The PIMCO Total Return Fund, Institutional, seeks to obtain maximum current income consistent with preservation of capital and daily liquidity. The fund invests in a diversified portfolio of bonds of varying maturities. The average portfolio duration will normally vary between 3 and 6 years, and a majority of assets will be invested in investment-grade income-producing securities. The fund is intended for those who seek high current income and are willing to assume higher risk for higher return potential.