Total Return Fund II


Updated May 29, 2020


Seeks maximum total return, consistent with preservation of capital and prudent investment management

Primary Portfolio

Intermediate-term fixed income securities with quality and foreign issuer restrictions




Fund Overview

Anchor your portfolio with a solid core

Since the launch of Total Return II in 1991, the fund has focused on maximizing total return potential while protecting principal. That emphasis has helped the fund deliver attractive returns through the ups and downs of bond market cycles.

Why Invest In This Fund

Quality, diversification, flexibility

The fund emphasizes higher quality, intermediate-term bonds of U.S. issuers and aims to avoid concentration risk exposure by being more diversified than many traditional core bond funds. Its flexibility to access multiple sectors of the U.S. fixed-income market helps it to manage overall risk and increase total return potential.

Strong long-term returns

Since inception, the fund has helped anchor investors' portfolios as a true core bond holding. Its flexibility and risk-focused approach have helped it deliver attractive returns across varying market and interest rate environments.

A risk-focused approach

Unlike funds that simply seek the highest yield, the fund aims to provide investors with a combination of income and capital appreciation potential. It is guided by a forward-looking, risk-focused philosophy that aims to identify risk early while also being positioned to capture attractive returns.

Our Expertise

The fund’s expert portfolio management team – Scott Mather, CIO U.S. Core Strategies, Mark Kiesel, CIO Global Credit and Mohit Mittal, managing director and senior member of the credit portfolio management team – is supported by the full spectrum of PIMCO’s global resources and nearly five decades of active bond management experience.


Bloomberg Barclays U.S. Aggregate Index


Bloomberg Barclays U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. It is not possible to invest directly in an unmanaged index.


Monthly with Daily Accrual






Scott Mather, CIO U.S. Core Strategies, discusses performance differences amid core bond funds, and how a focus on quality, liquidity and diversification has helped PIMCO Total Return provide portfolio ballast in this crisis.

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Scott Mather, CIO U.S. Core Strategies, talks about the implications of entering a “true credit cycle,” and how the Total Return Strategy is prepared to take advantage of overshoots in the market.

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Learn why we think it’s important to take an active approach to core bond investments.

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Mohit Mittal began managing the fund on 10 December 2019.

Scott A. Mather

CIO U.S. Core Strategies

View Profile for Scott A. Mather

Mark R. Kiesel

CIO Global Credit

View Profile for Mark R. Kiesel

Mohit Mittal

Portfolio Manager, Liability Driven Investment and Credit

View Profile for Mohit Mittal

Yields & Distributions