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Average Annual Total Return*
For periods ended December 31, 2019 (updated quarterly)
    1 Year   3 Years   5 Years   10 Years   Since Inception†
Global Bond Fund 12.23% 6.20% 4.07% N/A† 3.51%
Bloomberg Barclays Global Aggregate Bond Index   6.84%   4.27%   2.31%   N/A†   1.23%

Returns represent past performance and do 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. Mutual fund performance changes over time and currently may be significantly lower than stated above. Monthly updates to performance are accessible from the Performance & Prices page.

† The Global Bond Fund's inception date is December 5, 2012

Fund Characteristics
as of December 31, 2019, unless otherwise noted (updated quarterly)
General Information
Net Asset Value Per Share   $11.10
Total Net Assets (millions)   $434.6
Net Expense Ratio(a) 0.45%
2019 Gross Expense Ratio 0.83%
2019 Portfolio Turnover Rate   60%
30-Day SEC Yield (using net expenses)(a)(b)   3.09%
30-Day SEC Yield (using gross expenses) 2.71%
Number of Credit Issuers   50
Fund Inception    5/1/14
Asset Allocation
Portfolio Characteristics   Fund   BBG Barclays Global Agg
Effective Duration (years)(c)   3.3   7.1
Emerging Markets(d)   24.6%   8.7%
Non-USD Currency
  16.4%   55.2%

five largest
credit Issuers (%)(f)
TC Energy Corp.   1.9
Charter Communications, Inc.   1.9
Ford Motor Credit Co. LLC 1.4
Petroleos Mexicanos   1.4
Kinder Morgan, Inc.   1.3
  Fund   BBG Barclays Global Agg
Government 33.7 53.7
Government-Related   2.9   12.8
Securitized   23.3   14.6
Corporate   37.9   18.9
Net Cash & Other(i)   2.2   0.0

Credit Quality (%)
Fund BBG Barclays Global Agg
AAA 34.2 38.8
AA   1.9   15.1
A   12.1   30.4
BBB   41.0   15.7
BB   7.5   0.0
B 0.4 0.0
CCC 0.6 0.0
Net Cash & Other(i)   2.2   0.0
Diversification (%)(d)(h)
  Fund   BBG Barclays Global Agg
United States   55.8   39.1
Latin America   14.3   1.1
Europe (excluding UK)   11.7   24.4
Asia Pacific (excluding Japan)   8.6   8.3
United Kingdom   5.2   5.1
Canada   1.9   3.3
Africa 0.3 0.0(j)
Japan   0.0   16.0
Supranational   0.0   2.0
Middle East   0.0   0.7


(a) Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain total annual fund operating expenses at 0.45% through April 30, 2020. The term of the agreement renews annually thereafter unless terminated with 30 days’ written notice by either party prior to the end of the term.
(b) SEC Yield is an annualization of the Fund’s net investment income for the trailing 30-day period. Dividends paid by the Fund may be higher or lower than implied by the SEC Yield.
(c) Interest rate derivatives reduce total Fund duration by 1.6 years (i.e., total Fund duration is 4.9 years without derivatives).
(d) The Fund may classify an issuer in a different category than the Bloomberg Barclays Global Aggregate Bond Index. The Fund generally classifies a corporate issuer based on the country of incorporation of the parent company, but may designate a different country in certain circumstances.
(e) Non-USD currency exposure for the Fund reflects the value of the portfolio’s non-U.S. dollar denominated investments, as well as the impact of currency derivatives.
(f) The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation to buy, sell, or hold any particular security and is not indicative of Dodge & Cox’s current or future trading activity.
(g) The credit quality distributions shown for the Fund and the Index are based on the middle of Moody’s, S&P, and Fitch ratings, which is the methodology used by Bloomberg in constructing its indices. If a security is rated by only two agencies, the lower of the two ratings is used. Please note the Fund applies the highest of Moody’s, S&P, and Fitch ratings to comply with the quality requirements stated in its prospectus. On that basis, the Fund held 7.2% in securities rated below investment grade. The credit quality of the investments in the portfolio does not apply to the stability or safety of the Fund or its shares.
(h) Region, sector, and quality weights exclude the effect of the Fund’s derivative contracts.
(i) Net Cash & Other includes cash, short-term investments, derivatives, receivables, and payables.
(j) Rounds to 0.0%.

Bloomberg® is a registered trademark of Bloomberg Finance L.P. and its affiliates. Barclays® is a trademark of Barclays Bank PLC.

* The Fund’s total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions. Index returns include interest income but, unlike Fund returns, do not reflect fees or expenses. The Bloomberg Barclays Global Aggregate Bond Index (BBG Barclays Global Agg) is a widely recognized, unmanaged index of multi-currency, investment-grade fixed income securities. All returns are stated in U.S. dollars, unless otherwise noted. A private fund managed and funded by Dodge & Cox (the “Private Fund”) was reorganized into the Fund and the Fund commenced operations on May 1, 2014. The Private Fund commenced operations on December 5, 2012, and had an investment objective, policies, and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, the Private Fund was not registered as an investment company under the Investment Company Act of 1940 (the “1940 Act”), and therefore was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Code, which, if applicable, may have adversely affected its performance. Expense reimbursements have been in effect for the Fund since its inception. Without the expense reimbursements, returns for the Fund would have been lower.

Source: Bloomberg Index Services Limited. BLOOMBERGŪ is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). BARCLAYSŪ is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, "Barclays"), used under license. Bloomberg or Bloomberg's licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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