PIMCO Total Return Fund II
Summary Prospectus
August 1,
2026
| Share Class: |
Inst |
I-2 |
| Ticker: |
PMBIX |
PMTPX |
Before you invest, you may want to review the Fund’s prospectus, which, as supplemented, contains more information about the Fund and its risks. You can find the Fund’s prospectus, reports to shareholders and other information about the Fund online at
http://investments.pimco.com/prospectuses. You can also get this information at
no cost by calling 888.87.PIMCO or by sending an email request to piprocess@sscinc.com. The Fund’s prospectus and Statement of Additional Information, both dated August 1, 2026, as supplemented, are incorporated by reference into this Summary Prospectus.
Investment Objective
The Fund seeks maximum total return, consistent with preservation of
capital and prudent investment management.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
You may pay other fees, such as brokerage commissions and other
fees to financial intermediaries, which are not reflected in the table and example below.
| Shareholder Fees (fees paid directly from your investment): |
None |
Annual Fund Operating Expenses (expenses that you pay each year as a
percentage of the value of your investment):
| |
Inst
Class |
I-2 |
| Management Fees |
0.50% |
0.60% |
| Distribution and/or Service (12b-1) Fees |
N/A |
N/A |
| Other Expenses(1) |
0.73% |
0.73% |
| Acquired Fund Fees and Expenses(1) |
0.03% |
0.03% |
| Total Annual Fund Operating Expenses |
1.26% |
1.36% |
| Fee Waiver and/or Expense Reimbursement(2) |
(0.02%) |
(0.02%) |
| Total Annual Fund Operating Expenses After Fee Waiver
and/or Expense Reimbursement(3) |
1.24% |
1.34% |
1
“Other Expenses” and Acquired Fund Fees and Expenses include interest
expense of the Fund and of the Underlying PIMCO Funds of 0.73% and 0.01%, respectively. Interest
expense is borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC (“PIMCO”). Excluding interest expense, Total Annual Fund Operating Expenses are 0.50% and 0.60% for Institutional Class and I-2 shares,
respectively.
2
PIMCO has contractually agreed, through July 31, 2027, to waive, first, the advisory fee and, second, to the extent necessary, the supervisory and administrative fee
it receives from the Fund in an amount equal to the expenses attributable to the Management Fees of
Underlying PIMCO Funds indirectly incurred by the Fund in connection with its investments in Underlying PIMCO Funds up to a maximum waived amount that is equal to the Fund's aggregate advisory fee and supervisory and administrative fee. This waiver renews annually
for a full year unless terminated by PIMCO upon at least 30 days’ notice prior to the end of the contract term.
3
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement do not match the Ratio of
Expenses to Average Net Assets of the Fund, as set forth in the Financial Highlights table of the Fund’s prospectus, because the Ratio of Expenses to Average Net Assets reflects the operating expenses of the Fund and does not include
Acquired Fund Fees and Expenses.
Example.
The Example is intended to help you compare the cost of investing in Institutional Class and I-2 shares
of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest
$10,000 in the noted class of shares for the time periods indicated, and then hold or redeem all
your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or
lower, based on these assumptions your costs would be:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Institutional Class |
$126 |
$398 |
$690 |
$1,521 |
| I-2 |
$136 |
$429 |
$743 |
$1,633 |
Portfolio Turnover
The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating
Expenses or in the Example tables, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 280% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments
of varying maturities, which may be represented by forwards or derivatives such as options, futures
contracts, or swap agreements. “Fixed Income Instruments” include bonds, debt
securities and other similar instruments issued by various U.S. public- or private-sector entities. The average portfolio duration of this Fund normally varies within two years (plus or minus) of the portfolio duration of the securities
comprising the Bloomberg U.S. Aggregate Index, as calculated by Pacific Investment Management
Company LLC (“PIMCO”), which as of May 31, 2026 was 5.83 years. Duration is a measure
used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. The Fund may invest only in investment grade U.S. dollar denominated securities of U.S. issuers that are rated at least Baa
by Moody’s Ratings (“Moody’s”), or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch Ratings, Inc. (“Fitch”), or, if unrated, determined by PIMCO to be of comparable
quality.
The Fund may invest, without limitation, in derivative
instruments, such as options, futures contracts or swap agreements, or in mortgage- or
asset-backed securities, subject to applicable law and any other restrictions described in the
Fund’s prospectus or Statement of Additional Information. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may, without
limitation, seek to obtain market exposure to the securities in which it primarily invests by
entering into a series of purchase and sale contracts or by using other investment techniques
(such as buy backs or dollar rolls). The “total
PIMCO Funds | Summary Prospectus
