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020 C000001 214
020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
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020 C000003 67
020 A000004 CANTOR FITZGERALD & CO. INC.
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SIGNATURE W. TIMOTHY RYAN
TITLE SECRETARY-TREASURER
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Dodge &
Cox Stock Fund Annual Report dated December 31, 1996, and is qualified in
its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1,684,646,628
<INVESTMENTS-AT-VALUE> 2,234,445,237
<RECEIVABLES> 11,617,470
<ASSETS-OTHER> 24,325
<OTHER-ITEMS-ASSETS> 13,722,855
<TOTAL-ASSETS> 2,259,809,887
<PAYABLE-FOR-SECURITIES> 4,380,585
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,382,708
<TOTAL-LIABILITIES> 7,763,293
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,686,642,196
<SHARES-COMMON-STOCK> 28,217,910
<SHARES-COMMON-PRIOR> 18,104,263
<ACCUMULATED-NII-CURRENT> 212,686
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,393,103
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 549,798,609
<NET-ASSETS> 2,252,046,594
<DIVIDEND-INCOME> 34,157,636
<INTEREST-INCOME> 6,526,736
<OTHER-INCOME> 0
<EXPENSES-NET> 10,019,829
<NET-INVESTMENT-INCOME> 30,664,543
<REALIZED-GAINS-CURRENT> 56,765,691
<APPREC-INCREASE-CURRENT> 262,571,381
<NET-CHANGE-FROM-OPS> 350,001,615
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 30,810,014
<DISTRIBUTIONS-OF-GAINS> 44,357,660
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,594,155
<NUMBER-OF-SHARES-REDEEMED> 3,389,888
<SHARES-REINVESTED> 909,380
<NET-CHANGE-IN-ASSETS> 1,024,119,251
<ACCUMULATED-NII-PRIOR> 358,157
<ACCUMULATED-GAINS-PRIOR> 2,985,072
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,541,819
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,019,829
<AVERAGE-NET-ASSETS> 1,708,363,739
<PER-SHARE-NAV-BEGIN> 67.83
<PER-SHARE-NII> 1.28
<PER-SHARE-GAIN-APPREC> 13.67
<PER-SHARE-DIVIDEND> 1.29
<PER-SHARE-DISTRIBUTIONS> 1.68
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 79.81
<EXPENSE-RATIO> 0.59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
EXHIBIT 99.1
PRICE WATERHOUSE LLP
555 California Street
San Francisco, CA 94104
Telephone 415 393 8500
FAX Number 415 393 8644
January 24, 1997
To the Board of Directors
of Dodge & Cox Stock Fund
In planning and performing our audit of the financial statements of the
Dodge & Cox Stock Fund (the "Fund") for the year ended December 31, 1996,
we considered its 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 Fund 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,
1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/ PRICE WATERHOUSE LLP
<PAGE>
EXHIBIT 99.2
ITEM 77C: MATTERS SUBMITTED TO A VOTE OF SECURITY HOLDERS
ANNUAL MEETINGS. As long as this Corporation is an open-end
investment company registered under the United States Investment
Company Act of 1940, this Corporation may dispense with the holding of
annual meetings of shareholders for the election of directors in
accordance with Section 600(b) of the California General Corporation
Law. If an annual meeting of shareholders is held, then unless the
Board of Directors or the President of this Corporation selects a
different time or date, which shall be no later than March 31, such
meeting shall be held at 11:00 a.m. on the first day of March, or if
such date is not a regular business day, then at the same time on the
first regular business day following. The annual meeting shall be for
the purpose of electing a Board of Directors to serve until the next
annual meeting and until their successors are elected, and for
transacting such other business as may properly be brought before the
meeting.
