PIMCO RAFI ESG U.S. ETF (RAFE) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-22375

PIMCO Equity Series

(Exact name of registrant as specified in charter)

650 Newport Center Drive, Newport Beach, CA 92660

(Address of principal executive office)

Trent W. Walker

Treasurer (Principal Financial & Accounting Officer)

PIMCO Equity Series

650 Newport Center Drive, Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Brendan C. Fox

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Registrant’s telephone number, including area code: (888) 877-4626

Date of fiscal year end: June 30

Date of reporting period: December 31, 2017

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507

Item 1. Reports to Shareholders.

The following are copies of the reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30e-1).

• PIMCO Equity Series Funds

• PIMCO Equity Series RAE Fundamental Funds

• PIMCO Equity Series RealPath® Blend Funds

• PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

• PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

• PIMCO RAFI Dynamic Multi-Factor International Equity ETF

PIMCO Equity Series^®

Semiannual

Report

December 31, 2017

PIMCO Dividend and Income Fund

PIMCO EqS^® Long/Short Fund

Table of Contents

			Page
Chairman’s Letter				2
Important Information About the Funds				4
Expense Examples				10
Financial Highlights				12
Statements of Assets and Liabilities				16
Statements of Operations				18
Statements of Changes in Net Assets				19
Statement of Cash Flows				20
Notes to Financial Statements				45
Glossary				65
Approval of Investment Advisory Contract and Other Agreements				66
Fund	Fund Summary		Schedule of Investments
PIMCO Dividend and Income Fund		6		21
PIMCO EqS® Long/Short Fund		8		39

This material is authorized for use only when preceded or accompanied by the current PIMCO Equity Series prospectus. The Shareholder Reports for the other series of the PIMCO Equity Series are printed separately.

Chairman’s Letter

Dear Shareholder,

Please find enclosed the Semiannual Report for the PIMCO Equity Series covering the six-month reporting period ended December 31, 2017. The following pages contain specific details about the investment performance of each fund and a discussion of the factors that most affected performance during the reporting period.

Highlights of the financial markets during the six-month reporting period include:

^∎  During the reporting period, geopolitical concerns remained an investor focus but the global economy provided a solid fundamental backdrop with robust consumer confidence in both the eurozone and the U.S. This environment gave room for developed market central banks to adopt a more “dovish taper”. The European Central Bank (“ECB”), for example, announced a tapering in its monthly asset purchases, but President Mario Draghi emphasized the ECB’s overall accommodative stance. In September, the Federal Reserve (“Fed”) provided details on its plan to unwind its balance sheet and kept rates on hold through its November meeting, but raised the Federal Funds Rate in December by 0.25% to a range of 1.25% to 1.50% (marking the third rate increase during 2017, following rate increases in March and in June). The Bank of England (“BOE”) raised its policy rate and suggested reduced stimulus on the horizon and the Bank of Canada (“BOC”) raised interest rates twice after a seven-year gap. Furthermore, President Xi Jinping was extended a second five-year term following the 19^th National Party Congress in China, while Japan’s Prime Minister Shinzo Abe won a decisive victory in snap elections.

^∎  As a result, many developed market yield curves flattened over the reporting period as front-end rates moved higher alongside less accommodative monetary policy. In the U.S., solid growth momentum and the Fed’s three rate hikes throughout the year pushed the two-year yield to its highest level in nearly a decade. In turn, this drove the spread between two-year and 10-year rates to its narrowest level since November 2007. Front-end yields also moved higher in the U.K. and Canada as the BOE and BOC both raised policy rates for the first time in years.

^∎  Global stock markets reached new highs as increasingly solid economic data, rising corporate earnings, and non-restrictive central bank policy underpinned robust risk sentiment. U.S. equities, as represented by the S&P 500 Index, returned 11.42% over the reporting period. Developed market equities outside the U.S. and Canada, as represented by the MSCI EAFE Net Dividend Index (USD Hedged) and the MSCI EAFE Net Dividend Index (USD Unhedged), returned 7.92% and 9.86%, respectively, over the reporting period. Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 14.63% over the reporting period and European equities, as represented by the MSCI Europe Index (in EUR), returned 3.34% over the reporting period.

^∎  EM equities, as represented by the MSCI Emerging Markets Index (Net Dividends in USD), returned 15.92% over the reporting period as fundamentals remained healthy in select economies. Emerging markets benefited from broad-based and synchronized global growth, robust liquidity conditions, rising commodity prices, and a weak U.S. dollar.

^∎  U.S. Treasuries, as represented by the Bloomberg Barclays U.S. Treasury Index, returned 0.43% for the reporting period. Yields rose across the majority of the yield curve through 10-year maturities, but declined across 20- and 30-year maturities. The benchmark 10-year U.S. Treasury note yielded 2.40% at the end of the reporting period, up from 2.31% on June 30, 2017. The Bloomberg Barclays U.S. Aggregate Index, a widely used index of U.S. investment-grade bonds, returned 1.24% for the reporting period.

If you have any questions regarding the funds, please contact your account manager or financial adviser, or call one of our shareholder associates at 888.87.PIMCO. We also invite you to visit our website at www.pimco.com to learn more about our views and global thought leadership.

2 PIMCO EQUITY SERIES

Thank you for the assets you have placed with us. We deeply value your trust, and we work diligently to meet your broad investment needs.

Sincerely,     Brent R. Harris Chairman of the Board,
PIMCO Equity Series   February 21, 2018

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

SEMIANNUAL REPORT DECEMBER 31, 2017 3

Important Information About the Funds

PIMCO Equity Series (the “Trust”) is an open-end management investment company that includes PIMCO Dividend and Income Fund and PIMCO EqS^® Long/Short Fund (each, a “Fund” and collectively, the “Funds”).

We believe that equity funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds are subject to notable risks. Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic, and industry conditions.

The values of equity securities, such as common stocks and preferred securities, have historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all equity securities.

The Funds may be subject to various risks as described in each Fund’s prospectus and in the Principal Risks in the Notes to Financial Statements.

The geographical classification of foreign (non-U.S.) securities in this report are classified by the country of incorporation of a holding. In certain instances, a security’s country of incorporation may be different from its country of economic exposure.

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the redemption of Fund shares. The Cumulative Returns chart and Average Annual Total Return table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge (“CDSC”) that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns chart. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. Class C shares are subject to a 1% CDSC, which may apply in the first year. The Cumulative Returns chart reflects only Institutional Class performance. Performance may vary by share class based on each class’s expense ratios. Performance shown is net of fees and expenses. The minimum initial investment amount for Institutional Class and Class P shares is $1,000,000. The minimum initial investment amount for Class A, Class C and Class D shares is $1,000. Each Fund measures its performance against at least one broad-based securities market index (“benchmark index”). The benchmark index does not take into account fees, expenses, or taxes. A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) a Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund’s performance as compared to one or more previous reporting periods.

The following table discloses the inception dates of each Fund and its respective share classes along with each Fund’s diversification status as of period end:

Fund Name

Fund Inception

Institutional Class

Class P

Class D

Class A

Class C

Diversification Status

PIMCO Dividend and Income Fund

12/14/11

12/14/11

12/14/11

12/14/11

12/14/11

12/14/11

Diversified

PIMCO EqS® Long/Short Fund

04/20/12

04/20/12

04/30/12

04/30/12

04/30/12

04/30/12

Non-diversified

4 PIMCO EQUITY SERIES

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus nor a Fund’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder

input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust’s then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of a Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of a Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund’s website at www.pimco.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Trust files a complete schedule of each Fund’s holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of a Fund’s Form N-Q is available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. A Fund’s Form N-Q is also available without charge, upon request, by calling the Trust at (888) 87-PIMCO and on the Fund’s website at www.pimco.com. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

SEMIANNUAL REPORT DECEMBER 31, 2017 5

PIMCO Dividend and Income Fund

Cumulative Returns Through December 31, 2017

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO Dividend and Income Fund seeks to provide current income that exceeds the average yield on global stocks, and as a secondary objective, seeks to provide long-term capital appreciation, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of income-producing investments, and will typically invest between 60-80% of its assets in equity and equity-related securities (such portion of the Fund’s portfolio, the “Equity Sleeve”) providing exposure to a portfolio of stocks (the “RAE Income Global Portfolio”) through investment in the securities that comprise the RAE Income Global Portfolio. The stocks for the Equity Sleeve are selected by the Fund’s sub-adviser, Research Affiliates, LLC, from a broad universe of global equities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2017
		6 Months*		1 Year		5 Year		Fund Inception (12/14/11)
	PIMCO Dividend and Income Fund Institutional Class		9.28%		16.20%		7.01%		8.50%
	PIMCO Dividend and Income Fund Class P		9.22%		16.08%		6.93%		8.43%
	PIMCO Dividend and Income Fund Class D		9.10%		15.81%		6.65%		8.14%
	PIMCO Dividend and Income Fund Class A		9.11%		15.73%		6.64%		8.13%
	PIMCO Dividend and Income Fund Class A (adjusted)		3.15%		9.39%		5.45%		7.12%
	PIMCO Dividend and Income Fund Class C		8.65%		14.84%		5.83%		7.31%
	PIMCO Dividend and Income Fund Class C (adjusted)		7.65%		13.84%		5.83%		7.31%
	MSCI World Index±		10.61%		22.40%		11.64%		12.92%
	75% MSCI World Index/25% Bloomberg Barclays Global Aggregate USD Unhedged±±		8.64%		18.49%		8.93%		10.07%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of 23 developed market country indices.

^±± The benchmark is a blend of 75% MSCI World Index/25% Bloomberg Barclays Global Aggregate USD Unhedged. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of 23 developed market country indices. Bloomberg Barclays Global Aggregate (USD Unhedged) Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian Government securities, and USD investment grade 144A securities.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1.00% CDSC on Class C shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 0.81% for the Institutional Class shares, 0.91% for the Class P shares, 1.16% for the Class D shares, 1.16% for the Class A shares, and 1.91% for the Class C shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

6 PIMCO EQUITY SERIES

Institutional Class - PQIIX Class P - PQIPX Class D - PQIDX Class A - PQIZX Class C - PQICX

Geographic Breakdown as of 12/31/2017^1§

United States	50.5%
Japan	10.1%
United Kingdom	8.4%
France	5.6%
Germany	4.6%
Australia	3.3%
Spain	2.3%
Netherlands	1.9%
Switzerland	1.8%
Canada	1.5%
Cayman Islands	1.2%
Italy	1.2%
Other	5.5%

Sector Breakdown as of12/31/2017^1§

Financials	24.4%
Industrials	8.5%
Energy	6.9%
U.S. Treasury Obligations	6.7%
Consumer Discretionary	6.5%
Health Care	6.2%
Asset-Backed Securities	5.7%
Utilities	5.5%
Information Technology	5.1%
Consumer Staples	4.5%
U.S. Government Agencies	3.9%
Materials	3.9%
Telecommunication Services	3.8%
Non-Agency Mortgage-Backed Securities	3.2%
Loan Participations and Assignments	1.1%
Other	2.0%

¹ % of Investments, at value.

^§ Geographic and Sector Breakdown and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» Security selection in the industrial sector contributed to relative returns, as the Fund’s holdings outperformed the benchmark index.

» Overweight exposure to, and security selection in, the energy sector contributed to relative returns, as the sector and the Fund’s holdings outperformed the benchmark index.

» Overweight exposure to, and security selection in, the materials sector contributed to relative returns, as the sector and the Fund’s holdings outperformed the benchmark index.

» Holdings of non-agency mortgage-backed securities contributed to absolute returns, as these securities generated positive total returns.

» Underweight exposure to, and security selection in, the information technology sector detracted from relative returns, as the sector and the Fund’s holdings underperformed the benchmark index.

» Security selection in the financial sector detracted from relative returns, as the Fund’s holdings underperformed the benchmark index.

» Exposure to U.S. duration detracted from absolute returns, as yields generally rose.

SEMIANNUAL REPORT DECEMBER 31, 2017 7

PIMCO EqS^® Long/Short Fund

Cumulative Returns Through December 31, 2017

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO EqS^® Long/Short Fund seeks long-term capital appreciation by investing under normal circumstances in long and short positions of equity and equity-related securities, including common and preferred securities (and securities convertible into, or that PIMCO expects to be exchanged for, common or preferred securities), utilizing a fundamental investing style that integrates bottom-up and top-down research. The Fund will normally invest a substantial portion of its assets in equity and equity-related securities. The Fund may also invest in fixed income securities of varying maturities, cash and cash equivalents. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2017*
		6 Months**		1 Year		5 Year		10 Year		Fund Inception (01/01/03)
	PIMCO EqS® Long/Short Fund Institutional Class		1.34%		9.95%		8.41%		5.72%		10.96%
	PIMCO EqS® Long/Short Fund Class P		1.27%		9.83%		8.31%		5.67%		10.92%
	PIMCO EqS® Long/Short Fund Class D		1.20%		9.55%		8.02%		5.50%		10.80%
	PIMCO EqS® Long/Short Fund Class A		1.20%		9.66%		8.04%		5.51%		10.81%
	PIMCO EqS® Long/Short Fund Class A (adjusted)		(4.36)%		3.61%		6.83%		4.91%		10.39%
	PIMCO EqS® Long/Short Fund Class C		0.81%		8.74%		7.23%		5.05%		10.49%
	PIMCO EqS® Long/Short Fund Class C (adjusted)		(0.15)%		7.74%		7.23%		5.05%		10.49%
	3 Month USD LIBOR Index±		0.66%		1.20%		0.54%		0.82%		1.65%

All Fund returns are net of fees and expenses.

** Cumulative return.

^± The 3 Month USD LIBOR (London Interbank Offered Rate) Index is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money (3 months) in England’s Eurodollar market.

It is not possible to invest directly in an unmanaged index.

* For periods prior to April 20, 2012, the Fund’s performance reflects the performance when the Fund was a partnership, net of actual fees and expenses charged to individual partnership accounts in the aggregate. If the performance had been restated to reflect the applicable fees and expenses of each share class, the performance may have been higher or lower. The Fund began operations as a partnership on January 1, 2003 and, on April 20, 2012, was reorganized into a newly-formed fund that was registered as an investment company under the Investment Company Act of 1940. Prior to the reorganization, the Fund had an investment objective, investment strategies, investment guidelines, and restrictions that were substantially similar to those currently applicable to the Fund; however, the Fund was not registered as an investment company under the Investment Company Act of 1940 and was not subject to its requirements or requirements imposed by the Internal Revenue Code of 1986 which, if applicable, may have adversely affected its performance. The performance of Class P, D, A and C shares for the period from April 20, 2012 to April 30, 2012 is based on the performance of the Institutional Class shares of the Fund. The performance of each class of shares will differ as a result of the different levels of fees and expenses applicable to each class of shares.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1.00% CDSC on Class C shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 1.87% for the Institutional Class shares, 1.97% for the Class P shares, 2.22% for the Class D shares, 2.22% for the Class A shares, and 2.97% for the Class C shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

8 PIMCO EQUITY SERIES

Institutional Class - PMHIX Class P - PMHBX Class D - PMHDX Class A - PMHAX Class C - PMHCX

Top 10 Holdings as of 12/31/2017^1§

Alphabet, Inc. ‘C’	4.9%
American Express Co.	4.4%
Berkshire Hathaway, Inc. ‘B’	4.3%
Johnson & Johnson	4.1%
SPDR S&P Oil & Gas Exploration & Production ETF	3.5%
Union Pacific Corp.	3.1%
Norfolk Southern Corp.	3.1%
SPDR S&P Regional Banking ETF	3.0%
Facebook, Inc. ‘A’	2.9%
Discover Financial Services	2.9%

Sector Breakdown as of12/31/2017^2§

Financials	16.1%
Health Care	13.4%
Energy	11.6%
Industrials	10.1%
Information Technology	9.3%
Consumer Discretionary	7.5%
Materials	2.7%
Other	(1.5%	)

¹ % of Investments, at value.

² % of net exposure (Investments, at value less Securities Sold Short). Financial derivative instruments and short-term instruments are not taken into consideration.

^§ Top 10 Holdings and Sector Breakdown and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» The Fund’s long position in Berkshire Hathaway Inc. contributed to absolute returns, as the price of that security rose.

» The Fund’s long position in Union Pacific Corporation contributed to absolute returns, as the price of that security rose.

» The Fund’s long position in Alphabet Inc. contributed to absolute returns, as the price of that security rose.

» The Fund’s short equity positions detracted from absolute returns, as the prices of these securities generally rose.

» The Fund’s long position in Newell Brands Inc. detracted from absolute returns, as the price of that security fell.

» The Fund’s long position in Signature Bank detracted from absolute returns, as the price of that security fell.

SEMIANNUAL REPORT DECEMBER 31, 2017 9

Expense Examples

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and exchange fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2017 to December 31, 2017 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments and exchange fees. Therefore, the information under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary from period to period because of various factors such as an increase in expenses that are not covered by the management fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/17)		Ending Account Value (12/31/17)		Expenses Paid During Period*		Beginning Account Value (07/01/17)		Ending Account Value (12/31/17)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO Dividend and Income Fund
Institutional Class	$	1,000.00	$	1,092.80	$	4.41	$	1,000.00	$	1,020.86	$	4.26		0.84	%
Class P		1,000.00		1,092.20		4.93		1,000.00		1,020.36		4.76		0.94
Class D		1,000.00		1,091.00		6.24		1,000.00		1,019.10		6.02		1.19
Class A		1,000.00		1,091.10		6.24		1,000.00		1,019.10		6.02		1.19
Class C		1,000.00		1,086.50		10.15		1,000.00		1,015.34		9.80		1.94
PIMCO EqS® Long/Short Fund
Institutional Class	$	1,000.00	$	1,013.40	$	9.69	$	1,000.00	$	1,015.44	$	9.70		1.92	%
Class P		1,000.00		1,012.70		10.19		1,000.00		1,014.94		10.20		2.02
Class D		1,000.00		1,012.00		11.45		1,000.00		1,013.69		11.46		2.27
Class A		1,000.00		1,012.00		11.45		1,000.00		1,013.69		11.46		2.27
Class C		1,000.00		1,008.10		15.20		1,000.00		1,009.93		15.22		3.02

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

** Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

10 PIMCO EQUITY SERIES

(THIS PAGE INTENTIONALLY LEFT BLANK)

SEMIANNUAL REPORT DECEMBER 31, 2017 11

Financial Highlights

			Investment Operations									Less Distributions(b)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year  or Period		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO Dividend and Income Fund
Institutional Class
07/01/2017 - 12/31/2017+	$	11.09	$	0.15		$	0.88		$	1.03		$	(0.24	)	$	0.00		$	0.00	$	(0.24	)
06/30/2017		9.94		0.30			1.08			1.38			(0.23	)		0.00			0.00		(0.23	)
06/30/2016		12.29		0.43			(1.58	)		(1.15	)		(0.44	)		(0.76	)		0.00		(1.20	)
06/30/2015		13.12		0.47			(0.50	)		(0.03	)		(0.46	)		(0.34	)		0.00		(0.80	)
06/30/2014		11.60		0.44			1.54			1.98			(0.46	)		0.00			0.00		(0.46	)
06/30/2013		10.47		0.54			1.03			1.57			(0.42	)		(0.02	)		0.00		(0.44	)
Class P
07/01/2017 - 12/31/2017+		11.11		0.15			0.87			1.02			(0.23	)		0.00			0.00		(0.23	)
06/30/2017		9.96		0.30			1.07			1.37			(0.22	)		0.00			0.00		(0.22	)
06/30/2016		12.30		0.39			(1.54	)		(1.15	)		(0.43	)		(0.76	)		0.00		(1.19	)
06/30/2015		13.13		0.46			(0.50	)		(0.04	)		(0.45	)		(0.34	)		0.00		(0.79	)
06/30/2014		11.62		0.44			1.52			1.96			(0.45	)		0.00			0.00		(0.45	)
06/30/2013		10.48		0.54			1.03			1.57			(0.41	)		(0.02	)		0.00		(0.43	)
Class D
07/01/2017 - 12/31/2017+		11.09		0.13			0.88			1.01			(0.22	)		0.00			0.00		(0.22	)
06/30/2017		9.94		0.27			1.07			1.34			(0.19	)		0.00			0.00		(0.19	)
06/30/2016		12.29		0.36			(1.54	)		(1.18	)		(0.41	)		(0.76	)		0.00		(1.17	)
06/30/2015		13.12		0.46			(0.53	)		(0.07	)		(0.42	)		(0.34	)		0.00		(0.76	)
06/30/2014		11.61		0.40			1.53			1.93			(0.42	)		0.00			0.00		(0.42	)
06/30/2013		10.47		0.46			1.09			1.55			(0.39	)		(0.02	)		0.00		(0.41	)
Class A
07/01/2017 - 12/31/2017+		11.08		0.13			0.88			1.01			(0.22	)		0.00			0.00		(0.22	)
06/30/2017		9.94		0.27			1.07			1.34			(0.20	)		0.00			0.00		(0.20	)
06/30/2016		12.29		0.39			(1.57	)		(1.18	)		(0.41	)		(0.76	)		0.00		(1.17	)
06/30/2015		13.12		0.43			(0.50	)		(0.07	)		(0.42	)		(0.34	)		0.00		(0.76	)
06/30/2014		11.61		0.42			1.51			1.93			(0.42	)		0.00			0.00		(0.42	)
06/30/2013		10.47		0.48			1.07			1.55			(0.39	)		(0.02	)		0.00		(0.41	)
Class C
07/01/2017 - 12/31/2017+		11.06		0.09			0.86			0.95			(0.17	)		0.00			0.00		(0.17	)
06/30/2017		9.92		0.18			1.07			1.25			(0.11	)		0.00			0.00		(0.11	)
06/30/2016		12.27		0.31			(1.57	)		(1.26	)		(0.33	)		(0.76	)		0.00		(1.09	)
06/30/2015		13.10		0.34			(0.51	)		(0.17	)		(0.32	)		(0.34	)		0.00		(0.66	)
06/30/2014		11.59		0.33			1.51			1.84			(0.33	)		0.00			0.00		(0.33	)
06/30/2013		10.46		0.40			1.06			1.46			(0.31	)		(0.02	)		0.00		(0.33	)
PIMCO EqS® Long/Short Fund
Institutional Class
07/01/2017 - 12/31/2017+	$	12.26	$	(0.02	)	$	0.18		$	0.16		$	0.00		$	(0.64	)	$	0.00	$	(0.64	)
06/30/2017		11.69		(0.04	)		1.20			1.16			(0.36	)		(0.23	)		0.00		(0.59	)
06/30/2016		12.07		(0.17	)		(0.07	)		(0.24	)		0.00			(0.14	)		0.00		(0.14	)
06/30/2015		11.92		0.02			0.18			0.20			0.00			(0.05	)		0.00		(0.05	)
06/30/2014		11.09		(0.10	)		1.60			1.50			(0.06	)		(0.61	)		0.00		(0.67	)
06/30/2013		9.71		0.15			1.27			1.42			(0.04	)		0.00			0.00		(0.04	)
Class P
07/01/2017 - 12/31/2017+		12.19		(0.03	)		0.18			0.15			0.00			(0.64	)		0.00		(0.64	)
06/30/2017		11.63		(0.05	)		1.19			1.14			(0.35	)		(0.23	)		0.00		(0.58	)
06/30/2016		12.02		(0.18	)		(0.07	)		(0.25	)		0.00			(0.14	)		0.00		(0.14	)
06/30/2015		11.88		0.02			0.17			0.19			0.00			(0.05	)		0.00		(0.05	)
06/30/2014		11.08		(0.08	)		1.56			1.48			(0.07	)		(0.61	)		0.00		(0.68	)
06/30/2013		9.70		(0.05	)		1.47			1.42			(0.04	)		0.00			0.00		(0.04	)
Class D
07/01/2017 - 12/31/2017+		12.07		(0.04	)		0.18			0.14			0.00			(0.64	)		0.00		(0.64	)
06/30/2017		11.53		(0.08	)		1.18			1.10			(0.33	)		(0.23	)		0.00		(0.56	)
06/30/2016		11.95		(0.20	)		(0.08	)		(0.28	)		0.00			(0.14	)		0.00		(0.14	)
06/30/2015		11.84		(0.02	)		0.18			0.16			0.00			(0.05	)		0.00		(0.05	)
06/30/2014		11.06		(0.12	)		1.57			1.45			(0.06	)		(0.61	)		0.00		(0.67	)
06/30/2013		9.70		(0.10	)		1.48			1.38			(0.02	)		0.00			0.00		(0.02	)

12 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets
Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	11.88		9.28	%	$	25,279		0.84	%*		0.85	%*		0.80	%*		0.81	%*		2.66	%*		40	%
	11.09		14.01			23,087		0.80			0.81			0.79			0.80			2.88			93
	9.94		(9.06	)		31,840		0.83	(c)		1.00	(c)		0.83	(c)		1.00	(c)		4.03			114
	12.29		(0.12	)		68,607		0.83			1.00			0.83			1.00			3.70			98
	13.12		17.23			90,408		0.84			1.00			0.84			1.00			3.56			79
	11.60		15.17			69,203		0.83			1.00			0.83			1.00			4.66			75
	11.90		9.22			28,342		0.94	*		0.95	*		0.90	*		0.91	*		2.56	*		40
	11.11		13.86			24,731		0.90			0.91			0.89			0.90			2.79			93
	9.96		(9.05	)		34,120		0.93	(c)		1.10	(c)		0.93	(c)		1.10	(c)		3.53			114
	12.30		(0.22	)		169,790		0.93			1.10			0.93			1.10			3.64			98
	13.13		17.05			158,122		0.94			1.10			0.94			1.10			3.53			79
	11.62		15.15			85,724		0.93			1.10			0.93			1.10			4.62			75
	11.88		9.10			8,132		1.19	*		1.20	*		1.15	*		1.16	*		2.33	*		40
	11.09		13.59			8,117		1.15			1.16			1.14			1.15			2.51			93
	9.94		(9.38	)		10,623		1.18	(c)		1.35	(c)		1.18	(c)		1.35	(c)		3.37			114
	12.29		(0.47	)		41,094		1.18			1.35			1.18			1.35			3.59			98
	13.12		16.78			32,523		1.19			1.35			1.19			1.35			3.19			79
	11.61		14.91			23,204		1.18			1.35			1.18			1.35			4.00			75
	11.87		9.11			143,218		1.19	*		1.20	*		1.15	*		1.16	*		2.32	*		40
	11.08		13.54			144,912		1.15			1.16			1.14			1.15			2.53			93
	9.94		(9.38	)		167,857		1.18	(c)		1.35	(c)		1.18	(c)		1.35	(c)		3.67			114
	12.29		(0.49	)		296,317		1.18			1.35			1.18			1.35			3.39			98
	13.12		16.78			320,719		1.19			1.35			1.19			1.35			3.34			79
	11.61		14.91			117,579		1.18			1.35			1.18			1.35			4.18			75
	11.84		8.65			133,967		1.94	*		1.95	*		1.90	*		1.91	*		1.58	*		40
	11.06		12.70			140,710		1.90			1.91			1.89			1.90			1.75			93
	9.92		(10.07	)		195,393		1.93	(c)		2.10	(c)		1.93	(c)		2.10	(c)		2.91			114
	12.27		(1.23	)		358,171		1.93			2.10			1.93			2.10			2.67			98
	13.10		15.97			353,287		1.94			2.10			1.94			2.10			2.67			79
	11.59		14.08			86,879		1.93			2.10			1.93			2.10			3.42			75
$	11.78		1.34	%	$	197,381		1.92	%*		1.93	%*		1.50	%*		1.51	%*		(0.32	)%*		132	%
	12.26		10.38			188,022		1.86			1.87			1.49			1.50			(0.32	)		251
	11.69		(2.02	)		243,341		2.44			2.45			1.50			1.51			(1.46	)		672
	12.07		1.74			299,808		1.91			1.92			1.49			1.50			0.20			450	(d)
	11.92		13.59			545,346		2.02			2.04			1.48			1.50			(0.82	)		522
	11.09		14.66			329,610		2.65			2.75			1.40			1.50			1.45			528
	11.70		1.27			118,022		2.02	*		2.03	*		1.60	*		1.61	*		(0.42	)*		132
	12.19		10.28			138,946		1.96			1.97			1.59			1.60			(0.44	)		251
	11.63		(2.11	)		249,973		2.54			2.55			1.60			1.61			(1.51	)		672
	12.02		1.66			207,511		2.01			2.02			1.59			1.60			0.16			450	(d)
	11.88		13.40			277,661		2.00			2.02			1.58			1.60			(0.71	)		522
	11.08		14.77			15,664		3.94			4.04			1.50			1.60			(0.48	)		528
	11.57		1.20			49,915		2.27	*		2.28	*		1.85	*		1.86	*		(0.66	)*		132
	12.07		9.93			46,418		2.21			2.22			1.84			1.85			(0.70	)		251
	11.53		(2.37	)		62,130		2.79			2.80			1.85			1.86			(1.74	)		672
	11.95		1.41			44,227		2.26			2.27			1.84			1.85			(0.19	)		450	(d)
	11.84		13.13			77,934		2.31			2.33			1.83			1.85			(1.01	)		522
	11.06		14.31			12,421		3.95			4.05			1.75			1.85			(0.97	)		528

SEMIANNUAL REPORT DECEMBER 31, 2017 13

Financial Highlights (Cont.)

			Investment Operations									Less Distributions(b)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year  or Period		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO EqS® Long/Short Fund (Cont.)
Class A
07/01/2017 - 12/31/2017+	$	12.05	$	(0.04	)	$	0.18		$	0.14		$	0.00		$	(0.64	)	$	0.00	$	(0.64	)
06/30/2017		11.52		(0.08	)		1.18			1.10			(0.34	)		(0.23	)		0.00		(0.57	)
06/30/2016		11.94		(0.21	)		(0.07	)		(0.28	)		0.00			(0.14	)		0.00		(0.14	)
06/30/2015		11.83		(0.02	)		0.18			0.16			0.00			(0.05	)		0.00		(0.05	)
06/30/2014		11.05		(0.12	)		1.57			1.45			(0.06	)		(0.61	)		0.00		(0.67	)
06/30/2013		9.70		(0.00	)		1.38			1.38			(0.03	)		0.00			0.00		(0.03	)
Class C
07/01/2017 - 12/31/2017+		11.65		(0.08	)		0.17			0.09			0.00			(0.64	)		0.00		(0.64	)
06/30/2017		11.20		(0.16	)		1.13			0.97			(0.29	)		(0.23	)		0.00		(0.52	)
06/30/2016		11.69		(0.29	)		(0.06	)		(0.35	)		0.00			(0.14	)		0.00		(0.14	)
06/30/2015		11.67		(0.11	)		0.18			0.07			0.00			(0.05	)		0.00		(0.05	)
06/30/2014		10.98		(0.20	)		1.55			1.35			(0.05	)		(0.61	)		0.00		(0.66	)
06/30/2013		9.69		0.01			1.29			1.30			(0.01	)		0.00			0.00		(0.01	)

+ Unaudited

* Annualized

^ A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.

^(a)  Per share amounts based on average number of shares outstanding during the year or period.

^(b)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(c)  Effective June 16, 2016, the Fund’s Investment advisory fee was decreased by 0.20% to an annual rate of 0.49%.

^(d)  The amount previously reported as 763% in the Fund’s annual report has been restated, as above.

14 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets
Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	11.55		1.20	%	$	83,496		2.27	%*		2.28	%*		1.85	%*		1.86	%*		(0.67	)%*		132	%
	12.05		9.97			88,636		2.21			2.22			1.84			1.85			(0.67	)		251
	11.52		(2.38	)		147,582		2.79			2.80			1.85			1.86			(1.79	)		672
	11.94		1.41			172,843		2.26			2.27			1.84			1.85			(0.18	)		450	(d)
	11.83		13.17			382,160		2.27			2.29			1.83			1.85			(0.98	)		522
	11.05		14.27			24,759		3.62			3.72			1.75			1.85			(0.03	)		528
	11.10		0.81			80,290		3.02	*		3.03	*		2.60	*		2.61	*		(1.42	)*		132
	11.65		9.07			91,557		2.96			2.97			2.59			2.60			(1.41	)		251
	11.20		(3.03	)		145,358		3.54			3.55			2.60			2.61			(2.52	)		672
	11.69		0.66			140,719		3.01			3.02			2.59			2.60			(0.95	)		450	(d)
	11.67		12.26			214,485		3.00			3.02			2.58			2.60			(1.71	)		522
	10.98		13.41			9,530		4.04			4.14			2.50			2.60			0.13			528

SEMIANNUAL REPORT DECEMBER 31, 2017 15

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	PIMCO Dividend and Income Fund			PIMCO EqS® Long/Short Fund
Assets:
Investments, at value
Investments in securities*	$	356,613		$	446,850
Investments in Affiliates		5,299			85,566
Financial Derivative Instruments
Exchange-traded or centrally cleared		70			94
Over the counter		209			269
Cash		1,048			1
Deposits with counterparty		1,068			109,453
Foreign currency, at value		501			716
Receivable for investments sold		58,485			23,600
Receivable for Fund shares sold		992			663
Interest and/or dividends receivable		1,569			426
Dividends receivable from Affiliates		4			145
Reimbursement receivable from PIMCO		4			6
Other assets		1			1
Total Assets		425,863			667,790
Liabilities:
Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	9,126		$	0
Payable for sale-buyback transactions		5,380			0
Payable for short sales		3,001			106,320
Financial Derivative Instruments
Exchange-traded or centrally cleared		32			175
Over the counter		343			256
Payable for investments purchased		68,022			30,168
Payable for investments in Affiliates purchased		4			145
Deposits from counterparty		40			260
Payable for Fund shares redeemed		561			533
Accrued investment advisory fees		145			482
Accrued supervisory and administrative fees		116			238
Accrued distribution fees		89			65
Accrued servicing fees		61			36
Other liabilities		5			8
Total Liabilities		86,925			138,686
Net Assets	$	338,938		$	529,104
Net Assets Consist of:
Paid in capital	$	411,624		$	499,574
Undistributed (overdistributed) net investment income		(563	)		(482	)
Accumulated undistributed net realized gain (loss)		(110,405	)		2,532
Net unrealized appreciation (depreciation)		38,282			27,480
Net Assets	$	338,938		$	529,104
Cost of investments in securities	$	318,071		$	414,789
Cost of investments in Affiliates	$	5,297		$	85,557
Cost of foreign currency held	$	502		$	712
Proceeds received on short sales	$	2,989		$	102,332
Cost or premiums of financial derivative instruments, net	$	(200	)	$	(3,368	)
* Includes repurchase agreements of:	$	186		$	524

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

16 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	PIMCO Dividend and Income Fund		PIMCO EqS® Long/Short Fund
Net Assets:
Institutional Class	$	25,279	$	197,381
Class P		28,342		118,022
Class D		8,132		49,915
Class A		143,218		83,496
Class C		133,967		80,290
Shares Issued and Outstanding:
Institutional Class		2,128		16,759
Class P		2,381		10,087
Class D		685		4,315
Class A		12,065		7,233
Class C		11,311		7,234
Net Asset Value Per Share Outstanding:
Institutional Class	$	11.88	$	11.78
Class P		11.90		11.70
Class D		11.88		11.57
Class A		11.87		11.55
Class C		11.84		11.10

SEMIANNUAL REPORT DECEMBER 31, 2017 17

Statements of Operations

(Unaudited)

Six Months Ended December 31, 2017
(Amounts in thousands†)	PIMCO Dividend and Income Fund			PIMCO EqS® Long/Short Fund
Investment Income:
Interest	$	2,040		$	593
Dividends, net of foreign taxes*		3,921			2,709
Dividends from Investments in Affiliates		8			1,027
Total Income		5,969			4,329
Expenses:
Investment advisory fees		833			2,821
Supervisory and administrative fees		669			1,396
Distribution and/or servicing fees - Class D		10			61
Distribution fees - Class C		513			323
Servicing fees - Class A		181			107
Servicing fees - Class C		171			108
Dividends on short sales		0			1,049
Trustee fees		10			16
Interest expense		64			93
Miscellaneous expense		13			20
Total Expenses		2,464			5,994
Waiver and/or Reimbursement by PIMCO		(10	)		(16	)
Net Expenses		2,454			5,978
Net Investment Income (Loss)		3,515			(1,649	)
Net Realized Gain (Loss):
Investments in securities		10,097			15,183
Investments in Affiliates		0			(34	)
Exchange-traded or centrally cleared financial derivative instruments		85			(3,351	)
Over the counter financial derivative instruments		(248	)		(1,525	)
Short sales		(1	)		(5,336	)
Foreign currency		9			79
Net Realized Gain (Loss)		9,942			5,016
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		15,800			5,639
Investments in Affiliates		2			5
Exchange-traded or centrally cleared financial derivative instruments		(184	)		(282	)
Over the counter financial derivative instruments		0			1,126
Short sales		(12	)		(3,320	)
Foreign currency assets and liabilities		0			(133	)
Net Change in Unrealized Appreciation (Depreciation)		15,606			3,035
Net Increase (Decrease) in Net Assets Resulting from Operations	$	29,063		$	6,402
* Foreign tax withholdings - Dividends	$	145		$	12

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

18 PIMCO EQUITY SERIES See Accompanying Notes

Statements of Changes in Net Assets

	PIMCO Dividend and Income Fund						PIMCO EqS® Long/Short Fund
(Amounts in thousands†)	Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017			Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	3,515		$	8,411		$	(1,649	)	$	(4,055	)
Net realized gain (loss)		9,942			10,969			5,016			77,048
Net change in unrealized appreciation (depreciation)		15,606			27,793			3,035			(15,261	)
Net Increase (Decrease) in Net Assets Resulting from Operations		29,063			47,173			6,402			57,732
Distributions to Shareholders:
From net investment income
Institutional Class		(486	)		(525	)		0			(5,009	)
Class P		(542	)		(468	)		0			(4,762	)
Class D		(148	)		(156	)		0			(1,056	)
Class A		(2,629	)		(2,620	)		0			(3,239	)
Class C		(1,996	)		(1,732	)		0			(2,934	)
From net realized capital gains
Institutional Class		0			0			(9,995	)		(3,352	)
Class P		0			0			(6,284	)		(3,145	)
Class D		0			0			(2,640	)		(852	)
Class A		0			0			(4,412	)		(2,245	)
Class C		0			0			(4,484	)		(2,370	)
Total Distributions(a)		(5,801	)		(5,501	)		(27,815	)		(28,964	)
Portfolio Share Transactions:
Net increase (decrease) resulting from Portfolio share transactions**		(25,881	)		(139,948	)		(3,062	)		(323,573	)
Total Increase (Decrease) in Net Assets		(2,619	)		(98,276	)		(24,475	)		(294,805	)
Net Assets:
Beginning of period		341,557			439,833			553,579			848,384
End of period*	$	338,938		$	341,557		$	529,104		$	553,579
* Including undistributed (overdistributed) net investment income of:	$	(563	)	$	1,723		$	(482	)	$	1,167

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

** See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

^(a)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

SEMIANNUAL REPORT DECEMBER 31, 2017 19

Statement of Cash Flows

Six Months Ended December 31, 2017 (Unaudited)
(Amounts in thousands)	PIMCO EqS®  Long/Short Fund
Cash Flows Provided by (Used for) Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	6,402
Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:
Purchases of long-term securities		(494,225	)
Proceeds from sales of long-term securities		470,657
(Purchases) Proceeds from sales of short-term portfolio investments, net		62,359
(Increase) decrease in deposits with counterparty		(9,667	)
(Increase) decrease in receivable for investments sold		(7,301	)
(Increase) decrease in interest and/or dividends receivable		324
(Increase) decrease in dividends receivable from Affiliates		47
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments		(3,621	)
Proceeds from (Payments on) over the counter financial derivative instruments		(1,525	)
Increase (Decrease) in reimbursement receivable from PIMCO		(3	)
Increase (decrease) in payable for investments purchased		17,035
Increase (decrease) in deposits from counterparty		260
Increase (decrease) in accrued investment advisory fees		(22	)
Increase (decrease) in accrued supervisory and administrative fees		(11	)
Increase (decrease) in accrued distribution fees		(5	)
Increase (decrease) in accrued servicing fees		(3	)
Proceeds from (Payments on) short sales transactions, net		(94	)
Proceeds from (Payments on) foreign currency transactions		(54	)
Increase (decrease) in other liabilities		(44	)
Net Realized (Gain) Loss
Investments in securities		(15,183	)
Investments in Affiliates		34
Exchange-traded or centrally cleared financial derivative instruments		3,351
Over the counter financial derivative instruments		1,525
Short sales		5,336
Foreign currency		(79	)
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		(5,639	)
Investments in Affiliates		(5	)
Exchange-traded or centrally cleared financial derivative instruments		282
Over the counter financial derivative instruments		(1,126	)
Short sales		3,320
Foreign currency assets and liabilities		133
Net amortization (accretion) on investments		(237	)
Net Cash Provided by (Used for) Operating Activities		32,221
Cash Flows Received from (Used for) Financing Activities:
Proceeds from shares sold		81,055
Payments on shares redeemed		(112,748	)
Cash distributions paid*		(47	)
Net Cash Received from (Used for) Financing Activities		(31,740	)
Net Increase (Decrease) in Cash and Foreign Currency		481
Cash and Foreign Currency:
Beginning of period		236
End of period	$	717
* Reinvestment of distributions	$	27,768
Supplemental Disclosure of Cash Flow Information:
Interest expense paid during the period	$	159

A Statement of Cash Flows is presented when the Fund has a significant amount of borrowing during the period, based on the average total borrowing outstanding in relation to total assets or when substantially all of the Fund’s investments are not classified as Level 1 or 2 in the fair value hierarchy.

20 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO Dividend and Income Fund

December 31, 2017 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 105.2%
ASSET-BACKED SECURITIES 6.1%
CAYMAN ISLANDS 1.3%
NewMark Capital Funding CLO Ltd.
2.607% (US0003M + 1.120%) due 06/02/2025 ~	$		836	$		838
OZLM Ltd.
2.653% (US0003M + 1.300%) due 04/17/2026 ~			1,000			1,006
Palmer Square CLO Ltd.
2.573% (US0003M + 1.220%) due 10/17/2027 ~			700			703
TICP CLO Ltd.
2.551% (US0003M + 1.180%) due 04/26/2026 ~			1,100			1,102
TruPS Financials Note Securitization Ltd.
2.861% (US0003M + 1.570%) due 09/20/2039 ~			600			591
Total Cayman Islands						4,240
NETHERLANDS 0.2%
Pallas CDO BV
0.000% due 07/16/2082 •	EUR		594			709
Total Netherlands						709
UNITED STATES 4.6%
Conseco Finance Corp.
6.280% due 09/01/2030	$		483			508
Credit Suisse First Boston Mortgage Securities Corp.
2.172% (US0001M + 0.620%) due 01/25/2032 ~			1,453			1,392
EMC Mortgage Loan Trust
2.852% (LIBOR01M + 1.300%) due 02/25/2041 ~			39			38
HSI Asset Securitization Corp. Trust
1.722% (US0001M + 0.170%) due 12/25/2036 ~			5,120			2,319
Morgan Stanley Home Equity Loan Trust
1.652% (US0001M + 0.100%) due 12/25/2036 ~			1,955			1,205
1.972% (US0001M + 0.420%) due 12/25/2035 ~			3,600			3,569
Navient Student Loan Trust
2.602% (US0001M + 1.050%) due 12/27/2066 ~			732			741
Progress Residential Trust
2.960% (LIBOR01M + 1.500%) due 09/17/2033 ~			991			1,003
Residential Asset Securities Corp. Trust
2.437% (US0001M + 0.885%) due 01/25/2034 ~			1,743			1,740
Structured Asset Investment Loan Trust
1.702% (US0001M + 0.150%) due 09/25/2036 ~			3,326			3,183
Total United States						15,698
Total Asset-Backed Securities (Cost $19,223)						20,647
LOAN PARTICIPATIONS AND ASSIGNMENTS 1.1%
CANADA 0.0%
B.C. Unlimited Liability Co.
3.819% (LIBOR03M + 2.250%) due 02/16/2024 ~			10			10
Total Canada						10
IRELAND 0.0%
Avolon Holdings Ltd.
3.751% (LIBOR03M + 2.250%) due 04/03/2022 ~			39			38
Total Ireland						38

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UNITED STATES 1.1%
AmWINS Group, Inc.
4.182% (LIBOR03M + 2.750%) due 01/25/2024 ~	$		7	$		7
Beacon Roofing Supply, Inc.
TBD% due 08/23/2024			10			10
BWAY Holding Co.
4.599% (LIBOR03M + 3.250%) due 04/03/2024 ~			10			10
Caesars Resort Collection LLC
4.336% (LIBOR03M + 2.750%) due 12/22/2024 ~			100			101
Centene Corp.
TBD% due 09/13/2018			200			200
Core & Main LP
4.455% (LIBOR03M + 3.000%) due 08/01/2024 ~			10			10
Diamond Resorts Corp.
6.069% (LIBOR03M + 4.500%) due 08/11/2023 «~			99			100
Energy Future Intermediate Holding Co. LLC
4.501% (LIBOR03M + 3.000%) due 06/30/2018 ~			2,228			2,236
Hilton Worldwide Finance LLC
3.552% (LIBOR03M + 2.000%) due 10/25/2023 ~			290			292
iHeartCommunications, Inc.
8.443% (LIBOR03M + 6.750%) due 01/30/2019 ~			300			226
Las Vegas Sands LLC
3.569% (LIBOR03M + 2.000%) due 03/29/2024 ~			394			397
MH Sub LLC
5.338% (LIBOR03M + 3.750%) due 09/13/2024 ~			20			20
Multi Color Corp.
3.819% (LIBOR03M + 2.250%) due 10/31/2024 ~			2			2
Post Holdings, Inc.
3.820% (LIBOR03M + 2.250%) due 05/24/2024 ~			10			10
Sprint Communications, Inc.
4.125% (LIBOR03M + 2.500%) due 02/02/2024 ~			99			99
TEX Operations Co. LLC
3.834% (LIBOR03M + 2.500%) due 08/04/2023 ~			27			27
Valeant Pharmaceuticals International, Inc.
4.940% (LIBOR03M + 3.500%) due 04/01/2022 ~			5			5
West Corp.
5.350% (LIBOR03M + 4.000%) due 10/10/2024 ~			22			22
Total United States						3,774
Total Loan Participations and Assignments (Cost $3,879)						3,822
		SHARES
COMMON STOCKS 73.1%
AUSTRALIA 3.5%
CONSUMER DISCRETIONARY 0.0%
Myer Holdings Ltd.			147,257			76
Tabcorp Holdings Ltd.			7,585			33
						109
CONSUMER STAPLES 0.6%
Coca-Cola Amatil Ltd.			25,495			169
Metcash Ltd.			122,191			296
Wesfarmers Ltd.			11,465			397
Woolworths Ltd.			53,107			1,128
						1,990

	SHARES			MARKET VALUE (000S)
ENERGY 0.2%
Woodside Petroleum Ltd.		5,548	$		143
WorleyParsons Ltd.		37,002			412
					555
FINANCIALS 1.4%
AMP Ltd.		90,532			365
Australia & New Zealand Banking Group Ltd.		78,699			1,756
Genworth Mortgage Insurance Australia Ltd.		70,041			164
National Australia Bank Ltd.		53,950			1,239
Suncorp Group Ltd.		72,179			778
Westpac Banking Corp.		16,615			404
					4,706
HEALTH CARE 0.1%
Primary Health Care Ltd.		67,183			189
Sonic Healthcare Ltd.		1,510			27
					216
INDUSTRIALS 0.1%
Downer EDI Ltd.		56,497			304
MATERIALS 0.9%
BHP Billiton Ltd.		124,046			2,849
Incitec Pivot Ltd.		25,633			78
Mineral Resources Ltd.		7,025			115
OZ Minerals Ltd.		21,396			152
					3,194
TELECOMMUNICATION SERVICES 0.2%
Telstra Corp. Ltd.		227,273			642
Total Australia					11,716
AUSTRIA 0.4%
ENERGY 0.1%
OMV AG		7,601			482
FINANCIALS 0.2%
Raiffeisen Bank International AG (c)		20,604			746
Vienna Insurance Group AG Wiener Versicherung Gruppe		927			29
					775
MATERIALS 0.1%
voestalpine AG		3,136			187
Total Austria					1,444
BELGIUM 0.1%
TELECOMMUNICATION SERVICES 0.1%
Proximus S.A.		7,998			262
Total Belgium					262
BRAZIL 0.0%
ENERGY 0.0%
Dommo Energia S.A. «(c)(i)		347,360			12
Dommo Energia S.A. SP - ADR «		6,334			0
					12

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 21

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

	SHARES			MARKET VALUE (000S)
UTILITIES 0.0%
Eneva S.A. (c)(i)		239	$		1
Total Brazil					13
CANADA 1.4%
CONSUMER DISCRETIONARY 0.0%
Hudson’s Bay Co.		2,993			27
Shaw Communications, Inc. ‘B’		1,959			45
					72
ENERGY 0.1%
Baytex Energy Corp. (c)		12,646			38
Bonavista Energy Corp.		14,173			25
Husky Energy, Inc. (c)		22,148			313
Obsidian Energy Ltd. (c)		20,886			26
Pengrowth Energy Corp. (c)		44,043			35
					437
FINANCIALS 0.8%
Bank of Montreal		6,754			540
Canadian Imperial Bank of Commerce		11,023			1,075
Home Capital Group, Inc.		7,440			102
IGM Financial, Inc.		4,679			164
National Bank of Canada		9,527			475
Power Corp. of Canada		14,351			370
Power Financial Corp.		4,575			126
					2,852
INDUSTRIALS 0.1%
WestJet Airlines Ltd.		8,476			178
MATERIALS 0.2%
Potash Corp. of Saskatchewan, Inc.		20,478			423
Teck Resources Ltd. ‘B’		9,440			247
					670
UTILITIES 0.2%
Atco Ltd. ‘I’		9,141			327
Capital Power Corp.		2,246			44
TransAlta Corp.		43,916			260
					631
Total Canada					4,840
DENMARK 0.3%
INDUSTRIALS 0.2%
AP Moller - Maersk A/S ‘B’		375			653
TELECOMMUNICATION SERVICES 0.1%
TDC A/S		66,039			406
Total Denmark					1,059
FINLAND 0.2%
INDUSTRIALS 0.0%
Metso Oyj		1,150			39
MATERIALS 0.1%
Stora Enso Oyj ‘R’		23,795			377

	SHARES			MARKET VALUE (000S)
UTILITIES 0.1%
Fortum Oyj		13,740	$		272
Total Finland					688
FRANCE 5.4%
CONSUMER DISCRETIONARY 0.7%
Cie Generale des Etablissements Michelin		5,347			765
Lagardere S.C.A.		21,741			696
Television Francaise		7,571			112
Vivendi S.A.		36,851			989
					2,562
CONSUMER STAPLES 0.5%
Carrefour S.A.		42,726			921
Casino Guichard Perrachon S.A.		10,749			652
					1,573
ENERGY 0.2%
Total S.A.		14,993			828
FINANCIALS 1.8%
BNP Paribas S.A.		35,628			2,650
CNP Assurances		7,648			176
Eurazeo S.A.		2,437			225
Natixis S.A.		37,240			294
Societe Generale S.A.		50,614			2,610
					5,955
HEALTH CARE 0.9%
Sanofi		34,183			2,943
INDUSTRIALS 0.6%
Alstom S.A.		4,227			175
Bouygues S.A.		19,294			1,001
Cie de Saint-Gobain		12,028			662
Rexel S.A.		15,242			276
					2,114
TELECOMMUNICATION SERVICES 0.2%
Orange S.A.		43,101			747
UTILITIES 0.5%
Electricite de France S.A.		84,372			1,055
Engie S.A.		37,637			647
					1,702
Total France					18,424
GERMANY 4.0%
CONSUMER DISCRETIONARY 0.9%
Bayerische Motoren Werke AG		13,647			1,415
Ceconomy AG		28,714			433
Daimler AG		13,865			1,173
					3,021
CONSUMER STAPLES 0.1%
METRO AG (c)		18,605			370
Suedzucker AG		5,954			129
					499

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.4%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		5,899	$		1,274
Talanx AG		3,072			125
					1,399
HEALTH CARE 0.4%
Bayer AG		10,059			1,250
INDUSTRIALS 0.7%
Bilfinger SE		6,094			288
Deutsche Lufthansa AG		52,330			1,922
Deutsche Post AG		7,463			355
					2,565
MATERIALS 0.8%
BASF SE		19,195			2,104
Evonik Industries AG		5,379			202
K+S AG		14,859			369
					2,675
UTILITIES 0.7%
E.ON SE		38,426			417
RWE AG (c)		92,192			1,876
					2,293
Total Germany					13,702
HONG KONG 0.7%
CONSUMER DISCRETIONARY 0.2%
I-CABLE Communications Ltd. (c)		30,198			1
Li & Fung Ltd.		404,000			221
SJM Holdings Ltd.		369,000			330
					552
INFORMATION TECHNOLOGY 0.1%
Kingboard Chemical Holdings Ltd.		55,000			297
REAL ESTATE 0.4%
Kerry Properties Ltd.		64,500			290
New World Development Co. Ltd.		34,000			51
Shimao Property Holdings Ltd.		146,500			318
Swire Pacific Ltd. ‘A’		47,500			439
Wheelock & Co. Ltd.		43,000			306
					1,404
Total Hong Kong					2,253
ISRAEL 0.2%
FINANCIALS 0.0%
Bank Leumi Le-Israel BM		19,388			117
MATERIALS 0.1%
Israel Chemicals Ltd.		54,542			221
TELECOMMUNICATION SERVICES 0.1%
Bezeq The Israeli Telecommunication Corp. Ltd.		131,980			199
Total Israel					537

22 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
ITALY 1.3%
ENERGY 0.4%
Eni SpA		80,270	$		1,328
FINANCIALS 0.3%
Assicurazioni Generali SpA		11,733			214
Poste Italiane SpA		104,018			783
					997
INDUSTRIALS 0.0%
Societa Iniziative Autostradali e Servizi SpA		2,665			50
UTILITIES 0.6%
Enel SpA		315,054			1,937
Total Italy					4,312
JAPAN 10.8%
CONSUMER DISCRETIONARY 1.5%
Aisin Seiki Co. Ltd.		2,700			151
Benesse Holdings, Inc.		5,600			197
Bridgestone Corp.		11,800			546
EDION Corp.		3,600			42
Geo Holdings Corp.		5,500			106
Honda Motor Co. Ltd.		30,800			1,051
Isuzu Motors Ltd.		15,400			257
JVC Kenwood Corp.		19,000			65
Kohnan Shoji Co. Ltd.		1,200			26
KYB Corp.		1,000			58
Mitsubishi Motors Corp.		9,600			69
Nikon Corp.		8,100			163
Nissan Motor Co. Ltd.		103,900			1,035
Showa Corp.		2,100			26
Sumitomo Rubber Industries Ltd.		16,500			306
Toyoda Gosei Co. Ltd.		1,000			26
Toyota Motor Corp.		9,200			586
Yokohama Rubber Co. Ltd.		10,600			259
					4,969
CONSUMER STAPLES 0.3%
Japan Tobacco, Inc.		12,200			393
Kirin Holdings Co. Ltd.		28,800			726
					1,119
ENERGY 0.3%
Idemitsu Kosan Co. Ltd.		1,600			64
Inpex Corp.		35,000			436
JXTG Holdings, Inc.		79,600			511
					1,011
FINANCIALS 2.9%
Chiba Bank Ltd.		25,000			207
Daiwa Securities Group, Inc.		54,000			338
Fukuoka Financial Group, Inc.		36,000			201
Gunma Bank Ltd.		27,600			166
Hachijuni Bank Ltd.		4,100			23
Hokuhoku Financial Group, Inc.		10,200			159
Iyo Bank Ltd.		6,100			49
Mitsubishi UFJ Financial Group, Inc.		365,700			2,662
Mizuho Financial Group, Inc.		859,000			1,553
North Pacific Bank Ltd.		41,300			138

	SHARES			MARKET VALUE (000S)
Resona Holdings, Inc.		107,700	$		642
SBI Holdings, Inc.		13,600			283
Sumitomo Mitsui Financial Group, Inc.		50,700			2,185
Sumitomo Mitsui Trust Holdings, Inc.		15,100			598
T&D Holdings, Inc.		31,700			541
Yamaguchi Financial Group, Inc.		8,000			95
					9,840
HEALTH CARE 0.2%
Daiichi Sankyo Co. Ltd.		14,800			385
Takeda Pharmaceutical Co. Ltd.		6,900			391
					776
INDUSTRIALS 2.3%
Asahi Glass Co. Ltd.		12,500			540
Dai Nippon Printing Co. Ltd.		9,000			200
Hitachi Construction Machinery Co. Ltd.		7,800			283
ITOCHU Corp.		37,700			703
Japan Airlines Co. Ltd.		11,200			438
Kanematsu Corp.		4,700			65
Kawasaki Heavy Industries Ltd.		5,100			178
Komatsu Ltd.		15,300			553
Marubeni Corp.		75,000			542
Mitsubishi Corp.		25,800			711
Mitsubishi Heavy Industries Ltd.		16,200			604
Mitsui & Co. Ltd.		61,100			991
Mitsui Engineering & Shipbuilding Co. Ltd.		5,500			82
Nippon Yusen KK		12,900			314
Sumitomo Corp.		60,300			1,023
Sumitomo Heavy Industries Ltd.		2,200			93
Toppan Printing Co. Ltd.		16,000			145
Toyota Tsusho Corp.		8,400			337
					7,802
INFORMATION TECHNOLOGY 2.1%
Anritsu Corp.		2,300			26
Canon, Inc.		38,800			1,446
Fujitsu Ltd.		159,000			1,127
Gree, Inc.		15,900			100
Hitachi Ltd.		349,000			2,707
Ibiden Co. Ltd.		16,400			245
Nippon Electric Glass Co. Ltd.		10,500			400
Oki Electric Industry Co. Ltd.		8,500			119
Ricoh Co. Ltd.		81,600			756
					6,926
MATERIALS 0.6%
Asahi Kasei Corp.		13,700			176
Denka Co. Ltd.		2,700			108
DIC Corp.		6,300			237
Kobe Steel Ltd.		18,100			167
Kuraray Co. Ltd.		3,500			66
Mitsubishi Materials Corp.		4,600			163
Oji Holdings Corp.		38,000			253
Showa Denko KK		13,800			587
Ube Industries Ltd.		6,900			202
					1,959
REAL ESTATE 0.0%
Nomura Real Estate Holdings, Inc.		5,700			127

	SHARES			MARKET VALUE (000S)
TELECOMMUNICATION SERVICES 0.4%
Nippon Telegraph & Telephone Corp.		28,900	$		1,359
NTT DOCOMO, Inc.		4,500			106
					1,465
UTILITIES 0.2%
Chugoku Electric Power Co., Inc.		12,700			136
Electric Power Development Co. Ltd.		7,900			213
Hokuriku Electric Power Co.		22,900			184
Tokyo Gas Co. Ltd.		6,800			156
					689
Total Japan					36,683
LUXEMBOURG 0.0%
CONSUMER DISCRETIONARY 0.0%
RTL Group S.A.		1,850			149
Total Luxembourg					149
MACAU 0.0%
CONSUMER DISCRETIONARY 0.0%
Wynn Macau Ltd.		38,000			120
Total Macau					120
MEXICO 0.0%
CONSUMER DISCRETIONARY 0.0%
Desarrolladora Homex S.A.B. de C.V. (c)		41,996			1
Total Mexico					1
NETHERLANDS 1.8%
CONSUMER STAPLES 0.1%
Heineken Holding NV		271			27
Koninklijke Ahold Delhaize NV		19,583			430
					457
ENERGY 1.0%
Fugro NV (c)		5,236			82
Royal Dutch Shell PLC ‘A’		93,930			3,130
					3,212
FINANCIALS 0.2%
Aegon NV		123,037			782
HEALTH CARE 0.3%
Koninklijke Philips NV		26,154			987
INDUSTRIALS 0.1%
PostNL NV		32,903			161
TELECOMMUNICATION SERVICES 0.1%
VEON Ltd. ADR		103,800			399
Total Netherlands					5,998
NEW ZEALAND 0.0%
TELECOMMUNICATION SERVICES 0.0%
Spark New Zealand Ltd.		28,653			74
Total New Zealand					74

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 23

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

	SHARES			MARKET VALUE (000S)
NORWAY 0.5%
ENERGY 0.3%
Statoil ASA		50,502	$		1,081
FINANCIALS 0.1%
DNB ASA		16,250			301
MATERIALS 0.1%
Yara International ASA		7,280			334
TELECOMMUNICATION SERVICES 0.0%
Telenor ASA		5,974			128
Total Norway					1,844
PORTUGAL 0.1%
CONSUMER STAPLES 0.0%
Sonae SGPS S.A.		55,099			75
UTILITIES 0.1%
EDP - Energias de Portugal S.A.		96,551			334
Total Portugal					409
SINGAPORE 0.2%
INDUSTRIALS 0.2%
Keppel Corp. Ltd.		86,800			475
INFORMATION TECHNOLOGY 0.0%
Venture Corp. Ltd.		5,400			82
Total Singapore					557
SPAIN 2.5%
CONSUMER STAPLES 0.0%
Distribuidora Internacional de Alimentacion S.A.		29,820			154
FINANCIALS 1.6%
Banco Santander S.A.		762,737			5,001
Mapfre S.A.		80,622			258
					5,259
INDUSTRIALS 0.4%
Abertis Infraestructuras S.A.		12,961			289
ACS Actividades de Construccion y Servicios S.A.		18,743			732
Obrascon Huarte Lain S.A. (c)		56,289			336
					1,357
TELECOMMUNICATION SERVICES 0.3%
Telefonica S.A.		104,047			1,013
UTILITIES 0.2%
Endesa S.A.		30,577			654
Total Spain					8,437
SWEDEN 0.6%
FINANCIALS 0.3%
Nordea Bank AB		59,471			720
Ratos AB ‘B’		24,746			108
					828

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.0%
Arjo AB ‘B’ (c)		7,782	$		22
Getinge AB ‘B’		7,782			113
					135
TELECOMMUNICATION SERVICES 0.3%
Tele2 AB ‘B’		48,224			593
Telia Co. AB		103,478			461
					1,054
Total Sweden					2,017
SWITZERLAND 1.9%
CONSUMER DISCRETIONARY 0.0%
Garmin Ltd.		2,839			169
ENERGY 0.1%
Transocean Ltd.		26,318			281
FINANCIALS 1.1%
Baloise Holding AG		982			153
Swiss Life Holding AG		2,293			810
Swiss Re AG		11,955			1,118
Zurich Insurance Group AG		5,536			1,683
					3,764
HEALTH CARE 0.5%
Roche Holding AG		6,401			1,619
INDUSTRIALS 0.0%
ABB Ltd.		2,925			78
INFORMATION TECHNOLOGY 0.1%
TE Connectivity Ltd.		2,598			247
TELECOMMUNICATION SERVICES 0.1%
Swisscom AG		413			220
Total Switzerland					6,378
UNITED KINGDOM 6.6%
CONSUMER DISCRETIONARY 0.4%
Kingfisher PLC		41,338			189
Marks & Spencer Group PLC		148,248			629
Next PLC		1,637			100
Pearson PLC		43,437			430
					1,348
CONSUMER STAPLES 0.3%
Avon Products, Inc. (c)		64,765			139
J Sainsbury PLC		147,206			479
Wm Morrison Supermarkets PLC		166,661			495
					1,113
ENERGY 0.8%
BP PLC		382,499			2,683
Subsea 7 S.A.		2,630			40
					2,723
FINANCIALS 3.5%
Barclays PLC		216,444			592

	SHARES			MARKET VALUE (000S)
Direct Line Insurance Group PLC		70,040	$		360
HSBC Holdings PLC		793,423			8,195
Old Mutual PLC		306,826			960
Standard Chartered PLC (c)		150,092			1,576
Standard Life Aberdeen PLC		33,422			197
					11,880
HEALTH CARE 0.3%
GlaxoSmithKline PLC		48,074			851
INDUSTRIALS 0.5%
Aggreko PLC		5,168			56
BAE Systems PLC		27,783			215
easyJet PLC		10,192			201
Firstgroup PLC (c)		126,140			188
Rolls-Royce Holdings PLC		59,924			684
Royal Mail PLC		29,375			179
Stagecoach Group PLC		44,625			99
					1,622
MATERIALS 0.1%
Rio Tinto PLC		7,770			408
TELECOMMUNICATION SERVICES 0.5%
Vodafone Group PLC		510,690			1,614
UTILITIES 0.2%
Centrica PLC		301,346			559
Drax Group PLC		41,240			150
Severn Trent PLC		2,378			69
					778
Total United Kingdom					22,337
UNITED STATES 30.6%
CONSUMER DISCRETIONARY 2.5%
Abercrombie & Fitch Co. ‘A’		33,089			577
American Eagle Outfitters, Inc.		7,059			133
Caesars Entertainment Corp. (c)		18,338			232
Dillard’s, Inc. ‘A’		5,475			329
Ford Motor Co.		34,543			431
GameStop Corp. ‘A’		23,803			427
Gap, Inc.		22,217			757
GNC Holdings, Inc. ‘A’		54,832			202
Goodyear Tire & Rubber Co.		6,475			209
H&R Block, Inc.		2,699			71
Kohl’s Corp.		25,296			1,372
L Brands, Inc.		2,037			123
Macy’s, Inc.		28,502			718
Mattel, Inc.		4,937			76
Nordstrom, Inc.		10,256			486
Regal Entertainment Group ‘A’		1,808			41
Tapestry, Inc.		561			25
Tribune Media Co. ‘A’		1,359			58
Tupperware Brands Corp.		3,797			238
Viacom, Inc. ‘B’		44,517			1,371
Weight Watchers International, Inc. (c)		8,727			386
Wynn Resorts Ltd.		883			149
					8,411
CONSUMER STAPLES 2.7%
Altria Group, Inc.		2,087			149

24 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
Archer-Daniels-Midland Co.		12,123	$		486
Bunge Ltd.		3,745			251
General Mills, Inc.		1,768			105
Herbalife Ltd. (c)		5,722			388
Nu Skin Enterprises, Inc. ‘A’		480			33
Philip Morris International, Inc.		17,141			1,811
Procter & Gamble Co.		22,880			2,102
Wal-Mart Stores, Inc.		39,954			3,945
					9,270
ENERGY 3.8%
Andeavor		1,828			209
Chevron Corp.		21,195			2,653
CNX Resources Corp. (c)		1,731			25
ConocoPhillips		22,409			1,230
CONSOL Energy, Inc. (c)		329			13
CVR Energy, Inc.		3,659			136
Diamond Offshore Drilling, Inc. (c)		12,225			227
Exxon Mobil Corp.		51,707			4,325
Hess Corp.		6,703			318
HollyFrontier Corp.		12,783			655
Marathon Oil Corp.		6,884			117
Marathon Petroleum Corp.		11,894			785
Murphy Oil Corp.		5,218			162
National Oilwell Varco, Inc.		10,918			393
Occidental Petroleum Corp.		3,814			281
Phillips 66		245			25
Valero Energy Corp.		12,924			1,188
Williams Cos., Inc.		5,105			156
					12,898
FINANCIALS 7.4%
Aflac, Inc.		5,522			485
American Express Co.		18,659			1,853
American International Group, Inc.		60,740			3,619
Assurant, Inc.		1,709			172
Capital One Financial Corp.		17,366			1,729
Discover Financial Services		12,371			952
Fifth Third Bancorp		16,736			508
Franklin Resources, Inc.		7,376			320
Goldman Sachs Group, Inc.		1,208			308
JPMorgan Chase & Co.		55,494			5,934
Loews Corp.		2,941			147
LPL Financial Holdings, Inc.		3,473			198
Navient Corp.		48,427			645
New York Community Bancorp, Inc.		4,118			54
People’s United Financial, Inc.		10,698			200
PNC Financial Services Group, Inc.		5,413			781
Progressive Corp.		444			25
Santander Consumer USA Holdings, Inc.		21,297			397
SLM Corp. (c)		29,291			331
T Rowe Price Group, Inc.		1,993			209
Travelers Cos., Inc.		13,230			1,794
U.S. Bancorp		10,505			563
VICI Properties, Inc. (c)		26,432			542
Voya Financial, Inc.		18,893			935
Wells Fargo & Co.		39,015			2,367
					25,068
HEALTH CARE 4.0%
Anthem, Inc.		10,927			2,459
Community Health Systems, Inc. (c)		90,287			385
HCA Healthcare, Inc. (c)		15,814			1,389

	SHARES			MARKET VALUE (000S)
Merck & Co., Inc.		46,470	$		2,615
Pfizer, Inc.		175,356			6,351
Quest Diagnostics, Inc.		4,626			455
					13,654
INDUSTRIALS 2.3%
AGCO Corp.		2,118			151
Caterpillar, Inc.		11,384			1,794
CSX Corp.		12,542			690
Cummins, Inc.		658			116
Deere & Co.		13,460			2,107
Emerson Electric Co.		16,148			1,125
Fluor Corp.		6,176			319
ManpowerGroup, Inc.		220			28
Norfolk Southern Corp.		4,216			611
Pitney Bowes, Inc.		24,984			279
RR Donnelley & Sons Co.		6,808			63
Ryder System, Inc.		1,890			159
Trinity Industries, Inc.		4,661			175
					7,617
INFORMATION TECHNOLOGY 3.2%
Avnet, Inc.		2,868			114
Booz Allen Hamilton Holding Corp.		9,116			348
CA, Inc.		10,750			358
Corning, Inc.		12,545			401
Intel Corp.		22,050			1,018
International Business Machines Corp.		32,726			5,021
Jabil, Inc.		5,735			150
KLA-Tencor Corp.		2,092			220
Seagate Technology PLC		33,200			1,389
Symantec Corp.		28,803			808
Western Digital Corp.		3,428			273
Western Union Co.		19,389			369
Xerox Corp.		16,451			479
					10,948
MATERIALS 1.2%
CF Industries Holdings, Inc.		9,539			406
Cleveland-Cliffs, Inc. (c)		3,436			25
Domtar Corp.		9,147			453
DowDuPont, Inc.		4,292			306
Huntsman Corp.		8,514			283
International Paper Co.		4,885			283
LyondellBasell Industries NV ‘A’		13,860			1,529
Mosaic Co.		28,742			737
					4,022
TELECOMMUNICATION SERVICES 1.7%
AT&T, Inc.		21,010			817
CenturyLink, Inc.		71,637			1,195
Frontier Communications Corp.		44,147			298
Telephone & Data Systems, Inc.		4,614			128
Verizon Communications, Inc.		56,980			3,016
Windstream Holdings, Inc.		98,268			182
					5,636
UTILITIES 1.8%
American Electric Power Co., Inc.		7,416			546
CenterPoint Energy, Inc.		15,207			431
Consolidated Edison, Inc.		8,246			701
Entergy Corp.		13,491			1,098

		SHARES			MARKET VALUE (000S)
Exelon Corp.			30,422	$		1,199
FirstEnergy Corp.			34,547			1,058
Pinnacle West Capital Corp.			2,760			235
PPL Corp.			6,084			188
Public Service Enterprise Group, Inc.			12,339			635
						6,091
Total United States						103,615
Total Common Stocks (Cost $211,381)						247,869
		PRINCIPAL AMOUNT (000S)
CORPORATE BONDS & NOTES 6.9%
AUSTRALIA 0.1%
BANKING & FINANCE 0.1%
National Australia Bank Ltd.
1.375% due 07/12/2019			400			395
Total Australia						395
AUSTRIA 0.0%
INDUSTRIALS 0.0%
OGX Austria GmbH
8.500% due 06/01/2018 ^(b)			200			0
8.375% due 04/01/2022 ^(b)			200			0
						0
Total Austria						0
BERMUDA 0.0%
INDUSTRIALS 0.0%
IHS Markit Ltd.
4.000% due 03/01/2026			10			10
Total Bermuda						10
BRAZIL 0.4%
UTILITIES 0.4%
Petrobras Global Finance BV
6.125% due 01/17/2022			67			71
5.299% due 01/27/2025			535			538
5.999% due 01/27/2028			587			589
6.250% due 12/14/2026	GBP		100			148
6.875% due 01/20/2040	$		2			2
						1,348
Total Brazil						1,348
CANADA 0.0%
BANKING & FINANCE 0.0%
Brookfield Finance, Inc.
4.700% due 09/20/2047			16			17
INDUSTRIALS 0.0%
Air Canada Pass-Through Trust
3.300% due 07/15/2031			4			4
3.550% due 07/15/2031			2			2
3.700% due 07/15/2027			4			4
BC Unlimited Liability Co.
4.250% due 05/15/2024			38			38
goeasy Ltd.
7.875% due 11/01/2022			6			6
Valeant Pharmaceuticals International, Inc.
6.500% due 03/15/2022			13			14
7.000% due 03/15/2024			25			27
						95
Total Canada						112

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 25

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CAYMAN ISLANDS 0.1%
INDUSTRIALS 0.0%
Park Aerospace Holdings Ltd.
5.250% due 08/15/2022	$		23	$		23
5.500% due 02/15/2024			11			11
4.500% due 03/15/2023			23			22
3.625% due 03/15/2021			11			10
Transocean, Inc.
7.500% due 01/15/2026			6			6
						72
UTILITIES 0.1%
Odebrecht Drilling Norbe Ltd.
6.350% due 06/30/2022 ^(b)			143			91
Transocean Phoenix Ltd.
7.750% due 10/15/2024			5			5
						96
Total Cayman Islands						168
DENMARK 0.3%
BANKING & FINANCE 0.3%
Nykredit Realkredit A/S
3.000% due 10/01/2047	DKK		6,822			1,175
Total Denmark						1,175
FINLAND 0.0%
INDUSTRIALS 0.0%
Nokia Oyj
4.375% due 06/12/2027	$		6			6
Total Finland						6
FRANCE 0.5%
BANKING & FINANCE 0.3%
RCI Banque S.A.
3.500% due 04/03/2018			1,000			1,003
INDUSTRIALS 0.2%
SFR Group S.A.
7.375% due 05/01/2026			700			724
Total France						1,727
GERMANY 0.2%
BANKING & FINANCE 0.2%
Deutsche Bank AG
4.250% due 10/14/2021			590			616
2.700% due 07/13/2020			26			26
2.329% (US0003M + 0.970%) due 07/13/2020 ~			26			26
						668
Total Germany						668
IRELAND 0.2%
INDUSTRIALS 0.2%
Russian Railways via RZD Capital PLC
7.487% due 03/25/2031	GBP		300			517
Total Ireland						517
LUXEMBOURG 0.7%
BANKING & FINANCE 0.2%
Emerald Bay S.A.
0.000% due 10/08/2020 ~	EUR		4			4

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Sberbank of Russia Via SB Capital S.A.
3.352% due 11/15/2019	EUR		200	$		252
6.125% due 02/07/2022	$		400			437
						693
INDUSTRIALS 0.1%
Intelsat Jackson Holdings S.A.
9.750% due 07/15/2025			18			17
7.250% due 10/15/2020			150			142
						159
UTILITIES 0.4%
Gazprom Neft OAO Via GPN Capital S.A.
4.375% due 09/19/2022			300			308
6.000% due 11/27/2023			300			332
Gazprom OAO Via Gaz Capital S.A.
9.250% due 04/23/2019			600			648
5.999% due 01/23/2021			30			32
6.605% due 02/13/2018	EUR		50			61
						1,381
Total Luxembourg						2,233
MEXICO 0.0%
INDUSTRIALS 0.0%
Corp. GEO S.A.B. de C.V.
8.875% due 03/27/2022 ^(b)	$		300			0
9.250% due 06/30/2020 ^(b)			100			0
Petroleos Mexicanos
6.500% due 03/13/2027			80			88
6.750% due 09/21/2047			40			42
						130
Total Mexico						130
NETHERLANDS 0.1%
BANKING & FINANCE 0.1%
Cooperatieve Rabobank UA
6.625% due 06/29/2021 •(g)(h)	EUR		200			278
Stichting AK Rabobank Certificaten
6.500% (g)			25			37
						315
INDUSTRIALS 0.0%
OI European Group BV
4.000% due 03/15/2023	$		4			4
Total Netherlands						319
SUPRANATIONAL 0.0%
BANKING & FINANCE 0.0%
European Investment Bank
0.000% due 01/15/2018 •	EUR		18			22
Total Supranational						22
UNITED KINGDOM 1.6%
BANKING & FINANCE 1.3%
Barclays Bank PLC
7.625% due 11/21/2022 (h)	$		430			488
14.000% due 06/15/2019 •(g)	GBP		300			476
HSBC Holdings PLC
6.000% due 09/29/2023 •(g)(h)	EUR		320			449
3.600% due 05/25/2023	$		200			206
Lloyds Banking Group PLC
7.875% due 06/27/2029 •(g)(h)	GBP		200			329
7.625% due 06/27/2023 •(g)(h)			200			312
Royal Bank of Scotland Group PLC
2.500% due 03/22/2023	EUR		350			454

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
7.500% due 08/10/2020 •(g)(h)	$		360	$		382
Santander UK Group Holdings PLC
4.750% due 09/15/2025			460			483
Tesco Property Finance PLC
6.052% due 10/13/2039	GBP		410			670
						4,249
INDUSTRIALS 0.3%
EI Group PLC
6.875% due 02/15/2021			200			301
Marston’s Issuer PLC
5.641% due 07/15/2035 •			200			248
Mitchells & Butlers Finance PLC
0.966% (BP0003M + 0.450%) due 12/15/2030 ~			139			176
Spirit Issuer PLC
6.582% due 12/28/2027			200			288
3.221% (BP0003M + 2.700%) due 12/28/2031 ~			22			29
Unique Pub Finance Co. PLC
5.659% due 06/30/2027			45			69
						1,111
Total United Kingdom						5,360
UNITED STATES 2.7%
BANKING & FINANCE 1.4%
American Tower Corp.
3.000% due 06/15/2023	$		16			16
Boston Properties LP
3.200% due 01/15/2025			10			10
Brighthouse Financial, Inc.
3.700% due 06/22/2027			12			12
4.700% due 06/22/2047			4			4
Cantor Fitzgerald LP
7.875% due 10/15/2019			280			303
Crown Castle International Corp.
4.000% due 03/01/2027			8			8
3.200% due 09/01/2024			10			10
3.650% due 09/01/2027			44			44
CTR Partnership LP
5.250% due 06/01/2025			12			12
Digital Realty Trust LP
3.700% due 08/15/2027			8			8
Duke Realty LP
3.375% due 12/15/2027			4			4
ERP Operating LP
3.250% due 08/01/2027			4			4
4.000% due 08/01/2047			2			2
Fortress Transportation & Infrastructure Investors LLC
6.750% due 03/15/2022			8			8
Freedom Mortgage Corp.
8.125% due 11/15/2024			8			8
Goodman U.S. Finance Four LLC
4.500% due 10/15/2037			12			12
Howard Hughes Corp.
5.375% due 03/15/2025			27			28
Hudson Pacific Properties LP
3.950% due 11/01/2027			5			5
International Lease Finance Corp.
7.125% due 09/01/2018			325			335
6.250% due 05/15/2019			1,110			1,164
Iron Mountain, Inc.
5.250% due 03/15/2028			6			6
iStar, Inc.
4.625% due 09/15/2020			2			2
5.250% due 09/15/2022			7			7
Life Storage LP
3.875% due 12/15/2027			4			4
Navient Corp.
6.500% due 06/15/2022			66			69
8.000% due 03/25/2020			600			650

26 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Oppenheimer Holdings, Inc.
6.750% due 07/01/2022	$		6	$		6
Oxford Finance LLC
6.375% due 12/15/2022			6			6
Physicians Realty LP
3.950% due 01/15/2028			8			8
Provident Funding Associates LP
6.375% due 06/15/2025			4			4
Santander Holdings USA, Inc.
3.700% due 03/28/2022			6			6
4.400% due 07/13/2027			7			7
3.400% due 01/18/2023			8			8
SL Green Operating Partnership LP
3.250% due 10/15/2022			2			2
Springleaf Finance Corp.
6.125% due 05/15/2022			292			304
8.250% due 12/15/2020			980			1,081
5.625% due 03/15/2023			200			201
Starwood Property Trust, Inc.
4.750% due 03/15/2025			10			10
UDR, Inc.
4.625% due 01/10/2022			2			2
3.500% due 01/15/2028			6			6
VEREIT Operating Partnership LP
3.950% due 08/15/2027			8			8
Vici Properties LLC
8.000% due 10/15/2023			125			141
4.847% (US0003M + 3.500%) due 10/15/2022 ~			34			35
Vornado Realty LP
3.500% due 01/15/2025			4			4
Washington Prime Group LP
5.950% due 08/15/2024			73			75
						4,649
INDUSTRIALS 0.8%
Allegion U.S. Holding Co., Inc.
3.200% due 10/01/2024			4			4
3.550% due 10/01/2027			1			1
American Airlines Pass-Through Trust
3.350% due 04/15/2031			10			10
Andeavor Logistics LP
3.500% due 12/01/2022			2			2
5.200% due 12/01/2047			2			2
4.250% due 12/01/2027			2			2
Arrow Electronics, Inc.
3.250% due 09/08/2024			6			6
Avantor, Inc.
6.000% due 10/01/2024			4			4
BAT Capital Corp.
3.222% due 08/15/2024			22			22
BMC Software Finance, Inc.
8.125% due 07/15/2021			18			18
Boxer Parent Co., Inc. (9.000% Cash or 9.750% PIK)
9.000% due 10/15/2019 (a)			18			18
Broadcom Corp.
3.000% due 01/15/2022			68			68
3.625% due 01/15/2024			6			6
3.875% due 01/15/2027			20			20
Caesars Entertainment Corp.
5.000% due 10/01/2024			9			17
Central Garden & Pet Co.
5.125% due 02/01/2028			4			4
Charter Communications Operating LLC
4.200% due 03/15/2028			19			19
Cheniere Energy Partners LP
5.250% due 10/01/2025			10			10
Cimarex Energy Co.
3.900% due 05/15/2027			7			7
Cleveland-Cliffs, Inc.
4.875% due 01/15/2024			4			4
Community Health Systems, Inc.
6.250% due 03/31/2023			23			21

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CRC Escrow Issuer LLC
5.250% due 10/15/2025	$		8	$		8
CVS Pass-Through Trust
8.353% due 07/10/2031			511			660
DAE Funding LLC
4.500% due 08/01/2022			10			10
5.000% due 08/01/2024			20			20
4.000% due 08/01/2020			10			10
Diamond Resorts International, Inc.
7.750% due 09/01/2023			103			112
Discovery Communications LLC
2.950% due 03/20/2023			5			5
3.950% due 03/20/2028			6			6
EQT Corp.
2.500% due 10/01/2020			2			2
2.465% (US0003M + 0.770%) due 10/01/2020 ~			15			15
Exela Intermediate LLC
10.000% due 07/15/2023			16			16
Harland Clarke Holdings Corp.
8.375% due 08/15/2022			10			10
HCA, Inc.
5.500% due 06/15/2047			12			12
iHeartCommunications, Inc.
9.000% due 03/01/2021			3			2
9.000% due 12/15/2019			54			40
9.000% due 09/15/2022			397			287
Intrepid Aviation Group Holdings LLC
6.875% due 02/15/2019			10			10
Lennar Corp.
4.750% due 11/29/2027			4			4
Mattel, Inc.
6.750% due 12/31/2025			10			10
NetApp, Inc.
3.300% due 09/29/2024			7			7
2.000% due 09/27/2019			4			4
Netflix, Inc.
4.875% due 04/15/2028			8			8
PetSmart, Inc.
5.875% due 06/01/2025			16			12
Pitney Bowes, Inc.
4.700% due 04/01/2023			6			6
Post Holdings, Inc.
5.625% due 01/15/2028			2			2
Priceline Group, Inc.
2.750% due 03/15/2023			4			4
3.550% due 03/15/2028			8			8
Scientific Games International, Inc.
5.000% due 10/15/2025			4			4
Service Corp. International
4.625% due 12/15/2027			4			4
Simmons Foods, Inc.
5.750% due 11/01/2024			4			4
Spirit Airlines Pass-Through Trust
3.375% due 08/15/2031			10			10
Standard Industries, Inc.
4.750% due 01/15/2028			10			10
Tech Data Corp.
3.700% due 02/15/2022			5			5
4.950% due 02/15/2027			6			6
Tenet Healthcare Corp.
4.625% due 07/15/2024			34			33
Textron, Inc.
1.960% (US0003M + 0.550%) due 11/10/2020 ~			40			40
Time Warner Cable LLC
6.750% due 07/01/2018			500			511
5.000% due 02/01/2020			600			627
Time Warner, Inc.
3.800% due 02/15/2027			14			14
VMware, Inc.
2.300% due 08/21/2020			10			10
2.950% due 08/21/2022			10			10
3.900% due 08/21/2027			10			10

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Wyndham Worldwide Corp.
4.500% due 04/01/2027	$		6	$		6
4.150% due 04/01/2024			5			5
						2,864
UTILITIES 0.5%
AT&T, Inc.
2.309% (US0003M + 0.950%) due 07/15/2021 ~			158			160
2.850% due 02/14/2023			30			30
3.400% due 08/14/2024			60			60
3.900% due 08/14/2027			50			51
4.900% due 08/14/2037			50			51
5.150% due 02/14/2050			76			77
5.300% due 08/14/2058			22			22
5.650% due 02/15/2047			6			7
Calpine Corp.
5.250% due 06/01/2026			4			4
Genesis Energy LP
6.250% due 05/15/2026			4			4
Kinder Morgan Finance Co. LLC
6.000% due 01/15/2018			800			801
Sprint Communications, Inc.
7.000% due 08/15/2020			310			329
Verizon Communications, Inc.
5.250% due 03/16/2037			50			55
4.125% due 03/16/2027			10			11
						1,662
Total United States						9,175
VENEZUELA 0.0%
INDUSTRIALS 0.0%
Petroleos de Venezuela S.A.
6.000% due 11/15/2026			300			67
6.000% due 05/16/2024			20			5
						72
Total Venezuela						72
Total Corporate Bonds & Notes (Cost $23,181)						23,437
NON-AGENCY MORTGAGE-BACKED SECURITIES 3.5%
UNITED KINGDOM 0.8%
Eurosail PLC
1.470% (BP0003M + 0.950%) due 06/13/2045 ~	GBP		1,124			1,510
Grifonas Finance PLC
0.008% (EUR006M + 0.280%) due 08/28/2039 ~	EUR		403			421
Juno Eclipse Ltd.
0.000% due 11/20/2022 •			259			309
RMAC PLC
0.762% (BP0003M + 0.240%) due 06/12/2036 ~	GBP		288			389
Total United Kingdom						2,629
UNITED STATES 2.7%
Banc of America Alternative Loan Trust
6.000% due 04/25/2036 ^	$		51			52
6.000% due 07/25/2046 ^			110			98
Banc of America Funding Trust
3.444% due 05/20/2036 ^~			22			21
Banc of America Mortgage Trust
3.669% due 11/20/2046 ^~			9			8
6.000% due 10/25/2036 ^			27			25
Bear Stearns Mortgage Funding Trust
7.500% due 08/25/2036			130			133
Chase Mortgage Finance Trust
3.614% due 09/25/2036 ^~			60			60

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 27

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Countrywide Alternative Loan Trust
2.252% (US0001M + 0.700%) due 10/25/2037 ^~	$		5,405	$		1,924
6.000% due 06/25/2036 ^			161			138
6.000% due 02/25/2037 ^			77			53
6.250% (US0001M + 0.650%) due 12/25/2036 ^~			32			25
Countrywide Home Loan Mortgage Pass-Through Trust
2.052% (US0001M + 0.500%) due 07/25/2037 ^~			25			16
Credit Suisse First Boston Mortgage Securities Corp.
6.000% due 01/25/2036			48			43
Credit Suisse First Boston Mortgage-Backed Pass-through Trust
6.000% due 11/25/2035 ^			21			13
Credit Suisse Mortgage Capital Certificates
3.191% due 12/29/2037 ~			197			164
First Horizon Alternative Mortgage Securities Trust
3.342% due 06/25/2036 ~			477			443
HSI Asset Loan Obligation Trust
6.000% due 06/25/2037 ^			12			11
JPMorgan Alternative Loan Trust
5.656% due 05/26/2037 ~«			100			86
JPMorgan Mortgage Trust
6.500% due 07/25/2036 ^			118			92
Merrill Lynch Mortgage Investors Trust
3.280% due 03/25/2036 ^~			18			14
Residential Accredit Loans, Inc. Trust
1.952% (US0001M + 0.400%) due 10/25/2045 ~			123			112
5.500% due 03/25/2037			572			514
6.250% due 03/25/2037 ^			43			38
Structured Adjustable Rate Mortgage Loan Trust
3.496% due 10/25/2036 ^~			2,894			2,438
Wells Fargo Alternative Loan Trust
3.682% due 07/25/2037 ^~			1,491			1,391
Wells Fargo Commercial Mortgage Trust
3.412% due 09/15/2058			1,156			1,190
Total United States						9,102
Total Non-Agency Mortgage-Backed Securities (Cost $11,951)						11,731
MUNICIPAL BONDS & NOTES 0.6%
CALIFORNIA 0.2%
California State Public Works Board Revenue Notes, Series 2011
5.786% due 12/01/2021			617			661
Total California						661
ILLINOIS 0.1%
Illinois State General Obligation Bonds, (BABs), Series 2010
6.630% due 02/01/2035			15			17
7.350% due 07/01/2035			5			6
Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033			150			150
Total Illinois						173
MICHIGAN 0.1%
Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2006
7.309% due 06/01/2034			215			215
Total Michigan						215
PUERTO RICO 0.0%
Commonwealth of Puerto Rico General Obligation Bonds, Series 2001
5.125% due 07/01/2031 ^(b)			30			7

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Commonwealth of Puerto Rico General Obligation Bonds, Series 2007
5.250% due 07/01/2034 ^(b)	$		5	$		1
5.250% due 07/01/2037 ^(b)			5			1
Commonwealth of Puerto Rico General Obligation Bonds, Series 2008
5.500% due 07/01/2032 ^(b)			20			5
5.700% due 07/01/2023 ^(b)			10			2
Commonwealth of Puerto Rico General Obligation Bonds, Series 2009
6.000% due 07/01/2039 ^(b)			5			1
Commonwealth of Puerto Rico General Obligation Bonds, Series 2011
5.375% due 07/01/2030 ^(b)			10			2
Commonwealth of Puerto Rico General Obligation Bonds, Series 2012
5.000% due 07/01/2041 ^(b)			120			27
5.125% due 07/01/2037 ^(b)			10			2
5.500% due 07/01/2039 ^(b)			125			29
Commonwealth of Puerto Rico General Obligation Notes, Series 2012
5.000% due 07/01/2021 ^(b)			10			2
Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010
6.125% due 07/01/2040 ^(b)			100			33
Total Puerto Rico						112
VIRGINIA 0.1%
Tobacco Settlement Financing Corp., Virginia Revenue Bonds, Series 2007
6.706% due 06/01/2046			385			348
Total Virginia						348
WEST VIRGINIA 0.1%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
7.467% due 06/01/2047			360			351
Total West Virginia						351
Total Municipal Bonds & Notes (Cost $1,745)						1,860
		SHARES
PREFERRED STOCKS 0.6%
GERMANY 0.6%
CONSUMER DISCRETIONARY 0.6%
Volkswagen AG			10,793			2,144
Total Preferred Stocks (Cost $1,501)						2,144
REAL ESTATE INVESTMENT TRUSTS 0.4%
CANADA 0.1%
REAL ESTATE 0.1%
Cominar Real Estate Investment Trust			5,124			59
Dream Office Real Estate Investment Trust			14,726			259
						318
Total Canada						318
UNITED STATES 0.3%
FINANCIALS 0.2%
AGNC Investment Corp.			11,539			233
Annaly Capital Management, Inc.			32,674			388
Granite Point Mortgage Trust, Inc.			1,521			27
Two Harbors Investment Corp.			5,342			87
						735

		SHARES			MARKET VALUE (000S)
REAL ESTATE 0.1%
CoreCivic, Inc.			6,119	$		138
Iron Mountain, Inc.			4,896			185
						323
Total United States						1,058
Total Real Estate Investment Trusts (Cost $1,355)						1,376
		PRINCIPAL AMOUNT (000S)
SOVEREIGN ISSUES 0.9%
ARGENTINA 0.3%
Argentina Government International Bond
2.260% due 12/31/2038	EUR		124			109
7.820% due 12/31/2033			76			106
25.413% (BADLARPP + 2.000%) due 04/03/2022 ~	ARS		2,218			119
26.555% (BADLARPP + 3.250%) due 03/01/2020 ~			400			22
28.750% (ARPP7DRR) due 06/21/2020 ~			8,883			507
Total Argentina						863
BRAZIL 0.2%
Brazil Notas do Tesouro Nacional
6.000% due 05/15/2045 (f)	BRL		1,518			491
Total Brazil						491
GREECE 0.1%
Republic of Greece Government International Bond
4.750% due 04/17/2019	EUR		100			125
Total Greece						125
KUWAIT 0.1%
Kuwait International Government Bond
3.500% due 03/20/2027	$		385			392
Total Kuwait						392
PERU 0.0%
Peru Government International Bond
6.150% due 08/12/2032	PEN		260			86
6.900% due 08/12/2037			7			2
6.950% due 08/12/2031			100			35
Total Peru						123
SAUDI ARABIA 0.2%
Saudi Government International Bond
2.875% due 03/04/2023	$		200			197
3.625% due 03/04/2028			200			198
4.500% due 10/26/2046			200			200
4.625% due 10/04/2047			200			205
Total Saudi Arabia						800
SPAIN 0.0%
Autonomous Community of Catalonia
4.750% due 06/04/2018	EUR		3			4
4.900% due 09/15/2021			50			63
Total Spain						67
SWEDEN 0.0%
Sweden Government International Bond
0.875% due 01/31/2018			100			120
Total Sweden						120

28 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
VENEZUELA 0.0%
Venezuela Government International Bond
6.000% due 12/09/2020 ^	$		100	$		23
9.250% due 09/15/2027			44			10
Total Venezuela						33
Total Sovereign Issues (Cost $3,118)						3,014
U.S. GOVERNMENT AGENCIES 4.2%
UNITED STATES 4.2%
Fannie Mae
3.000% due 11/01/2029			29			30
Fannie Mae, TBA
2.500% due 02/01/2033			1,000			998
3.000% due 01/01/2048			1,300			1,301
3.500% due 03/01/2048			3,500			3,584
4.000% due 03/01/2048			6,000			6,261
Freddie Mac, TBA
3.000% due 02/01/2048			2,000			1,999
Total U.S. Government Agencies (Cost $14,127)						14,173
U.S. TREASURY OBLIGATIONS 7.2%
UNITED STATES 7.2%
U.S. Treasury Bonds
2.875% due 11/15/2046			1,000			1,025
U.S. Treasury Notes
1.750% due 03/31/2022			300			295
1.750% due 05/15/2022			300			295
1.750% due 09/30/2022			500			490
1.750% due 05/15/2023			700			683
1.875% due 01/31/2022			1,600			1,584
1.875% due 02/28/2022			1,400			1,385
1.875% due 08/31/2022			500			493
1.875% due 08/31/2024			200			195
2.000% due 07/31/2022			400			397

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.000% due 05/31/2024	$		200	$		196
2.000% due 06/30/2024			4,300			4,217
2.000% due 11/15/2026			760			735
2.125% due 12/31/2021 (k)			1,500			1,500
2.125% due 06/30/2022			1,000			998
2.125% due 02/29/2024			400			396
2.125% due 07/31/2024			400			395
2.250% due 12/31/2023			3,610			3,603
2.250% due 01/31/2024			190			190
2.250% due 10/31/2024 (k)			3,500			3,484
2.250% due 11/15/2024			300			298
2.250% due 02/15/2027			500			493
2.375% due 05/15/2027 (k)			470			469
2.500% due 05/15/2024			500			506
Total U.S. Treasury Obligations (Cost $24,388)						24,322
SHORT-TERM INSTRUMENTS 0.6%
CERTIFICATES OF DEPOSIT 0.1%
Barclays Bank PLC
1.940% due 09/04/2018			300			300
REPURCHASE AGREEMENTS (j) 0.1%
						186
FRANCE TREASURY BILLS 0.0%
(1.107)% due 01/17/2018 - 01/31/2018 (d)(e)	EUR		120			144
JAPAN TREASURY BILLS 0.2%
(0.298)% due 01/15/2018 - 04/05/2018 (d)(e)	JPY		94,750			841
U.K. TREASURY BILLS 0.1%
(0.097)% due 01/22/2018 - 01/29/2018 (d)(e)	GBP		226			305

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ARGENTINA TREASURY BILLS 0.1%
24.734% due 01/26/2018 - 07/13/2018 (d)(e)	$		207	$		206
24.734% due 03/16/2018 - 09/14/2018 (d)(e)	ARS		5,176			236
Total Argentina Treasury Bills						442
Total Short-Term Instruments (Cost $2,222)						2,218
Total Investments in Securities (Cost $318,071)						356,613
		SHARES
INVESTMENTS IN AFFILIATES 1.6%
SHORT-TERM INSTRUMENTS 1.6%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.6%
PIMCO Short-Term Floating NAV Portfolio III			536,087			5,299
Total Short-Term Instruments (Cost $5,297)						5,299
Total Investments in Affiliates (Cost $5,297)						5,299
Total Investments 106.8% (Cost $323,368)				$		361,912
Financial Derivative Instruments (l)(m) 0.0% (Cost or Premiums, net $(200))						(96	)
Other Assets and Liabilities, net (6.8)%						(22,878	)
Net Assets 100.0%				$		338,938

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF CONTRACTS):

* A zero balance may reflect actual amounts rounding to less than one thousand.

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

~ Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) Payment in-kind security.

(b) Security is not accruing income as of the date of this report.

(c) Security did not produce income within the last twelve months.

(d) Coupon represents a weighted average yield to maturity.

(e) Zero coupon security.

(f) Principal amount of security is adjusted for inflation.

(g) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(h) Contingent convertible security.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 29

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(i) RESTRICTED SECURITIES:

Issuer Description	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Dommo Energia S.A.	12/21/2017 - 12/26/2017	$	9	$	12		0.00%
Eneva S.A.	12/21/2017		1		1		0.00
		$	2,169	$	1,935		0.00%

(j)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		0.700	%		12/29/2017		01/02/2018	$	186	U.S. Treasury Notes 2.750% due 02/15/2024	$	(191	)	$	186	$	186
Total Repurchase Agreements											$	(191	)	$	186	$	186

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(2)			Settlement Date		Maturity Date		Amount Borrowed(2)			Payable for Reverse Repurchase Agreements
BOS		1.430	%		11/09/2017		02/09/2018	$	(1,604	)	$	(1,607	)
BSN		1.340			11/03/2017		01/03/2018		(4,380	)		(4,390	)
SCX		1.510			11/21/2017		02/21/2018		(299	)		(300	)
		1.520			11/22/2017		02/22/2018		(100	)		(100	)
		1.650			12/14/2017		01/16/2018		(2,727	)		(2,729	)
Total Reverse Repurchase Agreements											$	(9,126	)

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate(2)			Borrowing Date		Maturity Date		Amount Borrowed(2)			Payable for Sale-Buyback Transactions(3)
GSC		1.660	%		12/12/2017		01/12/2018	$	(4,909	)	$	(4,907	)
UBS		1.370			11/10/2017		02/07/2018		(474	)		(473	)
Total Sale-Buyback Transactions											$	(5,380	)

SHORT SALES:

Description	Coupon	Maturity Date		Principal Amount		Proceeds			Payable for Short Sales
U.S. Government Agencies (0.9)%
Fannie Mae, TBA	3.000%		01/01/2048	$	3,000	$	(2,989	)	$     (3,001)
Total Short Sales (0.9)%						$	(2,989	)	$    (3,001)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2017:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions			Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net  Exposure(4)
Global/Master Repurchase Agreement
BOS	$	0	$	(1,607	)	$	0		$	(1,607	)	$	1,583		$	(24	)
BSN		0		(4,390	)		0			(4,390	)		4,317			(73	)
FICC		186		0			0			186			(191	)		(5	)
SCX		0		(3,129	)		0			(3,129	)		3,091			(38	)
Master Securities Forward Transaction Agreement
GSC		0		0			(4,907	)		(4,907	)		4,884			(23	)
UBS		0		0			(473	)		(473	)		469			(4	)
Total Borrowings and Other Financing Transactions	$	186	$	(9,126	)	$	(5,380	)

30 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days			31-90 days			Greater Than 90 days		Total
Reverse Repurchase Agreements
U.S. Treasury Obligations	$	0	$	(7,119	)	$	(2,007	)	$	0	$	(9,126	)
Total	$	0	$	(7,119	)	$	(2,007	)	$	0	$	(9,126	)
Sale-Buyback Transactions
U.S. Treasury Obligations		0		(4,907	)		(473	)		0		(5,380	)
Total	$	0	$	(4,907	)	$	(473	)	$	0	$	(5,380	)
Total Borrowings	$	0	$	(12,026	)	$	(2,480	)	$	0	$	(14,506	)
Payable for reverse repurchase agreements and sale-buyback financing transactions											$	(14,506	)

(k) Securities with an aggregate market value of $14,344 have been pledged as collateral under the terms of the above master agreements as of December 31, 2017.

⁽¹⁾ Includes accrued interest.

⁽²⁾ The average amount of borrowings outstanding during the period ended December 31, 2017 was $(9,766) at a weighted average interest rate of 0.558%. Average borrowings may include sale-buyback transactions and reverse repurchase agreements, if held during the period.

⁽³⁾ Payable for sale-buyback transactions includes $(3) of deferred price drop.

⁽⁴⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

(l)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description	Expiration Month	# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
										Asset		Liability
Australia Government 10-Year Bond March Futures	03/2018		2		AUD	202	$	(1	)	$	1	$	0
U.S. Treasury 10-Year Note March Futures	03/2018		16		$	1,985		(11	)		3		0
Total Futures Contracts							$	(12	)	$	4	$	0

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION⁽¹⁾

Reference Entity	Fixed Receive Rate		Payment Frequency	Maturity Date		Implied Credit Spread at December 31, 2017(3)		Notional Amount(4)		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Market Value(5)		Variation Margin
																Asset		Liability
Ally Financial, Inc.		5.000%	Quarterly		12/20/2022		1.031%		$    300	$	51	$	5	$	56	$	0	$	0

CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION⁽²⁾

Index/Tranches	Fixed (Pay) Rate			Payment Frequency	Maturity Date		Notional Amount(4)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value(5)			Variation Margin
																		Asset		Liability
CDX.HY-29 5-Year Index		(5.000	)%	Quarterly		12/20/2022	$	2,150	$	(165	)	$	(17	)	$	(182	)	$	0	$	(3	)

INTEREST RATE SWAPS

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																				Asset		Liability
Pay	3-Month USD-LIBOR		2.000	%	Semi-Annual		12/07/2022		$	1,200	$	(2	)	$	(11	)	$	(13	)	$	1	$	0
Receive(6)	3-Month USD-LIBOR		2.250		Semi-Annual		06/20/2028			5,500		123			(28	)		95			0		(11	)
Receive(6)	3-Month USD-LIBOR		2.500		Semi-Annual		06/20/2048			1,000		38			(19	)		19			0		(4	)
Pay(6)	3-Month ZAR-JIBAR		7.000		Quarterly		03/22/2023		ZAR	900		0			(1	)		(1	)		0		0
Receive	3-Month ZAR-JIBAR		8.300		Quarterly		03/15/2027			600		(2	)		1			(1	)		0		0
Pay	6-Month  AUD-BBR-BBSW		2.750		Semi-Annual		06/17/2026		AUD	7,000		254			(244	)		10			24		0
Pay	6-Month AUD-BBR-BBSW		3.000		Semi-Annual		03/21/2027			1,190		20			1			21			5		0

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 31

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																					Asset		Liability
Receive(6)	6-Month EUR-EURIBOR		1.000	%		Annual		03/21/2028		EUR	800	$	(4	)	$	(3	)	$	(7	)	$	2	$	0
Receive(6)	6-Month GBP-LIBOR		1.500			Semi-Annual		03/21/2028		GBP	1,793		(62	)		16			(46	)		4		0
Receive(6)	6-Month JPY-LIBOR		0.450			Semi-Annual		03/20/2029		JPY	1,430,000		(64	)		42			(22	)		0		(7	)
Receive(6)	6-Month JPY-LIBOR		0.415			Semi-Annual		03/25/2029			20,000		0			0			0			0		0
Receive(6)	6-Month JPY-LIBOR		0.400			Semi-Annual		03/27/2029			40,000		0			1			1			0		0
Receive(6)	6-Month JPY-LIBOR		0.450			Semi-Annual		03/29/2029			40,000		(1	)		0			(1	)		0		0
Pay	28-Day MXN-TIIE		5.610			Lunar		07/07/2021		MXN	700		(2	)		0			(2	)		0		0
Pay	28-Day MXN-TIIE		6.750			Lunar		08/31/2021			2,000		(1	)		(3	)		(4	)		0		0
Pay	28-Day MXN-TIIE		5.798			Lunar		09/06/2021			2,500		(8	)		(1	)		(9	)		1		0
Pay	28-Day MXN-TIIE		7.350			Lunar		11/17/2021			600		0			(1	)		(1	)		0		0
Pay	28-Day MXN-TIIE		7.388			Lunar		11/17/2021			500		0			0			0			0		0
Pay	28-Day MXN-TIIE		7.199			Lunar		12/03/2021			500		0			(1	)		(1	)		0		0
Pay	28-Day MXN-TIIE		7.538			Lunar		02/23/2022			1,000		0			(1	)		(1	)		0		0
Receive	28-Day MXN-TIIE		6.950			Lunar		06/17/2022			32,100		(5	)		62			57			0		(7	)
Pay	28-Day MXN-TIIE		7.875			Lunar		12/16/2022			400		0			0			0			0		0
Pay	28-Day MXN-TIIE		5.950			Lunar		01/30/2026			600		(4	)		0			(4	)		0		0
Pay	28-Day MXN-TIIE		5.990			Lunar		01/30/2026			4,300		(4	)		(22	)		(26	)		2		0
Pay	28-Day MXN-TIIE		6.080			Lunar		03/10/2026			15,500		(15	)		(75	)		(90	)		6		0
Pay	28-Day MXN-TIIE		6.490			Lunar		09/08/2026			30,000		13			(156	)		(143	)		13		0
Pay	28-Day MXN-TIIE		7.380			Lunar		11/04/2026			100		0			0			0			0		0
Pay	28-Day MXN-TIIE		8.090			Lunar		01/15/2027			3,300		0			2			2			2		0
Pay	28-Day MXN-TIIE		8.120			Lunar		01/15/2027			700		0			1			1			0		0
Pay	28-Day MXN-TIIE		7.865			Lunar		02/02/2027			2,400		0			(1	)		(1	)		1		0
Pay	28-Day MXN-TIIE		8.010			Lunar		02/04/2027			1,200		0			0			0			1		0
Pay	28-Day MXN-TIIE		7.818			Lunar		02/17/2027			1,100		0			(1	)		(1	)		1		0
Pay	28-Day MXN-TIIE		7.150			Lunar		06/11/2027			1,200		(1	)		(2	)		(3	)		1		0
Pay	28-Day MXN-TIIE		7.370			Lunar		10/11/2027			2,500		0			(5	)		(5	)		1		0
Receive	28-Day MXN-TIIE		7.984			Lunar		12/10/2027			200		0			0			0			0		0
Pay	28-Day MXN-TIIE		7.165			Lunar		09/06/2032			400		0			(2	)		(2	)		0		0
Pay	28-Day MXN-TIIE		7.380			Lunar		08/14/2037			400		0			(1	)		(1	)		0		0
Pay	28-Day MXN-TIIE		7.360			Lunar		08/21/2037			700		0			(3	)		(3	)		1		0
												$	273		$	(455	)	$	(182	)	$	66	$	(29	)
Total Swap Agreements												$	159		$	(467	)	$	(308	)	$	66	$	(32	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2017:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset						Market Value		Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	4	$	66	$	70	$	0	$	0	$	(32)	$	(32)

Cash of $1,068 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2017. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽²⁾ If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽³⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁴⁾ The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁵⁾ The prices and resulting values for credit default swap agreements on credit indices serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced indices’ credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁶⁾ This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

32 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

(m)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty							Asset		Liability
BOA		01/2018	AUD	2,333	$	1,770	$	0	$	(50	)
		01/2018	$	904	DKK	5,676		10		0
		01/2018		23	TRY	88		0		0
		04/2018	DKK	5,676	$	910		0		(10	)
		05/2018	$	8	ARS	151		0		0
BPS		01/2018	BRL	91	$	28		1		0
		01/2018	EUR	2,842		3,388		0		(23	)
		01/2018	MXN	1,089		57		2		0
		01/2018	$	28	BRL	91		0		0
		01/2018		1,524	MXN	28,644		0		(73	)
		01/2018		26	TRY	100		0		0
		03/2018		218	PEN	710		0		0
		05/2018		24	ARS	452		0		(1	)
BRC		01/2018	EUR	10	$	12		0		0
		01/2018	GBP	135		181		0		(1	)
		04/2018	JPY	30,400		270		0		(1	)
CBK		01/2018	MXN	1,092		55		0		0
		01/2018	$	16	ARS	298		0		(1	)
		01/2018		94	AUD	124		3		0
		01/2018		220	DKK	1,395		4		0
		01/2018		23	IDR	314,804		0		0
		01/2018		452	RUB	26,436		6		0
		01/2018		49	TRY	187		0		0
		02/2018	JPY	44,850	$	397		0		(2	)
		03/2018	$	642	INR	42,071		13		0
		04/2018	DKK	1,395	$	222		0		(4	)
DUB		01/2018	BRL	305		94		3		0
		01/2018	JPY	5,900		52		0		0
		01/2018	$	92	BRL	305		0		0
FBF		01/2018		79	IDR	1,069,563		0		0
GLM		01/2018	BRL	1,530	$	463		1		0
		01/2018	EUR	18		21		0		0
		01/2018	$	28	ARS	500		0		(2	)
		01/2018		459	BRL	1,530		2		0
		01/2018		15	IDR	207,377		0		0
		01/2018		2,167	JPY	243,600		0		(4	)
		02/2018	BRL	1,530	$	457		0		(2	)
JPM		01/2018	EUR	110		131		0		(1	)
		01/2018	GBP	90		121		0		(1	)
		01/2018	$	1,348	TRY	5,383		63		0
		02/2018	JPY	13,600	$	120		0		(1	)
MSB		01/2018	BRL	1,134		346		5		0
		01/2018	$	343	BRL	1,134		0		(1	)
		05/2018		13	ARS	251		0		(1	)
NGF		01/2018		108		1,991		0		(2	)
RBC		01/2018	AUD	72	$	56		0		(1	)
SCX		01/2018		137		104		0		(3	)
		01/2018	EUR	100		119		0		(1	)
		01/2018	JPY	260,085		2,343		34		0
		01/2018	$	443	GBP	329		2		0
		01/2018		23	IDR	308,047		0		0
		01/2018		18	TRY	71		0		0
SSB		01/2018		738	JPY	83,177		0		0
UAG		01/2018	DKK	7,710	$	1,231		0		(12	)
		01/2018	GBP	4,417		5,879		0		(86	)
		01/2018	$	93	DKK	585		2		0
		01/2018		23	IDR	313,979		0		0
Total Forward Foreign Currency Contracts							$	151	$	(284	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 33

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

WRITTEN OPTIONS:

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount		Premiums (Received)			Market Value
JPM	Call - OTC Fannie Mae, TBA 3.000% due 02/01/2048	$	100.844		02/06/2018		$    300	$	(1	)	$	0
SAL	Call - OTC Fannie Mae, TBA 3.000% due 02/01/2048		100.719		02/06/2018		200		0			0
	Call - OTC Fannie Mae, TBA 3.000% due 02/01/2048		100.797		02/06/2018		300		(1	)		(1	)
	Call - OTC Fannie Mae, TBA 3.500% due 02/01/2048		102.602		02/06/2018		400		(1	)		(1	)
								$	(3	)	$	(2	)
Total Written Options								$	(3	)	$	(2	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION⁽¹⁾

Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2017(2)			Notional Amount(3)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
																			Asset		Liability
CBK	Brazil Government International Bond		1.000	%		Quarterly		12/20/2022		1.605	%	$	845	$	(28	)	$	4	$	0	$	(24	)
DUB	Argentine Republic Government International Bond		5.000			Quarterly		12/20/2022		2.377			250		30			0		30		0
GST	Petrobras Global Finance BV		1.000			Quarterly		12/20/2021		1.701			200		(37	)		32		0		(5	)
JPM	Mexico Government International Bond		1.000			Quarterly		12/20/2022		1.059			845		(3	)		1		0		(2	)
														$	(38	)	$	37	$	30	$	(31	)

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽¹⁾

Counterparty	Index/Tranches	Fixed Receive Rate			Payment Frequency		Maturity Date		Notional Amount(3)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at  Value(4)
																Asset		Liability
DUB	CMBX.NA.AAA.9 Index		0.500	%		Monthly		09/17/2058		$    2,300	$	(128	)	$	133	$	5	$	0
FBF	CMBX.NA.AAA.9 Index		0.500			Monthly		09/17/2058		600		(24	)		25		1		0
GST	CMBX.NA.AAA.10 Index		0.500			Monthly		11/17/2059		4,000		(85	)		77		0		(8	)
MYC	CMBX.NA.AAA.9 Index		0.500			Monthly		09/17/2058		1,600		(88	)		91		3		0
											$	(325	)	$	326	$	9	$	(8	)

INTEREST RATE SWAPS

Counterparty	Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
GLM	Receive	3-Month USD-LIBOR		2.200	%	Semi-Annual	01/18/2023	$	10,000	$	6		$	1		$	7	$	0
MYC	Pay	3-Month USD-LIBOR		2.050		Semi-Annual	01/11/2023		3,000		1			(19	)		0		(18	)
	Pay	3-Month USD-LIBOR		2.490		Semi-Annual	01/09/2028		2,600		0			12			12		0
										$	7		$	(6	)	$	19	$	(18	)
Total Swap Agreements										$	(356	)	$	357		$	58	$	(57	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2017:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(5)
BOA	$	10	$	0	$	0	$	10	$	(60	)	$	0	$	0		$	(60	)	$	(50	)	$	0	$	(50	)
BPS		3		0		0		3		(97	)		0		0			(97	)		(94	)		0		(94	)
BRC		0		0		0		0		(2	)		0		0			(2	)		(2	)		0		(2	)
CBK		26		0		0		26		(7	)		0		(24	)		(31	)		(5	)		0		(5	)
DUB		3		0		35		38		0			0		0			0			38			0		38

34 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(5)
FBF	$	0	$	0	$	1	$	1	$	0		$	0		$	0		$	0		$	1		$	0	$	1
GLM		3		0		7		10		(8	)		0			0			(8	)		2			0		2
GST		0		0		0		0		0			0			(13	)		(13	)		(13	)		0		(13	)
JPM		63		0		0		63		(3	)		0			(2	)		(5	)		58			0		58
MSB		5		0		0		5		(2	)		0			0			(2	)		3			0		3
MYC		0		0		15		15		0			0			(18	)		(18	)		(3	)		0		(3	)
NGF		0		0		0		0		(2	)		0			0			(2	)		(2	)		0		(2	)
RBC		0		0		0		0		(1	)		0			0			(1	)		(1	)		0		(1	)
SAL		0		0		0		0		0			(2	)		0			(2	)		(2	)		0		(2	)
SCX		36		0		0		36		(4	)		0			0			(4	)		32			0		32
UAG		2		0		0		2		(98	)		0			0			(98	)		(96	)		0		(96	)
Total Over the Counter	$	151	$	0	$	58	$	209	$	(284	)	$	(2	)	$	(57	)	$	(343	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽²⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽³⁾ The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁴⁾ The prices and resulting values for credit default swap agreements on credit indices serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced indices’ credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁵⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	4	$	4
Swap Agreements		0		0		0		0		66		66
	$	0	$	0	$	0	$	0	$	70	$	70
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	151	$	0	$	151
Swap Agreements		0		39		0		0		19		58
	$	0	$	39	$	0	$	151	$	19	$	209
	$	0	$	39	$	0	$	151	$	89	$	279
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	3	$	0	$	0	$	29	$	32
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	284	$	0	$	284
Written Options		0		0		0		0		2		2
Swap Agreements		0		39		0		0		18		57
	$	0	$	39	$	0	$	284	$	20	$	343
	$	0	$	42	$	0	$	284	$	49	$	375

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 35

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0		$	(3	)	$	(3	)
Swap Agreements		0		(79	)		0		0			167			88
	$	0	$	(79	)	$	0	$	0		$	164		$	85
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(310	)	$	0		$	(310	)
Written Options		0		0			0		10			0			10
Swap Agreements		0		26			0		0			26			52
	$	0	$	26		$	0	$	(300	)	$	26		$	(248	)
	$	0	$	(53	)	$	0	$	(300	)	$	190		$	(163	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0		$	(11	)	$	(11	)
Swap Agreements		0		8			0		0			(181	)		(173	)
	$	0	$	8		$	0	$	0		$	(192	)	$	(184	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(162	)	$	0		$	(162	)
Written Options		0		0			0		(3	)		1			(2	)
Swap Agreements		0		170			0		0			(6	)		164
	$	0	$	170		$	0	$	(165	)	$	(5	)	$	0
	$	0	$	178		$	0	$	(165	)	$	(197	)	$	(184	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Securities, at Value
Asset-Backed Securities
Cayman Islands	$	0	$	4,240	$	0	$	4,240
Netherlands		0		709		0		709
United States		0		15,698		0		15,698
Loan Participations and Assignments
Canada		0		10		0		10
Ireland		0		38		0		38
United States		0		3,674		100		3,774
Common Stocks
Australia
Consumer Discretionary		76		33		0		109
Consumer Staples		0		1,990		0		1,990
Energy		0		555		0		555
Financials		0		4,706		0		4,706
Health Care		0		216		0		216
Industrials		0		304		0		304
Materials		0		3,194		0		3,194
Telecommunication Services		0		642		0		642
Austria
Energy		482		0		0		482
Financials		746		29		0		775
Materials		0		187		0		187
Belgium
Telecommunication Services		262		0		0		262
Brazil
Energy		0		0		12		12
Utilities		1		0		0		1
Canada
Consumer Discretionary		72		0		0		72
Energy		437		0		0		437
Financials		2,852		0		0		2,852
Industrials		178		0		0		178

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Materials	$	670	$	0	$	0	$	670
Utilities		631		0		0		631
Denmark
Industrials		0		653		0		653
Telecommunication Services		406		0		0		406
Finland
Industrials		0		39		0		39
Materials		0		377		0		377
Utilities		0		272		0		272
France
Consumer Discretionary		112		2,450		0		2,562
Consumer Staples		0		1,573		0		1,573
Energy		0		828		0		828
Financials		0		5,955		0		5,955
Health Care		0		2,943		0		2,943
Industrials		0		2,114		0		2,114
Telecommunication Services		0		747		0		747
Utilities		1,055		647		0		1,702
Germany
Consumer Discretionary		0		3,021		0		3,021
Consumer Staples		0		499		0		499
Financials		0		1,399		0		1,399
Health Care		0		1,250		0		1,250
Industrials		0		2,565		0		2,565
Materials		0		2,675		0		2,675
Utilities		0		2,293		0		2,293
Hong Kong
Consumer Discretionary		1		551		0		552
Information Technology		0		297		0		297
Real Estate		0		1,404		0		1,404
Israel
Financials		0		117		0		117
Materials		0		221		0		221
Telecommunication Services		199		0		0		199

36 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Italy
Energy	$	0	$	1,328	$	0	$	1,328
Financials		783		214		0		997
Industrials		50		0		0		50
Utilities		0		1,937		0		1,937
Japan
Consumer Discretionary		0		4,969		0		4,969
Consumer Staples		0		1,119		0		1,119
Energy		0		1,011		0		1,011
Financials		0		9,840		0		9,840
Health Care		0		776		0		776
Industrials		0		7,802		0		7,802
Information Technology		0		6,926		0		6,926
Materials		0		1,959		0		1,959
Real Estate		0		127		0		127
Telecommunication Services		0		1,465		0		1,465
Utilities		0		689		0		689
Luxembourg
Consumer Discretionary		0		149		0		149
Macau
Consumer Discretionary		0		120		0		120
Mexico
Consumer Discretionary		1		0		0		1
Netherlands
Consumer Staples		0		457		0		457
Energy		0		3,212		0		3,212
Financials		0		782		0		782
Health Care		0		987		0		987
Industrials		0		161		0		161
Telecommunication Services		399		0		0		399
New Zealand
Telecommunication Services		74		0		0		74
Norway
Energy		0		1,081		0		1,081
Financials		0		301		0		301
Materials		0		334		0		334
Telecommunication Services		0		128		0		128
Portugal
Consumer Staples		75		0		0		75
Utilities		334		0		0		334
Singapore
Industrials		0		475		0		475
Information Technology		0		82		0		82
Spain
Consumer Staples		0		154		0		154
Financials		0		5,259		0		5,259
Industrials		0		1,357		0		1,357
Telecommunication Services		0		1,013		0		1,013
Utilities		0		654		0		654
Sweden
Financials		108		720		0		828
Health Care		22		113		0		135
Telecommunication Services		0		1,054		0		1,054
Switzerland
Consumer Discretionary		169		0		0		169
Energy		281		0		0		281
Financials		0		3,764		0		3,764
Health Care		0		1,619		0		1,619
Industrials		0		78		0		78
Information Technology		247		0		0		247
Telecommunication Services		0		220		0		220
United Kingdom
Consumer Discretionary		189		1,159		0		1,348
Consumer Staples		634		479		0		1,113
Energy		0		2,723		0		2,723
Financials		960		10,920		0		11,880
Health Care		0		851		0		851
Industrials		300		1,322		0		1,622
Materials		0		408		0		408
Telecommunication Services		0		1,614		0		1,614
Utilities		559		219		0		778

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
United States
Consumer Discretionary	$	8,411	$	0	$	0	$	8,411
Consumer Staples		9,270		0		0		9,270
Energy		12,898		0		0		12,898
Financials		25,068		0		0		25,068
Health Care		13,654		0		0		13,654
Industrials		7,617		0		0		7,617
Information Technology		10,948		0		0		10,948
Materials		4,022		0		0		4,022
Telecommunication Services		5,636		0		0		5,636
Utilities		6,091		0		0		6,091
Corporate Bonds & Notes
Australia
Banking & Finance		0		395		0		395
Bermuda
Industrials		0		10		0		10
Brazil
Utilities		0		1,348		0		1,348
Canada
Banking & Finance		0		17		0		17
Industrials		0		95		0		95
Cayman Islands
Industrials		0		72		0		72
Utilities		0		96		0		96
Denmark
Banking & Finance		0		1,175		0		1,175
Finland
Industrials		0		6		0		6
France
Banking & Finance		0		1,003		0		1,003
Industrials		0		724		0		724
Germany
Banking & Finance		0		668		0		668
Ireland
Industrials		0		517		0		517
Luxembourg
Banking & Finance		0		693		0		693
Industrials		0		159		0		159
Utilities		0		1,381		0		1,381
Mexico
Industrials		0		130		0		130
Netherlands
Banking & Finance		0		315		0		315
Industrials		0		4		0		4
Supranational
Banking & Finance		0		22		0		22
United Kingdom
Banking & Finance		0		4,249		0		4,249
Industrials		0		1,111		0		1,111
United States
Banking & Finance		0		4,649		0		4,649
Industrials		0		2,864		0		2,864
Utilities		0		1,662		0		1,662
Venezuela
Industrials		0		72		0		72
Non-Agency Mortgage-Backed Securities
United Kingdom		0		2,629		0		2,629
United States		0		9,016		86		9,102
Municipal Bonds & Notes
California		0		661		0		661
Illinois		0		173		0		173
Michigan		0		215		0		215
Puerto Rico		0		112		0		112
Virginia		0		348		0		348
West Virginia		0		351		0		351
Preferred Stocks
Germany
Consumer Discretionary		0		2,144		0		2,144
Real Estate Investment Trusts
Canada
Real Estate		318		0		0		318

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 37

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

December 31, 2017 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
United States
Financials	$	735	$	0	$	0	$	735
Real Estate		323		0		0		323
Sovereign Issues
Argentina		0		863		0		863
Brazil		0		491		0		491
Greece		0		125		0		125
Kuwait		0		392		0		392
Peru		0		123		0		123
Saudi Arabia		0		800		0		800
Spain		0		67		0		67
Sweden		0		120		0		120
Venezuela		0		33		0		33
U.S. Government Agencies
United States		0		14,173		0		14,173
U.S. Treasury Obligations
United States		0		24,322		0		24,322
Short-Term Instruments
Certificates of Deposit		0		300		0		300
Repurchase Agreements		0		186		0		186
France Treasury Bills		0		144		0		144
Japan Treasury Bills		0		841		0		841
U.K. Treasury Bills		0		305		0		305
Argentina Treasury Bills		0		442		0		442
	$	118,356	$	238,059	$	198	$	356,613

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2017
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	5,299	$	0		$	0	$	5,299
Total Investments	$	123,655	$	238,059		$	198	$	361,912
Short Sales, at Value - Liabilities
United States	$	0	$	(3,001	)	$	0	$	(3,001	)
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		4		66			0		70
Over the counter		0		209			0		209
	$	4	$	275		$	0	$	279
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(32	)		0		(32	)
Over the counter		0		(343	)		0		(343	)
	$	0	$	(375	)	$	0	$	(375	)
Total Financial Derivative Instruments	$	4	$	(100	)	$	0	$	(96	)
Totals	$	123,659	$	234,958		$	198	$	358,815

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.

38 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO EqS^® Long/Short Fund

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 84.4%
COMMON STOCKS 70.5%
GERMANY 2.0%
FINANCIALS 1.1%
Deutsche Boerse AG		50,000	$		5,788
HEALTH CARE 0.9%
Bayer AG		39,844			4,951
Total Germany					10,739
SWITZERLAND 3.1%
CONSUMER STAPLES 1.7%
Nestle S.A.		105,000			9,028
HEALTH CARE 1.4%
Novartis AG		88,000			7,405
Total Switzerland					16,433
UNITED KINGDOM 1.5%
INDUSTRIALS 1.5%
IHS Markit Ltd. (a)		175,000			7,901
Total United Kingdom					7,901
UNITED STATES 63.9%
CONSUMER DISCRETIONARY 10.6%
Amazon.com, Inc. (a)		5,000			5,847
Carnival Corp. (g)		110,000			7,300
Comcast Corp. ‘A’		295,000			11,815
Domino’s Pizza, Inc.		30,000			5,669
Las Vegas Sands Corp.		165,000			11,466
Royal Caribbean Cruises Ltd.		60,000			7,157
TJX Cos., Inc.		85,000			6,499
					55,753
CONSUMER STAPLES 2.0%
Coca-Cola Co.		230,000			10,552
ENERGY 8.9%
Concho Resources, Inc. (a)(g)		45,000			6,760
Continental Resources, Inc. (a)		130,000			6,886
Diamondback Energy, Inc. (a)		60,000			7,575
ONEOK, Inc.		225,000			12,026
Williams Cos., Inc.		239,635			7,307

	SHARES			MARKET VALUE (000S)
Williams Partners LP		171,822	$		6,663
					47,217
FINANCIALS 12.5%
American Express Co.		190,000			18,869
Berkshire Hathaway, Inc. ‘B’ (a)		93,000			18,435
Discover Financial Services		160,000			12,307
JPMorgan Chase & Co.		73,593			7,870
Morgan Stanley		100,000			5,247
U.S. Bancorp		65,601			3,515
					66,243
HEALTH CARE 10.3%
Abbott Laboratories		150,000			8,560
Cigna Corp. (g)		40,000			8,124
Johnson & Johnson		125,000			17,465
Pfizer, Inc.		330,000			11,953
UnitedHealth Group, Inc.		38,000			8,377
					54,479
INDUSTRIALS 9.1%
Kansas City Southern		110,000			11,574
KAR Auction Services, Inc.		195,000			9,850
Norfolk Southern Corp.		92,000			13,331
Union Pacific Corp.		100,000			13,410
					48,165
INFORMATION TECHNOLOGY 8.3%
Alphabet, Inc. ‘C’ (a)		20,000			20,928
Facebook, Inc. ‘A’ (a)		70,000			12,352
salesforce.com, Inc. (a)		105,000			10,734
					44,014
MATERIALS 2.2%
Vulcan Materials Co.		89,000			11,425
Total United States					337,848
Total Common Stocks (Cost $343,484)					372,921
EXCHANGE-TRADED FUNDS 5.2%
UNITED STATES 5.2%
SPDR S&P Oil & Gas Exploration & Production ETF		400,000			14,872
SPDR S&P Regional Banking ETF		220,000			12,947
Total Exchange-Traded Funds (Cost $25,199)					27,819

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. TREASURY OBLIGATIONS 0.6%
UNITED STATES 0.6%
U.S. Treasury Floating Rate Notes
1.624% (USBMMY3M + 0.174%) due 07/31/2018 ~	$		3,200	$		3,204
Total U.S. Treasury Obligations (Cost $3,200)						3,204
SHORT-TERM INSTRUMENTS 8.1%
REPURCHASE AGREEMENTS (e) 0.1%
						524
U.S. TREASURY BILLS 7.3%
1.074% due 01/04/2018 - 03/01/2018 (b)(c)(i)			38,900			38,882
U.S. TREASURY CASH MANAGEMENT BILLS 0.7%
1.043% due 01/02/2018 (c)(d)			3,500			3,500
Total Short-Term Instruments (Cost $42,906)						42,906
Total Investments in Securities (Cost $414,789)						446,850
		SHARES
INVESTMENTS IN AFFILIATES 16.2%
SHORT-TERM INSTRUMENTS 16.2%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 16.2%
PIMCO Short-Term Floating NAV Portfolio III			8,656,167			85,566
Total Short-Term Instruments (Cost $85,557)						85,566
Total Investments in Affiliates (Cost $85,557)						85,566
Total Investments 100.6% (Cost $500,346)				$		532,416
Securities Sold Short (f) (20.1)% (Proceeds $102,332)						(106,320	)
Financial Derivative Instruments (h)(j) 0.0% (Cost or Premiums, net $(3,368))						(68	)
Other Assets and Liabilities, net 19.5%						103,076
Net Assets 100.0%				$		529,104

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF CONTRACTS, SHARES, AND UNITS):

* A zero balance may reflect actual amounts rounding to less than one thousand.

« Security valued using significant unobservable inputs (Level 3).

~ Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

(a) Security did not produce income within the last twelve months.

(b) Coupon represents a weighted average yield to maturity.

(c) Zero coupon security.

(d) Coupon represents a yield to maturity.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 39

Schedule of Investments PIMCO EqS^® Long/Short Fund (Cont.)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		0.700	%		12/29/2017		01/02/2018	$	524	U.S. Treasury Notes 1.375% due 06/30/2023	$	(538	)	$	524	$	524
Total Repurchase Agreements											$	(538	)	$	524	$	524

(f)  SECURITIES SOLD SHORT

Counterparty	Description	Shares		Proceeds			Payable for Short  Sales(2)
	Common Stocks (18.5)%
	China (0.6)%
	Consumer Discretionary (0.6)%
GSC	JD.com, Inc. ADR		70,000	$	(2,689	)	$	(2,899	)
	Total China				(2,689	)		(2,899	)
	Switzerland (0.9)%
	Information Technology (0.9)%
	Logitech International S.A.		135,000		(4,518	)		(4,548	)
	Total Switzerland				(4,518	)		(4,548	)
	United Kingdom (0.4)%
	Industrials (0.4)%
	Rolls-Royce Holdings PLC		200,000		(1,900	)		(2,283	)
	Rolls-Royce Holdings PLC		9,200,000		(12	)		(12	)
	Total United Kingdom				(1,912	)		(2,295	)
	United States (16.6)%
	Consumer Discretionary (3.9)%
	Aramark		65,000		(2,771	)		(2,778	)
	Brunswick Corp.		88,000		(4,814	)		(4,859	)
FOB	Buckle, Inc.		130,430		(4,040	)		(3,098	)
	Gap, Inc.		100,000		(2,977	)		(3,406	)
GSC	Hasbro, Inc.		40,000		(3,677	)		(3,636	)
	NIKE, Inc. ‘B’		50,000		(3,019	)		(3,137	)
					(21,298	)		(20,914	)
	Consumer Staples (3.3)%
	Church & Dwight Co., Inc.		85,000		(4,094	)		(4,264	)
	Clorox Co.		55,000		(7,154	)		(8,181	)
	Kraft Heinz Co.		35,000		(2,687	)		(2,722	)
	Mondelez International, Inc.		60,000		(2,454	)		(2,581	)
					(16,389	)		(17,748	)
	Energy (2.4)%
	Anadarko Petroleum Corp.		60,000		(2,924	)		(3,218	)
	Exxon Mobil Corp.		70,000		(5,923	)		(5,855	)
	Laredo Petroleum, Inc.		100,000		(1,033	)		(1,061	)
FOB	Occidental Petroleum Corp.		35,000		(2,450	)		(2,578	)
					(12,330	)		(12,712	)
	Financials (3.1)%
GSC	Affiliated Managers Group, Inc.		27,000		(4,461	)		(5,542	)
FOB	Bank of the Ozarks, Inc.		115,000		(5,396	)		(5,572	)
GSC	Franklin Resources, Inc.		50,000		(2,121	)		(2,178	)
	Invesco Ltd.		83,000		(2,670	)		(3,033	)
					(14,648	)		(16,325	)
	Health Care (1.9)%
FOB	Community Health Systems, Inc.		140,000		(988	)		(596	)
GSC	Eli Lilly & Co.		60,000		(5,033	)		(5,068	)
FOB	Merck & Co., Inc.		75,000		(4,128	)		(4,256	)
					(10,149	)		(9,920	)

40 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

Counterparty	Description	Shares		Proceeds			Payable for Short  Sales(2)
	Industrials (2.0)%
	Brink’s Co.		50,000	$	(4,016	)	$	(3,935	)
GSC	CSX Corp.		60,000		(2,976	)		(3,301	)
FOB	Werner Enterprises, Inc.		85,000		(3,011	)		(3,291	)
					(10,003	)		(10,527	)
	Total United States				(84,817	)		(88,146	)
	Total Common Stocks				(93,936	)		(97,888	)
	Exchange-Traded Funds (0.5)%
	United States (0.5)%
	iShares China Large-Cap ETF		60,000		(2,726	)		(2,770	)
	Total Exchange-Traded Funds				(2,726	)		(2,770	)
	Preferred Stocks 0.0%
	United Kingdom 0.0%
	Industrials 0.0%
GSC	Rolls Royce Group PLC ‘C’		1,455,967		(2	)		(2	)
	Total Preferred Stocks				(2	)		(2	)
	Real Estate Investment Trusts (1.1)%
	United States 0.0%
GSC	Iron Mountain, Inc.		150,000		(5,668	)		(5,660	)
	Total Real Estate Investment Trusts				(5,668	)		(5,660	)
Total Short Sales (20.1)%				$	(102,332	)	$	(106,320	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2017:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Payable for Short Sales			Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net  Exposure(3)
Global/Master Repurchase Agreement
FICC	$	524	$	0	$	0	$	0		$	524		$	(538	)	$	(14	)
Prime Brokerage Agreement
FOB		0		0		0		(29,502	)		(29,502	)		29,308			(194	)
GSC		0		0		0		(76,818	)		(76,818	)		104,875			28,057
Total Borrowings and Other Financing Transactions	$	524	$	0	$	0	$	(106,320	)

(g) Securities with an aggregate market value of $19,676 and cash of $108,189 have been pledged as collateral as of December 31, 2017 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.

⁽¹⁾ Includes accrued interest.

⁽²⁾ Payable for short sales includes $77 of dividends payable.

⁽³⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

(h)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description	Expiration Month	# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)		Variation Margin
									Asset		Liability
Nikkei 225 Index March Futures	03/2018		63		JPY	6,362	$	71	$	0	$	(35	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 41

Schedule of Investments PIMCO EqS^® Long/Short Fund (Cont.)

SHORT FUTURES CONTRACTS

Description	Expiration Month	# of Contracts		Notional Amount				Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
E-mini S&P 500 Index March Futures	03/2018		193		$	(25,823	)	$	(266	)	$	94	$	0
WTI Crude December Futures	12/2018		193			(11,208	)		(608	)		0		(77	)
								$	(874	)	$	94	$	(77	)
Total Futures Contracts								$	(803	)	$	94	$	(112	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION⁽¹⁾

	Fixed (Pay) Rate			Payment Frequency	Maturity Date		Notional Amount(2)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value(3)			Variation Margin
Index/Tranches																		Asset		Liability
CDX.HY-29 5-Year Index		(5.000	)%	Quarterly		12/20/2022	$	41,800	$	(3,368	)	$	(169	)	$	(3,537	)	$	0	$	(63	)
Total Swap Agreements									$	(3,368	)	$	(169	)	$	(3,537	)	$	0	$	(63	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2017:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements				Written Options		Futures		Swap Agreements
Total Exchange-Traded or Centrally Cleared	$	0	$	94	$	0	$	94	$	0	$	(112)	$	(63)	$	(175)

(i) Securities with an aggregate market value of $1,756 and cash of $1,264 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2017. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

⁽¹⁾  If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽²⁾  The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽³⁾  The prices and resulting values for credit default swap agreements on credit indices serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced indices’ credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(j)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
BOA		01/2018	CHF	8,480	$	8,658	$	0	$	(47	)
BPS		01/2018	EUR	5,625		6,706		0		(46	)
CBK		01/2018	GBP	864		1,168		2		0
GLM		01/2018	CAD	6,738		5,266		0		(96	)
HUS		01/2018	$	4,752	CAD	6,106		106		0
JPM		01/2018	EUR	3,746	$	4,438		0		(59	)
Total Forward Foreign Currency Contracts							$	108	$	(248	)

42 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
BOA	Receive	AMZX Index		1	3-Month USD-LIBOR plus a specified spread	Quarterly	05/15/2018	$	5,303	$	0	$	(8	)	$	0	$	(8	)
BPS	Receive	AMZX Index		1	3-Month USD-LIBOR plus a specified spread	Quarterly	11/28/2018		5,351		0		161			161		0
										$	0	$	153		$	161	$	(8	)
Total Swap Agreements										$	0	$	153		$	161	$	(8	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) as of December 31, 2017:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral (Received)			Net Exposure(2)
BOA	$	0	$	0	$	0	$	0	$	(47	)	$	0	$	(8	)	$	(55	)	$	(55	)	$	(260	)	$	(315	)
BPS		0		0		161		161		(46	)		0		0			(46	)		115			0			115
CBK		2		0		0		2		0			0		0			0			2			0			2
GLM		0		0		0		0		(96	)		0		0			(96	)		(96	)		0			(96	)
HUS		106		0		0		106		0			0		0			0			106			0			106
JPM		0		0		0		0		(59	)		0		0			(59	)		(59	)		0			(59	)
Total Over the Counter	$	108	$	0	$	161	$	269	$	(248	)	$	0	$	(8	)	$	(256	)

⁽¹⁾ Receive represents that the Fund receives payments for any positive return on the underlying reference. The Fund makes payments for any negative return on such underlying reference. Pay represents that the Fund receives payments for any negative return on the underlying reference. The Fund makes payments for any positive return on such underlying reference.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	94	$	0	$	0	$	94
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	108	$	0	$	108
Swap Agreements		0		0		161		0		0		161
	$	0	$	0	$	161	$	108	$	0	$	269
	$	0	$	0	$	255	$	108	$	0	$	363
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	77	$	0	$	35	$	0	$	0	$	112
Swap Agreements		0		63		0		0		0		63
	$	77	$	63	$	35	$	0	$	0	$	175
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	248	$	0	$	248
Swap Agreements		0		0		8		0		0		8
	$	0	$	0	$	8	$	248	$	0	$	256
	$	77	$	63	$	43	$	248	$	0	$	431

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 43

Schedule of Investments PIMCO EqS^® Long/Short Fund (Cont.)

December 31, 2017 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts			Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0		$	0		$	(1,324	)	$	0		$	0		$	(1,324	)
Swap Agreements		0			(2,025	)		0			0			(2	)		(2,027	)
	$	0		$	(2,025	)	$	(1,324	)	$	0		$	(2	)	$	(3,351	)
Over the counter
Forward Foreign Currency Contracts	$	0		$	0		$	0		$	(1,773	)	$	0		$	(1,773	)
Swap Agreements		0			0			248			0			0			248
	$	0		$	0		$	248		$	(1,773	)	$	0		$	(1,525	)
	$	0		$	(2,025	)	$	(1,076	)	$	(1,773	)	$	(2	)	$	(4,876	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	(608	)	$	0		$	(163	)	$	0		$	0		$	(771	)
Swap Agreements		0			489			0			0			0			489
	$	(608	)	$	489		$	(163	)	$	0		$	0		$	(282	)
Over the counter
Forward Foreign Currency Contracts	$	0		$	0		$	0		$	973		$	0		$	973
Swap Agreements		0			0			153			0			0			153
	$	0		$	0		$	153		$	973		$	0		$	1,126
	$	(608	)	$	489		$	(10	)	$	973		$	0		$	844

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Securities, at Value
Common Stocks
Germany
Financials	$	0	$	5,788	$	0	$	5,788
Health Care		0		4,951		0		4,951
Switzerland
Consumer Staples		0		9,028		0		9,028
Health Care		0		7,405		0		7,405
United Kingdom
Industrials		7,901		0		0		7,901
United States
Consumer Discretionary		55,753		0		0		55,753
Consumer Staples		10,552		0		0		10,552
Energy		47,217		0		0		47,217
Financials		66,243		0		0		66,243
Health Care		54,479		0		0		54,479
Industrials		48,165		0		0		48,165
Information Technology		44,014		0		0		44,014
Materials		11,425		0		0		11,425
Exchange-Traded Funds
United States		27,819		0		0		27,819
U.S. Treasury Obligations
United States		0		3,204		0		3,204
Short-Term Instruments
Repurchase Agreements		0		524		0		524
U.S. Treasury Bills		0		38,882		0		38,882
U.S. Treasury Cash Management Bills		0		3,500		0		3,500
	$	373,568	$	73,282	$	0	$	446,850
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	85,566	$	0	$	0	$	85,566
Total Investments	$	459,134	$	73,282	$	0	$	532,416

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 12/31/2017
Short Sales, at Value - Liabilities
China
Consumer Discretionary	$	(2,899	)	$	0		$	0	$	(2,899	)
Switzerland
Information Technology		0			(4,548	)		0		(4,548	)
United Kingdom
Industrials		0			(2,295	)		0		(2,295	)
United States
Consumer Discretionary		(20,914	)		0			0		(20,914	)
Consumer Staples		(17,748	)		0			0		(17,748	)
Energy		(12,712	)		0			0		(12,712	)
Financials		(16,325	)		0			0		(16,325	)
Health Care		(9,920	)		0			0		(9,920	)
Industrials		(10,527	)		0			0		(10,527	)
United States		(2,770	)		0			0		(2,770	)
United Kingdom
Industrials		0			(2	)		0		(2	)
United States		(5,660	)		0			0		(5,660	)
	$	(99,475	)	$	(6,845	)	$	0	$	(106,320	)
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		94			0			0		94
Over the counter		0			269			0		269
	$	94		$	269		$	0	$	363
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(112	)		(63	)		0		(175	)
Over the counter		0			(256	)		0		(256	)
	$	(112	)	$	(319	)	$	0	$	(431	)
Total Financial Derivative Instruments	$	(18	)	$	(50	)	$	0	$	(68	)
Totals	$	359,641		$	66,387		$	0	$	426,028

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.

44 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements

December 31, 2017 (Unaudited)

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on December 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, Class P, Class D, Class A and Class C shares of the funds (each a “Fund” and collectively the “Funds”) indicated on the cover of this report. Pacific Investment Management Company LLC (“PIMCO”) serves as the investment adviser (the “Adviser”) for the Funds. Research Affiliates, LLC (“Research Affiliates”) serves as the sub-adviser for the equity portion of the PIMCO Dividend and Income Fund. PIMCO and Research Affiliates have also engaged Parametric Portfolio Associates, LLC (“Parametric”) to implement the investment strategies of the equity portion of the PIMCO Dividend and Income Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of

Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Cash and Foreign Currency  The functional and reporting currency for the Funds is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(c) Multiclass Operations  Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to

SEMIANNUAL REPORT DECEMBER 31, 2017 45

Notes to Financial Statements (Cont.)

that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value (“NAV”) of a class of the respective Fund’s shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders  The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

	Distribution Frequency
Fund Name	Declared		Distributed
PIMCO Dividend and Income Fund		Quarterly		Quarterly
PIMCO EqS® Long/Short Fund		Annually		Annually

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund’s annual financial statements presented under U.S. GAAP.

If a Fund estimates that a portion of one of its dividend distributions may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of record of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund estimates the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is estimated that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take

into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include, among others, the treatment of paydowns on mortgage-backed securities purchased at a discount and periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be reported on Form 1099 DIV sent to shareholders for the calendar year.

Distributions classified as a tax basis return of capital, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital. In addition, other amounts have been reclassified between undistributed (overdistributed) net investment income (loss), accumulated undistributed (overdistributed) net realized gain (loss) and/or paid in capital to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements  In March 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2016-05, which provides guidance related to the impact of derivative contract novations on certain relationships under Accounting Standards Codification (“ASC”) 815. The ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

In August 2016, the FASB issued ASU 2016-15 which amends ASC 230 to clarify guidance on the classification of certain cash receipts and cash payments in the Statement of Cash Flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X require standardized, enhanced disclosure about derivatives in investment company financial statements, and also change the rules governing the form and content of such financial

46 PIMCO EQUITY SERIES

December 31, 2017 (Unaudited)

statements. The compliance date for these amendments was August 1, 2017. Compliance is based on reporting period-end date. Management has adopted these amendments and the changes are incorporated in the financial statements.

In November 2016, the FASB issued ASU 2016-18 which amends ASC 230 to provide guidance on the classification and presentation of changes in restricted cash and restricted cash equivalents on the Statement of Cash Flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

In March 2017, the FASB issued ASU 2017-08 which provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies  The price of a Fund’s shares is based on the Fund’s NAV. The NAV of a Fund, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets, less any liabilities attributable to that Fund or class, by the total number of shares outstanding of that Fund or class.

On each day that the New York Stock Exchange (“NYSE”) is open, Fund shares are ordinarily valued as of the close of regular trading (“NYSE Close”). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. Each Fund reserves the right to change the time as of which its respective NAV is calculated if the Fund closes earlier, or as permitted by the SEC.

For purposes of calculating a NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Funds’ approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. If market value

pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by the Adviser to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services. A Fund’s investments in open-end management investment companies, other than exchange-traded funds (“ETFs”), are valued at the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value based on procedures established and approved by the Board of Trustees of the Trust (the “Board”). Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, a Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a

SEMIANNUAL REPORT DECEMBER 31, 2017 47

Notes to Financial Statements (Cont.)

Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

Senior secured floating rate loans for which an active secondary market exists to a reliable degree will be valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a Pricing Service. Senior secured floating rate loans for which an active secondary market does not exist to a reliable degree will be valued at fair value, which is intended to approximate market value. In valuing a senior secured floating rate loan at fair value, the factors considered may include, but are not limited to, the following: (a) the creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a result, the value of such investments and, in turn, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund’s next calculated NAV.

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to the Adviser the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Valuation Oversight Committee of the Board (“Valuation Oversight Committee”), generally based on recommendations provided by the Adviser. The Adviser may consult with the Sub-Adviser or Parametric in providing such recommendations or otherwise with respect to valuation of the PIMCO Dividend and Income Fund’s portfolio securities or other assets. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the

NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to the Adviser the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

When a Fund uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds’ use of fair valuation may also help to deter “stale price arbitrage” as discussed under the “Abusive Trading Practices” section in each Fund’s prospectus.

(b) Fair Value Hierarchy  U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

^∎  Level 1 — Quoted prices in active markets or exchanges for identical assets and liabilities.

^∎  Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

48 PIMCO EQUITY SERIES

December 31, 2017 (Unaudited)

^∎  Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers between Levels 1 and 2 and transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1 and Level 2 trading assets and trading liabilities, at fair value  The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1 and Level 2 of the fair value hierarchy are as follows:

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Services’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Services that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Equity-linked securities are valued by referencing the last reported sale or settlement price of the linked referenced equity on the day of valuation. Foreign exchange adjustments are applied to the last reported price to convert the linked equity’s trading currency to the contract’s settling currency. These investments are categorized as Level 2 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes

SEMIANNUAL REPORT DECEMBER 31, 2017 49

Notes to Financial Statements (Cont.)

obtained from a quotation reporting system, established market makers or Pricing Services (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Services (normally determined as of the NYSE close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Services using a series of techniques, including simulation pricing models. The

pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate (“OIS”), London Interbank Offered Rate (“LIBOR”) forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Level 3 trading assets and trading liabilities, at fair value  When a fair valuation method is applied by the Adviser that uses significant unobservable inputs, investments will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III (“Central Funds”) to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. The table below shows the Funds’ transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2017 (amounts in thousands^†):

Investments in PIMCO Short-Term Floating NAV Portfolio III

Fund Name	Market Value 06/30/2017		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2017		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Dividend and Income Fund	$	2,789	$	18,308	$	(15,800	)	$	0		$	2	$	5,299	$	8	$	0
PIMCO EqS® Long/Short Fund		166,968		203,827		(285,200	)		(34	)		5		85,566		1,027		0

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.

Exchange-Traded Funds  typically are index-based investment companies that hold substantially all of their assets in securities representing their specific index, but may also be actively-managed investment companies. Shares of ETFs trade throughout the day on an

exchange and represent an investment in a portfolio of securities and other assets. As a shareholder of another investment company, a Fund would bear their pro rata portion of the other investment company’s expenses, including advisory fees, in addition to the expenses the Funds bear directly in connection with their own operations. Investments in ETFs entail certain risks; in particular, investments in index ETFs involve the risk that the ETF’s performance may not track the performance of the index the ETF is designed to track.

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Loan Participations, Assignments and Originations  are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Fund or Funds. A loan is often administered by a bank or other financial institution (the “agent”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower’s obligation to the holder of such a loan, including in the event of the borrower’s insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. As of December 31, 2017, the Funds had $200,000 in unfunded loan commitments outstanding.

Mortgage-Related and Other Asset-Backed Securities  directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans.

Collateralized Debt Obligations  (“CDOs”) include Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs”) and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund’s prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make

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interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations  (“CMOs”) are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as “tranches”, with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Real Estate Investment Trusts (“REITs”)  are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so the Funds that invest in REITs will bear their proportionate share of the costs of the REITs’ operations.

Payment In-Kind Securities  (“PIKs”) may give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises  are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association (“GNMA” or “Ginnie Mae”), are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); and others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the

discretionary authority of the U.S. Government to purchase the agency’s obligations. U.S. Government securities may include zero coupon securities. Zero coupon securities do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund’s financial statements is described below.

(a) Repurchase Agreements  Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty

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at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) Reverse Repurchase Agreements  In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks  A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the ‘price drop’. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest

income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales  Short sales are transactions in which a Fund sells a security that it may not own. A Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is “against the box” if a Fund holds in its portfolio or has the right to acquire the security sold short at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not “against the box.” A Fund’s loss on a short sale could theoretically be unlimited in cases where a Fund is unable, for whatever reason, to close out its short position.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds’ financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized

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Notes to Financial Statements (Cont.)

appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts  may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts  are agreements to buy or sell a security or other asset for a set price on a future date. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund (“Futures Variation Margin”). Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts  may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a

Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (“call”) or purchased (“put”) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Foreign Currency Options  may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies. Purchasing foreign currency options gives a Fund the right, but not the obligation to buy or sell specified amounts of currency at a rate of exchange that may be exercised by a certain date.

Options on Securities  may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements  are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows,

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assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market (“OTC swaps”) or may be cleared through a third party, known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps (“Swap Variation Margin”), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying a Fund’s investment policies and restrictions, swap agreements are generally valued by a Fund at market value. In the case of a credit default swap, in applying certain of a Fund’s investment policies and restrictions, the Funds will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund’s other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund’s credit quality guidelines (if any) because such value in general better reflects a Fund’s actual economic exposure

during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund’s prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund’s exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements  on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would

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Notes to Financial Statements (Cont.)

effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes

periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Interest Rate Swap Agreements  may be entered into to help hedge against interest rate risk exposure and to maintain a Fund’s ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or

56 PIMCO EQUITY SERIES

December 31, 2017 (Unaudited)

receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements  are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return, and would receive payments in the event of a net negative total return.

7. PRINCIPAL RISKS

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

	PIMCO Dividend and Income Fund		PIMCO EqS® Long/Short Fund
Risks
Equity		X		X
Dividend-Oriented Stocks		X
Value Investing		X		X
Foreign (Non-U.S.) Investment		X		X
Emerging Markets		X		X
Sovereign Debt		X		X

	PIMCO Dividend and Income Fund		PIMCO EqS® Long/Short Fund
Risks
Market		X		X
Issuer		X		X
Interest Rate		X		X
Call		X		X
Credit		X		X
High Yield and Distressed Company		X		X
Currency		X		X
Real Estate		X		X
Liquidity		X		X
Leveraging		X		X
Management		X		X
Small-Cap and Mid-Cap Company		X		X
Derivatives		X		X
Model		X
Mortgage-Related and Other Asset-Backed		X
Short Exposure		X		X
Convertible Securities		X		X
Issuer Non-Diversification				X
Cash Holdings				X

Please see “Description of Principal Risks” in a Fund’s prospectus for a more detailed description of the risks of investing in a Fund.

Equity Risk   is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Dividend-Oriented Stocks Risk   is the risk that companies that have paid regular dividends to shareholders may decrease or eliminate dividend payments in the future. A decrease in dividend payments by an issuer may result in a decrease in the value of the security held by a Fund or a Fund receiving less income. In addition, equity securities with higher dividend yields may be sensitive to changes in interest rates, and as interest rates rise, the prices of such securities may fall. A Fund’s use of a dividend capture strategy (i.e., purchasing an equity security shortly before the issuer pays a dividend and selling it shortly thereafter) exposes a Fund to higher portfolio turnover, increased trading costs, the potential for capital loss, particularly in the event of significant short-term price movements of stocks subject to dividend capture trading and may result in negative tax consequences.

Value Investing Risk   is the risk that a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur.

SEMIANNUAL REPORT DECEMBER 31, 2017 57

Notes to Financial Statements (Cont.)

Foreign (Non-U.S.) Investment Risk   is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk  is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk  is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion.

Market Risk  is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk  is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.

Interest Rate Risk  is the risk that fixed income securities and dividend-paying equity securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

Call Risk  is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality). If an issuer calls a security that a Fund has invested in, a Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk  is the risk that a Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations.

High Yield and Distressed Company Risk  is the risk that high yield securities and unrated securities of similar credit quality (commonly

known as “junk bonds”) and securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings or bankruptcy proceedings.

Currency Risk  is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect a Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Real Estate Risk  is the risk that a Fund’s investments in Real Estate Investment Trusts (“REITs”) or real estate-linked derivative instruments will subject a Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject a Fund to liquidity and valuation risk.

Liquidity Risk  is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector.

Leveraging Risk  is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Issuer Non-Diversification Risk  is the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are “non-diversified” may invest a greater percentage of their assets in the securities of a single issuer than funds that are “diversified”.

Management Risk  is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing a Fund. There is no guarantee that the investment objective of a Fund will be achieved.

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Small-Cap and Mid-Cap Company Risk  is the risk that the value of securities issued by small-capitalization and mid-capitalization companies may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources.

Derivatives Risk  is the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. A Fund’s use of derivatives may result in losses to the Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with a Fund’s clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could potentially limit or impact a Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and a Fund’s performance.

Model Risk  is the risk that a Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors and may result in a decline in the value of an investment in a Fund.

Mortgage-Related and Other Asset-Backed Risk  is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Short Exposure Risk  is the risk of entering into short sales, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale will not fulfill its contractual obligations, causing a loss to a Fund.

Convertible Securities Risk is the risk that arises when convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Cash Holdings Risk  is the risk of holding large cash positions, including lower returns and potential lost opportunities to participate in market appreciation.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other forms of AAA rated paper or sovereign securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase, and sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

SEMIANNUAL REPORT DECEMBER 31, 2017 59

Notes to Financial Statements (Cont.)

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA securities, delayed-delivery or sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission (“CFTC”). In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Portability of exposure reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedules of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations, and other events, including, but not limited to, margin, execution, and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options

and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third-party custodian. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee  PIMCO is a majority-owned subsidiary of Allianz Asset Management of America L.P. (“Allianz Asset Management”) and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the “Investment Advisory Fee”). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee  PIMCO serves as administrator (the “Administrator”) and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class’s average daily net assets (the “Supervisory and Administrative Fee”). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Investment Advisory Fee		Supervisory and Administrative Fee
Fund Name	All Classes		Institutional Class		Class P		Class D		Class A		Class C
PIMCO Dividend and Income Fund		0.49%		0.30%		0.40%		0.40%		0.40%		0.40%
PIMCO EqS® Long/Short Fund		1.04%		0.45%		0.55%		0.55%		0.55%		0.55%

(c) Distribution and Servicing Fees  PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor (“Distributor”) of the Trust’s shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A and Class C shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C

60 PIMCO EQUITY SERIES

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shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares, and in connection with personal services rendered to Class A and Class C shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A and Class C shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Class D shares of each Fund pursuant to Rule 12b-1 under the Act (the “Class D Plan”). Under the terms of the Class D Plan, a Fund is permitted to compensate the Distributor out of the assets attributable to the Class D shares of the Fund, in an amount up to 0.25% on an annual basis of the average daily net assets of the Fund’s Class D shares for providing, or procuring through financial intermediaries, distribution, shareholder services, and/or maintenance of shareholder accounts with respect to Class D shareholders of the Fund, some of which may be deemed to be primarily intended to result in the sale of Class D shares.

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Distribution Fee		Servicing Fee
Class D		—		0.25%
Class A		—		0.25%
Class C		0.75%		0.25%

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares. For the period ended December 31, 2017, the Distributor retained $40,489 representing commissions (sales charges) and contingent deferred sales charges from the Trust.

(d) Fund Expenses  PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) taxes and governmental fees; (ii) brokerage fees and commissions and other portfolio transaction expenses; (iii) the costs of borrowing money, including interest expense; (iv) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (v) extraordinary expense,

including costs of litigation and indemnification expenses; (vi) organizational expenses; and (vii) any expenses allocated or allocable to a specific class of shares, and may include certain other expenses as permitted by the Trust’s Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

Each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $62,000, plus $6,250 for each Board meeting attended in person, $375 ($750 in the case of the audit committee chair with respect to audit committee meetings) for each committee meeting attended and $750 for each Board meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $9,000, the valuation oversight committee lead receives an additional annual retainer of $2,000 (to the extent there are co-leads of the valuation oversight committee, the annual retainer will be split evenly between the co-leads, so that each co-lead individually receives an additional retainer of $1,000) and the governance committee chair receives an additional annual retainer of $750.

These expenses are allocated on a pro rata basis to each Fund of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation  Pursuant to the Expense Limitation Agreement, PIMCO has agreed to waive a portion of the Funds’ Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund’s organizational expenses and pro rata share of Trustee Fees exceed 0.0049%, the “Expense Limit” (calculated as a percentage of each Fund’s average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Fee Waiver Agreement, PIMCO previously contractually agreed to reduce its Advisory Fee for the PIMCO Dividend and Income Fund. Effective June 16, 2016, this contractual agreement has been terminated. PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months after the waiver. The waiver is reflected in the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

SEMIANNUAL REPORT DECEMBER 31, 2017 61

Notes to Financial Statements (Cont.)

Under certain conditions, PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months after the waiver. The total recoverable amounts to PIMCO at December 31, 2017, were as follows (amounts in thousands):

	Expiring within
Fund Name	12 months		13 - 24 months		25 - 36 months		Total
PIMCO Dividend and Income Fund	$	1,407	$	427	$	29	$	1,863
PIMCO EqS® Long/Short Fund		68		114		47		229

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the period ended December 31, 2017, the Funds below engaged in purchases and sales of securities pursuant to Rule 17a-7 under the Act (amounts in thousands^†):

Fund Name	Purchases		Sales
PIMCO Dividend and Income Fund	$	205	$	5,770
PIMCO EqS® Long/Short Fund		0		621

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust

(including the Trust’s investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The transaction costs and tax effects associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2017, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PIMCO Dividend and Income Fund	$	104,242	$	89,690	$	37,297	$	69,162
PIMCO EqS® Long/Short Fund		0		0		613,456		589,148

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands^†):

	PIMCO Dividend and Income Fund												PIMCO EqS® Long/Short Fund
	Six Months Ended 12/31/2017						Year Ended 06/30/2017						Six Months Ended 12/31/2017						Year Ended 06/30/2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		298		$	3,454			481		$	5,077			3,412		$	41,545			7,197		$	85,903
Class P		652			7,519			1,301			13,940			1,037			12,597			3,787			44,711
Class D		62			719			239			2,512			1,433			17,242			1,894			22,459
Class A		652			7,511			2,502			26,751			616			7,361			1,094			12,795
Class C		292			3,381			1,240			13,111			221			2,544			733			8,292
Issued as reinvestment of distributions
Institutional Class		41			486			49			525			850			9,984			729			8,346
Class P		31			364			29			313			537			6,263			693			7,887
Class D		13			147			14			153			229			2,640			169			1,907
Class A		193			2,268			207			2,207			382			4,401			485			5,471
Class C		144			1,688			134			1,419			405			4,480			484			5,287
Cost of shares redeemed
Institutional Class		(292	)		(3,364	)		(1,652	)		(17,251	)		(2,849	)		(34,825	)		(13,394	)		(159,365	)
Class P		(528	)		(6,085	)		(2,530	)		(26,477	)		(2,892	)		(35,023	)		(14,564	)		(171,916	)
Class D		(122	)		(1,408	)		(590	)		(6,226	)		(1,193	)		(14,338	)		(3,606	)		(41,959	)
Class A		(1,855	)		(21,416	)		(6,527	)		(68,337	)		(1,125	)		(13,480	)		(7,030	)		(81,866	)
Class C		(1,846	)		(21,145	)		(8,358	)		(87,665	)		(1,252	)		(14,453	)		(6,340	)		(71,525	)
Net increase (decrease) resulting from Fund share transactions		(2,265	)	$	(25,881	)		(13,461	)	$	(139,948	)		(189	)	$	(3,062	)		(27,669	)	$	(323,573	)

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

14. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Funds’ tax positions for all open tax years. As of December 31, 2017, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended June 30, 2017, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO Dividend and Income Fund	$	66,361	$	53,897
PIMCO EqS® Long/Short Fund		0		0

^† A zero balance may reflect actual amounts rounding to less than one thousand.

SEMIANNUAL REPORT DECEMBER 31, 2017 63

Notes to Financial Statements (Cont.)

December 31, 2017 (Unaudited)

As of December 31, 2017, the aggregate cost and the net unrealized appreciation (depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(1)
PIMCO Dividend and Income Fund	$	320,342	$	48,124	$	(10,009	)	$	38,115
PIMCO EqS® Long/Short Fund		396,382		33,212		(7,825	)		25,387

⁽¹⁾  Primary differences, if any, between book and tax net unrealized appreciation (depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

64 PIMCO EQUITY SERIES

Glossary: (abbreviations that may be used in the preceding statements)

(Unaudited)

Counterparty Abbreviations:
BOA	Bank of America N.A.	FICC	Fixed Income Clearing Corporation	MYC	Morgan Stanley Capital Services, Inc.
BOS	Banc of America Securities LLC	FOB	Credit Suisse Securities (USA) LLC	NGF	Nomura Global Financial Products, Inc.
BPS	BNP Paribas S.A.	GLM	Goldman Sachs Bank USA	RBC	Royal Bank of Canada
BRC	Barclays Bank PLC	GSC	Goldman Sachs & Co.	SAL	Citigroup Global Markets, Inc.
BSN	Bank of Nova Scotia	GST	Goldman Sachs International	SCX	Standard Chartered Bank
CBK	Citibank N.A.	HUS	HSBC Bank USA N.A.	SSB	State Street Bank and Trust Co.
DUB	Deutsche Bank AG	JPM	JP Morgan Chase Bank N.A.	UAG	UBS AG Stamford
FBF	Credit Suisse International	MSB	Morgan Stanley Bank, N.A	UBS	UBS Securities LLC
Currency Abbreviations:
ARS	Argentine Peso	EUR	Euro	PEN	Peruvian New Sol
AUD	Australian Dollar	GBP	British Pound	RUB	Russian Ruble
BRL	Brazilian Real	IDR	Indonesian Rupiah	TRY	Turkish New Lira
CAD	Canadian Dollar	INR	Indian Rupee	USD (or $)	United States Dollar
CHF	Swiss Franc	JPY	Japanese Yen	ZAR	South African Rand
DKK	Danish Krone	MXN	Mexican Peso
Exchange Abbreviations:
OTC	Over the Counter
Index/Spread Abbreviations:
AMZX	Alerian MLP Total Return Index	CDX.HY	Credit Derivatives Index - High Yield	S&P 500	Standard & Poor’s 500 Index
ARPP7DRR	Argentina Central Bank 7 Day Repo Reference Rate	CMBX	Commercial Mortgage-Backed Index	US0001M	1 Month USD Swap Rate
BADLARPP	Argentina Badlar Floating Rate Notes	EUR006M	6 Month EUR Swap Rate	US0003M	3 Month USD Swap Rate
BP0003M	3 Month GBP-LIBOR	LIBOR01M	1 Month USD-LIBOR	USBMMY3M	3 Month US Treasury Bill Money Market Yield
Other Abbreviations:
ADR	American Depositary Receipt	EURIBOR	Euro Interbank Offered Rate	SPDR	Standard & Poor’s Depositary Receipts
BABs	Build America Bonds	JIBAR	Johannesburg Interbank Agreed Rate	TBA	To-Be-Announced
BBR	Bank Bill Rate	LIBOR	London Interbank Offered Rate	TBD%	Interest rate to be determined when loan settles
BBSW	Bank Bill Swap Reference Rate	Lunar	Monthly payment based on 28-day periods. One year consists of 13 periods.	TIIE	Tasa de Interés Interbancaria de Equilibrio “Equilibrium Interbank Interest Rate”
CDO	Collateralized Debt Obligation	PIK	Payment-in-Kind	WTI	West Texas Intermediate
CLO	Collateralized Loan Obligation	SP - ADR	Sponsored American Depositary Receipt

SEMIANNUAL REPORT DECEMBER 31, 2017 65

Approval of Investment Advisory Contract and Other Agreements

Approval of Renewal of the Investment Advisory Contract, Sub-Advisory Agreement, Portfolio Implementation Agreement and Second Amended and Restated Supervision and Administration Agreement

At a meeting held on August 23, 2017, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Advisory Contract (the “Investment Advisory Contract”) between the Trust, on behalf of each of the Trust’s series (the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”) for an additional one-year term through August 31, 2018. The Board also considered and unanimously approved the renewal of the Second Amended and Restated Supervision and Administration Agreement (the “Supervision and Administration Agreement” and together with the Investment Advisory Contract, the “Agreements”) between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2018. In addition, the Board considered and unanimously approved the renewal of the: (i) Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between PIMCO, on behalf of PIMCO RAE Fundamental Emerging Markets Fund, PIMCO RAE Fundamental Global ex-US Fund, PIMCO RAE Fundamental Global Fund, PIMCO RAE Fundamental International Fund, PIMCO RAE Fundamental US Fund, PIMCO RAE Fundamental US Small Fund and the equity sleeve of the PIMCO Dividend and Income Fund (the “RAE Funds”), each a series of the Trust, and Research Affiliates, LLC (“Research Affiliates”); and (ii) Portfolio Implementation Agreement (the “Portfolio Implementation Agreement”) among PIMCO, on behalf of the RAE Funds, each a series of the Trust, Research Affiliates and Parametric Portfolio Associates LLC (“Parametric”), each for an additional one-year term through August 31, 2018.

The information, material factors and conclusions that formed the basis for the Board’s approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed:  During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO, Research Affiliates and Parametric to the Trust. At each of its quarterly meetings, the Board reviewed the Funds’ investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds’ compliance program and other information relating to the nature, extent and quality of services provided by PIMCO, Research Affiliates and Parametric to the Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements, the Sub-Advisory Agreement, and the Portfolio

Implementation Agreement, the Board reviewed additional information, including, but not limited to, comparative industry data with regard to investment performance, advisory and supervisory and administrative fees and expenses, financial information for PIMCO and, where relevant, Research Affiliates and Parametric, information regarding the profitability to PIMCO of its relationship with the Funds, information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds, and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees, which included, among other things, memoranda outlining legal duties of the Board in considering the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement.

(b) Review Process:  In connection with considering the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates and Parametric in response to requests from counsel to the Trust and the Independent Trustees encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from counsel to the Trust and the Independent Trustees, and reviewed comparative fee and performance data prepared at the Board’s request by Broadridge Financial Solutions, Inc. (“Lipper”), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23, 2017 meeting. The Independent Trustees also conducted an in-person meeting with counsel to the Trust and the Independent Trustees on July 21, 2017 to discuss the Lipper Report, as defined below, and certain aspects of the 2017 15(c) materials including, but not limited to, the Funds’ performance, the Funds’ advisory fees and total expense ratios, the comparative information with respect to fees and performance included in the Lipper Report, and the unified fee structure employed by the Trusts.

The approval determinations were made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Sub-Advisory Agreement, and the Portfolio Implementation Agreement, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to

66 PIMCO EQUITY SERIES

(Unaudited)

summarize the broad factors and information that figured prominently in the Board’s consideration of the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, Parametric, their Personnel and Resources:  The Board considered the depth and quality of PIMCO’s investment management process, including: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to investing in information technology and infrastructure supporting investment, compliance and risk management, as well as PIMCO’s continuing efforts to attract, retain and promote qualified personnel, including personnel with relevant equities experience, and to maintain and enhance its resources and systems. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations and its commitment to further developing and strengthening these programs, its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO, and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s continuous investment in new disciplines and talented personnel, which has enhanced PIMCO’s services to the Funds and has allowed PIMCO to introduce innovative new funds over time.

The Trustees considered that PIMCO has continued to strengthen the process it uses to actively manage counterparty risk and to assess the financial stability of counterparties with which the Funds do business, to manage collateral and to protect the Funds from an unforeseen deterioration in the creditworthiness of trading counterparties. The Trustees noted that, consistent with its fiduciary duty, PIMCO executes transactions through a competitive best execution process and uses only those counterparties that meet its stringent and monitored criteria. The Trustees considered that PIMCO’s collateral management team utilizes a counterparty risk system to analyze portfolio-level exposure and collateral being exchanged with counterparties.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented since the Board renewed

the Agreements in 2016, including, but not limited to: continuing enhancement of its analytics and technology systems by upgrading hardware and software; enhancing data processing and security and development of tools and applications to support Portfolio Management, Compliance, Analytics, Risk Management, Client Reporting and Customer Relationship Management; continuing investment in its enterprise risk management function including PIMCO’s cybersecurity program; developing the PIMCO Global Advisory Board and continuing to hire new portfolio managers; expanding the Funds and Operations Group global operating model; developing a website monitoring application to ensure accurate data content; adding staff to fund accounting and financial reporting; engaging a third party to perform an independent assessment of PIMCO’s proprietary accounting application and enhancing the same system to provide portfolio managers with more timely and high quality income reporting; establishing a Fund Treasurer’s Office; developing a global tax management application that will enable investment professionals to access foreign market and security tax information on a real-time basis; enhancing reporting of tax reporting for portfolio managers for income products with improved transparency on tax factors impacting income generation and dividend yield; redesigning shareholder statements to be more user friendly and enable e-delivery; and continuing expansion of the pricing portal and the proprietary performance reconciliation tool.

Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the RAE Funds and noted that it had met with senior personnel from Research Affiliates during the year. The Board further considered PIMCO’s oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services to the RAE Funds. The Board also considered Research Affiliates’ supervisory responsibilities with respect to Parametric’s provision of portfolio implementation services to the RAE Funds. The Board further considered the depth and quality of Research Affiliates’ investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization.

In addition, the Board considered the portfolio implementation and other operational services provided by Parametric to the RAE Funds by, among other things, effecting portfolio transactions on behalf of the RAE Funds. The Board further considered PIMCO’s oversight of Parametric in connection with Parametric providing portfolio implementation services. The Board also considered information about Parametric’s personnel responsible for providing services to the RAE Funds under the Portfolio Implementation Agreement. The Board also considered the nature and quality of Parametric’s trading, risk management, and compliance capabilities and resources, including Parametric’s policies and procedures regarding trade aggregation and allocation, which are integral parts of its role as portfolio implementer.

SEMIANNUAL REPORT DECEMBER 31, 2017 67

Approval of Investment Advisory Contract and Other Agreements (Cont.)

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements, provided by Research Affiliates under the Sub-Advisory Agreement, and provided by Parametric under the Portfolio Implementation Agreement are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services:  The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement. The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the “unified fee”). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency, sub-accounting and printing costs. The Board noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO’s provision of supervisory and administrative services and its supervision of the Trust’s third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2017 and other performance data, as available, over short- and long-term periods ended June 30, 2017 (the “PIMCO Report”) and from Lipper concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2017 (the “Lipper Report”). The Board considered information regarding both the short- and long-term investment performance of each Fund relative to its peer group and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Lipper Report, which were provided in advance of the August 23, 2017 meeting.

The Board noted that, according to Lipper, certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, over short- and long-term periods. The Board discussed with PIMCO the reasons for the underperformance of certain Funds over short- and long-term periods. The Board also

discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO’s plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements, that PIMCO’s performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders, and merits the approval of the renewal of the Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price funds to scale at the outset with reference to the total expense ratios of the respective Lipper median, if available, while providing a fee premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential Fund returns to current and potential investors. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Funds.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Funds (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from Lipper that compared the average and median advisory fees of other funds in a “Peer Group” of comparable funds, as well as the universe of other similar funds. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate, and noted in particular, the reduction in the advisory fee for the PIMCO Dividend and Income Fund effective June 16, 2016. The Board noted that PIMCO had contractually agreed, through October 31, 2017, to reduce its advisory fee by amounts shown in the

68 PIMCO EQUITY SERIES

(Unaudited)

table below: This contractual agreement was subsequently continued through October 31, 2018.

PIMCO RAE Fundamental Emerging Markets Fund	0.20%
PIMCO RAE Fundamental Global Fund	0.20%
PIMCO RAE Fundamental Global ex-US Fund	0.20%
PIMCO RAE Fundamental International Fund	0.10%
PIMCO RAE Fundamental US Fund	0.10%
PIMCO RAE Fundamental US Small Fund	0.10%

The Board also reviewed data comparing the Funds’ advisory fees to the standard and negotiated fee rates PIMCO charges to separate accounts and to other sub-advised clients with similar investment strategies, including differences in advisory services provided. The Board discussed comparisons of fees for Funds with fees for separate accounts and/or PIMCO private/alternative funds with similar investment strategies, noting that for certain Funds, there were no appropriate comparisons because PIMCO did not manage comparable separate accounts at the time that the Board considered the Agreements. The Board noted that the advisory fees (or management fees, where applicable) for most Funds were similar to the fee rates charged to other investment companies with the same investment strategies as the Funds.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third-party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial risk and regulatory requirements, differing legal liabilities on a contract-by-contract basis and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund’s investment program and operations as compared to when PIMCO serves as investment adviser and sponsor. In considering the fees paid by the Funds, the Board noted that retail investors in the Funds receive the benefit of PIMCO’s advisory services at the same advisory fee rates as institutional investors in the Funds.

The Board considered the Funds’ supervisory and administrative fees, comparing them to similar funds in the report supplied by Lipper. The Board also considered that as the Funds’ business has become increasingly complex and the number of Funds has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust’s unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party

services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust’s unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it implicitly reflects economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds’ operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO’s approach of pricing the Funds to scale at inception and reinvesting in other important areas of the business that support the Funds. The Board considered that the Funds’ unified fee structure meant that fees were not impacted by recent outflows in certain Funds, unlike funds without a unified fee structure, which may see increased expense ratios when fixed costs, such as service providers, are passed through to a smaller asset base. The Board concluded that the Funds’ supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the Funds’ total expenses continued to be generally in line with those of competitor funds. The Board discussed with PIMCO those Funds and/or classes of Funds that had above median total expenses. Upon comparing the Funds’ total expenses to other funds in the “Peer Groups” provided by Lipper, the Board found total expenses of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that operate as funds of funds (the “Funds of Funds”) and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds.

Based on the information presented by PIMCO, Research Affiliates, Parametric and Lipper, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements, as well as the total expenses of each Fund, are reasonable.

SEMIANNUAL REPORT DECEMBER 31, 2017 69

Approval of Investment Advisory Contract and Other Agreements (Cont.)

(Unaudited)

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole and considered that PIMCO’s estimated pre-distribution margin from PIMCO Equity Series for the calendar year 2017 was 46.2% and the estimated post-distribution margin was 27.4% utilizing the adjusted asset methodology. The Independent Trustees also noted that the 2016 margins were within the range of publicly-traded asset manager margins reported by Strategic Insight and Lipper. The Board noted that it had received information regarding the structure and manner in which PIMCO’s investment professionals were compensated and PIMCO’s view of the relationship of such compensation to the attraction and retention of quality personnel. The Board considered PIMCO’s need to invest in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce and offer new services and to accommodate changing regulatory requirements.

With respect to potential economies of scale, the Board noted that PIMCO shares the benefits of economies of scale with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision and governance of those services; and through the pricing of Funds to scale from inception and the enhancement of services and oversight provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also noted that retail investors in the Funds receive the benefit of PIMCO’s advisory services at the same advisory fee rates as institutional investors in the Funds. The Board considered that the Funds’ unified fee rates had been set competitively and/or priced to scale from inception and continued to be competitive compared with peers.The Board also considered that the unified fee is a transparent means of informing a Fund’s shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain “diseconomies” of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed unified fees over the contract term even if the particular Fund’s assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund’s assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Funds’ unified fee structure, funds with

“pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO’s institutional investment management business due to the reputation and market penetration of the Trust or third party service providers’ relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and shareholder services to the Funds and their respective shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds’ Rule 12b-1 plans or otherwise. The Board reviewed PIMCO’s soft dollar policies and procedures, noting that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO, Research Affiliates and Parametric supported the renewal of the Agreements, the Sub-Advisory Agreement, and the Portfolio Implementation Agreement. The Independent Trustees and the Board as a whole concluded that the Agreements, the Sub-Advisory Agreement, and the Portfolio Implementation Agreement continued to be fair and reasonable to the Funds and their shareholders, that the Funds’ shareholders received reasonable value in return for the fees paid to PIMCO by the Funds under the Agreements, the fees paid to Research Affiliates by PIMCO under the Sub-Advisory Agreement, and the fees paid to Parametric by PIMCO under the Portfolio Implementation Agreement, and that the renewal of the Agreements, the Sub-Advisory Agreement, and the Portfolio Implementation Agreement was in the best interests of the Funds and their shareholders.

70 PIMCO EQUITY SERIES

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Adviser

Research Affiliates, LLC

620 Newport Center Drive, Suite 900

Newport Beach, CA 92660

Portfolio Implementer

Parametric Portfolio Associates

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

801 Pennsylvania

Kansas City, MO 64105

Transfer Agent

DST Asset Manager Solutions, Inc.

Institutional Class, Class P, Administrative Class

330 W. 9th Street, 5th Floor

Kansas City, MO 64105

DST Asset Manager Solutions, Inc.

Class A, Class C, Class R, Class D

P.O. Box 55060

Boston, MA 02205-5060

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Equity Series.

PES4001SAR_123117

PIMCO Equity Series^®

Semiannual

Report

December 31, 2017

PIMCO RAE Fundamental Emerging Markets Fund

PIMCO RAE Fundamental Global Fund

PIMCO RAE Fundamental Global ex-US Fund

PIMCO RAE Fundamental International Fund

PIMCO RAE Fundamental US Fund

PIMCO RAE Fundamental US Small Fund

Table of Contents

	Page
Chairman’s Letter		2
Important Information About the Funds		4
Expense Examples		18
Financial Highlights		20
Statements of Assets and Liabilities		26
Statements of Operations		28
Statements of Changes in Net Assets		29
Notes to Financial Statements		60
Glossary		76
Approval of Investment Advisory Contract and Other Agreements		77

Fund	Fund Summary		Schedule of Investments
PIMCO RAE Fundamental Emerging Markets Fund		6		31
PIMCO RAE Fundamental Global Fund		8		40
PIMCO RAE Fundamental Global ex-US Fund		10		41
PIMCO RAE Fundamental International Fund		12		42
PIMCO RAE Fundamental US Fund		14		51
PIMCO RAE Fundamental US Small Fund		16		54

This material is authorized for use only when preceded or accompanied by the current PIMCO Equity Series prospectus. The Shareholder Reports for the other series of the PIMCO Equity Series are printed separately.

Chairman’s Letter

Dear Shareholder,

Please find enclosed the Semiannual Report for the PIMCO Equity Series covering the six-month reporting period ended December 31, 2017. The following pages contain specific details about the investment performance of each fund and a discussion of the factors that most affected performance during the reporting period.

Highlights of the financial markets during the six-month reporting period include:

^∎  During the reporting period, geopolitical concerns remained an investor focus but the global economy provided a solid fundamental backdrop with robust consumer confidence in both the eurozone and the U.S. This environment gave room for developed market central banks to adopt a more “dovish taper”. The European Central Bank (“ECB”), for example, announced a tapering in its monthly asset purchases, but President Mario Draghi emphasized the ECB’s overall accommodative stance. In September, the Federal Reserve (“Fed”) provided details on its plan to unwind its balance sheet and kept rates on hold through its November meeting, but raised the Federal Funds Rate in December by 0.25% to a range of 1.25% to 1.50% (marking the third rate increase during 2017, following rate increases in March and in June). The Bank of England (“BOE”) raised its policy rate and suggested reduced stimulus on the horizon and the Bank of Canada (“BOC”) raised interest rates twice after a seven-year gap. Furthermore, President Xi Jinping was extended a second five-year term following the 19^th National Party Congress in China, while Japan’s Prime Minister Shinzo Abe won a decisive victory in snap elections.

^∎  As a result, many developed market yield curves flattened over the reporting period as front-end rates moved higher alongside less accommodative monetary policy. In the U.S., solid growth momentum and the Fed’s three rate hikes throughout the year pushed the two-year yield to its highest level in nearly a decade. In turn, this drove the spread between two-year and 10-year rates to its narrowest level since November 2007. Front-end yields also moved higher in the U.K. and Canada as the BOE and BOC both raised policy rates for the first time in years.

^∎  Global stock markets reached new highs as increasingly solid economic data, rising corporate earnings, and non-restrictive central bank policy underpinned robust risk sentiment. U.S. equities, as represented by the S&P 500 Index, returned 11.42% over the reporting period. Developed market equities outside the U.S. and Canada, as represented by the MSCI EAFE Net Dividend Index (USD Hedged) and the MSCI EAFE Net Dividend Index (USD Unhedged), returned 7.92% and 9.86%, respectively, over the reporting period. Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 14.63% over the reporting period and European equities, as represented by the MSCI Europe Index (in EUR), returned 3.34% over the reporting period.

^∎  EM equities, as represented by the MSCI Emerging Markets Index (Net Dividends in USD), returned 15.92% over the reporting period as fundamentals remained healthy in select economies. Emerging markets benefited from broad-based and synchronized global growth, robust liquidity conditions, rising commodity prices, and a weak U.S. dollar.

^∎  U.S. Treasuries, as represented by the Bloomberg Barclays U.S. Treasury Index, returned 0.43% for the reporting period. Yields rose across the majority of the yield curve through 10-year maturities, but declined across 20- and 30-year maturities. The benchmark 10-year U.S. Treasury note yielded 2.40% at the end of the reporting period, up from 2.31% on June 30, 2017. The Bloomberg Barclays U.S. Aggregate Index, a widely used index of U.S. investment-grade bonds, returned 1.24% for the reporting period.

If you have any questions regarding the funds, please contact your account manager or financial adviser, or call one of our shareholder associates at 888.87.PIMCO. We also invite you to visit our website at www.pimco.com to learn more about our views and global thought leadership.

2 PIMCO EQUITY SERIES

Thank you for the assets you have placed with us. We deeply value your trust, and we work diligently to meet your broad investment needs.

Sincerely,     Brent R. Harris Chairman of the Board,
PIMCO Equity Series   February 21, 2018  

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

SEMIANNUAL REPORT DECEMBER 31, 2017 3

Important Information About the Funds

PIMCO Equity Series (the “Trust”) is an open-end management investment company that includes PIMCO RAE Fundamental Emerging Markets Fund, PIMCO RAE Fundamental Global Fund, PIMCO RAE Fundamental Global ex-US Fund, PIMCO RAE Fundamental International Fund, PIMCO RAE Fundamental US Fund and PIMCO RAE Fundamental US Small Fund (each, a “Fund” and collectively, the “Funds”).

We believe that equity funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds are subject to notable risks. Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic, and industry conditions.

The PIMCO RAE Fundamental Global Fund and PIMCO RAE Fundamental Global ex-US Fund are each “fund of funds,” which is a term used to describe mutual funds that pursue their investment objective by investing in other mutual funds instead of investing directly in stocks or bonds of other issuers. Under normal circumstances, the PIMCO RAE Fundamental Global Fund invests substantially all of its assets in Institutional Class shares of the PIMCO RAE Fundamental US Fund, PIMCO RAE Fundamental International Fund (“International Fund”) and PIMCO RAE Fundamental Emerging Markets Fund (“Emerging Markets Fund”) (collectively, “Underlying Funds”), and equity securities that are eligible investments for the Underlying Funds. Under normal circumstances, the PIMCO RAE Fundamental Global ex-US Fund invests substantially all of its assets in Institutional Class shares of the International Fund and Emerging Markets Fund, equity securities of small companies economically tied to non-U.S. countries, and securities that are eligible investments for the International Fund and Emerging Markets Fund. The PIMCO RAE Fundamental Global Fund and PIMCO RAE Fundamental Global ex-US Fund may invest in other affiliated funds and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940 (together with the Underlying Funds, “Acquired Funds”). The cost of investing in these Funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds.

The values of equity securities, such as common stocks and preferred securities, have historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of

reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

The Funds may be subject to various risks as described in each Fund’s prospectus and in the Principal Risks in the Notes to Financial Statements.

The geographical classification of foreign (non-U.S.) securities in this report are classified by the country of incorporation of a holding. In certain instances, a security’s country of incorporation may be different from its country of economic exposure.

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the redemption of Fund shares. The Cumulative Returns chart and Average Annual Total Return table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge (“CDSC”) that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns chart. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. Class C shares are subject to a 1% CDSC, which may apply in the first year. The Cumulative Returns chart reflects only Institutional Class performance. Performance may vary by share class based on each class’s expense ratios. Performance shown is net of fees and expenses. The minimum initial investment amount for Institutional Class and Class P shares is $1,000,000. The minimum initial investment amount for Class A and Class C shares is $1,000. Each Fund measures its performance against at least one broad-based securities market index (“benchmark index”). The benchmark index does not take into account fees, expenses, or taxes. A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual

4 PIMCO EQUITY SERIES

performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) a Fund’s total return in

excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund’s performance as compared to one or more previous reporting periods.

The following table discloses the inception dates of each Fund and its respective share classes along with the Fund’s diversification status as of period end:

Fund Name

Fund Inception

Institutional Class

Class P

Class A

Class C

Diversification Status

PIMCO RAE Fundamental Emerging Markets Fund

06/05/15

06/05/15

06/05/15

06/05/15

06/05/15

Non-diversified

PIMCO RAE Fundamental Global Fund

06/05/15

06/05/15

06/05/15

06/05/15

06/05/15

Non-diversified

PIMCO RAE Fundamental Global ex-US Fund

06/05/15

06/05/15

06/05/15

06/05/15

06/05/15

Non-diversified

PIMCO RAE Fundamental International Fund

06/05/15

06/05/15

06/05/15

06/05/15

06/05/15

Non-diversified

PIMCO RAE Fundamental US Fund

06/05/15

06/05/15

06/05/15

06/05/15

06/05/15

Non-diversified

PIMCO RAE Fundamental US Small Fund

06/05/15

06/05/15

06/05/15

06/05/15

06/05/15

Non-diversified

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus nor a Fund’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder

input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust’s then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of a Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of a Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund’s website at www.pimco.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Trust files a complete schedule of each Fund’s holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of a Fund’s Form N-Q is available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. A Fund’s Form N-Q is also available without charge, upon request, by calling the Trust at (888) 87-PIMCO and on the Fund’s website at www.pimco.com. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

SEMIANNUAL REPORT DECEMBER 31, 2017 5

PIMCO RAE Fundamental Emerging Markets Fund

Cumulative Returns Through December 31, 2017

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO RAE Fundamental Emerging Markets Fund seeks long-term capital appreciation by investing under normal circumstances at least 80% of its assets in investments that are economically tied to emerging market countries. Specifically, under normal circumstances, the Fund will obtain exposure to a portfolio of stocks economically tied to emerging market countries (“RAE Fundamental Emerging Markets Portfolio”) through investment in the securities that comprise the RAE Fundamental Emerging Markets Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2017*
		6 Months**		1 Year		5 Year		10 Year		Fund Inception (05/31/06)
	PIMCO RAE Fundamental Emerging Markets Fund Institutional Class		15.60%		29.34%		4.29%		2.52%		7.42%
	PIMCO RAE Fundamental Emerging Markets Fund Class P		15.40%		29.03%		4.21%		2.48%		7.38%
	PIMCO RAE Fundamental Emerging Markets Fund Class A		15.41%		28.88%		4.13%		2.44%		7.34%
	PIMCO RAE Fundamental Emerging Markets Fund Class A (adjusted)		11.09%		24.01%		3.34%		2.05%		6.99%
	PIMCO RAE Fundamental Emerging Markets Fund Class C		14.94%		27.90%		3.71%		2.23%		7.15%
	PIMCO RAE Fundamental Emerging Markets Fund Class C (adjusted)		13.94%		26.90%		3.71%		2.23%		7.15%
	MSCI Emerging Markets Index±		15.92%		37.28%		4.35%		1.68%		6.28%

All Fund returns are net of fees and expenses.

** Cumulative return.

^± The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

It is not possible to invest directly in an unmanaged index.

* For periods prior to June 5, 2015, the Fund’s performance reflects the performance when the Fund was a partnership, net of actual fees and expenses charged to individual partnership accounts in the aggregate. If the performance had been restated to reflect the applicable fees and expenses of each share class, the performance may have been higher or lower. The Fund began operations as a partnership on May 31, 2006 and, on June 5, 2015, was reorganized into a newly-formed fund that was registered as an investment company under the Investment Company Act of 1940. Prior to the reorganization, the Fund had an investment objective, investment strategies, investment guidelines, and restrictions that were substantially similar to those currently applicable to the Fund; however, the Fund was not registered as an investment company under the Investment Company Act of 1940 and was not subject to its requirements or requirements imposed by the Internal Revenue Code of 1986 which, if applicable, may have adversely affected its performance. The performance of each class of shares will differ as a result of the different levels of fees and expenses applicable to each class of shares.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares and 1.00% CDSC on Class C shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 0.96% for the Institutional Class shares, 1.06% for the Class P shares, 1.31% for the Class A shares and 2.06% for the Class C shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

6 PIMCO EQUITY SERIES

Institutional Class - PEIFX Class P - PEPFX Class A - PEAFX Class C - PECFX

Geographic Breakdown as of 12/31/2017^1§

China	22.1%
South Korea	19.6%
Brazil	10.6%
Russia	8.5%
Taiwan	8.0%
India	6.4%
South Africa	6.2%
Hong Kong	4.8%
Turkey	2.7%
Thailand	2.5%
Poland	2.3%
Malaysia	1.4%
Greece	1.3%
Mexico	1.2%
Indonesia	1.1%
Chile	1.0%
Other	0.3%

¹ % of Investments, at value.

^§ Geographic Breakdown and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» Overweight exposure to, and security selection in, the materials sector contributed to relative returns, as the sector and the Fund’s holdings outperformed the benchmark index.

» Overweight exposure to, and security selection in, the real estate sector contributed to relative returns, as the sector and the Fund’s holdings outperformed the benchmark index.

» Underweight exposure to, and security selection in, the consumer staples sector contributed to relative returns, as the sector underperformed the benchmark index and the Fund’s holdings outperformed the benchmark index.

» Underweight exposure to the consumer discretionary sector contributed to relative returns, as the sector underperformed the benchmark index.

» Underweight exposure to, and security selection in, the information technology sector detracted from relative returns, as the sector outperformed the benchmark index and the Fund’s holdings underperformed the benchmark index.

» Security selection in the financial sector detracted from relative returns, as the Fund’s holdings underperformed the benchmark index.

» Overweight exposure to, and security selection in, the utilities sector detracted from relative returns, as the sector and the Fund’s holdings underperformed the benchmark index.

SEMIANNUAL REPORT DECEMBER 31, 2017 7

PIMCO RAE Fundamental Global Fund

Cumulative Returns Through December 31, 2017

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO RAE Fundamental Global Fund seeks long-term capital appreciation by investing under normal circumstances substantially all of its assets in three PIMCO Funds (the “Underlying Funds”) and equity securities that are eligible investments for the Underlying Funds. Each of the Underlying Funds obtains exposure to a portfolio of stocks (each, a “RAE Fundamental Portfolio”) through investment in the securities that comprise the RAE Fundamental Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2017
		6 Months*		1 Year		Fund Inception (06/05/15)
	PIMCO RAE Fundamental Global Fund Institutional Class		12.11%		22.32%		9.54%
	PIMCO RAE Fundamental Global Fund Class P		12.09%		22.32%		9.42%
	PIMCO RAE Fundamental Global Fund Class A		11.91%		21.92%		9.17%
	PIMCO RAE Fundamental Global Fund Class A (adjusted)		7.69%		17.39%		7.56%
	PIMCO RAE Fundamental Global Fund Class C		11.54%		21.03%		8.37%
	PIMCO RAE Fundamental Global Fund Class C (adjusted)		10.54%		20.03%		8.37%
	MSCI All Country World Index±		11.21%		23.97%		9.26%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 46 country indices comprising 23 developed and 23 emerging market country indices.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares and 1.00% CDSC on Class C shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund Expenses), were 1.20% for the Institutional Class shares, 1.30% for the Class P shares, 1.55% for the Class A shares and 2.30% for the Class C shares. Details regarding any changes to he Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

8 PIMCO EQUITY SERIES

Institutional Class - PFQIX Class P - PFQPX Class A - PFQAX Class C - PFQCX

Top Holdings as of 12/31/2017^1§

PIMCO RAE Fundamental International Fund	48.0%
PIMCO RAE Fundamental U.S. Fund	40.1%
PIMCO RAE Fundamental Emerging Markets Fund	11.9%

¹ % of Investments, at value.

^§ Top Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» Overweight exposure to, and security selection in, the materials sector contributed to relative returns, as the sector and the Fund’s holdings outperformed the benchmark index.

» Security selection in the industrial sector contributed to relative returns, as the Fund’s holdings outperformed the benchmark index.

» Underweight exposure to, and security selection in, the consumer staples sector contributed to relative returns, as the sector underperformed the benchmark index and the Fund’s holdings outperformed the benchmark index.

» Security selection in the energy sector contributed to relative returns, as the Fund’s holdings outperformed the benchmark index.

» Underweight exposure to, and security selection in, the information technology sector detracted from relative returns, as the sector outperformed the benchmark index and the Fund’s holdings underperformed the benchmark index.

» Overweight exposure to, and security selection in, telecommunications services sector detracted from relative returns, as the sector and the Fund’s holdings underperformed the benchmark index.

» Security selection in the financial sector detracted from relative returns, as the Fund’s holdings underperformed the benchmark index.

SEMIANNUAL REPORT DECEMBER 31, 2017 9

PIMCO RAE Fundamental Global ex-US Fund

Cumulative Returns Through December 31, 2017

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO RAE Fundamental Global ex-US Fund seeks long-term capital appreciation under normal circumstances substantially all of its assets in two PIMCO Funds (the “Underlying Funds”) and securities that are eligible investment for the Underlying Funds. Each of the Underlying Funds obtains exposure to a portfolio of stocks (each, a “RAE Fundamental Portfolio”) through investment in the securities that comprise the RAE Fundamental Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2017
		6 Months*		1 Year		Fund Inception (06/05/15)
	PIMCO RAE Fundamental Global ex-US Fund Institutional Class		12.16%		25.97%		8.08%
	PIMCO RAE Fundamental Global ex-US Fund Class P		12.05%		25.74%		7.93%
	PIMCO RAE Fundamental Global ex-US Fund Class A		11.97%		25.55%		7.72%
	PIMCO RAE Fundamental Global ex-US Fund Class A (adjusted)		7.73%		20.88%		6.13%
	PIMCO RAE Fundamental Global ex-US Fund Class C		11.56%		24.70%		6.91%
	PIMCO RAE Fundamental Global ex-US Fund Class C (adjusted)		10.56%		23.70%		6.91%
	MSCI All Country World ex US Index±		11.48%		27.19%		7.05%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± The MSCI All Country World ex US Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 45 country indices comprising 22 developed and 23 emerging market country indices.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares and 1.00% CDSC on Class C shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund Expenses), were 1.31% for the Institutional Class shares, 1.41% for the Class P shares, 1.66% for the Class A shares and 2.41% for the Class C shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

10 PIMCO EQUITY SERIES

Institutional Class - PZRIX Class P - PZRPX Class A - PZRAX Class C - PZRCX

Top Holdings as of 12/31/2017^1§

PIMCO RAE Fundamental International Fund	80.1%
PIMCO RAE Fundamental Emerging Markets Fund	19.9%

¹ % of Investments, at value.

^§ Top Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» Overweight exposure to, and security selection in, the materials sector contributed to relative returns, as the sector and the Fund’s holdings outperformed the benchmark index.

» Security selection in the industrial sector contributed to relative returns, as the Fund’s holdings outperformed the benchmark index.

» Security selection in the consumer discretionary sector contributed to relative returns, as the Fund’s holdings outperformed the benchmark index.

» Underweight exposure to, and security selection in, the consumer staples sector contributed to relative returns, as the sector underperformed the benchmark index and the Fund’s holdings outperformed the benchmark index.

» Underweight exposure to, and security selection in, the information technology sector detracted from relative returns, as the sector outperformed the benchmark index and the Fund’s holdings underperformed the benchmark index.

» Overweight exposure to, and security selection in, the financial sector detracted from relative returns, as the sector and the Fund’s holdings underperformed the benchmark index.

» Overweight exposure to the utilities sector detracted from relative returns, as the sector underperformed the benchmark index.

SEMIANNUAL REPORT DECEMBER 31, 2017 11

PIMCO RAE Fundamental International Fund

Cumulative Returns Through December 31, 2017

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO RAE Fundamental International Fund seeks long-term capital appreciation by obtaining under normal circumstances exposure to a portfolio of stocks economically tied to at least three foreign (non-U.S.) countries (“RAE Fundamental International Portfolio”) through investment in the securities that comprise the RAE Fundamental International Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2017
		6 Months*		1 Year		Fund Inception (06/05/15)
	PIMCO RAE Fundamental International Fund Institutional Class		11.27%		24.89%		7.36%
	PIMCO RAE Fundamental International Fund Class P		11.34%		24.88%		7.31%
	PIMCO RAE Fundamental International Fund Class A		11.14%		24.52%		7.00%
	PIMCO RAE Fundamental International Fund Class A (adjusted)		6.96%		19.80%		5.42%
	PIMCO RAE Fundamental International Fund Class C		10.75%		23.64%		6.20%
	PIMCO RAE Fundamental International Fund Class C (adjusted)		9.75%		22.64%		6.20%
	MSCI EAFE Index±		9.86%		25.03%		6.41%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± MSCI EAFE Index is an unmanaged index designed to represent the performance of large and mid-cap securities across 21 developed markets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares and 1.00% CDSC on Class C shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 0.61% for the Institutional Class shares, 0.71% for the Class P shares, 0.96% for the Class A shares and 1.71% for the Class C shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

12 PIMCO EQUITY SERIES

Institutional Class - PPYIX Class P - PPYPX Class A - PPYAX Class C - PPYCX

Geographic Breakdown as of 12/31/2017^1§

Japan	24.4%
United Kingdom	15.9%
France	10.9%
Germany	10.1%
Australia	7.3%
Canada	5.7%
Switzerland	5.3%
Spain	4.0%
Netherlands	3.4%
Italy	3.1%
Sweden	1.8%
Hong Kong	1.7%
Singapore	1.1%
Other	5.3%

¹ % of Investments, at value.

^§ Geographic Breakdown and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» Overweight exposure to, and security selection in, the materials sector contributed to relative returns, as the sector and the Fund’s holdings outperformed the benchmark index.

» Security selection in the industrial sector contributed to relative returns, as the Fund’s holdings outperformed the benchmark index.

» Security selection in the consumer discretionary sector contributed to relative returns, as the Fund’s holdings outperformed the benchmark index.

» Underweight exposure to the information technology sector detracted from relative returns, as the sector outperformed the benchmark index.

» Overweight exposure to the utilities sector detracted from relative returns, as the sector underperformed the benchmark index.

» Overweight exposure to the financial sector detracted from relative returns, as the sector underperformed the benchmark index.

SEMIANNUAL REPORT DECEMBER 31, 2017 13

PIMCO RAE Fundamental US Fund

Cumulative Returns Through December 31, 2017

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO RAE Fundamental US Fund seeks long-term capital appreciation by investing under normal circumstances at least 80% of its assets in securities of U.S. companies. Specifically, under normal circumstances, the Fund will obtain exposure to a portfolio of stocks of U.S. companies (“RAE Fundamental US Portfolio”) through investment in the securities that comprise the RAE Fundamental US Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2017*
		6 Months**		1 Year		5 Year		10 Year		Fund Inception (12/22/04)
	PIMCO RAE Fundamental US Fund Institutional Class		11.91%		16.54%		14.75%		8.34%		8.59%
	PIMCO RAE Fundamental US Fund Class P		11.90%		16.43%		14.70%		8.31%		8.57%
	PIMCO RAE Fundamental US Fund Class A		11.72%		16.14%		14.53%		8.23%		8.51%
	PIMCO RAE Fundamental US Fund Class A (adjusted)		7.52%		11.83%		13.66%		7.82%		8.19%
	PIMCO RAE Fundamental US Fund Class C		11.37%		15.27%		14.08%		8.01%		8.35%
	PIMCO RAE Fundamental US Fund Class C (adjusted)		10.37%		14.27%		14.08%		8.01%		8.35%
	S&P 500 Index±		11.42%		21.83%		15.79%		8.50%		8.52% ¨

All Fund returns are net of fees and expenses.

** Cumulative return.

^¨ Average annual total return since 12/31/2004.

^± S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the large-cap segment of the U.S. equities market.

It is not possible to invest directly in an unmanaged index.

* For periods prior to June 5, 2015, the Fund’s performance reflects the performance when the Fund was a partnership, net of actual fees and expenses charged to individual partnership accounts in the aggregate. If the performance had been restated to reflect the applicable fees and expenses of each share class, the performance may have been higher or lower. The Fund began operations as a partnership on December 22, 2004 and, on June 5, 2015, was reorganized into a newly-formed fund that was registered as an investment company under the Investment Company Act of 1940. Prior to the reorganization, the Fund had an investment objective, investment strategies, investment guidelines, and restrictions that were substantially similar to those currently applicable to the Fund; however, the Fund was not registered as an investment company under the Investment Company Act of 1940 and was not subject to its requirements or requirements imposed by the Internal Revenue Code of 1986 which, if applicable, may have adversely affected its performance. The performance of each class of shares will differ as a result of the different levels of fees and expenses applicable to each class of shares.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares and 1.00% CDSC on Class C shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 0.51% for the Institutional Class shares, 0.61% for the Class P shares, 0.91% for the Class A shares and 1.66% for the Class C shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

14 PIMCO EQUITY SERIES

Institutional Class - PKAIX Class P - PKAPX Class A - PKAAX Class C - PKACX

Sector Breakdown as of12/31/2017^1§

Financials	23.2%
Information Technology	18.2%
Health Care	11.9%
Consumer Discretionary	11.4%
Industrials	9.7%
Consumer Staples	7.3%
Energy	6.2%
Utilities	5.1%
Materials	3.7%
Telecommunication Services	3.0%
Other	0.3%

¹ % of Investments, at value.

^§ Sector Breakdown and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» Security selection in the materials sector contributed to relative returns, as the Fund’s holdings outperformed the benchmark index.

» Security selection in the industrial sector contributed to relative returns, as the Fund’s holdings outperformed the benchmark index.

» Underweight exposure to, and security selection in, the consumer staples sector contributed to relative returns, as the sector underperformed the benchmark index and the Fund’s holdings outperformed the benchmark index.

» Security selection in the energy sector contributed to relative returns, as the Fund’s holdings outperformed the benchmark index.

» Underweight exposure to, and security selection in, the information technology sector detracted from relative returns, as the sector outperformed the benchmark index and the Fund’s holdings underperformed the benchmark index.

» Security selection in the telecommunications services sector detracted from relative returns, as the Fund’s holdings underperformed the benchmark index.

» Security selection in the consumer discretionary sector detracted from relative returns, as the Fund’s holdings underperformed the benchmark index.

SEMIANNUAL REPORT DECEMBER 31, 2017 15

PIMCO RAE Fundamental US Small Fund

Cumulative Returns Through December 31, 2017

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO RAE Fundamental US Small Fund seeks long-term capital appreciation by investing under normal circumstances at least 80% of its assets in securities of small companies economically tied to the United States. Specifically, under normal circumstances, the Fund will obtain exposure to a portfolio of stocks of small U.S. companies (“RAE Fundamental US Small Portfolio”) through investment in the securities that comprise the RAE Fundamental US Small Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2017*
		6 Months**		1 Year		5 Year		10 Year		Fund Inception (09/29/05)
	PIMCO RAE Fundamental US Small Fund Institutional Class		9.66%		9.27%		14.12%		9.44%		8.86%
	PIMCO RAE Fundamental US Small Fund Class P		9.55%		9.06%		14.03%		9.40%		8.83%
	PIMCO RAE Fundamental US Small Fund Class A		9.40%		8.81%		13.87%		9.32%		8.76%
	PIMCO RAE Fundamental US Small Fund Class A (adjusted)		5.30%		4.75%		13.00%		8.90%		8.42%
	PIMCO RAE Fundamental US Small Fund Class C		8.99%		7.99%		13.44%		9.11%		8.60%
	PIMCO RAE Fundamental US Small Fund Class C (adjusted)		7.99%		6.99%		13.44%		9.11%		8.60%
	Russell 2000® Index±		9.20%		14.65%		14.12%		8.71%		8.49% ¨

All Fund returns are net of fees and expenses.

** Cumulative return.

^¨ Average annual total return since 9/30/2005

^± Russell 2000^® Index is composed of 2,000 of the smallest companies in the Russell 3000 Index and is considered to be representative of the small cap market in general.

It is not possible to invest directly in an unmanaged index.

* For periods prior to June 5, 2015, the Fund’s performance reflects the performance when the Fund was a partnership, net of actual fees and expenses charged to individual partnership accounts in the aggregate. If the performance had been restated to reflect the applicable fees and expenses of each share class, the performance may have been higher or lower. The Fund began operations as a partnership on September 29, 2005 and, on June 5, 2015, was reorganized into a newly-formed fund that was registered as an investment company under the Investment Company Act of 1940. Prior to the reorganization, the Fund had an investment objective, investment strategies, investment guidelines, and restrictions that were substantially similar to those currently applicable to the Fund; however, the Fund was not registered as an investment company under the Investment Company Act of 1940 and was not subject to its requirements or requirements imposed by the Internal Revenue Code of 1986 which, if applicable, may have adversely affected its performance. The performance of each class of shares will differ as a result of the different levels of fees and expenses applicable to each class of shares.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares and 1.00% CDSC on Class C shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 0.61% for the Institutional Class shares, 0.71% for the Class P shares, 1.01% for the Class A shares and 1.76% for the Class C shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

16 PIMCO EQUITY SERIES

Institutional Class - PMJIX Class P - PMJPX Class A - PMJAX Class C - PMJCX

Sector Breakdown as of12/31/2017^1§

Consumer Discretionary	20.0%
Financials	18.8%
Industrials	18.1%
Information Technology	11.3%
Real Estate	8.2%
Health Care	6.7%
Materials	5.1%
Consumer Staples	3.7%
Energy	3.5%
Utilities	3.5%
Telecommunication Services	1.1%

¹ % of Investments, at value.

^§ Sector Breakdown and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» Overweight exposure to, and security selection in, the consumer discretionary sector contributed to relative returns, as the sector and the Fund’s holdings outperformed the benchmark index.

» Security selection in the energy sector contributed to relative returns, as the Fund’s holdings outperformed the benchmark index.

» Security selection in the materials sector contributed to relative returns, as the Fund’s holdings outperformed the benchmark index.

» Overweight exposure to the industrial sector contributed to relative returns, as the sector outperformed the benchmark index.

» Underweight exposure to, and security selection in, the healthcare sector detracted from relative returns, as the sector outperformed the benchmark index and the Fund’s holdings underperformed the benchmark index.

» Overweight exposure to, and security selection in, the real estate sector detracted from relative returns, as the sector and the Fund’s holdings underperformed the benchmark index.

» Security selection in the information technology sector detracted from relative returns, as the Fund’s holdings underperformed the benchmark index.

SEMIANNUAL REPORT DECEMBER 31, 2017 17

Expense Examples

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and exchange fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2017 to December 31, 2017 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments and exchange fees. Therefore, the information under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary from period to period because of various factors such as an increase in expenses that are not covered by the management fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/17)		Ending Account Value (12/31/17)		Expenses Paid During Period*		Beginning Account Value (07/01/17)		Ending Account Value (12/31/17)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE Fundamental Emerging Markets Fund
Institutional Class	$	1,000.00	$	1,156.00	$	4.11	$	1,000.00	$	1,021.26	$	3.85		0.76	%
Class P		1,000.00		1,154.00		4.64		1,000.00		1,020.76		4.36		0.86
Class A		1,000.00		1,154.10		5.99		1,000.00		1,019.50		5.62		1.11
Class C		1,000.00		1,149.40		10.02		1,000.00		1,015.74		9.40		1.86
PIMCO RAE Fundamental Global Fund
Institutional Class	$	1,000.00	$	1,121.10	$	0.11	$	1,000.00	$	1,024.97	$	0.10		0.02	%
Class P		1,000.00		1,120.90		0.64		1,000.00		1,024.47		0.61		0.12
Class A		1,000.00		1,119.10		1.97		1,000.00		1,023.21		1.88		0.37
Class C		1,000.00		1,115.40		5.94		1,000.00		1,019.45		5.67		1.12
PIMCO RAE Fundamental Global ex-US Fund
Institutional Class	$	1,000.00	$	1,121.60	$	0.05	$	1,000.00	$	1,025.02	$	0.05		0.01	%
Class P		1,000.00		1,120.50		0.58		1,000.00		1,024.52		0.56		0.11
Class A		1,000.00		1,119.70		1.91		1,000.00		1,023.26		1.83		0.36
Class C		1,000.00		1,115.60		5.89		1,000.00		1,019.50		5.62		1.11

18 PIMCO EQUITY SERIES

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/17)		Ending Account Value (12/31/17)		Expenses Paid During Period*		Beginning Account Value (07/01/17)		Ending Account Value (12/31/17)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE Fundamental International Fund
Institutional Class	$	1,000.00	$	1,112.70	$	2.70	$	1,000.00	$	1,022.51	$	2.59		0.51	%
Class P		1,000.00		1,113.40		3.23		1,000.00		1,022.01		3.09		0.61
Class A		1,000.00		1,111.40		4.55		1,000.00		1,020.76		4.36		0.86
Class C		1,000.00		1,107.50		8.51		1,000.00		1,017.00		8.14		1.61
PIMCO RAE Fundamental US Fund
Institutional Class	$	1,000.00	$	1,119.10	$	2.18	$	1,000.00	$	1,023.01	$	2.08		0.41	%
Class P		1,000.00		1,119.00		2.71		1,000.00		1,022.51		2.59		0.51
Class A		1,000.00		1,117.20		4.30		1,000.00		1,021.01		4.10		0.81
Class C		1,000.00		1,113.70		8.27		1,000.00		1,017.25		7.89		1.56
PIMCO RAE Fundamental US Small Fund
Institutional Class	$	1,000.00	$	1,096.60	$	2.68	$	1,000.00	$	1,022.51	$	2.59		0.51	%
Class P		1,000.00		1,095.50		3.20		1,000.00		1,022.06		3.09		0.61
Class A		1,000.00		1,094.00		4.78		1,000.00		1,020.51		4.61		0.91
Class C		1,000.00		1,089.90		8.70		1,000.00		1,016.75		8.39		1.66

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

** Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 8, Fees and Expenses, in the Notes to Financial Statements.

SEMIANNUAL REPORT DECEMBER 31, 2017 19

Financial Highlights

			Investment Operations									Less Distributions(b)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital			Total
PIMCO RAE Fundamental Emerging Markets Fund
Institutional Class
07/01/2017 - 12/31/2017+	$	10.83	$	0.14		$	1.51		$	1.65		$	(0.19	)	$	(0.74	)	$	0.00		$	(0.93	)
06/30/2017		8.73		0.20			2.17			2.37			(0.27	)		0.00			0.00			(0.27	)
06/30/2016		9.95		0.32			(1.37	)		(1.05	)		(0.17	)		0.00			0.00			(0.17	)
06/05/2015 - 06/30/2015		10.00		0.06			(0.11	)		(0.05	)		0.00			0.00			0.00			0.00
Class P
07/01/2017 - 12/31/2017+		10.79		0.14			1.48			1.62			(0.18	)		(0.74	)		0.00			(0.92	)
06/30/2017		8.70		0.23			2.12			2.35			(0.26	)		0.00			0.00			(0.26	)
06/30/2016		9.96		0.25			(1.33	)		(1.08	)		(0.18	)		0.00			0.00			(0.18	)
06/05/2015 - 06/30/2015		10.00		0.06			(0.10	)		(0.04	)		0.00			0.00			0.00			0.00
Class A
07/01/2017 - 12/31/2017+		10.81		0.11			1.52			1.63			(0.19	)		(0.74	)		0.00			(0.93	)
06/30/2017		8.73		0.14			2.19			2.33			(0.25	)		0.00			0.00			(0.25	)
06/30/2016		9.96		0.22			(1.30	)		(1.08	)		(0.15	)		0.00			0.00			(0.15	)
06/05/2015 - 06/30/2015		10.00		0.08			(0.12	)		(0.04	)		0.00			0.00			0.00			0.00
Class C
07/01/2017 - 12/31/2017+		10.66		0.06			1.49			1.55			(0.14	)		(0.74	)		0.00			(0.88	)
06/30/2017		8.67		0.12			2.12			2.24			(0.25	)		0.00			0.00			(0.25	)
06/30/2016		9.95		0.21			(1.36	)		(1.15	)		(0.13	)		0.00			0.00			(0.13	)
06/05/2015 - 06/30/2015		10.00		0.06			(0.11	)		(0.05	)		0.00			0.00			0.00			0.00
PIMCO RAE Fundamental Global Fund
Institutional Class
07/01/2017 - 12/31/2017+	$	10.78	$	0.35		$	0.95		$	1.30		$	(0.46	)	$	(0.27	)	$	0.00		$	(0.73	)
06/30/2017		9.32		0.24			1.55			1.79			(0.24	)		(0.09	)		0.00			(0.33	)
06/30/2016		9.86		0.14			(0.58	)		(0.44	)		(0.10	)		0.00			0.00			(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)		(0.14	)		(0.14	)		0.00			0.00			0.00			0.00
Class P
07/01/2017 - 12/31/2017+		10.76		0.36			0.93			1.29			(0.45	)		(0.27	)		0.00			(0.72	)
06/30/2017		9.31		0.02			1.76			1.78			(0.24	)		(0.09	)		0.00			(0.33	)
06/30/2016		9.85		0.08			(0.52	)		(0.44	)		(0.10	)		0.00			0.00			(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)		(0.15	)		(0.15	)		0.00			0.00			0.00			0.00
Class A
07/01/2017 - 12/31/2017+		10.72		0.32			0.95			1.27			(0.44	)		(0.27	)		0.00			(0.71	)
06/30/2017		9.29		0.18			1.57			1.75			(0.23	)		(0.09	)		0.00			(0.32	)
06/30/2016		9.85		0.02			(0.48	)		(0.46	)		(0.10	)		0.00			0.00			(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)		(0.15	)		(0.15	)		0.00			0.00			0.00			0.00
Class C
07/01/2017 - 12/31/2017+		10.59		0.30			0.92			1.22			(0.41	)		(0.27	)		0.00			(0.68	)
06/30/2017		9.22		0.11			1.55			1.66			(0.20	)		(0.09	)		0.00			(0.29	)
06/30/2016		9.84		0.00			(0.52	)		(0.52	)		(0.10	)		0.00			0.00			(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.01	)		(0.15	)		(0.16	)		0.00			0.00			0.00			0.00
PIMCO RAE Fundamental Global ex-US Fund
Institutional Class
07/01/2017 - 12/31/2017+	$	10.49	$	0.38		$	0.90		$	1.28		$	(0.47	)	$	0.00		$	0.00		$	(0.47	)
06/30/2017		8.68		0.22			1.83			2.05			(0.22	)		0.00			(0.02	)		(0.24	)
06/30/2016		9.86		0.10			(1.18	)		(1.08	)		(0.10	)		0.00			(0.00	)		(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)		(0.14	)		(0.14	)		0.00			0.00			0.00			0.00
Class P
07/01/2017 - 12/31/2017+		10.47		0.42			0.84			1.26			(0.46	)		0.00			0.00			(0.46	)
06/30/2017		8.67		0.07			1.97			2.04			(0.22	)		0.00			(0.02	)		(0.24	)
06/30/2016		9.86		0.09			(1.18	)		(1.09	)		(0.10	)		0.00			(0.00	)		(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)		(0.14	)		(0.14	)		0.00			0.00			0.00			0.00

20 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(c)
Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	11.55		15.60	%	$	1,952,708		0.76	%*		0.97	%*		0.76	%*		0.97	%*		2.44	%*		15	%
	10.83		27.53			1,510,983		0.75			0.96			0.75			0.96			1.99			43
	8.73		(10.32	)		1,379,204		0.76			0.96			0.76			0.96			3.92			30
	9.95		(0.50	)		199,378		0.75	*		0.98	*		0.75	*		0.98	*		10.11	*		7
	11.49		15.40			16,695		0.86	*		1.07	*		0.86	*		1.07	*		2.35	*		15
	10.79		27.46			14,664		0.85			1.06			0.85			1.06			2.18			43
	8.70		(10.54	)		1,827		0.86			1.06			0.86			1.06			3.25			30
	9.96		(0.40	)		10		0.85	*		1.08	*		0.85	*		1.08	*		10.09	*		7
	11.51		15.41			4,757		1.11	*		1.32	*		1.11	*		1.32	*		1.95	*		15
	10.81		27.06			1,937		1.10			1.31			1.10			1.31			1.35			43
	8.73		(10.61	)		146		1.11			1.31			1.11			1.31			2.64			30
	9.96		(0.40	)		19		1.10	*		1.33	*		1.10	*		1.33	*		13.46	*		7
	11.33		14.94			2,265		1.86	*		2.07	*		1.86	*		2.07	*		0.96	*		15
	10.66		26.13			1,081		1.85			2.06			1.85			2.06			1.18			43
	8.67		(11.33	)		95		1.86			2.06			1.86			2.06			2.56			30
	9.95		(0.50	)		10		1.85	*		2.08	*		1.85	*		2.08	*		9.08	*		7
$	11.35		12.11	%	$	420,322		0.02	%*		0.72	%*		0.02	%*		0.72	%*		6.15	%*		14	%
	10.78		19.60			409,144		0.01			0.71			0.01			0.71			2.36			20
	9.32		(4.38	)		282,274		0.04			0.71			0.04			0.71			1.59			13
	9.86		(1.40	)		38,160		0.04	*		0.86	*		0.04	*		0.86	*		(0.04	)*		2
	11.33		12.09			3,810		0.12	*		0.82	*		0.12	*		0.82	*		6.31	*		14
	10.76		19.49			3,127		0.11			0.81			0.11			0.81			0.22			20
	9.31		(4.44	)		57		0.14			0.81			0.14			0.81			0.92			13
	9.85		(1.50	)		10		0.14	*		0.96	*		0.14	*		0.96	*		(0.14	)*		2
	11.28		11.91			1,095		0.37	*		1.07	*		0.37	*		1.07	*		5.58	*		14
	10.72		19.18			1,009		0.36			1.06			0.36			1.06			1.79			20
	9.29		(4.61	)		286		0.39			1.06			0.39			1.06			0.23			13
	9.85		(1.50	)		10		0.39	*		1.21	*		0.39	*		1.21	*		(0.40	)*		2
	11.13		11.54			1,721		1.12	*		1.82	*		1.12	*		1.82	*		5.29	*		14
	10.59		18.30			1,469		1.11			1.81			1.11			1.81			1.11			20
	9.22		(5.29	)		667		1.14			1.81			1.14			1.81			(0.04	)		13
	9.84		(1.60	)		17		1.14	*		1.96	*		1.14	*		1.96	*		(1.06	)*		2
$	11.30		12.16	%	$	85,405		0.01	%*		0.79	%*		0.01	%*		0.79	%*		6.70	%*		4	%
	10.49		23.98			78,610		0.00			0.76			0.00			0.76			2.23			8
	8.68		(10.93	)		62,809		0.00			0.76			0.00			0.76			1.10			8
	9.86		(1.40	)		70,077		0.01	*		0.84	*		0.01	*		0.84	*		(0.02	)*		2
	11.27		12.05			517		0.11	*		0.89	*		0.11	*		0.89	*		7.44	*		4
	10.47		23.87			349		0.10			0.86			0.10			0.86			0.69			8
	8.67		(11.07	)		9		0.10			0.86			0.10			0.86			1.01			8
	9.86		(1.40	)		10		0.11	*		0.94	*		0.11	*		0.94	*		(0.11	)*		2

SEMIANNUAL REPORT DECEMBER 31, 2017 21

Financial Highlights (Cont.)

			Investment Operations									Less Distributions(b)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital			Total
PIMCO RAE Fundamental Global ex-US Fund (Cont.)
Class A
07/01/2017 - 12/31/2017+	$	10.44	$	0.38		$	0.87		$	1.25		$	(0.45	)	$	0.00		$	0.00		$	(0.45	)
06/30/2017		8.66		0.10			1.92			2.02			(0.22	)		0.00			(0.02	)		(0.24	)
06/30/2016		9.86		(0.00	)		(1.11	)		(1.11	)		(0.09	)		0.00			(0.00	)		(0.09	)
06/05/2015 - 06/30/2015		10.00		(0.00	)		(0.14	)		(0.14	)		0.00			0.00			0.00			0.00
Class C
07/01/2017 - 12/31/2017+		10.34		0.35			0.85			1.20			(0.42	)		0.00			0.00			(0.42	)
06/30/2017		8.61		0.10			1.83			1.93			(0.18	)		0.00			(0.02	)		(0.20	)
06/30/2016		9.85		(0.06	)		(1.11	)		(1.17	)		(0.07	)		0.00			(0.00	)		(0.07	)
06/05/2015 - 06/30/2015		10.00		(0.01	)		(0.14	)		(0.15	)		0.00			0.00			0.00			0.00
PIMCO RAE Fundamental International Fund
Institutional Class
07/01/2017 - 12/31/2017+	$	10.27	$	0.10		$	1.06		$	1.16		$	(0.28	)	$	(0.01	)	$	0.00		$	(0.29	)
06/30/2017		8.56		0.28			1.64			1.92			(0.21	)		0.00			0.00			(0.21	)
06/30/2016		9.83		0.28			(1.32	)		(1.04	)		(0.08	)		(0.15	)		0.00			(0.23	)
06/05/2015 - 06/30/2015		10.00		0.02			(0.19	)		(0.17	)		0.00			0.00			0.00			0.00
Class P
07/01/2017 - 12/31/2017+		10.24		0.10			1.06			1.16			(0.27	)		(0.01	)		0.00			(0.28	)
06/30/2017		8.55		0.29			1.62			1.91			(0.22	)		0.00			0.00			(0.22	)
06/30/2016		9.83		0.28			(1.33	)		(1.05	)		(0.08	)		(0.15	)		0.00			(0.23	)
06/05/2015 - 06/30/2015		10.00		0.02			(0.19	)		(0.17	)		0.00			0.00			0.00			0.00
Class A
07/01/2017 - 12/31/2017+		10.24		0.06			1.08			1.14			(0.28	)		(0.01	)		0.00			(0.29	)
06/30/2017		8.55		0.29			1.60			1.89			(0.20	)		0.00			0.00			(0.20	)
06/30/2016		9.83		0.34			(1.42	)		(1.08	)		(0.05	)		(0.15	)		0.00			(0.20	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.18	)		(0.17	)		0.00			0.00			0.00			0.00
Class C
07/01/2017 - 12/31/2017+		10.07		0.03			1.06			1.09			(0.24	)		(0.01	)		0.00			(0.25	)
06/30/2017		8.45		0.16			1.63			1.79			(0.17	)		0.00			0.00			(0.17	)
06/30/2016		9.83		0.28			(1.43	)		(1.15	)		(0.08	)		(0.15	)		0.00			(0.23	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.18	)		(0.17	)		0.00			0.00			0.00			0.00
PIMCO RAE Fundamental US Fund
Institutional Class
07/01/2017 - 12/31/2017+	$	10.57	$	0.12		$	1.14		$	1.26		$	(0.22	)	$	(0.44	)	$	0.00		$	(0.66	)
06/30/2017		9.82		0.22			1.07			1.29			(0.22	)		(0.32	)		0.00			(0.54	)
06/30/2016		9.85		0.22			0.08			0.30			(0.11	)		(0.22	)		0.00			(0.33	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.16	)		(0.15	)		0.00			0.00			0.00			0.00
Class P
07/01/2017 - 12/31/2017+		10.54		0.11			1.14			1.25			(0.21	)		(0.44	)		0.00			(0.65	)
06/30/2017		9.81		0.21			1.06			1.27			(0.22	)		(0.32	)		0.00			(0.54	)
06/30/2016		9.85		0.21			0.08			0.29			(0.11	)		(0.22	)		0.00			(0.33	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.16	)		(0.15	)		0.00			0.00			0.00			0.00
Class A
07/01/2017 - 12/31/2017+		10.50		0.10			1.13			1.23			(0.20	)		(0.44	)		0.00			(0.64	)
06/30/2017		9.79		0.17			1.07			1.24			(0.21	)		(0.32	)		0.00			(0.53	)
06/30/2016		9.86		0.18			0.07			0.25			(0.10	)		(0.22	)		0.00			(0.32	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.15	)		(0.14	)		0.00			0.00			0.00			0.00
Class C
07/01/2017 - 12/31/2017+		10.34		0.05			1.12			1.17			(0.15	)		(0.44	)		0.00			(0.59	)
06/30/2017		9.71		0.09			1.06			1.15			(0.20	)		(0.32	)		0.00			(0.52	)
06/30/2016		9.85		0.11			0.06			0.17			(0.09	)		(0.22	)		0.00			(0.31	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.16	)		(0.15	)		0.00			0.00			0.00			0.00

22 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(c)
Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	11.24		11.97	%	$	1,113		0.36	%*		1.14	%*		0.36	%*		1.14	%*		6.89	%*		4	%
	10.44		23.65			717		0.35			1.11			0.35			1.11			1.02			8
	8.66		(11.29	)		9		0.35			1.11			0.35			1.11			(0.02	)		8
	9.86		(1.40	)		10		0.36	*		1.19	*		0.36	*		1.19	*		(0.37	)*		2
	11.12		11.56			1,480		1.11	*		1.89	*		1.11	*		1.89	*		6.41	*		4
	10.34		22.68			1,009		1.10			1.86			1.10			1.86			0.99			8
	8.61		(11.90	)		354		1.10			1.86			1.10			1.86			(0.67	)		8
	9.85		(1.50	)		10		1.11	*		1.94	*		1.11	*		1.94	*		(1.12	)*		2
$	11.14		11.27	%	$	514,272		0.51	%*		0.62	%*		0.51	%*		0.62	%*		1.90	%*		16	%
	10.27		22.76			475,759		0.50			0.61			0.50			0.61			2.90			20
	8.56		(10.60	)		247,182		0.50			0.61			0.50			0.61			3.25			39
	9.83		(1.70	)		151,532		0.50	*		0.64	*		0.50	*		0.64	*		2.68	*		7
	11.12		11.34			5,004		0.61	*		0.72	*		0.61	*		0.72	*		1.84	*		16
	10.24		22.67			4,998		0.60			0.71			0.60			0.71			3.03			20
	8.55		(10.70	)		1,041		0.60			0.71			0.60			0.71			3.24			39
	9.83		(1.70	)		10		0.60	*		0.74	*		0.60	*		0.74	*		2.57	*		7
	11.09		11.14			2,439		0.86	*		0.97	*		0.86	*		0.97	*		1.06	*		16
	10.24		22.34			323		0.85			0.96			0.85			0.96			2.99			20
	8.55		(10.95	)		46		0.85			0.96			0.85			0.96			3.94			39
	9.83		(1.70	)		10		0.85	*		0.99	*		0.85	*		0.99	*		2.32	*		7
	10.91		10.75			930		1.61	*		1.72	*		1.61	*		1.72	*		0.60	*		16
	10.07		21.44			507		1.60			1.71			1.60			1.71			1.69			20
	8.45		(11.69	)		300		1.60			1.71			1.60			1.71			3.28			39
	9.83		(1.70	)		10		1.60	*		1.74	*		1.60	*		1.74	*		1.56	*		7
$	11.17		11.91	%	$	659,220		0.41	%*		0.52	%*		0.41	%*		0.52	%*		2.12	%*		18	%
	10.57		13.33			620,951		0.40			0.51			0.40			0.51			2.08			31
	9.82		3.16			511,838		0.40			0.51			0.40			0.51			2.29			42
	9.85		(1.50	)		447,755		0.40	*		0.51	*		0.40	*		0.51	*		2.03	*		5
	11.14		11.90			8,245		0.51	*		0.62	*		0.51	*		0.62	*		2.04	*		18
	10.54		13.15			7,769		0.50			0.61			0.50			0.61			1.99			31
	9.81		3.09			3,372		0.50			0.61			0.50			0.61			2.23			42
	9.85		(1.50	)		10		0.50	*		0.61	*		0.50	*		0.61	*		1.92	*		5
	11.09		11.72			8,285		0.81	*		0.92	*		0.81	*		0.92	*		1.73	*		18
	10.50		12.83			7,259		0.80			0.91			0.80			0.91			1.68			31
	9.79		2.67			2,982		0.80			0.91			0.80			0.91			1.88			42
	9.86		(1.40	)		14		0.80	*		0.91	*		0.80	*		0.91	*		1.67	*		5
	10.92		11.37			5,172		1.56	*		1.67	*		1.56	*		1.67	*		0.99	*		18
	10.34		11.94			5,452		1.55			1.66			1.55			1.66			0.92			31
	9.71		1.89			1,765		1.55			1.66			1.55			1.66			1.15			42
	9.85		(1.50	)		10		1.55	*		1.66	*		1.55	*		1.66	*		0.86	*		5

SEMIANNUAL REPORT DECEMBER 31, 2017 23

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(b)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO RAE Fundamental US Small Fund
Institutional Class
07/01/2017 - 12/31/2017+	$	11.10	$	0.09	$	0.98		$	1.07		$	(0.17	)	$	(0.38	)	$	0.00	$	(0.55	)
06/30/2017		9.31		0.12		1.81			1.93			(0.14	)		0.00			0.00		(0.14	)
06/30/2016		9.93		0.10		(0.57	)		(0.47	)		(0.04	)		(0.11	)		0.00		(0.15	)
06/05/2015 - 06/30/2015		10.00		0.01		(0.08	)		(0.07	)		0.00			0.00			0.00		0.00
Class P
07/01/2017 - 12/31/2017+		11.07		0.08		0.97			1.05			(0.16	)		(0.38	)		0.00		(0.54	)
06/30/2017		9.29		0.12		1.79			1.91			(0.13	)		0.00			0.00		(0.13	)
06/30/2016		9.92		0.11		(0.59	)		(0.48	)		(0.04	)		(0.11	)		0.00		(0.15	)
06/05/2015 - 06/30/2015		10.00		0.01		(0.09	)		(0.08	)		0.00			0.00			0.00		0.00
Class A
07/01/2017 - 12/31/2017+		11.05		0.06		0.97			1.03			(0.14	)		(0.38	)		0.00		(0.52	)
06/30/2017		9.29		0.10		1.79			1.89			(0.13	)		0.00			0.00		(0.13	)
06/30/2016		9.92		0.08		(0.60	)		(0.52	)		(0.00	)		(0.11	)		0.00		(0.11	)
06/05/2015 - 06/30/2015		10.00		0.01		(0.09	)		(0.08	)		0.00			0.00			0.00		0.00
Class C
07/01/2017 - 12/31/2017+		10.87		0.02		0.95			0.97			(0.11	)		(0.38	)		0.00		(0.49	)
06/30/2017		9.19		0.01		1.77			1.78			(0.10	)		0.00			0.00		(0.10	)
06/30/2016		9.91		0.01		(0.58	)		(0.57	)		(0.04	)		(0.11	)		0.00		(0.15	)
06/05/2015 - 06/30/2015		10.00		0.00		(0.09	)		(0.09	)		0.00			0.00			0.00		0.00

+ Unaudited

* Annualized

^ A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.

^(a)  Per share amounts based on average number of shares outstanding during the year or period.

^(b)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(c)  Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 8, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

24 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(c)
Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	11.62		9.66	%	$	102,329		0.51	%*		0.63	%*		0.51	%*		0.63	%*		1.57	%*		14	%
	11.10		20.70			93,541		0.50			0.61			0.50			0.61			1.13			45
	9.31		(4.68	)		81,226		0.50			0.61			0.50			0.61			1.10			85
	9.93		(0.70	)		46,426		0.50	*		0.73	*		0.50	*		0.73	*		1.44	*		9
	11.58		9.55			4,400		0.61	*		0.73	*		0.61	*		0.73	*		1.48	*		14
	11.07		20.59			3,902		0.60			0.71			0.60			0.71			1.12			45
	9.29		(4.79	)		1,456		0.60			0.71			0.60			0.71			1.26			85
	9.92		(0.80	)		10		0.60	*		0.83	*		0.60	*		0.83	*		1.33	*		9
	11.56		9.40			8,230		0.91	*		1.03	*		0.91	*		1.03	*		1.13	*		14
	11.05		20.32			8,549		0.90			1.01			0.90			1.01			0.88			45
	9.29		(5.11	)		1,699		0.90			1.01			0.90			1.01			0.85			85
	9.92		(0.80	)		10		0.90	*		1.13	*		0.90	*		1.13	*		1.04	*		9
	11.35		8.99			615		1.66	*		1.78	*		1.66	*		1.78	*		0.44	*		14
	10.87		19.37			558		1.65			1.76			1.65			1.76			0.08			45
	9.19		(5.69	)		247		1.65			1.76			1.65			1.76			0.08			85
	9.91		(0.90	)		10		1.65	*		1.88	*		1.65	*		1.88	*		0.28	*		9

SEMIANNUAL REPORT DECEMBER 31, 2017 25

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	PIMCO RAE Fundamental Emerging Markets Fund			PIMCO RAE Fundamental Global Fund			PIMCO RAE Fundamental Global ex-US Fund			PIMCO RAE Fundamental International Fund			PIMCO RAE Fundamental US Fund			PIMCO RAE Fundamental US Small Fund
Assets:
Investments, at value
Investments in securities	$	1,968,361		$	0		$	0		$	526,097		$	677,794		$	114,680
Investments in Affiliates		0			426,548			88,204			0			0			0
Cash		5,200			0			0			1,072			2,594			642
Foreign currency, at value		1,788			0			0			292			0			0
Receivable for investments sold		0			0			0			468			4,655			460
Receivable for investments in Affiliates sold		0			11,160			141			0			0			0
Receivable for Fund shares sold		371			22			240			17			191			56
Interest and/or dividends receivable		5,640			0			0			842			740			262
Reimbursement receivable from PIMCO		19			5			1			5			7			1
Other assets		0			0			0			13			0			0
Total Assets		1,981,379			437,735			88,586			528,806			685,981			116,101
Liabilities:
Payable for investments purchased	$	822		$	0		$	0		$	0		$	53		$	471
Payable for Fund shares redeemed		1,202			43			14			5,923			4,755			0
Overdraft due to custodian		0			10,732			53			0			0			0
Accrued investment advisory fees		491			0			0			91			87			25
Accrued supervisory and administrative fees		739			4			1			137			148			27
Accrued distribution fees		1			1			1			1			3			0
Accrued servicing fees		1			1			1			1			3			2
Accrued taxes payable		1,668			0			0			0			0			0
Other liabilities		30			6			1			8			10			2
Total Liabilities		4,954			10,787			71			6,161			5,059			527
Net Assets	$	1,976,425		$	426,948		$	88,515		$	522,645		$	680,922		$	115,574
Net Assets Consist of:
Paid in capital	$	1,477,049		$	352,415		$	78,209		$	419,570		$	499,450		$	91,185
Undistributed (overdistributed) net investment income		(9,999	)		(4,148	)		(643	)		(1,790	)		(1,139	)		(464	)
Accumulated undistributed net realized gain (loss)		10,141			6,227			(137	)		(3,095	)		3,860			(8	)
Net unrealized appreciation (depreciation)		499,234			72,454			11,086			107,960			178,751			24,861
Net Assets	$	1,976,425		$	426,948		$	88,515		$	522,645		$	680,922		$	115,574
Cost of investments in securities	$	1,467,475		$	0		$	0		$	418,160		$	499,043		$	89,819
Cost of investments in Affiliates	$	0		$	354,094		$	77,118		$	0		$	0		$	0
Cost of foreign currency held	$	1,782		$	0		$	0		$	290		$	0		$	0

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

26 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	PIMCO RAE Fundamental Emerging Markets Fund		PIMCO RAE Fundamental Global Fund		PIMCO RAE Fundamental Global ex-US Fund		PIMCO RAE Fundamental International Fund		PIMCO RAE Fundamental US Fund		PIMCO RAE Fundamental US Small Fund
Net Assets:
Institutional Class	$	1,952,708	$	420,322	$	85,405	$	514,272	$	659,220	$	102,329
Class P		16,695		3,810		517		5,004		8,245		4,400
Class A		4,757		1,095		1,113		2,439		8,285		8,230
Class C		2,265		1,721		1,480		930		5,172		615
Shares Issued and Outstanding:
Institutional Class		169,087		37,021		7,560		46,145		59,017		8,810
Class P		1,453		336		46		450		740		380
Class A		413		97		99		220		747		712
Class C		200		155		133		85		474		54
Net Asset Value Per Share Outstanding:
Institutional Class	$	11.55	$	11.35	$	11.30	$	11.14	$	11.17	$	11.62
Class P		11.49		11.33		11.27		11.12		11.14		11.58
Class A		11.51		11.28		11.24		11.09		11.09		11.56
Class C		11.33		11.13		11.12		10.91		10.92		11.35

SEMIANNUAL REPORT DECEMBER 31, 2017 27

Statements of Operations

(Unaudited)

Six Months Ended December 31, 2017
(Amounts in thousands†)	PIMCO RAE Fundamental Emerging Markets Fund			PIMCO RAE Fundamental Global Fund			PIMCO RAE Fundamental Global ex-US Fund			PIMCO RAE Fundamental International Fund			PIMCO RAE Fundamental US Fund			PIMCO RAE Fundamental US Small Fund
Investment Income:
Interest	$	7		$	0		$	0		$	8		$	0		$	0
Dividends, net of foreign taxes*		28,633			0			0			6,069			7,972			1,145
Dividends from Investments in Affiliates		0			12,899			2,871			0			0			0
Total Income		28,640			12,899			2,871			6,077			7,972			1,145
Expenses:
Investment advisory fees		4,475			837			171			757			787			193
Supervisory and administrative fees		4,038			631			150			760			801			147
Distribution fees - Class C		7			6			5			3			21			2
Servicing fees - Class A		4			1			1			1			9			11
Servicing fees - Class C		2			2			2			1			7			1
Trustee fees		46			12			2			13			18			3
Interest expense		5			1			0			3			0			0
Miscellaneous expense		54			20			12			22			25			12
Total Expenses		8,631			1,510			343			1,560			1,668			369
Waiver and/or Reimbursement by PIMCO		(1,846	)		(1,469	)		(332	)		(275	)		(342	)		(68	)
Net Expenses		6,785			41			11			1,285			1,326			301
Net Investment Income (Loss)		21,855			12,858			2,860			4,792			6,646			844
Net Realized Gain (Loss):
Investments in securities		66,360			0			0			9,155			12,487			3,158
Investments in Affiliates		0			5,349			331			0			0			0
Net capital gain distributions received from Affiliate investments		0			6,166			240			0			0			0
Over the counter financial derivative instruments		26			0			0			(12	)		0			0
Foreign currency		(600	)		0			0			58			0			0
Net Realized Gain (Loss)		65,786			11,515			571			9,201			12,487			3,158
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		164,742			0			0			39,746			52,095			6,144
Investments in Affiliates		0			23,503			6,309			0			0			0
Over the counter financial derivative instruments		2			0			0			0			0			0
Foreign currency assets and liabilities		98			0			0			5			0			0
Net Change in Unrealized Appreciation (Depreciation)		164,842			23,503			6,309			39,751			52,095			6,144
Net Increase (Decrease) in Net Assets Resulting from Operations	$	252,483		$	47,876		$	9,740		$	53,744		$	71,228		$	10,146
* Foreign tax withholdings - Dividends	$	4,409		$	0		$	0		$	403		$	0		$	0

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

28 PIMCO EQUITY SERIES See Accompanying Notes

Statements of Changes in Net Assets

	PIMCO RAE Fundamental Emerging Markets Fund						PIMCO RAE Fundamental Global Fund						PIMCO RAE Fundamental Global ex-US  Fund
(Amounts in thousands†)	Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017			Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017			Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	21,855		$	29,711		$	12,858		$	9,024		$	2,860		$	1,572
Net realized gain (loss)		65,786			96,595			11,515			6,425			571			(306	)
Net change in unrealized appreciation (depreciation)		164,842			239,626			23,503			51,717			6,309			13,744
Net Increase (Decrease) in Net Assets Resulting from Operations		252,483			365,932			47,876			67,166			9,740			15,010
Distributions to Shareholders:
From net investment income
Institutional Class		(31,636	)		(40,860	)		(16,750	)		(9,363	)		(3,392	)		(1,557	)
Class P		(260	)		(92	)		(148	)		(4	)		(19	)		(1	)
Class A		(75	)		(40	)		(41	)		(12	)		(35	)		(4	)
Class C		(29	)		(9	)		(61	)		(21	)		(54	)		(10	)
From net realized capital gains
Institutional Class		(112,594	)		0			(9,742	)		(3,530	)		0			0
Class P		(999	)		0			(87	)		(1	)		0			0
Class A		(286	)		0			(26	)		(5	)		0			0
Class C		(137	)		0			(40	)		(10	)		0			0
Tax basis return of capital
Institutional Class		0			0			0			0			0			(126	)
Class P		0			0			0			0			0			0
Class A		0			0			0			0			0			0
Class C		0			0			0			0			0			(2	)
Total Distributions(a)		(146,016	)		(41,001	)		(26,895	)		(12,946	)		(3,500	)		(1,700	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions**		341,293			(177,538	)		(8,782	)		77,245			1,590			4,194
Total Increase (Decrease) in Net Assets		447,760			147,393			12,199			131,465			7,830			17,504
Net Assets:
Beginning of period		1,528,665			1,381,272			414,749			283,284			80,685			63,181
End of period*	$	1,976,425		$	1,528,665		$	426,948		$	414,749		$	88,515		$	80,685
* Including undistributed (overdistributed) net investment income of:	$	(9,999	)	$	146		$	(4,148	)	$	(6	)	$	(643	)	$	(3	)

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

** See Note 12, Shares of Beneficial Interest, in the Notes to Financial Statements.

^(a)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

SEMIANNUAL REPORT DECEMBER 31, 2017 29

Statements of Changes in Net Assets (Cont.)

	PIMCO RAE Fundamental International Fund						PIMCO RAE Fundamental US Fund						PIMCO RAE Fundamental US Small Fund
(Amounts in thousands†)	Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017			Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017			Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	4,792		$	9,950		$	6,646		$	12,040		$	844		$	1,101
Net realized gain (loss)		9,201			4,152			12,487			26,145			3,158			8,359
Net change in unrealized appreciation (depreciation)		39,751			56,171			52,095			33,222			6,144			8,156
Net Increase (Decrease) in Net Assets Resulting from Operations		53,744			70,273			71,228			71,407			10,146			17,616
Distributions to Shareholders:
From net investment income
Institutional Class		(12,799	)		(7,439	)		(12,630	)		(12,165	)		(1,435	)		(1,184	)
Class P		(122	)		(152	)		(156	)		(138	)		(60	)		(22	)
Class A		(61	)		(1	)		(143	)		(103	)		(99	)		(39	)
Class C		(20	)		(9	)		(71	)		(94	)		(6	)		(4	)
From net realized capital gains
Institutional Class		(302	)		0			(24,086	)		(16,709	)		(3,201	)		0
Class P		(3	)		0			(312	)		(167	)		(137	)		0
Class A		(1	)		0			(304	)		(137	)		(272	)		0
Class C		(1	)		0			(196	)		(133	)		(23	)		0
Total Distributions(a)		(13,309	)		(7,601	)		(37,898	)		(29,646	)		(5,233	)		(1,249	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions**		623			170,346			6,161			79,713			4,111			5,555
Total Increase (Decrease) in Net Assets		41,058			233,018			39,491			121,474			9,024			21,922
Net Assets:
Beginning of period		481,587			248,569			641,431			519,957			106,550			84,628
End of period*	$	522,645		$	481,587		$	680,922		$	641,431		$	115,574		$	106,550
* Including undistributed (overdistributed) net investment income of:	$	(1,790	)	$	6,420		$	(1,139	)	$	5,215		$	(464	)	$	292

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

** See Note 12, Shares of Beneficial Interest, in the Notes to Financial Statements.

^(a)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

30 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE Fundamental Emerging Markets Fund

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.6%
COMMON STOCKS 97.3%
AUSTRALIA 0.0%
MATERIALS 0.0%
MMG Ltd. (a)		372,000	$		184
Total Australia					184
BRAZIL 8.7%
CONSUMER DISCRETIONARY 0.5%
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		136,000			541
Grendene S.A.		89,500			768
Guararapes Confeccoes S.A.		4,600			208
MRV Engenharia e Participacoes S.A.		264,100			1,196
Via Varejo S.A.		830,100			6,129
					8,842
CONSUMER STAPLES 0.7%
Ambev S.A. ADR		155,757			1,006
BRF S.A. (a)		182,000			2,008
JBS S.A.		1,527,700			4,518
Marfrig Global Foods S.A. (a)		1,444,500			3,188
Natura Cosmeticos S.A.		320,700			3,196
					13,916
ENERGY 1.1%
Cosan S.A. Industria e Comercio		22,100			277
Petroleo Brasileiro S.A. SP - ADR (a)		2,076,194			21,364
					21,641
FINANCIALS 2.7%
Banco Bradesco S.A. ADR		1,341,895			13,741
Banco BTG Pactual S.A.		143,386			821
Banco do Brasil S.A.		2,053,500			19,688
Itau Unibanco Holding S.A. SP - ADR ‘H’		1,340,753			17,430
Porto Seguro S.A.		84,100			921
PPLA Participations Ltd. (a)		10,876			4
Sul America S.A.		293,346			1,650
					54,255
INDUSTRIALS 0.0%
Embraer S.A. SP - ADR		32,298			773
MATERIALS 2.3%
Cia Siderurgica Nacional S.A. SP - ADR (a)		1,226,525			3,005
Duratex S.A.		182,300			506
Fibria Celulose S.A. SP - ADR		223,733			3,289
Gerdau S.A. SP - ADR		989,107			3,679
Vale S.A.		2,816,440			34,120
					44,599
REAL ESTATE 0.0%
BR Malls Participacoes S.A.		105,658			406
TELECOMMUNICATION SERVICES 0.3%
Telefonica Brasil S.A. ADR		99,056			1,469

	SHARES			MARKET VALUE (000S)
TIM Participacoes S.A. ADR		194,273	$		3,751
					5,220
						��
UTILITIES 1.1%
AES Tiete Energia S.A.		439,400			1,689
Cia de Saneamento Basico do Estado de Sao Paulo ADR		78,172			817
Cia de Saneamento de Minas Gerais-COPASA		116,200			1,522
Cia Energetica de Minas Gerais SP - ADR		3,863,312			7,958
EDP - Energias do Brasil S.A.		154,300			652
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.		920,722			4,538
Energisa S.A.		20,600			170
Engie Brasil Energia S.A.		63,000			675
Light S.A. (a)		441,700			2,222
Transmissora Alianca de Energia Eletrica S.A.		163,000			1,049
					21,292
Total Brazil					170,944
CHILE 1.0%
CONSUMER DISCRETIONARY 0.1%
Ripley Corp. S.A.		809,914			873
CONSUMER STAPLES 0.2%
Cencosud S.A.		944,192			2,777
Cia Cervecerias Unidas S.A. SP - ADR		6,271			185
					2,962
ENERGY 0.1%
Empresas COPEC S.A.		86,301			1,367
FINANCIALS 0.1%
Banco de Chile		1,927,697			310
Banco Santander Chile ADR		45,042			1,408
Sociedad Matriz del Banco de Chile S.A. ‘B’		2,068,377			1,042
					2,760
INDUSTRIALS 0.0%
Latam Airlines Group S.A. SP - ADR		58,996			820
MATERIALS 0.4%
Antofagasta PLC		150,752			2,034
CAP S.A.		288,358			3,699
Empresas CMPC S.A.		555,234			1,895
Sociedad Quimica y Minera de Chile S.A. SP - ADR		12,262			728
					8,356
TELECOMMUNICATION SERVICES 0.0%
Empresa Nacional de Telecomunicaciones S.A.		55,061			619
UTILITIES 0.1%
Enel Americas S.A. ADR		87,496			977
Enel Chile S.A.		9,133,925			1,084

	SHARES			MARKET VALUE (000S)
Enel Generacion Chile S.A. ADR		8,362	$		225
Inversiones Aguas Metropolitanas S.A.		237,683			451
					2,737
Total Chile					20,494
CHINA 22.0%
CONSUMER DISCRETIONARY 0.2%
Dongfeng Motor Group Co. Ltd. ‘H’		638,000			770
GOME Retail Holdings Ltd.		11,110,000			1,335
Great Wall Motor Co. Ltd. ‘H’		155,000			177
Zhongsheng Group Holdings Ltd.		451,000			1,025
					3,307
CONSUMER STAPLES 0.2%
Tingyi Cayman Islands Holding Corp.		1,900,000			3,696
Want Want China Holdings Ltd.		1,009,000			845
					4,541
ENERGY 2.8%
China Coal Energy Co. Ltd. ‘H’		1,148,000			517
China Oilfield Services Ltd. ‘H’		320,000			311
China Petroleum & Chemical Corp. ‘H’		20,676,400			15,144
China Shenhua Energy Co. Ltd. ‘H’		3,803,500			9,826
CNOOC Ltd.		14,288,000			20,512
PetroChina Co. Ltd. ‘H’		11,876,000			8,258
Yanzhou Coal Mining Co. Ltd. ‘H’		1,312,000			1,530
					56,098
FINANCIALS 11.8%
Agricultural Bank of China Ltd. ‘H’		36,320,000			16,879
Bank of China Ltd. ‘H’		76,794,000			37,609
Bank of Chongqing Co. Ltd. ‘H’		845,000			672
Bank of Communications Co. Ltd. ‘H’		10,981,000			8,128
China Cinda Asset Management Co. Ltd. ‘H’		3,956,000			1,445
China CITIC Bank Corp. Ltd. ‘H’		8,103,000			5,072
China Construction Bank Corp. ‘H’		83,227,000			76,615
China Everbright Bank Co. Ltd. ‘H’		3,036,000			1,415
China Huarong Asset Management Co. Ltd. ‘H’		7,377,000			3,477
China Life Insurance Co. Ltd. ‘H’		1,410,000			4,397
China Merchants Bank Co. Ltd. ‘H’		1,544,000			6,113
China Minsheng Banking Corp. Ltd. ‘H’		5,485,100			5,482
Chongqing Rural Commercial Bank Co. Ltd. ‘H’		4,988,000			3,513
CSC Financial Co. Ltd. ‘H’		582,500			516
Industrial & Commercial Bank of China Ltd. ‘H’		59,245,000			47,493
People’s Insurance Co. Group of China Ltd. ‘H’		8,905,000			4,373
PICC Property & Casualty Co. Ltd. ‘H’		94,000			180
Ping An Insurance Group Co. of China Ltd. ‘H’		471,000			4,885

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 31

Schedule of Investments PIMCO RAE Fundamental Emerging Markets Fund (Cont.)

	SHARES			MARKET VALUE (000S)
Postal Savings Bank of China Co. Ltd. ‘H’		8,329,000	$		4,319
					232,583
HEALTH CARE 0.2%
China Resources Pharmaceutical Group Ltd.		2,521,500			3,262
Sihuan Pharmaceutical Holdings Group Ltd.		1,163,000			418
					3,680
INDUSTRIALS 1.0%
Air China Ltd. ‘H’		1,208,000			1,463
China Communications Construction Co. Ltd. ‘H’		697,000			791
China Eastern Airlines Corp. Ltd. ‘H’		602,000			437
China Energy Engineering Corp. Ltd. ‘H’		1,058,000			183
China Lesso Group Holdings Ltd.		523,000			338
China Railway Construction Corp. Ltd. ‘H’		453,000			525
China Railway Group Ltd. ‘H’		229,000			169
China Southern Airlines Co. Ltd. ‘H’		2,444,000			2,524
Dongfang Electric Corp. Ltd.‘H’		170,800			140
Fosun International Ltd.		190,000			420
Harbin Electric Co. Ltd. ‘H’		2,586,000			1,082
Jiangsu Expressway Co. Ltd. ‘H’		132,000			201
Qinhuangdao Port Co. Ltd. ‘H’ (a)		953,000			321
Shanghai Electric Group Co. Ltd. ‘H’		1,322,000			544
Sinopec Engineering Group Co. Ltd. ‘H’		1,619,000			1,534
Sinotrans Ltd. ‘H’		1,977,000			967
Sinotruk Hong Kong Ltd.		1,798,000			2,025
Weichai Power Co. Ltd. ‘H’		1,897,000			2,072
Yangzijiang Shipbuilding Holdings Ltd.		2,013,900			2,208
Zhejiang Expressway Co. Ltd. ‘H’		1,286,000			1,414
Zoomlion Heavy Industry Science and Technology Co Ltd ‘H’		3,369,800			1,442
					20,800
INFORMATION TECHNOLOGY 0.7%
AVIC International Holdings Ltd.		240,000			247
Changyou.com Ltd. ADR (a)		43,649			1,590
Fang Holdings Ltd. ADR (a)		75,070			419
FIH Mobile Ltd.		603,000			184
Legend Holdings Corp. ‘H’		804,900			3,692
Lenovo Group Ltd.		8,688,000			4,892
Semiconductor Manufacturing International Corp. (a)		445,000			767
Sohu.com, Inc. (a)		39,335			1,705
ZTE Corp. ‘H’		66,200			247
					13,743
MATERIALS 1.3%
Anhui Conch Cement Co. Ltd. ‘H’		372,000			1,746
China BlueChemical Ltd. ‘H’		5,404,000			1,704

	SHARES			MARKET VALUE (000S)
China National Building Material Co. Ltd. ‘H’		18,626,000	$		16,600
China National Materials Co. Ltd. ‘H’		3,804,000			2,827
China Zhongwang Holdings Ltd.		2,570,000			1,406
Jiangxi Copper Co. Ltd. ‘H’		764,000			1,209
Maanshan Iron & Steel Co. Ltd. ‘H’ (a)		850,000			399
					25,891
REAL ESTATE 2.9%
Agile Group Holdings Ltd.		4,824,000			7,298
Beijing Capital Land Ltd. ‘H’		970,000			504
Central China Real Estate Ltd. (a)		1,968,000			922
China Evergrande Group		2,469,000			8,477
CIFI Holdings Group Co. Ltd.		638,000			383
Country Garden Holdings Co. Ltd.		2,225,000			4,227
Fantasia Holdings Group Co. Ltd.		3,220,500			440
Future Land Development Holdings Ltd.		4,069,138			2,552
Greentown China Holdings Ltd.		2,200,500			2,826
Guangzhou R&F Properties Co. Ltd. ‘H’		2,639,400			5,934
Kaisa Group Holdings Ltd. (a)		5,267,000			2,960
KWG Property Holding Ltd.		3,034,500			3,537
Logan Property Holdings Co. Ltd.		992,000			1,026
Longfor Properties Co. Ltd.		537,500			1,347
Powerlong Real Estate Holdings Ltd.		3,319,000			1,605
Red Star Macalline Group Corp. Ltd. ‘H’		512,000			830
Shui On Land Ltd.		7,810,000			2,157
Sino-Ocean Group Holding Ltd.		5,077,500			3,496
SOHO China Ltd.		6,448,000			3,765
Sunac China Holdings Ltd.		264,000			1,088
Yuzhou Properties Co. Ltd.		2,943,000			1,569
					56,943
TELECOMMUNICATION SERVICES 0.4%
China Communications Services Corp. Ltd. ‘H’		3,634,000			2,430
China Telecom Corp. Ltd. ‘H’		13,052,000			6,191
					8,621
UTILITIES 0.5%
Beijing Jingneng Clean Energy Co. Ltd. ‘H’		2,012,000			540
China Longyuan Power Group Corp. Ltd. ‘H’		931,000			661
Datang International Power Generation Co. Ltd. ‘H’		7,170,000			2,117
Huadian Fuxin Energy Corp. Ltd. ‘H’		6,028,000			1,472
Huadian Power International Corp. Ltd. ‘H’		3,598,000			1,306
Huaneng Power International, Inc. ‘H’		5,346,000			3,351
					9,447
Total China					435,654

	SHARES			MARKET VALUE (000S)
GREECE 1.3%
CONSUMER DISCRETIONARY 0.1%
FF Group (a)		44,368	$		1,011
OPAP S.A.		188,747			2,378
					3,389
ENERGY 0.0%
Hellenic Petroleum S.A.		28,818			263
FINANCIALS 1.0%
Alpha Bank AE (a)		3,155,770			6,766
Eurobank Ergasias S.A. (a)		706,769			721
National Bank of Greece S.A. (a)		21,362,346			8,167
Piraeus Bank S.A. (a)		1,037,662			3,822
					19,476
TELECOMMUNICATION SERVICES 0.1%
Hellenic Telecommunications Organization S.A.		151,013			2,084
UTILITIES 0.1%
Holding Co. Admie IPTO S.A. (a)		229,269			531
Public Power Corp. S.A.		220,031			514
					1,045
Total Greece					26,257
HONG KONG 4.7%
CONSUMER DISCRETIONARY 0.1%
China Travel International Investment Hong Kong Ltd.		2,452,000			911
Dah Chong Hong Holdings Ltd.		1,041,000			483
					1,394
CONSUMER STAPLES 0.6%
China Agri-Industries Holdings Ltd.		2,944,000			1,287
China Resources Beer Holdings Co. Ltd.		2,998,000			10,740
					12,027
ENERGY 0.2%
Kunlun Energy Co. Ltd.		3,632,000			3,775
FINANCIALS 0.7%
BOC Hong Kong Holdings Ltd.		1,163,000			5,878
China Taiping Insurance Holdings Co. Ltd.		2,038,600			7,609
Far East Horizon Ltd.		359,000			306
					13,793
INDUSTRIALS 0.6%
Beijing Enterprises Holdings Ltd.		32,000			190
China Merchants Port Holdings Co. Ltd.		340,000			888
CITIC Ltd.		3,195,000			4,610
COSCO SHIPPING Ports Ltd.		2,212,000			2,302
Shanghai Industrial Holdings Ltd.		1,000,000			2,860
Shenzhen International Holdings Ltd.		101,000			192

32 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
Tianjin Port Development Holdings Ltd.		2,540,000	$		373
					11,415
MATERIALS 0.2%
China Resources Cement Holdings Ltd.		3,738,000			2,453
Shougang Fushan Resources Group Ltd.		7,462,000			1,598
					4,051
REAL ESTATE 0.8%
China Jinmao Holdings Group Ltd.		6,142,000			2,698
China Overseas Grand Oceans Group Ltd.		2,609,000			1,424
China Overseas Land & Investment Ltd.		106,000			340
China Resources Land Ltd.		806,000			2,365
Poly Property Group Co. Ltd.		7,348,000			3,817
Shenzhen Investment Ltd.		3,698,000			1,531
Yuexiu Property Co. Ltd.		18,522,000			3,451
					15,626
TELECOMMUNICATION SERVICES 1.1%
China Mobile Ltd.		1,380,000			13,954
China Unicom Hong Kong Ltd.		6,818,000			9,218
					23,172
UTILITIES 0.4%
China Power International Development Ltd.		12,394,000			3,252
China Resources Power Holdings Co. Ltd.		2,756,000			5,126
					8,378
Total Hong Kong					93,631
INDIA 6.4%
CONSUMER DISCRETIONARY 0.2%
Amtek Auto Ltd. (a)		577,586			271
Tata Motors Ltd.		452,177			3,046
					3,317
ENERGY 0.7%
Bharat Petroleum Corp. Ltd.		24,108			195
Coal India Ltd.		603,876			2,486
Hindustan Petroleum Corp. Ltd.		155,908			1,023
Indian Oil Corp. Ltd.		138,031			840
Oil & Natural Gas Corp. Ltd.		1,342,312			4,089
Oil India Ltd.		203,624			1,177
Reliance Industries Ltd.		321,540			4,630
					14,440
FINANCIALS 2.0%
Allahabad Bank		1,720,447			1,976
Andhra Bank (a)		2,464,958			2,250
Bank of Baroda		507,562			1,283
Bank of India		842,441			2,237
Canara Bank		576,761			3,246
Corp. Bank		114,602			70
ICICI Bank Ltd.		725,330			3,558
IDBI Bank Ltd. (a)		514,150			483
Indian Bank		262,990			1,551

	SHARES			MARKET VALUE (000S)
Oriental Bank of Commerce (a)		1,308,295	$		2,471
Power Finance Corp. Ltd.		1,276,305			2,430
Punjab National Bank (a)		1,043,537			2,797
Rural Electrification Corp. Ltd.		1,676,737			4,095
State Bank of India		1,425,442			6,907
Syndicate Bank		990,920			1,240
UCO Bank (a)		542,251			249
Union Bank of India		1,325,786			2,990
					39,833
INDUSTRIALS 0.7%
Adani Enterprises Ltd.		977,650			2,525
Bharat Heavy Electricals Ltd.		1,112,276			1,610
GMR Infrastructure Ltd. (a)		1,163,229			411
Jaiprakash Associates Ltd. (a)		24,471,004			9,989
					14,535
MATERIALS 2.0%
Grasim Industries Ltd.		34,569			630
Hindalco Industries Ltd.		1,557,389			6,670
Jindal Steel & Power Ltd. (a)		2,788,198			8,916
JSW Steel Ltd.		269,526			1,139
National Aluminium Co. Ltd.		805,510			1,084
NMDC Ltd.		323,512			700
Steel Authority of India Ltd.		1,835,772			2,646
Tata Chemicals Ltd.		127,407			1,461
Tata Steel Ltd.		937,231			10,712
Vedanta Ltd.		548,983			2,834
Vedanta Resources PLC		203,924			2,206
					38,998
REAL ESTATE 0.0%
DLF Ltd.		104,717			425
TELECOMMUNICATION SERVICES 0.4%
Bharti Airtel Ltd.		74,994			622
Idea Cellular Ltd. (a)		125,689			214
Reliance Communications Ltd. (a)		11,533,057			6,559
					7,395
UTILITIES 0.4%
Adani Power Ltd. (a)		509,410			332
CESC Ltd.		15,099			248
Jaiprakash Power Ventures Ltd. (a)		3,337,994			494
JSW Energy Ltd.		145,860			211
NHPC Ltd.		2,391,330			1,226
NTPC Ltd.		234,987			649
Reliance Infrastructure Ltd.		150,872			1,307
Reliance Power Ltd. (a)		308,260			243
Tata Power Co. Ltd.		1,863,958			2,725
					7,435
Total India					126,378
INDONESIA 1.1%
CONSUMER DISCRETIONARY 0.1%
Astra International Tbk PT		1,699,900			1,038

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.0%
Indofood Sukses Makmur Tbk PT		1,493,800	$		839
ENERGY 0.4%
Adaro Energy Tbk PT		14,013,000			1,916
Indo Tambangraya Megah Tbk PT		1,424,500			2,169
Tambang Batubara Bukit Asam Persero Tbk PT		5,984,590			1,085
United Tractors Tbk PT		1,116,000			2,912
					8,082
FINANCIALS 0.3%
Bank CIMB Niaga Tbk PT (a)		1,542,000			153
Bank Danamon Indonesia Tbk PT		1,293,600			663
Bank Mandiri Persero Tbk PT		3,540,000			2,085
Bank Negara Indonesia Persero Tbk PT		2,575,900			1,880
Bank Rakyat Indonesia Persero Tbk PT		6,819,300			1,829
					6,610
INDUSTRIALS 0.0%
Berlian Laju Tanker Tbk PT (a)		707,200			0
MATERIALS 0.1%
Indah Kiat Pulp & Paper Corp. Tbk PT		2,687,000			1,070
Indocement Tunggal Prakarsa Tbk PT		118,600			192
Semen Indonesia Persero Tbk PT		965,100			704
					1,966
TELECOMMUNICATION SERVICES 0.1%
Telekomunikasi Indonesia Persero Tbk PT		2,296,300			751
XL Axiata Tbk PT		841,500			184
					935
UTILITIES 0.1%
Perusahaan Gas Negara Persero Tbk		8,965,500			1,155
Total Indonesia					20,625
MALAYSIA 1.4%
CONSUMER DISCRETIONARY 0.2%
DRB-Hicom Bhd.		2,705,200			1,221
Genting Bhd.		605,000			1,374
UMW Holdings Bhd. (a)		284,500			364
					2,959
CONSUMER STAPLES 0.1%
British American Tobacco Malaysia Bhd.		86,800			858
Felda Global Ventures Holdings Bhd.		2,115,800			884
Sime Darby Plantation Bhd. (a)		283,900			421
					2,163

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 33

Schedule of Investments PIMCO RAE Fundamental Emerging Markets Fund (Cont.)

	SHARES			MARKET VALUE (000S)
ENERGY 0.0%
Sapura Energy Bhd.		2,022,500	$		354
FINANCIALS 0.6%
Alliance Bank Malaysia Bhd.		556,300			560
AMMB Holdings Bhd.		1,523,900			1,660
CIMB Group Holdings Bhd.		2,306,200			3,727
Malayan Banking Bhd.		1,895,800			4,588
Public Bank Bhd.		247,500			1,271
RHB Bank Bhd.		620,900			767
					12,573
INDUSTRIALS 0.1%
AirAsia Bhd.		1,434,200			1,187
Berjaya Corp. Bhd. (a)		2,846,900			236
MISC Bhd.		195,200			357
MMC Corp. Bhd.		369,200			187
Sime Darby Bhd.		283,900			155
					2,122
MATERIALS 0.0%
Petronas Chemicals Group Bhd.		103,200			196
REAL ESTATE 0.1%
Sime Darby Property Bhd. (a)		283,900			125
Sunway Bhd.		1,620,533			652
					777
TELECOMMUNICATION SERVICES 0.1%
Axiata Group Bhd.		934,100			1,264
Maxis Bhd.		233,500			347
Telekom Malaysia Bhd.		617,900			962
					2,573
UTILITIES 0.2%
Malakoff Corp. Bhd.		1,163,200			282
Tenaga Nasional Bhd.		466,600			1,758
YTL Corp. Bhd.		3,529,402			1,193
YTL Power International Bhd.		1,066,614			340
					3,573
Total Malaysia					27,290
MALTA 0.0%
FINANCIALS 0.0%
Brait SE		107,240			361
Total Malta					361
MEXICO 1.2%
CONSUMER DISCRETIONARY 0.0%
Megacable Holdings S.A.B. de C.V.		44,200			180
CONSUMER STAPLES 0.1%
Coca-Cola Femsa S.A.B. de C.V. SP - ADR		9,294			647
Fomento Economico Mexicano S.A.B. de C.V. SP - ADR		10,250			962
Grupo Bimbo S.A.B. de C.V. ‘A’		145,300			322
Kimberly-Clark de Mexico S.A.B. de C.V. ‘A’		187,900			331

	SHARES			MARKET VALUE (000S)
Wal-Mart de Mexico S.A.B. de C.V.		77,700	$		191
					2,453
FINANCIALS 0.2%
Grupo Elektra S.A.B. de C.V.		51,790			1,854
Grupo Financiero Banorte S.A.B. de C.V. ‘O’		87,700			481
Grupo Financiero Inbursa S.A.B. de C.V. ‘O’		102,200			167
Grupo Financiero Santander Mexico S.A.B. de C.V. ADR ‘B’		125,946			921
					3,423
INDUSTRIALS 0.2%
Alfa S.A.B. de C.V. ‘A’		2,911,500			3,206
MATERIALS 0.2%
Cemex S.A.B. de C.V. SP - ADR (a)		444,060			3,330
Industrias Penoles S.A.B. de C.V.		9,020			189
					3,519
TELECOMMUNICATION SERVICES 0.5%
America Movil S.A.B. de C.V. SP - ADR ‘L’		609,058			10,445
Total Mexico					23,226
PHILIPPINES 0.2%
INDUSTRIALS 0.1%
Alliance Global Group, Inc. (a)		2,935,600			941
San Miguel Corp.		83,810			187
					1,128
TELECOMMUNICATION SERVICES 0.1%
Globe Telecom, Inc.		9,540			363
PLDT, Inc.		99,105			2,940
					3,303
Total Philippines					4,431
POLAND 2.3%
ENERGY 0.2%
Grupa Lotos S.A.		106,565			1,763
Polski Koncern Naftowy ORLEN S.A.		39,506			1,201
Polskie Gornictwo Naftowe i Gazownictwo S.A.		1,129,569			2,041
					5,005
FINANCIALS 0.7%
Bank Handlowy w Warszawie S.A.		33,170			780
Bank Millennium S.A. (a)		78,236			201
Bank Pekao S.A.		84,772			3,148
Getin Noble Bank S.A. (a)		1,505,212			700
Powszechna Kasa Oszczednosci Bank Polski S.A.		455,554			5,783
Powszechny Zaklad Ubezpieczen S.A.		335,869			4,063
					14,675

	SHARES			MARKET VALUE (000S)
INFORMATION TECHNOLOGY 0.1%
Asseco Poland S.A.		96,012	$		1,211
MATERIALS 0.5%
Grupa Azoty S.A.		9,319			186
Jastrzebska Spolka Weglowa S.A.		29,889			824
KGHM Polska Miedz S.A.		265,132			8,443
Synthos S.A.		645,623			905
					10,358
TELECOMMUNICATION SERVICES 0.2%
Orange Polska S.A.		1,960,081			3,257
UTILITIES 0.6%
Enea S.A.		437,735			1,446
Energa S.A.		928,480			3,391
PGE Polska Grupa Energetyczna S.A. (a)		1,139,863			3,940
Tauron Polska Energia S.A.		3,057,671			2,675
					11,452
Total Poland					45,958
RUSSIA 8.1%
CONSUMER STAPLES 0.2%
X5 Retail Group NV GDR (a)		86,675			3,274
ENERGY 4.9%
Gazprom Neft PJSC SP - ADR		55,312			1,185
Gazprom PJSC SP - ADR		9,342,790			41,086
Lukoil PJSC SP - ADR		494,516			28,181
Rosneft Oil, Co. PJSC GDR		1,152,172			5,733
Surgutneftegas OJSC SP - ADR		3,738,522			17,549
Tatneft PJSC SP - ADR		57,763			2,847
TMK PJSC		366,980			469
					97,050
FINANCIALS 0.5%
Sberbank of Russia PJSC SP - ADR		519,933			8,764
VTB Bank PJSC GDR		609,706			1,108
					9,872
INDUSTRIALS 0.1%
Aeroflot PJSC		696,760			1,677
Globaltrans Investment PLC GDR		36,650			344
					2,021
INFORMATION TECHNOLOGY 0.0%
Mail.Ru Group Ltd. SP - GDR (a)		27,199			786
MATERIALS 1.1%
Evraz PLC		648,677			2,978
Magnitogorsk Iron & Steel Works PJSC		237,100			172
Mechel PJSC SP - ADR		673,901			3,545
MMC Norilsk Nickel PJSC ADR		606,580			11,336
Novolipetsk Steel PJSC GDR		33,224			848
Severstal PJSC GDR		183,496			2,810
					21,689

34 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.0%
LSR Group PJSC GDR		44,940	$		123
TELECOMMUNICATION SERVICES 0.9%
MegaFon PJSC SP - GDR		400,639			3,706
Mobile TeleSystems PJSC		1,710,740			8,202
Rostelecom PJSC		1,793,750			1,980
Sistema PJSC FC SP - GDR		685,388			2,861
					16,749
UTILITIES 0.4%
Federal Grid Co. Unified Energy System PJSC		537,700,000			1,509
Inter RAO UES PJSC		9,678,000			564
Mosenergo PJSC		11,879,000			541
Rosseti PJSC		216,969,012			3,079
RusHydro PJSC		133,343,000			1,687
Unipro PJSC		10,847,000			479
					7,859
Total Russia					159,423
SOUTH AFRICA 6.2%
CONSUMER DISCRETIONARY 0.2%
Imperial Holdings Ltd.		188,031			3,973
Tsogo Sun Holdings Ltd.		233,065			459
					4,432
CONSUMER STAPLES 0.0%
Massmart Holdings Ltd.		67,450			761
ENERGY 0.1%
Exxaro Resources Ltd.		175,259			2,302
FINANCIALS 2.2%
Barclays Africa Group Ltd.		799,313			11,709
FirstRand Ltd.		560,670			3,035
Investec Ltd.		584,267			4,237
Liberty Holdings Ltd.		431,564			4,340
MMI Holdings Ltd.		1,422,281			2,414
Nedbank Group Ltd.		267,639			5,521
Standard Bank Group Ltd.		825,109			12,992
					44,248
HEALTH CARE 0.2%
Life Healthcare Group Holdings Ltd.		649,580			1,457
Netcare Ltd.		741,372			1,507
					2,964
INDUSTRIALS 0.3%
Barloworld Ltd.		455,953			5,880
MATERIALS 2.1%
African Rainbow Minerals Ltd.		126,240			1,362
Gold Fields Ltd. SP - ADR		941,976			4,051
Impala Platinum Holdings Ltd. (a)		243,826			639
Kumba Iron Ore Ltd.		380,386			11,656
Mondi Ltd.		189,816			4,898
Nampak Ltd. (a)		1,499,262			1,966

	SHARES			MARKET VALUE (000S)
Sappi Ltd.		154,429	$		1,117
Sasol Ltd.		424,091			14,660
					40,349
TELECOMMUNICATION SERVICES 1.1%
MTN Group Ltd.		1,516,622			16,744
Telkom S.A. SOC Ltd.		626,750			2,437
Vodacom Group Ltd.		123,880			1,453
					20,634
Total South Africa					121,570
SOUTH KOREA 19.6%
CONSUMER DISCRETIONARY 3.6%
CJ O Shopping Co. Ltd.		12,621			2,723
Hyundai Department Store Co. Ltd.		13,738			1,339
Hyundai Mobis Co. Ltd.		8,826			2,168
Hyundai Motor Co.		158,526			23,071
Hyundai Wia Corp.		23,214			1,409
Kia Motors Corp.		277,978			8,699
Kumho Tire Co., Inc. (a)		360,400			1,490
LG Electronics, Inc.		199,473			19,723
LOTTE Himart Co. Ltd.		16,291			1,048
Lotte Shopping Co. Ltd.		23,820			4,428
Mando Corp.		2,956			852
Shinsegae, Inc.		12,331			3,456
					70,406
CONSUMER STAPLES 0.4%
CJ CheilJedang Corp.		1,708			584
E-MART, Inc.		20,092			5,081
Hite Jinro Co. Ltd.		65,570			1,476
Lotte Chilsung Beverage Co. Ltd.		81			101
					7,242
ENERGY 0.2%
GS Holdings Corp.		42,336			2,459
SK Innovation Co. Ltd.		10,003			1,908
					4,367
FINANCIALS 4.8%
BNK Financial Group, Inc.		325,560			2,861
DGB Financial Group, Inc.		341,913			3,365
Hana Financial Group, Inc.		362,030			16,828
Hanwha Life Insurance Co. Ltd.		771,057			4,970
Hyundai Marine & Fire Insurance Co. Ltd.		44,421			1,948
Industrial Bank of Korea		466,198			7,151
JB Financial Group Co. Ltd.		244,310			1,384
KB Financial Group, Inc.		251,851			14,905
Korea Investment Holdings Co. Ltd.		6,730			433
Meritz Financial Group, Inc.		29,984			422
Meritz Fire & Marine Insurance Co. Ltd.		23,100			506
Mirae Asset Life Insurance Co. Ltd.		273,944			1,343
Samsung Card Co. Ltd.		46,037			1,703
Samsung Fire & Marine Insurance Co. Ltd.		4,981			1,242
Samsung Life Insurance Co. Ltd.		44,902			5,209

	SHARES			MARKET VALUE (000S)
Shinhan Financial Group Co. Ltd.		332,118	$		15,330
Tongyang Life Insurance Co. Ltd.		144,760			1,028
Woori Bank		906,747			13,330
					93,958
INDUSTRIALS 1.7%
Asiana Airlines, Inc. (a)		393,650			1,664
CJ Corp.		21,694			3,673
Daewoo Engineering & Construction Co. Ltd. (a)		77,830			431
Doosan Bobcat, Inc.		5,515			184
Doosan Corp.		23,247			2,451
Doosan Heavy Industries & Construction Co. Ltd.		200,049			2,868
Doosan Infracore Co. Ltd. (a)		512,594			4,154
Hanwha Corp.		70,655			2,732
Hyundai Construction Equipment Co. Ltd. (a)		2,368			373
Hyundai Electric & Energy System Co. Ltd. (a)		2,452			261
Hyundai Engineering & Construction Co. Ltd.		36,446			1,236
Hyundai Robotics Co. Ltd. (a)		3,145			1,119
KCC Corp.		2,207			786
Korean Air Lines Co. Ltd. (a)		194,036			6,124
LG Corp.		2,295			195
LS Corp.		44,825			3,033
Samsung Heavy Industries Co. Ltd.		53,902			369
SK Networks Co. Ltd.		424,914			2,638
					34,291
INFORMATION TECHNOLOGY 4.9%
LG Display Co. Ltd.		252,418			7,026
LG Innotek Co. Ltd.		6,908			926
Samsung Electro-Mechanics Co. Ltd.		22,781			2,124
Samsung Electronics Co. Ltd.		32,416			77,017
Samsung SDI Co. Ltd.		3,345			638
SK Hynix, Inc.		140,886			10,007
					97,738
MATERIALS 1.6%
Dongkuk Steel Mill Co. Ltd.		222,411			2,286
Hyundai Steel Co.		60,871			3,333
Kolon Industries, Inc.		19,811			1,645
LG Chem Ltd.		4,294			1,624
OCI Co. Ltd.		1,637			208
POSCO		72,055			22,413
Taekwang Industrial Co. Ltd.		429			528
					32,037
TELECOMMUNICATION SERVICES 1.8%
KT Corp. SP - ADR		1,100,073			17,172
LG Uplus Corp.		548,169			7,169
SK Telecom Co. Ltd. SP - ADR		378,872			10,574
					34,915
UTILITIES 0.6%
Korea Electric Power Corp.		230,097			8,179
Korea Gas Corp.		83,376			3,317
					11,496
Total South Korea					386,450

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 35

Schedule of Investments PIMCO RAE Fundamental Emerging Markets Fund (Cont.)

	SHARES			MARKET VALUE (000S)
TAIWAN 7.9%
CONSUMER DISCRETIONARY 0.2%
Cheng Shin Rubber Industry Co. Ltd.		518,000	$		914
Far Eastern Department Stores Ltd.		1,029,000			518
Pou Chen Corp.		1,664,000			2,151
Ruentex Industries Ltd.		388,000			658
Yulon Motor Co. Ltd.		1,010,000			819
					5,060
CONSUMER STAPLES 0.1%
Uni-President Enterprises Corp.		1,207,640			2,674
FINANCIALS 1.9%
Cathay Financial Holding Co. Ltd.		2,324,000			4,164
Chailease Holding Co. Ltd.		401,000			1,163
China Development Financial Holding Corp.		8,878,000			3,022
China Life Insurance Co. Ltd.		4,674,608			4,690
CTBC Financial Holding Co. Ltd.		3,238,000			2,226
First Financial Holding Co. Ltd.		2,269,020			1,488
Fubon Financial Holding Co. Ltd.		1,929,000			3,279
Hua Nan Financial Holdings Co. Ltd.		2,380,995			1,339
Mega Financial Holding Co. Ltd.		3,562,658			2,873
Mercuries Life Insurance Co. Ltd. (a)		1,875,717			1,020
Shanghai Commercial & Savings Bank Ltd.		1,130,451			1,278
Shin Kong Financial Holding Co. Ltd.		10,955,903			3,854
SinoPac Financial Holdings Co. Ltd.		9,014,622			2,929
Taishin Financial Holding Co. Ltd.		4,076,719			1,894
Taiwan Business Bank		3,002,552			846
Taiwan Cooperative Financial Holding Co. Ltd.		1,655,501			923
Yuanta Financial Holding Co. Ltd.		3,525,000			1,630
					38,618
INDUSTRIALS 0.3%
China Airlines Ltd. (a)		3,922,000			1,531
Far Eastern New Century Corp.		3,344,520			3,006
Taiwan High Speed Rail Corp.		662,000			522
Teco Electric and Machinery Co. Ltd.		856,000			817
					5,876
INFORMATION TECHNOLOGY 4.8%
Acer, Inc.		3,450,000			2,793
Advanced Semiconductor Engineering, Inc.		833,580			1,067
Asustek Computer, Inc.		547,000			5,137
AU Optronics Corp.		14,233,000			5,915
Catcher Technology Co. Ltd.		80,000			877
Chicony Electronics Co. Ltd.		129,000			324
Compal Electronics, Inc.		6,285,000			4,492
Foxconn Technology Co. Ltd.		208,000			593
Hon Hai Precision Industry Co. Ltd.		3,893,145			12,379

	SHARES			MARKET VALUE (000S)
HTC Corp.		1,628,000	$		3,999
Innolux Corp.		19,269,000			7,999
Inventec Corp.		1,702,000			1,354
Lite-On Technology Corp.		2,217,035			3,016
MediaTek, Inc.		377,000			3,706
Novatek Microelectronics Corp.		320,000			1,216
Pegatron Corp.		632,000			1,523
Powertech Technology, Inc.		348,000			1,025
Quanta Computer, Inc.		1,162,000			2,417
Siliconware Precision Industries Co. Ltd.		743,000			1,254
Synnex Technology International Corp.		1,138,650			1,549
Taiwan Semiconductor Manufacturing Co. Ltd. SP - ADR		253,671			10,058
TPK Holding Co. Ltd.		1,252,000			3,492
Unimicron Technology Corp.		3,818,000			2,083
United Microelectronics Corp.		14,389,000			6,832
Wistron Corp.		5,132,229			4,113
WPG Holdings Ltd.		1,422,000			1,878
Yageo Corp.		218,938			2,587
Zhen Ding Technology Holding Ltd.		253,000			554
					94,232
MATERIALS 0.4%
Asia Cement Corp.		2,201,000			2,082
China Steel Corp.		1,439,000			1,196
Nan Ya Plastics Corp.		164,000			428
Taiwan Cement Corp.		2,810,000			3,438
					7,144
REAL ESTATE 0.1%
Farglory Land Development Co. Ltd.		395,000			426
Highwealth Construction Corp.		437,000			620
					1,046
TELECOMMUNICATION SERVICES 0.1%
Chunghwa Telecom Co. Ltd.		511,000			1,818
Total Taiwan					156,468
THAILAND 2.5%
ENERGY 0.9%
Banpu PCL		4,468,900			2,671
IRPC PCL		2,653,700			574
PTT Exploration & Production PCL		2,097,100			6,427
PTT PCL		644,500			8,685
					18,357
FINANCIALS 1.1%
Bangkok Bank PCL		1,065,100			6,602
Kasikornbank PCL		527,100			3,744
Krung Thai Bank PCL		5,091,675			2,993
Siam Commercial Bank PCL		902,900			4,144
Thanachart Capital PCL		2,065,600			3,562
Tisco Financial Group PCL		172,200			468
TMB Bank PCL		5,969,100			553
					22,066

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.2%
Thai Airways International PCL (a)		8,006,000	$		4,250
MATERIALS 0.1%
PTT Global Chemical PCL		734,500			1,914
REAL ESTATE 0.0%
Pruksa Holding PCL		235,200			170
TELECOMMUNICATION SERVICES 0.2%
Advanced Info Service PCL		34,400			202
Total Access Communication PCL		2,102,900			3,154
					3,356
Total Thailand					50,113
TURKEY 2.7%
CONSUMER DISCRETIONARY 0.1%
Arcelik A/S		96,715			549
Ford Otomotiv Sanayi A/S		13,770			219
Vestel Elektronik Sanayi ve Ticaret A/S (a)		365,931			730
					1,498
CONSUMER STAPLES 0.1%
Anadolu Efes Biracilik Ve Malt Sanayii A/S		68,830			439
Migros Ticaret A/S		228,088			1,658
					2,097
ENERGY 0.1%
Tupras Turkiye Petrol Rafinerileri A/S		48,220			1,545
FINANCIALS 1.6%
Akbank Turk A/S		1,439,780			3,737
Haci Omer Sabanci Holding A/S		2,296,280			6,727
Sekerbank TAS (a)		3,282,930			1,583
Turkiye Garanti Bankasi A/S		1,308,970			3,699
Turkiye Halk Bankasi A/S		1,546,670			4,395
Turkiye Is Bankasi ‘C’		3,477,860			6,386
Turkiye Vakiflar Bankasi TAO ‘D’		1,461,740			2,607
Yapi ve Kredi Bankasi A/S		1,632,200			1,867
					31,001
INDUSTRIALS 0.5%
KOC Holding A/S		349,660			1,703
TAV Havalimanlari Holding A/S		160,200			948
Turk Hava Yollari AO (a)		1,746,680			7,231
Turkiye Sise ve Cam Fabrikalari A/S		426,883			529
					10,411
MATERIALS 0.1%
Eregli Demir ve Celik Fabrikalari TAS		1,199,350			3,164
TELECOMMUNICATION SERVICES 0.2%
Turk Telekomunikasyon A/S		782,980			1,329

36 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
Turkcell Iletisim Hizmetleri A/S		458,923	$		1,871
					3,200
Total Turkey					52,916
Total Common Stocks (Cost $1,440,394)					1,922,373
PREFERRED STOCKS 2.3%
BRAZIL 1.9%
BANKING & FINANCE 0.1%
Banco do Estado do Rio Grande do Sul S.A.		500,700			2,249
CONSUMER STAPLES 0.5%
Cia Brasileira de Distribuicao		370,000			8,806
MATERIALS 0.7%
Braskem S.A.		192,400			2,486
Metalurgica Gerdau S.A.		6,385,400			11,135
Usinas Siderurgicas de Minas Gerais S.A.		301,100			825
					14,446

	SHARES			MARKET VALUE (000S)
UTILITIES 0.6%
Centrais Eletricas Brasileiras S.A.		514,300	$		3,524
Cia de Gas de Sao Paulo - COMGAS		32,100			581
Cia de Saneamento do Parana		480,500			1,695
Cia de Transmissao de Energia Eletrica Paulista		9,300			188
Cia Energetica de Sao Paulo		878,100			3,494
Cia Paranaense de Energia		373,600			2,810
					12,292
Total Brazil					37,793
RUSSIA 0.4%
ENERGY 0.4%
Bashneft PJSC		64,528			1,514
Transneft PJSC		2,107			6,497
					8,011
Total Russia					8,011
Total Preferred Stocks (Cost $26,930)					45,804

	SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 0.0%
SOUTH AFRICA 0.0%
REAL ESTATE 0.0%
Growthpoint Properties Ltd.		82,427	$		184
Total Real Estate Investment Trusts (Cost $151)					184
Total Investments in Securities (Cost $1,467,475)					1,968,361
Total Investments 99.6% (Cost $1,467,475)			$		1,968,361
Other Assets and Liabilities, net 0.4%					8,064
Net Assets 100.0%			$		1,976,425

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security did not produce income within the last twelve months.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 6, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	26	$	0	$	26
Net Change in Unrealized Appreciation on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2	$	0	$	2

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 37

Schedule of Investments PIMCO RAE Fundamental Emerging Markets Fund (Cont.)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Securities, at Value
Common Stocks
Australia
Materials	$	0	$	184	$	0	$	184
Brazil
Consumer Discretionary		976		7,866		0		8,842
Consumer Staples		10,728		3,188		0		13,916
Energy		21,364		277		0		21,641
Financials		33,646		20,609		0		54,255
Industrials		773		0		0		773
Materials		9,973		34,626		0		44,599
Real Estate		0		406		0		406
Telecommunication Services		5,220		0		0		5,220
Utilities		18,273		3,019		0		21,292
Chile
Consumer Discretionary		873		0		0		873
Consumer Staples		2,962		0		0		2,962
Energy		1,367		0		0		1,367
Financials		2,760		0		0		2,760
Industrials		820		0		0		820
Materials		2,623		5,733		0		8,356
Telecommunication Services		619		0		0		619
Utilities		2,737		0		0		2,737
China
Consumer Discretionary		0		3,307		0		3,307
Consumer Staples		3,696		845		0		4,541
Energy		0		56,098		0		56,098
Financials		516		232,067		0		232,583
Health Care		0		3,680		0		3,680
Industrials		9,724		11,076		0		20,800
Information Technology		4,145		9,598		0		13,743
Materials		0		25,891		0		25,891
Real Estate		6,677		50,266		0		56,943
Telecommunication Services		0		8,621		0		8,621
Utilities		0		9,447		0		9,447
Greece
Consumer Discretionary		3,389		0		0		3,389
Energy		263		0		0		263
Financials		4,543		14,933		0		19,476
Telecommunication Services		2,084		0		0		2,084
Utilities		0		1,045		0		1,045
Hong Kong
Consumer Discretionary		483		911		0		1,394
Consumer Staples		0		12,027		0		12,027
Energy		0		3,775		0		3,775
Financials		306		13,487		0		13,793
Industrials		2,302		9,113		0		11,415
Materials		0		4,051		0		4,051
Real Estate		0		15,626		0		15,626
Telecommunication Services		0		23,172		0		23,172
Utilities		0		8,378		0		8,378
India
Consumer Discretionary		271		3,046		0		3,317
Energy		0		14,440		0		14,440
Financials		8,540		31,293		0		39,833
Industrials		0		14,535		0		14,535
Materials		3,245		35,753		0		38,998
Real Estate		0		425		0		425
Telecommunication Services		6,773		622		0		7,395
Utilities		1,143		6,292		0		7,435
Indonesia
Consumer Discretionary		0		1,038		0		1,038
Consumer Staples		839		0		0		839
Energy		3,997		4,085		0		8,082
Financials		4,525		2,085		0		6,610
Materials		1,966		0		0		1,966

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Telecommunication Services	$	184	$	751	$	0	$	935
Utilities		0		1,155		0		1,155
Malaysia
Consumer Discretionary		0		2,959		0		2,959
Consumer Staples		2,163		0		0		2,163
Energy		0		354		0		354
Financials		7,425		5,148		0		12,573
Industrials		1,765		357		0		2,122
Materials		196		0		0		196
Real Estate		125		652		0		777
Telecommunication Services		962		1,611		0		2,573
Utilities		282		3,291		0		3,573
Malta
Financials		0		361		0		361
Mexico
Consumer Discretionary		180		0		0		180
Consumer Staples		2,453		0		0		2,453
Financials		3,423		0		0		3,423
Industrials		3,206		0		0		3,206
Materials		3,519		0		0		3,519
Telecommunication Services		10,445		0		0		10,445
Philippines
Industrials		1,128		0		0		1,128
Telecommunication Services		363		2,940		0		3,303
Poland
Energy		2,041		2,964		0		5,005
Financials		981		13,694		0		14,675
Information Technology		0		1,211		0		1,211
Materials		1,091		9,267		0		10,358
Telecommunication Services		0		3,257		0		3,257
Utilities		1,446		10,006		0		11,452
Russia
Consumer Staples		3,274		0		0		3,274
Energy		5,597		91,453		0		97,050
Financials		0		9,872		0		9,872
Industrials		2,021		0		0		2,021
Information Technology		786		0		0		786
Materials		9,164		12,525		0		21,689
Real Estate		123		0		0		123
Telecommunication Services		4,762		11,987		0		16,749
Utilities		2,707		5,152		0		7,859
South Africa
Consumer Discretionary		459		3,973		0		4,432
Consumer Staples		761		0		0		761
Energy		2,302		0		0		2,302
Financials		10,991		33,257		0		44,248
Health Care		2,964		0		0		2,964
Industrials		5,880		0		0		5,880
Materials		23,688		16,661		0		40,349
Telecommunication Services		2,437		18,197		0		20,634
South Korea
Consumer Discretionary		25,421		44,985		0		70,406
Consumer Staples		1,577		5,665		0		7,242
Energy		0		4,367		0		4,367
Financials		2,793		91,165		0		93,958
Industrials		5,465		28,826		0		34,291
Information Technology		0		97,738		0		97,738
Materials		2,152		29,885		0		32,037
Telecommunication Services		34,915		0		0		34,915
Utilities		0		11,496		0		11,496
Taiwan
Consumer Discretionary		914		4,146		0		5,060
Consumer Staples		0		2,674		0		2,674
Financials		4,207		34,411		0		38,618
Industrials		0		5,876		0		5,876
Information Technology		21,611		72,621		0		94,232

38 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Materials	$	0	$	7,144	$	0	$	7,144
Real Estate		426		620		0		1,046
Telecommunication Services		0		1,818		0		1,818
Thailand
Energy		0		18,357		0		18,357
Financials		0		22,066		0		22,066
Industrials		0		4,250		0		4,250
Materials		0		1,914		0		1,914
Real Estate		0		170		0		170
Telecommunication Services		0		3,356		0		3,356
Turkey
Consumer Discretionary		219		1,279		0		1,498
Consumer Staples		439		1,658		0		2,097
Energy		0		1,545		0		1,545
Financials		0		31,001		0		31,001
Industrials		0		10,411		0		10,411

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Materials	$	0	$	3,164	$	0	$	3,164
Telecommunication Services		0		3,200		0		3,200
Preferred Stocks
Brazil
Banking & Finance		2,249		0		0		2,249
Consumer Staples		0		8,806		0		8,806
Materials		0		14,446		0		14,446
Utilities		3,682		8,610		0		12,292
Russia
Energy		0		8,011		0		8,011
Real Estate Investment Trusts
South Africa
Real Estate		184		0		0		184
Total Investments	$	412,689	$	1,555,672	$	0	$	1,968,361

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.    

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 39

Schedule of Investments PIMCO RAE Fundamental Global Fund

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 99.9%
MUTUAL FUNDS (a) 99.9%
UNITED STATES 99.9%
PIMCO RAE Fundamental Emerging Markets Fund		4,412,746	$		50,967
PIMCO RAE Fundamental International Fund		18,363,804			204,573
PIMCO RAE Fundamental U.S. Fund		15,309,548			171,008
Total Mutual Funds (Cost $354,094)					426,548
Total Investments in Affiliates (Cost $354,094)					426,548
Total Investments 99.9% (Cost $354,094)			$		426,548
Other Assets and Liabilities, net 0.1%					400
Net Assets 100.0%			$		426,948

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Institutional Class Shares of each Fund.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Affiliates, at Value
Mutual Funds
United States	$	426,548	$	0	$	0	$	426,548
Total Investments	$	426,548	$	0	$	0	$	426,548

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.

40 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE Fundamental Global ex-US Fund

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 99.6%
MUTUAL FUNDS (a) 99.6%
UNITED STATES 99.6%
PIMCO RAE Fundamental Emerging Markets Fund		1,523,008	$		17,591
PIMCO RAE Fundamental International Fund		6,338,697			70,613
Total Mutual Funds (Cost $77,118)					88,204
Total Investments in Affiliates (Cost $77,118)					88,204
Total Investments 99.6% (Cost $77,118)			$		88,204
Other Assets and Liabilities, net 0.4%					311
Net Assets 100.0%			$		88,515

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Institutional Class Shares of each Fund.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Securities, at Value
Mutual Funds
United States	$	88,204	$	0	$	0	$	88,204
Total Investments	$	88,204	$	0	$	0	$	88,204

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 41

Schedule of Investments PIMCO RAE Fundamental International Fund

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.7%
COMMON STOCKS 99.6%
AUSTRALIA 7.3%
CONSUMER DISCRETIONARY 0.2%
Automotive Holdings Group Ltd.		32,213	$		91
Crown Resorts Ltd.		9,745			99
JB Hi-Fi Ltd.		5,967			116
Myer Holdings Ltd.		209,163			108
Star Entertainment Grp Ltd.		22,826			108
Tabcorp Holdings Ltd.		122,452			531
					1,053
CONSUMER STAPLES 0.8%
Coca-Cola Amatil Ltd.		37,299			247
Metcash Ltd.		181,806			441
Wesfarmers Ltd.		44,713			1,546
Woolworths Ltd.		93,092			1,978
					4,212
ENERGY 0.3%
Origin Energy Ltd.		48,015			352
Whitehaven Coal Ltd.		35,130			122
Woodside Petroleum Ltd.		9,463			243
WorleyParsons Ltd.		61,147			682
					1,399
FINANCIALS 2.7%
AMP Ltd.		146,947			593
Australia & New Zealand Banking Group Ltd.		127,423			2,843
Bendigo & Adelaide Bank Ltd.		40,635			369
Commonwealth Bank of Australia		40,642			2,536
Genworth Mortgage Insurance Australia Ltd.		88,231			206
Insurance Australia Group Ltd.		54,840			309
Macquarie Group Ltd.		6,403			495
National Australia Bank Ltd.		113,527			2,607
QBE Insurance Group Ltd.		31,704			263
Suncorp Group Ltd.		130,023			1,402
Westpac Banking Corp.		101,653			2,473
					14,096
HEALTH CARE 0.1%
CSL Ltd.		1,729			190
Primary Health Care Ltd.		95,840			270
Sonic Healthcare Ltd.		13,972			248
					708
INDUSTRIALS 0.5%
Aurizon Holdings Ltd.		119,907			462
CIMIC Group Ltd.		12,025			481
Cleanaway Waste Management Ltd.		81,072			94
Downer EDI Ltd.		148,815			801
Qantas Airways Ltd.		149,924			588
					2,426
MATERIALS 2.5%
BHP Billiton Ltd.		295,833			6,796
BHP Billiton PLC		238,895			4,830
CSR Ltd.		43,724			162

	SHARES			MARKET VALUE (000S)
Fortescue Metals Group Ltd.		39,040	$		148
Incitec Pivot Ltd.		126,152			382
Mineral Resources Ltd.		13,190			216
Orica Ltd.		18,867			265
OZ Minerals Ltd.		25,344			180
					12,979
REAL ESTATE 0.0%
Lend Lease Group		13,932			177
TELECOMMUNICATION SERVICES 0.2%
Telstra Corp. Ltd.		374,741			1,059
UTILITIES 0.0%
AGL Energy Ltd.		5,776			109
Total Australia					38,218
AUSTRIA 0.8%
ENERGY 0.2%
OMV AG		17,520			1,111
FINANCIALS 0.5%
Erste Group Bank AG		24,930			1,080
Raiffeisen Bank International AG (a)		33,926			1,229
Vienna Insurance Group AG Wiener Versicherung Gruppe		8,934			276
					2,585
INDUSTRIALS 0.0%
Oesterreichische Post AG		2,010			90
MATERIALS 0.1% voestalpine AG		3,008			180
Total Austria					3,966
BELGIUM 0.5%
CONSUMER STAPLES 0.1%
Anheuser-Busch InBev S.A. NV		1,969			220
FINANCIALS 0.3%
Ageas		23,682			1,157
KBC Group NV		7,235			616
					1,773
INDUSTRIALS 0.0%
bpost S.A.		6,893			210
MATERIALS 0.0%
Solvay S.A.		928			129
TELECOMMUNICATION SERVICES 0.1%
Proximus S.A.		11,672			383
Total Belgium					2,715
CANADA 5.6%
CONSUMER DISCRETIONARY 0.4%
Aimia, Inc.		37,463			111
Canadian Tire Corp. Ltd. ‘A’		3,305			431
Hudson’s Bay Co.		27,360			246
Magna International, Inc.		18,381			1,042
Quebecor, Inc. ‘B’		8,074			152

	SHARES			MARKET VALUE (000S)
Shaw Communications, Inc. ‘B’		11,473	$		262
					2,244
CONSUMER STAPLES 0.1%
Empire Co. Ltd. ‘A’		6,597			128
George Weston Ltd.		4,145			360
Loblaw Cos. Ltd.		1,714			93
					581
ENERGY 0.7%
Baytex Energy Corp. (a)		100,022			300
Bonavista Energy Corp.		61,130			109
Canadian Natural Resources Ltd.		8,895			318
Cenovus Energy, Inc.		25,318			231
Crescent Point Energy Corp.		14,456			110
Encana Corp.		9,092			121
Enerplus Corp.		17,168			168
Husky Energy, Inc. (a)		32,834			464
Mullen Group Ltd.		7,992			100
Obsidian Energy Ltd. (a)		141,401			176
Pengrowth Energy Corp. (a)		130,604			104
Suncor Energy, Inc.		40,841			1,499
TransCanada Corp.		2,064			101
					3,801
FINANCIALS 2.8%
Bank of Montreal		25,458			2,037
Bank of Nova Scotia		32,701			2,110
Brookfield Asset Management, Inc. ‘A’		2,409			105
Canadian Imperial Bank of Commerce		17,894			1,745
Genworth MI Canada, Inc.		3,599			125
Home Capital Group, Inc.		19,669			271
IGM Financial, Inc.		6,056			213
Manulife Financial Corp.		18,756			391
National Bank of Canada		14,478			722
Onex Corp.		7,766			570
Power Corp. of Canada		27,233			701
Power Financial Corp.		10,994			302
Royal Bank of Canada		31,018			2,533
Sun Life Financial, Inc.		6,014			248
Thomson Reuters Corp.		6,661			290
Toronto-Dominion Bank		37,224			2,181
					14,544
INDUSTRIALS 0.7%
Air Canada (a)		81,710			1,682
Bombardier, Inc. ‘B’ (a)		42,992			103
Canadian National Railway Co.		7,905			652
Canadian Pacific Railway Ltd.		569			104
Finning International, Inc.		4,318			109
Russel Metals, Inc.		5,372			125
TFI International, Inc.		9,905			259
WestJet Airlines Ltd.		17,395			365
					3,399
MATERIALS 0.5%
Agrium, Inc.		6,667			767
First Quantum Minerals Ltd.		11,099			155
Potash Corp. of Saskatchewan, Inc.		41,372			854
Teck Resources Ltd. ‘B’		26,717			699
					2,475

42 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
TELECOMMUNICATION SERVICES 0.2%
BCE, Inc.		4,802	$		230
Rogers Communications, Inc. ‘B’		4,567			233
TELUS Corp.		12,244			464
					927
UTILITIES 0.2%
Atco Ltd. ‘I’		9,893			354
Capital Power Corp.		13,356			260
Just Energy Group, Inc.		22,961			99
Superior Plus Corp.		13,969			132
TransAlta Corp.		45,174			268
					1,113
Total Canada					29,084
DENMARK 0.7%
CONSUMER STAPLES 0.1%
Carlsberg A/S ‘B’		2,850			342
FINANCIALS 0.1%
Danske Bank A/S		10,169			396
HEALTH CARE 0.1%
Novo Nordisk A/S ‘B’		4,974			267
INDUSTRIALS 0.3%
AP Moller - Maersk A/S ‘B’		589			1,027
ISS A/S		26,644			1,031
					2,058
TELECOMMUNICATION SERVICES 0.1%
TDC A/S		142,534			876
Total Denmark					3,939
FINLAND 0.4%
CONSUMER STAPLES 0.0%
Kesko Oyj ‘B’		3,019			164
INDUSTRIALS 0.0%
Metso Oyj		2,829			96
MATERIALS 0.3%
Stora Enso Oyj ‘R’		40,359			640
UPM-Kymmene Oyj		24,428			758
					1,398
UTILITIES 0.1%
Fortum Oyj		22,079			437
Total Finland					2,095
FRANCE 10.9%
CONSUMER DISCRETIONARY 1.7%
Accor S.A.		2,130			110
Christian Dior SE		2,066			754
Cie Generale des Etablissements Michelin		9,957			1,424
Elior Group S.A.		8,269			171
Eutelsat Communications S.A.		5,361			124

	SHARES			MARKET VALUE (000S)
Kering		1,669	$		786
Lagardere S.C.A.		24,634			789
LVMH Moet Hennessy Louis Vuitton SE		3,186			935
Peugeot S.A.		46,599			946
Publicis Groupe S.A.		6,157			417
Renault S.A.		5,512			553
Television Francaise		17,632			260
Vivendi S.A.		53,787			1,444
					8,713
CONSUMER STAPLES 0.6%
Carrefour S.A.		72,588			1,565
Casino Guichard Perrachon S.A.		20,558			1,246
Danone S.A.		2,846			238
Pernod-Ricard S.A.		1,369			217
					3,266
ENERGY 0.4%
CGG S.A. (a)		13,511			62
Total S.A.		35,806			1,977
Vallourec S.A.		23,138			139
					2,178
FINANCIALS 3.1%
AXA S.A.		73,880			2,189
BNP Paribas S.A.		79,440			5,909
CNP Assurances		15,374			355
Credit Agricole S.A.		112,335			1,855
Eurazeo S.A.		8,121			750
Natixis S.A.		90,969			719
SCOR SE		9,683			389
Societe Generale S.A.		77,758			4,009
					16,175
HEALTH CARE 1.0%
Sanofi		59,258			5,102
INDUSTRIALS 2.3%
Air France-KLM (a)		200,456			3,256
Airbus SE		2,139			213
Alstom S.A.		14,123			585
Bouygues S.A.		30,532			1,584
Cie de Saint-Gobain		31,827			1,752
Eiffage S.A.		7,802			854
Rexel S.A.		36,810			666
Safran S.A.		2,654			274
Schneider Electric SE		10,265			870
Teleperformance		1,745			250
Vinci S.A.		17,039			1,740
Zodiac Aerospace		3,535			106
					12,150
INFORMATION TECHNOLOGY 0.1%
Atos SE		4,987			725
MATERIALS 0.1%
Air Liquide S.A.		3,276			412
Arkema S.A.		1,127			137
					549

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.0%
Nexity S.A.		1,704	$		101
TELECOMMUNICATION SERVICES 0.4%
Orange S.A.		117,010			2,028
UTILITIES 1.2%
Electricite de France S.A.		149,979			1,875
Engie S.A.		211,263			3,632
Suez		17,320			304
Veolia Environnement S.A.		17,592			449
					6,260
Total France					57,247
GERMANY 9.6%
CONSUMER DISCRETIONARY 1.6%
adidas AG		2,924			585
Axel Springer SE		1,317			103
Bayerische Motoren Werke AG		21,734			2,253
Ceconomy AG		56,616			854
Continental AG		1,227			330
Daimler AG		43,569			3,684
Hugo Boss AG		4,462			379
ProSiebenSat.1 Media SE		3,226			111
					8,299
CONSUMER STAPLES 0.2%
METRO AG (a)		33,111			660
Suedzucker AG		13,183			285
					945
FINANCIALS 2.0%
Commerzbank AG		190,793			2,846
Deutsche Bank AG		225,199			4,259
Deutsche Pfandbriefbank AG		30,665			490
Hannover Rueck SE		1,825			229
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		10,812			2,335
Talanx AG		11,984			488
					10,647
HEALTH CARE 0.7%
Bayer AG		24,087			2,993
Fresenius Medical Care AG & Co. KGaA		2,691			283
Fresenius SE & Co. KGaA		3,247			252
					3,528
INDUSTRIALS 1.9%
Bilfinger SE		9,801			464
Deutsche Lufthansa AG		108,374			3,980
Deutsche Post AG		52,027			2,473
Fraport AG Frankfurt Airport Services Worldwide		2,995			329
Hapag-Lloyd AG (a)		3,043			122
Hochtief AG		2,239			396
Rheinmetall AG		1,605			203
Siemens AG		12,459			1,725
					9,692

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 43

Schedule of Investments PIMCO RAE Fundamental International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
INFORMATION TECHNOLOGY 0.1%
SAP SE		6,897	$		772
MATERIALS 1.5%
BASF SE		32,946			3,612
Evonik Industries AG		13,603			511
HeidelbergCement AG		6,011			648
K+S AG		25,826			641
Lanxess AG		4,906			389
Linde AG		4,866			1,055
Salzgitter AG		10,242			582
thyssenkrupp AG		9,229			266
					7,704
TELECOMMUNICATION SERVICES 0.2%
Deutsche Telekom AG		67,972			1,201
UTILITIES 1.4%
E.ON SE		190,917			2,069
Innogy SE		14,850			581
RWE AG (a)		165,249			3,363
Uniper SE		40,113			1,251
					7,264
Total Germany					50,052
HONG KONG 1.7%
CONSUMER DISCRETIONARY 0.1%
Galaxy Entertainment Group Ltd.		15,000			120
I-CABLE Communications Ltd. (a)		100,176			3
Li & Fung Ltd.		152,000			83
Shangri-La Asia Ltd.		46,000			104
SJM Holdings Ltd.		384,000			343
					653
FINANCIALS 0.1%
Dah Sing Financial Holdings Ltd.		13,600			87
Hang Seng Bank Ltd.		8,900			221
					308
INDUSTRIALS 0.2%
Cathay Pacific Airways Ltd.		259,000			402
MTR Corp. Ltd.		45,500			266
Noble Group Ltd.		188,480			28
Orient Overseas International Ltd.		20,000			193
					889
INFORMATION TECHNOLOGY 0.1%
Kingboard Chemical Holdings Ltd.		104,500			564
MATERIALS 0.0%
Nine Dragons Paper Holdings Ltd.		80,000			128
REAL ESTATE 1.1%
CK Asset Holdings Ltd.		12,000			105
Hang Lung Group Ltd.		47,000			173
Hang Lung Properties Ltd.		83,000			202
Hongkong Land Holdings Ltd.		54,000			380
Hysan Development Co. Ltd.		55,000			292
Kerry Properties Ltd.		104,500			469
New World Development Co. Ltd.		491,000			736

	SHARES			MARKET VALUE (000S)
Shimao Property Holdings Ltd.		275,000	$		597
Sino Land Co. Ltd.		64,000			113
Sun Hung Kai Properties Ltd.		47,000			782
Swire Pacific Ltd. ‘A’		79,000			731
Swire Properties Ltd.		30,200			97
Wharf Holdings Ltd.		75,000			259
Wharf Real Estate Investment Co. Ltd. (a)		75,000			499
Wheelock & Co. Ltd.		53,000			378
					5,813
UTILITIES 0.1%
CLP Holdings Ltd.		36,000			368
Total Hong Kong					8,723
IRELAND 0.4%
HEALTH CARE 0.3%
Endo International PLC (a)		53,573			415
Medtronic PLC		12,451			1,006
					1,421
INDUSTRIALS 0.0%
AerCap Holdings NV (a)		3,855			203
MATERIALS 0.1%
Smurfit Kappa Group PLC		16,508			558
Total Ireland					2,182
ISRAEL 0.6%
FINANCIALS 0.3%
Bank Hapoalim BM		82,716			607
Bank Leumi Le-Israel BM		107,776			649
Israel Discount Bank Ltd. ‘A’ (a)		128,545			373
					1,629
HEALTH CARE 0.2%
Teva Pharmaceutical Industries Ltd. SP - ADR		62,407			1,183
MATERIALS 0.0%
Israel Chemicals Ltd.		62,651			254
TELECOMMUNICATION SERVICES 0.1%
Bezeq The Israeli Telecommunication Corp. Ltd.		233,573			353
Total Israel					3,419
ITALY 3.1%
CONSUMER DISCRETIONARY 0.0%
Mediaset SpA (a)		32,624			126
ENERGY 0.5%
Eni SpA		142,906			2,365
Saipem SpA (a)		5,521			25
Snam SpA		36,097			177
					2,567
FINANCIALS 1.7%
Assicurazioni Generali SpA		89,410			1,627
BPER Banca		51,351			259

	SHARES			MARKET VALUE (000S)
Intesa Sanpaolo SpA		404,981	$		1,344
Mediobanca SpA		23,864			270
Poste Italiane SpA		193,452			1,457
UniCredit SpA		132,056			2,463
Unione di Banche Italiane SpA		250,514			1,092
Unipol Gruppo SpA		117,419			550
UnipolSai Assicurazioni SpA		61,219			143
					9,205
INDUSTRIALS 0.1%
Leonardo SpA		15,886			189
Societa Iniziative Autostradali e Servizi SpA		8,221			153
					342
TELECOMMUNICATION SERVICES 0.1%
Telecom Italia SpA (a)		538,058			465
UTILITIES 0.7%
Enel SpA		564,880			3,473
Total Italy					16,178
JAPAN 24.6%
CONSUMER DISCRETIONARY 5.2%
Aisin Seiki Co. Ltd.		8,500			476
Aoyama Trading Co. Ltd.		2,800			105
Benesse Holdings, Inc.		8,800			310
Bic Camera, Inc.		10,200			147
Bridgestone Corp.		33,300			1,541
Canon Marketing Japan, Inc.		5,500			148
DCM Holdings Co. Ltd.		18,100			169
Denso Corp.		14,200			851
EDION Corp.		19,900			231
Fuji Media Holdings, Inc.		15,900			250
Geo Holdings Corp.		5,200			101
H2O Retailing Corp.		12,900			270
Honda Motor Co. Ltd.		92,800			3,167
Isetan Mitsukoshi Holdings Ltd. ‘L’		30,600			379
Isuzu Motors Ltd.		23,800			397
J Front Retailing Co. Ltd.		10,100			190
JVC Kenwood Corp.		78,500			269
Kohnan Shoji Co. Ltd.		6,900			149
KYB Corp.		2,200			128
Mazda Motor Corp.		47,500			635
Mitsubishi Motors Corp.		32,700			235
Nikon Corp.		22,000			443
Nissan Motor Co. Ltd.		196,500			1,956
NOK Corp.		4,500			105
Onward Holdings Co. Ltd.		25,000			216
Panasonic Corp.		160,500			2,342
Pioneer Corp. (a)		146,600			296
Seiko Holdings Corp.		11,600			337
Sekisui Chemical Co. Ltd.		20,300			406
Sekisui House Ltd.		17,000			307
Shimachu Co. Ltd.		6,600			189
Skylark Co. Ltd.		11,900			169
Sony Corp.		20,700			929
Subaru Corp.		12,000			380
Sumitomo Electric Industries Ltd.		43,300			730
Sumitomo Rubber Industries Ltd.		27,500			510
Suzuki Motor Corp.		21,000			1,216
Takashimaya Co. Ltd.		29,000			305
Tokai Rika Co. Ltd.		5,000			105

44 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
Toyo Tire & Rubber Co. Ltd.		17,100	$		351
Toyoda Gosei Co. Ltd.		8,600			218
Toyota Industries Corp.		5,000			320
Toyota Motor Corp.		63,200			4,028
Unipres Corp.		5,700			153
Wacoal Holdings Corp.		4,100			129
Yamada Denki Co. Ltd.		20,800			115
Yamaha Motor Co. Ltd.		10,300			337
Yokohama Rubber Co. Ltd.		17,400			425
					27,165
CONSUMER STAPLES 1.2%
Aeon Co. Ltd.		70,847			1,195
Asahi Group Holdings Ltd.		13,000			645
Japan Tobacco, Inc.		18,056			582
Kao Corp.		3,700			250
Kirin Holdings Co. Ltd.		56,800			1,431
Morinaga Milk Industry Co. Ltd.		6,200			281
Nippon Suisan Kaisha Ltd.		19,600			103
Sapporo Holdings Ltd.		10,300			315
Seven & i Holdings Co. Ltd.		8,700			360
Shiseido Co. Ltd.		13,800			665
Yamazaki Baking Co. Ltd.		10,500			204
					6,031
ENERGY 0.4%
Idemitsu Kosan Co. Ltd.		9,700			388
Inpex Corp.		79,300			987
Japan Petroleum Exploration Co. Ltd.		6,800			180
JXTG Holdings, Inc.		123,350			793
					2,348
FINANCIALS 5.1%
77 Bank Ltd.		7,600			191
Bank of Kyoto Ltd.		3,200			166
Chiba Bank Ltd.		50,000			415
Chugoku Bank Ltd.		4,600			61
Dai-ichi Life Holdings, Inc.		132,300			2,719
Daiwa Securities Group, Inc.		101,000			632
Fukuoka Financial Group, Inc.		73,000			408
Gunma Bank Ltd.		40,600			245
Hachijuni Bank Ltd.		33,200			190
Hokuhoku Financial Group, Inc.		18,600			290
Iyo Bank Ltd.		24,100			192
Japan Post Bank Co. Ltd.		25,400			330
Japan Post Holdings Co. Ltd.		59,900			686
Mitsubishi UFJ Financial Group, Inc.		633,200			4,608
Mizuho Financial Group, Inc.		1,606,300			2,904
MS&AD Insurance Group Holdings, Inc.		17,900			604
Nomura Holdings, Inc.		118,500			695
North Pacific Bank Ltd.		65,100			218
Ogaki Kyoritsu Bank Ltd.		3,700			93
Okasan Securities Group, Inc.		23,000			142
ORIX Corp.		47,900			808
Resona Holdings, Inc.		167,800			1,000
SBI Holdings, Inc.		28,000			583
Senshu Ikeda Holdings, Inc.		25,800			95
Shinsei Bank Ltd.		11,500			198
Shizuoka Bank Ltd.		21,000			216
Sompo Holdings, Inc.		8,700			336
Sony Financial Holdings, Inc.		24,100			426

	SHARES			MARKET VALUE (000S)
Sumitomo Mitsui Financial Group, Inc.		94,400	$		4,069
Sumitomo Mitsui Trust Holdings, Inc.		23,600			934
T&D Holdings, Inc.		66,800			1,140
Tokio Marine Holdings, Inc.		13,900			632
Yamaguchi Financial Group, Inc.		15,000			178
					26,404
HEALTH CARE 0.7%
Astellas Pharma, Inc.		54,500			692
Daiichi Sankyo Co. Ltd.		24,116			627
Hoya Corp.		7,200			359
Medipal Holdings Corp.		5,300			104
Nipro Corp.		7,100			105
Otsuka Holdings Co. Ltd.		5,428			238
Rohto Pharmaceutical Co. Ltd.		4,000			106
Suzuken Co. Ltd.		4,800			197
Takeda Pharmaceutical Co. Ltd.		22,700			1,285
Toho Holdings Co. Ltd.		5,600			126
					3,839
INDUSTRIALS 4.6%
ANA Holdings, Inc.		14,100			588
Asahi Glass Co. Ltd.		18,500			800
Central Japan Railway Co.		1,900			340
Dai Nippon Printing Co. Ltd.		25,300			563
Daikin Industries Ltd.		800			95
Duskin Co. Ltd.		3,800			100
East Japan Railway Co.		10,500			1,024
Ebara Corp.		2,300			87
Fuji Electric Co. Ltd.		33,000			248
Fujikura Ltd.		42,300			372
Furukawa Electric Co. Ltd.		7,300			359
Hanwa Co. Ltd.		2,200			102
Hino Motors Ltd.		8,100			105
Hitachi Construction Machinery Co. Ltd.		12,600			457
Hitachi Zosen Corp.		24,600			129
IHI Corp.		9,000			298
ITOCHU Corp.		55,500			1,035
Iwatani Corp.		5,200			167
Japan Airlines Co. Ltd.		20,400			797
JTEKT Corp.		13,900			238
Kanematsu Corp.		21,900			302
Kawasaki Heavy Industries Ltd.		11,400			399
Kawasaki Kisen Kaisha Ltd.		4,000			102
Komatsu Ltd.		24,100			871
Kubota Corp.		9,100			178
LIXIL Group Corp.		6,200			167
Marubeni Corp.		107,800			779
Mitsubishi Corp.		35,500			979
Mitsubishi Electric Corp.		62,800			1,041
Mitsubishi Heavy Industries Ltd.		29,900			1,115
Mitsui & Co. Ltd.		91,400			1,483
Mitsui Engineering & Shipbuilding Co. Ltd.		15,400			230
Mitsui OSK Lines Ltd.		11,000			366
Nippon Express Co. Ltd.		3,000			199
Nippon Sheet Glass Co. Ltd. (a)		50,900			461
Nippon Yusen KK		38,900			946
Nisshinbo Holdings, Inc.		16,700			226
NSK Ltd.		22,700			356
NTN Corp.		61,200			302

	SHARES			MARKET VALUE (000S)
Recruit Holdings Co. Ltd.		10,700	$		266
Sojitz Corp.		110,000			337
Sumitomo Corp.		101,400			1,720
Sumitomo Heavy Industries Ltd.		10,400			438
Tobu Railway Co. Ltd.		3,300			106
Toppan Printing Co. Ltd.		42,000			379
Toshiba Corp. (a)		423,000			1,190
Toyota Tsusho Corp.		21,400			860
West Japan Railway Co.		6,300			460
					24,162
INFORMATION TECHNOLOGY 3.6%
Anritsu Corp.		10,400			117
Brother Industries Ltd.		7,300			179
Canon, Inc.		66,750			2,487
Citizen Watch Co. Ltd.		31,100			228
FUJIFILM Holdings Corp.		26,700			1,090
Fujitsu Ltd.		267,000			1,893
Gree, Inc.		38,500			241
GungHo Online Entertainment, Inc.		36,100			99
Hitachi Ltd.		604,000			4,686
Ibiden Co. Ltd.		25,200			376
Japan Display, Inc. (a)		187,000			377
Konica Minolta, Inc.		80,600			773
Kyocera Corp.		7,400			483
NEC Corp.		44,000			1,185
Nippon Electric Glass Co. Ltd.		15,600			594
Oki Electric Industry Co. Ltd.		16,600			232
Omron Corp.		5,600			333
Ricoh Co. Ltd.		138,500			1,283
Rohm Co. Ltd.		3,500			386
Seiko Epson Corp.		16,600			391
Taiyo Yuden Co. Ltd.		13,900			215
TDK Corp.		4,600			366
Tokyo Electron Ltd.		1,000			180
Toshiba TEC Corp.		30,000			189
Yokogawa Electric Corp.		9,300			178
					18,561
MATERIALS 1.8%
Asahi Kasei Corp.		46,200			595
Denka Co. Ltd.		7,200			287
DIC Corp.		10,100			380
JFE Holdings, Inc.		36,800			879
Kaneka Corp.		19,000			173
Kobe Steel Ltd.		54,400			502
Kuraray Co. Ltd.		15,900			299
Mitsubishi Chemical Holdings Corp.		61,700			675
Mitsubishi Gas Chemical Co., Inc.		7,600			218
Mitsubishi Materials Corp.		12,100			429
Mitsui Chemicals, Inc.		9,000			289
Mitsui Mining & Smelting Co. Ltd.		3,100			180
Nippon Light Metal Holdings Co. Ltd.		36,300			103
Nippon Paper Industries Co. Ltd.		23,518			446
Nippon Steel & Sumitomo Metal Corp.		5,400			138
Nitto Denko Corp.		1,000			89
Oji Holdings Corp.		87,000			578
Shin-Etsu Chemical Co. Ltd.		2,200			223
Showa Denko KK		22,800			970
Sumitomo Chemical Co. Ltd.		136,000			973
Taiheiyo Cement Corp.		3,600			155

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 45

Schedule of Investments PIMCO RAE Fundamental International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
Teijin Ltd.		9,000	$		200
Tokuyama Corp.		5,500			179
Tosoh Corp.		12,500			282
Ube Industries Ltd.		11,500			337
					9,579
REAL ESTATE 0.1%
Daiwa House Industry Co. Ltd.		7,700			295
Nomura Real Estate Holdings, Inc.		11,400			255
Tokyu Fudosan Holdings Corp.		17,900			129
					679
TELECOMMUNICATION SERVICES 0.8%
KDDI Corp.		6,400			159
Nippon Telegraph & Telephone Corp.		48,000			2,257
NTT DOCOMO, Inc.		16,600			392
SoftBank Group Corp.		15,900			1,259
					4,067
UTILITIES 1.1%
Chubu Electric Power Co., Inc.		74,400			923
Chugoku Electric Power Co., Inc.		29,100			313
Electric Power Development Co. Ltd.		12,500			336
Hokuriku Electric Power Co.		50,688			408
Kansai Electric Power Co., Inc.		72,200			883
Kyushu Electric Power Co., Inc.		9,100			95
Osaka Gas Co. Ltd.		5,400			104
Shikoku Electric Power Co., Inc.		7,800			85
Tohoku Electric Power Co., Inc.		38,700			494
Tokyo Electric Power Co. Holdings, Inc. (a)		424,700			1,676
Tokyo Gas Co. Ltd.		10,200			233
					5,550
Total Japan					128,385
LUXEMBOURG 0.2%
CONSUMER DISCRETIONARY 0.1%
RTL Group S.A.		3,893			312
MATERIALS 0.1%
ArcelorMittal		15,644			508
Total Luxembourg					820
MACAU 0.1%
CONSUMER DISCRETIONARY 0.1%
Sands China Ltd.		20,000			103
Wynn Macau Ltd.		113,600			359
					462
Total Macau					462
NETHERLANDS 3.4%
CONSUMER STAPLES 0.4%
Heineken Holding NV		4,985			493
Koninklijke Ahold Delhaize NV		69,607			1,530
					2,023

	SHARES			MARKET VALUE (000S)
ENERGY 1.2%
Fugro NV (a)		14,654	$		228
Royal Dutch Shell PLC ‘A’		180,124			6,003
					6,231
FINANCIALS 1.0%
ABN AMRO Group NV		14,636			472
Aegon NV		211,215			1,342
ASR Nederland NV		19,588			806
ING Groep NV - Dutch Certificate		107,335			1,970
NN Group NV		12,475			540
					5,130
HEALTH CARE 0.3%
Koninklijke Philips NV		46,383			1,752
INDUSTRIALS 0.2%
Philips Lighting NV		15,602			572
PostNL NV		51,203			250
Randstad Holding NV		1,639			101
Wolters Kluwer NV		3,578			186
					1,109
MATERIALS 0.2%
Akzo Nobel NV		6,024			529
Koninklijke DSM NV		3,834			366
					895
TELECOMMUNICATION SERVICES 0.1%
Koninklijke KPN NV		62,197			217
VEON Ltd. ADR		167,215			642
					859
Total Netherlands					17,999
NEW ZEALAND 0.2%
CONSUMER STAPLES 0.0%
Fonterra Co-operative Group Ltd.		26,900			122
MATERIALS 0.1%
Fletcher Building Ltd.		60,639			326
TELECOMMUNICATION SERVICES 0.1%
Spark New Zealand Ltd.		131,255			338
UTILITIES 0.0%
Contact Energy Ltd.		24,542			97
Total New Zealand					883
NORWAY 0.9%
CONSUMER STAPLES 0.0%
Marine Harvest ASA		8,870			150
ENERGY 0.4%
Statoil ASA		94,049			2,013
FINANCIALS 0.2%
DNB ASA		45,857			849

	SHARES			MARKET VALUE (000S)
MATERIALS 0.2%
Norsk Hydro ASA		44,417	$		337
Yara International ASA		12,565			577
					914
TELECOMMUNICATION SERVICES 0.1%
Telenor ASA		28,119			602
Total Norway					4,528
PORTUGAL 0.2%
CONSUMER STAPLES 0.0%
Sonae SGPS S.A.		94,053			127
FINANCIALS 0.0%
Banco Espirito Santo S.A. «		59,573			1
MATERIALS 0.1%
Navigator Co. S.A.		40,819			208
UTILITIES 0.1%
EDP - Energias de Portugal S.A.		203,772			705
Total Portugal					1,041
SINGAPORE 1.1%
CONSUMER DISCRETIONARY 0.0%
Singapore Press Holdings Ltd.		89,600			177
FINANCIALS 0.6%
DBS Group Holdings Ltd.		68,310			1,264
Oversea-Chinese Banking Corp. Ltd.		102,100			943
United Overseas Bank Ltd.		47,300			932
					3,139
INDUSTRIALS 0.3%
ComfortDelGro Corp. Ltd.		67,200			99
Hutchison Port Holdings Trust		220,700			92
Keppel Corp. Ltd.		157,200			860
Singapore Airlines Ltd.		50,067			399
					1,450
INFORMATION TECHNOLOGY 0.1%
Venture Corp. Ltd.		26,400			403
REAL ESTATE 0.1%
CapitaLand Ltd.		73,400			193
City Developments Ltd.		11,200			104
UOL Group Ltd.		20,700			137
Yanlord Land Group Ltd.		60,000			73
					507
TELECOMMUNICATION SERVICES 0.0%
Singapore Telecommunications Ltd.		49,600			132
Total Singapore					5,808
SOUTH AFRICA 0.1%
FINANCIALS 0.1%
Investec PLC		47,027			339

46 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
MATERIALS 0.0%
Mondi PLC		8,776	$		228
Total South Africa					567
SPAIN 4.0%
CONSUMER STAPLES 0.0%
Distribuidora Internacional de Alimentacion S.A.		24,881			128
ENERGY 0.1%
Repsol S.A.		22,714			401
FINANCIALS 2.3%
Banco Bilbao Vizcaya Argentaria S.A.		135,184			1,149
Banco de Sabadell S.A.		136,598			271
Banco Santander S.A.		1,428,108			9,363
CaixaBank S.A.		158,421			736
Mapfre S.A.		165,486			531
					12,050
INDUSTRIALS 0.5%
Abengoa S.A. ‘B’ (a)		226,011			3
Abertis Infraestructuras S.A.		23,163			515
ACS Actividades de Construccion y Servicios S.A.		33,082			1,292
Ferrovial S.A.		8,848			201
Obrascon Huarte Lain S.A. (a)		104,685			625
					2,636
TELECOMMUNICATION SERVICES 0.5%
Telefonica S.A.		282,929			2,755
UTILITIES 0.6%
Acciona S.A.		3,899			318
Endesa S.A.		57,146			1,222
Gas Natural SDG S.A.		23,525			543
Iberdrola S.A.		124,292			962
					3,045
Total Spain					21,015
SWEDEN 1.8%
CONSUMER DISCRETIONARY 0.1%
Electrolux AB ‘B’		3,746			121
Hennes & Mauritz AB ‘B’		9,738			201
					322
CONSUMER STAPLES 0.1%
Essity AB ‘B’ (a)		6,433			183
Swedish Match AB		3,658			144
					327
FINANCIALS 0.7%
Nordea Bank AB		144,077			1,744
Ratos AB ‘B’		36,740			161
Skandinaviska Enskilda Banken AB ‘A’		55,526			652
Svenska Handelsbanken AB ‘A’		9,516			130
Swedbank AB ‘A’		29,723			717
					3,404

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.0%
Arjo AB ‘B’ (a)		9,793	$		28
Getinge AB ‘B’		9,793			142
					170
INDUSTRIALS 0.4%
Atlas Copco AB ‘A’		9,570			413
S.A.S. AB (a)		61,845			160
Sandvik AB		32,604			571
SKF AB ‘B’		4,457			99
Volvo AB ‘B’		52,443			977
					2,220
INFORMATION TECHNOLOGY 0.2%
Telefonaktiebolaget LM Ericsson ‘B’		180,873			1,193
MATERIALS 0.0%
SSAB AB ‘A’ (a)		21,935			120
TELECOMMUNICATION SERVICES 0.3%
Tele2 AB ‘B’		78,741			968
Telia Co. AB		145,875			650
					1,618
Total Sweden					9,374
SWITZERLAND 5.3%
CONSUMER DISCRETIONARY 0.1%
Cie Financiere Richemont S.A.		1,433			130
Garmin Ltd.		3,929			234
					364
CONSUMER STAPLES 0.7%
Aryzta AG		6,998			277
Nestle S.A.		42,242			3,632
					3,909
ENERGY 0.1%
Transocean Ltd.		46,497			497
FINANCIALS 2.1%
Baloise Holding AG		1,814			282
Credit Suisse Group AG		130,789			2,333
Helvetia Holding AG		260			146
Swiss Life Holding AG		3,806			1,345
Swiss Re AG		24,042			2,248
UBS Group AG		73,043			1,342
Zurich Insurance Group AG		10,320			3,138
					10,834
HEALTH CARE 1.4%
Novartis AG		46,587			3,920
Roche Holding AG		12,674			3,205
					7,125
INDUSTRIALS 0.4%
ABB Ltd.		37,674			1,009
Adecco Group AG		4,782			365

	SHARES			MARKET VALUE (000S)
Ferguson PLC		7,868	$		565
					1,939
INFORMATION TECHNOLOGY 0.2%
STMicroelectronics NV		25,323			553
TE Connectivity Ltd.		6,390			607
					1,160
MATERIALS 0.3%
Glencore PLC		283,406			1,483
LafargeHolcim Ltd.		2,255			127
					1,610
TELECOMMUNICATION SERVICES 0.0%
Swisscom AG		407			217
Total Switzerland					27,655
UNITED KINGDOM 15.9%
CONSUMER DISCRETIONARY 1.9%
Barratt Developments PLC		12,094			106
Berkeley Group Holdings PLC		3,520			199
Burberry Group PLC		8,962			216
Compass Group PLC		35,152			758
Fiat Chrysler Automobiles NV		173,807			3,101
GKN PLC		60,462			260
Inchcape PLC		13,153			139
InterContinental Hotels Group PLC		4,107			261
ITV PLC		51,291			115
Kingfisher PLC		198,557			905
Marks & Spencer Group PLC		220,103			934
Next PLC		8,708			531
Pearson PLC		82,604			818
Thomas Cook Group PLC		297,206			493
William Hill PLC		52,001			226
WPP PLC		45,134			815
					9,877
CONSUMER STAPLES 1.7%
British American Tobacco PLC		16,755			1,133
Diageo PLC		12,100			443
Imperial Brands PLC		16,362			698
J Sainsbury PLC		276,767			901
Reckitt Benckiser Group PLC		3,305			308
Tesco PLC		200,912			568
Unilever NV		32,086			1,807
Unilever PLC		35,883			1,990
Wm Morrison Supermarkets PLC		276,674			821
					8,669
ENERGY 1.4%
BP PLC		977,519			6,858
Subsea 7 S.A.		12,649			189
					7,047
FINANCIALS 6.1%
3i Group PLC		12,796			157
Aviva PLC		153,545			1,047
Barclays PLC		1,993,517			5,457
CYBG PLC (a)		73,183			335
Direct Line Insurance Group PLC		138,313			712

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 47

Schedule of Investments PIMCO RAE Fundamental International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
HSBC Holdings PLC		1,377,510	$		14,227
Intermediate Capital Group PLC		9,973			154
Legal & General Group PLC		72,125			266
Lloyds Banking Group PLC		1,988,210			1,823
Man Group PLC		129,598			361
NEX Group PLC		20,161			165
Old Mutual PLC		619,501			1,938
Provident Financial PLC		8,926			108
Royal Bank of Scotland Group PLC (a)		498,877			1,871
Standard Chartered PLC (a)		261,211			2,743
Standard Life Aberdeen PLC		81,724			481
					31,845
HEALTH CARE 0.7%
AstraZeneca PLC		28,614			1,975
GlaxoSmithKline PLC		106,739			1,890
					3,865
INDUSTRIALS 1.5%
Aggreko PLC		16,953			182
Ashtead Group PLC		3,594			96
BAE Systems PLC		121,983			942
Capita PLC		16,168			87
CNH Industrial NV		32,955			441
easyJet PLC		27,636			546
Firstgroup PLC (a)		178,831			266
G4S PLC		75,545			272
International Consolidated Airlines Group S.A.		59,952			525
National Express Group PLC		34,433			177
RELX NV		16,481			379
RELX PLC		18,844			442
Rolls-Royce Holdings PLC		113,381			1,294
Royal Mail PLC		248,397			1,518
Smiths Group PLC		11,554			232
Stagecoach Group PLC		115,807			258
Travis Perkins PLC		9,666			205
Weir Group PLC		4,685			134
					7,996
MATERIALS 1.5%
Anglo American PLC		47,366			985
Rio Tinto Ltd.		54,437			3,201
Rio Tinto PLC		65,393			3,430
					7,616
TELECOMMUNICATION SERVICES 0.5%
BT Group PLC		53,072			195
Inmarsat PLC		19,232			127

	SHARES			MARKET VALUE (000S)
TalkTalk Telecom Group PLC		54,432	$		112
Vodafone Group PLC		705,177			2,229
					2,663
UTILITIES 0.6%
Centrica PLC		532,193			987
Drax Group PLC		64,978			237
National Grid PLC		98,335			1,159
Severn Trent PLC		8,498			248
SSE PLC		27,510			489
United Utilities Group PLC		18,519			207
					3,327
Total United Kingdom					82,905
UNITED STATES 0.2%
CONSUMER DISCRETIONARY 0.2%
Adient PLC		1,273			100
Carnival PLC		15,677			1,032
					1,132
Total United States					1,132
Total Common Stocks (Cost $413,586)					520,392
PREFERRED STOCKS 0.6%
GERMANY 0.6%
CONSUMER DISCRETIONARY 0.6%
Volkswagen AG		16,248			3,227
CONSUMER STAPLES 0.0%
Henkel AG & Co. KGaA		1,039			137
Total Preferred Stocks (Cost $2,390)					3,364
REAL ESTATE INVESTMENT TRUSTS 0.5%
AUSTRALIA 0.1%
REAL ESTATE 0.1%
Mirvac Group		83,445			153
Stockland		89,767			313
					466
Total Australia					466
CANADA 0.2%
REAL ESTATE 0.2%
Artis Real Estate Investment Trust		12,044			135
Cominar Real Estate Investment Trust		18,381			211

	SHARES			MARKET VALUE (000S)
Dream Office Real Estate Investment Trust		22,815	$		402
					748
Total Canada					748
HONG KONG 0.0%
REAL ESTATE 0.0%
Link REIT		23,500			217
Total Hong Kong					217
UNITED KINGDOM 0.2%
REAL ESTATE 0.2%
British Land Co. PLC		33,235			309
Intu Properties PLC		65,550			223
Land Securities Group PLC		26,610			362
					894
Total United Kingdom					894
Total Real Estate Investment Trusts (Cost $2,173)					2,325
RIGHTS 0.0%
AUSTRALIA 0.0%
INDUSTRIALS 0.0%
Cleanaway Waste Management Ltd. - Exp. 01/19/2018		22,211			3
Total Australia					3
SPAIN 0.0%
ENERGY 0.0%
Repsol S.A. - Exp. 01/10/2018		22,714			10
Total Spain					10
Total Rights (Cost $11)					13
WARRANTS 0.0%
SPAIN 0.0%
INDUSTRIALS 0.0%
Abengoa S.A. ‘B’ - Exp. 03/31/2025		226,011			3
Total Warrants (Cost $0)					3
Total Investments in Securities (Cost $418,160)					526,097
Total Investments 100.7% (Cost $418,160)			$		526,097
Other Assets and Liabilities, net (0.7)%					(3,452	)
Net Assets 100.0%			$		522,645

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*):

* A zero balance may reflect actual amounts rounding to less than one thousand.

« Security valued using significant unobservable inputs (Level 3).

(a) Security did not produce income within the last twelve months.

48 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 6, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts		Total
Net Realized (Loss) on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(12	)	$	0	$	(12	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Securities, at Value
Common Stocks
Australia
Consumer Discretionary	$	108	$	945	$	0	$	1,053
Consumer Staples		0		4,212		0		4,212
Energy		0		1,399		0		1,399
Financials		0		14,096		0		14,096
Health Care		0		708		0		708
Industrials		0		2,426		0		2,426
Materials		0		12,979		0		12,979
Real Estate		0		177		0		177
Telecommunication Services		0		1,059		0		1,059
Utilities		0		109		0		109
Austria
Energy		1,111		0		0		1,111
Financials		1,229		1,356		0		2,585
Industrials		0		90		0		90
Materials		0		180		0		180
Belgium
Consumer Staples		0		220		0		220
Financials		0		1,773		0		1,773
Industrials		0		210		0		210
Materials		0		129		0		129
Telecommunication Services		383		0		0		383
Canada
Consumer Discretionary		2,244		0		0		2,244
Consumer Staples		581		0		0		581
Energy		3,801		0		0		3,801
Financials		14,544		0		0		14,544
Industrials		3,399		0		0		3,399
Materials		2,475		0		0		2,475
Telecommunication Services		927		0		0		927
Utilities		1,113		0		0		1,113
Denmark
Consumer Staples		0		342		0		342
Financials		0		396		0		396
Health Care		0		267		0		267
Industrials		0		2,058		0		2,058
Telecommunication Services		876		0		0		876
Finland
Consumer Staples		0		164		0		164
Industrials		0		96		0		96
Materials		0		1,398		0		1,398
Utilities		0		437		0		437
France
Consumer Discretionary		260		8,453		0		8,713
Consumer Staples		0		3,266		0		3,266
Energy		62		2,116		0		2,178
Financials		0		16,175		0		16,175
Health Care		0		5,102		0		5,102

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Industrials	$	0	$	12,150	$	0	$	12,150
Information Technology		0		725		0		725
Materials		137		412		0		549
Real Estate		0		101		0		101
Telecommunication Services		0		2,028		0		2,028
Utilities		1,875		4,385		0		6,260
Germany
Consumer Discretionary		0		8,299		0		8,299
Consumer Staples		0		945		0		945
Financials		0		10,647		0		10,647
Health Care		0		3,528		0		3,528
Industrials		122		9,570		0		9,692
Information Technology		0		772		0		772
Materials		0		7,704		0		7,704
Telecommunication Services		0		1,201		0		1,201
Utilities		1,251		6,013		0		7,264
Hong Kong
Consumer Discretionary		3		650		0		653
Financials		87		221		0		308
Industrials		0		889		0		889
Information Technology		0		564		0		564
Materials		0		128		0		128
Real Estate		888		4,925		0		5,813
Utilities		368		0		0		368
Ireland
Health Care		1,421		0		0		1,421
Industrials		203		0		0		203
Materials		558		0		0		558
Israel
Financials		0		1,629		0		1,629
Health Care		1,183		0		0		1,183
Materials		0		254		0		254
Telecommunication Services		353		0		0		353
Italy
Consumer Discretionary		126		0		0		126
Energy		0		2,567		0		2,567
Financials		1,457		7,748		0		9,205
Industrials		153		189		0		342
Telecommunication Services		0		465		0		465
Utilities		0		3,473		0		3,473
Japan
Consumer Discretionary		0		27,165		0		27,165
Consumer Staples		281		5,750		0		6,031
Energy		0		2,348		0		2,348
Financials		0		26,404		0		26,404
Health Care		0		3,839		0		3,839
Industrials		1,190		22,972		0		24,162
Information Technology		0		18,561		0		18,561
Materials		0		9,579		0		9,579
Real Estate		0		679		0		679

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 49

Schedule of Investments PIMCO RAE Fundamental International Fund (Cont.)

December 31, 2017 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Telecommunication Services	$	0	$	4,067	$	0	$	4,067
Utilities		0		5,550		0		5,550
Luxembourg
Consumer Discretionary		0		312		0		312
Materials		0		508		0		508
Macau
Consumer Discretionary		0		462		0		462
Netherlands
Consumer Staples		0		2,023		0		2,023
Energy		0		6,231		0		6,231
Financials		0		5,130		0		5,130
Health Care		0		1,752		0		1,752
Industrials		0		1,109		0		1,109
Materials		0		895		0		895
Telecommunication Services		642		217		0		859
New Zealand
Consumer Staples		122		0		0		122
Materials		0		326		0		326
Telecommunication Services		338		0		0		338
Utilities		0		97		0		97
Norway
Consumer Staples		0		150		0		150
Energy		0		2,013		0		2,013
Financials		0		849		0		849
Materials		0		914		0		914
Telecommunication Services		0		602		0		602
Portugal
Consumer Staples		127		0		0		127
Financials		0		0		1		1
Materials		0		208		0		208
Utilities		705		0		0		705
Singapore
Consumer Discretionary		0		177		0		177
Financials		0		3,139		0		3,139
Industrials		0		1,450		0		1,450
Information Technology		0		403		0		403
Real Estate		0		507		0		507
Telecommunication Services		0		132		0		132
South Africa
Financials		0		339		0		339
Materials		0		228		0		228
Spain
Consumer Staples		0		128		0		128
Energy		0		401		0		401
Financials		0		12,050		0		12,050
Industrials		3		2,633		0		2,636
Telecommunication Services		0		2,755		0		2,755
Utilities		0		3,045		0		3,045
Sweden
Consumer Discretionary		0		322		0		322
Consumer Staples		0		327		0		327
Financials		161		3,243		0		3,404

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Health Care	$	28	$	142	$	0	$	170
Industrials		0		2,220		0		2,220
Information Technology		0		1,193		0		1,193
Materials		0		120		0		120
Telecommunication Services		0		1,618		0		1,618
Switzerland
Consumer Discretionary		234		130		0		364
Consumer Staples		277		3,632		0		3,909
Energy		497		0		0		497
Financials		0		10,834		0		10,834
Health Care		0		7,125		0		7,125
Industrials		0		1,939		0		1,939
Information Technology		607		553		0		1,160
Materials		0		1,610		0		1,610
Telecommunication Services		0		217		0		217
United Kingdom
Consumer Discretionary		5,039		4,838		0		9,877
Consumer Staples		1,389		7,280		0		8,669
Energy		0		7,047		0		7,047
Financials		2,211		29,634		0		31,845
Health Care		0		3,865		0		3,865
Industrials		1,320		6,676		0		7,996
Materials		0		7,616		0		7,616
Telecommunication Services		307		2,356		0		2,663
Utilities		1,194		2,133		0		3,327
United States
Consumer Discretionary		100		1,032		0		1,132
Preferred Stocks
Germany
Consumer Discretionary		0		3,227		0		3,227
Consumer Staples		0		137		0		137
Real Estate Investment Trusts
Australia
Real Estate		0		466		0		466
Canada
Real Estate		748		0		0		748
Hong Kong
Real Estate		0		217		0		217
United Kingdom
Real Estate		0		894		0		894
Rights
Australia
Industrials		0		3		0		3
Spain
Energy		10		0		0		10
Warrants
Spain
Industrials		3		0		0		3
Total Investments	$	60,831	$	465,265	$	1	$	526,097

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.

50 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE Fundamental US Fund

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.5%
COMMON STOCKS 99.0%
BERMUDA 0.1%
FINANCIALS 0.1%
XL Group Ltd.		22,160	$		779
Total Bermuda					779
CANADA 0.0%
FINANCIALS 0.0%
Thomson Reuters Corp.		2,611			114
Total Canada					114
IRELAND 0.2%
INFORMATION TECHNOLOGY 0.2%
Accenture PLC ‘A’		9,243			1,415
Total Ireland					1,415
UNITED KINGDOM 0.1%
CONSUMER STAPLES 0.1%
Avon Products, Inc. (a)		97,950			211
Total United Kingdom					211
UNITED STATES 98.6%
CONSUMER DISCRETIONARY 11.4%
Abercrombie & Fitch Co. ‘A’		87,636			1,527
Adient PLC		1,545			122
American Eagle Outfitters, Inc.		21,108			397
Ascena Retail Group, Inc. (a)		72,887			171
Bed Bath & Beyond, Inc.		83,012			1,825
Best Buy Co., Inc.		33,504			2,294
Big Lots, Inc.		14,145			794
Brinker International, Inc.		13,528			525
Caesars Entertainment Corp. (a)		48,872			618
Carnival Corp.		20,146			1,337
CBS Corp. NVDR ‘B’		26,727			1,577
Chico’s FAS, Inc.		57,321			506
Comcast Corp. ‘A’		119,666			4,793
Dick’s Sporting Goods, Inc.		9,603			276
Dillard’s, Inc. ‘A’		16,500			991
Discovery Communications, Inc. ‘A’ (a)		18,069			404
Dollar General Corp.		2,941			273
Foot Locker, Inc.		8,561			401
Ford Motor Co.		86,045			1,075
Fossil Group, Inc. (a)		55,473			431
GameStop Corp. ‘A’		62,744			1,126
Gap, Inc.		66,652			2,270
General Motors Co.		68,686			2,815
Genuine Parts Co.		2,715			258
GNC Holdings, Inc. ‘A’		95,078			351
Goodyear Tire & Rubber Co.		17,348			560
Graham Holdings Co. ‘B’		216			121
H&R Block, Inc.		12,747			334
Harley-Davidson, Inc.		9,605			489
Home Depot, Inc.		25,889			4,907
HSN, Inc.		9,674			390
International Game Technology PLC		6,550			174
Interpublic Group of Cos., Inc.		20,788			419
JC Penney Co., Inc. (a)		108,144			342
Kohl’s Corp.		70,331			3,814

	SHARES			MARKET VALUE (000S)
L Brands, Inc.		7,881	$		475
Las Vegas Sands Corp.		3,580			249
Liberty Interactive Corp. QVC Group ‘A’ (a)		26,416			645
Lowe’s Cos., Inc.		39,906			3,709
Macy’s, Inc.		74,340			1,873
Mattel, Inc.		18,074			278
McDonald’s Corp.		21,226			3,653
MGM Resorts International		4,815			161
NIKE, Inc. ‘B’		7,029			440
Nordstrom, Inc.		26,987			1,279
NVR, Inc. (a)		35			123
O’Reilly Automotive, Inc. (a)		554			133
Office Depot, Inc.		129,894			460
Omnicom Group, Inc.		7,884			574
PulteGroup, Inc.		3,589			119
Ralph Lauren Corp.		6,034			626
Regal Entertainment Group ‘A’		16,476			379
Royal Caribbean Cruises Ltd.		1,952			233
Sally Beauty Holdings, Inc. (a)		12,939			243
Scripps Networks Interactive, Inc. ‘A’		2,265			193
Sears Holdings Corp. (a)		45,969			165
Six Flags Entertainment Corp.		1,863			124
Tapestry, Inc.		9,037			400
Target Corp.		54,801			3,576
TEGNA, Inc.		9,478			133
Tiffany & Co.		1,284			133
Time Warner, Inc.		35,234			3,223
TJX Cos., Inc.		5,454			417
Tribune Media Co. ‘A’		15,873			674
Tupperware Brands Corp.		8,217			515
Twenty-First Century Fox, Inc. ‘A’		73,503			2,538
Urban Outfitters, Inc. (a)		11,378			399
Viacom, Inc. ‘B’		115,909			3,571
Visteon Corp. (a)		4,347			544
Walt Disney Co.		25,589			2,751
Weight Watchers International, Inc. (a)		22,334			989
Wendy’s Co.		34,420			565
Whirlpool Corp.		729			123
Wyndham Worldwide Corp.		14,333			1,661
Wynn Resorts Ltd.		1,496			252
Yum! Brands, Inc.		2,962			242
					77,547
CONSUMER STAPLES 7.3%
Altria Group, Inc.		23,085			1,648
Archer-Daniels-Midland Co.		27,827			1,115
Bunge Ltd.		8,171			548
Clorox Co.		813			121
Coca-Cola Co.		80,614			3,699
Colgate-Palmolive Co.		11,742			886
Costco Wholesale Corp.		4,187			779
CVS Health Corp.		23,268			1,687
Dr Pepper Snapple Group, Inc.		6,359			617
Estee Lauder Cos., Inc. ‘A’		956			122
General Mills, Inc.		14,879			882
Herbalife Ltd. (a)		14,994			1,015
HRG Group, Inc. (a)		28,093			476
JM Smucker Co.		3,742			465
Kroger Co.		131,900			3,621
Mondelez International, Inc. ‘A’		43,737			1,872
Nu Skin Enterprises, Inc. ‘A’		7,559			516
PepsiCo, Inc.		41,212			4,942

	SHARES			MARKET VALUE (000S)
Philip Morris International, Inc.		46,386	$		4,901
Procter & Gamble Co.		85,320			7,839
Rite Aid Corp. (a)		257,256			507
Safeway Casa Ley CVR «		38,866			5
Safeway PDC LLC CVR «		38,866			1
SUPERVALU, Inc. (a)		12,307			266
Sysco Corp.		3,245			197
U.S. Foods Holding Corp. (a)		5,752			184
Wal-Mart Stores, Inc.		107,266			10,592
					49,503
ENERGY 6.2%
Andeavor		7,926			906
Apache Corp.		1,553			66
Baker Hughes a GE Co.		5,240			166
Chesapeake Energy Corp. (a)		85,258			338
Chevron Corp.		63,064			7,895
CNX Resources Corp. (a)		8,259			121
ConocoPhillips		64,096			3,518
CONSOL Energy, Inc. (a)		2,620			103
CVR Energy, Inc.		15,246			568
Devon Energy Corp.		4,264			177
Diamond Offshore Drilling, Inc. (a)		26,674			496
Exxon Mobil Corp.		133,853			11,195
Halliburton Co.		6,181			302
Hess Corp.		17,745			842
HollyFrontier Corp.		41,884			2,145
Kinder Morgan, Inc.		39,015			705
Marathon Oil Corp.		36,772			623
Marathon Petroleum Corp.		43,809			2,890
Murphy Oil Corp.		14,469			449
Nabors Industries Ltd.		69,576			475
National Oilwell Varco, Inc.		27,037			974
Occidental Petroleum Corp.		18,188			1,340
Oceaneering International, Inc.		6,181			131
ONEOK, Inc.		2,488			133
Phillips 66		12,074			1,221
Rowan Cos. PLC ‘A’ (a)		5,122			80
Valero Energy Corp.		38,879			3,573
Whiting Petroleum Corp. (a)		3,874			103
Williams Cos., Inc.		24,813			757
					42,292
FINANCIALS 22.7%
Aflac, Inc.		17,003			1,493
Allstate Corp.		28,870			3,023
Ally Financial, Inc.		148,621			4,334
American Express Co.		56,824			5,643
American Financial Group, Inc.		4,101			445
American International Group, Inc.		153,902			9,169
Ameriprise Financial, Inc.		11,249			1,906
Assurant, Inc.		7,647			771
Bank of America Corp.		529,213			15,622
Bank of New York Mellon Corp.		46,439			2,501
BB&T Corp.		21,970			1,092
Berkshire Hathaway, Inc. ‘B’ (a)		21,468			4,255
BlackRock, Inc.		1,768			908
Capital One Financial Corp.		45,517			4,533
CIT Group, Inc.		16,837			829
Citigroup, Inc.		200,926			14,951
Citizens Financial Group, Inc.		44,199			1,855
CME Group, Inc.		952			139
CNO Financial Group, Inc.		20,539			507
Comerica, Inc.		6,248			542

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 51

Schedule of Investments PIMCO RAE Fundamental US Fund (Cont.)

	SHARES			MARKET VALUE (000S)
Discover Financial Services		35,882	$		2,760
Fifth Third Bancorp		53,366			1,619
Franklin Resources, Inc.		23,740			1,029
Genworth Financial, Inc. ‘A’ (a)		241,587			751
Goldman Sachs Group, Inc.		15,134			3,856
Hartford Financial Services Group, Inc.		31,798			1,790
Invesco Ltd.		17,711			647
JPMorgan Chase & Co.		183,523			19,626
KeyCorp		14,904			301
Legg Mason, Inc.		22,025			925
Leucadia National Corp.		16,780			444
Lincoln National Corp.		14,736			1,133
Loews Corp.		22,145			1,108
LPL Financial Holdings, Inc.		11,789			674
M&T Bank Corp.		703			120
MetLife, Inc.		43,387			2,194
Morgan Stanley		19,348			1,015
Navient Corp.		120,042			1,599
New York Community Bancorp, Inc.		15,523			202
Northern Trust Corp.		1,226			122
People’s United Financial, Inc.		17,842			334
PHH Corp. (a)		15,770			162
PNC Financial Services Group, Inc.		21,942			3,166
Principal Financial Group, Inc.		3,888			274
Progressive Corp.		6,330			357
Prudential Financial, Inc.		14,809			1,703
Raymond James Financial, Inc.		1,533			137
Regions Financial Corp.		62,544			1,081
Reinsurance Group of America, Inc.		4,165			649
Santander Consumer USA Holdings, Inc.		53,518			997
SLM Corp. (a)		56,791			642
State Street Corp.		21,360			2,085
SunTrust Banks, Inc.		26,621			1,719
Synchrony Financial		67,954			2,624
T Rowe Price Group, Inc.		6,059			636
Torchmark Corp.		1,338			121
Travelers Cos., Inc.		36,623			4,968
U.S. Bancorp		54,370			2,913
Unum Group		5,420			298
Voya Financial, Inc.		61,357			3,035
Wells Fargo & Co.		164,164			9,960
White Mountains Insurance Group Ltd.		316			269
					154,563
HEALTH CARE 11.8%
Abbott Laboratories		21,083			1,203
AbbVie, Inc.		16,617			1,607
Aetna, Inc.		18,179			3,279
Allergan PLC		2,802			458
Amgen, Inc.		21,705			3,775
Anthem, Inc.		32,191			7,243
Becton Dickinson and Co.		243			52
Bio-Rad Laboratories, Inc. ‘A’ (a)		539			129
Bristol-Myers Squibb Co.		8,382			514
Brookdale Senior Living, Inc. (a)		49,243			478
Cardinal Health, Inc.		8,221			504
Cigna Corp.		3,120			634
Community Health Systems, Inc. (a)		137,800			587
Eli Lilly & Co.		19,205			1,622

	SHARES			MARKET VALUE (000S)
Express Scripts Holding Co. (a)		49,976	$		3,730
Gilead Sciences, Inc.		38,599			2,765
HCA Healthcare, Inc. (a)		44,871			3,941
Humana, Inc.		5,516			1,368
Johnson & Johnson		57,693			8,061
Kindred Healthcare, Inc.		44,964			436
LifePoint Health, Inc. (a)		16,559			825
Mallinckrodt PLC (a)		6,832			154
McKesson Corp.		2,483			387
MEDNAX, Inc. (a)		2,348			125
Merck & Co., Inc.		132,636			7,463
Mylan NV (a)		1,858			79
Patterson Cos., Inc.		5,384			195
Pfizer, Inc.		472,156			17,101
Quest Diagnostics, Inc.		11,793			1,162
Stryker Corp.		777			120
Tenet Healthcare Corp. (a)		97,425			1,477
UnitedHealth Group, Inc.		23,020			5,075
Universal Health Services, Inc. ‘B’		4,074			462
Valeant Pharmaceuticals International, Inc. (a)		152,830			3,176
Varian Medical Systems, Inc. (a)		824			92
					80,279
INDUSTRIALS 9.6%
3M Co.		7,634			1,797
AGCO Corp.		8,908			636
American Airlines Group, Inc.		47,919			2,493
Avis Budget Group, Inc. (a)		44,858			1,968
Boeing Co.		14,151			4,173
Caterpillar, Inc.		34,382			5,418
Cintas Corp.		851			133
CSX Corp.		48,367			2,661
Cummins, Inc.		6,001			1,060
Deere & Co.		35,086			5,491
Delta Air Lines, Inc.		6,218			348
Dover Corp.		6,421			649
Dun & Bradstreet Corp.		2,683			318
Emerson Electric Co.		43,697			3,045
FedEx Corp.		4,882			1,218
Flowserve Corp.		7,196			303
Fluor Corp.		21,140			1,092
Fortive Corp.		1,717			124
General Dynamics Corp.		6,264			1,274
General Electric Co.		261,772			4,568
Hertz Global Holdings, Inc. (a)		91,712			2,027
Honeywell International, Inc.		2,818			432
Illinois Tool Works, Inc.		9,828			1,640
Ingersoll-Rand PLC		764			68
Jacobs Engineering Group, Inc.		1,812			120
Lincoln Electric Holdings, Inc.		744			68
Lockheed Martin Corp.		202			65
ManpowerGroup, Inc.		5,779			729
Norfolk Southern Corp.		12,242			1,774
Northrop Grumman Corp.		9,255			2,841
Oshkosh Corp.		2,598			236
Owens Corning		1,027			94
Parker-Hannifin Corp.		2,737			546
Pitney Bowes, Inc.		61,635			689
Quanta Services, Inc. (a)		16,875			660
Raytheon Co.		5,132			964
Republic Services, Inc.		3,375			228
Robert Half International, Inc.		4,645			258
RR Donnelley & Sons Co.		19,042			177

	SHARES			MARKET VALUE (000S)
Ryder System, Inc.		6,821	$		574
Southwest Airlines Co.		1,820			119
Stanley Black & Decker, Inc.		2,173			369
Timken Co.		4,699			231
Trinity Industries, Inc.		24,707			926
Union Pacific Corp.		30,850			4,137
United Continental Holdings, Inc. (a)		11,346			765
United Rentals, Inc. (a)		4,043			695
United Technologies Corp.		30,966			3,950
Univar, Inc. (a)		3,771			117
Waste Management, Inc.		5,949			513
WW Grainger, Inc.		3,245			767
					65,548
INFORMATION TECHNOLOGY 17.9%
Activision Blizzard, Inc.		18,240			1,155
Alphabet, Inc. ‘C’ (a)		2,118			2,216
Amdocs Ltd.		6,739			441
Apple, Inc.		153,909			26,046
Applied Materials, Inc.		16,491			843
Arrow Electronics, Inc. (a)		8,987			723
Avnet, Inc.		19,418			769
Booz Allen Hamilton Holding Corp.		23,361			891
CA, Inc.		33,827			1,126
Cisco Systems, Inc.		140,649			5,387
Corning, Inc.		110,000			3,519
DXC Technology Co.		7,263			689
eBay, Inc. (a)		11,459			432
EchoStar Corp. ‘A’ (a)		2,203			132
F5 Networks, Inc. (a)		944			124
First Solar, Inc. (a)		1,947			131
Fiserv, Inc. (a)		910			119
Flex Ltd. (a)		12,803			230
Hewlett Packard Enterprise Co.		182,808			2,625
HP, Inc.		159,609			3,353
Intel Corp.		257,003			11,863
InterActiveCorp (a)		7,492			916
International Business Machines Corp.		87,444			13,416
Intuit, Inc.		1,609			254
Jabil, Inc.		19,648			516
Juniper Networks, Inc.		30,771			877
Keysight Technologies, Inc. (a)		2,562			107
KLA-Tencor Corp.		8,993			945
Lam Research Corp.		644			119
Leidos Holdings, Inc.		1,725			111
Maxim Integrated Products, Inc.		2,287			120
Micron Technology, Inc. (a)		30,702			1,262
Microsoft Corp.		140,860			12,049
Motorola Solutions, Inc.		18,885			1,706
NetApp, Inc.		40,524			2,242
Oracle Corp.		141,722			6,701
Qorvo, Inc. (a)		10,466			697
QUALCOMM, Inc.		60,730			3,888
Seagate Technology PLC		94,555			3,956
Symantec Corp.		88,224			2,476
Tech Data Corp. (a)		4,019			394
Teradata Corp. (a)		21,458			825
Texas Instruments, Inc.		19,137			1,999
Visa, Inc. ‘A’		1,054			120
Western Digital Corp.		18,216			1,449
Western Union Co.		54,580			1,038
Xerox Corp.		41,416			1,207
					122,204

52 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
MATERIALS 3.6%
Alcoa Corp. (a)		50,962	$		2,745
Ashland Global Holdings, Inc.		6,754			481
Avery Dennison Corp.		2,019			232
Bemis Co., Inc.		1,886			90
CF Industries Holdings, Inc.		17,776			756
Chemours Co.		6,484			325
Cleveland-Cliffs, Inc. (a)		66,741			481
Domtar Corp.		23,437			1,161
DowDuPont, Inc.		70,744			5,038
Eastman Chemical Co.		2,695			250
Freeport-McMoRan, Inc. (a)		28,673			544
Huntsman Corp.		13,611			453
International Paper Co.		17,518			1,015
LyondellBasell Industries NV ‘A’		40,532			4,472
Monsanto Co.		17,714			2,069
Mosaic Co.		78,236			2,008
Newmont Mining Corp.		9,813			368
Nucor Corp.		1,465			93
Owens-Illinois, Inc. (a)		3,658			81
Packaging Corp. of America		666			80
PPG Industries, Inc.		6,106			713
Praxair, Inc.		4,372			676
Reliance Steel & Aluminum Co.		5,609			481
WestRock Co.		2,327			147
					24,759
REAL ESTATE 0.0%
Jones Lang LaSalle, Inc.		804			120
TELECOMMUNICATION SERVICES 3.0%
AT&T, Inc.		183,949			7,152
CenturyLink, Inc.		184,244			3,073
Frontier Communications Corp.		63,736			431
Sprint Corp. (a)		14,475			85
T-Mobile US, Inc. (a)		4,636			294

	SHARES			MARKET VALUE (000S)
Telephone & Data Systems, Inc.		19,917	$		554
Verizon Communications, Inc.		157,321			8,327
Windstream Holdings, Inc.		108,220			200
					20,116
UTILITIES 5.1%
AES Corp.		178,545			1,934
Ameren Corp.		19,444			1,147
American Electric Power Co., Inc.		27,555			2,027
Calpine Corp. (a)		108,415			1,640
CenterPoint Energy, Inc.		38,395			1,089
CMS Energy Corp.		5,391			255
Consolidated Edison, Inc.		23,317			1,981
DTE Energy Co.		4,882			534
Duke Energy Corp.		38,909			3,273
Edison International		15,068			953
Entergy Corp.		35,810			2,915
Eversource Energy		5,881			371
Exelon Corp.		86,871			3,424
FirstEnergy Corp.		94,619			2,897
Great Plains Energy, Inc.		7,589			245
Hawaiian Electric Industries, Inc.		3,702			134
MDU Resources Group, Inc.		26,590			715
NextEra Energy, Inc.		1,703			266
NRG Energy, Inc.		50,062			1,426
OGE Energy Corp.		3,537			116
PG&E Corp.		20,487			918
Pinnacle West Capital Corp.		7,297			621
Portland General Electric Co.		4,576			209
PPL Corp.		22,833			707
Public Service Enterprise Group, Inc.		34,493			1,776
SCANA Corp.		10,936			435
Sempra Energy		2,865			306
Southern Co.		26,578			1,278
Vectren Corp.		1,764			115

	SHARES			MARKET VALUE (000S)
Xcel Energy, Inc.		15,944	$		767
					34,474
Total United States					671,405
Total Common Stocks (Cost $495,383)					673,924
REAL ESTATE INVESTMENT TRUSTS 0.5%
UNITED STATES 0.5%
FINANCIALS 0.2%
AGNC Investment Corp.		30,331			612
Annaly Capital Management, Inc.		86,188			1,025
Two Harbors Investment Corp.		15,075			245
					1,882
REAL ESTATE 0.3%
CoreCivic, Inc.		16,939			381
HCP, Inc.		4,491			117
Hospitality Properties Trust		5,320			159
Iron Mountain, Inc.		11,312			427
Macerich Co.		1,832			120
Quality Care Properties, Inc. (a)		32,272			446
Senior Housing Properties Trust		11,493			220
VEREIT, Inc.		15,170			118
					1,988
Total Real Estate Investment Trusts (Cost $3,660)					3,870
Total Investments in Securities (Cost $499,043)					677,794
Total Investments 99.5% (Cost $499,043)			$		677,794
Other Assets and Liabilities, net 0.5%					3,128
Net Assets 100.0%			$		680,922

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*):

* A zero balance may reflect actual amounts rounding to less than one thousand.

« Security valued using significant unobservable inputs (Level 3).

(a) Security did not produce income within the last twelve months.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Securities, at Value
Common Stocks
Bermuda
Financials	$	779	$	0	$	0	$	779
Canada
Financials		114		0		0		114
Ireland
Information Technology		1,415		0		0		1,415
United Kingdom
Consumer Staples		211		0		0		211
United States
Consumer Discretionary		77,547		0		0		77,547
Consumer Staples		49,497		0		6		49,503
Energy		42,292		0		0		42,292

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Financials	$	154,563	$	0	$	0	$	154,563
Health Care		80,279		0		0		80,279
Industrials		65,548		0		0		65,548
Information Technology		122,204		0		0		122,204
Materials		24,759		0		0		24,759
Real Estate		120		0		0		120
Telecommunication Services		20,116		0		0		20,116
Utilities		34,474		0		0		34,474
Real Estate Investment Trusts
United States
Financials		1,882		0		0		1,882
Real Estate		1,988		0		0		1,988
Total Investments	$	677,788	$	0	$	6	$	677,794

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 53

Schedule of Investments PIMCO RAE Fundamental US Small Fund

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.2%
COMMON STOCKS 88.3%
UNITED KINGDOM 0.2%
FINANCIALS 0.2%
Janus Henderson Group PLC		5,521	$		211
Total United Kingdom					211
UNITED STATES 88.1%
CONSUMER DISCRETIONARY 19.9%
Aaron’s, Inc.		13,622			543
Acushnet Holdings Corp.		2,140			45
Adtalem Global Education, Inc.		12,020			505
AMC Entertainment Holdings, Inc. ‘A’		2,988			45
AMC Networks, Inc. ‘A’ (a)		440			24
America’s Car-Mart, Inc. (a)		1,703			76
American Axle & Manufacturing Holdings, Inc. (a)		7,063			120
American Outdoor Brands Corp. (a)		5,230			67
American Public Education, Inc. (a)		2,846			71
Asbury Automotive Group, Inc. (a)		3,990			255
Ascent Capital Group, Inc. ‘A’ (a)		3,447			40
Barnes & Noble Education, Inc. (a)		9,204			76
Barnes & Noble, Inc.		20,486			137
Bassett Furniture Industries, Inc.		352			13
Beazer Homes USA, Inc. (a)		2,520			48
Big 5 Sporting Goods Corp.		6,351			48
Biglari Holdings, Inc. (a)		120			50
BJ’s Restaurants, Inc.		1,737			63
Bloomin’ Brands, Inc.		9,313			199
Bojangles’, Inc. (a)		1,569			19
Boyd Gaming Corp.		10,512			368
Bridgepoint Education, Inc. (a)		5,608			47
Buckle, Inc.		10,686			254
Buffalo Wild Wings, Inc. (a)		491			77
Caleres, Inc.		6,630			222
Callaway Golf Co.		4,407			61
Capella Education Co.		1,948			151
Career Education Corp. (a)		15,829			191
Carrols Restaurant Group, Inc. (a)		6,271			76
Cato Corp. ‘A’		7,173			114
Century Communities, Inc. (a)		2,206			69
Cheesecake Factory, Inc.		3,765			181
Children’s Place, Inc.		1,445			210
Choice Hotels International, Inc.		1,652			128
Churchill Downs, Inc.		367			85
Citi Trends, Inc.		1,504			40
Conn’s, Inc. (a)		4,916			175
Container Store Group, Inc. (a)		5,355			25
Cooper Tire & Rubber Co.		6,128			217
Cooper-Standard Holding, Inc. (a)		2,259			277
Core-Mark Holding Co., Inc.		2,428			77
Cracker Barrel Old Country Store, Inc.		242			38
Crocs, Inc. (a)		14,490			183
Dana, Inc.		14,699			471
Dave & Buster’s Entertainment, Inc. (a)		2,580			142
Deckers Outdoor Corp. (a)		3,301			265
Denny’s Corp. (a)		3,503			46
DineEquity, Inc.		2,849			145
Dorman Products, Inc. (a)		1,263			77
Drive Shack, Inc.		14,940			83
DSW Inc. ‘A’		10,699			229
Eldorado Resorts, Inc. (a)		6,226			206

	SHARES			MARKET VALUE (000S)
Ethan Allen Interiors, Inc.		2,564	$		73
Express, Inc. (a)		30,130			306
Extended Stay America, Inc.		3,610			69
Fiesta Restaurant Group, Inc. (a)		1,787			34
Finish Line, Inc. ‘A’		15,624			227
Five Below, Inc. (a)		1,040			69
Francesca’s Holdings Corp. (a)		4,555			33
Fred’s, Inc. ‘A’		14,435			58
FTD Cos., Inc. (a)		5,489			39
G-III Apparel Group Ltd. (a)		4,730			174
Gannett Co., Inc.		35,329			409
Genesco, Inc. (a)		10,154			330
Gentherm, Inc. (a)		283			9
GoPro, Inc. ‘A’ (a)		6,320			48
Grand Canyon Education, Inc. (a)		1,395			125
Gray Television, Inc. (a)		3,967			66
Group 1 Automotive, Inc.		2,997			213
Groupon, Inc. (a)		55,824			285
Guess?, Inc.		25,077			423
Hamilton Beach Brands Holding Co.		1,552			40
Haverty Furniture Cos., Inc.		3,320			75
Helen of Troy Ltd. (a)		1,777			171
Hibbett Sports, Inc. (a)		6,992			143
Hilton Grand Vacations, Inc. (a)		3,314			139
Hooker Furniture Corp.		665			28
Houghton Mifflin Harcourt Co. (a)		9,534			89
Hovnanian Enterprises, Inc. ‘A’ (a)		5,883			20
Iconix Brand Group, Inc. (a)		28,502			37
ILG, Inc.		3,416			97
International Speedway Corp. ‘A’		2,594			103
iRobot Corp. (a)		1,563			120
Jack in the Box, Inc.		2,175			213
John Wiley & Sons, Inc. ‘A’		4,847			319
K12, Inc. (a)		5,119			81
KB Home		5,707			182
Kirkland’s, Inc. (a)		3,928			47
La Quinta Holdings, Inc. (a)		8,695			161
La-Z-Boy, Inc.		4,270			133
Lands’ End, Inc. (a)		6,371			125
Laureate Education, Inc. ‘A’ (a)		5,273			72
LCI Industries		1,054			137
Libbey, Inc.		6,723			51
Liberty TripAdvisor Holdings, Inc. ‘A’ (a)		7,564			71
Lithia Motors, Inc. ‘A’		964			109
Lumber Liquidators Holdings, Inc. (a)		4,062			128
M/I Homes, Inc. (a)		3,877			133
Marcus Corp.		1,776			49
Marriott Vacations Worldwide Corp.		2,118			286
MDC Holdings, Inc.		2,518			80
MDC Partners, Inc. ‘A’ (a)		8,296			81
Media General, Inc. CVR «		2,855			6
Meredith Corp.		3,957			261
Meritage Homes Corp. (a)		2,498			128
Modine Manufacturing Co. (a)		2,717			55
Monro, Inc.		1,057			60
Movado Group, Inc.		2,568			83
MSG Networks, Inc. ‘A’ (a)		2,301			47
Murphy USA, Inc. (a)		3,046			245
National CineMedia, Inc.		15,747			108
New York Times Co. ‘A’		9,757			181
Nexstar Media Group, Inc. ‘A’		1,250			98
Nutrisystem, Inc.		1,818			96
Ollie’s Bargain Outlet Holdings, Inc. (a)		2,221			118

	SHARES			MARKET VALUE (000S)
Overstock.com, Inc. (a)		1,435	$		92
Oxford Industries, Inc.		1,173			88
Papa John’s International, Inc.		769			43
Party City Holdco, Inc. (a)		3,663			51
Penn National Gaming, Inc. (a)		13,130			411
Perry Ellis International, Inc. (a)		3,276			82
PetMed Express, Inc.		1,594			73
Pier 1 Imports, Inc.		67,040			278
Pinnacle Entertainment, Inc. (a)		20,329			665
Red Robin Gourmet Burgers, Inc. (a)		1,502			85
Red Rock Resorts, Inc. ‘A’		3,515			119
Regis Corp. (a)		9,870			152
Rent-A-Center, Inc.		39,138			434
RH (a)		3,001			259
Ruth’s Hospitality Group, Inc.		1,555			34
Scholastic Corp.		4,280			172
Scientific Games Corp. ‘A’ (a)		3,684			189
SeaWorld Entertainment, Inc.		20,449			277
Shoe Carnival, Inc.		2,274			61
Shutterfly, Inc. (a)		2,594			129
Sinclair Broadcast Group, Inc. ‘A’		2,962			112
Sleep Number Corp. (a)		5,086			191
Sonic Automotive, Inc. ‘A’		9,784			181
Sonic Corp.		3,253			89
Sotheby’s (a)		5,933			306
Sportsman’s Warehouse Holdings, Inc. (a)		5,134			34
Standard Motor Products, Inc.		1,518			68
Stein Mart, Inc.		8,668			10
Steven Madden Ltd. (a)		2,748			128
Strayer Education, Inc.		2,401			215
Sturm Ruger & Co., Inc.		1,474			82
Superior Industries International, Inc.		2,224			33
Syneos Health, Inc. (a)		1,429			62
Tailored Brands, Inc.		7,676			168
Taylor Morrison Home Corp. ‘A’ (a)		4,642			114
Tempur Sealy International, Inc. (a)		1,805			113
Tenneco, Inc.		2,263			132
Texas Roadhouse, Inc.		1,774			93
Time, Inc.		33,476			618
TopBuild Corp. (a)		2,254			171
Tower International, Inc.		2,079			64
TravelCenters of America LLC (a)		9,552			39
TRI Pointe Group, Inc. (a)		7,854			141
tronc, Inc. (a)		7,196			127
Tuesday Morning Corp. (a)		6,030			17
Universal Electronics, Inc. (a)		621			29
Vera Bradley, Inc. (a)		3,167			39
Vista Outdoor, Inc. (a)		4,367			64
Vitamin Shoppe, Inc. (a)		8,044			35
VOXX International Corp. (a)		2,357			13
William Lyon Homes ‘A’ (a)		2,781			81
Wolverine World Wide, Inc.		5,562			177
ZAGG, Inc. (a)		1,857			34
Zumiez, Inc. (a)		4,790			100
					22,944
CONSUMER STAPLES 3.6%
Andersons, Inc.		1,996			62
B&G Foods, Inc.		2,246			79
Bob Evans Farms, Inc.		4,531			357
Boston Beer Co., Inc. ‘A’ (a)		270			52
Cal-Maine Foods, Inc. (a)		1,530			68
Central Garden & Pet Co. ‘A’ (a)		4,987			188

54 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
Coca-Cola Bottling Co. Consolidated		314	$		68
Darling Ingredients, Inc. (a)		13,515			245
Dean Foods Co.		18,387			212
Energizer Holdings, Inc.		3,049			146
Fresh Del Monte Produce, Inc.		3,436			164
Hain Celestial Group, Inc. (a)		800			34
Ingles Markets, Inc. ‘A’		3,152			109
Inter Parfums, Inc.		1,744			76
J&J Snack Foods Corp.		476			72
Medifast, Inc.		1,298			91
Performance Food Group Co. (a)		8,007			265
PriceSmart, Inc.		972			84
Revlon, Inc. ‘A’ (a)		849			18
Sanderson Farms, Inc.		1,313			182
Seneca Foods Corp. ‘A’ (a)		589			18
Smart & Final Stores, Inc. (a)		6,991			60
Snyder’s-Lance, Inc.		1,530			77
SpartanNash Co.		5,225			139
Sprouts Farmers Market, Inc. (a)		8,242			201
SUPERVALU, Inc. (a)		12,623			273
United Natural Foods, Inc. (a)		5,622			277
Universal Corp.		3,693			194
USANA Health Sciences, Inc. (a)		1,077			80
Vector Group Ltd.		7,303			163
Village Super Market, Inc. ‘A’		646			15
WD-40 Co.		658			78
Weis Markets, Inc.		1,655			68
					4,215
ENERGY 3.5%
Archrock, Inc.		5,608			59
Basic Energy Services, Inc. (a)		2,270			53
Bill Barrett Corp. (a)		17,257			89
Bristow Group, Inc.		12,352			166
California Resources Corp. (a)		13,027			253
Callon Petroleum Co. (a)		1,752			21
CARBO Ceramics, Inc. (a)		6,601			67
Carrizo Oil & Gas, Inc. (a)		1,623			35
Cloud Peak Energy, Inc. (a)		57,051			254
Cobalt International Energy, Inc. (a)		1			0
Delek U.S. Holdings, Inc.		9,708			339
Denbury Resources, Inc. (a)		8,155			18
Dorian LPG Ltd. (a)		709			6
Dril-Quip, Inc. (a)		1,775			85
Enbridge Energy Management LLC «		58,437			0
Enbridge Energy Management LLC (a)		1			0
EP Energy Corp. ‘A’ (a)		4,151			10
Era Group, Inc. (a)		3,817			41
Exterran Corp. (a)		4,620			145
Fairmount Santrol Holdings, Inc. (a)		2,384			13
Forum Energy Technologies, Inc. (a)		1,561			24
Gener8 Maritime, Inc. (a)		10,970			73
Geospace Technologies Corp. (a)		1,639			21
Green Plains, Inc.		4,398			74
Halcon Resources Corp. (a)		2,645			20
Helix Energy Solutions Group, Inc. (a)		4,119			31
Hornbeck Offshore Services, Inc. (a)		7,411			23
International Seaways, Inc. (a)		6,482			120
Kosmos Energy Ltd. (a)		7,579			52
McDermott International, Inc. (a)		14,797			97
NACCO Industries, Inc. ‘A’		1,022			39
Newpark Resources, Inc. (a)		4,506			39
Oil States International, Inc. (a)		3,762			107

	SHARES			MARKET VALUE (000S)
Overseas Shipholding Group, Inc. ‘A’ (a)		11,820	$		32
Parker Drilling Co. (a)		27,912			28
PBF Energy, Inc. ‘A’		10,639			377
PDC Energy, Inc. (a)		682			35
Peabody Energy Corp. (a)		5,616			221
Pioneer Energy Services Corp. (a)		18,342			56
Renewable Energy Group, Inc. (a)		5,914			70
REX American Resources Corp. (a)		721			60
SEACOR Holdings, Inc.		3,201			148
SEACOR Marine Holdings, Inc. (a)		2,342			27
SemGroup Corp. ‘A’		1,532			46
SM Energy Co.		4,502			99
Stone Energy Corp. (a)		2,468			79
TETRA Technologies, Inc. (a)		4,390			19
Unit Corp. (a)		4,419			97
W&T Offshore, Inc. (a)		28,289			94
Westmoreland Coal Co. (a)		2,791			3
World Fuel Services Corp.		6,047			170
					4,035
FINANCIALS 15.6%
Allegiance Bancshares, Inc. (a)		390			15
Ambac Financial Group, Inc. (a)		13,157			210
American Equity Investment Life Holding Co.		23,288			716
Ameris Bancorp		301			14
AMERISAFE, Inc.		468			29
AmTrust Financial Services, Inc.		2,108			21
Arlington Asset Investment Corp. ‘A’		3,238			38
Artisan Partners Asset Management, Inc. ‘A’		460			18
Associated Banc-Corp.		7,004			178
Baldwin & Lyons, Inc. ‘B’		926			22
Banc of California, Inc.		1,693			35
BancFirst Corp.		1,239			63
Bancorp, Inc. (a)		6,237			62
BancorpSouth Bank		3,748			118
Bank of Hawaii Corp.		1,433			123
BankUnited, Inc.		3,357			137
Banner Corp.		943			52
Beneficial Bancorp, Inc.		3,480			57
Berkshire Hills Bancorp, Inc.		2,089			76
BGC Partners, Inc. ‘A’		22,535			340
BofI Holding, Inc. (a)		1,821			54
Boston Private Financial Holdings, Inc.		3,609			56
Brookline Bancorp, Inc.		6,800			107
Bryn Mawr Bank Corp.		668			30
Camden National Corp.		1,477			62
Cannae Holdings, Inc. (a)		12,383			211
Capitol Federal Financial, Inc.		12,969			174
Cathay General Bancorp		1,840			78
CenterState Banks, Inc.		559			14
Central Pacific Financial Corp.		632			19
Chemical Financial Corp.		2,879			154
Citizens & Northern Corp.		745			18
City Holding Co.		1,537			104
Cohen & Steers, Inc.		1,212			57
Columbia Banking System, Inc.		2,686			117
Community Bank System, Inc.		1,548			83
Community Trust Bancorp, Inc.		1,975			93
ConnectOne Bancorp, Inc.		667			17
Cowen, Inc. (a)		7,455			102
Customers Bancorp, Inc. (a)		2,200			57

	SHARES			MARKET VALUE (000S)
CVB Financial Corp.		2,651	$		62
Dime Community Bancshares, Inc.		2,994			63
Donnelley Financial Solutions, Inc. (a)		11,219			219
Eagle Bancorp, Inc. (a)		804			47
eHealth, Inc. (a)		3,823			66
Employers Holdings, Inc.		3,410			151
Encore Capital Group, Inc. (a)		2,692			113
Enova International, Inc. (a)		9,958			151
Enterprise Financial Services Corp.		1,028			46
Essent Group Ltd. (a)		1,865			81
Evercore, Inc. ‘A’		2,434			219
EZCORP, Inc. ‘A’ (a)		18,592			227
FBL Financial Group, Inc. ‘A’		1,155			80
FCB Financial Holdings, Inc. ‘A’ (a)		1,364			69
Federal Agricultural Mortgage Corp. ‘C’		1,275			100
Federated Investors, Inc. ‘B’		7,286			263
Fidelity Southern Corp.		1,278			28
Financial Engines, Inc.		387			12
Financial Institutions, Inc.		1,679			52
First Bancorp		1,664			59
First Busey Corp.		2,773			83
First Commonwealth Financial Corp.		6,128			88
First Community Bancshares, Inc.		1,399			40
First Defiance Financial Corp.		648			34
First Financial Bancorp		7,650			202
First Financial Bankshares, Inc.		928			42
First Financial Corp.		1,856			84
First Horizon National Corp.		4,129			83
First Interstate BancSystem, Inc. ‘A’		1,662			67
First Merchants Corp.		1,527			64
First Midwest Bancorp, Inc.		2,833			68
FirstCash, Inc.		3,468			234
Flagstar Bancorp, Inc. (a)		2,692			101
Flushing Financial Corp.		3,355			92
FNB Corp.		9,270			128
Fulton Financial Corp.		17,296			310
Glacier Bancorp, Inc.		2,581			102
Great Southern Bancorp, Inc.		695			36
Great Western Bancorp, Inc.		4,434			176
Green Dot Corp. ‘A’ (a)		3,114			188
Greenhill & Co., Inc.		6,508			127
Hanmi Financial Corp.		1,209			37
HCI Group, Inc.		665			20
Heartland Financial USA, Inc.		1,035			56
Hercules Capital, Inc.		5,600			73
Heritage Financial Corp.		2,416			74
Heritage Insurance Holdings, Inc.		1,986			36
Hilltop Holdings, Inc.		4,521			115
Home BancShares, Inc.		526			12
HomeStreet, Inc. (a)		2,215			64
HomeTrust Bancshares, Inc. (a)		927			24
Hope Bancorp, Inc.		2,649			48
Horace Mann Educators Corp.		2,168			96
Houlihan Lokey, Inc.		551			25
Independent Bank Corp.		1,597			77
Infinity Property & Casualty Corp.		1,082			115
International Bancshares Corp.		4,224			168
Investment Technology Group, Inc.		1,984			38
Kearny Financial Corp.		2,330			34
Kemper Corp.		7,026			484
Lakeland Bancorp, Inc.		2,678			52
Lakeland Financial Corp.		495			24
LegacyTexas Financial Group, Inc.		488			21
Live Oak Bancshares, Inc.		788			19

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 55

Schedule of Investments PIMCO RAE Fundamental US Small Fund (Cont.)

	SHARES			MARKET VALUE (000S)
MainSource Financial Group, Inc.		1,478	$		54
MB Financial, Inc.		999			44
MBIA, Inc. (a)		43,682			320
Mercury General Corp.		2,086			111
Morningstar, Inc.		1,038			101
National Bank Holdings Corp. ‘A’		6,935			225
National Western Life Group, Inc. ‘A’		212			70
Nationstar Mortgage Holdings, Inc. (a)		5,092			94
Navigators Group, Inc.		1,864			91
NBT Bancorp, Inc.		5,287			195
Nelnet, Inc. ‘A’		3,785			207
Northfield Bancorp, Inc.		4,807			82
Northwest Bancshares, Inc.		14,903			249
OceanFirst Financial Corp.		971			25
Ocwen Financial Corp. (a)		55,650			174
Old National Bancorp		11,018			192
Oritani Financial Corp.		7,013			115
Pacific Premier Bancorp, Inc. (a)		930			37
Park National Corp.		1,260			131
Piper Jaffray Cos.		2,479			214
PRA Group, Inc. (a)		5,742			191
ProAssurance Corp.		5,827			333
Provident Financial Services, Inc.		5,649			152
Regional Management Corp. (a)		3,477			91
Renasant Corp.		1,078			44
RLI Corp.		2,446			148
S&T Bancorp, Inc.		1,295			52
Safety Insurance Group, Inc.		1,190			96
Sandy Spring Bancorp, Inc.		1,845			72
Selective Insurance Group, Inc.		2,137			125
ServisFirst Bancshares, Inc.		1,280			53
Simmons First National Corp. ‘A’		1,063			61
South State Corp.		948			83
State Bank Financial Corp.		1,280			38
Sterling Bancorp		7,900			194
Stewart Information Services Corp.		465			20
Stifel Financial Corp.		1,940			116
Stock Yards Bancorp, Inc.		1,724			65
TCF Financial Corp.		16,701			342
Tompkins Financial Corp.		1,045			85
Towne Bank		2,357			72
TriCo Bancshares		1,084			41
TriState Capital Holdings, Inc. (a)		722			17
Triumph Bancorp, Inc. (a)		650			20
TrustCo Bank Corp.		11,620			107
Trustmark Corp.		5,580			178
UMB Financial Corp.		1,382			99
Union Bankshares Corp.		4,207			152
United Bankshares, Inc.		1,674			58
United Financial Bancorp, Inc.		2,662			47
United Fire Group, Inc.		1,227			56
Universal Insurance Holdings, Inc.		1,900			52
Univest Corp. of Pennsylvania		1,904			53
Valley National Bancorp		25,049			281
Virtus Investment Partners, Inc.		168			19
Waddell & Reed Financial, Inc. ‘A’		25,577			571
Walker & Dunlop, Inc. (a)		1,613			77
Washington Federal, Inc.		9,748			334
Washington Trust Bancorp, Inc.		696			37
Waterstone Financial, Inc.		2,721			46
WesBanco, Inc.		1,304			53
Westamerica Bancorporation		2,371			141
World Acceptance Corp. (a)		3,308			267

	SHARES			MARKET VALUE (000S)
WSFS Financial Corp.		847	$		41
					18,011
HEALTH CARE 6.7%
Abaxis, Inc.		691			34
Acadia Healthcare Co., Inc. (a)		1,057			35
Acorda Therapeutics, Inc. (a)		5,196			112
Akorn, Inc. (a)		1,348			43
Allscripts Healthcare Solutions, Inc. (a)		11,463			167
Almost Family, Inc. (a)		1,076			60
AMAG Pharmaceuticals, Inc. (a)		6,757			90
Amedisys, Inc. (a)		2,683			141
AMN Healthcare Services, Inc. (a)		1,985			98
Analogic Corp.		960			80
AngioDynamics, Inc. (a)		4,329			72
BioScrip, Inc. (a)		7,646			22
Bluebird Bio, Inc. (a)		154			27
Cambrex Corp. (a)		1,509			72
Cantel Medical Corp.		1,030			106
Capital Senior Living Corp. (a)		4,253			57
Cardiovascular Systems, Inc. (a)		491			12
Chemed Corp.		1,398			340
Civitas Solutions, Inc. (a)		547			9
Computer Programs & Systems, Inc.		1,331			40
CONMED Corp.		2,782			142
Depomed, Inc. (a)		7,641			62
Emergent BioSolutions, Inc. (a)		3,642			169
Enanta Pharmaceuticals, Inc. (a)		337			20
Ensign Group, Inc.		740			16
Exact Sciences Corp. (a)		313			16
Exactech, Inc. (a)		1,393			69
Five Prime Therapeutics, Inc. (a)		885			19
Globus Medical, Inc. ‘A’ (a)		3,104			128
Haemonetics Corp. (a)		2,435			141
Halyard Health, Inc. (a)		8,112			375
HMS Holdings Corp. (a)		4,319			73
Horizon Pharma PLC (a)		7,591			111
ICU Medical, Inc. (a)		582			126
Impax Laboratories, Inc. (a)		10,165			169
Integer Holdings Corp. (a)		2,543			115
Integra LifeSciences Holdings Corp. (a)		2,903			139
Invacare Corp.		8,748			147
Juno Therapeutics, Inc. (a)		343			16
Lannett Co., Inc. (a)		3,936			91
LHC Group, Inc. (a)		1,177			72
Ligand Pharmaceuticals, Inc. (a)		153			21
Luminex Corp.		3,873			76
Magellan Health, Inc. (a)		4,768			460
Medicines Co. (a)		2,493			68
Medidata Solutions, Inc. (a)		570			36
Medpace Holdings, Inc. (a)		508			18
Meridian Bioscience, Inc.		4,783			67
Merit Medical Systems, Inc. (a)		3,116			135
Molina Healthcare, Inc. (a)		2,775			213
Myriad Genetics, Inc. (a)		20,167			693
National HealthCare Corp.		956			58
Natus Medical, Inc. (a)		1,398			53
Neogen Corp. (a)		938			77
NuVasive, Inc. (a)		1,650			97
NxStage Medical, Inc. (a)		684			17
Omnicell, Inc. (a)		1,662			81
OPKO Health, Inc. (a)		6,391			31
Orthofix International NV (a)		2,527			138

	SHARES			MARKET VALUE (000S)
Owens & Minor, Inc.		12,651	$		239
PDL BioPharma, Inc. (a)		94,500			259
Portola Pharmaceuticals, Inc. (a)		405			20
Prestige Brands Holdings, Inc. (a)		3,145			140
Providence Service Corp. (a)		554			33
Quality Systems, Inc. (a)		7,068			96
Quidel Corp. (a)		885			38
Quorum Health Corp. (a)		4,086			26
RadNet, Inc. (a)		8,568			87
Select Medical Holdings Corp. (a)		22,645			400
Spectrum Pharmaceuticals, Inc. (a)		3,853			73
SurModics, Inc. (a)		602			17
Tivity Health, Inc. (a)		2,987			109
U.S. Physical Therapy, Inc.		394			28
					7,737
INDUSTRIALS 17.9%
AAON, Inc.		1,042			38
AAR Corp.		4,607			181
ABM Industries, Inc.		5,241			198
ACCO Brands Corp. (a)		10,999			134
Actuant Corp. ‘A’		9,106			230
Advanced Drainage Systems, Inc.		843			20
Aegion Corp. (a)		3,473			88
Aerovironment, Inc. (a)		652			37
Air Transport Services Group, Inc. (a)		2,979			69
Aircastle Ltd.		9,307			218
Alamo Group, Inc.		153			17
Albany International Corp. ‘A’		2,036			125
Allegiant Travel Co.		1,070			166
Altra Industrial Motion Corp.		1,785			90
Apogee Enterprises, Inc.		598			27
Applied Industrial Technologies, Inc.		3,976			271
ArcBest Corp.		1,516			54
Argan, Inc.		227			10
Armstrong Flooring, Inc. (a)		3,590			61
Armstrong World Industries, Inc. (a)		4,706			285
Astec Industries, Inc.		1,114			65
Atlas Air Worldwide Holdings, Inc. (a)		4,045			237
AZZ, Inc.		892			46
Babcock & Wilcox Enterprises, Inc. (a)		9,279			53
Barnes Group, Inc.		2,672			169
Beacon Roofing Supply, Inc. (a)		2,657			169
Brady Corp. ‘A’		5,773			219
Briggs & Stratton Corp.		6,727			171
Brink’s Co.		2,396			189
CAI International, Inc. (a)		3,112			88
Casella Waste Systems, Inc. ‘A’ (a)		5,191			119
CBIZ, Inc. (a)		6,445			100
Chart Industries, Inc. (a)		2,545			119
CIRCOR International, Inc.		615			30
Civeo Corp. (a)		33,415			91
Clean Harbors, Inc. (a)		3,437			186
Columbus McKinnon Corp.		545			22
Comfort Systems USA, Inc.		1,289			56
Continental Building Products, Inc. (a)		906			25
Covanta Holding Corp.		9,810			166
CRA International, Inc.		1,005			45
Cubic Corp.		1,753			103
Deluxe Corp.		1,912			147
Douglas Dynamics, Inc.		1,153			44
Ducommun, Inc. (a)		1,056			30

56 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
DXP Enterprises, Inc. (a)		1,725	$		51
Dycom Industries, Inc. (a)		945			105
Encore Wire Corp.		1,218			59
EnerSys		1,710			119
Ennis, Inc.		2,857			59
EnPro Industries, Inc.		1,738			163
ESCO Technologies, Inc.		1,721			104
Essendant, Inc.		12,264			114
Esterline Technologies Corp. (a)		2,784			208
Exponent, Inc.		1,273			91
Federal Signal Corp.		2,919			59
Forward Air Corp.		510			29
Franklin Electric Co., Inc.		2,051			94
FTI Consulting, Inc. (a)		4,710			202
GATX Corp.		6,979			434
Generac Holdings, Inc. (a)		6,078			301
General Cable Corp.		6,105			181
Gibraltar Industries, Inc. (a)		1,468			48
Global Brass & Copper Holdings, Inc.		2,055			68
Granite Construction, Inc.		1,757			111
Greenbrier Cos., Inc.		2,771			148
Griffon Corp.		6,134			125
H&E Equipment Services, Inc.		6,411			261
Harsco Corp. (a)		15,130			282
Hawaiian Holdings, Inc.		3,414			136
HC2 Holdings, Inc. (a)		2,591			15
Healthcare Services Group, Inc.		1,018			54
Heartland Express, Inc.		2,687			63
Heidrick & Struggles International, Inc.		3,147			77
Herc Holdings, Inc. (a)		3,107			195
Herman Miller, Inc.		3,203			128
Hill International, Inc. (a)		10,367			56
Hillenbrand, Inc.		3,689			165
HNI Corp.		2,631			101
Hub Group, Inc. ‘A’ (a)		677			32
Huron Consulting Group, Inc. (a)		1,256			51
Hyster-Yale Materials Handling, Inc.		833			71
ICF International, Inc. (a)		1,719			90
InnerWorkings, Inc. (a)		3,729			37
Insperity, Inc.		2,940			169
Interface, Inc.		2,335			59
John Bean Technologies Corp.		559			62
Kadant, Inc.		691			69
Kaman Corp.		3,010			177
KBR, Inc.		9,556			189
Kelly Services, Inc. ‘A’		5,308			145
Kennametal, Inc.		7,360			356
Kforce, Inc.		5,624			142
Kimball International, Inc. ‘B’		2,693			50
Kirby Corp. (a)		1,081			72
KLX, Inc. (a)		3,007			205
Knight-Swift Transportation Holdings, Inc.		7,344			321
Knoll, Inc.		2,430			56
Korn/Ferry International		3,210			133
Kratos Defense & Security Solutions, Inc. (a)		7,838			83
Landstar System, Inc.		1,099			114
Lindsay Corp.		687			61
LSC Communications, Inc.		13,971			212
Lydall, Inc. (a)		310			16
Manitowoc Co., Inc.		1,192			47
Marten Transport Ltd.		1,840			37
Masonite International Corp. (a)		915			68

	SHARES			MARKET VALUE (000S)
MasTec, Inc. (a)		1,941	$		95
Matson, Inc.		1,452			43
Matthews International Corp. ‘A’		781			41
McGrath RentCorp		3,355			158
Mercury Systems, Inc. (a)		728			37
Meritor, Inc. (a)		6,700			157
Milacron Holdings Corp. (a)		1,112			21
Mobile Mini, Inc.		1,732			60
Moog, Inc. ‘A’ (a)		4,432			385
MRC Global, Inc. (a)		12,548			212
MSA Safety, Inc.		2,099			163
Mueller Industries, Inc.		5,597			198
Mueller Water Products, Inc. ‘A’		5,597			70
Multi-Color Corp.		249			19
MYR Group, Inc. (a)		852			30
National Presto Industries, Inc.		901			90
Navigant Consulting, Inc. (a)		4,034			78
Navistar International Corp. (a)		3,629			156
NOW, Inc. (a)		5,962			66
On Assignment, Inc. (a)		1,226			79
Park-Ohio Holdings Corp.		327			15
Primoris Services Corp.		1,581			43
Quad/Graphics, Inc.		7,102			160
Quanex Building Products Corp.		2,216			52
Raven Industries, Inc.		2,305			79
RBC Bearings, Inc. (a)		96			12
Regal Beloit Corp.		1,132			87
Resources Connection, Inc.		4,613			71
Rexnord Corp. (a)		9,018			235
Roadrunner Transportation Systems, Inc. (a)		7,087			55
RPX Corp.		6,117			82
RR Donnelley & Sons Co.		21,000			195
Rush Enterprises, Inc. ‘A’ (a)		5,664			288
Saia, Inc. (a)		2,708			192
Scorpio Bulkers, Inc.		10,364			77
Simpson Manufacturing Co., Inc.		3,002			172
SiteOne Landscape Supply, Inc. (a)		495			38
SkyWest, Inc.		13,518			718
Spirit Airlines, Inc. (a)		1,288			58
SPX Corp. (a)		2,688			84
SPX FLOW, Inc. (a)		8,346			397
Standex International Corp.		412			42
Steelcase, Inc. ‘A’		8,404			128
Sun Hydraulics Corp.		432			28
Team, Inc. (a)		325			5
Tennant Co.		985			72
Tetra Tech, Inc.		3,364			162
Textainer Group Holdings Ltd. (a)		7,060			152
Thermon Group Holdings, Inc. (a)		1,343			32
Titan International, Inc.		2,800			36
Titan Machinery, Inc. (a)		4,692			99
Trex Co., Inc. (a)		386			42
TriMas Corp. (a)		2,353			63
TriNet Group, Inc. (a)		739			33
Triumph Group, Inc.		5,879			160
TrueBlue, Inc. (a)		2,166			60
Tutor Perini Corp. (a)		3,398			86
UniFirst Corp.		677			112
Universal Forest Products, Inc.		3,150			118
Valmont Industries, Inc.		1,962			325
Veritiv Corp. (a)		3,487			101
Viad Corp.		906			50
Wabash National Corp.		3,689			80
WageWorks, Inc. (a)		207			13

	SHARES			MARKET VALUE (000S)
Watts Water Technologies, Inc. ‘A’		2,137	$		162
Welbilt, Inc. (a)		8,066			190
Werner Enterprises, Inc.		4,747			183
Wesco Aircraft Holdings, Inc. (a)		3,177			24
WESCO International, Inc. (a)		3,638			248
YRC Worldwide, Inc. (a)		6,724			97
					20,709
INFORMATION TECHNOLOGY 11.2%
ACI Worldwide, Inc. (a)		3,090			70
Acxiom Corp. (a)		3,888			107
ADTRAN, Inc.		8,121			157
Advanced Energy Industries, Inc. (a)		1,615			109
Alpha & Omega Semiconductor Ltd. (a)		2,964			48
Ambarella, Inc. (a)		637			37
Amkor Technology, Inc. (a)		16,962			170
Anixter International, Inc. (a)		3,055			232
Avid Technology, Inc. (a)		15,430			83
AVX Corp.		4,322			75
Belden, Inc.		1,848			143
Benchmark Electronics, Inc. (a)		5,990			174
Black Box Corp.		4,598			16
Blackbaud, Inc.		196			19
Blackhawk Network Holdings, Inc. (a)		1,488			53
Blucora, Inc. (a)		5,141			114
Bottomline Technologies de, Inc. (a)		940			33
Brooks Automation, Inc.		4,102			98
Cabot Microelectronics Corp.		3,368			317
CACI International, Inc. ‘A’ (a)		3,566			472
Ciena Corp. (a)		2,752			58
CommVault Systems, Inc. (a)		1,760			92
Comtech Telecommunications Corp.		12,710			281
Convergys Corp.		15,037			353
CoreLogic, Inc. (a)		1,883			87
Cray, Inc. (a)		3,038			74
Cree, Inc. (a)		11,335			421
CSG Systems International, Inc.		3,473			152
CTS Corp.		538			14
Daktronics, Inc.		2,521			23
DHI Group, Inc. (a)		10,102			19
Diebold Nixdorf, Inc.		8,578			140
Diodes, Inc. (a)		4,315			124
DST Systems, Inc.		421			26
Eastman Kodak Co. (a)		6,233			19
Ebix, Inc.		1,256			100
Electro Scientific Industries, Inc. (a)		2,252			48
Electronics For Imaging, Inc. (a)		2,540			75
Entegris, Inc.		3,780			115
ePlus, Inc. (a)		1,459			110
Etsy, Inc. (a)		740			15
Everi Holdings, Inc. (a)		9,656			73
ExlService Holdings, Inc. (a)		1,499			90
Extreme Networks, Inc. (a)		4,636			58
FARO Technologies, Inc. (a)		1,741			82
Finisar Corp. (a)		3,877			79
FireEye, Inc. (a)		1,702			24
Fitbit, Inc. ‘A’ (a)		11,428			65
Harmonic, Inc. (a)		20,177			85
II-VI, Inc. (a)		2,622			123
Insight Enterprises, Inc. (a)		6,587			252
Integrated Device Technology, Inc. (a)		3,368			100
InterDigital, Inc.		2,613			199

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 57

Schedule of Investments PIMCO RAE Fundamental US Small Fund (Cont.)

	SHARES			MARKET VALUE (000S)
Internap Corp. (a)		1,874	$		29
Itron, Inc. (a)		2,754			188
KEMET Corp. (a)		5,083			77
Knowles Corp. (a)		10,693			157
Liquidity Services, Inc. (a)		9,531			46
Littelfuse, Inc.		459			91
LivePerson, Inc. (a)		2,001			23
LogMeIn, Inc.		148			17
Lumentum Holdings, Inc. (a)		1,079			53
Manhattan Associates, Inc. (a)		1,986			98
ManTech International Corp. ‘A’		3,226			162
Methode Electronics, Inc.		1,291			52
MicroStrategy, Inc. ‘A’ (a)		476			63
MoneyGram International, Inc. (a)		7,137			94
Monotype Imaging Holdings, Inc.		1,079			26
MTS Systems Corp.		1,679			90
NETGEAR, Inc. (a)		3,288			193
NetScout Systems, Inc. (a)		4,866			148
NIC, Inc.		1,712			28
Novanta, Inc. (a)		634			32
OSI Systems, Inc. (a)		1,454			94
Park Electrochemical Corp.		2,074			41
PC Connection, Inc.		650			17
Pegasystems, Inc.		833			39
Perficient, Inc. (a)		1,053			20
Photronics, Inc. (a)		6,548			56
Plantronics, Inc.		3,222			162
Plexus Corp. (a)		3,096			188
Power Integrations, Inc.		913			67
Progress Software Corp.		7,946			338
Quantum Corp. (a)		4,729			27
Rambus, Inc. (a)		3,501			50
RealPage, Inc. (a)		1,557			69
Ribbon Communications, Inc. (a)		7,182			56
Rogers Corp. (a)		1,160			188
Sanmina Corp. (a)		7,748			256
ScanSource, Inc. (a)		3,011			108
Science Applications International Corp.		2,179			167
Semtech Corp. (a)		3,533			121
Silicon Laboratories, Inc. (a)		2,433			215
Stratasys Ltd. (a)		4,181			83
Super Micro Computer, Inc. (a)		891			19
Sykes Enterprises, Inc. (a)		5,713			180
Synaptics, Inc. (a)		1,155			46
Synchronoss Technologies, Inc. (a)		4,179			37
Syntel, Inc. (a)		2,385			55
TeleTech Holdings, Inc.		1,104			44
TiVo Corp.		22,963			358
TTM Technologies, Inc. (a)		8,405			132
Ultra Clean Holdings, Inc. (a)		1,771			41
Unisys Corp. (a)		27,572			225
Universal Display Corp.		178			31
Veeco Instruments, Inc. (a)		4,734			70
VeriFone Systems, Inc. (a)		10,528			186
Verint Systems, Inc. (a)		4,904			205
Versum Materials, Inc.		503			19
Viavi Solutions, Inc. (a)		11,453			100
Virtusa Corp. (a)		994			44
Vishay Intertechnology, Inc.		22,947			476
Web.com Group, Inc. (a)		3,045			66
Xcerra Corp. (a)		5,086			50
XO Group, Inc. (a)		1,871			35
Xperi Corp.		3,679			90
Yelp, Inc. (a)		1,020			43

	SHARES			MARKET VALUE (000S)
Zynga, Inc. ‘A’ (a)		62,097	$		248
					12,932
MATERIALS 5.0%
A Schulman, Inc.		2,806			104
AdvanSix, Inc. (a)		4,634			195
AK Steel Holding Corp. (a)		3,864			22
Allegheny Technologies, Inc. (a)		4,918			119
Boise Cascade Co.		3,452			138
Cabot Corp.		1,035			64
Calgon Carbon Corp.		3,941			84
Carpenter Technology Corp.		2,913			148
Century Aluminum Co. (a)		1,872			37
Clearwater Paper Corp. (a)		2,759			125
Coeur Mining, Inc. (a)		2,378			18
Commercial Metals Co.		12,600			269
Compass Minerals International, Inc.		1,635			118
Ferro Corp. (a)		3,511			83
FutureFuel Corp.		2,947			41
GCP Applied Technologies, Inc. (a)		5,452			174
Gold Resource Corp.		6,338			28
Greif, Inc. ‘A’		4,912			298
HB Fuller Co.		2,688			145
Hecla Mining Co.		4,842			19
Ingevity Corp. (a)		997			70
Innophos Holdings, Inc.		3,632			170
Innospec, Inc.		1,537			108
Intrepid Potash, Inc. (a)		12,283			58
Kaiser Aluminum Corp.		1,111			119
KapStone Paper and Packaging Corp.		5,504			125
Koppers Holdings, Inc. (a)		1,456			74
Kraton Corp. (a)		1,340			64
Kronos Worldwide, Inc.		2,740			71
Louisiana-Pacific Corp. (a)		3,243			85
LSB Industries, Inc. (a)		1,446			13
Materion Corp.		2,006			97
Minerals Technologies, Inc.		1,451			100
Myers Industries, Inc.		4,065			79
Neenah Paper, Inc.		981			89
Olympic Steel, Inc.		1,980			43
OMNOVA Solutions, Inc. (a)		5,868			59
PH Glatfelter Co.		6,448			138
Platform Specialty Products Corp. (a)		7,169			71
PolyOne Corp.		5,340			232
Quaker Chemical Corp.		446			67
Rayonier Advanced Materials, Inc.		7,730			158
Ryerson Holding Corp. (a)		7,863			82
Schnitzer Steel Industries, Inc. ‘A’		1,874			63
Schweitzer-Mauduit International, Inc.		2,441			111
Silgan Holdings, Inc.		6,794			200
Stepan Co.		1,687			133
Summit Materials, Inc. ‘A’ (a)		4,204			132
SunCoke Energy, Inc. (a)		7,427			89
TimkenSteel Corp. (a)		3,360			51
Tredegar Corp.		1,004			19
Trinseo S.A.		2,116			154
Tronox Ltd. ‘A’		12,492			256
Verso Corp. (a)		5,023			88
Worthington Industries, Inc.		2,424			107
					5,804

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.2%
Alexander & Baldwin, Inc.		1,239	$		34
HFF, Inc. ‘A’		487			24
Kennedy-Wilson Holdings, Inc.		2,911			50
RE/MAX Holdings, Inc. ‘A’		496			24
RMR Group, Inc. ‘A’		377			22
St. Joe Co. (a)		3,078			56
					210
TELECOMMUNICATION SERVICES 1.1%
ATN International, Inc.		1,084			60
Cincinnati Bell, Inc. (a)		12,438			259
Cogent Communications Holdings, Inc.		2,014			91
Consolidated Communications Holdings, Inc.		10,461			128
General Communication, Inc. ‘A’ (a)		5,975			233
IDT Corp. ‘B’		2,030			21
Iridium Communications, Inc. (a)		17,843			211
Shenandoah Telecommunications Co.		2,276			77
Spok Holdings, Inc.		3,114			49
Vonage Holdings Corp. (a)		16,410			167
					1,296
UTILITIES 3.4%
ALLETE, Inc.		2,188			163
American States Water Co.		2,762			160
Atlantic Power Corp. (a)		8,032			19
Avista Corp.		8,186			421
California Water Service Group		4,754			216
Chesapeake Utilities Corp.		843			66
Dynegy, Inc. (a)		49,488			586
El Paso Electric Co.		5,167			286
MGE Energy, Inc.		3,052			193
New Jersey Resources Corp.		2,294			92
Northwest Natural Gas Co.		3,846			229
NorthWestern Corp.		2,809			168
NRG Yield, Inc. ‘C’		4,374			83
Ormat Technologies, Inc.		807			52
Otter Tail Corp.		4,127			183
Pattern Energy Group, Inc.		3,192			69
PNM Resources, Inc.		11,540			467
SJW Group		1,722			110
South Jersey Industries, Inc.		3,077			96
Spire, Inc.		2,295			172
TerraForm Power, Inc.		2,858			34
Unitil Corp.		2,208			101
					3,966
Total United States					101,859
Total Common Stocks (Cost $77,506)					102,070
REAL ESTATE INVESTMENT TRUSTS 10.9%
UNITED STATES 10.9%
FINANCIALS 2.9%
AG Mortgage Investment Trust, Inc.		5,356			102
Anworth Mortgage Asset Corp.		26,602			145
Apollo Commercial Real Estate Finance, Inc.		5,749			106
Arbor Realty Trust, Inc.		4,145			36
Ares Commercial Real Estate Corp.		5,017			65

58 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
ARMOUR Residential REIT, Inc.		3,720	$		96
Blackstone Mortgage Trust, Inc. ‘A’		2,394			77
Capstead Mortgage Corp.		22,202			192
Chimera Investment Corp.		11,251			208
CYS Investments, Inc.		24,330			195
Dynex Capital, Inc.		15,074			106
Granite Point Mortgage Trust, Inc.		2			0
Invesco Mortgage Capital, Inc.		22,123			394
Ladder Capital Corp.		6,349			86
MFA Financial, Inc.		54,504			432
MTGE Investment Corp.		9,434			174
New York Mortgage Trust, Inc.		22,489			139
PennyMac Mortgage Investment Trust		14,103			226
Redwood Trust, Inc.		12,765			189
Resource Capital Corp.		11,716			110
Two Harbors Investment Corp.		9,051			147
Western Asset Mortgage Capital Corp.		13,435			134
					3,359
REAL ESTATE 8.0%
Acadia Realty Trust		4,084			112
Alexander’s, Inc.		72			29
American Assets Trust, Inc.		1,624			62
Ashford Hospitality Prime, Inc.		3,508			34
Ashford Hospitality Trust, Inc.		21,085			142
Brandywine Realty Trust		19,328			352
CBL & Associates Properties, Inc.		53,710			304
Cedar Realty Trust, Inc.		17,679			108
Chatham Lodging Trust		3,207			73
Chesapeake Lodging Trust		2,611			71
Columbia Property Trust, Inc.		22,029			506
CorEnergy Infrastructure Trust, Inc.		871			33
Corporate Office Properties Trust		8,040			235
DiamondRock Hospitality Co.		15,897			179
EastGroup Properties, Inc.		1,395			123

	SHARES			MARKET VALUE (000S)
Education Realty Trust, Inc.		2,039	$		71
Empire State Realty Trust, Inc. ‘A’		3,981			82
First Industrial Realty Trust, Inc.		1,678			53
Franklin Street Properties Corp.		11,275			121
GEO Group, Inc.		5,921			140
Getty Realty Corp.		1,851			50
Gladstone Commercial Corp.		1,856			39
Global Net Lease, Inc.		5,255			108
Government Properties Income Trust		7,139			132
Hersha Hospitality Trust		6,090			106
InfraREIT, Inc.		3,077			57
Investors Real Estate Trust		18,559			105
iStar Inc. (a)		5,233			59
Kite Realty Group Trust		7,290			143
LaSalle Hotel Properties		5,467			153
Lexington Realty Trust		19,265			186
Life Storage, Inc.		986			88
LTC Properties, Inc.		798			35
Mack-Cali Realty Corp.		11,965			258
National Health Investors, Inc.		1,389			105
New Senior Investment Group, Inc.		14,108			107
New York REIT, Inc.		1,835			7
NorthStar Realty Europe Corp.		3,810			51
Outfront Media, Inc.		7,339			170
Pebblebrook Hotel Trust		2,662			99
Pennsylvania Real Estate Investment Trust		7,039			84
Physicians Realty Trust		1,130			20
Piedmont Office Realty Trust, Inc. ‘A’		17,000			333
Potlatch Corp.		1,976			99
Preferred Apartment Communities, Inc. ‘A’		1,863			38
PS Business Parks, Inc.		1,083			135
QTS Realty Trust, Inc. ‘A’		1,109			60
RAIT Financial Trust		27,283			10
Ramco-Gershenson Properties Trust		9,529			140
Retail Opportunity Investments Corp.		5,623			112

	SHARES			MARKET VALUE (000S)
Retail Properties of America, Inc. ‘A’		22,137	$		298
Rexford Industrial Realty, Inc.		1,373			40
RLJ Lodging Trust		17,969			395
Ryman Hospitality Properties, Inc.		3,217			222
Sabra Health Care REIT, Inc.		9,687			182
Select Income REIT		3,415			86
Seritage Growth Properties ‘A’		1,744			71
Spirit Realty Capital, Inc.		7,486			64
STAG Industrial, Inc.		1,661			45
Summit Hotel Properties, Inc.		3,892			59
Sunstone Hotel Investors, Inc.		15,109			250
Tanger Factory Outlet Centers, Inc.		4,526			120
Taubman Centers, Inc.		2,722			178
Terreno Realty Corp.		892			31
Tier REIT, Inc.		8,154			166
Urban Edge Properties		1,802			46
Urstadt Biddle Properties, Inc. ‘A’		2,590			56
Washington Prime Group, Inc.		65,121			464
Washington Real Estate Investment Trust		4,263			133
Xenia Hotels & Resorts, Inc.		19,710			426
					9,251
Total Real Estate Investment Trusts (Cost $12,313)					12,610
Total Investments in Securities (Cost $89,819)					114,680
Total Investments 99.2% (Cost $89,819)			$		114,680
Other Assets and Liabilities, net 0.8%					894
Net Assets 100.0%			$		115,574

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*):

* A zero balance may reflect actual amounts rounding to less than one thousand.

« Security valued using significant unobservable inputs (Level 3).

(a) Security did not produce income within the last twelve months.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Securities, at Value
Common Stocks
United Kingdom
Financials	$	211	$	0	$	0	$	211
United States
Consumer Discretionary		22,938		0		6		22,944
Consumer Staples		4,215		0		0		4,215
Energy		4,035		0		0		4,035
Financials		18,011		0		0		18,011
Health Care		7,737		0		0		7,737
Industrials		20,709		0		0		20,709

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Information Technology	$	12,932	$	0	$	0	$	12,932
Materials		5,804		0		0		5,804
Real Estate		210		0		0		210
Telecommunication Services		1,296		0		0		1,296
Utilities		3,966		0		0		3,966
Real Estate Investment Trusts
United States
Financials		3,359		0		0		3,359
Real Estate		9,251		0		0		9,251
Total Investments	$	114,674	$	0	$	6	$	114,680

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 59

Notes to Financial Statements

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on December 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, Class P, Class A, and Class C shares of the funds (each a “Fund” and collectively, the “Funds”) indicated on the cover of this report. Pacific Investment Management Company LLC (“PIMCO”) serves as the investment adviser (the “Adviser”) for the Funds. Research Affiliates, LLC (“Research Affiliates”) serves as the sub-adviser for the Funds. PIMCO and Research Affiliates have also engaged Parametric Portfolio Associates, LLC (“Parametric”) to implement all or a portion of each Fund’s investment strategies. The PIMCO RAE Fundamental Global Fund may invest substantially all of its assets in Institutional Class shares of the PIMCO RAE Fundamental US Fund, PIMCO RAE Fundamental International Fund (“International Fund”) and PIMCO RAE Fundamental Emerging Markets Fund (“Emerging Markets Fund”) (collectively, “Underlying Funds”), and equity securities that are eligible investments for the Underlying Funds. The PIMCO RAE Fundamental Global ex-US Fund may invest substantially all of its assets in Institutional Class shares of the International Fund and Emerging Markets Fund, equity securities of small companies economically tied to non-U.S. countries, and securities that are eligible investments for the International Fund and Emerging Markets Fund. The PIMCO RAE Fundamental Global Fund and PIMCO RAE Fundamental Global ex-US Fund may invest in other affiliated funds and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940 (together with the Underlying Funds, “Acquired Funds”).

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for

the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

(b) Cash and Foreign Currency  The functional and reporting currency for the Funds is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest directly or indirectly through investments in Underlying PIMCO Funds or Acquired Funds, as applicable, in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign

60 PIMCO EQUITY SERIES

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exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(c) Multiclass Operations  Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value (“NAV”) of a class of the respective Fund’s shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders  The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

	Distribution Frequency
Fund Name	Declared		Distributed
PIMCO RAE Fundamental Emerging Markets Fund		Annually		Annually
PIMCO RAE Fundamental Global Fund		Annually		Annually
PIMCO RAE Fundamental Global ex-US Fund		Annually		Annually
PIMCO RAE Fundamental International Fund		Annually		Annually
PIMCO RAE Fundamental US Fund		Annually		Annually
PIMCO RAE Fundamental US Small Fund		Annually		Annually

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund’s annual financial statements presented under U.S. GAAP.

If a Fund estimates that a portion of one of its dividend distributions may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of record of the estimated composition

of such distribution through a Section 19 Notice. For these purposes, a Fund estimates the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is estimated that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include, among others, the treatment of paydowns on mortgage-backed securities purchased at a discount and periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be reported on Form 1099 DIV sent to shareholders for the calendar year.

Distributions classified as a tax basis return of capital, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital. In addition, other amounts have been reclassified between undistributed (overdistributed) net investment income (loss), accumulated undistributed (overdistributed) net realized gain (loss) and/or paid in capital to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements  In March 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2016-05, which provides guidance related to the impact of derivative contract novations on certain relationships under Accounting Standards Codification (“ASC”) 815. The ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

In August 2016, the FASB issued ASU 2016-15 which amends ASC 230 to clarify guidance on the classification of certain cash receipts and cash payments in the Statement of Cash Flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods

SEMIANNUAL REPORT DECEMBER 31, 2017 61

Notes to Financial Statements (Cont.)

within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X require standardized, enhanced disclosure about derivatives in investment company financial statements, and also change the rules governing the form and content of such financial statements. The compliance date for these amendments was August 1, 2017. Compliance is based on reporting period-end date. Management has adopted these amendments and the changes are incorporated in the financial statements.

In November 2016, the FASB issued ASU 2016-18 which amends ASC 230 to provide guidance on the classification and presentation of changes in restricted cash and restricted cash equivalents on the Statement of Cash Flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

In March 2017, the FASB issued ASU 2017-08 which provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies  The price of a Fund’s shares is based on the Fund’s NAV. The NAV of a Fund, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets, less any liabilities attributable to that Fund or class, by the total number of shares outstanding of that Fund or class.

On each day that the New York Stock Exchange (“NYSE”) is open, Fund shares are ordinarily valued as of the close of regular trading (“NYSE Close”). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. Each Fund reserves the right to change the time as of which its respective NAV is calculated if the Fund closes earlier, or as permitted by the SEC.

For purposes of calculating a NAV, portfolio securities and other assets for which market quotes are readily available are valued at market

value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Funds’ approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by the Adviser to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services. A Fund’s investments in open-end management investment companies, other than exchange-traded funds (“ETFs”), are valued at the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value based on procedures established and approved by the Board of Trustees of the Trust (the “Board”). Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, a Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of

62 PIMCO EQUITY SERIES

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the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

Senior secured floating rate loans for which an active secondary market exists to a reliable degree will be valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a Pricing Service. Senior secured floating rate loans for which an active secondary market does not exist to a reliable degree will be valued at fair value, which is intended to approximate market value. In valuing a senior secured floating rate loan at fair value, the factors considered may include, but are not limited to, the following: (a) the creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a result, the value of such investments and, in turn, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund’s next calculated NAV.

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to the Adviser the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Valuation

Oversight Committee of the Board (“Valuation Oversight Committee”), generally based on recommendations provided by the Adviser. The Adviser may consult with the Sub-Adviser or Parametric in providing such recommendations or otherwise with respect to valuation of the PIMCO Dividend and Income Fund’s portfolio securities or other assets. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to the Adviser the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

When a Fund (or, in each instance in this paragraph, as applicable, an Underlying PIMCO Fund or Acquired Fund) uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds’ use of fair valuation may also help to deter “stale price arbitrage” as discussed under the “Abusive Trading Practices” section in each Fund’s prospectus.

(b) Fair Value Hierarchy  U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an

SEMIANNUAL REPORT DECEMBER 31, 2017 63

Notes to Financial Statements (Cont.)

indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

^∎  Level 1 — Quoted prices in active markets or exchanges for identical assets and liabilities.

^∎  Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

^∎  Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers between Levels 1 and 2 and transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy Level 1 and Level 2 trading assets and trading liabilities, at fair value  The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1 and Level 2 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the

extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Services that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Equity-linked securities are valued by referencing the last reported sale or settlement price of the linked referenced equity on the day of valuation. Foreign exchange adjustments are applied to the last reported price to convert the linked equity’s trading currency to the contract’s settling currency. These investments are categorized as Level 2 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Level 3 trading assets and trading liabilities, at fair value  When a fair valuation method is applied by the Adviser that uses significant unobservable inputs, investments will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The PIMCO RAE Fundamental Global Fund may invest substantially all of its assets in Acquired Funds and equity securities that are eligible investments for the Underlying Funds. The PIMCO RAE Fundamental Global ex-US Fund may invest substantially all of its assets in Acquired

64 PIMCO EQUITY SERIES

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Funds (except the PIMCO RAE Fundamental US Fund), equity securities of small companies economically tied to non-U.S. countries, and securities that are eligible investments for the International Fund and Emerging Markets Fund. The Underlying Funds are considered to be affiliated with the PIMCO RAE Fundamental Global Fund and PIMCO RAE Fundamental Global ex-US Fund.

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III (“Central Funds”) to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. The tables below show the Funds’ transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2017 (amounts in thousands):

PIMCO RAE Fundamental Global Fund
Underlying PIMCO Funds	Market Value 06/30/2017		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2017		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAE Fundamental Emerging Markets Fund	$	52,176	$	7,686	$	(12,436	)	$	1,356	$	2,185	$	50,967	$	3,364	$	588
PIMCO RAE Fundamental International Fund		203,628		19,949		(35,565	)		3,316		13,245		204,573		5,160		124
PIMCO RAE Fundamental U.S. Fund		158,436		29,704		(25,882	)		677		8,073		171,008		4,375		5,454
Totals	$	414,240	$	57,339	$	(73,883	)	$	5,349	$	23,503	$	426,548	$	12,899	$	6,166
PIMCO RAE Fundamental Global ex-US Fund
Underlying PIMCO Funds	Market Value 06/30/2017		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2017		Dividend Income(1)		Realized Net CapitalGain Distributions(1)
PIMCO RAE Fundamental Emerging Markets Fund	$	16,414	$	1,757	$	(1,737	)	$	220	$	937	$	17,591	$	1,133	$	198
PIMCO RAE Fundamental International Fund		64,060		3,158		(2,088	)		111		5,372		70,613		1,738		42
Totals	$	80,474	$	4,915	$	(3,825	)	$	331	$	6,309	$	88,204	$	2,871	$	240

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

(b) Investments in Securities

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.

Real Estate Investment Trusts (“REITs”)  are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so the Funds that invest in REITs will bear their proportionate share of the costs of the REITs’ operations.

Restricted Investments  are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to

be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds at December 31, 2017 are disclosed in the Notes to Schedules of Investments.

Warrants  are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants are freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive

SEMIANNUAL REPORT DECEMBER 31, 2017 65

Notes to Financial Statements (Cont.)

dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

5. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the financial derivative instruments described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds’ financial position, results of operations and cash flows. The location and fair value amounts of these

instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts  may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

6. PRINCIPAL RISKS

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

PIMCO RAE Fundamental Emerging Markets Fund

PIMCO RAE Fundamental Global Fund

PIMCO RAE Fundamental Global  ex-US Fund

PIMCO RAE Fundamental International Fund

PIMCO RAE Fundamental US Fund

PIMCO RAE Fundamental US Small Fund

Risks

New/Small Fund

X

Allocation

X

X

Acquired Fund

X

X

Equity

X

X

X

X

X

X

Value Investing

X

X

X

X

X

X

Foreign (Non-U.S.) Investment

X

X

X

X

Emerging Markets

X

X

X

X

Issuer Non-Diversification

X

X

X

X

X

X

Market

X

X

X

X

X

X

Issuer

X

X

X

X

X

X

Credit

X

X

X

X

X

X

Distressed Company

X

X

X

66 PIMCO EQUITY SERIES

December 31, 2017 (Unaudited)

PIMCO RAE Fundamental Emerging Markets Fund

PIMCO RAE Fundamental Global Fund

PIMCO RAE Fundamental Global  ex-US Fund

PIMCO RAE Fundamental International Fund

PIMCO RAE Fundamental US Fund

PIMCO RAE Fundamental US Small Fund

Currency

X

X

X

X

Real Estate

X

X

X

X

X

X

Liquidity

X

X

X

X

X

X

Leveraging

X

X

X

X

X

X

Management

X

X

X

X

X

X

Small Company

X

X

X

Derivatives

X

X

X

X

X

X

Model

X

X

X

X

X

X

The principal risks of investing in a Fund include risks from direct investments and/or for certain Funds that invest in Acquired Funds or Underlying PIMCO Funds, indirect exposure through investment in such Acquired Funds or Underlying PIMCO Funds. Please see “Description of Principal Risks” in a Fund’s prospectus for a more detailed description of the risks of investing in a Fund.

New/Small Fund Risk  is the risk that a new or smaller Fund’s performance may not represent how a Fund is expected to or may perform in the long term. In addition, new Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies.

Allocation Risk  is the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated. A Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

Acquired Fund Risk  is the risk that a Fund’s performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives.

Equity Risk  is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Value Investing Risk  is the risk that a value stock may decrease in price or may not increase in price as anticipated by the Sub-Adviser if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur.

Foreign (Non-U.S.) Investment Risk  is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk  is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Issuer Non-Diversification Risk  is the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are “non-diversified” may invest a greater percentage of their assets in the securities of a single issuer than funds that are “diversified”.

Market Risk  is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk  is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.

Credit Risk  is the risk that a Fund could lose money if the counterparty to a derivative contract is unable or unwilling to meet its financial obligations.

Distressed Company Risk  is the risk that securities of distressed companies may be subject to greater levels of market, issuer and liquidity risks. Distressed companies may be engaged in restructurings or bankruptcy proceedings, which may cause the value of their securities to fluctuate rapidly or unpredictably.

SEMIANNUAL REPORT DECEMBER 31, 2017 67

Notes to Financial Statements (Cont.)

Currency Risk  is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect a Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Real Estate Risk  is the risk that a Fund’s investments in Real Estate Investment Trusts (“REITs”) or real estate-linked derivative instruments will subject a Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject a Fund to liquidity and valuation risk.

Liquidity Risk  is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector.

Leveraging Risk  is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management Risk  is the risk that the investment techniques and risk analyses applied by the Sub-Adviser will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to the Sub-Adviser and the individual portfolio manager in connection with managing a Fund. There is no guarantee that the investment objective of a Fund will be achieved.

Small Company Risk  is the risk that the value of equity securities issued by small companies, ranked by fundamental size as determined by the Sub-Adviser, may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources.

Derivatives Risk  is the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more

than the initial amount invested. A Fund’s use of derivatives may result in losses to a Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with a Fund’s clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could potentially limit or impact a Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and a Fund’s performance.

Model Risk  is the risk that a Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors and may result in a decline in the value of an investment in a Fund.

7. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other forms of AAA rated paper or sovereign securities may be used

68 PIMCO EQUITY SERIES

December 31, 2017 (Unaudited)

depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase, and sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA securities, delayed-delivery or sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission (“CFTC”). In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Portability of exposure reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third-party custodian. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

8. FEES AND EXPENSES

(a) Investment Advisory Fee  PIMCO is a majority-owned subsidiary of Allianz Asset Management of America L.P. (“Allianz Asset Management”) and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the “Investment Advisory Fee”). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee  PIMCO serves as administrator (the “Administrator”) and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class’s average daily net assets (the “Supervisory and Administrative Fee”). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

SEMIANNUAL REPORT DECEMBER 31, 2017 69

Notes to Financial Statements (Cont.)

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Investment Advisory Fee		Supervisory and Administrative Fee
Fund Name	All Classes		Institutional Class		Class P		Class A		Class C
PIMCO RAE Fundamental Emerging Markets Fund(1)		0.50%		0.45%		0.55%		0.55%		0.55%
PIMCO RAE Fundamental Global Fund(1)(2)		0.40%		0.30%		0.40%		0.40%		0.40%
PIMCO RAE Fundamental Global ex-US Fund(1)(2)		0.40%		0.35%		0.45%		0.45%		0.45%
PIMCO RAE Fundamental International Fund(3)		0.30%		0.30%		0.40%		0.40%		0.40%
PIMCO RAE Fundamental US Fund(3)		0.25%		0.25%		0.35%		0.40%		0.40%
PIMCO RAE Fundamental US Small Fund(3)		0.35%		0.25%		0.35%		0.40%		0.40%

⁽¹⁾  PIMCO has contractually agreed, through October 31, 2018, to reduce its advisory fee by 0.20% of the average daily net assets of the Fund.

⁽²⁾  PIMCO has contractually agreed, through October 31, 2018, to waive, first, the advisory fee and, second, the supervisory and administrative fee it receives from the Fund in an amount equal to the expenses attributable to the Management Fees of Underlying Funds indirectly incurred by the Fund in connection with its investments in Underlying Funds, to the extent the Fund’s Management Fees are greater than or equal to the Management Fees of the Underlying Funds. 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⁾  PIMCO has contractually agreed, through October 31, 2018, to reduce its advisory fee by 0.10% of the average daily net assets of the Fund.

(c) Distribution and Servicing Fees  PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor (“Distributor”) of the Trust’s shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A and Class C shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares, and in connection with personal services rendered to Class A and Class C shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A and Class C shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Allowable Rate
	Distribution Fee		Servicing Fee
Class A		—		0.25%
Class C		0.75%		0.25%

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares. For the period ended December 31, 2017, the Distributor retained $40,489 representing commissions (sales charges) and contingent deferred sales charges from the Trust.

(d) Fund Expenses  PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of

various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) taxes and governmental fees; (ii) brokerage fees and commissions and other portfolio transaction expenses; (iii) the costs of borrowing money, including interest expense; (iv) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (v) extraordinary expense, including costs of litigation and indemnification expenses; (vi) organizational expenses; and (vii) any expenses allocated or allocable to a specific class of shares, and may include certain other expenses as permitted by the Trust’s Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees.. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

Each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $62,000, plus $6,250 for each Board meeting attended in person, $375 ($750 in the case of the audit committee chair with respect to audit committee meetings) for each committee meeting attended and $750 for each Board meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $9,000, the valuation oversight committee lead receives an additional annual retainer of $2,000 (to the extent there are co-leads of the valuation oversight committee, the annual retainer will be split evenly between the co-leads, so that each co-lead individually receives an additional retainer of $1,000) and the governance committee chair receives an additional annual retainer of $750.

These expenses are allocated on a pro rata basis to each Fund of the Trust according to its respective net assets. The Trust pays no

70 PIMCO EQUITY SERIES

December 31, 2017 (Unaudited)

compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation  Pursuant to the Expense Limitation Agreement, PIMCO has agreed to waive a portion of the Funds’ Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund’s organizational expenses and pro rata share of Trustee Fees exceed 0.0049%, the “Expense Limit” (calculated as a percentage of each Fund’s average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Fee Wavier Agreement, PIMCO contractually agreed to waive a portion of the Advisory Fee as set forth in the following table

(calculated as a percentage of each Fund’s average daily net assets). The Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months after the waiver. The waiver is reflected in the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

Fund Name	Fee Waiver		Expiration Date
PIMCO RAE Fundamental Emerging Markets Fund		0.20%		10/31/2018
PIMCO RAE Fundamental Global Fund		0.20%		10/31/2018
PIMCO RAE Fundamental Global ex-US Fund		0.20%		10/31/2018
PIMCO RAE Fundamental International Fund		0.10%		10/31/2018
PIMCO RAE Fundamental US Fund		0.10%		10/31/2018
PIMCO RAE Fundamental US Small Fund		0.10%		10/31/2018

Under certain conditions, PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months after the waiver. The total recoverable amounts to PIMCO (from the Fee Waiver Agreement and Expense Limitation Agreement combined) at December 31, 2017, were as follows (amounts in thousands):

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO RAE Fundamental Emerging Markets Fund	$	146	$	2,343	$	3,322	$	5,811
PIMCO RAE Fundamental Global Fund		105		611		858		1,574
PIMCO RAE Fundamental Global ex-US Fund		140		134		167		441
PIMCO RAE Fundamental International Fund		128		278		477		883
PIMCO RAE Fundamental US Fund		279		586		663		1,528
PIMCO RAE Fundamental US Small Fund		108		100		115		323

(f) Acquired Fund Fees and Expenses  Acquired Fund expenses will vary with changes in the expenses of the Acquired Funds, as well as the allocation of the Funds’ assets.

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to each Fund’s direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders.

PIMCO has contractually agreed, through October 31, 2018, to waive, first, the Investment Advisory Fee and, second, the Supervisory and Administrative Fees it receives from the PIMCO RAE Fundamental Global Fund in an amount equal to the expenses attributable to the Investment Advisory Fees and the Supervisory and Administrative Fees of the PIMCO RAE Fundamental US Fund, PIMCO RAE Fundamental International Fund and PIMCO RAE Fundamental Emerging Markets Fund indirectly incurred

by the PIMCO RAE Fundamental Global Fund in connection with its investments in such Funds, to the extent the PIMCO RAE Fundamental Global Fund’s Investment Advisory Fee and Supervisory and Administrative Fees are greater than or equal to the Investment Advisory Fee and Supervisory and Administrative Fees of such Funds. 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.

PIMCO has contractually agreed, through October 31, 2018, to waive, first, the Investment Advisory Fee and, second, the Supervisory and Administrative Fees it receives from the PIMCO RAE Fundamental Global ex-US Fund in an amount equal to the expenses attributable to the Investment Advisory Fees and the Supervisory and Administrative Fees of the PIMCO RAE Fundamental International Fund and PIMCO RAE Fundamental Emerging Markets Fund indirectly incurred by the PIMCO RAE Fundamental Global ex-US Fund in connection with its investments in such Funds, to the extent the PIMCO RAE Fundamental Global ex-US Fund’s Investment Advisory Fee and Supervisory and Administrative Fees are greater than or equal to the Investment Advisory Fee and Supervisory and Administrative Fees of such Funds. 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.

SEMIANNUAL REPORT DECEMBER 31, 2017 71

Notes to Financial Statements (Cont.)

The waivers are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2017, the amounts were (in thousands):

Fund Name	Waived Fees
PIMCO RAE Fundamental Global Fund	$	1,029
PIMCO RAE Fundamental Global ex-US Fund		234

9. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 8, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

10. GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust’s investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety

of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

11. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The transaction costs and tax effects associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2017, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PIMCO RAE Fundamental Emerging Markets Fund	$	0	$	0	$	477,034	$	258,501
PIMCO RAE Fundamental Global Fund		0		0		57,339		73,883
PIMCO RAE Fundamental Global ex-US Fund		0		0		4,915		3,825
PIMCO RAE Fundamental International Fund		0		0		82,031		84,331
PIMCO RAE Fundamental US Fund		0		0		115,783		140,146
PIMCO RAE Fundamental US Small Fund		0		0		15,782		16,387

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

72 PIMCO EQUITY SERIES

December 31, 2017 (Unaudited)

12. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands^†):

	PIMCO RAE Fundamental Emerging Markets Fund												PIMCO RAE Fundamental Global Fund												PIMCO RAE Fundamental Global ex-US Fund
	Six Months Ended 12/31/2017						Year Ended 06/30/2017						Six Months Ended 12/31/2017						Year Ended 06/30/2017						Six Months Ended 12/31/2017						Year Ended 06/30/2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		20,560		$	235,903			25,177		$	257,984			4,776		$	55,084			8,572		$	83,162			35		$	386			374		$	3,637
Class P		525			6,147			1,697			17,758			57			649			357			3,687			11			123			33			334
Class A		224			2,631			559			5,606			20			226			71			731			27			307			69			671
Class C		124			1,431			107			1,103			27			303			97			964			36			398			66			635
Issued as reinvestment of distributions
Institutional Class		12,803			144,230			4,256			40,860			2,182			25,015			1,225			12,217			300			3,392			180			1,683
Class P		112			1,259			10			91			21			235			1			5			2			19			0			1
Class A		32			361			4			40			6			67			2			17			3			35			0			4
Class C		15			166			1			9			9			100			3			31			5			54			1			12
Cost of shares redeemed
Institutional Class		(3,738	)		(43,805	)		(47,996	)		(491,118	)		(7,882	)		(89,604	)		(2,141	)		(22,369	)		(271	)		(3,056	)		(296	)		(2,660	)
Class P		(544	)		(6,307	)		(557	)		(5,597	)		(33	)		(370	)		(73	)		(759	)		0			0			(1	)		(15	)
Class A		(22	)		(254	)		(401	)		(4,097	)		(23	)		(264	)		(10	)		(104	)		0			(1	)		(1	)		(10	)
Class C		(40	)		(469	)		(18	)		(177	)		(20	)		(223	)		(33	)		(337	)		(6	)		(67	)		(10	)		(98	)
Net increase (decrease) resulting from Fund share transactions		30,051		$	341,293			(17,161	)	$	(177,538	)		(860	)	$	(8,782	)		8,071		$	77,245			142		$	1,590			415		$	4,194
	PIMCO RAE Fundamental International Fund												PIMCO RAE Fundamental US Fund												PIMCO RAE Fundamental US Small Fund
	Six Months Ended 12/31/2017						Year Ended 06/30/2017						Six Months Ended 12/31/2017						Year Ended 06/30/2017						Six Months Ended 12/31/2017						Year Ended 06/30/2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		4,075		$	45,479			19,815		$	189,367			5,434		$	61,787			13,507		$	139,095			138		$	1,617			850		$	9,150
Class P		47			509			806			7,617			119			1,298			762			7,885			44			489			356			3,909
Class A		185			2,024			28			257			118			1,298			449			4,662			139			1,578			647			7,142
Class C		54			581			32			304			48			512			440			4,491			13			147			44			479
Issued as reinvestment of distributions
Institutional Class		1,176			13,088			815			7,429			3,244			36,389			2,784			28,874			401			4,636			106			1,184
Class P		11			125			17			152			42			468			29			305			17			197			2			22
Class A		6			62			0			1			40			444			23			236			32			371			4			39
Class C		2			20			1			9			24			267			22			226			2			27			0			3
Cost of shares redeemed
Institutional Class		(5,452	)		(59,956	)		(3,164	)		(30,253	)		(8,411	)		(92,104	)		(9,645	)		(99,837	)		(155	)		(1,794	)		(1,256	)		(13,718	)
Class P		(97	)		(1,052	)		(457	)		(4,350	)		(158	)		(1,731	)		(398	)		(4,142	)		(33	)		(386	)		(163	)		(1,775	)
Class A		(2	)		(25	)		(1	)		(11	)		(102	)		(1,105	)		(86	)		(885	)		(232	)		(2,633	)		(61	)		(666	)
Class C		(21	)		(232	)		(19	)		(176	)		(125	)		(1,362	)		(117	)		(1,197	)		(12	)		(138	)		(20	)		(214	)
Net increase (decrease) resulting from Fund share transactions		(16	)	$	623			17,873		$	170,346			273		$	6,161			7,770		$	79,713			354		$	4,111			509		$	5,555

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

SEMIANNUAL REPORT DECEMBER 31, 2017 73

Notes to Financial Statements (Cont.)

The following table discloses the number of shareholders that own 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, for the period ended December 31, 2017. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment manager and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

	Shareholders that own 10% or more of outstanding shares				Total percentage of portfolio held by shareholders that own 10%  or more of outstanding shares
	Non-Related Parties		Related Parties		Non-Related Parties			Related Parties
RAE Fundamental Emerging Markets Fund		0		2		0	%		83	%
RAE Fundamental Global EX-US Fund		2		0		91	%		0	%
RAE Fundamental Global Fund		1		0		19	%		0	%
RAE Fundamental International Fund		0		3		0	%		66	%
RAE Fundamental US Fund		0		1		0	%		25	%
RAE Fundamental US Small Fund		2		0		58	%		0	%

13. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

14. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Funds’ tax positions for all open tax years. As of December 31, 2017, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by relevant tax

authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended June 30, 2017, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†)⁽¹⁾

	Short-Term		Long-Term
PIMCO RAE Fundamental Emerging Markets Fund*	$	3,635	$	16,261
PIMCO RAE Fundamental Global Fund		0		0
PIMCO RAE Fundamental Global ex-US Fund		212		277
PIMCO RAE Fundamental International Fund		1,564		364
PIMCO RAE Fundamental US Fund		0		0
PIMCO RAE Fundamental US Small Fund		0		0

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾  *Portion of amount represents realized loss and recognized built-in loss, which is carried forward to future years to offset future realized gain subject to certain limitations.

74 PIMCO EQUITY SERIES

December 31, 2017 (Unaudited)

As of December 31, 2017, the aggregate cost and the net unrealized appreciation (depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(1)
PIMCO RAE Fundamental Emerging Markets Fund	$	1,485,055	$	499,040	$	(15,734	)	$	483,306
PIMCO RAE Fundamental Global Fund		355,571		70,977		0			70,977
PIMCO RAE Fundamental Global ex-US Fund		77,338		10,866		0			10,866
PIMCO RAE Fundamental International Fund		427,057		104,110		(5,070	)		99,040
PIMCO RAE Fundamental US Fund		503,293		186,988		(12,487	)		174,501
PIMCO RAE Fundamental US Small Fund		91,726		27,370		(4,416	)		22,954

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾  Primary differences, if any, between book and tax net unrealized appreciation (depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

SEMIANNUAL REPORT DECEMBER 31, 2017 75

Glossary: (abbreviations that may be used in the preceding statements)

(Unaudited)

Currency Abbreviations:
USD (or $)	United States Dollar
Other Abbreviations:
ADR	American Depositary Receipt	REIT	Real Estate Investment Trust	SP - GDR	Sponsored Global Depositary Receipt
GDR	Global Depositary Receipt	SP - ADR	Sponsored American Depositary Receipt	TBA	To-Be-Announced

76 PIMCO EQUITY SERIES

Approval of Investment Advisory Contract and Other Agreements

(Unaudited)

Approval of Renewal of the Investment Advisory Contract, Sub-Advisory Agreement, Portfolio Implementation Agreement and Second Amended and Restated Supervision and Administration Agreement

At a meeting held on August 23, 2017, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Advisory Contract (the “Investment Advisory Contract”) between the Trust, on behalf of each of the Trust’s series (the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”) for an additional one-year term through August 31, 2018. The Board also considered and unanimously approved the renewal of the Second Amended and Restated Supervision and Administration Agreement (the “Supervision and Administration Agreement” and together with the Investment Advisory Contract, the “Agreements”) between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2018. In addition, the Board considered and unanimously approved the renewal of the: (i) Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between PIMCO, on behalf of PIMCO RAE Fundamental Emerging Markets Fund, PIMCO RAE Fundamental Global ex-US Fund, PIMCO RAE Fundamental Global Fund, PIMCO RAE Fundamental International Fund, PIMCO RAE Fundamental US Fund, PIMCO RAE Fundamental US Small Fund and the equity sleeve of the PIMCO Dividend and Income Fund (the “RAE Funds”), each a series of the Trust, and Research Affiliates, LLC (“Research Affiliates”); and (ii) Portfolio Implementation Agreement (the “Portfolio Implementation Agreement”) among PIMCO, on behalf of the RAE Funds, each a series of the Trust, Research Affiliates and Parametric Portfolio Associates LLC (“Parametric”), each for an additional one-year term through August 31, 2018.

The information, material factors and conclusions that formed the basis for the Board’s approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed:  During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO, Research Affiliates and Parametric to the Trust. At each of its quarterly meetings, the Board reviewed the Funds’ investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds’ compliance program and other information relating to the nature, extent and quality of services provided by PIMCO, Research Affiliates and Parametric to the Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements, the Sub-Advisory Agreement, and the Portfolio

Implementation Agreement, the Board reviewed additional information, including, but not limited to, comparative industry data with regard to investment performance, advisory and supervisory and administrative fees and expenses, financial information for PIMCO and, where relevant, Research Affiliates and Parametric, information regarding the profitability to PIMCO of its relationship with the Funds, information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds, and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees, which included, among other things, memoranda outlining legal duties of the Board in considering the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement.

(b) Review Process:  In connection with considering the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates and Parametric in response to requests from counsel to the Trust and the Independent Trustees encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from counsel to the Trust and the Independent Trustees, and reviewed comparative fee and performance data prepared at the Board’s request by Broadridge Financial Solutions, Inc. (“Lipper”), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23, 2017 meeting. The Independent Trustees also conducted an in-person meeting with counsel to the Trust and the Independent Trustees on July 21, 2017 to discuss the Lipper Report, as defined below, and certain aspects of the 2017 15(c) materials including, but not limited to, the Funds’ performance, the Funds’ advisory fees and total expense ratios, the comparative information with respect to fees and performance included in the Lipper Report, and the unified fee structure employed by the Trusts.

The approval determinations were made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Sub-Advisory Agreement, and the Portfolio Implementation Agreement, the Board did not identify any single factor or particular information that, in

SEMIANNUAL REPORT DECEMBER 31, 2017 77

Approval of Investment Advisory Contract and Other Agreements (Cont.)

isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board’s consideration of the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, Parametric, their Personnel and Resources:  The Board considered the depth and quality of PIMCO’s investment management process, including: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to investing in information technology and infrastructure supporting investment, compliance and risk management, as well as PIMCO’s continuing efforts to attract, retain and promote qualified personnel, including personnel with relevant equities experience, and to maintain and enhance its resources and systems. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations and its commitment to further developing and strengthening these programs, its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO, and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s continuous investment in new disciplines and talented personnel, which has enhanced PIMCO’s services to the Funds and has allowed PIMCO to introduce innovative new funds over time.

The Trustees considered that PIMCO has continued to strengthen the process it uses to actively manage counterparty risk and to assess the financial stability of counterparties with which the Funds do business, to manage collateral and to protect the Funds from an unforeseen deterioration in the creditworthiness of trading counterparties. The Trustees noted that, consistent with its fiduciary duty, PIMCO executes transactions through a competitive best execution process and uses only those counterparties that meet its stringent and monitored criteria. The Trustees considered that PIMCO’s collateral management team utilizes a counterparty risk system to analyze portfolio-level exposure and collateral being exchanged with counterparties.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented since the Board renewed the Agreements in 2016, including, but not limited to: continuing enhancement of its analytics and technology systems by upgrading hardware and software; enhancing data processing and security and development of tools and applications to support Portfolio Management, Compliance, Analytics, Risk Management, Client Reporting and Customer Relationship Management; continuing investment in its enterprise risk management function including PIMCO’s cybersecurity program; developing the PIMCO Global Advisory Board and continuing to hire new portfolio managers; expanding the Funds and Operations Group global operating model; developing a website monitoring application to ensure accurate data content; adding staff to fund accounting and financial reporting; engaging a third party to perform an independent assessment of PIMCO’s proprietary accounting application and enhancing the same system to provide portfolio managers with more timely and high quality income reporting; establishing a Fund Treasurer’s Office; developing a global tax management application that will enable investment professionals to access foreign market and security tax information on a real-time basis; enhancing reporting of tax reporting for portfolio managers for income products with improved transparency on tax factors impacting income generation and dividend yield; redesigning shareholder statements to be more user friendly and enable e-delivery; and continuing expansion of the pricing portal and the proprietary performance reconciliation tool.

Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the RAE Funds and noted that it had met with senior personnel from Research Affiliates during the year. The Board further considered PIMCO’s oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services to the RAE Funds. The Board also considered Research Affiliates’ supervisory responsibilities with respect to Parametric’s provision of portfolio implementation services to the RAE Funds. The Board further considered the depth and quality of Research Affiliates’ investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization.

In addition, the Board considered the portfolio implementation and other operational services provided by Parametric to the RAE Funds by, among other things, effecting portfolio transactions on behalf of the RAE Funds. The Board further considered PIMCO’s oversight of Parametric in connection with Parametric providing portfolio implementation services. The Board also considered information about Parametric’s personnel responsible for providing services to the RAE Funds under the Portfolio Implementation Agreement. The Board also considered the nature and quality of Parametric’s trading, risk

78 PIMCO EQUITY SERIES

(Unaudited)

management, and compliance capabilities and resources, including Parametric’s policies and procedures regarding trade aggregation and allocation, which are integral parts of its role as portfolio implementer.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements, provided by Research Affiliates under the Sub-Advisory Agreement, and provided by Parametric under the Portfolio Implementation Agreement are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services:  The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement. The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the “unified fee”). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency, sub-accounting and printing costs. The Board noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO’s provision of supervisory and administrative services and its supervision of the Trust’s third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2017 and other performance data, as available, over short- and long-term periods ended June 30, 2017 (the “PIMCO Report”) and from Lipper concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2017 (the “Lipper Report”). The Board considered information regarding both the short- and long-term investment performance of each Fund relative to its peer group and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Lipper Report, which were provided in advance of the August 23, 2017 meeting.

The Board noted that, according to Lipper, certain Funds had underperformed in comparison to their respective peer groups or

benchmark indexes, or both, over short- and long-term periods. The Board discussed with PIMCO the reasons for the underperformance of certain Funds over short- and long-term periods. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO’s plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements, that PIMCO’s performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders, and merits the approval of the renewal of the Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price funds to scale at the outset with reference to the total expense ratios of the respective Lipper median, if available, while providing a fee premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential Fund returns to current and potential investors. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Funds.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Funds (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from Lipper that compared the average and median advisory fees of other funds in a “Peer Group” of comparable funds, as well as the universe of other similar funds. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate, and noted in particular, the reduction in the advisory fee for the PIMCO Dividend and Income Fund effective June 16, 2016. The

SEMIANNUAL REPORT DECEMBER 31, 2017 79

Approval of Investment Advisory Contract and Other Agreements (Cont.)

Board noted that PIMCO had contractually agreed, through October 31, 2017, to reduce its advisory fee by amounts shown in the table below: This contractual agreement was subsequently continued through October 31, 2018.

PIMCO RAE Fundamental Emerging Markets Fund	0.20%
PIMCO RAE Fundamental Global Fund	0.20%
PIMCO RAE Fundamental Global ex-US Fund	0.20%
PIMCO RAE Fundamental International Fund	0.10%
PIMCO RAE Fundamental US Fund	0.10%
PIMCO RAE Fundamental US Small Fund	0.10%

The Board also reviewed data comparing the Funds’ advisory fees to the standard and negotiated fee rates PIMCO charges to separate accounts and to other sub-advised clients with similar investment strategies, including differences in advisory services provided. The Board discussed comparisons of fees for Funds with fees for separate accounts and/or PIMCO private/alternative funds with similar investment strategies, noting that for certain Funds, there were no appropriate comparisons because PIMCO did not manage comparable separate accounts at the time that the Board considered the Agreements. The Board noted that the advisory fees (or management fees, where applicable) for most Funds were similar to the fee rates charged to other investment companies with the same investment strategies as the Funds.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third-party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial risk and regulatory requirements, differing legal liabilities on a contract-by-contract basis and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund’s investment program and operations as compared to when PIMCO serves as investment adviser and sponsor. In considering the fees paid by the Funds, the Board noted that retail investors in the Funds receive the benefit of PIMCO’s advisory services at the same advisory fee rates as institutional investors in the Funds.

The Board considered the Funds’ supervisory and administrative fees, comparing them to similar funds in the report supplied by Lipper. The Board also considered that as the Funds’ business has become increasingly complex and the number of Funds has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust’s unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In

return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust’s unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it implicitly reflects economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds’ operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO’s approach of pricing the Funds to scale at inception and reinvesting in other important areas of the business that support the Funds. The Board considered that the Funds’ unified fee structure meant that fees were not impacted by recent outflows in certain Funds, unlike funds without a unified fee structure, which may see increased expense ratios when fixed costs, such as service providers, are passed through to a smaller asset base. The Board concluded that the Funds’ supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the Funds’ total expenses continued to be generally in line with those of competitor funds. The Board discussed with PIMCO those Funds and/or classes of Funds that had above median total expenses. Upon comparing the Funds’ total expenses to other funds in the “Peer Groups” provided by Lipper, the Board found total expenses of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that operate as funds of funds (the “Funds of Funds”) and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds.

Based on the information presented by PIMCO, Research Affiliates, Parametric and Lipper, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and

80 PIMCO EQUITY SERIES

(Unaudited)

supervisory and administrative fees charged by PIMCO under the Agreements, as well as the total expenses of each Fund, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole and considered that PIMCO’s estimated pre-distribution margin from PIMCO Equity Series for the calendar year 2017 was 46.2% and the estimated post-distribution margin was 27.4% utilizing the adjusted asset methodology. The Independent Trustees also noted that the 2016 margins were within the range of publicly-traded asset manager margins reported by Strategic Insight and Lipper. The Board noted that it had received information regarding the structure and manner in which PIMCO’s investment professionals were compensated and PIMCO’s view of the relationship of such compensation to the attraction and retention of quality personnel. The Board considered PIMCO’s need to invest in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce and offer new services and to accommodate changing regulatory requirements.

With respect to potential economies of scale, the Board noted that PIMCO shares the benefits of economies of scale with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision and governance of those services; and through the pricing of Funds to scale from inception and the enhancement of services and oversight provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also noted that retail investors in the Funds receive the benefit of PIMCO’s advisory services at the same advisory fee rates as institutional investors in the Funds. The Board considered that the Funds’ unified fee rates had been set competitively and/or priced to scale from inception and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund’s shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain “diseconomies” of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed unified fees over the contract term even if the particular Fund’s assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund’s assets decline, breakpoints may

reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Funds’ unified fee structure, funds with “pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO’s institutional investment management business due to the reputation and market penetration of the Trust or third party service providers’ relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and shareholder services to the Funds and their respective shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds’ Rule 12b-1 plans or otherwise. The Board reviewed PIMCO’s soft dollar policies and procedures, noting that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO, Research Affiliates and Parametric supported the renewal of the Agreements, the Sub-Advisory Agreement, and the Portfolio Implementation Agreement. The Independent Trustees and the Board as a whole concluded that the Agreements, the Sub-Advisory Agreement, and the Portfolio Implementation Agreement continued to be fair and reasonable to the Funds and their shareholders, that the Funds’ shareholders received reasonable value in return for the fees paid to PIMCO by the Funds under the Agreements, the fees paid to Research Affiliates by PIMCO under the Sub-Advisory Agreement, and the fees paid to Parametric by PIMCO under the Portfolio Implementation Agreement, and that the renewal of the Agreements, the Sub-Advisory Agreement, and the Portfolio Implementation Agreement was in the best interests of the Funds and their shareholders.

SEMIANNUAL REPORT DECEMBER 31, 2017 81

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Adviser

Research Affiliates, LLC

620 Newport Center Drive, Suite 900

Newport Beach, CA 92660

Portfolio Implementer

Parametric Portfolio Associates

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

801 Pennsylvania

Kansas City, MO 64105

Transfer Agent

DST Asset Manager Solutions, Inc.

Institutional Class, Class P, Administrative Class

330 W. 9th Street, 5th Floor

Kansas City, MO 64105

DST Asset Manager Solutions, Inc.

Class A, Class C, Class R, Class D

P.O. Box 55060

Boston, MA 02205-5060

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Equity Series.

PES4003SAR_123117

PIMCO Equity Series^®

Semiannual

Report

December 31, 2017

PIMCO REALPATH^® Blend 2020 Fund

PIMCO REALPATH^® Blend 2025 Fund

PIMCO REALPATH^® Blend 2030 Fund

PIMCO REALPATH^® Blend 2035 Fund

PIMCO REALPATH^® Blend 2040 Fund

PIMCO REALPATH^® Blend 2045 Fund

PIMCO REALPATH^® Blend 2050 Fund

PIMCO REALPATH^® Blend 2055 Fund

PIMCO REALPATH^® Blend Income Fund

Table of Contents

			Page
Chairman’s Letter				2
Important Information About the Funds				4
Expense Examples				26
Financial Highlights				28
Statements of Assets and Liabilities				34
Statements of Operations				38
Statements of Changes in Net Assets				40
Notes to Financial Statements				64
Glossary				84
Approval of Investment Advisory Contract and Other Agreements				85
Fund	Fund Summary		Schedule of Investments
PIMCO REALPATH® Blend 2020 Fund		8		42
PIMCO REALPATH® Blend 2025 Fund		10		45
PIMCO REALPATH® Blend 2030 Fund		12		48
PIMCO REALPATH® Blend 2035 Fund		14		51
PIMCO REALPATH® Blend 2040 Fund		16		53
PIMCO REALPATH® Blend 2045 Fund		18		55
PIMCO REALPATH® Blend 2050 Fund		20		57
PIMCO REALPATH® Blend 2055 Fund		22		59
PIMCO REALPATH® Blend Income Fund		24		61

This material is authorized for use only when preceded or accompanied by the current PIMCO Equity Series prospectus. The Shareholder Reports for the other series of PIMCO Equity Series are printed separately.

Chairman’s Letter

Dear Shareholder,

Please find enclosed the Semiannual Report for the PIMCO Equity Series covering the six-month reporting period ended December 31, 2017. The following pages contain specific details about the investment performance of each fund and a discussion of the factors that most affected performance during the reporting period.

Highlights of the financial markets during the six-month reporting period include:

^∎  During the reporting period, geopolitical concerns remained an investor focus but the global economy provided a solid fundamental backdrop with robust consumer confidence in both the eurozone and the U.S. This environment gave room for developed market central banks to adopt a more “dovish taper”. The European Central Bank (“ECB”), for example, announced a tapering in its monthly asset purchases, but President Mario Draghi emphasized the ECB’s overall accommodative stance. In September, the Federal Reserve (“Fed”) provided details on its plan to unwind its balance sheet and kept rates on hold through its November meeting, but raised the Federal Funds Rate in December by 0.25% to a range of 1.25% to 1.50% (marking the third rate increase during 2017, following rate increases in March and in June). The Bank of England (“BOE”) raised its policy rate and suggested reduced stimulus on the horizon and the Bank of Canada (“BOC”) raised interest rates twice after a seven-year gap. Furthermore, President Xi Jinping was extended a second five-year term following the 19^th National Party Congress in China, while Japan’s Prime Minister Shinzo Abe won a decisive victory in snap elections.

^∎  As a result, many developed market yield curves flattened over the reporting period as front-end rates moved higher alongside less accommodative monetary policy. In the U.S., solid growth momentum and the Fed’s three rate hikes throughout the year pushed the two-year yield to its highest level in nearly a decade. In turn, this drove the spread between two-year and 10-year rates to its narrowest level since November 2007. Front-end yields also moved higher in the U.K. and Canada as the BOE and BOC both raised policy rates for the first time in years.

^∎  Global stock markets reached new highs as increasingly solid economic data, rising corporate earnings, and non-restrictive central bank policy underpinned robust risk sentiment. U.S. equities, as represented by the S&P 500 Index, returned 11.42% over the reporting period. Developed market equities outside the U.S. and Canada, as represented by the MSCI EAFE Net Dividend Index (USD Hedged) and the MSCI EAFE Net Dividend Index (USD Unhedged), returned 7.92% and 9.86%, respectively, over the reporting period. Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 14.63% over the reporting period and European equities, as represented by the MSCI Europe Index (in EUR), returned 3.34% over the reporting period.

^∎  EM equities, as represented by the MSCI Emerging Markets Index (Net Dividends in USD), returned 15.92% over the reporting period as fundamentals remained healthy in select economies. Emerging markets benefited from broad-based and synchronized global growth, robust liquidity conditions, rising commodity prices, and a weak U.S. dollar.

^∎  U.S. Treasuries, as represented by the Bloomberg Barclays U.S. Treasury Index, returned 0.43% for the reporting period. Yields rose across the majority of the yield curve through 10-year maturities, but declined across 20- and 30-year maturities. The benchmark 10-year U.S. Treasury note yielded 2.40% at the end of the reporting period, up from 2.31% on June 30, 2017. The Bloomberg Barclays U.S. Aggregate Index, a widely used index of U.S. investment-grade bonds, returned 1.24% for the reporting period.

If you have any questions regarding the funds, please contact your account manager or financial adviser, or call one of our shareholder associates at 888.87.PIMCO. We also invite you to visit our website at www.pimco.com to learn more about our views and global thought leadership.

2 PIMCO EQUITY SERIES

Thank you for the assets you have placed with us. We deeply value your trust, and we work diligently to meet your broad investment needs.

Sincerely,     Brent R. Harris Chairman of the Board, PIMCO Equity Series   February 21, 2018  

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

SEMIANNUAL REPORT DECEMBER 31, 2017 3

Important Information About the Funds

PIMCO Equity Series (the “Trust”) is an open-end management investment company that includes PIMCO REALPATH^® Blend 2020 Fund, PIMCO REALPATH^® Blend 2025 Fund, PIMCO REALPATH^® Blend 2030 Fund, PIMCO REALPATH^® Blend 2035 Fund, PIMCO REALPATH^® Blend 2040 Fund, PIMCO REALPATH^® Blend 2045 Fund, PIMCO REALPATH^® Blend 2050 Fund, PIMCO REALPATH^® Blend 2055 Fund and PIMCO REALPATH^® Blend Income Fund (each, a “Fund” and collectively, the “Funds”).

We believe that equity funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds are subject to notable risks. Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic, and industry conditions.

The Funds are each “fund of funds,” which is a term used to describe mutual funds that pursue their investment objective by investing in other mutual funds instead of investing directly in stocks or bonds of other issuers. Under normal circumstances, the Funds invest in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended, equity securities, fixed income instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. The Funds may invest in Institutional Class or Class M shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds (collectively, “Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Investment Company Act of 1940 (collectively, “Acquired Funds”). The risks and strategies associated with an investment in the Fund may result from direct investments and/or indirect exposure through investment in Acquired Funds.

In an environment where interest rates may trend upward, rising rates would negatively impact the performance of certain funds, and fixed income securities held by a Fund are likely to decrease in value. A number of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and significant, and there is no guarantee that management will anticipate such movement accurately.

The values of equity securities, such as common stocks and preferred securities, have historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an

industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all equity securities.

Interest rates in the U.S. are at or near historically low levels. As such, funds that invest in fixed income securities may currently face an increased exposure to the risks associated with a rising interest rate environment. This is especially true as the Fed ended its quantitative easing program in October 2014 and has begun, and may continue, to raise interest rates. To the extent the Fed continues to raise interest rates, there is a risk that rates across the financial system may rise. Further, while the U.S. bond market has steadily grown over the past three decades, dealer inventories of corporate bonds have remained relatively stagnant. As a result, there has been a significant reduction in the ability of dealers to “make markets.”

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security’s price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact a Fund’s performance or cause the Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Fund.

The Funds may be subject to various risks as described in each Fund’s prospectus and in the Principal Risks in the Notes to Financial Statements.

The geographical classification of foreign (non-U.S.) securities in this report are classified by the country of incorporation of a holding. In certain instances, a security’s country of incorporation may be different from its country of economic exposure.

The PIMCO REALPATH^® Blend Funds are intended for investors who prefer to have their asset allocation decisions made by professional

4 PIMCO EQUITY SERIES

money managers and are designed to offer individual investors comprehensive asset allocation strategies tailored to the time when they expect to retire or to begin withdrawing assets. Each PIMCO REALPATH^® Blend Fund is designed for investors expecting to retire or to begin withdrawing portions of their investments around the year indicated in the Fund’s name. The retirement year included in the REALPATH^® Blend Fund’s name does not necessarily represent the specific year you expect to begin withdrawing your assets. It is intended only as a general guide.

The PIMCO REALPATH^® Blend Funds are designed to provide investors with a comprehensive retirement solution tailored to the time when they expect to retire or plan to start withdrawing money (the “target date”). Each PIMCO REALPATH^® Blend Fund follows a target asset allocation schedule that changes over time to help reduce portfolio risk, increasing its exposure to conservative investments as the target date approaches. The principal value of a Fund is not guaranteed at any time, including the target date. A Fund’s shareholders may experience losses, including losses near, at, or after the target year indicated in the PIMCO REALPATH^® Blend Fund’s name.

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the redemption of Fund shares. The Cumulative Returns chart and Average

Annual Total Return table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge (“CDSC”) that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns chart. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. The Cumulative Returns chart reflects only Institutional Class performance. Performance may vary by share class based on each class’s expense ratios. Performance shown is net of fees and expenses. The minimum initial investment amount for Institutional Class and Administrative Class shares is $1,000,000. The minimum initial investment amount for Class A shares is $1,000. Each Fund measures its performance against at least one broad-based securities market index (“benchmark index”). The benchmark index does not take into account fees, expenses, or taxes. A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) a Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund’s performance as compared to one or more previous reporting periods.

The following table discloses the inception dates of each Fund and its respective share classes along with each Fund’s diversification status as of period end:

Fund Name

Fund Inception

Institutional Class

Administrative Class

Class D

Class A

Class R

Diversification Status

PIMCO REALPATH® Blend 2020 Fund

12/31/14

12/31/14

12/31/14

—

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2025 Fund

12/31/14

12/31/14

12/31/14

—

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2030 Fund

12/31/14

12/31/14

12/31/14

—

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2035 Fund

12/31/14

12/31/14

12/31/14

—

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2040 Fund

12/31/14

12/31/14

12/31/14

—

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2045 Fund

12/31/14

12/31/14

12/31/14

—

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2050 Fund

12/31/14

12/31/14

12/31/14

—

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2055 Fund

12/31/14

12/31/14

12/31/14

—

12/31/14

—

Diversified

PIMCO REALPATH® Blend Income Fund

12/31/14

12/31/14

12/31/14

—

12/31/14

—

Diversified

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and

other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus nor a Fund’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings

SEMIANNUAL REPORT DECEMBER 31, 2017 5

Important Information About the Funds (cont.)

(including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust’s then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment

Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of a Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of a Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund’s website at www.pimco.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Trust files a complete schedule of each Fund’s holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of a Fund’s Form N-Q is available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. A Fund’s Form N-Q is also available without charge, upon request, by calling the Trust at (888) 87-PIMCO and on the Fund’s website at www.pimco.com. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

6 PIMCO EQUITY SERIES

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SEMIANNUAL REPORT DECEMBER 31, 2017 7

PIMCO REALPATH^® Blend 2020 Fund

Cumulative Returns Through December 31, 2017

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2020 Fund seeks to maximize total return, consistent with prudent investment management, by investing in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any securities mentioned above. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2017
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2020 Fund Institutional Class		6.81%		13.79%		6.33%
	PIMCO REALPATH® Blend 2020 Fund Administrative Class		6.65%		13.49%		6.04%
	PIMCO REALPATH® Blend 2020 Fund Class A		6.58%		13.22%		5.82%
	PIMCO REALPATH® Blend 2020 Fund Class A (adjusted)		0.68%		7.02%		3.85%
	S&P Target Date 2020 Index±		6.10%		12.80%		6.47%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. For performance data current to the most recent month-end is available at www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 0.42% for the Institutional Class shares, 0.67% for the Administrative shares, and 0.92% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

8 PIMCO EQUITY SERIES

Institutional Class - PBZNX Administrative Class - PBZDX Class A - PBZAX

Top 10 Holdings as of 12/31/2017^1§

Vanguard 500 Index Fund ‘Admiral’	23.5%
Vanguard Developed Markets Index Fund ‘Admiral’	12.6%
PIMCO Income Fund	12.4%
PIMCO Real Return Fund	8.2%
PIMCO Total Return Fund	7.7%
PIMCO Real Return Asset Fund	6.3%
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)	5.1%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	5.0%
PIMCO High Yield Fund	4.7%
PIMCO Long-Term Credit Fund	3.0%

¹ % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» Exposure to U.S. large market capitalization equity securities benefited absolute performance, as U.S. large market capitalization equity securities posted positive returns.

» Exposure to developed market ex U.S. equity securities benefited absolute performance, as developed market ex U.S. equity securities posted positive returns.

» Exposure to emerging market equity securities benefited absolute performance, as emerging market equity securities posted positive returns.

» Exposure to U.S. small market capitalization equity securities benefited absolute performance, as U.S. small market capitalization equity securities posted positive returns.

» Exposure to long-term U.S. Treasury Inflation-Protected Securities (TIPS) benefited absolute performance, as long-term TIPS posted positive returns.

SEMIANNUAL REPORT DECEMBER 31, 2017 9

PIMCO REALPATH^® Blend 2025 Fund

Cumulative Returns Through December 31, 2017

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2025 Fund seeks to maximize total return, consistent with prudent investment management, by investing in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any securities mentioned above. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2017
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2025 Fund Institutional Class		7.62%		15.46%		6.76%
	PIMCO REALPATH® Blend 2025 Fund Administrative Class		7.47%		15.09%		6.47%
	PIMCO REALPATH® Blend 2025 Fund Class A		7.39%		14.88%		6.25%
	PIMCO REALPATH® Blend 2025 Fund Class A (adjusted)		1.47%		8.57%		4.27%
	S&P Target Date 2025 Index±		7.07%		14.55%		7.19%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. For performance data current to the most recent month-end is available at www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 0.38% for the Institutional Class shares, 0.63% for the Administrative shares, and 0.88% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

10 PIMCO EQUITY SERIES

Institutional Class - PPZRX Administrative Class - PPZDX Class A - PPZAX

Top 10 Holdings as of 12/31/2017^1§

Vanguard 500 Index Fund ‘Admiral’	28.5%
Vanguard Developed Markets Index Fund ‘Admiral’	15.3%
PIMCO Income Fund	9.9%
PIMCO Real Return Asset Fund	7.8%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	6.1%
PIMCO Total Return Fund	5.7%
PIMCO Real Return Fund	4.4%
PIMCO High Yield Fund	4.2%
PIMCO Long-Term Credit Fund	4.0%
PIMCO Long Duration Total Return Fund	3.9%

¹ % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» Exposure to U.S. large market capitalization equity securities benefited absolute performance, as U.S. large market capitalization equity securities posted positive returns.

» Exposure to developed market ex U.S. equity securities benefited absolute performance, as developed market ex U.S. equity securities posted positive returns.

» Exposure to emerging market equity securities benefited absolute performance, as emerging market equity securities posted positive returns.

» Exposure to U.S. small market capitalization equity securities benefited absolute performance, as U.S. small market capitalization equity securities posted positive returns.

» Exposure to long-term U.S. Treasury Inflation-Protected Securities (TIPS) benefited absolute performance, as long-term U.S. Treasury Inflation-Protected Securities (TIPS) posted positive returns.

SEMIANNUAL REPORT DECEMBER 31, 2017 11

PIMCO REALPATH^® Blend 2030 Fund

Cumulative Returns Through December 31, 2017

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2030 Fund seeks to maximize total return, consistent with prudent investment management, by investing in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any securities mentioned above. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2017
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2030 Fund Institutional Class		8.38%		17.05%		7.51%
	PIMCO REALPATH® Blend 2030 Fund Administrative Class		8.24%		16.66%		7.22%
	PIMCO REALPATH® Blend 2030 Fund Class A		8.17%		16.60%		6.99%
	PIMCO REALPATH® Blend 2030 Fund Class A (adjusted)		2.19%		10.22%		5.00%
	S&P Target Date 2030 Index±		7.99%		16.19%		7.86%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. For performance data current to the most recent month-end is available at www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 0.33% for the Institutional Class shares, 0.58% for the Administrative shares, and 0.83% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

12 PIMCO EQUITY SERIES

Institutional Class - PBPNX Administrative Class - PBPRX Class A - PBPAX

Top 10 Holdings as of 12/31/2017^1§

Vanguard 500 Index Fund ‘Admiral’	32.3%
Vanguard Developed Markets Index Fund ‘Admiral’	17.3%
PIMCO Income Fund	8.1%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	7.1%
PIMCO Real Return Asset Fund	6.6%
PIMCO Total Return Fund	4.1%
PIMCO High Yield Fund	4.0%
Vanguard Small-Cap Index Fund ‘Admiral’	3.8%
PIMCO Long Duration Total Return Fund	3.3%
PIMCO Long-Term Credit Fund	3.3%

¹ % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» Exposure to U.S. large market capitalization equity securities benefited absolute performance, as U.S. large market capitalization equity securities posted positive returns.

» Exposure to developed market ex U.S. equity securities benefited absolute performance, as developed market ex U.S. equity securities posted positive returns.

» Exposure to emerging market equity securities benefited absolute performance, as emerging market equity securities posted positive returns.

» Exposure to U.S. small market capitalization equity securities benefited absolute performance, as U.S. small market capitalization equity securities posted positive returns.

» Exposure to long-term U.S. Treasury Inflation-Protected Securities (TIPS) benefited absolute performance, as long-term TIPS posted positive returns.

SEMIANNUAL REPORT DECEMBER 31, 2017 13

PIMCO REALPATH^® Blend 2035 Fund

Cumulative Returns Through December 31, 2017

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2035 Fund seeks to maximize total return, consistent with prudent investment management, by investing in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any securities mentioned above. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2017
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2035 Fund Institutional Class		8.91%		18.13%		7.80%
	PIMCO REALPATH® Blend 2035 Fund Administrative Class		8.76%		17.93%		7.51%
	PIMCO REALPATH® Blend 2035 Fund Class A		8.65%		17.57%		7.28%
	PIMCO REALPATH® Blend 2035 Fund Class A (adjusted)		2.64%		11.09%		5.28%
	S&P Target Date 2035 Index±		8.87%		17.78%		8.50%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. For performance data current to the most recent month-end is available at www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 0.28% for the Institutional Class shares, 0.53% for the Administrative shares, and 0.78% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

14 PIMCO EQUITY SERIES

Institutional Class - PDGZX Administrative Class - PDGDX Class A - PDGAX

Top 10 Holdings as of 12/31/2017^1§

Vanguard 500 Index Fund ‘Admiral’	36.3%
Vanguard Developed Markets Index Fund ‘Admiral’	19.2%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	8.0%
PIMCO Income Fund	7.1%
Vanguard Small-Cap Index Fund ‘Admiral’	4.2%
PIMCO Real Return Asset Fund	4.1%
PIMCO High Yield Fund	3.9%
PIMCO Total Return Fund	3.1%
PIMCO Long-Term Credit Fund	2.3%
PIMCO Long Duration Total Return Fund	2.3%

¹ % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» Exposure to U.S. large market capitalization equity securities benefited absolute performance, as U.S. large market capitalization equity securities posted positive returns.

» Exposure to developed market ex U.S. equity securities benefited absolute performance, as developed market ex U.S. equity securities posted positive returns.

» Exposure to emerging market equity securities benefited absolute performance, as emerging market equity securities posted positive returns.

» Exposure to U.S. small market capitalization equity securities benefited absolute performance, as U.S. small market capitalization equity securities posted positive returns.

» Exposure to long-term U.S. Treasury Inflation-Protected Securities (TIPS) benefited absolute performance, as long-term TIPS posted positive returns.

SEMIANNUAL REPORT DECEMBER 31, 2017 15

PIMCO REALPATH^® Blend 2040 Fund

Cumulative Returns Through December 31, 2017

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2040 Fund seeks to maximize total return, consistent with prudent investment management, by investing in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any securities mentioned above. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2017
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2040 Fund Institutional Class		9.23%		18.94%		8.10%
	PIMCO REALPATH® Blend 2040 Fund Administrative Class		9.18%		18.65%		7.84%
	PIMCO REALPATH® Blend 2040 Fund Class A		8.91%		18.25%		7.55%
	PIMCO REALPATH® Blend 2040 Fund Class A (adjusted)		2.91%		11.74%		5.55%
	S&P Target Date 2040 Index±		9.45%		18.87%		8.94%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. For performance data current to the most recent month-end is available at www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 0.25% for the Institutional Class shares, 0.50% for the Administrative shares, and 0.75% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

16 PIMCO EQUITY SERIES

Institutional Class - PVPNX Administrative Class - PVPRX Class A - PVPAX

Top 10 Holdings as of 12/31/2017^1§

Vanguard 500 Index Fund ‘Admiral’	39.8%
Vanguard Developed Markets Index Fund ‘Admiral’	20.8%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	8.8%
PIMCO Income Fund	5.8%
PIMCO Short-Term Floating NAV Portfolio III	4.6%
Vanguard Small-Cap Index Fund ‘Admiral’	4.5%
PIMCO High Yield Fund	3.6%
PIMCO Real Return Asset Fund	2.6%
PIMCO Total Return Fund	2.0%
PIMCO Emerging Local Bond Fund	1.8%

¹ % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» Exposure to U.S. large market capitalization equity securities benefited absolute performance, as U.S. large market capitalization equity securities posted positive returns.

» Exposure to developed market ex U.S. equity securities benefited absolute performance, as developed ex U.S. market equity securities posted positive returns.

» Exposure to emerging market equity securities benefited absolute performance, as emerging market equity securities posted positive returns.

» Exposure to U.S. small market capitalization equity securities benefited absolute performance, as U.S. small market capitalization equity securities posted positive returns.

» Exposure to long-term U.S. Treasury Inflation-Protected Securities (TIPS) benefited absolute performance, as long-term TIPS posted positive returns.

SEMIANNUAL REPORT DECEMBER 31, 2017 17

PIMCO REALPATH^® Blend 2045 Fund

Cumulative Returns Through December 31, 2017

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2045 Fund seeks to maximize total return, consistent with prudent investment management, by investing in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any securities mentioned above. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2017
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2045 Fund Institutional Class		9.61%		19.63%		8.11%
	PIMCO REALPATH® Blend 2045 Fund Administrative Class		9.38%		19.25%		7.81%
	PIMCO REALPATH® Blend 2045 Fund Class A		9.20%		18.94%		7.54%
	PIMCO REALPATH® Blend 2045 Fund Class A (adjusted)		3.19%		12.37%		5.54%
	S&P Target Date 2045 Index±		9.78%		19.56%		9.23%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. For performance data current to the most recent month-end is available at www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 0.23% for the Institutional Class shares, 0.48% for the Administrative shares, and 0.73% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

18 PIMCO EQUITY SERIES

Institutional Class - PVQNX Administrative Class - PVQDX Class A - PVQAX

Top 10 Holdings as of 12/31/2017^1§

Vanguard 500 Index Fund ‘Admiral’	41.9%
Vanguard Developed Markets Index Fund ‘Admiral’	21.8%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	9.2%
Vanguard Small-Cap Index Fund ‘Admiral’	4.8%
PIMCO Income Fund	4.5%
PIMCO High Yield Fund	3.0%
PIMCO Real Return Asset Fund	2.3%
PIMCO Emerging Local Bond Fund	1.5%
PIMCO Total Return Fund	1.4%
PIMCO Long-Term Credit Fund	1.2%

¹ % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» Exposure to U.S. large market capitalization equity securities benefited absolute performance, as U.S. large market capitalization equity securities posted positive returns.

» Exposure to developed market ex U.S. equity securities benefited absolute performance, as developed market ex U.S. equity securities posted positive returns.

» Exposure to emerging market equity securities benefited absolute performance, as emerging market equity securities posted positive returns.

» Exposure to U.S. small market capitalization equity securities benefited absolute performance, as U.S. small market capitalization equity securities posted positive returns.

» Exposure to long-term U.S. Treasury Inflation-Protected Securities (TIPS) benefited absolute performance, as long-term TIPS posted positive returns.

SEMIANNUAL REPORT DECEMBER 31, 2017 19

PIMCO REALPATH^® Blend 2050 Fund

Cumulative Returns Through December 31, 2017

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2050 Fund seeks to maximize total return, consistent with prudent investment management, by investing in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any securities mentioned above. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2017
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2050 Fund Institutional Class		9.69%		19.88%		8.28%
	PIMCO REALPATH® Blend 2050 Fund Administrative Class		9.46%		19.41%		7.96%
	PIMCO REALPATH® Blend 2050 Fund Class A		9.48%		19.24%		7.73%
	PIMCO REALPATH® Blend 2050 Fund Class A (adjusted)		3.46%		12.66%		5.72%
	S&P Target Date 2050 Index±		10.01%		20.18%		9.48%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. For performance data current to the most recent month-end is available at www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 0.22% for the Institutional Class shares, 0.47% for the Administrative shares, and 0.72% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

20 PIMCO EQUITY SERIES

Institutional Class - PPQZX Administrative Class - PPQDX Class A - PPQAX

Top 10 Holdings as of 12/31/2017^1§

Vanguard 500 Index Fund ‘Admiral’	42.7%
Vanguard Developed Markets Index Fund ‘Admiral’	22.0%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	9.4%
PIMCO Short-Term Floating NAV Portfolio III	6.0%
Vanguard Small-Cap Index Fund ‘Admiral’	5.0%
PIMCO Income Fund	3.7%
PIMCO High Yield Fund	2.8%
PIMCO Real Return Asset Fund	2.1%
PIMCO Emerging Local Bond Fund	1.4%
PIMCO Real Return Fund	1.2%

¹ % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» Exposure to U.S. large market capitalization equity securities benefited absolute performance, as U.S. large market capitalization equity securities posted positive returns.

» Exposure to developed market ex U.S. equity securities benefited absolute performance, as developed market ex U.S. equity securities posted positive returns.

» Exposure to emerging market equity securities benefited absolute performance, as emerging market equity securities posted positive returns.

» Exposure to U.S. small market capitalization equity securities benefited absolute performance, as U.S. small market capitalization equity securities posted positive returns.

» Exposure to long-term U.S. Treasury Inflation-Protected Securities (TIPS) benefited absolute performance, as long-term TIPS posted positive returns.

SEMIANNUAL REPORT DECEMBER 31, 2017 21

PIMCO REALPATH^® Blend 2055 Fund

Cumulative Returns Through December 31, 2017

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2055 Fund seeks to maximize total return, consistent with prudent investment management, by investing in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any securities mentioned above. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2017
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2055 Fund Institutional Class		9.54%		19.65%		8.19%
	PIMCO REALPATH® Blend 2055 Fund Administrative Class		9.41%		19.37%		7.93%
	PIMCO REALPATH® Blend 2055 Fund Class A		9.32%		19.08%		7.61%
	PIMCO REALPATH® Blend 2055 Fund Class A (adjusted)		3.30%		12.50%		5.61%
	S&P Target Date 2055+ Index±		10.10%		20.48%		9.61%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a predetermined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. For performance data current to the most recent month-end is available at www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 0.22% for the Institutional Class shares, 0.47% for the Administrative shares, and 0.72% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

22 PIMCO EQUITY SERIES

Institutional Class - PRQZX Administrative Class - PRQDX Class A - PRQAX

Top 10 Holdings as of 12/31/2017^1§

Vanguard 500 Index Fund ‘Admiral’	42.9%
Vanguard Developed Markets Index Fund ‘Admiral’	22.2%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	9.4%
PIMCO Short-Term Floating NAV Portfolio III	6.1%
Vanguard Small-Cap Index Fund ‘Admiral’	5.0%
PIMCO Income Fund	3.7%
PIMCO High Yield Fund	2.8%
PIMCO Real Return Asset Fund	2.0%
PIMCO Emerging Local Bond Fund	1.4%
PIMCO Real Return Fund	1.1%

¹ % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» Exposure to U.S. large market capitalization equity securities benefited absolute performance, as U.S. large market capitalization equity securities posted positive returns.

» Exposure to developed market ex U.S. equities benefited absolute performance, as developed market ex U.S. equity securities posted positive returns.

» Exposure to emerging market equity securities benefited absolute performance, as emerging market equity securities posted positive returns.

» Exposure to U.S. small market capitalization equity securities benefited absolute performance, as U.S. small market capitalization equity securities posted positive returns.

» Exposure to long-term U.S. Treasury Inflation-Protected Securities (TIPS) benefited absolute performance, as long-term TIPS posted positive returns.

SEMIANNUAL REPORT DECEMBER 31, 2017 23

PIMCO REALPATH^® Blend Income Fund

Cumulative Returns Through December 31, 2017

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend Income Fund seeks to maximize total return, consistent with prudent investment management, by investing in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any securities mentioned above. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2017
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend Income Fund Institutional Class		6.25%		12.74%		6.11%
	PIMCO REALPATH® Blend Income Fund Administrative Class		6.02%		12.38%		5.84%
	PIMCO REALPATH® Blend Income Fund Class A		5.87%		12.02%		5.57%
	PIMCO REALPATH® Blend Income Fund Class A (adjusted)		0.07%		5.88%		3.60%
	S&P Target Date Retirement Income Index±		4.34%		8.54%		4.39%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. For performance data current to the most recent month-end is available at www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 0.43% for the Institutional Class shares, 0.68% for the Administrative shares, and 0.93% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

24 PIMCO EQUITY SERIES

Institutional Class - PBRNX Administrative Class - PBRDX Class A - PBRAX

Top 10 Holdings as of 12/31/2017^1§

Vanguard 500 Index Fund ‘Admiral’	21.6%
PIMCO Income Fund	13.6%
Vanguard Developed Markets Index Fund ‘Admiral’	11.6%
PIMCO Real Return Fund	10.0%
PIMCO Total Return Fund	8.5%
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)	6.2%
PIMCO Real Return Asset Fund	5.4%
PIMCO High Yield Fund	5.0%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	4.5%
PIMCO Emerging Local Bond Fund	2.6%

¹ % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» Exposure to U.S. large market capitalization equity securities benefited absolute performance, as U.S. large market capitalization equity securities posted positive returns.

» Exposure to developed market ex U.S. equity securities benefited absolute performance, as developed market ex U.S. equity securities posted positive returns.

» Exposure to emerging market equity securities benefited absolute performance, as emerging market equity securities posted positive returns.

» Exposure to U.S. small market capitalization equity securities benefited absolute performance, as U.S. small market capitalization equity securities posted positive returns.

» Exposure to long-term U.S. Treasury Inflation-Protected Securities (TIPS) benefited absolute performance, as long-term TIPS posted positive returns.

SEMIANNUAL REPORT DECEMBER 31, 2017 25

Expense Examples

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and exchange fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2017 to December 31, 2017 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments and exchange fees. Therefore, the information under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary from period to period because of various factors such as an increase in expenses that are not covered by the management fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/17)		Ending Account Value (12/31/17)		Expenses Paid During Period*		Beginning Account Value (07/01/17)		Ending Account Value (12/31/17)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO REALPATH® Blend 2020 Fund
Institutional Class	$	1,000.00	$	1,068.10	$	0.21	$	1,000.00	$	1,024.87	$	0.20		0.04	%
Administrative Class		1,000.00		1,066.50		1.50		1,000.00		1,023.61		1.47		0.29
Class A		1,000.00		1,065.80		2.80		1,000.00		1,022.36		2.74		0.54
PIMCO REALPATH® Blend 2025 Fund
Institutional Class	$	1,000.00	$	1,076.20	$	0.21	$	1,000.00	$	1,024.87	$	0.20		0.04	%
Administrative Class		1,000.00		1,074.70		1.51		1,000.00		1,023.61		1.47		0.29
Class A		1,000.00		1,073.90		2.81		1,000.00		1,022.36		2.74		0.54
PIMCO REALPATH® Blend 2030 Fund
Institutional Class	$	1,000.00	$	1,083.80	$	0.26	$	1,000.00	$	1,024.82	$	0.25		0.05	%
Administrative Class		1,000.00		1,082.40		1.57		1,000.00		1,023.56		1.52		0.30
Class A		1,000.00		1,081.70		2.87		1,000.00		1,022.31		2.79		0.55
PIMCO REALPATH® Blend 2035 Fund
Institutional Class	$	1,000.00	$	1,089.10	$	0.31	$	1,000.00	$	1,024.77	$	0.30		0.06	%
Administrative Class		1,000.00		1,087.60		1.62		1,000.00		1,023.51		1.57		0.31
Class A		1,000.00		1,086.50		2.93		1,000.00		1,022.26		2.84		0.56

26 PIMCO EQUITY SERIES

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/17)		Ending Account Value (12/31/17)		Expenses Paid During Period*		Beginning Account Value (07/01/17)		Ending Account Value (12/31/17)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO REALPATH® Blend 2040 Fund
Institutional Class	$	1,000.00	$	1,092.30	$	0.31	$	1,000.00	$	1,024.77	$	0.30		0.06	%
Administrative Class		1,000.00		1,091.80		1.63		1,000.00		1,023.51		1.57		0.31
Class A		1,000.00		1,089.10		2.93		1,000.00		1,022.26		2.84		0.56
PIMCO REALPATH® Blend 2045 Fund
Institutional Class	$	1,000.00	$	1,096.10	$	0.32	$	1,000.00	$	1,024.77	$	0.30		0.06	%
Administrative Class		1,000.00		1,093.80		1.63		1,000.00		1,023.51		1.57		0.31
Class A		1,000.00		1,092.00		2.94		1,000.00		1,022.26		2.84		0.56
PIMCO REALPATH® Blend 2050 Fund
Institutional Class	$	1,000.00	$	1,096.90	$	0.32	$	1,000.00	$	1,024.77	$	0.30		0.06	%
Administrative Class		1,000.00		1,094.60		1.63		1,000.00		1,023.51		1.57		0.31
Class A		1,000.00		1,094.80		2.94		1,000.00		1,022.26		2.84		0.56
PIMCO REALPATH® Blend 2055 Fund
Institutional Class	$	1,000.00	$	1,095.40	$	0.32	$	1,000.00	$	1,024.77	$	0.30		0.06	%
Administrative Class		1,000.00		1,094.10		1.63		1,000.00		1,023.51		1.57		0.31
Class A		1,000.00		1,093.20		2.94		1,000.00		1,022.26		2.84		0.56
PIMCO REALPATH® Blend Income Fund
Institutional Class	$	1,000.00	$	1,062.50	$	0.21	$	1,000.00	$	1,024.87	$	0.20		0.04	%
Administrative Class		1,000.00		1,060.20		1.50		1,000.00		1,023.61		1.47		0.29
Class A		1,000.00		1,058.70		2.79		1,000.00		1,022.36		2.74		0.54

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

** Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 8, Fees and Expenses, in the Notes to Financial Statements.

SEMIANNUAL REPORT DECEMBER 31, 2017 27

Financial Highlights

			Investment Operations							Less Distributions(b)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total		From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO REALPATH® Blend 2020 Fund
Institutional Class
07/01/2017 - 12/31/2017+	$	10.58	$	0.16	$	0.56		$	0.72	$	(0.19	)	$	0.00		$	0.00	$	(0.19	)
06/30/2017		9.90		0.31		0.60			0.91		(0.23	)		0.00			0.00		(0.23	)
06/30/2016		9.97		0.32		(0.06	)		0.26		(0.31	)		(0.02	)		0.00		(0.33	)
12/31/2014 - 06/30/2015		10.00		0.11		(0.09	)		0.02		(0.05	)		0.00			0.00		(0.05	)
Administrative Class
07/01/2017 - 12/31/2017+		10.58		0.30		0.40			0.70		(0.18	)		0.00			0.00		(0.18	)
06/30/2017		9.90		0.27		0.62			0.89		(0.21	)		0.00			0.00		(0.21	)
06/30/2016		9.97		0.29		(0.06	)		0.23		(0.28	)		(0.02	)		0.00		(0.30	)
12/31/2014 - 06/30/2015		10.00		0.10		(0.09	)		0.01		(0.04	)		0.00			0.00		(0.04	)
Class A
07/01/2017 - 12/31/2017+		10.57		0.14		0.55			0.69		(0.16	)		0.00			0.00		(0.16	)
06/30/2017		9.91		0.33		0.53			0.86		(0.20	)		0.00			0.00		(0.20	)
06/30/2016		9.97		0.27		(0.06	)		0.21		(0.25	)		(0.02	)		0.00		(0.27	)
12/31/2014 - 06/30/2015		10.00		0.09		(0.09	)		0.00		(0.03	)		0.00			0.00		(0.03	)
PIMCO REALPATH® Blend 2025 Fund
Institutional Class
07/01/2017 - 12/31/2017+	$	10.63	$	0.16	$	0.65		$	0.81	$	(0.17	)	$	0.00		$	0.00	$	(0.17	)
06/30/2017		9.85		0.30		0.70			1.00		(0.22	)		0.00			0.00		(0.22	)
06/30/2016		9.99		0.32		(0.12	)		0.20		(0.32	)		(0.02	)		0.00		(0.34	)
12/31/2014 - 06/30/2015		10.00		0.12		(0.08	)		0.04		(0.05	)		0.00			0.00		(0.05	)
Administrative Class
07/01/2017 - 12/31/2017+		10.62		0.33		0.46			0.79		(0.16	)		0.00			0.00		(0.16	)
06/30/2017		9.85		0.28		0.69			0.97		(0.20	)		0.00			0.00		(0.20	)
06/30/2016		9.99		0.28		(0.11	)		0.17		(0.29	)		(0.02	)		0.00		(0.31	)
12/31/2014 - 06/30/2015		10.00		0.11		(0.08	)		0.03		(0.04	)		0.00			0.00		(0.04	)
Class A
07/01/2017 - 12/31/2017+		10.62		0.13		0.65			0.78		(0.14	)		0.00			0.00		(0.14	)
06/30/2017		9.85		0.32		0.64			0.96		(0.19	)		0.00			0.00		(0.19	)
06/30/2016		9.99		0.24		(0.10	)		0.14		(0.26	)		(0.02	)		0.00		(0.28	)
12/31/2014 - 06/30/2015		10.00		0.10		(0.08	)		0.02		(0.03	)		0.00			0.00		(0.03	)
PIMCO REALPATH® Blend 2030 Fund
Institutional Class
07/01/2017 - 12/31/2017+	$	10.81	$	0.16	$	0.74		$	0.90	$	(0.20	)	$	(0.02	)	$	0.00	$	(0.22	)
06/30/2017		9.87		0.31		0.88			1.19		(0.25	)		0.00			0.00		(0.25	)
06/30/2016		10.00		0.31		(0.16	)		0.15		(0.25	)		(0.03	)		0.00		(0.28	)
12/31/2014 - 06/30/2015		10.00		0.13		(0.08	)		0.05		(0.05	)		0.00			0.00		(0.05	)
Administrative Class
07/01/2017 - 12/31/2017+		10.80		0.36		0.53			0.89		(0.20	)		(0.02	)		0.00		(0.22	)
06/30/2017		9.88		0.29		0.85			1.14		(0.22	)		0.00			0.00		(0.22	)
06/30/2016		10.00		0.29		(0.15	)		0.14		(0.23	)		(0.03	)		0.00		(0.26	)
12/31/2014 - 06/30/2015		10.00		0.12		(0.08	)		0.04		(0.04	)		0.00			0.00		(0.04	)
Class A
07/01/2017 - 12/31/2017+		10.78		0.13		0.75			0.88		(0.18	)		(0.02	)		0.00		(0.20	)
06/30/2017		9.87		0.33		0.80			1.13		(0.22	)		0.00			0.00		(0.22	)
06/30/2016		10.00		0.26		(0.16	)		0.10		(0.20	)		(0.03	)		0.00		(0.23	)
12/31/2014 - 06/30/2015		10.00		0.10		(0.07	)		0.03		(0.03	)		0.00			0.00		(0.03	)

28 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(c)
Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	11.11		6.81	%	$	9,157		0.04	%*		0.04	%*		0.04	%*		0.04	%*		2.94	%*		28	%
	10.58		9.33			8,511		0.04			0.05			0.04			0.05			2.97			36
	9.90		2.77			4,152		0.03			0.03			0.03			0.03			3.28			45
	9.97		0.19			3,007		0.03	*		0.57	*		0.03	*		0.57	*		2.20	*		5
	11.10		6.65			11,471		0.29	*		0.29	*		0.29	*		0.29	*		5.42	*		28
	10.58		9.06			11		0.29			0.30			0.29			0.30			2.63			36
	9.90		2.45			10		0.28			0.28			0.28			0.28			3.01			45
	9.97		0.08			10		0.28	*		0.82	*		0.28	*		0.82	*		1.92	*		5
	11.10		6.58			3,085		0.54	*		0.54	*		0.54	*		0.54	*		2.50	*		28
	10.57		8.73			2,394		0.54			0.55			0.54			0.55			3.12			36
	9.91		2.29			10		0.53			0.53			0.53			0.53			2.81			45
	9.97		(0.03	)		10		0.53	*		1.07	*		0.53	*		1.07	*		1.70	*		5
$	11.27		7.62	%	$	7,264		0.04	%*		0.04	%*		0.04	%*		0.04	%*		2.90	%*		21	%
	10.63		10.33			6,131		0.04			0.05			0.04			0.05			2.94			27
	9.85		2.10			3,395		0.03			0.03			0.03			0.03			3.32			59
	9.99		0.39			3,026		0.03	*		0.57	*		0.03	*		0.57	*		2.38	*		5
	11.25		7.47			17,124		0.29	*		0.29	*		0.29	*		0.29	*		5.83	*		21
	10.62		9.98			28		0.29			0.30			0.29			0.30			2.72			27
	9.85		1.81			16		0.28			0.28			0.28			0.28			2.96			59
	9.99		0.30			15		0.28	*		0.82	*		0.28	*		0.82	*		2.20	*		5
	11.26		7.39			4,860		0.54	*		0.54	*		0.54	*		0.54	*		2.43	*		21
	10.62		9.85			3,899		0.54			0.55			0.54			0.55			3.06			27
	9.85		1.50			27		0.53			0.53			0.53			0.53			2.49			59
	9.99		0.17			11		0.53	*		1.07	*		0.53	*		1.07	*		1.92	*		5
$	11.49		8.38	%	$	13,963		0.05	%*		0.05	%*		0.05	%*		0.05	%*		2.80	%*		7	%
	10.81		12.20			12,978		0.05			0.06			0.05			0.06			2.99			23
	9.87		1.67			6,409		0.04			0.04			0.04			0.04			3.22			65
	10.00		0.49			3,015		0.04	*		0.58	*		0.04	*		0.58	*		2.55	*		6
	11.47		8.24			14,834		0.30	*		0.30	*		0.30	*		0.30	*		6.23	*		7
	10.80		11.76			39		0.30			0.31			0.30			0.31			2.75			23
	9.88		1.52			23		0.29			0.29			0.29			0.29			3.05			65
	10.00		0.37			10		0.29	*		0.83	*		0.29	*		0.83	*		2.30	*		6
	11.46		8.17			3,812		0.55	*		0.55	*		0.55	*		0.55	*		2.36	*		7
	10.78		11.64			3,118		0.55			0.56			0.55			0.56			3.13			23
	9.87		1.15			13		0.54			0.54			0.54			0.54			2.74			65
	10.00		0.27			10		0.54	*		1.08	*		0.54	*		1.08	*		2.04	*		6

SEMIANNUAL REPORT DECEMBER 31, 2017 29

Financial Highlights (Cont.)

				Investment Operations								Less Distributions(b)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period			Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO REALPATH® Blend 2035 Fund
Institutional Class
07/01/2017 - 12/31/2017+	$	10.91		$	0.15	$	0.82		$	0.97		$	(0.23	)	$	0.00		$	0.00	$	(0.23	)
06/30/2017		9.83			0.31		0.98			1.29			(0.21	)		0.00			0.00		(0.21	)
06/30/2016		10.04			0.29		(0.24	)		0.05			(0.23	)		(0.03	)		0.00		(0.26	)
12/31/2014 - 06/30/2015		10.00			0.13		(0.04	)		0.09			(0.05	)		0.00			0.00		(0.05	)
Administrative Class
07/01/2017 - 12/31/2017+		10.91			0.39		0.56			0.95			(0.22	)		0.00			0.00		(0.22	)
06/30/2017		9.83			0.25		1.01			1.26			(0.18	)		0.00			0.00		(0.18	)
06/30/2016		10.04			0.26		(0.24	)		0.02			(0.20	)		(0.03	)		0.00		(0.23	)
12/31/2014 - 06/30/2015		10.00			0.11		(0.03	)		0.08			(0.04	)		0.00			0.00		(0.04	)
Class A
07/01/2017 - 12/31/2017+		10.94			0.13		0.81			0.94			(0.20	)		0.00			0.00		(0.20	)
06/30/2017		9.88			0.32		0.92			1.24			(0.18	)		0.00			0.00		(0.18	)
06/30/2016		10.03			0.20		(0.19	)		0.01			(0.13	)		(0.03	)		0.00		(0.16	)
12/31/2014 - 06/30/2015		10.00			0.12		(0.05	)		0.07			(0.04	)		0.00			0.00		(0.04	)
PIMCO REALPATH® Blend 2040 Fund
Institutional Class
07/01/2017 - 12/31/2017+	$	11.00		$	0.15	$	0.86		$	1.01		$	(0.24	)	$	(0.02	)	$	0.00	$	(0.26	)
06/30/2017		9.84			0.34		1.00			1.34			(0.18	)		0.00			0.00		(0.18	)
06/30/2016		10.07			0.28		(0.24	)		0.04			(0.24	)		(0.03	)		0.00		(0.27	)
12/31/2014 - 06/30/2015		10.00			0.12		0.00			0.12			(0.05	)		0.00			0.00		(0.05	)
Administrative Class
07/01/2017 - 12/31/2017+		10.99			0.40		0.60			1.00			(0.23	)		(0.02	)		0.00		(0.25	)
06/30/2017		9.83			0.24		1.07			1.31			(0.15	)		0.00			0.00		(0.15	)
06/30/2016		10.07	��		0.27		(0.27	)		0.00			(0.21	)		(0.03	)		0.00		(0.24	)
12/31/2014 - 06/30/2015		10.00			0.11		0.00			0.11			(0.04	)		0.00			0.00		(0.04	)
Class A
07/01/2017 - 12/31/2017+		10.98			0.13		0.84			0.97			(0.21	)		(0.02	)		0.00		(0.23	)
06/30/2017		9.83			0.32		0.97			1.29			(0.14	)		0.00			0.00		(0.14	)
06/30/2016		10.07			0.25		(0.27	)		(0.02	)		(0.19	)		(0.03	)		0.00		(0.22	)
12/31/2014 - 06/30/2015		10.00			0.10		0.00			0.10			(0.03	)		0.00			0.00		(0.03	)
PIMCO REALPATH® Blend 2045 Fund
Institutional Class
07/01/2017 - 12/31/2017+	$	11.00		$	0.15	$	0.91		$	1.06		$	(0.24	)	$	0.00		$	0.00	$	(0.24	)
06/30/2017		9.79			0.35		1.02			1.37			(0.16	)		0.00			0.00		(0.16	)
06/30/2016		10.10			0.27		(0.32	)		(0.05	)		(0.23	)		(0.03	)		0.00		(0.26	)
12/31/2014 - 06/30/2015		10.00			0.12		0.03			0.15			(0.05	)		0.00			0.00		(0.05	)
Administrative Class
07/01/2017 - 12/31/2017+		10.99			0.40		0.63			1.03			(0.23	)		0.00			0.00		(0.23	)
06/30/2017		9.79			0.25		1.09			1.34			(0.14	)		0.00			0.00		(0.14	)
06/30/2016		10.09			0.24		(0.31	)		(0.07	)		(0.20	)		(0.03	)		0.00		(0.23	)
12/31/2014 - 06/30/2015		10.00			0.14		(0.01	)		0.13			(0.04	)		0.00			0.00		(0.04	)
Class A
07/01/2017 - 12/31/2017+		10.99			0.12		0.89			1.01			(0.21	)		0.00			0.00		(0.21	)
06/30/2017		9.80			0.32		0.99			1.31			(0.12	)		0.00			0.00		(0.12	)
06/30/2016		10.09			0.22		(0.31	)		(0.09	)		(0.17	)		(0.03	)		0.00		(0.20	)
12/31/2014 - 06/30/2015		10.00			0.09		0.03			0.12			(0.03	)		0.00			0.00		(0.03	)

30 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(c)
Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	11.65		8.91	%	$	17,924		0.06	%*		0.06	%*		0.06	%*		0.06	%*		2.69	%*		9	%
	10.91		13.29			17,276		0.06			0.07			0.06			0.07			2.95			20
	9.83		0.64			5,958		0.05			0.05			0.05			0.05			3.05			56
	10.04		0.89			3,027		0.05	*		0.58	*		0.05	*		0.58	*		2.48	*		6
	11.64		8.76			11,948		0.31	*		0.31	*		0.31	*		0.31	*		6.60	*		9
	10.91		13.01			34		0.31			0.32			0.31			0.32			2.35			20
	9.83		0.34			10		0.30			0.30			0.30			0.30			2.69			56
	10.04		0.77			10		0.30	*		0.83	*		0.30	*		0.83	*		2.22	*		6
	11.68		8.65			4,098		0.56	*		0.56	*		0.56	*		0.56	*		2.28	*		9
	10.94		12.66			3,296		0.56			0.57			0.56			0.57			2.96			20
	9.88		0.21			10		0.55			0.55			0.55			0.55			2.10			56
	10.03		0.65			22		0.55	*		1.08	*		0.55	*		1.08	*		2.33	*		6
$	11.75		9.23	%	$	25,124		0.06	%*		0.06	%*		0.06	%*		0.06	%*		2.62	%*		11	%
	11.00		13.73			24,381		0.06			0.07			0.06			0.07			3.16			15
	9.84		0.48			3,509		0.05			0.05			0.05			0.05			2.90			43
	10.07		1.19			3,036		0.05	*		0.58	*		0.05	*		0.58	*		2.39	*		6
	11.74		9.18			7,879		0.31	*		0.31	*		0.31	*		0.31	*		6.77	*		11
	10.99		13.48			52		0.31			0.32			0.31			0.32			2.33			15
	9.83		0.14			36		0.30			0.30			0.30			0.30			2.89			43
	10.07		1.08			12		0.30	*		0.83	*		0.30	*		0.83	*		2.20	*		6
	11.72		8.91			5,215		0.56	*		0.56	*		0.56	*		0.56	*		2.19	*		11
	10.98		13.24			5,285		0.56			0.57			0.56			0.57			2.98			15
	9.83		(0.10	)		30		0.55			0.55			0.55			0.55			2.63			43
	10.07		0.98			11		0.55	*		1.08	*		0.55	*		1.08	*		1.93	*		6
$	11.82		9.61	%	$	39,280		0.06	%*		0.06	%*		0.06	%*		0.06	%*		2.56	%*		5	%
	11.00		14.12			36,311		0.06			0.07			0.06			0.07			3.27			10
	9.79		(0.45	)		3,415		0.05			0.05			0.05			0.05			2.84			41
	10.10		1.48			3,044		0.05	*		0.58	*		0.05	*		0.58	*		2.37	*		6
	11.79		9.38			7,395		0.31	*		0.31	*		0.31	*		0.31	*		6.81	*		5
	10.99		13.77			60		0.31			0.32			0.31			0.32			2.35			10
	9.79		(0.63	)		39		0.30			0.30			0.30			0.30			2.55			41
	10.09		1.33			39		0.30	*		0.83	*		0.30	*		0.83	*		2.69	*		6
	11.79		9.20			3,598		0.56	*		0.56	*		0.56	*		0.56	*		2.09	*		5
	10.99		13.50			3,071		0.56			0.57			0.56			0.57			2.94			10
	9.80		(0.81	)		10		0.55			0.55			0.55			0.55			2.31			41
	10.09		1.16			10		0.55	*		1.08	*		0.55	*		1.08	*		1.86	*		6

SEMIANNUAL REPORT DECEMBER 31, 2017 31

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(b)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital			Total
PIMCO REALPATH® Blend 2050 Fund
Institutional Class
07/01/2017 - 12/31/2017+	$	11.05	$	0.15	$	0.92		$	1.07		$	(0.24	)	$	0.00		$	0.00		$	(0.24	)
06/30/2017		9.82		0.35		1.05			1.40			(0.17	)		0.00			0.00			(0.17	)
06/30/2016		10.11		0.27		(0.32	)		(0.05	)		(0.21	)		(0.03	)		0.00			(0.24	)
12/31/2014 - 06/30/2015		10.00		0.12		0.04			0.16			(0.05	)		0.00			0.00			(0.05	)
Administrative Class
07/01/2017 - 12/31/2017+		11.04		0.42		0.62			1.04			(0.23	)		0.00			0.00			(0.23	)
06/30/2017		9.82		0.24		1.13			1.37			(0.15	)		0.00			0.00			(0.15	)
06/30/2016		10.10		0.24		(0.30	)		(0.06	)		(0.19	)		(0.03	)		0.00			(0.22	)
12/31/2014 - 06/30/2015		10.00		0.12		0.02			0.14			(0.04	)		0.00			0.00			(0.04	)
Class A
07/01/2017 - 12/31/2017+		11.00		0.12		0.92			1.04			(0.21	)		0.00			0.00			(0.21	)
06/30/2017		9.80		0.30		1.03			1.33			(0.13	)		0.00			0.00			(0.13	)
06/30/2016		10.10		0.23		(0.32	)		(0.09	)		(0.18	)		(0.03	)		0.00			(0.21	)
12/31/2014 - 06/30/2015		10.00		0.10		0.03			0.13			(0.03	)		0.00			0.00			(0.03	)
PIMCO REALPATH® Blend 2055 Fund
Institutional Class
07/01/2017 - 12/31/2017+	$	11.02	$	0.15	$	0.90		$	1.05		$	(0.31	)	$	0.00		$	0.00		$	(0.31	)
06/30/2017		9.80		0.27		1.12			1.39			(0.17	)		0.00			0.00			(0.17	)
06/30/2016		10.11		0.27		(0.33	)		(0.06	)		(0.22	)		(0.03	)		0.00			(0.25	)
12/31/2014 - 06/30/2015		10.00		0.12		0.04			0.16			(0.05	)		0.00			0.00			(0.05	)
Administrative Class
07/01/2017 - 12/31/2017+		11.03		0.14		0.90			1.04			(0.30	)		0.00			0.00			(0.30	)
06/30/2017		9.80		0.22		1.15			1.37			(0.14	)		0.00			0.00			(0.14	)
06/30/2016		10.11		0.24		(0.33	)		(0.09	)		(0.19	)		(0.03	)		0.00			(0.22	)
12/31/2014 - 06/30/2015		10.00		0.11		0.04			0.15			(0.04	)		0.00			0.00			(0.04	)
Class A
07/01/2017 - 12/31/2017+		10.98		0.11		0.91			1.02			(0.28	)		0.00			0.00			(0.28	)
06/30/2017		9.79		0.31		1.01			1.32			(0.13	)		0.00			0.00			(0.13	)
06/30/2016		10.09		0.22		(0.32	)		(0.10	)		(0.17	)		(0.03	)		0.00			(0.20	)
12/31/2014 - 06/30/2015		10.00		0.13		0.00			0.13			(0.04	)		0.00			0.00			(0.04	)
PIMCO REALPATH® Blend Income Fund
Institutional Class
07/01/2017 - 12/31/2017+	$	10.54	$	0.16	$	0.50		$	0.66		$	(0.16	)	$	0.00		$	0.00		$	(0.16	)
06/30/2017		9.92		0.31		0.56			0.87			(0.25	)		0.00			0.00			(0.25	)
06/30/2016		9.95		0.32		0.00			0.32			(0.32	)		(0.02	)		(0.01	)		(0.35	)
12/31/2014 - 06/30/2015		10.00		0.10		(0.10	)		0.00			(0.05	)		0.00			0.00			(0.05	)
Administrative Class
07/01/2017 - 12/31/2017+		10.55		0.29		0.34			0.63			(0.14	)		0.00			0.00			(0.14	)
06/30/2017		9.92		0.28		0.57			0.85			(0.22	)		0.00			0.00			(0.22	)
06/30/2016		9.94		0.29		0.01			0.30			(0.29	)		(0.02	)		(0.01	)		(0.32	)
12/31/2014 - 06/30/2015		10.00		0.09		(0.11	)		(0.02	)		(0.04	)		0.00			0.00			(0.04	)
Class A
07/01/2017 - 12/31/2017+		10.52		0.14		0.48			0.62			(0.14	)		0.00			0.00			(0.14	)
06/30/2017		9.91		0.31		0.51			0.82			(0.21	)		0.00			0.00			(0.21	)
06/30/2016		9.94		0.28		(0.01	)		0.27			(0.27	)		(0.02	)		(0.01	)		(0.30	)
12/31/2014 - 06/30/2015		10.00		0.13		(0.15	)		(0.02	)		(0.04	)		0.00			0.00			(0.04	)

^ A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.

⁺  Unaudited

* Annualized

^(a)  Per share amounts based on average number of shares outstanding during the year or period.

^(b)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(c)  Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 8, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

32 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(c)
Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	11.88		9.69	%	$	48,945		0.06	%*		0.06	%*		0.06	%*		0.06	%*		2.54	%*		3	%
	11.05		14.40			43,554		0.06			0.07			0.06			0.07			3.26			10
	9.82		(0.40	)		3,934		0.05			0.05			0.05			0.05			2.86			38
	10.11		1.59			3,046		0.05	*		0.58	*		0.05	*		0.58	*		2.39	*		6
	11.85		9.46			10,326		0.31	*		0.31	*		0.31	*		0.31	*		7.07	*		3
	11.04		14.05			21		0.31			0.32			0.31			0.32			2.26			10
	9.82		(0.60	)		13		0.30			0.30			0.30			0.30			2.53			38
	10.10		1.39			14		0.30	*		0.83	*		0.30	*		0.83	*		2.33	*		6
	11.83		9.48			3,706		0.56	*		0.56	*		0.56	*		0.56	*		2.03	*		3
	11.00		13.74			3,440		0.56			0.57			0.56			0.57			2.79			10
	9.80		(0.89	)		110		0.55			0.55			0.55			0.55			2.47			38
	10.10		1.31			15		0.55	*		1.08	*		0.55	*		1.08	*		2.05	*		6
$	11.76		9.54	%	$	8,319		0.06	%*		0.07	%*		0.06	%*		0.07	%*		2.59	%*		3	%
	11.02		14.35			6,555		0.06			0.07			0.06			0.07			2.56			14
	9.80		(0.47	)		3,388		0.05			0.05			0.05			0.05			2.83			38
	10.11		1.58			3,048		0.05	*		0.58	*		0.05	*		0.58	*		2.39	*		5
	11.77		9.41			40		0.31	*		0.32	*		0.31	*		0.32	*		2.36	*		3
	11.03		14.11			16		0.31			0.32			0.31			0.32			2.11			14
	9.80		(0.77	)		11		0.30			0.30			0.30			0.30			2.54			38
	10.11		1.47			11		0.30	*		0.83	*		0.30	*		0.83	*		2.18	*		5
	11.72		9.32			1,897		0.56	*		0.57	*		0.56	*		0.57	*		1.99	*		3
	10.98		13.62			1,799		0.56			0.57			0.56			0.57			2.85			14
	9.79		(0.94	)		60		0.55			0.55			0.55			0.55			2.29			38
	10.09		1.28			66		0.55	*		1.08	*		0.55	*		1.08	*		2.53	*		5
$	11.04		6.25	%	$	6,509		0.04	%*		0.04	%*		0.04	%*		0.04	%*		2.97	%*		18	%
	10.54		8.85			6,027		0.04			0.05			0.04			0.05			2.95			30
	9.92		3.33			3,317		0.03			0.03			0.03			0.03			3.34			41
	9.95		(0.02	)		3,035		0.03	*		0.56	*		0.03	*		0.56	*		2.03	*		4
	11.04		6.02			13,349		0.29	*		0.29	*		0.29	*		0.29	*		5.17	*		18
	10.55		8.71			74		0.29			0.30			0.29			0.30			2.68			30
	9.92		3.08			50		0.28			0.28			0.28			0.28			2.95			41
	9.94		(0.21	)		14		0.28	*		0.81	*		0.28	*		0.81	*		1.84	*		4
	11.00		5.87			2,924		0.54	*		0.54	*		0.54	*		0.54	*		2.65	*		18
	10.52		8.39			1,661		0.54			0.55			0.54			0.55			2.91			30
	9.91		2.75			70		0.53			0.53			0.53			0.53			2.84			41
	9.94		(0.22	)		73		0.53	*		1.06	*		0.53	*		1.06	*		2.61	*		4

SEMIANNUAL REPORT DECEMBER 31, 2017 33

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	PIMCO REALPATH® Blend 2020 Fund			PIMCO REALPATH® Blend 2025 Fund			PIMCO REALPATH® Blend 2030 Fund			PIMCO REALPATH® Blend 2035 Fund
Assets:
Investments, at value
Investments in securities	$	10,255		$	15,120		$	19,508		$	22,736
Investments in Affiliates		13,176			13,265			12,761			10,862
Financial Derivative Instruments
Exchange-traded or centrally cleared		12			10			0			0
Over the counter		23			29			32			33
Cash		60			479			231			122
Receivable for investments sold		852			772			603			532
Receivable for investments in Affiliates sold		0			59			0			0
Receivable for Fund shares sold		17			10			21			27
Dividends receivable from Affiliates		30			32			31			29
Reimbursement receivable from PIMCO		0			0			0			0
Total Assets		24,425			29,776			33,187			34,341
Liabilities:
Financial Derivative Instruments
Exchange-traded or centrally cleared	$	3		$	2		$	0		$	0
Over the counter		3			3			5			6
Payable for investments purchased		1			0			0			1
Payable for investments in Affiliates purchased		701			517			567			359
Payable for Fund shares redeemed		0			0			0			0
Accrued investment advisory fees		0			0			1			1
Accrued supervisory and administrative fees		1			2			1			1
Accrued distribution fees		2			3			3			2
Accrued servicing fees		1			1			1			1
Other liabilities		0			0			0			0
Total Liabilities		712			528			578			371
Net Assets	$	23,713		$	29,248		$	32,609		$	33,970
Net Assets Consist of:
Paid in capital	$	22,679		$	28,199		$	30,456		$	31,431
Undistributed (overdistributed) net investment income		(100	)		(109	)		(107	)		(151	)
Accumulated undistributed net realized gain (loss)		9			(43	)		43			86
Net unrealized appreciation (depreciation)		1,125			1,201			2,217			2,604
Net Assets	$	23,713		$	29,248		$	32,609		$	33,970
Cost of investments in securities	$	9,311		$	14,060		$	17,521		$	20,329
Cost of investments in Affiliates	$	12,997		$	13,134		$	12,557		$	10,692
Cost or premiums of financial derivative instruments, net	$	27		$	24		$	0		$	0

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

34 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

PIMCO REALPATH® Blend 2040 Fund			PIMCO REALPATH® Blend 2045 Fund			PIMCO REALPATH® Blend 2050 Fund			PIMCO REALPATH® Blend 2055 Fund			PIMCO REALPATH® Blend Income Fund
$	27,579		$	38,206		$	49,258		$	7,978		$	9,379
	9,778			10,974			12,981			2,051			13,179
	0			0			0			0			10
	37			48			60			9			22
	293			377			106			84			9
	110			788			396			46			140
	500			0			0			0			0
	49			101			190			91			51
	28			30			34			5			30
	0			0			1			0			0
	38,374			50,524			63,026			10,264			22,820
$	0		$	0		$	0		$	0		$	2
	5			6			8			1			2
	0			205			0			0			0
	145			30			34			5			30
	0			4			0			1			0
	1			1			1			0			0
	2			2			2			1			1
	1			1			2			0			2
	1			1			1			0			1
	1			1			1			0			0
	156			251			49			8			38
$	38,218		$	50,273		$	62,977		$	10,256		$	22,782
$	35,238		$	46,242		$	58,048		$	9,173		$	22,122
	(150	)		(190	)		(278	)		(87	)		(73	)
	96			136			172			(9	)		(14	)
	3,034			4,085			5,035			1,179			747
$	38,218		$	50,273		$	62,977		$	10,256		$	22,782
$	24,710		$	34,283		$	44,394		$	6,836		$	8,754
$	9,644		$	10,855		$	12,861		$	2,022		$	13,063
$	0		$	0		$	0		$	0		$	22

SEMIANNUAL REPORT DECEMBER 31, 2017 35

Statements of Assets and Liabilities (Cont.)

	PIMCO REALPATH® Blend 2020 Fund		PIMCO REALPATH® Blend 2025 Fund		PIMCO REALPATH® Blend 2030 Fund		PIMCO REALPATH® Blend 2035 Fund
Net Assets:
Institutional Class	$	9,157	$	7,264	$	13,963	$	17,924
Administrative Class		11,471		17,124		14,834		11,948
Class A		3,085		4,860		3,812		4,098
Shares Issued and Outstanding:
Institutional Class		824		644		1,216		1,539
Administrative Class		1,034		1,522		1,292		1,027
Class A		278		432		333		351
Net Asset Value Per Share Outstanding:
Institutional Class	$	11.11	$	11.27	$	11.49	$	11.65
Administrative Class		11.10		11.25		11.47		11.64
Class A		11.10		11.26		11.46		11.68

36 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

PIMCO REALPATH® Blend 2040 Fund		PIMCO REALPATH® Blend 2045 Fund		PIMCO REALPATH® Blend 2050 Fund		PIMCO REALPATH® Blend 2055 Fund		PIMCO REALPATH® Blend Income Fund
$	25,124	$	39,280	$	48,945	$	8,319	$	6,509
	7,879		7,395		10,326		40		13,349
	5,215		3,598		3,706		1,897		2,924
	2,137		3,324		4,121		707		590
	671		627		871		3		1,208
	445		305		314		162		266
$	11.75	$	11.82	$	11.88	$	11.76	$	11.04
	11.74		11.79		11.85		11.77		11.04
	11.72		11.79		11.83		11.72		11.00

SEMIANNUAL REPORT DECEMBER 31, 2017 37

Statements of Operations

Six Months Ended December 31, 2017
(Amounts in thousands†)	PIMCO REALPATH® Blend 2020 Fund			PIMCO REALPATH® Blend 2025 Fund			PIMCO REALPATH® Blend 2030 Fund			PIMCO REALPATH® Blend 2035 Fund
Investment Income:
Dividends	$	96		$	129		$	181		$	223
Dividends from Investments in Affiliates		127			109			132			132
Total Income		223			238			313			355
Expenses:
Investment advisory fees		1			1			2			3
Supervisory and administrative fees		5			7			6			7
Distribution and/or servicing fees - Administrative Class		2			3			3			2
Servicing fees - Class A		3			5			4			4
Trustee fees		0			0			0			1
Miscellaneous expense		0			1			1			1
Total Expenses		11			17			16			18
Waiver and/or Reimbursement by PIMCO		0			0			0			(1	)
Net Expenses		11			17			16			17
Net Investment Income (Loss)		212			221			297			338
Net Realized Gain (Loss):
Investments in securities		30			27			19			35
Investments in Affiliates		(7	)		(3	)		(1	)		(1	)
Net capital gain distributions received from Affiliate investments		19			27			24			18
Exchange-traded or centrally cleared financial derivative instruments		(8	)		(28	)		(15	)		(6	)
Over the counter financial derivative instruments		24			21			41			56
Net Realized Gain (Loss)		58			44			68			102
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		565			690			1,131			1,496
Investments in Affiliates		75			61			75			61
Exchange-traded or centrally cleared financial derivative instruments		(12	)		(10	)		3			3
Over the counter financial derivative instruments		8			15			6			(1	)
Net Change in Unrealized Appreciation (Depreciation)		636			756			1,215			1,559
Net Increase (Decrease) in Net Assets Resulting from Operations	$	906		$	1,021		$	1,580		$	1,999

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

38 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

PIMCO REALPATH® Blend 2040 Fund			PIMCO REALPATH® Blend 2045 Fund			PIMCO REALPATH® Blend 2050 Fund			PIMCO REALPATH® Blend 2055 Fund			PIMCO REALPATH® Blend Income Fund
$	301		$	414		$	517		$	89		$	74
	150			164			182			33			102
	451			578			699			122			176
	5			6			8			2			1
	10			8			10			3			3
	1			2			2			0			3
	6			4			4			2			2
	1			1			1			0			0
	1			1			1			1			0
	24			22			26			8			9
	(1	)		(1	)		(1	)		0			0
	23			21			25			8			9
	428			557			674			114			167
	104			48			36			4			13
	(1	)		(1	)		(1	)		0			(6	)
	16			14			15			2			13
	(2	)		(1	)		0			(3	)		(20	)
	79			106			134			22			12
	196			166			184			25			12
	2,123			3,093			3,840			694			379
	66			75			79			15			53
	2			2			2			2			(9	)
	(10	)		(14	)		(15	)		(4	)		13
	2,181			3,156			3,906			707			436
$	2,805		$	3,879		$	4,764		$	846		$	615

SEMIANNUAL REPORT DECEMBER 31, 2017 39

Statements of Changes in Net Assets

	PIMCO REALPATH® Blend 2020 Fund						PIMCO REALPATH® Blend 2025 Fund						PIMCO REALPATH® Blend 2030 Fund						PIMCO REALPATH® Blend 2035 Fund
(Amounts in thousands†)	Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017			Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017			Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017			Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	212		$	191		$	221		$	169		$	297		$	277		$	338		$	277
Net realized gain (loss)		58			(36	)		44			(39	)		68			32			102			(5	)
Net change in unrealized appreciation (depreciation)		636			430			756			439			1,215			742			1,559			874
Net Increase (Decrease) in Net Assets Resulting from Operations		906			585			1,021			569			1,580			1,051			1,999			1,146
Distributions to Shareholders:
From net investment income
Institutional Class		(154	)		(133	)		(105	)		(100	)		(242	)		(185	)		(349	)		(154	)
Administrative Class		(147	)		0			(195	)		0			(195	)		(1	)		(186	)		0
Class A		(44	)		(14	)		(60	)		(19	)		(57	)		(4	)		(70	)		(5	)
From net realized capital gains
Institutional Class		0			0			0			0			(25	)		0			0			0
Administrative Class		0			0			0			0			(26	)		0			0			0
Class A		0			0			0			0			(7	)		0			0			0
Total Distributions(a)		(345	)		(147	)		(360	)		(119	)		(552	)		(190	)		(605	)		(159	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions**		12,236			6,306			18,529			6,170			15,446			8,829			11,970			13,641
Total Increase (Decrease) in Net Assets		12,797			6,744			19,190			6,620			16,474			9,690			13,364			14,628
Net Assets:
Beginning of period		10,916			4,172			10,058			3,438			16,135			6,445			20,606			5,978
End of period*	$	23,713		$	10,916		$	29,248		$	10,058		$	32,609		$	16,135		$	33,970		$	20,606
* Including undistributed (overdistributed) net investment income of:	$	(100	)	$	33		$	(109	)	$	30		$	(107	)	$	90		$	(151	)	$	116

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

** See Note 12, Shares of Beneficial Interest, in the Notes to Financial Statements.

^(a)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

40 PIMCO EQUITY SERIES See Accompanying Notes

PIMCO REALPATH® Blend 2040 Fund						PIMCO REALPATH® Blend 2045 Fund						PIMCO REALPATH® Blend 2050 Fund						PIMCO REALPATH® Blend 2055 Fund						PIMCO REALPATH® Blend Income Fund
Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017			Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017			Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017			Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017			Six Months Ended December 31, 2017 (Unaudited)			Year Ended June 30, 2017
$	428		$	281		$	557		$	323		$	674		$	377		$	114		$	122		$	167		$	144
	196			(24	)		166			(27	)		184			(20	)		25			(15	)		12			(26	)
	2,181			863			3,156			964			3,906			1,135			707			508			436			310
	2,805			1,120			3,879			1,260			4,764			1,492			846			615			615			428
	(505	)		(106	)		(769	)		(94	)		(960	)		(108	)		(209	)		(66	)		(90	)		(102	)
	(130	)		(1	)		(123	)		(1	)		(174	)		0			(1	)		(1	)		(133	)		(1	)
	(95	)		(4	)		(63	)		0			(65	)		(1	)		(45	)		(2	)		(32	)		(11	)
	(52	)		0			0			0			0			0			0			0			0			0
	(17	)		0			0			0			0			0			0			0			0			0
	(11	)		0			0			0			0			0			0			0			0			0
	(810	)		(111	)		(955	)		(95	)		(1,199	)		(109	)		(255	)		(69	)		(255	)		(114	)
	6,505			25,134			7,907			34,813			12,397			41,575			1,295			4,365			14,660			4,011
	8,500			26,143			10,831			35,978			15,962			42,958			1,886			4,911			15,020			4,325
	29,718			3,575			39,442			3,464			47,015			4,057			8,370			3,459			7,762			3,437
$	38,218		$	29,718		$	50,273		$	39,442		$	62,977		$	47,015		$	10,256		$	8,370		$	22,782		$	7,762
$	(150	)	$	152		$	(190	)	$	208		$	(278	)	$	247		$	(87	)	$	54		$	(73	)	$	15

SEMIANNUAL REPORT DECEMBER 31, 2017 41

Schedule of Investments PIMCO REALPATH^® Blend 2020 Fund

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 43.2%
MUTUAL FUNDS 43.2%
Vanguard 500 Index Fund ‘Admiral’		22,277	$		5,499
Vanguard Developed Markets Index Fund ‘Admiral’		205,135			2,956
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		30,525			1,165
Vanguard Small-Cap Index Fund ‘Admiral’		8,969			635
Total Mutual Funds (Cost $9,311)					10,255
Total Investments in Securities (Cost $9,311)					10,255
INVESTMENTS IN AFFILIATES 55.6%
MUTUAL FUNDS (a) 52%
PIMCO Emerging Local Bond Fund		71,539			541
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		111,650			1,191
PIMCO High Yield Fund		121,963			1,093
PIMCO Income Fund		233,820			2,902
PIMCO Long Duration Total Return Fund		63,205			696
PIMCO Long-Term Credit Fund		56,396			696

	SHARES			MARKET VALUE (000S)
PIMCO Real Return Asset Fund		170,577	$		1,468
PIMCO Real Return Fund		174,427			1,929
PIMCO Total Return Fund		175,638			1,804
Total Mutual Funds (Cost $12,141)					12,320
SHORT-TERM INSTRUMENTS 3.6%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.6%
PIMCO Short-Term Floating NAV Portfolio III		86,546			856
Total Short-Term Instruments (Cost $856)					856
Total Investments in Affiliates (Cost $12,997)					13,176
Total Investments 98.8% (Cost $22,308)			$		23,431
Financial Derivative Instruments (b)(c) 0.1% (Cost or Premiums, net $27)					29
Other Assets and Liabilities, net 1.1%					253
Net Assets 100.0%			$		23,713

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF CONTRACTS AND UNITS):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Institutional Class Shares of each Fund.

(b)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOE S&P 500		2,000.000		06/15/2018		5		500	$	20	$	3
Put - CBOE S&P 500		1,950.000		09/21/2018		2		200		6		3
Put - CBOE S&P 500		2,075.000		09/21/2018		3		300		13		6
									$	39	$	12
Total Purchased Options									$	39	$	12

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		1,675.000		06/15/2018		5		500	$	(7	)	$	(1	)
Put - CBOE S&P 500		1,725.000		09/21/2018		3		300		(5	)		(2	)
									$	(12	)	$	(3	)
Total Written Options									$	(12	)	$	(3	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2017:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value	Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements				Written Options	Futures		Swap Agreements
Total Exchange-Traded or Centrally Cleared	$	12	$	0	$	0	$	12	$    (3)	$	0	$	0		$    (3)

42 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
BPS	Receive	DWRTFT Index		21	1-Month USD-LIBOR plus a specified spread	Monthly	11/07/2018	$	207	$	0	$	(2	)	$	0	$	(2	)
CBK	Receive	BCOMTR Index		2,504	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly	02/15/2018		429		0		21			21		0
GST	Receive	DWRTFT Index		34	1-Month USD-LIBOR plus a specified spread	Monthly	04/11/2018		331		0		(1	)		0		(1	)
JPM	Receive	BCOMTR Index		200	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly	02/15/2018		35		0		2			2		0
MYI	Receive	DWRTFT Index		11	1-Month USD-LIBOR plus a specified spread	Monthly	09/12/2018		107		0		0			0		0
										$	0	$	20		$	23	$	(3	)
Total Swap Agreements										$	0	$	20		$	23	$	(3	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2017:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
BPS	$	0	$	0	$	0	$	0	$	0	$	0	$	(2	)	$	(2	)	$	(2	)	$	0	$	(2	)
CBK		0		0		21		21		0		0		0			0			21			0		21
GST		0		0		0		0		0		0		(1	)		(1	)		(1	)		0		(1	)
JPM		0		0		2		2		0		0		0			0			2			0		2
Total Over the Counter	$	0	$	0	$	23	$	23	$	0	$	0	$	(3	)	$	(3	)

⁽¹⁾  Receive represents that the Fund receives payments for any positive return on the underlying reference. The Fund makes payments for any negative return on such underlying reference. Pay represents that the Fund receives payments for any negative return on the underlying reference. The Fund makes payments for any positive return on such underlying reference.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 6, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	12	$	0	$	0	$	12
Over the counter
Swap Agreements	$	23	$	0	$	0	$	0	$	0	$	23
	$	23	$	0	$	12	$	0	$	0	$	35
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	3	$	0	$	0	$	3
Over the counter
Swap Agreements	$	0	$	0	$	3	$	0	$	0	$	3
	$	0	$	0	$	6	$	0	$	0	$	6

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 43

Schedule of Investments PIMCO REALPATH^® Blend 2020 Fund(Cont.)

December 31, 2017 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(7	)	$	0	$	0	$	(7	)
Written Options		0		0		1			0		0		1
Futures		0		0		(3	)		0		1		(2	)
	$	0	$	0	$	(9	)	$	0	$	1	$	(8	)
Over the counter
Swap Agreements	$	6	$	0	$	18		$	0	$	0	$	24
	$	6	$	0	$	9		$	0	$	1	$	16
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(19	)	$	0	$	0	$	(19	)
Written Options		0		0		7			0		0		7
	$	0	$	0	$	(12	)	$	0	$	0	$	(12	)
Over the counter
Swap Agreements	$	18	$	0	$	(10	)	$	0	$	0	$	8
	$	18	$	0	$	(22	)	$	0	$	0	$	(4	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Securities, at Value
Mutual Funds	$	10,255	$	0	$	0	$	10,255
	$	10,255	$	0	$	0	$	10,255
Investments in Affiliates, at Value
Mutual Funds		12,320		0		0		12,320
Short-Term Instruments
Central Funds Used for Cash Management Purposes		856		0		0		856
	$	13,176	$	0	$	0	$	13,176
Total Investments	$	23,431	$	0	$	0	$	23,431

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2017
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	12		$	0	$	12
Over the counter		0		23			0		23
	$	0	$	35		$	0	$	35
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(3	)		0		(3	)
Over the counter		0		(3	)		0		(3	)
	$	0	$	(6	)	$	0	$	(6	)
Total Financial Derivative Instruments	$	0	$	29		$	0	$	29
Totals	$	23,431	$	29		$	0	$	23,460

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.

44 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2025 Fund

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 51.7%
MUTUAL FUNDS 51.7%
Vanguard 500 Index Fund ‘Admiral’		32,732	$		8,079
Vanguard Developed Markets Index Fund ‘Admiral’		302,291			4,356
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		45,687			1,744
Vanguard Small-Cap Index Fund ‘Admiral’		13,289			941
Total Mutual Funds (Cost $14,060)					15,120
Total Investments in Securities (Cost $14,060)					15,120
INVESTMENTS IN AFFILIATES 45.4%
MUTUAL FUNDS (a) 43.4%
PIMCO Emerging Local Bond Fund		79,439			601
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		71,523			763
PIMCO High Yield Fund		131,644			1,179
PIMCO Income Fund		225,593			2,800
PIMCO Long Duration Total Return Fund		101,800			1,121
PIMCO Long-Term Credit Fund		90,967			1,123

	SHARES			MARKET VALUE (000S)
PIMCO Real Return Asset Fund		256,684	$		2,210
PIMCO Real Return Fund		112,168			1,241
PIMCO Total Return Fund		157,873			1,621
Total Mutual Funds (Cost $12,528)					12,659
SHORT-TERM INSTRUMENTS 2.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.0%
PIMCO Short-Term Floating NAV Portfolio III		61,344			606
Total Short-Term Instruments (Cost $606)					606
Total Investments in Affiliates (Cost $13,134)					13,265
Total Investments 97.1% (Cost $27,194)			$		28,385
Financial Derivative Instruments (b)(c) 0.1% (Cost or Premiums, net $24)					34
Other Assets and Liabilities, net 2.8%					829
Net Assets 100.0%			$		29,248

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF CONTRACTS AND UNITS):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Institutional Class Shares of each Fund.

(b) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOE S&P 500		2,000.000		06/15/2018		5		500	$	20	$	3
Put - CBOE S&P 500		1,950.000		09/21/2018		2		200		6		3
Put - CBOE S&P 500		2,075.000		09/21/2018		2		200		9		4
									$	35	$	10
Total Purchased Options									$	35	$	10

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		1,675.000		06/15/2018		5		500	$	(8	)	$	(1	)
Put - CBOE S&P 500		1,725.000		09/21/2018		2		200		(3	)		(1	)
									$	(11	)	$	(2	)
Total Written Options									$	(11	)	$	(2	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2017:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value	Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements				Written Options	Futures		Swap Agreements
Total Exchange-Traded or Centrally Cleared	$	10	$	0	$	0	$	10	$    (2)	$	0	$	0		$    (2)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 45

Schedule of Investments PIMCO REALPATH^® Blend 2025 Fund(Cont.)

(c) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
BPS	Receive	DWRTFT Index		27	1-Month USD-LIBOR plus a specified spread	Monthly	11/07/2018	$	266	$	0	$	(3	)	$	0	$	(3	)
CBK	Pay	BCOMTR Index		3,309	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly	02/15/2018		567		0		28			28		0
GST	Receive	DWRTFT Index		40	1-Month USD-LIBOR plus a specified spread	Monthly	04/11/2018		390		0		0			0		0
JPM	Receive	BCOMTR Index		41	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly	02/15/2018		7		0		0			0		0
MYI	Receive	DWRTFT Index		29	1-Month USD-LIBOR plus a specified spread	Monthly	09/12/2018		281		0		1			1		0
										$	0	$	26		$	29	$	(3	)
Total Swap Agreements										$	0	$	26		$	29	$	(3	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2017:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
BPS	$	0	$	0	$	0	$	0	$	0	$	0	$	(3	)	$	(3	)	$	(3	)	$	0	$	(3	)
CBK		0		0		28		28		0		0		0			0			28			0		28
MYI		0		0		1		1		0		0		0			0			1			0		1
Total Over the Counter	$	0	$	0	$	29	$	29	$	0	$	0	$	(3	)	$	(3	)

⁽¹⁾  Receive represents that the Fund receives payments for any positive return on the underlying reference. The Fund makes payments for any negative return on such underlying reference. Pay represents that the Fund receives payments for any negative return on the underlying reference. The Fund makes payments for any positive return on such underlying reference.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 6, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	10	$	0	$	0	$	10
Over the counter
Swap Agreements	$	28	$	0	$	1	$	0	$	0	$	29
	$	28	$	0	$	11	$	0	$	0	$	39
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	2	$	0	$	0	$	2
Over the counter
Swap Agreements	$	0	$	0	$	3	$	0	$	0	$	3
	$	0	$	0	$	5	$	0	$	0	$	5

46 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(7	)	$	0	$	0		$	(7	)
Written Options		0		0		1			0		0			1
Futures		0		0		(21	)		0		(1	)		(22	)
	$	0	$	0	$	(27	)	$	0	$	(1	)	$	(28	)
Over the counter
Swap Agreements	$	3	$	0	$	18		$	0	$	0		$	21
	$	3	$	0	$	(9	)	$	0	$	(1	)	$	(7	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(16	)	$	0	$	0		$	(16	)
Written Options		0		0		6			0		0			6
	$	0	$	0	$	(10	)	$	0	$	0		$	(10	)
Over the counter
Swap Agreements	$	24	$	0	$	(9	)	$	0	$	0		$	15
	$	24	$	0	$	(19	)	$	0	$	0		$	5

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Securities, at Value
Mutual Funds	$	15,120	$	0	$	0	$	15,120
	$	15,120	$	0	$	0	$	15,120
Investments in Affiliates, at Value
Mutual Funds		12,659		0		0		12,659
Short-Term Instruments
Central Funds Used for Cash Management Purposes		606		0		0		606
	$	13,265	$	0	$	0	$	13,265
Total Investments	$	28,385	$	0	$	0	$	28,385

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2017
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	10		$	0	$	10
Over the counter		0		29			0		29
	$	0	$	39		$	0	$	39
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(2	)	$	0	$	(2	)
Over the counter		0		(3	)		0		(3	)
	$	0	$	(5	)	$	0	$	(5	)
Total Financial Derivative Instruments	$	0	$	34		$	0	$	34
Totals	$	28,385	$	34		$	0	$	28,419

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 47

Schedule of Investments PIMCO REALPATH^® Blend 2030 Fund

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 59.8%
MUTUAL FUNDS 59.8%
Vanguard 500 Index Fund ‘Admiral’		42,259	$		10,430
Vanguard Developed Markets Index Fund ‘Admiral’		387,299			5,581
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		59,692			2,279
Vanguard Small-Cap Index Fund ‘Admiral’		17,202			1,218
Total Mutual Funds (Cost $17,521)					19,508
Total Investments in Securities (Cost $17,521)					19,508
INVESTMENTS IN AFFILIATES 39.2%
MUTUAL FUNDS (a) 34.5%
PIMCO Emerging Local Bond Fund		87,965			665
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		38,509			411
PIMCO High Yield Fund		145,831			1,307
PIMCO Income Fund		211,485			2,625
PIMCO Long Duration Total Return Fund		96,608			1,064
PIMCO Long-Term Credit Fund		86,187			1,064

	SHARES			MARKET VALUE (000S)
PIMCO Real Return Asset Fund		247,897	$		2,134
PIMCO Real Return Fund		59,751			661
PIMCO Total Return Fund		127,692			1,311
Total Mutual Funds (Cost $11,038)					11,242
SHORT-TERM INSTRUMENTS 4.7%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.7%
PIMCO Short-Term Floating NAV Portfolio III		153,666			1,519
Total Short-Term Instruments (Cost $1,519)					1,519
Total Investments in Affiliates (Cost $12,557)					12,761
Total Investments 99.0% (Cost $30,078)			$		32,269
Financial Derivative Instruments (b) 0.0 % (Cost or Premiums, net $0)					27
Other Assets and Liabilities, net 1.0%					313
Net Assets 100.0%			$		32,609

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF UNITS):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Institutional Class Shares of each Fund.

(b)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
BPS	Receive	DWRTFT Index		43	1-Month USD-LIBOR plus a specified spread	Monthly	11/07/2018	$	423	$	0	$	(4	)	$	0	$	(4	)
CBK	Receive	BCOMTR Index		3,160	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly	02/15/2018		542		0		27			27		0
GST	Receive	DWRTFT Index		68	1-Month USD-LIBOR plus a specified spread	Monthly	04/11/2018		662		0		(1	)		0		(1	)
JPM	Receive	BCOMTR Index		574	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly	02/15/2018		99		0		5			5		0
MYI	Receive	DWRTFT Index		14	1-Month USD-LIBOR plus a specified spread	Monthly	09/12/2018		136		0		0			0		0
										$	0	$	27		$	32	$	(5	)
Total Swap Agreements										$	0	$	27		$	32	$	(5	)

48 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2017:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
BPS	$	0	$	0	$	0	$	0	$	0	$	0	$	(4	)	$	(4	)	$	(4	)	$	0	$	(4	)
CBK		0		0		27		27		0		0		0			0			27			0		27
GST		0		0		0		0		0		0		(1	)		(1	)		(1	)		0		(1	)
JPM		0		0		5		5		0		0		0			0			5			0		5
Total Over the Counter	$	0	$	0	$	32	$	32	$	0	$	0	$	(5	)	$	(5	)

⁽¹⁾  Receive represents that the Fund receives payments for any positive return on the underlying reference. The Fund makes payments for any negative return on such underlying reference. Pay represents that the Fund receives payments for any negative return on the underlying reference. The Fund makes payments for any positive return on such underlying reference.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 6, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Over the counter
Swap Agreements	$	32	$	0	$	0	$	0	$	0	$	32
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	5	$	0	$	0	$	5

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(20	)	$	0	$	0		$	(20	)
Written Options		0		0		15			0		0			15
Futures		0		0		(9	)		0		(1	)		(10	)
	$	0	$	0	$	(14	)	$	0	$	(1	)	$	(15	)
Over the counter
Swap Agreements	$	8	$	0	$	33		$	0	$	0		$	41
	$	8	$	0	$	19		$	0	$	(1	)	$	26
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared Purchased Options	$	0	$	0	$	15		$	0	$	0		$	15
Written Options		0		0		(12	)		0		0			(12	)
	$	0	$	0	$	3		$	0	$	0		$	3
Over the counter
Swap Agreements	$	25	$	0	$	(19	)	$	0	$	0		$	6
	$	25	$	0	$	(16	)	$	0	$	0		$	9

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 49

Schedule of Investments PIMCO REALPATH^® Blend 2030 Fund(Cont.)

December 31, 2017 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Securities, at Value
Mutual Funds	$	19,508	$	0	$	0	$	19,508
	$	19,508	$	0	$	0	$	19,508
Investments in Affiliates, at Value
Mutual Funds		11,242		0		0		11,242
Short-Term Instruments
Central Funds Used for Cash Management Purposes		1,519		0		0		1,519
	$	12,761	$	0	$	0	$	12,761
Total Investments	$	32,269	$	0	$	0	$	32,269

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2017
Financial Derivative Instruments - Assets
Over the counter	$	0	$	32		$	0	$	32
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(5	)	$	0	$	(5	)
Total Financial Derivative Instruments	$	0	$	27		$	0	$	27
Totals	$	32,269	$	27		$	0	$	32,296

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.

50 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2035 Fund

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 66.9%
MUTUAL FUNDS 66.9%
Vanguard 500 Index Fund ‘Admiral’		49,435	$		12,202
Vanguard Developed Markets Index Fund ‘Admiral’		447,444			6,448
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		69,897			2,669
Vanguard Small-Cap Index Fund ‘Admiral’		20,036			1,417
Total Mutual Funds (Cost $20,330)					22,736
Total Investments in Securities (Cost $20,329)					22,736
INVESTMENTS IN AFFILIATES 32.0%
MUTUAL FUNDS (a) 26.9%
PIMCO Emerging Local Bond Fund		90,764			687
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		28,201			301

	SHARES			MARKET VALUE (000S)
PIMCO High Yield Fund		146,175	$		1,310
PIMCO Income Fund		192,760			2,392
PIMCO Long Duration Total Return Fund		70,326			774
PIMCO Long-Term Credit Fund		62,839			776
PIMCO Real Return Asset Fund		158,935			1,368
PIMCO Real Return Fund		43,973			486
PIMCO Total Return Fund		102,375			1,051
Total Mutual Funds (Cost $8,976)					9,145

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.1%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.1%
PIMCO Short-Term Floating NAV Portfolio III		173,661	$		1,717
Total Short-Term Instruments (Cost $1,716)					1,717
Total Investments in Affiliates (Cost $10,692)					10,862
Total Investments 98.9% (Cost $31,021)			$		33,598
Financial Derivative Instruments (b) 0.1% (Cost or Premiums, net $0)					27
Other Assets and Liabilities, net 1.0%					345
Net Assets 100.0%			$		33,970

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF UNITS):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Institutional Class Shares of each Fund.

(b)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
BPS	Receive	DWRTFT Index		43	1-Month USD-LIBOR plus a specified spread	Monthly		11/07/2018	$	424	$	0	$	(5	)	$	0	$	(5	)
CBK	Receive	BCOMTR Index		3,638	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly		02/15/2018		624		0		30			30		0
GST	Receive	DWRTFT Index		95	1-Month USD-LIBOR plus a specified spread	Monthly		04/11/2018		925		0		(1	)		0		(1	)
JPM	Receive	BCOMTR Index		334	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly		02/15/2018		57		0		3			3		0
MYI	Receive	DWRTFT Index		4	1-Month USD-LIBOR plus a specified spread	Monthly		09/12/2018		39		0		0			0		0
											$	0	$	27		$	33	$	(6	)
Total Swap Agreements											$	0	$	27		$	33	$	(6	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2017:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
BPS	$	0	$	0	$	0	$	0	$	0	$	0	$	(5	)	$	(5	)	$	(5	)	$	0	$	(5	)
CBK		0		0		30		30		0		0		0			0			30			0		30
GST		0		0		0		0		0		0		(1	)		(1	)		(1	)		0		(1	)
JPM		0		0		3		3		0		0		0			0			3			0		3
Total Over the Counter	$	0	$	0	$	33	$	33	$	0	$	0	$	(6	)	$	(6	)

⁽¹⁾  Receive represents that the Fund receives payments for any positive return on the underlying reference. The Fund makes payments for any negative return on such underlying reference. Pay represents that the Fund receives payments for any negative return on the underlying reference. The Fund makes payments for any positive return on such underlying reference.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 51

Schedule of Investments PIMCO REALPATH^® Blend 2035 Fund(Cont.)

December 31, 2017 (Unaudited)

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 6, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Over the counter
Swap Agreements	$	33	$	0	$	0	$	0	$	0	$	33
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	6	$	0	$	0	$	6

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2017:

			Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(20	)	$	0	$	0	$	(20	)
Written Options		0		0		15			0		0		15
Futures		0		0		(1	)		0		0		(1	)
	$	0	$	0	$	(6	)	$	0	$	0	$	(6	)
Over the counter
Swap Agreements	$	13	$	0	$	43		$	0	$	0	$	56
	$	13	$	0	$	37		$	0	$	0	$	50
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	15		$	0	$	0	$	15
Written Options		0		0		(12	)		0		0		(12	)
	$	0	$	0	$	3		$	0	$	0	$	3
Over the counter
Swap Agreements	$	25	$	0	$	(26	)	$	0	$	0	$	(1	)
	$	25	$	0	$	(23	)	$	0	$	0	$	2

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Securities, at Value
Mutual Funds	$	22,736	$	0	$	0	$	22,736
	$	22,736	$	0	$	0	$	22,736
Investments in Affiliates, at Value
Mutual Funds		9,145		0		0		9,145
Short-Term Instruments
Central Funds Used for Cash Management Purposes		1,717		0		0		1,717
	$	10,862	$	0	$	0	$	10,862
Total Investments	$	33,598	$	0	$	0	$	33,598

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2017
Financial Derivative Instruments - Assets
Over the counter	$	0	$	33		$	0	$	33
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(6	)	$	0	$	(6	)
Total Financial Derivative Instruments	$	0	$	27		$	0	$	27
Totals	$	33,598	$	27		$	0	$	33,625

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.

52 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2040 Fund

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 72.1%
MUTUAL FUNDS 72.1%
Vanguard 500 Index Fund ‘Admiral’		60,217	$		14,863
Vanguard Developed Markets Index Fund ‘Admiral’		538,852			7,765
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		85,668			3,271
Vanguard Small-Cap Index Fund ‘Admiral’		23,737			1,680
Total Mutual Funds (Cost $24,710)					27,579
Total Investments in Securities (Cost $24,710)					27,579
INVESTMENTS IN AFFILIATES 25.6%
MUTUAL FUNDS (a) 21.1%
PIMCO Emerging Local Bond Fund		90,397			683
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		26,637			284
PIMCO High Yield Fund		149,842			1,343
PIMCO Income Fund		174,299			2,163
PIMCO Long Duration Total Return Fund		61,060			672
PIMCO Long-Term Credit Fund		54,561			674

	SHARES			MARKET VALUE (000S)
PIMCO Real Return Asset Fund		113,476	$		977
PIMCO Real Return Fund		45,848			507
PIMCO Total Return Fund		73,575			756
Total Mutual Funds (Cost $7,925)					8,059
SHORT-TERM INSTRUMENTS 4.5%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5%
PIMCO Short-Term Floating NAV Portfolio III		173,914			1,719
Total Short-Term Instruments (Cost $1,719)					1,719
Total Investments in Affiliates (Cost $9,644)					9,778
Total Investments 97.7% (Cost $34,354)			$		37,357
Financial Derivative Instruments (b) 0.1% (Cost or Premiums, net $0)					32
Other Assets and Liabilities, net 2.2%					829
Net Assets 100.0%			$		38,218

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF UNITS):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Institutional Class Shares of each Fund.

(b)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
BPS	Receive	DWRTFT Index		32	1-Month USD-LIBOR plus a specified spread	Monthly	11/07/2018	$	315	$	0	$	(3	)	$	0	$	(3	)
CBK	Receive	BCOMTR Index		4,413	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly	02/15/2018		757		0		37			37		0
GST	Receive	DWRTFT Index		141	1-Month USD-LIBOR plus a specified spread	Monthly	04/11/2018		1,374		0		(2	)		0		(2	)
JPM	Receive	BCOMTR Index		48	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly	02/15/2018		8		0		0			0		0
										$	0	$	32		$	37	$	(5	)
Total Swap Agreements										$	0	$	32		$	37	$	(5	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2017:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
BPS	$	0	$	0	$	0	$	0	$	0	$	0	$	(3	)	$	(3	)	$	(3	)	$	0	$	(3	)
CBK		0		0		37		37		0		0		0			0			37			0		37
GST		0		0		0		0		0		0		(2	)		(2	)		(2	)		0		(2	)
Total Over the Counter	$	0	$	0	$	37	$	37	$	0	$	0	$	(5	)	$	(5	)

⁽¹⁾  Receive represents that the Fund receives payments for any positive return on the underlying reference. The Fund makes payments for any negative return on such underlying reference. Pay represents that the Fund receives payments for any negative return on the underlying reference. The Fund makes payments for any positive return on such underlying reference.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 53

Schedule of Investments PIMCO REALPATH^® Blend 2040 Fund(Cont.)

December 31, 2017 (Unaudited)

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 6, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Over the counter
Swap Agreements	$	37	$	0	$	0	$	0	$	0	$	37
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	5	$	0	$	0	$	5

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(10	)	$	0	$	0	$	(10	)
Written Options		0		0		8			0		0		8
	$	0	$	0	$	(2	)	$	0	$	0	$	(2	)
Over the counter
Swap Agreements	$	21	$	0	$	58		$	0	$	0	$	79
	$	21	$	0	$	56		$	0	$	0	$	77
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	8		$	0	$	0	$	8
Written Options		0		0		(6	)		0		0		(6	)
	$	0	$	0	$	2		$	0	$	0	$	2
Over the counter
Swap Agreements	$	25	$	0	$	(35	)	$	0	$	0	$	(10	)
	$	25	$	0	$	(33	)	$	0	$	0	$	(8	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Securities, at Value
Mutual Funds	$	27,579	$	0	$	0	$	27,579
	$	27,579	$	0	$	0	$	27,579
Investments in Affiliates, at Value
Mutual Funds		8,059		0		0		8,059
Short-Term Instruments
Central Funds Used for Cash Management Purposes		1,719		0		0		1,719
	$	9,778	$	0	$	0	$	9,778
Total Investments	$	37,357	$	0	$	0	$	37,357

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2017
Financial Derivative Instruments - Assets
Over the counter	$	0	$	37		$	0	$	37
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(5	)	$	0	$	(5	)
Total Financial Derivative Instruments	$	0	$	32		$	0	$	32
Totals	$	37,357	$	32		$	0	$	37,389

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.

54 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2045 Fund

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 76.0%
MUTUAL FUNDS 76.0%
Vanguard 500 Index Fund ‘Admiral’		83,498	$		20,609
Vanguard Developed Markets Index Fund ‘Admiral’		742,719			10,703
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		119,131			4,548
Vanguard Small-Cap Index Fund ‘Admiral’		33,151			2,346
Total Mutual Funds (Cost $34,283)					38,206
Total Investments in Securities (Cost $34,283)					38,206
INVESTMENTS IN AFFILIATES 21.8%
MUTUAL FUNDS (a) 16.8%
PIMCO Emerging Local Bond Fund		100,037			756
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		34,655			370
PIMCO High Yield Fund		165,825			1,486
PIMCO Income Fund		178,705			2,218
PIMCO Long Duration Total Return Fund		55,434			610
PIMCO Long-Term Credit Fund		49,533			612

	SHARES			MARKET VALUE (000S)
PIMCO Real Return Asset Fund		129,197	$		1,112
PIMCO Real Return Fund		54,392			602
PIMCO Total Return Fund		66,261			680
Total Mutual Funds (Cost $8,327)					8,446
SHORT-TERM INSTRUMENTS 5.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.0%
PIMCO Short-Term Floating NAV Portfolio III		255,708			2,528
Total Short-Term Instruments (Cost $2,528)					2,528
Total Investments in Affiliates (Cost $10,855)					10,974
Total Investments 97.8% (Cost $45,138)			$		49,180
Financial Derivative Instruments (b) 0.1% (Cost or Premiums, net $0)					42
Other Assets and Liabilities, net 2.1%					1,051
Net Assets 100.0%			$		50,273

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF UNITS):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Institutional Class Shares of each Fund.

(b)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
BPS	Receive	DWRTFT Index		36	1-Month USD-LIBOR plus a specified spread	Monthly		11/07/2018	$	355	$	0	$	(4	)	$	0	$	(4	)
CBK	Pay	BCOMTR Index		5,739	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly		02/15/2018		984		0		48			48		0
GST	Receive	DWRTFT Index		204	1-Month USD-LIBOR plus a specified spread	Monthly		04/11/2018		1,987		0		(2	)		0		(2	)
											$	0	$	42		$	48	$	(6	)
Total Swap Agreements											$	0	$	42		$	48	$	(6	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2017:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
BPS	$	0	$	0	$	0	$	0	$	0	$	0	$	(4	)	$	(4	)	$	(4	)	$	0	$	(4	)
CBK		0		0		48		48		0		0		0			0			48			0		48
GST		0		0		0		0		0		0		(2	)		(2	)		(2	)		0		(2	)
Total Over the Counter	$	0	$	0	$	48	$	48	$	0	$	0	$	(6	)	$	(6	)

⁽¹⁾  Receive represents that the Fund receives payments for any positive return on the underlying reference. The Fund makes payments for any negative return on such underlying reference. Pay represents that the Fund receives payments for any negative return on the underlying reference. The Fund makes payments for any positive return on such underlying reference.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 55

Schedule of Investments PIMCO REALPATH^® Blend 2045 Fund(Cont.)

December 31, 2017 (Unaudited)

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 6, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Over the counter
Swap Agreements	$	48	$	0	$	0	$	0	$	0	$	48
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	6	$	0	$	0	$	6

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(10	)	$	0	$	0	$	(10	)
Written Options		0		0		8			0		0		8
Futures		0		0		1			0		0		1
	$	0	$	0	$	(1	)	$	0	$	0	$	(1	)
Over the counter
Swap Agreements	$	26	$	0	$	80		$	0	$	0	$	106
	$	26	$	0	$	79		$	0	$	0	$	105
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	8		$	0	$	0	$	8
Written Options		0		0		(6	)		0		0		(6	)
	$	0	$	0	$	2		$	0	$	0	$	2
Over the counter
Swap Agreements	$	33	$	0	$	(47	)	$	0	$	0	$	(14	)
	$	33	$	0	$	(45	)	$	0	$	0	$	(12	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Securities, at Value
Mutual Funds	$	38,206	$	0	$	0	$	38,206
	$	38,206	$	0	$	0	$	38,206
Investments in Affiliates, at Value
Mutual Funds		8,446		0		0		8,446
Short-Term Instruments
Central Funds Used for Cash Management Purposes		2,528		0		0		2,528
	$	10,974	$	0	$	0	$	10,974
Total Investments	$	49,180	$	0	$	0	$	49,180

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2017
Financial Derivative Instruments - Assets
Over the counter	$	0	$	48		$	0	$	48
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(6	)	$	0	$	(6	)
Total Financial Derivative Instruments	$	0	$	42		$	0	$	42
Totals	$	49,180	$	42		$	0	$	49,222

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.

56 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2050 Fund

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 78.2%
MUTUAL FUNDS 78.2%
Vanguard 500 Index Fund ‘Admiral’		107,696	$		26,582
Vanguard Developed Markets Index Fund ‘Admiral’		950,439			13,696
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		153,054			5,844
Vanguard Small-Cap Index Fund ‘Admiral’		44,311			3,136
Total Mutual Funds (Cost $44,394)					49,258
Total Investments in Securities (Cost $44,394)					49,258
INVESTMENTS IN AFFILIATES 20.6%
MUTUAL FUNDS (a) 14.7%
PIMCO Emerging Local Bond Fund		118,078			893
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		40,899			436
PIMCO High Yield Fund		195,724			1,754
PIMCO Income Fund		186,794			2,318
PIMCO Long Duration Total Return Fund		57,631			635
PIMCO Long-Term Credit Fund		51,496			636

	SHARES			MARKET VALUE (000S)
PIMCO Real Return Asset Fund		149,242	$		1,285
PIMCO Real Return Fund		65,580			725
PIMCO Total Return Fund		55,052			565
Total Mutual Funds (Cost $9,127)					9,247
SHORT-TERM INSTRUMENTS 5.9%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.9%
PIMCO Short-Term Floating NAV Portfolio III		377,765			3,734
Total Short-Term Instruments (Cost $3,734)					3,734
Total Investments in Affiliates (Cost $12,861)					12,981
Total Investments 98.8% (Cost $57,255)			$		62,239
Financial Derivative Instruments (b) 0.1% (Cost or Premiums, net $0)					52
Other Assets and Liabilities, net 1.1%					686
Net Assets 100.0%			$		62,977

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF UNITS):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Institutional Class Shares of each Fund.

(b)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
BPS	Receive	DWRTFT Index		51	1-Month USD-LIBOR plus a specified spread	Monthly	11/07/2018	$	502	$	0	$	(5	)	$	0	$	(5	)
CBK	Receive	BCOMTR Index		7,159	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly	02/15/2018		1,227		0		60			60		0
GST	Receive	DWRTFT Index		256	1-Month USD-LIBOR plus a specified spread	Monthly	04/11/2018		2,494		0		(3	)		0		(3	)
										$	0	$	52		$	60	$	(8	)
Total Swap Agreements										$	0	$	52		$	60	$	(8	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2017:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
BPS	$	0	$	0	$	0	$	0	$	0	$	0	$	(5	)	$	(5	)	$	(5	)	$	0	$	(5	)
CBK		0		0		60		60		0		0		0			0			60			0		60
GST		0		0		0		0		0		0		(3	)		(3	)		(3	)		0		(3	)
Total Over the Counter	$	0	$	0	$	60	$	60	$	0	$	0	$	(8	)	$	(8	)

⁽¹⁾  Receive represents that the Fund receives payments for any positive return on the underlying reference. The Fund makes payments for any negative return on such underlying reference. Pay represents that the Fund receives payments for any negative return on the underlying reference. The Fund makes payments for any positive return on such underlying reference.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 57

Schedule of Investments PIMCO REALPATH^® Blend 2050 Fund(Cont.)

December 31, 2017 (Unaudited)

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 6, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Over the counter
Swap Agreements	$	60	$	0	$	0	$	0	$	0	$	60
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	8	$	0	$	0	$	8

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(10	)	$	0	$	0	$	(10	)
Written Options		0		0		8			0		0		8
Futures		0		0		2			0		0		2
	$	0	$	0	$	0		$	0	$	0	$	0
Over the counter
Swap Agreements	$	33	$	0	$	101		$	0	$	0	$	134
	$	33	$	0	$	101		$	0	$	0	$	134
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	8		$	0	$	0	$	8
Written Options		0		0		(6	)		0		0		(6	)
	$	0	$	0	$	2		$	0	$	0	$	2
Over the counter
Swap Agreements	$	42	$	0	$	(57	)	$	0	$	0	$	(15	)
	$	42	$	0	$	(55	)	$	0	$	0	$	(13	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Securities, at Value
Mutual Funds	$	49,258	$	0	$	0	$	49,258
	$	49,258	$	0	$	0	$	49,258
Investments in Affiliates, at Value
Mutual Funds		9,247		0		0		9,247
Short-Term Instruments
Central Funds Used for Cash Management Purposes		3,734		0		0		3,734
	$	12,981	$	0	$	0	$	12,981
Total Investments	$	62,239	$	0	$	0	$	62,239

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2017
Financial Derivative Instruments - Assets
Over the counter	$	0	$	60		$	0	$	60
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(8	)	$	0	$	(8	)
Total Financial Derivative Instruments	$	0	$	52		$	0	$	52
Totals	$	62,239	$	52		$	0	$	62,291

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.

58 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2055 Fund

December 31, 2017 (Unaudited)

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 77.8%
MUTUAL FUNDS 77.8%
Vanguard 500 Index Fund ‘Admiral’	17,437	$		4,304
Vanguard Developed Markets Index Fund ‘Admiral’	154,187			2,222
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	24,780			946
Vanguard Small-Cap Index Fund ‘Admiral’	7,154			506
Total Mutual Funds (Cost $6,836)				7,978
Total Investments in Securities (Cost $6,836)				7,978
INVESTMENTS IN AFFILIATES 20.0%
MUTUAL FUNDS (a) 14.1%
PIMCO Emerging Local Bond Fund	18,251			138
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)	6,084			65
PIMCO High Yield Fund	31,197			279
PIMCO Income Fund	29,791			370
PIMCO Long Duration Total Return Fund	8,408			93
PIMCO Long-Term Credit Fund	7,515			93

	SHARES		MARKET VALUE (000S)
PIMCO Real Return Asset Fund	23,835	$		205
PIMCO Real Return Fund	9,866			109
PIMCO Total Return Fund	8,849			91
Total Mutual Funds (Cost $1,414)				1,443
SHORT-TERM INSTRUMENTS 5.9%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.9%
PIMCO Short-Term Floating NAV Portfolio III	61,492			608
Total Short-Term Instruments (Cost $608)				608
Total Investments in Affiliates (Cost $2,022)				2,051
Total Investments 97.8% (Cost $8,858)		$		10,029
Financial Derivative Instruments (b) 0.1% (Cost or Premiums, net $0)				8
Other Assets and Liabilities, net 2.1%				219
Net Assets 100.0%		$		10,256

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF UNITS):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Institutional Class Shares of each Fund.

(b)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
CBK	Receive	BCOMTR Index		1,098	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly		02/15/2018	$	188	$	0	$	9		$	9	$	0
GST	Receive	DWRTFT Index		50	1-Month USD-LIBOR plus a specified spread	Monthly		04/11/2018		487		0		(1	)		0		(1	)
											$	0	$	8		$	9	$	(1	)
Total Swap Agreements											$	0	$	8		$	9	$	(1	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2017:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
CBK	$	0	$	0	$	9	$	9	$	0	$	0	$	0		$	0		$	9		$	0	$	9
GST		0		0		0		0		0		0		(1	)		(1	)		(1	)		0		(1	)
Total Over the Counter	$	0	$	0	$	9	$	9	$	0	$	0	$	(1	)	$	(1	)

⁽¹⁾  Receive represents that the Fund receives payments for any positive return on the underlying reference. The Fund makes payments for any negative return on such underlying reference. Pay represents that the Fund receives payments for any negative return on the underlying reference. The Fund makes payments for any positive return on such underlying reference.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 59

Schedule of Investments PIMCO REALPATH^® Blend 2055 Fund (Cont.)

December 31, 2017 (Unaudited)

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 6, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Over the counter
Swap Agreements	$	9	$	0	$	0	$	0	$	0	$	9
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	1	$	0	$	0	$	1

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(10	)	$	0	$	0	$	(10	)
Written Options		0		0		7			0		0		7
	$	0	$	0	$	(3	)	$	0	$	0	$	(3	)
Over the counter
Swap Agreements	$	6	$	0	$	16		$	0	$	0	$	22
	$	6	$	0	$	13		$	0	$	0	$	19
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	8		$	0	$	0	$	8
Written Options		0		0		(6	)		0		0		(6	)
	$	0	$	0	$	2		$	0	$	0	$	2
Over the counter
Swap Agreements	$	5	$	0	$	(9	)	$	0	$	0	$	(4	)
	$	5	$	0	$	(7	)	$	0	$	0	$	(2	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Securities, at Value
Mutual Funds	$	7,978	$	0	$	0	$	7,978
	$	7,978	$	0	$	0	$	7,978
Investments in Affiliates, at Value
Mutual Funds		1,443		0		0		1,443
Short-Term Instruments
Central Funds Used for Cash Management Purposes		608		0		0		608
	$	2,051	$	0	$	0	$	2,051
Total Investments	$	10,029	$	0	$	0	$	10,029

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2017
Financial Derivative Instruments - Assets
Over the counter	$	0	$	9		$	0	$	9
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(1	)	$	0	$	(1	)
Total Financial Derivative Instruments	$	0	$	8		$	0	$	8
Totals	$	10,029	$	8		$	0	$	10,037

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.

60 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend Income Fund

December 31, 2017 (Unaudited)

		SHARES		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 41.2%
MUTUAL FUNDS 39.9%
Vanguard 500 Index Fund ‘Admiral’		19,760	$		4,877
Vanguard Developed Markets Index Fund ‘Admiral’		181,009			2,608
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		26,882			1,027
Vanguard Small-Cap Index Fund ‘Admiral’		8,022			568
Total Mutual Funds (Cost $8,455)					9,080
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 1.3%
U.S. TREASURY BILLS 1.3%
1.266% due 03/01/2018 (a)(b)	$	300			299
Total Short-Term Instruments (Cost $299)					299
Total Investments in Securities (Cost $8,754)					9,379
		SHARES
INVESTMENTS IN AFFILIATES 57.8%
MUTUAL FUNDS (c) 55.6%
PIMCO Emerging Local Bond Fund		76,320			577
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		130,454			1,392
PIMCO High Yield Fund		126,971			1,138

	SHARES		MARKET VALUE (000S)
PIMCO Income Fund	246,320	$		3,057
PIMCO Long Duration Total Return Fund	49,553			545
PIMCO Long-Term Credit Fund	44,276			547
PIMCO Real Return Asset Fund	142,153			1,224
PIMCO Real Return Fund	204,924			2,266
PIMCO Total Return Fund	187,142			1,922
Total Mutual Funds (Cost $12,552)				12,668
SHORT-TERM INSTRUMENTS 2.2%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.2%
PIMCO Short-Term Floating NAV Portfolio III	51,664			511
Total Short-Term Instruments (Cost $511)				511
Total Investments in Affiliates (Cost $13,063)				13,179
Total Investments 99.0% (Cost $21,817)		$		22,558
Financial Derivative Instruments (d)(e) 0.1% (Cost or Premiums, net $22)				28
Other Assets and Liabilities, net 0.9%				196
Net Assets 100.0%		$		22,782

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF CONTRACTS AND UNITS):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Zero coupon security.

(b) Coupon represents a yield to maturity.

(c) Institutional Class Shares of each Fund.

(d) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOE S&P 500		2,000.000		06/15/2018		4		400	$	16	$	3
Put - CBOE S&P 500		1,950.000		09/21/2018		2		200		6		3
Put - CBOE S&P 500		2,075.000		09/21/2018		2		200		9		4
									$	31	$	10
Total Purchased Options									$	31	$	10

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		1,675.000		06/15/2018		4		400	$	(6	)	$	(1	)
Put - CBOE S&P 500		1,725.000		09/21/2018		2		200		(3	)		(1	)
									$	(9	)	$	(2	)
Total Written Options									$	(9	)	$	(2	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 61

Schedule of Investments PIMCO REALPATH^® Blend Income Fund(Cont.)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2017:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset						Market Value			Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options			Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	10	$	0	$	0	$	10	$	(2	)	$	0	$	0	$	(2	)

(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
BPS	Receive	DWRTFT Index		17	1-Month USD-LIBOR plus a specified spread	Monthly		11/07/2018	$	167	$	0	$	(2	)	$	0	$	(2	)
CBK	Receive	BCOMTR Index		2,593	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly		02/15/2018		445		0		21			21		0
GST	Receive	DWRTFT Index		21	1-Month USD-LIBOR plus a specified spread	Monthly		04/11/2018		204		0		0			0		0
MYI	Receive	DWRTFT Index		20	1-Month USD-LIBOR plus a specified spread	Monthly		09/12/2018		194		0		1			1		0
											$	0	$	20		$	22	$	(2	)
Total Swap Agreements											$	0	$	20		$	22	$	(2	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2017:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
BPS	$	0	$	0	$	0	$	0	$	0	$	0	$	(2	)	$	(2	)	$	(2	)	$	0	$	(2	)
CBK		0		0		21		21		0		0		0			0			21			0		21
MYI		0		0		1		1		0		0		0			0			1			0		1
Total Over the Counter	$	0	$	0	$	22	$	22	$	0	$	0	$	(2	)	$	(2	)

⁽¹⁾  Receive represents that the Fund receives payments for any positive return on the underlying reference. The Fund makes payments for any negative return on such underlying reference. Pay represents that the Fund receives payments for any negative return on the underlying reference. The Fund makes payments for any positive return on such underlying reference.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 6, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	10	$	0	$	0	$	10
Over the counter
Swap Agreements	$	21	$	0	$	1	$	0	$	0	$	22
	$	21	$	0	$	11	$	0	$	0	$	32

62 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	2	$	0	$	0	$	2
Over the counter
Swap Agreements	$	0	$	0	$	2	$	0	$	0	$	2
	$	0	$	0	$	4	$	0	$	0	$	4

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(7	)	$	0	$	0		$	(7	)
Written Options		0		0		1			0		0			1
Futures		0		0		(13	)		0		(1	)		(14	)
	$	0	$	0	$	(19	)	$	0	$	(1	)	$	(20	)
Over the counter
Swap Agreements	$	2	$	0	$	10		$	0	$	0		$	12
	$	2	$	0	$	(9	)	$	0	$	(1	)	$	(8	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(14	)	$	0	$	0		$	(14	)
Written Options		0		0		5			0		0			5
	$	0	$	0	$	(9	)	$	0	$	0		$	(9	)
Over the counter
Swap Agreements	$	19	$	0	$	(6	)	$	0	$	0		$	13
	$	19	$	0	$	(15	)	$	0	$	0		$	4

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Securities, at Value
Mutual Funds	$	9,080	$	0	$	0	$	9,080
Short-Term Instruments
U.S. Treasury Bills		0		299		0		299
	$	9,080	$	299	$	0	$	9,379
Investments in Affiliates, at Value
Mutual Funds		12,668		0		0		12,668
Short-Term Instruments
Central Funds Used for Cash Management Purposes		511		0		0		511
	$	13,179	$	0	$	0	$	13,179
Total Investments	$	22,259	$	299	$	0	$	22,558

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2017
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	10		$	0	$	10
Over the counter		0		22			0		22
	$	0	$	32		$	0	$	32
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(2	)		0		(2	)
Over the counter		0		(2	)		0		(2	)
	$	0	$	(4	)	$	0	$	(4	)
Total Financial Derivative Instruments	$	0	$	28		$	0	$	28
Totals	$	22,259	$	327		$	0	$	22,586

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 63

Notes to Financial Statements

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on December 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, Administrative Class, and Class A shares of the funds (each a “Fund” and collectively the “Funds”) indicated on the cover of this report. Pacific Investment Management Company LLC (“PIMCO”) serves as the investment adviser (the “Adviser”) for the Funds. Each Fund may invest substantially all of its assets in Institutional Class or Class M shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds (“Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Act (collectively, “Acquired Funds”).

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of

Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

(b) Multiclass Operations  Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value (“NAV”) of a class of the respective Fund’s shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(c) Distributions to Shareholders  The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

	Distribution Frequency
Fund Name	Declared		Distributed
PIMCO REALPATH® Blend 2020 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2025 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2030 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2035 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2040 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2045 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2050 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2055 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend Income Fund		Quarterly		Quarterly

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment

64 PIMCO EQUITY SERIES

December 31, 2017 (Unaudited)

income (loss) and realized gains (losses) reported on each Fund’s annual financial statements presented under U.S. GAAP.

If a Fund estimates that a portion of one of its dividend distributions may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of record of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund estimates the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is estimated that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include, among others, the treatment of paydowns on mortgage-backed securities purchased at a discount and periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be reported on Form 1099 DIV sent to shareholders for the calendar year.

Distributions classified as a tax basis return of capital, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital. In addition, other amounts have been reclassified between undistributed (overdistributed) net investment income (loss), accumulated undistributed (overdistributed) net realized gain (loss) and/or paid in capital to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements  In March 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2016-05, which provides guidance related to the impact of derivative contract novations on certain relationships under Accounting Standards Codification (“ASC”) 815. The ASU is effective for annual periods beginning after December 15, 2016, and interim

periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

In August 2016, the FASB issued ASU 2016-15 which amends ASC 230 to clarify guidance on the classification of certain cash receipts and cash payments in the Statement of Cash Flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X require standardized, enhanced disclosure about derivatives in investment company financial statements, and also change the rules governing the form and content of such financial statements. The compliance date for these amendments was August 1, 2017. Compliance is based on reporting period-end date. Management has adopted these amendments and the changes are incorporated in the financial statements.

In November 2016, the FASB issued ASU 2016-18 which amends ASC 230 to provide guidance on the classification and presentation of changes in restricted cash and restricted cash equivalents on the Statement of Cash Flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

In March 2017, the FASB issued ASU 2017-08 which provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies  The price of a Fund’s shares is based on the Fund’s NAV. The NAV of a Fund, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets, less any liabilities attributable to that Fund or class, by the total number of shares outstanding of that Fund or class.

On each day that the New York Stock Exchange (“NYSE”) is open, Fund shares are ordinarily valued as of the close of regular trading (“NYSE Close”). Information that becomes known to the Funds or their

SEMIANNUAL REPORT DECEMBER 31, 2017 65

Notes to Financial Statements (Cont.)

agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. Each Fund reserves the right to change the time as of which its respective NAV is calculated if the Fund closes earlier, or as permitted by the SEC.

For purposes of calculating a NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Funds’ approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by the Adviser to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services. A Fund’s investments in open-end management investment companies, other than exchange-traded funds (“ETFs”), are valued at the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value based on procedures established and approved by the Board of Trustees of the Trust (the “Board”). Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value.

With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, a Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

Senior secured floating rate loans for which an active secondary market exists to a reliable degree will be valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a Pricing Service. Senior secured floating rate loans for which an active secondary market does not exist to a reliable degree will be valued at fair value, which is intended to approximate market value. In valuing a senior secured floating rate loan at fair value, the factors considered may include, but are not limited to, the following: (a) the creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a result, the value of such investments and, in turn, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund’s next calculated NAV.

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has

66 PIMCO EQUITY SERIES

December 31, 2017 (Unaudited)

adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to the Adviser the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Valuation Oversight Committee of the Board (“Valuation Oversight Committee”), generally based on recommendations provided by the Adviser. The Adviser may consult with the Sub-Adviser or Parametric in providing such recommendations or otherwise with respect to valuation of the PIMCO Dividend and Income Fund’s portfolio securities or other assets. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to the Adviser the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

When a Fund (or, in each instance in this paragraph, as applicable, an Underlying PIMCO Fund or Acquired Fund) uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds’ use of fair valuation may also help to deter “stale price arbitrage” as discussed under the “Abusive Trading Practices” section in each Fund’s prospectus.

(b) Fair Value Hierarchy  U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in

an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

^∎  Level 1 — Quoted prices in active markets or exchanges for identical assets and liabilities.

^∎  Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

^∎  Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers between Levels 1 and 2 and transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy Level 1 and Level 2 trading assets and trading liabilities, at fair value  The valuation methods (or “techniques”) and significant inputs

SEMIANNUAL REPORT DECEMBER 31, 2017 67

Notes to Financial Statements (Cont.)

used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1 and Level 2 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Services (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a

broker-dealer bid quotation or on market-based prices provided by Pricing Services (normally determined as of the NYSE close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate (“OIS”), London Interbank Offered Rate (“LIBOR”) forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Level 3 trading assets and trading liabilities, at fair value  When a fair valuation method is applied by the Adviser that uses significant unobservable inputs, investments will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund may invest substantially all of its assets in Underlying PIMCO Funds and Acquired Funds. The Underlying PIMCO Funds are considered to be affiliated with the Funds. Each Fund may also invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III (“Central Funds”) to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment

68 PIMCO EQUITY SERIES

December 31, 2017 (Unaudited)

Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. The tables below show the Funds’ transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2017 (amounts in thousands^†):

PIMCO REALPATH® Blend 2020 Fund
Underlying PIMCO Funds	Market Value 06/30/2017		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2017		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Local Bond Fund	$	239	$	333	$	(36	)	$	(1	)	$	6		$	541	$	9	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		482		813		(107	)		0			3			1,191		7		0
PIMCO High Yield Fund		478		745		(127	)		0			(3	)		1,093		15		0
PIMCO Income Fund		1,262		1,968		(331	)		0			3			2,902		41		0
PIMCO Long Duration Total Return Fund		350		503		(145	)		(5	)		(7	)		696		10		19
PIMCO Long-Term Credit Fund		351		470		(135	)		0			10			696		10		0
PIMCO Real Return Asset Fund		706		1,039		(324	)		1			46			1,468		10		0
PIMCO Real Return Fund		776		1,349		(208	)		(1	)		13			1,929		10		0
PIMCO Short-Term Floating NAV Portfolio III		352		4,504		(4,000	)		0			0			856		4		0
PIMCO Total Return Fund		778		1,228		(205	)		(1	)		4			1,804		11		0
Totals	$	5,774	$	12,952	$	(5,618	)	$	(7	)	$	75		$	13,176	$	127	$	19
PIMCO REALPATH® Blend 2025 Fund
Underlying PIMCO Funds	Market Value 06/30/2017		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2017		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Local Bond Fund	$	195	$	429	$	(29	)	$	(1	)	$	7		$	601	$	8	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		215		580		(33	)		0			1			763		4		0
PIMCO High Yield Fund		398		855		(70	)		0			(4	)		1,179		13		0
PIMCO Income Fund		903		2,049		(153	)		0			1			2,800		33		0
PIMCO Long Duration Total Return Fund		369		829		(56	)		(1	)		(20	)		1,121		12		27
PIMCO Long-Term Credit Fund		369		798		(55	)		0			11			1,123		12		0
PIMCO Real Return Asset Fund		735		1,605		(185	)		0			55			2,210		10		0
PIMCO Real Return Fund		356		932		(54	)		0			7			1,241		5		0
PIMCO Short-Term Floating NAV Portfolio III		502		5,605		(5,500	)		(1	)		0			606		4		0
PIMCO Total Return Fund		506		1,188		(76	)		0			3			1,621		8		0
Totals	$	4,548	$	14,870	$	(6,211	)	$	(3	)	$	61		$	13,265	$	109	$	27
PIMCO REALPATH® Blend 2030 Fund
Underlying PIMCO Funds	Market Value 06/30/2017		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2017		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Local Bond Fund	$	320	$	338	$	0		$	0		$	7		$	665	$	11	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		179		231		0			0			1			411		2		0
PIMCO High Yield Fund		636		675		0			0			(4	)		1,307		19		0
PIMCO Income Fund		1,256		1,404		(39	)		0			4			2,625		40		0
PIMCO Long Duration Total Return Fund		486		592		0			0			(14	)		1,064		13		24
PIMCO Long-Term Credit Fund		486		565		0			0			13			1,064		14		0
PIMCO Real Return Asset Fund		948		1,157		(32	)		0			61			2,134		13		0
PIMCO Real Return Fund		285		372		0			0			4			661		4		0
PIMCO Short-Term Floating NAV Portfolio III		812		4,108		(3,400	)		(1	)		0			1,519		7		0
PIMCO Total Return Fund		614		694		0			0			3			1,311		9		0
Totals	$	6,022	$	10,136	$	(3,471	)	$	(1	)	$	75		$	12,761	$	132	$	24

SEMIANNUAL REPORT DECEMBER 31, 2017 69

Notes to Financial Statements (Cont.)

PIMCO REALPATH® Blend 2035 Fund
Underlying PIMCO Funds	Market Value 06/30/2017		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2017		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Local Bond Fund	$	404	$	275	$	0		$	0		$	7		$	686	$	14	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		178		121		0			0			2			301		2		0
PIMCO High Yield Fund		802		551		(38	)		0			(5	)		1,310		22		0
PIMCO Income Fund		1,370		1,105		(88	)		0			5			2,392		41		0
PIMCO Long Duration Total Return Fund		463		319		0			0			(8	)		774		11		18
PIMCO Long-Term Credit Fund		463		301		0			0			12			776		12		0
PIMCO Real Return Asset Fund		706		684		(63	)		0			42			1,369		9		0
PIMCO Real Return Fund		282		200		0			0			4			486		4		0
PIMCO Short-Term Floating NAV Portfolio III		1,008		6,310		(5,600	)		(1	)		0			1,717		9		0
PIMCO Total Return Fund		586		463		0			0			2			1,051		8		0
Totals	$	6,262	$	10,329	$	(5,789	)	$	(1	)	$	61		$	10,862	$	132	$	18
PIMCO REALPATH® Blend 2040 Fund
Underlying PIMCO Funds	Market Value 06/30/2017		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2017		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Local Bond Fund	$	520	$	157	$	0		$	0		$	6		$	683	$	17	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		244		37		0			0			3			284		2		0
PIMCO High Yield Fund		1,034		348		(34	)		0			(5	)		1,343		27		0
PIMCO Income Fund		1,619		630		(93	)		0			7			2,163		45		0
PIMCO Long Duration Total Return Fund		520		156		0			0			(4	)		672		12		16
PIMCO Long-Term Credit Fund		520		140		0			0			14			674		13		0
PIMCO Real Return Asset Fund		716		222		0			0			39			977		9		0
PIMCO Real Return Fund		380		123		0			0			4			507		5		0
PIMCO Short-Term Floating NAV Portfolio III		1,407		8,713		(8,400	)		(1	)		0			1,719		13		0
PIMCO Total Return Fund		579		175		0			0			2			756		7		0
Totals	$	7,539	$	10,701	$	(8,527	)	$	(1	)	$	66		$	9,778	$	150	$	16
PIMCO REALPATH® Blend 2045 Fund
Underlying PIMCO Funds	Market Value 06/30/2017		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2017		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Local Bond Fund	$	579	$	170	$	0		$	0		$	7		$	756	$	19	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		285		81		0			0			4			370		3		0
PIMCO High Yield Fund		1,150		342		0			0			(6	)		1,486		31		0
PIMCO Income Fund		1,622		589		0			0			7			2,218		47		0
PIMCO Long Duration Total Return Fund		474		140		0			0			(4	)		610		10		14
PIMCO Long-Term Credit Fund		474		125		0			0			13			612		12		0
PIMCO Real Return Asset Fund		821		245		0			0			46			1,112		11		0
PIMCO Real Return Fund		454		142		0			0			6			602		5		0
PIMCO Short-Term Floating NAV Portfolio III		2,508		6,121		(6,100	)		(1	)		0			2,528		20		0
PIMCO Total Return Fund		466		212		0			0			2			680		6		0
Totals	$	8,833	$	8,167	$	(6,100	)	$	(1	)	$	75		$	10,974	$	164	$	14

70 PIMCO EQUITY SERIES

December 31, 2017 (Unaudited)

PIMCO REALPATH® Blend 2050 Fund
Underlying PIMCO Funds	Market Value 06/30/2017		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2017		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Local Bond Fund	$	644	$	240	$	0		$	0		$	9		$	893	$	21	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		316		116		0			0			4			436		4		0
PIMCO High Yield Fund		1,280		481		0			0			(7	)		1,754		35		0
PIMCO Income Fund		1,697		614		0			0			7			2,318		50		0
PIMCO Long Duration Total Return Fund		465		175		0			0			(5	)		635		11		15
PIMCO Long-Term Credit Fund		465		159		0			0			12			636		12		0
PIMCO Real Return Asset Fund		893		342		0			0			50			1,285		12		0
PIMCO Real Return Fund		516		203		0			0			6			725		7		0
PIMCO Short-Term Floating NAV Portfolio III		3,110		10,224		(9,600	)		(1	)		1			3,734		25		0
PIMCO Total Return Fund		411		152		0			0			2			565		5		0
Totals	$	9,797	$	12,706	$	(9,600	)	$	(1	)	$	79		$	12,981	$	182	$	15
PIMCO REALPATH® Blend 2055 Fund
Underlying PIMCO Funds	Market Value 06/30/2017		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2017		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Local Bond Fund	$	110	$	27	$	0		$	0		$	1		$	138	$	4	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		54		10		0			0			1			65		1		0
PIMCO High Yield Fund		228		52		0			0			(1	)		279		7		0
PIMCO Income Fund		308		60		0			0			2			370		9		0
PIMCO Long Duration Total Return Fund		80		13		0			0			0			93		2		2
PIMCO Long-Term Credit Fund		80		11		0			0			2			93		2		0
PIMCO Real Return Asset Fund		163		33		0			0			9			205		2		0
PIMCO Real Return Fund		88		20		0			0			1			109		1		0
PIMCO Short-Term Floating NAV Portfolio III		503		805		(700	)		0			0			608		4		0
PIMCO Total Return Fund		70		21		0			0			0			91		1		0
Totals	$	1,684	$	1,052	$	(700	)	$	0		$	15		$	2,051	$	33	$	2
PIMCO REALPATH® Blend Income Fund
Underlying PIMCO Funds	Market Value 06/30/2017		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2017		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Local Bond Fund	$	192	$	400	$	(22	)	$	1		$	6		$	577	$	8	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		476		1,015		(99	)		(1	)		1			1,392		8		0
PIMCO High Yield Fund		390		817		(65	)		0			(4	)		1,138		12		0
PIMCO Income Fund		1,050		2,235		(229	)		0			1			3,057		35		0
PIMCO Long Duration Total Return Fund		186		394		(25	)		(2	)		(8	)		545		6		13
PIMCO Long-Term Credit Fund		184		379		(21	)		0			5			547		6		0
PIMCO Real Return Asset Fund		398		870		(74	)		0			30			1,224		5		0
PIMCO Real Return Fund		763		1,642		(153	)		(1	)		15			2,266		10		0
PIMCO Short-Term Floating NAV Portfolio III		109		4,402		(4,000	)		0			0			511		2		0
PIMCO Total Return Fund		655		1,403		(140	)		(3	)		7			1,922		10		0
Totals	$	4,403	$	13,557	$	(4,828	)	$	(6	)	$	53		$	13,179	$	102	$	13

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

SEMIANNUAL REPORT DECEMBER 31, 2017 71

Notes to Financial Statements (Cont.)

(b) Investments in Securities

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises  are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association (“GNMA” or “Ginnie Mae”), are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); and others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. U.S. Government securities may include zero coupon securities. Zero coupon securities do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

5. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the financial derivative instruments described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds’ financial position, results of operations

and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Futures Contracts  are agreements to buy or sell a security or other asset for a set price on a future date. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund (“Futures Variation Margin”). Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(b) Options Contracts  may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined

72 PIMCO EQUITY SERIES

December 31, 2017 (Unaudited)

on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (“call”) or purchased (“put”) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Options on Indices  (“Index Option”) use a specified index as the underlying instrument for the option contract. The exercise for an Index Option will not include physical delivery of the underlying index but will result in a cash transfer of the amount of the difference between the settlement price of the underlying index and the strike price.

(c) Swap Agreements  are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market (“OTC swaps”) or may be cleared through a third party, known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on

the Statements of Operations. Daily changes in valuation of centrally cleared swaps (“Swap Variation Margin”), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying a Fund’s investment policies and restrictions, swap agreements are generally valued by a Fund at market value. In the case of a credit default swap, in applying certain of a Fund’s investment policies and restrictions, the Funds will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund’s other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund’s credit quality guidelines (if any) because such value in general better reflects a Fund’s actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund’s prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

SEMIANNUAL REPORT DECEMBER 31, 2017 73

Notes to Financial Statements (Cont.)

A Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund’s exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Total Return Swap Agreements  are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap

agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return, and would receive payments in the event of a net negative total return.

6. PRINCIPAL RISKS

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

Risks

PIMCO REALPATH® Blend 2020 Fund

PIMCO REALPATH® Blend 2025 Fund

PIMCO REALPATH® Blend 2030 Fund

PIMCO REALPATH® Blend 2035 Fund

PIMCO REALPATH® Blend 2040 Fund

PIMCO REALPATH® Blend 2045 Fund

PIMCO REALPATH® Blend 2050 Fund

PIMCO REALPATH® Blend 2055 Fund

PIMCO REALPATH® Blend Income Fund

New/Small Fund

X

X

X

X

X

X

X

X

X

Allocation

X

X

X

X

X

X

X

X

X

Acquired

X

X

X

X

X

X

X

X

X

Equity

X

X

X

X

X

X

X

X

X

Value Investing

X

X

X

X

X

X

X

X

X

Interest Rate

X

X

X

X

X

X

X

X

X

Call

X

X

X

X

X

X

X

X

X

Credit

X

X

X

X

X

X

X

X

X

High Yield and Distressed Company

X

X

X

X

X

X

X

X

X

Market

X

X

X

X

X

X

X

X

X

Issuer

X

X

X

X

X

X

X

X

X

Liquidity

X

X

X

X

X

X

X

X

X

Derivatives

X

X

X

X

X

X

X

X

X

Commodity

X

X

X

X

X

X

X

X

X

Mortgage-Related and Other Asset-Backed Securities

X

X

X

X

X

X

X

X

X

Foreign (Non-U.S.) Investment

X

X

X

X

X

X

X

X

X

Real Estate

X

X

X

X

X

X

X

X

X

Emerging Markets

X

X

X

X

X

X

X

X

X

Sovereign Debt

X

X

X

X

X

X

X

X

X

Currency

X

X

X

X

X

X

X

X

X

Leveraging

X

X

X

X

X

X

X

X

X

Small-Cap and Mid-Cap Company

X

X

X

X

X

X

X

X

X

Management

X

X

X

X

X

X

X

X

X

Short Exposure

X

X

X

X

X

X

X

X

X

Tax

X

X

X

X

X

X

X

X

X

Subsidiary

X

X

X

X

X

X

X

X

X

Arbitrage

X

X

X

X

X

X

X

X

X

Convertible Securities

X

X

X

X

X

X

X

X

X

Exchange-Traded Fund

X

X

X

X

X

X

X

X

X

74 PIMCO EQUITY SERIES

December 31, 2017 (Unaudited)

A Fund is generally subject to a different level and amount of risk relative to its target date and time horizon. The principal risks of investing in a Fund include risks from direct investments and/or for certain Funds that invest in Acquired Funds or Underlying PIMCO Funds, indirect exposure through investment in such Acquired Funds or Underlying PIMCO Funds. Please see “Description of Principal Risks” in a Fund’s prospectus for a more detailed description of the risks of investing in a Fund.

The following risks are principal risks of investing in a Fund.

New/Small Fund Risk  is the risk that a new or smaller Fund’s performance may not represent how a Fund is expected to or may perform in the long term. In addition, new Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies.

Allocation Risk  is the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. A Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

Acquired Fund Risk  is the risk that a Fund’s performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives.

The following risks are principal risks of investing in a Fund that include risks from direct investments and/or indirect exposure through investment in Acquired Funds.

New/Small Fund Risk  is the risk that a new or smaller Fund’s performance may not represent how a Fund is expected to or may perform in the long term. In addition, new Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies.

Equity Risk  is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Value Investing Risk  is the risk that a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur.

Interest Rate Risk  is the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer

average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Acclimated

Call Risk  is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality). If an issuer calls a security that a Fund has invested in, a Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk  is the risk that a Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations.

High Yield and Distressed Company Risk  is the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) and securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings or bankruptcy proceedings.

Market Risk  is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk  is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.

Liquidity Risk  is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk  is the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative may not

SEMIANNUAL REPORT DECEMBER 31, 2017 75

Notes to Financial Statements (Cont.)

correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. A Fund’s use of derivatives may result in losses to the Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund’s clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could potentially limit or impact a Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and a Fund’s performance.

Commodity Risk  is the risk that investing in commodity-linked derivative instruments may subject a Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

Mortgage-Related and Other Asset-Backed Securities  Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Foreign (Non-U.S.) Investment Risk  is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Real Estate Risk  is the risk that a Fund’s investments in Real Estate Investment Trusts (“REITs”) or real estate-linked derivative instruments will subject a Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A Fund’s investments

in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject a Fund to liquidity and valuation risk.

Emerging Markets Risk  is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk  is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk  is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect a Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk  is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Small-Cap and Mid-Cap Company Risk  is the risk that the value of securities issued by small-capitalization and mid-capitalization companies may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources.

Management Risk  is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing a Fund. There is no guarantee that the investment objective of a Fund will be achieved.

Short Exposure Risk  is the risk of entering into short sales, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale will not fulfill its contractual obligations, causing a loss to a Fund.

Tax Risk  is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code, or otherwise affect the

76 PIMCO EQUITY SERIES

December 31, 2017 (Unaudited)

character, timing and/or amount of the Fund’s taxable income or gains and distributions.

Subsidiary Risk  is the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a “Subsidiary”), a Fund is indirectly exposed to the risks associated with a Subsidiary’s investments. The Subsidiaries are not registered under the 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of a Subsidiary will be achieved.

Arbitrage Risk  is the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected.

Convertible Securities Risk  is the risk that arises when convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Exchange-Traded Fund Risk  is the risk that an exchange-traded fund may not track the performance of the index it is designed to track, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to a Fund invested in the exchange-traded fund.

7. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a

counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other forms of AAA rated paper or sovereign securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase, and sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA securities, delayed-delivery or sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission (“CFTC”). In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Portability of exposure reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a

SEMIANNUAL REPORT DECEMBER 31, 2017 77

Notes to Financial Statements (Cont.)

separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end is disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third-party custodian. The market value of OTC financial derivative instruments, collateral received or pledged, and net

exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

8. FEES AND EXPENSES

(a) Investment Advisory Fee  PIMCO is a majority-owned subsidiary of Allianz Asset Management of America L.P. (“Allianz Asset Management”) and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the “Investment Advisory Fee”). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee  PIMCO serves as administrator (the “Administrator”) and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class’s average daily net assets (the “Supervisory and Administrative Fee”). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Investment Advisory Fee				Supervisory and Administrative Fee
Fund Name	All Classes		Institutional Class		Administrative Class		Class D			Class A		Class R
PIMCO REALPATH® Blend 2020 Fund		0.01%		0.02%		0.02%		0.27%	*		0.27%		0.27%	*
PIMCO REALPATH® Blend 2025 Fund		0.01%		0.02%		0.02%		0.27%	*		0.27%		0.27%	*
PIMCO REALPATH® Blend 2030 Fund		0.02%		0.02%		0.02%		0.27%	*		0.27%		0.27%	*
PIMCO REALPATH® Blend 2035 Fund		0.03%		0.02%		0.02%		0.27%	*		0.27%		0.27%	*
PIMCO REALPATH® Blend 2040 Fund		0.03%		0.02%		0.02%		0.27%	*		0.27%		0.27%	*
PIMCO REALPATH® Blend 2045 Fund		0.03%		0.02%		0.02%		0.27%	*		0.27%		0.27%	*
PIMCO REALPATH® Blend 2050 Fund		0.03%		0.02%		0.02%		0.27%	*		0.27%		0.27%	*
PIMCO REALPATH® Blend 2055 Fund		0.03%		0.02%		0.02%		0.27%	*		0.27%		0.27%	*
PIMCO REALPATH® Blend Income Fund		0.01%		0.02%		0.02%		0.27%	*		0.27%		0.27%	*

* This particular share class has been registered with the SEC, but has not yet launched.

(c) Distribution and Servicing Fees  PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor (“Distributor”) of the Trust’s shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.25% for Class R shares and in connection with personal services rendered to Class A and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Class D shares of each Fund pursuant to Rule 12b-1 under the Act (the “Class D Plan”). Under the terms of the Class D Plan, a Fund is permitted to compensate the Distributor out of the assets attributable to the Class D shares of the Fund, in an amount up to 0.25% on an annual basis of the average daily net assets of the Fund’s Class D shares for providing, or procuring through financial intermediaries, distribution, shareholder services, and/or maintenance of shareholder accounts with respect to Class D shareholders of the Fund, some of which may be deemed to be primarily intended to result in the sale of Class D shares.

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the “Administrative Class Plan”). Under the terms of the

78 PIMCO EQUITY SERIES

December 31, 2017 (Unaudited)

Administrative Class Plan, a Fund may compensate the Distributor for providing, or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits a Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Distribution Fee			Servicing Fee
Administrative Class		—			0.25%
Class D		—			0.25%	*
Class A		—			0.25%
Class R		0.25%	*		0.25%	*

* This particular share class has been registered with the SEC, but has not yet launched.

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares. For the period ended December 31, 2017, the Distributor retained $40,489 representing commissions (sales charges) and contingent deferred sales charges from the Trust.

(d) Fund Expenses  PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) taxes and governmental fees; (ii) brokerage fees and commissions and other portfolio transaction expenses; (iii) the costs of borrowing money, including interest expense; (iv) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (v) extraordinary expense, including costs of litigation and indemnification expenses;

(vi) organizational expenses; and (vii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust’s Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

Each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $62,000, plus $6,250 for each Board meeting attended in person, $375 ($750 in the case of the audit committee chair with respect to audit committee meetings) for each committee meeting attended and $750 for each Board meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $9,000, the valuation oversight committee lead receives an additional annual retainer of $2,000 (to the extent there are co-leads of the valuation oversight committee, the annual retainer will be split evenly between the co-leads, so that each co-lead individually receives an additional retainer of $1,000) and the governance committee chair receives an additional annual retainer of $750.

These expenses are allocated on a pro rata basis to each Fund of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation  Pursuant to the Expense Limitation Agreement, PIMCO has agreed to waive a portion of the Funds’ Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund’s organizational expenses and pro rata share of Trustee Fees exceed 0.0049%, the “Expense Limit” (calculated as a percentage of each Fund’s average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Under certain conditions, PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months after the waiver. The total recoverable amounts to PIMCO at December 31, 2017, were as follows (amounts in thousands^†):

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO RealPath® Blend 2020 Fund	$	16	$	0	$	1	$	17
PIMCO RealPath® Blend 2025 Fund		16		0		1		17
PIMCO RealPath® Blend 2030 Fund		15		1		1		17
PIMCO RealPath® Blend 2035 Fund		15		1		1		17
PIMCO RealPath® Blend 2040 Fund		15		1		1		17
PIMCO RealPath® Blend 2045 Fund		15		1		1		17
PIMCO RealPath® Blend 2050 Fund		15		0		1		16
PIMCO RealPath® Blend 2055 Fund		16		0		1		17
PIMCO RealPath® Blend Income Fund		16		0		1		17

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

SEMIANNUAL REPORT DECEMBER 31, 2017 79

Notes to Financial Statements (Cont.)

(f) Acquired Fund Fees and Expenses  Acquired Fund expenses incurred by a Fund will vary with changes in the expenses of the Acquired Funds, as well as the allocation of the Fund’s assets.

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to each Fund’s direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders.

9. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 8, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

10. GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust

(including the Trust’s investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

11. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The transaction costs and tax effects associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2017, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PIMCO REALPATH® Blend 2020 Fund	$	0	$	0	$	15,157	$	3,582
PIMCO REALPATH® Blend 2025 Fund		0		0		20,295		2,690
PIMCO REALPATH® Blend 2030 Fund		0		0		15,621		1,228
PIMCO REALPATH® Blend 2035 Fund		0		0		13,004		1,974
PIMCO REALPATH® Blend 2040 Fund		0		0		8,611		3,369
PIMCO REALPATH® Blend 2045 Fund		0		0		8,605		1,915
PIMCO REALPATH® Blend 2050 Fund		0		0		12,705		1,548
PIMCO REALPATH® Blend 2055 Fund		0		0		1,245		231
PIMCO REALPATH® Blend Income Fund		0		0		15,623		1,726

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

80 PIMCO EQUITY SERIES

December 31, 2017 (Unaudited)

12. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands^†):

	PIMCO REALPATH® Blend 2020 Fund												PIMCO REALPATH® Blend 2025 Fund
	Six Months Ended 12/31/2017						Year Ended 06/30/2017						Six Months Ended 12/31/2017						Year Ended 06/30/2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		140		$	1,515			770		$	8,002			103		$	1,146			549		$	5,708
Administrative Class		1,181			13,109			0			2			1,689			18,957			1			11
Class A		55			596			247			2,555			68			741			363			3,763
Issued as reinvestment of distributions
Institutional Class		14			154			13			133			9			105			10			100
Administrative Class		13			147			0			0			17			195			0			0
Class A		4			44			1			14			5			60			2			19
Cost of shares redeemed
Institutional Class		(135	)		(1,464	)		(397	)		(4,160	)		(45	)		(494	)		(326	)		(3,420	)
Administrative Class		(161	)		(1,792	)		0			(2	)		(187	)		(2,096	)		0			0
Class A		(7	)		(73	)		(23	)		(238	)		(8	)		(85	)		(1	)		(11	)
Net increase (decrease) resulting from Fund share transactions		1,104		$	12,236			611		$	6,306			1,651		$	18,529			598		$	6,170
	PIMCO REALPATH® Blend 2030 Fund												PIMCO REALPATH® Blend 2035 Fund
	Six Months Ended 12/31/2017						Year Ended 06/30/2017						Six Months Ended 12/31/2017						Year Ended 06/30/2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		40		$	435			908		$	9,604			47		$	535			1,341		$	14,359
Administrative Class		1,318			15,129			2			12			1,069			12,428			3			32
Class A		43			483			291			3,032			48			546			303			3,207
Issued as reinvestment of distributions
Institutional Class		23			267			18			185			30			349			15			154
Administrative Class		19			221			0			1			16			186			0			0
Class A		6			63			0			4			6			70			1			5
Cost of shares redeemed
Institutional Class		(48	)		(533	)		(375	)		(3,980	)		(121	)		(1,383	)		(379	)		(4,065	)
Administrative Class		(49	)		(564	)		0			0			(61	)		(716	)		(1	)		(11	)
Class A		(5	)		(55	)		(3	)		(29	)		(4	)		(45	)		(4	)		(40	)
Net increase (decrease) resulting from Fund share transactions		1,347		$	15,446			841		$	8,829			1,030		$	11,970			1,279		$	13,641
	PIMCO REALPATH® Blend 2040 Fund												PIMCO REALPATH® Blend 2045 Fund
	Six Months Ended 12/31/2017						Year Ended 06/30/2017						Six Months Ended 12/31/2017						Year Ended 06/30/2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		81		$	943			2,275		$	24,531			150		$	1,719			3,323		$	35,870
Administrative Class		694			8,158			1			12			649			7,637			5			52
Class A		58			657			481			5,113			28			320			281			2,982
Issued as reinvestment of distributions
Institutional Class		48			557			10			106			65			769			9			94
Administrative Class		12			147			0			1			10			123			0			1
Class A		9			105			0			4			5			63			0			0
Cost of shares redeemed
Institutional Class		(208	)		(2,414	)		(425	)		(4,596	)		(191	)		(2,194	)		(381	)		(4,124	)
Administrative Class		(40	)		(476	)		0			(1	)		(37	)		(443	)		(4	)		(39	)
Class A		(103	)		(1,172	)		(3	)		(36	)		(8	)		(87	)		(2	)		(23	)
Net increase (decrease) resulting from Fund share transactions		551		$	6,505			2,339		$	25,134			671		$	7,907			3,231		$	34,813

SEMIANNUAL REPORT DECEMBER 31, 2017 81

Notes to Financial Statements (Cont.)

	PIMCO REALPATH® Blend 2050 Fund												PIMCO REALPATH® Blend 2055 Fund
	Six Months Ended 12/31/2017						Year Ended 06/30/2017						Six Months Ended 12/31/2017						Year Ended 06/30/2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		280		$	3,236			3,959		$	42,900			124		$	1,433			263		$	2,836
Administrative Class		918			10,868			1			5			2			20			6			66
Class A		29			338			305			3,233			20			230			169			1,791
Issued as reinvestment of distributions
Institutional Class		81			960			10			108			18			209			6			66
Administrative Class		15			174			0			0			0			1			0			1
Class A		6			65			0			1			4			45			0			2
Cost of shares redeemed
Institutional Class		(182	)		(2,089	)		(428	)		(4,643	)		(30	)		(346	)		(20	)		(216	)
Administrative Class		(64	)		(765	)		0			0			0			0			(6	)		(66	)
Class A		(34	)		(390	)		(3	)		(29	)		(26	)		(297	)		(11	)		(115	)
Net increase (decrease) resulting from Fund share transactions		1,049		$	12,397			3,844		$	41,575			112		$	1,295			407		$	4,365

	PIMCO REALPATH® Blend Income Fund
	Six Months Ended 12/31/2017						Year Ended 06/30/2017
	Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		270		$	2,945			675		$	7,015
Administrative Class		1,207			13,330			3			26
Class A		130			1,433			151			1,554
Issued as reinvestment of distributions
Institutional Class		8			90			10			102
Administrative Class		12			133			0			1
Class A		3			32			1			11
Cost of shares redeemed
Institutional Class		(260	)		(2,831	)		(448	)		(4,682	)
Administrative Class		(18	)		(196	)		(1	)		(7	)
Class A		(25	)		(276	)		(1	)		(9	)
Net increase (decrease) resulting from Fund share transactions		1,327		$	14,660			390		$	4,011

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

The following table discloses the number of shareholders that own 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, for the period ended December 31, 2017. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment manager and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

	Shareholders that own 10% or more of outstanding shares				Total percentage of portfolio held by shareholders that own 10% or more of outstanding shares
	Non-Related Parties		Related Parties		Non-Related Parties		Related Parties
REALPATH® Blend 2025 Fund		1		0		13%		0%
REALPATH® Blend 2030 Fund		1		0		10%		0%
REALPATH® Blend 2035 Fund		1		0		10%		0%
REALPATH® Blend 2040 Fund		1		0		13%		0%
REALPATH® Blend 2055 Fund		1		1		18%		37%

82 PIMCO EQUITY SERIES

December 31, 2017 (Unaudited)

13. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

14. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Funds’ tax positions for all open tax years. As of December 31, 2017, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by relevant tax

authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended June 30, 2017, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO REALPATH® Blend 2020 Fund	$	0	$	16
PIMCO REALPATH® Blend 2025 Fund		38		15
PIMCO REALPATH® Blend 2030 Fund		0		0
PIMCO REALPATH® Blend 2035 Fund		0		8
PIMCO REALPATH® Blend 2040 Fund		0		10
PIMCO REALPATH® Blend 2045 Fund		0		17
PIMCO REALPATH® Blend 2050 Fund		0		12
PIMCO REALPATH® Blend 2055 Fund		6		18
PIMCO REALPATH® Blend Income Fund		0		11

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

As of December 31, 2017, the aggregate cost and the net unrealized appreciation (depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(1)
PIMCO REALPATH® Blend 2020 Fund	$	22,382	$	1,108	$	(30	)	$	1,078
PIMCO REALPATH® Blend 2025 Fund		27,261		1,199		(41	)		1,158
PIMCO REALPATH® Blend 2030 Fund		30,105		2,198		(7	)		2,191
PIMCO REALPATH® Blend 2035 Fund		31,043		2,588		(6	)		2,582
PIMCO REALPATH® Blend 2040 Fund		34,372		3,022		(5	)		3,017
PIMCO REALPATH® Blend 2045 Fund		45,156		4,073		(7	)		4,066
PIMCO REALPATH® Blend 2050 Fund		57,264		5,037		(10	)		5,027
PIMCO REALPATH® Blend 2055 Fund		8,873		1,165		(1	)		1,164

⁽¹⁾  Primary differences, if any, between book and tax net unrealized appreciation (depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

(1) Primary differences, if any, between book and tax net unrealized appreciation (depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

SEMIANNUAL REPORT DECEMBER 31, 2017 83

Glossary: (abbreviations that may be used in the preceding statements)

(Unaudited)

Counterparty Abbreviations:
BPS	BNP Paribas S.A.	GST	Goldman Sachs International	MYI	Morgan Stanley & Co. International PLC
CBK	Citibank N.A.	JPM	JP Morgan Chase Bank N.A.
Currency Abbreviations:
USD (or $)	United States Dollar
Exchange Abbreviations:
CBOE	Chicago Board Options Exchange	OTC	Over the Counter
Index/Spread Abbreviations:
BCOMTR	Bloomberg Commodity Index Total Return	DWRTFT	Dow Jones Wilshire REIT Total Return Index	S&P 500	Standard & Poor’s 500 Index
Other Abbreviations:
LIBOR	London Interbank Offered Rate	TBA	To-Be-Announced

84 PIMCO EQUITY SERIES

Approval of Investment Advisory Contract and Other Agreements

(Unaudited)

Approval of Renewal of the Investment Advisory Contract, Sub-Advisory Agreement, Portfolio Implementation Agreement and Second Amended and Restated Supervision and Administration Agreement

At a meeting held on August 23, 2017, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Advisory Contract (the “Investment Advisory Contract”) between the Trust, on behalf of each of the Trust’s series (the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”) for an additional one-year term through August 31, 2018. The Board also considered and unanimously approved the renewal of the Second Amended and Restated Supervision and Administration Agreement (the “Supervision and Administration Agreement” and together with the Investment Advisory Contract, the “Agreements”) between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2018. In addition, the Board considered and unanimously approved the renewal of the: (i) Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between PIMCO, on behalf of PIMCO RAE Fundamental Emerging Markets Fund, PIMCO RAE Fundamental Global ex-US Fund, PIMCO RAE Fundamental Global Fund, PIMCO RAE Fundamental International Fund, PIMCO RAE Fundamental US Fund, PIMCO RAE Fundamental US Small Fund and the equity sleeve of the PIMCO Dividend and Income Fund (the “RAE Funds”), each a series of the Trust, and Research Affiliates, LLC (“Research Affiliates”); and (ii) Portfolio Implementation Agreement (the “Portfolio Implementation Agreement”) among PIMCO, on behalf of the RAE Funds, each a series of the Trust, Research Affiliates and Parametric Portfolio Associates LLC (“Parametric”), each for an additional one-year term through August 31, 2018.

The information, material factors and conclusions that formed the basis for the Board’s approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed:  During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO, Research Affiliates and Parametric to the Trust. At each of its quarterly meetings, the Board reviewed the Funds’ investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds’ compliance program and other information relating to the nature, extent and quality of services provided by PIMCO, Research Affiliates and Parametric to the Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements, the Sub-Advisory Agreement, and the Portfolio Implementation Agreement, the Board reviewed additional information,

including, but not limited to, comparative industry data with regard to investment performance, advisory and supervisory and administrative fees and expenses, financial information for PIMCO and, where relevant, Research Affiliates and Parametric, information regarding the profitability to PIMCO of its relationship with the Funds, information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds, and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees, which included, among other things, memoranda outlining legal duties of the Board in considering the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement.

(b) Review Process:  In connection with considering the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates and Parametric in response to requests from counsel to the Trust and the Independent Trustees encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from counsel to the Trust and the Independent Trustees, and reviewed comparative fee and performance data prepared at the Board’s request by Broadridge Financial Solutions, Inc. (“Lipper”), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23, 2017 meeting. The Independent Trustees also conducted an in-person meeting with counsel to the Trust and the Independent Trustees on July 21, 2017 to discuss the Lipper Report, as defined below, and certain aspects of the 2017 15(c) materials including, but not limited to, the Funds’ performance, the Funds’ advisory fees and total expense ratios, the comparative information with respect to fees and performance included in the Lipper Report, and the unified fee structure employed by the Trusts.

The approval determinations were made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Sub-Advisory Agreement, and the Portfolio Implementation Agreement, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board’s

SEMIANNUAL REPORT DECEMBER 31, 2017 85

Approval of Investment Advisory Contract and Other Agreements (Cont.)

consideration of the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, Parametric, their Personnel and Resources:  The Board considered the depth and quality of PIMCO’s investment management process, including: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to investing in information technology and infrastructure supporting investment, compliance and risk management, as well as PIMCO’s continuing efforts to attract, retain and promote qualified personnel, including personnel with relevant equities experience, and to maintain and enhance its resources and systems. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations and its commitment to further developing and strengthening these programs, its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO, and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s continuous investment in new disciplines and talented personnel, which has enhanced PIMCO’s services to the Funds and has allowed PIMCO to introduce innovative new funds over time.

The Trustees considered that PIMCO has continued to strengthen the process it uses to actively manage counterparty risk and to assess the financial stability of counterparties with which the Funds do business, to manage collateral and to protect the Funds from an unforeseen deterioration in the creditworthiness of trading counterparties. The Trustees noted that, consistent with its fiduciary duty, PIMCO executes transactions through a competitive best execution process and uses only those counterparties that meet its stringent and monitored criteria. The Trustees considered that PIMCO’s collateral management team utilizes a counterparty risk system to analyze portfolio-level exposure and collateral being exchanged with counterparties.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented since the Board renewed the Agreements in 2016, including, but not limited to: continuing

enhancement of its analytics and technology systems by upgrading hardware and software; enhancing data processing and security and development of tools and applications to support Portfolio Management, Compliance, Analytics, Risk Management, Client Reporting and Customer Relationship Management; continuing investment in its enterprise risk management function including PIMCO’s cybersecurity program; developing the PIMCO Global Advisory Board and continuing to hire new portfolio managers; expanding the Funds and Operations Group global operating model; developing a website monitoring application to ensure accurate data content; adding staff to fund accounting and financial reporting; engaging a third party to perform an independent assessment of PIMCO’s proprietary accounting application and enhancing the same system to provide portfolio managers with more timely and high quality income reporting; establishing a Fund Treasurer’s Office; developing a global tax management application that will enable investment professionals to access foreign market and security tax information on a real-time basis; enhancing reporting of tax reporting for portfolio managers for income products with improved transparency on tax factors impacting income generation and dividend yield; redesigning shareholder statements to be more user friendly and enable e-delivery; and continuing expansion of the pricing portal and the proprietary performance reconciliation tool.

Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the RAE Funds and noted that it had met with senior personnel from Research Affiliates during the year. The Board further considered PIMCO’s oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services to the RAE Funds. The Board also considered Research Affiliates’ supervisory responsibilities with respect to Parametric’s provision of portfolio implementation services to the RAE Funds. The Board further considered the depth and quality of Research Affiliates’ investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization.

In addition, the Board considered the portfolio implementation and other operational services provided by Parametric to the RAE Funds by, among other things, effecting portfolio transactions on behalf of the RAE Funds. The Board further considered PIMCO’s oversight of Parametric in connection with Parametric providing portfolio implementation services. The Board also considered information about Parametric’s personnel responsible for providing services to the RAE Funds under the Portfolio Implementation Agreement. The Board also considered the nature and quality of Parametric’s trading, risk management, and compliance capabilities and resources, including Parametric’s policies and procedures regarding trade aggregation and allocation, which are integral parts of its role as portfolio implementer.

86 PIMCO EQUITY SERIES

(Unaudited)

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements, provided by Research Affiliates under the Sub-Advisory Agreement, and provided by Parametric under the Portfolio Implementation Agreement are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services:  The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement. The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the “unified fee”). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency, sub-accounting and printing costs. The Board noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO’s provision of supervisory and administrative services and its supervision of the Trust’s third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2017 and other performance data, as available, over short- and long-term periods ended June 30, 2017 (the “PIMCO Report”) and from Lipper concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2017 (the “Lipper Report”). The Board considered information regarding both the short- and long-term investment performance of each Fund relative to its peer group and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Lipper Report, which were provided in advance of the August 23, 2017 meeting.

The Board noted that, according to Lipper, certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, over short- and long-term periods. The Board discussed with PIMCO the reasons for the underperformance of certain Funds over short- and long-term periods. The Board also discussed actions that have been taken by PIMCO to attempt to

improve performance and took note of PIMCO’s plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements, that PIMCO’s performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders, and merits the approval of the renewal of the Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price funds to scale at the outset with reference to the total expense ratios of the respective Lipper median, if available, while providing a fee premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential Fund returns to current and potential investors. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Funds.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Funds (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from Lipper that compared the average and median advisory fees of other funds in a “Peer Group” of comparable funds, as well as the universe of other similar funds. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate, and noted in particular, the reduction in the advisory fee for the PIMCO Dividend and Income Fund effective June 16, 2016. The Board noted that PIMCO had contractually agreed, through October 31, 2017, to reduce its advisory fee by amounts shown in the

SEMIANNUAL REPORT DECEMBER 31, 2017 87

Approval of Investment Advisory Contract and Other Agreements (Cont.)

table below: This contractual agreement was subsequently continued through October 31, 2018.

PIMCO RAE Fundamental Emerging Markets Fund	0.20%
PIMCO RAE Fundamental Global Fund	0.20%
PIMCO RAE Fundamental Global ex-US Fund	0.20%
PIMCO RAE Fundamental International Fund	0.10%
PIMCO RAE Fundamental US Fund	0.10%
PIMCO RAE Fundamental US Small Fund	0.10%

The Board also reviewed data comparing the Funds’ advisory fees to the standard and negotiated fee rates PIMCO charges to separate accounts and to other sub-advised clients with similar investment strategies, including differences in advisory services provided. The Board discussed comparisons of fees for Funds with fees for separate accounts and/or PIMCO private/alternative funds with similar investment strategies, noting that for certain Funds, there were no appropriate comparisons because PIMCO did not manage comparable separate accounts at the time that the Board considered the Agreements. The Board noted that the advisory fees (or management fees, where applicable) for most Funds were similar to the fee rates charged to other investment companies with the same investment strategies as the Funds.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third-party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial risk and regulatory requirements, differing legal liabilities on a contract-by-contract basis and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund’s investment program and operations as compared to when PIMCO serves as investment adviser and sponsor. In considering the fees paid by the Funds, the Board noted that retail investors in the Funds receive the benefit of PIMCO’s advisory services at the same advisory fee rates as institutional investors in the Funds.

The Board considered the Funds’ supervisory and administrative fees, comparing them to similar funds in the report supplied by Lipper. The Board also considered that as the Funds’ business has become increasingly complex and the number of Funds has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust’s unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party

services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust’s unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it implicitly reflects economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds’ operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO’s approach of pricing the Funds to scale at inception and reinvesting in other important areas of the business that support the Funds. The Board considered that the Funds’ unified fee structure meant that fees were not impacted by recent outflows in certain Funds, unlike funds without a unified fee structure, which may see increased expense ratios when fixed costs, such as service providers, are passed through to a smaller asset base. The Board concluded that the Funds’ supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the Funds’ total expenses continued to be generally in line with those of competitor funds. The Board discussed with PIMCO those Funds and/or classes of Funds that had above median total expenses. Upon comparing the Funds’ total expenses to other funds in the “Peer Groups” provided by Lipper, the Board found total expenses of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that operate as funds of funds (the “Funds of Funds”) and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds.

Based on the information presented by PIMCO, Research Affiliates, Parametric and Lipper, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements, as well as the total expenses of each Fund, are reasonable.

88 PIMCO EQUITY SERIES

(Unaudited)

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole and considered that PIMCO’s estimated pre-distribution margin from PIMCO Equity Series for the calendar year 2017 was 46.2% and the estimated post-distribution margin was 27.4% utilizing the adjusted asset methodology. The Independent Trustees also noted that the 2016 margins were within the range of publicly-traded asset manager margins reported by Strategic Insight and Lipper. The Board noted that it had received information regarding the structure and manner in which PIMCO’s investment professionals were compensated and PIMCO’s view of the relationship of such compensation to the attraction and retention of quality personnel. The Board considered PIMCO’s need to invest in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce and offer new services and to accommodate changing regulatory requirements.

With respect to potential economies of scale, the Board noted that PIMCO shares the benefits of economies of scale with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision and governance of those services; and through the pricing of Funds to scale from inception and the enhancement of services and oversight provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also noted that retail investors in the Funds receive the benefit of PIMCO’s advisory services at the same advisory fee rates as institutional investors in the Funds. The Board considered that the Funds’ unified fee rates had been set competitively and/or priced to scale from inception and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund’s shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain “diseconomies” of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed unified fees over the contract term even if the particular Fund’s assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund’s assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Funds’ unified fee structure, funds with

“pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO’s institutional investment management business due to the reputation and market penetration of the Trust or third party service providers’ relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and shareholder services to the Funds and their respective shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds’ Rule 12b-1 plans or otherwise. The Board reviewed PIMCO’s soft dollar policies and procedures, noting that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO, Research Affiliates and Parametric supported the renewal of the Agreements, the Sub-Advisory Agreement, and the Portfolio Implementation Agreement. The Independent Trustees and the Board as a whole concluded that the Agreements, the Sub-Advisory Agreement, and the Portfolio Implementation Agreement continued to be fair and reasonable to the Funds and their shareholders, that the Funds’ shareholders received reasonable value in return for the fees paid to PIMCO by the Funds under the Agreements, the fees paid to Research Affiliates by PIMCO under the Sub-Advisory Agreement, and the fees paid to Parametric by PIMCO under the Portfolio Implementation Agreement, and that the renewal of the Agreements, the Sub-Advisory Agreement, and the Portfolio Implementation Agreement was in the best interests of the Funds and their shareholders.

SEMIANNUAL REPORT DECEMBER 31, 2017 89

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

801 Pennsylvania

Kansas City, MO 64105

Transfer Agent

DST Asset Manager Solutions, Inc.

Institutional Class, Class P, Administrative Class

330 W. 9th Street, 5th Floor

Kansas City, MO 64105

DST Asset Manager Solutions, Inc.

Class A, Class C, Class R, Class D

P.O. Box 55060

Boston, MA 02205-5060

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Equity Series.

PES4002SAR_123117

PIMCO Equity Series^®

Semiannual

Report

December 31, 2017

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

Table of Contents

			Page
Chairman’s Letter				2
Important Information About the Funds				4
Expense Examples				12
Financial Highlights				14
Statements of Assets and Liabilities				16
Statements of Operations				17
Statements of Changes in Net Assets				18
Notes to Financial Statements				47
Glossary				59
Approval of Investment Advisory Contract and Other Agreements				60
Fund	Fund Summary		Schedule of Investments
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		6		19
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		8		27
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		10		41

This material is authorized for use only when preceded or accompanied by the current PIMCO Equity Series prospectus. The Shareholder Reports for the other series of the PIMCO Equity Series are printed separately.

Chairman’s Letter

Dear Shareholder,

Please find enclosed the Semiannual Report for the PIMCO Equity Series covering the six-month reporting period ended December 31, 2017. The following pages contain specific details about the investment performance of each fund and a discussion of the factors that most affected performance during the reporting period.

Highlights of the financial markets during the six-month reporting period include:

^∎  During the reporting period, geopolitical concerns remained an investor focus but the global economy provided a solid fundamental backdrop with robust consumer confidence in both the eurozone and the U.S. This environment gave room for developed market central banks to adopt a more “dovish taper”. The European Central Bank (“ECB”), for example, announced a tapering in its monthly asset purchases, but President Mario Draghi emphasized the ECB’s overall accommodative stance. In September, the Federal Reserve (“Fed”) provided details on its plan to unwind its balance sheet and kept rates on hold through its November meeting, but raised the Federal Funds Rate in December by 0.25% to a range of 1.25% to 1.50% (marking the third rate increase during 2017, following rate increases in March and in June). The Bank of England (“BOE”) raised its policy rate and suggested reduced stimulus on the horizon and the Bank of Canada (“BOC”) raised interest rates twice after a seven-year gap. Furthermore, President Xi Jinping was extended a second five-year term following the 19^th National Party Congress in China, while Japan’s Prime Minister Shinzo Abe won a decisive victory in snap elections.

^∎  As a result, many developed market yield curves flattened over the reporting period as front-end rates moved higher alongside less accommodative monetary policy. In the U.S., solid growth momentum and the Fed’s three rate hikes throughout the year pushed the two-year yield to its highest level in nearly a decade. In turn, this drove the spread between two-year and 10-year rates to its narrowest level since November 2007. Front-end yields also moved higher in the U.K. and Canada as the BOE and BOC both raised policy rates for the first time in years.

^∎  Global stock markets reached new highs as increasingly solid economic data, rising corporate earnings, and non-restrictive central bank policy underpinned robust risk sentiment. U.S. equities, as represented by the S&P 500 Index, returned 11.42% over the reporting period. Developed market equities outside the U.S. and Canada, as represented by the MSCI EAFE Net Dividend Index (USD Hedged) and the MSCI EAFE Net Dividend Index (USD Unhedged), returned 7.92% and 9.86%, respectively, over the reporting period. Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 14.63% over the reporting period and European equities, as represented by the MSCI Europe Index (in EUR), returned 3.34% over the reporting period.

^∎  EM equities, as represented by the MSCI Emerging Markets Index (Net Dividends in USD), returned 15.92% over the reporting period as fundamentals remained healthy in select economies. Emerging markets benefited from broad-based and synchronized global growth, robust liquidity conditions, rising commodity prices, and a weak U.S. dollar.

^∎  U.S. Treasuries, as represented by the Bloomberg Barclays U.S. Treasury Index, returned 0.43% for the reporting period. Yields rose across the majority of the yield curve through 10-year maturities, but declined across 20- and 30-year maturities. The benchmark 10-year U.S. Treasury note yielded 2.40% at the end of the reporting period, up from 2.31% on June 30, 2017. The Bloomberg Barclays U.S. Aggregate Index, a widely used index of U.S. investment-grade bonds, returned 1.24% for the reporting period.

If you have any questions regarding the funds, please contact your account manager or financial adviser, or call one of our shareholder associates at 888.400.4ETF. We also invite you to visit our website at www.pimcoetfs.com to learn more about our views and global thought leadership.

2 PIMCO EQUITY SERIES

Thank you for the assets you have placed with us. We deeply value your trust, and we work diligently to meet your broad investment needs.

Sincerely,     Brent R. Harris Chairman of the Board, PIMCO Equity Series   February 21, 2018

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

SEMIANNUAL REPORT DECEMBER 31, 2017 3

Important Information About the Funds

PIMCO Equity Series (the “Trust”) is an open-end management investment company that includes PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF, and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF, which are exchange-traded funds (“ETFs”) that seek to provide total return that closely corresponds, before fees and expenses, to the total return of a specified index (each, a “Fund” and collectively, the “Funds”). Each Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of instruments such that the portfolio effectively provides exposure to the underlying index. A Fund may not track its underlying index with the same degree of accuracy as a fund that replicates the composition and weighting of the underlying index. Shares of the Funds will be listed and traded at market prices on NYSE Arca, Inc. (“NYSE Arca”) and other secondary markets. The market price for each Fund’s shares may be different from the Fund’s net asset value (“NAV”). Each Fund issues and redeems shares at its NAV only in blocks of a specified number of shares (“Creation Units”). Only certain large institutional investors may purchase or redeem Creation Units directly with the Funds at NAV (“Authorized Participants”). These transactions are in exchange for certain securities similar to a Fund’s portfolio and/or cash. Except when aggregated in Creation Units, shares of a Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares from the Funds at NAV.

We believe that equity funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds are subject to notable risks. Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic, and industry conditions.

The values of equity securities, such as common stocks and preferred securities, have historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all equity securities.

The Funds may be subject to various risks as described in each Fund’s prospectus and in the Principal Risks in the Notes to Financial Statements.

The geographical classification of foreign (non-U.S.) securities in this report are classified by the country of incorporation of a holding. In certain instances, a security’s country of incorporation may be different from its country of economic exposure.

On each individual Fund Summary page in this Shareholder Report, the Cumulative Returns chart measures performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on: (i) Fund distributions; or (ii) the sale of Fund shares. Each Fund’s performance is measured against the performance of at least one broad-based securities market index (“benchmark index”). A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) a Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund’s performance as compared to one or more previous reporting periods.

The following table discloses the inception dates of each Fund along with each Fund’s diversification status as of period end:

Fund Name	Fund Inception		Diversification Status
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		08/31/17		Diversified
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		08/31/17		Diversified
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		08/31/17		Diversified

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. It is possible to lose money on investments in the Funds.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service

4 PIMCO EQUITY SERIES

agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus nor a Fund’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust’s then-current prospectus or SAI.

The Funds may make available a complete schedule of portfolio holdings and the percentages they represent of the Fund’s net assets. The frequency at which the daily market prices were at a discount or

premium to each Fund’s NAV is disclosed on www.pimcoetfs.com. Please see “Disclosure of Portfolio Holdings” in the SAI for information about the availability of the complete schedule of each Fund’s holdings. Fund fact sheets provide additional information regarding a Fund and may be requested by calling 888.400.4ETF and are available on the Fund’s website at www.pimcoetfs.com.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of a Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of a Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at 888.400.4ETF, on the Fund’s website at www.pimcoetfs.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Trust files a complete schedule of each Fund’s holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of a Fund’s Form N-Q is available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. A copy of the Funds’ Form N-Q is also available without charge, upon request, by calling the Trust at 888.400.4ETF and on the Funds’ website at www.pimcoetfs.com. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

SEMIANNUAL REPORT DECEMBER 31, 2017 5

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

Cumulative Returns Through December 31, 2017

A line graph is not included since the Fund has less than six months performance.

Investment Objective and Strategy Overview

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF seeks to track the investment results of the RAFI Dynamic Multi-Factor Emerging Markets Index (the “Underlying Index”) by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which the Fund’s sub-adviser, Parametric Portfolio Associates LLC, believes will help the Fund track its Underlying Index. The Underlying Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Cumulative Total Return for the period ended December 31, 2017
	Fund Inception (08/31/17)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Based on Net Asset Value)		4.34%
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (At Market Price(1))		4.65%
RAFI Dynamic Multi-Factor Emerging Market Index±		4.79%

All Fund returns are net of fees and expenses.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

⁽¹⁾ The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

^± The RAFI Dynamic Multi-Factor Emerging Market Index strategy takes time-varying exposures to four return factors; value, low volatility, quality, and momentum. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio in effect as of period end was 0.59%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

6 PIMCO EQUITY SERIES

Ticker symbol - MFEM

Geographic Breakdown as of 12/31/2017^1§

South Korea	21.2%
China	17.3%
Taiwan	12.8%
Brazil	7.1%
South Africa	6.1%
India	6.1%
Russia	5.6%
Ireland	4.7%
Thailand	3.1%
Hong Kong	2.5%
Chile	2.4%
Malaysia	2.4%
Mexico	2.2%
Poland	1.9%
Indonesia	1.8%
Turkey	1.2%
Philippines	1.0%
Greece	0.6%

¹ % of Investments, at value.

^§ Geographic Breakdown and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» Holdings in the consumer discretionary sector contributed to absolute returns for both the Fund and the Underlying Index.

» Holdings in the energy sector contributed to absolute returns for both the Fund and the Underlying Index.

» Holdings in the materials sector contributed to absolute returns for both the Fund and the Underlying Index.

» Holdings in the information technology sector contributed to absolute returns for both the Fund and the Underlying Index.

» Holdings in the utilities sector detracted from absolute returns for both the Fund and the Underlying Index.

SEMIANNUAL REPORT DECEMBER 31, 2017 7

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

Cumulative Returns Through December 31, 2017

A line graph is not included since the Fund has less than six months performance.

Investment Objective and Strategy Overview

PIMCO RAFI Dynamic Multi-Factor International Equity ETF seeks to track the investment results of the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index (the “Underlying Index”) by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which the Fund’s sub-adviser, Parametric Portfolio Associates LLC, believes will help the Fund track its Underlying Index. The Underlying Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Cumulative Total Return for the period ended December 31, 2017
	Fund Inception (08/31/17)
PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Based on Net Asset Value)		7.16%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF (At Market Price(1))		6.89%
RAFI Dynamic Multi-Factor Developed Ex-U.S. Index±		8.00%

All Fund returns are net of fees and expenses.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

⁽¹⁾ The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

^± The RAFI Dynamic Multi-Factor Developed Ex-U.S. Index takes time-varying exposures to five return factors; value, low volatility, quality, momentum and size. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio in effect as of period end was 0.49%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

8 PIMCO EQUITY SERIES

Ticker symbol - MFDX

Geographic Breakdown as of 12/31/2017^1§

Japan	24.5%
United Kingdom	17.0%
Switzerland	7.2%
Canada	6.8%
Germany	6.7%
France	6.1%
Australia	5.0%
Netherlands	3.4%
Spain	3.4%
Sweden	3.1%
Italy	3.1%
Hong Kong	2.9%
Singapore	2.0%
Denmark	1.7%
Belgium	1.3%
Ireland	1.1%
Norway	1.0%
Other	3.7%

¹ % of Investments, at value.

^§ Geographic Breakdown and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» Holdings in the consumer discretionary sector contributed to absolute returns for both the Fund and the Underlying Index.

» Holdings in the industrial sector contributed to absolute returns for both the Fund and the Underlying Index.

» Holdings in the materials sector contributed to absolute returns for both the Fund and the Underlying Index.

» Holdings in the financial sector contributed to absolute returns for both the Fund and the Underlying Index.

» Holdings in the utilities sector detracted from absolute returns for both the Fund and the Underlying Index.

SEMIANNUAL REPORT DECEMBER 31, 2017 9

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

Cumulative Returns Through December 31, 2017

A line graph is not included since the Fund has less than six months performance.

Investment Objective and Strategy Overview

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF seeks to track the investment results of the RAFI Dynamic Multi-Factor U.S. Index (the “Underlying Index”) by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which the Fund’s sub-adviser, Parametric Portfolio Associates LLC, believes will help the Fund track its Underlying Index. The Underlying Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Cumulative Total Return for the period ended December 31, 2017
	Fund Inception (08/31/17)
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Based on Net Asset Value)		11.11%
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (At Market Price(1))		10.96%
RAFI Dynamic Multi-Factor U.S. Index±		11.35%

All Fund returns are net of fees and expenses.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

⁽¹⁾ The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

^± The RAFI Dynamic Multi-Factor U.S. Index takes time-varying exposures to five return factors; value, low volatility, quality, momentum and size. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio in effect as of period end was 0.39%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

10 PIMCO EQUITY SERIES

Ticker symbol - MFUS

Sector Breakdown as of 12/31/2017^1§

Information Technology	20.3%
Consumer Discretionary	17.0%
Industrials	13.1%
Consumer Staples	12.6%
Financials	9.9%
Health Care	8.9%
Energy	5.3%
Materials	4.5%
Real Estate	3.7%
Telecommunication Services	2.7%
Utilities	2.0%

¹ % of Investments, at value.

^§ Sector Breakdown and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance during the reporting period:

» Holdings in the consumer discretionary sector contributed to absolute returns for both the Fund and the Underlying Index.

» Holdings in the industrial sector contributed to absolute returns for both the Fund and the Underlying Index.

» Holdings in the information technology sector contributed to absolute returns for both the Fund and the Underlying Index.

» Holdings in the financial sector contributed to absolute returns for both the Fund and the Underlying Index.

» Holdings in the energy sector contributed to absolute returns for both the Fund and the Underlying Index.

SEMIANNUAL REPORT DECEMBER 31, 2017 11

Expense Examples

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and exchange fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2017 to December 31, 2017 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments and exchange fees. Therefore, the information under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary from period to period because of various factors such as an increase in expenses that are not covered by the management fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/17)(a)		Ending Account Value (12/31/17)		Expenses Paid During Period*		Beginning Account Value (07/01/17)		Ending Account Value (12/31/17)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	1,000.00	$	1,043.40	$	1.69	$	1,000.00	$	1,022.36	$	2.46		0.49	%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		1,000.00		1,071.60		1.36		1,000.00		1,022.81		2.01		0.39
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		1,000.00		1,111.10		1.21		1,000.00		1,023.11		1.71		0.34

^(a) The Beginning Account Value is reflective as of 08/31/2017 for Actual expense, which is the inception date of the Funds.

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 123/365 (to reflect the actual days in the period). Overall fees and expenses of investing in the Fund will be higher because the example does not reflect variable contract fees and expenses.

** Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 8, Fees and Expenses, in the Notes to Financial Statements.

12 PIMCO EQUITY SERIES

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SEMIANNUAL REPORT DECEMBER 31, 2017 13

Financial Highlights

			Investment Operations						Less Distributions(b)
Selected Per Share Data for the Period Ended:^	Net Asset Value Beginning of Period		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Net Realized Capital Gains		Tax Basis Return of Capital		Total
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF
08/31/2017 - 12/31/2017+	$	25.00	$	0.21	$	0.87	$	1.08	$	(0.05	)	$	0.00	$	0.00	$	(0.05	)
PIMCO RAFI Dynamic Multi-Factor International Equity ETF
08/31/2017 - 12/31/2017+	$	25.00	$	0.14	$	1.65	$	1.79	$	(0.19	)	$	0.00	$	0.00	$	(0.19	)
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF
08/31/2017 - 12/31/2017+	$	25.00	$	0.17	$	2.61	$	2.78	$	(0.28	)	$	0.00	$	0.00	$	(0.28	)

^ A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.

+ Unaudited

* Annualized

^(a)  Per share amounts based on average number of shares outstanding during the year or period.

^(b)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

14 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets
Net Asset Value End Of Period		Total Return			Net Assets End of Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	26.03		4.34	%	$	107,262		0.49	%*		0.49	%*		0.49	%*		0.49	%*		2.49	%*		33	%
$	26.60		7.16	%	$	24,472		0.40	%*		0.40	%*		0.40	%*		0.40	%*		1.65	%*		23	%
$	27.50		11.11	%	$	17,051		0.34	%*		0.34	%*		0.34	%*		0.34	%*		1.90	%*		17	%

SEMIANNUAL REPORT DECEMBER 31, 2017 15

Statements of Assets and Liabilities

December 31, 2017 (Unaudited)

(Amounts in thousands†, except per share amounts)	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF			PIMCO RAFI Dynamic Multi-Factor International Equity ETF			PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF
Assets:
Investments, at value
Investments in securities	$	106,368		$	24,358		$	16,979
Cash		682			234			210
Foreign currency, at value		121			20			0
Receivable for investments sold		0			10			24
Interest and/or dividends receivable		359			35			24
Total Assets		107,530			24,657			17,237
Liabilities:
Payable for investments purchased	$	0		$	0		$	8
Distributions payable		222			176			173
Accrued management fees		45			9			5
Other liabilities		1			0			0
Total Liabilities		268			185			186
Net Assets	$	107,262		$	24,472		$	17,051
Net Assets Consist of:
Paid in capital	$	103,857		$	23,030		$	14,577
Undistributed (overdistributed) net investment income		188			(42	)		(18	)
Accumulated undistributed net realized gain (loss)		(436	)		371			1,415
Net unrealized appreciation (depreciation)		3,653			1,113			1,077
Net Assets	$	107,262		$	24,472		$	17,051
Shares Issued and Outstanding		4,120			920			620
Net Asset Value Per Share Outstanding:	$	26.03		$	26.60		$	27.50
Cost of investments in securities	$	102,717		$	23,245		$	15,902
Cost of foreign currency held	$	120		$	20		$	0

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

16 PIMCO EQUITY SERIES See Accompanying Notes

Statements of Operations

Inception date through December 31, 2017 (Unaudited)
(Amounts in thousands†)	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF(1)			PIMCO RAFI Dynamic Multi-Factor International Equity ETF(1)			PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF(1)
Investment Income:
Dividends, net of foreign taxes*	$	491		$	167		$	183
Total Income		491			167			183
Expenses:
Management fees		80			32			24
Miscellaneous expense		1			1			4
Total Expenses		81			33			28
Net Investment Income (Loss)		410			134			155
Net Realized Gain (Loss):
Investments in securities		(396	)		372			1,415
Over the counter financial derivative instruments		3			(3	)		0
Foreign currency		(43	)		2			0
Net Realized Gain (Loss)		(436	)		371			1,415
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		3,651			1,113			1,077
Foreign currency assets and liabilities		2			0			0
Net Change in Unrealized Appreciation (Depreciation)		3,653			1,113			1,077
Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,627		$	1,618		$	2,647
* Foreign tax withholdings - Dividends	$	100		$	17		$	0

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾  Period from August 31, 2017 to December 31, 2017.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 17

Statements of Changes in Net Assets

	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF			PIMCO RAFI Dynamic Multi-Factor International Equity ETF			PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF
(Amounts in thousands†)	Inception date through December 31, 2017 (Unaudited)			Inception date through December 31, 2017 (Unaudited)			Inception date through December 31, 2017 (Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	410		$	134		$	155
Net realized gain (loss)		(436	)		371			1,415
Net change in unrealized appreciation (depreciation)		3,653			1,113			1,077
Net Increase (Decrease) in Net Assets Resulting from Operations		3,627			1,618			2,647
Distributions to Shareholders:
From net investment income		(222	)		(176	)		(173	)
Total Distributions(a)		(222	)		(176	)		(173	)
Fund Share Transactions:
Receipts for shares sold		103,857			28,284			30,884
Cost of shares redeemed		0			(5,254	)		(16,307	)
Net increase (decrease) resulting from Fund share transactions		103,857			23,030			14,577
Total Increase (Decrease) in Net Assets		107,262			24,472			17,051
Net Assets:
Beginning of period		0			0			0
End of period*	$	107,262		$	24,472		$	17,051
* Including undistributed (overdistributed) net investment income of:	$	188		$	(42	)	$	(18	)
Shares of Beneficial Interest:
Shares sold		4,120			1,120			1,220
Net increase (decrease) in shares outstanding		4,120			1,120			1,220

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

^(a)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

18 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.2%
COMMON STOCKS 91.4%
BRAZIL 4.7%
CONSUMER DISCRETIONARY 0.5%
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		12,600	$		50
Kroton Educacional S.A.		28,700			160
Lojas Renner S.A.		27,900			298
Via Varejo S.A.		9,100			67
					575
CONSUMER STAPLES 1.3%
Ambev S.A. ADR		97,149			628
BRF S.A. (a)		41,200			455
JBS S.A.		32,300			95
M Dias Branco S.A.		2,100			33
Natura Cosmeticos S.A.		8,200			82
Raia Drogasil S.A.		2,000			55
					1,348
ENERGY 0.8%
Petroleo Brasileiro S.A. SP - ADR (a)		44,528			458
Ultrapar Participacoes S.A.		18,500			419
					877
FINANCIALS 0.5%
B3 SA - Brasil Bolsa Balcao		35,100			241
Banco do Brasil S.A.		22,700			218
BB Seguridade Participacoes S.A.		6,300			54
Porto Seguro S.A.		2,000			22
Sul America S.A.		9,100			51
					586
INDUSTRIALS 0.2%
Embraer S.A. SP - ADR		1,891			45
WEG S.A.		20,100			146
					191
MATERIALS 1.1%
Cia Siderurgica Nacional S.A. (a)		57,000			144
Fibria Celulose S.A.		11,200			162
Vale S.A. SP - ADR		68,081			832
					1,138
TELECOMMUNICATION SERVICES 0.0%
TIM Participacoes S.A. ADR		2,508			48
UTILITIES 0.3%
AES Tiete Energia S.A.		12,000			46
Cia de Saneamento de Minas Gerais-COPASA		2,800			37
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.		13,100			64
Engie Brasil Energia S.A.		8,100			87
Light S.A. (a)		4,000			20
Transmissora Alianca de Energia Eletrica S.A.		10,400			67
					321
Total Brazil					5,084

	SHARES			MARKET VALUE (000S)
CHILE 2.3%
CONSUMER DISCRETIONARY 0.1%
SACI Falabella		16,184	$		162
CONSUMER STAPLES 0.4%
Cencosud S.A.		75,592			222
Cia Cervecerias Unidas S.A. SP - ADR		6,039			179
					401
ENERGY 0.1%
Empresas COPEC S.A.		10,108			160
FINANCIALS 0.3%
Banco de Chile		915,432			147
Banco de Credito e Inversiones		682			47
Banco Santander Chile ADR		2,698			84
Itau CorpBanca		5,842,897			53
Sociedad Matriz del Banco de Chile S.A. ‘B’		66,481			34
					365
INDUSTRIALS 0.4%
Cia Sud Americana de Vapores S.A. (a)		2,125,975			114
Latam Airlines Group S.A.		19,011			268
					382
MATERIALS 0.3%
CAP S.A.		2,190			28
Empresas CMPC S.A.		36,551			125
Sociedad Quimica y Minera de Chile S.A. SP - ADR		3,221			191
					344
TELECOMMUNICATION SERVICES 0.1%
Empresa Nacional de Telecomunicaciones S.A.		5,154			58
UTILITIES 0.6%
AES Gener S.A.		125,694			41
Aguas Andinas S.A. ‘A’		84,666			56
Colbun S.A.		189,179			42
Enel Americas S.A.		1,366,420			304
Enel Chile S.A.		249,530			30
Enel Generacion Chile S.A.		186,242			169
					642
Total Chile					2,514
CHINA 17.1%
CONSUMER DISCRETIONARY 3.0%
ANTA Sports Products Ltd.		37,000			168
BAIC Motor Corp. Ltd.		23,500			30
BYD Co. Ltd. ‘H’		15,500			135
China ZhengTong Auto Services Holdings Ltd.		59,000			59
Dongfeng Motor Group Co. Ltd. ‘H’		42,000			51
Geely Automobile Holdings Ltd.		146,000			503
Great Wall Motor Co. Ltd. ‘H’		150,500			172
Guangzhou Automobile Group Co. Ltd. ‘H’		56,000			132

	SHARES			MARKET VALUE (000S)
JD.com, Inc. ADR (a)		32,029	$		1,327
Shenzhou International Group Holdings Ltd.		30,000			286
Yum China Holdings, Inc.		8,641			346
Zhongsheng Group Holdings Ltd.		9,500			21
					3,230
CONSUMER STAPLES 1.0%
Dali Foods Group Co. Ltd.		57,000			52
Hengan International Group Co. Ltd.		40,000			443
Tingyi Cayman Islands Holding Corp.		120,000			234
Tsingtao Brewery Co. Ltd. ‘H’		2,000			10
Uni-President China Holdings Ltd.		50,000			42
Want Want China Holdings Ltd.		311,000			260
					1,041
ENERGY 1.0%
China Petroleum & Chemical Corp. ‘H’		1,114,000			816
China Shenhua Energy Co. Ltd. ‘H’		51,000			132
CNOOC Ltd.		110,000			158
					1,106
FINANCIALS 2.4%
China Life Insurance Co. Ltd. ‘H’		174,000			543
China Merchants Bank Co. Ltd. ‘H’		91,000			360
China Reinsurance Group Corp. ‘H’		257,000			58
New China Life Insurance Co. Ltd. ‘H’		25,900			177
People’s Insurance Co. Group of China Ltd. ‘H’		157,000			77
PICC Property & Casualty Co. Ltd. ‘H’		104,000			199
Ping An Insurance Group Co. of China Ltd. ‘H’		116,000			1,203
					2,617
HEALTH CARE 0.0%
Shanghai Fosun Pharmaceutical Group Co. Ltd.		4,500			29
INDUSTRIALS 0.8%
Air China Ltd. ‘H’		42,000			51
Beijing Capital International Airport Co. Ltd. ‘H’		40,000			60
China Southern Airlines Co. Ltd. ‘H’		118,000			122
COSCO SHIPPING Holdings Co. Ltd. ‘H’ (a)		93,500			48
Fosun International Ltd.		53,000			117
Jiangsu Expressway Co. Ltd. ‘H’		42,000			64
Shanghai Electric Group Co. Ltd. ‘H’		36,000			15
Sinopec Engineering Group Co. Ltd. ‘H’		60,000			57
Sinotrans Ltd. ‘H’		56,000			27
Sinotruk Hong Kong Ltd.		41,500			47
Weichai Power Co. Ltd. ‘H’		40,000			44
Yangzijiang Shipbuilding Holdings Ltd.		120,700			132
Zhejiang Expressway Co. Ltd. ‘H’		40,000			44
					828

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 19

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
INFORMATION TECHNOLOGY 5.7%
AAC Technologies Holdings, Inc.		27,500	$		487
Alibaba Group Holding Ltd. SP -ADR (a)		10,545			1,818
Baidu, Inc. SP - ADR (a)		5,762			1,349
BYD Electronic International Co. Ltd.		10,000			22
FIH Mobile Ltd.		127,000			39
Lenovo Group Ltd.		378,000			213
Tencent Holdings Ltd.		42,100			2,179
ZTE Corp. ‘H’		17,800			66
					6,173
MATERIALS 0.9%
Aluminum Corp. of China Ltd. ‘H’ (a)		128,000			91
Angang Steel Co. Ltd. ‘H’		4,000			4
Anhui Conch Cement Co. Ltd. ‘H’		26,500			124
BBMG Corp. ‘H’		55,500			25
China BlueChemical Ltd. ‘H’		90,000			28
China Molybdenum Co. Ltd. ‘H’		116,000			74
China National Building Material Co. Ltd. ‘H’		286,000			255
China National Materials Co. Ltd. ‘H’		99,000			74
China Oriental Group Co. Ltd.		70,000			52
Jiangxi Copper Co. Ltd. ‘H’		80,000			127
Sinopec Shanghai Petrochemical Co. Ltd. ‘H’		166,000			94
					948
REAL ESTATE 1.7%
Agile Group Holdings Ltd.		196,000			296
China Evergrande Group		46,000			158
China Vanke Co. Ltd. ‘H’		29,300			117
CIFI Holdings Group Co. Ltd.		36,000			22
Country Garden Holdings Co. Ltd.		164,000			312
Greentown China Holdings Ltd.		41,500			53
Guangzhou R&F Properties Co. Ltd. ‘H’		54,000			121
Kaisa Group Holdings Ltd. (a)		262,000			147
KWG Property Holding Ltd.		64,000			75
Logan Property Holdings Co. Ltd.		16,000			17
Longfor Properties Co. Ltd.		24,000			60
Powerlong Real Estate Holdings Ltd.		88,000			43
Shui On Land Ltd.		129,000			36
Sino-Ocean Group Holding Ltd.		170,500			117
SOHO China Ltd.		152,500			89
Sunac China Holdings Ltd.		45,000			185
					1,848
TELECOMMUNICATION SERVICES 0.1%
China Communications Services Corp. Ltd. ‘H’		104,000			70
UTILITIES 0.5%
Beijing Jingneng Clean Energy Co. Ltd. ‘H’		72,000			19
CGN Power Co. Ltd. ‘H’		261,000			71
Datang International Power Generation Co. Ltd. ‘H’		70,000			21
ENN Energy Holdings Ltd.		41,000			291
Huadian Fuxin Energy Corp. Ltd. ‘H’		164,000			40

	SHARES			MARKET VALUE (000S)
Huaneng Power International, Inc. ‘H’		80,000	$		50
					492
Total China					18,382
GREECE 0.6%
CONSUMER DISCRETIONARY 0.1%
OPAP S.A.		7,416			93
ENERGY 0.0%
Motor Oil Hellas Corinth Refineries S.A.		1,590			36
FINANCIALS 0.4%
Alpha Bank AE (a)		63,863			137
National Bank of Greece S.A. (a)		430,834			164
Piraeus Bank S.A. (a)		24,366			90
					391
TELECOMMUNICATION SERVICES 0.1%
Hellenic Telecommunications Organization S.A.		4,465			62
UTILITIES 0.0%
Public Power Corp. S.A.		1,491			4
Total Greece					586
HONG KONG 2.5%
CONSUMER DISCRETIONARY 0.2%
Brilliance China Automotive Holdings Ltd.		76,000			202
Dah Chong Hong Holdings Ltd.		75,000			35
					237
CONSUMER STAPLES 0.4%
China Agri-Industries Holdings Ltd.		199,000			87
China Resources Beer Holdings Co. Ltd.		92,000			330
					417
ENERGY 0.2%
Kunlun Energy Co. Ltd.		202,000			210
FINANCIALS 0.5%
BOC Hong Kong Holdings Ltd.		70,500			356
China Taiping Insurance Holdings Co. Ltd.		43,200			161
					517
INDUSTRIALS 0.1%
Beijing Enterprises Holdings Ltd.		3,000			18
China State Construction International Holdings Ltd.		44,000			61
COSCO SHIPPING Ports Ltd.		40,000			42
Tianjin Port Development Holdings Ltd.		104,000			15
					136
MATERIALS 0.1%
China Resources Cement Holdings Ltd.		36,000			23

	SHARES			MARKET VALUE (000S)
Shougang Fushan Resources Group Ltd.		134,000	$		29
Sinofert Holdings Ltd.		120,000			20
					72
REAL ESTATE 0.4%
China Jinmao Holdings Group Ltd.		80,000			35
China Resources Land Ltd.		84,000			247
Poly Property Group Co. Ltd.		115,000			60
Yuexiu Property Co. Ltd.		592,000			110
					452
TELECOMMUNICATION SERVICES 0.2%
China Unicom Hong Kong Ltd.		168,000			227
UTILITIES 0.4%
China Power International Development Ltd.		372,000			98
China Resources Gas Group Ltd.		8,000			29
China Resources Power Holdings Co. Ltd.		122,000			227
Guangdong Investment Ltd.		40,000			53
					407
Total Hong Kong					2,675
INDIA 6.0%
FINANCIALS 2.1%
HDFC Bank Ltd. ADR		22,595			2,297
HEALTH CARE 0.7%
Dr Reddy’s Laboratories Ltd. ADR		20,043			753
INFORMATION TECHNOLOGY 2.7%
Infosys Ltd. SP - ADR		113,253			1,837
Wipro Ltd. ADR		186,746			1,021
					2,858
MATERIALS 0.5%
Tata Steel Ltd. GDR		47,432			541
Total India					6,449
INDONESIA 1.8%
CONSUMER DISCRETIONARY 0.3%
Astra International Tbk PT		531,400			325
CONSUMER STAPLES 0.2%
Gudang Garam Tbk PT		10,200			63
Hanjaya Mandala Sampoerna Tbk PT		73,500			26
Indofood CBP Sukses Makmur Tbk PT		70,700			46
Unilever Indonesia Tbk PT		12,400			51
					186
ENERGY 0.3%
Indo Tambangraya Megah Tbk PT		41,200			63
Tambang Batubara Bukit Asam Persero Tbk PT		236,000			43
United Tractors Tbk PT		72,100			188
					294

20 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.5%
Bank Central Asia Tbk PT		133,800	$		216
Bank Negara Indonesia Persero Tbk PT		127,900			93
Bank Rakyat Indonesia Persero Tbk PT		1,020,600			274
					583
MATERIALS 0.2%
Indah Kiat Pulp & Paper Corp. Tbk PT		147,400			59
Indocement Tunggal Prakarsa Tbk PT		45,500			73
Semen Indonesia Persero Tbk PT		115,300			84
					216
TELECOMMUNICATION SERVICES 0.3%
Telekomunikasi Indonesia Persero Tbk PT		1,000,100			327
Total Indonesia					1,931
MALAYSIA 2.4%
CONSUMER DISCRETIONARY 0.3%
Genting Bhd.		72,100			164
Genting Malaysia Bhd.		79,700			111
UMW Holdings Bhd. (a)		24,100			31
					306
CONSUMER STAPLES 0.3%
British American Tobacco Malaysia Bhd.		4,400			44
Felda Global Ventures Holdings Bhd.		154,400			64
IOI Corp. Bhd.		85,200			96
Kuala Lumpur Kepong Bhd.		8,400			52
PPB Group Bhd.		10,400			44
Sime Darby Plantation Bhd. (a)		44,800			66
					366
ENERGY 0.0%
Petronas Dagangan Bhd.		8,400			50
FINANCIALS 0.9%
AMMB Holdings Bhd.		44,800			49
CIMB Group Holdings Bhd.		182,000			294
Hong Leong Bank Bhd.		12,900			54
Malayan Banking Bhd.		156,600			379
Public Bank Bhd.		26,900			138
					914
INDUSTRIALS 0.2%
AirAsia Bhd.		106,000			88
Berjaya Corp. Bhd. (a)		443,100			37
IJM Corp. Bhd.		60,900			46
MISC Bhd.		26,400			48
Sime Darby Bhd.		65,800			36
					255
MATERIALS 0.1%
Petronas Chemicals Group Bhd.		28,400			54

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.0%
IOI Properties Group Bhd.		4,800	$		2
Sime Darby Property Bhd. (a)		44,800			20
					22
TELECOMMUNICATION SERVICES 0.3%
Axiata Group Bhd.		81,500			110
DiGi.Com Bhd.		40,800			51
Maxis Bhd.		42,300			63
Telekom Malaysia Bhd.		32,400			51
					275
UTILITIES 0.3%
Petronas Gas Bhd.		10,400			45
Tenaga Nasional Bhd.		53,700			202
YTL Corp. Bhd.		149,908			51
					298
Total Malaysia					2,540
MEXICO 2.2%
CONSUMER STAPLES 1.0%
Arca Continental S.A.B. de C.V.		6,400			44
Coca-Cola Femsa S.A.B. de C.V. SP - ADR		1,483			103
Gruma S.A.B. de C.V. ‘B’		5,695			72
Grupo Lala S.A.B. de C.V.		10,500			15
Kimberly-Clark de Mexico S.A.B. de C.V. ‘A’		67,400			119
Wal-Mart de Mexico S.A.B. de C.V.		273,800			672
					1,025
FINANCIALS 0.1%
Grupo Elektra S.A.B. de C.V.		2,185			78
Grupo Financiero Santander Mexico S.A.B. de C.V. ADR ‘B’		6,312			46
					124
INDUSTRIALS 0.0%
Grupo Carso S.A.B. de C.V.		10,400			34
MATERIALS 0.4%
Alpek S.A.B. de C.V.		12,700			15
Grupo Mexico S.A.B. de C.V. ‘B’		114,200			377
					392
TELECOMMUNICATION SERVICES 0.6%
America Movil S.A.B. de C.V. SP - ADR ‘L’		39,181			672
UTILITIES 0.1%
Infraestructura Energetica Nova S.A.B. de C.V.		12,200			60
Total Mexico					2,307
PHILIPPINES 1.0%
CONSUMER STAPLES 0.0%
Universal Robina Corp.		5,160			16
ENERGY 0.0%
Petron Corp.		166,100			31

		SHARES			MARKET VALUE (000S)
FINANCIALS 0.4%
Ayala Corp.			7,030	$		143
Bank of the Philippine Islands			22,260			48
BDO Unibank, Inc.			48,460			159
Metropolitan Bank & Trust Co.			49,680			101
						451
INDUSTRIALS 0.2%
Aboitiz Equity Ventures, Inc.			31,310			46
DMCI Holdings, Inc.			148,200			43
JG Summit Holdings, Inc.			32,240			46
SM Investments Corp.			3,610			72
						207
REAL ESTATE 0.1%
Ayala Land, Inc.			123,500			110
TELECOMMUNICATION SERVICES 0.2%
Globe Telecom, Inc.			1,140			44
PLDT, Inc.			4,320			128
						172
UTILITIES 0.1%
Aboitiz Power Corp.			57,600			48
Manila Electric Co.			8,440			55
	��
						103
Total Philippines						1,090
POLAND 1.9%
CONSUMER DISCRETIONARY 0.0%
Cyfrowy Polsat S.A.			6,015			43
ENERGY 0.6%
Grupa Lotos S.A.			7,700			128
Polski Koncern Naftowy ORLEN S.A.			13,913			423
Polskie Gornictwo Naftowe i Gazownictwo S.A.			42,268			76
						627
FINANCIALS 0.6%
Bank Handlowy w Warszawie S.A.			2,287			54
Bank Pekao S.A.			3,146			117
Powszechna Kasa Oszczednosci Bank Polski S.A.			15,513			197
Powszechny Zaklad Ubezpieczen S.A.			25,681			310
						678
MATERIALS 0.3%
Grupa Azoty S.A.			927			18
KGHM Polska Miedz S.A.			6,718			214
Synthos S.A.			30,731			43
						275
TELECOMMUNICATION SERVICES 0.1%
Orange Polska S.A.			52,516			87
UTILITIES 0.3%
Enea S.A.			9,096			30
Energa S.A.			20,471			75
PGE Polska Grupa Energetyczna S.A. (a)			34,932			121

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 21

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Tauron Polska Energia S.A.		52,600	$		46
					272
Total Poland					1,982
RUSSIA 5.1%
CONSUMER STAPLES 0.4%
Magnit PJSC SP - GDR		7,949			216
X5 Retail Group NV GDR (a)		5,305			201
					417
ENERGY 2.2%
Gazprom Neft PJSC		9,970			42
Gazprom PJSC		374,790			843
Lukoil PJSC SP - ADR		17,216			981
Tatneft PJSC SP - ADR		10,546			519
TMK PJSC		11,640			15
					2,400
INFORMATION TECHNOLOGY 0.1%
Mail.Ru Group Ltd. SP - GDR (a)		3,355			96
MATERIALS 1.3%
Alrosa PJSC		128,600			167
Evraz PLC		3,636			17
Magnitogorsk Iron & Steel Works PJSC		93,200			68
MMC Norilsk Nickel PJSC ADR		39,681			740
Novolipetsk Steel PJSC		57,800			148
PhosAgro PJSC GDR		3,268			50
Polymetal International PLC		5,135			64
Severstal PJSC GDR		8,794			134
					1,388
TELECOMMUNICATION SERVICES 0.9%
MegaFon PJSC SP - GDR		16,203			150
Mobile TeleSystems PJSC SP - ADR		68,438			698
Rostelecom PJSC		49,160			54
Sistema PJSC FC		353,000			74
					976
UTILITIES 0.2%
Mosenergo PJSC		798,000			36
OGK-2 PJSC		2,819,000			22
Rosseti PJSC		2,663,000			38
RusHydro PJSC		6,065,000			77
Unipro PJSC		1,046,000			46
					219
Total Russia					5,496
SOUTH AFRICA 6.0%
CONSUMER DISCRETIONARY 2.6%
Imperial Holdings Ltd.		8,550			181
Mr Price Group Ltd.		10,008			197
Naspers Ltd. ‘N’		8,141			2,255
Truworths International Ltd.		15,130			116
					2,749
CONSUMER STAPLES 0.4%
Massmart Holdings Ltd.		4,752			54
Shoprite Holdings Ltd.		13,279			237
Tiger Brands Ltd.		3,645			135
					426

	SHARES			MARKET VALUE (000S)
ENERGY 0.1%
Exxaro Resources Ltd.		4,692	$		62
FINANCIALS 0.2%
Capitec Bank Holdings Ltd.		1,235			109
Discovery Ltd.		7,643			115
					224
HEALTH CARE 0.0%
Life Healthcare Group Holdings Ltd.		18,085			41
INDUSTRIALS 0.1%
Barloworld Ltd.		11,214			145
MATERIALS 1.5%
African Rainbow Minerals Ltd.		3,961			43
Anglo American Platinum Ltd. (a)		610			17
AngloGold Ashanti Ltd. SP - ADR		17,819			182
Gold Fields Ltd. SP - ADR		91,932			395
Harmony Gold Mining Co. Ltd. SP - ADR		19,428			36
Impala Platinum Holdings Ltd. (a)		42,930			113
Kumba Iron Ore Ltd.		4,497			138
Sappi Ltd.		23,131			167
Sasol Ltd.		13,308			460
Sibanye Gold Ltd. ADR		5,053			26
					1,577
TELECOMMUNICATION SERVICES 1.1%
MTN Group Ltd.		71,097			785
Vodacom Group Ltd.		32,021			375
					1,160
Total South Africa					6,384
SOUTH KOREA 21.0%
CONSUMER DISCRETIONARY 5.0%
Coway Co. Ltd.		1,804			164
Hankook Tire Co. Ltd.		2,252			115
Hanon Systems		11,407			148
Hyundai Department Store Co. Ltd.		554			54
Hyundai Mobis Co. Ltd.		3,932			966
Hyundai Motor Co.		11,777			1,714
Hyundai Wia Corp.		2,350			143
Kangwon Land, Inc.		2,873			93
Kia Motors Corp.		19,981			625
LG Electronics, Inc.		9,085			898
LOTTE Himart Co. Ltd.		754			49
Lotte Shopping Co. Ltd.		1,068			199
Mando Corp.		322			93
Shinsegae, Inc.		286			80
					5,341
CONSUMER STAPLES 1.3%
Amorepacific Corp.		502			143
Amorepacific Group		577			76
CJ CheilJedang Corp.		144			49
E-MART, Inc.		1,193			302
GS Retail Co. Ltd.		63			2
KT&G Corp.		4,367			471
LG Household & Health Care Ltd.		356			396
Lotte Chilsung Beverage Co. Ltd.		1			1
					1,440

	SHARES			MARKET VALUE (000S)
ENERGY 1.4%
E1 Corp.		51	$		3
GS Holdings Corp.		3,114			181
S-Oil Corp.		1,417			155
SK Gas Ltd.		474			41
SK Innovation Co. Ltd.		5,743			1,095
					1,475
FINANCIALS 3.0%
BNK Financial Group, Inc.		8,812			77
DGB Financial Group, Inc.		6,652			65
Dongbu Insurance Co. Ltd.		1,270			85
Hana Financial Group, Inc.		5,086			236
Hanwha Life Insurance Co. Ltd.		14,944			96
Hyundai Marine & Fire Insurance Co. Ltd.		3,212			141
Industrial Bank of Korea		11,581			178
KB Financial Group, Inc.		11,249			666
Meritz Fire & Marine Insurance Co. Ltd.		2,096			46
Mirae Asset Daewoo Co. Ltd.		6,154			53
NH Investment & Securities Co. Ltd.		3,812			49
Samsung Card Co. Ltd.		1,413			52
Samsung Fire & Marine Insurance Co. Ltd.		1,047			261
Samsung Life Insurance Co. Ltd.		2,214			257
Shinhan Financial Group Co. Ltd.		15,181			701
Woori Bank		17,654			260
					3,223
INDUSTRIALS 1.8%
CJ Corp.		842			143
Daelim Industrial Co. Ltd.		986			76
Daewoo Engineering & Construction Co. Ltd. (a)		4,100			23
Doosan Heavy Industries & Construction Co. Ltd.		2,651			38
Doosan Infracore Co. Ltd. (a)		4,659			38
GS Engineering & Construction Corp.		1,997			53
Hanwha Corp.		964			37
Hanwha Techwin Co. Ltd.		1,374			46
Hyundai Development Co-Engineering & Construction		2,384			86
Hyundai Engineering & Construction Co. Ltd.		1,656			56
Hyundai Glovis Co. Ltd.		309			39
KCC Corp.		147			52
Korean Air Lines Co. Ltd. (a)		3,777			119
LG Corp.		3,904			332
LG International Corp.		2,572			65
Lotte Confectionery Co. Ltd.		728			44
LS Corp.		1,521			103
Pan Ocean Co. Ltd.		3,557			17
Posco Daewoo Corp.		6,367			108
Samsung Heavy Industries Co. Ltd.		12,399			85
SK Holdings Co. Ltd.		747			197
SK Networks Co. Ltd.		24,747			154
					1,911
INFORMATION TECHNOLOGY 4.6%
LG Display Co. Ltd.		21,497			598
LG Innotek Co. Ltd.		1,173			157
NAVER Corp.		63			51
Samsung Electro-Mechanics Co. Ltd.		4,016			375

22 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
Samsung Electronics Co. Ltd.		780	$		1,853
Samsung SDI Co. Ltd.		1,013			193
Samsung SDS Co. Ltd.		784			146
SK Hynix, Inc.		21,843			1,552
					4,925
MATERIALS 1.7%
Dongkuk Steel Mill Co. Ltd.		3,066			32
Hanwha Chemical Corp.		1,325			39
Hyundai Steel Co.		2,984			163
Kolon Industries, Inc.		1,250			104
Korea Zinc Co. Ltd.		168			77
LG Chem Ltd.		855			323
OCI Co. Ltd.		843			107
POSCO		2,956			920
SK Chemicals Co. Ltd.		421			33
Taekwang Industrial Co. Ltd.		34			42
Young Poong Corp.		2			2
					1,842
TELECOMMUNICATION SERVICES 1.1%
KT Corp. SP - ADR		31,762			496
LG Uplus Corp.		9,464			123
SK Telecom Co. Ltd.		2,469			616
					1,235
UTILITIES 1.1%
Korea Electric Power Corp.		29,105			1,035
Korea Gas Corp.		3,629			144
					1,179
Total South Korea					22,571
TAIWAN 12.6%
CONSUMER DISCRETIONARY 0.3%
Cheng Shin Rubber Industry Co. Ltd.		103,000			182
Formosa Taffeta Co. Ltd.		16,000			17
Hotai Motor Co. Ltd.		1,000			12
Pou Chen Corp.		62,000			80
Yulon Motor Co. Ltd.		36,000			29
					320
CONSUMER STAPLES 0.5%
President Chain Store Corp.		13,000			124
Uni-President Enterprises Corp.		183,000			405
					529
ENERGY 0.1%
Formosa Petrochemical Corp.		42,000			162
FINANCIALS 1.6%
Chang Hwa Commercial Bank Ltd.		93,000			52
China Development Financial Holding Corp.		215,000			73
CTBC Financial Holding Co. Ltd.		485,000			333
E.Sun Financial Holding Co. Ltd.		116,000			74
First Financial Holding Co. Ltd.		282,000			185
Fubon Financial Holding Co. Ltd.		214,000			364
Hua Nan Financial Holdings Co. Ltd.		131,000			74
Mega Financial Holding Co. Ltd.		200,000			161

	SHARES			MARKET VALUE (000S)
Shin Kong Financial Holding Co. Ltd.		360,000	$		127
SinoPac Financial Holdings Co. Ltd.		273,400			89
Taishin Financial Holding Co. Ltd.		285,000			132
Taiwan Cooperative Financial Holding Co. Ltd.		173,000			96
					1,760
INDUSTRIALS 0.4%
China Airlines Ltd. (a)		170,000			67
Eva Airways Corp.		132,000			70
Far Eastern New Century Corp.		67,000			60
Taiwan High Speed Rail Corp.		76,000			60
Walsin Lihwa Corp.		231,000			136
Wan Hai Lines Ltd.		84,000			54
					447
INFORMATION TECHNOLOGY 7.4%
Acer, Inc.		142,000			115
Asustek Computer, Inc.		23,000			216
AU Optronics Corp.		314,000			131
Catcher Technology Co. Ltd.		10,000			110
Compal Electronics, Inc.		230,000			165
Foxconn Technology Co. Ltd.		38,000			108
Hon Hai Precision Industry Co. Ltd.		665,000			2,115
HTC Corp.		51,000			125
Innolux Corp.		1,398,000			580
Inventec Corp.		179,000			143
Largan Precision Co. Ltd.		2,300			309
Lite-On Technology Corp.		170,000			231
MediaTek, Inc.		70,000			688
Micro-Star International Co. Ltd.		41,000			105
Novatek Microelectronics Corp.		19,000			72
Pegatron Corp.		123,000			296
Powertech Technology, Inc.		34,000			100
Quanta Computer, Inc.		128,000			266
Synnex Technology International Corp.		58,000			79
Taiwan Semiconductor Manufacturing Co. Ltd. SP - ADR		38,541			1,528
TPK Holding Co. Ltd.		12,000			34
Unimicron Technology Corp.		61,000			33
United Microelectronics Corp.		367,000			174
Wistron Corp.		134,000			107
WPG Holdings Ltd.		73,000			96
					7,926
MATERIALS 1.2%
Asia Cement Corp.		70,000			66
China Steel Corp.		162,000			135
Formosa Chemicals & Fibre Corp.		70,000			242
Formosa Plastics Corp.		96,000			318
Nan Ya Plastics Corp.		144,000			376
Taiwan Cement Corp.		100,000			122
					1,259
TELECOMMUNICATION SERVICES 1.1%
Chunghwa Telecom Co. Ltd.		206,000			733
Far EasTone Telecommunications Co. Ltd.		79,000			195

	SHARES			MARKET VALUE (000S)
Taiwan Mobile Co. Ltd.		64,000	$		231
					1,159
Total Taiwan					13,562
THAILAND 3.0%
CONSUMER STAPLES 0.3%
CP ALL PCL		104,800			248
Thai Union Group PCL ‘F’		120,100			73
					321
ENERGY 0.8%
Bangchak Corp. PCL		127,000			159
IRPC PCL		1,501,100			325
Star Petroleum Refining PCL		177,200			93
Thai Oil PCL		78,200			248
					825
FINANCIALS 0.2%
Bangkok Bank PCL		31,600			196
Thanachart Capital PCL		32,800			56
					252
HEALTH CARE 0.0%
Bangkok Dusit Medical Services PCL ‘F’		76,100			49
INDUSTRIALS 0.2%
Airports of Thailand PCL		117,400			244
MATERIALS 0.9%
Indorama Ventures PCL		38,800			63
PTT Global Chemical PCL		193,300			504
Siam Cement PCL		24,300			360
					927
REAL ESTATE 0.0%
Land & Houses PCL NVDR		100,000			32
TELECOMMUNICATION SERVICES 0.5%
Advanced Info Service PCL		70,600			414
Total Access Communication PCL		79,800			120
					534
UTILITIES 0.1%
Glow Energy PCL		23,500			59
Ratchaburi Electricity Generating Holding PCL		12,200			20
					79
Total Thailand					3,263
TURKEY 1.2%
CONSUMER DISCRETIONARY 0.1%
Ford Otomotiv Sanayi A/S		4,306			68
Tofas Turk Otomobil Fabrikasi A/S		414			4
					72
CONSUMER STAPLES 0.1%
BIM Birlesik Magazalar A/S		4,965			102

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 23

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
ENERGY 0.2%
Tupras Turkiye Petrol Rafinerileri A/S		6,595	$		211
FINANCIALS 0.2%
Turkiye Halk Bankasi A/S		14,500			41
Turkiye Is Bankasi ‘C’		18,963			35
Turkiye Vakiflar Bankasi TAO ‘D’		30,421			54
Yapi ve Kredi Bankasi A/S		40,874			47
					177
INDUSTRIALS 0.2%
Turk Hava Yollari AO (a)		53,644			222
MATERIALS 0.1%
Eregli Demir ve Celik Fabrikalari TAS		19,683			52
TELECOMMUNICATION SERVICES 0.3%
Turk Telekomunikasyon A/S		35,266			60
Turkcell Iletisim Hizmetleri A/S		72,412			295
					355
UTILITIES 0.0%
Aygaz A/S		10,016			43
Total Turkey					1,234
Total Common Stocks (Cost $94,679)					98,050
	UNITS
EQUITY-LINKED SECURITIES 4.7%
IRELAND 4.7%
CONSUMER DISCRETIONARY 0.3%
Citigroup Global Markets Holdings, Inc., Hero MotoCorp Ltd. - Exp. 02/08/2018		1,003			59
Citigroup Global Markets Holdings, Inc., Maruti Suzuki India Ltd. - Exp. 02/08/2018		1,817			277
					336
CONSUMER STAPLES 0.7%
Citigroup Global Markets Holdings, Inc., Hindustan Unilever Ltd. - Exp. 02/08/2018		14,526			311
Citigroup Global Markets Holdings, Inc., ITC Ltd. - Exp. 02/08/2018		103,829			428
					739
ENERGY 1.3%
Citigroup Global Markets Holdings, Inc., Bharat Petroleum Corp. Ltd. - Exp. 02/08/2018		12,801			104
Citigroup Global Markets Holdings, Inc., Coal India Ltd. - Exp. 02/08/2018		38,419			158
Citigroup Global Markets Holdings, Inc., Hindustan Petroleum Corp. Ltd. - Exp. 02/08/2018		32,801			215
Citigroup Global Markets Holdings, Inc., Indian Oil Corp. Ltd. - Exp. 02/08/2018		10,004			61

	UNITS			MARKET VALUE (000S)
Citigroup Global Markets Holdings, Inc., Jindal Steel & Power Ltd. - Exp. 02/08/2018		7,195	$		23
Citigroup Global Markets Holdings, Inc., Reliance Industries Ltd. - Exp. 02/08/2018		59,090			853
					1,414
FINANCIALS 1.3%
Citigroup Global Markets Holdings, Inc., Housing Development Finance Corp. Ltd. - Exp. 02/08/2018		23,590			632
Citigroup Global Markets Holdings, Inc., ICICI Bank Ltd. - Exp. 02/08/2018		66,575			327
Citigroup Global Markets Holdings, Inc., Indiabulls Housing Finance Ltd. - Exp. 02/08/2018		1,267			24
Citigroup Global Markets Holdings, Inc., IndusInd Bank Ltd. - Exp. 02/08/2018		8,111			209
Citigroup Global Markets Holdings, Inc., Kotak Mahindra Bank Ltd. - Exp. 02/08/2018		13,190			209
					1,401
HEALTH CARE 0.0%
Citigroup Global Markets Holdings, Inc., Sun Pharmaceutical Industries Ltd. - Exp. 02/08/2018		1,915			17
INFORMATION TECHNOLOGY 0.6%
Citigroup Global Markets Holdings, Inc., HCL Technologies Ltd. - Exp. 02/08/2018		8,672			121
Citigroup Global Markets Holdings, Inc., Tata Consultancy Services Ltd. - Exp. 02/08/2018		9,537			403
Citigroup Global Markets Holdings, Inc., Tech Mahindra Ltd. - Exp. 02/08/2018		9,983			79
					603
MATERIALS 0.1%
Citigroup Global Markets Holdings, Inc., Asian Paints Ltd. - Exp. 02/08/2018		5,846			106
Citigroup Global Markets Holdings, Inc., Hindalco Industries Ltd. - Exp. 02/08/2018		6,186			27
					133
TELECOMMUNICATION SERVICES 0.4%
Citigroup Global Markets Holdings, Inc., Bharti Airtel Ltd. - Exp. 02/08/2018		32,146			267
Citigroup Global Markets Holdings, Inc., Idea Cellular Ltd. - Exp. 02/08/2018		54,312			92
Citigroup Global Markets Holdings, Inc., Reliance Communications Ltd. - Exp. 02/08/2018		87,854			50
					409
Total Equity-Linked Securities (Cost $4,841)					5,052

	SHARES			MARKET VALUE (000S)
PREFERRED STOCKS 2.9%
BRAZIL 2.3%
BANKING & FINANCE 1.3%
Banco do Estado do Rio Grande do Sul S.A.		6,900	$		31
Itau Unibanco Holding S.A.		72,600			931
Itausa - Investimentos Itau S.A.		135,700			442
					1,404
CONSUMER STAPLES 0.1%
Cia Brasileira de Distribuicao		7,300			174
MATERIALS 0.5%
Braskem S.A.		12,500			161
Gerdau S.A.		58,900			220
Metalurgica Gerdau S.A.		71,100			124
Usinas Siderurgicas de Minas Gerais S.A.		7,900			22
					527
UTILITIES 0.4%
Cia de Gas de Sao Paulo - COMGAS		2,000			36
Cia de Transmissao de Energia Eletrica Paulista		100			2
Cia Energetica de Minas Gerais		89,669			186
Cia Energetica de Sao Paulo		26,700			106
Cia Paranaense de Energia		7,900			59
					389
Total Brazil					2,494
CHILE 0.1%
CONSUMER STAPLES 0.1%
Embotelladora Andina S.A.		13,997			70
Total Chile					70
RUSSIA 0.5%
ENERGY 0.5%
Bashneft PJSC		670			16
Surgutneftegas OJSC		687,000			334
Transneft PJSC		40			123
					473
Total Russia					473
Total Preferred Stocks (Cost $2,986)					3,037
REAL ESTATE INVESTMENT TRUSTS 0.2%
MEXICO 0.1%
REAL ESTATE 0.1%
Fibra Uno Administracion S.A. de C.V.		52,000			77
Total Mexico					77
SOUTH AFRICA 0.1%
REAL ESTATE 0.1%
Growthpoint Properties Ltd.		40,501			91

24 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
Redefine Properties Ltd.		70,979	$		61
					152
Total South Africa					152
Total Real Estate Investment Trusts (Cost $211)					229
Total Investments in Securities (Cost $102,717)					106,368
Total Investments 99.2% (Cost $102,717)			$		106,368
Other Assets and Liabilities, net 0.8%					894
Net Assets 100.0%			$		107,262

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security did not produce income within the last twelve months.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 6, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	3	$	0	$	3

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Securities, at Value
Common Stocks
Brazil
Consumer Discretionary	$	0	$	575	$	0	$	575
Consumer Staples		1,293		55		0		1,348
Energy		458		419		0		877
Financials		51		535		0		586
Industrials		45		146		0		191
Materials		832		306		0		1,138
Telecommunication Services		48		0		0		48
Utilities		197		124		0		321
Chile
Consumer Discretionary		0		162		0		162
Consumer Staples		401		0		0		401
Energy		160		0		0		160
Financials		365		0		0		365
Industrials		114		268		0		382
Materials		316		28		0		344
Telecommunication Services		58		0		0		58
Utilities		473		169		0		642
China
Consumer Discretionary		2,127		1,103		0		3,230
Consumer Staples		244		797		0		1,041
Energy		0		1,106		0		1,106

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Financials	$	0	$	2,617	$	0	$	2,617
Health Care		29		0		0		29
Industrials		330		498		0		828
Information Technology		3,206		2,967		0		6,173
Materials		0		948		0		948
Real Estate		77		1,771		0		1,848
Telecommunication Services		0		70		0		70
Utilities		0		492		0		492
Greece
Consumer Discretionary		93		0		0		93
Energy		36		0		0		36
Financials		90		301		0		391
Telecommunication Services		62		0		0		62
Utilities		0		4		0		4
Hong Kong
Consumer Discretionary		35		202		0		237
Consumer Staples		0		417		0		417
Energy		0		210		0		210
Financials		0		517		0		517
Industrials		42		94		0		136
Materials		0		72		0		72
Real Estate		0		452		0		452
Telecommunication Services		0		227		0		227
Utilities		0		407		0		407

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 25

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

December 31, 2017 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
India
Financials	$	2,297	$	0	$	0	$	2,297
Health Care		753		0		0		753
Information Technology		2,858		0		0		2,858
Materials		541		0		0		541
Indonesia
Consumer Discretionary		0		325		0		325
Consumer Staples		186		0		0		186
Energy		231		63		0		294
Financials		367		216		0		583
Materials		216		0		0		216
Telecommunication Services		0		327		0		327
Malaysia
Consumer Discretionary		111		195		0		306
Consumer Staples		322		44		0		366
Energy		0		50		0		50
Financials		535		379		0		914
Industrials		207		48		0		255
Materials		54		0		0		54
Real Estate		22		0		0		22
Telecommunication Services		51		224		0		275
Utilities		45		253		0		298
Mexico
Consumer Staples		1,025		0		0		1,025
Financials		124		0		0		124
Industrials		34		0		0		34
Materials		392		0		0		392
Telecommunication Services		672		0		0		672
Utilities		60		0		0		60
Philippines
Consumer Staples		16		0		0		16
Energy		31		0		0		31
Financials		0		451		0		451
Industrials		161		46		0		207
Real Estate		0		110		0		110
Telecommunication Services		44		128		0		172
Utilities		103		0		0		103
Poland
Consumer Discretionary		43		0		0		43
Energy		76		551		0		627
Financials		54		624		0		678
Materials		61		214		0		275
Telecommunication Services		0		87		0		87
Utilities		30		242		0		272
Russia
Consumer Staples		203		214		0		417
Energy		0		2,400		0		2,400
Information Technology		11		85		0		96
Materials		31		1,357		0		1,388
Telecommunication Services		848		128		0		976
Utilities		159		60		0		219
South Africa
Consumer Discretionary		116		2,633		0		2,749
Consumer Staples		426		0		0		426
Energy		62		0		0		62
Financials		109		115		0		224
Health Care		41		0		0		41
Industrials		145		0		0		145
Materials		961		616		0		1,577
Telecommunication Services		0		1,160		0		1,160
South Korea
Consumer Discretionary		2,062		3,279		0		5,341
Consumer Staples		1,087		353		0		1,440

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Energy	$	0	$	1,475	$	0	$	1,475
Financials		85		3,138		0		3,223
Industrials		421		1,490		0		1,911
Information Technology		0		4,925		0		4,925
Materials		442		1,400		0		1,842
Telecommunication Services		1,235		0		0		1,235
Utilities		0		1,179		0		1,179
Taiwan
Consumer Discretionary		182		138		0		320
Consumer Staples		0		529		0		529
Energy		0		162		0		162
Financials		89		1,671		0		1,760
Industrials		0		447		0		447
Information Technology		2,135		5,791		0		7,926
Materials		0		1,259		0		1,259
Telecommunication Services		426		733		0		1,159
Thailand
Consumer Staples		0		321		0		321
Energy		0		825		0		825
Financials		0		252		0		252
Health Care		0		49		0		49
Industrials		0		244		0		244
Materials		0		927		0		927
Real Estate		32		0		0		32
Telecommunication Services		0		534		0		534
Utilities		0		79		0		79
Turkey
Consumer Discretionary		68		4		0		72
Consumer Staples		0		102		0		102
Energy		0		211		0		211
Financials		0		177		0		177
Industrials		0		222		0		222
Materials		0		52		0		52
Telecommunication Services		0		355		0		355
Utilities		0		43		0		43
Equity-Linked Securities
Ireland
Consumer Discretionary		0		336		0		336
Consumer Staples		0		739		0		739
Energy		0		1,414		0		1,414
Financials		0		1,401		0		1,401
Health Care		0		17		0		17
Information Technology		0		603		0		603
Materials		0		133		0		133
Telecommunication Services		0		409		0		409
Preferred Stocks
Brazil
Banking & Finance		31		1,373		0		1,404
Consumer Staples		0		174		0		174
Materials		0		527		0		527
Utilities		108		281		0		389
Chile
Consumer Staples		70		0		0		70
Russia
Energy		0		473		0		473
Real Estate Investment Trusts
Mexico
Real Estate		77		0		0		77
South Africa
Real Estate		152		0		0		152
Total Investments	$	34,718	$	71,650	$	0	$	106,368

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.

26 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.5%
COMMON STOCKS 96.3%
AUSTRALIA 4.8%
CONSUMER DISCRETIONARY 0.2%
Aristocrat Leisure Ltd.		867	$		16
Fairfax Media Ltd.		12,684			8
JB Hi-Fi Ltd.		378			7
Nine Entertainment Co. Holdings Ltd.		5,965			7
Super Retail Group Ltd.		1,035			7
					45
CONSUMER STAPLES 0.8%
Blackmores Ltd.		55			7
GrainCorp Ltd.		1,208			8
Inghams Group Ltd.		2,877			8
Metcash Ltd.		3,855			9
Treasury Wine Estates Ltd.		595			8
Wesfarmers Ltd.		2,352			81
Woolworths Ltd.		3,426			73
					194
ENERGY 0.4%
Caltex Australia Ltd.		1,448			38
Origin Energy Ltd.		3,953			29
Santos Ltd. (a)		1,870			8
Woodside Petroleum Ltd.		440			11
WorleyParsons Ltd.		670			8
					94
FINANCIALS 0.7%
AMP Ltd.		8,918			36
Genworth Mortgage Insurance Australia Ltd.		3,002			7
Insurance Australia Group Ltd.		2,813			16
Macquarie Group Ltd.		273			21
Medibank Pvt Ltd.		9,663			25
nib holdings Ltd.		1,517			8
Platinum Asset Management Ltd.		1,288			8
QBE Insurance Group Ltd.		2,799			23
Suncorp Group Ltd.		2,424			26
					170
HEALTH CARE 0.5%
Ansell Ltd.		574			11
Australian Pharmaceutical Industries Ltd.		5,695			7
Cochlear Ltd.		106			14
CSL Ltd.		636			70
Sigma Healthcare Ltd.		10,357			8
					110
INDUSTRIALS 0.3%
Brambles Ltd.		1,599			13
CIMIC Group Ltd.		259			10
Downer EDI Ltd.		1,394			8
Monadelphous Group Ltd.		548			7
Qantas Airways Ltd.		1,904			7
SEEK Ltd.		508			8
Sydney Airport		1,709			9
Transurban Group		2,379			23
					85

	SHARES			MARKET VALUE (000S)
INFORMATION TECHNOLOGY 0.1%
carsales.com Ltd.		624	$		7
Computershare Ltd.		774			10
Domain Holdings Australia Ltd. (a)		1,025			3
REA Group Ltd.		129			7
					27
MATERIALS 1.4%
Adelaide Brighton Ltd.		1,852			9
Alumina Ltd.		5,076			10
Amcor Ltd.		1,119			13
BHP Billiton Ltd.		4,322			99
BHP Billiton PLC		4,455			90
BlueScope Steel Ltd.		744			9
Boral Ltd.		1,384			8
CSR Ltd.		3,017			11
DuluxGroup Ltd.		1,190			7
Iluka Resources Ltd.		998			8
Incitec Pivot Ltd.		2,461			8
Mineral Resources Ltd.		553			9
Newcrest Mining Ltd.		1,719			31
Northern Star Resources Ltd.		1,757			8
Orica Ltd.		520			7
Regis Resources Ltd.		2,346			8
Western Areas Ltd.		3,354			9
					344
REAL ESTATE 0.0%
Lend Lease Group		595			8
TELECOMMUNICATION SERVICES 0.3%
Telstra Corp. Ltd.		22,672			64
UTILITIES 0.1%
AGL Energy Ltd.		1,207			23
Total Australia					1,164
AUSTRIA 0.6%
ENERGY 0.1%
OMV AG		587			37
FINANCIALS 0.1%
Erste Group Bank AG		272			12
Raiffeisen Bank International AG (a)		318			11
UNIQA Insurance Group AG		708			7
Vienna Insurance Group AG Wiener Versicherung Gruppe		245			8
					38
INDUSTRIALS 0.1%
ANDRITZ AG		178			10
Oesterreichische Post AG		189			9
					19
INFORMATION TECHNOLOGY 0.1%
ams AG		76			7
AT&S Austria Technologie & Systemtechnik AG		263			7
					14

	SHARES			MARKET VALUE (000S)
MATERIALS 0.1%
voestalpine AG		126	$		7
Wienerberger AG		317			8
					15
REAL ESTATE 0.1%
BUWOG AG		326			11
CA Immobilien Anlagen AG		277			9
					20
Total Austria					143
BELGIUM 1.2%
CONSUMER STAPLES 0.7%
Anheuser-Busch InBev S.A. NV		1,359			152
Colruyt S.A.		148			7
					159
ENERGY 0.0%
Euronav NV S.A.		1,016			9
FINANCIALS 0.3%
Ageas		666			32
Gimv NV		143			9
KBC Group NV		224			19
					60
HEALTH CARE 0.0%
UCB S.A.		94			8
INDUSTRIALS 0.0%
bpost S.A.		302			9
MATERIALS 0.1%
Nyrstar NV (a)		1,002			8
Umicore S.A.		266			13
					21
TELECOMMUNICATION SERVICES 0.1%
Proximus S.A.		404			13
UTILITIES 0.0%
Elia System Operator S.A.		151			9
Total Belgium					288
CAMBODIA 0.0%
CONSUMER DISCRETIONARY 0.0%
NagaCorp Ltd.		8,000			6
Total Cambodia					6
CANADA 6.4%
CONSUMER DISCRETIONARY 1.1%
Aimia, Inc.		2,643			8
Canadian Tire Corp. Ltd. ‘A’		153			20
Cineplex, Inc.		344			10
Cogeco, Inc. (b)		100			7
Dollarama, Inc.		180			22
Enercare, Inc.		453			7
Gildan Activewear, Inc.		277			9

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 27

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Great Canadian Gaming Corp. (a)		379	$		10
Linamar Corp.		138			8
Lululemon Athletica, Inc. (a)		96			8
Magna International, Inc.		1,882			107
Martinrea International, Inc. (b)		600			8
Quebecor, Inc. ‘B’		677			13
Restaurant Brands International, Inc.		285			18
Shaw Communications, Inc. ‘B’		970			22
					277
CONSUMER STAPLES 0.5%
Alimentation Couche-Tard, Inc. ‘B’		332			17
Empire Co. Ltd. ‘A’		817			16
George Weston Ltd.		79			7
Jean Coutu Group PJC, Inc. ‘A’		376			7
Loblaw Cos. Ltd.		329			18
Maple Leaf Foods, Inc.		521			15
Metro, Inc.		678			22
North West Co., Inc.		290			7
Premium Brands Holdings Corp.		87			7
Saputo, Inc.		200			7
					123
ENERGY 0.5%
Baytex Energy Corp. (a)		2,421			7
Bonavista Energy Corp.		3,970			7
Calfrac Well Services Ltd. (a)(b)		1,756			8
Cenovus Energy, Inc.		1,880			17
Crescent Point Energy Corp.		1,493			11
Enerplus Corp.		826			8
Gibson Energy, Inc.		516			8
Husky Energy, Inc. (a)		781			11
Obsidian Energy Ltd. (a)		5,989			8
ShawCor Ltd.		307			7
Trican Well Service Ltd. (a)		2,997			10
Trinidad Drilling Ltd. (a)		6,189			8
					110
FINANCIALS 1.8%
AGF Management Ltd. ‘B’		1,380			9
Bank of Nova Scotia		1,012			65
Canadian Imperial Bank of Commerce		335			33
CI Financial Corp.		891			21
Fairfax Financial Holdings Ltd.		20			11
Great-West Lifeco, Inc. (b)		403			11
IGM Financial, Inc.		494			17
Intact Financial Corp.		242			20
Manulife Financial Corp.		1,721			36
National Bank of Canada		260			13
Onex Corp.		96			7
Power Corp. of Canada		1,113			29
Power Financial Corp.		304			8
Royal Bank of Canada		827			67
Thomson Reuters Corp.		867			38
Toronto-Dominion Bank		1,104			65
					450
HEALTH CARE 0.1%
Chartwell Retirement Residences		585			7
Medical Facilities Corp.		692			8
					15

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.9%
Aecon Group, Inc.		723	$		11
Air Canada (a)		465			10
Bombardier, Inc. ‘B’ (a)		2,947			7
CAE, Inc.		408			8
Canadian National Railway Co.		657			54
Canadian Pacific Railway Ltd.		141			26
Finning International, Inc.		351			9
Maxar Technologies Ltd.		109			7
New Flyer Industries, Inc.		170			7
Ritchie Bros Auctioneers, Inc.		253			8
Russel Metals, Inc.		317			7
TFI International, Inc.		291			8
Toromont Industries Ltd.		282			12
Transcontinental, Inc. ‘A’		347			7
Waste Connections, Inc.		426			30
WestJet Airlines Ltd.		521			11
					222
INFORMATION TECHNOLOGY 0.2%
BlackBerry Ltd. (a)		674			7
Celestica, Inc. (a)		694			7
Constellation Software, Inc. (b)		39			24
					38
MATERIALS 0.9%
Agrium, Inc.		489			56
CCL Industries, Inc. ‘B’		211			10
Centerra Gold, Inc.		1,208			6
Franco-Nevada Corp.		169			13
Kinross Gold Corp. (a)		2,035			9
Labrador Iron Ore Royalty Corp.		377			8
Mercer International, Inc.		536			8
Methanex Corp.		130			8
Potash Corp. of Saskatchewan, Inc.		3,342			69
Teck Resources Ltd. ‘B’		388			10
Western Forest Products, Inc.		4,611			9
Winpak Ltd.		231			9
Yamana Gold, Inc.		2,749			9
					224
REAL ESTATE 0.0%
Colliers International Group, Inc.		120			7
TELECOMMUNICATION SERVICES 0.2%
BCE, Inc.		362			17
Rogers Communications, Inc. ‘B’		564			29
TELUS Corp.		339			13
					59
UTILITIES 0.2%
Atco Ltd. ‘I’		204			7
Capital Power Corp.		383			8
Fortis, Inc.		365			14
Superior Plus Corp.		779			7
TransAlta Corp.		1,232			7
					43
Total Canada					1,568
DENMARK 1.7%
CONSUMER DISCRETIONARY 0.1%
Pandora A/S		95			10

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.1%
Carlsberg A/S ‘B’		138	$		17
Royal Unibrew A/S		168			10
					27
FINANCIALS 0.2%
Alm Brand A/S		586			8
Danske Bank A/S		522			20
Topdanmark A/S (a)		182			8
Tryg A/S		582			14
					50
HEALTH CARE 0.6%
Coloplast A/S ‘B’		119			10
GN Store Nord A/S		226			7
H Lundbeck A/S		152			8
Novo Nordisk A/S ‘B’		2,259			121
					146
INDUSTRIALS 0.5%
AP Moller - Maersk A/S ‘B’		58			101
Dfds A/S		169			9
ISS A/S		193			7
					117
MATERIALS 0.1%
Chr Hansen Holding A/S		114			11
Novozymes A/S ‘B’		262			15
					26
TELECOMMUNICATION SERVICES 0.1%
TDC A/S		4,269			26
UTILITIES 0.0%
Orsted A/S		159			9
Total Denmark					411
FINLAND 0.9%
CONSUMER DISCRETIONARY 0.0%
Nokian Renkaat Oyj		229			10
CONSUMER STAPLES 0.0%
Kesko Oyj ‘B’		190			10
ENERGY 0.1%
Neste Oyj		204			13
FINANCIALS 0.2%
Sampo Oyj ‘A’		655			36
HEALTH CARE 0.0%
Orion Oyj ‘B’		197			7
INDUSTRIALS 0.3%
Finnair Oyj		523			8
Kone Oyj ‘B’		436			24
Metso Oyj		212			7
Ramirent Oyj		667			6

28 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
Wartsila Oyj Abp		291	$		18
YIT OYJ		977			8
					71
INFORMATION TECHNOLOGY 0.0%
Tieto OYJ		227			7
MATERIALS 0.2%
Kemira Oyj		653			9
Stora Enso Oyj ‘R’		1,730			28
					37
TELECOMMUNICATION SERVICES 0.0%
Elisa Oyj		280			11
UTILITIES 0.1%
Fortum Oyj		1,064			21
Total Finland					223
FRANCE 5.9%
CONSUMER DISCRETIONARY 1.3%
Accor S.A.		145			7
Cie Generale des Etablissements Michelin		137			20
Elior Group S.A.		374			8
Eutelsat Communications S.A.		339			8
Hermes International		45			24
JCDecaux S.A.		255			10
Kaufman & Broad S.A.		162			8
Kering		62			29
Lagardere S.C.A.		590			19
LVMH Moet Hennessy Louis Vuitton SE		197			58
Metropole Television S.A.		279			7
Peugeot S.A.		1,502			30
Publicis Groupe S.A.		98			7
Sodexo S.A.		147			20
Vivendi S.A.		2,603			70
					325
CONSUMER STAPLES 0.6%
Carrefour S.A.		835			18
Casino Guichard Perrachon S.A.		517			31
Danone S.A.		793			67
Pernod-Ricard S.A.		202			32
Rallye S.A.		468			8
					156
ENERGY 0.1%
Total S.A.		269			15
Vallourec S.A.		1,346			8
					23
FINANCIALS 0.3%
Coface S.A. (a)		651			7
Credit Agricole S.A.		971			16
Eurazeo S.A.		217			20
Natixis S.A.		2,114			17
SCOR SE		200			8
					68

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.1%
BioMerieux		86	$		8
Ipsen S.A.		74			9
Korian S.A.		199			7
Orpea		70			8
					32
INDUSTRIALS 1.9%
Aeroports de Paris		38			7
Air France-KLM (a)		1,774			29
Airbus SE		766			76
Alstom S.A.		470			20
Bouygues S.A.		942			49
Bureau Veritas S.A.		413			11
Cie de Saint-Gobain		367			20
Derichebourg S.A.		677			7
Edenred		253			7
Elis S.A.		329			9
Getlink SE		572			7
Legrand S.A.		305			24
Rexel S.A.		1,113			20
Safran S.A.		287			30
Societe BIC S.A.		64			7
Thales S.A.		71			8
Vinci S.A.		1,138			116
Zodiac Aerospace		299			9
					456
INFORMATION TECHNOLOGY 0.3%
Alten S.A.		88			7
Atos SE		147			21
Capgemini SE		121			14
Dassault Systemes		132			14
Neopost S.A.		259			8
Ubisoft Entertainment SA (a)		97			8
Worldline S.A. (a)		205			10
					82
MATERIALS 0.1%
Eramet (a)		69			8
Vicat S.A.		114			9
					17
REAL ESTATE 0.1%
Nexity S.A.		243			14
TELECOMMUNICATION SERVICES 0.2%
Iliad S.A.		39			9
Orange S.A.		2,414			42
					51
UTILITIES 0.9%
Electricite de France S.A.		3,950			50
Engie S.A.		7,226			124
Rubis S.C.A.		104			7
Suez		482			9
Veolia Environnement S.A.		1,543			39
					229
Total France					1,453

		SHARES			MARKET VALUE (000S)
GERMANY 5.9%
CONSUMER DISCRETIONARY 0.7%
adidas AG			95	$		19
Axel Springer SE			92			7
Ceconomy AG			516			8
Continental AG			211			57
CTS Eventim AG & Co. KGaA			158			7
Fielmann AG			82			7
Hella GmbH & Co. KGaA			124			8
Hugo Boss AG			215			18
Leoni AG			189			14
ProSiebenSat.1 Media SE			320			11
TUI AG			860			18
						174
CONSUMER STAPLES 0.1%
Beiersdorf AG	��		80			9
Suedzucker AG			360			8
						17
FINANCIALS 1.0%
Commerzbank AG			3,581			53
Deutsche Bank AG			3,282			62
Deutsche Boerse AG			369			43
Deutsche Pfandbriefbank AG			624			10
GRENKE AG			74			7
Hannover Rueck SE			56			7
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen			221			48
Talanx AG			164			6
Wuestenrot & Wuerttembergische AG			318			9
						245
HEALTH CARE 0.6%
Bayer AG			611			76
Carl Zeiss Meditec AG			115			7
Fresenius Medical Care AG & Co. KGaA			381			40
Fresenius SE & Co. KGaA			172			13
Rhoen Klinikum AG			331			12
						148
INDUSTRIALS 0.8%
Bilfinger SE			305			14
Brenntag AG			155			10
Deutsche Lufthansa AG			1,440			53
Deutsche Post AG			772			37
Deutz AG			883			8
Duerr AG			60			8
Fraport AG Frankfurt Airport Services Worldwide			70			8
Hapag-Lloyd AG (a)			163			7
Hochtief AG			42			7
KION Group AG			108			9
Kloeckner & Co. SE			729			9
MTU Aero Engines AG			86			15
OSRAM Licht AG			84			8
Rheinmetall AG			65			8
Wacker Neuson SE			263			9
						210
INFORMATION TECHNOLOGY 0.5%
Infineon Technologies AG			910			25
SAP SE			508			57

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 29

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Software AG		190	$		11
United Internet AG		257			17
Wirecard AG		107			12
					122
MATERIALS 0.9%
Aurubis AG		273			25
BASF SE		1,163			128
Covestro AG		103			11
Evonik Industries AG		194			7
K+S AG		564			14
Linde AG (a)		126			30
Salzgitter AG		183			10
					225
REAL ESTATE 0.3%
Aroundtown S.A.		980			8
Deutsche Wohnen SE		354			15
TAG Immobilien AG		711			13
TLG Immobilien AG		287			8
Vonovia SE		608			30
					74
TELECOMMUNICATION SERVICES 0.1%
Freenet AG		525			20
Telefonica Deutschland Holding AG		1,844			9
					29
UTILITIES 0.9%
E.ON SE		10,118			110
RWE AG (a)		2,422			49
Uniper SE		1,643			51
					210
Total Germany					1,454
HONG KONG 2.7%
CONSUMER DISCRETIONARY 0.4%
Chow Tai Fook Jewellery Group Ltd.		6,800			7
Galaxy Entertainment Group Ltd.		3,000			24
Li & Fung Ltd.		20,000			11
Luk Fook Holdings International Ltd.		2,000			9
Melco Resorts & Entertainment Ltd.		465			13
Shangri-La Asia Ltd.		4,000			9
SJM Holdings Ltd.		14,000			12
Techtronic Industries Co. Ltd.		2,000			13
Yue Yuen Industrial Holdings Ltd.		2,000			8
					106
CONSUMER STAPLES 0.1%
Dairy Farm International Holdings Ltd.		900			7
Sun Art Retail Group Ltd.		7,000			7
WH Group Ltd.		15,500			18
					32
FINANCIALS 0.5%
AIA Group Ltd.		8,000			68
Hang Seng Bank Ltd.		1,000			25

	SHARES			MARKET VALUE (000S)
Hong Kong Exchanges and Clearing Ltd.		900	$		27
Kingston Financial Group Ltd.		8,000			8
					128
HEALTH CARE 0.1%
Sino Biopharmaceutical Ltd.		10,000			18
INDUSTRIALS 0.4%
Cathay Pacific Airways Ltd.		5,000			8
Jardine Matheson Holdings Ltd.		400			24
Jardine Strategic Holdings Ltd.		500			20
MTR Corp. Ltd.		2,000			11
Orient Overseas International Ltd.		500			5
Pacific Basin Shipping Ltd.		32,000			7
Seaspan Corp.		1,322			9
					84
INFORMATION TECHNOLOGY 0.2%
ASM Pacific Technology Ltd.		400			6
GCL-Poly Energy Holdings Ltd. (a)		44,000			8
Kingboard Chemical Holdings Ltd.		1,500			8
Landing International Development Ltd. (a)		180,000			7
Truly International Holdings Ltd.		20,000			9
VTech Holdings Ltd.		500			6
					44
MATERIALS 0.0%
Lee & Man Paper Manufacturing Ltd.		6,000			7
REAL ESTATE 0.5%
CK Asset Holdings Ltd.		2,000			17
Henderson Land Development Co. Ltd.		1,000			7
Hongkong Land Holdings Ltd.		2,000			14
Hysan Development Co. Ltd.		1,000			5
Kerry Properties Ltd.		1,500			7
New World Development Co. Ltd.		17,000			25
Shimao Property Holdings Ltd.		3,500			8
Sun Hung Kai Properties Ltd.		1,000			17
Swire Pacific Ltd. ‘A’		2,500			23
Wheelock & Co. Ltd.		1,000			7
					130
TELECOMMUNICATION SERVICES 0.1%
HKT Trust & HKT Ltd.		10,000			13
PCCW Ltd.		14,000			8
					21
UTILITIES 0.4%
China Gas Holdings Ltd.		4,000			11
CLP Holdings Ltd.		3,500			36
Hong Kong & China Gas Co. Ltd.		15,000			29
Power Assets Holdings Ltd.		2,000			17
					93
Total Hong Kong					663

	SHARES			MARKET VALUE (000S)
IRELAND 1.1%
CONSUMER DISCRETIONARY 0.0%
Paddy Power Betfair PLC		63	$		8
CONSUMER STAPLES 0.2%
C&C Group PLC		2,121			7
Glanbia PLC		426			8
Kerry Group PLC ‘A’		178			20
					35
HEALTH CARE 0.5%
ICON PLC (a)		134			15
Jazz Pharmaceuticals PLC (a)		100			13
Medtronic PLC		922			74
Perrigo Co. PLC		213			19
UDG Healthcare PLC		658			8
					129
INDUSTRIALS 0.2%
AerCap Holdings NV (a)		138			7
Allegion PLC		123			10
DCC PLC		180			18
Fly Leasing Ltd. ADR (a)		550			7
Grafton Group PLC		693			8
Kingspan Group PLC		169			7
					57
MATERIALS 0.2%
James Hardie Industries PLC ADR		755			13
Smurfit Kappa Group PLC		627			21
					34
Total Ireland					263
ISRAEL 0.5%
FINANCIALS 0.3%
Bank Hapoalim BM		880			6
Bank Leumi Le-Israel BM		2,450			15
Harel Insurance Investments & Financial Services Ltd.		1,008			7
Israel Discount Bank Ltd. ‘A’ (a)		3,565			10
Migdal Insurance & Financial Holding Ltd.		6,800			8
Mizrahi Tefahot Bank Ltd.		330			6
Plus500 Ltd.		701			9
					61
INDUSTRIALS 0.0%
Elbit Systems Ltd.		66			9
INFORMATION TECHNOLOGY 0.1%
Check Point Software Technologies Ltd. (a)		178			19
Nice Ltd.		96			9
Tower Semiconductor Ltd. (a)		216			7
					35

30 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
MATERIALS 0.1%
Frutarom Industries Ltd.		81	$		7
Israel Chemicals Ltd.		1,650			7
					14
TELECOMMUNICATION SERVICES 0.0%
Bezeq The Israeli Telecommunication Corp. Ltd.		7,860			12
Total Israel					131
ITALY 3.1%
CONSUMER DISCRETIONARY 0.2%
Brembo SpA		482			7
De’ Longhi SpA		246			8
Ferrari NV		165			17
Luxottica Group SpA		130			8
Moncler SpA		256			8
PRADA SpA		2,000			7
					55
CONSUMER STAPLES 0.1%
Davide Campari-Milano SpA		944			7
MARR SpA		286			8
					15
ENERGY 0.6%
Eni SpA		5,967			99
Saipem SpA (a)		1,789			8
Saras SpA		4,518			11
Snam SpA		5,352			26
					144
FINANCIALS 1.1%
Anima Holding SpA		1,262			9
Assicurazioni Generali SpA		959			17
Banca Carige SpA		597,891			6
Banca Generali SpA		235			8
Banca Popolare di Sondrio SCPA		2,356			9
BPER Banca		1,582			8
Credito Valtellinese SpA (a)		2,141			3
Intesa Sanpaolo SpA		9,723			32
Mediobanca SpA		730			8
Societa Cattolica di Assicurazioni S.C.		858			9
UniCredit SpA		6,677			125
Unione di Banche Italiane SpA		4,480			19
Unipol Gruppo SpA		1,657			8
					261
HEALTH CARE 0.1%
DiaSorin SpA		96			9
Recordati SpA		162			7
					16
INDUSTRIALS 0.2%
ASTM SpA		271			8
Atlantia SpA		832			26
Salini Impregilo SpA		1,867			7

	SHARES			MARKET VALUE (000S)
Societa Iniziative Autostradali e Servizi SpA		389	$		8
					49
TELECOMMUNICATION SERVICES 0.1%
Telecom Italia SpA (a)		34,776			30
UTILITIES 0.7%
Enel SpA		23,190			142
ERG SpA		380			7
Iren SpA		2,659			8
Terna Rete Elettrica Nazionale SpA		3,087			18
					175
Total Italy					745
JAPAN 23.7%
CONSUMER DISCRETIONARY 5.4%
Adastria Co. Ltd.		400			8
Ahresty Corp.		900			7
Aisin Seiki Co. Ltd.		400			22
Arata Corp.		100			5
Atsugi Co. Ltd.		700			8
Autobacs Seven Co. Ltd.		600			12
Avex, Inc.		500			7
Bandai Namco Holdings, Inc.		200			7
Benesse Holdings, Inc.		200			7
Bridgestone Corp.		1,700			79
Canon Marketing Japan, Inc.		300			8
Casio Computer Co. Ltd.		500			7
DCM Holdings Co. Ltd.		700			7
Denso Corp.		1,100			66
Eagle Industry Co. Ltd.		500			9
EDION Corp.		600			7
FCC Co. Ltd.		300			8
Foster Electric Co. Ltd.		300			7
Fuji Corp. Ltd.		1,000			8
Fuji Media Holdings, Inc.		1,000			16
Geo Holdings Corp.		300			6
H2O Retailing Corp.		400			8
Happinet Corp.		400			8
Honda Motor Co. Ltd.		1,700			58
Ichibanya Co. Ltd.		100			4
Imasen Electric Industrial		600			7
Isetan Mitsukoshi Holdings Ltd. ‘L’		800			10
Isuzu Motors Ltd.		1,500			25
JVC Kenwood Corp.		2,200			8
K’s Holdings Corp.		500			13
Keihin Corp.		400			8
Kohnan Shoji Co. Ltd.		300			6
Koito Manufacturing Co. Ltd.		200			14
Komeri Co. Ltd.		300			9
KYB Corp.		100			6
Mazda Motor Corp.		500			7
Mitsubishi Motors Corp.		2,700			19
Musashi Seimitsu Industry Co. Ltd.		300			10
NHK Spring Co. Ltd.		600			7
Nifco, Inc.		100			7
Nikon Corp.		500			10
Nishimatsuya Chain Co. Ltd.		600			7
Nissan Motor Co. Ltd.		5,000			50
Nitori Holdings Co. Ltd.		100			14
Nojima Corp.		300			7

	SHARES			MARKET VALUE (000S)
NOK Corp.		400	$		9
Oriental Land Co. Ltd.		200			18
Paltac Corp.		200			9
Panasonic Corp.		6,300			92
Pioneer Corp. (a)		3,800			8
Plenus Co. Ltd.		400			9
Round One Corp.		600			10
Royal Holdings Co. Ltd.		200			6
Saizeriya Co. Ltd.		300			10
Sanden Holdings Corp. (a)		300			6
Sanrio Co. Ltd.		400			7
Sekisui Chemical Co. Ltd.		1,500			30
Seria Co. Ltd.		200			12
Sharp Corp. (a)		200			7
Shimachu Co. Ltd.		200			6
Shochiku Co. Ltd.		100			17
Sony Corp.		1,100			49
Stanley Electric Co. Ltd.		500			20
Start Today Co. Ltd.		500			15
Starts Corp., Inc.		300			8
Sumitomo Electric Industries Ltd.		700			12
Sumitomo Forestry Co. Ltd.		500			9
Sumitomo Rubber Industries Ltd.		500			9
Suzuki Motor Corp.		900			52
Takashimaya Co. Ltd.		1,000			11
Tokai Rika Co. Ltd.		500			11
Tomy Co. Ltd.		500			7
Toridoll Holdings Corp.		300			11
Toyo Tire & Rubber Co. Ltd.		300			6
Toyoda Gosei Co. Ltd.		400			10
Toyota Industries Corp.		600			38
Toyota Motor Corp.		1,200			76
TS Tech Co. Ltd.		200			8
Unipres Corp.		300			8
United Arrows Ltd.		300			12
USS Co. Ltd.		300			6
Yamada Denki Co. Ltd.		3,500			19
Yamaha Corp.		300			11
Yamaha Motor Co. Ltd.		300			10
Yokohama Rubber Co. Ltd.		300			7
Yondoshi Holdings, Inc.		200			5
Yoshinoya Holdings Co. Ltd.		600			10
					1,329
CONSUMER STAPLES 2.1%
Aeon Co. Ltd.		600			10
Ain Holdings, Inc.		100			6
Ajinomoto Co., Inc.		1,000			19
Ariake Japan Co. Ltd.		100			9
Asahi Group Holdings Ltd.		500			25
Ci:z Holdings Co. Ltd.		200			10
cocokara fine, Inc.		100			6
Earth Chemical Co. Ltd.		100			5
Fancl Corp.		300			9
Feed One Co. Ltd.		2,900			7
Heiwado Co. Ltd.		400			8
J-Oil Mills, Inc.		200			7
Japan Tobacco, Inc.		1,600			52
Kao Corp.		500			34
Key Coffee, Inc.		300			6
Kikkoman Corp.		300			12
Kirin Holdings Co. Ltd.		2,200			55
Kyokuyo Co. Ltd.		200			8
Mandom Corp.		200			7

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 31

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Maruha Nichiro Corp.		500	$		15
Matsumotokiyoshi Holdings Co. Ltd.		200			8
Milbon Co. Ltd.		200			7
Mitsui Sugar Co. Ltd.		200			8
Morinaga & Co. Ltd.		100			5
Nichirei Corp.		300			8
Nisshin Oillio Group Ltd.		200			6
Nisshin Seifun Group, Inc.		600			12
Nissin Foods Holdings Co. Ltd.		100			7
Noevir Holdings Co. Ltd.		100			7
Pigeon Corp.		500			19
Pola Orbis Holdings, Inc.		200			7
Prima Meat Packers Ltd.		1,000			7
Rock Field Co. Ltd.		400			7
S Foods, Inc.		100			5
Sakata Seed Corp.		200			7
Shiseido Co. Ltd.		500			24
Shoei Foods Corp.		200			8
ST Corp.		300			7
Tsuruha Holdings, Inc.		100			14
Valor Holdings Co. Ltd.		400			9
Warabeya Nichiyo Holdings Co. Ltd.		300			9
Yakult Honsha Co. Ltd.		100			8
					509
ENERGY 0.7%
Fuji Oil Co. Ltd.		1,400			8
Idemitsu Kosan Co. Ltd.		500			20
Inpex Corp.		2,400			30
Japan Petroleum Exploration Co. Ltd.		300			8
JXTG Holdings, Inc.		15,100			97
Showa Shell Sekiyu KK		900			12
					175
FINANCIALS 0.7%
Chiba Bank Ltd.		1,000			8
Dai-ichi Life Holdings, Inc.		2,100			43
Daiwa Securities Group, Inc.		3,000			19
Ehime Bank Ltd.		700			8
Fuyo General Lease Co. Ltd.		100			7
Ichiyoshi Securities Co. Ltd.		600			7
Jafco Co. Ltd.		200			12
Japan Exchange Group, Inc.		400			7
Japan Post Holdings Co. Ltd.		600			7
Kyokuto Securities Co. Ltd.		500			7
Marusan Securities Co. Ltd.		800			7
North Pacific Bank Ltd.		2,100			7
Okasan Securities Group, Inc.		1,000			6
Sompo Holdings, Inc.		200			8
Zenkoku Hosho Co. Ltd.		300			13
					166
HEALTH CARE 1.2%
Alfresa Holdings Corp.		600			14
Astellas Pharma, Inc.		2,800			36
Chugai Pharmaceutical Co. Ltd.		200			10
Eisai Co. Ltd.		400			23
Hogy Medical Co. Ltd.		100			8
Hoya Corp.		600			30
Kaken Pharmaceutical Co. Ltd.		100			5
Medipal Holdings Corp.		500			10
Nippon Shinyaku Co. Ltd.		200			15

	SHARES			MARKET VALUE (000S)
Olympus Corp.		300	$		12
Ono Pharmaceutical Co. Ltd.		300			7
Otsuka Holdings Co. Ltd.		100			4
Paramount Bed Holdings Co. Ltd.		200			10
Santen Pharmaceutical Co. Ltd.		400			6
Sawai Pharmaceutical Co. Ltd.		100			4
Suzuken Co. Ltd.		200			8
Sysmex Corp.		100			8
Takeda Pharmaceutical Co. Ltd.		1,100			62
Terumo Corp.		200			9
Toho Holdings Co. Ltd.		300			7
					288
INDUSTRIALS 5.5%
Aida Engineering Ltd.		600			7
Alconix Corp.		300			6
ANA Holdings, Inc.		400			17
Asahi Diamond Industrial Co. Ltd.		700			8
Asahi Glass Co. Ltd.		300			13
Central Glass Co. Ltd.		300			6
Dai Nippon Printing Co. Ltd.		900			20
Daifuku Co. Ltd.		100			5
Daikin Industries Ltd.		300			35
Daiseki Co. Ltd.		300			8
East Japan Railway Co.		100			10
FANUC Corp.		300			72
Fuji Electric Co. Ltd.		2,000			15
Fujikura Ltd.		1,400			12
Fujitec Co. Ltd.		600			9
Furukawa Co. Ltd.		400			8
Hanwa Co. Ltd.		200			9
Harmonic Drive Systems, Inc.		200			12
Hino Motors Ltd.		1,100			14
ITOCHU Corp.		1,000			19
Iwatani Corp.		200			6
Japan Airlines Co. Ltd.		1,500			59
JTEKT Corp.		600			10
Juki Corp.		400			7
Kajima Corp.		1,000			10
Kanematsu Corp.		600			8
Kawasaki Heavy Industries Ltd.		200			7
Kawasaki Kisen Kaisha Ltd.		200			5
Kinden Corp.		400			7
Komatsu Ltd.		2,300			83
Kubota Corp.		1,000			20
Kumagai Gumi Co. Ltd.		200			6
Kuroda Electric Co. Ltd.		200			5
LIXIL Group Corp.		300			8
Makino Milling Machine Co. Ltd.		1,000			10
Makita Corp.		400			17
Marubeni Corp.		6,300			46
Meitec Corp.		200			11
Minebea Mitsumi, Inc.		700			15
MISUMI Group, Inc.		200			6
Mitsubishi Heavy Industries Ltd.		300			11
Mitsui & Co. Ltd.		4,400			71
Mitsui Engineering & Shipbuilding Co. Ltd.		500			7
Mitsui Matsushima Co. Ltd.		500			7
Mitsui OSK Lines Ltd.		200			7
Miura Co. Ltd.		300			8
Nagase & Co. Ltd.		600			11
Nidec Corp.		200			28
Nippon Express Co. Ltd.		200			13

	SHARES			MARKET VALUE (000S)
Nippon Sheet Glass Co. Ltd. (a)		800	$		7
Nippon Yusen KK		800			19
Nisshinbo Holdings, Inc.		600			8
Nomura Co. Ltd.		300			7
NSK Ltd.		1,300			20
NTN Corp.		1,700			8
Obara Group, Inc.		100			7
Obayashi Corp.		1,200			15
OSG Corp.		400			9
Pasona Group, Inc.		400			8
Penta-Ocean Construction Co. Ltd.		900			7
Recruit Holdings Co. Ltd.		1,200			30
Ryobi Ltd.		300			9
Sakai Moving Service Co. Ltd.		100			5
Sanwa Holdings Corp.		600			8
Sanyo Denki Co. Ltd.		100			7
Seino Holdings Co. Ltd.		900			14
Shima Seiki Manufacturing Ltd.		100			6
Shimizu Corp.		700			7
Shinsho Corp.		300			9
SHO-BOND Holdings Co. Ltd.		100			7
SMC Corp.		100			41
Sodick Co. Ltd.		500			6
Sohgo Security Services Co. Ltd.		200			11
Sojitz Corp.		5,400			17
Star Micronics Co. Ltd.		500			9
Sumitomo Corp.		1,100			19
Sumitomo Mitsui Construction Co. Ltd.		1,320			7
Taikisha Ltd.		300			10
Taisei Corp.		500			25
Takeuchi Manufacturing Co. Ltd.		300			7
Tatsuta Electric Wire and Cable Co. Ltd.		900			7
TechnoPro Holdings, Inc.		200			11
Toa Corp. (a)		200			5
Tobu Railway Co. Ltd.		300			10
TOKAI Holdings Corp.		900			8
Toppan Printing Co. Ltd.		2,000			18
Toshiba Corp. (a)		3,000			8
Toshiba Plant Systems & Services Corp.		400			7
TOTO Ltd.		200			12
Toyota Tsusho Corp.		1,000			40
Tsugami Corp.		1,000			13
West Japan Railway Co.		200			15
Yuasa Trading Co. Ltd.		200			7
					1,344
INFORMATION TECHNOLOGY 3.6%
Advantest Corp.		400			7
Alps Electric Co. Ltd.		300			9
Amano Corp.		200			5
Anritsu Corp.		700			8
Arisawa Manufacturing Co. Ltd.		700			8
Brother Industries Ltd.		300			7
Canon, Inc.		1,600			60
Capcom Co. Ltd.		400			13
Daiwabo Holdings Co. Ltd.		200			8
Dexerials Corp.		600			8
Fujitsu Ltd.		3,000			21
Gree, Inc.		1,200			7
Hitachi Kokusai Electric, Inc.		400			11
Hitachi Ltd.		21,000			163

32 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
Horiba Ltd.		200	$		12
Hosiden Corp.		600			9
Ibiden Co. Ltd.		400			6
Ines Corp.		700			7
Iriso Electronics Co. Ltd.		100			6
Japan Display, Inc. (a)		3,500			7
Kaga Electronics Co. Ltd.		300			8
Keyence Corp.		100			56
Konami Holdings Corp.		200			11
Konica Minolta, Inc.		1,200			11
Kyocera Corp.		400			26
Mixi, Inc.		100			4
Murata Manufacturing Co. Ltd.		200			27
NEC Corp.		800			22
NET One Systems Co. Ltd.		1,100			17
Nexon Co. Ltd. (a)		300			9
Nintendo Co. Ltd.		100			36
Nippon Chemi-Con Corp.		100			3
Nippon Electric Glass Co. Ltd.		300			11
Nomura Research Institute Ltd.		200			9
Oki Electric Industry Co. Ltd.		500			7
Omron Corp.		500			30
Otsuka Corp.		100			8
Renesas Electronics Corp. (a)		600			7
Ricoh Co. Ltd.		2,300			21
Rohm Co. Ltd.		100			11
Sanken Electric Co. Ltd.		1,000			7
SCREEN Holdings Co. Ltd.		200			16
Seiko Epson Corp.		500			12
Shimadzu Corp.		300			7
Square Enix Holdings Co. Ltd.		100			5
SUMCO Corp.		300			8
Tokyo Electron Device Ltd.		500			9
Tokyo Electron Ltd.		200			36
Tokyo Seimitsu Co. Ltd.		300			12
Topcon Corp.		400			9
Trend Micro, Inc.		100			6
Ulvac, Inc.		100			6
Wacom Co. Ltd.		1,300			7
Yahoo Japan Corp.		1,600			7
Yaskawa Electric Corp.		500			22
					885
MATERIALS 2.5%
Asahi Kasei Corp.		1,000			13
Dai Nippon Toryo Co. Ltd.		400			6
Daicel Corp.		600			7
Daido Steel Co. Ltd.		100			6
Daiki Aluminium Industry Co. Ltd.		1,000			8
FP Corp.		100			5
Fuji Seal International, Inc.		200			6
Hitachi Metals Ltd.		500			7
Ishihara Sangyo Kaisha Ltd. (a)		400			8
JFE Holdings, Inc.		1,800			43
Kansai Paint Co. Ltd.		400			10
KH Neochem Co. Ltd.		300			8
Kobe Steel Ltd.		1,200			11
Kuraray Co. Ltd.		400			8
Mitsubishi Chemical Holdings Corp.		1,600			17
Mitsubishi Gas Chemical Co., Inc.		300			9
Mitsubishi Materials Corp.		400			14
Mitsui Chemicals, Inc.		500			16
Mitsui Mining & Smelting Co. Ltd.		100			6
Nippon Light Metal Holdings Co. Ltd.		2,700			8

	SHARES			MARKET VALUE (000S)
Nippon Paint Holdings Co. Ltd.		300	$		9
Nippon Paper Industries Co. Ltd.		600			11
Nippon Steel & Sumitomo Metal Corp.		1,800			46
Nippon Valqua Industries Ltd.		300			8
Nittetsu Mining Co. Ltd.		100			7
Nitto Denko Corp.		300			27
Oji Holdings Corp.		5,000			33
Osaka Soda Co. Ltd.		300			8
Rengo Co. Ltd.		1,100			8
Sanyo Special Steel Co. Ltd.		300			8
Sekisui Plastics Co. Ltd.		500			7
Shin-Etsu Chemical Co. Ltd.		400			40
Showa Denko KK		300			13
Sumitomo Chemical Co. Ltd.		6,000			43
Sumitomo Metal Mining Co. Ltd.		200			9
Taiheiyo Cement Corp.		200			9
Tokai Carbon Co. Ltd.		700			9
Tokuyama Corp.		500			16
Tokyo Ohka Kogyo Co. Ltd.		300			13
Tokyo Steel Manufacturing Co. Ltd.		800			7
Toray Industries, Inc.		3,800			36
Tosoh Corp.		300			7
Toyo Seikan Group Holdings Ltd. ‘L’		400			6
Toyobo Co. Ltd.		400			7
Ube Industries Ltd.		300			9
					612
REAL ESTATE 0.3%
Daito Trust Construction Co. Ltd.		100			20
Daiwa House Industry Co. Ltd.		500			19
Kenedix, Inc.		1,100			7
Leopalace21 Corp.		800			6
Open House Co. Ltd.		100			5
Relo Group, Inc.		500			14
					71
TELECOMMUNICATION SERVICES 1.0%
KDDI Corp.		2,300			57
Nippon Telegraph & Telephone Corp.		1,000			47
NTT DOCOMO, Inc.		500			12
SoftBank Group Corp.		1,600			126
					242
UTILITIES 0.7%
Chubu Electric Power Co., Inc.		2,100			26
Chugoku Electric Power Co., Inc.		1,600			17
Electric Power Development Co. Ltd.		600			16
Hokuriku Electric Power Co.		800			6
Kansai Electric Power Co., Inc.		600			7
Osaka Gas Co. Ltd.		1,500			29
Shikoku Electric Power Co., Inc.		600			7
Shizuoka Gas Co. Ltd.		900			8
Toho Gas Co. Ltd.		200			5
Tokyo Electric Power Co. Holdings, Inc. (a)		5,700			23
Tokyo Gas Co. Ltd.		1,200			27
					171
Total Japan					5,792
JERSEY, CHANNEL ISLANDS 0.0%
MATERIALS 0.0%
Randgold Resources Ltd.		79			8
Total Jersey, Channel Islands					8

	SHARES			MARKET VALUE (000S)
LUXEMBOURG 0.5%
CONSUMER DISCRETIONARY 0.1%
RTL Group S.A.		200	$		16
SES S.A.		521			8
					24
MATERIALS 0.3%
APERAM S.A.		142			8
ArcelorMittal		2,161			70
					78
REAL ESTATE 0.1%
Grand City Properties S.A.		312			7
Total Luxembourg					109
MACAU 0.1%
CONSUMER DISCRETIONARY 0.1%
MGM China Holdings Ltd.		2,400			7
Sands China Ltd.		2,400			13
Wynn Macau Ltd.		2,800			9
					29
Total Macau					29
NETHERLANDS 3.4%
CONSUMER STAPLES 0.4%
ForFarmers NV		599			8
Heineken Holding NV		264			26
Heineken NV		201			21
Koninklijke Ahold Delhaize NV		1,953			43
Sligro Food Group NV		154			7
					105
ENERGY 0.6%
Core Laboratories NV		71			8
Fugro NV (a)		1,005			16
Royal Dutch Shell PLC ‘A’		3,726			124
					148
FINANCIALS 1.0%
ABN AMRO Group NV		230			8
Aegon NV		6,402			41
ASR Nederland NV		177			7
Euronext NV		116			7
ING Groep NV - Dutch Certificate		7,749			142
NN Group NV		564			24
					229
HEALTH CARE 0.1%
Koninklijke Philips NV		729			28
INDUSTRIALS 0.4%
Arcadis NV		370			8
Boskalis Westminster		199			8
Brunel International NV		410			8
Chicago Bridge & Iron Co. NV		398			6
IMCD Group NV		115			7
Koninklijke BAM Groep NV		1,703			8
Philips Lighting NV		319			12
PostNL NV		1,498			7
TKH Group NV		217			14

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 33

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Wolters Kluwer NV		383	$		20
					98
INFORMATION TECHNOLOGY 0.5%
ASML Holding NV		432			75
BE Semiconductor Industries NV		91			7
NXP Semiconductors NV (a)		245			29
					111
MATERIALS 0.3%
Akzo Nobel NV		475			42
Corbion NV		259			8
Koninklijke DSM NV		311			30
					80
TELECOMMUNICATION SERVICES 0.1%
Koninklijke KPN NV		4,807			17
VEON Ltd. ADR		4,313			16
					33
Total Netherlands					832
NEW ZEALAND 0.4%
CONSUMER DISCRETIONARY 0.0%
SKYCITY Entertainment Group Ltd.		2,375			7
HEALTH CARE 0.1%
Fisher & Paykel Healthcare Corp. Ltd.		1,816			18
INDUSTRIALS 0.0%
Mainfreight Ltd.		495			9
MATERIALS 0.1%
Fletcher Building Ltd.		1,654			9
REAL ESTATE 0.0%
Argosy Property Ltd.		11,583			9
TELECOMMUNICATION SERVICES 0.1%
Chorus Ltd.		2,481			8
Spark New Zealand Ltd.		7,521			19
					27
UTILITIES 0.1%
Contact Energy Ltd.		1,681			7
Genesis Energy Ltd.		4,962			9
Mercury NZ Ltd.		3,586			8
					24
Total New Zealand					103
NORWAY 1.0%
CONSUMER STAPLES 0.1%
Austevoll Seafood ASA		961			8
Marine Harvest ASA		428			7
Orkla ASA		708			8
					23
ENERGY 0.4%
Aker Solutions ASA		1,404			8
Nordic American Tankers Ltd.		1,791			4

	SHARES			MARKET VALUE (000S)
Petroleum Geo-Services ASA		5,068	$		10
Ship Finance International Ltd.		482			8
Statoil ASA		3,707			79
					109
FINANCIALS 0.1%
DNB ASA		718			13
SpareBank 1 SMN		677			7
SpareBank 1 SR-Bank ASA		786			8
					28
MATERIALS 0.2%
Norsk Hydro ASA		1,107			8
Yara International ASA		685			32
					40
TELECOMMUNICATION SERVICES 0.2%
Telenor ASA		2,545			55
Total Norway					255
PORTUGAL 0.4%
CONSUMER STAPLES 0.1%
Jeronimo Martins SGPS S.A.		509			10
Sonae SGPS S.A.		5,348			7
					17
FINANCIALS 0.0%
Banco Comercial Portugues S.A. ‘R’ (a)		27,338			9
INDUSTRIALS 0.0%
CTT-Correios de Portugal S.A.		1,088			5
MATERIALS 0.0%
Navigator Co. S.A.		1,413			7
TELECOMMUNICATION SERVICES 0.0%
Pharol SGPS S.A. (a)		21,265			6
UTILITIES 0.3%
EDP - Energias de Portugal S.A.		15,160			53
REN - Redes Energeticas Nacionais SGPS S.A.		2,701			8
					61
Total Portugal					105
SINGAPORE 1.8%
CONSUMER DISCRETIONARY 0.1%
Genting Singapore PLC		7,300			7
Jardine Cycle & Carriage Ltd.		200			6
Singapore Press Holdings Ltd.		7,400			15
					28
CONSUMER STAPLES 0.1%
Golden Agri-Resources Ltd.		25,900			7
Wilmar International Ltd.		6,000			14
					21

	SHARES			MARKET VALUE (000S)
ENERGY 0.0%
BW LPG Ltd.		1,702	$		8
FINANCIALS 0.7%
DBS Group Holdings Ltd.		3,000			55
Oversea-Chinese Banking Corp. Ltd.		5,700			53
Singapore Exchange Ltd.		1,600			9
United Overseas Bank Ltd.		2,200			43
					160
HEALTH CARE 0.0%
Haw Par Corp. Ltd.		1,000			9
INDUSTRIALS 0.4%
Chip Eng Seng Corp. Ltd.		10,500			8
ComfortDelGro Corp. Ltd.		6,600			10
Hutchison Port Holdings Trust		21,900			9
Keppel Corp. Ltd.		5,200			28
SATS Ltd.		1,800			7
Sembcorp Industries Ltd.		3,600			8
Singapore Airlines Ltd.		2,000			16
Singapore Post Ltd.		8,600			8
Singapore Technologies Engineering Ltd.		3,000			7
					101
INFORMATION TECHNOLOGY 0.1%
Venture Corp. Ltd.		700			11
REAL ESTATE 0.1%
City Developments Ltd.		1,000			9
Global Logistic Properties Ltd.		2,900			7
UOL Group Ltd.		2,200			15
					31
TELECOMMUNICATION SERVICES 0.3%
M1 Ltd.		6,700			9
Singapore Telecommunications Ltd.		23,800			63
StarHub Ltd.		3,300			7
					79
Total Singapore					448
SOUTH AFRICA 0.1%
HEALTH CARE 0.0%
Mediclinic International PLC		886			8
MATERIALS 0.1%
Mondi PLC		482			12
Total South Africa					20
SPAIN 3.4%
CONSUMER DISCRETIONARY 0.1%
Industria de Diseno Textil S.A.		716			25
Mediaset Espana Comunicacion S.A.		768			9
					34
CONSUMER STAPLES 0.1%
Distribuidora Internacional de Alimentacion S.A.		2,318			12
Ebro Foods S.A.		319			7

34 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
Viscofan S.A.		163	$		11
					30
ENERGY 0.5%
Enagas S.A.		426			12
Repsol S.A.		5,675			101
					113
FINANCIALS 1.0%
Banco Bilbao Vizcaya Argentaria S.A.		4,923			42
Banco de Sabadell S.A.		4,584			9
Banco Santander S.A.		22,670			149
Bankia S.A.		1,490			7
CaixaBank S.A.		2,584			12
Grupo Catalana Occidente S.A.		169			8
Mapfre S.A.		2,303			7
					234
HEALTH CARE 0.1%
Grifols S.A.		518			15
INDUSTRIALS 0.4%
Abertis Infraestructuras S.A.		1,137			25
ACS Actividades de Construccion y Servicios S.A.		736			29
Aena SME S.A.		137			28
Cia de Distribucion Integral Logista Holdings S.A.		275			6
Ferrovial S.A.		339			8
Obrascon Huarte Lain S.A. (a)		1,255			7
Prosegur Cia de Seguridad S.A.		882			7
					110
INFORMATION TECHNOLOGY 0.2%
Amadeus IT Group S.A.		739			53
MATERIALS 0.0%
Ence Energia y Celulosa S.A.		1,068			7
TELECOMMUNICATION SERVICES 0.2%
Telefonica S.A.		4,135			40
UTILITIES 0.8%
Endesa S.A.		3,557			76
Gas Natural SDG S.A.		607			14
Iberdrola S.A.		10,996			85
Red Electrica Corp. S.A.		716			16
					191
Total Spain					827
SWEDEN 3.1%
CONSUMER DISCRETIONARY 0.5%
Autoliv, Inc.		249			32
Electrolux AB ‘B’		667			21
Hennes & Mauritz AB ‘B’		2,409			50
Husqvarna AB ‘B’		847			8
JM AB		306			7
Nobia AB		699			6
					124

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.1%
Axfood AB		663	$		13
Swedish Match AB		386			15
					28
FINANCIALS 0.2%
Industrivarden AB ‘C’		353			9
Ratos AB ‘B’		2,068			9
Svenska Handelsbanken AB ‘A’		1,896			26
					44
INDUSTRIALS 1.1%
Alfa Laval AB		800			19
Assa Abloy AB ‘B’		771			16
Atlas Copco AB ‘A’		1,558			67
Intrum Justitia AB		189			7
NCC AB ‘B’		377			7
S.A.S. AB (a)		2,650			7
Sandvik AB		2,416			42
Securitas AB ‘B’		714			13
SKF AB ‘B’		715			16
Trelleborg AB ‘B’		313			7
Volvo AB ‘B’		3,293			62
					263
INFORMATION TECHNOLOGY 0.6%
Hexagon AB ‘B’		148			7
Telefonaktiebolaget LM Ericsson ‘B’		19,234			127
					134
MATERIALS 0.1%
BillerudKorsnas AB		617			10
Boliden AB		279			9
Hexpol AB		848			9
Svenska Cellulosa AB S.C.A. ‘B’		738			8
					36
TELECOMMUNICATION SERVICES 0.5%
Tele2 AB ‘B’		3,514			43
Telia Co. AB		18,994			85
					128
Total Sweden					757
SWITZERLAND 7.2%
CONSUMER DISCRETIONARY 0.5%
Cie Financiere Richemont S.A.		890			81
Forbo Holding AG		5			8
Garmin Ltd.		274			16
Swatch Group AG		25			10
Valora Holding AG		28			9
					124
CONSUMER STAPLES 0.9%
Aryzta AG		192			8
Barry Callebaut AG		4			9
Coca-Cola HBC AG		282			9
Emmi AG		10			7
Nestle S.A.		2,097			180
					213

	SHARES			MARKET VALUE (000S)
ENERGY 0.1%
Transocean Ltd.		2,812	$		30
FINANCIALS 2.0%
Baloise Holding AG		129			20
Banque Cantonale Vaudoise		9			7
Cembra Money Bank AG		189			18
Credit Suisse Group AG		1,813			32
GAM Holding AG		741			12
Julius Baer Group Ltd.		212			13
St Galler Kantonalbank AG		19			9
Swiss Life Holding AG		24			9
Swiss Re AG		1,300			122
UBS Group AG		2,742			50
Valiant Holding AG		67			7
Zurich Insurance Group AG		618			188
					487
HEALTH CARE 0.8%
Lonza Group AG		135			36
Roche Holding AG		413			105
Sonova Holding AG		119			19
Straumann Holding AG		23			16
Vifor Pharma AG		93			12
					188
INDUSTRIALS 1.3%
ABB Ltd.		4,655			125
Adecco Group AG		136			10
Bobst Group S.A.		55			7
Bucher Industries AG		37			15
Conzzeta AG		7			7
dormakaba Holding AG		8			8
Flughafen Zurich AG		32			7
Geberit AG		49			22
Georg Fischer AG		17			23
Kuehne + Nagel International AG		138			24
Panalpina Welttransport Holding AG		76			12
Schindler Holding AG		41			9
Schweiter Technologies AG		6			8
SGS S.A.		10			26
Wizz Air Holdings PLC (a)		154			8
					311
INFORMATION TECHNOLOGY 0.3%
ALSO Holding AG		54			7
Logitech International S.A.		295			10
STMicroelectronics NV		484			11
TE Connectivity Ltd.		507			48
					76
MATERIALS 1.1%
Clariant AG		713			20
EMS-Chemie Holding AG		10			6
Ferrexpo PLC		4,265			17
Givaudan S.A.		16			37
Glencore PLC		32,240			169
Sika AG		3			24
					273

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 35

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.1%
Allreal Holding AG		44	$		7
PSP Swiss Property AG		79			8
					15
TELECOMMUNICATION SERVICES 0.1%
Swisscom AG		63			33
UTILITIES 0.0%
BKW AG		122			7
Total Switzerland					1,757
THAILAND 0.0%
CONSUMER STAPLES 0.0%
Thai Beverage PCL		15,000			10
Total Thailand					10
UNITED KINGDOM 16.3%
CONSUMER DISCRETIONARY 2.3%
Barratt Developments PLC		1,227			11
BCA Marketplace PLC		2,419			7
Bellway PLC		379			18
Berkeley Group Holdings PLC		249			14
Bovis Homes Group PLC		471			7
Burberry Group PLC		680			16
Card Factory PLC		1,939			8
Cineworld Group PLC		1,178			10
Compass Group PLC		3,557			77
Daily Mail & General Trust PLC ‘A’		1,045			8
Dunelm Group PLC		749			7
Fiat Chrysler Automobiles NV		2,277			41
Greggs PLC		401			8
Halfords Group PLC		1,837			9
Inchcape PLC		882			9
InterContinental Hotels Group PLC		248			16
ITV PLC		4,966			11
J D Wetherspoon PLC		430			7
JD Sports Fashion PLC		1,624			7
Kingfisher PLC		12,754			58
Marks & Spencer Group PLC		5,148			22
Marston’s PLC		4,543			7
N Brown Group PLC		2,005			7
Next PLC		417			25
Pearson PLC		4,636			46
Persimmon PLC		628			23
Sky PLC (a)		895			12
Sports Direct International PLC		1,842			9
SSP Group PLC		1,360			13
Taylor Wimpey PLC		7,121			20
WH Smith PLC		404			13
Whitbread PLC		138			7
					553
CONSUMER STAPLES 3.5%
Associated British Foods PLC		995			38
Booker Group PLC		6,885			21
British American Tobacco PLC		2,431			164
Britvic PLC		863			9
Dairy Crest Group PLC		945			7
Diageo PLC		5,306			195
Imperial Brands PLC		888			38
J Sainsbury PLC		14,552			47

	SHARES			MARKET VALUE (000S)
Reckitt Benckiser Group PLC		793	$		74
Tate & Lyle PLC		1,738			17
Tesco PLC		11,012			31
Unilever NV		1,948			110
Unilever PLC		1,245			69
Wm Morrison Supermarkets PLC		15,077			45
					865
ENERGY 0.6%
BP PLC		17,265			121
Hunting PLC (a)		992			8
Premier Oil PLC		7,616			8
Subsea 7 S.A.		508			8
					145
FINANCIALS 3.8%
3i Group PLC		1,534			19
Admiral Group PLC		633			17
Aviva PLC		4,088			28
Barclays PLC		37,972			104
Direct Line Insurance Group PLC		8,407			43
esure Group PLC		2,319			8
Hargreaves Lansdown PLC		317			8
HSBC Holdings PLC		16,546			171
IG Group Holdings PLC		1,339			13
Jardine Lloyd Thompson Group PLC		389			7
Jupiter Fund Management PLC		2,132			18
Lancashire Holdings Ltd.		1,110			10
Legal & General Group PLC		5,615			21
Lloyds Banking Group PLC		73,332			67
London Stock Exchange Group PLC		491			25
Man Group PLC		5,472			15
Old Mutual PLC		6,607			21
Provident Financial PLC		639			8
Prudential PLC		2,634			68
Royal Bank of Scotland Group PLC (a)		9,021			34
RSA Insurance Group PLC		1,013			9
Saga PLC		3,759			6
Schroders PLC		429			20
St James’s Place PLC		1,021			17
Standard Chartered PLC (a)		11,737			123
Standard Life Aberdeen PLC		6,175			36
					916
HEALTH CARE 1.3%
AstraZeneca PLC		1,290			89
GlaxoSmithKline PLC		10,032			178
Indivior PLC (a)		2,837			15
Smith & Nephew PLC		1,523			26
Spire Healthcare Group PLC		2,242			8
					316
INDUSTRIALS 2.0%
Aggreko PLC		985			11
Ashtead Group PLC		326			9
Babcock International Group PLC		930			9
BAE Systems PLC		2,677			21
Balfour Beatty PLC		4,213			17
Bunzl PLC		280			8
Capita PLC		1,168			6
Carillion PLC		11,278			3
CNH Industrial NV		1,688			23
easyJet PLC		1,165			23

	SHARES			MARKET VALUE (000S)
Experian PLC		1,063	$		23
Fenner PLC		1,392			7
Firstgroup PLC (a)		4,963			7
Galliford Try PLC		545			9
Hays PLC		7,278			18
HomeServe PLC		860			9
Howden Joinery Group PLC		1,928			12
IMI PLC		569			10
International Consolidated Airlines Group S.A.		1,413			12
Intertek Group PLC		130			9
Meggitt PLC		1,283			8
Mitie Group PLC		2,795			7
Pagegroup PLC		1,534			10
QinetiQ Group PLC		4,436			14
RELX NV		1,215			28
RELX PLC		1,352			32
Rentokil Initial PLC		5,844			25
Rolls-Royce Holdings PLC		1,965			22
Royal Mail PLC		6,458			39
Senior PLC		2,189			8
SIG PLC		4,057			10
Spirax-Sarco Engineering PLC		259			20
Stagecoach Group PLC		3,770			8
Travis Perkins PLC		552			12
Vesuvius PLC		983			8
					497
INFORMATION TECHNOLOGY 0.3%
Halma PLC		423			7
Laird PLC		4,602			9
Micro Focus International PLC		287			10
Moneysupermarket.com Group PLC		1,933			9
Renishaw PLC		108			8
Sage Group PLC		2,561			27
Worldpay Group PLC		1,559			9
					79
MATERIALS 0.9%
Anglo American PLC		1,699			35
Croda International PLC		374			22
DS Smith PLC		1,033			7
Essentra PLC		1,035			7
Johnson Matthey PLC		606			25
KAZ Minerals PLC (a)		703			9
Rio Tinto Ltd.		893			53
Rio Tinto PLC		871			46
Synthomer PLC		1,273			8
Victrex PLC		365			13
					225
TELECOMMUNICATION SERVICES 0.9%
BT Group PLC		5,145			19
TalkTalk Telecom Group PLC		3,793			8
Vodafone Group PLC		61,639			195
					222
UTILITIES 0.7%
Centrica PLC		7,179			13
Drax Group PLC		2,430			9
National Grid PLC		4,021			47
Pennon Group PLC		1,100			12
Severn Trent PLC		428			13

36 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
SSE PLC		3,722	$		66
United Utilities Group PLC		818			9
					169
Total United Kingdom					3,987
UNITED STATES 0.1%
CONSUMER DISCRETIONARY 0.1%
Carnival PLC		111			7
Samsonite International S.A.		2,400			11
					18
MATERIALS 0.0%
Sims Metal Management Ltd.		619			8
Total United States					26
Total Common Stocks (Cost $22,502)					23,577
PREFERRED STOCKS 0.7%
GERMANY 0.7%
CONSUMER DISCRETIONARY 0.5%
Porsche Automobil Holding SE		86			7
Volkswagen AG		605			120
					127
CONSUMER STAPLES 0.1%
Henkel AG & Co. KGaA		128			17
HEALTH CARE 0.0%
Draegerwerk AG & Co. KGaA		103			9
MATERIALS 0.1%
Fuchs Petrolub SE		401			21
Total Preferred Stocks (Cost $157)					174
REAL ESTATE INVESTMENT TRUSTS 2.5%
AUSTRALIA 0.2%
REAL ESTATE 0.2%
GDI Property Group		7,195			7
Goodman Group		2,152			14
GPT Group		1,751			7
Mirvac Group		3,800			7
Scentre Group		3,008			10
					45
Total Australia					45
BELGIUM 0.1%
REAL ESTATE 0.1%
Befimmo S.A.		110			7
Cofinimmo S.A.		119			16
					23
Total Belgium					23
CANADA 0.4%
REAL ESTATE 0.4%
Allied Properties Real Estate Investment Trust		361			12
Artis Real Estate Investment Trust		1,153			13
Canadian Apartment Properties REIT		246			7

	SHARES			MARKET VALUE (000S)
Cominar Real Estate Investment Trust		662	$		8
Dream Global Real Estate Investment Trust		758			7
Dream Office Real Estate Investment Trust		627			11
Granite Real Estate Investment Trust		263			10
H&R Real Estate Investment Trust		498			9
RioCan Real Estate Investment Trust		443			9
					86
Total Canada					86
FRANCE 0.2%
REAL ESTATE 0.2%
ICADE		75			7
Klepierre S.A.		174			8
Mercialys S.A.		340			7
Unibail-Rodamco SE		82			21
					43
Total France					43
HONG KONG 0.1%
REAL ESTATE 0.1%
Link REIT		3,500			32
Total Hong Kong					32
ITALY 0.0%
REAL ESTATE 0.0%
Beni Stabili SpA SIIQ		7,909			7
Total Italy					7
JAPAN 0.7%
REAL ESTATE 0.7%
Activia Properties, Inc.		2			8
Advance Residence Investment Corp.		5			12
Aeon REIT Investment Corp.		8			8
Daiwa Office Investment Corp.		2			11
Frontier Real Estate Investment Corp.		2			8
Fukuoka REIT Corp.		4			6
GLP J-Reit		11			12
Heiwa Real Estate REIT, Inc.		8			7
Industrial & Infrastructure Fund Investment Corp.		1			4
Japan Excellent, Inc.		6			7
Japan Hotel REIT Investment Corp.		10			7
Japan Logistics Fund, Inc.		4			7
Japan Prime Realty Investment Corp.		2			6
Kenedix Office Investment Corp.		1			6
Mori Hills REIT Investment Corp.		7			9
Mori Trust Sogo Reit, Inc.		6			8
Nippon Accommodations Fund, Inc.		2			8
Nippon Prologis REIT, Inc.		5			11
Premier Investment Corp.		8			8
Sekisui House Residential Investment Corp.		7			7
Tokyu REIT, Inc.		6			7
					167
Total Japan					167
NETHERLANDS 0.0%
REAL ESTATE 0.0%
NSI NV		173			7
Total Netherlands					7

	SHARES			MARKET VALUE (000S)
SINGAPORE 0.2%
REAL ESTATE 0.2%
Ascendas Hospitality Trust		11,400	$		7
CDL Hospitality Trusts		5,900			8
Mapletree Commercial Trust		7,600			9
Mapletree Logistics Trust		10,000			10
Viva Industrial Trust		10,100			7
					41
Total Singapore					41
SPAIN 0.0%
REAL ESTATE 0.0%
Inmobiliaria Colonial Socimi S.A.		697			7
Total Spain					7
UNITED KINGDOM 0.6%
REAL ESTATE 0.6%
British Land Co. PLC		1,682			16
Derwent London PLC		367			16
Great Portland Estates PLC		1,261			12
Hammerson PLC		1,409			10
Hansteen Holdings PLC		5,027			10
Land Securities Group PLC		2,061			28
Redefine International PLC		18,974			9
Segro PLC		2,204			17
Shaftesbury PLC		1,344			19
UNITE Group PLC		848			9
					146
Total United Kingdom					146
Total Real Estate Investment Trusts (Cost $584)					604
RIGHTS 0.0%
AUSTRALIA 0.0%
CONSUMER STAPLES 0.0%
Transurban Group - Exp. 01/24/2018		122			0
Total Australia					0
SPAIN 0.0%
ENERGY 0.0%
Repsol S.A. - Exp. 01/10/2018		5,675			3
Total Spain					3
Total Rights (Cost $2)					3
Total Investments in Securities (Cost $23,245)					24,358
Total Investments 99.5% (Cost $23,245)			$		24,358
Other Assets and Liabilities, net 0.5%					114
Net Assets 100.0%			$		24,472

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 37

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security did not produce income within the last twelve months.

(b)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Calfrac Well Services Ltd.	12/15/2017	$	7	$	8		0.03	%
Cogeco, Inc.	09/29/2017 - 12/13/2017		7		7		0.03
Constellation Software, Inc.	08/31/2017 - 12/13/2017		22		24		0.10
Great-West Lifeco, Inc.	08/31/2017 - 12/13/2017		11		11		0.05
Martinrea International, Inc.	08/31/2017 - 12/13/2017		6		8		0.03
		$	53	$	58		0.24	%

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 6, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2017:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts		Total
Net Realized (Loss) on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(3	)	$	0	$	(3	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Securities, at Value
Common Stocks
Australia
Consumer Discretionary	$	0	$	45	$	0	$	45
Consumer Staples		0		194		0		194
Energy		0		94		0		94
Financials		8		162		0		170
Health Care		0		110		0		110
Industrials		0		85		0		85
Information Technology		3		24		0		27
Materials		0		344		0		344
Real Estate		0		8		0		8
Telecommunication Services		0		64		0		64
Utilities		0		23		0		23
Austria
Energy		37		0		0		37
Financials		18		20		0		38
Industrials		0		19		0		19
Information Technology		0		14		0		14
Materials		0		15		0		15
Real Estate		9		11		0		20
Belgium
Consumer Staples		0		159		0		159
Energy		9		0		0		9
Financials		0		60		0		60
Health Care		0		8		0		8
Industrials		0		9		0		9
Materials		0		21		0		21
Telecommunication Services		13		0		0		13
Utilities		9		0		0		9

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Cambodia
Consumer Discretionary	$	0	$	6	$	0	$	6
Canada
Consumer Discretionary		277		0		0		277
Consumer Staples		123		0		0		123
Energy		110		0		0		110
Financials		450		0		0		450
Health Care		15		0		0		15
Industrials		222		0		0		222
Information Technology		38		0		0		38
Materials		224		0		0		224
Real Estate		7		0		0		7
Telecommunication Services		59		0		0		59
Utilities		43		0		0		43
Denmark
Consumer Discretionary		0		10		0		10
Consumer Staples		0		27		0		27
Financials		8		42		0		50
Health Care		0		146		0		146
Industrials		0		117		0		117
Materials		11		15		0		26
Telecommunication Services		26		0		0		26
Utilities		9		0		0		9
Finland
Consumer Discretionary		10		0		0		10
Consumer Staples		0		10		0		10
Energy		0		13		0		13
Financials		0		36		0		36
Health Care		0		7		0		7
Industrials		40		31		0		71

38 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Information Technology	$	0	$	7	$	0	$	7
Materials		0		37		0		37
Telecommunication Services		0		11		0		11
Utilities		0		21		0		21
France
Consumer Discretionary		0		325		0		325
Consumer Staples		0		156		0		156
Energy		0		23		0		23
Financials		0		68		0		68
Health Care		7		25		0		32
Industrials		7		449		0		456
Information Technology		18		64		0		82
Materials		9		8		0		17
Real Estate		0		14		0		14
Telecommunication Services		0		51		0		51
Utilities		50		179		0		229
Germany
Consumer Discretionary		0		174		0		174
Consumer Staples		0		17		0		17
Financials		0		245		0		245
Health Care		0		148		0		148
Industrials		7		203		0		210
Information Technology		0		122		0		122
Materials		30		195		0		225
Real Estate		8		66		0		74
Telecommunication Services		0		29		0		29
Utilities		51		159		0		210
Hong Kong
Consumer Discretionary		29		77		0		106
Consumer Staples		18		14		0		32
Financials		0		128		0		128
Health Care		0		18		0		18
Industrials		29		55		0		84
Information Technology		0		44		0		44
Materials		0		7		0		7
Real Estate		5		125		0		130
Telecommunication Services		13		8		0		21
Utilities		36		57		0		93
Ireland
Consumer Discretionary		0		8		0		8
Consumer Staples		28		7		0		35
Health Care		121		8		0		129
Industrials		32		25		0		57
Materials		21		13		0		34
Israel
Financials		8		53		0		61
Industrials		0		9		0		9
Information Technology		26		9		0		35
Materials		0		14		0		14
Telecommunication Services		12		0		0		12
Italy
Consumer Discretionary		16		39		0		55
Consumer Staples		8		7		0		15
Energy		0		144		0		144
Financials		12		249		0		261
Health Care		0		16		0		16
Industrials		15		34		0		49
Telecommunication Services		0		30		0		30
Utilities		8		167		0		175
Japan
Consumer Discretionary		12		1,317		0		1,329
Consumer Staples		0		509		0		509
Energy		0		175		0		175
Financials		0		166		0		166
Health Care		0		288		0		288
Industrials		8		1,336		0		1,344
Information Technology		0		885		0		885
Materials		0		612		0		612
Real Estate		5		66		0		71
Telecommunication Services		0		242		0		242
Utilities		0		171		0		171

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Jersey, Channel Islands
Materials	$	0	$	8	$	0	$	8
Luxembourg
Consumer Discretionary		8		16		0		24
Materials		0		78		0		78
Real Estate		0		7		0		7
Macau
Consumer Discretionary		0		29		0		29
Netherlands
Consumer Staples		15		90		0		105
Energy		8		140		0		148
Financials		0		229		0		229
Health Care		0		28		0		28
Industrials		6		92		0		98
Information Technology		29		82		0		111
Materials		0		80		0		80
Telecommunication Services		16		17		0		33
New Zealand
Consumer Discretionary		7		0		0		7
Health Care		0		18		0		18
Industrials		9		0		0		9
Materials		0		9		0		9
Real Estate		9		0		0		9
Telecommunication Services		19		8		0		27
Utilities		17		7		0		24
Norway
Consumer Staples		8		15		0		23
Energy		12		97		0		109
Financials		8		20		0		28
Materials		0		40		0		40
Telecommunication Services		0		55		0		55
Portugal
Consumer Staples		17		0		0		17
Financials		0		9		0		9
Industrials		5		0		0		5
Materials		0		7		0		7
Telecommunication Services		0		6		0		6
Utilities		61		0		0		61
Singapore
Consumer Discretionary		0		28		0		28
Consumer Staples		0		21		0		21
Energy		0		8		0		8
Financials		0		160		0		160
Health Care		9		0		0		9
Industrials		15		86		0		101
Information Technology		0		11		0		11
Real Estate		7		24		0		31
Telecommunication Services		9		70		0		79
South Africa
Health Care		8		0		0		8
Materials		0		12		0		12
Spain
Consumer Discretionary		0		34		0		34
Consumer Staples		7		23		0		30
Energy		0		113		0		113
Financials		8		226		0		234
Health Care		0		15		0		15
Industrials		0		110		0		110
Information Technology		0		53		0		53
Materials		7		0		0		7
Telecommunication Services		0		40		0		40
Utilities		0		191		0		191
Sweden
Consumer Discretionary		38		86		0		124
Consumer Staples		0		28		0		28
Financials		9		35		0		44
Industrials		14		249		0		263
Information Technology		0		134		0		134
Materials		8		28		0		36
Telecommunication Services		0		128		0		128

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 39

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

December 31, 2017 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Switzerland
Consumer Discretionary	$	24	$	100	$	0	$	124
Consumer Staples		17		196		0		213
Energy		30		0		0		30
Financials		16		471		0		487
Health Care		19		169		0		188
Industrials		34		277		0		311
Information Technology		48		28		0		76
Materials		17		256		0		273
Real Estate		7		8		0		15
Telecommunication Services		0		33		0		33
Utilities		0		7		0		7
Thailand
Consumer Staples		10		0		0		10
United Kingdom
Consumer Discretionary		207		346		0		553
Consumer Staples		142		723		0		865
Energy		8		137		0		145
Financials		63		853		0		916
Health Care		8		308		0		316
Industrials		129		368		0		497
Information Technology		9		70		0		79
Materials		0		225		0		225
Telecommunication Services		27		195		0		222
Utilities		22		147		0		169
United States
Consumer Discretionary		11		7		0		18
Materials		0		8		0		8
Preferred Stocks
Germany
Consumer Discretionary		0		127		0		127
Consumer Staples		0		17		0		17

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Health Care	$	0	$	9	$	0	$	9
Materials		0		21		0		21
Real Estate Investment Trusts
Australia
Real Estate		7		38		0		45
Belgium
Real Estate		7		16		0		23
Canada
Real Estate		86		0		0		86
France
Real Estate		7		36		0		43
Hong Kong
Real Estate		0		32		0		32
Italy
Real Estate		7		0		0		7
Japan
Real Estate		120		47		0		167
Netherlands
Real Estate		7		0		0		7
Singapore
Real Estate		34		7		0		41
Spain
Real Estate		0		7		0		7
United Kingdom
Real Estate		54		92		0		146
Rights
Spain
Energy		3		0		0		3
Total Investments	$	4,000	$	20,358	$	0	$	24,358

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.

40 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.6%
COMMON STOCKS 95.4%
BERMUDA 0.1%
FINANCIALS 0.1%
XL Group Ltd.		311	$		11
Total Bermuda					11
IRELAND 0.3%
INFORMATION TECHNOLOGY 0.3%
Accenture PLC ‘A’		326			50
Total Ireland					50
SWITZERLAND 0.1%
FINANCIALS 0.1%
Chubb Ltd.		160			23
Total Switzerland					23
UNITED STATES 94.9%
CONSUMER DISCRETIONARY 17.0%
Aaron’s, Inc.		71			3
Abercrombie & Fitch Co. ‘A’		285			5
Adient PLC		124			10
Adtalem Global Education, Inc.		151			6
Advance Auto Parts, Inc.		23			2
Amazon.com, Inc. (a)		235			275
American Eagle Outfitters, Inc.		1,092			21
Aramark		104			4
Asbury Automotive Group, Inc. (a)		90			6
Ascena Retail Group, Inc. (a)		808			2
AutoNation, Inc. (a)		73			4
AutoZone, Inc. (a)		19			13
Barnes & Noble, Inc.		315			2
Bed Bath & Beyond, Inc.		1,196			26
Best Buy Co., Inc.		610			42
Big Lots, Inc.		123			7
BJ’s Restaurants, Inc.		55			2
Bloomin’ Brands, Inc.		112			2
BorgWarner, Inc.		123			6
Bright Horizons Family Solutions, Inc. (a)		45			4
Brinker International, Inc.		425			16
Buckle, Inc.		190			4
Burlington Stores, Inc. (a)		17			2
Cable One, Inc.		2			1
Caesars Entertainment Corp. (a)		344			4
CalAtlantic Group, Inc.		31			2
Caleres, Inc.		94			3
Capella Education Co.		25			2
Carnival Corp.		177			12
Carter’s, Inc.		108			13
Cato Corp. ‘A’		112			2
CBS Corp. NVDR ‘B’		450			27
Charter Communications, Inc. ‘A’ (a)		107			36
Cheesecake Factory, Inc.		142			7
Chico’s FAS, Inc.		654			6
Children’s Place, Inc.		20			3
Chipotle Mexican Grill, Inc. (a)		26			7
Choice Hotels International, Inc.		42			3
Churchill Downs, Inc.		13			3
Cinemark Holdings, Inc.		116			4
Comcast Corp. ‘A’		883			35
Cooper Tire & Rubber Co.		218			8

	SHARES			MARKET VALUE (000S)
Cooper-Standard Holding, Inc. (a)		27	$		3
Core-Mark Holding Co., Inc.		76			2
Cracker Barrel Old Country Store, Inc.		41			6
Crocs, Inc. (a)		155			2
Dana, Inc.		351			11
Darden Restaurants, Inc.		210			20
Deckers Outdoor Corp. (a)		73			6
Dick’s Sporting Goods, Inc.		36			1
Dillard’s, Inc. ‘A’		52			3
DineEquity, Inc.		83			4
Dollar General Corp.		478			44
Domino’s Pizza, Inc.		45			8
Dorman Products, Inc. (a)		48			3
DR Horton, Inc.		206			11
DSW Inc. ‘A’		465			10
Dunkin’ Brands Group, Inc.		45			3
Expedia, Inc.		72			9
Express, Inc. (a)		765			8
Extended Stay America, Inc.		144			3
Finish Line, Inc. ‘A’		265			4
Foot Locker, Inc.		231			11
Ford Motor Co.		3,999			50
Fossil Group, Inc. (a)		335			3
Fred’s, Inc. ‘A’		282			1
G-III Apparel Group Ltd. (a)		104			4
GameStop Corp. ‘A’		339			6
Gannett Co., Inc.		351			4
Gap, Inc.		1,190			41
General Motors Co.		1,489			61
Genesco, Inc. (a)		124			4
Gentex Corp.		239			5
Genuine Parts Co.		77			7
GNC Holdings, Inc. ‘A’		774			3
Graham Holdings Co. ‘B’		6			3
Grand Canyon Education, Inc. (a)		18			2
Group 1 Automotive, Inc.		66			5
Guess?, Inc.		321			5
H&R Block, Inc.		422			11
Hanesbrands, Inc.		259			5
Harley-Davidson, Inc.		229			12
Hasbro, Inc.		111			10
Hibbett Sports, Inc. (a)		238			5
Hilton Worldwide Holdings, Inc.		126			10
Home Depot, Inc.		1,371			260
Houghton Mifflin Harcourt Co. (a)		311			3
HSN, Inc.		161			6
International Game Technology PLC		73			2
Interpublic Group of Cos., Inc.		323			6
Jack in the Box, Inc.		60			6
JC Penney Co., Inc. (a)		624			2
KB Home		90			3
Kohl’s Corp.		464			25
L Brands, Inc.		245			15
La-Z-Boy, Inc.		155			5
Las Vegas Sands Corp.		265			18
Lear Corp.		71			13
Leggett & Platt, Inc.		140			7
Lennar Corp. ‘A’		122			8
Liberty Broadband Corp. ‘C’ (a)		75			6
Liberty Interactive Corp. QVC Group ‘A’ (a)		695			17
Liberty Ventures (a)		33			2
Lions Gate Entertainment Corp. ‘A’ (a)		58			2
Live Nation Entertainment, Inc. (a)		53			2
Lowe’s Cos., Inc.		865			80

	SHARES			MARKET VALUE (000S)
Macy’s, Inc.		1,403	$		35
Madison Square Garden Co. ‘A’ (a)		7			1
Marriott International, Inc. ‘A’		257			35
Marriott Vacations Worldwide Corp.		28			4
Mattel, Inc.		550			8
McDonald’s Corp.		1,351			233
MDC Holdings, Inc.		70			2
MGM Resorts International		291			10
Modine Manufacturing Co. (a)		106			2
Mohawk Industries, Inc. (a)		36			10
Monro, Inc.		31			2
Murphy USA, Inc. (a)		168			13
National CineMedia, Inc.		255			2
Netflix, Inc. (a)		162			31
News Corp. ‘A’		838			14
NIKE, Inc. ‘B’		761			48
Nordstrom, Inc.		428			20
Norwegian Cruise Line Holdings Ltd. (a)		70			4
NVR, Inc. (a)		6			21
O’Reilly Automotive, Inc. (a)		103			25
Office Depot, Inc.		1,372			5
Omnicom Group, Inc.		354			26
Oxford Industries, Inc.		21			2
Penn National Gaming, Inc. (a)		80			2
Penske Automotive Group, Inc.		38			2
Pier 1 Imports, Inc.		500			2
Pinnacle Entertainment, Inc. (a)		88			3
Polaris Industries, Inc.		91			11
Pool Corp.		29			4
Priceline Group, Inc. (a)		34			59
PulteGroup, Inc.		157			5
PVH Corp.		45			6
Ralph Lauren Corp.		82			8
Regal Entertainment Group ‘A’		163			4
Rent-A-Center, Inc.		271			3
Ross Stores, Inc.		168			13
Royal Caribbean Cruises Ltd.		100			12
Sally Beauty Holdings, Inc. (a)		475			9
Scholastic Corp.		51			2
Scripps Networks Interactive, Inc. ‘A’		105			9
SeaWorld Entertainment, Inc.		335			5
Service Corp. International		141			5
ServiceMaster Global Holdings, Inc. (a)		93			5
Signet Jewelers Ltd.		33			2
Sirius XM Holdings, Inc.		753			4
Six Flags Entertainment Corp.		147			10
Skechers U.S.A., Inc. ‘A’ (a)		51			2
Sleep Number Corp. (a)		68			3
Sonic Automotive, Inc. ‘A’		88			2
Starbucks Corp.		411			24
Steven Madden Ltd. (a)		67			3
Strayer Education, Inc.		20			2
Sturm Ruger & Co., Inc.		66			4
Target Corp.		2,744			179
TEGNA, Inc.		139			2
Tenneco, Inc.		66			4
Texas Roadhouse, Inc.		29			2
Thor Industries, Inc.		50			8
Tiffany & Co.		69			7
Time Warner, Inc.		248			23
Time, Inc.		313			6
TJX Cos., Inc.		585			45
Toll Brothers, Inc.		57			3

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 41

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Tractor Supply Co.		120	$		9
Tribune Media Co. ‘A’		79			3
Tupperware Brands Corp.		92			6
Twenty-First Century Fox, Inc. ‘A’		1,643			57
Urban Outfitters, Inc. (a)		323			11
Vail Resorts, Inc.		27			6
VF Corp.		411			30
Viacom, Inc. ‘B’		1,946			60
Vista Outdoor, Inc. (a)		223			3
Visteon Corp. (a)		74			9
Weight Watchers International, Inc. (a)		77			3
Wendy’s Co.		741			12
Williams-Sonoma, Inc.		119			6
Wyndham Worldwide Corp.		187			22
Wynn Resorts Ltd.		47			8
Yum! Brands, Inc.		381			31
Zumiez, Inc. (a)		148			3
					2,895
CONSUMER STAPLES 12.6%
Altria Group, Inc.		1,402			100
Andersons, Inc.		49			2
Archer-Daniels-Midland Co.		949			38
B&G Foods, Inc.		50			2
Bob Evans Farms, Inc.		120			9
Boston Beer Co., Inc. ‘A’ (a)		17			3
Brown-Forman Corp. ‘B’		398			27
Bunge Ltd.		596			40
Cal-Maine Foods, Inc. (a)		121			5
Campbell Soup Co.		177			9
Casey’s General Stores, Inc.		56			6
Church & Dwight Co., Inc.		232			12
Clorox Co.		87			13
Coca-Cola Co.		3,903			179
Colgate-Palmolive Co.		695			52
Conagra Brands, Inc.		318			12
Constellation Brands, Inc. ‘A’		120			27
Costco Wholesale Corp.		451			84
Coty, Inc. ‘A’		202			4
CVS Health Corp.		2,448			177
Dr Pepper Snapple Group, Inc.		214			21
Edgewell Personal Care Co. (a)		63			4
Estee Lauder Cos., Inc. ‘A’		289			37
Flowers Foods, Inc.		260			5
Fresh Del Monte Produce, Inc.		88			4
General Mills, Inc.		599			36
Herbalife Ltd. (a)		82			6
Hershey Co.		107			12
Hormel Foods Corp.		125			5
Ingredion, Inc.		42			6
J&J Snack Foods Corp.		13			2
JM Smucker Co.		78			10
Kellogg Co.		212			14
Kimberly-Clark Corp.		230			28
Kroger Co.		2,262			62
Lamb Weston Holdings, Inc.		158			9
Lancaster Colony Corp.		36			5
McCormick & Co., Inc.		72			7
Mondelez International, Inc. ‘A’		1,318			56
Monster Beverage Corp. (a)		255			16
Nu Skin Enterprises, Inc. ‘A’		181			12
PepsiCo, Inc.		1,381			166
Performance Food Group Co. (a)		93			3

	SHARES			MARKET VALUE (000S)
Philip Morris International, Inc.		2,333	$		246
Pinnacle Foods, Inc.		75			4
Procter & Gamble Co.		1,416			130
Sanderson Farms, Inc.		89			12
Smart & Final Stores, Inc. (a)		195			2
SpartanNash Co.		67			2
Spectrum Brands Holdings, Inc.		15			2
Sprouts Farmers Market, Inc. (a)		126			3
Sysco Corp.		321			20
TreeHouse Foods, Inc. (a)		56			3
Tyson Foods, Inc. ‘A’		207			17
United Natural Foods, Inc. (a)		163			8
Universal Corp.		79			4
Vector Group Ltd.		168			4
Wal-Mart Stores, Inc.		3,658			361
					2,145
ENERGY 5.2%
Andeavor		286			33
Archrock, Inc.		176			2
Bristow Group, Inc.		277			4
Cabot Oil & Gas Corp.		178			5
California Resources Corp. (a)		134			3
CARBO Ceramics, Inc. (a)		173			2
Chevron Corp.		950			119
Cloud Peak Energy, Inc. (a)		376			2
CNX Resources Corp. (a)		204			3
ConocoPhillips		1,779			98
CONSOL Energy, Inc. (a)		36			1
Denbury Resources, Inc. (a)		1,901			4
Diamond Offshore Drilling, Inc. (a)		237			4
Dorian LPG Ltd. (a)		14			0
Dril-Quip, Inc. (a)		68			3
Exterran Corp. (a)		74			2
Exxon Mobil Corp.		1,279			107
Green Plains, Inc.		152			3
Hess Corp.		592			28
HollyFrontier Corp.		1,416			73
International Seaways, Inc. (a)		65			1
Marathon Oil Corp.		1,650			28
Marathon Petroleum Corp.		1,008			66
McDermott International, Inc. (a)		391			3
Murphy Oil Corp.		390			12
Nabors Industries Ltd.		655			4
National Oilwell Varco, Inc.		682			25
Newpark Resources, Inc. (a)		211			2
Occidental Petroleum Corp.		165			12
Oceaneering International, Inc.		152			3
Oil States International, Inc. (a)		165			5
ONEOK, Inc.		114			6
Patterson-UTI Energy, Inc.		167			4
PBF Energy, Inc. ‘A’		193			7
Peabody Energy Corp. (a)		171			7
Phillips 66		712			72
QEP Resources, Inc. (a)		218			2
Renewable Energy Group, Inc. (a)		132			2
REX American Resources Corp. (a)		18			1
Rowan Cos. PLC ‘A’ (a)		506			8
SEACOR Holdings, Inc.		42			2
SM Energy Co.		151			3
Superior Energy Services, Inc. (a)		663			6
Unit Corp. (a)		91			2
Valero Energy Corp.		1,135			104

	SHARES			MARKET VALUE (000S)
Whiting Petroleum Corp. (a)		69	$		2
World Fuel Services Corp.		258			7
					892
FINANCIALS 9.1%
Affiliated Managers Group, Inc.		54			11
Aflac, Inc.		281			25
Alleghany Corp. (a)		9			5
Allstate Corp.		702			74
Ally Financial, Inc.		989			29
Ambac Financial Group, Inc. (a)		131			2
American Equity Investment Life Holding Co.		101			3
American Express Co.		418			42
American Financial Group, Inc.		82			9
American International Group, Inc.		1,380			82
Ameriprise Financial, Inc.		86			15
Arthur J Gallagher & Co.		70			4
Assurant, Inc.		63			6
Bank of America Corp.		5,700			168
BGC Partners, Inc. ‘A’		92			1
Brown & Brown, Inc.		90			5
Cannae Holdings, Inc. (a)		124			2
Capitol Federal Financial, Inc.		192			3
CBOE Holdings, Inc.		116			14
Cincinnati Financial Corp.		81			6
Citigroup, Inc.		1,547			115
CME Group, Inc.		320			47
CNO Financial Group, Inc.		191			5
Credit Acceptance Corp. (a)		5			2
Donnelley Financial Solutions, Inc. (a)		75			1
E*TRADE Financial Corp. (a)		105			5
EZCORP, Inc. ‘A’ (a)		159			2
FactSet Research Systems, Inc.		31			6
Federated Investors, Inc. ‘B’		111			4
First American Financial Corp.		176			10
FirstCash, Inc.		47			3
FNF Group		242			10
Franklin Resources, Inc.		404			18
Genworth Financial, Inc. ‘A’ (a)		1,905			6
Greenhill & Co., Inc.		72			1
Hanover Insurance Group, Inc.		76			8
Hartford Financial Services Group, Inc.		443			25
Infinity Property & Casualty Corp.		13			1
Interactive Brokers Group, Inc. ‘A’		32			2
Intercontinental Exchange, Inc.		470			33
JPMorgan Chase & Co.		2,020			216
Kemper Corp.		77			5
Legg Mason, Inc.		126			5
Loews Corp.		350			18
LPL Financial Holdings, Inc.		200			11
Markel Corp. (a)		5			6
Marsh & McLennan Cos., Inc.		421			34
MBIA, Inc. (a)		417			3
Mercury General Corp.		46			2
MetLife, Inc.		483			24
MGIC Investment Corp. (a)		236			3
Moody’s Corp.		160			24
Morningstar, Inc.		18			2
MSCI, Inc.		82			10
Nasdaq, Inc.		48			4
National Bank Holdings Corp. ‘A’		41			1
Navient Corp.		544			7
Navigators Group, Inc.		27			1

42 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
Northwest Bancshares, Inc.		121	$		2
Ocwen Financial Corp. (a)		568			2
Old Republic International Corp.		88			2
PHH Corp. (a)		91			1
PNC Financial Services Group, Inc.		277			40
PRA Group, Inc. (a)		51			2
Primerica, Inc.		17			2
Principal Financial Group, Inc.		166			12
ProAssurance Corp.		44			3
Progressive Corp.		647			36
Reinsurance Group of America, Inc.		37			6
RLI Corp.		56			3
S&P Global, Inc.		224			38
Safety Insurance Group, Inc.		18			1
Santander Consumer USA Holdings, Inc.		155			3
SEI Investments Co.		152			11
State Street Corp.		204			20
Stewart Information Services Corp.		44			2
T Rowe Price Group, Inc.		333			35
Torchmark Corp.		63			6
Travelers Cos., Inc.		679			92
Unum Group		131			7
Voya Financial, Inc.		250			12
Waddell & Reed Financial, Inc. ‘A’		386			9
White Mountains Insurance Group Ltd.		8			7
World Acceptance Corp. (a)		33			3
WR Berkley Corp.		61			4
					1,547
HEALTH CARE 8.9%
Abbott Laboratories		1,012			58
AbbVie, Inc.		922			89
Aetna, Inc.		190			34
Agilent Technologies, Inc.		188			13
Alexion Pharmaceuticals, Inc. (a)		124			15
Align Technology, Inc. (a)		28			6
AmerisourceBergen Corp.		54			5
Analogic Corp.		19			2
Anthem, Inc.		394			89
Baxter International, Inc.		475			31
Becton Dickinson and Co.		236			50
Bio-Rad Laboratories, Inc. ‘A’ (a)		23			5
Biogen, Inc. (a)		62			20
Boston Scientific Corp. (a)		802			20
Brookdale Senior Living, Inc. (a)		150			1
Bruker Corp.		87			3
Cardinal Health, Inc.		359			22
Catalent, Inc. (a)		90			4
Centene Corp. (a)		97			10
Cerner Corp. (a)		186			12
Charles River Laboratories International, Inc. (a)		18			2
Chemed Corp.		36			9
Cigna Corp.		217			44
Community Health Systems, Inc. (a)		596			3
Cooper Cos., Inc.		40			9
Danaher Corp.		169			16
DaVita, Inc. (a)		82			6
Dentsply Sirona, Inc.		99			6
Encompass Health Corp.		36			2
Express Scripts Holding Co. (a)		1,675			125
Gilead Sciences, Inc.		879			63
Haemonetics Corp. (a)		60			3

	SHARES			MARKET VALUE (000S)
Henry Schein, Inc. (a)		72	$		5
Hill-Rom Holdings, Inc.		25			2
Humana, Inc.		180			45
Illumina, Inc. (a)		69			15
Integra LifeSciences Holdings Corp. (a)		46			2
Intuitive Surgical, Inc. (a)		81			30
Invacare Corp.		99			2
IQVIA Holdings, Inc. (a)		57			6
Johnson & Johnson		1,606			224
Kindred Healthcare, Inc.		432			4
Laboratory Corp. of America Holdings (a)		36			6
LifePoint Health, Inc. (a)		119			6
Magellan Health, Inc. (a)		53			5
Masimo Corp. (a)		36			3
MEDNAX, Inc. (a)		129			7
Mettler-Toledo International, Inc. (a)		20			12
Molina Healthcare, Inc. (a)		19			1
Myriad Genetics, Inc. (a)		294			10
Owens & Minor, Inc.		304			6
Patterson Cos., Inc.		116			4
PDL BioPharma, Inc. (a)		770			2
PerkinElmer, Inc.		43			3
PRA Health Sciences, Inc. (a)		20			2
Quest Diagnostics, Inc.		87			9
Regeneron Pharmaceuticals, Inc. (a)		31			12
ResMed, Inc.		228			19
Select Medical Holdings Corp. (a)		250			4
Stryker Corp.		253			39
Teleflex, Inc.		37			9
Tenet Healthcare Corp. (a)		451			7
Thermo Fisher Scientific, Inc.		234			44
United Therapeutics Corp. (a)		40			6
UnitedHealth Group, Inc.		559			123
Valeant Pharmaceuticals International, Inc. (a)		368			8
Varian Medical Systems, Inc. (a)		92			10
Vertex Pharmaceuticals, Inc. (a)		98			15
Waters Corp. (a)		45			9
WellCare Health Plans, Inc. (a)		17			3
Zoetis, Inc.		243			17
					1,513
INDUSTRIALS 13.0%
3M Co.		931			219
AAR Corp.		70			3
ABM Industries, Inc.		93			4
ACCO Brands Corp. (a)		138			2
Actuant Corp. ‘A’		152			4
Aegion Corp. (a)		71			2
AGCO Corp.		76			5
Air Lease Corp.		37			2
Aircastle Ltd.		77			2
Alaska Air Group, Inc.		79			6
Allegiant Travel Co.		15			2
Allison Transmission Holdings, Inc.		176			8
AMERCO		6			2
American Airlines Group, Inc.		403			21
AMETEK, Inc.		133			10
AO Smith Corp.		70			4
Applied Industrial Technologies, Inc.		59			4
ArcBest Corp.		98			4
Atlas Air Worldwide Holdings, Inc. (a)		52			3
Avis Budget Group, Inc. (a)		300			13

	SHARES			MARKET VALUE (000S)
Babcock & Wilcox Enterprises, Inc. (a)		525	$		3
Boeing Co.		601			177
Briggs & Stratton Corp.		98			3
Brink’s Co.		19			2
BWX Technologies, Inc.		140			8
Caterpillar, Inc.		348			55
CH Robinson Worldwide, Inc.		249			22
Cintas Corp.		145			23
Copart, Inc. (a)		280			12
Covanta Holding Corp.		195			3
Crane Co.		43			4
CSX Corp.		496			27
Cummins, Inc.		252			45
Curtiss-Wright Corp.		35			4
Deere & Co.		888			139
Delta Air Lines, Inc.		63			4
Deluxe Corp.		50			4
Donaldson Co., Inc.		95			5
Emerson Electric Co.		688			48
Encore Wire Corp.		29			1
ESCO Technologies, Inc.		24			1
Esterline Technologies Corp. (a)		19			1
Expeditors International of Washington, Inc.		291			19
Fastenal Co.		182			10
Federal Signal Corp.		90			2
Flowserve Corp.		34			1
Fluor Corp.		278			14
Fortive Corp.		180			13
Franklin Electric Co., Inc.		37			2
FTI Consulting, Inc. (a)		42			2
GATX Corp.		72			4
Generac Holdings, Inc. (a)		86			4
General Cable Corp.		116			3
General Dynamics Corp.		335			68
Graco, Inc.		156			7
Greenbrier Cos., Inc.		97			5
H&E Equipment Services, Inc.		121			5
Harris Corp.		70			10
Harsco Corp. (a)		132			2
HD Supply Holdings, Inc. (a)		64			3
Healthcare Services Group, Inc.		104			6
HEICO Corp.		25			2
Herc Holdings, Inc. (a)		45			3
Herman Miller, Inc.		66			3
Hertz Global Holdings, Inc. (a)		336			7
Hexcel Corp.		107			7
Hillenbrand, Inc.		54			2
HNI Corp.		64			2
Hub Group, Inc. ‘A’ (a)		80			4
Hubbell, Inc.		22			3
Huntington Ingalls Industries, Inc.		46			11
Hyster-Yale Materials Handling, Inc.		29			2
IDEX Corp.		80			11
Illinois Tool Works, Inc.		216			36
Insperity, Inc.		86			5
Interface, Inc.		81			2
ITT, Inc.		82			4
Jacobs Engineering Group, Inc.		123			8
JB Hunt Transport Services, Inc.		87			10
Kaman Corp.		38			2
KAR Auction Services, Inc.		106			5
KBR, Inc.		652			13
Kennametal, Inc.		31			2

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 43

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Knight-Swift Transportation Holdings, Inc.		79	$		3
Landstar System, Inc.		91			9
Lennox International, Inc.		38			8
Lincoln Electric Holdings, Inc.		72			7
Lindsay Corp.		23			2
Lockheed Martin Corp.		350			112
LSC Communications, Inc.		92			1
Macquarie Infrastructure Corp.		73			5
ManpowerGroup, Inc.		114			14
Masco Corp.		126			6
Masonite International Corp. (a)		19			1
Moog, Inc. ‘A’ (a)		36			3
MRC Global, Inc. (a)		232			4
MSC Industrial Direct Co., Inc. ‘A’		128			12
Mueller Industries, Inc.		58			2
MYR Group, Inc. (a)		43			2
Nordson Corp.		34			5
Norfolk Southern Corp.		167			24
Northrop Grumman Corp.		349			107
NOW, Inc. (a)		313			3
Old Dominion Freight Line, Inc.		48			6
Orbital ATK, Inc.		22			3
Oshkosh Corp.		61			6
Owens Corning		64			6
Parker-Hannifin Corp.		187			37
Pitney Bowes, Inc.		672			8
Quad/Graphics, Inc.		80			2
Quanex Building Products Corp.		59			1
Quanta Services, Inc. (a)		191			7
Raytheon Co.		305			57
Republic Services, Inc.		241			16
Robert Half International, Inc.		193			11
Rockwell Automation, Inc.		137			27
Rockwell Collins, Inc.		213			29
Rollins, Inc.		100			5
Roper Technologies, Inc.		59			15
RR Donnelley & Sons Co.		344			3
Rush Enterprises, Inc. ‘A’ (a)		73			4
Ryder System, Inc.		54			5
Sensata Technologies Holding NV (a)		67			3
SkyWest, Inc.		103			5
Southwest Airlines Co.		47			3
Spirit AeroSystems Holdings, Inc. ‘A’		143			12
SPX FLOW, Inc. (a)		77			4
Stanley Black & Decker, Inc.		89			15
Steelcase, Inc. ‘A’		246			4
Stericycle, Inc. (a)		57			4
Teledyne Technologies, Inc. (a)		38			7
Terex Corp.		198			10
Textainer Group Holdings Ltd. (a)		80			2
Textron, Inc.		141			8
Timken Co.		135			7
Toro Co.		111			7
TransDigm Group, Inc.		17			5
TransUnion (a)		63			3
Trinity Industries, Inc.		150			6
Triumph Group, Inc.		115			3
TrueBlue, Inc. (a)		57			2
Tutor Perini Corp. (a)		80			2
United Parcel Service, Inc. ‘B’		484			58
United Rentals, Inc. (a)		115			20
United Technologies Corp.		680			87
Verisk Analytics, Inc. (a)		50			5
Viad Corp.		30			2

	SHARES			MARKET VALUE (000S)
Wabash National Corp.		153	$		3
WABCO Holdings, Inc. (a)		60			9
Wabtec Corp.		66			5
Waste Management, Inc.		440			38
Watsco, Inc.		45			8
Welbilt, Inc. (a)		143			3
Werner Enterprises, Inc.		98			4
WESCO International, Inc. (a)		118			8
WW Grainger, Inc.		110			26
XPO Logistics, Inc. (a)		46			4
Xylem, Inc.		189			13
					2,218
INFORMATION TECHNOLOGY 19.9%
Activision Blizzard, Inc.		413			26
Adobe Systems, Inc. (a)		288			50
ADTRAN, Inc.		125			2
Alliance Data Systems Corp.		13			3
Alphabet, Inc. ‘A’ (a)		269			283
Amdocs Ltd.		96			6
Amphenol Corp. ‘A’		178			16
Analog Devices, Inc.		215			19
Anixter International, Inc. (a)		54			4
ANSYS, Inc. (a)		66			10
Apple, Inc.		2,668			451
Applied Materials, Inc.		622			32
Arista Networks, Inc. (a)		19			4
Arrow Electronics, Inc. (a)		113			9
Aspen Technology, Inc. (a)		49			3
Autodesk, Inc. (a)		85			9
Automatic Data Processing, Inc.		242			28
Avnet, Inc.		284			11
Benchmark Electronics, Inc. (a)		124			4
Booz Allen Hamilton Holding Corp.		271			10
Broadcom Ltd.		238			61
Broadridge Financial Solutions, Inc.		117			11
CACI International, Inc. ‘A’ (a)		54			7
Cadence Design Systems, Inc. (a)		180			8
CDK Global, Inc.		52			4
CDW Corp.		101			7
Cognex Corp.		64			4
Cognizant Technology Solutions Corp. ‘A’		343			24
Coherent, Inc. (a)		14			4
Comtech Telecommunications Corp.		80			2
Convergys Corp.		202			5
CoreLogic, Inc. (a)		32			1
Corning, Inc.		1,120			36
CoStar Group, Inc. (a)		14			4
Cree, Inc. (a)		223			8
CSG Systems International, Inc.		49			2
CSRA, Inc.		86			3
Cypress Semiconductor Corp.		125			2
Dolby Laboratories, Inc. ‘A’		71			4
DST Systems, Inc.		65			4
eBay, Inc. (a)		445			17
Electronic Arts, Inc. (a)		209			22
Entegris, Inc.		55			2
EPAM Systems, Inc. (a)		20			2
ePlus, Inc. (a)		22			2
Euronet Worldwide, Inc. (a)		20			2
F5 Networks, Inc. (a)		43			6
Facebook, Inc. ‘A’ (a)		1,376			243
Fair Isaac Corp.		28			4

	SHARES			MARKET VALUE (000S)
Fidelity National Information Services, Inc.		194	$		18
First Data Corp. ‘A’ (a)		272			5
First Solar, Inc. (a)		69			5
Fiserv, Inc. (a)		220			29
FleetCor Technologies, Inc. (a)		35			7
FLIR Systems, Inc.		193			9
Fortinet, Inc. (a)		58			3
Gartner, Inc. (a)		34			4
Genpact Ltd.		316			10
Global Payments, Inc.		62			6
HP, Inc.		2,092			44
Insight Enterprises, Inc. (a)		64			2
Integrated Device Technology, Inc. (a)		132			4
InterActiveCorp (a)		29			4
International Business Machines Corp.		2,155			331
Intuit, Inc.		235			37
IPG Photonics Corp. (a)		20			4
Jabil, Inc.		188			5
Jack Henry & Associates, Inc.		108			13
Juniper Networks, Inc.		234			7
Keysight Technologies, Inc. (a)		72			3
KLA-Tencor Corp.		198			21
Lam Research Corp.		95			17
Leidos Holdings, Inc.		188			12
Littelfuse, Inc.		9			2
Manhattan Associates, Inc. (a)		38			2
ManTech International Corp. ‘A’		53			3
Mastercard, Inc. ‘A’		779			118
Maxim Integrated Products, Inc.		163			9
Methode Electronics, Inc.		32			1
Microchip Technology, Inc.		134			12
Micron Technology, Inc. (a)		646			27
Microsoft Corp.		3,359			287
MKS Instruments, Inc.		21			2
Motorola Solutions, Inc.		432			39
National Instruments Corp.		47			2
NVIDIA Corp.		318			62
ON Semiconductor Corp. (a)		163			3
Oracle Corp.		1,785			84
Paychex, Inc.		221			15
PayPal Holdings, Inc. (a)		663			49
Photronics, Inc. (a)		212			2
Plantronics, Inc.		55			3
Plexus Corp. (a)		60			4
PTC, Inc. (a)		45			3
Qorvo, Inc. (a)		143			10
QUALCOMM, Inc.		1,464			94
Red Hat, Inc. (a)		69			8
salesforce.com, Inc. (a)		266			27
Sanmina Corp. (a)		178			6
Seagate Technology PLC		1,156			48
Silicon Laboratories, Inc. (a)		16			1
Skyworks Solutions, Inc.		132			13
SS&C Technologies Holdings, Inc.		68			3
Symantec Corp.		581			16
SYNNEX Corp.		10			1
Synopsys, Inc. (a)		58			5
Syntel, Inc. (a)		96			2
Take-Two Interactive Software, Inc. (a)		44			5
Tech Data Corp. (a)		74			7
Teradata Corp. (a)		133			5
Teradyne, Inc.		141			6
Texas Instruments, Inc.		502			52

44 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
Total System Services, Inc.		155	$		12
Trimble, Inc. (a)		98			4
Twitter, Inc. (a)		251			6
Tyler Technologies, Inc. (a)		14			2
VeriSign, Inc. (a)		73			8
Versum Materials, Inc.		98			4
Visa, Inc. ‘A’		1,560			178
Vishay Intertechnology, Inc.		304			6
VMware, Inc. ‘A’ (a)		45			6
Western Digital Corp.		169			13
Western Union Co.		575			11
Xerox Corp.		406			12
Xilinx, Inc.		265			18
Zebra Technologies Corp. ‘A’ (a)		20			2
					3,401
MATERIALS 4.4%
AdvanSix, Inc. (a)		74			3
Albemarle Corp.		65			8
Alcoa Corp. (a)		415			22
Allegheny Technologies, Inc. (a)		349			8
AptarGroup, Inc.		93			8
Ashland Global Holdings, Inc.		24			2
Avery Dennison Corp.		111			13
Ball Corp.		119			5
Bemis Co., Inc.		144			7
Berry Global Group, Inc. (a)		51			3
Boise Cascade Co.		106			4
Carpenter Technology Corp.		87			4
Celanese Corp. ‘A’		79			9
CF Industries Holdings, Inc.		383			16
Chemours Co.		72			4
Clearwater Paper Corp. (a)		48			2
Cleveland-Cliffs, Inc. (a)		1,170			8
Commercial Metals Co.		341			7
Compass Minerals International, Inc.		85			6
Crown Holdings, Inc. (a)		101			6
Domtar Corp.		129			6
DowDuPont, Inc.		1,749			125
Eastman Chemical Co.		77			7
FMC Corp.		52			5
Freeport-McMoRan, Inc. (a)		1,336			25
GCP Applied Technologies, Inc. (a)		69			2
Graphic Packaging Holding Co.		296			5
Huntsman Corp.		118			4
Innophos Holdings, Inc.		37			2
Innospec, Inc.		26			2
International Flavors & Fragrances, Inc.		76			12
Kaiser Aluminum Corp.		42			5
Louisiana-Pacific Corp. (a)		56			2
LyondellBasell Industries NV ‘A’		1,007			111
Materion Corp.		40			2
Monsanto Co.		767			90
Mosaic Co.		782			20
NewMarket Corp.		12			5
Olin Corp.		64			2
Owens-Illinois, Inc. (a)		160			4
Packaging Corp. of America		101			12
PolyOne Corp.		130			6
PPG Industries, Inc.		175			20
Praxair, Inc.		287			44
Reliance Steel & Aluminum Co.		84			7
Royal Gold, Inc.		25			2

	SHARES			MARKET VALUE (000S)
RPM International, Inc.		109	$		6
Schnitzer Steel Industries, Inc. ‘A’		122			4
Schweitzer-Mauduit International, Inc.		33			2
Scotts Miracle-Gro Co.		37			4
Sealed Air Corp.		131			7
Sensient Technologies Corp.		45			3
Sherwin-Williams Co.		64			26
Silgan Holdings, Inc.		211			6
Sonoco Products Co.		209			11
TimkenSteel Corp. (a)		129			2
Trinseo S.A.		32			2
Tronox Ltd. ‘A’		153			3
United States Steel Corp.		44			2
Valvoline, Inc.		135			3
Worthington Industries, Inc.		32			1
WR Grace & Co.		35			2
					756
REAL ESTATE 0.1%
CBRE Group, Inc. ‘A’ (a)		120			5
Jones Lang LaSalle, Inc.		18			3
Realogy Holdings Corp.		53			1
St. Joe Co. (a)		110			2
					11
TELECOMMUNICATION SERVICES 2.7%
AT&T, Inc.		3,402			132
CenturyLink, Inc.		1,411			24
Frontier Communications Corp.		645			4
Telephone & Data Systems, Inc.		152			4
Verizon Communications, Inc.		5,638			299
Windstream Holdings, Inc.		1,238			2
					465
UTILITIES 2.0%
AES Corp.		1,710			19
ALLETE, Inc.		20			2
Ameren Corp.		142			8
American Electric Power Co., Inc.		288			21
Aqua America, Inc.		69			3
Atmos Energy Corp.		61			5
Calpine Corp. (a)		514			8
CenterPoint Energy, Inc.		247			7
CMS Energy Corp.		164			8
DTE Energy Co.		104			11
Dynegy, Inc. (a)		351			4
Entergy Corp.		262			21
Eversource Energy		185			12
Exelon Corp.		1,346			53
FirstEnergy Corp.		513			16
Great Plains Energy, Inc.		126			4
Hawaiian Electric Industries, Inc.		72			3
IDACORP, Inc.		11			1
MDU Resources Group, Inc.		250			7
New Jersey Resources Corp.		33			1
NextEra Energy, Inc.		275			43
NiSource, Inc.		162			4
NRG Energy, Inc.		438			12
ONE Gas, Inc.		20			1
Pinnacle West Capital Corp.		65			6
PNM Resources, Inc.		31			1
PPL Corp.		700			22
Public Service Enterprise Group, Inc.		296			15

	SHARES			MARKET VALUE (000S)
Spire, Inc.		49	$		4
Vectren Corp.		32			2
Westar Energy, Inc.		80			4
WGL Holdings, Inc.		20			2
Xcel Energy, Inc.		297			14
					344
Total United States					16,187
Total Common Stocks (Cost $15,187)					16,271
REAL ESTATE INVESTMENT TRUSTS 4.2%
UNITED STATES 4.2%
FINANCIALS 0.6%
AGNC Investment Corp.		700			14
Annaly Capital Management, Inc.		1,403			17
Apollo Commercial Real Estate Finance, Inc.		115			2
Blackstone Mortgage Trust, Inc. ‘A’		119			4
Capstead Mortgage Corp.		243			2
Chimera Investment Corp.		378			7
CYS Investments, Inc.		477			4
Invesco Mortgage Capital, Inc.		294			5
Ladder Capital Corp.		102			1
MFA Financial, Inc.		722			6
New Residential Investment Corp.		428			8
New York Mortgage Trust, Inc.		306			2
PennyMac Mortgage Investment Trust		186			3
Redwood Trust, Inc.		131			2
Starwood Property Trust, Inc.		287			6
Two Harbors Investment Corp.		570			9
					92
REAL ESTATE 3.6%
Acadia Realty Trust		61			2
Alexandria Real Estate Equities, Inc.		50			6
American Campus Communities, Inc.		109			4
American Homes 4 Rent ‘A’		113			2
American Tower Corp.		302			43
Apartment Investment & Management Co. ‘A’		99			4
AvalonBay Communities, Inc.		39			7
Boston Properties, Inc.		62			8
Brandywine Realty Trust		211			4
Brixmor Property Group, Inc.		374			7
Camden Property Trust		72			7
CBL & Associates Properties, Inc.		483			3
Columbia Property Trust, Inc.		236			5
CoreCivic, Inc.		224			5
Corporate Office Properties Trust		97			3
Cousins Properties, Inc.		162			1
Crown Castle International Corp.		301			33
CubeSmart		175			5
CyrusOne, Inc.		58			3
DCT Industrial Trust, Inc.		89			5
DDR Corp.		586			5
Digital Realty Trust, Inc.		161			18
Douglas Emmett, Inc.		94			4
Duke Realty Corp.		242			7
EastGroup Properties, Inc.		33			3
Education Realty Trust, Inc.		49			2
Empire State Realty Trust, Inc. ‘A’		68			1
EPR Properties		47			3
Equinix, Inc.		44			20

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2017 45

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

December 31, 2017 (Unaudited)

	SHARES			MARKET VALUE (000S)
Equity Commonwealth (a)		155	$		5
Equity LifeStyle Properties, Inc.		63			6
Equity Residential		144			9
Essex Property Trust, Inc.		55			13
Extra Space Storage, Inc.		103			9
Federal Realty Investment Trust		39			5
First Industrial Realty Trust, Inc.		59			2
Forest City Realty Trust, Inc.		99			2
Franklin Street Properties Corp.		167			2
Gaming and Leisure Properties, Inc.		199			7
GGP, Inc.		280			7
Government Properties Income Trust		98			2
Gramercy Property Trust		105			3
HCP, Inc.		274			7
Healthcare Realty Trust, Inc.		86			3
Healthcare Trust of America, Inc. ‘A’		96			3
Highwoods Properties, Inc.		77			4
Hudson Pacific Properties, Inc.		61			2
Iron Mountain, Inc.		506			19
Kilroy Realty Corp.		61			5
Kimco Realty Corp.		222			4
Kite Realty Group Trust		115			2
Lamar Advertising Co. ‘A’		86			6
Lexington Realty Trust		264			3
Liberty Property Trust		147			6
Life Storage, Inc.		49			4
Macerich Co.		78			5
Mack-Cali Realty Corp.		132			3
Medical Properties Trust, Inc.		231			3

	SHARES			MARKET VALUE (000S)
Mid-America Apartment Communities, Inc.		98	$		10
National Health Investors, Inc.		21			2
National Retail Properties, Inc.		108			5
New Senior Investment Group, Inc.		162			1
Omega Healthcare Investors, Inc.		176			5
Outfront Media, Inc.		209			5
Paramount Group, Inc.		256			4
Piedmont Office Realty Trust, Inc. ‘A’		234			5
Potlatch Corp.		29			1
Prologis, Inc.		169			11
PS Business Parks, Inc.		22			3
Public Storage		73			15
Quality Care Properties, Inc. (a)		256			4
Ramco-Gershenson Properties Trust		112			2
Rayonier, Inc.		163			5
Realty Income Corp.		76			4
Regency Centers Corp.		59			4
Retail Opportunity Investments Corp.		73			1
Retail Properties of America, Inc. ‘A’		356			5
Ryman Hospitality Properties, Inc.		37			3
Sabra Health Care REIT, Inc.		82			2
SBA Communications Corp. (a)		60			10
Select Income REIT		82			2
Senior Housing Properties Trust		332			6
Simon Property Group, Inc.		206			35
SL Green Realty Corp.		47			5
Spirit Realty Capital, Inc.		655			6

	SHARES			MARKET VALUE (000S)
STAG Industrial, Inc.		81	$		2
STORE Capital Corp.		102			3
Sun Communities, Inc.		62			6
Sunstone Hotel Investors, Inc.		123			2
Tanger Factory Outlet Centers, Inc.		127			3
Taubman Centers, Inc.		56			4
UDR, Inc.		264			10
Ventas, Inc.		151			9
VEREIT, Inc.		535			4
Vornado Realty Trust		71			6
Washington Prime Group, Inc.		637			5
Washington Real Estate Investment Trust		68			2
Weingarten Realty Investors		115			4
Welltower, Inc.		171			11
WP Carey, Inc.		118			8
Xenia Hotels & Resorts, Inc.		234			5
					616
Total Real Estate Investment Trusts (Cost $715)					708
Total Investments in Securities (Cost $15,902)					16,979
Total Investments 99.6% (Cost $15,902)			$		16,979
Other Assets and Liabilities, net 0.4%					72
Net Assets 100.0%			$		17,051

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security did not produce income within the last twelve months.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2017 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Investments in Securities, at Value
Common Stocks
Bermuda
Financials	$	11	$	0	$	0	$	11
Ireland
Information Technology		50		0		0		50
Switzerland
Financials		23		0		0		23
United States
Consumer Discretionary		2,895		0		0		2,895
Consumer Staples		2,145		0		0		2,145
Energy		892		0		0		892
Financials		1,547		0		0		1,547
Health Care		1,513		0		0		1,513

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2017
Industrials	$	2,218	$	0	$	0	$	2,218
Information Technology		3,401		0		0		3,401
Materials		756		0		0		756
Real Estate		11		0		0		11
Telecommunication Services		465		0		0		465
Utilities		344		0		0		344
Real Estate Investment Trusts
United States
Financials		92		0		0		92
Real Estate		616		0		0		616
Total Investments	$	16,979	$	0	$	0	$	16,979

There were no significant transfers among Levels 1, 2, or 3 during the period ended December 31, 2017.

46 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements

December 31, 2017 (Unaudited)

1. ORGANIZATION

PIMCO Equity Series (the “Trust���) was established as a Delaware statutory trust on December 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the funds (each a “Fund” and collectively the “Funds”) indicated on the cover of this report. Pacific Investment Management Company LLC (“PIMCO” or “Manager”) serves as the investment adviser for the Funds. PIMCO has engaged Parametric Portfolio Associates LLC (“Parametric” or “Sub-Adviser”) to serve as sub-adviser to each Fund.

Each Fund is an exchange-traded fund (“ETF”). ETFs are funds that trade like other publicly-traded securities and may be designed to track an index or to be actively managed. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value (“NAV”), shares of a Fund may be directly purchased from and redeemed by a Fund at NAV solely by certain large institutional investors. Also unlike shares of a mutual fund, shares of each Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from

settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

(b) Cash and Foreign Currency  The functional and reporting currency for the Funds is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(c) Distributions to Shareholders  The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

SEMIANNUAL REPORT DECEMBER 31, 2017 47

Notes to Financial Statements (Cont.)

	Distribution Frequency
Fund Name	Declared		Distributed
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		Quarterly		Quarterly
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		Quarterly		Quarterly
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		Quarterly		Quarterly

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year. The Trust does not provide an automatic dividend and/or distributions reinvestment service.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund’s annual financial statements presented under U.S. GAAP.

If a Fund estimates that a portion of one of its dividend distributions may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of record of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund estimates the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is estimated that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include, among others, the treatment of paydowns on mortgage-backed securities purchased at a discount and periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated

composition of distributions. Final determination of a distribution’s tax character will be reported on Form 1099 DIV sent to shareholders for the calendar year.

Distributions classified as a tax basis return of capital, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital. In addition, other amounts have been reclassified between undistributed (overdistributed) net investment income (loss), accumulated undistributed (overdistributed) net realized gain (loss) and/or paid in capital to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements  In March 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2016-05, which provides guidance related to the impact of derivative contract novations on certain relationships under Accounting Standards Codification (“ASC”) 815. The ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

In August 2016, the FASB issued ASU 2016-15 which amends ASC 230 to clarify guidance on the classification of certain cash receipts and cash payments in the Statement of Cash Flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X require standardized, enhanced disclosure about derivatives in investment company financial statements, and also change the rules governing the form and content of such financial statements. The compliance date for these amendments was August 1, 2017. Compliance is based on reporting period-end date. Management has adopted these amendments and the changes are incorporated in the financial statements.

In November 2016, the FASB issued ASU 2016-18 which amends ASC 230 to provide guidance on the classification and presentation of changes in restricted cash and restricted cash equivalents on the Statement of Cash Flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

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In March 2017, the FASB issued ASU 2017-08 which provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies  The NAV of the Fund’s shares is determined by dividing the total value of the Fund’s portfolio investments and other assets, less any liabilities attributable to that Fund, by the total number of shares outstanding.

On each day that the NYSE Arca is open, Fund shares are ordinarily valued as of the close of regular trading (“NYSE Close”). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. Each Fund reserves the right to change the time as of which its respective NAV is calculated if the Fund closes earlier, or as permitted by the SEC.

For purposes of calculating a NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Funds’ approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by the Manager to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed

income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services. A Fund’s investments in open-end management investment companies, other than exchange-traded funds (“ETFs”), are valued at the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value based on procedures established and approved by the Board of Trustees of the Trust (the “Board”). Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, a Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

Senior secured floating rate loans for which an active secondary market exists to a reliable degree will be valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a Pricing Service. Senior secured floating rate loans for which an active secondary market does not exist to a reliable degree will be valued at fair value, which is intended to approximate market value. In valuing a senior secured floating rate loan at fair value, the factors considered may include, but are not limited to, the following: (a) the creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.

SEMIANNUAL REPORT DECEMBER 31, 2017 49

Notes to Financial Statements (Cont.)

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a result, the value of such investments and, in turn, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund’s next calculated NAV.

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to the Manager the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Valuation Oversight Committee of the Board (“Valuation Oversight Committee”), generally based on recommendations provided by the Manager. The Manager may consult with the Sub-Adviser in providing such recommendations or otherwise with respect to valuation of a Fund’s portfolio securities or other assets. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to the Manager the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

When a Fund uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations

about the value of a security. While the Trust’s policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds’ use of fair valuation may also help to deter “stale price arbitrage” as discussed under the “Abusive Trading Practices” section in each Fund’s prospectus.

(b) Fair Value Hierarchy  U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

^∎  Level 1 — Quoted prices in active markets or exchanges for identical assets and liabilities.

^∎  Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

^∎  Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers between Levels 1 and 2 and transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Fund’s assets and liabilities. Additionally,

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U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1 and Level 2 trading assets and trading liabilities, at fair value  The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1 and Level 2 of the fair value hierarchy are as follows:

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Services’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Services that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Equity-linked securities are valued by referencing the last reported sale or settlement price of the linked referenced equity on the day of valuation. Foreign exchange adjustments are applied to the last reported price to convert the linked equity’s trading currency to the contract’s settling currency. These investments are categorized as Level 2 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Services (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Services (normally determined as of the NYSE close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Services

SEMIANNUAL REPORT DECEMBER 31, 2017 51

Notes to Financial Statements (Cont.)

using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate (“OIS”), London Interbank Offered Rate (“LIBOR”) forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Level 3 trading assets and trading liabilities, at fair value  When a fair valuation method is applied by the Manager that uses significant unobservable inputs, investments will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.

Equity-Linked Securities  are privately issued securities that have a return component based on the performance of a single stock, a basket of stocks, or a stock index. Equity-linked securities are often used for many of the same purposes as, and share many of the same risks with derivative instruments.

Real Estate Investment Trusts (“REITs”)  are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so the Funds that invest in REITs will bear their proportionate share of the costs of the REITs’ operations.

Restricted Investments  are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified

institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds at December 31, 2017 are disclosed in the Notes to Schedules of Investments.

Warrants  are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants are freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

5. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds’ financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by

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type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts  may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a

forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

6. PRINCIPAL RISKS

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

	PIMCO RAFI Dynamic Multi- Factor Emerging Markets Equity ETF		PIMCO RAFI Dynamic Multi-Factor International Equity ETF		PIMCO RAFI Dynamic Multi-Factor U.S. Equity  ETF
Risks
New/Small Fund		X		X		X
Market Trading		X		X		X
Equity		X		X		X
Credit		X		X		X
Market		X		X		X
Liquidity		X		X		X
Issuer		X		X		X
Derivatives		X		X		X
Foreign (Non-U.S.) Investment		X		X
Emerging Markets		X
Currency		X		X
Model		X		X		X
Leveraging		X		X		X
Management and Tracking Error		X		X		X
Indexing		X		X		X

Please see “Description of Principal Risks” in a Fund’s prospectus for a more detailed description of the risks of investing in a Fund.

New/Small Fund Risk  is the risk that a new or smaller Fund’s performance may not represent how a Fund is expected to or may perform in the long term. In addition, new Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies.

Market Trading Risk  is the risk that an active secondary trading market for Fund shares does not continue once developed, that a Fund may not continue to meet a listing exchange’s trading or listing requirements, or that Fund shares trade at prices other than a Fund’s net asset value.

Equity Risk  is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Credit Risk  is the risk that a Fund could lose money if the counterparty to a derivative contract is unable or unwilling to meet its financial obligations.

Market Risk  is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

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Notes to Financial Statements (Cont.)

Liquidity Risk  is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. The liquidity of a Fund’s shares may be constrained by the liquidity of a Fund’s portfolio holdings.

Issuer Risk  is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.

Derivatives Risk  is the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. A Fund’s use of derivatives may result in losses to a Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with a Fund’s clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a fund’s use of derivatives and related instruments could potentially limit or impact a Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives and/ or adversely affect the value of derivatives and a Fund’s performance.

Foreign (Non-U.S.) Investment Risk  is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk  is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Currency Risk  is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect a Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Model Risk  is the risk that a Fund’s investment models used in making investment allocation decisions, including the indexation methodologies used in constructing the Underlying Index, may not adequately take into account certain factors and may result in a decline in the value of an investment in a Fund.

Leveraging Risk  is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management and Tracking Error Risk  is the risk that the portfolio manager’s investment decisions may not produce the desired results or that a Fund’s portfolio may not closely track the Underlying Index for a number of reasons. A Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing a Fund’s portfolio to reflect changes in the composition of the Underlying Index. Performance of a Fund and the Underlying Index may vary due to asset valuation differences and differences between a Fund’s portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. The risk that performance of a Fund and the Underlying Index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, a Fund’s use of a representative sampling approach may cause a Fund to be less correlated to the return of the Underlying Index than if a Fund held all of the securities in the Underlying Index.

Indexing Risk  is the risk that a Fund is negatively affected by general declines in the asset classes represented by the Underlying Index.

7. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

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Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other forms of AAA rated paper or sovereign securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase, and sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA securities, delayed-delivery or sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission (“CFTC”). In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Portability of

exposure reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third-party custodian. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

8. FEES AND EXPENSES

(a) Management Fee  PIMCO, a majority-owned subsidiary of Allianz Asset Management of America L.P. (“Allianz Asset Management”), serves as the Manager to the Trust, pursuant to an investment management agreement. Each Fund pays PIMCO fees in return for providing investment advisory, supervisory and administrative services under an all-in fee structure. Each Fund will pay monthly management fees to PIMCO at an annual rate based on average daily net assets (the “Management Fee”), at an annual rate as noted in the table below.

Fund Name	Management Fee
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		0.49%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0.39%
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		0.29%

(b) Distribution and Servicing Fees  PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor (“Distributor”) of each Fund’s Creation Units. The Distributor does not maintain a secondary market in shares of the Funds. During the period ended December 31, 2017 each Fund was permitted to compensate the Distributor at an annual rate of up to 0.25% of a Fund’s average daily net assets (the “12b-1 Plan Fee”). However, the Board of Trustees has determined not to authorize payment of a 12b-1 Plan Fee at this time.

SEMIANNUAL REPORT DECEMBER 31, 2017 55

Notes to Financial Statements (Cont.)

The 12b-1 Plan Fee may only be imposed or increased when the Board determines that it is in the best interests of shareholders to do so. Because these fees are paid out of a Fund’s assets on an ongoing basis, to the extent that a fee is authorized, over time it will increase the cost of an investment in the Fund. The 12b-1 Plan Fee may cost an investor more than other types of sales charges.

(c) Fund Expenses  PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Funds bear other expenses which are not covered under the Management Fee which may vary and affect the total level of expenses paid by shareholders, such as (i) taxes and governmental fees; (ii) brokerage fees and commissions and other portfolio transaction expenses; (iii) costs of borrowing money, including interest expense; (iv) securities lending fees and expenses; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expense, including costs of litigation and indemnification expenses; and (vii) organizational expenses. The ratio of expenses to average net assets, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses as disclosed in the Prospectus.

Each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $62,000, plus $6,250 for each Board meeting attended in person, $375 ($750 in the case of the audit committee chair with respect to audit committee meetings) for each committee meeting attended and $750 for each Board meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $9,000, the valuation oversight committee lead receives an additional annual retainer of $2,000 (to the extent there are co-leads of the valuation oversight committee, the annual retainer will be split evenly between the co-leads, so that each co-lead individually receives an additional retainer of $1,000) and the governance committee chair receives an additional annual retainer of $750.

These expenses are allocated on a pro rata basis to each Fund of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Manager, all of whom receive remuneration for their services to the Trust from the Manager or its affiliates.

(d) Expense Limitation  Pursuant to the Expense Limitation Agreement, PIMCO has agreed to waive a portion of the Funds’ Management Fee, or reimburse each Fund, to the extent that each Fund’s organizational expenses and pro rata share of Trustee Fees exceed 0.0049%, the “Expense Limit” (calculated as a percentage of the Fund’s average

daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Under certain conditions, PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months after the waiver. At December 31, 2017, there were no recoverable amounts.

9. RELATED PARTY TRANSACTIONS

The Manager and Distributor are related parties. Fees paid to these parties are disclosed in Note 8, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 under the Act. Further, as defined under the procedures, each transaction is effected at the current market price.

10. GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust’s investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

11. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains

56 PIMCO EQUITY SERIES

December 31, 2017 (Unaudited)

(which are generally taxed at ordinary income tax rates). The transaction costs and tax effects associated with portfolio turnover may

adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2017, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	0	$	0	$	81,643	$	17,543
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0		0		8,344		5,382
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		0		0		6,956		4,124

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

12. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by a Fund only in Creation Units. Except when aggregated in Creation Units, shares of a Fund are not redeemable. Transactions in capital shares for a Fund are disclosed in detail on the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund generally consists of a basket of cash and/or securities that the Fund specifies each business day. Authorized Participants may be charged transaction fees as set forth below. To offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, Authorized Participants are subject to standard creation and redemption transaction fees payable directly to State Street Bank and Trust Company, the sub-administrator of the Funds. PIMCO may, from time to time, at its own expense, compensate purchasers of Creation Units who have purchased substantial amounts of Creation Units and other financial institutions for administrative or marketing services. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable charge up to the maximum amount shown in the table below.

Fund Name	Standard Creation/ Redemption Transaction Fee*		Maximum Variable Charge for Cash Creations**		Maximum Variable Charge for Cash Redemptions**
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	2,250		3.00%		2.00%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF	$	5,000		3.00%		2.00%
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	$	2,250		3.00%		2.00%

* Applicable to in-kind contributions or redemptions only.

** As a percentage of the cash amount invested or received.

13. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

14. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Manager has reviewed the Funds’ tax positions for all open tax years. As of December 31, 2017, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which

SEMIANNUAL REPORT DECEMBER 31, 2017 57

Notes to Financial Statements (Cont.)

December 31, 2017 (Unaudited)

can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an

unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of December 31, 2017, the aggregate cost and the net unrealized appreciation (depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(1)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	103,149	$	4,404	$	(1,185	)	$	3,219
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		23,245		1,424		(311	)		1,113
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		15,905		1,253		(179	)		1,074

⁽¹⁾  Primary differences, if any, between book and tax net unrealized appreciation (depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

58 PIMCO EQUITY SERIES

Glossary: (abbreviations that may be used in the preceding statements)

(Unaudited)

Currency Abbreviations:
USD (or $)	United States Dollar
Other Abbreviations:
ADR	American Depositary Receipt	REIT	Real Estate Investment Trust	SP - GDR	Sponsored Global Depositary Receipt
GDR	Global Depositary Receipt	SP - ADR	Sponsored American Depositary Receipt	TBA	To-Be-Announced
NVDR	Non-Voting Depositary Receipt

SEMIANNUAL REPORT DECEMBER 31, 2017 59

Approval of Investment Advisory Contract and Other Agreements

Approval of the Investment Management Agreement and Sub-Advisory Agreement for PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF, and PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

At a meeting held on May 17, 2017, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the Investment Management Agreement (the “New Funds’ Management Agreement”) between the Trust, on behalf of PIMCO RAFI Dynamic Multi-Factor International Equity ETF and PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (each a “New Fund” and collectively, the “New Funds”), and Pacific Investment Management Company LLC (“PIMCO”) for an initial two-year term. In addition, the Board considered and unanimously approved the Sub-Advisory Agreement (the “New Funds’ Sub-Advisory Agreement” and together with the New Funds’ Management Agreement, the “New Funds’ Agreements”) between PIMCO, on behalf of the New Funds, each a series of the Trust, and Parametric Portfolio Associates LLC (“Parametric”) for an initial two-year period.

The information, material factors and conclusions that formed the basis for the Board’s approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed:  The Trustees received a wide variety of materials relating to the services to be provided by PIMCO and Parametric, both in connection with the approval of the New Funds’ Agreements and with respect to services provided to existing series of the Trust. The Board reviewed information relating to the proposed New Funds’ operations, including shareholder services, valuation, distribution, custody, the New Funds’ compliance program and other information relating to the nature, extent and quality of services proposed to be provided by PIMCO. In considering whether to approve the New Funds’ Agreements, the Board reviewed materials provided by PIMCO, which included, among other things, comparative industry data with regard to advisory fees and expense ratios of funds with investment objectives and policies similar to those of the New Funds. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees, which included, among other things, memoranda outlining legal duties of the Board in considering the approval of the New Funds’ Agreements. The Board also reviewed information about the personnel who would be providing investment management services, other advisory services and supervisory and administrative services to the New Funds.

(b) Review Process:  In connection with the approval of the New Funds’ Agreements, the Board reviewed written materials prepared by PIMCO, which included, among other things, comparative fee data for funds in the appropriate Broadridge Financial Solutions, Inc. (“Lipper”) peer group. The Board also requested and received assistance and advice regarding, among other things, applicable legal standards from counsel to the Trust and the Independent Trustees. The Board heard oral presentations on matters related to the New Funds’ Agreements at the May 17, 2017 meeting. The approval determinations were made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the New Funds’ Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board’s consideration of the approval of the New Funds’ Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Parametric, their Personnel and Resources:  The Board considered the depth and quality of PIMCO’s investment management process, including: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the New Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO proposes to provide under the New Funds’ Management Agreement. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to investing in information technology and infrastructure supporting investment, compliance and risk management, as well as PIMCO’s continuing efforts to attract, retain and promote qualified personnel, including personnel with relevant equities experience, and to maintain and enhance its resources and systems. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations and its commitment to further developing and strengthening these programs, its oversight of matters that may involve conflicts of interest between the New Funds’ investments and those of other accounts managed by PIMCO, and its efforts to keep the Trustees informed about matters relevant to the New Funds and their shareholders.

60 PIMCO EQUITY SERIES

(Unaudited)

In addition, the Board considered the sub-advisory services proposed to be provided by Parametric to the New Funds. The Board also considered information about Parametric’s investment personnel responsible for providing services under the New Funds’ Sub-Advisory Agreement and Parametric’s existing operational connectivity and replication capabilities. The Board further considered the difference between the sub-advisory services that Parametric is proposed to provide to the New Funds and the portfolio implementation services that Parametric performs for certain other series of the Trust.

Ultimately, the Board further concluded that the nature, extent and quality of services proposed to be provided or procured by PIMCO under the New Funds’ Management Agreement and provided by Parametric under the New Funds’ Sub-Advisory Agreement are likely to benefit the New Funds and their shareholders.

(b) Other Services:  The Board also considered the nature, extent and quality of supervisory and administrative services to be provided by PIMCO to the New Funds under the New Funds’ Management Agreement. The Board considered the terms of the New Funds’ Management Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the “unified fee”). In return, PIMCO would provide or procure certain supervisory and administrative services and bears the costs of various third party services required by the New Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Board considered PIMCO’s provision of supervisory and administrative services to other series of the Trust and its supervision of the Trust’s third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of services to be provided or procured by PIMCO would likely benefit the New Funds and their shareholders.

3. INVESTMENT PERFORMANCE

As the New Funds had not yet commenced operations at the time the New Funds’ Agreements were considered, the Trustees did not receive or consider investment performance information.

4. MANAGEMENT FEE AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price funds to scale at the outset with reference to the total expense ratios of the respective Lipper median, if available, while providing a fee premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for the New Funds, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in

the provision of services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential returns to prospective investors in the New Funds.

The Board considered the uniqueness of the proposed fee structure within the Trust, considering comparable fee structures used by other PIMCO-advised exchange-traded funds. The Board reviewed the proposed management fee and estimated total expenses of each New Fund (each as a percentage of average net assets) and compared such amounts with the average and median expenses of other similar funds. With respect to the management fee of each New Fund, the Board reviewed data from Lipper that compared the average and median advisory fees of other funds in a “Peer Group” of comparable funds, as well as the universe of other similar funds. PIMCO reported to the Board that the proposed fees for each of the New Funds were competitive with both multi-factor and other exchange-traded funds following RAFI indices, while still reflecting a premium for innovation. The Board also noted that the management fees and total expenses for each of the New Funds compared favorably to the Lipper medians and Lipper averages for comparable funds.

The Board noted that the New Funds would be covered by an Expense Limitation Agreement that is designed to cap organizational expenses and trustee fees.

Based on information presented by PIMCO, Parametric and Lipper, members of the Board determined, in the exercise of their business judgment, that the management fee to be charged by PIMCO under the New Funds’ Agreements, as well as the total expenses of each New Fund, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

As the New Funds had not yet commenced operations at the time the New Funds’ Agreements were considered, information regarding PIMCO’s costs in providing services to the New Funds and the profitability of PIMCO’s relationship with the New Funds was not available.

The Trustees considered that the unified fee provides inherent economies of scale because the New Funds maintain competitive fixed unified fees over the contract term even if the particular New Fund’s assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund’s assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the New Funds’ unified fee structure, funds with “pass through” administrative fee structures may experience increased

SEMIANNUAL REPORT DECEMBER 31, 2017 61

Approval of Investment Advisory Contract and Other Agreements (Cont.)

(Unaudited)

expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive.

The Board concluded that the New Funds’ proposed cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the New Funds’ unified fee structure, by generally pricing the New Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the New Funds and their respective shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO’s institutional investment management business due to the reputation and market penetration of the Trust or third party service providers’ relationship-level fee concessions, which decrease fees paid by PIMCO. The Board reviewed PIMCO’s soft dollar policies and procedures, noting that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the New Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services to be rendered to the New Funds by PIMCO and Parametric supported the approval of New Funds’ Agreement. The Independent Trustees and the Board as a whole concluded that the New Funds’ Agreements were fair and reasonable to the New Funds and their respective shareholders and that the approval of the New Funds’ Agreements was in the best interest of the New Funds and their respective shareholders.

62 PIMCO EQUITY SERIES

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Adviser

Parametric Portfolio Associates

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

801 Pennsylvania

Kansas City, MO 64105

Transfer Agent

State Street Bank and Trust Company

1 Heritage Drive

Quincy, MA 02171

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Equity Series.

PES4004SAR_123117

Item 2. Code of Ethics.

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

Item 6. Schedule of Investments.

The information required by this Item 6 is included as part of the semiannual reports to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees since the Trust last provided disclosure in response to this item.

Item 11. Controls and Procedures.

(a) The principal executive officer and principal financial & accounting officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

  (a)(1)        Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.

  (a)(2)        Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

  (b)            Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PIMCO Equity Series
By:	/s/    Peter G. Strelow
	Peter G. Strelow President (Principal Executive Officer)
Date:	February 28, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/    Peter G. Strelow
	Peter G. Strelow President (Principal Executive Officer)
Date:	February 28, 2018
By:	/s/    Trent W. Walker
	Trent W. Walker Treasurer (Principal Financial & Accounting Officer)
Date:	February 28, 2018