PMRAX is a mutual fund that focuses on investing in mortgage-backed securities. It is managed by PIMCO, a leading investment management firm. This fund aims to provide investors with a diversified portfolio of mortgage-backed securities, which are debt instruments backed by a pool of mortgages. The Class A shares of this fund are designed for individual investors and have a lower expense ratio compared to other share classes. PMRAX may be suitable for investors seeking income and potential capital appreciation through exposure to the mortgage market.