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D O D G E & C O X
Income Fund
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Dodge & Cox
Investment Managers
35th Floor
One Sansome Street
San Francisco
California 94104
(415) 981-1710
For Fund literature and
information, please call:
(800) 621-3979
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DODGE & COX
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INCOME FUND
Established 1989
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Quarterly Report
September 30, 1996
1996
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<TABLE>
<CAPTION>
DODGE & COX
INCOME FUND
Portfolio of Investments September 30, 1996
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PAR VALUE MARKET VALUE
<C> <C> <S> <C>
BONDS: U.S. TREASURY: 23.0%
96.7% $ 5,000,000 U.S. Treasury Notes, 5 1/8%, 1998................................... $ 4,896,850
10,000,000 U.S. Treasury Notes, 5 1/4%, 1998................................... 9,857,800
39,000,000 U.S. Treasury Notes, 7 1/8%, 1998................................... 39,743,340
10,000,000 U.S. Treasury Notes, 7 1/2%, 2001................................... 10,432,800
17,000,000 U.S. Treasury Notes, 6 1/4%, 2003................................... 16,729,020
10,000,000 U.S. Treasury Notes, 6 1/2%, 2005................................... 9,871,900
2,000,000 U.S. Treasury Bonds, 1 4%, 2011, Callable 2006...................... 3,037,500
5,650,000 U.S. Treasury Bonds, 7 7/8%, 2021................................... 6,170,874
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100,740,084
FEDERAL AGENCY MORTGAGE PASS-THROUGH, CMO* AND REMIC**: 41.0%
69,925 Federal Home Loan Mtge. Corp. Group 54-1078, 6%, 2003............... 69,364
102,428 Federal Home Loan Mtge. Corp. Group 25-5222, 7%, 2003............... 102,408
2,683,817 Federal Home Loan Mtge. Corp. Group 25-6654, 8%, 2003............... 2,736,098
381,020 Federal Home Loan Mtge. Corp. Group 18-0233, 7%, 2006............... 378,738
179,096 Federal Home Loan Mtge. Corp. Group 26-0478, 7%, 2006............... 179,060
8,551,490 Federal Home Loan Mtge. Corp. Group G10139 15 year, 7%, 2008........ 8,514,034
774,513 Federal Home Loan Mtge. Corp. Group 27-2784, 7 1/4%, 2008........... 775,698
237,988 Federal Home Loan Mtge. Corp. Group 53-0142, 7 1/2%, 2008........... 238,647
548,976 Federal Home Loan Mtge. Corp. Group 18-8028, 8%, 2008............... 560,779
464,890 Federal Home Loan Mtge. Corp. Group 18-9269, 8%, 2008............... 473,946
426,236 Federal Home Loan Mtge. Corp. Group 29-0537, 8%, 2009............... 436,888
901,434 Federal Home Loan Mtge. Corp. Group 29-2668, 8%, 2009............... 922,284
307,106 Federal Home Loan Mtge. Corp. Group 26-0671, 8 1/4%, 2009........... 313,856
230,844 Federal Home Loan Mtge. Corp. Group 53-4727, 6 1/2%, 2012........... 229,087
11,542,377 Federal Home Loan Mtge. Corp. Multi PC Series 1209-H, 7%, 2005...... 11,632,523
13,000,000 Federal Home Loan Mtge. Corp. Multi PC Series 1457PJ, 7%, 2007...... 12,939,030
10,900,000 Federal Home Loan Mtge. Corp. Multi PC Series 1258-EA, 8%, 2007..... 11,257,629
13,284,798 Federal Home Loan Mtge. Corp. Multi PC Series 1565-G, 6%, 2008...... 12,429,523
10,000,000 Federal Home Loan Mtge. Corp. Multi PC Series G-37 I, 6%, 2022...... 8,943,700
3,862,464 Federal Natl. Mtge. Assn. MBS Pool 57358, 6 1/4%, 2007.............. 3,793,558
8,197,010 Federal Natl. Mtge. Assn. MBS Pool 70255, 7 1/2%, 2007.............. 8,295,948
12,637,223 Federal Natl. Mtge. Assn. MBS Pool 353892 15 year, 8%, 2010......... 12,923,709
995,863 Federal Natl. Mtge. Assn. MBS Pool 478, 7 1/2%, 2011................ 1,009,188
2,319,821 Federal Natl. Mtge. Assn. MBS Pool 151777, 8%, 2012................. 2,380,693
631,773 Federal Natl. Mtge. Assn. MBS Pool 83014, 6 1/2%, 2013.............. 626,460
2,944,701 Federal Natl. Mtge. Assn. MBS Pool 260892, 8%, 2022................. 3,033,013
3,000,000 Federal Natl. Mtge. Assn. PC 1992-109-J, 7%, 2007................... 2,958,750
10,000,000 Federal Natl. Mtge. Assn. PC G1994-13-E, 7%, 2015................... 10,012,500
9,000,000 Federal Natl. Mtge. Assn. PC 1994-72-J, 6%, 2023.................... 8,049,330
8,287,953 Govt. Natl. Mtge. Assn. Pool 780337, 7 1/4%, 2006................... 8,364,782
10,177,928 Govt. Natl. Mtge. Assn. Pool 780258, 7 1/2%, 2007................... 10,287,951
747,215 FBC Mtge. Sec. Trust IV-A2, 8.30%, 2009............................. 758,886
14,877,000 Veterans Affairs Vendee Mtge. Trust 1995-3 1D, 7 1/4%, 2016......... 14,784,019
10,000,000 Veterans Affairs Vendee Mtge. Trust 1995-1C 3E, 8%, 2018............ 10,209,300
8,757,401 Veterans Affairs Vendee Mtge. Trust 1995-2D 4A, 9.2925%, 2025....... 9,181,522
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179,802,901
</TABLE>
* CMO: Collateralized Mortgage Obligation
** REMIC: Real Estate Mortgage Investment Conduit
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D O D G E & C O X
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Income Fund
<TABLE>
<CAPTION>
Portfolio of Investments September 30, 1996
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PAR VALUE MARKET VALUE
<C> <C> <S> <C>
BONDS INDUSTRIAL: 15.0%
(Continued) $ 4,000,000 Dayton-Hudson Corp. Debentures 9%, 2021....................................... $ 4,415,880
1,000,000 Dayton-Hudson Corp. Debentures 9.70%, 2021.................................... 1,178,060
4,435,000 Dayton-Hudson Corp. Debentures 87/8%, 2022.................................... 4,854,684
2,415,000 Dayton-Hudson Corp. MTN 9.35%, 2020, Putable 1997............................. 2,733,345
5,000,000 Ford Holdings, Inc. Debentures 93/8%, 2020.................................... 5,841,800
6,500,000 Ford Motor Co. Debentures 9.95%, 2032......................................... 8,153,665
4,000,000 General Motors Corp. Debentures 7.70%, 2016................................... 3,961,360
8,125,000 Lockheed Martin Corp. Debentures 7.65%, 2016.................................. 8,157,500
5,000,000 Lockheed Martin Corp. Debentures 73/4%, 2026.................................. 5,028,850
5,000,000 May Department Stores Notes 75/8%, 2013....................................... 4,979,800
2,500,000 Ralston Purina Debentures 85/8%, 2022......................................... 2,638,775
8,000,000 Time Warner Entertainment Senior Debentures 83/8%, 2033....................... 7,800,160
2,500,000 Union Camp Corp. Debentures 91/4%, 2011....................................... 2,890,025
3,034,000 Walt Disney Co. Debentures 7.55%, 2093........................................ 2,968,011
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65,601,915
FINANCE: 8.1%
1,103,606 Banamex Export Funding Corp. Coll. Notes Series K, 5.74%, 1997................ 1,101,178
1,450,000 Barclays North American Capital Corp. Notes 93/4%, 2021, Callable 2001........ 1,624,406
1,000,000 CIGNA Corp. Debentures 7.65%, 2023............................................ 953,590
2,205,000 First Nationwide Bank Subordinated Debentures 10%, 2006....................... 2,471,055
1,600,000 General Electric Capital Services Subordinated Notes 71/2%, 2035.............. 1,585,248
8,000,000 GMAC Put Bonds 87/8%, 2010, Putable 2000/2005................................. 9,054,560
4,500,000 ITT Hartford Group Notes 8.30%, 2001.......................................... 4,735,080
7,500,000 ITT Hartford Group Notes 63/8%, 2002.......................................... 7,238,700
3,370,000 Norwest Corp. MTN 6.20%, 2005................................................. 3,134,639
4,000,000 Norwest Corp. MTN 61/2%, 2005................................................. 3,807,760
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35,706,216
INTERNATIONAL AGENCY: 3.8%
4,150,000 European Investment Bank Bonds 101/8%, 2000................................... 4,644,473
3,300,000 European Investment Bank Bonds 91/8%, 2002.................................... 3,678,048
8,750,000 Inter-American Development Bank Debentures 71/8%, 2023, Callable 2003........ 8,113,700
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16,436,221
CANADIAN: 3.5%
7,062,000 Canadian Pacific Ltd. Debentures 9.45%, 2021.................................. 8,065,722
6,000,000 Hydro-Quebec Debentures 91/2%, 2030........................................... 7,056,240
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15,121,962
TRANSPORTATION: 1.9%
5,630,000 Consolidated Rail Corp. Debentures 93/4%, 2020................................ 6,870,852
400,000 Norfolk & Western Railroad Equipment Trust Certificate 101/8%, 2000........... 443,216
1,000,000 Seaboard Coast Line Railroad Equipment Trust Certificate 111/4%, 1999......... 1,102,890
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8,416,958
PUBLIC UTILITIES: 0.4%
1,500,000 Idaho Power Co. 1st Mortgage Bonds 91/2%, 2021, Callable 2001................. 1,640,820
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Total Bonds (cost $421,211,225).......................... 423,467,077
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</TABLE>
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D O D G E & C O X
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<TABLE>
<CAPTION>
Portfolio of Investments September 30, 1996
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PAR VALUE MARKET VALUE
<C> <C> <S> <C>
SHORT-TERM $ 4,534,806 General Mills, Inc., Variable Demand Note 5.19%, 1996................ $ 4,534,806
INVESTMENTS: 4,837,710 Pitney Bowes Credit Corp., Variable Demand Note 5.19%, 1996.......... 4,837,710
4.1% 3,220,080 Sara Lee Corp., Variable Demand Note 5.17%, 1996..................... 3,220,080
847,328 Southwestern Bell Telephone Co., Variable Demand Note 5.17%, 1996.... 847,328
4,655,002 Warner Lambert Co., Variable Demand Note 5.17%, 1996................. 4,655,002
200,000 Wisconsin Electric Power Corp., Variable Demand Note 5.24%, 1996..... 200,000
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Total Short-Term Investments (cost $18,294,926)............. 18,294,926
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TOTAL INVESTMENTS (cost $439,506,151).................... 100.8% 441,762,003
OTHER ASSETS LESS LIABILITIES............................ (0.8) (3,632,118)
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TOTAL NET ASSETS 100.0% $438,129,885
====== ============
Capital shares outstanding 38,157,795 Net asset value per share $11.48
(par value $.01 each)
</TABLE>
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D O D G E & C O X
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INCOME FUND
<TABLE>
<CAPTION>
Condensed Statement of Operations
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For the Nine Months Ended September 30, 1996
<S> <C>
Investment income............................................ $ 19,319,337
Expenses..................................................... 1,379,921
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Net investment income........................................ $ 17,939,416
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Net realized loss from security transactions
(based on identified cost)............................. $ (488,445)
Change in unrealized appreciation of investments............. (14,242,137)
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Net realized and unrealized loss on investments.............. $ (14,730,582)
==============
</TABLE>
S.E.C. yield for the 30 day period ended September 30, 1996.....6.90%*
* An annualization of the Fund's total net investment income per share for the
30-day period ended on the last day of the month.
<TABLE>
<CAPTION>
Condensed Financial Information
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Net Asset Value Per Share Distributions Per Share
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Year Ended Capital
December 31 Net Assets Actual Adjusted* Income Gains
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<S> <C> <C> <C> <C> <C>
1989 $ 32,762,573 $10.68 $10.69 $.69 $ .01
1990 52,086,033 10.61 10.63 .81 .01
1991 96,219,763 11.59 11.65 .82 .03
1992 136,261,902 11.55 11.70 .82 .09
1993 180,032,487 11.89 12.21 .78 .17
1994 195,373,985 10.74 11.07 .76 .05
1995 303,323,955 12.02 12.45 .78 .06
1996 (9/30) 438,129,885 11.48 11.89 .57** --
---- ----
$ 6.03 $ .42
====== =====
</TABLE>
* Adjusted for assumed reinvestment of capital gains distributions.
** During the quarter, a distribution of $.19 per share from net investment
income was paid to shareholders of record September 17, 1996.
<TABLE>
<CAPTION>
7.75 Years
Average annual total returns for periods ended September 30, 1996 1 Year 5 Years (Since Inception)
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<S> <C> <C> <C>
Dodge & Cox Income Fund 4.75% 8.26% 9.58%
Lehman Brothers Aggregate Bond Index 4.88 7.46 9.17
</TABLE>
The Fund's total returns include the reinvestment of dividend and capital gains
distributions. The Lehman Brothers Aggregate Bond Index is a broad-based,
unmanaged measure of U.S. dollar-denominated investment grade rated securities,
including U.S. Government, corporate, asset-backed and mortgage-backed issues.
Index returns include 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.
* * *
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.
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D O D G E & C O X
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Income Fund
Officers and Directors
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A. Horton Shapiro, President and Director
Senior Vice-President, Dodge & Cox
John A. Gunn, Vice President and Director
President, Dodge & Cox
W. Timothy Ryan, Secretary-Treasurer
and Director
Senior Vice-President, Dodge & Cox
Dana M. Emery, Assistant
Secretary-Treasurer and Director
Vice-President, Dodge & Cox
Thomas M. Mistele, Assistant
Secretary-Treasurer
General Counsel, Dodge & Cox
Max Gutierrez, Jr., Director
Partner, Brobeck, Phleger & Harrison, Attorneys
Frank H. Roberts, Director
Retired Partner, Pillsbury, Madison & Sutro Attorneys
John B. Taylor, Director
Professor of Economics, Stanford University
Will C. Wood, Director
Principal, Kentwood Associates, Finanacial Advisers
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MANAGERS
Dodge & Cox
One Sansome Street, 35th Floor
San Francisco, California 94104
Telephone (415) 981-1710
CUSTODIAN & TRANSFER AGENT
Firstar Trust Company
P. O. Box 701
Milwaukee, Wisconsin 53201-0701
Telephone (800) 621-3979
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
San Francisco, California
LEGAL COUNSEL
Heller, Ehrman, White & McAuliffe
San Francisco, California
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This report is submitted for the general information of the shareholders
of the Fund. The report is not authorized for distribution to prospective
investors in the Fund unless it is accompanied by a current prospectus.
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D O D G E & C O X
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THIS PAGE INTENTIONALLY LEFT BLANK
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D O D G E & C O X
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General Information
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Dodge & Cox The Fund enables investors to obtain the benefits of experienced
Income Fund and continuous investment supervision. The Fund is invested in
a diversified portfolio of fixed-income securities with the
primary objective of providing shareholders with a high and
stable rate of current income consistent with long-term
preservation of capital.
Investment Since 1930, Dodge & Cox has been providing professional
Manager investment management for individuals, trustees, corporations,
pension and profit-sharing funds, and charitable institutions.
In addition, Dodge & Cox manages the Dodge & Cox Balanced Fund
and the Dodge & Cox Stock Fund. Dodge & Cox is not engaged in
the brokerage business nor in the business of dealing in or
selling securities.
No Sales Charge There are no commissions on the purchase or redemption of
shares of the Fund.
Gifts Dodge & Cox Income Fund shares provide a convenient method for
making gifts to children and to other family members. Fund
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.
Reinvestment Shareholders may direct that dividend and capital gains
Plan distributions be reinvested in additional Fund shares.
Automatic Shareholders may make regular monthly or quarterly investments
Investment of $100 or more through automatic deductions from their bank
Plan 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.
The above plans are completely voluntary and involve no service
charge of any kind.
IRA Plan The Fund has available an Individual Retirement Plan (IRA) for
shareholders of the Fund.
Fund literature and details on all of these plans are available
from the Fund upon request.
Dodge & Cox Income Fund
c/o Firstar Trust Company
P.O. Box 701
Milwaukee, Wisconsin 53201-0701
Telephone (800) 621-3979
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DODGE & COX
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Dear Shareholder October 1996
The Dodge & Cox Income Fund had a total return of 2.0% for the quarter ended
September 30, 1996. This result compares with a total return of 1.8% for the
Lehman Brothers Aggregate Bond Index (LBAG). For the first nine months of 1996,
the Income Fund returned 0.4%, compared to 0.6% for the LBAG. Returns for
longer time periods are presented in the box below.
<TABLE>
<CAPTION>
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Average Annual Total Return
Since
For periods ended September 30, 1996 1 Year 5 Years Inception 1/3/89
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<S> <C> <C> <C>
Dodge & Cox Income Fund 4.75% 8.26% 9.58%
Lehman Brothers Aggregate Bond Index 4.88 7.46 9.17
</TABLE>
The Fund's total returns include the reinvestment of dividend and capital gain
distributions. The LBAG is a broad based unmanaged measure of U.S. dollar-
denominated investment grade rated securities, including U.S. Government
corporate asset-backed and mortgage-backed issues. Index returns, unlike Fund
returns do not reflect fees or expenses. Past performance does not guarantee
future results. Investment return and share price will fluctuate with marked
conditions, and you may have a gain or loss when you sell your shares.
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Interest Rates Unchanged in Quarter
Interest rates were nearly unchanged in the third quarter--yields on benchmark
U.S. Treasuries from one year to thirty years were within three basis points
(3/100 of a percentage point) of their June 30 levels. The Fund's relative
return for this quarter was a product of: its yield advantage relative to the
LBAG, narrower yield premiums on many of the Fund's corporate holdings, and the
Fund's continued overweighting of the mortgage-backed securities sector, which
constituted 41% of the Fund's holdings at quarter end.
A New Addition to Mortgage Pass-through Holdings
Dodge & Cox holds Federal Agency mortgage pass-through securities in the Income
Fund as a way to add incremental yield without sacrificing the Fund's high
average quality (AA+). Our strategy in this sector, as we have discussed in
past letters, is to focus our investments in securities that exhibit relatively
stable cash flows over a wide range of interest rate scenarios. A recent
purchase is worth highlighting because it represents an implementation of this
strategy, but with a security that is new to the Fund. Please note that the
following security is discussed as an example of our investment process, not
because we believe it is necessarily more attractive than the Fund's other
investments.
The Freddie Mac (the Federal Home Loan Mortgage Corporation) Pool G10139 is a
pool of "seasoned" 7%, 15-year mortgages that was created in November of 1993
from mortgages originated in the preceding twelve months. We believe that the 46
months of seasoning (average time from the origination of the underlying
mortgage loans to the present) gives these securities favorable, and
undervalued, investment characteristics.
We see the following benefits to this seasoning:
. Lower loan balances on the underlying mortgages--a result of regular principal
amortization on the accelerated 15-year schedule;
. homeowners whose average-tenure-in-the-home is understated, as many of the
mortgages in the pool were from the refinancings of 30-year mortgages;
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Dodge & Cox One Sansome Street San Francisco, California 94104
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DODGE & COX
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Income Fund
. the previous departure from the pool of those homeowners who are more likely
or able to refinance; and
. a lack of potential refinancing alternatives.
These attributes combine to create a pool that appears less likely to suffer
either large waves of prepayments if interest rates fall significantly, or
drastic declines in prepayments if interest rates were to rise.
For long-term investors, prepayment stability is important to earning a high
relative return in mortgage-backed securities. High and unexpected levels of
prepayments in times of lower interest rates would require the Fund to reinvest
this principal at lower rates than the securities originally offered, and for
longer time periods than were expected. The prices of mortgage securities would
rise in response to lower interest rates, but less than the price rise of non--
mortgage alternatives. This occurs because market participants raise their
prepayment expectations in response to the lower interest rates. These higher
expected prepayment levels shorten the expected life of mortgage securities, and
reduce the positive price impact of the fall in interest rates. Finally,
prepayments are made at par (100% of face value). If the security was bought or
is priced above par, every dollar that is returned to the investor earlier than
expected would reduce the total return of the investment.
Prepayment surprises can also be damaging if they are lower than expected. If a
rise in interest rates creates a dramatic slowing of prepayments and/or
prepayment expectations, as happened in 1994, price performance of many
mortgage-backed securities can suffer relative to non-mortgage alternatives.
This is because lower prepayment expectations lengthen the expected life
of mortgage pass-throughs, exacerbating the price decline from the rise in
interest rates.
At Dodge & Cox, we have always invested in the mortgage-backed area with an
objective of reducing some of the risks of prepayment instability. We invested
in this seasoned 15-year pool because it has attributes that may lower the
probability of dramatic prepayment surprises, and these attributes do not appear
to be fully valued by the market.
In Closing
Thank you for your continued confidence in the Dodge & Cox Income Fund. As
always, we welcome your comments and questions.
Dodge & Cox
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Dodge & Cox One Sansome Street San Francisco, California 94104
