DODGE & COX STOCK FUND Portfolio of Investments (unaudited) March 31, 2021 Common Stocks: 96.6% Shares Value Shares Value Communication Services: 12.7% Lincoln National Corp. 3,794,280 $ 236,269,815 Media & Entertainment: 12.5% MetLife, Inc. 41,231,100 2,506,438,569 (a) Alphabet, Inc., Class A 63,300 $ 130,557,516 3,036,920,572 Alphabet, Inc., Class C(a) 1,269,253 2,625,614,833 21,184,365,132 , Inc., Class A(a) 3,157,786 1,948,417,118 Health Care: 16.9% Corp., Class A 47,755,894 2,584,071,424 Health Care Equipment & Services: 5.3% DISH Network Corp., Class A(a) 22,521,137 815,265,159 Cigna Corp. 9,061,072 2,190,423,546 Facebook, Inc., Class A(a) 2,188,300 644,519,999 CVS Health Corp. 9,736,400 732,469,372 Fox Corp., Class A 26,307,175 949,952,089 Medtronic PLC (Ireland/United States) 3,051,000 360,414,630 Fox Corp., Class B 7,372,665 257,527,189 UnitedHealth Group, Inc. 2,669,660 993,300,396 News Corp., Class A 8,835,590 224,689,054 4,276,607,944 10,180,614,381 Pharmaceuticals, Biotechnology & Life Sciences: 11.6% Telecommunication Services: 0.2% Alnylam Pharmaceuticals, Inc.(a) 2,421,492 341,890,455 T-Mobile U.S., Inc.(a) 1,129,037 141,457,046 BioMarin Pharmaceutical, Inc.(a) 6,749,860 509,681,929 10,322,071,427 Bristol-Myers Squibb Co. 18,031,739 1,138,343,683 Consumer Discretionary: 2.6% , Inc. 12,103,212 782,230,592 Automobiles & Components: 0.3% GlaxoSmithKline PLC ADR (United Honda Motor Co., Ltd. ADR (Japan) 7,300,782 220,483,616 Kingdom) 58,296,600 2,080,605,654 Incyte Corp.(a) 2,585,353 210,111,638 Retailing: 2.3% AG ADR (Switzerland) 14,158,400 1,210,260,032 , Inc.(a) 437,280 1,018,792,435 Roche Holding AG ADR (Switzerland) 22,465,499 911,200,639 Qurate Retail, Inc., Series A(b) 33,190,514 390,320,445 Sanofi ADR (France) 45,862,828 2,268,375,473 The Gap, Inc. 16,248,400 483,877,352 9,452,700,095 1,892,990,232 13,729,308,039 2,113,473,848 Industrials: 8.8% Consumer Staples: 1.2% Capital Goods: 6.1% Food, Beverage & Tobacco: 1.2% Carrier Global Corp. 15,438,879 651,829,471 Molson Coors Beverage Company, Johnson Controls International PLC(b) Class B(a)(b) 18,164,725 929,125,684 (Ireland/United States) 35,040,917 2,090,891,517 Otis Worldwide Corp. 4,313,250 295,241,963 Energy: 8.4% Raytheon Technologies Corp. 24,032,300 1,856,975,821 APA Corp.(b) 28,529,609 510,680,001 4,894,938,772 Baker Hughes Co., Class A 32,780,750 708,392,008 Transportation: 2.7% ConocoPhillips 14,874,758 787,915,931 FedEx Corp. 7,803,762 2,216,580,559 Halliburton Co. 13,599,712 291,849,820 Hess Corp. 8,202,182 580,386,398 7,111,519,331 Occidental Petroleum Corp.(b) 69,804,126 1,858,185,834 Information Technology: 18.9% Occidental Petroleum Corp., Warrant(a)(b) 9,394,990 111,894,331 Semiconductors & Semiconductor Equipment: 1.7% Schlumberger, Ltd. , Inc. 9,068,833 1,407,664,258 (Curacao/United States) 32,757,845 890,685,806 The Williams Companies, Inc. 45,510,428 1,078,142,039 Software & Services: 5.8% 6,818,132,168 Technology Solutions Corp., Financials: 26.1% Class A 13,017,677 1,016,940,927 Banks: 7.4% , Inc.(a) 9,643,200 1,147,926,528 Bank of America Corp. 49,449,900 1,913,216,631 Micro Focus International PLC ADR(b) JPMorgan Chase & Co. 151,200 23,017,176 (United Kingdom) 22,724,028 174,520,535 Truist Financial Corp. 10,404,644 606,798,838 Corp. 7,375,000 1,738,803,750 Wells Fargo & Co. 87,371,841 3,413,617,828 VMware, Inc., Class A(a) 4,151,600 624,608,220 5,956,650,473 4,702,799,960

Diversified Financials: 15.0% Technology, Hardware & Equipment: 11.4% American Express Co. 8,679,900 1,227,685,056 , Inc. 25,614,887 1,324,545,807 Bank of New York Mellon Corp. 38,317,224 1,812,021,523 Dell Technologies, Inc., Class C(a) 22,591,817 1,991,468,669 Capital One Financial Corp.(b) 25,288,613 3,217,470,232 Hewlett Packard Enterprise Co.(b) 95,660,134 1,505,690,509 Charles Schwab Corp. 47,588,400 3,101,811,912 HP Inc.(b) 76,778,637 2,437,721,725 Goldman Sachs Group, Inc. 5,193,939 1,698,418,053 Juniper Networks, Inc.(b) 29,015,165 734,954,129 State Street Corp. 13,491,100 1,133,387,311 TE Connectivity, Ltd. (Switzerland) 9,277,075 1,197,763,153 12,190,794,087 9,192,143,992 15,302,608,210 Insurance: 3.7% Brighthouse Financial, Inc.(a)(b) 6,648,863 294,212,188

1 / Dodge & Cox Stock Fund See accompanying Notes to Portfolio of Investments Portfolio of Investments (unaudited) March 31, 2021

Common Stocks (continued) Shares Value (a) Non-income producing Materials: 1.0% (b) See below regarding holdings of 5% voting securities Celanese Corp. 4,681,198 $ 701,290,273 (c) Repurchase agreement is collateralized by U.S. Treasury Notes 0.125%- LyondellBasell Industries NV, Class A 4.375%, 9/30/22-11/15/48 and U.S. Treasury Inflation Indexed Notes (Netherlands) 1,003,363 104,399,920 0.125%, 1/15/23. Total collateral value is $2,123,737,485. 805,690,193 In determining a company’s country designation, the Fund generally Total Common Stocks references the country of incorporation. In cases where the Fund considers (Cost $49,068,454,396) $78,316,294,032 the country of incorporation to be a “jurisdiction of convenience” chosen Short-Term Investments: 3.0% primarily for tax purposes or in other limited circumstances, the Fund uses Par Value/ the country designation of an appropriate broad-based market index. In Shares Value those cases, two countries are listed - the country of incorporation and the Repurchase Agreements: 2.6% country designated by an appropriate index, respectively. Fixed Income Clearing Corporation(c) 0.000%, dated 3/31/21, due 4/1/21, maturity value $2,082,139,000 2,082,139,000 $ 2,082,139,000

Money Market Fund: 0.4% ADR: American Depositary Receipt State Street Institutional U.S. Government Money Market Fund - Premier Class 326,384,433 326,384,433 Total Short-Term Investments (Cost $2,408,523,433) $ 2,408,523,433 Total Investments In Securities (Cost $51,476,977,829) 99.6% $80,724,817,465 Other Assets Less Liabilities 0.4% 336,171,140 Net Assets 100.0% $81,060,988,605

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 period ended March 31, 2021. Further detail on these holdings and related activity during the period appear below.

See accompanying Notes to Portfolio of Investments Dodge & Cox Stock Fund / 2 Portfolio of Investments (unaudited) March 31, 2021

Net Change in Dividend Unrealized Income Value at Realized Appreciation/ Value at (net of foreign Beginning of Period Additions Reductions Gain (Loss) Depreciation End of Period taxes, if any) Common Stocks 14.5% Consumer Discretionary 0.0% Qurate Retail, Inc., Series A $ 382,066,188 $ — $ (21,909,550) $ (3,432,381) $ 33,596,188 $ —(a) $—

Consumer Staples 1.1% Molson Coors Beverage Company, Class B(b) 806,502,541 15,542,408 — — 107,080,735 929,125,684 —

Energy 3.1% APA Corp. 441,634,079 — (53,776,732) (164,275,797) 287,098,451 510,680,001 778,073 Concho Resources, Inc. 639,819,420 — (718,945,814) (6,179,723) 85,306,117 —(a) — Occidental Petroleum Corp. 1,254,359,214 — (76,466,619) (40,344,784) 720,638,023 1,858,185,834 698,041 Occidental Petroleum Corp., Warrant(b) 63,979,882 — — — 47,914,449 111,894,331 — 2,480,760,166

Financials 4.3% Brighthouse Financial, Inc.(b) 240,722,085 — — — 53,490,103 294,212,188 — Capital One Financial Corp. 3,003,993,475 — (575,701,165) 222,645,692 566,532,230 3,217,470,232 10,285,205 3,511,682,420

Industrials 0.0% Johnson Controls International PLC 1,864,965,879 — (289,445,418) 81,633,410 433,737,646 —(a) 9,461,048

Information Technology 6.0% Hewlett Packard Enterprise Co. 1,132,526,363 24,781,500 (29,764,278) 18,567,866 359,579,058 1,505,690,509 11,705,308 HP Inc. 2,225,403,287 — (407,328,042) 159,448,966 460,197,514 2,437,721,725 16,997,469 Juniper Networks, Inc. 653,131,364 — — — 81,822,765 734,954,129 5,803,033 Micro Focus International PLC ADR 129,754,200 — — — 44,766,335 174,520,535 3,522,224 4,852,886,898 268,063,249 3,281,759,614 11,774,455,168 59,250,401 Preferred Stocks 0.0% Consumer Discretionary 0.0% Qurate Retail, Inc., 8.00%, 3/15/2031 56,621,467 — (57,740,251) 3,828,807 (2,710,023) —(a) 50,394 $ 271,892,056 $3,279,049,591 $11,774,455,168 $59,300,795

(a) Company was not an affiliate at period end (b) Non-income producing

3 / Dodge & Cox Stock Fund See accompanying Notes to Portfolio of Investments NOTES TO PORTFOLIO OF INVESTMENTS (unaudited) 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. Preferred stocks are valued using prices received from independent pricing services which utilize dealer quotes, recent transaction data, pricing models, and other inputs to arrive at market-based valuations. Pricing models may consider quoted prices for similar securities, interest rates, cash flows (including prepayment speeds), and credit risk. Exchange-traded derivatives are generally valued at the settlement price determined by the relevant exchange. Short-term securities less than 60 days to maturity may be valued at amortized cost if amortized cost approximates current value. Mutual funds are valued at their respective net asset values. Security values are not discounted based on the size of the Fund’s position and may differ from the value a Fund receives upon sale of the securities. All securities held by the Fund are denominated in U.S. dollars. If market quotations are not readily available or if normal valuation procedures produce valuations that are deemed unreliable or inappropriate under the circumstances existing at the time, the investment will be valued at fair value as determined in good faith by or under the direction of the Fund’s Board of Trustees. The Board of Trustees has appointed Dodge & Cox, the Fund’s investment manager, to make fair value determinations in accordance with the Dodge & Cox Funds Valuation Policies (“Valuation Policies”), subject to Board oversight. Dodge & Cox has established a Pricing Committee that is comprised of representatives from Treasury, Legal, Compliance, and Operations. The Pricing Committee is responsible for implementing the Valuation Policies, including determining the fair value of securities and other investments when necessary. The Pricing Committee considers relevant indications of value that are reasonably available to it in determining the fair value assigned to a particular security, such as the value of similar financial instruments, trading volumes, contractual restrictions on disposition, related corporate actions, and changes in economic conditions. In doing so, the Pricing Committee employs various methods for calibrating fair valuation approaches, including a regular review of key inputs and assumptions, back-testing, and review of any related market activity. Valuing securities through a fair value determination involves greater reliance on judgment than valuation of securities based on readily available market quotations. In some instances, lack of information and uncertainty as to the significance of information may lead to a conclusion that a prior valuation is the best indication of a security’s value. When fair value pricing is employed, the prices of securities used by the Fund to calculate its net asset value may differ from quoted or published prices for the same securities. 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. Ⅲ Level 1: Quoted prices in active markets for identical securities Ⅲ Level 2: Other significant observable inputs (including quoted prices for similar securities, market indices, interest rates, credit risk, forward exchange rates, etc.) Ⅲ 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 March 31, 2021:

LEVEL 2 LEVEL 1 (Other Significant Classification (Quoted Prices) Observable Inputs) Securities Common Stocks Communication Services $10,322,071,427 $ — Consumer Discretionary 2,113,473,848 — Consumer Staples 929,125,684 — Energy 6,818,132,168 — Financials 21,184,365,132 — Health Care 13,729,308,039 — Industrials 7,111,519,331 — Information Technology 15,302,608,210 — Materials 805,690,193 — Short-Term Investments Repurchase Agreements — 2,082,139,000 Money Market Fund 326,384,433 — Total Securities $78,642,678,465 $2,082,139,000

Security transactions. Security transactions are recorded on the trade date. Other. For more information please see the Fund’s most recent prospectus, summary prospectus, and annual report on the Fund’s website at dodgeandcox.com. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value. Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s investment objectives, risks, and management fees and other charges and expenses. To obtain a Fund’s prospectus and summary prospectus, which contain this and other important information, visit dodgeandcox.com or call 800-621-3979. Please read the prospectus and summary prospectus carefully before investing.

Dodge & Cox Stock Fund / 4