PSQO provides broad exposure to the global fixed income markets. The fund actively invests in debt securities of any maturity and credit rating issued by domestic and foreign governments and corporations, including non-USD-denominated loans and securities. The portfolio may include asset- and mortgage-backed securities, collateralized debt obligations (CDOs), collateralized loan obligations (CLOs), corporate bonds, securities issued or guaranteed by the US government, its agencies and instrumentalities, senior secured floating and fixed-rate loans, and second lien or other subordinated or unsecured loans or debt. The fund adviser uses a combination of top-down and bottom-up analysis to identify debt securities that it believes can provide highly competitive rate yields and total return over the long term with mitigated credit risk. The fund may also use derivatives for hedging and non-hedging purposes.