<PAGE> PAGE 1
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012 A00AA01 BOSTON FINANCIAL DATA SERVICES, INC.
012 B00AA01 85-05003
012 C01AA01 QUINCY
012 C02AA01 MA
012 C03AA01 02171
<PAGE> PAGE 2
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
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013 B04AA01 1701
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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SIGNATURE W. TIMOTHY RYAN
TITLE SECRETARY-TREASURER
Dodge & Cox Stock Fund - Proxy Voting Results
A special meeting of shareholders was held on January 30, 1998 (adjourned from
January 20, 1998), to vote on the following proposals. All of the proposals
received the required number of votes and were adopted.
A summary of voting results is listed below each proposal.
Proposal One
To approve a reorganization of the Fund as a separate series of Dodge & Cox
Funds, a newly formed Delaware business trust.
For: 25,302,040
Against: 276,417
Abstain: 477,994
Broker Non-Vote: 1,497,461
The following Trustees of Dodge & Cox Funds were elected:
Katherine Herrick Drake
Dana M. Emery
Harry R. Hagey
John A. Gunn
Max Gutierrez, Jr.
Kenneth E. Olivier
Frank H. Roberts
W. Timothy Ryan
A. Horton Shapiro
John B. Taylor
Will C. Wood
Proposal Two
To approve the elimination or revision of certain fundamental investment
restrictions for the Fund.
For: 25,490,618
Against: 565,834
Abstain: 0
Broker Non-Vote: 1,497,460
Proposal Three
To ratify the selection of Price Waterhouse LLP as the Fund's independent
certified public accountants.
For: 26,943,468
Against: 194,441
Abstain: 416,003
Proposal Four
To approve the increase in authorized capital of the Fund.
For: 26,348,781
Against: 601,572
Abstain: 601,764
Broker Non-Vote: 1,795
Dodge & Cox Balanced Fund - Proxy Voting Results
A special meeting of shareholders was held on January 30, 1998 (adjourned from
January 20, 1998), to vote on the following proposals. All of the proposals
received the required number of votes and were adopted.
A summary of voting results is listed below each proposal.
Proposal One
To approve a reorganization of the Fund as a separate series of Dodge & Cox
Funds, a newly formed Delaware business trust.
For: 54,163,004
Against: 359,777
Abstain: 574,086
Broker Non-Vote: 1,057,467
The following Trustees of Dodge & Cox Funds were elected:
Katherine Herrick Drake
Dana M. Emery
Harry R. Hagey
John A. Gunn
Max Gutierrez, Jr.
Kenneth E. Olivier
Frank H. Roberts
W. Timothy Ryan
A. Horton Shapiro
John B. Taylor
Will C. Wood
Proposal Two
To approve the elimination or revision of certain fundamental investment
restrictions for the Fund.
For: 54,161,264
Against: 935,603
Abstain: 0
Broker Non-Vote: 1,057,467
Proposal Three
To ratify the selection of Price Waterhouse LLP as the Fund's independent
certified public accountants.
For: 55,434,268
Against: 155,375
Abstain: 564,691
Dodge & Cox Income Fund - Proxy Voting Results
A special meeting of shareholders was held on January 30, 1998 (adjourned from
January 20, 1998), to vote on the following proposals. All of the proposals
received the required number of votes and were adopted.
A summary of voting results is listed below each proposal.
Proposal One
To approve a reorganization of the Fund as a separate series of Dodge & Cox
Funds, a newly formed Delaware business trust.
For: 35,233,940
Against: 131,818
Abstain: 215,123
Broker Non-Vote: 3,158,448
The following Trustees of Dodge & Cox Funds were elected:
Katherine Herrick Drake
Dana M. Emery
Harry R. Hagey
John A. Gunn
Max Gutierrez, Jr.
Kenneth E. Olivier
Frank H. Roberts
W. Timothy Ryan
A. Horton Shapiro
John B. Taylor
Will C. Wood
Proposal Two
To approve the elimination or revision of certain fundamental investment
restrictions for the Fund.
For: 35,360,261
Against: 220,620
Abstain: 0
Broker Non-Vote: 3,158,448
Proposal Three
To ratify the selection of Price Waterhouse LLP as the Fund's independent
certified public accountants.
For: 38,488,971
Against: 46,789
Abstain: 203,569
Proposal Four
To approve the increase in authorized capital of the Fund.
For: 38,310,501
Against: 162,911
Abstain: 265,917
On November 3, 1997, the Board of Directors and Board of Trustees of the Dodge &
Cox Stock Fund, Income Fund and Balanced Fund (the "Funds") approved an
Agreement and Plan of Reorganization (the "Plan") providing for the transfer of
all or substantially all of the assets of the Funds in exchange for shares of
"Dodge & Cox Stock Fund," "Dodge & Cox Balanced Fund," and "Dodge & Cox Income
Fund," separate series of Dodge & Cox Funds, an open-end management investment
company organized as a Delaware business trust. The Plan was approved by
shareholders of the Funds at a special meeting on January 30, 1998 (adjourned
from January 20, 1998).
On April 30, 1998 (the "Exchange Date"), in accordance
with the Plan, all of the assets of the Funds were transferred to separate
series of Dodge & Cox Funds, established solely for the purpose of acquiring all
of the assets and assuming all of the liabilities of the Funds (the
"Successors") in exchange for the Shares of the Successors, and the assumption
by the Successors of all of the liabilities of the Funds.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Dodge &
Cox Stock Fund Semi-Annual Report dated June 30, 1998, and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 001
<NAME> Dodge & Cox Stock Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 3,694,428,064
<INVESTMENTS-AT-VALUE> 4,755,467,076
<RECEIVABLES> 26,547,721
<ASSETS-OTHER> 459,573
<OTHER-ITEMS-ASSETS> 10,054,000
<TOTAL-ASSETS> 4,792,528,370
<PAYABLE-FOR-SECURITIES> 17,006,475
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,182,913
<TOTAL-LIABILITIES> 26,189,388
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,491,749,811
<SHARES-COMMON-STOCK> 47,479,215
<SHARES-COMMON-PRIOR> 43,217,142
<ACCUMULATED-NII-CURRENT> 515,096
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 213,035,063
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,061,039,012
<NET-ASSETS> 4,766,338,982
<DIVIDEND-INCOME> 38,210,359
<INTEREST-INCOME> 11,197,385
<OTHER-INCOME> 0
<EXPENSES-NET> 13,006,337
<NET-INVESTMENT-INCOME> 36,401,407
<REALIZED-GAINS-CURRENT> 213,035,063
<APPREC-INCREASE-CURRENT> 115,093,479
<NET-CHANGE-FROM-OPS> 364,529,949
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 36,155,305
<DISTRIBUTIONS-OF-GAINS> 69,973,703
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,658,209
<NUMBER-OF-SHARES-REDEEMED> 4,356,645
<SHARES-REINVESTED> 960,509
<NET-CHANGE-IN-ASSETS> 679,380,894
<ACCUMULATED-NII-PRIOR> 268,994
<ACCUMULATED-GAINS-PRIOR> 69,973,703
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,326,633
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 13,006,337
<AVERAGE-NET-ASSETS> 4,568,615,827
<PER-SHARE-NAV-BEGIN> 94.57
<PER-SHARE-NII> 0.78
<PER-SHARE-GAIN-APPREC> 7.35
<PER-SHARE-DIVIDEND> 0.78
<PER-SHARE-DISTRIBUTIONS> 1.53
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 100.39
<EXPENSE-RATIO> 0.57 <F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Dodge &
Cox Balanced Fund Semi-Annual Report dated June 30, 1998, and is qualified in
its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 002
<NAME> Dodge & Cox Balanced Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 5,039,303,141
<INVESTMENTS-AT-VALUE> 5,958,937,807
<RECEIVABLES> 49,405,375
<ASSETS-OTHER> 170,995
<OTHER-ITEMS-ASSETS> 7,017,599
<TOTAL-ASSETS> 6,015,531,776
<PAYABLE-FOR-SECURITIES> 19,823,381
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39,994,118
<TOTAL-LIABILITIES> 59,817,499
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,844,555,334
<SHARES-COMMON-STOCK> 85,827,536
<SHARES-COMMON-PRIOR> 76,022,485
<ACCUMULATED-NII-CURRENT> 154,448
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 191,369,829
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 919,634,666
<NET-ASSETS> 5,955,714,277
<DIVIDEND-INCOME> 30,210,343
<INTEREST-INCOME> 78,445,110
<OTHER-INCOME> 0
<EXPENSES-NET> 15,872,767
<NET-INVESTMENT-INCOME> 92,782,686
<REALIZED-GAINS-CURRENT> 191,181,093
<APPREC-INCREASE-CURRENT> 89,938,177
<NET-CHANGE-FROM-OPS> 373,901,956
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 93,508,952
<DISTRIBUTIONS-OF-GAINS> 68,169,038
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,704,691
<NUMBER-OF-SHARES-REDEEMED> 10,146,111
<SHARES-REINVESTED> 2,246,471
<NET-CHANGE-IN-ASSETS> 879,117,017
<ACCUMULATED-NII-PRIOR> 880,714
<ACCUMULATED-GAINS-PRIOR> 68,357,774
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14,354,593
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 15,872,767
<AVERAGE-NET-ASSETS> 5,789,687,734
<PER-SHARE-NAV-BEGIN> 66.78
<PER-SHARE-NII> 1.10
<PER-SHARE-GAIN-APPREC> 3.43
<PER-SHARE-DIVIDEND> 1.11
<PER-SHARE-DISTRIBUTIONS> 0.81
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 69.39
<EXPENSE-RATIO> 0.55 <F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1> ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Dodge &
Cox Income Fund Semi-Annual Report dated June 30, 1998, and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 003
<NAME> Dodge & Cox Income Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 799,895,687
<INVESTMENTS-AT-VALUE> 830,382,479
<RECEIVABLES> 9,594,923
<ASSETS-OTHER> 41,430
<OTHER-ITEMS-ASSETS> 3,807,811
<TOTAL-ASSETS> 843,826,643
<PAYABLE-FOR-SECURITIES> 15,773,839
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 723,491
<TOTAL-LIABILITIES> 16,497,330
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 794,123,344
<SHARES-COMMON-STOCK> 68,136,078
<SHARES-COMMON-PRIOR> 58,408,985
<ACCUMULATED-NII-CURRENT> 721,737
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,997,440
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30,486,792
<NET-ASSETS> 827,329,313
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 25,595,910
<OTHER-INCOME> 0
<EXPENSES-NET> 1,873,975
<NET-INVESTMENT-INCOME> 23,721,935
<REALIZED-GAINS-CURRENT> 2,003,320
<APPREC-INCREASE-CURRENT> 4,049,370
<NET-CHANGE-FROM-OPS> 29,774,625
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 23,583,997
<DISTRIBUTIONS-OF-GAINS> 2,724,449
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20,085,638
<NUMBER-OF-SHARES-REDEEMED> 11,734,424
<SHARES-REINVESTED> 1,375,879
<NET-CHANGE-IN-ASSETS> 121,879,225
<ACCUMULATED-NII-PRIOR> 583,799
<ACCUMULATED-GAINS-PRIOR> 2,718,569
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,591,411
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,873,975
<AVERAGE-NET-ASSETS> 777,350,396
<PER-SHARE-NAV-BEGIN> 12.08
<PER-SHARE-NII> 0.36
<PER-SHARE-GAIN-APPREC> 0.10
<PER-SHARE-DIVIDEND> 0.36
<PER-SHARE-DISTRIBUTIONS> 0.04
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.14
<EXPENSE-RATIO> 0.48 <F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1> ANNUALIZED
</FN>
</TABLE>
