Pacific Investment Management Co. of Newport Beach, Calif., has launched the Pimco Real Income Funds.

The family of funds is designed to provide retirees with a stream of monthly income hedged against inflation.

They use a "laddered" portfolio of primarily Treasury inflation-protected securities and are intended as an anchor for investors' retirement portfolios.

The funds will initially be offered in two maturities — 2019 and 2029 — and are designed to provide monthly distributions of principal and interest so that all assets will be distributed upon maturity.

Gang Hu, a senior vice president and portfolio manager for Pimco, will manage the funds.

Pimco, which announced the funds Tuesday, is a unit of Allianz Global Investors, a subsidiary of Allianz Group of Munich.

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