The fund was incepted in February 1993 and is managed by Franklin Advisers. The objective of this fund is high total return (a combination of high current income and capital appreciation) relative to the performance of the general mortgage securities market. The fund normally invests at least 80% of its net assets in mortgage securities. The fund normally focuses its investments in mortgage pass-through securities, which are securities representing interests in 'pools' of mortgage loans issued or guaranteed by the Government National Mortgage Association (GNMA), the Federal National Mortgage Association (FNMA), and the Federal Home Loan Mortgage Corporation (FHLMC). The fund also invests in U.S. Treasury securities. The fund offers dividends monthly and capital gains, if any annually.