Technology, Inc. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632859 |
| Taiwan Semiconductor Manufacturing <br> Co., Ltd. (Taiwan)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6808445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10353634 |
| Software & Services: 1.6% | Software & Services: 1.6% | Software & Services: 1.6% |
| Asseco Poland SA (Poland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491459 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Chinasoft International, Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505100 | $439483 |
| Cielo SA (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292256 |
| Hancom, Inc.<sup>(a)</sup> (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370872 |
| TravelSky Technology, Ltd., Class H <br> (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607279 |
| Weimob, Inc.<sup>(a)(b)(c)</sup> (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 628000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528236 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2729585 |
| Technology, Hardware & Equipment: 0.9% | Technology, Hardware & Equipment: 0.9% | Technology, Hardware & Equipment: 0.9% |
| Lenovo Group, Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421612 |
| Sterlite Technologies, Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447221 |
| Yageo Corp. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1567194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14650413 |
| **Materials: 7.3%** | **Materials: 7.3%** | **Materials: 7.3%** |
| Alpek SAB de CV, Class A (Mexico) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96403 |
| Alrosa PJSC<sup>(d)</sup> (Russia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| Anhui Conch Cement Co., Ltd., <br> Class H (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304104 |
| Cemex SAB de CV ADR<sup>(a)</sup> (Mexico) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2085807 |
| Glencore PLC (Australia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4198679 |
| KCC Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222527 |
| LB Group Co., Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274100 |
| Loma Negra Cia Industrial Argentina <br> SA ADR<sup>(a)</sup> (Argentina)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114984 |
| Mondi PLC (Austria) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96092 |
| Nine Dragons Paper Holdings, Ltd. <br> (Hong Kong)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288841 |
| Orbia Advance Corp. SAB de CV <br> (Mexico)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95211 |
| PTT Global Chemical PCL NVDR <br> (Thailand)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412561 |
| Severstal PJSC<sup>(a)(d)</sup> (Russia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Teck Resources, Ltd., Class B <br> (Canada)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3698796 |
| UPL, Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502918 |
| Wanhua Chemical Group Co., Ltd., <br> Class A (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12685421 |
| **Real Estate: 2.2%** | **Real Estate: 2.2%** | **Real Estate: 2.2%** |
| A-Living Smart City Services Co., Ltd., <br> Class H<sup>(b)(c)</sup> (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208380 |
| China Resources Land, Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336693 |
| Corporacion Inmobiliaria Vesta SAB <br> de CV (Mexico)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198965 |
| Country Garden Services Holdings <br> Co., Ltd. (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240213 |
| Emaar Development PJSC<sup>(a)</sup> (United <br> Arab Emirates)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719538 |
| Greentown Service Group Co., Ltd.<sup>(b)</sup> <br> (China)<br>| &nbsp;&nbsp; 1340871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 879397 |
| Hang Lung Group, Ltd. (Hong Kong) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183970 |
| KE Holdings, Inc. ADR, Class A<sup>(a)</sup> <br> (China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403444 |
| Macquarie Mexico Real Estate <br> Management SA de CV REIT<sup>(b)(c)</sup> <br> (Mexico)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135057 |
| Megaworld Corp. (Philippines) | 10460943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376618 |
| Prologis Property Mexico SA de CV <br> REIT (Mexico)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3803235 |
| **Utilities: 2.9%** | **Utilities: 2.9%** | **Utilities: 2.9%** |
| Alupar Investimento SA (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98190 |
| China Gas Holdings, Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355540 |

---

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

------

Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  | **Shares** | **Value** |
| China Water Affairs Group, Ltd. <br> (Bermuda/China)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218000 | $179612 |
| Cia de Saneamento Basico do Estado <br> de Sao Paulo (Brazil)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119206 |
| Cia de Saneamento do Parana (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91416 |
| Enerjisa Enerji AS<sup>(b)(c)</sup> (Turkey) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582212 |
| Engie Brasil Energia SA (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455440 |
| Engie Energia Chile SA<sup>(a)</sup> (Chile) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90987 |
| GAIL (India), Ltd.<sup>(a)</sup> (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498783 |
| KunLun Energy Co., Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247455 |
| Mahanagar Gas, Ltd.<sup>(b)</sup> (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561457 |
| NTPC, Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645412 |
| Tenaga Nasional BHD (Malaysia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651269 |
| TPI Polene Power Public PCL NVDR <br> (Thailand)<br>| &nbsp;&nbsp; 4038771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4973405 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** <br>(Cost $188,673,491)<br>|  | **$153013421** |

---

---

| | | |
|:---|:---|:---|
| **Preferred Stocks: 7.5%** | **Preferred Stocks: 7.5%** | **Preferred Stocks: 7.5%** |
|  | **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>| &nbsp;&nbsp;&nbsp;&nbsp; 5500 | $322853 |
| **Consumer Staples: 0.5%** | **Consumer Staples: 0.5%** | **Consumer Staples: 0.5%** |
| Food, Beverage & Tobacco: 0.1% | Food, Beverage & Tobacco: 0.1% | Food, Beverage & Tobacco: 0.1% |
| Embotelladora Andina SA, Pfd, <br> Class B (Chile)<br>| &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150797 |
| Household & Personal Products: 0.4% | Household & Personal Products: 0.4% | Household & Personal Products: 0.4% |
| Amorepacific Corp., Pfd (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp; 8300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318496 |
| LG H&H Co., Ltd., Pfd (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp; 1399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 669015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 819812 |
| **Financials: 2.5%** | **Financials: 2.5%** | **Financials: 2.5%** |
| Banks: 2.5% | Banks: 2.5% | Banks: 2.5% |
| Itau Unibanco Holding SA, Pfd (Brazil) | 911600 | &nbsp;&nbsp;&nbsp;&nbsp; 4329446 |
| **Industrials: 0.3%** | **Industrials: 0.3%** | **Industrials: 0.3%** |
| Capital Goods: 0.3% | Capital Goods: 0.3% | Capital Goods: 0.3% |
| DL E&C Co., Ltd., Pfd<sup>(a)</sup> (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp; 6739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124770 |
| DL E&C Co., Ltd., Pfd 2<sup>(a)</sup> (South <br> Korea)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135430 |
| DL Holdings Co., Ltd., Pfd (South <br> Korea)<br>| &nbsp;&nbsp; 11921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320639 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580839 |
| **Information Technology: 3.8%** | **Information Technology: 3.8%** | **Information Technology: 3.8%** |
| Technology, Hardware & Equipment: 3.8% | Technology, Hardware & Equipment: 3.8% | Technology, Hardware & Equipment: 3.8% |
| Samsung Electro-Mechanics Co., Ltd., <br> Pfd (South Korea)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 486850 |
| Samsung Electronics Co., Ltd., Pfd <br> (South Korea)<br>| 151399 | &nbsp;&nbsp;&nbsp;&nbsp; 6091971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6578821 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials: 0.1%** | **Materials: 0.1%** | **Materials: 0.1%** |
| Materials: 0.1% | Materials: 0.1% | Materials: 0.1% |
| Braskem SA, Pfd, Class A (Brazil) | &nbsp;&nbsp; 30000 | $137253 |
| **Utilities: 0.1%** | **Utilities: 0.1%** | **Utilities: 0.1%** |
| Utilities: 0.1% | Utilities: 0.1% | Utilities: 0.1% |
| Centrais Eletricas Brasileiras SA, Pfd, <br> Class B (Brazil)<br>| &nbsp;&nbsp; 15600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127117 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Preferred Stocks** <br>(Cost $17,472,952)<br>|  | **$12896141** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments: 4.2%** | **Short-Term Investments: 4.2%** | **Short-Term Investments: 4.2%** |
|  | **Par Value/** <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 3.8%** | **Repurchase Agreements: 3.8%** | **Repurchase Agreements: 3.8%** |
| Fixed Income Clearing Corporation<sup>(e)</sup> <br>1.80%, dated 12/30/22, due 1/3/23, <br> maturity value $6,635,327<br>| $6634000 | $6634000 |
| **Money Market Fund: 0.4%** | **Money Market Fund: 0.4%** | **Money Market Fund: 0.4%** |
| State Street Institutional <br> U.S. Government Money Market Fund <br> - Premier Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693323 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $7,327,323) | &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $7,327,323) | **$7327323** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments In Securities** <br>(Cost $213,473,766)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.1% | **$173236885** |
| Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.1)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (177705) |
| **Net Assets** | **100.0%** | **$173059180** |

---

---

| | |
|:---|:---|
| <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 Bill, 2/21/23. Total collateral <br> value is $6,766,726.<br>|
|  | The Fund usually classifies a company or issuer based on its country of risk, but may <br> designate a different country in certain circumstances.<br>|

---

---

| |
|:---|
| ADR: American Depositary Receipt |
| GDR: Global Depositary Receipt |
| NVDR: Non-Voting Depository Receipt |
| SDR: Swedish Depository Receipt |

---

**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>|
| ICE US MSCI Emerging Markets Index Futures— Long Position | 134 | 3/17/23 | $6427980 | $(43871) |

---

See accompanying Notes to Financial StatementsDodge & Cox Emerging Markets Stock Fund <sup>◾</sup> PAGE 10

------

Portfolio of Investments December 31, 2022

**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** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | &nbsp;&nbsp;&nbsp;&nbsp; 6/7/23 | USD | 5415396<br> CNH | 37285000 | $(35458) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | 10/18/23 | USD | &nbsp;&nbsp;&nbsp; 115362<br> CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 788040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (885) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 10/18/23 | USD | &nbsp;&nbsp;&nbsp; 116985<br> CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 799980 | &nbsp;&nbsp;&nbsp;&nbsp; (1023) |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | 10/18/23 | USD | &nbsp;&nbsp;&nbsp; 117045<br> CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 799980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (964) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | &nbsp;&nbsp; 12/6/23 | USD | 2737519<br> CNH | 18642500 | &nbsp;&nbsp; (19493) |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC | &nbsp;&nbsp; 12/6/23 | USD | &nbsp;&nbsp;&nbsp; 505907<br> CNH | &nbsp;&nbsp; 3460000 | &nbsp;&nbsp;&nbsp;&nbsp; (5787) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 12/6/23 | USD | 2739731<br> CNH | 18642500 | &nbsp;&nbsp; (17281) |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&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; (80891) |
| Net unrealized loss on currency forward contracts | Net unrealized loss on currency forward contracts | Net unrealized loss on currency forward contracts |  |  | $(80891) |

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PAGE 11 <sup>◾</sup> Dodge & Cox Emerging Markets Stock FundSee accompanying Notes to Financial Statements

------

<br>Statement of Assets and Liabilities

---

| | |
|:---|:---|
|  | **December 31, 2022** |
| **Assets:** | **Assets:** |
| Investments in securities, at value (cost $213,473,766) | $173236885 |
| Cash denominated in foreign currency (cost $607,524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594578 |
| Deposits with broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289248 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173280 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395424 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553036 |
| Expense reimbursement receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46588 |
| Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274 |
|  | &nbsp;&nbsp; 175289313 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80891 |
| Payable for variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116578 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1036817 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532619 |
| Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187239 |
| Management fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87722 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188267 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2230133 |
| **Net Assets** | $173059180 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $221325543 |
| Accumulated loss | &nbsp;&nbsp;&nbsp; (48266363) |
|  | $173059180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares outstanding (par value $0.01 each, unlimited <br> shares authorized)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23336726 |
| Net asset value per share | $7.42 |

---

<br>Statement of Operations

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2022**<br>|
| **Investment Income:** |  |
| Dividends (net of foreign taxes of $495,591) | $4679210 |
| Interest (net of foreign taxes of $118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46065 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4725275 |
| **Expenses:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 916574 |
| Custody and fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163389 |
| Administrative services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53159 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15945 |
| Professional services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306100 |
| Shareholder reports | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43702 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68547 |
| Trustees fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419119 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32035 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2018570 |
| Expenses reimbursed by investment manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (887216) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1131354 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3593921 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of foreign capital gains <br> tax of $50,715)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5248741) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (976759) |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15190) |
| Net change in unrealized appreciation/depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of change in deferred <br> foreign capital gains tax of $126,226)<br>| &nbsp;&nbsp; (23949461) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68093) |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (253243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11151) |
| Net realized and unrealized loss | &nbsp;&nbsp; (30345625) |
| **Net Change in Net Assets From Operations** | $(26751704) |

---

<br>Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Period from May 11, 2021** <br>**(Inception) to**<br>|
|  | **December 31, 2022** | **December 31, 2021** |
| **Operations:** |  |  |
| Net investment income | $3593921 | $1347353 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6063677) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (806350) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp; (24281948) | &nbsp;&nbsp;&nbsp; (16279491) |
|  | &nbsp;&nbsp;&nbsp; (26751704) | &nbsp;&nbsp;&nbsp; (15738488) |
| **Distributions to Shareholders:** |  |  |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3255044) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2179936) |
| **Fund Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp;&nbsp;&nbsp; 79919415 | &nbsp;&nbsp; 182333715 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2846741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2013037 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (40233258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5895298) |
| Net change from Fund share <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42532898 | &nbsp;&nbsp; 178451454 |
| Total change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 12526150 | &nbsp;&nbsp; 160533030 |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 160533030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| End of year | $173059180 | $160533030 |
| **Share Information:** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 10321081 | &nbsp;&nbsp;&nbsp;&nbsp; 18454831 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235168 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5425265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (636925) |
| Net change in shares <br> outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5283652 | &nbsp;&nbsp;&nbsp;&nbsp; 18053074 |

---

See accompanying Notes to Financial StatementsDodge & Cox Emerging Markets Stock Fund <sup>◾</sup> PAGE 12

------

Notes to Financial Statements

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

Dodge & Cox Emerging Markets Stock Fund (the "Fund") is one of the series constituting the Dodge & Cox Funds (the "Trust" or the "Funds"). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund commenced operations on May 11, 2021, and seeks long-term growth of principal and income. The Fund invests primarily in a diversified portfolio of emerging markets equity securities issued by companies from at least three different countries. Foreign investing, especially in developing countries, has special risks such as currency and market volatility and political and social instability. These and other risk considerations are discussed in the Fund's Prospectus.

The Fund is an investment company and follows the accounting and reporting guidance issued in Topic 946 by the Financial Accounting Standards Board. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require the use of estimates and assumptions by management. Actual results may differ from those estimates. Significant accounting policies are as follows:

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

Portfolio holdings for which market quotes are readily available are valued at market value. Listed securities, for example, are generally valued using the official quoted close price or the last sale on the exchange that is determined to be the primary market for the security. Exchange-traded derivatives are 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.

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

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Notes to Financial Statements

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

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

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

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

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

**Note 2: Valuation Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

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

The following is a summary of the inputs used to value the Fund's holdings at December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **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 |
| &nbsp;&nbsp;&nbsp; Communication Services | $9684772 | $2938095 | $— |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; 11334282 | &nbsp;&nbsp;&nbsp;&nbsp; 25997217 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; 1131104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9195209 | &nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp;&nbsp;&nbsp; 1056349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6307206 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp;&nbsp;&nbsp; 5495748 | &nbsp;&nbsp;&nbsp;&nbsp; 28011644 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7885895 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 868128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6995253 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142878 | &nbsp;&nbsp;&nbsp;&nbsp; 14507535 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp;&nbsp;&nbsp; 6091201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6594189 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 858426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2944809 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4882418 | &nbsp;&nbsp; — |
| Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322853 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 669015 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4329446 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580839 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6578821 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137253 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127117 | &nbsp;&nbsp; — |
| Short-Term Investments | Short-Term Investments | Short-Term Investments | Short-Term Investments |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6634000 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Securities | $37597995 | $135638814 | $76 |
| **Other Investments** | **Other Investments** | **Other Investments** | **Other Investments** |
| Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts |
| &nbsp;&nbsp;&nbsp; Depreciation | $— | $(80891) | $— |
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| &nbsp;&nbsp;&nbsp; Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**Note 3: Derivative Instruments**

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

Futures contracts Futures contracts involve an obligation to purchase or sell (depending on whether the Fund has entered a long or short futures contract, respectively) an asset at a future date, at a price set at the time 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 State

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

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Notes to Financial Statements

ment 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 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>|
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on currency <br> forward contracts<br>| $— | $80891 | $80891 |
| Futures contracts<sup>(a)</sup> <br>| &nbsp;&nbsp; 43871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43871 |
|  | $43871 | $80891 | $124762 |

---

&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 | $(976759) | $— | &nbsp;&nbsp; (976759) |
| Currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 177013 | &nbsp;&nbsp;&nbsp; 177013 |
|  | $(976759) | $177013 | $(799746) |
| **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 | $(68093) | $— | &nbsp;&nbsp;&nbsp;&nbsp; (68093) |
| Currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (253243) | &nbsp;&nbsp; (253243) |
|  | $(68093) | $(253243) | $(321336) |

---

The following summarizes the range of volume in the Fund's derivative instruments during the year ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Derivative** |  | **% of Net Assets** |
| Futures contracts | USD notional value | 3-5% |
| Currency forward contracts | USD total value | 0-7% |

---

The Fund may enter into various over-the-counter derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, specify (i) events of default and other events permitting a party to terminate some or all of the contracts thereunder and (ii) the process by which those contracts will be valued for purposes of determining termination payments. If some or all of the contracts under a master agreement are terminated because of an event of default or similar event, the values of all terminated contracts must be netted to determine a single payment owed by one party to the other. To the extent amounts owed to the Fund by its counterparties are not collateralized, the Fund is at risk of those counterparties' non-performance. The Fund attempts to mitigate counterparty credit risk by entering into contracts only with counterparties it believes to be of good credit quality, by exchanging collateral, and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Fund does not offset assets and liabilities that are subject to a master netting arrangement in the 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 Fund did not hold derivatives that are subject to enforceable master netting arrangements at December 31, 2022.

**Note 4: Related Party Transactions**

Investment advisory fee From January 1, 2022 through April 30, 2022, the Fund paid an investment advisory fee monthly at an annual rate of 0.60% of the Fund's average daily net assets to Dodge & Cox, investment manager of the Fund. Effective May 1, 2022, the Fund pays an investment advisory fee monthly at an annual rate of 0.55% of the Fund's average daily net assets to Dodge & Cox.

Administrative services fee Effective May 1, 2022, 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

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

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Notes to Financial Statements

0.05% of the Fund's average daily net assets. Under this agreement, Dodge & Cox also pays for the Fund's transfer agent fees.

Expense reimbursement Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain the ratio of total operating expenses to average net assets ("net expense ratio") at 0.70% through April 30, 2023. The term of the agreement is renewable annually thereafter unless terminated with 30 days' written notice by either party prior to the end of the term.

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

Share ownership At December 31, 2022, Dodge & Cox and its executive officers owned 19% of the Fund's outstanding shares.

**Note 5: Income Tax Information and Distributions to Shareholders**

A provision for federal income taxes is not required since the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income to shareholders. Distributions are determined in accordance with income tax regulations, and such amounts may differ from net investment income and realized gains for financial reporting purposes. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes. Financial reporting records are adjusted for permanent book to tax differences at year end to reflect tax character. Book to tax differences are primarily due to differing treatments of wash sales, foreign currency realized gain (loss), foreign capital gains tax, passive foreign investment companies, certain corporate action transactions, derivatives, and distributions.

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2022**<br>| **Period Ended** <br>**December 31, 2021**<br>|
| Ordinary income | $3255044 | $2179936 |
|  | *($0.143 per share)* | *($0.123 per share)* |

---

At December 31, 2022, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $358860 |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (6918187) |
| Net unrealized depreciation | &nbsp;&nbsp; (41707036) |
| Total distributable earnings | $(48266363) |

---

<sup>1</sup> Represents accumulated long-term capital loss as of December 31, 2022, which may be carried forward to offset future capital gains.

At December 31, 2022, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | $214619363 |
| Unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8744345 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp; (50251585) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp; (41507240) |

---

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

**Note 6: Loan Facilities**

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

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. For the year ended December 31, 2022, the Fund's commitment fee amounted to $1,129 and is reflected as a Miscellaneous Expense in the Statement of Operations. Interest on borrowings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the year.

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

For the year ended December 31, 2022, purchases and sales of securities, other than short-term securities, aggregated $91,332,949 and $50,769,305, respectively.

**Note 8: Subsequent Events**

Fund management has determined that no material events or transactions occurred subsequent to December 31, 2022, 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 16

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Financial Highlights

---

| | | |
|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| **Year Ended December 31,** | &nbsp;&nbsp;&nbsp; **Period from** <br>**May 11, 2021** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Inception) to** <br>**December 31,**<br>|
|  | **2022** | **2021** |
| **Net asset value, beginning of year** | $8.89 | $10.00 |
| **Income from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp;&nbsp; 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1.47) | &nbsp;&nbsp;&nbsp; (1.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp;&nbsp; (0.99) |
| **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; (0.12) |
| **Net asset value, end of year** | $7.42 | &nbsp;&nbsp; $8.89 |
| **Total return** | (14.91)% | &nbsp;&nbsp;&nbsp; (9.82)% |
| **Ratios/supplemental data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | &nbsp;&nbsp; $173 | &nbsp;&nbsp;&nbsp; $161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<sup>(a)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets, before reimbursement by investment manager | &nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp; 1.52%<sup>(a)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp; 2.22% | &nbsp;&nbsp;&nbsp;&nbsp; 1.61%<sup>(a)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7% |

---

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

See accompanying Notes to Financial Statements

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

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Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Dodge & Cox Emerging Markets Stock Fund (one of the funds constituting Dodge & Cox Funds, referred to hereafter as the "Fund") as of December 31, 2022, and the related statement of operations for the year ended December 31, 2022 and the statement of changes in net assets and the financial highlights for the year ended December 31, 2022 and for the period May 11, 2021 (inception) through December 31, 2021, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year ended December 31, 2022, and the changes in its net assets and the financial highlights for the year ended December 31, 2022 and for the period May 11, 2021 (inception) through December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP <br>San Francisco, California <br>February 17, 2023

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

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

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Special 2022 Tax Information (unaudited)

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

In 2022, the Fund elected to pass through to shareholders foreign source income of $5,328,083 and foreign taxes paid of $546,250.

The Fund designates $2,969,810 of its distributions paid to shareholders in 2022 as qualified dividends (treated for federal income tax purposes in the hands of shareholders as taxable at a maximum rate of 20%).

For shareholders that are corporations, the Fund designates 0.1% of its ordinary dividends paid to shareholders in 2022 as dividends from domestic corporations eligible for the corporate dividends received deduction, provided that the shareholder otherwise satisfies applicable requirements to claim that deduction.

Funds' Liquidity Risk Management Program <br>(unaudited)

The Funds have adopted and implemented a written liquidity risk management program ("Program") as required by Rule 22e-4 under the Investment Company Act. The Program is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources including the Funds' interfund lending facility and line of credit.

The Funds' Board of Trustees has approved the appointment of a Liquidity Risk Management Committee including representatives from Dodge & Cox's Legal, Compliance, Treasury, Operations, Trading, and Portfolio Management departments, which is responsible for the Program's administration and oversight and for reporting to the Board on at least an annual basis regarding the Program's operation and effectiveness.

The Liquidity Risk Management Committee refreshed its assessment of the Funds' liquidity risk profiles and considered the adequacy and effectiveness of the Program's operations for the 12 months ended September 30, 2022 (the "covered period") in order to prepare a written report to the Board of Trustees for consideration at its meeting held on December 14, 2022. The report concluded that (i) the Funds had adequate liquidity to operate effectively throughout the covered period; (ii) each Fund's investment strategy continues to be appropriate for an open end fund; and (iii) the Funds' Program is reasonably designed to assess and manage its liquidity risk.

Fund Holdings

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

end and remains available on the website until the list is updated for the subsequent quarter.

Proxy Voting

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

Household Mailings

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

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

PAGE 19 <sup>◾</sup> Dodge & Cox Emerging Markets Stock Fund

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Dodge & Cox Funds — Executive Officer & Trustee Information

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| | | | |
|:---|:---|:---|:---|
| **Name (Age) and** <br>**Address\***<br>| **Position with Trust** <br>**(Year of Election or** <br>**Appointment)**<br>| **Principal Occupation During Past Five Years and Other Relevant** <br> **Experience**<br>| **Other Directorships of Public Companies Held** <br>**by Trustees**<br>|
| **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** |
| **Charles F. Pohl** <br>**(64)**<br>| Trustee <br>(since 2014)<br>| Chairman and Director, Dodge & Cox (until 2022); Chief <br> Investment Officer (until 2022) and member of U.S. Equity <br> Investment Committee and Emerging Markets Equity <br> Investment Committee (until 2022); Global Equity Investment <br> Committee and International Equity Investment Committee <br> (until 2021); U.S. Fixed Income Investment Committee (until <br> 2019)<br>|  |
| **Dana M. Emery** <br>**(61)**<br>| Chair (since 2022) <br>President <br>(since 2014) and <br>Trustee (since 1993)<br>| Chair, Chief Executive Officer, and Director, Dodge & Cox; <br> President (until 2022); Co-Director of Fixed Income (until <br> 2020); Director of Fixed Income (until 2019); member of <br> U.S. Fixed Income Investment Committee and Global Fixed <br> Income Investment Committee <br>|  |
| **Roberta R.W. Kameda** <br>**(62)**<br>| Chief Legal Officer <br>(since 2019) and <br> Secretary (since 2017)<br>| Vice President, General Counsel, and Secretary (since 2017), <br> Dodge & Cox<br>|  |
| **Shelly Chu** <br>**(49)**<br>| Treasurer <br>(since 2021)<br>| Funds Treasurer (since 2021), Dodge & Cox; Vice President <br> (since 2020); Financial Oversight and Control Analyst (until <br> 2021)<br>|  |
| **Katherine M. Primas** <br>**(48)**<br>| Chief Compliance <br>Officer (since 2010)<br>| Vice President and Chief Compliance Officer, Dodge & Cox |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Luis Borgen** <br>**(52)**<br>| Trustee <br>(since 2022)<br>| CFO, athenahealth, Inc. (2019-2022) | Director, Synopsys Inc. (software <br> company); Director, Carter's Inc. <br> (children's apparel); Director, Eastern <br> Bankshares, Inc. (financial services and <br> banking services)<br>|
| **Caroline M. Hoxby** <br>**(56)**<br>| Trustee <br>(since 2017)<br>| Professor of Economics, Stanford University; Director of the <br> Economics of Education Program, National Bureau of <br> Economic Research; Senior Fellow, Hoover Institution and <br> Stanford Institute for Economic Policy Research<br>|  |
| **Thomas A. Larsen** <br>**(73)**<br>| Trustee <br>(since 2002)<br>| Senior Counsel, Arnold & Porter (law firm) (2015-2018); <br> Partner, Arnold & Porter (until 2015); Director, Howard, Rice, <br> Nemerovski, Canady, Falk & Rabkin (1977-2011)<br>|  |
| **Ann Mather** <br>**(62)**<br>| Trustee <br>(since 2011)<br>| CFO, Pixar Animation Studios (1999-2004) | Director, Alphabet Inc. (internet <br> information services); Director, Netflix, Inc. <br> (internet television); Director, Blend <br> (software company); Director, Bumble <br> (online dating) <br>|
| **Gabriela Franco** <br>**Parcella (54)**<br>| Trustee <br>(since 2020)<br>| President (since 2020) and Executive Managing Director, <br> Merlone Geier Partners (2018-2019); Chairman, President, <br> and CEO, Mellon Capital (2011 to 2017); COO, Mellon Capital <br> (1997 to 2011)<br>|  |
| **Shawn Purvis** <br>**(49)**<br>| Trustee <br>(since 2022)<br>| President and CEO, QinetiQ US (since 2022); Corporate Vice <br> President/President Enterprise Services, Northrop Grumman <br> (2012-2022)<br>|  |
| **Gary Roughead** <br>**(71)**<br>| Trustee <br>(since 2013)<br>| Robert and Marion Oster Distinguished Military Fellow, <br> Hoover Institution (since 2012); Admiral, United States Navy <br> (Ret.); U.S. Navy Chief of Naval Operations (2007-2011)<br>| Director, Northrop Grumman Corp. <br> (global security); Director, Maersk Line, <br> Limited (shipping and transportation)<br>|
| **Mark E. Smith** <br>**(71)**<br>| Trustee <br>(since 2014)<br>| Executive Vice President, Managing Director, Fixed Income at <br> Loomis Sayles & Company, L.P. (2003-2011)<br>|  |

---

\* The address for each Officer and Trustee is 555 California Street, 40th Floor, San Francisco, California 94104. Each Officer and Trustee oversees all seven series in the Dodge & Cox Funds complex and serves for an indefinite term.

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

Dodge & Cox Emerging Markets Stock Fund <sup>◾</sup> PAGE 20

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![](g451839imgadb2952c1.gif)

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Emerging Markets Stock Fund

**dodgeandcox.com** 

For Fund literature, transactions, and account <br>information, please visit the Funds' website.

or write or call:

**Dodge & Cox Funds**

P.O. Box 219502 <br>Kansas City, Missouri 64121-9502 <br>(800) 621-3979

**Investment Manager**

Dodge & Cox <br>555 California Street, 40th Floor <br>San Francisco, California 94104 <br>(415) 981-1710

**Principal Underwriter**

Foreside Fund Services, LLC <br>3 Canal Plaza, Suite 100 <br>Portland, Maine 04101 <br>

(866) 251-6920

**This report is submitted for the general information of the shareholders of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless it is accompanied by a current prospectus.** <br>**This report reflects our views, opinions, and portfolio holdings as of December 31, 2022, the end of the reporting period. Any such views are subject to change at any time based upon market or other conditions and Dodge & Cox disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dodge & Cox Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dodge & Cox Fund.**

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![](g451839img89009bcb1.gif)

2022 <br>**December 31, 2022**

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**Annual Report**

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

**ESTABLISHED 1931**

12/22 BF AR Printed on recycled paper ![](g451839img3266f8812.gif)

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To Our Shareholders (unaudited)

The Dodge & Cox Balanced Fund—Class I had a total return of -7.28% for the year ended December 31, 2022, compared to -15.79% for the Combined Index (a 60/40 blend of stocks and fixed income securities).<sup>1</sup>

**Market Commentary**

In 2022, the broad-based U.S. equity market posted a negative return during a challenging year. The S&P 500 was down 18% and had its worst calendar year return since 2008. Within fixed income, the Bloomberg U.S. Agg declined 13% in 2022 as surging Treasury yields and widening credit spreads resulted in the worst year for the Index since its inception in 1976.<sup>2</sup>

U.S. inflation spiked in 2022 and remained elevated at 6.5% (as measured by the Consumer Price Index<sup>3</sup>) as of December 31. In response, the Federal Reserve raised its benchmark interest rate from near zero to 4.25-4.5%, its highest level in 15 years. Fed officials have signaled plans to keep raising rates in 2023, though at a slower pace.

U.S. equity market valuations have declined, with the S&P 500 now trading at 17.2 times forward earnings.<sup>4</sup> Valuation compressed as companies faced a combination of supply chain bottlenecks, higher input prices, weaker consumer demand, and tighter credit markets. U.S. value stocks<sup>5</sup> outperformed growth stocks by 21.6 percentage points for 2022.<sup>6</sup> While the valuation disparity between value and growth stocks also compressed, it remains wide: the Russell 1000 Value Index<sup>7</sup> trades at 14.6 times forward earnings compared to 21.5 times for the Russell 1000 Growth Index.<sup>8</sup> While rates rose throughout the year, the valuation spread between stocks benefiting from, and those hindered by, low interest rates continues to be very wide.

In fixed income markets, credit spreads widened meaningfully throughout 2022, exhibiting elevated volatility due to geopolitical issues and recession risk, before recovering strongly into year end. The investment-grade Corporate sector returned -15.8% and underperformed comparable-duration<sup>9</sup> Treasuries by 1.3 percentage points. Agency<sup>10</sup> mortgage-backed securities (MBS) spreads followed a similar trajectory despite higher mortgage rates and significantly reduced prepayment risk. The sector returned -11.8% and underperformed comparable-duration Treasuries by 2.2 percentage points.

**Investment Strategy**

The Fund had a positive return in the fourth quarter of 2022, outperforming the Combined Index by 3.8 percentage points.<sup>11</sup> For the full year, the Fund had a negative return, but declined significantly less than the Combined Index.

The Balanced Fund Investment Committee regularly assesses the appropriate asset allocation for the Fund, which we set based on our long-term outlook for the Fund's equity and fixed income securities. While we build the portfolio on a bottom-up basis, we also determine the optimal allocation by modeling expected return and risk (or variability of return) for each broad asset class and Fund holding. Reflecting improving yields, we increased the portfolio's fixed income allocation over the year. As of December 31, the Fund held 51.3% in U.S. equities, 14.7% in non-U.S. equities, and 31.7% in fixed income securities, which includes preferred securities.

**Equity**

The Fund's equity performance benefited from our long-held valuation discipline, as we avoided exposure to many higher-priced information technology companies that have seen dramatic share declines. We believe volatile market environments can provide opportunities for investors with patience, discipline, and a long-term investment approach. Our active, value-oriented management style has enabled us to navigate many uncertain environments successfully. We make investment decisions based on our assessment of a company's long-term fundamentals and are not overly influenced by short-term considerations. Our valuation discipline helps us to avoid areas where we believe valuations are not supported by a company's long-term prospects. We seek to take advantage of valuation declines for companies where we conclude the long-term outlook is positive. Based on this approach, we started positions in a number of companies in 2022, including Amazon and General Electric.<sup>12</sup>

Our emphasis on individual security selection has resulted in a diversified portfolio with exposure to a variety of investment theses. Areas of emphasis include Financials, which have benefited from higher rates, and Health Care, which has below-average sensitivity to the economy. We are also encouraged by the Fund's attractive valuation of 10.7 times forward earnings, well below the major indices.

*Health Care*

Additions to Pharmaceuticals and Biotechnology were a key portfolio theme in 2021 and 2022. We found investment opportunities that we believe provided an attractive combination of economic stability and low valuations. This contrasts with other stable sectors, such as Consumer Staples and Utilities, which have an unfavorable combination of high valuations and low growth.

We view a company's potential financial performance by evaluating various scenarios, and developing a range of forecasts: a base, down, and upside case for earnings and cash flow, as well as other financial variables and indicators. The future is always uncertain, and the skew of projected outcomes can be as important as the central, or base, case. Recession risk in the United States is currently elevated, as the Fed is hiking rates into a slowing economy. We have responded by introducing a fourth forecast scenario—a recession case—modeled using common assumptions for interest rates, unemployment, and market levels.

We believe pharmaceutical stocks can perform relatively well in a recession scenario. Revenues for many companies in this area are generally relatively stable, and do not fluctuate based on the strength of the broad economy. Margins also are typically more stable, and less sensitive to overall growth in the economy. Based on our analysis of all of the scenarios, we also believe our holdings provide an attractive risk/reward profile with upside potential due to innovation and new products. We have added to positions throughout 2021 and 2022, including Elanco Animal Health, GSK, Regeneron Pharmaceuticals, and Sanofi.

**Fixed Income**

The Fund's fixed income portfolio entered 2022 conservatively positioned with respect to three major sources of fixed income risk

PAGE 1 <sup>◾</sup> Dodge & Cox Balanced Fund

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and opportunity—duration/inflation, credit, and convexity—because valuations at the time did not provide sufficient buffer for the risks we saw in those three areas. As risk repriced over the course of the year, we incrementally but meaningfully pivoted the portfolio's exposures. We added significantly to the portfolio's Credit sector exposures, as well as made several adjustments to the composition of the portfolio's Securitized holdings, based on our bottom-up assessment of valuations and fundamentals for individual securities and issuers.

*Credit Sector*

To take advantage of wider spreads, we increased the Credit<sup>13</sup> weighting of the Fund. We purchased securities in both the primary and secondary markets, initiating new positions in issuers and adding to numerous existing holdings. These adds were across a range of corporates (e.g., GE HealthCare, NextEra Energy, Goldman Sachs), increasing portfolio diversification at compelling spread levels. While the year-over-year change was meaningful, we added at a gradual pace throughout the year, reflecting our investment team's efforts to strike a balance between the potential rewards of attractive pricing and the risks of elevated macroeconomic and geopolitical uncertainties.

*Securitized Sector*

We found the Agency MBS market to be particularly interesting last year. With the prevailing mortgage rate near multi-decade highs following the massive increase in rates this year, nearly all existing mortgage borrowers lack incentive to refinance. Given this development, the fundamental risk in Agency MBS—convexity (i.e., duration variability driven by changes in prepayments on the underlying mortgages)—declined to very low levels. During the same period, the Fed, the single largest buyer of Agency MBS over the past several years, ended its monthly purchases of MBS and began to let its balance sheet holdings run off. Spreads on Agency MBS widened out to levels last seen consistently in 2012, with dollar prices at their lowest levels in 40 years. The net result is that the MBS market offers historically low risk with attractive valuations, creating a meaningful risk/reward opportunity.

We leaned into this environment by increasing the Fund's Agency MBS weighting and shifting the mix of holdings. We continued to find value in lower-coupon (2-3.5%) pass-through securities trading substantially below par, reflecting very low prepayment risk and compelling spreads. We also added modestly to the portfolio's positions in Ginnie Mae-guaranteed Home Equity Conversion Mortgages (also known as reverse mortgages) and hybrid ARMs (adjustable-rate mortgages). These are two unique, out-of-benchmark, floating-rate securities that offer diversification benefits and trade at compelling valuations versus short duration alternatives. Overall, the portfolio's Agency MBS offer dependable liquidity, relatively low volatility, and attractive relative value over our investment horizon.

**In Closing**

We are optimistic about the long-term outlook for the Fund, which is well balanced across a range of sectors and investment themes.

Elevated levels of market volatility and macroeconomic uncertainty have created opportunities for active, bottom-up managers like Dodge & Cox. Our decision-making process combines rigorous security analysis by our experienced team, with a strong price discipline and a long-term investment horizon. We believe this approach benefits our Fund shareholders, as many other investors are more focused on shorter-term factors. The Fund's low turnover and high active share<sup>14</sup> mean that performance in any one year is a function of cumulative decision-making over an extended period. We urge Fund shareholders to take a long-term view, as we do in managing the portfolio.

Thank you for your continued confidence in Dodge & Cox. As always, we welcome your comments and questions.

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| |
|:---|
| For the Board of Trustees, |
| ![](g451839img0b9ef7e63.gif) |
| Dana M. Emery, <br>Chair and President<br>|

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January 31, 2023

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| | |
|:---|:---|
| 1 | &nbsp;&nbsp; All returns are stated in U.S. dollars, unless otherwise noted. The Funds' total returns <br> include the reinvestment of dividend and capital gain distributions, but have not been <br> adjusted for any income taxes payable by shareholders on these distributions or on <br> Fund share redemptions. Index returns include dividend and/or interest income but, <br> unlike Fund returns, do not reflect fees or expenses. The Combined Index reflects an <br> unmanaged portfolio (rebalanced monthly) of 60% of the S&P 500 Index, which is a <br> market capitalization-weighted index of 500 large capitalization stocks commonly <br> used to represent the U.S. equity market, and 40% of the Bloomberg U.S. Aggregate <br> Bond Index (Bloomberg U.S. Agg), which is a widely recognized, unmanaged index of <br> U.S. dollar-denominated, investment-grade, taxable fixed income securities. The <br> Fund may, however, invest up to 75% of its total assets in equity securities.<br>|
| 2 | Return as calculated and reported by Bloomberg. |
| 3 | &nbsp;&nbsp; The Consumer Price Index is a measure of the average change over time in the prices <br> paid by urban consumers for a market basket of consumer goods and services.<br>|
| 4 | &nbsp;&nbsp; Unless otherwise specified, all weightings and characteristics are as of <br> December 31, 2022. Price-to-earnings (forward) ratios are calculated using <br> 12-month forward earnings estimates from third-party sources as of the reporting <br> period. Estimates reflect a consensus of sell-side analyst estimates, which may lag <br> as market conditions change.<br>|
| 5 | &nbsp;&nbsp; Generally, stocks that have lower valuations are considered "value" stocks, while <br> those with higher valuations are considered "growth" stocks.<br>|
| 6 | &nbsp;&nbsp; For the 12 months ended December 31, 2022, the Russell 1000 Value Index had a <br> total return of -7.56% and the Russell 1000 Growth Index had a total return of <br> -29.14%.<br>|
| 7 | &nbsp;&nbsp; The Russell 1000 Value Index is a broad-based, unmanaged equity market index <br> composed of those Russell 1000 companies with lower price-to-book ratios and <br> lower forecasted growth values.<br>|
| 8 | &nbsp;&nbsp; The Russell 1000 Growth Index is a broad-based, unmanaged equity market index <br> composed of those Russell 1000 companies with higher price-to-book ratios and <br> higher forecasted growth values.<br>|
| 9 | &nbsp;&nbsp; Duration is a measure of a bond's (or a bond portfolio's) price sensitivity to changes <br> in interest rates.<br>|
| 10 | &nbsp;&nbsp; The U.S. Government does not guarantee the Fund's shares, yield, or net asset value. <br> The agency guarantee (by, for example, Ginnie Mae, Fannie Mae, or Freddie Mac) <br> does not eliminate market risk.<br>|
| 11 | Return for the Balanced Fund's Class I shares. |

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Dodge & Cox Balanced Fund <sup>◾</sup> PAGE 2

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| | |
|:---|:---|
| 12 | &nbsp;&nbsp; The use of specific examples does not imply that they are more or less attractive <br> investments than the portfolio's other holdings.<br>|
| 13 | &nbsp;&nbsp; Credit refers to corporate bonds and government-related securities, as classified by <br> Bloomberg, as well as Rio Oil Finance Trust, an asset-backed security that we group <br> as a credit investment.<br>|
| 14 | &nbsp;&nbsp; Active share is a measure of how much an investment portfolio differs from its <br> primary benchmark index, based on a scale of 0% (complete overlap with the index) <br> to 100% (no overlap). Overlap for each security in the Fund is the lower of either its <br> percentage weight in the Fund or its percentage weight in the relevant index. Active <br> share is calculated as 100% minus the sum of the overlapping security weights.<br>|

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PAGE 3 <sup>◾</sup> Dodge & Cox Balanced Fund

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2022 Performance Review for the Fund's Class I Shares (unaudited)

The Fund outperformed the Combined Index by 8.51 percentage points in 2022. The Fund's sector and security selection within equities and below-benchmark duration positioning contributed to the Fund's outperformance.

**Equity Portfolio (vs. S&P 500)**

**Key contributors to relative results included the Fund's:**

<sup>◾</sup> Stock selection in Information Technology—including VMware, Fiserv, and Microsoft—and underweight position in the sector; <br>

<sup>◾</sup> Health Care holdings—particularly Cigna, Sanofi, and Gilead Sciences—and overweight position in the sector;

<sup>◾</sup> Energy overweight and selected holdings—especially Occidental Petroleum, Williams Companies, Baker Hughes, Schlumberger, and ConocoPhillips;

<sup>◾</sup> Stock selection and underweight position in Consumer Discretionary;

<sup>◾</sup> Financials overweight and holdings—including Charles Schwab and MetLife; and,

<sup>◾</sup> Position in Raytheon Technologies.

**Key detractors from relative results included the Fund's:**

<sup>◾</sup> Industrials holdings—mainly FedEx;

<sup>◾</sup> Underweight position in the Utilities sector; and,

<sup>◾</sup> Positions in Charter Communications, Capital One Financial, Elanco Animal Health, and DISH Network.

**Fixed Income Portfolio (vs. Bloomberg U.S. Agg)**

**Key contributors to relative results included the Fund's:**

<sup>◾</sup> Below-benchmark duration position; <br>

<sup>◾</sup> Increased allocation to corporate bonds during periods of market weakness; and,

<sup>◾</sup> Outperformance of certain credit holdings, such as Petrobras, Citigroup Capital Securities, and Ultrapar. <br>

**Key detractors from relative results included the Fund's:**

<sup>◾</sup> Underperformance of certain corporate holdings, such as

Charter Communications, UniCredit, and Telecom Italia.

Key Characteristics of Dodge & Cox

**Independent Organization** 

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

**Over 90 Years of Investment Experience** 

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

**Experienced Investment Team**

The Balanced Fund Investment Committee, which is the decision- making body for the Balanced Fund, is a seven-member committee with an average tenure of 16 years at Dodge & Cox.

**One Business with a Single Decision-Making Office** 

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

**Consistent Investment Approach** 

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

**Long-Term Focus and Low Expenses** 

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

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

**Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security. Please see the Portfolio of Investments section in this report for a complete list of fund holdings.**

Dodge & Cox Balanced Fund <sup>◾</sup> PAGE 4

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Growth of $10,000 Over 10 Years (unaudited)

For An Investment Made On December 31, 2012 ![](g451839img3b7166724.gif)

**Average Annual Total Return**

For Periods Ended December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **20 Years** |
| Dodge & Cox Balanced Fund |  |  |  |  |
| Class I | &nbsp;&nbsp; -7.28% | 6.36% | &nbsp;&nbsp; 9.26% | 8.05% |
| Class X<sup>(a)</sup> <br>| &nbsp;&nbsp; -7.18 | 6.38 | &nbsp;&nbsp; 9.27 | 8.05 |
| S&P 500 Index | -18.11 | 9.42 | 12.56 | 9.80 |
| Bloomberg U.S. Aggregate Bond Index | -13.01 | 0.02 | &nbsp;&nbsp; 1.06 | 3.10 |
| Combined Index<sup>(b)</sup> <br>| -15.79 | 5.96 | &nbsp;&nbsp; 8.09 | 7.35 |

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**Expense Ratios**

Per the Prospectus Dated May 1, 2022

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| | | |
|:---|:---|:---|
|  | **Net Expense** <br>**Ratio**<br>| **Gross Expense** <br>**Ratio**<br>|
| Dodge & Cox Balanced Fund |  |  |
| Class I | 0.51% | 0.51% |
| Class X | 0.41%<sup>(c)</sup> <br>| 0.46% |

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<sup>(a)</sup> The Class X shares inception date is May 2, 2022. The returns shown prior to that date are for the Class I shares. 

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

<sup>(c)</sup> Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain Total Annual Fund Operating Expenses of the Dodge & Cox Balanced Fund — Class X shares at 0.41% until April 30, 2023. This agreement cannot be terminated prior to April 30, 2023 other than by resolution of the Fund's Board of Trustees. The term of the agreement renews annually unless terminated with 30 days' written notice by either party prior to the end of the term. The agreement does not permit Dodge & Cox to recoup any fees waived or payments made to the Fund for a prior year. 

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

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

*S&P 500*<sup>®</sup>*is a trademark of S&P Global Inc. Bloomberg is a registered trademark of Bloomberg Finance L.P. and its affiliates.* 

*For more information about these indices, visit:* <br>*www.dodgeandcox.com/balancedfund*

PAGE 5 <sup>◾</sup> Dodge & Cox Balanced Fund

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Portfolio Information (unaudited) December 31, 2022

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| | |
|:---|:---|
| **Asset Allocation** | **% of Net Assets** |
| Common Stocks | **66.0** |
| Debt Securities | **31.3** |
| Net Cash & Other<sup>(a)</sup> <br>| **2.7** |

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| | |
|:---|:---|
| **Equity Sector Diversification** | **% of Net Assets** |
| Financials | **15.8** |
| Health Care | **12.8** |
| Information Technology | **10.2** |
| Energy | **7.2** |
| Communication Services | **6.9** |
| Industrials | **4.3** |
| Consumer Discretionary | **3.5** |
| Consumer Staples | **3.4** |
| Materials | **1.7** |
| Real Estate | **0.2** |

---

---

| | |
|:---|:---|
| **Fixed Income Sector Diversification** | **% of Net Assets** |
| Corporate | **15.4** |
| Securitized | **13.4** |
| Government-Related | **1.4** |
| U.S. Treasury | **1.1** |

---

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

------

Fund Expense Example (unaudited)

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

Actual Expenses

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

Hypothetical Example for Comparison with Other Mutual Funds

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Six Months Ended** <br>**December 31, 2022**<br>| **Beginning Account Value** <br>**7/1/2022**<br>| **Ending Account Value** <br>**12/31/2022**<br>| **Expenses Paid** <br>**During Period\***<br>| **Annualized** <br>**Expense Ratio**<br>|
| **Class I** |  |  |  |  |
| Based on actual return | $1000.00 | $1028.90 | $2.61 | 0.51% |
| Based on hypothetical 5% yearly return | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.63 | &nbsp;&nbsp; 2.60 | 0.51 |
| **Class X** |  |  |  |  |
| Based on actual return | $1000.00 | $1029.70 | $2.10 | 0.41% |
| Based on hypothetical 5% yearly return | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.14 | &nbsp;&nbsp; 2.09 | 0.41 |

---

\* Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

Dodge & Cox Balanced Fund <sup>◾</sup> PAGE 6

------

Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common Stocks: 66.0%** | **Common Stocks: 66.0%** | **Common Stocks: 66.0%** |
|  | **Shares** | **Value** |
| **Communication Services: 6.9%** | **Communication Services: 6.9%** | **Communication Services: 6.9%** |
| Media & Entertainment: 6.0% | Media & Entertainment: 6.0% | Media & Entertainment: 6.0% |
| Alphabet, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714000 | $62996220 |
| Alphabet, Inc., Class C<sup>(a)</sup> <br>| &nbsp;&nbsp; 2089400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185392462 |
| Charter Communications, Inc., <br> Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179924425 |
| Comcast Corp., Class A | &nbsp;&nbsp; 4776448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167032387 |
| DISH Network Corp., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 3030834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42552909 |
| Fox Corp., Class A | &nbsp;&nbsp; 1424533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43263067 |
| Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21217441 |
| Meta Platforms, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87126160 |
| News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 836104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15217093 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 804722164 |
| Telecommunication Services: 0.9% | Telecommunication Services: 0.9% | Telecommunication Services: 0.9% |
| T-Mobile U.S., Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 883961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123754540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928476704 |
| **Consumer Discretionary: 3.5%** | **Consumer Discretionary: 3.5%** | **Consumer Discretionary: 3.5%** |
| Automobiles & Components: 0.9% | Automobiles & Components: 0.9% | Automobiles & Components: 0.9% |
| Honda Motor Co., Ltd. ADR (Japan) | &nbsp;&nbsp; 5059900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115669314 |
| Consumer Services: 0.5% | Consumer Services: 0.5% | Consumer Services: 0.5% |
| Booking Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68721048 |
| Retailing: 2.1% | Retailing: 2.1% | Retailing: 2.1% |
| Alibaba Group Holding, Ltd. ADR<sup>(a)</sup> <br> (China)<br>| &nbsp;&nbsp; 1106200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97445158 |
| Amazon.com, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 892500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74970000 |
| Prosus NV ADR (China) | &nbsp;&nbsp; 4785700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65707661 |
| Qurate Retail, Inc., Series A<sup>(a)</sup> <br>| &nbsp;&nbsp; 3204750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5223742 |
| The Gap, Inc. | &nbsp;&nbsp; 3740378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42191464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285538025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469928387 |
| **Consumer Staples: 3.4%** | **Consumer Staples: 3.4%** | **Consumer Staples: 3.4%** |
| Food, Beverage & Tobacco: 2.9% | Food, Beverage & Tobacco: 2.9% | Food, Beverage & Tobacco: 2.9% |
| Anheuser-Busch InBev SA/NV ADR <br> (Belgium)<br>| &nbsp;&nbsp; 2481500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148989260 |
| Imperial Brands PLC ADR (United <br> Kingdom)<br>| &nbsp;&nbsp; 6104700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152617500 |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp; 1785214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91974225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393580985 |
| Household & Personal Products: 0.5% | Household & Personal Products: 0.5% | Household & Personal Products: 0.5% |
| Haleon PLC ADR<sup>(a)</sup> (United Kingdom) | &nbsp;&nbsp; 8501849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68014792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461595777 |
| **Energy: 7.2%** | **Energy: 7.2%** | **Energy: 7.2%** |
| Baker Hughes Co., Class A | &nbsp;&nbsp; 1907400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56325522 |
| ConocoPhillips | &nbsp;&nbsp; 1408224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166170432 |
| Occidental Petroleum Corp. | &nbsp;&nbsp; 5748514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362098897 |
| Occidental Petroleum Corp., Warrant<sup>(a)</sup> <br>| &nbsp;&nbsp; 1381001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56938671 |
| Ovintiv, Inc. | &nbsp;&nbsp; 1487200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75415912 |
| Schlumberger, Ltd. | &nbsp;&nbsp; 2849921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152356777 |
| The Williams Companies, Inc. | &nbsp;&nbsp; 3291600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108293640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 977599851 |
| **Financials: 15.8%** | **Financials: 15.8%** | **Financials: 15.8%** |
| Banks: 5.5% | Banks: 5.5% | Banks: 5.5% |
| Banco Santander SA<sup>(b)</sup> (Spain) | 23950600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71728071 |
| Bank of America Corp. | &nbsp;&nbsp; 5210800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172581696 |
| BNP Paribas SA ADR (France) | &nbsp;&nbsp; 3011100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85726017 |
| Credicorp, Ltd. (Peru) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 603197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81829705 |
| Truist Financial Corp. | &nbsp;&nbsp; 1637784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70473846 |
| Wells Fargo & Co. | &nbsp;&nbsp; 6247306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257951265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740290600 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Diversified Financials: 8.5% | Diversified Financials: 8.5% | Diversified Financials: 8.5% |
| Bank of New York Mellon Corp. | &nbsp;&nbsp; 4450800 | $202600416 |
| Capital One Financial Corp. | &nbsp;&nbsp; 1985426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184565201 |
| Charles Schwab Corp. | &nbsp;&nbsp; 4163700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346669662 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139686984 |
| State Street Corp. | &nbsp;&nbsp; 1719600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133389372 |
| UBS Group AG, NY Shs (Switzerland) | &nbsp;&nbsp; 7595500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141807985 |
|  |  | &nbsp;&nbsp; 1148719620 |
| Insurance: 1.8% | Insurance: 1.8% | Insurance: 1.8% |
| Aegon NV, NY Shs (Netherlands) | &nbsp;&nbsp; 6266703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31584183 |
| Brighthouse Financial, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35064476 |
| Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14496061 |
| MetLife, Inc. | &nbsp;&nbsp; 2228442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161272348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242417068 |
|  |  | &nbsp;&nbsp; 2131427288 |
| **Health Care: 12.8%** | **Health Care: 12.8%** | **Health Care: 12.8%** |
| Health Care Equipment & Services: 2.4% | Health Care Equipment & Services: 2.4% | Health Care Equipment & Services: 2.4% |
| Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 621765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206015615 |
| Fresenius Medical Care AG & Co. <br> KGaA ADR (Germany)<br>| &nbsp;&nbsp; 3504200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57258628 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62334323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325608566 |
| Pharmaceuticals, Biotechnology & Life Sciences: 10.4% | Pharmaceuticals, Biotechnology & Life Sciences: 10.4% | Pharmaceuticals, Biotechnology & Life Sciences: 10.4% |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52473120 |
| Bayer AG ADR (Germany) | &nbsp;&nbsp; 2038300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26212538 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 898500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92985765 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38565200 |
| Elanco Animal Health, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 5759600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70382312 |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 2494680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214168278 |
| GSK PLC ADR (United Kingdom) | &nbsp;&nbsp; 5993880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210624943 |
| Incyte Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 1405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112849600 |
| Novartis AG ADR (Switzerland) | &nbsp;&nbsp; 1211100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109870992 |
| Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103750262 |
| Roche Holding AG ADR (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 970600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37998990 |
| Sanofi ADR (France) | &nbsp;&nbsp; 6843565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331433853 |
|  |  | &nbsp;&nbsp; 1401315853 |
|  |  | &nbsp;&nbsp; 1726924419 |
| **Industrials: 4.3%** | **Industrials: 4.3%** | **Industrials: 4.3%** |
| Capital Goods: 3.1% | Capital Goods: 3.1% | Capital Goods: 3.1% |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31618125 |
| General Electric Co. | &nbsp;&nbsp; 2613600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218993544 |
| Johnson Controls International PLC | &nbsp;&nbsp; 1325714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84845696 |
| Raytheon Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82280076 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417737441 |
| Transportation: 1.2% | Transportation: 1.2% | Transportation: 1.2% |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170677169 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588414610 |
| **Information Technology: 10.2%** | **Information Technology: 10.2%** | **Information Technology: 10.2%** |
| Semiconductors & Semiconductor Equipment: 0.6% | Semiconductors & Semiconductor Equipment: 0.6% | Semiconductors & Semiconductor Equipment: 0.6% |
| Microchip Technology, Inc. | &nbsp;&nbsp; 1108710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77886878 |
| Software & Services: 7.0% | Software & Services: 7.0% | Software & Services: 7.0% |
| Cognizant Technology Solutions <br> Corp., Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51145017 |
| Fidelity National Information Services, <br> Inc.<br>| &nbsp;&nbsp; 1527500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103640875 |
| Fiserv, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2852000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288251640 |
| Micro Focus International PLC ADR <br> (United Kingdom)<br>| &nbsp;&nbsp; 3451871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21781306 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 769000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184421580 |

---

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

------

Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common Stocks** (continued) | **Common Stocks** (continued) | **Common Stocks** (continued) |
|  | **Shares** | **Value** |
| PayPal Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611200 | $43529664 |
| VMware, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 2081133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255479887 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 948249969 |
| Technology, Hardware & Equipment: 2.6% | Technology, Hardware & Equipment: 2.6% | Technology, Hardware & Equipment: 2.6% |
| Cisco Systems, Inc. | &nbsp;&nbsp; 1734400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82626816 |
| Coherent Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 1365900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47943090 |
| Dell Technologies, Inc., Class C | &nbsp;&nbsp; 1162183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46743000 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 2895770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46216489 |
| HP, Inc. | &nbsp;&nbsp; 2031530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54587211 |
| Juniper Networks, Inc. | &nbsp;&nbsp; 1503029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48036807 |
| TE Connectivity, Ltd. (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28543413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354696826 |
|  |  | &nbsp;&nbsp; 1380833673 |
| **Materials: 1.7%** | **Materials: 1.7%** | **Materials: 1.7%** |
| Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22189352 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 1185300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98415459 |
| Nutrien, Ltd. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56569038 |
| Teck Resources, Ltd., Class B <br> (Canada)<br>| &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47275000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224448849 |
| **Real Estate: 0.2%** | **Real Estate: 0.2%** | **Real Estate: 0.2%** |
| Gaming and Leisure Properties, Inc. <br> REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27412571 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** <br>(Cost $6,691,459,550)<br>|  | **$8917062129** |

---

---

| | | |
|:---|:---|:---|
| **Debt Securities: 31.3%** | **Debt Securities: 31.3%** | **Debt Securities: 31.3%** |
|  | **Par Value** | **Value** |
| **U.S. Treasury: 1.1%** | **U.S. Treasury: 1.1%** | **U.S. Treasury: 1.1%** |
| U.S. Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 12/31/25 | $28260000 | $25256271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/24 | &nbsp;&nbsp;&nbsp;&nbsp; 16340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15579965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 2/28/26 | &nbsp;&nbsp;&nbsp;&nbsp; 43297000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38579995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 1/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 71759000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67153530 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146569761 |
| **Government-Related: 1.4%** | **Government-Related: 1.4%** | **Government-Related: 1.4%** |
| Agency: 0.8% | Agency: 0.8% | Agency: 0.8% |
| Petroleo Brasileiro SA (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 1/3/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1830097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 3/17/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4149161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/3/50 | &nbsp;&nbsp;&nbsp;&nbsp; 15500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13528887 |
| Petroleos Mexicanos (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 2/16/32 | &nbsp;&nbsp;&nbsp;&nbsp; 44849000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35217543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6836963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 1/23/45 | &nbsp;&nbsp;&nbsp;&nbsp; 20125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12460995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/21/47 | &nbsp;&nbsp;&nbsp;&nbsp; 11625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7416735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 1/23/50 | &nbsp;&nbsp;&nbsp;&nbsp; 52105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36051382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117491763 |
| Local Authority: 0.5% | Local Authority: 0.5% | Local Authority: 0.5% |
| L.A. Unified School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3133745 |
| New Jersey Turnpike Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.102%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp; 12436000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14995528 |
| Regents of the UC Medical Center RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.563%, 5/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5970660 |
| State of California GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 4/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3454504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp; 15730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19109978 |
| State of Illinois GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp; 22615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21704495 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68368910 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| Sovereign: 0.1% | Sovereign: 0.1% | Sovereign: 0.1% |
| Colombia Government International <br> (Colombia)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 2/26/44 | $8100000 | $5940317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5646539 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11586856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197447529 |
| **Securitized: 13.4%** | **Securitized: 13.4%** | **Securitized: 13.4%** |
| Asset-Backed: 1.7% | Asset-Backed: 1.7% | Asset-Backed: 1.7% |
| **Federal Agency: 0.0%\*** | **Federal Agency: 0.0%\*** | **Federal Agency: 0.0%\*** |
| Small Business Admin. - 504 Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-20J 1, 4.92%, 10/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-20F 1, 5.71%, 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439342 |
| **Other: 0.3%** | **Other: 0.3%** | **Other: 0.3%** |
| Rio Oil Finance Trust (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 7/6/24<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8984245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9074088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 1/6/27<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19829811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20523854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20%, 4/6/28<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9937760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10037138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39635080 |
| **Student Loan: 1.4%** | **Student Loan: 1.4%** | **Student Loan: 1.4%** |
| Navient Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 1-Month |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.30%, 5.689%, 3/25/66<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24832000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24452366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.80%, 5.189%, 7/26/66<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5417057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5275216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.15%, 5.539%, 7/26/66<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5783432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5681546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.05%, 5.439%, 12/27/66<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4986641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4897535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.75%, 5.139%, 3/25/67<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 83848755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81888900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.00%, 5.389%, 2/27/68<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3619585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3481948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.70%, 5.089%, 2/25/70<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6763270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6497770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.55%, 0.70%, 2/25/70<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16621620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16140376 |
| SLM Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 3-Month |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.60%, 4.958%, 1/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4870181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4586629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.17%, 4.528%, 1/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9224704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8730549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.16%, 4.518%, 1/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5048818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4729170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.55%, 4.908%, 10/25/64<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21134766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20279476 |
| SMB Private Education Loan Trust <br> (Private Loans)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B A2A, 3.60%, <br> 1/15/37<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9299759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8902338 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195543819 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235618241 |
| 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K055 X1, 1.346%, 3/25/26<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9848986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K056 X1, 1.241%, 5/25/26<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4122622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K064 X1, 0.602%, 3/25/27<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8850034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K065 X1, 0.668%, 4/25/27<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 42808674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K066 X1, 0.749%, 6/25/27<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 36970227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K069 X1, 0.349%, 9/25/27<sup>(d)</sup> <br>| &nbsp;&nbsp; 221394038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3210147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K090 X1, 0.707%, 2/25/29<sup>(d)</sup> <br>| &nbsp;&nbsp; 179986926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6570351 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12452094 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12452094 |
| Mortgage-Related: 11.6% | Mortgage-Related: 11.6% | Mortgage-Related: 11.6% |
| **Federal Agency CMO & REMIC: 2.3%** | **Federal Agency CMO & REMIC: 2.3%** | **Federal Agency CMO & REMIC: 2.3%** |
| Dept. of Veterans Affairs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1995-1 1, 5.738%, 2/15/25<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70897 |

---

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

------

Portfolio of Investments December 31, 2022

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| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1995-2C 3A, 8.793%, <br> 6/15/25<br>| $21093 | $21796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-1 2J, 6.50%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2607342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2595488 |
| Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2002-33 A1, 7.00%, 6/25/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 809288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2009-30 AG, 6.50%, 5/25/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2009-66 ET, 6.00%, 5/25/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2001-T7 A1, 7.50%, 2/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2001-T5 A3, 7.50%, 6/19/41<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2001-T4 A1, 7.50%, 7/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 609179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2001-T8 A1, 7.50%, 7/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2001-W3 A, 7.00%, 9/25/41<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2001-T10 A2, 7.50%, <br> 12/25/41<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2013-106 MA, 4.00%, 2/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4282602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4052612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2002-W6 2A1, 7.00%, <br> 6/25/42<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 603817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2002-W8 A2, 7.00%, 6/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 908290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 954987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2003-W2 1A2, 7.00%, 7/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2003-W2 1A1, 6.50%, 7/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1401755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1424899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2003-W4 4A, 5.723%, <br> 10/25/42<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2012-121 NB, 7.00%, <br> 11/25/42<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2004-T1 1A2, 6.50%, 1/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 557114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2004-W2 5A, 7.50%, 3/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 869575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2004-W8 3A, 7.50%, 6/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2005-W4 1A2, 6.50%, 8/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1672264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1712837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2009-11 MP, 7.00%, 3/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1313021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1351957 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 1-Month |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.55%, 4.939%, 9/25/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2395542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2341108 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 16 PK, 7.00%, 8/25/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-48 1A4, 5.538%, 7/25/33 | &nbsp;&nbsp;&nbsp;&nbsp; 14219424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14303465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-51 1A, 6.50%, 9/25/43<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-59 1A1, 6.50%, 10/25/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4875859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4281 BC, 4.50%, 12/15/43<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13963776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13621614 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 1-Month |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.61%, 4.928%, 9/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5591883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5551879 |
| Ginnie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States 30 Day Average <br> SOFR<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.55%, Series 2022-H04 FG, <br> 0.883%, 2/20/67<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9740821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9578271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.41%, Series 2022-H06 FC, <br> 3.017%, 8/20/68<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39299726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38007748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.82%, Series 2022-H04 HF, <br> 4.646%, 2/20/72<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7697785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7568795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.67%, Series 2022-H09 FA, <br> 4.496%, 4/20/72<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20392801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19804654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.74%, Series 2022-H09 FC, <br> 4.566%, 4/20/72<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25084686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24456751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.97%, Series 2022-H11 EF, <br> 4.796%, 5/20/72<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16056999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15974955 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 1-Month |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.62%, 4.462%, 9/20/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1955331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1916941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.70%, 1.949%, 1/20/70 | &nbsp;&nbsp;&nbsp;&nbsp; 14791110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14359281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.65%, 4.492%, 1/20/70 | &nbsp;&nbsp;&nbsp;&nbsp; 20534868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19771517 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 12-Month |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.30%, 0.756%, 1/20/67 | &nbsp;&nbsp;&nbsp;&nbsp; 13973243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13827689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.23%, 4.439%, 10/20/67 | &nbsp;&nbsp;&nbsp;&nbsp; 12751265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12545415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.23%, 4.439%, 10/20/67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7833380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7707529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.06%, 0.643%, 12/20/67 | &nbsp;&nbsp;&nbsp;&nbsp; 18714127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18250464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.08%, 2.709%, 5/20/68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4515867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4369514 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.25%, 3.814%, 6/20/68 | $14040974 | $13683458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.28%, 1.228%, 11/20/68 | &nbsp;&nbsp;&nbsp;&nbsp; 19180117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18578232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.25%, 0.706%, 12/20/68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2100041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2039352 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304150450 |
| **Federal Agency Mortgage Pass-Through: 9.3%** | **Federal Agency Mortgage Pass-Through: 9.3%** | **Federal Agency Mortgage Pass-Through: 9.3%** |
| Fannie Mae, 15 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/1/25 - 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 993994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/27 - 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2545163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2495832 |
| Fannie Mae, 20 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/30 - 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp; 13665449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13163140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/1/31 - 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 21097673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20934921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/36 - 4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8633473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8256191 |
| Fannie Mae, 30 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/1/28 - 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5943744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6168765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/33 - 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3847283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3970367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/36 - 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5371818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5555353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/48 - 3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3680531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3693468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/50 - 10/1/50 | &nbsp;&nbsp; 140117154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119998918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/50 - 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp; 99404916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81677485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp; 34902009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30794264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/1/52 - 8/1/52 | &nbsp;&nbsp; 227883882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208166351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/1/52 | &nbsp;&nbsp; 108795453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99706187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp; 84276003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77048397 |
| Fannie Mae, 40 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/56 | &nbsp;&nbsp;&nbsp;&nbsp; 15031942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14859578 |
| Fannie Mae, Hybrid ARM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.988%, 9/1/34<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 12/1/34<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.022%, 1/1/35<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.712%, 1/1/35<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.097%, 8/1/35<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.271%, 5/1/37<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 11/1/40 - 12/1/40<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/1/43<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1029139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1031122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.231%, 4/1/44<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1878974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1872144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/1/44 - 12/1/44<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5158258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5177033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.465%, 9/1/45<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.999%, 12/1/45<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1833205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1884458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.781%, 1/1/46<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1692164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1746891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.945%, 4/1/46<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1872891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1806205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.509%, 12/1/46<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3509890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3316701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.131%, 6/1/47<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1531423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.077%, 7/1/47<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2432729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2380539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.498%, 8/1/47<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3016626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3056450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.315%, 1/1/49<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1659882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1619414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.919%, 4/1/52<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17016364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15324181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.962%, 4/1/52<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 40718008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35851353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.316%, 4/1/52<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21633210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19338217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.622%, 7/1/52<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19430592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17564563 |
| Freddie Mac, Hybrid ARM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.528%, 5/1/34<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/1/35<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.817%, 4/1/37<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.051%, 9/1/37<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 639047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.114%, 1/1/38<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.569%, 2/1/38<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 7/1/38<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.798%, 10/1/38<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.845%, 10/1/41<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.799%, 8/1/42<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 762463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 769164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 5/1/44<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2278048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2285574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 5/1/44<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146709 |

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

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Portfolio of Investments December 31, 2022

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| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.365%, 6/1/44<sup>(d)</sup> <br>| $675714 | $672441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 6/1/44<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.454%, 1/1/45<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2451855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2457385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.723%, 10/1/45<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1192473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1205685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.595%, 10/1/45<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1548539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1573611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 7/1/47<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1794801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1750873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.234%, 1/1/49<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5266281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5128061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.729%, 3/1/49<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1043852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1018466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.317%, 5/1/52<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15099198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13424974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.027%, 5/1/52<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 45447784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40052364 |
| Freddie Mac Gold, 15 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/24 - 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663090 |
| Freddie Mac Gold, 20 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/31 - 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2654732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2637161 |
| Freddie Mac Gold, 30 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/1/32 - 4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1916171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1991669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/1/37 - 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1627972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1708492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/41 - 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp; 12064111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11942698 |
| Freddie Mac Pool, 30 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/50 - 2/1/51 | &nbsp;&nbsp; 133924865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114930170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp; 84414998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69360469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp; 81011739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71512245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/52 - 8/1/52 | &nbsp;&nbsp; 106997052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97656110 |
| Ginnie Mae, 30 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/24 - 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46766 |
|  |  | &nbsp;&nbsp; 1262926768 |
|  |  | &nbsp;&nbsp; 1567077218 |
|  |  | &nbsp;&nbsp; 1815147553 |
| **Corporate: 15.4%** | **Corporate: 15.4%** | **Corporate: 15.4%** |
| Financials: 5.8% | Financials: 5.8% | Financials: 5.8% |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, <sup>(e)(f)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11620367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, <sup>(e)(f)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16008000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15447720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 8/26/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5734882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 3/3/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3890069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2868870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.183%, 11/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7516867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.846%, 3/8/37<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29777057 |
| Barclays PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.836%, 5/9/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4172034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.501%, 8/9/28<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10411771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.746%, 8/9/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8974286 |
| BNP Paribas SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 9/28/25<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8223000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7984489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/13/27<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11545246 |
| Boston Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 2/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4910567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9941000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9422986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 18500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16660791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5942535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4836070 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3449000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3428103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9832465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.636%, 3/3/26<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6345780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.927%, 5/10/28<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9753680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.268%, 5/10/33<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4621382 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, <sup>(e)(f)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18903872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, <sup>(e)(f)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 51977000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46815684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, <sup>(e)(f)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 45886000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44509420 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.785%, 3/17/33<sup>(g)</sup> <br>| $15725000 | $13449460 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 3-Month |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +6.37%, 10.785%, 10/30/40<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 37080925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42479908 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.615%, 3/15/28<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 36870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34342989 |
| HSBC Holdings PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 3/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6062000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5863419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 8/11/28<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5330260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.762%, 3/29/33<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 41136000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35650964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.402%, 8/11/33<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11112277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.113%, 11/3/33<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10263372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/2/36 | &nbsp;&nbsp;&nbsp;&nbsp; 17805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17972841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3328994 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, <sup>(e)(f)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 73080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71126572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 2/4/27<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15222699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 9/1/30<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25692000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29936784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.739%, 10/15/30<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4193080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.956%, 5/13/31<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11793000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9716910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.717%, 9/14/33<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15812066 |
| Lloyds Banking Group PLC (United <br> Kingdom)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 3/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2968343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 3/18/28<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7407953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.953%, 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 10500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11114265 |
| NatWest Group PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.032%, 11/28/35<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9103971 |
| UniCredit SPA (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.296%, 4/2/34<sup>(c)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27458105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.459%, 6/30/35<sup>(c)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5951182 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5116540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2907408 |
| Unum Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8417000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8789693 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, <sup>(e)(f)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 27987000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27007455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 6/3/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3376000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3268818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 7/22/27 | &nbsp;&nbsp;&nbsp;&nbsp; 16645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16017932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%, 2/11/31<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9940936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.897%, 7/25/33<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10444864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 779227053 |
| Industrials: 8.7% | Industrials: 8.7% | Industrials: 8.7% |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 3/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6822267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4056633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/39 | &nbsp;&nbsp;&nbsp;&nbsp; 10550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9030265 |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3381443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/15/53 | &nbsp;&nbsp;&nbsp;&nbsp; 39285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26514868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/15/55 | &nbsp;&nbsp;&nbsp;&nbsp; 12775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8524038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6002420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 9/15/59 | &nbsp;&nbsp;&nbsp;&nbsp; 12662000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8475068 |
| Bayer AG (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/28<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9481027 |
| British American Tobacco PLC (United <br> Kingdom)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, <sup>(b)(e)(f)(g)(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 88928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67773560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259%, 3/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2261539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.726%, 3/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4224876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.742%, 3/16/32 | &nbsp;&nbsp;&nbsp;&nbsp; 28335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25142337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2390817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.734%, 9/25/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746925 |

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

------

Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 8/15/47 | $5000000 | $3532872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 3/16/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5193148 |
| Burlington Northern Santa Fe LLC<sup>(i)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 1/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 759551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.629%, 4/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2183042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2166206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.342%, 4/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1107104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1097944 |
| Cemex SAB de CV (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 6/5/27<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10082906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 9/17/30<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13433572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/11/31<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11061077 |
| Charter Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 14925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11880300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2117756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/33<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9287319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/34<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4317563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10472670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5833545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484%, 10/23/45 | &nbsp;&nbsp;&nbsp;&nbsp; 45512000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41041541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3029154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/53 | &nbsp;&nbsp;&nbsp;&nbsp; 14935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11527474 |
| Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9770332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3938576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 17587000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19386717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5211000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5025665 |
| Coca-Cola Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 3/25/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5951640 |
| Cox Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 2/1/25<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14626000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14129509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 9/15/26<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14932000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13960822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/15/27<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15037842 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 3/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2538000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2454862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 3/25/38 | &nbsp;&nbsp;&nbsp;&nbsp; 11830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10776350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/25/48 | &nbsp;&nbsp;&nbsp;&nbsp; 13400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12027102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9646000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7677392 |
| Dillard's, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 1/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8660000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 15135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15449528 |
| Dow, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3353000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3724980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.40%, 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3286000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4328574 |
| Elanco Animal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.772%, 8/28/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2475000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 8/28/28 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12369630 |
| Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.227%, 3/19/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4989294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.327%, 3/19/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4532000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3968894 |
| FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3372165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3733016 |
| Ford Motor Credit Co. LLC<sup>(i)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 2/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5140170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/6/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3365654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 1/9/24 | &nbsp;&nbsp;&nbsp;&nbsp; 14363000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13968418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 16100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15477600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8452520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.389%, 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; 18850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17558021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 18304000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16865397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 8/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; 12700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11028680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 5/28/27 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9329000 |
| GE HealthCare Technologies, Inc.<sup>(i)</sup> <br>|  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.857%, 3/15/30<sup>(c)</sup> <br>| $4850000 | $4963304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.905%, 11/22/32<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15102590 |
| HCA Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 3/15/27<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3250313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2464806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/32<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 23325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19736532 |
| Imperial Brands PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 7/21/25<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24281151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/26/26<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7153707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 7/27/27<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11369746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/26/29<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18086666 |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3819716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 20643000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18666568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 15719000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14123567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8753389 |
| Macy's, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 7/15/34<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2539000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2120979 |
| Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; .983%, 9/1/24 | &nbsp;&nbsp;&nbsp;&nbsp; 19714000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18254380 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 8/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7567096 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 3/25/26 | &nbsp;&nbsp;&nbsp;&nbsp; 13990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12524147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5778468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 10750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9165475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8288000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5580034 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2181129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/17/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2625022 |
| Prosus NV<sup>(i)</sup> (China) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 7/6/27<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13383500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 1/21/30<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3117925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.061%, 7/13/31<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 38650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29802273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.193%, 1/19/32<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16122727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.987%, 1/19/52<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 27829000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19642165 |
| RELX PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/20/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4319126 |
| TC Energy Corp. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/20/75<sup>(e)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19438650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 3/15/77<sup>(e)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23654400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/15/79<sup>(e)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5913055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 3/7/82<sup>(e)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19781000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16912755 |
| Telecom Italia SPA (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.303%, 5/30/24<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29287000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27747675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 7/18/36 | &nbsp;&nbsp;&nbsp;&nbsp; 11596000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9414792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.721%, 6/4/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8212000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6815960 |
| The Williams Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5595385 |
| T-Mobile U.S., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6185559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5725002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 13475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12205854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5636291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8423363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 4/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2282844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1459294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/15/52 | &nbsp;&nbsp;&nbsp;&nbsp; 13745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9235938 |
| Ultrapar Participacoes SA (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/6/26<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11537875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/6/29<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2594000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2451330 |
| Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.176%, 1/2/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3682086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3790836 |
| Verizon Communications, Inc. |  |  |

---

PAGE 11 <sup>◾</sup> Dodge & Cox Balanced FundSee accompanying Notes to Financial Statements

------

Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.272%, 1/15/36 | $11847000 | $10546017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 3/22/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3722045 |
| VMware, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; .60%, 8/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3944191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 19765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17230466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7887000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7633921 |
| Vodafone Group PLC (United <br> Kingdom)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/4/79<sup>(e)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20636451 |
| Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4079787 |
|  |  | &nbsp;&nbsp; 1172849464 |
| Utilities: 0.9% | Utilities: 0.9% | Utilities: 0.9% |
| Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/1/54<sup>(e)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21498474 |
| Enel SPA (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/32<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6439480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/14/32<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6129253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 9/15/37<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6991788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/7/39<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4447000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4046207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/14/52<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2296815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 9/24/73<sup>(c)(e)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7155923 |
| NextEra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.255%, 9/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6535082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 10075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9906298 |
| The Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.475%, 8/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8270065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 11900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11855832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/15/51<sup>(e)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19036000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17322760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/15/51<sup>(e)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16068283 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 3-Month |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +3.63%, 8.399%, 3/15/57<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1152000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125668260 |
|  |  | &nbsp;&nbsp; 2077744777 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Debt Securities** <br>(Cost $4,623,429,208) | &nbsp;&nbsp;&nbsp;&nbsp; **Total Debt Securities** <br>(Cost $4,623,429,208) | **$4236909620** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments: 2.1%** | **Short-Term Investments: 2.1%** | **Short-Term Investments: 2.1%** |
|  | **Par Value/** <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 1.7%** | **Repurchase Agreements: 1.7%** | **Repurchase Agreements: 1.7%** |
| Barclays Plc<sup>(j)</sup> <br>4.27%, dated 12/30/22, due 1/3/23, <br> maturity value $16,007,591<br>| $16000000 | $16000000 |
| Fixed Income Clearing Corporation<sup>(j)</sup> <br>4.26%, dated 12/30/22, due 1/3/23, <br> maturity value $90,042,600<br>| &nbsp;&nbsp; 90000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000000 |
| Fixed Income Clearing Corporation<sup>(j)</sup> <br>1.80%, dated 12/30/22, due 1/3/23, <br> maturity value $63,698,737<br>| &nbsp;&nbsp; 63686000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63686000 |
| Royal Bank of Canada<sup>(j)</sup> <br>4.05%, dated 12/30/22, due 1/3/23, <br> maturity value $25,011,250<br>| &nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| Royal Bank of Canada<sup>(j)</sup> <br>4.24%, dated 12/30/22, due 1/3/23, <br> maturity value $16,007,538<br>| &nbsp;&nbsp; 16000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16000000 |
| Standard Chartered<sup>(j)</sup> <br>4.26%, dated 12/30/22, due 1/3/23, <br> maturity value $16,007,573<br>| &nbsp;&nbsp; 16000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226686000 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value/**<br> **Shares**<br>| **Value** |
| **Money Market Fund: 0.4%** | **Money Market Fund: 0.4%** | **Money Market Fund: 0.4%** |
| State Street Institutional <br> U.S. Government Money Market Fund <br> - Premier Class<br>| &nbsp;&nbsp; 54137597 | $54137597 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $280,823,597) | &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $280,823,597) | **$280823597** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments In Securities** <br>(Cost $11,595,712,355)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.4% | **$13434795346** |
| Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75459557 |
| **Net Assets** | **100.0%** | **$13510254903** |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> <br>| Non-income producing |
| <sup>(b)</sup> <br>| The security is issued in Euro currency. |
| <sup>(c)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. The <br> security may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers.<br>|
| <sup>(d)</sup> <br>| Variable rate security: interest rate is determined by the interest rates of underlying <br> pool of assets that collateralize the security. The interest rate of the security may <br> change due to a change in the interest rates or the composition of underlying pool of <br> assets. The interest rate shown is the rate as of period end.<br>|
| <sup>(e)</sup> <br>| Hybrid security: characteristics of both a debt and equity security. |
| <sup>(f)</sup> <br>| Perpetual security: no stated maturity date. |
| <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>| Security exempt from registration pursuant to Regulation S under the Securities Act of <br> 1933, as amended. Regulation S securities are subject to restrictions on resale in the <br> United States.<br>|
| <sup>(i)</sup> <br>| Subsidiary. Security may be issued by parent company or one of its subsidiaries. (see <br> below)<br>|
| <sup>(j)</sup> <br>| Repurchase agreements are collateralized by: <br>Barclays: U.S. Treasury Note 1.25%, 11/30/26. Total collateral value is $16,327,751. <br>Fixed Income Clearing Corporation: U.S. Treasury Inflation Indexed Notes 0.125%, <br> 7/15/30. U.S. Treasury Bills, 2/21/23. Total collateral value is $156,759,752. <br>Royal Bank of Canada: U.S. Treasury Notes 0.50%-2.375%, 9/30/23-3/31/29. Total <br> collateral value is $41,839,239. <br>Standard Chartered: U.S. Treasury Notes 1.125%-4.00%, 7/31/23-8/15/41. Total <br> collateral value is $16,327,743.<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 grouped by parent company unless otherwise noted. Actual <br> securities may be 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 |
| RB: Revenue Bond |
| REMIC: Real Estate Mortgage Investment Conduit |
| SOFR: Secured Overnight Financing Rate |

---

See accompanying Notes to Financial StatementsDodge & Cox Balanced Fund <sup>◾</sup> PAGE 12

------

Portfolio of Investments December 31, 2022

**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— Short Position | (1730) | 3/17/23 | $(333976500) | $9263370 |
| Euro-Bund Future— Short Position | &nbsp;&nbsp;&nbsp; (252) | &nbsp;&nbsp; 3/8/23 | &nbsp;&nbsp;&nbsp;&nbsp; (35858302) | &nbsp;&nbsp;&nbsp;&nbsp; 2317279 |
| Ultra 10 Year U.S. Treasury Note Future— Short Position | (2062) | 3/22/23 | &nbsp;&nbsp; (243895938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366473 |
|  |  |  |  | $11947122 |

---

**Written Call Options Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Common Stocks** | **Counterparty** | **Number of Shares** | **Notional Amount** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Value** |
| Bank of America Corp. | Goldman Sachs | (4400000) | $(145728000) | $50.00 | 1/20/23 | $(392) |
| Booking Holdings, Inc. | Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33000) | &nbsp;&nbsp;&nbsp;&nbsp; (66504240) | &nbsp;&nbsp; 3000.00 | 1/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (169) |
| ConocoPhillips | Barclays | (1400000) | &nbsp;&nbsp; (165200000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70.00 | 1/20/23 | &nbsp;&nbsp;&nbsp;&nbsp; (67437548) |
| Microsoft Corp. | Citibank | &nbsp;&nbsp;&nbsp; (280000) | &nbsp;&nbsp;&nbsp;&nbsp; (67149600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360.00 | 6/16/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132695) |
| Occidental Petroleum Corp. | JPMorgan | (4000000) | &nbsp;&nbsp; (251960000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37.00 | 1/20/23 | &nbsp;&nbsp; (104334576) |
| Schlumberger, Ltd. | Barclays | (2800000) | &nbsp;&nbsp; (149688000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37.50 | 1/20/23 | &nbsp;&nbsp;&nbsp;&nbsp; (45035751) |
|  |  |  |  |  |  | $(216941131) |

---

**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** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | &nbsp;&nbsp; 1/3/23 | EUR | &nbsp;&nbsp; 4354200 | USD | &nbsp;&nbsp; 4644185 | $16766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank | &nbsp;&nbsp; 1/3/23 | USD | &nbsp;&nbsp; 4643667 | EUR | &nbsp;&nbsp; 4354200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17284) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank | 3/15/23 | EUR | &nbsp;&nbsp; 4354200 | USD | &nbsp;&nbsp; 4666747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 3/15/23 | USD | 35130402 | EUR | 34279619 | &nbsp;&nbsp; (1740199) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | 6/14/23 | USD | 28736452 | EUR | 26895528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (352374) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | 6/14/23 | USD | &nbsp;&nbsp; 7351097 | EUR | &nbsp;&nbsp; 6880191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90165) |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 33326 |
| 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; (2200022) |
| Net unrealized loss on currency forward contracts | Net unrealized loss on currency forward contracts | Net unrealized loss on currency forward contracts |  |  |  | $(2166696) |

---

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

PAGE 13 <sup>◾</sup> Dodge & Cox Balanced FundSee accompanying Notes to Financial Statements

------

<br>Statement of Assets and Liabilities

---

| | |
|:---|:---|
|  | **December 31, 2022** |
| **Assets:** | **Assets:** |
| Investments in securities, at value (cost $11,595,712,355) | $13434795346 |
| Unrealized appreciation on currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33326 |
| Deposits with broker for over-the-counter derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212560000 |
| Cash denominated in foreign currency (cost $424,301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424266 |
| Deposits with broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26024985 |
| Receivable for variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1363679 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7077556 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25873992 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52543780 |
| Expense reimbursement receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38120 |
| Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2845067 |
|  | &nbsp;&nbsp; 13763580117 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (premiums received <br> $57,829,815)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216941131 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3219059 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24677104 |
| Management fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5780183 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507715 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253325214 |
| **Net Assets** | $13510254903 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $11685315409 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; 1824939494 |
|  | $13510254903 |
| **Class I** | **Class I** |
| Total net assets | $12809912692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (par value $0.01 each, unlimited <br> shares authorized)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137225644 |
| Net asset value per share | $93.35 |
| **Class X** | **Class X** |
| Total net assets | $700342211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (par value $0.01 each, unlimited <br> shares authorized)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500992 |
| Net asset value per share | $93.37 |

---

<br>Statement of Operations

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2022**<br>|
| **Investment Income:** |  |
| Dividends (net of foreign taxes of $4,061,579) | $197588512 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163751608 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361340120 |
| **Expenses:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61723054 |
| Administrative services fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9023464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83083 |
| Custody and fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275596 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605182 |
| Professional services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322528 |
| Shareholder reports | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205707 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186194 |
| Trustees fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419121 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449301 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73293230 |
| Expenses reimbursed by investment manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95387) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73197843 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288142277 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (Note 6) | &nbsp;&nbsp;&nbsp; 1047026885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59155215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3581100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2874391 |
| Net change in unrealized appreciation/depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | &nbsp;&nbsp; (2384061090) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41107298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (163519826) |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2166696) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (195706) |
| Net realized and unrealized loss | &nbsp;&nbsp; (1396198429) |
| **Net Change in Net Assets From Operations** | $(1108056152) |

---

See accompanying Notes to Financial StatementsDodge & Cox Balanced Fund <sup>◾</sup> PAGE 14

------

<br>Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** |
| **Operations:** |  |  |
| Net investment income | $288142277 | $231495045 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 1112637591 | &nbsp;&nbsp;&nbsp;&nbsp; 1624678843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp; (2508836020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 788615297 |
|  | &nbsp;&nbsp;&nbsp; (1108056152) | &nbsp;&nbsp;&nbsp;&nbsp; 2644789185 |
| **Distributions to Shareholders:** |  |  |
| Class I | &nbsp;&nbsp;&nbsp; (1075550521) | &nbsp;&nbsp;&nbsp; (1530839991) |
| Class X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40292107) | &nbsp;&nbsp;&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; (1115842628) | &nbsp;&nbsp;&nbsp; (1530839991) |
| **Fund Share Transactions:** |  |  |
| **Class I** |  |  |
| Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp; 1564542435 | &nbsp;&nbsp;&nbsp;&nbsp; 1632585779 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp; 1018950704 | &nbsp;&nbsp;&nbsp;&nbsp; 1455126636 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2890315820) | &nbsp;&nbsp;&nbsp; (2991715523) |
| **Class X** |  |  |
| Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 708920438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40292107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28409438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net change from Fund share <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413980426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95996892 |
| Total change in net assets | &nbsp;&nbsp;&nbsp; (1809918354) | &nbsp;&nbsp;&nbsp;&nbsp; 1209946086 |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 15320173257 | &nbsp;&nbsp; 14110227171 |
| End of year | $13510254903 | $15320173257 |
| **Share Information:** |  |  |
| **Class I** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15500014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14234543 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10721061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13461551 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29026419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26300256) |
| Net change in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2805344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1395838 |
| **Class X** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7361136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (295512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net change in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

PAGE 15 <sup>◾</sup> Dodge & Cox Balanced FundSee accompanying Notes to Financial Statements

------

Notes to Financial Statements

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

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

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, certain preferred stocks, equity-linked notes 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 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.

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 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

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

------

Notes to Financial Statements

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.

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.

Equity-linked note An equity-linked note is a structured security with a return linked to one or more underlying reference equity securities. Changes in the market value of equity-linked notes are recorded as unrealized appreciation or depreciation and realized gains or losses are recorded upon the sale or maturity of the notes in the Statement of Operations within investments in securities. The risks of investing in equity-linked notes include unfavorable price movements in the underlying securities and the credit risk of the issuing financial institution. Equity-linked notes may be more volatile and less liquid than other investments held by the Fund.

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.

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

**Note 2: Valuation Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

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

The following is a summary of the inputs used to value the Fund's holdings at December 31, 2022:

---

| | | |
|:---|:---|:---|
| **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 |
| &nbsp;&nbsp;&nbsp; Communication Services | $928476704 | $— |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp; 469928387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; 461595777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp;&nbsp;&nbsp; 977599851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; 2059699217 | &nbsp;&nbsp;&nbsp;&nbsp; 71728071 |
| &nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; 1726924419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp;&nbsp;&nbsp; 588414610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp; 1380833673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp;&nbsp;&nbsp; 224448849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27412571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Debt Securities | Debt Securities | Debt Securities |
| &nbsp;&nbsp;&nbsp; U.S. Treasury | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 146569761 |
| &nbsp;&nbsp;&nbsp; Government-Related | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 197447529 |

---

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

------

Notes to Financial Statements

---

| | | |
|:---|:---|:---|
| **Classification** | **LEVEL 1**<br> **(Quoted Prices)**<br>| **LEVEL 2**<br> **(Other Significant**<br> **Observable Inputs)**<br>|
| &nbsp;&nbsp;&nbsp; Securitized | $— | $1815147553 |
| &nbsp;&nbsp;&nbsp; Corporate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 2077744777 |
| Short-Term Investments | Short-Term Investments | Short-Term Investments |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 226686000 |
| &nbsp;&nbsp;&nbsp; Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54137597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Securities | $8899471655 | $4535323691 |
| **Other Investments** | **Other Investments** | **Other Investments** |
| Futures Contracts | Futures Contracts | Futures Contracts |
| &nbsp;&nbsp;&nbsp; Appreciation | $11947122 | $— |
| Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts |
| &nbsp;&nbsp;&nbsp; Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33326 |
| &nbsp;&nbsp;&nbsp; Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2200022) |
| Written Call Options Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (216941131) |

---

**Note 3: Derivative Instruments**

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

Covered equity call options written In return for the payment of an upfront premium, the buyer of a an equity call option has the right (but not the obligation) to buy a referenced stock at a predetermined strike price or to receive a payment equal to the profit from buying at the strike price or selling at the market price. If the Fund writes an equity call option, it records the premium it receives as a liability in the Statement of Assets and Liabilities. The liability is adjusted daily to reflect the current market value of the option. If an option is exercised, the premium is added to the proceeds from the sale of the underlying reference stock in determining realized gain or loss. If an option expires unexercised, the premium received is treated as a realized gain. If an option is closed, the difference between the premium received and the cost of the closing transaction is treated as realized gain or loss. Changes in the value of an open equity call option written are recorded as unrealized appreciation or depreciation and any realized gains or losses are recorded at the closing or expiration of the option in the Statement of Operations.

If the Fund writes a covered equity call option, it foregoes the opportunity to gain from increases in the price of the underlying stock above the sum of the premium and the strike price, but retains the risk of loss should the price of the underlying stock decline.

The Fund wrote over-the-counter covered equity call options referencing single stocks in order to express its opinion about the future value of the stock.

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 short 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 foreign currency exposure.

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

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Notes to Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity** <br>**Derivatives**<br>| **Interest Rate** <br>**Derivatives**<br>| **Foreign** <br>**Exchange** <br>**Derivatives**<br>| **Total** <br>**Value**<br>|
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> on <br> currency <br> forward <br> contracts<br>| $— | $— | $33326 | $33326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures <br> contracts<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9263370 | &nbsp;&nbsp; 2683752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11947122 |
|  | $9263370 | $2683752 | $33326 | $11980448 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> depreciation <br> on <br> currency <br> forward <br> contracts<br>| $— | $— | $2200022 | $2200022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options <br> written<br>| &nbsp;&nbsp; 216941131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 216941131 |
|  | $216941131 | $— | $2200022 | $219141153 |

---

&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)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures <br> contracts<br>| $33941944 | $25213271 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59155215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options <br> written<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3581100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3581100 |
|  | $37523044 | $25213271 | $— | $62736315 |
| **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** | **Net change in unrealized appreciation/depreciation** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures <br> contracts<br>| $38423546 | $2683752 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41107298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options <br> written<br>| &nbsp;&nbsp; (163519826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (163519826) |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency <br> forward <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2166696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2166696) |
|  | $(125096280) | $2683752 | $(2166696) | $(124579224) |

---

The following summarizes the range of volume in the Fund's derivative instruments during the year ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Derivative** |  | **% of Net Assets** |
| Futures contracts | USD notional value | 2-5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency forward <br> contracts<br>| USD total value | 0-1% |
| Options written | USD delta adjusted notional value | 1-5% |

---

The Fund may enter into various over-the-counter derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, specify (i) events of default and other events permitting a party to terminate some or all of the contracts thereunder and (ii) the process by which those contracts will be valued for purposes of determining termination payments. If some or all of the contracts under a master agreement are terminated because of an event of default or similar event, the values of all terminated contracts must be netted to determine a single payment owed by one party to the other. To the extent amounts owed to the Fund by its counterparties are not collateralized, the Fund is at risk of those counterparties' non-performance. The Fund attempts to mitigate counterparty credit risk by entering into contracts only with counterparties it believes to be of good credit quality, by exchanging collateral, and by monitoring the financial stability of those counterparties.

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

The Fund's ability to net assets and liabilities and to offset collateral pledged or received is based on contractual netting/offset provisions in the ISDA agreements. The following table presents the Fund's net exposure to each counterparty for derivatives that are subject to enforceable master netting arrangements as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $16766 | $(442539) | $360000 | $(65773) |
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (112473468) | &nbsp;&nbsp; 108780000 | &nbsp;&nbsp; (3693468) |
| Citibank | &nbsp;&nbsp; 16560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (149979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3419) |
| Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (104334576) | &nbsp;&nbsp; 101540000 | &nbsp;&nbsp; (2794576) |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1740199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1530000 | &nbsp;&nbsp;&nbsp;&nbsp; (210199) |
|  | $33326 | $(219141153) | $212340392 | $(6767435) |

---

<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 4: Related Party Transactions**

Investment advisory fee From January 1, 2022 through April 30, 2022, the Fund paid an investment advisory fee monthly at an annual rate of 0.50% of the Fund's average daily net assets to Dodge & Cox,

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

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Notes to Financial Statements

investment manager of the Fund. Effective May 1, 2022, the Fund pays an investment advisory fee monthly at an annual rate of 0.40% of the Fund's average daily net assets to Dodge & Cox.

Administrative services fee Effective May 1, 2022, 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 also pays for the Fund's transfer agent fees.

Expense reimbursement Effective May 1, 2022, Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain the ratio of total operating expenses of the Class X shares to average net assets of the Class X shares at 0.41% through April 30, 2023. The term of the agreement is renewable annually thereafter and is subject to termination upon 30 days' written notice by either party prior to the end of the term. For the year ended December 31, 2022, Dodge & Cox reimbursed expenses of $95,387.

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

**Note 5: Income Tax Information and Distributions to Shareholders**

A provision for federal income taxes is not required since the Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income to shareholders. Distributions are determined in accordance with income tax regulations, and such amounts may differ from net investment income and realized gains for financial reporting purposes. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes. Financial reporting records are adjusted for permanent book to tax differences at year end to reflect tax character. Book to tax differences are primarily due to differing treatments of wash sales, foreign currency realized gain (loss), redemptions in-kind, certain corporate action transactions, derivatives, and distributions.

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2022**<br>| **Year Ended** <br>**December 31, 2021**<br>|
| Class I |  |  |
| Ordinary income | $260406259 | $269242523 |
| Long-term capital gain | $815144262 | $1261597468 |
| Class X |  |  |
| Ordinary income | $4543726 | $— |
| Long-term capital gain | $35748381 | $— |

---

At December 31, 2022, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Undistributed long-term capital gain | $65100460 |
| Net unrealized appreciation | &nbsp;&nbsp; 1759839034 |
| Total distributable earnings | $1824939494 |

---

At December 31, 2022, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | $11525429716 |
| Unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 2891910987 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp; (1131876247) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 1760034740 |

---

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

**Note 6: Redemptions In-Kind**

During the year ended December 31, 2022, 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 $242,549,778 attributable to the redemptions in-kind. For tax purposes, no capital gain on the redemptions in-kind was recognized.

**Note 7: Loan Facilities**

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

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. For the year ended December 31, 2022, the Fund's commitment fee amounted to $80,849 and is reflected as a Miscellaneous Expense in the Statement of Operations. Interest on borrowings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the year.

**Note 8: Purchases and Sales of Investments**

For the year ended December 31, 2022, purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $3,677,569,408 and $3,446,452,934, respectively. For the year ended December 31, 2022, purchases and sales of U.S. government securities aggregated $4,484,448,548 and $4,694,668,629, respectively.

**Note 9: New Accounting Guidance**

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference

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

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Notes to Financial Statements

Rate Reform (Topic 848) – *Facilitation of the Effects of Reference Rate Reform on Financial Reporting.* The amendments in the ASU provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate and other interbank-offered based reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848) - *Deferral of the Sunset Date of Topic 848*, which extends

the period through December 31, 2024. Management has reviewed the requirements and believes the adoption of these ASUs will not have a material impact on the financial statements.

**Note 10: Subsequent Events**

Fund management has determined that no material events or transactions occurred subsequent to December 31, 2022, and through the date of the Fund's financial statements issuance, which require disclosure in the Fund's financial statements.

PAGE 21 <sup>◾</sup> Dodge & Cox Balanced Fund

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Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Class I** |  |  |  |  |  |
| **Net asset value, beginning of year** | $109.41 | $101.78 | $101.60 | &nbsp;&nbsp; $93.27 | $107.00 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.19<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.86) | &nbsp;&nbsp;&nbsp;&nbsp; 17.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.03 | &nbsp;&nbsp;&nbsp;&nbsp; 15.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.96) | &nbsp;&nbsp;&nbsp;&nbsp; 19.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.22 | &nbsp;&nbsp;&nbsp;&nbsp; 17.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.80) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.10) | &nbsp;&nbsp;&nbsp; (11.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.93) |
| **Net asset value, end of year** | &nbsp;&nbsp; $93.35 | $109.41 | $101.78 | $101.60 | &nbsp;&nbsp; $93.27 |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.28)% | &nbsp;&nbsp;&nbsp;&nbsp; 19.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.85% | &nbsp;&nbsp;&nbsp;&nbsp; 19.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.61)% |
| **Ratios/supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $12810 | $15320 | $14110 | $15747 | $14181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.29%<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate excluding TBA rolls<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24% |
| **Class X**<sup>(c)</sup> <br>|  |  |  |  |  |
| **Net asset value, beginning of year** | $101.25 |  |  |  |  |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.32) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.89) |  |  |  |  |
| **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.54) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.45) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.99) |  |  |  |  |
| **Net asset value, end of year** | &nbsp;&nbsp; $93.37 |  |  |  |  |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.78)% |  |  |  |  |
| **Ratios/supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $700 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41%<sup>(d)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets, before reimbursement by <br> investment manager<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47%<sup>(d)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.42%<sup>(d)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate excluding TBA rolls<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41% |  |  |  |  |

---

&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) See Note 1 regarding To-Be-Announced securities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) From 5/2/2022 (commencement of operations) to 12/31/2022

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

See accompanying Notes to Financial Statements

Dodge & Cox Balanced Fund <sup>◾</sup> PAGE 22

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Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Dodge & Cox Balanced Fund (one of the funds constituting Dodge & Cox Funds, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP <br>San Francisco, California <br>February 17, 2023

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

PAGE 23 <sup>◾</sup> Dodge & Cox Balanced Fund

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Special 2022 Tax Information (unaudited)

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

The Fund designates $911,457,536 as long-term capital gain distributions in 2022.

The Fund designates $197,316,812 of its distributions paid to shareholders in 2022 as qualified dividends (treated for federal income tax purposes in the hands of shareholders as taxable at a maximum rate of 20%).

The Fund designates 0.29% of its ordinary dividends paid to shareholders in 2022 as Section 199A dividends.

For shareholders that are corporations, the Fund designates 44% of its ordinary dividends paid to shareholders in 2022 as dividends from domestic corporations eligible for the corporate dividends received deduction, provided that the shareholder otherwise satisfies applicable requirements to claim that deduction.

For shareholders that are corporations, the Fund designates 45% of its ordinary dividends paid to shareholders in 2022 as Section 163(j) interest dividends.

Funds' Liquidity Risk Management Program <br>(unaudited)

The Funds have adopted and implemented a written liquidity risk management program ("Program") as required by Rule 22e-4 under the Investment Company Act. The Program is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources including the Funds' interfund lending facility and line of credit.

The Funds' Board of Trustees has approved the appointment of a Liquidity Risk Management Committee including representatives from Dodge & Cox's Legal, Compliance, Treasury, Operations, Trading, and Portfolio Management departments, which is responsible for the Program's administration and oversight and for reporting to the Board on at least an annual basis regarding the Program's operation and effectiveness.

The Liquidity Risk Management Committee refreshed its assessment of the Funds' liquidity risk profiles and considered the adequacy and effectiveness of the Program's operations for the 12 months ended September 30, 2022 (the "covered period") in order to prepare a written report to the Board of Trustees for consideration at its meeting held on December 14, 2022. The report concluded that (i) the Funds had adequate liquidity to operate effectively throughout the covered period; (ii) each Fund's investment strategy continues to be appropriate for an open end fund; and (iii) the Funds' Program is reasonably designed to assess and manage its liquidity risk.

Fund Holdings

The Fund provides a complete list of its holdings on a quarterly basis by filing the lists with the SEC on Form N-CSR (as of the end of the second and fourth quarters) and on Part F of Form N-PORT (as of the end of the first and third quarters). Shareholders may view the Fund's

Forms N-CSR and Part F of N-PORT on the SEC's website at sec.gov. A list of the Fund's quarter-end holdings is also available at dodgeandcox.com on or about the 15th day following each quarter end and remains available on the website until the list is updated for the subsequent quarter.

Proxy Voting

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

Household Mailings

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

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

Dodge & Cox Balanced Fund <sup>◾</sup> PAGE 24

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Dodge & Cox Funds — Executive Officer & Trustee Information

---

| | | | |
|:---|:---|:---|:---|
| **Name (Age) and** <br>**Address\***<br>| **Position with Trust** <br>**(Year of Election or** <br>**Appointment)**<br>| **Principal Occupation During Past Five Years and Other Relevant** <br> **Experience**<br>| **Other Directorships of Public Companies Held** <br>**by Trustees**<br>|
| **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** |
| **Charles F. Pohl** <br>**(64)**<br>| Trustee <br>(since 2014)<br>| Chairman and Director, Dodge & Cox (until 2022); Chief <br> Investment Officer (until 2022) and member of U.S. Equity <br> Investment Committee and Emerging Markets Equity <br> Investment Committee (until 2022); Global Equity Investment <br> Committee and International Equity Investment Committee <br> (until 2021); U.S. Fixed Income Investment Committee (until <br> 2019)<br>|  |
| **Dana M. Emery** <br>**(61)**<br>| Chair (since 2022) <br>President <br>(since 2014) and <br>Trustee (since 1993)<br>| Chair, Chief Executive Officer, and Director, Dodge & Cox; <br> President (until 2022); Co-Director of Fixed Income (until <br> 2020); Director of Fixed Income (until 2019); member of <br> U.S. Fixed Income Investment Committee and Global Fixed <br> Income Investment Committee <br>|  |
| **Roberta R.W. Kameda** <br>**(62)**<br>| Chief Legal Officer <br>(since 2019) and <br> Secretary (since 2017)<br>| Vice President, General Counsel, and Secretary (since 2017), <br> Dodge & Cox<br>|  |
| **Shelly Chu** <br>**(49)**<br>| Treasurer <br>(since 2021)<br>| Funds Treasurer (since 2021), Dodge & Cox; Vice President <br> (since 2020); Financial Oversight and Control Analyst (until <br> 2021)<br>|  |
| **Katherine M. Primas** <br>**(48)**<br>| Chief Compliance <br>Officer (since 2010)<br>| Vice President and Chief Compliance Officer, Dodge & Cox |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Luis Borgen** <br>**(52)**<br>| Trustee <br>(since 2022)<br>| CFO, athenahealth, Inc. (2019-2022) | Director, Synopsys Inc. (software <br> company); Director, Carter's Inc. <br> (children's apparel); Director, Eastern <br> Bankshares, Inc. (financial services and <br> banking services)<br>|
| **Caroline M. Hoxby** <br>**(56)**<br>| Trustee <br>(since 2017)<br>| Professor of Economics, Stanford University; Director of the <br> Economics of Education Program, National Bureau of <br> Economic Research; Senior Fellow, Hoover Institution and <br> Stanford Institute for Economic Policy Research<br>|  |
| **Thomas A. Larsen** <br>**(73)**<br>| Trustee <br>(since 2002)<br>| Senior Counsel, Arnold & Porter (law firm) (2015-2018); <br> Partner, Arnold & Porter (until 2015); Director, Howard, Rice, <br> Nemerovski, Canady, Falk & Rabkin (1977-2011)<br>|  |
| **Ann Mather** <br>**(62)**<br>| Trustee <br>(since 2011)<br>| CFO, Pixar Animation Studios (1999-2004) | Director, Alphabet Inc. (internet <br> information services); Director, Netflix, Inc. <br> (internet television); Director, Blend <br> (software company); Director, Bumble <br> (online dating) <br>|
| **Gabriela Franco** <br>**Parcella (54)**<br>| Trustee <br>(since 2020)<br>| President (since 2020) and Executive Managing Director, <br> Merlone Geier Partners (2018-2019); Chairman, President, <br> and CEO, Mellon Capital (2011 to 2017); COO, Mellon Capital <br> (1997 to 2011)<br>|  |
| **Shawn Purvis** <br>**(49)**<br>| Trustee <br>(since 2022)<br>| President and CEO, QinetiQ US (since 2022); Corporate Vice <br> President/President Enterprise Services, Northrop Grumman <br> (2012-2022)<br>|  |
| **Gary Roughead** <br>**(71)**<br>| Trustee <br>(since 2013)<br>| Robert and Marion Oster Distinguished Military Fellow, <br> Hoover Institution (since 2012); Admiral, United States Navy <br> (Ret.); U.S. Navy Chief of Naval Operations (2007-2011)<br>| Director, Northrop Grumman Corp. <br> (global security); Director, Maersk Line, <br> Limited (shipping and transportation)<br>|
| **Mark E. Smith** <br>**(71)**<br>| Trustee <br>(since 2014)<br>| Executive Vice President, Managing Director, Fixed Income at <br> Loomis Sayles & Company, L.P. (2003-2011)<br>|  |

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\* The address for each Officer and Trustee is 555 California Street, 40th Floor, San Francisco, California 94104. Each Officer and Trustee oversees all seven series in the Dodge & Cox Funds complex and serves for an indefinite term.

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

PAGE 25 <sup>◾</sup> Dodge & Cox Balanced Fund

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![](g451839img89009bcb1.gif)

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Balanced Fund

**dodgeandcox.com** 

For Fund literature, transactions, and account <br>information, please visit the Funds' website.

or write or call:

**Dodge & Cox Funds**

P.O. Box 219502 <br>Kansas City, Missouri 64121-9502 <br>(800) 621-3979

**Investment Manager**

Dodge & Cox <br>555 California Street, 40th Floor <br>San Francisco, California 94104 <br>(415) 981-1710

**Principal Underwriter**

Foreside Fund Services, LLC <br>3 Canal Plaza, Suite 100 <br>Portland, Maine 04101 <br>

(866) 251-6920

**This report is submitted for the general information of the shareholders of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless it is accompanied by a current prospectus.** <br>**This report reflects our views, opinions, and portfolio holdings as of December 31, 2022, the end of the reporting period. Any such views are subject to change at any time based upon market or other conditions and Dodge & Cox disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dodge & Cox Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dodge & Cox Fund.**

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![](g451839imge072dc3f1.gif)

2022 <br>**December 31, 2022**

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**Annual Report**

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

**ESTABLISHED 1989**

12/22 IF AR Printed on recycled paper ![](g451839img6295a7892.gif)

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To Our Shareholders (unaudited)

The Dodge & Cox Income Fund–Class I had a total return of -10.87% for the year ended December 31, 2022, compared to a return of -13.01% for the Bloomberg U.S. Aggregate Bond Index (Bloomberg U.S. Agg).<sup>1</sup>

**Market Commentary**

The Bloomberg U.S. Agg declined 13% in 2022 as surging Treasury yields and widening credit spreads resulted in the worst year for the Index since its inception in 1976. Treasury rate increases were widespread, ranging from 450 basis points<sup>2</sup> (bps) at the front end of the yield curve to 200 bps at the back.

The Federal Reserve battled the highest inflation rates in four decades by raising its benchmark interest rate from near zero to a range of 4.25-4.5%, the highest level in 15 years. Fed officials have signaled plans to keep raising rates in 2023, though at a slower pace. Inflation cooled from 40-year highs late last year, but it remains well above the central bank's 2% target. Through December, headline PCE<sup>3</sup> rose 5.0% and core PCE was up 4.4%, both the lowest annual increases since October 2021. While U.S. economic data is showing some softness, the labor market remains resilient. Employers added 247,000 jobs monthly on average over the last three months of the year, and the unemployment rate declined to a 50-year low of 3.5%. As of December 31, the futures market was pricing in a Fed funds rate of 5% by June 2023.

Credit spreads widened meaningfully throughout 2022, reflecting elevated volatility due to a combination of geopolitical issues and recession risk, before narrowing significantly as the year ended. The investment-grade Corporate sector returned -15.8% and underperformed comparable-duration<sup>4</sup> Treasuries by 1.3 percentage points.

Agency<sup>5</sup> mortgage-backed securities (MBS) spreads followed a similar trajectory despite higher mortgage rates and significantly reduced prepayment risk. The sector returned -11.8% and underperformed comparable-duration Treasuries by 2.2 percentage points.

**Investment Strategy**

Last year was one of the most challenging environments for fixed income investors in recent decades. While rising rates, widening credit spreads, and elevated volatility presented headwinds for absolute returns in 2022, there was one silver lining: current bond market yields, an important determinant of future return potential for the asset class, are much higher and more attractive than 12 months ago. The yield on the Bloomberg U.S. Agg ended the year at 4.7%, its highest level in over 14 years and nearly three percentage points higher than at the start of 2022. Given these higher starting yields, we are excited about the prospects for fixed income as an asset class. We are also enthusiastic about the Fund's opportunity to add value through our active management approach.

The portfolio entered 2022 conservatively positioned with respect to three major sources of fixed income risk and opportunity—duration/inflation, credit, and convexity—because valuations at the time did not provide sufficient buffer for the risks we saw in those three areas. As risk repriced over the course of the year, we incrementally but meaningfully pivoted the portfolio's exposures. We added significantly to the portfolio's Credit<sup>6</sup> and Securitized sector holdings, based on our bottom-up assessment of valuations

and fundamentals for individual securities and issuers. We also extended the portfolio's duration, though the portfolio remains positioned somewhat shorter than the Bloomberg U.S. Agg.

The Credit Sector: Leaned into Opportunities at More Attractive Valuations

To take advantage of wider spreads, we increased the Fund's overall Credit sector weighting to 49%, adding 11 percentage points on a net basis. We purchased securities in both the primary and secondary markets, initiating new positions in eight issuers and adding to numerous existing holdings. These new holdings included issues from both the corporate (e.g., GE HealthCare, Goldman Sachs, NextEra Energy)<sup>7</sup> and non-corporate (e.g., Republic of Colombia) sectors, increasing portfolio diversification at compelling spread levels. While the year-over-year change was meaningful, we added at a gradual pace throughout the year, reflecting our investment team's efforts to strike a balance between the potential rewards of attractive pricing and the risks of elevated macroeconomic and geopolitical uncertainties.

One notable recent credit purchase is GE HealthCare, a global leader in medical technology (imaging, ultrasound, pharma diagnostics, and others). The company has a strong brand, global presence, high portion of recurring revenue, and long track record of adroitly navigating recessions (though not as a stand-alone company; it was formed in late 2022 as part of the breakup of General Electric, the iconic conglomerate). Management remains committed to maintaining investment-grade ratings and expects to achieve modest deleveraging. While the business faces a number of risks, including pressure on procedure reimbursement and contingent liabilities, we believe investors are more-than-adequately compensated.

Despite concerns about a near-term recession, we are optimistic about the long-term prospects for the Fund's credit portfolio for several reasons. First, our downside-focused "through the cycle" underwriting process helps to mitigate default risk and provide the assurance necessary to maintain or even add to holdings during periods of stress. Second, fundamentals for the portfolio's holdings generally remain solid: profitability is high; balance sheets are strong; and, many companies extended their debt maturities and locked in lower rates in 2020 and 2021. Finally, as a byproduct of our integrated research process, the credit portfolio is substantially different from the broad credit market. For example, it features fewer issuers (74 versus over 1,000) culled from a diverse set of industries (15), a higher yield premium (226 bps versus 121 bps), and a shorter duration (5.8 years versus 6.9 years) compared to the broad investment-grade Credit Index.<sup>8</sup>

The Securitized Sector: Took Advantage of a Dramatic Market Shift

We found the Agency MBS market to be particularly interesting last year. With the prevailing mortgage rate near multi-decade highs following the massive increase in rates this year, nearly all existing mortgage borrowers lack any incentive to refinance. Given this development, the fundamental risk in Agency MBS—convexity (i.e., duration variability driven by changes in prepayments on the underlying mortgages)—declined to very low levels. During the same period, the Fed, the single largest buyer of Agency MBS over the past several years, ended its monthly purchases of MBS and began to let its balance sheet holdings run off. Spreads on Agency MBS widened out to levels last seen consistently in 2012, and bond prices reached

PAGE 1 <sup>◾</sup> Dodge & Cox Income Fund

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their lowest levels in 40 years. The net result is that the MBS market offers historically low risk with attractive valuations, creating a meaningful risk/reward opportunity.

We leaned into this environment by increasing the Fund's Agency MBS weighting by five percentage points to 40%, while also shifting the mix of holdings. We continued to find value in lower-coupon (2-3.5%) pass-through securities trading substantially below par, reflecting very low prepayment risk and compelling spreads. We also added modestly to the portfolio's positions in Ginnie Mae-guaranteed Home Equity Conversion Mortgages (also known as reverse mortgages) and hybrid ARMs (adjustable-rate mortgages). These are two unique, out-of-benchmark, floating-rate securities that offer diversification benefits and trade at compelling valuations versus short duration alternatives. Overall, the portfolio's Agency MBS holdings offer dependable liquidity, relatively low volatility, and attractive relative value over our investment horizon.

The portfolio also holds a 5% position in highly rated asset-backed securities (ABS). These are primarily FFELP<sup>9</sup> Student Loan ABS, which are floating rate securities backed by 97% federally guaranteed student loans. While delinquencies and total consumer debt outstanding are increasing, they remain near historically low levels. Given the headwinds generated by higher interest rates, inflation, and economic uncertainty, as well as the eventual end of federal student loan forbearance, we expect consumer fundamentals to weaken slightly this year. On the policy front, we continue to monitor developments regarding the student loan forgiveness plan announced by the Biden administration, which faces several legal challenges and long odds for implementation. Overall, we find the portfolio's student loan ABS holdings to be attractively priced versus alternatives and appreciate the high degree of federal government support of the underlying loans.

Economic Outlook and Portfolio Duration: Extended, but Mindful of Flat Yield Curve

The deliberations and decisions that shape portfolio duration positioning are informed by our six-member Rates Group. This team builds base, up, and down-case scenarios for economic growth, inflation, and interest rates and then runs total return simulations for the portfolio and benchmark to identify a range of possible return outcomes over a two-year period. Meanwhile, our eight-member U.S. Fixed Income Investment Committee sets broad portfolio strategy, including duration, while taking into consideration those rate scenarios and simulations as well as the potential interaction of portfolio duration with other risk positions. This Committee seeks to optimize risk/reward over our long-term investment horizon.

We adjusted our U.S. macroeconomic base case over the course of last year to reflect our expectations for significantly slower growth in 2023 and a potential mild recession. We expect the Fed to hike rates through early 2023 to slightly above 5%, and then keep rates in restrictive territory until there is clear progress on inflation and more visible weakness in labor markets. After an extended pause, we believe the Fed will likely unwind some of its hikes beginning in 2024. Our expectations for longer maturity yields are similar to what forward markets are pricing in.

Through a series of adjustments over the course of last year, we lengthened the portfolio's duration from 4.75 to 5.50 years. The portfolio remains positioned slightly below the Bloomberg U.S. Agg's duration of 6.2 years, but the gap has narrowed substantially since the

end of 2021. Our adjustments were undertaken in response to rising rates and reflected the more attractive risk/reward tradeoff of interest rate risk. One important consideration is the increased probability that the Fed's aggressive pace of hikes could trigger a recession, with inflation and rates falling, perhaps rapidly.

While we increased the portfolio's exposure to rates based on the increase in yields in the broad fixed income market, we believe it is appropriate to remain positioned somewhat shorter than the benchmark, particularly at the long end. If inflation persists for longer than expected in our base case, that could pressure rates to the upside. The flat yield curve also means there is not much additional income offered for taking more duration risk.

**In Closing**

The challenging year for bond investors has resulted in higher current income and future return potential, while elevated levels of market volatility and macro uncertainty have created opportunities for active, bottom-up managers like Dodge & Cox. We believe the fixed income asset class continues to serve a vital portfolio role by providing investors with liquidity, current income, diversification, and, generally, low correlation to riskier asset classes over multi-year investment horizons.

Thank you for your continued confidence in Dodge & Cox. As always, we welcome your comments and questions.

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| |
|:---|
| For the Board of Trustees, |
| ![](g451839img09b9fa973.gif) |
| Dana M. Emery, <br>Chair and President<br>|

---

January 31, 2023

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| | |
|:---|:---|
| 1 | &nbsp;&nbsp; All returns are stated in U.S. dollars, unless otherwise noted. The Funds' total returns <br> include the reinvestment of dividend and capital gain distributions, but have not been <br> adjusted for any income taxes payable by shareholders on these distributions or on <br> Fund share redemptions. Index returns include dividend and/or interest income but, <br> unlike Fund returns, do not reflect fees or expenses. The Bloomberg U.S. Aggregate <br> Bond Index is a widely recognized, unmanaged index of U.S. dollar-denominated, <br> investment-grade, taxable fixed income securities.<br>|
| 2 | One basis point is equal to 1/100<sup>th</sup> of 1%. |
| 3 | &nbsp;&nbsp; Personal consumption expenditures (PCE) measure how much consumers spend on <br> durable and non-durable goods and services. PCE is the Federal Reserve's preferred <br> measure for inflation.<br>|
| 4 | &nbsp;&nbsp; Duration is a measure of a bond's (or a bond portfolio's) price sensitivity to changes <br> in interest rates.<br>|
| 5 | &nbsp;&nbsp; The U.S. Government does not guarantee the Fund's shares, yield, or net asset value. <br> The agency guarantee (by, for example, Ginnie Mae, Fannie Mae, or Freddie Mac) <br> does not eliminate market risk.<br>|
| 6 | &nbsp;&nbsp; Credit refers to corporate bonds and government-related securities, as classified by <br> Bloomberg, as well as Rio Oil Finance Trust, an asset-backed security that we group <br> as a credit investment.<br>|
| 7 | &nbsp;&nbsp; The use of specific examples does not imply that they are more or less attractive <br> investments than the Fund's other holdings.<br>|
| 8 | &nbsp;&nbsp; Credit Index refers to the Bloomberg U.S. Credit Index, which measures the <br> investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate, and <br> government-related bond markets.<br>|
| 9 | FFELP is the Federal Family Education Loan Program. |

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Dodge & Cox Income Fund <sup>◾</sup> PAGE 2

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2022 Performance Review for the Fund's Class I Shares (unaudited)

The Fund outperformed the Bloomberg U.S. Agg by 2.14 percentage points in 2022.

**Key contributors to relative results included the Fund's:**

<sup>◾</sup> Below-benchmark duration position;

<sup>◾</sup> Overweight position in corporate bonds. Despite year-over-year spread widening, well-timed adds during the year resulted in sector allocation being modestly positive; and,

<sup>◾</sup> Positions in Petrobras, Citigroup capital securities, and Ultrapar.

**Key detractors from relative results included the Fund's:**

<sup>◾</sup> Key rate duration positioning (e.g., underweight to the 20+ year key rates);

<sup>◾</sup> Agency MBS pass-through holdings, which underperformed the MBS in the benchmark;

<sup>◾</sup> Poor relative performance of FFELP Student Loan ABS; and,

<sup>◾</sup> Positions in Charter Communications and UniCredit.

Key Characteristics of Dodge & Cox

**Independent Organization** 

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

**Over 90 Years of Investment Experience** 

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

**Experienced Investment Team**

The U.S. Fixed Income Investment Committee, which is the decision-making body for the Income Fund, is an eight-member committee with an average tenure of 23 years at Dodge & Cox.

**One Business with a Single Decision-Making Office**

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

**Consistent Investment Approach** 

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

**Long-Term Focus and Low Expenses**

We invest with a three- to five-year investment horizon. We manage Funds that maintain low expense ratios.

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

**Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security. Please see the Portfolio of Investments section in this report for a complete list of fund holdings.**

PAGE 3 <sup>◾</sup> Dodge & Cox Income Fund

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Growth of $10,000 Over 10 Years (unaudited)

For An Investment Made On December 31, 2012 ![](g451839imgf4eebf034.gif)

**Average Annual Total Return**

For Periods Ended December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **20 Years** |
| Dodge & Cox Income Fund |  |  |  |  |
| Class I | -10.87% | 1.12% | 2.09% | 3.85% |
| Class X<sup>(a)</sup> <br>| -10.77 | 1.15 | 2.10 | 3.86 |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond <br> Index<br>| -13.01 | 0.02 | 1.06 | 3.10 |

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**Expense Ratios**

Per the Prospectus Dated May 1, 2022

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| | | |
|:---|:---|:---|
|  | **Net Expense** <br>**Ratio**<br>| **Gross Expense** <br>**Ratio**<br>|
| Dodge & Cox Income Fund |  |  |
| Class I | 0.41% | 0.41% |
| Class X | 0.33%<sup>(b)</sup> <br>| 0.36% |

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<sup>(a)</sup> The Class X shares inception date is May 2, 2022. The returns shown prior to that date are for the Class I shares. 

<sup>(b)</sup> Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain Total Annual Fund Operating Expenses of the Dodge & Cox Income Fund — Class X shares at 0.33% until April 30, 2023. This agreement cannot be terminated prior to April 30, 2023 other than by resolution of the Fund's Board of Trustees. The term of the agreement renews annually unless terminated with 30 days' written notice by either party prior to the end of the term. The agreement does not permit Dodge & Cox to recoup any fees waived or payments made to the Fund for a prior year. 

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

The Fund's total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include interest income but, unlike Fund returns, do not reflect fees or expenses. The Bloomberg U.S. Aggregate Bond Index (Bloomberg U.S. Agg) is a widely recognized, unmanaged index of U.S. dollar-denominated, investment-grade fixed income securities.

*Bloomberg is a registered trademark of Bloomberg Finance L.P. and its affiliates. For more information about this index, visit:* <br>*www.dodgeandcox.com/incomefund*

Dodge & Cox Income Fund <sup>◾</sup> PAGE 4

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Portfolio Information (unaudited) December 31, 2022

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| | |
|:---|:---|
| **Sector Diversification** | **% of Net Assets** |
| Securitized | **46.7** |
| Corporate | **42.4** |
| U.S. Treasury | **9.4** |
| Government-Related | **5.1** |
| Net Cash & Other<sup>(a)</sup> <br>| **(3.6)** |

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

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

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Fund Expense Example (unaudited)

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

Actual Expenses

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

Hypothetical Example for Comparison with Other Mutual Funds

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Six Months Ended** <br>**December 31, 2022**<br>| **Beginning Account Value** <br>**7/1/2022**<br>| **Ending Account Value** <br>**12/31/2022**<br>| **Expenses Paid** <br>**During Period\***<br>| **Annualized** <br>**Expense Ratio**<br>|
| **Class I** |  |  |  |  |
| Based on actual return | $1000.00 | $986.50 | $2.05 | 0.41% |
| Based on hypothetical 5% yearly return | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.14 | &nbsp;&nbsp; 2.09 | 0.41 |
| **Class X** |  |  |  |  |
| Based on actual return | $1000.00 | $987.60 | $1.65 | 0.33% |
| Based on hypothetical 5% yearly return | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.54 | &nbsp;&nbsp; 1.68 | 0.33 |

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\* Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

PAGE 5 <sup>◾</sup> Dodge & Cox Income Fund

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Portfolio of Investments December 31, 2022

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| | | |
|:---|:---|:---|
| **Debt Securities: 103.6%** | **Debt Securities: 103.6%** | **Debt Securities: 103.6%** |
|  | **Par Value** | **Value** |
| **U.S. Treasury: 9.4%** | **U.S. Treasury: 9.4%** | **U.S. Treasury: 9.4%** |
| U.S. Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 8/31/25 | $350000000 | $314726562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 4/15/24 | &nbsp;&nbsp; 1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 5/15/24 | &nbsp;&nbsp; 1200000000 | &nbsp;&nbsp; 1129453128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/52 | &nbsp;&nbsp; 1087980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871743975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435553000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358854839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 738000656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298464843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299144532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500019530 |
|  |  | &nbsp;&nbsp; 5456658065 |
| **Government-Related: 5.1%** | **Government-Related: 5.1%** | **Government-Related: 5.1%** |
| Agency: 2.8% | Agency: 2.8% | Agency: 2.8% |
| Petroleo Brasileiro SA (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.093%, 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59201482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 1/3/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4141000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3936849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 3/17/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18251484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 3/19/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154599000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138749535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/3/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90307505 |
| Petroleos Mexicanos (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 2/16/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 577531000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453504485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189761000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137653996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/2/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53502000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34816426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 1/23/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135151000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83682783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/21/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66966000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42724221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 2/12/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47663000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29134009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 1/23/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508922629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 1/28/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31851000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20130584 |
|  |  | &nbsp;&nbsp; 1621015988 |
| Local Authority: 2.0% | Local Authority: 2.0% | Local Authority: 2.0% |
| L.A. Unified School District GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6298827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.758%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205557093 |
| New Jersey Turnpike Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.414%, 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50397300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.102%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146892000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177124724 |
| Regents of the UC Medical Center RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.563%, 5/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86021247 |
| State of California GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80226000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96918126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223494406 |
| State of Illinois GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342242892 |
|  |  | &nbsp;&nbsp; 1188054615 |
| Sovereign: 0.3% | Sovereign: 0.3% | Sovereign: 0.3% |
| Colombia Government International <br> (Colombia)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 2/26/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77755818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52859768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 5/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33049691 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163665277 |
|  |  | &nbsp;&nbsp; 2972735880 |
| **Securitized: 46.7%** | **Securitized: 46.7%** | **Securitized: 46.7%** |
| Asset-Backed: 6.3% | Asset-Backed: 6.3% | Asset-Backed: 6.3% |
| **Federal Agency: 0.0%\*** | **Federal Agency: 0.0%\*** | **Federal Agency: 0.0%\*** |
| Small Business Admin. - 504 Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-20G 1, 4.35%, 7/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-20L 1, 4.87%, 12/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-20B 1, 4.625%, 2/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-20D 1, 5.11%, 4/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-20E 1, 4.84%, 5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308042 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-20G 1, 4.75%, 7/1/25 | $422480 | $416876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-20H 1, 5.11%, 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-20I 1, 4.76%, 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20A 1, 5.21%, 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20B 1, 5.35%, 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20C 1, 5.57%, 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 567116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20G 1, 6.07%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1012106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1002785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20H 1, 5.70%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20I 1, 5.54%, 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20J 1, 5.37%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20L 1, 5.12%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-20A 1, 5.32%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1053755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1046584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-20C 1, 5.23%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1524608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1512644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-20D 1, 5.32%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1093779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1074183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-20G 1, 5.82%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1147917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1139695 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9357252 |
| **Other: 0.9%** | **Other: 0.9%** | **Other: 0.9%** |
| Rio Oil Finance Trust (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 7/6/24<sup>(a)</sup> <br>| &nbsp;&nbsp; 168306581 | &nbsp;&nbsp; 169989646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 1/6/27<sup>(a)</sup> <br>| &nbsp;&nbsp; 153658049 | &nbsp;&nbsp; 159036081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20%, 4/6/28<sup>(a)</sup> <br>| &nbsp;&nbsp; 176131155 | &nbsp;&nbsp; 177892467 |
|  |  | &nbsp;&nbsp; 506918194 |
| **Student Loan: 5.4%** | **Student Loan: 5.4%** | **Student Loan: 5.4%** |
| Navient Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 1-Month |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.60%, 4.989%, 5/27/49<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19718219 | &nbsp;&nbsp;&nbsp;&nbsp; 18961323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.25%, 5.639%, 6/25/65<sup>(a)</sup> <br>| &nbsp;&nbsp; 226210478 | &nbsp;&nbsp; 219184607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.15%, 5.539%, 3/25/66<sup>(a)</sup> <br>| &nbsp;&nbsp; 205385062 | &nbsp;&nbsp; 198728326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.30%, 5.689%, 3/25/66<sup>(a)</sup> <br>| &nbsp;&nbsp; 150828000 | &nbsp;&nbsp; 148522126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.80%, 5.189%, 7/26/66<sup>(a)</sup> <br>| &nbsp;&nbsp; 275252751 | &nbsp;&nbsp; 268045505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.05%, 5.439%, 7/26/66<sup>(a)</sup> <br>| &nbsp;&nbsp; 308339432 | &nbsp;&nbsp; 298524278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.15%, 5.539%, 7/26/66<sup>(a)</sup> <br>| &nbsp;&nbsp; 157286385 | &nbsp;&nbsp; 154515502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.00%, 5.389%, 9/27/66<sup>(a)</sup> <br>| &nbsp;&nbsp; 119429000 | &nbsp;&nbsp; 113860623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.05%, 5.439%, 12/27/66<sup>(a)</sup> <br>| &nbsp;&nbsp; 162651781 | &nbsp;&nbsp; 159745373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.72%, 5.109%, 3/25/67<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 96785000 | &nbsp;&nbsp;&nbsp;&nbsp; 94234164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.80%, 5.189%, 3/25/67<sup>(a)</sup> <br>| &nbsp;&nbsp; 137973000 | &nbsp;&nbsp; 134527994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.68%, 5.069%, 6/27/67<sup>(a)</sup> <br>| &nbsp;&nbsp; 164925173 | &nbsp;&nbsp; 160440693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.00%, 5.389%, 2/27/68<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 83600152 | &nbsp;&nbsp;&nbsp;&nbsp; 80421190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.83%, 5.219%, 7/25/68<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 54216132 | &nbsp;&nbsp;&nbsp;&nbsp; 52747043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.81%, 5.199%, 7/25/68<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 60531906 | &nbsp;&nbsp;&nbsp;&nbsp; 58230089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.05%, 5.439%, 6/25/69<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 37614628 | &nbsp;&nbsp;&nbsp;&nbsp; 36942007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.90%, 1.04%, 8/26/69<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 55724157 | &nbsp;&nbsp;&nbsp;&nbsp; 54172083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.60%, 4.989%, 12/26/69<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 55450307 | &nbsp;&nbsp;&nbsp;&nbsp; 53027035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.70%, 5.089%, 2/25/70<sup>(a)</sup> <br>| &nbsp;&nbsp; 177817800 | &nbsp;&nbsp; 170837367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.55%, 0.70%, 2/25/70<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 75816036 | &nbsp;&nbsp;&nbsp;&nbsp; 73620942 |
| Navient Student Loan Trust (Private <br> Loans)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-AA A2A, 2.74%, <br> 2/15/29<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A A2A, 2.88%, <br> 12/16/58<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5018239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4925813 |
| SLM Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 1-Month |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.20%, 5.589%, 10/25/34 | &nbsp;&nbsp;&nbsp;&nbsp; 20004008 | &nbsp;&nbsp;&nbsp;&nbsp; 19888575 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 3-Month |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.63%, 4.988%, 1/25/40<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 93865010 | &nbsp;&nbsp;&nbsp;&nbsp; 90029535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.17%, 4.528%, 7/25/40 | &nbsp;&nbsp;&nbsp;&nbsp; 13626000 | &nbsp;&nbsp;&nbsp;&nbsp; 12772627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.49%, 4.848%, 4/27/43 | &nbsp;&nbsp;&nbsp;&nbsp; 54949125 | &nbsp;&nbsp;&nbsp;&nbsp; 52607479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.55%, 4.908%, 10/25/64<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 48969893 | &nbsp;&nbsp;&nbsp;&nbsp; 46988160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.55%, 4.908%, 10/25/64<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21943325 | &nbsp;&nbsp;&nbsp;&nbsp; 21055314 |
| SMB Private Education Loan Trust <br> (Private Loans)<br>|  |  |

---

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

------

Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A A2A, 2.88%, <br> 9/15/34<sup>(a)</sup> <br>| $8144322 | $7806702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B A2A, 2.82%, <br> 10/15/35<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10217539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9727718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A A2A, 3.50%, <br> 2/15/36<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 43594998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41531429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B A2A, 3.60%, <br> 1/15/37<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 31728368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30372472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A APT2, 1.07%, <br> 1/15/53<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35598955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30524690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-D A1A, 5.37%, <br> 10/15/58<sup>(a)</sup> <br>| &nbsp;&nbsp; 201629452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200992182 |
|  |  | &nbsp;&nbsp; 3118778767 |
|  |  | &nbsp;&nbsp; 3635054213 |
| CMBS: 0.5% | CMBS: 0.5% | CMBS: 0.5% |
| **Agency CMBS: 0.5%** | **Agency CMBS: 0.5%** | **Agency CMBS: 0.5%** |
| Freddie Mac Multifamily Interest Only |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K055 X1, 1.346%, 3/25/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 109963999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3821293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K056 X1, 1.241%, 5/25/26<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 36411854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1216039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K062 X1, 0.293%, 12/25/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 301655539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3136976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K064 X1, 0.602%, 3/25/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 380238127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8073976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K065 X1, 0.668%, 4/25/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 459094362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10850466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K066 X1, 0.749%, 6/25/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 369547910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9915599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K067 X1, 0.574%, 7/25/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 464871142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10057813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K069 X1, 0.349%, 9/25/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 92847117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1346255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K070 X1, 0.327%, 11/25/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 195317286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2673933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K071 X1, 0.287%, 11/25/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 252027535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2942976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K089 X1, 0.541%, 1/25/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 514531996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14322821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K091 X1, 0.56%, 3/25/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 256395470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7449647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K092 X1, 0.712%, 4/25/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 483455095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17704754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K093 X1, 0.952%, 5/25/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 230910810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11005209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K094 X1, 0.88%, 6/25/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 320110215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14420677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K095 X1, 0.95%, 6/25/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 223024763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10809051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K096 X1, 1.127%, 7/25/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 542316783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31511317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K097 X1, 1.091%, 7/25/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 243312277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13852717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K098 X1, 1.144%, 8/25/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 469450593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27959163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K099 X1, 0.884%, 9/25/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 511516611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23920205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K101 X1, 0.835%, 10/25/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 196584964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8823991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K102 X1, 0.824%, 10/25/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 548438214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24388828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K152 X1, 0.956%, 1/25/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 121915677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6612731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K154 X1, 0.298%, 11/25/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 363412568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7507704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1511 X1, 0.776%, <br> 3/25/34<sup>(b)</sup> <br>| &nbsp;&nbsp; 174363178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10007819 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284331960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284331960 |
| Mortgage-Related: 39.9% | Mortgage-Related: 39.9% | Mortgage-Related: 39.9% |
| **Federal Agency CMO & REMIC: 6.9%** | **Federal Agency CMO & REMIC: 6.9%** | **Federal Agency CMO & REMIC: 6.9%** |
| Dept. of Veterans Affairs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1995-2D 4A, 9.293%, <br> 5/15/25<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1997-2 Z, 7.50%, 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2099310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2148168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1998-2 2A, 8.61%, 8/15/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1998-1 1A, 8.293%, <br> 3/15/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20878 |
| Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 1998-58 PX, 6.50%, 9/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 1998-58 PC, 6.50%, 10/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2001-69 PQ, 6.00%, 12/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2002-33 A1, 7.00%, 6/25/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 969130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 997336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2002-69 Z, 5.50%, 10/25/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2008-24 GD, 6.50%, 3/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2007-47 PE, 5.00%, 5/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839646 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2009-53 QM, 5.50%, 5/25/39 | $6798 | $6776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2009-30 AG, 6.50%, 5/25/39 | &nbsp;&nbsp;&nbsp;&nbsp; 2737726 | &nbsp;&nbsp;&nbsp;&nbsp; 2813960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2009-40 TB, 6.00%, 6/25/39 | &nbsp;&nbsp;&nbsp;&nbsp; 1195833 | &nbsp;&nbsp;&nbsp;&nbsp; 1225190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2001-T3 A1, 7.50%, 11/25/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2010-123 WT, 7.00%, <br> 11/25/40<br>| &nbsp;&nbsp; 11088677 | &nbsp;&nbsp; 11637676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2001-T7 A1, 7.50%, 2/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2001-T5 A2, 6.972%, <br> 6/19/41<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2001-T5 A3, 7.50%, 6/19/41<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2001-T4 A1, 7.50%, 7/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 851374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2011-58 AT, 4.00%, 7/25/41 | &nbsp;&nbsp;&nbsp;&nbsp; 3405102 | &nbsp;&nbsp;&nbsp;&nbsp; 3288555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2001-T10 A1, 7.00%, <br> 12/25/41<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 859248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 878263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2013-106 MA, 4.00%, 2/25/42 | &nbsp;&nbsp;&nbsp;&nbsp; 9618371 | &nbsp;&nbsp;&nbsp;&nbsp; 9101833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2002-W6 2A1, 7.00%, <br> 6/25/42<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1137266 | &nbsp;&nbsp;&nbsp;&nbsp; 1106121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2002-W8 A2, 7.00%, 6/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2002-90 A1, 6.50%, 6/25/42 | &nbsp;&nbsp;&nbsp;&nbsp; 2187112 | &nbsp;&nbsp;&nbsp;&nbsp; 2268192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2002-T16 A3, 7.50%, 7/25/42 | &nbsp;&nbsp;&nbsp;&nbsp; 1867328 | &nbsp;&nbsp;&nbsp;&nbsp; 2001137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2003-W2 1A2, 7.00%, 7/25/42 | &nbsp;&nbsp;&nbsp;&nbsp; 3739537 | &nbsp;&nbsp;&nbsp;&nbsp; 3915608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2003-W4 3A, 5.06%, <br> 10/25/42<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1039741 | &nbsp;&nbsp;&nbsp;&nbsp; 1054187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2012-121 NB, 7.00%, <br> 11/25/42<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2003-W1 2A, 5.285%, <br> 12/25/42<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1321673 | &nbsp;&nbsp;&nbsp;&nbsp; 1279181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2003-7 A1, 6.50%, 12/25/42 | &nbsp;&nbsp;&nbsp;&nbsp; 1832258 | &nbsp;&nbsp;&nbsp;&nbsp; 1880426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2004-T1 1A2, 6.50%, 1/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2004-W2 2A2, 7.00%, 2/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2004-W2 5A, 7.50%, 3/25/44 | &nbsp;&nbsp;&nbsp;&nbsp; 1313665 | &nbsp;&nbsp;&nbsp;&nbsp; 1372385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2004-W8 3A, 7.50%, 6/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990919 | &nbsp;&nbsp;&nbsp;&nbsp; 1022074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2004-W15 1A2, 6.50%, <br> 8/25/44<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2005-W1 1A3, 7.00%, <br> 10/25/44<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3098949 | &nbsp;&nbsp;&nbsp;&nbsp; 3128001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2001-79 BA, 7.00%, 3/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2006-W1 1A1, 6.50%, <br> 12/25/45<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2006-W1 1A2, 7.00%, <br> 12/25/45<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 948717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 994002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2006-W1 1A3, 7.50%, <br> 12/25/45<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2006-W1 1A4, 8.00%, <br> 12/25/45<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1048403 | &nbsp;&nbsp;&nbsp;&nbsp; 1099583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2007-W10 1A, 6.159%, <br> 8/25/47<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3265202 | &nbsp;&nbsp;&nbsp;&nbsp; 3259952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2007-W10 2A, 6.308%, <br> 8/25/47<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946655 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 1-Month |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.55%, 4.939%, 9/25/43 | &nbsp;&nbsp; 10868866 | &nbsp;&nbsp; 10621890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.40%, 4.789%, 7/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 802589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778572 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2456 CJ, 6.50%, 6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3312 AB, 6.50%, 6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 1017077 | &nbsp;&nbsp;&nbsp;&nbsp; 1054516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-41 2A, 4.783%, 7/25/32<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2587 ZU, 5.50%, 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 1286507 | &nbsp;&nbsp;&nbsp;&nbsp; 1291409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2610 UA, 4.00%, 5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 687404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-48 1A, 4.404%, 7/25/33<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1447669 | &nbsp;&nbsp;&nbsp;&nbsp; 1379948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2708 ZD, 5.50%, 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 4918714 | &nbsp;&nbsp;&nbsp;&nbsp; 4979295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3204 ZM, 5.00%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp; 2405709 | &nbsp;&nbsp;&nbsp;&nbsp; 2392400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3330 GZ, 5.50%, 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3427 Z, 5.00%, 3/15/38 | &nbsp;&nbsp;&nbsp;&nbsp; 1163737 | &nbsp;&nbsp;&nbsp;&nbsp; 1166653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-51 1A, 6.50%, 9/25/43<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38533 |

---

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

------

Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4283 DW, 4.50%, 12/15/43<sup>(b)</sup> <br>| $22055360 | $21554008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4283 EW, 4.50%, 12/15/43<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13957995 | &nbsp;&nbsp;&nbsp;&nbsp; 13717945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4281 BC, 4.50%, 12/15/43<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 37719357 | &nbsp;&nbsp;&nbsp;&nbsp; 36795101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4319 MA, 4.50%, 3/15/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7421186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7257041 |
| Ginnie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States 30 Day Average <br> SOFR<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.55%, Series 2022-H04 FG, <br> 0.883%, 2/20/67<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35236958 | &nbsp;&nbsp;&nbsp;&nbsp; 34648941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.50%, Series 2022-H04 GF, <br> 0.833%, 2/20/67<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35038979 | &nbsp;&nbsp;&nbsp;&nbsp; 34411161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.50%, Series 2022-H07 FB, <br> 0.643%, 1/20/68<br>| &nbsp;&nbsp; 100959365 | &nbsp;&nbsp;&nbsp;&nbsp; 99885673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.30%, Series 2022-H06 FA, <br> 0.988%, 2/20/68<br>| &nbsp;&nbsp; 122509821 | &nbsp;&nbsp; 118219821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.50%, Series 2022-H07 AF, <br> 1.796%, 2/20/68<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43344218 | &nbsp;&nbsp;&nbsp;&nbsp; 42186407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.50%, Series 2022-H07 BF, <br> 0.683%, 2/20/68<br>| &nbsp;&nbsp; 153525529 | &nbsp;&nbsp; 151925025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.41%, Series 2022-H06 FC, <br> 3.017%, 8/20/68<br>| &nbsp;&nbsp;&nbsp;&nbsp; 71918032 | &nbsp;&nbsp;&nbsp;&nbsp; 69553727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.70%, Series 2021-H17 FA, <br> 3.578%, 11/20/71<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36708552 | &nbsp;&nbsp;&nbsp;&nbsp; 35889379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.82%, Series 2021-H19 FM, <br> 4.646%, 12/20/71<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40670036 | &nbsp;&nbsp;&nbsp;&nbsp; 39752276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.80%, Series 2022-H08 FL, <br> 3.341%, 12/20/71<br>| &nbsp;&nbsp; 108556023 | &nbsp;&nbsp; 105692261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.80%, Series 2022-H02 FC, <br> 4.626%, 1/20/72<br>| &nbsp;&nbsp; 121783678 | &nbsp;&nbsp; 120594314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.82%, Series 2022-H04 HF, <br> 4.646%, 2/20/72<br>| &nbsp;&nbsp; 197646678 | &nbsp;&nbsp; 194334772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.75%, Series 2022-H07 F, <br> 4.576%, 2/20/72<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43176832 | &nbsp;&nbsp;&nbsp;&nbsp; 42552568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.75%, Series 2022-H08 FE, <br> 4.142%, 3/20/72<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51885518 | &nbsp;&nbsp;&nbsp;&nbsp; 50671397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.74%, Series 2022-H09 FC, <br> 4.566%, 4/20/72<br>| &nbsp;&nbsp;&nbsp;&nbsp; 64976957 | &nbsp;&nbsp;&nbsp;&nbsp; 63350415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.00%, Series 2022-H11 FG, <br> 4.826%, 4/20/72<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17771565 | &nbsp;&nbsp;&nbsp;&nbsp; 17695591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.95%, Series 2022-H10 FA, <br> 4.776%, 5/20/72<br>| &nbsp;&nbsp; 101335066 | &nbsp;&nbsp; 101051551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.95%, Series 2022-H11 AF, <br> 4.776%, 5/20/72<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19070612 | &nbsp;&nbsp;&nbsp;&nbsp; 18808275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.90%, Series 2022-H11 F, <br> 4.726%, 5/20/72<br>| &nbsp;&nbsp; 181367129 | &nbsp;&nbsp; 178373465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.97%, Series 2022-H11 EF, <br> 4.796%, 5/20/72<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46731663 | &nbsp;&nbsp;&nbsp;&nbsp; 46492883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.95%, Series 2022-H12 FA, <br> 4.776%, 6/20/72<br>| &nbsp;&nbsp; 243138424 | &nbsp;&nbsp; 239714913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.10%, Series 2022-H23 FA, <br> 4.926%, 10/20/72<br>| &nbsp;&nbsp; 233742080 | &nbsp;&nbsp; 233114088 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 1-Month |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.65%, 4.186%, 10/20/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4660172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.63%, 3.34%, 4/20/65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6850892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6732125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.60%, 4.442%, 7/20/65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4437282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4372938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.60%, 4.442%, 8/20/65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4165322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4098200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.62%, 4.381%, 9/20/65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 923425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.75%, 4.50%, 11/20/65 | &nbsp;&nbsp;&nbsp;&nbsp; 17707931 | &nbsp;&nbsp;&nbsp;&nbsp; 17436167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.90%, 3.106%, 3/20/66 | &nbsp;&nbsp;&nbsp;&nbsp; 10779369 | &nbsp;&nbsp;&nbsp;&nbsp; 10621924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.90%, 3.749%, 4/20/66 | &nbsp;&nbsp;&nbsp;&nbsp; 12536161 | &nbsp;&nbsp;&nbsp;&nbsp; 12391432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.78%, 4.622%, 9/20/66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5896114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5833102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.75%, 4.592%, 10/20/66 | &nbsp;&nbsp;&nbsp;&nbsp; 29885476 | &nbsp;&nbsp;&nbsp;&nbsp; 29517385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.80%, 4.642%, 11/20/66 | &nbsp;&nbsp;&nbsp;&nbsp; 13679107 | &nbsp;&nbsp;&nbsp;&nbsp; 13499678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.81%, 4.211%, 12/20/66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7729257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7644304 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.57%, 4.412%, 9/20/67 | $18127888 | $17932528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.50%, 3.911%, 6/20/68 | &nbsp;&nbsp; 23457050 | &nbsp;&nbsp; 22975409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.50%, 4.079%, 11/20/68 | &nbsp;&nbsp; 21477086 | &nbsp;&nbsp; 21033153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.60%, 4.442%, 9/20/69 | &nbsp;&nbsp; 22014759 | &nbsp;&nbsp; 21228132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.60%, 3.597%, 11/20/69 | &nbsp;&nbsp; 18295845 | &nbsp;&nbsp; 17705592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.65%, 4.492%, 11/20/69 | &nbsp;&nbsp; 22750625 | &nbsp;&nbsp; 22161548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.65%, 3.88%, 11/20/69 | &nbsp;&nbsp; 67542319 | &nbsp;&nbsp; 65073107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.65%, 3.783%, 11/20/69 | &nbsp;&nbsp; 13899912 | &nbsp;&nbsp; 13481526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.55%, 2.231%, 3/20/70 | &nbsp;&nbsp; 69799991 | &nbsp;&nbsp; 66719564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.85%, 3.974%, 9/20/71 | &nbsp;&nbsp;&nbsp;&nbsp; 7044946 | &nbsp;&nbsp;&nbsp;&nbsp; 6876801 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 12-Month |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.30%, 4.008%, 9/20/66 | &nbsp;&nbsp; 10010848 | &nbsp;&nbsp;&nbsp;&nbsp; 9855530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.28%, 3.848%, 12/20/66 | &nbsp;&nbsp; 17798967 | &nbsp;&nbsp; 17627044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.30%, 0.756%, 1/20/67 | &nbsp;&nbsp; 56873195 | &nbsp;&nbsp; 56216156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.31%, 0.766%, 1/20/67 | &nbsp;&nbsp; 22464962 | &nbsp;&nbsp; 22200794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.30%, 0.756%, 1/20/67 | &nbsp;&nbsp; 59047771 | &nbsp;&nbsp; 58432694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.25%, 1.198%, 2/20/67 | &nbsp;&nbsp;&nbsp;&nbsp; 9282359 | &nbsp;&nbsp;&nbsp;&nbsp; 9084795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.20%, 1.148%, 3/20/67 | &nbsp;&nbsp;&nbsp;&nbsp; 2116739 | &nbsp;&nbsp;&nbsp;&nbsp; 2077742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.30%, 1.518%, 4/20/67 | &nbsp;&nbsp; 14186593 | &nbsp;&nbsp; 13928704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.20%, 2.372%, 5/20/67 | &nbsp;&nbsp; 23938390 | &nbsp;&nbsp; 23508545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.30%, 2.472%, 5/20/67 | &nbsp;&nbsp; 12071021 | &nbsp;&nbsp; 11882654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.20%, 2.829%, 6/20/67 | &nbsp;&nbsp; 56277098 | &nbsp;&nbsp; 55212127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.30%, 2.929%, 6/20/67 | &nbsp;&nbsp; 13024297 | &nbsp;&nbsp; 12823066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.20%, 3.764%, 8/20/67 | &nbsp;&nbsp; 13547503 | &nbsp;&nbsp; 13311126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.27%, 3.978%, 9/20/67 | &nbsp;&nbsp; 39032122 | &nbsp;&nbsp; 38372155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.25%, 3.958%, 9/20/67 | &nbsp;&nbsp; 13858789 | &nbsp;&nbsp; 13631111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.25%, 4.123%, 10/20/67 | &nbsp;&nbsp; 27209809 | &nbsp;&nbsp; 26783393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.23%, 4.439%, 10/20/67 | &nbsp;&nbsp; 90984670 | &nbsp;&nbsp; 89515859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.23%, 4.439%, 10/20/67 | &nbsp;&nbsp; 43447651 | &nbsp;&nbsp; 42749621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.22%, 3.841%, 10/20/67 | &nbsp;&nbsp; 19301463 | &nbsp;&nbsp; 19005097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.20%, 3.933%, 11/20/67 | &nbsp;&nbsp; 10123942 | &nbsp;&nbsp;&nbsp;&nbsp; 9981939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.22%, 5.001%, 11/20/67 | &nbsp;&nbsp; 13026420 | &nbsp;&nbsp; 12851061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.22%, 5.001%, 11/20/67 | &nbsp;&nbsp; 76009915 | &nbsp;&nbsp; 74855560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.06%, 0.643%, 12/20/67 | &nbsp;&nbsp; 30615986 | &nbsp;&nbsp; 29857441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.18%, 3.559%, 12/20/67 | &nbsp;&nbsp; 19410856 | &nbsp;&nbsp; 19096732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.16%, 3.708%, 12/20/67 | &nbsp;&nbsp; 17767674 | &nbsp;&nbsp; 17457223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.15%, 0.606%, 12/20/67 | &nbsp;&nbsp; 22159869 | &nbsp;&nbsp; 21754153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.15%, 0.606%, 1/20/68 | &nbsp;&nbsp;&nbsp;&nbsp; 9882238 | &nbsp;&nbsp;&nbsp;&nbsp; 9693163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.08%, 0.663%, 1/20/68 | &nbsp;&nbsp; 27061746 | &nbsp;&nbsp; 26557992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.06%, 0.643%, 1/20/68 | &nbsp;&nbsp; 57398158 | &nbsp;&nbsp; 56038430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.10%, 0.683%, 2/20/68 | &nbsp;&nbsp; 42700173 | &nbsp;&nbsp; 41327751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.15%, 0.733%, 2/20/68 | &nbsp;&nbsp; 20375020 | &nbsp;&nbsp; 19903094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.10%, 0.683%, 2/20/68 | &nbsp;&nbsp; 26519763 | &nbsp;&nbsp; 25797942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.04%, 0.988%, 2/20/68 | &nbsp;&nbsp; 30450711 | &nbsp;&nbsp; 29668861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.07%, 1.018%, 2/20/68 | &nbsp;&nbsp; 29234343 | &nbsp;&nbsp; 28510489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.05%, 2.825%, 2/20/68 | &nbsp;&nbsp; 15403415 | &nbsp;&nbsp; 15040548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.05%, 0.998%, 2/20/68 | &nbsp;&nbsp;&nbsp;&nbsp; 2153616 | &nbsp;&nbsp;&nbsp;&nbsp; 2100292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.06%, 1.008%, 3/20/68 | &nbsp;&nbsp;&nbsp;&nbsp; 7833661 | &nbsp;&nbsp;&nbsp;&nbsp; 7550299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.05%, 1.268%, 3/20/68 | &nbsp;&nbsp; 33956956 | &nbsp;&nbsp; 33157310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.03%, 1.248%, 3/20/68 | &nbsp;&nbsp;&nbsp;&nbsp; 9830935 | &nbsp;&nbsp;&nbsp;&nbsp; 9548301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.04%, 0.988%, 3/20/68 | &nbsp;&nbsp; 49770783 | &nbsp;&nbsp; 48566693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.04%, 0.988%, 3/20/68 | &nbsp;&nbsp; 17037204 | &nbsp;&nbsp; 16429191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.02%, 1.238%, 4/20/68 | &nbsp;&nbsp; 12950789 | &nbsp;&nbsp; 12426026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.05%, 1.268%, 4/20/68 | &nbsp;&nbsp; 21892413 | &nbsp;&nbsp; 21065075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.05%, 1.268%, 4/20/68 | &nbsp;&nbsp; 22513640 | &nbsp;&nbsp; 21636995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.04%, 2.212%, 5/20/68 | &nbsp;&nbsp; 22080870 | &nbsp;&nbsp; 21336809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.15%, 2.779%, 6/20/68 | &nbsp;&nbsp; 20643253 | &nbsp;&nbsp; 20066779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.25%, 3.025%, 7/20/68 | &nbsp;&nbsp; 20937531 | &nbsp;&nbsp; 20386802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.12%, 3.828%, 8/20/68 | &nbsp;&nbsp; 19605477 | &nbsp;&nbsp; 19184222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.10%, 4.309%, 10/20/68 | &nbsp;&nbsp; 36999951 | &nbsp;&nbsp; 36045963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.22%, 2.519%, 11/20/68 | &nbsp;&nbsp; 16987630 | &nbsp;&nbsp; 16488596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.30%, 5.081%, 11/20/68 | &nbsp;&nbsp; 21277479 | &nbsp;&nbsp; 21012009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.40%, 1.348%, 2/20/69 | &nbsp;&nbsp; 17275942 | &nbsp;&nbsp; 16999142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.40%, 3.641%, 10/20/69 | &nbsp;&nbsp; 10742470 | &nbsp;&nbsp; 10597946 |

---

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

------

Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.40%, 3.772%, 10/20/69 | $17358422 | $17117749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.50%, 5.281%, 11/20/69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34755710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34215328 |
|  |  | &nbsp;&nbsp; 3980146856 |
| **Federal Agency Mortgage Pass-Through: 33.0%** | **Federal Agency Mortgage Pass-Through: 33.0%** | **Federal Agency Mortgage Pass-Through: 33.0%** |
| Fannie Mae, 15 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/23 - 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1346584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1340358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 977179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/25 - 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148787681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145211523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/28 - 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21935878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21328579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2419399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2414777 |
| Fannie Mae, 20 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/29 - 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122142215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121195833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/30 - 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587322457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 566634457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/1/35 - 4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87402711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83556341 |
| Fannie Mae, 30 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/28 - 2/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38412078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39757578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/1/32 - 2/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3327819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3538048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/1/32 - 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15352106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16045218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/33 - 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55852892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57476479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/35 - 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576885148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 567959470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/37 - 3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36061156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36210264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/40 - 2/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136506204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130694031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/50 - 7/1/52 | &nbsp;&nbsp; 1502247827 | &nbsp;&nbsp; 1372356737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/1/50 - 8/1/51 | &nbsp;&nbsp; 2178126269 | &nbsp;&nbsp; 1865764806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 6/1/50 - 2/1/51 | &nbsp;&nbsp; 2461792189 | &nbsp;&nbsp; 2021951081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 762992921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702088568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/52 - 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239675551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211595748 |
| Fannie Mae, 40 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/1/52 - 6/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62038529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61278439 |
| Fannie Mae, Hybrid ARM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.931%, 10/1/33<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.935%, 7/1/34<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.778%, 8/1/34<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 597152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.143%, 8/1/34<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.078%, 9/1/34<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 10/1/34<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.106%, 1/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.135%, 1/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.173%, 4/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.348%, 6/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.852%, 7/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.488%, 7/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.761%, 7/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.475%, 7/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.664%, 8/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.557%, 8/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.017%, 9/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.801%, 10/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.998%, 10/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.005%, 11/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.874%, 12/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.429%, 1/1/36<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 818704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 827365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.702%, 1/1/36<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.361%, 1/1/36<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2973988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3015175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.474%, 11/1/36<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.543%, 12/1/36<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 458977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/1/36<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.815%, 1/1/37<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.339%, 2/1/37<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 4/1/37<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.994%, 8/1/37<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 11/1/37<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215141 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.491%, 5/1/38<sup>(b)</sup> <br>| $939586 | $955744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.462%, 5/1/38<sup>(b)</sup> <br>| &nbsp;&nbsp; 32770132 | &nbsp;&nbsp; 33205766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.131%, 9/1/38<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.202%, 10/1/38<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1182091 | &nbsp;&nbsp;&nbsp;&nbsp; 1196902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.976%, 10/1/38<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 10/1/38 - 6/1/43<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.803%, 6/1/39<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.028%, 12/1/39<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.023%, 4/1/42<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1402213 | &nbsp;&nbsp;&nbsp;&nbsp; 1414842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 9/1/42<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 813336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 812608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.937%, 11/1/42<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1109544 | &nbsp;&nbsp;&nbsp;&nbsp; 1116880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.551%, 12/1/42<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2920061 | &nbsp;&nbsp;&nbsp;&nbsp; 2986870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.795%, 2/1/43<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2183398 | &nbsp;&nbsp;&nbsp;&nbsp; 2188896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.001%, 2/1/43<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.327%, 5/1/43<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1136270 | &nbsp;&nbsp;&nbsp;&nbsp; 1153266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 9/1/43<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 9/1/43<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1245153 | &nbsp;&nbsp;&nbsp;&nbsp; 1252158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.296%, 9/1/43<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.756%, 10/1/43<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5901265 | &nbsp;&nbsp;&nbsp;&nbsp; 5953058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.772%, 11/1/43<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2704670 | &nbsp;&nbsp;&nbsp;&nbsp; 2714755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.828%, 11/1/43<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4273885 | &nbsp;&nbsp;&nbsp;&nbsp; 4308423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.753%, 12/1/43<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1394532 | &nbsp;&nbsp;&nbsp;&nbsp; 1395875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 2/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.227%, 2/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1534753 | &nbsp;&nbsp;&nbsp;&nbsp; 1531624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.94%, 2/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1223757 | &nbsp;&nbsp;&nbsp;&nbsp; 1222399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.331%, 4/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1486152 | &nbsp;&nbsp;&nbsp;&nbsp; 1482973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.204%, 4/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 919539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 909820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.635%, 4/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1215626 | &nbsp;&nbsp;&nbsp;&nbsp; 1218050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.083%, 4/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3805713 | &nbsp;&nbsp;&nbsp;&nbsp; 3800254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.359%, 4/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4561171 | &nbsp;&nbsp;&nbsp;&nbsp; 4592167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.606%, 5/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1451643 | &nbsp;&nbsp;&nbsp;&nbsp; 1454635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.521%, 5/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6048587 | &nbsp;&nbsp;&nbsp;&nbsp; 6036027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.735%, 7/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.562%, 7/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1996046 | &nbsp;&nbsp;&nbsp;&nbsp; 2017549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.494%, 7/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2568013 | &nbsp;&nbsp;&nbsp;&nbsp; 2591954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 7/1/44 - 9/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3518148 | &nbsp;&nbsp;&nbsp;&nbsp; 3553029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 7/1/44 - 12/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp; 13142253 | &nbsp;&nbsp; 13231463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.764%, 8/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1991266 | &nbsp;&nbsp;&nbsp;&nbsp; 2013932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.785%, 8/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4880508 | &nbsp;&nbsp;&nbsp;&nbsp; 4928308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.903%, 9/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2092681 | &nbsp;&nbsp;&nbsp;&nbsp; 2119205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.513%, 9/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4641820 | &nbsp;&nbsp;&nbsp;&nbsp; 4678127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.819%, 10/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2484421 | &nbsp;&nbsp;&nbsp;&nbsp; 2500030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.815%, 10/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 868687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.827%, 10/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1971306 | &nbsp;&nbsp;&nbsp;&nbsp; 1981283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.825%, 10/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4874121 | &nbsp;&nbsp;&nbsp;&nbsp; 4911054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.805%, 10/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1603958 | &nbsp;&nbsp;&nbsp;&nbsp; 1614944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.861%, 10/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1369970 | &nbsp;&nbsp;&nbsp;&nbsp; 1378688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/1/44 - 11/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7824733 | &nbsp;&nbsp;&nbsp;&nbsp; 7874769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 10/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.822%, 11/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1921351 | &nbsp;&nbsp;&nbsp;&nbsp; 1931180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.818%, 11/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3288069 | &nbsp;&nbsp;&nbsp;&nbsp; 3300270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.812%, 11/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3403584 | &nbsp;&nbsp;&nbsp;&nbsp; 3415076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.899%, 11/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1037684 | &nbsp;&nbsp;&nbsp;&nbsp; 1044614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.648%, 12/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4011431 | &nbsp;&nbsp;&nbsp;&nbsp; 4018082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.015%, 12/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.876%, 12/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.095%, 12/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1693888 | &nbsp;&nbsp;&nbsp;&nbsp; 1698343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.84%, 12/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 807794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 792631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.678%, 1/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1525332 | &nbsp;&nbsp;&nbsp;&nbsp; 1528220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.612%, 2/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2314777 | &nbsp;&nbsp;&nbsp;&nbsp; 2306741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.018%, 3/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp; 24861406 | &nbsp;&nbsp; 24965885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09%, 3/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1258277 | &nbsp;&nbsp;&nbsp;&nbsp; 1255250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.213%, 4/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6739768 | &nbsp;&nbsp;&nbsp;&nbsp; 6733787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 4/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 769241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 769495 |

---

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

------

Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.116%, 8/1/45<sup>(b)</sup> <br>| $1847439 | $1875217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.553%, 8/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1504695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1518905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.162%, 10/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4028298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4127708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.269%, 11/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3538606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3630611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.734%, 3/1/46<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.783%, 4/1/46<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7513995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7511335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.801%, 4/1/46<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4057527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4156477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.905%, 4/1/46<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1239755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1273646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.946%, 4/1/46<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.657%, 4/1/46<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1078918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.714%, 5/1/46<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1714902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1713438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.806%, 6/1/46<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 6/1/46<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 661133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.641%, 7/1/46<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.258%, 12/1/46<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2608681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2593821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.982%, 6/1/47<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2988155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2974994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.131%, 6/1/47<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3583900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3511451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.146%, 7/1/47 - 8/1/47<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5716284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5601317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 7/1/47<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1193678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1168200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.964%, 8/1/47<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1075763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1047510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.239%, 8/1/47<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1460396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1426772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.498%, 8/1/47<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3988039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4040687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.987%, 10/1/47<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 974279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.86%, 10/1/47<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1406604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1367835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.951%, 11/1/47<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1267082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1223470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.998%, 11/1/47<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2215641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2140908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.265%, 1/1/48<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.158%, 1/1/48<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 819554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 3/1/48<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2250265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2190309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.096%, 4/1/48<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1062573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1033755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.148%, 5/1/48<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14265360 | &nbsp;&nbsp;&nbsp;&nbsp; 13879810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.413%, 8/1/48<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1012086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 986111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.315%, 10/1/48<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2652877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2584516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.634%, 11/1/48<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1376152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1348100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.307%, 4/1/49<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1598289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1553160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.712%, 8/1/49<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7620707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7467175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.628%, 8/1/49<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13192617 | &nbsp;&nbsp;&nbsp;&nbsp; 12608898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.603%, 8/1/49<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3263094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3190257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.382%, 9/1/49<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12287844 | &nbsp;&nbsp;&nbsp;&nbsp; 11614741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.392%, 9/1/49<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16761699 | &nbsp;&nbsp;&nbsp;&nbsp; 16359329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.343%, 10/1/49<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1978516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1914490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.722%, 1/1/50<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3103934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2943168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.167%, 12/1/50<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28641071 | &nbsp;&nbsp;&nbsp;&nbsp; 25683280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.048%, 5/1/52<sup>(b)</sup> <br>| &nbsp;&nbsp; 163234993 | &nbsp;&nbsp; 144597106 |
| Freddie Mac, Hybrid ARM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.029%, 9/1/33<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1552112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1566906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.392%, 2/1/34<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1073420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1081206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.021%, 8/1/34<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/1/34<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.915%, 1/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.475%, 2/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.844%, 3/1/35 - 4/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1882667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1879934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 4/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.821%, 8/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 8/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 753769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 759813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.084%, 9/1/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/1/35 - 11/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2738872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2747181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.284%, 1/1/36<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 853342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.923%, 1/1/36<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.408%, 1/1/36<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.198%, 4/1/36<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.072%, 8/1/36<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 634480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.965%, 12/1/36<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.064%, 1/1/37<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406485 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.979%, 3/1/37<sup>(b)</sup> <br>| $744495 | $724666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.975%, 4/1/37<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.817%, 4/1/37<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/1/37<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.695%, 7/1/37<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1265525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1281853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.374%, 1/1/38<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.567%, 2/1/38<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.076%, 4/1/38<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.926%, 4/1/38<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1196399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1208699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.309%, 5/1/38<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.438%, 6/1/38<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.798%, 10/1/38<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.796%, 10/1/38<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.388%, 11/1/39<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.999%, 7/1/43<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.154%, 8/1/43<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4524007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 10/1/43<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.033%, 1/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1271949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1269108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.194%, 1/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1241289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1233644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.961%, 2/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2305244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2290856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.225%, 4/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 4/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1201322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1193659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.588%, 5/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21233800 | &nbsp;&nbsp;&nbsp;&nbsp; 21164014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.306%, 6/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3124307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3130124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.383%, 6/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.777%, 7/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 879545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 882774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.684%, 7/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 486976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.619%, 8/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1302421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1309765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 8/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1717031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1715907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 8/1/44 - 11/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7035184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7037442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.873%, 9/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1234047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1243193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 9/1/44 - 12/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11707169 | &nbsp;&nbsp;&nbsp;&nbsp; 11701557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/1/44 - 12/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13082816 | &nbsp;&nbsp;&nbsp;&nbsp; 13094128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.752%, 11/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1102358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1106394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.867%, 11/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1813070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1814021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/1/44 - 11/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7158446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7139525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.864%, 11/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4493623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4504763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.225%, 12/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3559262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3535242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.075%, 12/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3610145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3582974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.495%, 12/1/44<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2499937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2495731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.162%, 1/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2776593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2751560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.871%, 1/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1027501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 1/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1594805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1580892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.981%, 1/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1482313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1466736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.454%, 1/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3289841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3297261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.995%, 2/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2459321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2433681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.558%, 5/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5019566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4985815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.812%, 6/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1002871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.165%, 8/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6555573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6621348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.201%, 8/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.163%, 8/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1426614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1441825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.454%, 9/1/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1695099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1723944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.699%, 5/1/46<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3353045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3391631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.657%, 5/1/46<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29269703 | &nbsp;&nbsp;&nbsp;&nbsp; 29833086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.605%, 7/1/46<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4452023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4504318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.583%, 9/1/46<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7780754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7785871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.213%, 6/1/47<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1440392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1404790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.132%, 8/1/47<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.141%, 10/1/47<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1120464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1088879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/1/47<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.587%, 2/1/49<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3525010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3438219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.176%, 11/1/50<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 74542063 | &nbsp;&nbsp;&nbsp;&nbsp; 66657564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.86%, 8/1/51<sup>(b)</sup> <br>| &nbsp;&nbsp; 232972836 | &nbsp;&nbsp; 210048731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.977%, 4/1/52<sup>(b)</sup> <br>| &nbsp;&nbsp; 106290923 | &nbsp;&nbsp;&nbsp;&nbsp; 93292343 |

---

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

------

Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.317%, 5/1/52<sup>(b)</sup> <br>| $37277846 | $33144417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.027%, 5/1/52<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108239900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95389994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.307%, 6/1/52<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15225562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14088414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.081%, 9/1/52<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34629802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33084868 |
| Freddie Mac Gold, 15 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/1/23 - 11/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/25 - 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1002369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001305 |
| Freddie Mac Gold, 20 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/30 - 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31665724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31425443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/31 - 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155097121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149617416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/35 - 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55543155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53155878 |
| Freddie Mac Gold, 30 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/1/31 - 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1074106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1105282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/1/32 - 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3994428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4164503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/1/33 - 2/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6383429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6639426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/34 - 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19314156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19983192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/39 - 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383508325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377784737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/45 - 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89924609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86166645 |
| Freddie Mac Pool, 30 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3746963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3714476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/1/50 - 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 970778252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 831066066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 6/1/50 - 12/1/50 | &nbsp;&nbsp; 1476455761 | &nbsp;&nbsp;&nbsp;&nbsp; 1212250576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513656723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423961740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320836825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274482388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 612629929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503370690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724604284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596722287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280413132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240818200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233738888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206429110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/52 - 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 833624209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 762014145 |
| Ginnie Mae, 20 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2441142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2329986 |
| Ginnie Mae, 30 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/15/23 - 5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42047 |
| UMBS TBA, 30 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/1/51<sup>(c)</sup> <br>| &nbsp;&nbsp; 2063000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1746359022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/52<sup>(c)</sup> <br>| &nbsp;&nbsp; 2590326000 | &nbsp;&nbsp;&nbsp;&nbsp; 2352800152 |
|  |  | &nbsp;&nbsp; 19186682007 |
| **Private Label CMO & REMIC: 0.0%\*** | **Private Label CMO & REMIC: 0.0%\*** | **Private Label CMO & REMIC: 0.0%\*** |
| GSMPS Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-4 1A4, 8.50%, <br> 6/25/34<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1896561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1836786 |
| Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4 M45T, 4.50%, <br> 6/25/57<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10486726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10219981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12056767 |
|  |  | &nbsp;&nbsp; 23178885630 |
|  |  | &nbsp;&nbsp; 27098271803 |
| **Corporate: 42.4%** | **Corporate: 42.4%** | **Corporate: 42.4%** |
| Financials: 15.2% | Financials: 15.2% | Financials: 15.2% |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 8/26/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159080214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161184000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155695585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.204%, 11/10/28<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44654401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 12/20/28<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5609754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.496%, 2/13/31<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62332987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.015%, 7/22/33<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15864339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.846%, 3/8/37<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326384000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270265715 |
| Barclays PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 9/11/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236829000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231335515 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 5/12/26 | $55538000 | $54010456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.304%, 8/9/26<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12500000 | &nbsp;&nbsp;&nbsp;&nbsp; 12406553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.836%, 5/9/28 | &nbsp;&nbsp;&nbsp;&nbsp; 99524000 | &nbsp;&nbsp;&nbsp;&nbsp; 91760766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.501%, 8/9/28<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 64325000 | &nbsp;&nbsp;&nbsp;&nbsp; 62301134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.088%, 6/20/30<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5939000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5470178 |
| BNP Paribas SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/24 | &nbsp;&nbsp; 377926000 | &nbsp;&nbsp; 369512479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 9/28/25<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 94549000 | &nbsp;&nbsp;&nbsp;&nbsp; 91806577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/12/26<sup>(a)</sup> <br>| &nbsp;&nbsp; 133514000 | &nbsp;&nbsp; 127205585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/13/27<sup>(a)</sup> <br>| &nbsp;&nbsp; 277440000 | &nbsp;&nbsp; 263089372 |
| Boston Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 2/1/24 | &nbsp;&nbsp;&nbsp;&nbsp; 63389000 | &nbsp;&nbsp;&nbsp;&nbsp; 62255191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 1/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 46635000 | &nbsp;&nbsp;&nbsp;&nbsp; 44604729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 28645000 | &nbsp;&nbsp;&nbsp;&nbsp; 27152343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 19825000 | &nbsp;&nbsp;&nbsp;&nbsp; 20441683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 64323000 | &nbsp;&nbsp;&nbsp;&nbsp; 59629848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 30643000 | &nbsp;&nbsp;&nbsp;&nbsp; 25047744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/30/31 | &nbsp;&nbsp; 132273000 | &nbsp;&nbsp; 109347269 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/15/23 | &nbsp;&nbsp; 101627000 | &nbsp;&nbsp; 101011264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/24/24 | &nbsp;&nbsp;&nbsp;&nbsp; 14520000 | &nbsp;&nbsp;&nbsp;&nbsp; 14245190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 2/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 45441000 | &nbsp;&nbsp;&nbsp;&nbsp; 43688845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/25 | &nbsp;&nbsp; 126044000 | &nbsp;&nbsp; 121800807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.636%, 3/3/26<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 36790000 | &nbsp;&nbsp;&nbsp;&nbsp; 34459223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 7/28/26 | &nbsp;&nbsp;&nbsp;&nbsp; 11885000 | &nbsp;&nbsp;&nbsp;&nbsp; 11189864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.927%, 5/10/28<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 92310000 | &nbsp;&nbsp;&nbsp;&nbsp; 89365974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.268%, 5/10/33<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 94840000 | &nbsp;&nbsp;&nbsp;&nbsp; 88098871 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 72075000 | &nbsp;&nbsp;&nbsp;&nbsp; 71726988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/5/24 | &nbsp;&nbsp;&nbsp;&nbsp; 30990000 | &nbsp;&nbsp;&nbsp;&nbsp; 30434834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 9/29/27 | &nbsp;&nbsp;&nbsp;&nbsp; 46199000 | &nbsp;&nbsp;&nbsp;&nbsp; 44046513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.412%, 3/31/31<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 88860000 | &nbsp;&nbsp;&nbsp;&nbsp; 81599837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1737544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.785%, 3/17/33<sup>(d)</sup> <br>| &nbsp;&nbsp; 136715000 | &nbsp;&nbsp; 116931184 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 3-Month |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +6.37%, 10.785%, 10/30/40<sup>(e)</sup> <br>| &nbsp;&nbsp; 423471200 | &nbsp;&nbsp; 485128607 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.615%, 3/15/28<sup>(d)</sup> <br>| &nbsp;&nbsp; 533100000 | &nbsp;&nbsp; 496562174 |
| HSBC Holdings PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 5/18/24<sup>(d)</sup> <br>| &nbsp;&nbsp; 132355000 | &nbsp;&nbsp; 131306971 |
| &nbsp;&nbsp;&nbsp;&nbsp; .976%, 5/24/25<sup>(d)</sup> <br>| &nbsp;&nbsp; 155274000 | &nbsp;&nbsp; 143765417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 3/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; 94285000 | &nbsp;&nbsp;&nbsp;&nbsp; 91196379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 8/11/28<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20125000 | &nbsp;&nbsp;&nbsp;&nbsp; 19415652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 3/31/30 | &nbsp;&nbsp;&nbsp;&nbsp; 66043000 | &nbsp;&nbsp;&nbsp;&nbsp; 62985346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.848%, 6/4/31<sup>(d)</sup> <br>| &nbsp;&nbsp; 105275000 | &nbsp;&nbsp;&nbsp;&nbsp; 84020572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.357%, 8/18/31<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 32125000 | &nbsp;&nbsp;&nbsp;&nbsp; 24546444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.762%, 3/29/33<sup>(d)</sup> <br>| &nbsp;&nbsp; 222917000 | &nbsp;&nbsp; 193193452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.113%, 11/3/33<sup>(d)</sup> <br>| &nbsp;&nbsp; 156250000 | &nbsp;&nbsp; 165324941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/2/36 | &nbsp;&nbsp; 223527000 | &nbsp;&nbsp; 225634102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/15/37 | &nbsp;&nbsp; 189027000 | &nbsp;&nbsp; 192731901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp; 10598000 | &nbsp;&nbsp;&nbsp;&nbsp; 10641785 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/15/26 | &nbsp;&nbsp; 116877000 | &nbsp;&nbsp; 112930815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/1/27 | &nbsp;&nbsp; 130835000 | &nbsp;&nbsp; 126060154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 9/1/30<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 81627000 | &nbsp;&nbsp;&nbsp;&nbsp; 95113260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.739%, 10/15/30<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8327457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.493%, 3/24/31<sup>(d)</sup> <br>| &nbsp;&nbsp; 364895000 | &nbsp;&nbsp; 340796039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.522%, 4/22/31<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 67480000 | &nbsp;&nbsp;&nbsp;&nbsp; 55217997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.956%, 5/13/31<sup>(d)</sup> <br>| &nbsp;&nbsp; 169213000 | &nbsp;&nbsp; 139424026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.586%, 4/26/33<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 47740000 | &nbsp;&nbsp;&nbsp;&nbsp; 44195932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.717%, 9/14/33<sup>(d)</sup> <br>| &nbsp;&nbsp; 124225000 | &nbsp;&nbsp; 121250240 |
| Lloyds Banking Group PLC (United <br> Kingdom)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/4/24 | &nbsp;&nbsp; 216152000 | &nbsp;&nbsp; 210934992 |

---

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

------

Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.582%, 12/10/25 | $65106000 | $63041970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 3/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; 68328000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65426117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 3/18/28<sup>(d)</sup> <br>| &nbsp;&nbsp; 103660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95689525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.953%, 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 89700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94947576 |
| NatWest Group PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 6/10/23 | &nbsp;&nbsp;&nbsp;&nbsp; 19542000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19524491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/19/23 | &nbsp;&nbsp; 261772000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263063586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 5/28/24 | &nbsp;&nbsp;&nbsp;&nbsp; 21880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21665357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.642%, 6/14/27<sup>(d)</sup> <br>| &nbsp;&nbsp; 251357000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217539789 |
| UniCredit SPA (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.296%, 4/2/34<sup>(a)(d)</sup> <br>| &nbsp;&nbsp; 307671000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281978056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.459%, 6/30/35<sup>(a)(d)</sup> <br>| &nbsp;&nbsp; 174002000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141367593 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 77400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73473128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp; 43445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40099158 |
| Unum Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 18694000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19641649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8052000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8408532 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 6/3/26 | &nbsp;&nbsp; 128880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124788287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 7/22/27 | &nbsp;&nbsp; 157825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151879251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.879%, 10/30/30<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 46670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39641715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%, 2/11/31<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 43705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36190636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.897%, 7/25/33<sup>(d)</sup> <br>| &nbsp;&nbsp; 105129000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99823467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.068%, 4/30/41<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 39200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27960988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.013%, 4/4/51<sup>(d)</sup> <br>| &nbsp;&nbsp; 123387000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108688615 |
|  |  | &nbsp;&nbsp; 8796761496 |
| Industrials: 24.4% | Industrials: 24.4% | Industrials: 24.4% |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/39 | &nbsp;&nbsp; 152435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130476625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/49 | &nbsp;&nbsp;&nbsp;&nbsp; 39038000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32397056 |
| Anheuser-Busch InBev SA/NV <br> (Belgium)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 4/15/48 | &nbsp;&nbsp;&nbsp;&nbsp; 21667000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18827576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 1/23/49 | &nbsp;&nbsp; 153079000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151333570 |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 6/1/31 | &nbsp;&nbsp; 113862000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94359044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp; 63242000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48602094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/9/48 | &nbsp;&nbsp;&nbsp;&nbsp; 46095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37530565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/15/53 | &nbsp;&nbsp; 100556000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67868883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/15/55 | &nbsp;&nbsp; 148163000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98860825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/1/57 | &nbsp;&nbsp; 166466000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114850437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 9/15/59 | &nbsp;&nbsp; 399391000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267324749 |
| Bayer AG (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/15/23<sup>(a)</sup> <br>| &nbsp;&nbsp; 298635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294312482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/25<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 44030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42661796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/28<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4210139 |
| British American Tobacco PLC (United <br> Kingdom)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259%, 3/25/28 | &nbsp;&nbsp;&nbsp;&nbsp; 63064000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52338241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.726%, 3/25/31 | &nbsp;&nbsp;&nbsp;&nbsp; 71685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55929872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.742%, 3/16/32 | &nbsp;&nbsp; 279570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248069283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/19/32 | &nbsp;&nbsp;&nbsp;&nbsp; 39700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42700327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp; 15414000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11984408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.734%, 9/25/40 | &nbsp;&nbsp;&nbsp;&nbsp; 22025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14955466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp; 29496000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20841117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.984%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp; 99513000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65116979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 3/16/52 | &nbsp;&nbsp;&nbsp;&nbsp; 53525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44121151 |
| Burlington Northern Santa Fe LLC<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 1/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2821805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2819240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.629%, 4/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3241090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3216094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.342%, 4/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 614752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 609666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.996%, 4/1/24 | &nbsp;&nbsp;&nbsp;&nbsp; 11218598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11187406 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.442%, 6/16/28<sup>(a)</sup> <br>| $64553658 | $60521004 |
| Cemex SAB de CV (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 6/5/27<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 88919000 | &nbsp;&nbsp;&nbsp;&nbsp; 91253124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/19/29<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 87667000 | &nbsp;&nbsp;&nbsp;&nbsp; 84159880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 9/17/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 215702000 | &nbsp;&nbsp; 201225583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/11/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 126775000 | &nbsp;&nbsp; 107002524 |
| Charter Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.908%, 7/23/25 | &nbsp;&nbsp; 108025000 | &nbsp;&nbsp; 105875408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/32 | &nbsp;&nbsp; 107225000 | &nbsp;&nbsp;&nbsp;&nbsp; 85351100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp; 40625000 | &nbsp;&nbsp;&nbsp;&nbsp; 34761153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/33<sup>(a)</sup> <br>| &nbsp;&nbsp; 227585000 | &nbsp;&nbsp; 174610040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/34<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 90430000 | &nbsp;&nbsp;&nbsp;&nbsp; 66741409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp; 45728000 | &nbsp;&nbsp;&nbsp;&nbsp; 43535843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/39 | &nbsp;&nbsp; 122432000 | &nbsp;&nbsp; 115943602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484%, 10/23/45 | &nbsp;&nbsp; 469182000 | &nbsp;&nbsp; 423096162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp; 59335000 | &nbsp;&nbsp;&nbsp;&nbsp; 46544899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/1/48 | &nbsp;&nbsp; 235090000 | &nbsp;&nbsp; 192465865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp; 14905000 | &nbsp;&nbsp;&nbsp;&nbsp; 10820271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/53 | &nbsp;&nbsp; 156290000 | &nbsp;&nbsp; 120631330 |
| Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 47075000 | &nbsp;&nbsp;&nbsp;&nbsp; 45993837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 26593000 | &nbsp;&nbsp;&nbsp;&nbsp; 29314321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 64256000 | &nbsp;&nbsp;&nbsp;&nbsp; 61970668 |
| Coca-Cola Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 6/1/30 | &nbsp;&nbsp; 188545000 | &nbsp;&nbsp; 154255307 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 83555000 | &nbsp;&nbsp;&nbsp;&nbsp; 87122221 |
| Cox Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 2/1/25<sup>(a)</sup> <br>| &nbsp;&nbsp; 218525000 | &nbsp;&nbsp; 211106998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 9/15/26<sup>(a)</sup> <br>| &nbsp;&nbsp; 160651000 | &nbsp;&nbsp; 150202251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/15/27<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 68827000 | &nbsp;&nbsp;&nbsp;&nbsp; 63889480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/1/30<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12094000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9197327 |
| CRH PLC (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/18/25<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 61144000 | &nbsp;&nbsp;&nbsp;&nbsp; 58981851 |
| CSX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.251%, 1/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8461906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8464720 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 3/25/28 | &nbsp;&nbsp;&nbsp;&nbsp; 32995000 | &nbsp;&nbsp;&nbsp;&nbsp; 31914173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 82424000 | &nbsp;&nbsp;&nbsp;&nbsp; 74730778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 3/25/38 | &nbsp;&nbsp; 142201000 | &nbsp;&nbsp; 129535737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp; 57090000 | &nbsp;&nbsp;&nbsp;&nbsp; 47501211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/25/48 | &nbsp;&nbsp; 171761000 | &nbsp;&nbsp; 154163208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp; 15845000 | &nbsp;&nbsp;&nbsp;&nbsp; 12611267 |
| Dell Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 6/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3996000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3998528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 29345000 | &nbsp;&nbsp;&nbsp;&nbsp; 29936473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 37510000 | &nbsp;&nbsp;&nbsp;&nbsp; 38536051 |
| Dillard's, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 1/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 20806000 | &nbsp;&nbsp;&nbsp;&nbsp; 21609380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 13063000 | &nbsp;&nbsp;&nbsp;&nbsp; 13674177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 27945000 | &nbsp;&nbsp;&nbsp;&nbsp; 28525740 |
| Dow, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 29612000 | &nbsp;&nbsp;&nbsp;&nbsp; 32897138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.40%, 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp; 76250000 | &nbsp;&nbsp; 100442424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp; 24024000 | &nbsp;&nbsp;&nbsp;&nbsp; 22391199 |
| Elanco Animal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.772%, 8/28/23 | &nbsp;&nbsp;&nbsp;&nbsp; 43545000 | &nbsp;&nbsp;&nbsp;&nbsp; 43109550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 8/28/28 | &nbsp;&nbsp; 113742000 | &nbsp;&nbsp; 108226650 |
| Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 10/15/30 | &nbsp;&nbsp; 102205000 | &nbsp;&nbsp;&nbsp;&nbsp; 89275066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.227%, 3/19/40 | &nbsp;&nbsp; 121585000 | &nbsp;&nbsp; 109400053 |
| FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/50 | &nbsp;&nbsp; 146640000 | &nbsp;&nbsp; 133514497 |

---

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

------

Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| Ford Motor Credit Co. LLC<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.087%, 1/9/23 | $12000000 | $11988757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 2/15/23 | &nbsp;&nbsp; 154061000 | &nbsp;&nbsp; 153290695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/6/23 | &nbsp;&nbsp; 131856000 | &nbsp;&nbsp; 130332346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 1/9/24 | &nbsp;&nbsp;&nbsp;&nbsp; 43414000 | &nbsp;&nbsp;&nbsp;&nbsp; 42221325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.063%, 11/1/24 | &nbsp;&nbsp; 139720000 | &nbsp;&nbsp; 134141246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 61494000 | &nbsp;&nbsp;&nbsp;&nbsp; 59116740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.134%, 8/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; 39675000 | &nbsp;&nbsp;&nbsp;&nbsp; 37135416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/13/25 | &nbsp;&nbsp; 219940000 | &nbsp;&nbsp; 198828584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.389%, 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; 29365000 | &nbsp;&nbsp;&nbsp;&nbsp; 27352323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 22235000 | &nbsp;&nbsp;&nbsp;&nbsp; 20487440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 8/10/26 | &nbsp;&nbsp; 226026000 | &nbsp;&nbsp; 196280978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 5/28/27 | &nbsp;&nbsp;&nbsp;&nbsp; 63225000 | &nbsp;&nbsp;&nbsp;&nbsp; 58982603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 11/4/27 | &nbsp;&nbsp;&nbsp;&nbsp; 73750000 | &nbsp;&nbsp;&nbsp;&nbsp; 75571625 |
| GE HealthCare Technologies, Inc.<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.857%, 3/15/30<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 66875000 | &nbsp;&nbsp;&nbsp;&nbsp; 68437315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.905%, 11/22/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 192050000 | &nbsp;&nbsp; 199001874 |
| HCA Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 11007000 | &nbsp;&nbsp;&nbsp;&nbsp; 10874140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 3/15/27<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 40864000 | &nbsp;&nbsp;&nbsp;&nbsp; 37152667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 88529000 | &nbsp;&nbsp;&nbsp;&nbsp; 80817338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 239507000 | &nbsp;&nbsp; 202659706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp; 19235000 | &nbsp;&nbsp;&nbsp;&nbsp; 17211167 |
| Imperial Brands PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 7/21/25<sup>(a)</sup> <br>| &nbsp;&nbsp; 597942000 | &nbsp;&nbsp; 571041098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/26/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1971855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 7/27/27<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 83200000 | &nbsp;&nbsp;&nbsp;&nbsp; 82797625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/26/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 210950000 | &nbsp;&nbsp; 180396316 |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp; 25560000 | &nbsp;&nbsp;&nbsp;&nbsp; 23697072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp; 50356000 | &nbsp;&nbsp;&nbsp;&nbsp; 50737175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 1/15/38 | &nbsp;&nbsp; 106964000 | &nbsp;&nbsp; 113169681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp; 71826000 | &nbsp;&nbsp;&nbsp;&nbsp; 72383452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp; 77997000 | &nbsp;&nbsp;&nbsp;&nbsp; 66759864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/43 | &nbsp;&nbsp;&nbsp;&nbsp; 73148000 | &nbsp;&nbsp;&nbsp;&nbsp; 62478910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 81454000 | &nbsp;&nbsp;&nbsp;&nbsp; 73655313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 68607000 | &nbsp;&nbsp;&nbsp;&nbsp; 61643587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp; 10200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9300476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 3/1/48 | &nbsp;&nbsp;&nbsp;&nbsp; 21247000 | &nbsp;&nbsp;&nbsp;&nbsp; 18332776 |
| LyondellBasell Industries NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp; 34310000 | &nbsp;&nbsp;&nbsp;&nbsp; 25367422 |
| Macy's, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 7/15/34<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 55190000 | &nbsp;&nbsp;&nbsp;&nbsp; 46103518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/34 | &nbsp;&nbsp;&nbsp;&nbsp; 11932000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8304314 |
| Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; .983%, 9/1/24 | &nbsp;&nbsp;&nbsp;&nbsp; 22155000 | &nbsp;&nbsp;&nbsp;&nbsp; 20514648 |
| Nordstrom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 19907000 | &nbsp;&nbsp;&nbsp;&nbsp; 18354254 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 8/15/24 | &nbsp;&nbsp; 209901000 | &nbsp;&nbsp; 201055814 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 4/1/30 | &nbsp;&nbsp; 130520000 | &nbsp;&nbsp; 111281652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp; 28275000 | &nbsp;&nbsp;&nbsp;&nbsp; 20742847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp; 32153000 | &nbsp;&nbsp;&nbsp;&nbsp; 21647543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 3/25/51 | &nbsp;&nbsp;&nbsp;&nbsp; 60860000 | &nbsp;&nbsp;&nbsp;&nbsp; 43359053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 11/9/52 | &nbsp;&nbsp;&nbsp;&nbsp; 59350000 | &nbsp;&nbsp;&nbsp;&nbsp; 63494088 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/17/29 | &nbsp;&nbsp;&nbsp;&nbsp; 29005000 | &nbsp;&nbsp;&nbsp;&nbsp; 29424946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/17/32 | &nbsp;&nbsp;&nbsp;&nbsp; 33745000 | &nbsp;&nbsp;&nbsp;&nbsp; 34400537 |
| Prosus NV<sup>(f)</sup> (China) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.257%, 1/19/27<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6995212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 7/6/27<sup>(a)</sup> <br>| &nbsp;&nbsp; 195473000 | &nbsp;&nbsp; 184233303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 1/21/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 209841000 | &nbsp;&nbsp; 174471573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.061%, 7/13/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 517884000 | &nbsp;&nbsp; 399330414 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.193%, 1/19/32<sup>(a)</sup> <br>| $72130000 | $59714109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.027%, 8/3/50<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2635668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.987%, 1/19/52<sup>(a)</sup> <br>| &nbsp;&nbsp; 349201000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246471796 |
| RELX PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/18/29 | &nbsp;&nbsp;&nbsp;&nbsp; 58740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54398699 |
| TC Energy Corp. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/20/75<sup>(d)(e)</sup> <br>| &nbsp;&nbsp; 270121000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255264345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 8/15/76<sup>(d)(e)</sup> <br>| &nbsp;&nbsp; 186751000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177523314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 3/15/77<sup>(d)(e)</sup> <br>| &nbsp;&nbsp; 288066000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241975440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/15/79<sup>(d)(e)</sup> <br>| &nbsp;&nbsp; 155773000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134466333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 3/7/82<sup>(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 72625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62094375 |
| Telecom Italia SPA (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.303%, 5/30/24<sup>(a)</sup> <br>| &nbsp;&nbsp; 408704000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387222518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 7/18/36 | &nbsp;&nbsp;&nbsp;&nbsp; 69968000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56807019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.721%, 6/4/38 | &nbsp;&nbsp; 175032000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145276560 |
| The Walt Disney Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp; 75362000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85347213 |
| The Williams Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/30 | &nbsp;&nbsp; 109165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95440654 |
| T-Mobile U.S., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/15/26 | &nbsp;&nbsp; 109975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100037769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 4/15/29 | &nbsp;&nbsp; 111580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98276261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/30 | &nbsp;&nbsp; 186307000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168759629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 18595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15190629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/15/31 | &nbsp;&nbsp; 111565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96369782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 27255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27009265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 4/15/40 | &nbsp;&nbsp;&nbsp;&nbsp; 51525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43971414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/50 | &nbsp;&nbsp;&nbsp;&nbsp; 30705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25243733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/15/52 | &nbsp;&nbsp;&nbsp;&nbsp; 94060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63203517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 1/15/53 | &nbsp;&nbsp;&nbsp;&nbsp; 65470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63367713 |
| Ultrapar Participacoes SA (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/6/26<sup>(a)</sup> <br>| &nbsp;&nbsp; 152925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146425688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/6/29<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 50542000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47762190 |
| Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.061%, 1/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1208533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1208181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.698%, 1/2/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.082%, 1/2/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2012375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.866%, 7/2/30 | &nbsp;&nbsp;&nbsp;&nbsp; 14783068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15194867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.176%, 1/2/31 | &nbsp;&nbsp;&nbsp;&nbsp; 15027678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15471518 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 3/21/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2076455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.272%, 1/15/36 | &nbsp;&nbsp; 164899000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146790549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 3/22/51 | &nbsp;&nbsp;&nbsp;&nbsp; 48185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34324738 |
| VMware, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; .60%, 8/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 50075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48766758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 83510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72801225 |
| Vodafone Group PLC (United <br> Kingdom)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/4/79<sup>(d)(e)</sup> <br>| &nbsp;&nbsp; 241700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243012431 |
| Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/13/25 | &nbsp;&nbsp; 101339000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100962524 |
|  |  | &nbsp;&nbsp; 14191105459 |
| Utilities: 2.8% | Utilities: 2.8% | Utilities: 2.8% |
| Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 30710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27339982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 23545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20748238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/1/54<sup>(d)(e)</sup> <br>| &nbsp;&nbsp; 238711000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223613167 |
| Enel SPA (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/32<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6439480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/14/32<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 84400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89191193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 9/15/37<sup>(a)</sup> <br>| &nbsp;&nbsp; 138532000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137193544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/7/39<sup>(a)</sup> <br>| &nbsp;&nbsp; 161310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146771664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/14/52<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31007002 |

---

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

------

Portfolio of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 9/24/73<sup>(a)(d)(e)</sup> <br>| $33849000 | $33877043 |
| NextEra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.255%, 9/1/24 | &nbsp;&nbsp;&nbsp;&nbsp; 87765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86573809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/15/27 | &nbsp;&nbsp; 138275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135959638 |
| The Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.475%, 8/1/24 | &nbsp;&nbsp; 118235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116753572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113%, 8/1/27 | &nbsp;&nbsp; 169325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168696532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/15/51<sup>(d)(e)</sup> <br>| &nbsp;&nbsp; 317969000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289351790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/15/51<sup>(d)(e)</sup> <br>| &nbsp;&nbsp; 145726000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117666666 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1631183320 |
|  |  | &nbsp;&nbsp; 24619050275 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Debt Securities** <br>(Cost $65,746,568,012) | &nbsp;&nbsp;&nbsp;&nbsp; **Total Debt Securities** <br>(Cost $65,746,568,012) | **$60146716023** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments: 2.7%** | **Short-Term Investments: 2.7%** | **Short-Term Investments: 2.7%** |
|  | **Par Value/** <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 2.3%** | **Repurchase Agreements: 2.3%** | **Repurchase Agreements: 2.3%** |
| Barclays Plc<sup>(g)</sup> <br>4.27%, dated 12/30/22, due 1/3/23, <br> maturity value $83,039,379<br>| $83000000 | $83000000 |
| Fixed Income Clearing Corporation<sup>(g)</sup> <br>4.26%, dated 12/30/22, due 1/3/23, <br> maturity value $610,288,733<br>| &nbsp;&nbsp; 610000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610000000 |
| Fixed Income Clearing Corporation<sup>(g)</sup> <br>1.80%, dated 12/30/22, due 1/3/23, <br> maturity value $247,516,493<br>| &nbsp;&nbsp; 247467000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247467000 |
| Royal Bank of Canada<sup>(g)</sup> <br>4.05%, dated 12/30/22, due 1/3/23, <br> maturity value $235,105,750<br>| &nbsp;&nbsp; 235000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000000 |
| Royal Bank of Canada<sup>(g)</sup> <br>4.24%, dated 12/30/22, due 1/3/23, <br> maturity value $83,039,102<br>| &nbsp;&nbsp;&nbsp;&nbsp; 83000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83000000 |
| Standard Chartered<sup>(g)</sup> <br>4.26%, dated 12/30/22, due 1/3/23, <br> maturity value $87,041,180<br>| &nbsp;&nbsp;&nbsp;&nbsp; 87000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1345467000 |
| **Money Market Fund: 0.4%** | **Money Market Fund: 0.4%** | **Money Market Fund: 0.4%** |
| State Street Institutional <br> U.S. Government Money Market Fund <br> - Premier Class<br>| &nbsp;&nbsp; 233142379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233142379 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $1,578,609,379) | &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $1,578,609,379) | **$1578609379** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments In Securities** <br>(Cost $67,325,177,391)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106.3% | **$61725325402** |
| Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.3)% | &nbsp;&nbsp;&nbsp; (3660538820) |
| **Net Assets** | **100.0%** | **$58064786582** |

---

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

---

| | |
|:---|:---|
| <sup>(a)</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>(b)</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>(c)</sup> <br>| The security was purchased on a to-be-announced (TBA) when-issued basis. |
| <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>| Subsidiary. Security may be issued by parent company or one of its subsidiaries. (see <br> below)<br>|
| <sup>(g)</sup> <br>| Repurchase agreements are collateralized by: <br>Barclays: U.S. Treasury Notes 1.125%-1.50%, 2/15/25-10/31/26. Total collateral <br> value is $84,700,200. <br>Fixed Income Clearing Corporation: U.S. Treasury Notes 4.00%, 10/31/29. <br> U.S. Treasury Inflation Indexed Notes 0.125%, 1/15/30. U.S. Treasury Bills, 2/21/23, <br> Federal Farm Credit Bank 3.875%, 12/20/29. Total collateral value is $874,616,457. <br>Royal Bank of Canada: U.S. Treasury Notes 1.00%-2.50%, 3/31/24-7/31/28. Total <br> collateral value is $324,507,893. <br>Standard Chartered: U.S. Treasury Notes 1.125%-4.00%, 7/31/23-5/15/51, <br> U.S. Treasury Inflation Indexed Notes 0.125%-1.00%, 7/15/26-2/15/48. Total <br> collateral value is $88,782,012.<br>|
| <sup>\*</sup> <br>| Rounds to 0.0%. |
|  | Debt securities are grouped by parent company unless otherwise noted. Actual <br> securities may be 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 |

---

See accompanying Notes to Financial StatementsDodge & Cox Income Fund <sup>◾</sup> PAGE 14

------

<br>Statement of Assets and Liabilities

---

| | |
|:---|:---|
|  | **December 31, 2022** |
| **Assets:** | **Assets:** |
| Investments in securities, at value (cost $67,325,177,391) | $61725325402 |
| Cash pledged as collateral for TBA securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24970000 |
| Cash denominated in foreign currency (cost $4,026,335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4026335 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10157148 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155646878 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485412673 |
| Expense reimbursement receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110773 |
| Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117589 |
|  | &nbsp;&nbsp; 62405766798 |
| **Liabilities:** | **Liabilities:** |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp; 4142101971 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178084983 |
| Management fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19805796 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987466 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 4340980216 |
| **Net Assets** | $58064786582 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $65343427343 |
| Accumulated loss | &nbsp;&nbsp;&nbsp; (7278640761) |
|  | $58064786582 |
| **Class I** | **Class I** |
| Total net assets | $53542062206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (par value $0.01 each, unlimited <br> shares authorized)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4390673839 |
| Net asset value per share | $12.19 |
| **Class X** | **Class X** |
| Total net assets | $4522724376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (par value $0.01 each, unlimited <br> shares authorized)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370697125 |
| Net asset value per share | $12.20 |

---

<br>Statement of Operations

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2022**<br>|
| **Investment Income:** |  |
| Dividends | $37678738 |
| Interest (net of foreign taxes of $565) | &nbsp;&nbsp;&nbsp; 1915165864 |
|  | &nbsp;&nbsp;&nbsp; 1952844602 |
| **Expenses:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209676535 |
| Administrative services fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38676324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719103 |
| Custody and fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 887533 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3076815 |
| Professional services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274731 |
| Shareholder reports | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1353071 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573329 |
| Trustees fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419119 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 858887 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256515447 |
| Expenses reimbursed by investment manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (401305) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256114142 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp; 1696730460 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | &nbsp;&nbsp; (1643000504) |
| Net change in unrealized appreciation/depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | &nbsp;&nbsp; (7671529841) |
| Net realized and unrealized loss | &nbsp;&nbsp; (9314530345) |
| **Net Change in Net Assets From Operations** | $(7617799885) |

---

<br>Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** |
| **Operations:** |  |  |
| Net investment income | $1696730460 | $1322133271 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (1643000504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520270278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7671529841) | &nbsp;&nbsp;&nbsp;&nbsp; (2491686605) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (7617799885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (649283056) |
| **Distributions to Shareholders:** |  |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (1595784153) | &nbsp;&nbsp;&nbsp;&nbsp; (2242262868) |
| Class X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61112262) | &nbsp;&nbsp;&nbsp;&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; (1656896415) | &nbsp;&nbsp;&nbsp;&nbsp; (2242262868) |
| **Fund Share Transactions:** |  |  |
| **Class I** |  |  |
| Proceeds from sales of shares | &nbsp;&nbsp;&nbsp; 14160294176 | &nbsp;&nbsp;&nbsp; 17567911713 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1350893039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1942900567 |
| Cost of shares redeemed | &nbsp;&nbsp; (24610745173) | &nbsp;&nbsp; (13908738357) |
| **Class X** |  |  |
| Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4768983317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57313700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (225238772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net change from Fund share <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4498499713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5602073923 |
| Total change in net assets | &nbsp;&nbsp; (13773196013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2710527999 |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp; 71837982595 | &nbsp;&nbsp;&nbsp; 69127454596 |
| End of year | $58064786582 | $71837982595 |
| **Share Information:** |  |  |
| **Class I** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1111446487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1224368526 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108706141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137362390 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1937824931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (970754666) |
| Net change in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (717672303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390976250 |
| **Class X** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384282770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4689449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18275094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net change in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370697125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

PAGE 15 <sup>◾</sup> Dodge & Cox Income FundSee accompanying Notes to Financial Statements

------

Notes to Financial Statements

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

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

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

The Fund is an investment company and follows the accounting and reporting guidance issued in Topic 946 by the Financial Accounting Standards Board. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require the use of estimates and assumptions by management. Actual results may differ from those estimates. Significant accounting policies are as follows:

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

Debt securities are valued using prices received from independent pricing services which utilize dealer quotes, recent transaction data, pricing models, and other inputs to arrive at market-based valuations. Pricing models may consider quoted prices for similar securities, interest rates, cash flows (including prepayment speeds), and credit risk. Short-term securities less than 60 days to maturity may be valued at amortized cost if amortized cost approximates current value. Mutual funds are valued at their respective net asset values. Security values are not discounted based on the size of the Fund's position and may differ from the value a Fund receives upon sale of the securities. All securities held by the Fund are denominated in U.S. dollars.

If market quotations are not readily available or if normal valuation procedures produce valuations that are deemed unreliable or inappropriate under the circumstances existing at the time, the investment will be valued at fair value as determined in good faith by Dodge & Cox. The Board of Trustees has appointed Dodge & Cox, the Fund's investment manager, as its "valuation designee", as permitted by Rule 2a-5 under the Investment Company Act of 1940, to make fair value determinations in accordance with the Dodge & Cox Funds Valuation Policies ("Valuation Policies"), subject to Board oversight. Dodge & Cox has established a Pricing Committee that is comprised of representatives from Treasury, Legal, Compliance, and Operations. The Pricing Committee is responsible for implementing the Valuation Policies, including determining the fair value of securities and other investments when necessary. The Pricing Committee considers rel

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

Valuing securities through a fair value determination involves greater reliance on judgment than valuation of securities based on readily available market quotations. In some instances, lack of information and uncertainty as to the significance of information may lead to a conclusion that a prior valuation is the best indication of a security's value. When fair value pricing is employed, the prices of securities used by the Fund to calculate its net asset value may differ from quoted or published prices for the same securities.

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

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

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

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

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

Repurchase agreements Repurchase agreements are transactions under which a Fund purchases a security from a counterparty and agrees to resell the security to that counterparty on a specified future date at the same price, plus a specified interest rate. The Fund's repurchase agreements are secured by U.S. government or agency securities. It is the Fund's policy that its regular custodian or third party custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. In the event of default by the counterparty, the Fund has the contractual

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

------

Notes to Financial Statements

right to liquidate the collateral securities and to apply the proceeds in satisfaction of the obligation.

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

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

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

**Note 2: Valuation Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

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

The following is a summary of the inputs used to value the Fund's holdings at December 31, 2022:

---

| | | |
|:---|:---|:---|
| **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 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury | $— | $5456658065 |
| &nbsp;&nbsp;&nbsp; Government-Related | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2972735880 |
| &nbsp;&nbsp;&nbsp; Securitized | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 27098271803 |
| &nbsp;&nbsp;&nbsp; Corporate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 24619050275 |
| Short-Term Investments | Short-Term Investments | Short-Term Investments |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1345467000 |
| &nbsp;&nbsp;&nbsp; Money Market Fund | &nbsp;&nbsp; 233142379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

---

| | | |
|:---|:---|:---|
| **Classification** | **LEVEL 1**<br> **(Quoted Prices)**<br>| **LEVEL 2**<br> **(Other Significant**<br> **Observable Inputs)**<br>|
| Total Securities | $233142379 | $61492183023 |

---

**Note 3: Related Party Transactions**

Investment advisory fee From January 1, 2022 through April 30, 2022, the Fund paid an investment advisory fee monthly at an annual rate of 0.50% of the Fund's average daily net assets up to $100 million and 0.40% of the Fund's average daily net assets in excess of $100 million to Dodge & Cox, investment manager of the Fund. Effective May 1, 2022, the Fund pays an investment advisory fee monthly at an annual rate of 0.30% of the Fund's average daily net assets to Dodge & Cox. 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 Effective May 1, 2022, 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 also pays for the Fund's transfer agent fees.

Expense reimbursement Effective May 1, 2022, Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain the ratio of total operating expenses of the Class X shares to average net assets of the Class X shares at 0.33% through April 30, 2023. The term of the agreement is renewable annually thereafter and is subject to termination upon 30 days' written notice by either party prior to the end of the term. For the year ended December 31, 2022, Dodge & Cox reimbursed expenses of $401,305.

Fund officers and trustees All officers and two of the trustees of the Trust are current or former senior executive officers 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 distributions.

PAGE 17 <sup>◾</sup> Dodge & Cox Income Fund

------

Notes to Financial Statements

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2022**<br>| **Year Ended** <br>**December 31, 2021**<br>|
| Class I |  |  |
| Ordinary income | $1595784153 | $1630927049 |
| Long-term capital gain | $— | $611335819 |
| Class X |  |  |
| Ordinary income | $61112262 | $— |
| Long-term capital gain | $— | $— |

---

At December 31, 2022, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Capital loss carryforward<sup>1</sup> <br>| $(1678788772) |
| Net unrealized depreciation | &nbsp;&nbsp; (5599851989) |
| Total distributable earnings | $(7278640761) |

---

<sup>1</sup> Represents accumulated long-term capital loss as of December 31, 2022, which may be carried forward to offset future capital gains.

At December 31, 2022, unrealized appreciation and depreciation for investments based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | $67325177391 |
| Unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183761193 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp; (5783613182) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp; (5599851989) |

---

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

**Note 5: Loan Facilities**

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

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. For the year ended December 31, 2022, the Fund's commitment fee amounted to $359,890 and is reflected as a Miscellaneous Expense in the Statement of Operations. Interest on borrowings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the year.

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

For the year ended December 31, 2022, purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $9,024,580,686 and $2,922,705,714, respectively. For the year ended December 31, 2022, purchases and sales of U.S. government securities aggregated $67,426,999,803 and $77,455,069,157, respectively.

**Note 7: New Accounting Guidance**

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – *Facilitation of the Effects of Reference Rate Reform on Financial Reporting.* The amendments in the ASU provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate and other interbank-offered based reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848) - *Deferral of the Sunset Date of Topic 848*, which extends the period through December 31, 2024. Management has reviewed the requirements and believes the adoption of these ASUs 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 December 31, 2022, and through the date of the Fund's financial statements issuance, which require disclosure in the Fund's financial statements.

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

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Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Class I** |  |  |  |  |  |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $14.06 | &nbsp;&nbsp; $14.65 | &nbsp;&nbsp; $14.03 | &nbsp;&nbsp; $13.26 | &nbsp;&nbsp; $13.76 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.46) |
| **Net asset value, end of year** | &nbsp;&nbsp; $12.19 | &nbsp;&nbsp; $14.06 | &nbsp;&nbsp; $14.65 | &nbsp;&nbsp; $14.03 | &nbsp;&nbsp; $13.26 |
| **Total return** | &nbsp;&nbsp;&nbsp; (10.87)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.91)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31)% |
| **Ratios/supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $53542 | $71838 | $69127 | $63546 | $54314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate excluding TBA rolls<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37% |
| **Class X**<sup>(b)</sup> <br>|  |  |  |  |  |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $12.83 |  |  |  |  |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.60) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35) |  |  |  |  |
| **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.28) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.28) |  |  |  |  |
| **Net asset value, end of year** | &nbsp;&nbsp; $12.20 |  |  |  |  |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.72)% |  |  |  |  |
| **Ratios/supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (millions) | &nbsp;&nbsp; $4523 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33%<sup>(c)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets, before reimbursement by <br> investment manager<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.36%<sup>(c)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.53%<sup>(c)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate excluding TBA rolls<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34% |  |  |  |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) From 5/2/2022 (commencement of operations) to 12/31/2022

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

See accompanying Notes to Financial Statements

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

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Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Dodge & Cox Income Fund (one of the funds constituting Dodge & Cox Funds, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP <br>San Francisco, California <br>February 17, 2023

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

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

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Special 2022 Tax Information (unaudited)

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

For shareholders that are corporations, the Fund designates 98% of its ordinary dividends paid to shareholders in 2022 as Section 163(j) interest dividends.

Funds' Liquidity Risk Management Program <br>(unaudited)

The Funds have adopted and implemented a written liquidity risk management program ("Program") as required by Rule 22e-4 under the Investment Company Act. The Program is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources including the Funds' interfund lending facility and line of credit.

The Funds' Board of Trustees has approved the appointment of a Liquidity Risk Management Committee including representatives from Dodge & Cox's Legal, Compliance, Treasury, Operations, Trading, and Portfolio Management departments, which is responsible for the Program's administration and oversight and for reporting to the Board on at least an annual basis regarding the Program's operation and effectiveness.

The Liquidity Risk Management Committee refreshed its assessment of the Funds' liquidity risk profiles and considered the adequacy and effectiveness of the Program's operations for the 12 months ended September 30, 2022 (the "covered period") in order to prepare a written report to the Board of Trustees for consideration at its meeting held on December 14, 2022. The report concluded that (i) the Funds had adequate liquidity to operate effectively throughout the covered period; (ii) each Fund's investment strategy continues to be appropriate for an open end fund; and (iii) the Funds' Program is reasonably designed to assess and manage its liquidity risk.

Fund Holdings

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

Proxy Voting

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

available at dodgeandcox.com or shareholders may view the Fund's Form N-PX at sec.gov.

Household Mailings

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

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

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

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Dodge & Cox Funds — Executive Officer & Trustee Information

---

| | | | |
|:---|:---|:---|:---|
| **Name (Age) and** <br>**Address\***<br>| **Position with Trust** <br>**(Year of Election or** <br>**Appointment)**<br>| **Principal Occupation During Past Five Years and Other Relevant** <br> **Experience**<br>| **Other Directorships of Public Companies Held** <br>**by Trustees**<br>|
| **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** |
| **Charles F. Pohl** <br>**(64)**<br>| Trustee <br>(since 2014)<br>| Chairman and Director, Dodge & Cox (until 2022); Chief <br> Investment Officer (until 2022) and member of U.S. Equity <br> Investment Committee and Emerging Markets Equity <br> Investment Committee (until 2022); Global Equity Investment <br> Committee and International Equity Investment Committee <br> (until 2021); U.S. Fixed Income Investment Committee (until <br> 2019)<br>|  |
| **Dana M. Emery** <br>**(61)**<br>| Chair (since 2022) <br>President <br>(since 2014) and <br>Trustee (since 1993)<br>| Chair, Chief Executive Officer, and Director, Dodge & Cox; <br> President (until 2022); Co-Director of Fixed Income (until <br> 2020); Director of Fixed Income (until 2019); member of <br> U.S. Fixed Income Investment Committee and Global Fixed <br> Income Investment Committee <br>|  |
| **Roberta R.W. Kameda** <br>**(62)**<br>| Chief Legal Officer <br>(since 2019) and <br> Secretary (since 2017)<br>| Vice President, General Counsel, and Secretary (since 2017), <br> Dodge & Cox<br>|  |
| **Shelly Chu** <br>**(49)**<br>| Treasurer <br>(since 2021)<br>| Funds Treasurer (since 2021), Dodge & Cox; Vice President <br> (since 2020); Financial Oversight and Control Analyst (until <br> 2021)<br>|  |
| **Katherine M. Primas** <br>**(48)**<br>| Chief Compliance <br>Officer (since 2010)<br>| Vice President and Chief Compliance Officer, Dodge & Cox |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Luis Borgen** <br>**(52)**<br>| Trustee <br>(since 2022)<br>| CFO, athenahealth, Inc. (2019-2022) | Director, Synopsys Inc. (software <br> company); Director, Carter's Inc. <br> (children's apparel); Director, Eastern <br> Bankshares, Inc. (financial services and <br> banking services)<br>|
| **Caroline M. Hoxby** <br>**(56)**<br>| Trustee <br>(since 2017)<br>| Professor of Economics, Stanford University; Director of the <br> Economics of Education Program, National Bureau of <br> Economic Research; Senior Fellow, Hoover Institution and <br> Stanford Institute for Economic Policy Research<br>|  |
| **Thomas A. Larsen** <br>**(73)**<br>| Trustee <br>(since 2002)<br>| Senior Counsel, Arnold & Porter (law firm) (2015-2018); <br> Partner, Arnold & Porter (until 2015); Director, Howard, Rice, <br> Nemerovski, Canady, Falk & Rabkin (1977-2011)<br>|  |
| **Ann Mather** <br>**(62)**<br>| Trustee <br>(since 2011)<br>| CFO, Pixar Animation Studios (1999-2004) | Director, Alphabet Inc. (internet <br> information services); Director, Netflix, Inc. <br> (internet television); Director, Blend <br> (software company); Director, Bumble <br> (online dating) <br>|
| **Gabriela Franco** <br>**Parcella (54)**<br>| Trustee <br>(since 2020)<br>| President (since 2020) and Executive Managing Director, <br> Merlone Geier Partners (2018-2019); Chairman, President, <br> and CEO, Mellon Capital (2011 to 2017); COO, Mellon Capital <br> (1997 to 2011)<br>|  |
| **Shawn Purvis** <br>**(49)**<br>| Trustee <br>(since 2022)<br>| President and CEO, QinetiQ US (since 2022); Corporate Vice <br> President/President Enterprise Services, Northrop Grumman <br> (2012-2022)<br>|  |
| **Gary Roughead** <br>**(71)**<br>| Trustee <br>(since 2013)<br>| Robert and Marion Oster Distinguished Military Fellow, <br> Hoover Institution (since 2012); Admiral, United States Navy <br> (Ret.); U.S. Navy Chief of Naval Operations (2007-2011)<br>| Director, Northrop Grumman Corp. <br> (global security); Director, Maersk Line, <br> Limited (shipping and transportation)<br>|
| **Mark E. Smith** <br>**(71)**<br>| Trustee <br>(since 2014)<br>| Executive Vice President, Managing Director, Fixed Income at <br> Loomis Sayles & Company, L.P. (2003-2011)<br>|  |

---

\* The address for each Officer and Trustee is 555 California Street, 40th Floor, San Francisco, California 94104. Each Officer and Trustee oversees all seven series in the Dodge & Cox Funds complex and serves for an indefinite term.

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

Dodge & Cox Income Fund <sup>◾</sup> PAGE 22

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![](g451839imge072dc3f1.gif)

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Income Fund

**dodgeandcox.com** 

For Fund literature, transactions, and account <br>information, please visit the Funds' website.

or write or call:

**Dodge & Cox Funds**

P.O. Box 219502 <br>Kansas City, Missouri 64121-9502 <br>(800) 621-3979

**Investment Manager**

Dodge & Cox <br>555 California Street, 40th Floor <br>San Francisco, California 94104 <br>(415) 981-1710

**Principal Underwriter**

Foreside Fund Services, LLC <br>3 Canal Plaza, Suite 100 <br>Portland, Maine 04101 <br>

(866) 251-6920

**This report is submitted for the general information of the shareholders of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless it is accompanied by a current prospectus.** <br>**This report reflects our views, opinions, and portfolio holdings as of December 31, 2022, the end of the reporting period. Any such views are subject to change at any time based upon market or other conditions and Dodge & Cox disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dodge & Cox Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dodge & Cox Fund.**

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![](g451839img2d69bc4a1.gif)

2022 <br>**December 31, 2022**

------

**Annual Report**

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

**ESTABLISHED 2014**

12/22 GBF AR Printed on recycled paper ![](g451839img18d6372e2.gif)

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To Our Shareholders (unaudited)

The Dodge & Cox Global Bond Fund—Class I had a total return of -8.19% for the year ended December 31, 2022, compared to a return of -11.22% for the Bloomberg Global Aggregate Bond Index USD Hedged (Bloomberg Global Agg).<sup>1</sup>

**Market Commentary**

2022 was a historically challenging year for investors as nearly every asset class experienced negative returns. Inflation continued to rise around the world, and central bankers pursued aggressive rate hikes in response. As a result of tightening financial conditions, recession expectations intensified. The Russian invasion of Ukraine contributed to soaring global energy and food prices with an acute impact on Europe, where summer spikes in natural gas prices raised fears of energy shortages. Meanwhile, China's zero-COVID policy constrained growth for much of the year before restrictions were lifted in December. This mix of inflation, geopolitical risk, and recession fears led to relatively high volatility across interest rates, credit spreads, and currency markets. In this environment, major bond indices experienced double-digit declines, driven by rate increases as well as rising spreads for credit securities. Furthermore, the strength of the U.S. dollar was a headwind to returns on investments denominated in other currencies.

Within developed markets, year-over-year inflation reached multi-decade highs in several economies, including the United States (9.1% in June) and the European Union (11.5% in October). In emerging markets, the picture was mixed, as inflation was relatively moderate in Asia compared to Eastern Europe and Latin America. The rise in inflation globally was due in part to the economic rebound from COVID-related lockdowns and the stimulative policy measures many governments pursued in response. To combat inflation, central banks around the globe increased policy rates, and long-term rates rose significantly. Over the course of the year, the amount of negative-yielding debt fell from over $11 trillion to nearly zero.

During the first nine months of 2022, relatively high rates in the United States and surging demand for safe-haven assets bolstered the U.S. dollar against most developed and emerging market currencies. At its peak in late September, the broad trade-weighted dollar<sup>2</sup> was up more than 11%, before declining in the fourth quarter and finishing the year up 5.3%. Several currencies experienced double-digit declines, including the Colombian peso and the Japanese yen. However, a handful of currencies appreciated. For example, the Brazilian real and the Mexican peso rose by more than 5% on the back of monetary tightening, higher commodity prices, and declining risk premiums.

Credit spreads experienced several ups and downs on their way to finishing the year wider. Investment-grade corporate spreads rose to 147 basis points<sup>3</sup> (bps), while high-yield spreads rose to 502 bps. Credit markets performed strongly in the fourth quarter as spreads declined sharply due to improving global sentiment regarding inflation and the economic re-opening in China.

**Investment Strategy** <br>

Market volatility in 2022 created ample long-term investment opportunities. Across the three primary dimensions of our global bond strategy—credit, currency, and rates—2022 was an especially active

year for our Investment Committee. Employing our bottom up, valuation-driven approach, we added 13 percentage points to the Fund's credit<sup>4</sup> weighting, lengthened duration<sup>5</sup> by 0.6 years, and made several adjustment to our currency positioning, which included adding six percentage points to developed market currencies.<sup>6</sup>

Rates: Ready for a Reprieve

The upward movement in rates during 2022 was broad-based, sizable, and rapid. But we believe the worst pain is behind us as inflation appears to be moderating. The higher starting yield levels have increased income potential while providing a cushion against further rate increases. We lengthened the Fund's duration from 4.0 to 4.6 over the course of the year. While we are more comfortable with interest rate risk, we believe some caution is warranted given a still uncertain inflation outlook.

In the United States, we incrementally extended duration as we believe the Federal Reserve will ultimately be successful in returning inflation close to its 2% target, which should lead to stable or moderately lower long-term interest rates over our long-term investment horizon. In the near future, we anticipate the Fed will keep policy rates high until there is clear progress on reducing inflation and visible weakness in labor markets. Despite recent rate increases in Europe and Japan, we are still avoiding interest rate exposure to these economies because yields remain low and their central banks are further behind in their tightening process.

We continue to find compelling opportunities in emerging market government bonds. We find value in longer-maturity bonds in several Latin American markets, such as Brazil, Mexico, and Peru, where central banks have aggressively increased rates to help quell inflation and risk premiums are relatively high. In the fourth quarter, we extended the duration of our Korean bond holdings based on our view of favorable inflation trends and the increasing likelihood that the Bank of Korea is near the end of its hiking cycle. In addition, Korea's demographic profile and high savings rate could exert downward pressure on long-term interest rates over our investment horizon.

Currency: Finding Value in Developed Markets

As many currencies depreciated over the course of 2022, we opportunistically increased the Fund's non-U.S. dollar exposure, particularly to developed market currencies, such as the Australian dollar, euro, Japanese yen, and Swedish krona. We also made several changes to our emerging market currency exposures, including selling the Indian rupee and reducing the Indonesian rupiah, while adding to the Brazilian real and initiating a position in the Korean won. The Fund's developed market currency exposure increased from 2.2% to 8.0% over the course of the year, while the Fund's overall non-U.S. dollar weighting increased from 22.1% to 24.7%.

The Fund's newest currency exposure is the Australian dollar, which fell to 20-year valuation lows in 2022. The Australian economy is in a favorable position, bolstered by record trade surpluses, strong energy exports, a healthy fiscal position, and relatively better growth prospects than other developed countries. Reflecting our positive view of the currency, we established a 0.5% position in the bonds of

PAGE 1 <sup>◾</sup> Dodge & Cox Global Bond Fund

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New South Wales, the largest state in Australia. The bonds are rated AAA and offer some incremental yield over Australian government bonds.

Each of our currency investment decisions is based on a mix of valuation, economic, and policy factors, consistent with our bottom-up approach to portfolio construction. Metrics like purchasing power parity signaled significant and rare levels of undervaluation across our developed markets currency additions. Our research suggests that sizable starting levels of undervaluation can help long-term investors, like ourselves, in identifying attractive currencies.

Credit: Opportunistically Leaning In <br>

We were highly active in the Credit sector during 2022, increasing the Fund's weighting by nearly 13 percentage points to end the year at 61%. In the first half of the year, we added significantly to credit, particularly during periods of market weakness and volatility such as immediately following Russia's invasion of Ukraine. In the second half of the year, the Fund's exposure increased by roughly two percentage points.

The Utilities sector is one area where we were active during the year, as we added to our holdings in Enel, NextEra Energy, and Southern Company.<sup>7</sup> Enel is a large, Italy-based utility with operations across Europe and the Americas. We added to our position in subordinated Enel bonds during the first half of the year, and also purchased 30-year senior bonds during the fourth quarter. Although Enel's credit spreads were adversely affected during the year by Russia's invasion of Ukraine and the Italian elections, we believe these developments provided attractive opportunities to increase our position in a large, geographically diversified company with a relatively stable core business.

In general, credit valuations have become more attractive than they have been on average over the last decade and corporate fundamentals are generally strong. While recession risk remains front of mind, we have confidence in our deliberative, highly selective underwriting process, which has helped us weather previous periods of volatility and default cycles. We believe the Fund's holdings are attractively priced relative to their fundamentals and offer opportunities to earn incremental yield, while also offering the potential to appreciate in price.

**Conclusion** <br>

With significantly higher yields available across the markets and a possible turn in the U.S.-dollar cycle, we are optimistic about the return outlook for our portfolio. While economic and political uncertainties may persist, we believe these can create excellent opportunities for our active, bottom-up, and long-term investment approach.

Thank you for your continued confidence in Dodge & Cox. As always, we welcome your comments and questions.

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| |
|:---|
| For the Board of Trustees, |
| ![](g451839imgb6f06e603.gif) |
| Dana M. Emery, <br>Chair and President<br>|

---

January 31, 2023

---

| | |
|:---|:---|
| 1 | &nbsp;&nbsp; All returns are stated in U.S. dollars, unless otherwise noted. The Funds' total returns <br> include the reinvestment of dividend and capital gain distributions, but have not been <br> adjusted for any income taxes payable by shareholders on these distributions or on <br> Fund share redemptions. Index returns include dividend and/or interest income but, <br> unlike Fund returns, do not reflect fees or expenses. The Bloomberg Global <br> Aggregate Bond Index is a widely recognized, unmanaged index of multi-currency, <br> investment-grade fixed income securities. Bloomberg calculates a USD hedged <br> return by applying one-month forward rates to seek to eliminate the effect of non-<br> USD exposures.<br>|
| 2 | &nbsp;&nbsp; As measured by the Trade-Weighted U.S. Dollar Index, a measure of the value of the <br> United States dollar relative to other world currencies.<br>|
| 3 | One basis point is equal to 1/100th of 1%. |
| 4 | &nbsp;&nbsp; Credit refers to corporate bonds and government-related securities, as classified by <br> Bloomberg, as well as Rio Oil Finance Trust, an asset-backed security that we group <br> as a credit investment.<br>|
| 5 | &nbsp;&nbsp; Duration is a measure of a bond's (or a bond portfolio's) price sensitivity to changes <br> in interest rates.<br>|
| 6 | &nbsp;&nbsp; Unless otherwise specified, all weightings include accrued interest and weightings <br> and characteristics are as of December 31, 2022.<br>|
| 7 | &nbsp;&nbsp; The use of specific examples does not imply that they are more or less attractive <br> investments than the Fund's other holdings.<br>|

---

Dodge & Cox Global Bond Fund <sup>◾</sup> PAGE 2

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2022 Performance Review for the Fund's Class I Shares (unaudited)

The Fund returned -8.19% in 2022.

**Key contributors included the Fund's:**

<sup>◾</sup> Exposure to several Latin American currencies, including the Brazilian real and Mexican peso; and,

<sup>◾</sup> Holdings of certain credits, such as Petrobras, Southern Company, and Occidental Petroleum.

**Key detractors included the Fund's:**

<sup>◾</sup> Exposure to U.S. interest rates, as Treasury yields rose significantly during 2022;

<sup>◾</sup> Holdings of Russian local currency government bonds, which we sold early in the fourth quarter;

<sup>◾</sup> High allocation to Corporate bonds (42%\*), with British American Tobacco, Charter, and Prosus among weaker-performing holdings;

<sup>◾</sup> Holdings in Agency MBS detracted from returns; and,

<sup>◾</sup> Exposure to interest rates in several Latin American countries, including Colombia and Mexico.

\*Figures in this section denote Fund positioning at the beginning of

the period.

Key Characteristics of Dodge & Cox

**Independent Organization** 

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

**Over 90 Years of Investment Experience**

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

**Experienced Investment Team** 

The Global Fixed Income Investment Committee, which is the decision-making body for the Global Bond Fund, is a seven-member committee with an average tenure of 22 years at Dodge & Cox.

**One Business with a Single Decision-Making Office** 

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

**Consistent Investment Approach**

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

**Long-Term Focus and Low Expenses** 

We invest with a three- to five-year investment horizon. We manage Funds that maintain low expense ratios.

------

**Risks: The yields and market values of the instruments in which the Fund invests may fluctuate. Accordingly, an investment may be worth more or less than its original cost. Debt securities are subject to interest rate risk, credit risk, and prepayment and call risk, all of which could have adverse effects on the value of the Fund. A low interest rate environment creates an elevated risk of future negative returns. Financial intermediaries may restrict their market making activities for certain debt securities, which may reduce the liquidity and increase the volatility of such securities. Investing in non-U.S. securities may entail risk due to foreign economic and political developments; this risk may be increased when investing in emerging markets. The Fund is also subject to currency risk. Please read the prospectus and summary prospectus for specific details regarding the Fund's risk profile.**

**Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security. Please see the Portfolio of Investments section in this report for a complete list of fund holdings.**

PAGE 3 <sup>◾</sup> Dodge & Cox Global Bond Fund

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Growth of $10,000 Since Inception (unaudited)

For an Investment Made on December 31, 2012 ![](g451839img1098d70b4.gif)

**Average Annual Total Return**

For Periods Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Dodge & Cox Global Bond Fund |  |  |  |  |
| Class I | &nbsp;&nbsp; -8.19% | 0.61% | 2.41% | 2.63% |
| Class X<sup>(a)</sup> <br>| &nbsp;&nbsp; -8.23 | 0.60 | 2.40 | 2.63 |
| &nbsp;&nbsp;&nbsp; Bloomberg Global Aggregate Bond <br> Index (USD Hedged)<br>| -11.22 | -2.59 | 0.36 | 1.70 |

---

**Expense Ratios**

Per the Prospectus Dated May 1, 2022

---

| | |
|:---|:---|
|  | **Gross Expense** <br>**Ratio**<br>|
| Dodge & Cox Global Bond Fund |  |
| Class I<br> 0.45%<sup>(b)</sup> <br>| 0.54% |
| Class X<br> 0.37%<sup>(c)</sup> <br>| 0.49% |

---

<sup>(a)</sup> The Class X shares inception date is May 2, 2022. The returns shown prior to that date are for the Class I shares. 

<sup>(b)</sup> Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain Total Annual Fund Operating Expenses of the Dodge & Cox Global Bond Fund — Class I shares at 0.45% through April 30, 2023. The term of the agreement renews annually thereafter unless terminated with 30 days' written notice by either party prior to the end of the term. The agreement does not permit Dodge & Cox to recoup any fees waived or payments made to the Fund for a prior year. 

<sup>(c)</sup> Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain Total Annual Fund Operating Expenses of the Dodge & Cox Global Bond Fund — Class X shares at 0.37% until April 30, 2023. These agreements cannot be terminated prior to April 30, 2023 other than by resolution of the Fund's Board of Trustees. The term of the agreement renews annually unless terminated with 30 days' written notice by either party prior to the end of the term. The agreement does not permit Dodge & Cox to recoup any fees waived or payments made to the Fund for a prior year. 

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

A private fund managed and funded by Dodge & Cox (the "Private Fund") was reorganized into the Fund and the Fund commenced operations on May 1, 2014. The Private Fund commenced operations on December 5, 2012 and had an investment objective, policies, and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, the Private Fund was not registered as an investment company under the Investment Company Act of 1940 (the "1940 Act"), and therefore was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code, which, if applicable, may have adversely affected its performance.

The Fund's total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include interest income but, unlike Fund returns, do not reflect fees or expenses. The Bloomberg Global Aggregate Bond Index (Bloomberg Global Agg) is a widely recognized, unmanaged index of multi-currency, investment-grade fixed income securities. Bloomberg calculates a USD hedged return by applying one-month forward rates to seek to eliminate the effect of non-USD exposures.

*Bloomberg is a registered trademark of Bloomberg Finance L.P. and its affiliates. For more information about this index, visit: www.dodgeandcox.com/globalbondfund*

Dodge & Cox Global Bond Fund <sup>◾</sup> PAGE 4

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Portfolio Information (unaudited) December 31, 2022

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| | |
|:---|:---|
| **Sector Diversification** | **% of Net Assets** |
| Corporate | **53.0** |
| Government | **27.9** |
| Government-Related | **5.9** |
| Securitized | **10.0** |
| Net Cash & Other<sup>(a)</sup> <br>| **3.2** |

---

---

| | |
|:---|:---|
| **Five Largest Countries**<sup>(b),(c)</sup> <br>| **% of Net Assets** |
| United States | **42.5** |
| United Kingdom | **10.3** |
| Mexico | **8.1** |
| Brazil | **6.0** |
| Italy | **5.3** |

---

<sup>(a)</sup> Net Cash & Other includes cash, short-term investments, unrealized gain (loss) on derivatives, receivables, and payables. 

<sup>(b)</sup> The Fund usually classifies a company or issuer based on its country of risk, but may designate a different country in certain circumstances. 

<sup>(c)</sup> Excludes currency and interest rate derivatives.

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Fund Expense Example (unaudited)

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

Actual Expenses

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

Hypothetical Example for Comparison with Other Mutual Funds

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Six Months Ended** <br>**December 31, 2022**<br>| **Beginning Account Value** <br>**7/1/2022**<br>| **Ending Account Value** <br>**12/31/2022**<br>| **Expenses Paid** <br>**During Period\***<br>| **Annualized** <br>**Expense Ratio**<br>|
| **Class I** |  |  |  |  |
| Based on actual return | $1000.00 | $1034.90 | $2.31 | 0.45% |
| Based on hypothetical 5% yearly return | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.94 | &nbsp;&nbsp; 2.29 | 0.45 |
| **Class X** |  |  |  |  |
| Based on actual return | $1000.00 | $1035.60 | $1.90 | 0.37% |
| Based on hypothetical 5% yearly return | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.34 | &nbsp;&nbsp; 1.89 | 0.37 |

---

\* Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

PAGE 5 <sup>◾</sup> Dodge & Cox Global Bond Fund

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Consolidated Portfolio of Investments December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Debt Securities: 96.8%** | **Debt Securities: 96.8%** | **Debt Securities: 96.8%** | **Debt Securities: 96.8%** |
|  |  | **Par Value** | **Value** |
| **Government: 27.9%** | **Government: 27.9%** | **Government: 27.9%** | **Government: 27.9%** |
| Brazil Government (Brazil) | Brazil Government (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 1/1/25 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20463000 | $3707887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 1/1/27 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66012000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11549047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 1/1/33 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35880349 |
| Colombia Government (Colombia) | Colombia Government (Colombia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 3/17/27<sup>(a)</sup> <br>| COP | &nbsp;&nbsp; 43259792915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8189646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/18/34 | COP | 112600000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15276384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/4/35<sup>(a)</sup> <br>| COP | &nbsp;&nbsp; 53687091150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9512423 |
| Indonesia Government (Indonesia) | Indonesia Government (Indonesia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/15/36 | &nbsp;&nbsp;&nbsp; IDR | 281189000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19683918 |
| Japan Government (Japan) | Japan Government (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 12/20/24 | &nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 7205600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54965569 |
| Malaysia Government (Malaysia) | Malaysia Government (Malaysia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.899%, 11/16/27 | MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15722990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.893%, 6/8/38 | MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57968000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13998269 |
| Mexico Government (Mexico) | Mexico Government (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/5/26 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331179200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15372262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/30/28<sup>(a)</sup> <br>| MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329127620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16651376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/7/47 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 833620900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38139552 |
| Norway Government (Norway) | Norway Government (Norway) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/14/24<sup>(b)</sup> <br>| NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201752000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20555715 |
| Peru Government (Peru) | Peru Government (Peru) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 8/12/32 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67681000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15641982 |
| Poland Government (Poland) | Poland Government (Poland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 7/25/25 | PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56193000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11761458 |
| South Africa Government (South <br> Africa) | South Africa Government (South <br> Africa) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 3/31/32 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19211531 |
| South Korea Government (South <br> Korea) | South Korea Government (South <br> Korea) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/10/32 | KRW | &nbsp;&nbsp; 21500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16386295 |
| U.S. Treasury Note/Bond <br> (United States) | U.S. Treasury Note/Bond <br> (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/30/24 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14923242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 10/15/24 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14008008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/15/25 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8233047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 9/30/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26097500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29835937 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435304387 |
| **Government-Related: 5.9%** | **Government-Related: 5.9%** | **Government-Related: 5.9%** | **Government-Related: 5.9%** |
| Chicago Transit Authority RB <br> (United States) | Chicago Transit Authority RB <br> (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.899%, 12/1/40 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2549272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.899%, 12/1/40 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376849 |
| Colombia Government International <br> (Colombia) | Colombia Government International <br> (Colombia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/45 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1428642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 5/15/49 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2349746 |
| Indonesia Government International <br> (Indonesia) | Indonesia Government International <br> (Indonesia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 3/23/34 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7607967 |
| Kommuninvest Cooperative Society <br> (Sweden) | Kommuninvest Cooperative Society <br> (Sweden) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 2/4/26<sup>(c)</sup> <br>| SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13087245 |
| New South Wales Treasury Corp <br> (Australia) | New South Wales Treasury Corp <br> (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/20/27<sup>(c)</sup> <br>| AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7796063 |
| Petroleo Brasileiro SA (Brazil) | Petroleo Brasileiro SA (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/16/34 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1595309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 3/17/44 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2267565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 3/19/49 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3814291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/3/50 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7724558 |
| Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/26/29<sup>(c)</sup> <br>| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7600000 | $6354600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/21/47 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2311000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1474415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 1/23/50 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24441321 |
| State of Illinois GO (United States) | State of Illinois GO (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 6/1/33 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8234560 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91102403 |
| **Securitized: 10.0%** | **Securitized: 10.0%** | **Securitized: 10.0%** | **Securitized: 10.0%** |
| Asset-Backed: 4.0% | Asset-Backed: 4.0% | Asset-Backed: 4.0% | Asset-Backed: 4.0% |
| **Other: 1.0%** | **Other: 1.0%** | **Other: 1.0%** | **Other: 1.0%** |
| Rio Oil Finance Trust (Brazil) | Rio Oil Finance Trust (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 7/6/24<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4687768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4734646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 1/6/27<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4538798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4697656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20%, 4/6/28<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5829869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5888167 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15320469 |
| **Student Loan: 3.0%** | **Student Loan: 3.0%** | **Student Loan: 3.0%** | **Student Loan: 3.0%** |
| Navient Student Loan Trust <br> (United States) | Navient Student Loan Trust <br> (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 1-Month | &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 1-Month | &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 1-Month |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.25% 5.639%, 6/25/65<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1084742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1051051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.35% 5.739%, 6/25/65<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16261065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16042687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.00% 5.389%, 9/27/66<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3863000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3682888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.55% 0.70%, 2/25/70<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6183958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6004914 |
| Navient Student Loan Trust (Private <br> Loans) (United States) | Navient Student Loan Trust (Private <br> Loans) (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A B, 3.91%, <br> 12/16/58<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1346355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A B, 3.16%, <br> 11/15/68<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1652088 |
| SLM Student Loan Trust <br> (United States) | SLM Student Loan Trust <br> (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 1-Month | &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 1-Month | &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 1-Month |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.95% 5.339%, 9/25/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1373020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1329189 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 3-Month | &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 3-Month | &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 3-Month |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.11% 4.879%, 12/15/32<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2063555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1829736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.45% 5.219%, 12/15/32<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.49% 4.848%, 4/27/43 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7769698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7438594 |
| SMB Private Education Loan Trust <br> (Private Loans) (United States) | SMB Private Education Loan Trust <br> (Private Loans) (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B A2A, 2.82%, <br> 10/15/35<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 639727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 609059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C B, 4.00%, <br> 11/17/42<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A APT2, 1.07%, <br> 1/15/53<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4383113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3758345 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46287866 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61608335 |
| CMBS: 0.1% | CMBS: 0.1% | CMBS: 0.1% | CMBS: 0.1% |
| **Agency CMBS: 0.1%** | **Agency CMBS: 0.1%** | **Agency CMBS: 0.1%** | **Agency CMBS: 0.1%** |
| Freddie Mac Military Housing Trust <br> Multifamily (United States) | Freddie Mac Military Housing Trust <br> Multifamily (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.195%, 11/25/52<sup>(b)(d)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 963994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 868426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.492%, 11/25/55<sup>(b)(d)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1553237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1396855 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2265281 |
| Mortgage-Related: 5.9% | Mortgage-Related: 5.9% | Mortgage-Related: 5.9% | Mortgage-Related: 5.9% |
| **Federal Agency CMO & REMIC: 0.0%** | **Federal Agency CMO & REMIC: 0.0%** | **Federal Agency CMO & REMIC: 0.0%** | **Federal Agency CMO & REMIC: 0.0%** |
| Fannie Mae (United States) | Fannie Mae (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust 2004-W9 1A3, 6.05%, <br> 2/25/44<br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229473 |
| Freddie Mac (United States) | Freddie Mac (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4283 EW, 4.50%, <br> 12/15/43<sup>(d)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40589 |

---

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

------

Consolidated Portfolio of Investments December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  |  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4319 MA, 4.50%, <br> 3/15/44<sup>(d)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142696 | $139540 |
| Ginnie Mae (United States) | Ginnie Mae (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-169 JZ, 4.00%, <br> 12/20/40<br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110909 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520511 |
| **Federal Agency Mortgage Pass-Through: 5.9%** | **Federal Agency Mortgage Pass-Through: 5.9%** | **Federal Agency Mortgage Pass-Through: 5.9%** | **Federal Agency Mortgage Pass-Through: 5.9%** |
| Fannie Mae, 15 Year (United States) | Fannie Mae, 15 Year (United States) | Fannie Mae, 15 Year (United States) | Fannie Mae, 15 Year (United States) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/25 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2365 |
| Fannie Mae, 30 Year (United States) | Fannie Mae, 30 Year (United States) | Fannie Mae, 30 Year (United States) | Fannie Mae, 30 Year (United States) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% 4/1/39 - 2/1/45 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% 6/1/50 - 3/1/52 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37652944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32272568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% 9/1/50 - 1/1/51 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11261278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9248622 |
| Fannie Mae, Hybrid ARM (United States) | Fannie Mae, Hybrid ARM (United States) | Fannie Mae, Hybrid ARM (United States) | Fannie Mae, Hybrid ARM (United States) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83% 8/1/44 - 9/1/44<sup>(d)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62139 |
| Freddie Mac, Hybrid ARM (United States) | Freddie Mac, Hybrid ARM (United States) | Freddie Mac, Hybrid ARM (United States) | Freddie Mac, Hybrid ARM (United States) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/1/44<sup>(d)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/1/44<sup>(d)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 1/1/45<sup>(d)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87536 |
| 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) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/35 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% 8/1/44 - 7/1/47 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409215 |
| 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) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% 6/1/50 - 2/1/51 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30815913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26420760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/1/51 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12243031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10455915 |
| UMBS TBA, 30 Year (United States) | UMBS TBA, 30 Year (United States) | UMBS TBA, 30 Year (United States) | UMBS TBA, 30 Year (United States) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/1/52<sup>(e)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13242000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12027745 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91806200 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92326711 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156200327 |
| **Corporate: 53.0%** | **Corporate: 53.0%** | **Corporate: 53.0%** | **Corporate: 53.0%** |
| Financials: 15.4% | Financials: 15.4% | Financials: 15.4% |  |
| Bank of America Corp. (United States) | Bank of America Corp. (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.183%, 11/25/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8583931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.11%, 1/29/37 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2275561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.846%, 3/8/37<sup>(f)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10226548 |
| Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.836%, 5/9/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8321017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.501%, 8/9/28<sup>(f)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1234885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.746%, 8/9/33 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1889323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.564%, 9/23/35 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4489573 |
| BNP Paribas SA (France) | BNP Paribas SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 9/28/25<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3194573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/12/26<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5406861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/13/27<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7278009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.588%, 8/12/35<sup>(b)(f)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7337150 |
| Boston Properties, Inc. (United States) | Boston Properties, Inc. (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/1/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1907547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/30/31 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5022073 |
| Capital One Financial Corp. <br> (United States) | Capital One Financial Corp. <br> (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.927%, 5/10/28<sup>(f)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4259672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.268%, 5/10/33<sup>(f)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8081613 |
| Citigroup, Inc. (United States) | Citigroup, Inc. (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 6/15/32 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8884000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9355357 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 3-Month | &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 3-Month | &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 3-Month |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +6.37%,10.785%, <br> 10/30/40<sup>(g)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4162250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4768274 |
| Goldman Sachs Group, Inc. <br> (United States) | Goldman Sachs Group, Inc. <br> (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.615%, 3/15/28<sup>(f)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11037820 |
| HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.762%, 3/29/33<sup>(f)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6608290 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.113%, 11/3/33<sup>(f)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 | $8464637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/2/36 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4542420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/15/37 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1121560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/29/40<sup>(c)</sup> <br>| GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5041000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5557347 |
| JPMorgan Chase & Co. <br> (United States) | JPMorgan Chase & Co. <br> (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%, 3/11/27<sup>(c)(f)</sup> <br>| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12787703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.493%, 3/24/31<sup>(f)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1984657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.522%, 4/22/31<sup>(f)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1636574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.956%, 5/13/31<sup>(f)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7044822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.717%, 9/14/33<sup>(f)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3733404 |
| Lloyds Banking Group PLC (United <br> Kingdom) | Lloyds Banking Group PLC (United <br> Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/4/24 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2146901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.582%, 12/10/25 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6390763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 3/24/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4021626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.953%, 11/15/33 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1587752 |
| NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 5/28/24 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2624003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.642%, 6/14/27<sup>(f)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6175067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.032%, 11/28/35<sup>(f)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7601982 |
| Navient Corp. (United States) | Navient Corp. (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/25/24 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18475618 |
| UniCredit SPA (Italy) | UniCredit SPA (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.459%, 6/30/35<sup>(b)(f)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20229957 |
| Wells Fargo & Co. (United States) | Wells Fargo & Co. (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 7/22/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3753075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%, 2/11/31<sup>(f)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4223138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.897%, 7/25/33<sup>(f)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2658693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.606%, 1/15/44 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2666109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/4/44 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462977 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241168862 |
| Industrials: 31.5% | Industrials: 31.5% | Industrials: 31.5% |  |
| Altria Group, Inc. (United States) | Altria Group, Inc. (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 2/14/49 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17940236 |
| AT&T, Inc. (United States) | AT&T, Inc. (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 9/4/36 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8736315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/1/37 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6431405 |
| Bayer AG (Germany) | Bayer AG (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/12/79<sup>(c)(f)(g)</sup> <br>| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25001954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/25/82<sup>(c)(f)(g)</sup> <br>| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5432531 |
| British American Tobacco PLC (United <br> Kingdom) | British American Tobacco PLC (United <br> Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, <sup>(c)(f)(g)(h)</sup> <br>| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42678564 |
| Cemex SAB de CV (Mexico) | Cemex SAB de CV (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/19/29<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7943958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 9/17/30<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10583603 |
| Charter Communications, Inc. <br> (United States) | Charter Communications, Inc. <br> (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/32 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16059300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/33<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6444732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/1/48 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3479433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/53 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7506172 |
| CVS Health Corp. (United States) | CVS Health Corp. (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 3/25/38 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2664482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/25/48 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3298477 |
| Elanco Animal Health, Inc. <br> (United States) | Elanco Animal Health, Inc. <br> (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 8/28/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21035032 |
| Ford Motor Credit Co. LLC<sup>(i)</sup> <br> (United States) | Ford Motor Credit Co. LLC<sup>(i)</sup> <br> (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/6/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3163023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.063%, 11/1/24 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9389503 |

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

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Consolidated Portfolio of Investments December 31, 2022

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| | | | |
|:---|:---|:---|:---|
| **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) | **Debt Securities** (continued) |
|  |  | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/16/25 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8175000 | $7858968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.134%, 8/4/25 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1240187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/13/25 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5424077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.389%, 1/8/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2971357 |
| GE HealthCare Technologies, Inc.<sup>(i)</sup> <br> (United States) | GE HealthCare Technologies, Inc.<sup>(i)</sup> <br> (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.857%, 3/15/30<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1765299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.905%, 11/22/32<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5336421 |
| Grupo Televisa SAB (Mexico) | Grupo Televisa SAB (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 3/11/32 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1464000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1719014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/24/49 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1324390 |
| HCA Healthcare, Inc. (United States) | HCA Healthcare, Inc. (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/32<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4019230 |
| Holcim, Ltd. (Switzerland) | Holcim, Ltd. (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 7/15/36 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1224450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/12/43<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1194277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/22/46<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2683959 |
| Imperial Brands PLC (United Kingdom) | Imperial Brands PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/7/32<sup>(c)</sup> <br>| GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17382000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17809508 |
| Kinder Morgan, Inc. (United States) | Kinder Morgan, Inc. (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 1/15/38 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5607488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/44 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2030056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 6/1/45 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6610633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 2/15/46 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3328817 |
| Millicom International Cellular SA <br> (Guatemala) | Millicom International Cellular SA <br> (Guatemala) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 1/15/28<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17868502 |
| MTN Group, Ltd. (South Africa) | MTN Group, Ltd. (South Africa) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.755%, 11/11/24<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500280 |
| News Corp. (United States) | News Corp. (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/15/29<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6288577 |
| Occidental Petroleum Corp. <br> (United States) | Occidental Petroleum Corp. <br> (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 3/15/46 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10418524 |
| Oracle Corp. (United States) | Oracle Corp. (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 3/25/51 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4132148 |
| Prosus NV<sup>(i)</sup> (China) | Prosus NV<sup>(i)</sup> (China) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.193%, 1/19/32<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1655736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.031%, 8/3/32<sup>(b)</sup> <br>| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24648526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.027%, 8/3/50<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.832%, 2/8/51<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2326046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.987%, 1/19/52<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3070301 |
| QVC, Inc.<sup>(i)</sup> (United States) | QVC, Inc.<sup>(i)</sup> (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 2/15/25 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7305437 |
| TC Energy Corp. (Canada) | TC Energy Corp. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/20/75<sup>(f)(g)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3236625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 8/15/76<sup>(f)(g)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1188235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 3/15/77<sup>(f)(g)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28142000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23639280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/15/79<sup>(f)(g)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4354944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 3/7/82<sup>(f)(g)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1624500 |
| Telecom Italia SPA (Italy) | Telecom Italia SPA (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.303%, 5/30/24<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4547712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 7/18/36 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20283000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16467768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.721%, 6/4/38 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3403000 |
| The Williams Companies, Inc. <br> (United States) | The Williams Companies, Inc. <br> (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/24/44 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6547000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6233220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 9/15/45 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3410059 |
| T-Mobile U.S., Inc. (United States) | T-Mobile U.S., Inc. (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/15/31 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22998660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 3/15/32 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11543970 |
| Ultrapar Participacoes SA (Brazil) | Ultrapar Participacoes SA (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/6/26<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6874850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/6/29<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1449000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1369305 |

---

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| | | | |
|:---|:---|:---|:---|
|  |  | **Par Value** | **Value** |
| VMware, Inc. (United States) | VMware, Inc. (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 8/15/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4150000 | $3617831 |
| Vodafone Group PLC (United <br> Kingdom) | Vodafone Group PLC (United <br> Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/4/79<sup>(f)(g)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13824662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/27/80<sup>(c)(f)(g)</sup> <br>| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10782034 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491016175 |
| Utilities: 6.1% | Utilities: 6.1% | Utilities: 6.1% |  |
| Dominion Energy (United States) | Dominion Energy (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/1/54<sup>(f)(g)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13394000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12546865 |
| Enel SPA (Italy) | Enel SPA (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/14/52<sup>(b)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4166316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 9/24/73<sup>(b)(f)(g)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32983000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33010326 |
| NextEra Energy, Inc. (United States) | NextEra Energy, Inc. (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/32 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4413338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 5/1/79<sup>(f)(g)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7333751 |
| The Southern Co. (United States) | The Southern Co. (United States) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.475%, 8/1/24 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1876194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113%, 8/1/27 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4408576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 7/1/46 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7505905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/15/51<sup>(f)(g)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1501500 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 3-Month | &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 3-Month | &nbsp;&nbsp;&nbsp;&nbsp; USD LIBOR 3-Month |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +3.63%,8.399%, 3/15/57<sup>(g)</sup> <br>| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17920000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94682771 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 826867808 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Debt Securities** <br>(Cost $1,741,637,106)<br>|  |  | **$1509474925** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Short-Term Investments: 2.2%** | **Short-Term Investments: 2.2%** | **Short-Term Investments: 2.2%** | **Short-Term Investments: 2.2%** |
|  |  | **Par Value/** <br>**Shares**<br>| **Value** |
| **Repurchase Agreements: 1.8%** | **Repurchase Agreements: 1.8%** | **Repurchase Agreements: 1.8%** | **Repurchase Agreements: 1.8%** |
| Barclays Plc<sup>(j)</sup> <br>4.27%, dated 12/30/22, <br>due 1/3/23, maturity value <br> $2,000,949<br>| USD | &nbsp;&nbsp; 2000000 | $2000000 |
| Fixed Income Clearing <br> Corporation<sup>(j)</sup> <br>1.80%, dated 12/30/22, <br>due 1/3/23, maturity value <br> $10,827,165<br>| USD | 10825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10825000 |
| Royal Bank of Canada<sup>(j)</sup> <br>4.05%, dated 12/30/22, <br>due 1/3/23, maturity value <br> $12,005,400<br>| USD | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000000 |
| Royal Bank of Canada<sup>(j)</sup> <br>4.24%, dated 12/30/22, <br>due 1/3/23, maturity value <br> $2,000,942<br>| USD | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| Standard Chartered<sup>(j)</sup> <br>4.26%, dated 12/30/22, <br>due 1/3/23, maturity value <br> $2,000,947<br>| USD | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28825000 |

---

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

------

Consolidated Portfolio of Investments December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Short-Term Investments** (continued) | **Short-Term Investments** (continued) | **Short-Term Investments** (continued) | **Short-Term Investments** (continued) |
|  |  | **Par Value/**<br> **Shares**<br>| **Value** |
| **Money Market Fund: 0.4%** | **Money Market Fund: 0.4%** | **Money Market Fund: 0.4%** | **Money Market Fund: 0.4%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund - Premier Class <br>| USD | &nbsp;&nbsp; 6233892 | $6233892 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $35,058,892) | &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $35,058,892) | &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $35,058,892) | **$35058892** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments in Securities** <br>(Cost $1,776,695,998)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.0% | **$1544533817** |
| Other Assets Less Liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15500476 |
| **Net Assets** |  | **100.0%**  | **$1560034293** |

---

---

| | |
|:---|:---|
| <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>| 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>(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>| The security was purchased on a to-be-announced (TBA) when-issued basis. |
| <sup>(f)</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>(g)</sup> <br>| Hybrid security: characteristics of both a debt and equity security. |
| <sup>(h)</sup> <br>| Perpetual security: no stated maturity date. |
| <sup>(i)</sup> <br>| Subsidiary. Security may be issued by parent company or one of its subsidiaries. (see <br> below)<br>|
| <sup>(j)</sup> <br>| Repurchase agreements are collateralized by: <br>Barclays: U.S. Treasury Note 1.25%, 11/30/26. Total collateral value is $2,041,047. <br>Fixed Income Clearing Corporation: U.S. Treasury Notes 1.50%-4.25%, 2/28/23-<br> 11/15/40. Total collateral value is $11,041,517. <br>Royal Bank of Canada: U.S. Treasury Notes 0.50%-1.375%, 9/30/23-5/31/27. Total <br> collateral value is $14,286,549. <br>Standard Chartered: U.S. Treasury Notes 1.875%-3.125%, 7/31/23-8/15/52. Total <br> collateral value is $2,040,970.<br>|
|  | Debt securities are grouped by parent company unless otherwise noted. Actual <br> securities may be 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 |
| AUD: Australian Dollar |
| BRL: Brazilian Real |
| COP: Colombian Peso |
| EUR: Euro |
| GBP: British Pound |
| IDR: Indonesian Rupiah |
| JPY: Japanese Yen |
| KRW: South Korean Won |
| MXN: Mexican Peso |
| MYR: Malaysian Ringgit |
| NOK: Norwegian Krone |
| PEN: Peruvian Nuevo Sol |
| PLN: Polish Zloty |
| SEK: Swedish Krona |
| USD: United States Dollar |
| ZAR: South African Rand |

---

PAGE 9 <sup>◾</sup> Dodge & Cox Global Bond FundSee accompanying Notes to Consolidated Financial Statements

------

Consolidated Portfolio of Investments December 31, 2022

**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— Long Position | 216 | 3/22/23 | $24256125 | $(67467) |
| Euro-Bobl Future— Short Position | (402) | &nbsp;&nbsp; 3/8/23 | &nbsp;&nbsp; (49809621) | &nbsp;&nbsp; 1563712 |
| Euro-Bund Future— Short Position | (489) | &nbsp;&nbsp; 3/8/23 | &nbsp;&nbsp; (69582182) | &nbsp;&nbsp; 4500571 |
| UK-Gilt Future— Short Position | (212) | 3/29/23 | &nbsp;&nbsp; (25604112) | &nbsp;&nbsp; 1598860 |
|  |  |  |  | $7595676 |

---

**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>|
| **COP: Colombian Peso** | **COP: Colombian Peso** | **COP: Colombian Peso** | **COP: Colombian Peso** | **COP: Colombian Peso** | **COP: Colombian Peso** | **COP: Colombian Peso** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | 8/16/23 | COP | 21694800693 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4326845 | $(48149) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 8/16/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7439386 | COP | 34979990693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered | 8/16/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1332769 | COP | &nbsp;&nbsp; 6300000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90269 |
| **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** | **EUR: Euro** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | 3/15/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 506494 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44021) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | 3/15/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 674122 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 682438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59897) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | 3/15/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2841898 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2812808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (183512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 3/15/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70497189 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68789899 | &nbsp;&nbsp; (3492106) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | 6/14/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2690372 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2518029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32999) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | 6/14/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28184711 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26379133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (345609) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank | 6/14/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2320633 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2196658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55160) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | 6/14/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1991324 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1894338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57495) |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 6/14/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3160872 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2974661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56369) |
| **GBP: British Pound** | **GBP: British Pound** | **GBP: British Pound** | **GBP: British Pound** | **GBP: British Pound** | **GBP: British Pound** | **GBP: British Pound** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | 3/15/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1506199 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1346800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (124847) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank | 3/15/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15326587 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13059019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (488575) |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered | 3/15/23 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3142103 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3911874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (106621) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | 6/14/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10463927 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8479930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175633 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | 6/14/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2472464 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2041535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4433) |
| **HUF: Hungarian Forint** | **HUF: Hungarian Forint** | **HUF: Hungarian Forint** | **HUF: Hungarian Forint** | **HUF: Hungarian Forint** | **HUF: Hungarian Forint** | **HUF: Hungarian Forint** |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | &nbsp;&nbsp; 8/4/25 | HUF | &nbsp;&nbsp; 3641696381 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7425971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721680 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan | &nbsp;&nbsp; 8/4/25 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 887000000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1704294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280211 |
| **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** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | 1/11/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19316490 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329259237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50504) |
| 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; 1808348 |
| 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; (5150297) |
| Net unrealized loss on currency forward contracts | Net unrealized loss on currency forward contracts | Net unrealized loss on currency forward contracts |  |  |  | $(3341949) |

---

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 10

------

Consolidated <br>Statement of Assets and Liabilities

---

| | |
|:---|:---|
|  | **December 31, 2022** |
| **Assets:** | **Assets:** |
| Investments in securities, at value (cost $1,776,695,998) | $1544533817 |
| Unrealized appreciation on currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1808348 |
| Cash pledged as collateral for currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4120000 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| Cash denominated in foreign currency (cost $506,491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 506393 |
| Deposits with broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6145519 |
| Receivable for variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 733890 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9432 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2338813 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22301659 |
| Expense reimbursement receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77517 |
| Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3215 |
|  | &nbsp;&nbsp; 1582578703 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5150297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash received as collateral for currency forward <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200000 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12235918 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3023891 |
| Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4334 |
| Management fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595528 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334442 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22544410 |
| **Net Assets** | $1560034293 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid in capital | $1840764375 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp; (280730082) |
|  | $1560034293 |
| **Class I** | **Class I** |
| Total net assets | $1508540809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (par value $0.01 each, unlimited <br> shares authorized)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149712588 |
| Net asset value per share | $10.08 |
| **Class X** | **Class X** |
| Total net assets | $51493484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (par value $0.01 each, unlimited <br> shares authorized)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5112348 |
| Net asset value per share | $10.07 |

---

Consolidated <br>Statement of Operations

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2022**<br>|
| **Investment Income:** |  |
| Dividends | $515302 |
| Interest (net of foreign taxes of $326,125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75696842 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76212144 |
| **Expenses:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6971229 |
| Administrative services fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1086806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5996 |
| Custody and fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307034 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81169 |
| Professional services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379177 |
| Shareholder reports | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130949 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117123 |
| Trustees fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419119 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49592 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9548194 |
| Expenses reimbursed by investment manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1800132) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7748062 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68464082 |
| **Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of foreign capital gains <br> tax of $97,101)<br>| &nbsp;&nbsp; (108829312) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53726377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27555685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1152448) |
| Net change in unrealized appreciation/depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of change in deferred <br> foreign capital gains tax of $(173060))<br>| &nbsp;&nbsp; (212063231) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7637567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6324115) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192932 |
| Net realized and unrealized loss | &nbsp;&nbsp; (239256545) |
| **Net Change in Net Assets From Operations** | $(170792463) |

---

PAGE 11 <sup>◾</sup> Dodge & Cox Global Bond FundSee accompanying Notes to Consolidated Financial Statements

------

Consolidated <br>Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** |
| **Operations:** |  |  |
| Net investment income | $68464082 | $44456148 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28699698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17447925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp; (210556847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74230747) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (170792463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12326674) |
| **Distributions to Shareholders:** |  |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77376506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70646770) |
| Class X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1620083) | &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; (78996589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70646770) |
| **Fund Share Transactions:** |  |  |
| **Class I** |  |  |
| Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581767908 | &nbsp;&nbsp; 1368488152 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71081719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65982461 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (885172827) | &nbsp;&nbsp;&nbsp;&nbsp; (341716570) |
| **Class X** |  |  |
| Proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50703910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1620083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1380107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net change from Fund share <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (181379314) | &nbsp;&nbsp; 1092754043 |
| Total change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; (431168366) | &nbsp;&nbsp; 1009780599 |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1991202659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 981422060 |
| End of year | $1560034293 | $1991202659 |
| **Share Information:** |  |  |
| **Class I** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54950114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114479230 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7022303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5688988 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (84781844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28797852) |
| Net change in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22809427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91370366 |
| **Class X** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5086851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (135192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net change in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5112348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

See accompanying Notes to Consolidated Financial StatementsDodge & Cox Global Bond Fund <sup>◾</sup> PAGE 12

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Notes to Consolidated Financial Statements

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

Dodge & Cox Global Bond Fund (the "Fund") is one of the series constituting the Dodge & Cox Funds (the "Trust" or the "Funds"). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund commenced operations on May 1, 2014, and seeks a high rate of total return consistent with long-term preservation of capital. Foreign investing, especially in developing countries, has special risks such as currency and market volatility and political and social instability. These and other risk considerations are discussed in the Fund's Prospectus.

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

The Fund is an investment company and follows the accounting and reporting guidance issued in Topic 946 by the Financial Accounting Standards Board. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require the use of estimates and assumptions by management. Actual results may differ from those estimates. Significant accounting policies are as follows:

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

Debt securities are valued using prices received from independent pricing services which utilize dealer quotes, recent transaction data, pricing models, and other inputs to arrive at market-based valuations. Pricing models may consider quoted prices for similar securities, interest rates, cash flows (including prepayment speeds), and credit risk. Exchange-traded derivatives are 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 13 <sup>◾</sup> Dodge & Cox Global Bond Fund

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Notes to Consolidated Financial Statements

Foreign taxes The Fund is subject to foreign taxes which may be imposed by certain countries in which the Fund invests. The Fund endeavors to record foreign taxes based on applicable foreign tax law. Withholding taxes are incurred on certain foreign receipts and are accrued at the time the associated interest income is recorded.

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

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

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

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

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

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

The Fund may also enter into a Master Securities Forward Transaction Agreement ("MSFTA") with a counterparty to govern transactions of delayed delivery securities, including TBA securities. The

MSFTA provides for collateralization requirements and the right to offset amounts due to or from counterparties under specified conditions.

Consolidation The Fund may invest in certain securities through its wholly owned subsidiary, Dodge & Cox Global Bond Fund Cayman, Ltd. (the "Subsidiary"). The Subsidiary is a Cayman Islands exempted company and invests in certain securities consistent with the investment objective of the Fund. The Fund's Consolidated Financial Statements, including the Consolidated Portfolio of Investments, consist of the holdings and accounts of the Fund and the Subsidiary. All intercompany transactions and balances have been eliminated. At December 31, 2022, the Subsidiary had net assets of $100, which represented less than 0.01% of the Fund's consolidated net assets.

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

**Note 2: Valuation Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

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

The following is a summary of the inputs used to value the Fund's holdings at December 31, 2022:

---

| | | |
|:---|:---|:---|
| **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 |
| &nbsp;&nbsp;&nbsp; Government | $— | $435304387 |
| &nbsp;&nbsp;&nbsp; Government-Related | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91102403 |
| &nbsp;&nbsp;&nbsp; Securitized | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156200327 |
| &nbsp;&nbsp;&nbsp; Corporate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 826867808 |
| Short-Term Investments | Short-Term Investments | Short-Term Investments |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28825000 |
| &nbsp;&nbsp;&nbsp; Money Market Fund | &nbsp;&nbsp; 6233892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Securities | $6233892 | $1538299925 |
| **Other Investments** | **Other Investments** | **Other Investments** |

---

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

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Notes to Consolidated Financial Statements

---

| | | |
|:---|:---|:---|
| **Classification** | **LEVEL 1**<br> **(Quoted Prices)**<br>| **LEVEL 2**<br> **(Other Significant**<br> **Observable Inputs)**<br>|
| Futures Contracts | Futures Contracts | Futures Contracts |
| &nbsp;&nbsp;&nbsp; Appreciation | $7663143 | $— |
| &nbsp;&nbsp;&nbsp; Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Currency Forward Contracts | Currency Forward Contracts | Currency Forward Contracts |
| &nbsp;&nbsp;&nbsp; Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1808348 |
| &nbsp;&nbsp;&nbsp; Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5150297) |

---

**Note 3: Derivative Instruments**

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

Futures contracts Futures contracts involve an obligation to purchase or sell (depending on whether the Fund has entered a long or short futures contract, respectively) an asset at a future date, at a price set at the time 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 long and short 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. The Fund used long currency forward contracts to create exposure to the Hungarian forint.

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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on <br> currency forward contracts<br>| $— | $1808348 | $1808348 |
| Futures contracts<sup>(a)</sup> <br>| &nbsp;&nbsp; 7663143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 7663143 |
|  | $7663143 | $1808348 | $9471491 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on <br> currency forward contracts<br>| $— | $5150297 | $5150297 |
| Futures contracts<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67467 |
|  | $67467 | $5150297 | $5217764 |

---

&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 | $53726377 | $— | &nbsp;&nbsp; 53726377 |
| Currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 27555685 | &nbsp;&nbsp; 27555685 |
|  | $53726377 | $27555685 | $81282062 |
| **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 | $7637567 | $— | &nbsp;&nbsp;&nbsp;&nbsp; 7637567 |
| Currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6324115) | &nbsp;&nbsp;&nbsp; (6324115) |
|  | $7637567 | $(6324115) | $1313452 |

---

The following summarizes the range of volume in the Fund's derivative instruments during the year ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Derivative** |  | **% of Net Assets** |
| Futures contracts | USD notional value | &nbsp;&nbsp; 9-17% |
| Currency forward contracts | USD total value | 10-13% |

---

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

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

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Notes to Consolidated Financial Statements

under a master agreement are terminated because of an event of default or similar event, the values of all terminated contracts must be netted to determine a single payment owed by one party to the other. To the extent amounts owed to the Fund by its counterparties are not collateralized, the Fund is at risk of those counterparties' non-performance. The Fund attempts to mitigate counterparty credit risk by entering into contracts only with counterparties it believes to be of good credit quality, by exchanging collateral, and by monitoring the financial stability of those counterparties.

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

The Fund's ability to net assets and liabilities and to offset collateral pledged or received is based on contractual netting/offset provisions in the ISDA agreements. The following table presents the Fund's net exposure to each counterparty for derivatives that are subject to enforceable master netting arrangements as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $175633 | $(889538) | $640000 | $(73905) |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (543735) | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; (73735) |
| Goldman Sachs | &nbsp;&nbsp; 1262235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1060000) | &nbsp;&nbsp;&nbsp; 202235 |
| JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp; 280211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61928) | &nbsp;&nbsp;&nbsp;&nbsp; (140000) | &nbsp;&nbsp;&nbsp;&nbsp; 78283 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3548475) | &nbsp;&nbsp;&nbsp; 3010000 | &nbsp;&nbsp; (538475) |
| Standard Chartered | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90269 | &nbsp;&nbsp;&nbsp;&nbsp; (106621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16352) |
|  | $1808348 | $(5150297) | $2920000 | $(421949) |

---

<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 4: Related Party Transactions**

Investment advisory fee From January 1, 2022 through April 30, 2022, the Fund paid an investment advisory fee monthly at an annual rate of 0.50% of the Fund's average daily net assets to Dodge & Cox, investment manager of the Fund. Effective May 1, 2022, the Fund pays an investment advisory fee monthly at an annual rate of 0.35% of the Fund's average daily net assets to Dodge & Cox.

Administrative services fee Effective May 1, 2022, 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 also pays for the Fund's transfer agent fees.

Expense reimbursement Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain the ratio of total operating expenses of the Class I shares to average net assets of the Class I shares at 0.45% through April 30, 2023. Effective May 1, 2022, Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain the ratio of total operating expenses

of the Class X shares to average net assets of the Class X shares at 0.37% through April 30, 2023. The term of the agreement is renewable annually thereafter and is subject to termination upon 30 days' written notice by either party prior to the end of the term. For the year ended December 31, 2022, Dodge & Cox reimbursed expenses of $1,788,535 and $11,597 to Class I and Class X, respectively.

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

**Note 5: Income Tax Information and Distributions to Shareholders**

A provision for federal income taxes is not required since the Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income to shareholders. Distributions are determined in accordance with income tax regulations, and such amounts may differ from net investment income and realized gains for financial reporting purposes. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes. Financial reporting records are adjusted for permanent book to tax differences at year end to reflect tax character. Book to tax differences are primarily due to differing treatments of wash sales, foreign currency realized gain (loss), foreign capital gains tax, straddles, derivatives, and distributions.

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2022**<br>| **Year Ended** <br>**December 31, 2021**<br>|
| Class I |  |  |
| Ordinary income | $77376506 | $59011656 |
| Long-term capital gain | $— | $11635114 |
| Class X |  |  |
| Ordinary income | $1620083 | $— |
| Long-term capital gain | $— | $— |

---

At December 31, 2022, the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Capital loss carryforward<sup>1</sup> <br>| $(34603849) |
| Deferred loss<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (12931834) |
| Net unrealized depreciation | &nbsp;&nbsp; (233194399) |
| Total distributable earnings | $(280730082) |

---

<sup>1</sup> Represents accumulated long-term capital loss as of December 31, 2022, which may be carried forward to offset future capital gains. 

<sup>2</sup> Represents capital loss incurred between November 1, 2022 and December 31, 2022. As permitted by tax regulation, the Fund has elected to treat this loss as arising in 2023. 

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

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Notes to Consolidated Financial Statements

At December 31, 2022, unrealized appreciation and depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost | $1782053496 |
| Unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13528894 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (246794846) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; (233265952) |

---

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

**Note 6: Loan Facilities**

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

All Funds in the Trust participate in a $500 million committed credit facility (Line of Credit) with State Street Bank and Trust Company, to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The maximum amount available to the Fund is $250 million. Each Fund pays an annual commitment fee on its pro-rata portion of the Line of Credit. For the year ended December 31, 2022, the Fund's commitment fee amounted to $10,028 and is reflected as a Miscellaneous Expense in the Consolidated Statement of Operations. Interest on borrowings is charged at the prevailing rate. There were no borrowings on the Line of Credit during the year.

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

For the year ended December 31, 2022, purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $561,838,235 and $442,330,297, respectively. For the year ended December 31, 2022, purchases and sales of U.S. government securities aggregated $1,030,280,733 and $1,402,789,235, respectively.

**Note 8: New Accounting Guidance**

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – *Facilitation of the Effects of Reference Rate Reform on Financial Reporting.* The amendments in the ASU provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate and other interbank-offered based reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848) - *Deferral of the Sunset Date of Topic 848*, which extends the period through December 31, 2024. Management has reviewed the requirements and believes the adoption of these ASUs will not have a material impact on the financial statements.

**Note 9: Subsequent Events**

Fund management has determined that no material events or transactions occurred subsequent to December 31, 2022, 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 Global Bond Fund

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Consolidated Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected data and ratios** <br>**(for a share outstanding throughout each period)**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Class I** |  |  |  |  |  |
| **Net asset value, beginning of year** | $11.54 | $12.09 | $11.10 | $10.23 | $10.92 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp;&nbsp; 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (1.35) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp; 1.02 | &nbsp;&nbsp;&nbsp;&nbsp; 0.87 | &nbsp;&nbsp;&nbsp; (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp; (0.95) | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; 1.31 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25 | &nbsp;&nbsp;&nbsp; (0.16) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.53) |
| **Net asset value, end of year** | $10.08 | $11.54 | $12.09 | $11.10 | $10.23 |
| **Total return** | &nbsp;&nbsp;&nbsp; (8.19)% | &nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp; 11.87% | &nbsp;&nbsp; 12.23% | &nbsp;&nbsp;&nbsp; (1.45)% |
| **Ratios/supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $1509 | $1991 | &nbsp;&nbsp;&nbsp; $981 | &nbsp;&nbsp;&nbsp; $435 | &nbsp;&nbsp;&nbsp; $226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets, before reimbursement by investment <br> manager<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp;&nbsp; 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 3.97% | &nbsp;&nbsp;&nbsp;&nbsp; 2.82% | &nbsp;&nbsp;&nbsp;&nbsp; 3.23% | &nbsp;&nbsp;&nbsp;&nbsp; 4.21% | &nbsp;&nbsp;&nbsp;&nbsp; 4.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate excluding TBA rolls<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55% |
| **Class X**<sup>(b)</sup> <br>|  |  |  |  |  |
| **Net asset value, beginning of year** | $10.52 |  |  |  |  |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.26 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.24) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 0.02 |  |  |  |  |
| **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp; (0.47) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp; (0.47) |  |  |  |  |
| **Net asset value, end of year** | $10.07 |  |  |  |  |
| **Total return** | &nbsp;&nbsp;&nbsp;&nbsp; 0.21% |  |  |  |  |
| **Ratios/supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.37%<sup>(c)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets, before reimbursement by investment <br> manager<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47%<sup>(c)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 4.75%<sup>(c)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate excluding TBA rolls<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40% |  |  |  |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) From 5/2/2022 (commencement of operations) to 12/31/2022

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

See accompanying Notes to Consolidated Financial Statements

Dodge & Cox Global Bond Fund <sup>◾</sup> PAGE 18

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Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, of Dodge & Cox Global Bond Fund (one of the funds constituting Dodge & Cox Funds, referred to hereafter as the "Fund") as of December 31, 2022, the related consolidated statement of operations for the year ended December 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP <br>San Francisco, California <br>February 17, 2023

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

PAGE 19 <sup>◾</sup> Dodge & Cox Global Bond Fund

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Special 2022 Tax Information (unaudited)

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

For shareholders that are corporations, the Fund designates 99% of its ordinary dividends paid to shareholders in 2022 as Section 163(j) interest dividends.

Funds' Liquidity Risk Management Program <br>(unaudited)

The Funds have adopted and implemented a written liquidity risk management program ("Program") as required by Rule 22e-4 under the Investment Company Act. The Program is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources including the Funds' interfund lending facility and line of credit.

The Funds' Board of Trustees has approved the appointment of a Liquidity Risk Management Committee including representatives from Dodge & Cox's Legal, Compliance, Treasury, Operations, Trading, and Portfolio Management departments, which is responsible for the Program's administration and oversight and for reporting to the Board on at least an annual basis regarding the Program's operation and effectiveness.

The Liquidity Risk Management Committee refreshed its assessment of the Funds' liquidity risk profiles and considered the adequacy and effectiveness of the Program's operations for the 12 months ended September 30, 2022 (the "covered period") in order to prepare a written report to the Board of Trustees for consideration at its meeting held on December 14, 2022. The report concluded that (i) the Funds had adequate liquidity to operate effectively throughout the covered period; (ii) each Fund's investment strategy continues to be appropriate for an open end fund; and (iii) the Funds' Program is reasonably designed to assess and manage its liquidity risk.

Fund Holdings

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

Proxy Voting

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

also available at dodgeandcox.com or shareholders may view the Fund's Form N-PX at sec.gov.

Household Mailings

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

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

Dodge & Cox Global Bond Fund <sup>◾</sup> PAGE 20

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Dodge & Cox Funds — Executive Officer & Trustee Information

---

| | | | |
|:---|:---|:---|:---|
| **Name (Age) and** <br>**Address\***<br>| **Position with Trust** <br>**(Year of Election or** <br>**Appointment)**<br>| **Principal Occupation During Past Five Years and Other Relevant** <br> **Experience**<br>| **Other Directorships of Public Companies Held** <br>**by Trustees**<br>|
| **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** | **Interested Trustees and Executive Officers** |
| **Charles F. Pohl** <br>**(64)**<br>| Trustee <br>(since 2014)<br>| Chairman and Director, Dodge & Cox (until 2022); Chief <br> Investment Officer (until 2022) and member of U.S. Equity <br> Investment Committee and Emerging Markets Equity <br> Investment Committee (until 2022); Global Equity Investment <br> Committee and International Equity Investment Committee <br> (until 2021); U.S. Fixed Income Investment Committee (until <br> 2019)<br>|  |
| **Dana M. Emery** <br>**(61)**<br>| Chair (since 2022) <br>President <br>(since 2014) and <br>Trustee (since 1993)<br>| Chair, Chief Executive Officer, and Director, Dodge & Cox; <br> President (until 2022); Co-Director of Fixed Income (until <br> 2020); Director of Fixed Income (until 2019); member of <br> U.S. Fixed Income Investment Committee and Global Fixed <br> Income Investment Committee <br>|  |
| **Roberta R.W. Kameda** <br>**(62)**<br>| Chief Legal Officer <br>(since 2019) and <br> Secretary (since 2017)<br>| Vice President, General Counsel, and Secretary (since 2017), <br> Dodge & Cox<br>|  |
| **Shelly Chu** <br>**(49)**<br>| Treasurer <br>(since 2021)<br>| Funds Treasurer (since 2021), Dodge & Cox; Vice President <br> (since 2020); Financial Oversight and Control Analyst (until <br> 2021)<br>|  |
| **Katherine M. Primas** <br>**(48)**<br>| Chief Compliance <br>Officer (since 2010)<br>| Vice President and Chief Compliance Officer, Dodge & Cox |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Luis Borgen** <br>**(52)**<br>| Trustee <br>(since 2022)<br>| CFO, athenahealth, Inc. (2019-2022) | Director, Synopsys Inc. (software <br> company); Director, Carter's Inc. <br> (children's apparel); Director, Eastern <br> Bankshares, Inc. (financial services and <br> banking services)<br>|
| **Caroline M. Hoxby** <br>**(56)**<br>| Trustee <br>(since 2017)<br>| Professor of Economics, Stanford University; Director of the <br> Economics of Education Program, National Bureau of <br> Economic Research; Senior Fellow, Hoover Institution and <br> Stanford Institute for Economic Policy Research<br>|  |
| **Thomas A. Larsen** <br>**(73)**<br>| Trustee <br>(since 2002)<br>| Senior Counsel, Arnold & Porter (law firm) (2015-2018); <br> Partner, Arnold & Porter (until 2015); Director, Howard, Rice, <br> Nemerovski, Canady, Falk & Rabkin (1977-2011)<br>|  |
| **Ann Mather** <br>**(62)**<br>| Trustee <br>(since 2011)<br>| CFO, Pixar Animation Studios (1999-2004) | Director, Alphabet Inc. (internet <br> information services); Director, Netflix, Inc. <br> (internet television); Director, Blend <br> (software company); Director, Bumble <br> (online dating) <br>|
| **Gabriela Franco** <br>**Parcella (54)**<br>| Trustee <br>(since 2020)<br>| President (since 2020) and Executive Managing Director, <br> Merlone Geier Partners (2018-2019); Chairman, President, <br> and CEO, Mellon Capital (2011 to 2017); COO, Mellon Capital <br> (1997 to 2011)<br>|  |
| **Shawn Purvis** <br>**(49)**<br>| Trustee <br>(since 2022)<br>| President and CEO, QinetiQ US (since 2022); Corporate Vice <br> President/President Enterprise Services, Northrop Grumman <br> (2012-2022)<br>|  |
| **Gary Roughead** <br>**(71)**<br>| Trustee <br>(since 2013)<br>| Robert and Marion Oster Distinguished Military Fellow, <br> Hoover Institution (since 2012); Admiral, United States Navy <br> (Ret.); U.S. Navy Chief of Naval Operations (2007-2011)<br>| Director, Northrop Grumman Corp. <br> (global security); Director, Maersk Line, <br> Limited (shipping and transportation)<br>|
| **Mark E. Smith** <br>**(71)**<br>| Trustee <br>(since 2014)<br>| Executive Vice President, Managing Director, Fixed Income at <br> Loomis Sayles & Company, L.P. (2003-2011)<br>|  |

---

\* The address for each Officer and Trustee is 555 California Street, 40th Floor, San Francisco, California 94104. Each Officer and Trustee oversees all seven series in the Dodge & Cox Funds complex and serves for an indefinite term.

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

PAGE 21 <sup>◾</sup> Dodge & Cox Global Bond Fund

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![](g451839img2d69bc4a1.gif)

------

Global Bond Fund

**dodgeandcox.com** 

For Fund literature, transactions, and account <br>information, please visit the Funds' website.

or write or call:

**Dodge & Cox Funds**

P.O. Box 219502 <br>Kansas City, Missouri 64121-9502 <br>(800) 621-3979

**Investment Manager**

Dodge & Cox <br>555 California Street, 40th Floor <br>San Francisco, California 94104 <br>(415) 981-1710

**Principal Underwriter**

Foreside Fund Services, LLC <br>3 Canal Plaza, Suite 100 <br>Portland, Maine 04101 <br>

(866) 251-6920

**This report is submitted for the general information of the shareholders of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless it is accompanied by a current prospectus.** <br>**This report reflects our views, opinions, and portfolio holdings as of December 31, 2022, the end of the reporting period. Any such views are subject to change at any time based upon market or other conditions and Dodge & Cox disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dodge & Cox Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dodge & Cox Fund.**

------

(b) Not applicable.

ITEM 2. CODE OF ETHICS.

A code of ethics, as defined in Item 2 of Form N-CSR, adopted by the registrant and applicable to the registrant's principal executive officer and principal financial officer was in effect during the entire period covered by this report. A copy of the code of ethics as revised January 1, 2021 is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the registrant has determined that Ann Mather, Gabriela Franco Parcella and Mark E. Smith, members of the registrant's Audit and Compliance Committee, are each an "audit committee financial expert" and are "independent", as defined in Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a)– (d) Aggregate fees billed to the registrant for the fiscal years ended December 31, 2022 and December 31, 2021 for professional services rendered by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| (a) Audit Fees | $493740 | $485230 |
| (b) Audit-Related Fees |  |  |
| (c) Tax Fees | 352310 | 307380 |
| (d) All Other Fees |  |  |

---

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Tax fees include amounts related to tax advice and tax return preparation, compliance, and reviews.

(e)(1) The registrant's Audit and Compliance Committee has adopted policies and procedures ("Policies") which require the registrant's Audit and Compliance Committee to pre-approve all audit and non-audit services provided by the principal accountant to the registrant. The policies also require the Audit and Compliance Committee to pre-approve any engagement of the principal accountant to provide non-audit services to the registrant's investment adviser, if the services directly impact the registrant's operations and financial reporting. The Policies do not apply in the case of audit services that the principal accountant provides to the registrant's adviser. If a service (other than the engagement of the principal accountant to audit the registrant's financial statements) is required to be pre-approved under the Policies between regularly scheduled Audit and Compliance Committee meetings, pre-approval may be authorized by a designated Audit and Compliance Committee member with ratification at the next scheduled Audit and Compliance Committee meeting.

(e)(2) No services included in (b)—(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less than 50% of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) For the fiscal years ended December 31, 2022 and December 31, 2021, the aggregate fees billed by the registrant's principal accountant for non-audit services rendered to the registrant, for non-audit services rendered to the registrant's investment adviser, and for non-audit services rendered to entities controlled by the adviser were $933,626 and $736,260, respectively.

(h) All non-audit services described under (g) above that were not pre-approved by the registrant's Audit and Compliance Committee were considered by the registrant's Audit and Compliance Committee and found to be compatible with maintaining the principal accountant's independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a) The complete schedule of investments is included in Item 1(a) of this Form N-CSR.

(b) Not applicable.

------

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant's management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the registrant's disclosure controls and procedures. Based on that evaluation, the principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures were effective.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)(1) [The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached. (EX.99A)](d451839dex99codeeth.htm)

(a)(2) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached. (EX.99B)](d451839dex99cert.htm)

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached. (EX.99C)](d451839dex99906cert.htm)

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Dodge & Cox Funds | Dodge & Cox Funds |
| By | /s/ Dana M. Emery |
|  | Dana M. Emery |
|  | Chair and President - Principal Executive Officer |
|  | Date: February 28, 2023 |

---

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: February 28, 2023

## Ex-99.Code

---

| | | |
|:---|:---|:---|
| **DODGE & COX** | **INVESTMENT MANAGERS** | **SAN FRANCISCO** |

---

**(EX.99A)** 

**DODGE & COX FUNDS** 

**Dodge & Cox Stock Fund** 

**Dodge & Cox Global Stock Fund** 

**Dodge & Cox International Stock Fund** 

**Dodge & Cox Emerging Markets Stock Fund** 

**Dodge & Cox Balanced Fund** 

**Dodge & Cox Income Fund** 

**Dodge & Cox Global Bond Fund** 

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE OFFICER** 

**AND** 

**PRINCIPAL FINANCIAL OFFICER** 

**Effective January 1, 2021** 

**I.** **COVERED OFFICERS/PURPOSE OF THE CODE** 

Dodge & Cox Funds (the "Trust") Code of Ethics (this "Code") applies to the Trust's Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the U.S. Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

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| | | |
|:---|:---|:---|
| **DODGE & COX** | **INVESTMENT MANAGERS** | **SAN FRANCISCO** |

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**II.** **COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST** 

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his/her service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and are already subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The Trust and Dodge & Cox (the "Dodge & Cox Group") have adopted compliance programs and procedures that are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and Dodge & Cox, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for Dodge & Cox, or for both), be involved in establishing policies and implementing decisions that will have different effects on Dodge & Cox and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and Dodge & Cox and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following restrictions and disclosure requirements are intended to avoid actual and apparent conflicts of interest under this Code, but Covered Officers should keep in mind that these restrictions and disclosure requirements do not address every possible actual or apparent conflict of interest. **The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.**

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| | | |
|:---|:---|:---|
| **DODGE & COX** | **INVESTMENT MANAGERS** | **SAN FRANCISCO** |

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**III.** **GENERAL RESTRICTIONS AND DISCLOSURE REQUIREMENTS** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his/her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made or
contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• immediately report any affiliation with a brokerage firm or an issuer of securities in the Funds'
portfolios.

Covered Officers are prohibited from engaging in any of the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• serving as a director on the board of any public or private company excluding non-profit companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• owning any interest in, or any consulting or employment relationship with, any of the Trust's service
providers, other than Dodge & Cox;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• having a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**IV.** **DISCLOSURE AND COMPLIANCE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should familiarize himself/herself with the disclosure requirements generally applicable to
the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to
others, whether within or outside the Trust, including to the Trust's Board of Trustees (the "Board") and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other
officers and employees of the Trust and Dodge & Cox with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public
communications made by the Trust; and

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| | | |
|:---|:---|:---|
| **DODGE & COX** | **INVESTMENT MANAGERS** | **SAN FRANCISCO** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

**V.** **REPORTING AND ACCOUNTABILITY** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board that he has received, read, understands, and will comply with this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board that he has complied with the requirements of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of the Trust or Dodge & Cox for reports
of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the General Counsel promptly if he knows of any violation of this Code. Failure to do so is itself a
violation of this Code.

The General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.1 However, any approvals or waivers sought by Covered Officers will be considered by the Audit and Compliance Committee.

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the General Counsel will take all appropriate action to investigate any potential violations reported to him/her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is
not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the General Counsel believes is a violation will be reported to the Audit and Compliance
Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Audit and Compliance Committee concurs that a violation has occurred, it will inform and make a
recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures, notification to appropriate personnel of Dodge & Cox, or a
recommendation to dismiss the Covered Officer;

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1 The General Counsel is authorized to consult, as appropriate, with counsel to the Trust, and is encouraged to do so.

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| | | |
|:---|:---|:---|
| **DODGE & COX** | **INVESTMENT MANAGERS** | **SAN FRANCISCO** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Audit and Compliance Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**VI.** **OTHER POLICIES AND PROCEDURES** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust or Dodge & Cox purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Dodge & Cox Group Code of Ethics under Rule 17j-1 under the Investment Company Act and Dodge & Cox's more detailed policies and procedures set forth in Dodge & Cox's Compliance Manual are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VII.** **AMENDMENTS** 

Any substantive amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees.

**VIII.** **CONFIDENTIALITY** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the General Counsel, the Board and counsel to the Trust.

**IX.** **INTERNAL USE** 

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

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| | | |
|:---|:---|:---|
| **DODGE & COX** | **INVESTMENT MANAGERS** | **SAN FRANCISCO** |

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**Exhibit A** 

Persons Covered by this Code of Conduct:

Dana M. Emery, Principal Executive Officer

Shelly Chu, Principal Financial Officer

## Ex-99.Cert

**(EX.99B)** 

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: February 28, 2023

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| |
|:---|
| /s/ Dana M. Emery |
| Dana M. Emery |
| Chair and President – Principal Executive Officer |

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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: February 28, 2023

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| |
|:---|
| /s/ Shelly Chu |
| Shelly Chu |
| Treasurer – Principal Financial Officer |

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## Exhibit 99.906

**(EX.99C)** 

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: February 28, 2023 | /s/ Dana M. Emery |
|  | 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.

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| | |
|:---|:---|
| Date: February 28, 2023 | /s/ Shelly Chu |
|  | Shelly Chu |
|  | Treasurer – Principal Financial Officer |

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