Global Bond Fund
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Average Annual Total Return
For periods ended June 30, 2015 (updated quarterly)
    1 Year   3 Years   5 Years   10 Years   Since Inception†
Global Bond Fund -6.16%† N/A N/A N/A 0.88%†
Barclays Global Agg Index   -7.10%†   N/A   N/A   N/A   -2.27%†
   

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.

   
Fund Characteristics
as of June 30, 2015, unless otherwise noted (updated quarterly)
General Information
Net Asset Value Per Share   $10.09
Total Net Assets (millions)   $74.4
30-Day SEC Yield
(using net expenses)(a)(b)
  3.17%
30-Day SEC Yield
(using gross expenses)
2.26%
Net Expense Ratio (b) 0.60%
Gross Expense Ratio
(1/1/15 - 6/30/15, annualized)
1.51%
Portfolio Turnover Rate
(1/1/15 - 6/30/15, unannualized)
  24%
Fund Inception    5/1/14
 
Asset Allocation(f)
Portfolio Characteristics   Fund   Barclays Global Agg
Number of Debt Securities 111 16,860
Effective Duration (years)   3.5   6.5
Emerging Markets(c)   30.8%   5.5%

five largest
corporate Issuers (%)(d)
  fund
Millicom International Cellular SA   2.6
Cemex SAB de CV   2.5
Enel SPA 2.0
Imperial Tobacco Group PLC   2.0
Royal Bank of Scotland Group PLC   2.0
 
Sector
Diversification
(%)(f)
  Fund   Barclays Global Agg
Government 21.3 53.6
Government-Related   7.9   13.1
Securitized   18.4   15.4
Corporate   50.3   17.9
Cash Equivalents   2.1   0.0

Credit Quality (%)
(e)(f)
Fund Barclays Global Agg
Aaa 17.5 40.7
Aa   3.9   17.3
A   18.7   26.0
Baa   42.1   16.0
Ba   11.3   0.0
B 4.4 0.0
Cash Equivalents   2.1   0.0
 
Region
Diversification (%)(c)(f)
  Fund   Barclays Global Agg
United States   46.5   38.3
Latin America   22.0   1.4
Europe (excluding UK)   12.0   26.2
United Kingdom   8.7   6.5
Pacific (excluding Japan)   4.0   5.1
Africa/Middle East   2.8   0.9
Canada 1.9 3.4
Japan   0.0   15.7
Other   0.0   2.5

 


† 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 Barclays Global Aggregate Bond Index (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.

(a) SEC Yield is 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.
(b) 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 0.60% through April 30, 2016. The term of the agreement is renewable annually thereafter unless terminated with 30 days’ written notice by either party prior to the end of the term.
(c) The Fund may classify an issuer in a different category than the 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.
(d) 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.
(e) The credit quality distributions shown for the Fund and the Index are based on the middle of Moody’s, S&P’s, and Fitch ratings, which is the methodology used by Barclays 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’s, and Fitch ratings to comply with the quality requirements stated in its prospectus. On that basis, the Fund held 9.3% 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.
(f) Excludes the Fund’s derivative contracts.
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