In his last discussion, Gundlach said they were getting out of treasuries. They were buying more non-agency mortgages. He said there wasn't much money to be made in treasuries if interest rates fell any further. With the non-agency stuff he's getting interest and principal kinda like a ginnie mae except he's getting higher interest but no govt guarantee. I saw where pimco started to do the same thing about a month later. I suppose the pps could be hurt some if interest rates rise, but there are ways to hedge against that. Anyway, I treat dlntx as my money market fund and I don't see much chance for a significant rise in rates in the next 6 months or more. I recently sold all my tgmnx, but am keeping and reinvesting in dltnx. Just my opinion...I'm mostly a stock guy, not a bondie.