<PAGE>
D O D G E & C O X D O D G E & C O X
- ----------------- -----------------
Balanced Fund
Balanced Fund
Established 1931
Investment Managers -----------------
Dodge & Cox
One Sansome Street -----------------
35th Floor
San Francisco
California 94104-4405
(415) 981-1710
For Fund literature and
Information, please
write or call:
Dodge & Cox Funds
c/o BFDS
P.O. Box 9051
Boston
Massachusetts 02205-9051
(800) 621-3979
- -----------------
This report is submitted
for the general information
of the shareholders of the
Fund. The report is not
authorized for distribution
to prospective investors Quarterly Report
in the Fund unless it is March 31, 1998
accompanied by an effective
prospectus. 1998
- ----------------- -----------------
-----------------
-----------------
Printed on recycled paper.
3/98 BF QR
<PAGE>
D o d g e & C o x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Balanced Fund
To Our Shareholders
- --------------------------------------------------------------------------------
During the first quarter ended March 31, 1998, the Dodge & Cox Balanced Fund
achieved a total return of 6.55%, compared to 13.95% for the Standard & Poor's
500 Index (S&P 500) of common stocks and 1.54% for the Lehman Brothers Aggregate
Bond Index (LBAG) for the same period. Average annual total returns for longer
time periods are listed on page three of this report.
At March 31, the Fund was approximately 59% invested in common stocks, 34% in
fixed-income securities and 7% in cash equivalents.
Equity Performance in an Extraordinary Equity Market
Important contributors to the equity portion of the Fund's performance in the
first quarter included investments in the consumer durables, retailing,
paper/forest products and diversified technology industries. Fund returns were
hindered by the weak relative performance of investments in the
electronics/computer, energy, insurance/financial services and electric
utilities industries.
While the absolute performance of the equity portion of the Fund in the first
quarter was strong, relative performance was disappointing as it has lagged the
total return of the S&P 500. While the short-term relative equity results of the
Fund have been below our expectations, we believe the Fund's current portfolio
is well positioned for the future.
The forces that have propelled the stock market to an annualized return of over
31% from the end of 1994 through 1997 are not imaginary. Earnings expanded at a
15% annualized rate from the previous economic trough in earnings in 1991 to
1997. Due in part to this extended economic expansion, unemployment rates are
currently at low levels. Inflation also remains quite low. In an economic sense,
the market has arguably enjoyed the best of all possible scenarios, and current
valuations reflect that. Valuation for the S&P 500, as measured by the ratio of
price divided by earnings (P/E), is very high compared to historical averages.
Most economic forecasts are for "sunny and fair conditions," and it is difficult
to see threatening "clouds" on the horizon.
Current Equity Portfolio Position and Strategy
Currently the equity portion of the Fund is positioned very differently than the
S&P 500, the most widely referenced broad market index. About 43% of this index,
by market value, consists of what we consider to be high valuation stocks. On
average, this "high valuation" group has a trailing P/E ratio of 35 times 1997
earnings (vs. 24 for lower valuation stocks), and the market value of the
companies is 3.5 times their annual revenues (the price to sales ratio, or P/S
ratio). Many are fine companies with high profit margin and revenue growth
expectations. However, their high valuations keep us from investing in these
stocks.
Instead, the Fund's equity portfolio is positioned in the lower valuation
sectors (average P/S ratio of 1.0), while continuing to be economically
diversified. We believe that over a three-year period this will be a more
rewarding position, but it has clearly penalized relative investment returns
recently.
Two of the Fund's areas of emphasis are industrial commodities and energy,
representing just over 20% of the Fund's equity portfolio. The Fund invests in
individual companies we have identified with attractive long-term prospects and
reasonable valuations. The valuation of many companies in the energy/industrial
commodity sectors are at relative lows compared to the market. If the world
economy continues to grow, demand will grow for the basic "building blocks" of
industrial production, like oil, chemicals, aluminum and forest products. While
a number of these commodities appear to have short-term oversupply situations,
in a growing market-based world economy we believe it is unlikely that this
demand/supply imbalance will continue indefinitely. We believe these sectors are
fertile ground for long-term investment.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1
<PAGE>
D o d g e & C o x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Balanced Fund
- --------------------------------------------------------------------------------
Short and Intermediate Interest Rates Fall in First Quarter
Short and intermediate rates for U.S. Treasury securities fell between 8 and 10
basis points in the first quarter (one basis point is equal to 1/100 of 1%). The
30-year U.S. Treasury bond, after moving within a wide range, finished the
quarter almost unchanged at 5.9%, with a yield increase of one basis point. This
small change in the yield curve was motivated, in part, by continued signs of
stable economic growth and low inflation: first quarter estimates for real GDP
growth exceed 4%, and consumer prices were essentially unchanged. The modest
drop in interest rates resulted in slightly higher prices for the short and
intermediate maturity securities in the Fund.
The performance of the fixed-income portion of the Fund benefited from an
overweight position in the mortgage-backed security sector and a slightly higher
yield than the LBAG. Mortgages outperformed both the government and corporate
sectors for the quarter, despite prepayment uncertainty in the lower interest
rate environment. The corporate sector suffered from slightly wider yield
premiums amid continued concern over the potential impact on U.S. corporations
of the economic slowdown in Asia.
Fixed-Income Strategy and a Discussion of Duration
The duration of a fixed-income security (or portfolio of fixed-income
securities) measures the sensitivity of the security's price to changes in the
general level of interest rates. The value, often stated in years, represents
the approximate percentage change in price if yields rise or fall by 1%. Thus,
for a given change in yields (either up or down), a longer duration security
will experience a greater change in market value than a shorter duration
security, all else being equal.
With lower interest rates prevailing at the end of 1997 and certain indicators
suggesting an increased risk of accelerating inflation, our analyses suggested a
less positive outlook for real (inflation-adjusted) returns over an investment
horizon of three to five years. This cautionary view stems in part from
continued strong growth in the U.S. economy and sustained low levels of
unemployment.
Given our tempered expectations for real returns, we lowered the duration of the
fixed-income portion of the Fund to be approximately neutral to that of the
LBAG. That is, the price sensitivity of the fixed-income portfolio is now
roughly equal to or slightly less than that of the broad fixed-income market.
The adjustment was accomplished in January by trimming longer duration corporate
bonds with the goal of giving up as little in overall yield as possible. We
believe that this change will benefit the real return prospects of the Fund over
a three-to-five year investment horizon.
In Closing
We believe that persistence is a key asset in investing. We think that you, the
Fund's shareholders, are best served by our continuing focus on the long-term
return potential of each individual security, based on our assessment of its
fundamentals and valuation. We believe the Fund will provide reasonable long-
term returns. Our mission is to continue to work hard to find value in an
expensive market.
Thank you for your continued confidence in the Dodge & Cox Balanced Fund. As
always, we welcome your comments and questions.
For the Board of Trustees,
/s/ Harry R. Hagey
------------------------
May 1, 1998 Harry R. Hagey, Chairman
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2
<PAGE>
D o d g e & C o x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Balanced Fund
Objective The Fund's objectives are to provide shareholders with regular
income, conservation of principal and an opportunity for long-
term growth of principal and income.
Strategy The Fund seeks to achieve these objectives by investing in a
diversified portfolio of stocks and bonds.
Stocks: The Fund invests in well-established companies which, in
the view of Dodge & Cox, have positive earnings prospects not
reflected in the current price. Dodge & Cox makes a conscious
effort to maintain representation in major economic sectors and
areas with strong long-term profit potential. The Fund will hold
no more than 75% of its total assets in stocks.
Bonds: Dodge & Cox constructs a diversified portfolio of high-
quality bonds, while striving to maintain the fixed-income yield
higher than that of the broad bond market. Fixed-income
securities in the Fund will generally include U.S. Treasury,
mortgage-related and corporate issues.
20 Years of Investment Performance through March 31, 1998
- -------------------------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Dodge & Cox
S&P 500 Combined Balanced
Index LBAG Index Index Fund
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
04/01/1978 10,000 10,000 10,000 10,000
03/31/1979 11,998 10,344 11,334 11,734
03/31/1980 12,745 9,391 11,349 11,756
03/31/1981 17,815 10,616 14,632 15,325
03/31/1982 15,449 11,664 13,966 14,622
03/31/1983 22,292 15,384 19,481 19,908
03/31/1984 24,238 16,202 20,931 21,449
03/31/1985 28,824 18,999 24,809 24,241
03/31/1986 39,693 24,455 33,286 34,006
03/31/1987 50,100 26,586 39,747 40,942
03/31/1988 45,926 27,890 38,915 40,298
03/31/1989 54,253 29,326 43,909 44,763
03/31/1990 64,714 32,942 51,221 52,017
03/31/1991 74,027 37,198 58,445 58,318
03/31/1992 82,204 41,438 65,108 64,612
03/31/1993 94,717 46,947 74,543 75,682
03/31/1994 96,115 48,055 75,949 81,286
03/31/1995 111,068 50,455 84,511 90,571
03/31/1996 146,713 55,891 104,094 110,800
03/31/1997 175,796 58,636 118,450 124,734
03/31/1998 260,139 65,672 157,241 159,330
</TABLE>
<TABLE>
<CAPTION>
Average annual total return for
periods ended March 31, 1998 1 Year 5 Years 10 Years 20 Years
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Dodge & Cox Balanced Fund 27.71% 16.05% 14.73% 14.84%
Combined Index 32.75 16.10 14.99 14.77
S&P 500 Index 47.98 22.39 18.94 17.70
Lehman Brothers Aggregate Bond Index 12.00 6.94 8.94 9.87
</TABLE>
The chart covers the period from April 1, 1978 to March 31, 1998. It compares a
$10,000 investment made in the Dodge & Cox Balanced Fund to $10,000 investments
made in the Standard & Poor's 500 Stock (S&P 500) Index, the Lehman Brothers
Aggregate Bond (LBAG) Index and a combined Index. The Fund's total returns
include the reinvestment of dividend and capital gain distributions. The S&P 500
Index is a broad-based, unmanaged measure of common stocks. The LBAG Index is a
broad-based, unmanaged measure of investment grade-rated corporate and U.S.
Government fixed-income securities. The Combined Index reflects an unmanaged
portfolio of 60% of the S&P 500 Index and 40% of the LBAG Index. The Fund may,
however, invest up to 75% of its total assets in stocks. Index returns include
dividends and/or interest income, and unlike Fund returns, do not reflect fees
or expenses. Past performance does 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.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3
<PAGE>
D o d g e & C o x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Balanced Fund
Fund Information March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
General Information
- --------------------------------------------------------------------------------
<S> <C>
Net Asset Value Per Share $69.78
Total Net Assets (millions) $5,918
1997 Expense Ratio 0.55%
1997 Portfolio Turnover 32%
Fund Inception Date 1931
</TABLE>
Investment Manager: Dodge & Cox, San Francisco. Managed by
a ten-member committee, with members' average
tenure at Dodge & Cox of 19 years.
<TABLE>
<CAPTION>
Asset Allocation
- --------------------------------------------------------------------------------
[PIE CHART APPEARS HERE]
<S> <C>
Bonds: 34.4%
Stocks: 58.5%
Short-Term Investments: 7.1%
</TABLE>
<TABLE>
<CAPTION>
Stock Portfolio (58.5% of Fund)
- --------------------------------------------------------------------------------
<S> <C>
Number of Stocks 75
Median Market Capitalization $10.2 billion
Price to Earnings Ratio* 21.7x
Price to Book Value (trailing 12 months) 3.4x
Foreign Stocks** (as percentage of Fund) 6%
</TABLE>
<TABLE>
<CAPTION>
Five Largest Sectors % of Fund
- --------------------------------------------------------------------------------
<S> <C>
Energy 5.9
Electronics & Computer 5.6
Banking 5.6
Insurance & Financial Services 4.7
Consumer Products 4.2
</TABLE>
<TABLE>
<CAPTION>
Ten Largest Stock Holdings % of Fund
- --------------------------------------------------------------------------------
<S> <C>
General Motors 1.8
Citicorp 1.7
Motorola 1.5
Dow Chemical 1.4
American Express 1.4
Kmart 1.4
Pharmacia & Upjohn 1.3
FDX Corp. 1.3
Aluminum Co. of America 1.3
Union Pacific 1.3
</TABLE>
<TABLE>
<CAPTION>
Bond Portfolio (34.4% of Fund)
- --------------------------------------------------------------------------------
<S> <C>
Number of Bonds 117
Average Quality AA+
Average Maturity 9.7 years
Effective Duration 4.40 years
</TABLE>
<TABLE>
<CAPTION>
Moody's/Standard & Poor's Quality Ratings % of Fund
- --------------------------------------------------------------------------------
<S> <C>
U.S. Government & Government Agencies 22.5
Aaa/AAA 1.1
Aa/AA 1.1
A/A 5.7
Baa/BBB 3.9
Ba/BB 0.1
</TABLE>
<TABLE>
<CAPTION>
Sector Breakdown % of Fund
- --------------------------------------------------------------------------------
<S> <C>
U.S. Treasury and Government Agency 9.2
Federal Agency CMO and REMIC+ 7.1
Federal Agency Mortgage Pass-Through 6.3
Asset-Backed 0.5
Corporate 10.0
Foreign (U.S. Dollar-denominated) 1.3
+ Collateralized Mortgage Obligation and Real Estate Mortgage Investment Conduit
</TABLE>
* Price to earnings ratio is calculated using trailing 12-month earnings and
excludes extraordinary items.
** All U.S. Dollar-denominated.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4
<PAGE>
D o d g e & C o x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Balanced Fund
<TABLE>
<CAPTION>
Portfolio of Investments March 31, 1998
- --------------------------------------------------------------------------------
Percentage of Fund
<S> <C>
COMMON STOCKS: 57.5%
CONSUMER: 13.9%
CONSUMER PRODUCTS: 4.2%
Sony Corp. ADR................................................ 1.0
Unilever NV................................................... 0.8
Matsushita Electric Industrial Co., Ltd. ADR.................. 0.8
Fort James Corp............................................... 0.6
Dole Food Co., Inc............................................ 0.5
Bausch & Lomb, Inc............................................ 0.5
RETAIL AND DISTRIBUTION: 3.9%
Kmart Corp.................................................... 1.4
Nordstrom, Inc................................................ 1.0
Genuine Parts Co.............................................. 0.7
Dillard's, Inc. Class A....................................... 0.7
Fleming Cos., Inc............................................. 0.1
CONSUMER DURABLES: 3.6%
General Motors Corp........................................... 1.8
Whirlpool Corp................................................ 1.0
Ford Motor Co................................................. 0.8
MEDIA, PRINTING, AND ENTERTAINMENT: 2.2%
R.R. Donnelley & Sons Co...................................... 1.2
Time Warner, Inc.............................................. 0.5
Dow Jones & Co................................................ 0.5
FINANCE: 10.3%
BANKING: 5.6%
Citicorp...................................................... 1.7
Republic New York Corp........................................ 1.1
Golden West Financial Corp.................................... 1.1
BankAmerica Corp.............................................. 0.9
Norwest Corp.................................................. 0.8
INSURANCE AND FINANCIAL SERVICES: 4.7%
American Express Co........................................... 1.4
Loews Corp.................................................... 0.9
The St. Paul Cos., Inc........................................ 0.8
Chubb Corp.................................................... 0.8
General Re Corp............................................... 0.5
Associates First Capital Corp................................. 0.3
BASIC INDUSTRY: 7.8%
PAPER AND FOREST PRODUCTS: 3.3%
Weyerhaeuser Co............................................... 1.2
Champion International Corp................................... 1.0
International Paper Co........................................ 0.8
Boise Cascade Corp............................................ 0.3
CHEMICALS: 2.6%
Dow Chemical Co............................................... 1.4
Eastman Chemical Co........................................... 0.7
Nalco Chemical Co............................................. 0.4
Lubrizol Corp................................................. 0.1
METALS AND MINING: 1.3%
Aluminum Co. of America....................................... 1.3
GENERAL MANUFACTURING: 0.6%
Archer Daniels Midland Co..................................... 0.6
ENERGY: 5.9%
Occidental Petroleum Corp..................................... 1.2
Amerada Hess Corp............................................. 1.1
Union Pacific Resources Group, Inc............................ 1.0
Phillips Petroleum Co......................................... 1.0
Chevron Corp.................................................. 0.8
Royal Dutch Petroleum Co...................................... 0.6
Amoco Corp.................................................... 0.2
ELECTRONICS AND COMPUTER: 5.6%
Motorola, Inc................................................. 1.5
International Business Machines Corp.......................... 1.1
Hewlett-Packard Co............................................ 0.9
Electronic Data Systems....................................... 0.8
NCR Corp...................................................... 0.7
Adobe Systems, Inc............................................ 0.3
National Semiconductor Corp................................... 0.2
Sybase, Inc................................................... 0.1
UTILITIES: 4.6%
ELECTRIC AND GAS UTILITIES: 3.9%
Central & South West Corp..................................... 0.8
TransCanada PipeLines Ltd..................................... 0.6
Wisconsin Energy Corp......................................... 0.5
Texas Utilities Co............................................ 0.5
Pacific Gas & Electric Corp................................... 0.5
FPL Group, Inc................................................ 0.5
Edison International.......................................... 0.5
TELEPHONE: 0.7%
BCE, Inc...................................................... 0.7
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5
<PAGE>
D o d g e & C o x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Balanced Fund
<TABLE>
<CAPTION>
Portfolio of Investments March 31, 1998
- --------------------------------------------------------------------------------
Percentage of Fund
<S> <C>
COMMON STOCKS (Continued)
TRANSPORTATION: 3.5%
Union Pacific Corp............................................. 1.3
FDX Corp....................................................... 1.3
Canadian Pacific Ltd........................................... 0.9
CAPITAL EQUIPMENT: 2.6%
Deere & Co..................................................... 1.0
Caterpillar, Inc............................................... 0.9
Fluor Corp..................................................... 0.7
HEALTHCARE AND PHARMACEUTICAL: 1.7%
Pharmacia & Upjohn, Inc........................................ 1.3
First Health Group Corp........................................ 0.4
DIVERSIFIED TECHNOLOGY: 1.6%
Xerox Corp..................................................... 0.6
Corning, Inc................................................... 0.6
Unova, Inc..................................................... 0.2
Raychem Corp................................................... 0.2
PREFERRED STOCKS: 1.0%
CONSUMER: 1.0%
News Corp. Ltd., Limited Voting Ordinary Shares ADR............ 1.0
Kmart Financing I, 7 3/4% Trust Convertible Preferred.......... 0.0
BONDS: 34.4%
U.S. TREASURY AND GOV'T AGENCY: 9.2%
FEDERAL AGENCY CMO* AND REMIC**: 7.1%
FEDERAL AGENCY MTG PASS-THROUGH: 6.3%
ASSET-BACKED SECURITIES: 0.5%
CA Infrastructure and Econ. Dev. Bank SP Trust PGE-1
Rate Reduction Ctf. 1997-1 A-5 6.25%, 6/25/2004................ 0.5
CORPORATE: 10.0%
FINANCE: 5.1%
Norwest Corp., various securities.............................. 1.0
Golden West Financial, various securities...................... 0.7
Ford Motor Credit Co. Global Notes 7.20%, 6/15/2007............ 0.7
GMAC Put Notes 8.875%, 6/1/2010................................ 0.6
J.P. Morgan Capital Trust I 7.54%, 1/15/2027................... 0.4
BankAmerica Capital II 8.00%, 12/15/2026....................... 0.4
Safeco Corp. Notes 6.875%, 7/15/2007........................... 0.3
Hartford Financial Services Group, various securities.......... 0.3
Citicorp Capital Trust I 7.933%, 2/15/2027..................... 0.3
General Electric Capital Corp. 8.70%, 3/1/2007................. 0.2
First Nationwide Bank Sub. Debentures 10.00%, 10/1/2006........ 0.1
CIGNA Corp., various securities................................ 0.1
Barclays No. American Capital 9.75%, 5/15/2021................. 0.0
INDUSTRIAL: 4.7%
Dayton Hudson Corp., various securities........................ 1.1
Raytheon Co., various securities............................... 1.0
Lockheed Martin Corp., various securities...................... 1.0
May Department Stores, various securities...................... 0.6
Time Warner Ent. Sr. Debentures 8.375%, 7/15/2033.............. 0.5
Walt Disney Co. Debentures 7.55%, 7/15/2093.................... 0.4
Union Camp Corp. Debentures 9.25%, 2/1/2011.................... 0.1
TRANSPORTATION: 0.2%
Consolidated Rail Corp., various securities.................... 0.2
UTILITIES: 0.0%
Idaho Power Co. 1st Mtge. Bonds 9.50%, 1/1/2021................ 0.0
FOREIGN (U.S. DOLLAR-DENOMINATED): 1.3%
CANADIAN CORPORATE: 0.9%
Hydro-Quebec, various securities............................... 0.7
Canadian Pacific Ltd. 9.45%, 8/1/2021.......................... 0.2
INTERNATIONAL AGENCY: 0.4%
Inter-American Development Bank 7.125%, 3/15/2023.............. 0.3
European Investment Bank 10.125%, 10/1/2000.................... 0.1
SHORT-TERM INVESTMENTS: 6.9%
OTHER ASSETS LESS LIABILITIES: 0.2%
TOTAL NET ASSETS: 100.0%
* CMO: Collateralized Mortgage Obligation
** REMIC: Real Estate Mortgage Investment Conduit
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6
<PAGE>
D o d g e & C o x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Balanced Fund
General Information
-------------------------------------------------------------
Investment Since 1930, Dodge & Cox has been providing professional
Manager investment management for individuals, trustees,
corporations, pension and profit-sharing funds, and
charitable institutions. Dodge & Cox manages the Dodge & Cox
Balanced Fund, the Dodge & Cox Stock Fund and the Dodge & Cox
Income Fund.
No-Load Fund Shares of the Fund are purchased and redeemed at net asset
value. There are no sales, redemption or Rule 12b-1 plan
distribution charges.
Gifts Fund shares provide a convenient method for making gifts to
children and to other family members. Shares may be held by
an adult custodian for the benefit of a minor under a Uniform
Gifts/Transfers to Minors Act. Trustees and guardians may
also hold shares for a minor's benefit.
Automatic Shareholders may make regular monthly or quarterly
Investment Plan investments of $100 or more through automatic
deductions from their bank accounts.
Withdrawal Plan Shareholders owning $10,000 or more of the Fund's shares may
elect to receive periodic monthly or quarterly payments of at
least $50. Under the plan, all dividend distributions are
automatically reinvested at net asset value with the periodic
payments made from the proceeds of the redemption of
sufficient shares.
Reinvestment Shareholders may direct that dividend and capital gains
Plan distributions be reinvested in additional Fund shares.
The above plans are completely voluntary and involve no
service charge of any kind.
IRA Plan The Fund has a Regular and Roth Individual Retirement Account
Plan (IRA) available for shareholders of the Fund.
Shareholder Fund literature and details on all of these Plans are
Inquiries available from the Fund upon request.
Dodge & Cox Balanced Fund
c/o BFDS
P.O. Box 9051
Boston, MA 02205-9051
(800) 621-3979
The financial information has been taken from the records of
the Fund and has not been audited by our independent
accountants who do not express an opinion thereon. The
financial statements of the Fund will be subject to audit by
our independent accountants as of the close of the calendar
year.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------