30 June 2021

Global Fund Objective  The Fund seeks a high rate of total return consistent with long-term preservation of capital. Strategy  The Fund invests in a diversified portfolio of bonds and other debt instruments of issuers from at least three different countries, including emerging market countries. The Fund will invest in both U.S. dollar-denominated and non-U.S.--denominated debt instruments, including, but not limited to, government and government-related obligations, mortgage- and asset backed securities, corporate and municipal bonds, repurchase agreements, and other debt securities.  The proportions of the Fund’s assets held in the various debt instruments will be revised in light of Dodge & Cox’s appraisal of the global economy, the relative yields of securities in the various market sectors and countries, the potential for a currency’s appreciation, the investment prospects for issuers, the countries’ domestic and political conditions, and other factors. In selecting securities, Dodge & Cox considers many factors, including, without limitation, yield-to-maturity, covenants, credit quality, liquidity, call risk, and capital appreciation potential.  The Fund may enter into various currency, , and credit-related derivatives, including forwards, futures, and swaps. Risks  The yields and market values of the instruments in which the Fund invests may fluctuate. Accordingly, your 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. Investments in certain countries, particularly underdeveloped or developing countries, may be subject to heightened political and economic risks. The Fund’s use of derivatives involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other more traditional investments. Please read the prospectus for specific details regarding the Fund’s risk profile. General Information Asset Allocation Fund Total Net Assets $584.4 million Debt Securities 103.1% Fund Inception Date 1 May 2014 Net Cash & Other(j) -3.1% Portfolio Turnover (1/7/20 to 30/6/21)(a) 134% Number of Credit Issuers 53 Minimum Investment $50,000, £50,000,€50,000, or CHF50,000 Base Currency U.S. Dollar Structure UCITS Domicile Ireland Net Asset Value Expense Distribution Share Classes Per Share Ratio(b) Yield(c) SEDOL ISIN Bloomberg USD Accumulating Class $13.23 0.45% — B5568D6 IE00B5568D66 DCGBDUA GBP Distributing Class £12.45 0.45% 3.2% B556C01 IE00B556C015 DCGBDGI GBP Distributing Class (H) £9.45 0.45% 3.2% BLG2YK4 IE00BLG2YK48 DCGBGIH EUR Accumulating Class €15.47 0.45% — B51Q8R4 IE00B51Q8R41 DCGBDEA EUR Accumulating Class (H) €11.70 0.45% — BLG30W1 IE00BLG30W12 DCGBEAH EUR Distributing Class €11.87 0.45% 3.2% BLG2YF9 IE00BLG2YF94 DCGBDEI EUR Distributing Class (H) €8.93 0.45% 3.2% BLG2YG0 IE00BLG2YG02 DCGBEIH CHF Distributing Class (H)(l) CHF10.00 0.45% 3.2% BN6JJ48 IE00BN6JJ480 DOPGBHC BBG Barclays BBG Barclays Portfolio Characteristics Fund Global Agg Sector Diversification (%)(i) Fund Global Agg Effective Duration (years)(d) 4.6 7.5 Government 29.2 52.8 Emerging Markets(e) 26.6% 13.2% Government-Related 4.9 15.0 Non-USD Currency Exposure(f) 19.2% 57.7% Securitized 27.2 13.4 Corporate 41.8 18.7 (g) Five Largest Credit Issuers (%) Fund Net Cash & Other(j) -3.1 0.0 T-Mobile U.S., Inc. 2.5 TC Energy Corp. 2.2 BBG Barclays Charter Communications, Inc. 2.1 (e) (i) Region Diversification (%) Fund Global Agg Petroleos Mexicanos 1.9 United States 57.1 36.9 Telecom Italia SPA 1.9 Latin America 15.6 1.1 BBG Barclays Credit Quality (%)(h) (i) Fund Global Agg Europe (excluding United Kingdom) 13.8 24.1 AAA 32.5 37.1 Asia Pacific (excluding Japan) 8.1 12.6 AA 3.4 15.2 United Kingdom 5.5 5.4 A 5.8 31.5 Canada 2.2 3.5 BBB 36.4 16.2 Supranational 0.5 2.2 (k) BB 23.9 0.0 Africa 0.2 0.0 B 1.0 0.0 Japan 0.0 13.4 CCC and below 0.1 0.0 Middle East 0.0 0.8 Net Cash & Other(j) -3.1 0.0 Market values for debt securities include accrued interest. (a) Portfolio turnover is calculated as the lesser of portfolio purchases or sales divided by the average portfolio value. (b) Dodge & Cox has voluntarily agreed to reimburse the Fund for all ordinary expenses to the extent necessary to limit aggregate annual ordinary expenses to 0.45% of the average daily net assets of each share class. Dodge & Cox may terminate or modify this agreement upon 30 days’ notice to shareholders. (c) Distribution yield reflects the amounts that may be expected to be distributed over the next twelve months as a percentage of the current share price. The distribution yield is the same as the underlying yield. Investors may be subject to tax on their distributions. (d) Interest rate derivatives reduce total Fund duration by 1.4 years (i.e., total Fund duration is 6.0 years without derivatives). (e) The Fund may classify an issuer in a different category than the Bloomberg Barclays Global Aggregate Bond Index. The Fund generally classifies a corporate issuer based on the country of incorporation of the parent company, but may designate a different country in certain circumstances. (f) Non-USD currency exposure for the Fund reflects the value of the portfolio’s non-U.S. dollar denominated investments, as well as the impact of currency derivatives. (g) The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation to buy, sell, or hold any particular security and is not indicative of Dodge & Cox’s current or future trading activity. (h) The credit quality distributions shown for the Fund and the Index are based on the middle of Moody’s, S&P, and Fitch ratings, which is the methodology used by Bloomberg in constructing its indices. If a security is rated by only two agencies, the lower of the two ratings is used. Please note the Fund applies the highest of Moody’s, S&P, and Fitch ratings to comply with the quality requirements stated in its prospectus. On that basis, the Fund held 19.3% in securities rated below investment grade. The credit quality of the investments in the portfolio does not apply to the stability or safety of the Fund or its shares. (i) Region, sector, and quality weights exclude the effect of the Fund’s derivative contracts. (j) Net Cash & Other includes cash, short-term investments, unrealized gain (loss) on derivatives, receivables, and payables. Assets to cover payables for forward settle TBA mortgage security purchases are invested in short-maturity U.S. Treasuries. (k) Rounds to 0.0%. (l) The CHF Distributing Class (H) was funded on 30 June 2021. Average Annual Total Return1 Since For periods ended 30 June 2021 3 Monthsa 1 Year 3 Years 5 Years Inceptionb Global Bond Fund USD Accumulating Class 2.40% 8.98% 7.87% 6.34% 3.98% GBP Distributing Class 2.15 -2.44 6.20 5.53 6.91 GBP Distributing Class (H) 2.36 8.47 6.40 4.96 3.02 EUR Accumulating Class 1.31 3.27 7.31 4.93 6.28 EUR Accumulating Class (H) 2.18 7.83 5.48 4.06 2.21 EUR Distributing Class 1.34 3.19 7.30 4.94 6.28 EUR Distributing Class (H) 2.12 7.70 5.45 4.04 2.21 Bloomberg Barclays Global Agg Index (USD Hedged) 0.98 0.08 4.59 2.98 3.70 Bloomberg Barclays Global Agg Index (USD Unhedged) 1.31 2.63 4.23 2.34 1.98 (a) Returns for less than one year are not annualised. (b) Inception date is 1 May 2014. 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 above. Visit the Fund’s website at dodgeandcoxworldwide.com for current month-end performance figures.

The Global Bond Fund — USD Accumulating Class had a total return of 2.4% sectors where we viewed the risk/reward as less compelling, and we purchased for the second quarter of 2021, compared to 1.3% for the Bloomberg Barclays several shorter-dated, below-investment grade securities that provide income Global Aggregate Bond Index (Bloomberg Barclays Global Agg) and 1.0% for with relatively low sensitivity to spread widening. the Bloomberg Barclays Global Agg (USD Hedged). For the six months ended We are encouraged by the economic recovery underway and have confidence 30 June 2021 the USD Accumulating Class had a total return of 0.1%, compared in our opportunistic investment approach and the Fund’s carefully constructed to -3.2% for the Bloomberg Barclays Global Agg and -1.5% for the Bloomberg portfolio. However, bond yields generally remain quite low and temper our return Barclays Global Agg (USD Hedged). expectations. We thank you for your continued confidence in Dodge & Cox. Investment Commentary Second Quarter Performance Review The global economic recovery continued in the second quarter as growth The USD Accumulating Class returned 2.4% during the quarter. forecasts were revised upwards, albeit unevenly, across countries. Vaccination rates and economic activity were generally higher in developed markets Key Contributors 2 compared to emerging markets. Many of the extraordinary fiscal and monetary The Fund’s high allocation to credit (43% ) added to returns, led by energy- measures enacted to combat the pandemic’s economic impact remained related holdings (e.g., Petrobras, Occidental Petroleum, Kinder Morgan) and HSBC. in place as policymakers stressed the fragility of the recovery. However, as the quarter unfolded, a number of countries began to reduce monetary The Fund’s exposure to interest rates in the United States and several accommodation. Global bond returns were generally positive, driven by falling emerging market countries (e.g., Indonesia, Brazil) added to returns as long- term yields declined over the quarter. interest rates and strong performance. In the United States, the inflation outlook was front and center. Rising oil The Fund benefitted from its exposure to several emerging market prices and supply chain shortages drove inflation higher than many expected that appreciated versus the U.S. Dollar, led by the Brazilian real and Mexican and fueled debate on how long it would remain at elevated levels. In an effort peso. to quell market fears about inflation and prevent a disorderly rise in interest Year-to-Date Performance Review rates, Federal Reserve Chair Powell expressed confidence in the view that high The USD Accumulating Class returned 0.1% year to date. inflation would be transitory and stated that “substantial further progress” has yet to be made towards the Fed’s goals, especially with regard to the labour Key Contributors market. The Fed maintained its highly accommodative policies (including The Fund’s high allocation to Corporate credit (44%2) added to returns, led leaving the policy rate at the zero lower bound), but its messaging became by energy-related holdings (e.g., Occidental Petroleum, Kinder Morgan) and somewhat more hawkish. There is now more discussion about an accelerated HSBC. framework for the Fed tapering its $120 billion monthly bond purchases and The Fund’s holdings of government-related credit performed well, including initiating the next interest rate hiking cycle (e.g., the “dot plot” now indicates State of Illinois and Pemex. 2023 versus 2024 previously). The Fund benefited from its exposure to the Brazilian real, which appreciated Long-term U.S. interest rates declined during the second quarter, but still versus the U.S. Dollar significantly during the second quarter. ended higher than at the beginning of the year. Recent declines were attributed Key Detractors to falling inflation expectations following the Fed’s June meeting and concerns around the spread of virus variants. We take a multi-year perspective at Dodge The Fund’s exposure to interest rates in the United States and several & Cox, and believe the global economic recovery and central bank actions will emerging market countries (e.g., Mexico, Colombia, Brazil) detracted from eventually drive a moderate increase in long-term interest rates. returns as long-term government bond yields rose, particularly during the Like the Fed, central banks in other developed markets—including the first quarter. Eurozone, Japan, and the United Kingdom—also maintained accommodative policies. In contrast, central banks in a number of other countries such as Brazil, Hungary, Mexico, and Russia began hiking rates in the face of higher-than- 1 The Fund’s total returns include dividends and interest income and reflect the deduction of expenses expected inflation. charged to the Fund. Index returns include interest income but, unlike Fund returns, do not reflect fees or expenses. The Bloomberg Barclays Global Aggregate Bond Index is a widely recognised, unmanaged The U.S. dollar weakened during the quarter, ending approximately 1% lower index of multi-currency, investment-grade debt securities. All returns are stated in U.S. dollars, unless on a broad basis. Elsewhere, there was a wide divergence across emerging otherwise noted. Effective 15 January 2021, the benchmark was changed from the unhedged to the market currencies, driven by a range of factors including COVID-19, elections, hedged version of the Bloomberg Barclays Global Aggregate Bond Index. and commodity price exposures. The Brazilian real, one of our larger non-USD 2 Figures in this section denote Fund positioning at the beginning of the period. currency holdings, appreciated 13% due to central bank tightening, domestic Bloomberg is a registered trademark of Bloomberg Finance L.P. and its affiliates. Barclays® is a trademark policy improvements, and higher global commodity prices. In contrast, the of Barclays Bank PLC. For more information about these indices, visit dodgeandcoxworldwide.com. Turkish lira and Peruvian sol depreciated by 5% and 3%, respectively, due to This information should not be considered a solicitation or an offer to purchase shares of Dodge & continued unorthodox policymaking from Turkey President Recep Erdogan and Cox Worldwide Funds plc or a solicitation or an offer by Dodge & Cox Worldwide Investments Ltd. the expected victory of Jose Pedro Castillo Terrones, a left-wing candidate, in and its affiliates to provide any services in any jurisdiction. the Peruvian presidential election. This is an advertising document. First Independent Fund Services AG, Klausstrasse 33, CH-8008 Credit markets continued to rally, reaching valuations not seen since prior to Zurich, is the representative in Switzerland and NPB Neue Privat Bank AG, Limmatquai 122, CH- the Global Financial Crisis. The continued reopening of the global economy and 8024 Zurich, the paying agent in Switzerland. The sales prospectus, key investor information, surge in oil prices (up 24%) provided a tailwind to the Energy and Transportation copies of the articles of association and the annual and semi-annual reports of the fund can be obtained free of charge from the representative in Switzerland. sectors. Given the increase in valuations, we trimmed our Energy exposure slightly, but still maintain a 10% weight as of 30 June 2021 in a diversified set Dodge & Cox Worldwide Funds plc are currently registered for distribution in Austria, Denmark, of Energy credits, including gas pipelines backed by long-term contracts and Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, South Africa, Spain, Sweden, Switzerland, and the United Kingdom. state-owned entities. We also trimmed a number of longer-dated credits in other The views expressed herein represent the opinions of Dodge & Cox Worldwide Investments and its affiliates and are not intended as a forecast or guarantee of future results for any product or service. To obtain more information about the Funds, including risks, charges, and expenses, please refer to the Funds’ prospectus at dodgeandcoxworldwide.com or call +353 1 242 5411.