The fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income securities. Such investments may include U.S. government bonds, non-U.S. government bonds, and bonds of U.S. or non-U.S. private issuers. It invests primarily in high-grade bonds of governmental and private issuers. The fund invests in bonds of varying maturities, but normally limits its portfolio duration to within +/- 50% of the effective duration of the fund's benchmark index, Bloomberg Global Aggregate Index.