The fund was incepted in January 1993 and is managed by Pacific Investment Management Company LLC (PIMCO). The fund seeks current income and capital appreciation. The fund invests in mortgage-related securities issued or guaranteed by U.S. Government entities including securities issued by the Federal National Mortgage Association (FNMA or "Fannie Mae") or the Federal Home Loan Mortgage Corporation (FHLMC or "Freddie Mac") or guaranteed by the Government National Mortgage Association (GNMA or "Ginnie Mae"). The fund may invest up to 25% of its assets in privately issued mortgage-related securities (those not issued or guaranteed by the U.S. Government). The mortgage-related securities, in which the fund may invest, include Collateralized Mortgage Obligations, Stripped Mortgage -Backed Securities and Multi-Class Pass Through Securities. Dividends are distributed monthly. Capital gains are distributed annually.