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<PAGE> PAGE 2
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SIGNATURE W. TIMOTHY RYAN
TITLE SECRETARY-TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Dodge &
Cox Stock Fund Annual Report dated December 31, 1998, and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 001
<NAME> Dodge & Cox Stock Fund
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Dodge &
Cox Balanced Fund Annual Report dated December 31, 1998, and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 002
<NAME> Dodge & Cox Balanced Fund
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Dodge &
Cox Income Fund Annual Report dated December 31, 1998, and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 003
<NAME> Dodge & Cox Income Fund
<S> <C>
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</TABLE>
PRICEWATERHOUSECOOPERS LLP
PricewaterhouseCoopers LLP
333 Market Street
San Francisco, CA 94105-2119
Telephone (415) 957 3000
Facsimile (415) 957 3394
(415) 957 3372
January 26, 1999
To the Trustees and Shareholders of
Dodge & Cox Funds
In planning and performing our audits of the financial statements of Dodge & Cox
Stock Fund, Dodge & Cox Balanced Fund, and Dodge & Cox Income Fund (constituting
Dodge & Cox Funds, hereafter referred to as the "Funds") for the year ended
December 31, 1998, we considered the Funds' internal control structure,
including procedures for safeguarding securities, in order to determine our
auditing procedures for the purposes of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, and not to provide
assurance on the internal control structure.
The management of the Funds is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31,1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ PricewaterhouseCoopers LLP
