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PAGE 1
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002 A000000 ONE SANSOME STREET, 35TH FLOOR
002 B000000 SAN FRANCISCO
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002 D020000 4443
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020 A000001 MORGAN STANLEY & COMPANY
020 B000001 13-2655998
020 C000001 485
020 A000002 GOLDMAN SACHS & COMPANY
020 B000002 13-5108880
020 C000002 427
020 A000003 DONALDSON LUFKIN & JENRETTE SECURITIES CORP.
020 B000003 13-2741729
020 C000003 175
020 A000004 LEHMAN BROTHERS, INC.
020 B000004 13-2518466
020 C000004 166
020 A000005 BEAR STEARNS & CO.
020 B000005 13-3299429
020 C000005 133
020 A000006 SMITH BARNEY, INC.
020 B000006 13-1912900
020 C000006 129
<PAGE>
PAGE 2
020 A000007 COWEN & COMPANY
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020 C000007 88
020 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000008 13-5674085
020 C000008 83
020 A000009 UBS SECURITIES, LLC
020 B000009 13-2932996
020 C000009 81
020 A000010 SANFORD C. BERNSTEIN & CO., INC.
020 B000010 13-2625874
020 C000010 80
021 000000 2419
022 A000001 FIRSTAR TRUST COMPANY
022 B000001 39-0281260
022 C000001 3698508
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022 C000002 324395
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022 C000003 70004
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<PAGE>
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PAGE 4
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PAGE 5
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074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 13355
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074 T000000 4086958
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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, 1997, AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 3,143,177,294
<INVESTMENTS-AT-VALUE> 4,089,122,827
<RECEIVABLES> 30,920,952
<ASSETS-OTHER> 40,354
<OTHER-ITEMS-ASSETS> 8,835,608
<TOTAL-ASSETS> 4,128,919,741
<PAYABLE-FOR-SECURITIES> 28,606,408
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,355,245
<TOTAL-LIABILITIES> 41,961,653
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,070,769,858
<SHARES-COMMON-STOCK> 43,217,142
<SHARES-COMMON-PRIOR> 28,217,910
<ACCUMULATED-NII-CURRENT> 268,994
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 69,973,703
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 945,945,533
<NET-ASSETS> 4,086,958,088
<DIVIDEND-INCOME> 56,893,726
<INTEREST-INCOME> 15,865,550
<OTHER-INCOME> 0
<EXPENSES-NET> 18,488,605
<NET-INVESTMENT-INCOME> 54,270,671
<REALIZED-GAINS-CURRENT> 297,643,981
<APPREC-INCREASE-CURRENT> 396,146,924
<NET-CHANGE-FROM-OPS> 748,061,576
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 54,214,363
<DISTRIBUTIONS-OF-GAINS> 243,063,381
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,305,613
<NUMBER-OF-SHARES-REDEEMED> 5,281,734
<SHARES-REINVESTED> 2,975,353
<NET-CHANGE-IN-ASSETS> 1,834,911,494
<ACCUMULATED-NII-PRIOR> 212,686
<ACCUMULATED-GAINS-PRIOR> 15,393,103
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,194,151
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 18,488,605
<AVERAGE-NET-ASSETS> 3,241,007,432
<PER-SHARE-NAV-BEGIN> 79.81
<PER-SHARE-NII> 1.48
<PER-SHARE-GAIN-APPREC> 20.86
<PER-SHARE-DIVIDEND> 1.49
<PER-SHARE-DISTRIBUTIONS> 6.09
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 94.57
<EXPENSE-RATIO> 0.57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
EX-99
ITEM 77B TO NSAR-B: ACCOUNTANT'S REPORT
PRICE WATERHOUSE LLP
555 California Street
San Francisco, CA 94104
Telephone 415 393 8500
FAX Number 415 393 8644
January 28, 1998
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, 1997, 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, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ PRICE WATERHOUSE LLP
