Pimco Dynamic Credit and Mortgage Income Fund seeks current income as a primary objective and capital appreciation as a secondary objective. he fund utilizes a dynamic allocation strategy across multiple fixed income sectors, with an emphasis on opportunities in developed and emerging global credit markets, to pursue current income as a primary objective and capital appreciation as a secondary objective. The fund will normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of mortgage-related securities and other debt instruments of varying maturities. The fund will normally invest at least 25% of its total assets (i.e., concentrate) in privately issued (commonly known as “non-agency”) mortgage-related securities. The fund may also invest up to 40% of its total assets in securities of issuers economically tied to emerging market countries. The fund will normally maintain an average portfolio duration of between zero and eight years.