PIMCO RAFI ESG U.S. ETF (RAFE) N-CSR Certified 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)

Bradley Todd

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: June 30, 2020

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 is a copy of the report 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 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 RAFI ESG U.S. ETF

PIMCO EQUITY SERIES^®

Annual Report

June 30, 2020

PIMCO Dividend and Income Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, pimco.com/literature, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by visiting pimco.com/edelivery or by contacting your financial intermediary, such as a broker-dealer or bank.

You may elect to receive all future reports in paper free of charge. If you own these shares through a financial intermediary, such as a broker-dealer or bank, you may contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 888.87.PIMCO (888.877.4626). Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Fund or to all funds held in your account if you invest through a financial intermediary, such as a broker-dealer or bank.

Table of Contents

	Page
Chairman’s Letter		2
Important Information About the PIMCO Dividend and Income Fund		5
Portfolio Summary		10
Expense Example		13
Financial Highlights		14
Statement of Assets and Liabilities		16
Statement of Operations		18
Statements of Changes in Net Assets		19
Schedule of Investments		20
Notes to Financial Statements		57
Report of Independent Registered Public Accounting Firm		89
Glossary		90
Federal Income Tax Information		91
Management of the Trust		92
Privacy Policy		95
Liquidity Risk Management Program		97

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,

We hope that you and your family are staying safe and healthy during these challenging times. We continue to work tirelessly to navigate markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Equity Series Annual Report, which covers the 12-month reporting period ended June 30, 2020. On the subsequent pages, you will find specific details regarding investment results and discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended June 30, 2020

The coronavirus took its toll on the U.S. economy, as it entered its first recession since the 2008 financial crisis. Looking back, U.S. gross domestic product (“GDP”) grew at a revised annual pace of 2.6% and 2.4% during the third and fourth quarters of 2019, respectively. The pandemic then caused the economy to significantly weaken, as annualized GDP growth in the first quarter of 2020 was -5.0%. The Commerce Department’s initial estimate for second quarter annualized GDP growth — released after the reporting period ended — was -32.9%. This represented the sharpest quarterly decline on record.

The Federal Reserve (the “Fed”) took unprecedented actions to support the economy and keep markets functioning properly. In early March 2020, the Fed lowered the federal funds rate to a range between 1.00% and 1.25%. Later in the month, the Fed lowered the rate to a range between 0.00% and 0.25%. On March 23, the Fed announced, “It has become clear that our economy will face severe disruptions. Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate.” The Fed’s efforts included the ability to make unlimited purchases of Treasury and mortgage securities. It also announced that, for the first time, it would purchase existing corporate bonds on the open market. In addition, the U.S. government passed a $2 trillion fiscal stimulus bill to aid the economy in March.

In its June 2020 World Economic Outlook Update, the International Monetary Fund (“IMF”) stated that it expects the U.S. economy to contract 8.0% in 2020, compared to the 2.3% GDP expansion in 2019. Elsewhere, the IMF has also stated that it anticipates that 2020 GDP growth in the eurozone, U.K. and Japan will be -10.2%, -10.2% and -5.8%, respectively. For comparison purposes, the GDP of these economies expanded 1.3%, 1.4% and 0.7%, respectively, in 2019.

Against this backdrop, central banks around the world took a number of aggressive actions. In Europe, the European Central Bank (the “ECB”) unveiled a new €750 billion bond-buying program, which was subsequently expanded by another €600 billion in June 2020. Finally, in July – after the reporting period ended — the European Union agreed on a $2.06 trillion spending package to bolster its economy.

2 PIMCO EQUITY SERIES

In March, the Bank of England reduced its key lending rate to 0.10% — a record low. Elsewhere, the Bank of Japan maintained its short-term interest rates at -0.1%, while increasing the target for its holdings of corporate bonds to ¥4.2 trillion from ¥3.2 trillion. Japan’s central bank also doubled its purchases of exchange-traded stock funds. Meanwhile, in May 2020, the Japanese government doubled its stimulus measures with a ¥117 trillion package.

Both short- and long-term U.S. Treasury yields fell sharply during the reporting period. In our view, this was due to a combination of declining global growth given the coronavirus, the Fed’s accommodative monetary policy and periods of extreme investor risk aversion. The yield on the benchmark 10-year U.S. Treasury note was 0.66% at the end of the reporting period, versus 2.00% on June 30, 2019. The Bloomberg Barclays Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including both developed and emerging markets, returned 6.01%. Meanwhile, the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned 6.90%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated weaker results. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below investment grade bonds, returned -0.75%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 1.52%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -2.82%.

After initially rising, global equities experienced a sharp decline in February and March 2020. We believe this was largely due to concerns over the impact of the coronavirus. In March 2020, the U.S. equity market ended its 11-year bull market run, and then posted the fastest fall on record from its all-time high to bear market territory. However, global equities rallied sharply in April, May and June 2020, in our view because investor sentiment improved given significant stimulus efforts from central banks around the world. All told, during the 12-months ended June 30, 2020, U.S. equities, as represented by the S&P 500 Index, returned 7.51% and global equities, as represented by the MSCI World Index, returned 2.84%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 6.98% and European equities, as represented by the MSCI Europe Index (in EUR), returned -5.48%. Finally, emerging market equities, as measured by the MSCI Emerging Markets Index, returned -3.39%.

Commodity prices were extremely volatile and generated mixed results. When the reporting period began, Brent crude oil was approximately $67 a barrel. It ended the reporting period at roughly $41 a barrel after briefly trading below $15. Elsewhere, copper prices were relatively flat, whereas gold prices moved higher.

ANNUAL REPORT JUNE 30, 2020 3

Chairman’s Letter (Cont.)

Finally, there were periods of volatility in the foreign exchange markets, due in part, in our view, to signs of moderating global growth, trade conflicts and changing central bank monetary policies, along with a number of geopolitical events. The U.S. dollar strengthened against a number of other major currencies. For example, the U.S. dollar returned 1.22%, 2.32% and 0.07% versus the euro, the British pound and the Japanese yen, respectively.

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

Sincerely,     Peter G. Strelow Chairman of the Board
PIMCO Equity Series  

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.

4 PIMCO EQUITY SERIES

Important Information About the PIMCO Dividend and Income Fund

PIMCO Equity Series (the “Trust”) is an open-end management investment company that includes PIMCO Dividend and Income Fund (the “Fund”).

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 the 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 Fund may be subject to various risks as described in its prospectus and in the Principal Risks in the Notes to Financial Statements.

Classifications of the Fund’s portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Fund’s compliance calculations, including those used in the Fund’s prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, 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.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Fund’s performance. In addition, COVID-19

ANNUAL REPORT JUNE 30, 2020 5

Important Information About the PIMCO Dividend and Income Fund (Cont.)

and governmental responses to COVID-19 may negatively impact the capabilities of the Fund’s service providers and disrupt the Fund’s operations.

The United States presidential administration’s enforcement of tariffs on goods from other countries, with a focus on China, has contributed to international trade tensions and may impact portfolio securities.

The United Kingdom’s withdrawal from the European Union may impact Fund returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

The Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to phase out the use of LIBOR by the end of 2021. The transition may result in a reduction in the value of certain instruments held by the Fund or a reduction in the effectiveness of related Fund transactions such as hedges. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities), and any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests are not known and could result in losses to the Fund.

Under the direction of the Federal Housing Finance Agency, the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Mortgage Corporation (“FHLMC”) have entered into a joint initiative to develop a common securitization platform for the issuance of a uniform mortgage-backed security (the “Single Security Initiative”) that aligns the characteristics of FNMA and FHLMC certificates. The Single Security Initiative was implemented on June 3, 2019, and the effects it may have on the market for mortgage-backed securities are uncertain.

On the 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, I-2 and I-3 shares is $1,000,000. The minimum initial investment amount for Class A and Class C shares is $1,000. The Fund measures its performance against at least one broad-based securities market index (“benchmark index”). The benchmark index does not take into account

6 PIMCO EQUITY SERIES

fees, expenses, or taxes. The 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 the Fund, even if the Fund 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) the Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) the Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in the Fund’s performance as compared to one or more previous reporting periods. Historical performance for the Fund or share class may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

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

Fund Name

Fund Inception

Institutional Class

I-2

I-3

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

Diversified

An investment in the Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the 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 Fund. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither the Fund’s prospectus nor the 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 the Fund creates a contract between or among any shareholder of the Fund, on the one hand, and the Trust, the Fund, a service provider to the Trust or the 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 the 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 the Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the 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

ANNUAL REPORT JUNE 30, 2020 7

Important Information About the PIMCO Dividend and Income Fund (Cont.)

behalf of the Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the 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 Fund files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Fund’s complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. Prior to its use of Form N-PORT, the Fund filed its complete schedule of its portfolio holdings with the SEC on Form N-Q, which is available online at www.sec.gov.

The SEC adopted a rule that, beginning in 2021, generally will allow the Fund to fulfill its obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Pursuant to the rule, investors may still elect to receive a complete shareholder report in the mail. Instructions for electing to receive paper copies of the Fund’s shareholder reports going forward may be found on the front cover of this report.

In November 2019, the SEC published a proposed rulemaking related to the use of derivatives and certain other transactions by registered investment companies. If the proposal is adopted in substantially the same form as it was proposed, these requirements could limit the ability of a Fund to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies. Any new requirements, if adopted, may increase the cost of the Fund’s investments and cost of doing business, which could adversely affect investors.

In April 2020, the SEC issued a proposed rulemaking setting forth a proposed framework for fair valuation of fund investments. If the proposal is adopted in substantially the same form as it was proposed, the rule would set forth requirements for good faith determinations of fair value, establish conditions under which a market quotation is considered readily available for purposes of the definition of “value” under the Investment Company Act of 1940, and address the roles and responsibilities of a fund’s board of trustees and investment adviser with respect to fair valuation of fund investments. The impact that any such requirements may have on the Fund is uncertain.

On August 5, 2020, the SEC proposed changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which, if adopted, will change the disclosures provided to shareholders.

8 PIMCO EQUITY SERIES

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ANNUAL REPORT JUNE 30, 2020 9

PIMCO Dividend and Income Fund

Cumulative Returns Through June 30, 2020

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

Average Annual Total Return for the period ended June 30, 2020
		1 Year		5 Years		Fund Inception (12/14/11)
	PIMCO Dividend and Income Fund Institutional Class		(11.38)%		0.04%		4.44%
	PIMCO Dividend and Income Fund I-2		(11.43)%		(0.03)%		4.35%
	PIMCO Dividend and Income Fund Class A		(11.72)%		(0.32)%		4.07%
	PIMCO Dividend and Income Fund Class A (adjusted)		(16.60)%		(1.45)%		3.38%
	PIMCO Dividend and Income Fund Class C		(12.36)%		(1.08)%		3.28%
	PIMCO Dividend and Income Fund Class C (adjusted)		(13.22)%		(1.08)%		3.28%
	MSCI World Index±		2.84%		6.90%		10.18%
	75% MSCI World Index/25% Bloomberg Barclays Global Aggregate USD Unhedged±±		3.55%		6.26%		8.26%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

^± 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 0.96% for Institutional Class shares, 1.06% for I-2 shares, 1.31% for Class A shares, and 2.06% for 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 - PQIIX	I-2 -  PQIPX
Class A - PQIZX	Class C - PQICX

Geographic Breakdown as of June 30, 2020†§
United States	53.9%
Japan	10.7%
United Kingdom	7.4%
France	4.5%
Australia	4.1%
Germany	3.6%
Switzerland	2.1%
Spain	1.7%
Italy	1.7%
Netherlands	1.4%
Cayman Islands	1.3%
Short- Term Instruments‡	1.0%
Other	6.6%

Sector Breakdown as ofJune 30, 2020†§
Financials	13.9%
U.S. Government Agencies	9.5%
Industrials	8.6%
Consumer Discretionary	7.4%
Health Care	6.6%
Communication Services	6.5%
Energy	6.3%
Consumer Staples	6.2%
Utilities	5.3%
Information Technology	5.2%
Banking & Finance	5.1%
Materials	4.4%
Asset-Backed Securities	3.7%
Non-Agency Mortgage-Backed Securities	3.5%
U.S. Treasury Obligations	2.6%
Real Estate	1.6%
Sovereign Issues	1.2%
Short- Term Instruments‡	1.0%
Other	1.4%

^†   % of Investments, at value.

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

^‡  Includes Central Funds Used for Cash Management Purposes.

ANNUAL REPORT JUNE 30, 2020 11

PIMCO Dividend and Income Fund (Cont.)

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. Equity-related securities include securities having an equity component (e.g., hybrids, bank capital) and equity derivatives. With respect to investments in equity securities, there is no limitation on the market capitalization range of the issuers in which the Fund may invest. 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.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

Equity Portfolio:

» Underweight exposure to the real estate 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.

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

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

Fixed Income Portfolio:

» Exposure to U.S. duration contributed to performance, as U.S. interest rates decreased.

» Exposure to U.S. cash rate contributed to performance, as 3-month London Inter Bank Offering Rate was positive.

» Exposure to non-Agency mortgage backed securities detracted from performance, as prices for these securities decreased.

» Exposure to emerging market currencies detracted from performance, as these currencies depreciated relative to the U.S. dollar.

» Select holdings of external emerging markets debt detracted from returns, as spreads widened.

12 PIMCO EQUITY SERIES

Expense Example

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 investment advisory fees, supervisory and administrative 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 January 1, 2020 to June 30, 2020 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 investment advisory fees and supervisory and administrative 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 (01/01/20)		Ending Account Value (06/30/20)		Expenses Paid During Period*		Beginning Account Value (01/01/20)		Ending Account Value (06/30/20)		Expenses Paid During Period*		Net Annualized Expense Ratio**
Institutional Class	$	1,000.00	$	838.70	$	3.77	$	1,000.00	$	1,020.62	$	4.15		0.83	%
I-2		1,000.00		838.00		4.23		1,000.00		1,020.13		4.65		0.93
Class A		1,000.00		836.90		5.36		1,000.00		1,018.89		5.89		1.18
Class C		1,000.00		833.30		8.75		1,000.00		1,015.18		9.62		1.93

* 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 181/366 (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.

ANNUAL REPORT JUNE 30, 2020 13

Financial Highlights PIMCO Dividend and Income Fund

				Investment Operations											Less Distributions(c)
Selected Per Share Data for the Year^:	Net Asset Value Beginning of Year(a)			Net Investment Income (Loss)(b)			Net Realized/ Unrealized Gain (Loss)				Total				From Net Investment Income				From Net Realized Capital Gains				Total
Institutional Class
06/30/2020		$	11.27		$	0.33		$	(1.57	)		$	(1.24	)		$	(0.32	)		$	0.00			$	(0.32	)
06/30/2019			11.54			0.39			(0.18	)			0.21				(0.48	)			0.00				(0.48	)
06/30/2018			11.09			0.36			0.41				0.77				(0.32	)			0.00				(0.32	)
06/30/2017			9.94			0.30			1.08				1.38				(0.23	)			0.00				(0.23	)
06/30/2016			12.29			0.43			(1.58	)			(1.15	)			(0.44	)			(0.76	)			(1.20	)
I-2
06/30/2020			11.29			0.32			(1.58	)			(1.26	)			(0.31	)			0.00				(0.31	)
06/30/2019			11.56			0.38			(0.19	)			0.19				(0.46	)			0.00				(0.46	)
06/30/2018			11.11			0.34			0.42				0.76				(0.31	)			0.00				(0.31	)
06/30/2017			9.96			0.30			1.07				1.37				(0.22	)			0.00				(0.22	)
06/30/2016			12.30			0.39			(1.54	)			(1.15	)			(0.43	)			(0.76	)			(1.19	)
Class A
06/30/2020			11.27			0.29			(1.57	)			(1.28	)			(0.29	)			0.00				(0.29	)
06/30/2019			11.53			0.35			(0.19	)			0.16				(0.42	)			0.00				(0.42	)
06/30/2018			11.08			0.31			0.42				0.73				(0.28	)			0.00				(0.28	)
06/30/2017			9.94			0.27			1.07				1.34				(0.20	)			0.00				(0.20	)
06/30/2016			12.29			0.39			(1.57	)			(1.18	)			(0.41	)			(0.76	)			(1.17	)
Class C
06/30/2020			11.29			0.21			(1.57	)			(1.36	)			(0.23	)			0.00				(0.23	)
06/30/2019			11.48			0.26			(0.18	)			0.08				(0.27	)			0.00				(0.27	)
06/30/2018			11.06			0.22			0.42				0.64				(0.22	)			0.00				(0.22	)
06/30/2017			9.92			0.18			1.07				1.25				(0.11	)			0.00				(0.11	)
06/30/2016			12.27			0.31			(1.57	)			(1.26	)			(0.33	)			(0.76	)			(1.09	)

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

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

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

^(c)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

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

14 PIMCO EQUITY SERIES See Accompanying Notes

						Ratios/Supplemental Data
									Ratios to Average Net Assets
Net Asset Value End of Year(a)			Total Return(a)			Net Assets End of Year (000s)			Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
	$	9.71		(11.38	)%		$	16,438		0.83	%		0.84	%		0.80	%		0.81	%		3.05	%		158	%
		11.27		2.06				20,685		0.95			0.96			0.80			0.81			3.48			108
		11.54		6.89				23,027		0.85			0.86			0.80			0.81			3.04			80
		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	(d)		1.00	(d)		0.83	(d)		1.00	(d)		4.03			114
		9.72		(11.52	)			19,236		0.93			0.94			0.90			0.91			2.95			158
		11.29		1.91				25,573		1.05			1.06			0.90			0.91			3.40			108
		11.56		6.80				27,286		0.95			0.96			0.90			0.91			2.94			80
		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	(d)		1.10	(d)		0.93	(d)		1.10	(d)		3.53			114
		9.70		(11.72	)			96,148		1.18			1.19			1.15			1.16			2.70			158
		11.27		1.61				122,533		1.30			1.31			1.15			1.16			3.13			108
		11.53		6.60				138,561		1.20			1.21			1.15			1.16			2.70			80
		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	(d)		1.35	(d)		1.18	(d)		1.35	(d)		3.67			114
		9.70		(12.36	)			46,644		1.93			1.94			1.90			1.91			1.92			158
		11.29		0.87				83,059		2.05			2.06			1.90			1.91			2.34			108
		11.48		5.72				115,183		1.95			1.96			1.90			1.91			1.91			80
		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	(d)		2.10	(d)		1.93	(d)		2.10	(d)		2.91			114

ANNUAL REPORT JUNE 30, 2020 15

Statement of Assets and Liabilities PIMCO Dividend and Income Fund

(Amounts in thousands†, except per share amounts)
Assets:
Investments, at value
Investments in securities*	$	198,745
Investments in Affiliates		539
Financial Derivative Instruments
Exchange-traded or centrally cleared		63
Over the counter		85
Cash		1
Deposits with counterparty		867
Foreign currency, at value		591
Receivable for investments sold		22,380
Receivable for TBA investments sold		20,565
Receivable for Fund shares sold		971
Interest and/or dividends receivable		1,056
Reimbursement receivable from PIMCO		1
Other assets		1
Total Assets		245,865
Liabilities:
Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	6,199
Payable for sale-buyback transactions		560
Financial Derivative Instruments
Exchange-traded or centrally cleared		35
Over the counter		254
Payable for investments purchased		22,570
Payable for TBA investments purchased		36,642
Payable for unfunded loan commitments		25
Payable for Fund shares redeemed		921
Accrued investment advisory fees		73
Accrued supervisory and administrative fees		59
Accrued distribution fees		30
Accrued servicing fees		30
Accrued reimbursement to PIMCO		1
Total Liabilities		67,399
Net Assets	$	178,466
Net Assets Consist of:
Paid in capital	$	299,423
Distributable earnings (accumulated loss)		(120,957	)
Net Assets	$	178,466
Cost of investments in securities	$	204,470
Cost of investments in Affiliates	$	538
Cost of foreign currency held	$	602
Cost or premiums of financial derivative instruments, net	$	(91	)
* Includes repurchase agreements of:	$	1,101

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

16 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

Net Assets:
Institutional Class	$	16,438
I-2		19,236
Class A		96,148
Class C		46,644
Shares Issued and Outstanding:
Institutional Class		1,694
I-2		1,978
Class A		9,912
Class C		4,808
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	9.71
I-2		9.72
Class A		9.70
Class C		9.70

^(a)   Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

ANNUAL REPORT JUNE 30, 2020 17

Statement of Operations PIMCO Dividend and Income Fund

Year Ended June 30, 2020
(Amounts in thousands†)
Investment Income:
Interest	$	2,716
Dividends, net of foreign taxes*		5,732
Dividends from Investments in Affiliates		21
Total Income		8,469
Expenses:
Investment advisory fees		1,074
Supervisory and administrative fees		858
Distribution fees - Class C		483
Servicing fees - Class A		280
Servicing fees - Class C		161
Trustee fees		18
Interest expense		58
Miscellaneous expense		16
Total Expenses		2,948
Waiver and/or Reimbursement by PIMCO		(18	)
Net Expenses		2,930
Net Investment Income (Loss)		5,539
Net Realized Gain (Loss):
Investments in securities		(17,917	)
Exchange-traded or centrally cleared financial derivative instruments		575
Over the counter financial derivative instruments		402
Foreign currency		(100	)
Net Realized Gain (Loss)		(17,040	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(14,182	)
Exchange-traded or centrally cleared financial derivative instruments		(1,225	)
Over the counter financial derivative instruments		(365	)
Foreign currency assets and liabilities		1
Net Change in Unrealized Appreciation (Depreciation)		(15,771)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(27,272	)
* Foreign tax withholdings - Dividends	$	271

^†   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

(Amounts in thousands†)	Year Ended June 30, 2020			Year Ended June 30, 2019
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	5,539		$	7,923
Net realized gain (loss)		(17,040	)		6,596
Net change in unrealized appreciation (depreciation)		(15,771	)		(11,287	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(27,272	)		3,232
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(569	)		(897	)
I-2		(701	)		(1,066	)
Class A		(3,061	)		(4,742	)
Class C		(1,420	)		(2,395	)
Total Distributions(a)		(5,751	)		(9,100	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		(40,361	)		(46,339	)
Total Increase (Decrease) in Net Assets		(73,384	)		(52,207	)
Net Assets:
Beginning of year		251,850			304,057
End of year	$	178,466		$	251,850

^†   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. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

ANNUAL REPORT JUNE 30, 2020 19

Schedule of Investments PIMCO Dividend and Income Fund

(Amounts in thousands*, except number of shares, contracts and units, if any)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 111.4%
ASSET-BACKED SECURITIES 4.2%
CAYMAN ISLANDS 0.7%
Evans Grove CLO Ltd.
1.291% due 05/28/2028 •	$		793	$		783
TruPS Financials Note Securitization Ltd.
1.876% due 09/20/2039 •			431			401
Total Cayman Islands						1,184
UNITED STATES 3.5%
Conseco Finance Corp.
6.280% due 09/01/2030			250			261
Credit Suisse First Boston Mortgage Securities Corp.
0.805% due 01/25/2032 •			1,006			948
EMC Mortgage Loan Trust
1.485% due 02/25/2041 •			33			32
Legacy Mortgage Asset Trust
1.930% due 01/28/2070 •			893			886
LP Credit Card ABS Master Trust
2.323% due 08/20/2024 •			277			282
Morgan Stanley Home Equity Loan Trust
0.285% due 12/25/2036 •			1,691			929
Navient Student Loan Trust
1.235% due 12/27/2066 •			480			466
Residential Asset Securities Corp. Trust
1.070% due 01/25/2034 •			997			987
Structured Asset Investment Loan Trust
0.335% due 09/25/2036 •			1,557			1,498
Total United States						6,289
Total Asset-Backed Securities (Cost $7,276)						7,473
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7%
LUXEMBOURG 0.0%
Intelsat Jackson Holdings S.A.
6.500% (LIBOR03M + 5.500%) due 07/13/2022 ~µ			13			13
6.625% - 8.625% due 01/02/2024			13			13
8.000% (PRIME + 4.750%) due 11/27/2023 ~			14			14
Total Luxembourg						40
UNITED STATES 0.7%
Avolon TLB Borrower (U.S.) LLC
2.250% (LIBOR03M + 1.500%) due 02/12/2027 ~			7			6

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Bausch Health Cos., Inc.
3.190% (LIBOR03M + 3.000%) due 06/02/2025 ~	$		4	$		4
Beacon Roofing Supply, Inc.
2.428% (LIBOR03M + 2.250%) due 01/02/2025 ~			10			9
BWAY Holding Co.
4.561% (LIBOR03M + 3.250%) due 04/03/2024 ~			10			9
Caesars Resort Collection LLC
2.928% (LIBOR03M + 2.750%) due 12/23/2024 ~			98			87
Core & Main LP
3.750% (LIBOR03M + 2.750%) due 08/01/2024 ~			10			9
Diamond Resorts Corp.
4.750% (LIBOR03M + 3.750%) due 09/02/2023 ~			96			85
Elanco Animal Health, Inc.
TBD% due 02/04/2027			12			12
Emerald TopCo, Inc.
4.260% (LIBOR03M + 3.500%) due 07/24/2026 ~			3			3
Envision Healthcare Corp.
3.928% (LIBOR03M + 3.750%) due 10/10/2025 ~			101			68
EyeCare Partners LLC
TBD% due 02/18/2027 µ			1			1
4.058% (LIBOR03M + 3.750%) due 02/05/2027 ~			4			4
Froneri International PLC
2.428% (LIBOR03M + 2.250%) due 01/29/2027 ~			10			9
Frontier Communications Corp.
5.350% - 6.000% (LIBOR03M + 3.750%) due 06/15/2024 ~			26			25
Hilton Worldwide Finance LLC
1.935% (LIBOR03M + 1.750%) due 06/22/2026 ~			230			216
Ingersoll Rand Co. Ltd.
1.928% (LIBOR03M + 1.750%) due 03/01/2027 ~			9			9
Jefferies Finance LLC
3.188% (LIBOR03M + 3.000%) due 06/03/2026 ~			4			4
McDermott Technology Americas, Inc.
3.178% (LIBOR03M + 3.000%) due 06/30/2025 «~			1			1
McDermott Technology Americas, Inc.
4.178% (LIBOR03M + 4.000%) due 06/30/2025 «~			3			3

20 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MH Sub LLC
4.572% (LIBOR03M + 3.750%) due 09/13/2024 ~	$		20	$		19
Nascar Holdings, Inc.
2.930% (LIBOR03M + 2.750%) due 10/19/2026 ~			3			3
Neiman Marcus Group Ltd. LLC
TBD% due 05/08/2025 «			13			13
0.000 - 2.000% due 10/25/2023 ^(b)			294			73
14.000% (LIBOR03M + 12.750%) due 10/07/2020 «~µ			78			80
Pacific Gas & Electric Co.
TBD% due 02/22/2049 ^«(b)			262			285
PetSmart, Inc.
5.000% (LIBOR03M + 4.000%) due 03/11/2022 ~			13			12
PG&E Corp.
TBD% due 04/16/2021 «			27			27
PUG LLC
3.678% (LIBOR03M + 3.500%) due 02/12/2027 «~			4			4
Refinitiv U.S. Holdings, Inc.
3.428% (LIBOR03M + 3.250%) due 10/01/2025 ~			114			112
Syniverse Holdings, Inc.
6.873% (LIBOR03M + 5.000%) due 03/09/2023 ~			13			9
U.S. Renal Care, Inc.
5.178% (LIBOR03M + 5.000%) due 06/26/2026 ~			13			12
Westmoreland Mining Holdings LLC
9.250% (LIBOR03M + 8.250%) due 03/15/2022 «~			1			1
Westmoreland Mining Holdings LLC (15.000% PIK)
15.000% due 03/15/2029 «(a)			4			2
Whatabrands LLC
2.925% (LIBOR03M + 2.750%) due 07/31/2026 ~			2			2
Windstream Services LLC
8.250% (PRIME + 5.000%) due 03/29/2021 «~			2			1
Total United States						1,219
Total Loan Participations and Assignments (Cost $1,453)						1,259

	SHARES			MARKET VALUE (000S)
COMMON STOCKS 72.6%
AUSTRALIA 4.6%
COMMUNICATION SERVICES 0.2%
Telstra Corp. Ltd.		117,678	$		256
CONSUMER DISCRETIONARY 0.3%
Crown Resorts Ltd.		13,379			90
Harvey Norman Holdings Ltd.		11,857			29
Wesfarmers Ltd.		9,938			309
					428
CONSUMER STAPLES 0.3%
Coca-Cola Amatil Ltd.		12,706			76
Coles Group Ltd.		2,844			34
Metcash Ltd.		41,054			77
Woolworths Group Ltd.		13,996			361
					548
ENERGY 0.0%
Woodside Petroleum Ltd.		4,646			70
FINANCIALS 2.3%
AMP Ltd.		161,557			209
Australia & New Zealand Banking Group Ltd.		59,628			774
Bank of Queensland Ltd.		12,510			54
Bendigo & Adelaide Bank Ltd.		13,396			65
Commonwealth Bank of Australia		18,987			917
National Australia Bank Ltd.		59,367			752
Suncorp Group Ltd.		36,727			236
Westpac Banking Corp.		90,577			1,135
					4,142
INDUSTRIALS 0.0%
Aurizon Holdings Ltd.		16,392			56
MATERIALS 1.4%
BHP Group Ltd.		73,525			1,831
BHP Group PLC		11,817			242
Boral Ltd.		8,121			21
Fortescue Metals Group Ltd.		47,346			460
					2,554

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 21

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

	SHARES			MARKET VALUE (000S)
UTILITIES 0.1%
AGL Energy Ltd.		10,644	$		126
Total Australia					8,180
AUSTRIA 0.1%
MATERIALS 0.1%
voestalpine AG		6,051			131
Total Austria					131
BELGIUM 0.1%
COMMUNICATION SERVICES 0.0%
Proximus SADP		3,490			71
FINANCIALS 0.1%
Ageas S.A. (c)		2,819			100
INDUSTRIALS 0.0%
bpost S.A. (c)		9,657			65
MATERIALS 0.0%
Solvay S.A.		164			13
Total Belgium					249
BRAZIL 0.0%
ENERGY 0.0%
Dommo Energia S.A. (c)(j)		4,269			1
Dommo Energia S.A. «(c)(j)		20,008			5
Dommo Energia S.A. SP - ADR (c)		63			0
					6
UTILITIES 0.0%
Eneva S.A. (c)(j)		899			7
Total Brazil					13
CANADA 0.7%
COMMUNICATION SERVICES 0.1%
Corus Entertainment, Inc. ‘B’		13,783			29
Shaw Communications, Inc. ‘B’		2,325			38
					67

	SHARES			MARKET VALUE (000S)
ENERGY 0.2%
ARC Resources Ltd.		26,358	$		89
Crescent Point Energy Corp.		60,416			98
Enbridge, Inc.		3,217			98
Inter Pipeline Ltd.		3,906			36
Peyto Exploration & Development Corp.		28,224			37
Suncor Energy, Inc.		1,393			23
Vermilion Energy, Inc.		8,803			39
					420
FINANCIALS 0.3%
Canadian Imperial Bank of Commerce		2,806			188
National Bank of Canada		2,257			102
Power Corp. of Canada		14,717			259
					549
UTILITIES 0.1%
Atco Ltd. ‘I’		3,619			107
TransAlta Corp.		13,769			82
					189
Total Canada					1,225
DENMARK 0.1%
FINANCIALS 0.1%
Danske Bank A/S (c)		15,588			208
HEALTH CARE 0.0%
Novo Nordisk A/S ‘B’		501			33
Total Denmark					241
FINLAND 0.9%
FINANCIALS 0.8%
Nordea Bank Abp (c)		180,753			1,254
Sampo Oyj ‘A’		3,207			110
					1,364
INDUSTRIALS 0.0%
Kone Oyj ‘B’		187			13
Wartsila Oyj Abp		3,622			29
					42

22 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
MATERIALS 0.1%
UPM-Kymmene Oyj		3,891	$		113
Total Finland					1,519
FRANCE 3.8%
COMMUNICATION SERVICES 0.4%
Eutelsat Communications S.A.		1,406			13
Lagardere S.C.A. (c)		9,226			132
Orange S.A. (c)		33,964			406
Vivendi S.A.		3,785			98
					649
CONSUMER DISCRETIONARY 0.6%
Cie Generale des Etablissements Michelin S.C.A.		1,177			123
Renault S.A. (c)		35,693			914
Valeo S.A.		3,028			79
					1,116
CONSUMER STAPLES 0.3%
Carrefour S.A.		22,272			345
Casino Guichard Perrachon S.A.		5,280			196
					541
ENERGY 0.4%
Total S.A.		16,663			643
FINANCIALS 1.0%
AXA S.A.		23,768			500
BNP Paribas S.A. (c)		13,935			557
Natixis S.A. (c)		48,259			126
Societe Generale S.A. (c)		41,230			689
					1,872
HEALTH CARE 0.6%
Sanofi		9,844			1,004
INDUSTRIALS 0.3%
Bouygues S.A. (c)		5,856			201
Cie de Saint-Gobain (c)		7,016			253
Rexel S.A.		8,511			97
					551

	SHARES			MARKET VALUE (000S)
UTILITIES 0.2%
Electricite de France S.A.		34,213	$		318
Total France					6,694
GERMANY 2.8%
COMMUNICATION SERVICES 0.1%
ProSiebenSat.1 Media SE (c)		6,511			78
Telefonica Deutschland Holding AG		44,469			131
					209
CONSUMER DISCRETIONARY 0.9%
Bayerische Motoren Werke AG		8,377			535
Ceconomy AG		13,779			48
Daimler AG		26,498			1,078
Hugo Boss AG		711			22
					1,683
CONSUMER STAPLES 0.1%
Metro AG		16,805			159
Suedzucker AG		5,126			81
					240
FINANCIALS 0.3%
Deutsche Pfandbriefbank AG (c)		1,830			13
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,792			467
Talanx AG		1,873			70
					550
HEALTH CARE 0.4%
Bayer AG		10,080			747
INDUSTRIALS 0.4%
Deutsche Lufthansa AG		27,827			279
Deutsche Post AG (c)		5,743			211
Hochtief AG		151			13
Siemens AG		1,588			187
					690

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 23

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

	SHARES			MARKET VALUE (000S)
MATERIALS 0.5%
Aurubis AG		1,033	$		64
BASF SE		10,477			588
Covestro AG		2,036			78
Evonik Industries AG		3,593			91
K+S AG		6,762			43
					864
UTILITIES 0.1%
E.ON SE		7,867			89
Total Germany					5,072
HONG KONG 0.5%
COMMUNICATION SERVICES 0.0%
PCCW Ltd.		101,000			58
CONSUMER DISCRETIONARY 0.1%
SJM Holdings Ltd.		93,000			104
Yue Yuen Industrial Holdings Ltd.		28,500			44
					148
INFORMATION TECHNOLOGY 0.1%
Kingboard Holdings Ltd.		21,000			55
VTech Holdings Ltd.		3,700			22
					77
REAL ESTATE 0.3%
Kerry Properties Ltd.		24,000			62
Shimao Property Holdings Ltd.		39,500			169
Swire Pacific Ltd. ‘A’		18,500			98
Wharf Holdings Ltd.		43,000			88
Wheelock & Co. Ltd.		22,000			184
					601
Total Hong Kong					884
ISRAEL 0.0%
COMMUNICATION SERVICES 0.0%
Bezeq The Israeli Telecommunication Corp. Ltd. (c)		93,796			85
Total Israel					85

	SHARES			MARKET VALUE (000S)
ITALY 1.6%
ENERGY 0.3%
Eni SpA		55,038	$		528
FINANCIALS 0.8%
Assicurazioni Generali SpA (c)		22,526			342
Intesa Sanpaolo SpA (c)		464,354			893
Poste Italiane SpA		21,308			186
					1,421
UTILITIES 0.5%
Enel SpA		108,757			940
Total Italy					2,889
JAPAN 12.0%
COMMUNICATION SERVICES 1.2%
GungHo Online Entertainment, Inc.		2,800			50
KDDI Corp.		3,300			99
Nippon Telegraph & Telephone Corp.		36,100			841
NTT DOCOMO, Inc.		26,700			709
Softbank Corp.		39,400			502
					2,201
CONSUMER DISCRETIONARY 2.3%
Aisin Seiki Co. Ltd.		4,000			117
Aoyama Trading Co. Ltd.		7,400			51
Benesse Holdings, Inc.		500			13
Bridgestone Corp.		12,400			400
EDION Corp.		3,600			37
Honda Motor Co. Ltd.		27,800			711
Mazda Motor Corp.		20,700			125
Nikon Corp.		2,300			19
Nissan Motor Co. Ltd.		137,200			509
NOK Corp.		1,500			19
Panasonic Corp.		20,300			178
Sekisui House Ltd.		15,800			302
Skylark Co. Ltd.		2,300			37
Subaru Corp.		23,100			484
Sumitomo Rubber Industries Ltd.		6,800			67
Toyota Motor Corp.		13,600			855

24 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
Yamaha Motor Co. Ltd.		4,900	$		77
Yokohama Rubber Co. Ltd.		1,200			17
					4,018
CONSUMER STAPLES 0.8%
Japan Tobacco, Inc.		54,200			1,007
Kirin Holdings Co. Ltd.		12,200			257
NH Foods Ltd.		2,300			92
Seven & i Holdings Co. Ltd.		4,800			157
					1,513
ENERGY 0.1%
Cosmo Energy Holdings Co. Ltd.		4,300			63
Idemitsu Kosan Co. Ltd.		3,700			78
JXTG Holdings, Inc.		26,900			96
					237
FINANCIALS 2.1%
Aozora Bank Ltd.		700			12
Chiba Bank Ltd.		5,000			24
Concordia Financial Group Ltd.		18,200			58
Daiwa Securities Group, Inc.		15,700			66
Gunma Bank Ltd.		5,200			17
Hachijuni Bank Ltd.		5,800			22
Japan Post Holdings Co. Ltd.		33,600			240
Mitsubishi UFJ Financial Group, Inc.		220,800			869
Mizuho Financial Group, Inc.		437,600			538
MS&AD Insurance Group Holdings, Inc.		2,800			77
Nomura Holdings, Inc.		66,300			298
ORIX Corp.		19,300			240
Resona Holdings, Inc.		34,500			118
Sumitomo Mitsui Financial Group, Inc.		34,800			982
Sumitomo Mitsui Trust Holdings, Inc.		3,300			93
Suruga Bank Ltd.		21,100			74
Yamaguchi Financial Group, Inc.		4,100			25
					3,753
HEALTH CARE 0.4%
Astellas Pharma, Inc.		16,800			280
Daiichi Sankyo Co. Ltd.		500			41

	SHARES			MARKET VALUE (000S)
Miraca Holdings, Inc.		3,000	$		71
Nipro Corp.		4,800			53
Takeda Pharmaceutical Co. Ltd.		7,100			255
					700
INDUSTRIALS 1.9%
Amada Co. Ltd.		1,600			13
Asahi Glass Co. Ltd.		3,300			95
Dai Nippon Printing Co. Ltd.		5,600			129
Fujikura Ltd.		11,200			33
ITOCHU Corp.		17,000			368
Japan Airlines Co. Ltd.		6,200			112
Kawasaki Heavy Industries Ltd.		5,000			72
Komatsu Ltd.		10,600			217
Marubeni Corp.		62,600			284
Mitsubishi Corp.		31,800			672
Mitsubishi Electric Corp.		1,100			14
Mitsubishi Heavy Industries Ltd.		11,100			262
Mitsui & Co. Ltd.		24,500			363
Mitsui E&S Holdings Co. Ltd. (c)		5,900			23
NSK Ltd.		29,400			220
Sojitz Corp.		33,500			73
Sumitomo Corp.		31,500			362
Toppan Printing Co. Ltd.		3,300			55
Toyota Tsusho Corp.		2,400			61
					3,428
INFORMATION TECHNOLOGY 1.9%
Canon, Inc.		69,600			1,388
Fujitsu Ltd.		4,000			468
Hitachi Ltd.		17,400			553
Konica Minolta, Inc.		29,000			101
Mixi, Inc.		7,100			126
NEC Corp.		5,800			279
Nippon Electric Glass Co. Ltd.		4,000			63
Oki Electric Industry Co. Ltd.		3,300			32
Ricoh Co. Ltd.		20,600			148
Seiko Epson Corp.		11,200			128
Tokyo Electron Ltd.		200			49
					3,335
MATERIALS 0.8%
Asahi Kasei Corp.		5,700			47

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 25

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

	SHARES			MARKET VALUE (000S)
Daicel Corp.		9,800	$		76
DIC Corp.		1,900			48
JFE Holdings, Inc.		7,000			51
JSR Corp.		2,500			48
Kobe Steel Ltd.		26,400			91
Kuraray Co. Ltd.		9,800			103
Mitsubishi Chemical Holdings Corp.		14,900			87
Mitsubishi Gas Chemical Co., Inc.		900			14
Mitsubishi Materials Corp.		3,500			74
Nippon Light Metal Holdings Co. Ltd.		18,600			33
Nippon Paper Industries Co. Ltd. ‘L’		5,800			81
Nippon Steel Corp.		12,600			119
Nitto Denko Corp.		200			11
Showa Denko KK		500			11
Sumitomo Chemical Co. Ltd.		61,700			186
Tosoh Corp.		5,500			75
Toyobo Co. Ltd.		4,700			65
Ube Industries Ltd.		7,700			133
					1,353
REAL ESTATE 0.1%
Daito Trust Construction Co. Ltd.		1,700			157
Nomura Real Estate Holdings, Inc.		2,100			39
					196
UTILITIES 0.4%
Chubu Electric Power Co., Inc.		17,300			217
Chugoku Electric Power Co., Inc.		8,800			117
Electric Power Development Co. Ltd. ‘C’		3,000			57
Hokuriku Electric Power Co.		8,900			56
Osaka Gas Co. Ltd.		1,200			24
Tohoku Electric Power Co., Inc.		20,400			194
					665
Total Japan					21,399

	SHARES			MARKET VALUE (000S)
JERSEY, CHANNEL ISLANDS 0.0%
MATERIALS 0.0%
Amcor PLC		3,223	$		33
Total Jersey, Channel Islands					33
LUXEMBOURG 0.1%
COMMUNICATION SERVICES 0.1%
Millicom International Cellular S.A.		3,297			87
RTL Group S.A.		657			21
					108
MATERIALS 0.0%
Ternium S.A. SP - ADR		5,630			85
Total Luxembourg					193
MEXICO 0.0%
CONSUMER DISCRETIONARY 0.0%
Desarrolladora Homex S.A.B. de C.V. (c)		41,996			0
Total Mexico					0
NETHERLANDS 1.2%
COMMUNICATION SERVICES 0.2%
Koninklijke KPN NV		30,099			80
VEON Ltd. ADR		121,048			218
					298
CONSUMER STAPLES 0.0%
Koninklijke Ahold Delhaize NV		481			13
ENERGY 0.5%
Royal Dutch Shell PLC ‘A’		60,261			965
FINANCIALS 0.4%
ABN AMRO Bank NV		17,728			152
Aegon NV		63,227			187
ASR Nederland NV (c)		2,220			68
ING Groep NV		20,318			142
NN Group NV (c)		3,369			114
					663

26 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.1%
Signify NV (c)		8,355	$		215
Total Netherlands					2,154
NEW ZEALAND 0.0%
MATERIALS 0.0%
Fletcher Building Ltd.		25,262			61
Total New Zealand					61
NORWAY 0.3%
COMMUNICATION SERVICES 0.1%
Telenor ASA		6,709			98
ENERGY 0.2%
Equinor ASA		27,242			393
FINANCIALS 0.0%
DNB ASA (c)		2,270			30
Total Norway					521
PORTUGAL 0.2%
UTILITIES 0.2%
EDP - Energias de Portugal S.A.		72,500			346
Total Portugal					346
SINGAPORE 0.1%
INDUSTRIALS 0.1%
Keppel Corp. Ltd.		24,100			104
Sembcorp Industries Ltd.		27,100			34
					138
Total Singapore					138
SPAIN 1.9%
COMMUNICATION SERVICES 0.5%
Telefonica S.A.		176,636			845
ENERGY 0.2%
Repsol S.A.		40,788			360

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.8%
Banco Bilbao Vizcaya Argentaria S.A.		138,758	$		478
Banco de Sabadell S.A.		86,251			30
Banco Santander S.A.		336,990			825
Bankia S.A.		64,888			69
Mapfre S.A.		39,328			70
					1,472
INDUSTRIALS 0.1%
ACS Actividades de Construccion Y Servicios S.A.		8,316			214
UTILITIES 0.3%
Endesa S.A.		14,834			368
Naturgy Energy Group S.A.		5,935			110
Red Electrica Corp. S.A.		666			12
					490
Total Spain					3,381
SWEDEN 0.8%
COMMUNICATION SERVICES 0.0%
Telia Co. AB		13,885			52
CONSUMER DISCRETIONARY 0.1%
Hennes & Mauritz AB ‘B’		11,355			166
FINANCIALS 0.6%
Skandinaviska Enskilda Banken AB ‘A’ (c)		20,779			180
Svenska Handelsbanken AB ‘A’ (c)		11,941			113
Swedbank AB ‘A’ (c)		57,980			745
					1,038
INDUSTRIALS 0.1%
Skanska AB ‘B’ (c)		3,095			63
SKF AB ‘B’		2,230			42
					105
Total Sweden					1,361

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 27

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

	SHARES			MARKET VALUE (000S)
SWITZERLAND 2.2%
COMMUNICATION SERVICES 0.1%
Swisscom AG		199	$		104
CONSUMER DISCRETIONARY 0.0%
Garmin Ltd.		253			25
CONSUMER STAPLES 0.0%
Nestle S.A.		317			35
FINANCIALS 0.9%
Baloise Holding AG		356			54
Swiss Life Holding AG		398			148
Swiss Re AG		6,558			509
Zurich Insurance Group AG		2,482			879
					1,590
HEALTH CARE 0.8%
Novartis AG		919			80
Roche Holding AG		3,680			1,275
					1,355
INDUSTRIALS 0.4%
ABB Ltd.		23,279			528
Adecco Group AG		3,960			187
					715
INFORMATION TECHNOLOGY 0.0%
TE Connectivity Ltd.		900			73
Total Switzerland					3,897
UNITED KINGDOM 4.8%
COMMUNICATION SERVICES 0.4%
BT Group PLC		252,098			356
Vodafone Group PLC		237,516			378
WPP PLC		2,824			22
					756
CONSUMER DISCRETIONARY 0.4%
Berkeley Group Holdings PLC		2,222			114
Fiat Chrysler Automobiles NV (c)		3,399			34

	SHARES			MARKET VALUE (000S)
Kingfisher PLC		55,148	$		152
Marks & Spencer Group PLC		67,365			83
Next PLC		1,442			87
Persimmon PLC (c)		9,394			266
					736
CONSUMER STAPLES 1.1%
British American Tobacco PLC		14,408			552
Imperial Brands PLC		57,002			1,085
J Sainsbury PLC		54,112			140
Tate & Lyle PLC		5,647			47
Unilever NV		1,944			104
					1,928
ENERGY 0.2%
BP PLC		107,521			412
Noble Corp. PLC (c)		61,773			20
					432
FINANCIALS 0.8%
Aviva PLC		11,647			40
Direct Line Insurance Group PLC		24,235			81
HSBC Holdings PLC		176,703			821
Legal & General Group PLC		20,302			55
Standard Chartered PLC		43,840			238
Standard Life Aberdeen PLC		39,709			132
					1,367
INDUSTRIALS 0.4%
Aggreko PLC		8,077			44
BAE Systems PLC		20,988			125
Capita PLC (c)		36,222			20
easyJet PLC		4,404			37
Royal Mail PLC		173,326			391
					617
MATERIALS 0.9%
Rio Tinto Ltd.		10,328			707
Rio Tinto PLC		16,952			954
					1,661

28 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
UTILITIES 0.6%
Centrica PLC		632,085	$		301
National Grid PLC		49,762			607
SSE PLC		12,941			219
					1,127
Total United Kingdom					8,624
UNITED STATES 33.8%
COMMUNICATION SERVICES 3.9%
AT&T, Inc.		102,914			3,111
CenturyLink, Inc.		155,003			1,555
Clear Channel Outdoor Holdings, Inc. (c)		29,821			31
iHeartMedia, Inc. «(c)		23			0
iHeartMedia, Inc. ‘A’ (c)		1,656			14
Telephone & Data Systems, Inc.		1,284			25
Verizon Communications, Inc.		40,154			2,214
					6,950
CONSUMER DISCRETIONARY 3.6%
Bed Bath & Beyond, Inc.		53,853			571
Caesars Entertainment Corp. (c)		18,339			222
Dick’s Sporting Goods, Inc.		1,557			64
Dillard’s, Inc. ‘A’		1,237			32
Foot Locker, Inc.		478			14
Ford Motor Co.		176,855			1,075
GameStop Corp. ‘A’ (c)		31,786			138
Gap, Inc.		14,796			187
General Motors Co.		22,556			571
Goodyear Tire & Rubber Co.		14,400			129
Harley-Davidson, Inc.		1,366			32
Kohl’s Corp.		18,124			376
L Brands, Inc.		16,593			248
Las Vegas Sands Corp.		3,378			154
Macy’s, Inc.		168,427			1,159
Mattel, Inc. (c)		10,616			103
McDonald’s Corp.		73			14
Newell Brands, Inc.		9,461			150
Nordstrom, Inc.		7,095			110
PulteGroup, Inc.		3,298			112
Signet Jewelers Ltd.		10,585			109
Tapestry, Inc.		2,269			30

	SHARES			MARKET VALUE (000S)
Target Corp.		5,171	$		620
Visteon Corp. (c)		1,998			137
Whirlpool Corp.		972			126
					6,483
CONSUMER STAPLES 4.3%
Altria Group, Inc.		56,106			2,202
Archer-Daniels-Midland Co.		8,472			338
Bunge Ltd.		1,662			68
Coca-Cola Co.		1,664			74
General Mills, Inc.		3,298			203
Kraft Heinz Co.		14,990			478
Kroger Co.		18,070			612
Philip Morris International, Inc.		27,268			1,911
Procter & Gamble Co.		5,615			671
Walgreens Boots Alliance, Inc.		1,532			65
Walmart, Inc.		8,056			965
					7,587
ENERGY 4.8%
Baker Hughes Co.		4,149			64
Chevron Corp.		10,741			958
ConocoPhillips		1,633			69
Exxon Mobil Corp.		71,942			3,217
Helmerich & Payne, Inc.		4,480			87
HollyFrontier Corp.		1,348			39
Kinder Morgan, Inc.		8,934			136
Marathon Petroleum Corp.		2,324			87
Murphy Oil Corp.		4,983			69
Occidental Petroleum Corp.		82,821			1,516
ONEOK, Inc.		1,498			50
Phillips 66		2,760			199
Schlumberger Ltd.		51,784			952
Targa Resources Corp.		15,109			303
Transocean Ltd. (c)		26,903			49
Valero Energy Corp.		9,338			549
Williams Cos., Inc.		9,292			177
					8,521
FINANCIALS 3.7%
Aflac, Inc.		3,117			112
Ally Financial, Inc.		15,288			303
American Express Co.		3,405			324

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 29

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

	SHARES			MARKET VALUE (000S)
American International Group, Inc.		25,048	$		781
Assurant, Inc.		187			19
Blackstone Group, Inc.		1,469			83
Capital One Financial Corp.		7,121			446
CIT Group, Inc.		6,011			125
CNO Financial Group, Inc.		5,767			90
Discover Financial Services		4,905			246
Fifth Third Bancorp		7,416			143
Franklin Resources, Inc.		7,265			152
Goldman Sachs Group, Inc.		1,024			202
Invesco Ltd.		31,831			343
JPMorgan Chase & Co.		6,474			609
MetLife, Inc.		1,938			71
Navient Corp.		18,553			130
New York Community Bancorp, Inc.		8,317			85
PNC Financial Services Group, Inc.		374			39
Principal Financial Group, Inc.		3,704			154
Prudential Financial, Inc.		1,388			84
Santander Consumer USA Holdings, Inc.		3,033			56
Synchrony Financial		7,179			159
Travelers Cos., Inc.		3,009			343
Unum Group		1,665			28
Wells Fargo & Co.		55,770			1,428
					6,555
HEALTH CARE 5.3%
AbbVie, Inc.		23,584			2,315
Amgen, Inc.		1,580			373
Bristol-Myers Squibb Co.		3,364			198
Cardinal Health, Inc.		5,913			309
CVS Health Corp.		9,098			591
Five Star Senior Living, Inc. (c)		1,167			4
Gilead Sciences, Inc.		24,177			1,860
Johnson & Johnson		3,482			490
McKesson Corp.		498			76
Merck & Co., Inc.		12,410			960
Pfizer, Inc.		63,773			2,085
Quest Diagnostics, Inc.		886			101
					9,362

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 1.6%
3M Co.		1,758	$		274
AGCO Corp.		1,006			56
Alaska Air Group, Inc.		1,642			60
American Airlines Group, Inc.		21,054			275
Caterpillar, Inc.		288			36
Cummins, Inc.		1,134			197
Delta Air Lines, Inc.		1,504			42
Eaton Corp. PLC		3,138			275
Emerson Electric Co.		4,258			264
Fluor Corp.		7,060			85
General Electric Co.		87,684			599
Illinois Tool Works, Inc.		78			14
Lockheed Martin Corp.		69			25
Macquarie Infrastructure Corp.		1,184			36
ManpowerGroup, Inc.		926			64
McDermott International, Inc. «		1			4
Neilsen Holdings PLC		6,108			91
Norfolk Southern Corp.		725			127
Pitney Bowes, Inc.		30,015			78
Ryder System, Inc.		2,835			106
Union Pacific Corp.		313			53
United Parcel Service, Inc. ‘B’		997			111
Westmoreland Mining Holdings LLC «(c)(j)		53			0
					2,872
INFORMATION TECHNOLOGY 3.8%
Avnet, Inc.		4,263			119
Booz Allen Hamilton Holding Corp.		739			57
Broadcom, Inc.		259			82
Cisco Systems, Inc.		4,447			207
Corning, Inc.		5,749			149
HP, Inc.		3,613			63
Intel Corp.		10,189			610
International Business Machines Corp.		30,107			3,636
Jabil, Inc.		3,412			109
Juniper Networks, Inc.		1,037			24
KLA Corp.		727			141
NetApp, Inc.		295			13
NortonLifeLock, Inc.		7,977			158
QUALCOMM, Inc.		7,923			723

30 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

		SHARES			MARKET VALUE (000S)
Seagate Technology PLC			9,766	$		473
Texas Instruments, Inc.			817			104
Western Digital Corp.			1,218			54
Western Union Co.			5,227			113
						6,835
MATERIALS 1.0%
Dow, Inc.			5,322			217
Eastman Chemical Co.			917			64
Huntsman Corp.			1,853			33
International Paper Co.			11,350			400
LyondellBasell Industries NV ‘A’			14,082			925
Mosaic Co.			8,876			111
WestRock Co.			2,896			82
						1,832
REAL ESTATE 0.0%
Uniti Group, Inc. Ǡ(j)			0			0
UTILITIES 1.8%
American Electric Power Co., Inc.			3,623			289
CenterPoint Energy, Inc.			4,747			89
Consolidated Edison, Inc.			3,415			246
Dominion Energy, Inc.			4,219			342
Duke Energy Corp.			9,880			789
Entergy Corp.			2,278			214
Exelon Corp.			14,035			509
Pinnacle West Capital Corp.			841			62
PPL Corp.			15,467			400
Public Service Enterprise Group, Inc.			2,898			142
Southern Co.			2,246			116
Vistra Energy Corp.			2,467			46
						3,244
Total United States						60,241
Total Common Stocks (Cost $136,247)						129,531
		PRINCIPAL AMOUNT (000S)
CONVERTIBLE BONDS & NOTES 0.0%
JERSEY, CHANNEL ISLANDS 0.0%
UTILITIES 0.0%
Ensco Jersey Finance Ltd.
3.000% due 01/31/2024 ^(b)	$		2			0
Total Jersey, Channel Islands						0

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UNITED STATES 0.0%
INDUSTRIALS 0.0%
Caesars Entertainment Corp.
5.000% due 10/01/2024	$		9	$		15
Total United States						15
Total Convertible Bonds & Notes (Cost $18)						15
CORPORATE BONDS & NOTES 11.0%
ARGENTINA 0.0%
INDUSTRIALS 0.0%
Pan American Energy LLC
28.216% (BADLARPP) due 11/20/2020 ~	ARS		1,120			10
YPF S.A.
30.917% (BADLARPP + 4.000%) due 09/24/2020 «~			860			8
33.088% (BADLARPP + 6.000%) due 03/04/2021 ~			700			6
						24
Total Argentina						24
BERMUDA 0.0%
INDUSTRIALS 0.0%
NCL Corp. Ltd.
3.625% due 12/15/2024	$		2			1
Total Bermuda						1
BRAZIL 0.3%
INDUSTRIALS 0.0%
Odebrecht Oil & Gas Finance Ltd.
0.000% due 07/30/2020 (e)(g)			46			1
Vale Overseas Ltd.
6.875% due 11/21/2036			10			13
6.250% due 08/10/2026			23			27
						41
UTILITIES 0.3%
Petrobras Global Finance BV
6.250% due 12/14/2026	GBP		100			132
6.125% due 01/17/2022	$		23			24
5.093% due 01/15/2030			253			252
						408
Total Brazil						449

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 31

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CANADA 0.1%
BANKING & FINANCE 0.0%
Brookfield Finance, Inc.
4.700% due 09/20/2047	$		20	$		23
3.900% due 01/25/2028			2			2
Fairfax Financial Holdings Ltd.
4.850% due 04/17/2028			6			7
						32
INDUSTRIALS 0.1%
B.C. Unlimited Liability Co.
4.250% due 05/15/2024			30			30
Bombardier, Inc.
7.875% due 04/15/2027			39			26
6.125% due 01/15/2023			2			1
7.500% due 03/15/2025			2			1
						58
Total Canada						90
CAYMAN ISLANDS 0.7%
BANKING & FINANCE 0.7%
Ambac LSNI LLC
6.000% due 02/12/2023 •			72			72
Avolon Holdings Funding Ltd.
5.500% due 01/15/2023			18			17
5.125% due 10/01/2023			16			15
2.875% due 02/15/2025			16			14
3.250% due 02/15/2027			4			3
Park Aerospace Holdings Ltd.
5.250% due 08/15/2022			307			288
5.500% due 02/15/2024			9			8
4.500% due 03/15/2023			21			19
3.625% due 03/15/2021			13			13
U.S. Capital Funding Ltd.
1.591% due 07/10/2043 •			943			806
						1,255
INDUSTRIALS 0.0%
Noble Holding International Ltd.
7.875% due 02/01/2026			26			7
Transocean Guardian Ltd.
5.875% due 01/15/2024			3			3
Transocean, Inc.
7.500% due 01/15/2026			10			5
7.250% due 11/01/2025			16			9
8.000% due 02/01/2027			10			6
						30

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UTILITIES 0.0%
Odebrecht Drilling Norbe Ltd.
6.350% due 12/01/2021 ^	$		17	$		14
Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)
7.350% due 12/01/2026 ^(a)			92			28
Odebrecht Offshore Drilling Finance Ltd.
6.720% due 12/01/2022 ^			1			1
Transocean Phoenix Ltd.
7.750% due 10/15/2024			3			3
						46
Total Cayman Islands						1,331
CURACAO 0.0%
INDUSTRIALS 0.0%
Teva Pharmaceutical Finance BV
3.650% due 11/10/2021			2			2
Total Curacao						2
FRANCE 0.8%
BANKING & FINANCE 0.1%
Societe Generale S.A.
7.375% due 10/04/2023 •(g)(i)			200			202
INDUSTRIALS 0.7%
Altice France S.A.
7.375% due 05/01/2026			700			731
Pernod Ricard S.A.
4.450% due 01/15/2022			530			560
						1,291
Total France						1,493
GERMANY 0.9%
BANKING & FINANCE 0.9%
Deutsche Bank AG
2.700% due 07/13/2020			26			26
2.281% (US0003M + 0.970%) due 07/13/2020 ~			28			28
4.250% due 10/14/2021			590			606
3.961% due 11/26/2025 •			150			157
Volkswagen Bank GmbH
0.625% due 09/08/2021	EUR		700			785
						1,602

32 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INDUSTRIALS 0.0%
IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)
6.000% due 05/15/2027 (a)	$		16	$		16
Total Germany						1,618
IRELAND 0.4%
BANKING & FINANCE 0.1%
AIB Group PLC
4.263% due 04/10/2025 •			200			213
INDUSTRIALS 0.3%
Russian Railways via RZD Capital PLC
7.487% due 03/25/2031	GBP		300			506
Total Ireland						719
ITALY 0.2%
BANKING & FINANCE 0.2%
UniCredit SpA
7.830% due 12/04/2023	$		370			428
Total Italy						428
JERSEY, CHANNEL ISLANDS 0.2%
INDUSTRIALS 0.2%
AA Bond Co. Ltd.
2.875% due 07/31/2043	GBP		300			362
Total Jersey, Channel Islands						362
LUXEMBOURG 0.9%
BANKING & FINANCE 0.2%
Emerald Bay S.A.
0.000% due 10/08/2020 (e)	EUR		4			4
Sberbank of Russia Via SB Capital S.A.
6.125% due 02/07/2022	$		400			426
						430
INDUSTRIALS 0.3%
Altice Financing S.A.
3.000% due 01/15/2028	EUR		200			207
Intelsat Connect Finance S.A.
9.500% due 02/15/2023 ^(b)	$		20			5
Intelsat Jackson Holdings S.A.
9.750% due 07/15/2025 ^(b)			39			24
5.500% due 08/01/2023 ^(b)			28			16
8.000% due 02/15/2024			34			35

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
8.500% due 10/15/2024 ^(b)	$		229	$		138
Intelsat Luxembourg S.A.
7.750% due 06/01/2021 ^(b)			54			4
Pacific Drilling SA
8.375% due 10/01/2023			34			9
						438
UTILITIES 0.4%
Gazprom Neft OAO Via GPN Capital S.A.
4.375% due 09/19/2022			300			313
6.000% due 11/27/2023			300			334
Gazprom OAO Via Gaz Capital S.A.
5.999% due 01/23/2021			30			31
						678
Total Luxembourg						1,546
MEXICO 0.2%
INDUSTRIALS 0.2%
Corp. GEO S.A.B. de C.V.
8.875% due 03/27/2022 ^(b)			300			0
Petroleos Mexicanos
6.750% due 09/21/2047			10			8
6.500% due 03/13/2027			40			36
6.490% due 01/23/2027			30			28
6.840% due 01/23/2030			82			72
7.690% due 01/23/2050			10			8
6.500% due 01/23/2029			74			65
5.950% due 01/28/2031			67			55
6.950% due 01/28/2060			30			23
						295
Total Mexico						295
MULTINATIONAL 0.0%
INDUSTRIALS 0.0%
Connect Finco SARL
6.750% due 10/01/2026			6			6
Total Multinational						6
NETHERLANDS 0.3%
BANKING & FINANCE 0.3%
Cooperatieve Rabobank UA
6.625% due 06/29/2021 •(g)(i)	EUR		400			463
INDUSTRIALS 0.0%
Teva Pharmaceutical Finance Netherlands BV
2.200% due 07/21/2021	$		46			45

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 33

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UTILITIES 0.0%
Shell International Finance BV
3.250% due 04/06/2050	$		14	$		15
Total Netherlands						523
PANAMA 0.0%
INDUSTRIALS 0.0%
Carnival Corp.
11.500% due 04/01/2023			54			58
Total Panama						58
PERU 0.0%
BANKING & FINANCE 0.0%
Banco de Credito del Peru
4.650% due 09/17/2024	PEN		100			29
Total Peru						29
SINGAPORE 0.0%
INDUSTRIALS 0.0%
Flex Ltd.
4.875% due 06/15/2029	$		2			2
Total Singapore						2
SWITZERLAND 0.1%
BANKING & FINANCE 0.1%
UBS AG
5.125% due 05/15/2024 (i)			200			218
Total Switzerland						218
TURKEY 0.1%
BANKING & FINANCE 0.1%
Hazine Mustesarligi Varlik Kiralama A/S
5.800% due 02/21/2022			200			203
Total Turkey						203
UNITED KINGDOM 2.3%
BANKING & FINANCE 1.9%
Barclays Bank PLC
7.625% due 11/21/2022 (i)			430			468
Barclays PLC
4.972% due 05/16/2029 •			400			469
FCE Bank PLC
1.875% due 06/24/2021	EUR		100			110

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
HSBC Holdings PLC
3.600% due 05/25/2023	$		200	$		215
6.000% due 09/29/2023 •(g)(i)	EUR		320			375
Lloyds Banking Group PLC
7.875% due 06/27/2029 •(g)(i)	GBP		200			276
7.625% due 06/27/2023 •(g)(i)			200			254
7.500% due 09/27/2025 •(g)(i)	$		200			208
Royal Bank of Scotland Group PLC
7.500% due 08/10/2020 •(g)(i)			360			361
8.625% due 08/15/2021 •(g)(i)			200			208
Tesco Property Finance PLC
6.052% due 10/13/2039	GBP		220			367
Unique Pub Finance Co. PLC
5.659% due 06/30/2027			35			44
						3,355
INDUSTRIALS 0.4%
Avon International Capital PLC
6.500% due 08/15/2022	$		2			2
Imperial Brands Finance PLC
3.750% due 07/21/2022			400			418
Marston’s Issuer PLC
3.218% due 07/15/2035 ~	GBP		200			201
Mitchells & Butlers Finance PLC
0.643% (BP0003M + 0.450%) due 12/15/2030 ~			113			124
Valaris PLC
5.750% due 10/01/2044 ^(b)(h)	$		12			1
7.750% due 02/01/2026 ^(b)			2			0
						746
Total United Kingdom						4,101
UNITED STATES 3.5%
BANKING & FINANCE 0.9%
Ally Financial, Inc.
4.250% due 04/15/2021			200			204
3.875% due 05/21/2024			16			17
American Tower Corp.
3.000% due 06/15/2023			2			2
Assurant, Inc.
4.200% due 09/27/2023			2			2
BGC Partners, Inc.
5.375% due 07/24/2023			4			4
3.750% due 10/01/2024			6			6

34 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Brighthouse Financial, Inc.
3.700% due 06/22/2027	$		8	$		8
Brixmor Operating Partnership LP
1.737% (US0003M + 1.050%) due 02/01/2022 ~			18			18
Cantor Fitzgerald LP
4.875% due 05/01/2024			2			2
CBL & Associates LP
5.950% due 12/15/2026 ^(b)			17			5
CIT Group, Inc.
4.125% due 03/09/2021			6			6
5.000% due 08/15/2022			30			31
Citigroup, Inc.
1.486% (US0003M + 1.100%) due 05/17/2024 ~			20			20
1.970% (US0003M + 0.950%) due 07/24/2023 ~			13			13
CTR Partnership LP
5.250% due 06/01/2025			12			12
Digital Realty Trust LP
3.600% due 07/01/2029			16			18
EPR Properties
4.950% due 04/15/2028			2			2
4.750% due 12/15/2026			2			2
Equitable Holdings, Inc.
3.900% due 04/20/2023			2			2
ESH Hospitality, Inc.
4.625% due 10/01/2027			4			4
Fortress Transportation & Infrastructure Investors LLC
6.750% due 03/15/2022			82			79
6.500% due 10/01/2025			45			41
GLP Capital LP
5.250% due 06/01/2025			3			3
5.300% due 01/15/2029			19			21
Howard Hughes Corp.
5.375% due 03/15/2025			25			23
Hudson Pacific Properties LP
3.950% due 11/01/2027			5			5
Hunt Cos., Inc.
6.250% due 02/15/2026			2			2
iStar, Inc.
5.250% due 09/15/2022			3			3
Kennedy-Wilson, Inc.
5.875% due 04/01/2024			10			10
Ladder Capital Finance Holdings LLLP
4.250% due 02/01/2027			3			2
Life Storage LP
3.875% due 12/15/2027			2			2
Navient Corp.
6.500% due 06/15/2022			66			65

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Newmark Group, Inc.
6.125% due 11/15/2023	$		10	$		10
Omega Healthcare Investors, Inc.
3.625% due 10/01/2029			8			8
Oppenheimer Holdings, Inc.
6.750% due 07/01/2022			4			4
Physicians Realty LP
3.950% due 01/15/2028			4			4
Sabra Health Care LP
4.800% due 06/01/2024			3			3
Santander Holdings USA, Inc.
4.400% due 07/13/2027			7			8
3.400% due 01/18/2023			8			8
3.500% due 06/07/2024			11			12
3.244% due 10/05/2026			14			15
SBA Communications Corp.
3.875% due 02/15/2027			7			7
SL Green Operating Partnership LP
3.250% due 10/15/2022			2			2
Springleaf Finance Corp.
8.250% due 12/15/2020			480			496
5.625% due 03/15/2023			196			199
6.875% due 03/15/2025			16			16
6.125% due 03/15/2024			12			12
Starwood Property Trust, Inc.
4.750% due 03/15/2025			8			7
STORE Capital Corp.
4.500% due 03/15/2028			4			4
4.625% due 03/15/2029			2			2
Wells Fargo & Co.
1.990% (US0003M + 1.230%) due 10/31/2023 ~			77			78
Welltower, Inc.
4.250% due 04/15/2028			2			2
						1,531
INDUSTRIALS 1.6%
Albertsons Cos., Inc.
3.500% due 02/15/2023			3			3
American Airlines Pass-Through Trust
3.350% due 04/15/2031			9			8
Anheuser-Busch InBev Worldwide, Inc.
4.500% due 06/01/2050			25			30
4.600% due 06/01/2060			9			11
Arconic Corp.
6.125% due 02/15/2028			3			3
Broadcom Corp.
3.875% due 01/15/2027			16			17
Broadcom, Inc.
4.110% due 09/15/2028			8			9

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 35

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Campbell Soup Co.
0.943% (US0003M + 0.630%) due 03/15/2021 ~	$		8	$		8
CCO Holdings LLC
4.750% due 03/01/2030			18			18
4.500% due 08/15/2030			14			14
Centene Corp.
4.750% due 01/15/2025			17			17
4.250% due 12/15/2027			6			6
4.625% due 12/15/2029			6			6
3.375% due 02/15/2030			4			4
Charter Communications Operating LLC
2.337% (US0003M + 1.650%) due 02/01/2024 ~			74			74
4.800% due 03/01/2050			16			18
Citrix Systems, Inc.
3.300% due 03/01/2030			3			3
Community Health Systems, Inc.
6.250% due 03/31/2023			207			195
8.625% due 01/15/2024			87			85
8.000% due 03/15/2026			46			43
6.625% due 02/15/2025			60			57
Corning, Inc.
5.450% due 11/15/2079			6			7
CVS Pass-Through Trust
8.353% due 07/10/2031			454			587
DAE Funding LLC
4.500% due 08/01/2022			10			10
5.000% due 08/01/2024			16			15
4.000% due 08/01/2020			102			102
Diamond Resorts International, Inc.
7.750% due 09/01/2023			107			103
Energy Transfer Operating LP
2.900% due 05/15/2025			3			3
3.750% due 05/15/2030			7			7
5.000% due 05/15/2050			6			6
Equifax, Inc.
3.600% due 08/15/2021			4			4
1.262% (US0003M + 0.870%) due 08/15/2021 ~			12			12
Exela Intermediate LLC
10.000% due 07/15/2023			16			4
General Electric Co.
5.550% due 01/05/2026			41			48
6.150% due 08/07/2037			1			1
6.875% due 01/10/2039			8			10
Global Payments, Inc.
2.650% due 02/15/2025			3			3
Griffon Corp.
5.750% due 03/01/2028			2			2
Hyundai Capital America
1.108% due 09/18/2020 •			20			20

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
iHeartCommunications, Inc.
6.375% due 05/01/2026	$		63	$		63
8.375% due 05/01/2027			30			27
Kraft Heinz Foods Co.
3.000% due 06/01/2026			20			20
3.950% due 07/15/2025			3			3
3.750% due 04/01/2030			18			19
Lamar Media Corp.
3.750% due 02/15/2028			2			2
Level 3 Financing, Inc.
3.400% due 03/01/2027			2			2
3.875% due 11/15/2029			10			11
Mattel, Inc.
5.875% due 12/15/2027			2			2
Micron Technology, Inc.
5.327% due 02/06/2029			8			10
4.185% due 02/15/2027			6			7
4.663% due 02/15/2030			12			14
Netflix, Inc.
5.375% due 11/15/2029			8			9
5.500% due 02/15/2022			4			4
Occidental Petroleum Corp.
1.842% (US0003M + 1.450%) due 08/15/2022 ~			18			17
ONEOK Partners LP
3.375% due 10/01/2022			3			3
Ortho-Clinical Diagnostics, Inc.
7.250% due 02/01/2028			8			8
7.375% due 06/01/2025			3			3
Par Pharmaceutical, Inc.
7.500% due 04/01/2027			14			14
Penske Truck Leasing Co. LP
3.375% due 02/01/2022			88			90
PetSmart, Inc.
5.875% due 06/01/2025			14			14
Post Holdings, Inc.
4.625% due 04/15/2030			6			6
Prime Security Services Borrower LLC
6.250% due 01/15/2028			6			6
PTC, Inc.
3.625% due 02/15/2025			2			2
4.000% due 02/15/2028			2			2
QVC, Inc.
5.125% due 07/02/2022			7			7
4.375% due 03/15/2023			5			5
4.850% due 04/01/2024			8			8
4.450% due 02/15/2025			19			19
Radiology Partners, Inc.
9.250% due 02/01/2028			6			6
Sensata Technologies, Inc.
4.375% due 02/15/2030			2			2

36 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Sprint Spectrum Co. LLC
5.152% due 09/20/2029	$		200	$		231
Staples, Inc.
7.500% due 04/15/2026			2			2
TEGNA, Inc.
4.625% due 03/15/2028			10			9
Tenet Healthcare Corp.
4.625% due 07/15/2024			4			4
Textron, Inc.
0.998% (US0003M + 0.550%) due 11/10/2020 ~			40			40
Topaz Solar Farms LLC
5.750% due 09/30/2039			78			93
4.875% due 09/30/2039			11			12
TransDigm, Inc.
5.500% due 11/15/2027			4			3
Trident TPI Holdings, Inc.
9.250% due 08/01/2024			3			3
Triumph Group, Inc.
5.250% due 06/01/2022			4			3
U.S. Renal Care, Inc.
10.625% due 07/15/2027			6			6
Univision Communications, Inc.
5.125% due 02/15/2025			118			111
5.125% due 05/15/2023			106			107
6.625% due 06/01/2027			106			102
ViaSat, Inc.
5.625% due 09/15/2025			8			8
5.625% due 04/15/2027			3			3
VMware, Inc.
2.950% due 08/21/2022			12			12
3.900% due 08/21/2027			10			11
Wabtec Corp.
1.613% (US0003M + 1.300%) due 09/15/2021 ~			12			12
Western Digital Corp.
4.750% due 02/15/2026			20			21
Western Midstream Operating LP
5.250% due 02/01/2050			3			3
2.161% (US0003M + 0.850%) due 01/13/2023 ~			4			4
Wyndham Destinations, Inc.
5.750% due 04/01/2027			6			6
5.400% due 04/01/2024			5			5
3.900% due 03/01/2023			2			2
4.625% due 03/01/2030			4			4
Zayo Group Holdings, Inc.
4.000% due 03/01/2027			19			18
6.125% due 03/01/2028			7			7
						2,820

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UTILITIES 1.0%
AT&T, Inc.
3.650% due 06/01/2051	$		8	$		8
3.850% due 06/01/2060			8			9
CenturyLink, Inc.
4.000% due 02/15/2027			6			6
Edison International
2.950% due 03/15/2023			1			1
2.400% due 09/15/2022			14			14
5.750% due 06/15/2027			7			8
3.125% due 11/15/2022			6			6
3.550% due 11/15/2024			8			8
Enable Midstream Partners LP
4.950% due 05/15/2028			4			4
FirstEnergy Corp.
2.850% due 07/15/2022			410			426
Frontier Communications Corp.
8.000% due 04/01/2027			10			10
ITC Holdings Corp.
2.700% due 11/15/2022			4			4
Pacific Gas & Electric Co.
3.500% due 10/01/2020 ^(b)			61			67
3.750% due 08/15/2042 ^(b)			2			2
2.450% due 08/15/2022 ^(b)			48			52
2.950% due 03/01/2026 ^(b)			53			57
4.250% due 05/15/2021 ^(b)			16			18
3.250% due 09/15/2021 ^(b)			95			104
6.050% due 03/01/2034 ^(b)			44			53
5.800% due 03/01/2037 ^(b)			2			2
6.250% due 03/01/2039 ^(b)			10			12
4.500% due 12/15/2041 ^(b)			2			2
3.250% due 06/15/2023 ^(b)			23			25
3.850% due 11/15/2023 ^(b)			29			32
5.125% due 11/15/2043 ^(b)			25			30
3.750% due 02/15/2024 ^(b)			41			46
3.400% due 08/15/2024 ^(b)			35			39
3.500% due 06/15/2025 ^(b)			19			21
4.000% due 12/01/2046 ^(b)			2			2
3.300% due 03/15/2027 ^(b)			20			22
6.350% due 02/15/2038 ^(b)			19			23
5.400% due 01/15/2040 ^(b)			51			61
4.250% due 03/15/2046 ^(b)			4			4
Southern California Edison Co.
6.650% due 04/01/2029			2			2
5.750% due 04/01/2035			2			3
4.875% due 03/01/2049			1			1
2.850% due 08/01/2029			1			1
3.650% due 02/01/2050			3			3
Southern California Gas Co.
2.550% due 02/01/2030			7			8
Sprint Communications, Inc.
7.000% due 08/15/2020			610			613

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 37

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Sprint Corp.
7.625% due 03/01/2026	$		7	$		8
Talen Energy Supply LLC
6.625% due 01/15/2028			4			4
						1,821
Total United States						6,172
VENEZUELA 0.0%
INDUSTRIALS 0.0%
Petroleos de Venezuela S.A.
6.000% due 11/15/2026 ^(b)			300			8
6.000% due 05/16/2024 ^(b)			20			1
9.750% due 05/17/2035 ^(b)			20			1
						10
Total Venezuela						10
Total Corporate Bonds & Notes (Cost $19,832)						19,680
NON-AGENCY MORTGAGE-BACKED SECURITIES 3.9%
UNITED KINGDOM 1.0%
Eurosail PLC
0.893% due 09/13/2045 •	GBP		495			588
1.143% due 06/13/2045 •			741			910
Grifonas Finance PLC
0.000% due 08/28/2039 •	EUR		289			305
Total United Kingdom						1,803
UNITED STATES 2.9%
Banc of America Alternative Loan Trust
6.000% due 04/25/2036 ^	$		29			29
6.000% due 07/25/2046 ^			72			69
Banc of America Funding Trust
4.043% due 05/20/2036 ^~			11			10
Banc of America Mortgage Trust
3.815% due 11/20/2046 ^~			6			6
6.000% due 10/25/2036 ^			17			17
Bear Stearns Mortgage Funding Trust
7.500% due 08/25/2036 þ			68			66
Chase Mortgage Finance Trust
3.922% due 09/25/2036 ^~			34			29
Countrywide Alternative Loan Trust
6.000% due 06/25/2036 ^			112			90
6.000% due 02/25/2037 ^			63			39
6.250% due 12/25/2036 ^•			26			18
Countrywide Home Loan Mortgage Pass-Through Trust
0.685% due 07/25/2037 ^•			17			7

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Credit Suisse First Boston Mortgage Securities Corp.
6.000% due 01/25/2036 ^	$		39	$		34
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates
6.000% due 11/25/2035 ^			334			153
Credit Suisse Mortgage Capital Certificates
3.453% due 12/29/2037 ~			166			122
First Horizon Alternative Mortgage Securities Trust
3.277% due 06/25/2036 ^~			259			230
HSI Asset Loan Obligation Trust
6.000% due 06/25/2037 ^			7			6
JPMorgan Alternative Loan Trust
5.692% due 05/26/2037 ~			69			60
JPMorgan Mortgage Trust
6.500% due 07/25/2036 ^			93			61
Merrill Lynch Mortgage Investors Trust
3.663% due 03/25/2036 ^~			13			9
OBX Trust
1.035% due 04/25/2048 •			402			414
Residential Accredit Loans, Inc. Trust
0.985% due 10/25/2045 •			71			61
5.500% due 03/25/2037 ^			383			348
6.250% due 03/25/2037 ^			31			26
Structured Adjustable Rate Mortgage Loan Trust
3.652% due 10/25/2036 ^~			1,674			1,249
Wells Fargo Alternative Loan Trust
3.667% due 07/25/2037 ^~			838			749
Wells Fargo Commercial Mortgage Trust
3.412% due 09/15/2058			1,156			1,212
Total United States						5,114
Total Non-Agency Mortgage-Backed Securities (Cost $6,790)						6,917
MUNICIPAL BONDS & NOTES 0.8%
CALIFORNIA 0.2%
California State Public Works Board Revenue Notes, Series 2011
5.786% due 12/01/2021			326			341
Total California						341
ILLINOIS 0.0%
Illinois State General Obligation Bonds, (BABs), Series 2010
6.630% due 02/01/2035			15			16
7.350% due 07/01/2035			5			6
Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033			60			61
Total Illinois						83

38 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MICHIGAN 0.1%
Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2006
7.309% due 06/01/2034	$		190	$		190
Total Michigan						190
PUERTO RICO 0.1%
Commonwealth of Puerto Rico General Obligation Bonds, Series 2001
5.125% due 07/01/2031 ^(b)			30			21
Commonwealth of Puerto Rico General Obligation Bonds, Series 2007
5.250% due 07/01/2034 ^(b)			5			4
5.250% due 07/01/2037 ^(b)			5			4
Commonwealth of Puerto Rico General Obligation Bonds, Series 2008
5.500% due 07/01/2032 ^(b)			20			14
5.700% due 07/01/2023 ^(b)			10			7
Commonwealth of Puerto Rico General Obligation Bonds, Series 2009
6.000% due 07/01/2039 ^(b)			5			3
Commonwealth of Puerto Rico General Obligation Bonds, Series 2011
5.375% due 07/01/2030 ^(b)			10			6
Commonwealth of Puerto Rico General Obligation Bonds, Series 2012
5.000% due 07/01/2041 ^(b)			120			76
5.125% due 07/01/2037 ^(b)			10			6
Commonwealth of Puerto Rico General Obligation Notes, Series 2012
5.000% due 07/01/2021 ^(b)			10			6
Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010
6.125% due 07/01/2040 ^(b)			100			70
Total Puerto Rico						217
VIRGINIA 0.2%
Tobacco Settlement Financing Corp., Virginia Revenue Bonds, Series 2007
6.706% due 06/01/2046			370			355
Total Virginia						355
WEST VIRGINIA 0.2%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
7.467% due 06/01/2047			320			323
Total West Virginia						323
Total Municipal Bonds & Notes (Cost $1,229)						1,509

		SHARES			MARKET VALUE (000S)
PREFERRED STOCKS 0.5%
GERMANY 0.3%
INDUSTRIALS 0.3%
Schaeffler AG			16,047	$		120
Volkswagen AG			2,589			394
						514
Total Germany						514
NETHERLANDS 0.0%
BANKING & FINANCE 0.0%
Stichting AK Rabobank Certificaten
0.000% due 12/29/2049 (g)			25,000			30
Total Netherlands						30
UNITED KINGDOM 0.1%
BANKING & FINANCE 0.1%
Nationwide Building Society
10.250% ~			1,130			219
Total United Kingdom						219
	��
UNITED STATES 0.1%
INDUSTRIALS 0.1%
General Electric Co.
5.000% due 01/21/2021 •(g)			169,000			133
Total United States						133
Total Preferred Stocks (Cost $912)						896
REAL ESTATE INVESTMENT TRUSTS 1.9%
AUSTRALIA 0.0%
REAL ESTATE 0.0%
Stockland			12,971			30
Total Australia						30
CANADA 0.1%
REAL ESTATE 0.1%
Artis Real Estate Investment Trust			5,690			32
Cominar Real Estate Investment Trust			7,149			43
Dream Office Real Estate Investment Trust			2,510			38
						113
Total Canada						113

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 39

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

	SHARES			MARKET VALUE (000S)
FRANCE 0.4%
REAL ESTATE 0.4%
Klepierre S.A.		7,149	$		143
Unibail-Rodamco-Westfield		10,411			586
					729
Total France					729
UNITED STATES 1.4%
FINANCIALS 0.5%
AGNC Investment Corp.		17,185			222
Annaly Capital Management, Inc.		81,358			534
New Residential Investment Corp.		28,851			214
					970
REAL ESTATE 0.9%
CoreCivic, Inc.		6,456			61
Diversified Healthcare Trust		11,178			50
Host Hotels & Resorts, Inc.		1,206			13
Iron Mountain, Inc.		10,705			279
Park Hotels & Resorts, Inc.		24,863			246
Service Properties Trust		2,387			17
Simon Property Group, Inc.		1,552			106
Ventas, Inc.		2,797			102
VEREIT, Inc.		10,463			67
VICI Properties, Inc.		26,432			534
Weyerhaeuser Co.		3,440			77
					1,552
Total United States					2,522
Total Real Estate Investment Trusts (Cost $3,142)					3,394
RIGHTS 0.0%
SPAIN 0.0%
COMMUNICATION SERVICES 0.0%
Telefonica S.A. - Exp. 07/06/20		154,078			31
ENERGY 0.0%
Repsol S.A. - Exp. 07/09/20		8,562			4

		SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.0%
ACS Actividades de Construccion y Servicios S.A. - Exp. 07/10/20			7,194	$		11
Total Rights (Cost $49)						46
		PRINCIPAL AMOUNT (000S)
SOVEREIGN ISSUES 1.3%
ARGENTINA 0.2%
Argentina Government International Bond
1.000% due 08/05/2021	ARS		414			4
1.500% due 03/25/2024			110			1
3.380% due 12/31/2038 ^(b)	EUR		135			58
3.750% due 12/31/2038 ^(b)	$		22			9
4.625% due 01/11/2023 ^(b)			127			53
5.625% due 01/26/2022 ^(b)			15			6
6.875% due 01/11/2048 ^(b)			70			27
7.125% due 07/06/2036 ^(b)			150			59
7.820% due 12/31/2033 ^(b)	EUR		227			111
15.500% due 10/17/2026	ARS		1,226			4
26.415% (BADLARPP + 2.000%) due 04/03/2022 ~			2,640			23
30.022% (BADLARPP) due 10/04/2022 ~			28			0
Autonomous City of Buenos Aires Argentina
29.825% (BADLARPP + 5.000%) due 01/23/2022 ~			1,140			11
32.995% due 03/29/2024 ~			3,875			32
Provincia de Buenos Aires
28.192% due 04/12/2025			389			3
32.817% due 05/31/2022			500			4
Total Argentina						405
KUWAIT 0.2%
Kuwait International Government Bond
3.500% due 03/20/2027	$		385			431
Total Kuwait						431
PERU 0.3%
Peru Government International Bond
5.400% due 08/12/2034	PEN		1			0
5.940% due 02/12/2029			378			123
6.150% due 08/12/2032			336			109
6.350% due 08/12/2028			347			116
6.900% due 08/12/2037			7			2
6.950% due 08/12/2031			235			81
8.200% due 08/12/2026			199			73
Total Peru						504

40 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SAUDI ARABIA 0.3%
Saudi Government International Bond
4.500% due 10/26/2046	$		200	$		231
4.625% due 10/04/2047			200			234
Total Saudi Arabia						465
SPAIN 0.0%
Autonomous Community of Catalonia
4.900% due 09/15/2021	EUR		50			59
Total Spain						59
TURKEY 0.3%
Turkey Government International Bond
4.250% due 03/13/2025	$		200			187
4.625% due 03/31/2025	EUR		100			112
5.250% due 03/13/2030	$		200			180
Total Turkey						479
VENEZUELA 0.0%
Venezuela Government International Bond
6.000% due 12/09/2020 ^(b)			125			8
7.000% due 03/31/2038 ^(b)			2			0
7.650% due 04/21/2025 ^(b)			3			0
9.250% due 09/15/2027 ^(b)			44			3
Total Venezuela						11
Total Sovereign Issues (Cost $2,825)						2,354
U.S. GOVERNMENT AGENCIES 10.6%
UNITED STATES 10.6%
Uniform Mortgage-Backed Security
3.000% due 11/01/2029 - 03/01/2050			117			124
3.500% due 02/01/2050			97			103
4.000% due 03/01/2049 - 06/01/2049			2,409			2,553
Uniform Mortgage-Backed Security, TBA
2.500% due 08/01/2050			3,800			3,953
3.000% due 09/01/2050			4,200			4,408
3.500% due 08/01/2050			2,700			2,840
4.000% due 08/01/2050			4,600			4,877
Total U.S. Government Agencies (Cost $18,776)						18,858
U.S. TREASURY OBLIGATIONS 3.0%
UNITED STATES 3.0%
U.S. Treasury Bonds
2.875% due 11/15/2046			600			798
3.000% due 02/15/2049 (i)			1,550			2,139

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. Treasury Inflation Protected Securities (f)
0.125% due 10/15/2024	$		200	$		210
0.250% due 07/15/2029			720			788
0.375% due 01/15/2027			34			37
0.375% due 07/15/2027			10			11
0.750% due 07/15/2028			511			576
0.875% due 01/15/2029			352			402
1.000% due 02/15/2048			104			138
1.000% due 02/15/2049			102			136
U.S. Treasury Notes
1.500% due 02/15/2030			71			77
Total U.S. Treasury Obligations (Cost $4,309)						5,312
		SHARES
WARRANTS 0.1%
UNITED STATES 0.1%
COMMUNICATION SERVICES 0.1%
iHeartMedia, Inc. - Exp. 05/01/2039			10,786			90
Total Warrants (Cost $212)						90
SHORT-TERM INSTRUMENTS 0.8%
REPURCHASE AGREEMENTS (k) 0.6%
						1,101
		PRINCIPAL AMOUNT (000S)
SHORT-TERM NOTES 0.0%
Argentina Treasury Bond BONCER
1.100% due 04/17/2021	ARS		1,230			12
ARGENTINA TREASURY BILLS 0.2%
4.330% due 07/13/2020 - 10/29/2020 (d)(e)			20,575			285
28.142% due 07/31/2020 ~			119			1
30.365% due 08/28/2020 ~			1,235			12
Total Argentina Treasury Bills (Cost $288)						298
Total Short-Term Instruments (Cost $1,400)						1,411
Total Investments in Securities (Cost $204,470)						198,745

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 41

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 0.3%
SHORT-TERM INSTRUMENTS 0.3%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3%
PIMCO Short-Term Floating NAV Portfolio III		54,657	$		539
Total Short-Term Instruments (Cost $538)					539
Total Investments in Affiliates (Cost $538)					539
Total Investments 111.7% (Cost $205,008)			$		199,284
Financial Derivative Instruments (m)(n) (0.1)% (Cost or Premiums, net $(91))					(141	)
Other Assets and Liabilities, net (11.6)%					(20,677	)
Net Assets 100.0%			$		178,466

NOTES TO SCHEDULE OF INVESTMENTS:

* 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).

µ All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

~ 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.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

† Forward Commitment Transaction.

(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) Security is subject to a forbearance agreement entered into by the Fund which forbears the Fund from taking action to, among other things, accelerate and collect payments on the subject note with respect to specified events of default.

(i) Contingent convertible security.

42 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

(j)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Dommo Energia S.A.		12/26/2017	$	1	$	1		0.00	%
Dommo Energia S.A.		12/03/2019		4		5		0.00
Eneva S.A.		12/21/2017 - 12/03/2019		4		7		0.00
Uniti Group, Inc		03/13/2020		0		0		0.00
Westmoreland Mining Holdings LLC		03/26/2019		0		0		0.00
			$	9	$	13		0.00	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(k)  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
FICC		0.000	%		06/30/2020		07/01/2020	$	1,101	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2022	$	(1,123	)	$	1,101	$	1,101
Total Repurchase Agreements											$	(1,123	)	$	1,101	$	1,101

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(1)			Settlement Date		Maturity Date			Amount Borrowed(1)			Payable for Reverse Repurchase Agreements
BOS		0.210	%		06/18/2020		07/02/2020		$	(685	)	$	(685	)
BSN		0.240			04/13/2020		07/13/2020			(2,498	)		(2,500	)
FOB		0.600			05/05/2020		TBD	(2)		(192	)		(192	)
		0.900			05/05/2020		TBD	(2)		(184	)		(185	)
TDM		0.500			06/12/2020		TBD	(2)		(2,637	)		(2,637	)
Total Reverse Repurchase Agreements												$	(6,199	)

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate(1)			Borrowing Date		Maturity Date		Amount Borrowed(1)			Payable for Sale-Buyback Transactions
TDM		0.210	%		06/29/2020		07/02/2020	$	(560	)	$	(560	)
Total Sale-Buyback Transactions											$	(560	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 43

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

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 June 30, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions			Total Borrowings and Other Financing Transactions			Collateral Pledged/ (Received)			Net Exposure(3)
Global/Master Repurchase Agreement
BOS	$	0	$	(685	)	$	0		$	(685	)	$	690		$	5
BSN		0		(2,500	)		0			(2,500	)		2,484			(16	)
FICC		1,101		0			0			1,101			(1,123	)		(22	)
FOB		0		(377	)		0			(377	)		428			51
TDM		0		(2,637	)		0			(2,637	)		2,835			198
Master Securities Forward Transaction Agreement
TDM		0		0			(560	)		(560	)		552			(8	)
Total Borrowings and Other Financing Transactions	$	1,101	$	(6,199	)	$	(560	)

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
Corporate Bonds & Notes	$	0	$	0		$	0	$	(3,014	)	$	(3,014	)
U.S. Treasury Obligations		0		(3,185	)		0		0			(3,185	)
Total	$	0	$	(3,185	)	$	0	$	(3,014	)	$	(6,199	)
Sale-Buyback Transactions
U.S. Treasury Obligations		0		(560	)		0		0			(560	)
					��
Total	$	0	$	(560	)	$	0	$	0		$	(560	)
Total Borrowings	$	0	$	(3,745	)	$	0	$	(3,014	)	$	(6,759	)
Payable for reverse repurchase agreements and sale-buyback financing transactions											$	(6,759	)

(l) Securities with an aggregate market value of $6,989 have been pledged as collateral under the terms of the above master agreements as of June 30, 2020.

⁽¹⁾ The average amount of borrowings outstanding during the period ended June 30, 2020 was $(3,594) at a weighted average interest rate of 1.284%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽²⁾ Open maturity reverse repurchase agreement.

⁽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.

44 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

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

PURCHASED OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOT U.S. Treasury 10-Year Note September 2020 Futures	$	95.000		08/21/2020		132	$	132	$	1	$	0
Total Purchased Options									$	1	$	0

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin
									Asset		Liability
U.S. Treasury 10-Year Note September Futures		09/2020		132	$	18,371	$	51	$	0	$	(21	)

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
Australia Government 10-Year Bond September Futures		09/2020		18	$	(1,848	)	$	(30	)	$	3	$	(1	)
Total Futures Contracts								$	21		$	3	$	(22	)

SWAP AGREEMENTS:

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

Index/Tranches	Fixed (Pay) Rate			Payment Frequency		Maturity Date		Notional Amount(3)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value(4)			Variation Margin
																			Asset		Liability
CDX.HY-33 5-Year Index		(5.000	)%		Quarterly		12/20/2024	$	276	$	(18	)	$	19		$	1		$	0	$	(2	)
CDX.IG-31 5-Year Index		(1.000	)		Quarterly		12/20/2023		100		(2	)		1			(1	)		0		0
CDX.IG-33 5-Year Index		(1.000	)		Quarterly		12/20/2024		900		1			(11	)		(10	)		0		(1	)
										$	(19	)	$	9		$	(10	)	$	0	$	(3	)

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

Index/Tranches	Fixed Receive Rate			Payment Frequency		Maturity Date		Notional Amount(3)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Market Value(4)			Variation Margin
																		Asset		Liability
CDX.EM-33 5-Year Index		1.000	%		Quarterly		06/20/2025		$    285	$	(32	)	$	19	$	(13	)	$	0	$	0
iTraxx Europe Main 33 5-Year Index		1.000			Quarterly		06/20/2025		EUR    800		12			3		15			3		0
										$	(20	)	$	22	$	2		$	3	$	0

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 45

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

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	1-Year BRL-CDI		5.830	%	Maturity		01/02/2023	BRL	800	$	0		$	7		$	7		$	0	$	0
Pay	1-Year BRL-CDI		5.836		Maturity		01/02/2023		600		0			5			5			0		0
Pay	1-Year BRL-CDI		5.855		Maturity		01/02/2023		200		0			2			2			0		0
Receive	3-Month USD-LIBOR		1.500		Semi-Annual		12/18/2021	$	100		0			(2	)		(2	)		0		0
Receive	3-Month USD-LIBOR		1.000		Semi-Annual		06/17/2022		500		6			(14	)		(8	)		0		0
Receive	3-Month USD-LIBOR		2.500		Semi-Annual		12/18/2024		3,100		(157	)		(151	)		(308	)		1		0
Receive	3-Month USD-LIBOR		3.000		Semi-Annual		06/19/2026		2,300		(84	)		(275	)		(359	)		2		0
Receive	3-Month USD-LIBOR		1.740		Semi-Annual		12/16/2026		100		(1	)		(8	)		(9	)		0		0
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		06/20/2028		4,900		108			(778	)		(670	)		7		0
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		12/10/2029		100		0			(13	)		(13	)		0		0
Receive	3-Month USD-LIBOR		1.500		Semi-Annual		12/18/2029		200		6			(23	)		(17	)		0		0
Receive	3-Month USD-LIBOR		1.750		Semi-Annual		01/15/2030		300		(4	)		(30	)		(34	)		1		0
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		02/12/2030		200		(4	)		(24	)		(28	)		1		0
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		03/10/2030		100		0			(14	)		(14	)		0		0
Receive	3-Month USD-LIBOR		1.250		Semi-Annual		06/17/2030		2,400		114			(259	)		(145	)		5		0
Receive	3-Month USD-LIBOR		1.910		Semi-Annual		10/17/2049		100		(2	)		(25	)		(27	)		1		0
Receive	3-Month USD-LIBOR		1.895		Semi-Annual		10/18/2049		100		(2	)		(24	)		(26	)		1		0
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		12/11/2049		900		(2	)		(320	)		(322	)		9		0
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		01/15/2050		100		(1	)		(29	)		(30	)		1		0
Receive	3-Month USD-LIBOR		1.625		Semi-Annual		01/16/2050		100		(1	)		(18	)		(19	)		1		0
Receive	3-Month USD-LIBOR		1.750		Semi-Annual		01/22/2050		500		(3	)		(111	)		(114	)		5		0
Receive	3-Month USD-LIBOR		1.625		Semi-Annual		02/03/2050		300		(1	)		(57	)		(58	)		3		0
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		03/12/2050		600		(2	)		(218	)		(220	)		6		0
Pay	3-Month ZAR-JIBAR		7.250		Quarterly		09/19/2023	ZAR	900		0			5			5			0		0
Receive	3-Month ZAR-JIBAR		8.300		Quarterly		03/15/2027		600		(2	)		(3	)		(5	)		0		0
Pay	6-Month AUD-BBR-BBSW		2.750		Semi-Annual		06/17/2026	AUD	5,080		175			294			469			2		0
Receive	6-Month AUD-BBR-BBSW		3.000		Semi-Annual		03/21/2027		80		(1	)		(8	)		(9	)		0		0
Receive	6-Month EUR-EURIBOR		0.150		Annual		03/18/2030	EUR	800		15			(21	)		(6	)		0		(2	)
Receive	6-Month GBP-LIBOR		0.750		Semi-Annual		03/18/2030	GBP	993		10			(59	)		(49	)		0		(3	)
Receive	6-Month JPY-LIBOR		0.354		Semi-Annual		01/18/2028	JPY	20,000		0			(5	)		(5	)		0		0
Receive	6-Month JPY-LIBOR		0.300		Semi-Annual		03/20/2028		85,000		6			(25	)		(19	)		1		0
Receive	6-Month JPY-LIBOR		0.450		Semi-Annual		03/20/2029		530,000		(26	)		(166	)		(192	)		6		0
Pay	6-Month JPY-LIBOR		0.020		Semi-Annual		04/20/2029		10,000		0			0			0			0		0
Pay	6-Month JPY-LIBOR		0.002		Semi-Annual		04/22/2029		20,000		0			0			0			0		0
Pay	6-Month JPY-LIBOR		0.035		Semi-Annual		05/11/2029		10,000		0			0			0			0		0
Pay	6-Month JPY-LIBOR		0.024		Semi-Annual		05/12/2029		20,000		0			(1	)		(1	)		0		0
Pay	6-Month JPY-LIBOR		0.011		Semi-Annual		05/13/2029		10,000		0			0			0			0		0
Pay	6-Month JPY-LIBOR		0.011		Semi-Annual		05/14/2029		10,000		0			0			0			0		0
Pay	6-Month JPY-LIBOR		0.036		Semi-Annual		05/20/2029		20,000		0			(1	)		(1	)		0		0
Pay	6-Month JPY-LIBOR		0.021		Semi-Annual		05/21/2029		20,000		0			(1	)		(1	)		0		0
Pay	6-Month JPY-LIBOR		0.025		Semi-Annual		05/22/2029		1,000		0			0			0			0		0
Receive	28-Day MXN-TIIE		6.950		Lunar		06/17/2022	MXN	32,100		(5	)		(63	)		(68	)		0		(1	)
Pay	28-Day MXN-TIIE		7.640		Lunar		01/03/2023		200		0			1			1			0		0
Pay	28-Day MXN-TIIE		7.645		Lunar		01/03/2023		2,000		0			7			7			0		0
Pay	28-Day MXN-TIIE		7.745		Lunar		01/05/2023		1,400		0			5			5			0		0
Pay	28-Day MXN-TIIE		7.610		Lunar		01/23/2023		6,000		(2	)		23			21			0		0
Pay	28-Day MXN-TIIE		7.805		Lunar		02/06/2023		3,400		0			12			12			0		0
Pay	28-Day MXN-TIIE		7.820		Lunar		02/06/2023		3,400		(1	)		13			12			0		0
Pay	28-Day MXN-TIIE		5.950		Lunar		01/30/2026		600		(4	)		5			1			0		0
Pay	28-Day MXN-TIIE		5.990		Lunar		01/30/2026		4,300		(4	)		14			10			0		0
Pay	28-Day MXN-TIIE		6.080		Lunar		03/10/2026		15,500		(15	)		53			38			1		0
Pay	28-Day MXN-TIIE		6.490		Lunar		09/08/2026		30,000		13			88			101			3		0
Pay	28-Day MXN-TIIE		7.380		Lunar		11/04/2026		100		0			1			1			0		0
Pay	28-Day MXN-TIIE		8.090		Lunar		01/15/2027		3,300		0			24			24			0		0
Pay	28-Day MXN-TIIE		8.120		Lunar		01/15/2027		700		0			5			5			0		0
Pay	28-Day MXN-TIIE		7.865		Lunar		02/02/2027		2,400		0			16			16			0		0
Pay	28-Day MXN-TIIE		8.010		Lunar		02/04/2027		1,200		0			9			9			0		0
Pay	28-Day MXN-TIIE		7.818		Lunar		02/17/2027		1,100		0			7			7			0		0
Pay	28-Day MXN-TIIE		7.150		Lunar		06/11/2027		1,200		(1	)		7			6			0		0
Pay	28-Day MXN-TIIE		7.370		Lunar		10/11/2027		2,500		0			14			14			0		0
Receive	28-Day MXN-TIIE		7.984		Lunar		12/10/2027		2,900		0			(22	)		(22	)		0		(1	)
Receive	28-Day MXN-TIIE		8.005		Lunar		12/21/2027		11,400		(6	)		(80	)		(86	)		0		(2	)

46 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

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	28-Day MXN-TIIE		7.800	%	Lunar		12/28/2027		MXN    1,200	$	0	$	(8	)	$	(8	)	$	0	$	0
Receive	28-Day MXN-TIIE		7.910		Lunar		12/30/2027		700		0		(5	)		(5	)		0		0
Receive	28-Day MXN-TIIE		8.030		Lunar		01/31/2028		2,000		0		(15	)		(15	)		0		(1	)
Receive	28-Day MXN-TIIE		8.050		Lunar		01/31/2028		1,900		1		(16	)		(15	)		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		100		0		1			1			0		0
Pay	28-Day MXN-TIIE		7.360		Lunar		08/21/2037		100		0		1			1			0		0
Receive	28-Day MXN-TIIE		8.103		Lunar		01/04/2038		900		1		(10	)		(9	)		0		0
										$	124	$	(2,281	)	$	(2,157	)	$	57	$	(10	)
Total Swap Agreements										$	85	$	(2,250	)	$	(2,165	)	$	60	$	(13	)

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 June 30, 2020:

	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	$	3	$	60	$	63	$	0	$	(22	)	$	(13	)	$	(35	)

Cash of $867 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2020. 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⁾ 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.

⁽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 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 underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(n)  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		07/2020	$		27		RUB	2,134	$	2	$	0
		08/2020		NZD	946	$		565		0		(46	)
		08/2020	$		24		RUB	1,643		0		(1	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 47

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

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
BPS		07/2020		BRL	947	$		173	$	0	$	(1	)
		07/2020		GBP	54			68		1		0
		07/2020	$		177		BRL	947		0		(3	)
		07/2020			46		GBP	37		0		0
		07/2020			160		RUB	11,110		0		(4	)
		08/2020			51			3,581		0		(1	)
BRC		12/2020			359		MXN	7,930		0		(20	)
CBK		07/2020		DKK	48	$		7		0		0
		07/2020		EUR	63			71		0		0
		07/2020		JPY	6,300			58		0		0
		07/2020		PEN	466			134		3		0
		08/2020	$		19		RUB	1,274		0		(1	)
		09/2020			60		MXN	1,341		0		(3	)
		10/2020			7		DKK	48		0		0
DUB		07/2020		BRL	947	$		179		5		0
		07/2020		PEN	103			30		1		0
		07/2020	$		173		BRL	947		1		0
		07/2020			30		PEN	103		0		(1	)
		08/2020		PEN	103	$		30		1		0
		08/2020	$		179		BRL	947		0		(5	)
GLM		07/2020			24		DKK	165		1		0
		07/2020			205		MXN	5,098		17		0
		07/2020			119		RUB	9,013		8		0
		08/2020			16			1,107		0		(1	)
HUS		07/2020		AUD	55	$		37		0		(1	)
		07/2020		GBP	3,251			4,030		2		0
		07/2020		PEN	103			30		1		0
		07/2020	$		48		RUB	3,359		0		(1	)
		08/2020		GBP	3,268	$		4,008		0		(43	)
		08/2020	$		89		CHF	87		2		0
JPM		07/2020		DKK	19	$		3		0		0
		08/2020	$		96		RUB	6,738		0		(2	)
		10/2020			3		DKK	19		0		0
MYI		07/2020		DKK	70	$		11		0		0
		09/2020	$		134		IDR	2,037,957		4		0
		10/2020			15		DKK	98		0		0
SCX		07/2020		EUR	2,339	$		2,603		0		(24	)
		07/2020	$		48		CLP	37,608		0		(2	)
		08/2020		EUR	2,402	$		2,700		0		(1	)
		09/2020	$		374		INR	28,672		3		0
UAG		07/2020			72		RUB	5,183		1		(1	)
		08/2020			124			8,754		0		(1	)
Total Forward Foreign Currency Contracts									$	53	$	(163	)

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 June 30, 2020(2)			Notional Amount(3)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at  Value(4)
																			Asset		Liability
BPS	Mexico Government International Bond		1.000	%	Quarterly		06/20/2024		1.289	%	$	100	$	(1	)	$	0		$	0	$	(1	)
CBK	Brazil Government International Bond		1.000		Quarterly		12/20/2022		1.773			245		(8	)		3			0		(5	)
	Brazil Government International Bond		1.000		Quarterly		12/20/2024		2.401			300		(5	)		(13	)		0		(18	)
	Mexico Government International Bond		1.000		Quarterly		06/20/2024		1.289			40		(1	)		1			0		0

48 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2020(2)			Notional Amount(3)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at  Value(4)
																			Asset		Liability
GST	Brazil Government International Bond		1.000	%	Quarterly		12/20/2024		2.401	%	$	200	$	(3	)	$	(9	)	$	0	$	(12	)
	Colombia Government International Bond		1.000		Quarterly		12/20/2023		1.208			50		(1	)		1			0		0
	Mexico Government International Bond		1.000		Quarterly		06/20/2023		1.059			100		(1	)		1			0		0
	Mexico Government International Bond		1.000		Quarterly		12/20/2024		1.444			100		(1	)		(1	)		0		(2	)
	Petrobras Global Finance BV		1.000		Quarterly		12/20/2021		2.267			200		(37	)		33			0		(4	)
HUS	Brazil Government International Bond		1.000		Quarterly		06/20/2024		2.243			400		(12	)		(7	)		0		(19	)
	Mexico Government International Bond		1.000		Quarterly		12/20/2023		1.191			300		(5	)		3			0		(2	)
	Mexico Government International Bond		1.000		Quarterly		06/20/2024		1.289			100		(1	)		0			0		(1	)
JPM	South Africa Government International Bond		1.000		Quarterly		06/20/2023		2.511			100		(5	)		1			0		(4	)
MYC	Mexico Government International Bond		1.000		Quarterly		12/20/2024		1.444			500		(3	)		(7	)		0		(10	)
	South Africa Government International Bond		1.000		Quarterly		12/20/2022		2.401			400		(8	)		(5	)		0		(13	)
													$	(92	)	$	1		$	0	$	(91	)

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
GST	CMBX.NA.AAA.10 Index		0.500	%	Monthly		11/17/2059	$	4,000	$	(85	)	$	115	$	30	$	0

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
AZD	Pay	3-Month CNY-CNREPOFIX		2.445	%	Quarterly		06/17/2025		CNY  1,100	$	0		$	1	$	1	$	0
CBK	Pay	3-Month CNY-CNREPOFIX		2.850		Quarterly		01/23/2025		500		0			1		1		0
											$	0		$	2	$	2	$	0
Total Swap Agreements											$	(177	)	$	118	$	32	$	(91	)

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 June 30, 2020:

	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)
AZD	$	0	$	0	$	1	$	1	$	0		$	0	$	0		$	0		$	1		$	0	$	1
BOA		2		0		0		2		(47	)		0		0			(47	)		(45	)		0		(45	)
BPS		1		0		0		1		(9	)		0		(1	)		(10	)		(9	)		0		(9	)
BRC		0		0		0		0		(20	)		0		0			(20	)		(20	)		0		(20	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 49

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

	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)
CBK	$	3	$	0	$	1	$	4	$	(4	)	$	0	$	(23	)	$	(27	)	$	(23	)	$	0	$	(23	)
DUB		8		0		0		8		(6	)		0		0			(6	)		2			0		2
GLM		26		0		0		26		(1	)		0		0			(1	)		25			0		25
GST		0		0		30		30		0			0		(18	)		(18	)		12			0		12
HUS		5		0		0		5		(45	)		0		(22	)		(67	)		(62	)		0		(62	)
JPM		0		0		0		0		(2	)		0		(4	)		(6	)		(6	)		0		(6	)
MYC		0		0		0		0		0			0		(23	)		(23	)		(23	)		0		(23	)
MYI		4		0		0		4		0			0		0			0			4			0		4
SCX		3		0		0		3		(27	)		0		0			(27	)		(24	)		0		(24	)
UAG		1		0		0		1		(2	)		0		0			(2	)		(1	)		0		(1	)
Total Over the Counter	$	53	$	0	$	��32	$	85	$	(163	)	$	0	$	(91	)	$	(254	)

⁽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 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 underlying referenced instrument’s 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.

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 Statement of Assets and Liabilities as of June 30, 2020:

	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	$	3	$	3
Swap Agreements		0		3		0		0		57		60
	$	0	$	3	$	0	$	0	$	60	$	63

50 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	53	$	0	$	53
Swap Agreements		0		30		0		0		2		32
	$	0	$	30	$	0	$	53	$	2	$	85
	$	0	$	33	$	0	$	53	$	62	$	148
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	22	$	22
Swap Agreements		0		3		0		0		10		13
	$	0	$	3	$	0	$	0	$	32	$	35
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	163	$	0	$	163
Swap Agreements		0		91		0		0		0		91
	$	0	$	91	$	0	$	163	$	0	$	254
	$	0	$	94	$	0	$	163	$	32	$	289

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 2020:

	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		$	0	$	0		$	(5	)	$	(5	)
Written Options		0		0			0		0			2			2
Futures		0		0			0		0			1,857			1,857
Swap Agreements		0		(6	)		0		0			(1,273	)		(1,279	)
	$	0	$	(6	)	$	0	$	0		$	581		$	575
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	340		$	0		$	340
Purchased Options		0		0			0		0			(2	)		(2	)
Written Options		0		8			0		0			8			16
Swap Agreements		0		48			0		0			0			48
	$	0	$	56		$	0	$	340		$	6		$	402
	$	0	$	50		$	0	$	340		$	587		$	977
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0		$	(372	)	$	(372	)
Swap Agreements		0		35			0		0			(888	)		(853	)
	$	0	$	35		$	0	$	0		$	(1,260	)	$	(1,225	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(60	)	$	0		$	(60	)
Written Options		0		(5	)		0		0			0			(5	)
Swap Agreements		0		(303	)		0		0			3			(300	)
	$	0	$	(308	)	$	0	$	(60	)	$	3		$	(365	)
	$	0	$	(273	)	$	0	$	(60	)	$	(1,257	)	$	(1,590	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 51

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

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Asset-Backed Securities
Cayman Islands	$	0	$	1,184	$	0	$	1,184
United States		0		6,289		0		6,289
Loan Participations and Assignments
Luxembourg		0		40		0		40
United States		0		802		417		1,219
Common Stocks
Australia
Communication Services		0		256		0		256
Consumer Discretionary		0		428		0		428
Consumer Staples		0		548		0		548
Energy		0		70		0		70
Financials		0		4,142		0		4,142
Industrials		0		56		0		56
Materials		0		2,554		0		2,554
Utilities		0		126		0		126
Austria
Materials		0		131		0		131
Belgium
Communication Services		0		71		0		71
Financials		0		100		0		100
Industrials		0		65		0		65
Materials		0		13		0		13
Brazil
Energy		1		0		5		6
Utilities		7		0		0		7
Canada
Communication Services		67		0		0		67
Energy		420		0		0		420
Financials		549		0		0		549
Utilities		189		0		0		189
Denmark
Financials		0		208		0		208
Health Care		0		33		0		33
Finland
Financials		0		1,364		0		1,364
Industrials		0		42		0		42
Materials		0		113		0		113
France
Communication Services		0		649		0		649
Consumer Discretionary		0		1,116		0		1,116
Consumer Staples		0		541		0		541
Energy		0		643		0		643
Financials		0		1,872		0		1,872
Health Care		0		1,004		0		1,004
Industrials		0		551		0		551
Utilities		0		318		0		318
Germany
Communication Services		0		209		0		209
Consumer Discretionary		0		1,683		0		1,683
Consumer Staples		0		240		0		240
Financials		0		550		0		550

52 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Health Care	$	0	$	747	$	0	$	747
Industrials		0		690		0		690
Materials		0		864		0		864
Utilities		0		89		0		89
Hong Kong
Communication Services		0		58		0		58
Consumer Discretionary		0		148		0		148
Information Technology		0		77		0		77
Real Estate		0		601		0		601
Israel
Communication Services		0		85		0		85
Italy
Energy		0		528		0		528
Financials		0		1,421		0		1,421
Utilities		0		940		0		940
Japan
Communication Services		0		2,201		0		2,201
Consumer Discretionary		0		4,018		0		4,018
Consumer Staples		0		1,513		0		1,513
Energy		0		237		0		237
Financials		0		3,753		0		3,753
Health Care		0		700		0		700
Industrials		0		3,428		0		3,428
Information Technology		0		3,335		0		3,335
Materials		11		1,342		0		1,353
Real Estate		0		196		0		196
Utilities		0		665		0		665
Jersey, Channel Islands
Materials		33		0		0		33
Luxembourg
Communication Services		0		108		0		108
Materials		85		0		0		85
Netherlands
Communication Services		218		80		0		298
Consumer Staples		0		13		0		13
Energy		0		965		0		965
Financials		0		663		0		663
Industrials		0		215		0		215
New Zealand
Materials		0		61		0		61
Norway
Communication Services		0		98		0		98
Energy		0		393		0		393
Financials		0		30		0		30
Portugal
Utilities		0		346		0		346
Singapore
Industrials		0		138		0		138
Spain
Communication Services		0		845		0		845
Energy		0		360		0		360
Financials		69		1,403		0		1,472
Industrials		0		214		0		214
Utilities		0		490		0		490
Sweden
Communication Services		0		52		0		52
Consumer Discretionary		0		166		0		166
Financials		0		1,038		0		1,038
Industrials		0		105		0		105

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 53

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

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Switzerland
Communication Services	$	0	$	104	$	0	$	104
Consumer Discretionary		25		0		0		25
Consumer Staples		0		35		0		35
Financials		0		1,590		0		1,590
Health Care		0		1,355		0		1,355
Industrials		0		715		0		715
Information Technology		73		0		0		73
United Kingdom
Communication Services		0		756		0		756
Consumer Discretionary		0		736		0		736
Consumer Staples		0		1,928		0		1,928
Energy		20		412		0		432
Financials		0		1,367		0		1,367
Industrials		0		617		0		617
Materials		0		1,661		0		1,661
Utilities		0		1,127		0		1,127
United States
Communication Services		6,950		0		0		6,950
Consumer Discretionary		6,483		0		0		6,483
Consumer Staples		7,587		0		0		7,587
Energy		8,521		0		0		8,521
Financials		6,555		0		0		6,555
Health Care		9,362		0		0		9,362
Industrials		2,868		0		4		2,872
Information Technology		6,835		0		0		6,835
Materials		1,832		0		0		1,832
Real Estate		0		0		0		0
Utilities		3,244		0		0		3,244
Convertible Bonds & Notes
United States
Industrials		0		15		0		15
Corporate Bonds & Notes
Argentina
Industrials		0		16		8		24
Bermuda
Industrials		0		1		0		1
Brazil
Industrials		0		41		0		41
Utilities		0		408		0		408
Canada
Banking & Finance		0		32		0		32
Industrials		0		58		0		58
Cayman Islands
Banking & Finance		0		1,255		0		1,255
Industrials		0		30		0		30
Utilities		0		46		0		46
Curacao
Industrials		0		2		0		2
France
Banking & Finance		0		202		0		202
Industrials		0		1,291		0		1,291
Germany
Banking & Finance		0		1,602		0		1,602
Industrials		0		16		0		16
Ireland
Banking & Finance		0		213		0		213
Industrials		0		506		0		506
Italy
Banking & Finance		0		428		0		428

54 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Jersey, Channel Islands
Industrials	$	0	$	362	$	0	$	362
Luxembourg
Banking & Finance		0		430		0		430
Industrials		0		438		0		438
Utilities		0		678		0		678
Mexico
Industrials		0		295		0		295
Multinational
Industrials		0		6		0		6
Netherlands
Banking & Finance		0		463		0		463
Industrials		0		45		0		45
Utilities		0		15		0		15
Panama
Industrials		0		58		0		58
Peru
Banking & Finance		0		29		0		29
Singapore
Industrials		0		2		0		2
Switzerland
Banking & Finance		0		218		0		218
Turkey
Banking & Finance		0		203		0		203
United Kingdom
Banking & Finance		0		3,355		0		3,355
Industrials		0		746		0		746
United States
Banking & Finance		0		1,531		0		1,531
Industrials		0		2,820		0		2,820
Utilities		0		1,821		0		1,821
Venezuela
Industrials		0		10		0		10
Non-Agency Mortgage-Backed Securities
United Kingdom		0		1,803		0		1,803
United States		0		5,114		0		5,114
Municipal Bonds & Notes
California		0		341		0		341
Illinois		0		83		0		83
Michigan		0		190		0		190
Puerto Rico		0		217		0		217
Virginia		0		355		0		355
West Virginia		0		323		0		323
Preferred Stocks
Germany
Industrials		0		514		0		514
Netherlands
Banking & Finance		0		30		0		30
United Kingdom
Banking & Finance		0		219		0		219
United States
Industrials		0		133		0		133
Real Estate Investment Trusts
Australia
Real Estate		0		30		0		30
Canada
Real Estate		113		0		0		113
France
Real Estate		586		143		0		729

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 55

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

June 30, 2020

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2020
United States
Financials	$	970		$	0		$	0	$	970
Real Estate		1,552			0			0		1,552
Rights
Spain
Communication Services		31			0			0		31
Energy		4			0			0		4
Industrials		11			0			0		11
Sovereign Issues
Argentina		0			405			0		405
Kuwait		0			431			0		431
Peru		0			504			0		504
Saudi Arabia		0			465			0		465
Spain		0			59			0		59
Turkey		0			479			0		479
Venezuela		0			11			0		11
U.S. Government Agencies
United States		0			18,858			0		18,858
U.S. Treasury Obligations
United States		0			5,312			0		5,312
Warrants
United States
Communication Services		0			90			0		90
Loan Participations and Assignments
United States		0			0			0		0
Short-Term Instruments
Repurchase Agreements		0			1,101			0		1,101
Short-Term Notes		0			12			0		12
Argentina Treasury Bills		0			298			0		298
	$	65,271		$	133,040		$	434	$	198,745
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	539		$	0		$	0	$	539
Total Investments	$	65,810		$	133,040		$	434	$	199,284
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		3			60			0		63
Over the counter		0			85			0		85
	$	3		$	145		$	0	$	148
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(22	)		(13	)		0		(35	)
Over the counter		0			(254	)		0		(254	)
	$	(22	)	$	(267	)	$	0	$	(289	)
Total Financial Derivative Instruments	$	(19	)	$	(122	)	$	0	$	(141	)
Totals	$	65,791		$	132,918		$	434	$	199,143

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

56 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements

June 30, 2020

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on March 30, 2010. 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, I-2, Class A and Class C shares of the PIMCO Dividend and Income Fund (the “Fund”). Pacific Investment Management Company LLC (“PIMCO”) serves as the investment adviser (the “Adviser”) for the Fund. Research Affiliates, LLC (“Research Affiliates”) serves as the sub-adviser for the equity portion of the Fund. PIMCO and Research Affiliates have also engaged Parametric Portfolio Associates, LLC (“Parametric”) to implement the investment strategies of the equity portion of the 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”). The Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Fund is the U.S. dollar. 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 the 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 Statement 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 Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement 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

ANNUAL REPORT JUNE 30, 2020 57

Notes to Financial Statements (Cont.)

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) Foreign Currency Translation  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 Fund does 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 Statement of Operations. The Fund 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 Statement 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 Statement of Operations.

(c) Multi-Class 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 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 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  Distributions from net investment income, if any, are declared and distributed to shareholders quarterly. In addition, the Fund distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently.

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 the Fund’s annual financial statements presented under U.S. GAAP.

58 PIMCO EQUITY SERIES

June 30, 2020

If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the 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 the Fund’s daily internal accounting records and practices, the Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the 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 the 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 at the Fund’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements  In August 2018, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2018-13, which modifies certain disclosure requirements for fair value measurements in Accounting Standards Codification 820. The ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. At this time, management has elected to early adopt the ASU and the changes are incorporated in the financial statements.

In March 2020, the FASB issued ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31, 2022. At this time, management is evaluating implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies  The price of the Fund’s shares is based on the Fund’s NAV. The NAV of the 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 the Fund or class, by the total number of shares outstanding of the Fund or class.

ANNUAL REPORT JUNE 30, 2020 59

Notes to Financial Statements (Cont.)

On each day that the New York Stock Exchange (“NYSE”) is open, Fund shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Fund or its 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. The Fund reserves the right to change the time as of which its NAV is calculated if the Fund closes earlier, or as permitted by the U.S. Securities and Exchange Commission (“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 Fund’s approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does 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. The 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, the 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, the 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. The 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

60 PIMCO EQUITY SERIES

June 30, 2020

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 the 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 are 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 are 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 the 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 the 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 Board. The Adviser may consult with the Sub-Adviser or Parametric in providing such recommendations or otherwise with respect to valuation of the 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 the 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 the 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.

ANNUAL REPORT JUNE 30, 2020 61

Notes to Financial Statements (Cont.)

When the 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 the 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 the 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 the Fund may differ from the value that would be realized if the securities were sold. The Fund’s use of fair valuation may also help to deter “stale price arbitrage” as discussed under the “Abusive Trading Practices” section in the Fund’s prospectus.

(b) Fair Value Hierarchy  U.S. GAAP describes fair value as the price that the 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 into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the 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 the 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 the Fund.

62 PIMCO EQUITY SERIES

June 30, 2020

(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.

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Notes to Financial Statements (Cont.)

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, London Interbank Offered Rate 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

The 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

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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 Fund. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each affiliate fund’s shareholder report is also available at the SEC’s website at www.sec.gov, on the Fund’s website at www.pimco.com, or upon request, as applicable. The table below shows the Fund’s transactions in and earnings from investments in the affiliated Funds for the period ended June 30, 2020 (amounts in thousands^†):

Investment in PIMCO Short-Term Floating NAV Portfolio III

Market Value 06/30/2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 06/30/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
$	217	$	36,622	$	(36,300)	$	0	$	0	$	539	$	21	$	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 Fund may utilize the investments and strategies described below to the extent permitted by the Fund’s investment policies.

Forward Commitment Transactions  involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Fund may sell forward commitments before the securities are delivered, which may result in a realized gain (loss).

Inflation-Indexed Bonds  are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments  are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The 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

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Notes to Financial Statements (Cont.)

in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the 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 Fund 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 Fund 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 the 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, the 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. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the 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 Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

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

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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, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank 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 the Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the 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 interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that the 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.

Stripped Mortgage-Backed Securities  (“SMBS”) are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). Payments received for IOs are included in interest income on the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities  may give the issuer the option at each interest payment date of making interest payments in either cash and/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

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Notes to Financial Statements (Cont.)

(referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statement of Assets and Liabilities.

Perpetual Bonds  are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

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 the 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 Fund that invests in REITs will bear its 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 Fund at June 30, 2020, as applicable, are disclosed in the Notes to Schedule of Investments.

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, 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 which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

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,

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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.

In June 2019, under the Single Security Initiative, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities. The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the 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 Statement of Assets and Liabilities as an asset or liability, respectively.

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 the Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

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Notes to Financial Statements (Cont.)

The following disclosures contain information on the 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 the Fund. The location of these instruments in the Fund’s financial statements is described below.

(a) Repurchase Agreements  Under the terms of a typical repurchase agreement, the Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the 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 at any time. The underlying securities for all repurchase agreements are held by the 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 Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the 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, the 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. The 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 the Fund to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The 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 the 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. The 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 the Fund are reflected as a liability on the Statement of Assets and Liabilities. The 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, the Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statement of Operations. Interest payments based upon negotiated financing terms made by the Fund to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the

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Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Interfund Lending  In accordance with an exemptive order (the “Order”) from the SEC, each Fund of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Each Fund is currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

On March 23, 2020, the SEC issued an exemptive order (the “Temporary Order”) to provide temporary relief to each Fund of the Trust in relation to the Interfund Lending Program, and the Funds’ Board of Trustees has authorized the Funds to rely on the Temporary Order. With respect to interfund lending, the Temporary Order permits, under certain conditions, a lending fund to lend in aggregate up to 25% of its current net assets at the time of the interfund loan and to make interfund loans with term limits of up to the expiration of the Temporary Order, notwithstanding the current limit of seven business days under the Order. The SEC determined in June 2020 that the Temporary Order would not be extended after its expiration on June 30, 2020.

During the period ended June 30, 2020, the Fund did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

The following disclosures contain information on how and why the Fund uses financial derivative instruments, and how financial derivative instruments affect the Fund’s financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule 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 Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Fund.

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Notes to Financial Statements (Cont.)

(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 the 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 the 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 Statement of Assets and Liabilities. In addition, the 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 and are traded on an exchange. The 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 the 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, the 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”). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. 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 Statement of Assets and Liabilities.

(c) Options Contracts  may be written or purchased to enhance returns or to hedge an existing position or future investment. The 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 the Fund’s exposure to the underlying instrument. Writing call options tends to decrease the Fund’s exposure to the underlying instrument. When the Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement 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. The 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

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the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease the Fund’s exposure to the underlying instrument. The Fund pays a premium which is included as an asset on the Statement 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.

Credit Default Swaptions  may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Interest Rate Swaptions  may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts  (“Futures Option”) may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

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 the 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”). The 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.

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Notes to Financial Statements (Cont.)

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 Statement 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 Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement 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 Statement 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 Statement of Operations. Net periodic payments received or paid by the Fund are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Fund’s investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Fund’s investment policies and restrictions, the Fund 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 the Fund’s other investment policies and restrictions. For example, the Fund may value credit default swaps at full exposure value for purposes of the Fund’s credit quality guidelines (if any) because such value in general better reflects the Fund’s actual economic exposure during the term of the credit default swap agreement. As a result, the 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 the Fund’s prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the 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 Statement 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.

The 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 the Fund and the counterparty and by the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

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

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, 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 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, 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

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Notes to Financial Statements (Cont.)

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. The 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 Schedule 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 the 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 the Fund is the seller of protection are disclosed in the Notes to Schedule 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 the 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 the Fund’s ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Fund holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Fund with another party for their respective commitment to pay or 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

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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.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see “Description of Principal Risks” in the Fund’s prospectus for a more detailed description of the risks of investing in the 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 the Fund or the 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. The 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 the 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.

Foreign (Non-U.S.) Investment Risk  is the risk that investing in foreign (non-U.S.) securities may result in the 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.

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Notes to Financial Statements (Cont.)

Market Risk  is the risk that the value of securities owned by the 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 the Fund has invested in, the 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 the 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, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as 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 the 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 the Fund’s investments in Real Estate Investment Trusts (“REITs”) or real estate-linked derivative instruments will subject the 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. The Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk.

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

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Leveraging Risk  is the risk that certain transactions of the 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 the 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 PIMCO, including the use of quantitative models or methods, 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 the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

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 the Fund could lose more than the initial amount invested. The Fund’s use of derivatives may result in losses to the Fund, a reduction in the 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 the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund’s performance.

Model Risk  is the risk that the Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors or may rely on inaccurate data inputs, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data, any of which may result in a decline in the value of an investment in the 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 the Fund.

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Notes to Financial Statements (Cont.)

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.

(b) Other Risks

In general, the Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cybersecurity risks. Please see the Fund’s prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments (such as the anticipated discontinuation of the London Interbank Offered Rate) that may impact the Fund’s performance.

Market Disruption Risk  The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund’s service providers, including PIMCO as the Fund’s investment adviser, rely, and could otherwise disrupt the Fund’s service providers’ ability to fulfill their obligations to the Fund. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds, and may adversely affect the Fund’s investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets  Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund itself is regulated. Such legislation or regulation could limit or preclude the Fund’s ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of the Fund’s holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk  Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and/or preclude the Fund’s ability to achieve its

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investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk  An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk  As the use of technology has become more prevalent in the course of business, the Fund has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

8. MASTER NETTING ARRANGEMENTS

The Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve 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 the 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 Statement of Assets and Liabilities generally presents 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

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Notes to Financial Statements (Cont.)

preferred forms of collateral, although other 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 Statement 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 Statement 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. The 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 certain sale-buyback transactions between the 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 Schedule of Investments.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the 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 Schedule 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. 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 Fund. Variation margin, or changes in market value, are generally 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 Schedule 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 the Portfolio 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 Schedule of Investments.

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International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by the 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 Schedule 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 the 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 Fee 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 the Fund’s average daily net assets attributable to each class):

Investment Advisory Fee	Supervisory and Administrative Fee
All Classes	Institutional Class	I-2	I-3	Class A	Class C
0.49%	0.30%	0.40%	0.50%*(1)	0.40%	0.40%

* This particular share class has been registered with the SEC, but has not yet launched.

⁽¹⁾  PIMCO has contractually agreed, through October 31, 2020, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares 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

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Notes to Financial Statements (Cont.)

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 the Fund’s average daily net assets attributable to each class):

	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 June 30, 2020, the Distributor retained $21,424 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 Fund, 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 expenses; (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.

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 Fund’s Supervisory and Administrative Fee, or reimburse the Fund, to the extent that the Fund’s organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier 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.

In any month in which the investment advisory contract or supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Fund of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the “Reimbursement Amount”) during the previous thirty-six months from the date of waiver, provided that such amount paid to PIMCO

84 PIMCO EQUITY SERIES

June 30, 2020

will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO at June 30, 2020, were as follows (amounts in thousands^†):

Expiring within
12 months		13-24 months		25-36 months		Total
$	24	$	23	$	18	$	65

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

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2020, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. This 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.

The Waiver is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended June 30, 2020, the amount was $17,969.

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 Statement of Assets and Liabilities.

The Fund is 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 Fund 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. Purchases and sales of securities pursuant to Rule 17a-7 under the Act for the period ended June 30, 2020, were as follows (amounts in thousands^†):

Purchases		Sales
$	291	$	4,465

^†   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 Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure

ANNUAL REPORT JUNE 30, 2020 85

Notes to Financial Statements (Cont.)

under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Fund is known as “portfolio turnover.” The 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, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. 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 when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the 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 June 30, 2020, were as follows (amounts in thousands^†):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	288,623	$	293,099	$	81,774	$	114,458

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

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^†):

	Year Ended 06/30/2020						Year Ended 06/30/2019
	Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		739		$	7,801			528		$	5,967
I-2		810			8,649			906			10,177
Class A		1,980			20,694			1,617			18,175
Class C		344			3,679			546			6,093
Issued as reinvestment of distributions
Institutional Class		50			567			83			895
I-2		48			543			69			753
Class A		236			2,684			385			4,155
Class C		103			1,195			192			2,046
Cost of shares redeemed
Institutional Class		(931	)		(9,477	)		(770	)		(8,697	)
I-2		(1,145	)		(11,909	)		(1,070	)		(12,087	)
Class A		(3,176	)		(33,056	)		(3,151	)		(35,471	)
Class C		(2,993	)		(31,731	)		(3,414	)		(38,345	)
Net increase (decrease) resulting from Fund share transactions		(3,935	)	$	(40,361	)		(4,079	)	$	(46,339	)

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

86 PIMCO EQUITY SERIES

June 30, 2020

14. REGULATORY AND LITIGATION MATTERS

The Fund is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

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

15. FEDERAL INCOME TAX MATTERS

The 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.

The 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 Fund’s tax positions for all open tax years. As of June 30, 2020, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Fund files U.S. federal, state, and local tax returns as required. The Fund’s 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.

As of June 30, 2020, the components of distributable taxable earnings are as follows (amounts in thousands^†):

	Undistributed Ordinary Income(1)		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation)(2)			Other Book-to-Tax Accounting Differences (3)			Accumulated Capital Losses(4)			Qualified Late-Year Loss Deferral - Capital(5)		Qualified Late-Year Loss Deferral - Ordinary(6)
PIMCO Dividend and Income Fund	$	1,098	$	0	$	(16,838	)	$	(18	)	$	(105,200	)	$	0	$	0

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

⁽¹⁾  Includes undistributed short-term capital gains, if any.

⁽²⁾  Adjusted for open wash sale loss deferrals and accelerated recognition of unrealized gain (loss) on certain futures, options, and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, passive foreign investment companies (PFICs), convertible preferred securities, Treasury Inflation Protected Securities (TIPS), Lehman Securities, defaulted securities, OGX adjustments, and straddle loss deferrals.

⁽³⁾  Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for organizational expenditures.

⁽⁴⁾  Capital losses available to offset future net capital gains expire in varying amounts as shown below.

⁽⁵⁾  Capital losses realized during the period November 1, 2019 through June 30, 2020 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

⁽⁶⁾  Specified losses realized during the period November 1, 2019 through June 30, 2020 and Ordinary losses realized during the period January 1, 2020 through June 30, 2020, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

ANNUAL REPORT JUNE 30, 2020 87

Notes to Financial Statements (Cont.)

June 30, 2020

Under the Regulated Investment Company 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 June 30, 2020, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO Dividend and Income Fund	$	70,411	$	34,789

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

As of June 30, 2020, 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)(7)
PIMCO Dividend and Income Fund	$	213,820	$	14,730	$	(31,579	)	$	(16,849	)

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

⁽⁷⁾  Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) on investments are attributable to open wash sale loss deferrals, passive foreign investment companies (PFICs), convertible preferred stock, Treasury Inflation Protected Securities (TIPS), Lehman Securities, defaulted securities, OGX adjustments, straddle loss deferrals, realized and unrealized gain (loss) swap contracts, and unrealized gain (loss) on certain futures, options, and forward contracts.

For the fiscal years ended June 30, 2020 and June 30, 2019, respectively, the Funds made the following tax basis distributions (amounts in thousands^†):

	June 30, 2020						June 30, 2019
	Ordinary Income Distributions(8)		Long-Term Capital Gain Distributions		Return  of Capital(9)		Ordinary Income Distributions(8)		Long-Term Capital Gain Distributions		Return  of Capital(9)
PIMCO Dividend and Income Fund	$	5,751	$	0	$	0	$	9,100	$	0	$	0

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

⁽⁸⁾  Includes short-term capital gains distributed, if any.

⁽⁹⁾  A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

88 PIMCO EQUITY SERIES

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Equity Series^® and Shareholders of PIMCO Dividend and Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Dividend and Income Fund (one of the funds constituting PIMCO Equity Series^®, referred to hereafter as the “Fund”) as of June 30, 2020, the related statement of operations for the year ended June 30, 2020, the statement of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2020, and the financial highlights for each of the five years in the period ended June 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

August 20, 2020

We have served as the auditor of one or more investment companies in PIMCO Equity Series^® since 2010.

ANNUAL REPORT JUNE 30, 2020 89

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

(Unaudited)

Counterparty Abbreviations:
AZD	Australia and New Zealand Banking Group	GLM	Goldman Sachs Bank USA
BOA	Bank of America N.A.	GST	Goldman Sachs International
BOS	BofA Securities, Inc.	HUS	HSBC Bank USA N.A.
BPS	BNP Paribas S.A.	JPM	JP Morgan Chase Bank N.A.
BRC	Barclays Bank PLC	MYC	Morgan Stanley Capital Services LLC
BSN	The Bank of Nova Scotia - Toronto	MYI	Morgan Stanley & Co. International PLC
CBK	Citibank N.A.	SCX	Standard Chartered Bank, London
DUB	Deutsche Bank AG	TDM	TD Securities (USA) LLC
FICC	Fixed Income Clearing Corporation	UAG	UBS AG Stamford
FOB	Credit Suisse Securities (USA) LLC
Currency Abbreviations:
ARS	Argentine Peso	IDR	Indonesian Rupiah
AUD	Australian Dollar	INR	Indian Rupee
BRL	Brazilian Real	JPY	Japanese Yen
CHF	Swiss Franc	MXN	Mexican Peso
CLP	Chilean Peso	NZD	New Zealand Dollar
CNY	Chinese Renminbi (Mainland)	PEN	Peruvian New Sol
DKK	Danish Krone	RUB	Russian Ruble
EUR	Euro	USD (OR $)	United States Dollar
GBP	British Pound	ZAR	South African Rand
Exchange Abbreviations:
CBOT	Chicago Board of Trade	OTC	Over the Counter
Index/Spread Abbreviations:
BADLARPP	Argentina Badlar Floating Rate Notes	CMBX	Commercial Mortgage-Backed Index
BP0003M	3 Month GBP-LIBOR	CNREPOFIX	China Fixing Repo Rates 7-Day
CDX.EM	Credit Derivatives Index - Emerging Markets	LIBOR03M	3 Month USD-LIBOR
CDX.HY	Credit Derivatives Index - High Yield	PRIME	Daily US Prime Rate
CDX.IG	Credit Derivatives Index - Investment Grade	US0003M	3 Month USD Swap Rate
Other Abbreviations:
ABS	Asset-Backed Security	LIBOR	London Interbank Offered Rate
ADR	American Depositary Receipt	Lunar	Monthly payment based on 28-day periods. One year consists of 13 periods.
BABs	Build America Bonds	PIK	Payment-in-Kind
BBR	Bank Bill Rate	SP - ADR	Sponsored American Depositary Receipt
BBSW	Bank Bill Swap Reference Rate	TBA	To-Be-Announced
CDI	Brazil Interbank Deposit Rate	TBD	To-Be-Determined
CLO	Collateralized Loan Obligation	TBD%	Interest rate to be determined when loan settles or at the time of funding
EURIBOR	Euro Interbank Offered Rate	TIIE	Tasa de Interés Interbancaria de Equilibrio “Equilibrium Interbank Interest Rate”
JIBAR	Johannesburg Interbank Agreed Rate

90 PIMCO EQUITY SERIES

Federal Income Tax Information

(Unaudited)

As required by the Internal Revenue Code (“Code”) and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Funds’ fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Funds’ dividend distribution that qualifies under tax law. The percentage of the following Funds’ Fiscal 2020 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below:

Qualified Dividend Income.  Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended June 30, 2020 was designated as ‘qualified dividend income’ as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2020:

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).  Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2020 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2020 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

	Dividend Received Deduction %			Qualified Dividend Income %			Qualified Interest Income (000s†)		Qualified Short-Term Capital Gain (000s†)
PIMCO Dividend and Income Fund		46.44	%		100.00	%	$	5,751	$	0

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

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2021, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2020.

ANNUAL REPORT JUNE 30, 2020 91

Management of the Trust

The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Fund’s Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Fund’s website at www.pimco.com.

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served†	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Public Company and Investment Company Directorships Held by Trustee During the Past 5 Years
Interested Trustees1
Peter G. Strelow (1970)  Chairman of the Board and Trustee	02/2019 to present	Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO.	146	Chairman and Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Brent R. Harris (1959)  Trustee	03/2010 to present	Managing Director, PIMCO. Senior Vice President of the Trust, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust. Formerly, member of Executive Committee, PIMCO.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust; Director, StocksPLUS® Management, Inc; and member of Board of Governors, Investment Company Institute. Formerly, Chairman, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Independent Trustees
George E. Borst (1948) Trustee	05/2019 to present	Executive Advisor, McKinsey & Company; Formerly, Executive Advisor, Toyota Financial Services; and CEO, Toyota Financial Services.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, MarineMax Inc.
Jennifer Holden Dunbar (1963) Trustee	02/2016 to present	Managing Director, Dunbar Partners, LLC (business consulting and investments). Formerly, Partner, Leonard Green & Partners, L.P.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation.
Kym M. Hubbard (1957) Trustee	05/2019 to present	Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, State Auto Financial Corporation.
Gary F. Kennedy (1955) Trustee	05/2019 to present	Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group).	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.
Peter B. McCarthy (1950) Trustee	09/2011 to present	Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.
Ronald C. Parker (1951) Lead Independent Trustee	02/2016 to present Lead Independent Trustee 05/2019 to present	Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products).	146	Lead Independent Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.

* Unless otherwise noted, the information for the individuals listed is as of June 30, 2020.

⁽¹⁾  Mr. Harris and Mr. Strelow are “interested persons” of the Trust (as that term is defined in the Investment Company Act of 1940, as amended) because of their affiliations with PIMCO.

^†  Trustees serve until their successors are duly elected and qualified.

92 PIMCO EQUITY SERIES

(Unaudited)

Executive Officers

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years†
Eric D. Johnson (1970)  President	06/2019 to present	Executive Vice President, PIMCO. President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
David C. Flattum (1964)  Chief Legal Officer	05/2019 to present	Managing Director and General Counsel, PIMCO. Chief Legal Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Formerly, Managing Director, Chief Operating Officer and General Counsel, Allianz Asset Management of America L.P.
Keisha Audain-Pressley (1975)** Chief Compliance Officer	01/2020 to present	Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Brent R. Harris (1959)  Senior Vice President	03/2010 to present	Managing Director, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Formerly, member of Executive Committee, PIMCO.
Joshua D. Ratner (1976)** Senior Vice President	05/2019 to present	Executive Vice President and Head of U.S. Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Peter G. Strelow (1970)  Senior Vice President	06/2019 to present	Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO.
Ryan G. Leshaw (1980)  Vice President, Senior Counsel, Secretary	05/2019 to present	Senior Vice President and Senior Counsel, PIMCO. Vice President, Senior Counsel and Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Associate, Willkie Farr & Gallagher LLP.
Wu-Kwan Kit (1981) Assistant Secretary	08/2017 to present	Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Assistant General Counsel, VanEck Associates Corp.
Stacie D. Anctil (1969)  Vice President	05/2015 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Jeffrey A. Byer (1976) Vice President	02/2020 to present	Executive Vice President and Head of Americas Investment & Client Operations, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Brian J. Pittluck (1977)  Vice President	01/2020 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Bradley A. Todd (1960)  Treasurer	06/2019 to present	Senior Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Consultant, EY.
Bijal Y. Parikh (1978) Deputy Treasurer	01/2020 to present	Senior Vice President, PIMCO. Deputy Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Assistant Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.

ANNUAL REPORT JUNE 30, 2020 93

Management of the Trust (Cont.)

(Unaudited)

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years†
Erik C. Brown (1967)** Assistant Treasurer	03/2010 to present	Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Brandon T. Evans (1982)  Assistant Treasurer	05/2019 to present	Vice President, PIMCO. Assistant Treasurer, Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Colleen D. Miller (1980)** Assistant Treasurer	02/2017 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Christopher M. Morin (1980) Assistant Treasurer	08/2016 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Jason J. Nagler (1982)** Assistant Treasurer	05/2015 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
H. Jessica Zhang (1973)** Assistant Treasurer	01/2020 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.

* Unless otherwise noted, the information for the individuals listed is as of June 30, 2020.

^†  The term “PIMCO-Sponsored Closed-End Funds” as used herein includes: PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Credit and Mortgage Income Fund, PIMCO Dynamic Income Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS^® & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term “PIMCO-Sponsored Interval Funds” as used herein includes: PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund.

** The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

94 PIMCO EQUITY SERIES

Privacy Policy¹

(Unaudited)

The Funds^2,3 consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ non-public personal information. The Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Non-Public Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers or sub-advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any non-public personal information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Funds or their affiliates may also retain non-affiliated companies to market Fund shares or products which use Fund shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm and/or financial professional or consultant.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Funds believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any Fund in which a shareholder has invested. In addition, the Funds may disclose information about a shareholder or a shareholder’s accounts to a non-affiliated third party at the shareholder’s request or with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing shareholders’ accounts, and subject to applicable law may provide shareholders with information about products and services that the Funds or their Advisers, distributors or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds may share may include, for example, a shareholder’s participation in the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), information about the Funds’ experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder’s accounts, subject

ANNUAL REPORT JUNE 30, 2020 95

Privacy Policy¹ (Cont.)

(Unaudited)

to applicable law. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have implemented procedures that are designed to restrict access to a shareholder’s non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder’s non-public personal information.

Information Collected from Websites

The Funds or their service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Funds or their service providers includes client non-public personal information.

Changes to the Privacy Policy

From time to time, the Funds may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

¹ Amended as of June 25, 2020.

² PIMCO Investments LLC (“PI”) serves as the Funds’ distributor and does not provide brokerage services or any financial advice to investors in the Funds solely because it distributes the Funds. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to “the Funds” shall include PI when acting in this capacity.

³ When distributing this Policy, a Fund may combine the distribution with any similar distribution of its investment adviser’s privacy policy. The distributed, combined, policy may be written in the first person (i.e. by using “we” instead of “the Funds”).

96 PIMCO EQUITY SERIES

Liquidity Risk Management Program

(Unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), PIMCO Equity Series (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for each series of the Trust (each a “Fund” and collectively, the “Funds”), which is reasonably designed to assess and manage the Funds’ liquidity risk. The Trust’s Board of Trustees (the “Board”) previously approved the designation of the PIMCO Liquidity Risk Committee (the “Administrator”) as Program administrator. The PIMCO Liquidity Risk Committee consists of senior members from certain PIMCO business areas, such as Portfolio Risk Management, Operations, Compliance, Funds Business Group, Account Management and Portfolio Management.

A Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions. Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. Each Fund has adopted a “Highly Liquid Investment Minimum” (or “HLIM”), which is a minimum amount of Fund net assets to be invested in highly liquid investments that are assets. As required under the Liquidity Rule, each Fund’s HLIM is periodically reviewed, no less frequently than annually, and the Funds have adopted policies and procedures for responding to a shortfall of a Fund’s highly liquid investments below its HLIM. The Liquidity Rule also limits the Funds’ investments in illiquid investments by prohibiting a Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. Certain non-public reporting is generally required if a Fund’s holdings of illiquid investments that are assets were to exceed 15% of Fund net assets.

At a meeting of the Board held on February 11-12, 2020, the Board received a report (the “Report”) from the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through November 30, 2019. The Report noted that the Program is operating effectively to assess and manage each Fund’s liquidity risk and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Funds’ liquidity developments. This has remained true for the 12-month reporting period ended June 30, 2020.

ANNUAL REPORT JUNE 30, 2020 97

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 Avenue

Kansas City, MO 64105

Transfer Agent

DST Asset Manager Solutions, Inc.

Institutional Class, I-2, Administrative Class

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

DST Asset Manager Solutions, Inc.

Class A, Class C, Class R

430 W 7th Street STE 219294

Kansas City, MO 64105-1407

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 Fund listed on the Report cover.

PES3001AR_063020

PIMCO EQUITY SERIES^®

Annual Report

June 30, 2020

PIMCO RAE Emerging Markets Fund

PIMCO RAE Global Fund

PIMCO RAE Global ex-US Fund

PIMCO RAE International Fund

PIMCO RAE US Fund

PIMCO RAE US Small Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, pimco.com/literature, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by visiting pimco.com/edelivery or by contacting your financial intermediary, such as a broker-dealer or bank.

You may elect to receive all future reports in paper free of charge. If you own these shares through a financial intermediary, such as a broker-dealer or bank, you may contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 888.87.PIMCO (888.877.4626). Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Fund or to all funds held in your account if you invest through a financial intermediary, such as a broker-dealer or bank.

Table of Contents

	Page
Chairman’s Letter		2
Important Information About the Funds		4
Expense Examples		20
Financial Highlights		22
Statements of Assets and Liabilities		28
Statements of Operations		30
Statements of Changes in Net Assets		32
Notes to Financial Statements		68
Report of Independent Registered Public Accounting Firm		86
Glossary		87
Federal Income Tax Information		88
Management of the Trust		89
Privacy Policy		92
Liquidity Risk Management Program		93

Fund	Fund Summary		Schedule of Investments
PIMCO RAE Emerging Markets Fund		8		34
PIMCO RAE Global Fund		10		44
PIMCO RAE Global ex-US Fund		12		46
PIMCO RAE International Fund		14		47
PIMCO RAE US Fund		16		57
PIMCO RAE US Small Fund		18		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 the PIMCO Equity Series are printed separately.

Chairman’s Letter

Dear Shareholder,

We hope that you and your family are staying safe and healthy during these challenging times. We continue to work tirelessly to navigate markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Equity Series Annual Report, which covers the 12-month reporting period ended June 30, 2020. On the subsequent pages, you will find specific details regarding investment results and discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended June 30, 2020

The coronavirus took its toll on the U.S. economy, as it entered its first recession since the 2008 financial crisis. Looking back, U.S. gross domestic product (“GDP”) grew at a revised annual pace of 2.6% and 2.4% during the third and fourth quarters of 2019, respectively. The pandemic then caused the economy to significantly weaken, as annualized GDP growth in the first quarter of 2020 was -5.0%. The Commerce Department’s initial estimate for second quarter annualized GDP growth – released after the reporting period ended — was -32.9%. This represented the sharpest quarterly decline on record.

The Federal Reserve (the “Fed”) took unprecedented actions to support the economy and keep markets functioning properly. In early March 2020, the Fed lowered the federal funds rate to a range between 1.00% and 1.25%. Later in the month, the Fed lowered the rate to a range between 0.00% and 0.25%. On March 23, the Fed announced, “It has become clear that our economy will face severe disruptions. Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate.” The Fed’s efforts included the ability to make unlimited purchases of Treasury and mortgage securities. It also announced that, for the first time, it would purchase existing corporate bonds on the open market. In addition, the U.S. government passed a $2 trillion fiscal stimulus bill to aid the economy in March.

In its June 2020 World Economic Outlook Update, the International Monetary Fund (“IMF”) stated that it expects the U.S. economy to contract 8.0% in 2020, compared to the 2.3% GDP expansion in 2019. Elsewhere, the IMF has also stated that it anticipates that 2020 GDP growth in the eurozone, U.K. and Japan will be -10.2%, -10.2% and -5.8%, respectively. For comparison purposes, the GDP of these economies expanded 1.3%, 1.4% and 0.7%, respectively, in 2019.

Against this backdrop, central banks around the world took a number of aggressive actions. In Europe, the European Central Bank (the “ECB”) unveiled a new €750 billion bond-buying program, which was subsequently expanded by another €600 billion in June 2020. Finally, in July — after the reporting period ended — the European Union agreed on a $2.06 trillion spending package to bolster its economy. In March, the Bank of England reduced its key lending rate to 0.10% — a record low. Elsewhere, the Bank of Japan maintained its short-term interest rates at -0.1%, while increasing the target for its holdings of corporate bonds to ¥4.2 trillion from ¥3.2 trillion. Japan’s central bank also doubled its purchases of exchange-traded stock funds. Meanwhile, in May 2020, the Japanese government doubled its stimulus measures with a ¥117 trillion package.

Both short- and long-term U.S. Treasury yields fell sharply during the reporting period. In our view, this was due to a combination of declining global growth given the coronavirus, the Fed’s accommodative monetary policy and periods of extreme investor risk aversion. The yield on the benchmark 10-year U.S. Treasury note was 0.66% at the end of the reporting period, versus 2.00% on June 30, 2019. The Bloomberg Barclays Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including both developed and emerging markets, returned 6.01%. Meanwhile, the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned 6.90%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated weaker results. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below investment grade bonds, returned -0.75%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets

2 PIMCO EQUITY SERIES

Bond Index (EMBI) Global (USD Hedged), returned 1.52%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -2.82%.

After initially rising, global equities experienced a sharp decline in February and March 2020. We believe this was largely due to concerns over the impact of the coronavirus. In March 2020, the U.S. equity market ended its 11-year bull market run, and then posted the fastest fall on record from its all-time high to bear market territory. However, global equities rallied sharply in April, May and June 2020, in our view because investor sentiment improved given significant stimulus efforts from central banks around the world. All told, during the 12-months ended June 30, 2020, U.S. equities, as represented by the S&P 500 Index, returned 7.51% and global equities, as represented by the MSCI World Index, returned 2.84%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 6.98% and European equities, as represented by the MSCI Europe Index (in EUR), returned -5.48%. Finally, emerging market equities, as measured by the MSCI Emerging Markets Index, returned -3.39%.

Commodity prices were extremely volatile and generated mixed results. When the reporting period began, Brent crude oil was approximately $67 a barrel. It ended the reporting period at roughly $41 a barrel after briefly trading below $15. Elsewhere, copper prices were relatively flat, whereas gold prices moved higher.

Finally, there were periods of volatility in the foreign exchange markets, due in part, in our view, to signs of moderating global growth, trade conflicts and changing central bank monetary policies, along with a number of geopolitical events. The U.S. dollar strengthened against a number of other major currencies. For example, the U.S. dollar returned 1.22%, 2.32% and 0.07% versus the euro, the British pound and the Japanese yen, respectively.

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

Sincerely,     Peter G. Strelow Chairman of the Board
PIMCO Equity Series  

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.

ANNUAL REPORT JUNE 30, 2020 3

Important Information About the Funds

PIMCO Equity Series (the “Trust”) is an open-end management investment company that includes PIMCO RAE Emerging Markets Fund, PIMCO RAE Global Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE International Fund, PIMCO RAE US Fund and PIMCO RAE 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 Global Fund and PIMCO RAE 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 Global Fund invests substantially all of its assets in Institutional Class shares of the PIMCO RAE US Fund, PIMCO RAE International Fund (“International Fund”) and PIMCO RAE 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 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 Global Fund and PIMCO RAE 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.

Classifications of the Funds’ portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Funds’ compliance calculations, including those used in the Funds’ prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, 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.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds’ performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds’ service providers and disrupt the Funds’ operations.

The United States presidential administration’s enforcement of tariffs on goods from other countries, with a focus on China, has contributed to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying Funds or Acquired Funds, as applicable).

A Fund may have significant exposure to issuers in the United Kingdom. The United Kingdom’s withdrawal from the European Union

4 PIMCO EQUITY SERIES

may impact Fund returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to phase out the use of LIBOR by the end of 2021. The transition may result in a reduction in the value of certain instruments held by a Fund or a reduction in the effectiveness of related Fund transactions such as hedges. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities), and any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests are not known and could result in losses to a Fund.

A Fund may invest in securities and instruments that are economically tied to Russia. Investments in Russia are subject to various risks such as political, economic, legal, market and currency risks. The risks include uncertain political and economic policies, short-term market volatility, poor accounting standards, corruption and crime, an inadequate regulatory system, and unpredictable taxation. Investments in Russia are particularly subject to the risk that economic sanctions may be imposed by the United States and/or other countries. Such sanctions — which may impact companies in many sectors, including energy, financial services and defense, among others — may negatively impact the Portfolios’ performance and/or ability to achieve their investment objectives. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, a smaller market capitalization and a smaller number of traded securities.

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, I-2 and I-3 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. Historical performance for a Fund or share class may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

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

I-2

I-3

Class A

Diversification Status

PIMCO RAE Emerging Markets Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Diversified

PIMCO RAE Global Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Diversified

PIMCO RAE Global ex-US Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Diversified

PIMCO RAE International Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Diversified

PIMCO RAE US Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Diversified

PIMCO RAE US Small Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Diversified

ANNUAL REPORT JUNE 30, 2020 5

Important Information About the Funds (Cont.)

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation 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 Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The

Funds’ complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. Prior to its use of Form N-PORT, each Fund filed its complete schedule of its portfolio holdings with the SEC on Form N-Q, which is available online at www.sec.gov.

The SEC adopted a rule that, beginning in 2021, generally will allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Pursuant to the rule, investors may still elect to receive a complete shareholder report in the mail. Instructions for electing to receive paper copies of a Fund’s shareholder reports going forward may be found on the front cover of this report.

In November 2019, the SEC published a proposed rulemaking related to the use of derivatives and certain other transactions by registered investment companies. If the proposal is adopted in substantially the same form as it was proposed, these requirements could limit the ability of a Fund to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies. Any new requirements, if adopted, may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors.

In April 2020, the SEC issued a proposed rulemaking setting forth a proposed framework for fair valuation of fund investments. If the proposal is adopted in substantially the same form as it was proposed, the rule would set forth requirements for good faith determinations of fair value, establish conditions under which a market quotation is considered readily available for purposes of the definition of “value” under the Investment Company Act of 1940, and address the roles and responsibilities of a fund’s board of trustees and investment adviser with respect to fair valuation of fund investments. The impact that any such requirements may have on the Funds is uncertain.

On August 5, 2020, the SEC proposed changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which, if adopted, will change the disclosures provided to shareholders.

6 PIMCO EQUITY SERIES

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ANNUAL REPORT JUNE 30, 2020 7

PIMCO RAE Emerging Markets Fund

Cumulative Returns Through June 30, 2020

$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 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 Emerging Markets Portfolio”) through investment in the securities that comprise the RAE Emerging Markets Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, 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 June 30, 2020*
		1 Year		5 Years		��	10 Years		Fund Inception (05/31/06)
	PIMCO RAE Emerging Markets Fund Institutional Class		(18.91)%		0.41%			1.62%		4.13%
	PIMCO RAE Emerging Markets Fund I-2		(19.02)%		0.28%			1.56%		4.09%
	PIMCO RAE Emerging Markets Fund Class A		(19.16)%		0.10%			1.47%		4.03%
	PIMCO RAE Emerging Markets Fund Class A (adjusted)		(22.17)%		(0.67)%			1.08%		3.75%
	MSCI Emerging Markets Value Index±		(15.74)%		(0.80)%			0.66%		3.15%
	MSCI Emerging Markets Index±± ª		(3.39)%		2.86%			3.27%		4.46%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

^ª Prior to 2/28/2019, the fund’s primary benchmark was the MSCI Emerging Markets Index.

^± The MSCI Emerging Markets Value Index captures large and mid-cap securities exhibiting overall value style characteristics across a group of emerging markets countries. The value investment style characteristics for index construction of the MSCI Emerging Markets Value Index are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

^±± 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. 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 Institutional Class shares 1.06% for I-2 shares and 1.31% for 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 - PEIFX I-2 -  PEPFX Class A -  PEAFX

Geographic Breakdown as of June 30, 2020^†§

China	18.9%
South Korea	16.6%
Taiwan	13.3%
Russia	9.0%
India	9.0%
Brazil	5.7%
Turkey	4.6%
Hong Kong	3.9%
South Africa	3.8%
Short-Term Instruments	3.7%
Mexico	3.3%
Thailand	2.3%
Malaysia	1.5%
Poland	1.2%
Other	3.2%

^† % of Investments, at value.

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

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

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

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

» Security selection in the financials, communications services and industrials sectors detracted from relative returns, as the Fund’s holdings underperformed the benchmark index.

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

ANNUAL REPORT �� JUNE 30, 2020 9

PIMCO RAE Global Fund

Cumulative Returns Through June 30, 2020

$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 Global Fund seeks long-term capital appreciation by investing under normal circumstances substantially all of its assets in (i) Institutional Class shares of the PIMCO RAE US Fund (“US Fund”), the PIMCO RAE International Fund (“International Fund”), and the PIMCO RAE Emerging Markets Fund (“Emerging Markets Fund”) (together, the US Fund, the International Fund and the Emerging Markets Fund are referred to as the “Underlying Funds”) and (ii) equity securities that are eligible investments for the Underlying Funds. Under normal circumstances, each of the Underlying Funds obtains exposure to a portfolio of stocks (each, a “RAE Portfolio”) through investment in the securities that comprise the RAE Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, 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 June 30, 2020
		1 Year		5 Years		Fund Inception (06/05/15)
	PIMCO RAE Global Fund Institutional Class		(11.89)%		2.12%		1.81%
	PIMCO RAE Global Fund I-2		(11.96)%		2.03%		1.70%
	PIMCO RAE Global Fund Class A		(12.26)%		1.79%		1.46%
	PIMCO RAE Global Fund Class A (adjusted)		(15.57)%		1.02%		0.70%
	MSCI All Country World Value Index±		(11.83)%		1.90%		1.58%
	MSCI All Country World Index±± ª		2.11%		6.46%		6.10%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

^ª Prior to 2/28/2019, the fund’s primary benchmark was the MSCI All Country World Index.

^± The MSCI All Country World Value Index captures large and mid-cap securities exhibiting overall value style characteristics across a group of developed and emerging markets countries. The value investment style characteristics for index construction of the MSCI All Country World Value Index are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

^±± 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 a group of country indices comprising developed and 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. 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 Institutional Class shares, 1.30% for I-2 shares and 1.55% for 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 - PFQIX I-2 -  PFQPX Class A -  PFQAX

Top Holdings as of June 30, 2020^†§

PIMCO RAE US Fund	44.8%
PIMCO RAE International Fund	42.1%
PIMCO RAE Emerging Markets Fund	13.0%

^† % 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 (on a gross basis) during the reporting period:

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

» Security selection in the industrials and financials sectors detracted from relative returns, as the Fund’s holdings underperformed the benchmark index.

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

ANNUAL REPORT JUNE 30, 2020 11

PIMCO RAE Global ex-US Fund

Cumulative Returns Through June 30, 2020

$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 Global ex-US Fund seeks long-term capital appreciation by investing, under normal circumstances substantially all of its assets in (i) Institutional Class shares of the PIMCO RAE International Fund (“International Fund”) and the PIMCO RAE Emerging Markets Fund (“Emerging Markets Fund”) (together, the International Fund and the Emerging Markets Fund are referred to as the “Underlying Funds”) and (ii) securities that are eligible investments for the Underlying Funds. Under normal circumstances, each of the Underlying Funds obtains exposure to a portfolio of stocks (each, a “RAE Portfolio”) through investment in the securities that comprise the RAE Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, 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 June 30, 2020
		1 Year		5 Years		Fund Inception (06/05/15)
	PIMCO RAE Global ex-US Fund Institutional Class		(14.73)%		(0.34)%		(0.61)%
	PIMCO RAE Global ex-US Fund I-2		(14.74)%		(0.43)%		(0.71)%
	PIMCO RAE Global ex-US Fund Class A		(15.01)%		(0.68)%		(0.94)%
	PIMCO RAE Global ex-US Fund Class A (adjusted)		(18.24)%		(1.43)%		(1.69)%
	MSCI All Country World ex US Value Index±		(15.26)%		(1.25)%		(1.49)%
	MSCI All Country World ex US Index±± ª		(4.80)%		2.26%		2.00%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

^ª Prior to 2/28/2019, the fund’s primary benchmark was the MSCI All Country World ex US Index.

^± The MSCI All Country World ex US Value Index captures large and mid-cap securities exhibiting overall value style characteristics across a group of developed and emerging markets countries. The value investment style characteristics for index construction of the MSCI All Country World ex US Value Index are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

^±± 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 a group of country indices comprising developed and 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. 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 Institutional Class shares 1.41% for I-2 shares and 1.66% for 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 - PZRIX I-2 -  PZRPX Class A - PZRAX

Top Holdings as of June 30, 2020^†§

PIMCO RAE International Fund	76.3%
PIMCO RAE Emerging Markets Fund	23.6%

^† % 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 (on a gross basis) during the reporting period:

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

» Overweight exposure to the consumer staples and information technology sectors contributed to relative returns, as the sectors outperformed the benchmark index.

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

ANNUAL REPORT JUNE 30, 2020 13

PIMCO RAE International Fund

Cumulative Returns Through June 30, 2020

$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 International Fund seeks long-term capital appreciation under normal circumstances by obtaining exposure to a portfolio of stocks economically tied to at least three foreign (non-U.S.) countries (“RAE International Portfolio”) through investment in the securities that comprise the RAE International Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, 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 June 30, 2020
		1 Year		5 Years		Fund Inception (06/05/15)
	PIMCO RAE International Fund Institutional Class		(13.27)%		(0.40)%		(0.73)%
	PIMCO RAE International Fund I-2		(13.40)%		(0.47)%		(0.80)%
	PIMCO RAE International Fund Class A		(13.57)%		(0.74)%		(1.07)%
	PIMCO RAE International Fund Class A (adjusted)		(16.85)%		(1.49)%		(1.81)%
	MSCI EAFE Value Index±		(14.48)%		(1.59)%		(1.86)%
	MSCI EAFE Index±± ª		(5.13)%		2.05%		1.79%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

^ª Prior to 2/28/2019, the fund’s primary benchmark was the MSCI EAFE Index.

^± The MSCI EAFE Value Index captures large and mid-cap securities exhibiting overall value style characteristics across developed markets countries around the world, excluding the US and Canada. The value investment style characteristics for index construction of the MSCI EAFE Value Index are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

^±± MSCI EAFE Index is an unmanaged index designed to represent the performance of large and mid-cap securities across a group of 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. 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 Institutional Class shares 0.71% for I-2 shares and 0.96% for 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 - PPYIX I-2 -  PPYPX Class A -  PPYAX

Geographic Breakdown as of June 30, 2020^†§

Japan	27.0%
Germany	11.2%
United Kingdom	10.6%
France	9.1%
Switzerland	6.4%
Australia	5.7%
Short-Term Instruments	5.4%
Canada	5.2%
Italy	3.5%
Netherlands	3.0%
Spain	2.9%
Hong Kong	1.6%
Sweden	1.3%
Luxembourg	1.1%
Other	6.0%

^† % of Investments, at value.

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

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Underweight exposure to, and security selection in, the energy and financials sectors contributed to relative returns, as the sectors underperformed the benchmark index and the Fund’s holdings outperformed the benchmark index.

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

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

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

ANNUAL REPORT JUNE 30, 2020 15

PIMCO RAE US Fund

Cumulative Returns Through June 30, 2020

$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 US Fund seeks long-term capital appreciation by investing under normal circumstances, at least 80% of its assets in securities of companies economically tied to the United States (“U.S. companies”). Specifically, under normal circumstances, the Fund will obtain exposure to a portfolio of stocks of U.S. companies (“RAE US Portfolio”) through investment in the securities that comprise the RAE US Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, 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 June 30, 2020*
		1 Year		5 Years		10 Years		Fund Inception (12/22/04)
	PIMCO RAE US Fund Institutional Class		(8.03)%		4.97%		11.05%		6.98%
	PIMCO RAE US Fund I-2		(8.08)%		4.87%		11.00%		6.95%
	PIMCO RAE US Fund Class A		(8.41)%		4.51%		10.82%		6.84%
	PIMCO RAE US Fund Class A (adjusted)		(11.88)%		3.72%		10.40%		6.58%
	Russell 1000® Value Index±		(8.84)%		4.64%		10.41%		6.15%
	S&P 500 Index±± ª		7.51%		10.73%		13.99%		8.47% ¨

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

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

^ª Prior to 2/28/2019, the fund’s primary benchmark was the S&P 500 Index.

^± The Russell 1000^® Value Index measures the performance of large and midcapitalization value sectors of the U.S. equity market, as defined by FTSE Russell. The Russell 1000^® Value Index is a subset of the Russell 1000^® Index, which measures the performance of the large and mid-capitalization sector of the U.S. equity market.

^±± 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. 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 Institutional Class shares, 0.61% for I-2 shares and 0.91% for Class A shaes. 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 - PKAIX I-2 -  PKAPX Class A -  PKAAX

Sector Breakdown as of June 30, 2020^1§

Information Technology	21.9%
Health Care	15.6%
Financials	13.6%
Consumer Staples	11.4%
Consumer Discretionary	9.8%
Industrials	7.3%
Communication Services	6.3%
Utilities	5.8%
Energy	3.9%
Materials	1.9%
Short-Term Instruments	1.8%
Other	0.7%

^† % of Investments, at value.

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

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

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

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

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

» Security selection in the industrials and financials sectors detracted from relative returns, as the Fund’s holdings underperformed the benchmark index.

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

ANNUAL REPORT JUNE 30, 2020 17

PIMCO RAE US Small Fund

Cumulative Returns Through June 30, 2020

$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 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 (“U.S. companies”). Specifically, under normal circumstances, the Fund will obtain exposure to a portfolio of stocks of small U.S. companies (“RAE US Small Portfolio”) through investment in the securities that comprise the RAE US Small Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, 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 June 30, 2020*
		1 Year		5 Years		10 Years		Fund Inception (09/29/05)
	PIMCO RAE US Small Fund Institutional Class		(16.64)%		0.80%		8.79%		5.92%
	PIMCO RAE US Small Fund I-2		(16.67)%		0.71%		8.74%		5.88%
	PIMCO RAE US Small Fund Class A		(16.99)%		0.40%		8.56%		5.76%
	PIMCO RAE US Small Fund Class A (adjusted)		(20.09)%		(0.37)%		8.16%		5.49%
	Russell 2000® Value Index±		(17.48)%		1.26%		7.82%		4.86%
	Russell 2000® Index±± ª		(6.62)%		4.29%		10.50%		6.8%	¨

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

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

^ª Prior to 2/28/2019, the fund’s primary benchmark was the Russell 2000^® Index.

^± The Russell 2000^® Value Index measures the performance of the small-capitalization value sector of the U.S. equity market, as defined by FTSE Russell. The Russell 2000^® Value Index is a subset of the Russell 2000^® Index.

^±± 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. 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 0.63% for Institutional Class shares, 0.73% for I-2 shares and 1.03% for 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 - PMJIX I-2 -  PMJPX Class A -  PMJAX

Sector Breakdown as of June 30, 2020^†§

Industrials	17.4%
Consumer Discretionary	16.2%
Financials	14.2%
Information Technology	10.2%
Real Estate	10.1%
Consumer Staples	7.4%
Materials	5.7%
Health Care	5.6%
Short-Term Instruments	3.8%
Utilities	3.8%
Energy	3.0%
Communication Services	2.6%

^† % of Investments, at value.

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

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

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

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

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

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

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

ANNUAL REPORT JUNE 30, 2020 19

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 investment advisory fees, supervisory and administrative 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 January 1, 2020 to June 30, 2020 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 investment advisory fees and supervisory and administrative 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 (01/01/20)		Ending Account Value (06/30/20)		Expenses Paid During Period*		Beginning Account Value (01/01/20)		Ending Account Value (06/30/20)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE Emerging Markets Fund
Institutional Class	$	1,000.00	$	777.60	$	3.38	$	1,000.00	$	1,020.92	$	3.85		0.77	%
I-2		1,000.00		777.90		3.82		1,000.00		1,020.42		4.35		0.87
Class A		1,000.00		776.80		4.92		1,000.00		1,019.19		5.59		1.12
PIMCO RAE Global Fund
Institutional Class	$	1,000.00	$	819.30	$	0.09	$	1,000.00	$	1,024.63	$	0.10		0.02	%
I-2		1,000.00		819.60		0.54		1,000.00		1,024.13		0.60		0.12
Class A		1,000.00		818.20		1.66		1,000.00		1,022.90		1.85		0.37
PIMCO RAE Global ex-US Fund
Institutional Class	$	1,000.00	$	804.70	$	0.09	$	1,000.00	$	1,024.63	$	0.10		0.02	%
I-2		1,000.00		805.10		0.54		1,000.00		1,024.13		0.60		0.12
Class A		1,000.00		803.60		1.65		1,000.00		1,022.90		1.85		0.37
PIMCO RAE International Fund
Institutional Class	$	1,000.00	$	815.10	$	2.29	$	1,000.00	$	1,022.20	$	2.55		0.51	%
I-2		1,000.00		814.30		2.74		1,000.00		1,021.71		3.05		0.61
Class A		1,000.00		813.20		3.86		1,000.00		1,020.47		4.30		0.86

20 PIMCO EQUITY SERIES

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (01/01/20)		Ending Account Value (06/30/20)		Expenses Paid During Period*		Beginning Account Value (01/01/20)		Ending Account Value (06/30/20)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE US Fund
Institutional Class	$	1,000.00	$	838.70	$	1.86	$	1,000.00	$	1,022.70	$	2.05		0.41	%
I-2		1,000.00		838.70		2.32		1,000.00		1,022.20		2.55		0.51
Class A		1,000.00		837.00		3.68		1,000.00		1,020.72		4.05		0.81
PIMCO RAE US Small Fund
Institutional Class	$	1,000.00	$	776.70	$	2.33	$	1,000.00	$	1,022.11	$	2.65		0.53	%
I-2		1,000.00		776.60		2.77		1,000.00		1,021.61		3.15		0.63
Class A		1,000.00		775.00		4.08		1,000.00		1,020.13		4.65		0.93

* 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 181/366 (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.

ANNUAL REPORT JUNE 30, 2020 21

Financial Highlights

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year Ended^:	Net Asset Value Beginning  of Year(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital			Total
PIMCO RAE Emerging Markets Fund
Institutional Class
06/30/2020	$	9.92	$	0.24	$	(2.06	)	$	(1.82	)	$	(0.24	)	$	(0.03	)	$	0.00		$	(0.27	)
06/30/2019		10.74		0.29		(0.11	)		0.18			(0.26	)		(0.74	)		0.00			(1.00	)
06/30/2018		10.83		0.25		0.59			0.84			(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	)
I-2
06/30/2020		9.86		0.32		(2.16	)		(1.84	)		(0.19	)		(0.03	)		0.00			(0.22	)
06/30/2019		10.68		0.29		(0.11	)		0.18			(0.26	)		(0.74	)		0.00			(1.00	)
06/30/2018		10.79		0.24		0.57			0.81			(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	)
Class A
06/30/2020		9.84		0.23		(2.07	)		(1.84	)		(0.22	)		(0.03	)		0.00			(0.25	)
06/30/2019		10.68		0.25		(0.09	)		0.16			(0.26	)		(0.74	)		0.00			(1.00	)
06/30/2018		10.81		0.21		0.59			0.80			(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	)
PIMCO RAE Global Fund
Institutional Class
06/30/2020	$	10.30	$	0.35	$	(1.45	)	$	(1.10	)	$	(0.34	)	$	(0.38	)	$	0.00		$	(0.72	)
06/30/2019		11.04		0.31		(0.26	)		0.05			(0.30	)		(0.49	)		0.00			(0.79	)
06/30/2018		10.78		0.35		0.64			0.99			(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	)
I-2
06/30/2020		10.27		0.35		(1.45	)		(1.10	)		(0.34	)		(0.38	)		0.00			(0.72	)
06/30/2019		11.01		0.32		(0.28	)		0.04			(0.29	)		(0.49	)		0.00			(0.78	)
06/30/2018		10.76		0.35		0.62			0.97			(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	)
Class A
06/30/2020		10.20		0.34		(1.46	)		(1.12	)		(0.33	)		(0.38	)		0.00			(0.71	)
06/30/2019		10.95		0.27		(0.25	)		0.02			(0.28	)		(0.49	)		0.00			(0.77	)
06/30/2018		10.72		0.24		0.70			0.94			(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	)
PIMCO RAE Global ex-US Fund
Institutional Class
06/30/2020	$	10.23	$	0.38	$	(1.76	)	$	(1.38	)	$	(0.37	)	$	(0.28	)	$	0.00		$	(0.65	)
06/30/2019		10.68		0.32		(0.51	)		(0.19	)		(0.26	)		0.00			0.00			(0.26	)
06/30/2018		10.49		0.38		0.28			0.66			(0.42	)		0.00			(0.05	)		(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	)
I-2
06/30/2020		10.20		0.30		(1.68	)		(1.38	)		(0.36	)		(0.28	)		0.00			(0.64	)
06/30/2019		10.65		0.26		(0.46	)		(0.20	)		(0.25	)		0.00			0.00			(0.25	)
06/30/2018		10.47		0.29		0.35			0.64			(0.41	)		0.00			(0.05	)		(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	)
Class A
06/30/2020		10.14		0.41		(1.81	)		(1.40	)		(0.36	)		(0.28	)		0.00			(0.64	)
06/30/2019		10.61		0.23		(0.46	)		(0.23	)		(0.24	)		0.00			0.00			(0.24	)
06/30/2018		10.44		0.24		0.38			0.62			(0.40	)		0.00			(0.05	)		(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	)

22 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(d)
Net Asset Value End of Year(a)		Total Return(a)			Net Assets End of Year (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	7.83		(18.91	)%	$	1,184,716		0.76	%		0.97	%		0.75	%		0.96	%		2.70	%		56	%
	9.92		2.40			2,632,982		0.75			0.96			0.75			0.96			2.94			25
	10.74		7.50			1,848,953		0.76			0.97			0.76			0.97			2.13			28
	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
	7.80		(19.13	)		3,070		0.86			1.07			0.85			1.06			3.58			56
	9.86		2.42			16,263		0.85			1.06			0.85			1.06			2.93			25
	10.68		7.26			17,486		0.86			1.07			0.86			1.07			2.07			28
	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
	7.75		(19.27	)		7,628		1.11			1.32			1.10			1.31			2.61			56
	9.84		2.21			16,198		1.10			1.31			1.10			1.31			2.52			25
	10.68		7.08			7,350		1.11			1.32			1.11			1.32			1.76			28
	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
$	8.48		(11.89	)%	$	276,005		0.02	%		0.72	%		0.02	%		0.72	%		3.67	%		29	%
	10.30		1.07			292,168		0.02			0.71			0.02			0.71			2.97			38
	11.04		9.05			359,953		0.02			0.72			0.02			0.72			3.07			19
	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
	8.45		(11.96	)		137		0.12			0.82			0.12			0.82			3.68			29
	10.27		1.00			218		0.12			0.81			0.12			0.81			3.01			38
	11.01		8.93			3,293		0.12			0.82			0.12			0.82			3.09			19
	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
	8.37		(12.26	)		1,115		0.37			1.07			0.37			1.07			3.54			29
	10.20		0.82			1,901		0.37			1.06			0.37			1.06			2.58			38
	10.95		8.64			1,505		0.37			1.07			0.37			1.07			2.09			19
	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
$	8.20		(14.73	)%	$	53,191		0.02	%		0.78	%		0.01	%		0.77	%		4.03	%		34	%
	10.23		(1.50	)		75,630		0.00			0.76			0.00			0.76			3.13			17
	10.68		6.01			75,994		0.00			0.77			0.00			0.77			3.36			9
	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
	8.18		(14.74	)		67		0.12			0.88			0.11			0.87			3.14			34
	10.20		(1.60	)		428		0.10			0.86			0.10			0.86			2.50			17
	10.65		5.88			900		0.10			0.87			0.10			0.87			2.58			9
	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
	8.10		(15.01	)		11,252		0.37			1.13			0.36			1.12			4.66			34
	10.14		(1.90	)		2,035		0.35			1.11			0.35			1.11			2.32			17
	10.61		5.69			1,531		0.35			1.12			0.35			1.12			2.14			9
	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

ANNUAL REPORT JUNE 30, 2020 23

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year Ended^:	Net Asset Value Beginning  of Year(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO RAE International Fund
Institutional Class
06/30/2020	$	9.74	$	0.23	$	(1.45	)	$	(1.22	)	$	(0.41	)	$	0.00		$	0.00	$	(0.41	)
06/30/2019		10.60		0.34		(0.68	)		(0.34	)		(0.25	)		(0.27	)		0.00		(0.52	)
06/30/2018		10.27		0.33		0.29			0.62			(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	)
I-2
06/30/2020		9.71		0.21		(1.43	)		(1.22	)		(0.42	)		0.00			0.00		(0.42	)
06/30/2019		10.57		0.30		(0.64	)		(0.34	)		(0.25	)		(0.27	)		0.00		(0.52	)
06/30/2018		10.24		0.26		0.35			0.61			(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	)
Class A
06/30/2020		9.64		0.18		(1.41	)		(1.23	)		(0.40	)		0.00			0.00		(0.40	)
06/30/2019		10.53		0.30		(0.67	)		(0.37	)		(0.25	)		(0.27	)		0.00		(0.52	)
06/30/2018		10.24		0.37		0.21			0.58			(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	)
PIMCO RAE US Fund
Institutional Class
06/30/2020	$	11.09	$	0.28	$	(1.08	)	$	(0.80	)	$	(0.32	)	$	(0.25	)	$	0.00	$	(0.57	)
06/30/2019		11.30		0.26		0.20			0.46			(0.21	)		(0.46	)		0.00		(0.67	)
06/30/2018		10.57		0.23		1.16			1.39			(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	)
I-2
06/30/2020		11.04		0.27		(1.08	)		(0.81	)		(0.31	)		(0.25	)		0.00		(0.56	)
06/30/2019		11.26		0.25		0.20			0.45			(0.21	)		(0.46	)		0.00		(0.67	)
06/30/2018		10.54		0.22		1.15			1.37			(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	)
Class A
06/30/2020		10.93		0.23		(1.07	)		(0.84	)		(0.29	)		(0.25	)		0.00		(0.54	)
06/30/2019		11.19		0.22		0.19			0.41			(0.21	)		(0.46	)		0.00		(0.67	)
06/30/2018		10.50		0.18		1.15			1.33			(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	)
PIMCO RAE US Small Fund
Institutional Class
06/30/2020	$	10.72	$	0.14	$	(1.88	)	$	(1.74	)	$	(0.18	)	$	0.00		$	0.00	$	(0.18	)
06/30/2019		12.33		0.17		(1.05	)		(0.88	)		(0.09	)		(0.64	)		0.00		(0.73	)
06/30/2018		11.10		0.15		1.63			1.78			(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	)
I-2
06/30/2020		10.67		0.16		(1.90	)		(1.74	)		(0.17	)		0.00			0.00		(0.17	)
06/30/2019		12.29		0.15		(1.04	)		(0.89	)		(0.09	)		(0.64	)		0.00		(0.73	)
06/30/2018		11.07		0.14		1.62			1.76			(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	)

24 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(d)
Net Asset Value End of Year(a)		Total Return(a)			Net Assets End of Year (000s)		Expenses			Expenses Excluding Waivers				Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	8.11		(13.27	)%	$	756,178		0.51	%		0.62	%			0.50	%		0.61	%		2.65	%		93	%
	9.74		(2.72	)		547,007		0.50			0.61				0.50			0.61			3.41			41
	10.60		5.88			543,875		0.51			0.62				0.51			0.62			3.04			47
	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
	8.07		(13.40	)		841		0.61			0.72				0.60			0.71			2.39			93
	9.71		(2.73	)		832		0.60			0.71				0.60			0.71			3.02			41
	10.57		5.84			1,994		0.61			0.72				0.61			0.72			2.33			47
	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
	8.01		(13.57	)		3,258		0.86			0.97				0.85			0.96			2.05			93
	9.64		(3.03	)		5,072		0.85			0.96				0.85			0.96			3.06			41
	10.53		5.53			5,007		0.86			0.97				0.86			0.97			3.34			47
	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
$	9.72		(8.03	)%	$	578,588		0.41	%		0.52	%			0.40	%		0.51	%		2.60	%		34	%
	11.09		4.66			745,741		0.40			0.51				0.40			0.51			2.39			32
	11.30		13.22			771,581		0.41			0.52				0.41			0.52			2.06			44
	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
	9.67		(8.08	)		16,970		0.51			0.62				0.50			0.61			2.51			34
	11.04		4.58			14,257		0.50			0.61				0.50			0.61			2.25			32
	11.26		13.10			7,265		0.51			0.62				0.51			0.62			1.96			44
	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
	9.55		(8.41	)		7,432		0.81			0.92		��		0.80			0.91			2.21			34
	10.93		4.24			8,197		0.80			0.91				0.80			0.91			2.03			32
	11.19		12.73			6,973		0.81			0.92				0.81			0.92			1.65			44
	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
$	8.80		(16.64	)%	$	288,592		0.53	%		0.63	%			0.52	%		0.62	%		1.50	%		202	%
	10.72		(6.74	)		119,223		0.51			0.62				0.51			0.62			1.52			64
	12.33		16.37			128,985		0.50			0.62				0.50			0.62			1.30			30
	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
	8.76		(16.67	)		883		0.63			0.73				0.62			0.72			1.53			202
	10.67		(6.85	)		2,565		0.61			0.72				0.61			0.72			1.34			64
	12.29		16.27			4,366		0.60			0.72				0.60			0.72			1.19			30
	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

ANNUAL REPORT JUNE 30, 2020 25

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year Ended^:	Net Asset Value Beginning  of Year(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO RAE US Small Fund (Cont.)
Class A
06/30/2020	$	10.60	$	0.12	$	(1.89	)	$	(1.77	)	$	(0.15	)	$	0.00		$	0.00	$	(0.15	)
06/30/2019		12.24		0.12		(1.03	)		(0.91	)		(0.09	)		(0.64	)		0.00		(0.73	)
06/30/2018		11.05		0.09		1.62			1.71			(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	)

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

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

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

^(c)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(d)  Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

26 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(d)
Net Asset Value End of Year(a)		Total Return(a)			Net Assets End of Year (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	8.68		(16.99	)%	$	3,900		0.93	%		1.03	%		0.92	%		1.02	%		1.22	%		202	%
	10.60		(7.05	)		4,023		0.91			1.02			0.91			1.02			1.07			64
	12.24		15.83			4,875		0.90			1.02			0.90			1.02			0.82			30
	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

ANNUAL REPORT JUNE 30, 2020 27

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	PIMCO RAE Emerging Markets Fund			PIMCO RAE Global Fund			PIMCO RAE Global ex-US Fund			PIMCO RAE International Fund			PIMCO RAE US Fund		PIMCO RAE US Small Fund
Assets:
Investments, at value
Investments in securities*^	$	1,184,035		$	617		$	0		$	756,654		$	600,641	$	293,020
Investments in Affiliates		41,651			276,942			64,465			43,067			10,843		9,805
Cash		89			1			67			4,280			0		135
Foreign currency, at value		3,256			0			0			1,955			0		0
Receivable for investments sold		49,384			0			0			9,567			8,158		48
Receivable for Fund shares sold		38			0			8			1			111		2
Interest and/or dividends receivable		9,702			0			0			2,900			832		469
Reimbursement receivable from PIMCO		214			157			41			63			49		24
Other assets		35			0			0			13			0		0
Total Assets		1,288,404			277,717			64,581			818,500			620,634		303,503
Liabilities:
Payable for investments purchased	$	30		$	0		$	0		$	691		$	0	$	34
Payable upon return of securities loaned		41,739			0			0			47,586			10,475		9,939
Deposits from counterparty		0			0			0			605			0		0
Payable for Fund shares redeemed		50,179			299			27			8,945			42		0
Overdraft due to custodian		0			0			0			0			6,496		0
Accrued investment advisory fees		547			92			22			197			130		90
Accrued supervisory and administrative fees		493			69			20			198			132		64
Accrued servicing fees		2			0			2			1			1		1
Other liabilities		0			0			0			0			368		0
Total Liabilities		92,990			460			71			58,223			17,644		10,128
Net Assets	$	1,195,414		$	277,257		$	64,510		$	760,277		$	602,990	$	293,375
Net Assets Consist of:
Paid in capital	$	1,734,061		$	291,256		$	78,813		$	774,172		$	518,772	$	249,346
Distributable earnings (accumulated loss)		(538,647	)		(13,999	)		(14,303	)		(13,895	)		84,218		44,029
Net Assets	$	1,195,414		$	277,257		$	64,510		$	760,277		$	602,990	$	293,375
Cost of investments in securities	$	1,137,509		$	617		$	0		$	640,237		$	500,282	$	219,734
Cost of investments in Affiliates	$	41,651		$	280,928		$	75,074		$	43,067		$	10,843	$	9,805
Cost of foreign currency held	$	3,256		$	0		$	0		$	1,956		$	0	$	0
* Includes repurchase agreements of:	$	3,934		$	617		$	0		$	0		$	0	$	1,785
^ Includes securities on loan of:	$	38,009		$	0		$	0		$	42,287		$	10,238	$	9,669

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

28 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	PIMCO RAE Emerging Markets Fund		PIMCO RAE Global Fund		PIMCO RAE Global ex-US Fund		PIMCO RAE International Fund		PIMCO RAE US Fund		PIMCO RAE US Small Fund
Net Assets:
Institutional Class	$	1,184,716	$	276,005	$	53,191	$	756,178	$	578,588	$	288,592
I-2		3,070		137		67		841		16,970		883
Class A		7,628		1,115		11,252		3,258		7,432		3,900
Shares Issued and Outstanding:
Institutional Class		151,356		32,536		6,486		93,249		59,520		32,779
I-2		394		16		8		104		1,755		101
Class A		984		133		1,389		407		778		449
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	7.83	$	8.48	$	8.20	$	8.11	$	9.72	$	8.80
I-2		7.80		8.45		8.18		8.07		9.67		8.76
Class A		7.75		8.37		8.10		8.01		9.55		8.68

^(a)   Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

ANNUAL REPORT JUNE 30, 2020 29

Statements of Operations

Year Ended June 30, 2020
(Amounts in thousands†)	PIMCO RAE Emerging Markets Fund			PIMCO RAE Global Fund			PIMCO RAE Global ex-US Fund			PIMCO RAE International Fund			PIMCO RAE US Fund			PIMCO RAE US Small Fund
Investment Income:
Interest	$	118		$	5		$	1		$	34		$	41		$	11
Dividends, net of foreign taxes*		87,298			0			0			18,181			21,232			4,052
Dividends from Investments in Affiliates		0			10,760			3,118			0			0			0
Securities lending income		2,347			0			0			468			507			153
Total Income		89,763			10,765			3,119			18,683			21,780			4,216
Expenses:
Investment advisory fees		12,978			1,166			301			1,773			1,809			727
Supervisory and administrative fees		11,699			876			272			1,778			1,839			527
Servicing fees - Class A		31			4			20			11			19			10
Trustee fees		198			22			6			38			57			11
Interest expense		230			11			5			32			38			26
Miscellaneous expense		127			15			4			29			36			11
Total Expenses		25,263			2,094			608			3,661			3,798			1,312
Waiver and/or Reimbursement by PIMCO		(5,389	)		(2,036	)		(571	)		(629	)		(780	)		(219	)
Net Expenses		19,874			58			37			3,032			3,018			1,093
Net Investment Income (Loss)		69,889			10,707			3,082			15,651			18,762			3,123
Net Realized Gain (Loss):
Investments in securities		(537,077	)		0			0			(114,698	)		(923	)		(22,416	)
Investments in Affiliates		0			(9,747	)		(3,067	)		0			0			0
Net capital gain distributions received from Affiliate investments		0			2,927			63			0			0			0
Over the counter financial derivative instruments		(297	)		0			0			25			0			0
Foreign currency		(3,513	)		0			0			(758	)		0			0
Net Realized Gain (Loss)		(540,887	)		(6,820	)		(3,004	)		(115,431	)		(923	)		(22,416	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(216,033	)		0			0			83,112			(74,120	)		56,991
Investments in Affiliates		0			(37,695	)		(11,704	)		0			0			0
Foreign currency assets and liabilities		(232	)		0			0			20			0			0
Net Change in Unrealized Appreciation (Depreciation)		(216,265	)		(37,695	)		(11,704	)		83,132			(74,120	)		56,991
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(687,263	)	$	(33,808	)	$	(11,626	)	$	(16,648	)	$	(56,281	)	$	37,698
* Foreign tax withholdings - Dividends	$	12,210		$	0		$	0		$	1,962		$	0		$	2

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

30 PIMCO EQUITY SERIES See Accompanying Notes

(THIS PAGE INTENTIONALLY LEFT BLANK)

ANNUAL REPORT JUNE 30, 2020 31

Statements of Changes in Net Assets

	PIMCO RAE Emerging Markets Fund						PIMCO RAE Global Fund						PIMCO RAE Global ex-US Fund
(Amounts in thousands†)	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	69,889		$	60,975		$	10,707		$	10,021		$	3,082		$	2,372
Net realized gain (loss)		(540,887	)		(1,282	)		(6,820	)		16,602			(3,004	)		1,398
Net change in unrealized appreciation (depreciation)		(216,265	)		13,780			(37,695	)		(22,541	)		(11,704	)		(5,213	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(687,263	)		73,473			(33,808	)		4,082			(11,626	)		(1,443	)
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(84,783	)		(196,507	)		(21,865	)		(26,023	)		(4,610	)		(1,951	)
I-2		(93	)		(1,053	)		(15	)		(170	)		(10	)		(12	)
Class A		(327	)		(838	)		(120	)		(137	)		(680	)		(37	)
Class C		N/A			0	(a)		N/A			0	(a)		N/A			0	(a)
Total Distributions(b)		(85,203	)		(198,398	)		(22,000	)		(26,330	)		(5,300	)		(2,000	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		(697,563	)		914,568			38,778			(49,682	)		3,343			1,488
Total Increase (Decrease) in Net Assets		(1,470,029	)		789,643			(17,030	)		(71,930	)		(13,583	)		(1,955	)
Net Assets:
Beginning of year		2,665,443			1,875,800			294,287			366,217			78,093			80,048
End of year	$	1,195,414		$	2,665,443		$	277,257		$	294,287		$	64,510		$	78,093

^†   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)  Class C Shares liquidated at the close of business on October 31, 2018.

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

32 PIMCO EQUITY SERIES See Accompanying Notes

PIMCO RAE International Fund						PIMCO RAE US Fund						PIMCO RAE US Small Fund
Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
$	15,651		$	19,132		$	18,762		$	18,888		$	3,123		$	2,244
	(115,431	)		(8,063	)		(923	)		18,139			(22,416	)		(2,279	)
	83,132			(26,024	)		(74,120	)		(81	)		56,991			(11,998	)
	(16,648	)		(14,955	)		(56,281	)		36,946			37,698			(12,033	)
	(21,270	)		(28,805	)		(37,126	)		(45,510	)		(2,600	)		(10,827	)
	(46	)		(52	)		(1,094	)		(389	)		(39	)		(196	)
	(183	)		(229	)		(381	)		(672	)		(61	)		(302	)
	N/A			0	(a)		N/A			0	(a)		N/A			0	(a)
	(21,499	)		(29,086	)		(38,601	)		(46,571	)		(2,700	)		(11,325	)
	245,513			45,199			(70,323	)		(12,713	)		132,566			10,175
	207,366			1,158			(165,205	)		(22,338	)		167,564			(13,183	)
	552,911			551,753			768,195			790,533			125,811			138,994
$	760,277		$	552,911		$	602,990		$	768,195		$	293,375		$	125,811

ANNUAL REPORT JUNE 30, 2020 33

Schedule of Investments PIMCO RAE Emerging Markets Fund

(Amounts in thousands*, except number of shares, contracts and units, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.0%
COMMON STOCKS 95.3%
AUSTRALIA 0.0%
MATERIALS 0.0%
MMG Ltd. (a)(c)		1,584,000	$		331
Total Australia					331
BRAZIL 3.2%
COMMUNICATION SERVICES 0.2%
TIM Participacoes S.A.		716,000			1,870
CONSUMER DISCRETIONARY 0.3%
Cogna Educacao		287,500			349
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		111,900			470
Grendene S.A.		151,000			204
Guararapes Confeccoes S.A.		122,400			398
MRV Engenharia e Participacoes S.A.		113,600			376
Petrobras Distribuidora S.A.		54,100			214
Via Varejo S.A. (a)		758,100			2,134
					4,145
CONSUMER STAPLES 0.5%
Ambev S.A.		458,000			1,191
BRF S.A. (a)		400,800			1,567
JBS S.A.		568,800			2,212
Marfrig Global Foods S.A. (a)		540,700			1,254
Natura & Co. Holding S.A.		29,800			218
					6,442
ENERGY 0.3%
Cosan Ltd. ‘A’		149,098			2,246
Cosan S.A.		59,600			777
Ultrapar Participacoes S.A.		71,100			240
					3,263
FINANCIALS 0.5%
Banco BTG Pactual S.A.		24,086			339
Banco do Brasil S.A.		685,100			4,050
Banco Santander Brasil S.A.		116,300			599
Porto Seguro S.A.		100,100			928
					5,916
HEALTH CARE 0.1%
Hypera S.A.		99,000			606
INDUSTRIALS 0.1%
CCR S.A.		358,600			956
Embraer S.A. (a)		146,100			218
					1,174
INFORMATION TECHNOLOGY 0.1%
Cielo S.A.		1,554,600			1,321
MATERIALS 0.5%
Cia Siderurgica Nacional S.A.		418,049			821
Duratex S.A.		80,600			190
Nexa Resources S.A.		94,840			630

	SHARES			MARKET VALUE (000S)
Vale S.A.		464,039	$		4,772
					6,413
REAL ESTATE 0.0%
BR Malls Participacoes S.A.		102,900			191
UTILITIES 0.6%
AES Tiete Energia S.A.		273,689			790
Alupar Investimento S.A.		43,500			192
Centrais Eletricas Brasileiras S.A. (a)		136,700			779
Cia de Saneamento Basico do Estado de Sao Paulo		194,900			2,068
Cia de Saneamento de Minas Gerais-COPASA		51,700			553
Cia de Saneamento do Parana		184,800			1,071
EDP - Energias do Brasil S.A.		189,100			606
Engie Brasil Energia S.A.		16,700			129
Light S.A.		116,800			356
Transmissora Alianca de Energia Eletrica S.A.		48,500			251
					6,795
Total Brazil					38,136
CHILE 0.6%
CONSUMER DISCRETIONARY 0.0%
Falabella S.A.		75,586			239
CONSUMER STAPLES 0.2%
Cencosud S.A.		1,217,470			1,704
Cia Cervecerias Unidas S.A.		28,720			207
					1,911
FINANCIALS 0.1%
Banco de Chile		7,029,864			621
Banco de Credito e Inversiones		7,751			263
Banco Santander Chile		4,773,260			195
Itau CorpBanca Chile S.A.		58,294,543			158
					1,237
MATERIALS 0.1%
CAP S.A.		145,800			944
UTILITIES 0.2%
AES Gener S.A.		2,688,046			386
Aguas Andinas S.A. ‘A’		1,119,874			380
Enel Americas S.A.		7,843,540			1,184
Engie Energia Chile S.A.		482,005			645
Inversiones Aguas Metropolitanas S.A.		541,058			464
					3,059
Total Chile					7,390
CHINA 19.4%
COMMUNICATION SERVICES 0.5%
China Telecom Corp. Ltd. ‘H’		16,948,000			4,760
China Tower Corp. Ltd.		1,660,000			295
Sohu.com Ltd. ADR (a)		142,961			1,317
					6,372

	SHARES			MARKET VALUE (000S)
CONSUMER DISCRETIONARY 0.9%
BAIC Motor Corp. Ltd. ‘H’		3,997,500	$		1,749
China Yongda Automobiles Services Holdings Ltd.		846,000			1,024
China ZhengTong Auto Services Holdings Ltd.		1,732,500			250
Dongfeng Motor Group Co. Ltd. ‘H’		2,298,000			1,386
GOME Retail Holdings Ltd. (a)(c)		17,904,000			3,001
Great Wall Motor Co. Ltd. ‘H’		1,166,500			734
Shanghai Jin Jiang Capital Co. Ltd.		2,584,000			459
Vipshop Holdings Ltd. ADR (a)		117,100			2,332
					10,935
CONSUMER STAPLES 0.1%
Hengan International Group Co. Ltd.		124,500			980
Tingyi Cayman Islands Holding Corp.		228,000			355
Want Want China Holdings Ltd.		201,000			153
					1,488
ENERGY 1.5%
China Petroleum & Chemical Corp. ‘H’		26,916,400			11,258
China Shenhua Energy Co. Ltd. ‘H’		2,388,000			3,706
CNOOC Ltd.		826,000			927
PetroChina Co. Ltd. ‘H’		4,238,000			1,417
					17,308
FINANCIALS 11.6%
Agricultural Bank of China Ltd. ‘H’		21,890,000			8,860
Bank of China Ltd. ‘H’		62,608,000			23,192
Bank of Communications Co. Ltd. ‘H’		9,458,000			5,856
China Cinda Asset Management Co. Ltd. ‘H’		15,386,000			3,035
China CITIC Bank Corp. Ltd. ‘H’		8,155,000			3,574
China Construction Bank Corp. ‘H’		62,026,000			50,451
China Everbright Bank Co. Ltd. ‘H’		4,266,000			1,611
China Huarong Asset Management Co. Ltd. ‘H’		17,231,000			1,745
China Life Insurance Co. Ltd. ‘H’		485,000			979
China Merchants Bank Co. Ltd. ‘H’		572,000			2,651
China Minsheng Banking Corp. Ltd. ‘H’		8,556,420			5,890
Chongqing Rural Commercial Bank Co. Ltd. ‘H’		3,144,000			1,243
Industrial & Commercial Bank of China Ltd. ‘H’		35,859,000			21,679
PICC Property & Casualty Co. Ltd. ‘H’		1,804,000			1,499
Ping An Insurance Group Co. of China Ltd. ‘H’		321,500			3,205
Postal Savings Bank of China Co. Ltd. ‘H’		6,073,000			3,499
					138,969

34 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.2%
China Resources Pharmaceutical Group Ltd.		1,846,500	$		1,070
Sihuan Pharmaceutical Holdings Group Ltd. (c)		5,887,000			563
Sinopharm Group Co. Ltd. ‘H’		384,400			988
					2,621
INDUSTRIALS 1.1%
Air China Ltd. ‘H’		1,066,000			641
Beijing Capital International Airport Co. Ltd. ‘H’		432,000			270
China Communications Construction Co. Ltd. ‘H’		2,926,000			1,660
China Communications Services Corp. Ltd. ‘H’		1,106,000			693
China Eastern Airlines Corp. Ltd. ‘H’		686,000			247
China International Marine Containers Group Co. Ltd. ‘H’ (c)		620,600			506
China Lesso Group Holdings Ltd. ‘L’		994,000			1,305
China Machinery Engineering Corp. ‘H’		349,000			92
China Railway Construction Corp. Ltd. ‘H’		1,077,500			854
China Railway Group Ltd. ‘H’		819,000			423
China Southern Airlines Co. Ltd. ‘H’		1,612,000			721
Fosun International Ltd.		1,375,000			1,762
Guangshen Railway Co. Ltd. ‘H’		1,442,000			271
Harbin Electric Co. Ltd. ‘H’		1,000,000			391
Metallurgical Corp. of China Ltd.		1,293,000			206
Shenzhen Expressway Co. Ltd. ‘H’		148,000			150
Sinopec Engineering Group Co. Ltd. ‘H’		555,000			238
Sinotruk Hong Kong Ltd.		69,500			181
Weichai Power Co. Ltd. ‘H’		483,000			910
Yangzijiang Shipbuilding Holdings Ltd.		315,600			213
Zhejiang Expressway Co. Ltd. ‘H’		1,088,000			773
Zoomlion Heavy Industry Science and Technology Co. Ltd. ‘H’		350,800			272
					12,779
INFORMATION TECHNOLOGY 0.8%
AAC Technologies Holdings, Inc. (c)		203,000			1,254
BYD Electronic International Co. Ltd. (c)		283,500			655
FIH Mobile Ltd. (a)(c)		7,490,000			807
Lenovo Group Ltd.		6,784,000			3,785
Semiconductor Manufacturing International Corp. (a)(c)		867,500			3,043
					9,544
MATERIALS 0.7%
Angang Steel Co. Ltd. ‘H’		874,000			215
BBMG Corp. ‘H’ (c)		525,000			103
China BlueChemical Ltd. ‘H’		1,802,000			269
China Hongqiao Group Ltd.		1,719,000			765
China National Building Material Co. Ltd. ‘H’		6,141,400			6,587
China Oriental Group Co. Ltd.		866,000			238
China Zhongwang Holdings Ltd.		1,241,600			235
					8,412

	SHARES			MARKET VALUE (000S)
REAL ESTATE 1.8%
Agile Group Holdings Ltd.		1,550,000	$		1,837
Beijing Capital Land Ltd. ‘H’ (c)		2,270,000			431
Beijing North Star Co. Ltd. ‘H’		570,000			126
China Aoyuan Group Ltd.		106,000			130
China Evergrande Group (c)		622,000			1,619
China SCE Group Holdings Ltd.		1,461,000			638
China Vanke Co. Ltd. ‘H’		294,900			941
CIFI Holdings Group Co. Ltd.		220,000			173
Country Garden Holdings Co. Ltd.		328,000			407
Fantasia Holdings Group Co. Ltd.		1,521,000			287
Greentown China Holdings Ltd.		1,810,000			1,822
Guangzhou R&F Properties Co. Ltd. ‘H’		1,960,200			2,307
Guorui Properties Ltd. (c)		1,618,000			244
Kaisa Group Holdings Ltd.		2,399,000			913
KWG Property Holding Ltd.		1,264,000			2,148
Longfor Group Holdings Ltd.		196,000			938
Powerlong Real Estate Holdings Ltd.		2,617,000			1,475
Seazen Group Ltd. (c)		233,138			202
Shui On Land Ltd.		3,994,500			674
Sino-Ocean Group Holding Ltd.		3,540,500			852
SOHO China Ltd.		2,009,500			710
Times China Holdings Ltd.		322,000			600
Yuzhou Properties Co. Ltd.		2,146,000			935
Zall Smart Commerce Group Ltd. (a)(c)		4,712,000			434
					20,843
UTILITIES 0.2%
China Longyuan Power Group Corp. Ltd. ‘H’		814,000			459
Datang International Power Generation Co. Ltd. ‘H’		1,450,000			190
Huadian Fuxin Energy Corp. Ltd. ‘H’		760,000			245
Huadian Power International Corp. Ltd. ‘H’		3,056,000			883
Huaneng Power International, Inc. ‘H’		2,550,000			962
					2,739
Total China					232,010
CYPRUS 0.1%
MATERIALS 0.1%
Polymetal International PLC		31,588			632
Total Cyprus					632
GREECE 1.0%
COMMUNICATION SERVICES 0.1%
Hellenic Telecommunications Organization S.A.		97,458			1,317
CONSUMER DISCRETIONARY 0.1%
FF Group «(a)		51,384			0
OPAP S.A.		62,778			598
					598
ENERGY 0.0%
Motor Oil Hellas Corinth Refineries S.A.		17,865			247

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.6%
Alpha Bank AE (a)		2,563,779	$		1,926
Eurobank Ergasias S.A. (a)		3,861,749			1,788
National Bank of Greece S.A. (a)		1,278,005			1,809
Piraeus Bank S.A. (a)(c)		1,184,663			2,104
					7,627
UTILITIES 0.2%
Public Power Corp. S.A. (a)(c)		486,741			1,907
Total Greece					11,696
HONG KONG 4.0%
COMMUNICATION SERVICES 1.3%
China Mobile Ltd.		1,915,500			12,933
China Unicom Hong Kong Ltd.		5,728,000			3,117
					16,050
CONSUMER DISCRETIONARY 0.0%
China Travel International Investment Hong Kong Ltd.		2,294,000			327
FINANCIALS 0.5%
BOC Hong Kong Holdings Ltd.		809,000			2,590
China Everbright Ltd.		1,158,000			1,687
China Taiping Insurance Holdings Co. Ltd.		1,389,800			2,245
Far East Horizon Ltd.		288,000			246
					6,768
INDUSTRIALS 0.7%
China Merchants Port Holdings Co. Ltd.		562,000			667
China State Construction International Holdings Ltd.		168,000			99
CITIC Ltd.		6,177,000			5,833
COSCO SHIPPING Ports Ltd.		948,000			511
Shanghai Industrial Holdings Ltd.		590,000			911
					8,021
MATERIALS 0.1%
China Resources Cement Holdings Ltd.		524,000			646
REAL ESTATE 0.9%
China Jinmao Holdings Group Ltd.		1,456,000			1,036
China Overseas Grand Oceans Group Ltd.		1,507,000			859
China Overseas Land & Investment Ltd.		1,056,000			3,224
China Resources Land Ltd.		542,000			2,072
Poly Property Group Co. Ltd.		2,724,000			825
Shanghai Industrial Urban Development Group Ltd.		1,235,000			143
Shenzhen Investment Ltd.		3,524,000			1,122
Yuexiu Property Co. Ltd.		7,820,000			1,403
					10,684
UTILITIES 0.5%
Beijing Enterprises Holdings Ltd.		99,000			333
China Power International Development Ltd.		5,495,000			1,011

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 35

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

	SHARES			MARKET VALUE (000S)
China Resources Power Holdings Co. Ltd.		3,516,000	$		4,148
Kunlun Energy Co. Ltd.		306,000			200
					5,692
Total Hong Kong					48,188
INDIA 9.2%
COMMUNICATION SERVICES 0.6%
Bharti Airtel Ltd. (a)		279,306			2,075
Bharti Infratel Ltd.		123,236			362
Vodafone Idea Ltd. (a)		30,935,718			4,336
					6,773
CONSUMER DISCRETIONARY 1.4%
Apollo Tyres Ltd.		231,510			331
Bosch Ltd.		1,610			244
Hero MotoCorp Ltd.		59,482			2,010
Mahindra & Mahindra Ltd.		117,180			795
Motherson Sumi Systems Ltd.		296,489			373
Tata Motors Ltd. (a)		9,509,377			12,472
					16,225
CONSUMER STAPLES 0.0%
Tata Consumer Products Ltd.		104,016			534
ENERGY 2.1%
Bharat Petroleum Corp. Ltd.		1,347,253			6,680
Coal India Ltd.		1,290,558			2,280
Hindustan Petroleum Corp. Ltd.		820,456			2,362
Indian Oil Corp. Ltd.		4,258,248			4,825
Mangalore Refinery & Petrochemicals Ltd.		227,950			111
Oil & Natural Gas Corp. Ltd.		6,269,573			6,808
Oil India Ltd.		918,504			1,145
Petronet LNG Ltd. (a)		242,446			830
					25,041
FINANCIALS 1.8%
Axis Bank Ltd.		35,720			193
Bank of Baroda (a)		1,134,901			730
Bank of India (a)		874,732			567
Canara Bank		682,173			911
General Insurance Corp. of India		108,135			214
ICICI Bank Ltd.		566,260			2,640
IDFC Ltd.		1,517,858			369
Indiabulls Housing Finance Ltd.		1,652,972			4,533
Indian Bank (a)		339,070			279
LIC Housing Finance Ltd.		47,000			165
Power Finance Corp. Ltd.		2,185,865			2,435
Punjab National Bank (a)		1,316,638			607
REC Ltd.		1,899,446			2,727
Shriram Transport Finance Co. Ltd.		121,310			1,107
State Bank of India (a)		1,107,428			2,624
Union Bank of India (a)		1,852,779			782
Yes Bank Ltd. «		3,406,176			924
					21,807
HEALTH CARE 0.1%
Dr Reddy’s Laboratories Ltd.		11,193			586

	SHARES			MARKET VALUE (000S)
Sun Pharmaceutical Industries Ltd. (a)		173,379	$		1,089
					1,675
INDUSTRIALS 0.2%
Adani Enterprises Ltd.		145,050			304
Bharat Electronics Ltd. (a)		266,501			314
Bharat Heavy Electricals Ltd.		3,004,536			1,424
Larsen & Toubro Ltd.		31,550			396
					2,438
INFORMATION TECHNOLOGY 0.2%
HCL Technologies Ltd.		24,972			184
Infosys Ltd.		111,440			1,083
Wipro Ltd.		164,292			480
					1,747
MATERIALS 2.2%
Grasim Industries Ltd. (a)		26,723			219
Hindalco Industries Ltd.		2,178,191			4,265
Jindal Steel & Power Ltd. (a)		1,509,573			3,284
JSW Steel Ltd.		509,711			1,291
National Aluminium Co. Ltd.		4,107,720			1,745
NMDC Ltd.		1,364,577			1,477
Steel Authority of India Ltd.		2,768,577			1,130
Tata Chemicals Ltd.		129,352			533
Tata Steel Ltd.		1,134,357			4,967
Vedanta Ltd.		5,276,951			7,539
					26,450
UTILITIES 0.6%
Adani Power Ltd. (a)		840,540			402
GAIL India Ltd.		170,431			232
NHPC Ltd.		627,782			167
NTPC Ltd.		1,161,312			1,477
Power Grid Corp. of India Ltd.		383,622			890
Reliance Infrastructure Ltd. (a)		4,053,239			2,085
Reliance Power Ltd. (a)		13,074,968			736
Tata Power Co. Ltd. (a)		2,367,170			1,411
					7,400
Total India					110,090
INDONESIA 0.9%
COMMUNICATION SERVICES 0.2%
Indosat Tbk PT (a)		1,947,500			322
Telekomunikasi Indonesia Persero Tbk PT		10,910,400			2,337
XL Axiata Tbk PT		1,357,900			265
					2,924
CONSUMER DISCRETIONARY 0.1%
Astra International Tbk PT		2,440,100			825
CONSUMER STAPLES 0.1%
Indofood Sukses Makmur Tbk PT		2,644,900			1,215
ENERGY 0.1%
Adaro Energy Tbk PT		14,874,000			1,047
Indo Tambangraya Megah Tbk PT		679,100			340
					1,387

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.2%
Bank Mandiri Persero Tbk PT		2,494,100	$		866
Bank Negara Indonesia Persero Tbk PT		2,036,600			658
Bank Rakyat Indonesia Persero Tbk PT		5,633,400			1,202
Bank Tabungan Negara Persero Tbk PT		1,712,500			151
					2,877
HEALTH CARE 0.0%
Kalbe Farma Tbk PT		2,229,600			229
MATERIALS 0.1%
Indocement Tunggal Prakarsa Tbk PT		573,700			476
Semen Indonesia Persero Tbk PT		561,800			381
					857
UTILITIES 0.1%
Perusahaan Gas Negara Tbk PT		12,380,000			992
Total Indonesia					11,306
MALAYSIA 1.6%
COMMUNICATION SERVICES 0.3%
Axiata Group Bhd.		946,400			788
Telekom Malaysia Bhd.		2,019,400			1,962
					2,750
CONSUMER DISCRETIONARY 0.2%
DRB-Hicom Bhd.		1,211,000			488
Genting Bhd.		1,604,700			1,545
					2,033
CONSUMER STAPLES 0.1%
British American Tobacco Malaysia Bhd.		129,400			327
Felda Global Ventures Holdings Bhd.		3,166,800			741
					1,068
ENERGY 0.0%
Sapura Energy Bhd. (a)		13,953,100			318
FINANCIALS 0.5%
Alliance Bank Malaysia Bhd.		509,500			260
AMMB Holdings Bhd.		779,300			568
CIMB Group Holdings Bhd.		1,872,800			1,562
Hong Leong Financial Group Bhd.		143,500			442
Malayan Banking Bhd.		1,101,200			1,935
Public Bank Bhd.		152,400			589
RHB Bank Bhd.		837,200			938
					6,294
INDUSTRIALS 0.3%
AirAsia Group Bhd.		8,931,600			1,846
Gamuda Bhd.		280,200			239
IJM Corp. Bhd.		1,584,300			674
MISC Bhd.		369,900			663

36 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
Sime Darby Bhd.		743,000	$		374
					3,796
REAL ESTATE 0.0%
Sunway Bhd.		1,107,614			355
UTILITIES 0.2%
Tenaga Nasional Bhd.		582,800			1,585
YTL Corp. Bhd.		673,000			131
YTL Power International Bhd.		2,868,514			450
					2,166
Total Malaysia					18,780
MEXICO 3.4%
COMMUNICATION SERVICES 1.5%
America Movil S.A.B. de C.V.		24,352,180			15,628
Grupo Televisa S.A.B.		2,054,900			2,157
					17,785
CONSUMER DISCRETIONARY 0.0%
Alsea S.A.B. de C.V. (a)		201,600			199
CONSUMER STAPLES 0.5%
Coca-Cola Femsa S.A.B. de C.V. SP - ADR		22,115			970
Fomento Economico Mexicano, S.A.B. de C.V.		20,767			1,288
Gruma S.A.B. de C.V. ‘B’		19,705			213
Grupo Bimbo S.A.B. de C.V. ‘A’		989,100			1,655
Grupo Lala S.A.B. de C.V.		337,400			178
Industrias Bachoco S.A.B. de C.V.		74,100			216
Kimberly-Clark de Mexico S.A.B. de C.V. ‘A’		391,500			611
Wal-Mart de Mexico S.A.B. de C.V.		490,900			1,178
					6,309
FINANCIALS 0.2%
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand		206,900			151
Gentera S.A.B. de C.V.		878,600			421
Grupo Financiero Banorte S.A.B. de C.V. ‘O’		358,300			1,243
Grupo Financiero Inbursa S.A.B. de C.V. ‘O’		737,800			512
					2,327
INDUSTRIALS 0.2%
Alfa S.A.B. de C.V. ‘A’		3,341,400			1,883
MATERIALS 1.0%
Cemex S.A.B. de C.V.		4,960,430			1,399
Cemex S.A.B. de C.V. SP - ADR		2,343,137			6,748
Grupo Mexico S.A.B. de C.V. ‘B’		1,013,900			2,357
Industrias Penoles S.A.B. de C.V.		94,645			966
Orbia Advance Corp. S.A.B. de C.V.		139,600			206
					11,676
Total Mexico					40,179

	SHARES			MARKET VALUE (000S)
PHILIPPINES 0.5%
COMMUNICATION SERVICES 0.3%
Globe Telecom, Inc.		16,550	$		688
PLDT, Inc.		124,565			3,101
					3,789
FINANCIALS 0.0%
Metropolitan Bank & Trust Co.		250,434			187
INDUSTRIALS 0.1%
Alliance Global Group, Inc.		4,496,000			616
DMCI Holdings, Inc.		2,658,300			220
International Container Terminal Services, Inc.		87,650			180
JG Summit Holdings, Inc.		196,640			257
San Miguel Corp.		89,530			180
					1,453
UTILITIES 0.1%
Aboitiz Power Corp.		432,000			235
First Gen Corp.		583,200			288
Manila Electric Co.		44,880			242
					765
Total Philippines					6,194
POLAND 1.2%
COMMUNICATION SERVICES 0.3%
Orange Polska S.A. (a)		810,946			1,283
PLAY Communications S.A.		285,165			2,202
					3,485
ENERGY 0.2%
Polski Koncern Naftowy ORLEN S.A.		51,225			814
Polskie Gornictwo Naftowe i Gazownictwo S.A.		899,169			1,037
					1,851
FINANCIALS 0.3%
Alior Bank S.A. (a)(c)		150,980			622
Bank Handlowy w Warszawie S.A.		21,749			211
Bank Polska Kasa Opieki S.A.		142,601			1,954
Powszechna Kasa Oszczednosci Bank Polski S.A.		89,985			524
Powszechny Zaklad Ubezpieczen S.A.		41,520			306
					3,617
INFORMATION TECHNOLOGY 0.0%
Asseco Poland S.A.		27,249			456
MATERIALS 0.1%
Jastrzebska Spolka Weglowa S.A. (c)		165,153			791
KGHM Polska Miedz S.A. (a)		39,245			912
					1,703
UTILITIES 0.3%
Enea S.A. (a)		130,882			238
PGE Polska Grupa Energetyczna S.A. (a)		827,069			1,446

	SHARES			MARKET VALUE (000S)
Tauron Polska Energia S.A. (a)		2,378,252	$		1,432
					3,116
Total Poland					14,228
RUSSIA 9.1%
COMMUNICATION SERVICES 1.1%
Mobile TeleSystems PJSC (c)		1,690,760			7,895
Rostelecom PJSC		984,040			1,217
Sistema PJSC FC		14,857,260			3,589
					12,701
CONSUMER DISCRETIONARY 0.0%
M.Video PJSC		25,560			146
CONSUMER STAPLES 0.7%
Magnit PJSC (c)		111,131			6,305
X5 Retail Group NV GDR		74,273			2,634
					8,939
ENERGY 4.6%
Gazprom Neft PJSC SP - ADR (c)		24,624			564
Gazprom PJSC		340,282			928
Gazprom PJSC SP - ADR		5,083,382			27,450
LUKOIL PJSC		3,610			269
Lukoil PJSC SP - ADR		157,707			11,723
Rosneft Oil Co. PJSC		314,961			1,602
Surgutneftegas OJSC SP - ADR		2,152,883			11,603
TMK PJSC		603,340			510
					54,649
FINANCIALS 0.4%
Sberbank of Russia PJSC		1,437,540			4,110
VTB Bank PJSC		1,102,550,000			544
					4,654
INDUSTRIALS 0.2%
Aeroflot PJSC (c)		1,792,460			2,067
Globaltrans Investment PLC GDR		79,470			429
					2,496
MATERIALS 1.2%
Alrosa PJSC (c)		2,229,000			2,027
Evraz PLC		46,412			164
Magnitogorsk Iron & Steel Works PJSC		1,993,100			1,039
Mechel PJSC (a)		1,041,700			956
MMC Norilsk Nickel PJSC		5,880			1,550
MMC Norilsk Nickel PJSC ADR		202,370			5,290
Novolipetsk Steel PJSC		346,340			687
Novolipetsk Steel PJSC GDR		7,265			144
PhosAgro PJSC GDR		63,502			784
Severstal PAO		39,965			486
Severstal PAO (c)		150,119			1,817
					14,944
REAL ESTATE 0.1%
LSR Group PJSC		63,625			628

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 37

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

	SHARES			MARKET VALUE (000S)
UTILITIES 0.8%
Federal Grid Co. Unified Energy System PJSC		610,160,000	$		1,608
Inter RAO UES PJSC		10,199,000			699
OGK-2 PJSC		108,902,000			1,213
Rosseti PJSC		102,614,012			2,165
RusHydro PJSC (c)		320,880,000			3,315
Unipro PJSC (c)		16,686,000			655
					9,655
Total Russia					108,812
SOUTH AFRICA 3.9%
COMMUNICATION SERVICES 0.7%
MTN Group Ltd.		1,836,030			5,623
Telkom S.A. SOC Ltd.		878,031			1,506
Vodacom Group Ltd. (c)		92,910			659
					7,788
CONSUMER DISCRETIONARY 0.2%
Motus Holdings Ltd. (a)		338,586			600
Pepkor Holdings Ltd.		372,516			236
Truworths International Ltd.		316,223			620
Woolworths Holdings Ltd.		605,388			1,157
					2,613
CONSUMER STAPLES 0.1%
Massmart Holdings Ltd. (c)		307,953			409
Shoprite Holdings Ltd.		48,374			297
Tiger Brands Ltd.		73,321			754
					1,460
ENERGY 0.0%
Exxaro Resources Ltd.		37,414			282
FINANCIALS 1.1%
Absa Group Ltd.		541,183			2,672
FirstRand Ltd.		682,100			1,500
Investec Ltd.		215,157			430
Liberty Holdings Ltd.		170,063			651
Momentum Metropolitan Holdings		1,463,592			1,490
Nedbank Group Ltd.		344,736			2,021
Ninety One Ltd. (a)		150,247			379
Sanlam Ltd.		92,291			314
Standard Bank Group Ltd.		629,766			3,801
					13,258
HEALTH CARE 0.5%
Aspen Pharmacare Holdings Ltd.		273,540			2,272
Life Healthcare Group Holdings Ltd.		699,950			674
Netcare Ltd.		2,862,773			2,251
					5,197
INDUSTRIALS 0.1%
Barloworld Ltd.		310,052			1,236
MATERIALS 1.2%
AngloGold Ashanti Ltd.		42,680			1,256
Gold Fields Ltd. SP - ADR		795,626			7,479

	SHARES				MARKET VALUE (000S)
Kumba Iron Ore Ltd.		56,145	$			1,501
Sappi Ltd.		430,753				673
Sasol Ltd.		355,722				2,731
Sibanye Stillwater Ltd. (a)(c)		473,936				1,029
						14,669
Total South Africa						46,503
SOUTH KOREA 17.0%
COMMUNICATION SERVICES 1.3%
KT Corp. SP - ADR		874,264				8,515
LG Uplus Corp.		450,572				4,605
SK Telecom Co. Ltd. SP - ADR		141,668				2,737
						15,857
CONSUMER DISCRETIONARY 3.4%
Hankook Tire & Technology Co. Ltd.		67,957				1,406
Hyundai Department Store Co. Ltd.		27,210				1,280
Hyundai Mobis Co. Ltd.		16,418				2,635
Hyundai Motor Co.		145,186				11,926
Hyundai Wia Corp.		29,522				859
Kia Motors Corp.		422,483				11,417
Kumho Tire Co., Inc. (a)		104,760				264
LG Electronics, Inc.		116,702				6,185
LOTTE Himart Co. Ltd.		41,915				1,349
Lotte Shopping Co. Ltd.		37,208				2,487
Mando Corp.		24,019				452
Shinsegae, Inc.		3,649				676
						40,936
CONSUMER STAPLES 0.7%
Amorepacific Corp.		22,161				960
CJ CheilJedang Corp.		5,596				1,528
E-MART, Inc.		30,157				2,666
Harim Holdings Co. Ltd.		27,509		��		155
Hite Jinro Co. Ltd.		45,180				1,656
KT&G Corp.		21,410				1,398
						8,363
ENERGY 0.2%
GS Holdings Corp.		70,348				2,131
SK Innovation Co. Ltd.		4,747				525
						2,656
FINANCIALS 3.0%
BNK Financial Group, Inc.		392,397				1,648
DB Insurance Co. Ltd.		51,057				1,831
DGB Financial Group, Inc.		273,133				1,174
Hana Financial Group, Inc.		201,501				4,583
Hanwha Life Insurance Co. Ltd.		1,341,492				1,539
Hyundai Marine & Fire Insurance Co. Ltd.		99,017				1,901
Industrial Bank of Korea		334,936				2,276
JB Financial Group Co. Ltd.		224,300				889
KB Financial Group, Inc.		174,141				4,930
Meritz Financial Group, Inc.		19,200				150
Meritz Fire & Marine Insurance Co. Ltd.		57,830				613
Samsung Card Co. Ltd.		36,513				835
Samsung Fire & Marine Insurance Co. Ltd.		12,323				1,812
Samsung Life Insurance Co. Ltd.		97,318				3,659

	SHARES			MARKET VALUE (000S)
Shinhan Financial Group Co. Ltd.		341,012	$		8,241
					36,081
INDUSTRIALS 1.9%
Asiana Airlines, Inc. (a)		368,160			1,192
CJ Corp.		32,954			2,381
Daelim Industrial Co. Ltd.		8,238			567
Doosan Bobcat, Inc.		6,225			139
Doosan Co. Ltd.		42,457			1,355
Doosan Fuel Cell Co. Ltd. (a)		25,014			679
Doosan Heavy Industries & Construction Co. Ltd. (a)(c)		595,128			2,423
Doosan Infracore Co. Ltd. (a)		444,338			2,713
Hanwha Corp.		170,775			3,189
Hyundai Engineering & Construction Co. Ltd.		66,288			1,836
Hyundai Glovis Co. Ltd.		2,401			204
KCC Corp.		5,159			574
KCC Glass Corp. (a)		1			0
Korean Air Lines Co. Ltd.		19,766			290
LG International Corp.		31,981			417
LS Corp.		38,953			1,136
Samsung C&T Corp.		17,078			1,661
SK Networks Co. Ltd.		443,229			1,760
					22,516
INFORMATION TECHNOLOGY 4.3%
Doosan Solus Co. Ltd. (a)		12,358			348
LG Display Co. Ltd.		698,662			6,689
Samsung Electronics Co. Ltd.		906,327			40,121
SK Hynix, Inc.		60,124			4,293
					51,451
MATERIALS 1.3%
Dongkuk Steel Mill Co. Ltd.		119,666			532
Hanwha Chemical Corp.		84,850			1,378
Hyundai Steel Co.		136,922			2,368
Kolon Industries, Inc.		35,280			948
Korea Petrochemical Ind Co. Ltd.		8,420			798
Lotte Chemical Corp.		9,047			1,265
POSCO		55,193			8,039
Taekwang Industrial Co. Ltd.		240			139
					15,467
UTILITIES 0.9%
Korea Electric Power Corp.		591,198			9,641
Korea Gas Corp.		13,735			301
					9,942
Total South Korea					203,269
TAIWAN 13.6%
COMMUNICATION SERVICES 0.2%
Chunghwa Telecom Co. Ltd.		384,000			1,525
Far EasTone Telecommunications Co. Ltd.		261,000			603
					2,128
CONSUMER DISCRETIONARY 0.6%
Cheng Shin Rubber Industry Co. Ltd.		749,000			861
Far Eastern Department Stores Ltd.		1,313,000			1,111

38 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
Formosa Taffeta Co. Ltd.		368,000	$		456
Hotai Motor Co. Ltd.		8,000			192
Pou Chen Corp.		2,506,000			2,458
Ruentex Industries Ltd.		498,000			1,198
Yulon Motor Co. Ltd.		1,342,000			988
					7,264
CONSUMER STAPLES 0.1%
Uni-President Enterprises Corp.		762,640			1,848
FINANCIALS 2.7%
Cathay Financial Holding Co. Ltd.		2,846,581			4,049
Chang Hwa Commercial Bank Ltd.		440,844			290
China Development Financial Holding Corp.		2,358,000			758
China Life Insurance Co. Ltd.		2,504,964			1,861
CTBC Financial Holding Co. Ltd.		2,874,000			1,992
E.Sun Financial Holding Co. Ltd.		311,645			295
First Financial Holding Co. Ltd.		1,545,544			1,191
Fubon Financial Holding Co. Ltd.		2,408,000			3,595
Hua Nan Financial Holdings Co. Ltd. ‘C’		1,168,138			795
Mega Financial Holding Co. Ltd.		3,072,658			3,230
Mercuries Life Insurance Co. Ltd. (a)		736,082			251
Shanghai Commercial & Savings Bank Ltd.		898,511			1,393
Shin Kong Financial Holding Co. Ltd.		23,183,764			6,792
SinoPac Financial Holdings Co. Ltd.		4,089,494			1,512
Taishin Financial Holding Co. Ltd.		1,314,581			598
Taiwan Business Bank		666,190			245
Taiwan Cooperative Financial Holding Co. Ltd.		1,436,685			1,014
Yuanta Financial Holding Co. Ltd.		3,151,000			1,875
					31,736
INDUSTRIALS 0.4%
China Airlines Ltd.		3,818,000			1,066
Eva Airways Corp.		2,052,686			784
Far Eastern New Century Corp.		1,442,520			1,370
Teco Electric and Machinery Co. Ltd.		1,308,000			1,203
Walsin Lihwa Corp.		614,000			305
					4,728
INFORMATION TECHNOLOGY 9.3%
Acer, Inc.		601,000			366
Asustek Computer, Inc.		907,000			6,664
AU Optronics Corp.		33,055,000			10,433
Catcher Technology Co. Ltd. (a)		74,000			561
Chicony Electronics Co. Ltd.		397,225			1,151
Compal Electronics, Inc.		6,231,000			4,078
Delta Electronics, Inc.		301,000			1,718
Foxconn Technology Co. Ltd.		698,000			1,344
Hon Hai Precision Industry Co. Ltd.		5,148,316			15,116
Innolux Corp.		32,480,000			8,749
Inventec Corp.		3,132,000			2,674
Lite-On Technology Corp.		1,716,035			2,702

	SHARES			MARKET VALUE (000S)
MediaTek, Inc.		245,000	$		4,844
Nanya Technology Corp.		170,000			355
Novatek Microelectronics Corp.		158,000			1,228
Pegatron Corp.		3,373,000			7,357
Powertech Technology, Inc.		615,000			2,245
Quanta Computer, Inc.		1,566,000			3,789
Synnex Technology International Corp.		578,650			820
Taiwan Semiconductor Manufacturing Co. Ltd.		1,177,360			12,574
Taiwan Semiconductor Manufacturing Co. Ltd. SP - ADR		119,112			6,762
United Microelectronics Corp.		14,692,000			7,943
Winbond Electronics Corp.		636,000			290
Wistron Corp.		3,625,515			4,426
WPG Holdings Ltd.		1,403,320			1,872
Zhen Ding Technology Holding Ltd.		237,000			1,040
					111,101
MATERIALS 0.3%
Asia Cement Corp.		268,000			397
China Steel Corp.		2,058,000			1,449
Formosa Chemicals & Fibre Corp.		149,000			384
Nan Ya Plastics Corp.		340,000			747
Taiwan Cement Corp.		470,662			685
					3,662
REAL ESTATE 0.0%
Farglory Land Development Co. Ltd.		129,000			207
Highwealth Construction Corp.		80,000			119
					326
Total Taiwan					162,793
THAILAND 2.3%
COMMUNICATION SERVICES 0.1%
Advanced Info Service PCL		96,700			582
Total Access Communication PCL		355,500			454
					1,036
CONSUMER STAPLES 0.1%
Charoen Pokphand Foods PCL		1,414,200			1,459
Thai Beverage PCL		421,000			205
Thai Union Group PCL ‘F’		592,200			249
					1,913
ENERGY 0.5%
Bangchak Corp. PCL		941,300			646
Banpu PCL (c)		2,651,500			530
IRPC PCL		2,351,500			201
PTT Exploration & Production PCL		184,100			553
PTT PCL		2,025,400			2,500
Star Petroleum Refining PCL		7,146,400			1,559
Thai Oil PCL		121,000			176
					6,165

	SHARES			MARKET VALUE (000S)
FINANCIALS 1.2%
Bangkok Bank PCL		641,800	$		2,239
Kasikornbank PCL		849,500			2,579
Kiatnakin Bank PCL		307,800			400
Krung Thai Bank PCL		5,780,675			1,932
Siam Commercial Bank PCL		1,429,700			3,370
Thanachart Capital PCL		2,020,504			2,339
Tisco Financial Group PCL		227,600			514
TMB Bank PCL		17,272,800			591
					13,964
INDUSTRIALS 0.1%
Delta Electronics Thailand PCL (c)		447,797			779
Thai Airways International PCL (a)		970,000			121
					900
MATERIALS 0.3%
PTT Global Chemical PCL		934,600			1,412
Siam Cement PCL		154,200			1,844
					3,256
REAL ESTATE 0.0%
Pruksa Holding PCL		704,300			263
UTILITIES 0.0%
Ratch Group PCL		124,200			252
Total Thailand					27,749
TURKEY 4.3%
COMMUNICATION SERVICES 0.4%
Turk Telekomunikasyon A/S		2,105,921			2,493
Turkcell Iletisim Hizmetleri A/S		1,175,774			2,803
					5,296
CONSUMER DISCRETIONARY 0.2%
Arcelik A/S (a)(c)		414,680			1,206
Tofas Turk Otomobil Fabrikasi A/S		248,342			966
Vestel Elektronik Sanayi ve Ticaret A/S (a)(c)		335,505			794
					2,966
CONSUMER STAPLES 0.3%
Anadolu Efes Biracilik Ve Malt Sanayii A/S		270,457			841
Coca-Cola Icecek A/S		60,364			384
Migros Ticaret A/S (a)		354,975			1,998
					3,223
ENERGY 0.1%
Tupras Turkiye Petrol Rafinerileri A/S		69,210			905
FINANCIALS 2.4%
Akbank T.A.S.		4,155,905			3,687
Haci Omer Sabanci Holding A/S		4,767,960			6,420
Turkiye Garanti Bankasi A/S		3,553,760			4,382
Turkiye Halk Bankasi A/S		5,400,870			5,038
Turkiye Is Bankasi ‘C’		5,272,920			4,307

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 39

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

	SHARES			MARKET VALUE (000S)
Turkiye Vakiflar Bankasi TAO ‘D’		3,127,620	$		2,435
Yapi ve Kredi Bankasi A/S (a)(c)		6,129,872			2,187
					28,456
INDUSTRIALS 0.6%
AG Anadolu Grubu Holding A.S.		404,698			1,192
Enka Insaat ve Sanayi A/S		1,258,949			1,134
KOC Holding A/S		544,150			1,431
TAV Havalimanlari Holding A/S (c)		161,052			456
Turk Hava Yollari AO (a)(c)		1,418,390			2,582
Turkiye Sise ve Cam Fabrikalari A/S		780,173			633
					7,428
MATERIALS 0.2%
Eregli Demir ve Celik Fabrikalari TAS		1,446,153			1,811
UTILITIES 0.1%
Enerjisa Enerji A/S		725,812			911
Total Turkey					50,996
Total Common Stocks (Cost $1,095,927)					1,139,282
PREFERRED STOCKS 2.9%
BRAZIL 2.7%
BANKING & FINANCE 1.2%
Banco Bradesco S.A.		1,934,001			7,362
Banco do Estado do Rio Grande do Sul S.A.		511,700			1,275
Itau Unibanco Holding S.A.		1,293,089			6,051
					14,688
COMMUNICATION SERVICES 0.3%
Telefonica Brasil S.A.		380,100			3,357
INDUSTRIALS 0.4%
Braskem S.A.		175,100			748
Gerdau S.A.		143,638			423
Metalurgica Gerdau S.A.		2,398,400			3,224
					4,395
UTILITIES 0.8%
Cia de Transmissao de Energia Eletrica Paulista		70,400			271

	SHARES			MARKET VALUE (000S)
Cia Energetica de Minas Gerais		743,406	$		1,506
Cia Energetica de Sao Paulo		328,100			1,749
Cia Paranaense de Energia		287,800			3,219
Petroleo Brasileiro S.A.		638,900			2,532
					9,277
Total Brazil					31,717
CHILE 0.0%
INDUSTRIALS 0.0%
Embotelladora Andina S.A.		216,974			531
Total Chile					531
RUSSIA 0.2%
UTILITIES 0.2%
Bashneft PJSC		29,988			606
Transneft PJSC		740			1,397
					2,003
Total Russia					2,003
Total Preferred Stocks (Cost $31,808)					34,251
REAL ESTATE INVESTMENT TRUSTS 0.5%
MEXICO 0.1%
REAL ESTATE 0.1%
Fibra Uno Administracion S.A. de C.V.		571,900			454
Total Mexico					454
SOUTH AFRICA 0.0%
REAL ESTATE 0.0%
Fortress REIT Ltd.		198,665			143
Growthpoint Properties Ltd.		302,810			234
Resilient REIT Ltd.		2,546			6
					383
Total South Africa					383
TURKEY 0.4%
REAL ESTATE 0.4%
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S (c)		16,895,903			5,042
Total Turkey					5,042
Total Real Estate Investment Trusts (Cost $4,747)					5,879

	SHARES			MARKET VALUE (000S)
RIGHTS 0.0%
HONG KONG 0.0%
INDUSTRIALS 0.0%
Greentown China Holdings - Exp. 07/02/20		34,150	$		0
Total Hong Kong					0
SOUTH KOREA 0.0%
CONSUMER DISCRETIONARY 0.0%
Korean Air Lines Co. Ltd. - Exp. 07/10/20		100,041			143
Total South Korea					143
Total Rights (Cost $541)					143
WARRANTS 0.0%
UNITED KINGDOM 0.0%
FINANCIALS 0.0%
HSBC Bank PLC - Exp. 11/09/2020		77,000			546
Total Warrants (Cost $552)					546
SHORT-TERM INSTRUMENTS 0.3%
REPURCHASE AGREEMENTS (e) 0.3%
					3,934
Total Short-Term Instruments (Cost $3,934)					3,934
Total Investments in Securities (Cost $1,137,509)					1,184,035
INVESTMENTS IN AFFILIATES 3.5%
SHORT-TERM INSTRUMENTS 3.5%
MUTUAL FUNDS 3.5%
PIMCO Government Money Market Fund
0.180% (b)(c)(d)		41,650,596			41,651
Total Short-Term Instruments (Cost $41,651)					41,651
Total Investments in Affiliates (Cost $41,651)					41,651
Total Investments 102.5% (Cost $1,179,160)			$		1,225,686
Other Assets and Liabilities, net (2.5)%					(30,272	)
Net Assets 100.0%			$		1,195,414

NOTES TO SCHEDULE OF INVESTMENTS:

* 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.

(b) Institutional Class Shares of each Fund.

(c) Securities with an aggregate market value of $38,009 were out on loan in exchange for $41,739 of cash collateral as of June 30, 2020. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

40 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

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
FICC		0.000	%		06/30/2020		07/01/2020	$	3,934	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2022	$	(4,013	)	$	3,934	$	3,934
Total Repurchase Agreements											$	(4,013	)	$	3,934	$	3,934

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 June 30, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(1)
Global/Master Repurchase Agreement
FICC	$	3,934	$	0	$	0	$	0	$	3,934	$	(4,013	)	$	(79	)
Master Securities Lending Agreement
BSN		0		0		0		1,272		1,272		(1,531	)		(259	)
FOB		0		0		0		11,559		11,559		(12,512	)		(953	)
GSC		0		0		0		11,823		11,823		(12,694	)		(871	)
MBC		0		0		0		2,055		2,055		(2,175	)		(120	)
SAL		0		0		0		7,752		7,752		(8,725	)		(973	)
UBS		0		0		0		3,548		3,548		(4,102	)		(554	)
Total Borrowings and Other Financing Transactions	$	3,934	$	0	$	0	$	38,009

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
Securities Lending Transactions(2)
Common Stocks	$	40,483	$	0	$	0	$	0	$	40,483
Real Estate Investment Trusts		1,256		0		0		0		1,256
Total Borrowings	$	41,739	$	0	$	0	$	0	$	41,739
Securities Lending Transactions Total									$	41,739

⁽¹⁾  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.

⁽²⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2020:

	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	$	(297	)	$	0	$	(297	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 41

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

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Common Stocks
Australia
Materials	$	0	$	331	$	0	$	331
Brazil
Communication Services		1,870		0		0		1,870
Consumer Discretionary		4,145		0		0		4,145
Consumer Staples		6,442		0		0		6,442
Energy		3,263		0		0		3,263
Financials		5,916		0		0		5,916
Health Care		606		0		0		606
Industrials		1,174		0		0		1,174
Information Technology		1,321		0		0		1,321
Materials		6,413		0		0		6,413
Real Estate		191		0		0		191
Utilities		6,795		0		0		6,795
Chile
Consumer Discretionary		239		0		0		239
Consumer Staples		1,911		0		0		1,911
Financials		1,237		0		0		1,237
Materials		944		0		0		944
Utilities		3,059		0		0		3,059
China
Communication Services		1,317		5,055		0		6,372
Consumer Discretionary		2,332		8,603		0		10,935
Consumer Staples		0		1,488		0		1,488
Energy		0		17,308		0		17,308
Financials		0		138,969		0		138,969
Health Care		0		2,621		0		2,621
Industrials		0		12,779		0		12,779
Information Technology		0		9,544		0		9,544
Materials		0		8,412		0		8,412
Real Estate		202		20,641		0		20,843
Utilities		0		2,739		0		2,739
Cyprus
Materials		0		632		0		632
Greece
Communication Services		0		1,317		0		1,317
Consumer Discretionary		0		598		0		598
Energy		0		247		0		247
Financials		0		7,627		0		7,627
Utilities		0		1,907		0		1,907
Hong Kong
Communication Services		0		16,050		0		16,050
Consumer Discretionary		0		327		0		327
Financials		0		6,768		0		6,768
Industrials		0		8,021		0		8,021
Materials		0		646		0		646
Real Estate		0		10,684		0		10,684
Utilities		0		5,692		0		5,692
India
Communication Services		0		6,773		0		6,773
Consumer Discretionary		0		16,225		0		16,225
Consumer Staples		0		534		0		534
Energy		0		25,041		0		25,041
Financials		0		20,883		924		21,807
Health Care		0		1,675		0		1,675
Industrials		0		2,438		0		2,438
Information Technology		0		1,747		0		1,747
Materials		0		26,450		0		26,450
Utilities		736		6,664		0		7,400
Indonesia
Communication Services		0		2,924		0		2,924
Consumer Discretionary		0		825		0		825
Consumer Staples		0		1,215		0		1,215
Energy		0		1,387		0		1,387

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Financials	$	0	$	2,877	$	0	$	2,877
Health Care		0		229		0		229
Materials		0		857		0		857
Utilities		0		992		0		992
Malaysia
Communication Services		0		2,750		0		2,750
Consumer Discretionary		0		2,033		0		2,033
Consumer Staples		0		1,068		0		1,068
Energy		0		318		0		318
Financials		0		6,294		0		6,294
Industrials		0		3,796		0		3,796
Real Estate		0		355		0		355
Utilities		0		2,166		0		2,166
Mexico
Communication Services		17,785		0		0		17,785
Consumer Discretionary		199		0		0		199
Consumer Staples		6,309		0		0		6,309
Financials		2,327		0		0		2,327
Industrials		1,883		0		0		1,883
Materials		11,676		0		0		11,676
Philippines
Communication Services		0		3,789		0		3,789
Financials		0		187		0		187
Industrials		0		1,453		0		1,453
Utilities		0		765		0		765
Poland
Communication Services		0		3,485		0		3,485
Energy		0		1,851		0		1,851
Financials		0		3,617		0		3,617
Information Technology		0		456		0		456
Materials		0		1,703		0		1,703
Utilities		0		3,116		0		3,116
Russia
Communication Services		0		12,701		0		12,701
Consumer Discretionary		0		146		0		146
Consumer Staples		0		8,939		0		8,939
Energy		31		54,618		0		54,649
Financials		0		4,654		0		4,654
Industrials		429		2,067		0		2,496
Materials		1,063		13,881		0		14,944
Real Estate		0		628		0		628
Utilities		0		9,655		0		9,655
South Africa
Communication Services		0		7,788		0		7,788
Consumer Discretionary		620		1,993		0		2,613
Consumer Staples		1,051		409		0		1,460
Energy		0		282		0		282
Financials		379		12,879		0		13,258
Health Care		2,251		2,946		0		5,197
Industrials		0		1,236		0		1,236
Materials		8,152		6,517		0		14,669
South Korea
Communication Services		11,252		4,605		0		15,857
Consumer Discretionary		0		40,936		0		40,936
Consumer Staples		0		8,363		0		8,363
Energy		0		2,656		0		2,656
Financials		0		36,081		0		36,081
Industrials		0		22,516		0		22,516
Information Technology		0		51,451		0		51,451
Materials		0		15,467		0		15,467
Utilities		0		9,942		0		9,942
Taiwan
Communication Services		0		2,128		0		2,128
Consumer Discretionary		0		7,264		0		7,264
Consumer Staples		0		1,848		0		1,848
Financials		0		31,736		0		31,736
Industrials		0		4,728		0		4,728

42 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Information Technology	$	6,762	$	104,339	$	0	$	111,101
Materials		0		3,662		0		3,662
Real Estate		0		326		0		326
Thailand
Communication Services		0		1,036		0		1,036
Consumer Staples		0		1,913		0		1,913
Energy		0		6,165		0		6,165
Financials		0		13,964		0		13,964
Industrials		779		121		0		900
Materials		0		3,256		0		3,256
Real Estate		0		263		0		263
Utilities		0		252		0		252
Turkey
Communication Services		0		5,296		0		5,296
Consumer Discretionary		0		2,966		0		2,966
Consumer Staples		0		3,223		0		3,223
Energy		0		905		0		905
Financials		3,687		24,769		0		28,456
Industrials		0		7,428		0		7,428
Materials		1,811		0		0		1,811
Utilities		911		0		0		911
Preferred Stocks
Brazil
Banking & Finance		14,688		0		0		14,688
Communication Services		3,357		0		0		3,357
Industrials		4,395		0		0		4,395
Utilities		9,277		0		0		9,277

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Chile
Industrials	$	531	$	0	$	0	$	531
Russia
Utilities		0		2,003		0		2,003
Real Estate Investment Trusts
Mexico
Real Estate		454		0		0		454
South Africa
Real Estate		0		383		0		383
Turkey
Real Estate		0		5,042		0		5,042
Rights
South Korea
Consumer Discretionary		143		0		0		143
Warrants
United Kingdom
Financials		0		546		0		546
Short-Term Instruments
Repurchase Agreements		0		3,934		0		3,934
	$	162,315	$	1,020,796	$	924	$	1,184,035
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		41,651		0		0		41,651
Total Investments	$	203,966	$	1,020,796	$	924	$	1,225,686

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 43

Schedule of Investments PIMCO RAE Global Fund

(Amounts in thousands*, except number of shares, contracts and units, if any)

		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 0.2%
SHORT-TERM INSTRUMENTS 0.2%
REPURCHASE AGREEMENTS (b) 0.2%
	$		617
Total Short-Term Instruments (Cost $617)			617
Total Investments in Securities (Cost $617)			617

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 99.9%
MUTUAL FUNDS (a) 99.9%
UNITED STATES 99.9%
PIMCO RAE Emerging Markets Fund		4,605,133	$		36,058
PIMCO RAE International Fund		14,403,094			116,809
PIMCO RAE US Fund		12,764,895			124,075
Total Mutual Funds (Cost $280,928)					276,942
Total Investments in Affiliates (Cost $280,928)					276,942
Total Investments 100.1% (Cost $281,545)			$		277,559
Other Assets and Liabilities, net (0.1)%					(302	)
Net Assets 100.0%			$		277,257

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  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
FICC		0.000	%		06/30/2020		07/01/2020	$	617	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2022	$	(629	)	$	617	$	617
Total Repurchase Agreements											$	(629	)	$	617	$	617

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 June 30, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(1)
Global/Master Repurchase Agreement
FICC	$	617	$	0	$	0	$	617	$	(629	)	$	(12	)
Total Borrowings and Other Financing Transactions	$	617	$	0	$	0

⁽¹⁾  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.

44 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Short-Term Instruments
Repurchase Agreements	$	0	$	617	$	0	$	617
	$	0	$	617	$	0	$	617
Investments in Affiliates, at Value
Mutual Funds
United States		276,942		0		0		276,942
Total Investments	$	276,942	$	617	$	0	$	277,559

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 45

Schedule of Investments PIMCO RAE Global ex-US Fund

June 30, 2020

(Amounts in thousands*, except number of shares, contracts and units, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 99.9%
MUTUAL FUNDS (a) 99.9%
UNITED STATES 99.9%
PIMCO RAE Emerging Markets Fund		1,945,201	$		15,231
PIMCO RAE International Fund		6,070,762			49,234
Total Mutual Funds (Cost $75,074)					64,465
Total Investments in Affiliates (Cost $75,074)					64,465
Total Investments 99.9% (Cost $75,074)			$		64,465
Other Assets and Liabilities, net 0.1%					45
Net Assets 100.0%			$		64,510

NOTES TO SCHEDULE OF INVESTMENTS:

* 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 June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Total Investments in Affiliates
Mutual Funds
United States	$	64,465	$	0	$	0	$	64,465
Total Investments	$	64,465	$	0	$	0	$	64,465

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

46 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE International Fund

June 30, 2020

(Amounts in thousands*, except number of shares, contracts and units, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.5%
COMMON STOCKS 98.4%
AUSTRALIA 5.9%
COMMUNICATION SERVICES 0.5%
Telstra Corp. Ltd.		1,786,417	$		3,878
CONSUMER DISCRETIONARY 0.4%
Crown Resorts Ltd.		91,625			617
Star Entertainment Grp Ltd.		86,698			172
Wesfarmers Ltd.		68,112			2,118
					2,907
CONSUMER STAPLES 0.7%
Coca-Cola Amatil Ltd.		68,680			413
Coles Group Ltd.		109,256			1,299
Metcash Ltd. (c)		380,407			718
Woolworths Group Ltd.		99,786			2,572
					5,002
ENERGY 0.1%
Woodside Petroleum Ltd.		27,172			411
FINANCIALS 2.7%
AMP Ltd.		1,367,869			1,770
Australia & New Zealand Banking Group Ltd.		294,582			3,822
Bank of Queensland Ltd.		94,717			407
Bendigo & Adelaide Bank Ltd.		110,233			538
Commonwealth Bank of Australia		92,034			4,445
Insurance Australia Group Ltd.		45,324			182
Macquarie Group Ltd.		11,120			923
National Australia Bank Ltd.		237,466			3,009
QBE Insurance Group Ltd.		61,088			377
Suncorp Group Ltd.		187,329			1,204
Westpac Banking Corp.		308,602			3,868
					20,545
HEALTH CARE 0.1%
Healius Ltd.		139,438			295
Ramsay Health Care Ltd.		7,995			369
					664
INDUSTRIALS 0.3%
Aurizon Holdings Ltd.		331,480			1,128
Brambles Ltd.		50,677			384
CIMIC Group Ltd.		18,789			316
Downer EDI Ltd.		110,188			337
Qantas Airways Ltd.		187,626			497
					2,662
MATERIALS 1.0%
BHP Group Ltd.		120,544			3,001
BHP Group PLC		68,919			1,410
Fortescue Metals Group Ltd.		270,299			2,628
Incitec Pivot Ltd.		240,536			313
Orica Ltd.		23,664			274
					7,626
REAL ESTATE 0.0%
Lend Lease Group		33,641			291

	SHARES			MARKET VALUE (000S)
UTILITIES 0.1%
AGL Energy Ltd.		79,975	$		946
Total Australia					44,932
AUSTRIA 0.3%
ENERGY 0.1%
OMV AG		11,287			381
FINANCIALS 0.1%
Erste Group Bank AG (a)		17,159			405
Raiffeisen Bank International AG (a)		20,974			375
					780
INDUSTRIALS 0.0%
Andritz AG		6,886			251
MATERIALS 0.1%
voestalpine AG		31,372			678
Total Austria					2,090
BELGIUM 0.7%
COMMUNICATION SERVICES 0.0%
Proximus SADP		18,016			367
CONSUMER STAPLES 0.2%
Anheuser-Busch InBev S.A. NV		31,675			1,561
FINANCIALS 0.3%
Ageas S.A.		26,871			952
KBC Group NV		24,331			1,398
					2,350
HEALTH CARE 0.1%
UCB S.A.		4,110			477
INDUSTRIALS 0.0%
bpost S.A. (a)		50,419			341
MATERIALS 0.1%
Solvay S.A.		5,729			460
Total Belgium					5,556
CANADA 5.3%
COMMUNICATION SERVICES 0.3%
BCE, Inc.		14,425			602
Corus Entertainment, Inc. ‘B’		97,636			206
Shaw Communications, Inc. ‘B’		22,966			374
TELUS Corp.		55,955			938
					2,120
CONSUMER DISCRETIONARY 0.8%
Canadian Tire Corp. Ltd. ‘A’		9,076			787
Magna International, Inc.		125,365			5,583
					6,370
CONSUMER STAPLES 0.3%
Empire Co. Ltd. ‘A’		23,725			568

	SHARES			MARKET VALUE (000S)
George Weston Ltd.		17,301	$		1,267
Loblaw Cos. Ltd.		7,022			342
					2,177
ENERGY 0.5%
ARC Resources Ltd. (c)		96,539			324
Crescent Point Energy Corp. (c)		518,938			841
MEG Energy Corp. (a)		90,977			252
Peyto Exploration & Development Corp. (c)		186,354			246
Suncor Energy, Inc.		90,549			1,527
TC Energy Corp.		18,511			791
					3,981
FINANCIALS 2.3%
Bank of Montreal		32,689			1,740
Bank of Nova Scotia		61,963			2,564
Brookfield Asset Management, Inc. ‘A’		10,978			361
Canadian Imperial Bank of Commerce (c)		17,905			1,197
CI Financial Corp.		68,545			872
Great-West Lifeco, Inc. (e)		14,670			257
Laurentian Bank of Canada		6,689			141
Manulife Financial Corp.		42,725			581
National Bank of Canada		22,633			1,026
Onex Corp.		17,726			801
Power Corp. of Canada (c)		89,109			1,568
Royal Bank of Canada		46,116			3,129
Sun Life Financial, Inc.		17,556			645
Toronto-Dominion Bank		53,064			2,368
					17,250
INDUSTRIALS 0.4%
Air Canada (a)		70,128			876
Canadian National Railway Co.		2,796			247
Canadian Pacific Railway Ltd.		1,483			379
Thomson Reuters Corp.		24,526			1,666
					3,168
MATERIALS 0.3%
Canfor Corp. (a)		39,224			340
Kinross Gold Corp. (a)		56,081			405
Lundin Mining Corp.		22,253			119
Norbord, Inc.		14,015			320
Teck Resources Ltd. ‘B’		72,014			754
Yamana Gold, Inc.		96,623			528
					2,466
UTILITIES 0.4%
Atco Ltd. ‘I’		23,871			708
Canadian Utilities Ltd. ‘A’		21,834			543
Fortis, Inc.		10,276			391
Hydro One Ltd.		21,759			409
TransAlta Corp.		143,451			851
					2,902
Total Canada					40,434
DENMARK 0.7%
CONSUMER DISCRETIONARY 0.1%
Pandora A/S		11,594			633

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 47

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.1%
Carlsberg A/S ‘B’		4,757	$		631
FINANCIALS 0.2%
Danske Bank A/S (a)		84,745			1,133
HEALTH CARE 0.0%
Novo Nordisk A/S ‘B’		4,534			296
INDUSTRIALS 0.3%
AP Moller - Maersk A/S ‘B’		834			978
ISS A/S (a)		72,577			1,152
Vestas Wind Systems A/S		3,207			328
					2,458
Total Denmark					5,151
FINLAND 0.9%
CONSUMER STAPLES 0.0%
Kesko Oyj ‘B’		12,404			212
FINANCIALS 0.6%
Nordea Bank Abp (a)		687,494			4,768
INDUSTRIALS 0.1%
Kone Oyj ‘B’		6,278			433
INFORMATION TECHNOLOGY 0.1%
Nokia Oyj		191,467			837
MATERIALS 0.1%
UPM-Kymmene Oyj		21,710			629
Total Finland					6,879
FRANCE 9.5%
COMMUNICATION SERVICES 0.8%
Bollore S.A.		107,775			340
Eutelsat Communications S.A.		23,298			216
Iliad S.A.		1,318			257
Lagardere S.C.A. (a)(c)		42,576			608
Orange S.A.		255,858			3,060
Publicis Groupe S.A.		17,890			581
Vivendi S.A.		35,310			912
					5,974
CONSUMER DISCRETIONARY 1.1%
Cie Generale des Etablissements Michelin S.C.A. (c)		16,240			1,693
Elior Group S.A.		53,540			306
LVMH Moet Hennessy Louis Vuitton SE		1,973			871
Peugeot S.A. (a)		41,757			685
Renault S.A. (a)		54,334			1,391
Sodexo S.A.		2,507			170
Valeo S.A.		126,289			3,331
					8,447
CONSUMER STAPLES 0.8%
Carrefour S.A.		205,239			3,183
Casino Guichard Perrachon S.A. (c)		51,377			1,903
Danone S.A.		18,061			1,254
					6,340

	SHARES			MARKET VALUE (000S)
ENERGY 0.4%
Total S.A. (c)		78,449	$		3,025
FINANCIALS 2.1%
AXA S.A.		160,412			3,376
BNP Paribas S.A. (a)		148,560			5,936
CNP Assurances		34,747			403
Credit Agricole S.A. (a)		139,530			1,325
Eurazeo S.A. (a)		6,994			359
Natixis S.A. (a)		230,693			608
SCOR SE		8,591			237
Societe Generale S.A. (a)		195,673			3,272
					15,516
HEALTH CARE 0.9%
Sanofi		69,698			7,108
INDUSTRIALS 1.9%
Air France-KLM (a)(c)		307,153			1,395
Alstom S.A.		11,428			532
Bouygues S.A. (a)		44,247			1,516
Bureau Veritas S.A. (a)		9,370			199
Cie de Saint-Gobain (a)		73,049			2,636
Eiffage S.A. (a)		9,608			881
Rexel S.A.		194,933			2,234
Schneider Electric SE		23,447			2,608
Vinci S.A.		23,321			2,162
					14,163
INFORMATION TECHNOLOGY 0.2%
Atos SE (a)		11,666			1,000
Capgemini SE		2,532			292
					1,292
MATERIALS 0.1%
Air Liquide S.A.		4,588			663
Arkema S.A.		1,872			180
					843
UTILITIES 1.2%
Electricite de France S.A.		296,613			2,758
Engie S.A. (a)		365,743			4,536
Suez S.A.		71,162			836
Veolia Environnement S.A.		52,945			1,196
					9,326
Total France					72,034
GERMANY 11.1%
COMMUNICATION SERVICES 0.6%
Deutsche Telekom AG		219,539			3,684
ProSiebenSat.1 Media SE (a)		46,321			553
Telefonica Deutschland Holding AG		136,839			404
					4,641
CONSUMER DISCRETIONARY 1.5%
adidas AG (a)		2,025			534
Bayerische Motoren Werke AG		52,457			3,349
Ceconomy AG		78,332			273
Continental AG		11,611			1,142

	SHARES			MARKET VALUE (000S)
Daimler AG		125,755	$		5,116
Hella GmbH & Co. KGaA		8,034			330
Hugo Boss AG		12,160			369
TUI AG (c)		52,189			247
					11,360
CONSUMER STAPLES 0.3%
Metro AG		162,973			1,546
Suedzucker AG		30,466			481
					2,027
FINANCIALS 2.2%
Commerzbank AG (a)		380,277			1,695
Deutsche Bank AG		998,798			9,528
Deutsche Pfandbriefbank AG (a)		45,610			334
DWS Group GmbH & Co. KGaA (a)		6,667			243
Hannover Rueck SE		3,239			560
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		14,565			3,793
Talanx AG		19,192			713
					16,866
HEALTH CARE 1.2%
Bayer AG		99,192			7,352
Fresenius Medical Care AG & Co. KGaA (a)		11,763			1,012
Fresenius SE & Co. KGaA (a)		22,889			1,138
					9,502
INDUSTRIALS 2.2%
Brenntag AG		9,738			516
Deutsche Lufthansa AG (c)		611,399			6,134
Deutsche Post AG (a)		94,257			3,461
GEA Group AG		41,661			1,322
Hochtief AG		4,255			379
OSRAM Licht AG (a)(c)		5,327			244
Siemens AG		43,140			5,088
					17,144
INFORMATION TECHNOLOGY 0.2%
SAP SE		10,855			1,517
MATERIALS 1.7%
Aurubis AG		14,959			925
BASF SE		78,972			4,436
Covestro AG		86,898			3,310
Evonik Industries AG		47,710			1,215
HeidelbergCement AG		19,820			1,061
K+S AG (c)		69,010			437
Lanxess AG (a)		6,095			322
Salzgitter AG (a)		39,229			552
thyssenkrupp AG		49,294			352
					12,610
UTILITIES 1.2%
E.ON SE		298,109			3,365
RWE AG		155,544			5,445
					8,810
Total Germany					84,477

48 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
HONG KONG 1.6%
COMMUNICATION SERVICES 0.1%
HKT Trust & HKT Ltd.		257,000	$		377
PCCW Ltd.		305,000			175
					552
CONSUMER DISCRETIONARY 0.2%
SJM Holdings Ltd.		609,000			683
Skyworth Group Ltd. (c)		1,308,000			368
Yue Yuen Industrial Holdings Ltd.		236,500			360
					1,411
FINANCIALS 0.0%
Hang Seng Bank Ltd.		15,700			264
INDUSTRIALS 0.2%
Cathay Pacific Airways Ltd. (c)		358,000			346
CK Hutchison Holdings Ltd.		87,500			567
MTR Corp. Ltd.		74,000			385
					1,298
INFORMATION TECHNOLOGY 0.1%
GCL-Poly Energy Holdings Ltd. (a)(c)		5,448,000			155
Kingboard Holdings Ltd.		185,500			484
Kingboard Laminates Holdings Ltd.		303,000			306
					945
REAL ESTATE 1.0%
CK Asset Holdings Ltd.		61,500			369
Hang Lung Group Ltd.		151,000			353
Hang Lung Properties Ltd.		317,000			754
Hongkong Land Holdings Ltd.		121,100			504
Hysan Development Co. Ltd.		75,000			242
Kerry Properties Ltd.		169,000			439
New World Development Co. Ltd.		78,000			370
Shimao Property Holdings Ltd.		243,000			1,039
Sun Hung Kai Properties Ltd.		79,500			1,016
Swire Pacific Ltd. ‘A’		141,000			749
Wharf Holdings Ltd. (c)		348,000			712
Wharf Real Estate Investment Co. Ltd. (c)		42,000			202
Wheelock & Co. Ltd.		139,000			1,161
					7,910
Total Hong Kong					12,380
IRELAND 0.8%
FINANCIALS 0.1%
Bank of Ireland Group PLC (a)		291,670			601
HEALTH CARE 0.4%
Medtronic PLC		37,197			3,411
INDUSTRIALS 0.1%
AerCap Holdings NV (a)		15,495			477
Experian PLC		9,774			343
					820

	SHARES			MARKET VALUE (000S)
MATERIALS 0.2%
CRH PLC		27,523	$		945
Smurfit Kappa Group PLC		14,026			471
					1,416
Total Ireland					6,248
ISRAEL 0.6%
COMMUNICATION SERVICES 0.1%
Bezeq The Israeli Telecommunication Corp. Ltd. (a)		1,041,913			946
ENERGY 0.0%
Delek Group Ltd.		694			17
FINANCIALS 0.2%
Bank Hapoalim BM		124,119			742
Bank Leumi Le-Israel BM		72,722			365
Israel Discount Bank Ltd. ‘A’		216,344			660
					1,767
HEALTH CARE 0.2%
Teva Pharmaceutical Industries Ltd. SP - ADR (a)		138,774			1,711
MATERIALS 0.1%
ICL Group Ltd.		109,784			327
Total Israel					4,768
ITALY 3.7%
COMMUNICATION SERVICES 0.3%
Telecom Italia SpA		5,734,379			2,261
ENERGY 0.3%
Eni SpA		236,130			2,263
FINANCIALS 1.8%
Assicurazioni Generali SpA		181,719			2,760
Banca Monte dei Paschi di Siena SpA (a)(c)		542,559			967
Banco BPM SpA (a)		905,190			1,356
BPER Banca (a)(c)		149,414			374
Intesa Sanpaolo SpA (a)		1,141,484			2,194
Mediobanca SpA		50,525			365
Poste Italiane SpA		146,649			1,281
UniCredit SpA (a)		187,361			1,729
Unione di Banche Italiane SpA (a)		487,883			1,601
Unipol Gruppo Finanziario SpA (a)		189,409			740
UnipolSai Assicurazioni SpA		143,380			343
					13,710
INDUSTRIALS 0.1%
Atlantia SpA		30,135			488
Leonardo SpA		52,398			349
					837
UTILITIES 1.2%
Enel SpA		1,008,114			8,719
Hera SpA		74,097			278
Snam SpA		35,484			173
					9,170
Total Italy					28,241

	SHARES			MARKET VALUE (000S)
JAPAN 28.4%
COMMUNICATION SERVICES 2.2%
Dentsu, Inc. (c)		17,200	$		408
Fuji Media Holdings, Inc.		27,300			264
GungHo Online Entertainment, Inc.		23,530			421
KDDI Corp.		102,300			3,052
Nippon Telegraph & Telephone Corp.		238,400			5,554
Nippon Television Holdings, Inc.		31,300			339
NTT DOCOMO, Inc.		99,100			2,631
SoftBank Group Corp.		65,200			3,288
Yahoo Japan Corp.		175,200			860
					16,817
CONSUMER DISCRETIONARY 5.6%
Aisin Seiki Co. Ltd.		30,900			906
Aoyama Trading Co. Ltd.		28,300			193
Asics Corp.		17,500			200
Bandai Namco Holdings, Inc.		3,400			179
Benesse Holdings, Inc.		10,900			292
Bridgestone Corp. (c)		75,800			2,446
Casio Computer Co. Ltd.		26,800			468
DCM Holdings Co. Ltd.		29,000			332
Denso Corp.		9,400			369
EDION Corp.		44,600			453
H2O Retailing Corp.		49,000			328
Haseko Corp.		23,800			300
Honda Motor Co. Ltd. (c)		177,000			4,530
Isetan Mitsukoshi Holdings Ltd.		93,000			535
Isuzu Motors Ltd.		34,300			312
J Front Retailing Co. Ltd.		45,000			301
K’s Holdings Corp.		39,300			537
KYB Corp.		15,400			289
Mazda Motor Corp.		219,400			1,326
Nikon Corp.		57,900			486
Nissan Motor Co. Ltd.		702,400			2,605
NOK Corp.		29,800			371
Panasonic Corp.		738,800			6,479
Rakuten, Inc.		18,400			162
Sega Sammy Holdings, Inc.		14,000			168
Sekisui Chemical Co. Ltd.		36,200			519
Sekisui House Ltd.		133,900			2,556
Shimamura Co. Ltd.		5,100			345
Skylark Co. Ltd. (c)		30,200			480
Sony Corp.		21,900			1,512
Subaru Corp.		79,800			1,671
Sumitomo Electric Industries Ltd.		115,900			1,337
Sumitomo Forestry Co. Ltd.		20,600			259
Sumitomo Rubber Industries Ltd. (c)		34,900			346
Suzuki Motor Corp.		22,200			758
Takashimaya Co. Ltd.		43,100			361
Toyota Motor Corp.		89,800			5,647
TS Tech Co. Ltd.		12,200			336
Yamada Denki Co. Ltd.		187,400			930
Yamaha Motor Co. Ltd.		25,900			408
Yokohama Rubber Co. Ltd.		25,200			356
					42,388
CONSUMER STAPLES 1.6%
Aeon Co. Ltd.		126,247			2,937
Ajinomoto Co., Inc.		47,300			785
Japan Tobacco, Inc. (c)		87,556			1,626

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 49

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
Kewpie Corp.		19,700	$		371
Kirin Holdings Co. Ltd. (c)		65,600			1,383
Matsumotokiyoshi Holdings Co. Ltd.		10,400			378
Megmilk Snow Brand Co. Ltd.		16,200			377
MEIJI Holdings Co. Ltd.		5,800			462
Morinaga Milk Industry Co. Ltd.		11,600			516
NH Foods Ltd.		16,400			660
Nippon Suisan Kaisha Ltd.		40,800			178
Pola Orbis Holdings, Inc.		9,200			161
Sapporo Holdings Ltd.		23,200			436
Seven & i Holdings Co. Ltd.		32,900			1,076
Yamazaki Baking Co. Ltd.		37,600			646
					11,992
ENERGY 0.3%
Cosmo Energy Holdings Co. Ltd.		19,900			292
Inpex Corp.		65,800			411
Iwatani Corp.		11,800			413
Japan Petroleum Exploration Co. Ltd.		20,400			345
JXTG Holdings, Inc.		105,600			377
					1,838
FINANCIALS 4.2%
77 Bank Ltd.		12,300			183
AEON Financial Service Co. Ltd.		27,000			296
Aozora Bank Ltd.		20,800			363
Chiba Bank Ltd.		109,500			518
Concordia Financial Group Ltd.		138,200			444
Credit Saison Co. Ltd.		31,100			357
Dai-ichi Life Holdings, Inc.		182,700			2,187
Daiwa Securities Group, Inc.		95,400			401
Gunma Bank Ltd.		117,400			374
Hachijuni Bank Ltd.		101,700			387
Hokuhoku Financial Group, Inc.		28,700			238
Japan Post Bank Co. Ltd.		61,300			456
Japan Post Holdings Co. Ltd.		249,200			1,779
Japan Post Insurance Co. Ltd.		29,000			382
Mitsubishi UFJ Financial Group, Inc.		1,378,900			5,427
Mizuho Financial Group, Inc.		3,006,500			3,698
MS&AD Insurance Group Holdings, Inc.		37,600			1,036
Nishi-Nippon Financial Holdings, Inc.		30,300			205
Nomura Holdings, Inc.		527,700			2,371
ORIX Corp.		73,300			910
Resona Holdings, Inc.		276,000			944
Shinsei Bank Ltd.		29,400			356
Shizuoka Bank Ltd.		58,600			377
Sompo Holdings, Inc.		28,000			964
Sony Financial Holdings, Inc.		6,500			157
Sumitomo Mitsui Financial Group, Inc.		144,300			4,072
Sumitomo Mitsui Trust Holdings, Inc.		12,800			361
Suruga Bank Ltd.		143,400			504
T&D Holdings, Inc.		42,400			364
Tokio Marine Holdings, Inc.		35,800			1,567
Yamaguchi Financial Group, Inc.		62,200			382
					32,060
HEALTH CARE 1.1%
Astellas Pharma, Inc.		210,100			3,508
Daiichi Sankyo Co. Ltd.		11,416			934

	SHARES			MARKET VALUE (000S)
Hoya Corp.		4,100	$		393
Medipal Holdings Corp.		11,100			214
Miraca Holdings, Inc.		18,600			439
Nipro Corp.		33,800			375
Olympus Corp.		15,200			293
Otsuka Holdings Co. Ltd. (c)		15,028			655
Suzuken Co. Ltd.		5,800			217
Takeda Pharmaceutical Co. Ltd.		37,000			1,329
					8,357
INDUSTRIALS 4.8%
Amada Co. Ltd.		41,800			342
ANA Holdings, Inc. (c)		40,000			914
Asahi Glass Co. Ltd.		30,500			874
Central Japan Railway Co.		3,200			495
Dai Nippon Printing Co. Ltd.		48,000			1,104
Daikin Industries Ltd.		3,200			518
East Japan Railway Co.		19,400			1,344
Ebara Corp.		10,400			245
FANUC Corp.		2,300			412
Fuji Electric Co. Ltd.		15,300			421
Fujikura Ltd.		187,900			544
Furukawa Electric Co. Ltd.		34,400			835
Glory Ltd.		16,100			367
GS Yuasa Corp.		27,400			487
Hankyu Hanshin Holdings, Inc.		8,300			280
Hino Motors Ltd.		52,900			359
Hitachi Construction Machinery Co. Ltd.		8,300			231
IHI Corp.		22,700			329
ITOCHU Corp.		85,000			1,839
Japan Airlines Co. Ltd.		50,900			918
JTEKT Corp.		55,700			435
Kajima Corp.		31,900			381
Kawasaki Heavy Industries Ltd.		31,300			452
Kawasaki Kisen Kaisha Ltd. (a)		13,800			131
Kubota Corp.		64,900			971
LIXIL Group Corp.		92,700			1,302
Marubeni Corp.		173,800			789
Mitsubishi Corp.		44,000			930
Mitsubishi Electric Corp.		204,400			2,670
Mitsubishi Heavy Industries Ltd.		66,300			1,565
Mitsui & Co. Ltd.		150,100			2,224
Mitsui E&S Holdings Co. Ltd. (a)		40,600			157
Mitsui OSK Lines Ltd.		24,100			429
Nippo Corp.		7,200			182
Nippon Express Co. Ltd.		27,300			1,416
Nippon Sheet Glass Co. Ltd.		40,700			142
Nippon Yusen KK		56,000			793
Nisshinbo Holdings, Inc.		56,900			414
NSK Ltd.		82,000			612
NTN Corp.		255,300			513
Obayashi Corp.		40,300			379
Shimizu Corp.		37,500			309
Sojitz Corp.		273,000			597
Sumitomo Corp.		139,200			1,601
Sumitomo Heavy Industries Ltd.		17,600			385
Taisei Corp.		9,800			357
Toppan Printing Co. Ltd.		61,500			1,028
Toshiba Corp.		37,300			1,197
Toyota Tsusho Corp.		27,800			709
West Japan Railway Co.		13,900			780
					36,708

	SHARES			MARKET VALUE (000S)
INFORMATION TECHNOLOGY 4.8%
Alps Electric Co. Ltd.		17,800	$		229
Brother Industries Ltd.		41,800			755
Canon Marketing Japan, Inc.		9,900			202
Canon, Inc. (c)		146,150			2,915
Citizen Watch Co. Ltd.		146,200			477
FUJIFILM Holdings Corp.		37,600			1,609
Fujitsu Ltd.		50,600			5,924
Hitachi Ltd.		287,400			9,135
Ibiden Co. Ltd.		27,900			817
Japan Display, Inc. (a)(c)		746,700			343
Konica Minolta, Inc.		191,500			666
Kyocera Corp.		12,900			704
Mixi, Inc.		39,100			692
Murata Manufacturing Co. Ltd.		7,400			436
NEC Corp.		47,300			2,273
Nippon Electric Glass Co. Ltd. (c)		24,300			382
NTT Data Corp.		45,500			509
Oki Electric Industry Co. Ltd.		40,800			394
Omron Corp.		23,900			1,601
Renesas Electronics Corp. (a)		131,600			677
Ricoh Co. Ltd.		155,300			1,114
Rohm Co. Ltd.		7,700			512
SCREEN Holdings Co. Ltd.		6,300			296
Seiko Epson Corp.		63,300			725
TDK Corp.		4,700			468
Tokyo Electron Ltd.		8,400			2,073
Toshiba TEC Corp.		10,600			406
					36,334
MATERIALS 2.4%
Asahi Kasei Corp.		83,600			684
Daicel Corp.		50,000			388
DIC Corp.		20,100			506
JFE Holdings, Inc.		113,600			821
JSR Corp.		20,700			402
Kaneka Corp.		13,700			357
Kobe Steel Ltd.		270,000			936
Kuraray Co. Ltd.		48,100			503
Mitsubishi Chemical Holdings Corp.		353,700			2,063
Mitsubishi Gas Chemical Co., Inc.		13,500			205
Mitsubishi Materials Corp.		35,100			741
Mitsui Chemicals, Inc.		24,600			515
Mitsui Mining & Smelting Co. Ltd.		16,100			330
Nippon Light Metal Holdings Co. Ltd.		230,200			403
Nippon Paper Industries Co. Ltd. ‘L’		33,618			472
Nippon Steel Corp.		115,100			1,088
Nitto Denko Corp.		34,600			1,961
Oji Holdings Corp.		58,400			272
Shin-Etsu Chemical Co. Ltd.		7,100			833
Sumitomo Chemical Co. Ltd.		397,900			1,197
Taiheiyo Cement Corp.		20,100			467
Teijin Ltd.		33,300			530
Tokuyama Corp.		8,500			201
Toray Industries, Inc.		78,700			371
Tosoh Corp.		45,100			620
Toyo Seikan Group Holdings Ltd.		18,200			205
Toyobo Co. Ltd.		36,200			504
UACJ Corp.		11,800			213
Ube Industries Ltd.		28,800			496
Zeon Corp.		22,300			206
					18,490

50 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.1%
Daiwa House Industry Co. Ltd.		22,100	$		522
Nomura Real Estate Holdings, Inc.		20,600			383
Tokyo Tatemono Co. Ltd.		14,300			165
					1,070
UTILITIES 1.3%
Chubu Electric Power Co., Inc.		148,200			1,859
Chugoku Electric Power Co., Inc.		67,700			903
Electric Power Development Co. Ltd. ‘C’		20,800			394
Hokkaido Electric Power Co., Inc.		92,000			353
Hokuriku Electric Power Co.		58,688			373
Kansai Electric Power Co., Inc.		57,400			556
Kyushu Electric Power Co., Inc.		151,200			1,267
Osaka Gas Co. Ltd.		7,900			156
Shikoku Electric Power Co., Inc.		53,100			391
Tohoku Electric Power Co., Inc.		120,800			1,148
Tokyo Electric Power Co. Holdings, Inc. (a)		777,100			2,390
					9,790
Total Japan					215,844
LUXEMBOURG 1.1%
COMMUNICATION SERVICES 0.1%
Millicom International Cellular S.A.		19,815			522
RTL Group S.A.		10,042			322
SES S.A.		30,330			207
					1,051
MATERIALS 1.0%
ArcelorMittal S.A. (a)		703,082			7,447
Total Luxembourg					8,498
MACAU 0.1%
CONSUMER DISCRETIONARY 0.1%
Sands China Ltd.		94,000			370
Wynn Macau Ltd.		177,600			308
					678
Total Macau					678
NETHERLANDS 3.2%
COMMUNICATION SERVICES 0.2%
Koninklijke KPN NV		254,688			677
VEON Ltd. ADR		602,146			1,084
					1,761
CONSUMER STAPLES 0.6%
Heineken Holding NV		4,937			404
Koninklijke Ahold Delhaize NV		150,226			4,094
					4,498
ENERGY 0.7%
Royal Dutch Shell PLC ‘A’		327,634			5,363
FINANCIALS 0.5%
Aegon NV		226,712			670
ASR Nederland NV		17,089			526

	SHARES			MARKET VALUE (000S)
ING Groep NV		245,459	$		1,711
NN Group NV		13,286			447
					3,354
HEALTH CARE 0.2%
Koninklijke Philips NV (a)		39,045			1,821
INDUSTRIALS 0.5%
Randstad NV		15,190			679
Signify NV (a)		115,725			2,975
					3,654
INFORMATION TECHNOLOGY 0.3%
NXP Semiconductors NV		21,445			2,446
MATERIALS 0.2%
Akzo Nobel NV		7,904			710
Koninklijke DSM NV		3,462			481
					1,191
Total Netherlands					24,088
NEW ZEALAND 0.3%
COMMUNICATION SERVICES 0.1%
Spark New Zealand Ltd.		269,988			799
MATERIALS 0.1%
Fletcher Building Ltd.		210,353			506
UTILITIES 0.1%
Contact Energy Ltd.		124,436			506
Meridian Energy Ltd.		91,735			286
					792
Total New Zealand					2,097
NORWAY 0.7%
COMMUNICATION SERVICES 0.1%
Telenor ASA		69,914			1,021
CONSUMER STAPLES 0.1%
Mowi ASA		9,028			172
Orkla ASA		42,387			372
					544
ENERGY 0.2%
Equinor ASA		134,312			1,935
FINANCIALS 0.1%
DNB ASA (a)		39,751			531
MATERIALS 0.2%
Norsk Hydro ASA (a)		473,403			1,321
Yara International ASA		7,237			252
					1,573
Total Norway					5,604
PORTUGAL 0.4%
CONSUMER STAPLES 0.0%
Jeronimo Martins SGPS S.A.		10,340			181

	SHARES			MARKET VALUE (000S)
MATERIALS 0.0%
Navigator Co. S.A.		63,459	$		155
UTILITIES 0.4%
EDP - Energias de Portugal S.A.		539,917			2,577
Total Portugal					2,913
SINGAPORE 0.4%
COMMUNICATION SERVICES 0.1%
Singapore Telecommunications Ltd.		256,900			457
FINANCIALS 0.2%
DBS Group Holdings Ltd.		50,710			763
Oversea-Chinese Banking Corp. Ltd.		87,800			572
United Overseas Bank Ltd.		54,000			789
					2,124
INDUSTRIALS 0.1%
Keppel Corp. Ltd. (c)		187,100			806
Total Singapore					3,387
SPAIN 3.0%
COMMUNICATION SERVICES 0.6%
Telefonica S.A. (c)		921,491			4,407
CONSUMER DISCRETIONARY 0.0%
Gestamp Automocion S.A.		91,936			233
ENERGY 0.1%
Repsol S.A.		76,705			678
FINANCIALS 1.2%
Banco Bilbao Vizcaya Argentaria S.A.		686,189			2,362
Banco de Sabadell S.A.		2,546,273			895
Banco Santander S.A.		2,223,517			5,440
Mapfre S.A.		321,385			574
					9,271
INDUSTRIALS 0.2%
ACS Actividades de Construccion Y Servicios S.A.		34,344			883
Ferrovial S.A. (c)		26,945			720
					1,603
UTILITIES 0.9%
Acciona S.A.		5,063			498
Endesa S.A. (c)		86,346			2,142
Iberdrola S.A.		265,954			3,105
Naturgy Energy Group S.A.		51,669			964
Red Electrica Corp. S.A.		11,097			208
					6,917
Total Spain					23,109
SWEDEN 1.4%
COMMUNICATION SERVICES 0.1%
Telia Co. AB		102,392			383

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 51

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
CONSUMER DISCRETIONARY 0.3%
Autoliv, Inc.		5,102	$		329
Electrolux AB ‘B’		24,639			414
Hennes & Mauritz AB ‘B’		84,581			1,235
					1,978
CONSUMER STAPLES 0.1%
ICA Gruppen AB		4,883			232
Swedish Match AB		2,573			182
					414
FINANCIALS 0.4%
Skandinaviska Enskilda Banken AB ‘A’ (a)		127,838			1,110
Svenska Handelsbanken AB ‘A’ (a)		94,576			898
Swedbank AB ‘A’ (a)		92,804			1,191
					3,199
INDUSTRIALS 0.5%
Atlas Copco AB ‘A’		26,833			1,143
Sandvik AB (a)		22,932			432
Securitas AB ‘B’ (a)		12,492			169
Skanska AB ‘B’ (a)		32,377			661
SKF AB ‘B’		40,632			759
Volvo AB ‘B’ (a)		61,701			971
					4,135
INFORMATION TECHNOLOGY 0.0%
Telefonaktiebolaget LM Ericsson ‘B’		25,758			239
Total Sweden					10,348
SWITZERLAND 6.8%
COMMUNICATION SERVICES 0.1%
Swisscom AG		1,433			751
CONSUMER DISCRETIONARY 0.4%
Dufry AG (a)		5,583			167
Garmin Ltd.		4,032			393
Swatch Group AG		11,802			2,369
					2,929
CONSUMER STAPLES 1.3%
Nestle S.A.		88,914			9,858
FINANCIALS 1.9%
Baloise Holding AG		1,972			297
Credit Suisse Group AG		142,240			1,480
Helvetia Holding AG		3,983			373
Swiss Life Holding AG		4,892			1,820
Swiss Re AG		31,788			2,465
UBS Group AG		244,856			2,828
Zurich Insurance Group AG		14,832			5,255
					14,518
HEALTH CARE 1.9%
Novartis AG		67,035			5,840
Roche Holding AG		24,340			8,433
					14,273

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.7%
ABB Ltd.		147,546	$		3,347
Adecco Group AG		25,928			1,222
Kuehne + Nagel International AG (a)		3,044			507
					5,076
INFORMATION TECHNOLOGY 0.2%
STMicroelectronics NV		45,041			1,230
TE Connectivity Ltd.		8,068			658
					1,888
MATERIALS 0.3%
Glencore PLC		654,363			1,394
LafargeHolcim Ltd.		17,561			774
					2,168
Total Switzerland					51,461
UNITED KINGDOM 11.2%
COMMUNICATION SERVICES 0.9%
BT Group PLC		581,264			822
ITV PLC		377,020			349
Pearson PLC		79,657			567
Vodafone Group PLC		2,313,618			3,678
WPP PLC		197,197			1,537
					6,953
CONSUMER DISCRETIONARY 1.4%
Barratt Developments PLC		65,905			405
Berkeley Group Holdings PLC		11,977			617
Burberry Group PLC		20,421			403
Compass Group PLC		63,669			876
Dixons Carphone PLC		643,656			715
Fiat Chrysler Automobiles NV (a)		246,371			2,523
Inchcape PLC		70,321			427
Kingfisher PLC		658,278			1,811
Marks & Spencer Group PLC		1,284,347			1,575
Next PLC		5,462			331
Persimmon PLC (a)		9,996			283
Taylor Wimpey PLC		161,444			285
William Hill PLC		244,798			346
					10,597
CONSUMER STAPLES 1.5%
British American Tobacco PLC		83,608			3,206
Diageo PLC		21,473			714
Imperial Brands PLC		119,554			2,276
J Sainsbury PLC		405,804			1,050
Reckitt Benckiser Group PLC		3,498			322
Tate & Lyle PLC		44,909			371
Unilever NV		29,122			1,553
Unilever PLC		20,335			1,097
WM Morrison Supermarkets PLC		171,949			405
					10,994
ENERGY 0.4%
BP PLC		688,789			2,639
Subsea 7 S.A.		98,099			625
					3,264

		SHARES			MARKET VALUE (000S)
FINANCIALS 2.5%
3i Group PLC			17,915	$		184
Aviva PLC			608,289			2,062
Barclays PLC			2,319,420			3,272
Direct Line Insurance Group PLC			161,848			543
HSBC Holdings PLC			1,370,506			6,369
Legal & General Group PLC			180,471			492
Lloyds Banking Group PLC			5,158,877			1,990
Royal Bank of Scotland Group PLC			257,102			386
Standard Chartered PLC			369,446			2,003
Standard Life Aberdeen PLC			245,237			813
Virgin Money UK PLC			439,320			499
						18,613
HEALTH CARE 0.8%
AstraZeneca PLC			34,458			3,586
GlaxoSmithKline PLC			102,784			2,076
Smith & Nephew PLC			19,827			370
	��					6,032
INDUSTRIALS 1.1%
Aggreko PLC			58,866			324
Ashtead Group PLC			15,536			524
Babcock International Group PLC			65,561			251
BAE Systems PLC			279,520			1,672
Capita PLC (a)			403,642			221
CNH Industrial NV (a)			67,623			475
easyJet PLC (c)			37,479			317
Ferguson PLC			13,713			1,121
G4S PLC			196,513			278
International Consolidated Airlines Group S.A.			63,225			175
Meggitt PLC			87,943			320
RELX PLC			10,255			237
Rolls-Royce Holdings PLC			47,081			166
Royal Mail PLC			950,394			2,142
Travis Perkins PLC			29,125			406
						8,629
INFORMATION TECHNOLOGY 0.1%
Sage Group PLC			44,859			373
MATERIALS 1.2%
Anglo American PLC			28,983			668
DS Smith PLC			88,334			359
Mondi PLC			36,500			683
Rio Tinto Ltd.			32,717			2,240
Rio Tinto PLC			91,564			5,153
						9,103
UTILITIES 1.3%
Centrica PLC			5,397,999			2,565
National Grid PLC			454,980			5,551
Severn Trent PLC			6,636			203
SSE PLC			111,111			1,881
						10,200
Total United Kingdom						84,758

52 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
UNITED STATES 0.3%
CONSUMER DISCRETIONARY 0.1%
Carnival PLC		29,658	$		363
Samsonite International S.A.		240,900			245
					608
HEALTH CARE 0.2%
Bausch Health Cos., Inc. (a)		93,490			1,710
Total United States					2,318
Total Common Stocks (Cost $632,555)					748,293
PREFERRED STOCKS 0.7%
GERMANY 0.7%
INDUSTRIALS 0.7%
Henkel AG & Co. KGaA		7,181			670
Schaeffler AG		107,661			808
Volkswagen AG		22,372			3,400
					4,878
Total Preferred Stocks (Cost $3,897)					4,878
REAL ESTATE INVESTMENT TRUSTS 0.4%
AUSTRALIA 0.1%
REAL ESTATE 0.1%
Mirvac Group		256,022			387
Stockland		232,607			539
					926
Total Australia					926
CANADA 0.2%
REAL ESTATE 0.2%
Artis Real Estate Investment Trust (c)		54,060			301

	SHARES			MARKET VALUE (000S)
Cominar Real Estate Investment Trust (c)		59,099	$		356
Dream Office Real Estate Investment Trust		24,471			370
H&R Real Estate Investment Trust		48,551			349
					1,376
Total Canada					1,376
FRANCE 0.1%
REAL ESTATE 0.1%
Unibail-Rodamco-Westfield		7,944			448
Total France					448
HONG KONG 0.0%
REAL ESTATE 0.0%
Link REIT		20,700			170
Total Hong Kong					170
UNITED KINGDOM 0.0%
REAL ESTATE 0.0%
British Land Co. PLC		61,537			294
Total United Kingdom					294
Total Real Estate Investment Trusts (Cost $3,494)					3,214
RIGHTS 0.0%
SPAIN 0.0%
COMMUNICATION SERVICES 0.0%
Telefonica S.A. - Exp. 07/06/20 (c)		921,491			181
ENERGY 0.0%
Repsol S.A. - Exp. 07/09/20		65,065			32

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.0%
ACS Actividades de Construccion y Servicios S.A. - Exp. 07/10/20 (c)		34,767	$		54
Total Rights (Cost $291)					267
WARRANTS 0.0%
SPAIN 0.0%
INDUSTRIALS 0.0%
Abengoa S.A. ‘B’ - Exp. 03/31/2025		226,011			2
Total Warrants (Cost $0)					2
Total Investments in Securities (Cost $640,237)					756,654
INVESTMENTS IN AFFILIATES 5.7%
SHORT-TERM INSTRUMENTS 5.7%
MUTUAL FUNDS 5.7%
PIMCO Government Money Market Fund
0.180% (b)(c)(d)		43,066,811			43,067
Total Short-Term Instruments (Cost $43,067)					43,067
Total Investments in Affiliates (Cost $43,067)					43,067
Total Investments 105.2% (Cost $683,304)			$		799,721
Other Assets and Liabilities, net (5.2)%					(39,444	)
Net Assets 100.0%			$		760,277

NOTES TO SCHEDULE OF INVESTMENTS:

* 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) Institutional Class Shares of each Fund.

(c) Securities with an aggregate market value of $42,287 were out on loan in exchange for $47,586 of cash collateral as of June 30, 2020. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

(e)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Great-West Lifeco, Inc.		03/11/2020 - 04/13/2020	$	254	$	257		0.03%

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 53

Schedule of Investments PIMCO RAE International Fund (Cont.)

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 June 30, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(1)
Master Securities Lending Agreement
BCY	$	0	$	0	$	0	$	1,789	$	1,789	$	(2,107	)	$	(318	)
BMO		0		0		0		6,252		6,252		(6,638	)		(386	)
BSN		0		0		0		3,503		3,503		(3,698	)		(195	)
FOB		0		0		0		2,963		2,963		(3,113	)		(150	)
GSC		0		0		0		13,049		13,049		(13,716	)		(667	)
MBC		0		0		0		4,352		4,352		(4,700	)		(348	)
MSC		0		0		0		2,722		2,722		(3,426	)		(704	)
SAL		0		0		0		4,310		4,310		(4,553	)		(243	)
UBS		0		0		0		3,347		3,347		(5,635	)		(2,288	)
Total Borrowings and Other Financing Transactions	$	0	$	0	$	0	$	42,287

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
Securities Lending Transactions(2)
Common Stocks	$	46,741	$	0	$	0	$	0	$	46,741
Real Estate Investment Trusts		651		0		0		0		651
Rights		194		0		0		0		194
Total Borrowings	$	47,586	$	0	$	0	$	0	$	47,586
Payable for securities on loan - cash collateral									$	47,586

⁽¹⁾  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.

⁽²⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

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.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2020:

	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	$	25	$	0	$	25

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Common Stocks
Australia
Communication Services	$	0	$	3,878	$	0	$	3,878
Consumer Discretionary		0		2,907		0		2,907
Consumer Staples		0		5,002		0		5,002
Energy		0		411		0		411
Financials		0		20,545		0		20,545
Health Care		0		664		0		664
Industrials		0		2,662		0		2,662

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Materials	$	0	$	7,626	$	0	$	7,626
Real Estate		0		291		0		291
Utilities		0		946		0		946
Austria
Energy		0		381		0		381
Financials		0		780		0		780
Industrials		0		251		0		251
Materials		0		678		0		678
Belgium
Communication Services		0		367		0		367

54 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Consumer Staples	$	0	$	1,561	$	0	$	1,561
Financials		0		2,350		0		2,350
Health Care		0		477		0		477
Industrials		0		341		0		341
Materials		0		460		0		460
Canada
Communication Services		2,120		0		0		2,120
Consumer Discretionary		6,370		0		0		6,370
Consumer Staples		2,177		0		0		2,177
Energy		3,981		0		0		3,981
Financials		17,250		0		0		17,250
Industrials		3,168		0		0		3,168
Materials		2,466		0		0		2,466
Utilities		2,902		0		0		2,902
Denmark
Consumer Discretionary		0		633		0		633
Consumer Staples		0		631		0		631
Financials		0		1,133		0		1,133
Health Care		0		296		0		296
Industrials		0		2,458		0		2,458
Finland
Consumer Staples		0		212		0		212
Financials		0		4,768		0		4,768
Industrials		0		433		0		433
Information Technology		0		837		0		837
Materials		0		629		0		629
France
Communication Services		0		5,974		0		5,974
Consumer Discretionary		0		8,447		0		8,447
Consumer Staples		0		6,340		0		6,340
Energy		0		3,025		0		3,025
Financials		0		15,516		0		15,516
Health Care		0		7,108		0		7,108
Industrials		0		14,163		0		14,163
Information Technology		0		1,292		0		1,292
Materials		0		843		0		843
Utilities		0		9,326		0		9,326
Germany
Communication Services		0		4,641		0		4,641
Consumer Discretionary		0		11,360		0		11,360
Consumer Staples		0		2,027		0		2,027
Financials		0		16,866		0		16,866
Health Care		0		9,502		0		9,502
Industrials		244		16,900		0		17,144
Information Technology		0		1,517		0		1,517
Materials		0		12,610		0		12,610
Utilities		0		8,810		0		8,810
Hong Kong
Communication Services		0		552		0		552
Consumer Discretionary		0		1,411		0		1,411
Financials		0		264		0		264
Industrials		0		1,298		0		1,298
Information Technology		0		945		0		945
Real Estate		370		7,540		0		7,910
Ireland
Financials		0		601		0		601
Health Care		3,411		0		0		3,411
Industrials		477		343		0		820
Materials		0		1,416		0		1,416
Israel
Communication Services		0		946		0		946
Energy		0		17		0		17
Financials		0		1,767		0		1,767
Health Care		1,711		0		0		1,711
Materials		0		327		0		327
Italy
Communication Services		0		2,261		0		2,261
Energy		0		2,263		0		2,263
Financials		0		13,710		0		13,710
Industrials		0		837		0		837
Utilities		0		9,170		0		9,170

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Japan
Communication Services	$	0	$	16,817	$	0	$	16,817
Consumer Discretionary		0		42,388		0		42,388
Consumer Staples		0		11,992		0		11,992
Energy		0		1,838		0		1,838
Financials		0		32,060		0		32,060
Health Care		0		8,357		0		8,357
Industrials		0		36,708		0		36,708
Information Technology		0		36,334		0		36,334
Materials		0		18,490		0		18,490
Real Estate		0		1,070		0		1,070
Utilities		0		9,790		0		9,790
Luxembourg
Communication Services		0		1,051		0		1,051
Materials		0		7,447		0		7,447
Macau
Consumer Discretionary		0		678		0		678
Netherlands
Communication Services		1,084		677		0		1,761
Consumer Staples		404		4,094		0		4,498
Energy		0		5,363		0		5,363
Financials		0		3,354		0		3,354
Health Care		1,821		0		0		1,821
Industrials		0		3,654		0		3,654
Information Technology		2,446		0		0		2,446
Materials		0		1,191		0		1,191
New Zealand
Communication Services		0		799		0		799
Materials		0		506		0		506
Utilities		0		792		0		792
Norway
Communication Services		0		1,021		0		1,021
Consumer Staples		0		544		0		544
Energy		0		1,935		0		1,935
Financials		0		531		0		531
Materials		0		1,573		0		1,573
Portugal
Consumer Staples		0		181		0		181
Materials		0		155		0		155
Utilities		0		2,577		0		2,577
Singapore
Communication Services		0		457		0		457
Financials		0		2,124		0		2,124
Industrials		0		806		0		806
Spain
Communication Services		0		4,407		0		4,407
Consumer Discretionary		0		233		0		233
Energy		0		678		0		678
Financials		0		9,271		0		9,271
Industrials		0		1,603		0		1,603
Utilities		0		6,917		0		6,917
Sweden
Communication Services		0		383		0		383
Consumer Discretionary		329		1,649		0		1,978
Consumer Staples		0		414		0		414
Financials		0		3,199		0		3,199
Industrials		0		4,135		0		4,135
Information Technology		0		239		0		239
Switzerland
Communication Services		0		751		0		751
Consumer Discretionary		393		2,536		0		2,929
Consumer Staples		0		9,858		0		9,858
Financials		0		14,518		0		14,518
Health Care		0		14,273		0		14,273
Industrials		0		5,076		0		5,076
Information Technology		658		1,230		0		1,888
Materials		0		2,168		0		2,168
United Kingdom
Communication Services		0		6,953		0		6,953
Consumer Discretionary		2,523		8,074		0		10,597
Consumer Staples		0		10,994		0		10,994

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 55

Schedule of Investments PIMCO RAE International Fund (Cont.)

June 30, 2020

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Energy	$	0	$	3,264	$	0	$	3,264
Financials		0		18,613		0		18,613
Health Care		0		6,032		0		6,032
Industrials		0		8,629		0		8,629
Information Technology		0		373		0		373
Materials		0		9,103		0		9,103
Utilities		0		10,200		0		10,200
United States
Consumer Discretionary		0		608		0		608
Health Care		1,710		0		0		1,710
Preferred Stocks
Germany
Industrials		0		4,878		0		4,878
Real Estate Investment Trusts
Australia
Real Estate		0		926		0		926
Canada
Real Estate		1,376		0		0		1,376
France
Real Estate		148		300		0		448

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Hong Kong
Real Estate	$	0	$	170	$	0	$	170
United Kingdom
Real Estate		0		294		0		294
Rights
Spain
Communication Services		181		0		0		181
Energy		32		0		0		32
Industrials		54		0		0		54
Warrants
Spain
Industrials		2		0		0		2
	$	59,808	$	696,846	$	0	$	756,654
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		43,067		0		0		43,067
Total Investments	$	102,875	$	696,846	$	0	$	799,721

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

56 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE US Fund

June 30, 2020

(Amounts in thousands*, except number of shares, contracts and units, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.6%
COMMON STOCKS 98.9%
IRELAND 0.0%
INDUSTRIALS 0.0%
Trane Technologies PLC		705	$		63
Total Ireland					63
LUXEMBOURG 0.0%
MATERIALS 0.0%
Ternium S.A. SP - ADR		5,000			76
Total Luxembourg					76
SWITZERLAND 0.1%
FINANCIALS 0.1%
Chubb Ltd.		3,164			400
Total Switzerland					400
UNITED KINGDOM 0.7%
COMMUNICATION SERVICES 0.3%
Liberty Global PLC (a)		84,453			1,817
CONSUMER DISCRETIONARY 0.0%
Capri Holdings Ltd. (a)		8,795			137
CONSUMER STAPLES 0.0%
Coca-Cola European Partners PLC		3,802			144
ENERGY 0.0%
Valaris PLC (c)		89,013			58
FINANCIALS 0.0%
Aon PLC		1,439			277
HEALTH CARE 0.1%
Mallinckrodt PLC (a)(c)		188,687			506
INDUSTRIALS 0.1%
Pentair PLC		8,564			325
MATERIALS 0.2%
Linde PLC		5,446			1,155
Total United Kingdom					4,419
UNITED STATES 98.1%
COMMUNICATION SERVICES 6.1%
Alphabet, Inc. ‘C’ (a)		1,176			1,663
Altice USA, Inc. ‘A’ (a)		31,912			719
AT&T, Inc.		215,426			6,512
CenturyLink, Inc.		183,613			1,842
Charter Communications, Inc. ‘A’ (a)		1,859			948
Comcast Corp. ‘A’		105,704			4,120
Facebook, Inc. ‘A’ (a)		1,303			296
Interpublic Group of Cos., Inc.		25,371			435
Liberty Latin America Ltd. ‘C’ (a)		24,003			227
Liberty Media Corp-Liberty SiriusXM ‘C’ (a)		38,253			1,318
News Corp. ‘A’		28,099			333

	SHARES			MARKET VALUE (000S)
Omnicom Group, Inc.		17,842	$		974
T-Mobile US, Inc.		18,289			1,905
Telephone & Data Systems, Inc.		16,238			323
Verizon Communications, Inc.		165,233			9,109
ViacomCBS, Inc. ‘B’		102,312			2,386
Walt Disney Co.		32,705			3,647
					36,757
CONSUMER DISCRETIONARY 10.0%
Adient PLC (a)		23,415			385
AutoNation, Inc. (a)		15,410			579
AutoZone, Inc. (a)		189			213
Bed Bath & Beyond, Inc. (c)		229,619			2,434
Best Buy Co., Inc.		28,672			2,502
Booking Holdings, Inc. (a)		47			75
CarMax, Inc. (a)		5,477			490
Carnival Corp. (c)		18,554			305
Carter’s, Inc.		967			78
Dick’s Sporting Goods, Inc.		13,713			566
Dillard’s, Inc. ‘A’ (c)		11,879			306
Dollar General Corp.		6,363			1,212
eBay, Inc.		77,415			4,060
Expedia Group, Inc.		1,888			155
Foot Locker, Inc.		1,892			55
Ford Motor Co.		348,728			2,120
GameStop Corp. ‘A’ (a)(c)		165,285			717
Gap, Inc.		57,315			723
General Motors Co.		141,233			3,573
Goodyear Tire & Rubber Co.		102,128			914
H&R Block, Inc.		10,484			150
Harley-Davidson, Inc.		10,245			244
Hasbro, Inc.		2,620			196
Home Depot, Inc.		23,567			5,904
International Game Technology PLC		24,107			215
Kohl’s Corp.		75,413			1,566
L Brands, Inc.		50,552			757
Las Vegas Sands Corp.		16,143			735
Lear Corp.		678			74
LKQ Corp. (a)		9,944			261
Lowe’s Cos., Inc.		34,475			4,658
Macy’s, Inc. (c)		118,967			819
Mattel, Inc. (a)		52,890			511
McDonald’s Corp.		12,921			2,384
MGM Resorts International		10,009			168
Mohawk Industries, Inc. (a)		1,143			116
Newell Brands, Inc.		40,580			644
NIKE, Inc. ‘B’		8,212			805
Nordstrom, Inc. (c)		38,824			601
NVR, Inc. (a)		41			134
O’Reilly Automotive, Inc. (a)		415			175
Office Depot, Inc.		195,458			459
Polaris, Inc.		1,920			178
PulteGroup, Inc.		28,400			966
PVH Corp.		2,934			141
Qurate Retail, Inc. (a)		186,070			1,768
Ralph Lauren Corp.		2,794			203
Royal Caribbean Cruises Ltd.		5,768			290
Sally Beauty Holdings, Inc. (a)		51,257			642
Signet Jewelers Ltd.		59,149			607
Six Flags Entertainment Corp.		6,906			133
Starbucks Corp.		7,666			564
Tapestry, Inc.		13,375			178
Target Corp.		55,132			6,612

	SHARES			MARKET VALUE (000S)
TJX Cos., Inc.		12,032	$		608
Urban Outfitters, Inc. (a)		7,008			107
Visteon Corp. (a)		19,689			1,349
Wendy’s Co.		5,796			126
Whirlpool Corp.		7,480			969
Williams-Sonoma, Inc.		2,133			175
Wyndham Destinations, Inc.		9,074			256
Yum! Brands, Inc.		13,999			1,217
					60,127
CONSUMER STAPLES 11.5%
Altria Group, Inc.		85,134			3,342
Archer-Daniels-Midland Co.		49,432			1,972
Bunge Ltd.		33,303			1,370
Campbell Soup Co.		8,336			414
Coca-Cola Co.		84,682			3,784
Colgate-Palmolive Co.		24,926			1,826
Conagra Brands, Inc.		5,940			209
Costco Wholesale Corp.		4,353			1,320
Coty, Inc. ‘A’		13,877			62
General Mills, Inc.		20,106			1,240
Herbalife Nutrition Ltd. (a)		12,313			554
Hershey Co.		2,267			294
Ingredion, Inc.		8,797			730
JM Smucker Co.		6,409			678
Kellogg Co.		6,328			418
Kimberly-Clark Corp.		11,138			1,574
Kraft Heinz Co.		54,882			1,750
Kroger Co.		242,662			8,214
Molson Coors Brewing Co.		16,260			559
Mondelez International, Inc. ‘A’		49,667			2,540
PepsiCo, Inc.		53,292			7,048
Philip Morris International, Inc.		57,384			4,020
Procter & Gamble Co.		95,528			11,422
Rite Aid Corp. (a)(c)		90,279			1,540
Spectrum Brands Holdings, Inc.		7,858			361
Sysco Corp.		11,294			617
Tyson Foods, Inc. ‘A’		2,953			176
U.S. Foods Holding Corp. (a)		23,594			465
Walgreens Boots Alliance, Inc.		40,223			1,705
Walmart, Inc.		77,701			9,307
					69,511
ENERGY 3.9%
Antero Resources Corp. (a)		311,060			790
Baker Hughes Co.		32,813			505
Chesapeake Energy Corp. (a)(c)		6,452			32
Chevron Corp.		38,532			3,438
ConocoPhillips		67,822			2,850
Exxon Mobil Corp.		134,555			6,017
Hess Corp.		2,699			140
HollyFrontier Corp.		45,439			1,327
Kinder Morgan, Inc.		70,552			1,070
Marathon Oil Corp.		111,101			680
Marathon Petroleum Corp.		12,466			466
Murphy Oil Corp.		34,516			476
Nabors Industries Ltd. (c)		5,667			210
National Oilwell Varco, Inc.		14,372			176
Occidental Petroleum Corp.		30,409			556
PBF Energy, Inc. ‘A’		6,979			71
Phillips 66		18,289			1,315
Range Resources Corp.		136,156			767
Schlumberger Ltd.		10,129			186
Transocean Ltd. (a)(c)		163,658			300

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 57

Schedule of Investments PIMCO RAE US Fund (Cont.)

	SHARES			MARKET VALUE (000S)
Valero Energy Corp.		29,157	$		1,715
Williams Cos., Inc.		20,033			381
World Fuel Services Corp.		5,867			151
					23,619
FINANCIALS 13.6%
Affiliated Managers Group, Inc.		2,061			154
Aflac, Inc.		29,248			1,054
Allstate Corp.		22,703			2,202
Ally Financial, Inc.		105,207			2,086
American Express Co.		18,981			1,807
American International Group, Inc.		168,593			5,257
Ameriprise Financial, Inc.		11,312			1,697
Assurant, Inc.		2,141			221
Bank of America Corp.		166,873			3,963
Bank of New York Mellon Corp.		40,268			1,556
Berkshire Hathaway, Inc. ‘B’ (a)		14,874			2,655
BlackRock, Inc.		2,046			1,113
Brighthouse Financial, Inc. (a)		10,870			302
Capital One Financial Corp.		62,667			3,922
CIT Group, Inc.		31,116			645
Citigroup, Inc.		146,321			7,477
Citizens Financial Group, Inc.		31,887			805
CNO Financial Group, Inc.		31,141			485
Comerica, Inc.		2,582			98
Discover Financial Services		33,654			1,686
Equitable Holdings, Inc.		6,903			133
Fifth Third Bancorp		36,802			710
Franklin Resources, Inc.		74,053			1,553
Genworth Financial, Inc. ‘A’ (a)		179,045			414
Goldman Sachs Group, Inc.		13,870			2,741
Hartford Financial Services Group, Inc.		4,760			184
Invesco Ltd.		39,145			421
Jefferies Financial Group, Inc.		35,210			548
JPMorgan Chase & Co.		91,380			8,595
Legg Mason, Inc.		22,101			1,100
Lincoln National Corp.		12,994			478
Loews Corp.		19,303			662
M&T Bank Corp.		2,185			227
MetLife, Inc.		56,808			2,075
Morgan Stanley		5,362			259
Navient Corp.		78,141			549
New York Community Bancorp, Inc.		58,701			599
Old Republic International Corp.		13,625			222
OneMain Holdings, Inc.		8,500			209
People’s United Financial, Inc.		6,196			72
PNC Financial Services Group, Inc.		11,637			1,224
Principal Financial Group, Inc.		6,243			259
Prudential Financial, Inc.		17,709			1,078
Regions Financial Corp.		26,842			298
Reinsurance Group of America, Inc.		878			69
Santander Consumer USA Holdings, Inc.		19,183			353
State Street Corp.		24,812			1,577
Synchrony Financial		47,470			1,052
T Rowe Price Group, Inc.		1,963			242
Travelers Cos., Inc.		28,372			3,236
Truist Financial Corp.		16,515			620
U.S. Bancorp		48,007			1,768
Unum Group		11,965			199
Voya Financial, Inc.		41,660			1,943

	SHARES			MARKET VALUE (000S)
Wells Fargo & Co.		275,690	$		7,058
					81,912
HEALTH CARE 15.7%
Abbott Laboratories		910			83
AbbVie, Inc.		93,872			9,216
AmerisourceBergen Corp.		936			94
Amgen, Inc.		44,997			10,613
Anthem, Inc.		15,386			4,046
Biogen, Inc. (a)		4,018			1,075
Bristol-Myers Squibb Co.		39,805			2,341
Brookdale Senior Living, Inc. (a)		41,147			121
Cardinal Health, Inc.		22,787			1,189
Cigna Corp.		11,419			2,143
CVS Health Corp.		76,798			4,990
DaVita, Inc. (a)		27,258			2,157
Dentsply Sirona, Inc.		2,794			123
Eli Lilly & Co.		1,549			254
Five Star Senior Living, Inc. (a)		5,788			23
Gilead Sciences, Inc.		163,204			12,557
HCA Healthcare, Inc.		27,280			2,648
Henry Schein, Inc. (a)		1,747			102
Humana, Inc.		9,997			3,876
Johnson & Johnson		56,670			7,970
McKesson Corp.		28,652			4,396
MEDNAX, Inc. (a)		30,152			516
Merck & Co., Inc.		90,284			6,982
Mylan NV (a)		102,386			1,646
Pfizer, Inc.		337,573			11,039
Quest Diagnostics, Inc.		7,447			849
Tenet Healthcare Corp. (a)		42,728			774
United Therapeutics Corp. (a)		5,349			647
UnitedHealth Group, Inc.		6,240			1,840
Universal Health Services, Inc. ‘B’		5,275			490
					94,800
INDUSTRIALS 7.4%
3M Co.		13,092			2,042
AGCO Corp.		8,904			494
Alaska Air Group, Inc.		10,390			377
Allison Transmission Holdings, Inc.		6,223			229
American Airlines Group, Inc. (c)		146,165			1,910
Avis Budget Group, Inc. (a)(c)		30,887			707
Boeing Co.		2,982			547
Carrier Global Corp.		21,298			473
Caterpillar, Inc.		8,786			1,111
Colfax Corp. (a)		8,185			228
CSX Corp.		1,691			118
Cummins, Inc.		5,970			1,034
Deere & Co.		3,206			504
Delta Air Lines, Inc.		12,315			346
Dover Corp.		1,128			109
Eaton Corp. PLC		23,280			2,037
Emerson Electric Co.		25,739			1,597
FedEx Corp.		11,092			1,555
Fluor Corp.		88,908			1,074
Fortune Brands Home & Security, Inc.		7,061			451
General Dynamics Corp.		7,818			1,169
General Electric Co.		1,185,055			8,094
HD Supply Holdings, Inc. (a)		7,363			255
Honeywell International, Inc.		6,666			964
Illinois Tool Works, Inc.		11,062			1,934

	SHARES			MARKET VALUE (000S)
JetBlue Airways Corp. (a)		56,066	$		611
Johnson Controls International PLC		12,618			431
Kansas City Southern		580			87
Lockheed Martin Corp.		1,409			514
Macquarie Infrastructure Corp.		5,962			183
ManpowerGroup, Inc.		17,234			1,185
Masco Corp.		5,406			271
Neilsen Holdings PLC		52,775			784
Norfolk Southern Corp.		2,217			389
Northrop Grumman Corp.		2,698			830
Otis Worldwide Corp.		9,884			562
Owens Corning		5,536			309
PACCAR, Inc.		2,904			217
Pitney Bowes, Inc.		79,355			206
Quanta Services, Inc.		5,374			211
Raytheon Technologies Corp.		29,502			1,818
Robert Half International, Inc.		4,261			225
Ryder System, Inc.		16,007			600
Southwest Airlines Co.		17,702			605
Spirit AeroSystems Holdings, Inc. ‘A’		26,433			633
Union Pacific Corp.		14,822			2,506
United Airlines Holdings, Inc. (a)		9,447			327
United Rentals, Inc. (a)		2,937			438
Waste Management, Inc.		2,824			299
WW Grainger, Inc.		1,682			528
XPO Logistics, Inc. (a)		1,927			149
					44,277
INFORMATION TECHNOLOGY 22.3%
Activision Blizzard, Inc.		32,372			2,457
Alliance Data Systems Corp.		8,462			382
Amdocs Ltd.		8,662			527
Apple, Inc.		88,689			32,354
Applied Materials, Inc.		60,179			3,638
Arrow Electronics, Inc. (a)		14,117			970
Avnet, Inc.		29,330			818
Booz Allen Hamilton Holding Corp.		4,731			368
Cisco Systems, Inc.		79,555			3,710
Citrix Systems, Inc.		6,091			901
Cognizant Technology Solutions Corp. ‘A’		2,748			156
CommScope Holding Co., Inc. (a)		5,702			48
Corning, Inc.		99,088			2,566
Dell Technologies, Inc. ‘C’ (a)		7,943			436
DXC Technology Co.		18,293			302
EchoStar Corp. ‘A’ (a)		3,836			107
Electronic Arts, Inc. (a)		4,543			600
F5 Networks, Inc. (a)		3,789			529
First Solar, Inc. (a)		1,477			73
Flex Ltd. (a)		71,285			731
Hewlett Packard Enterprise Co.		218,547			2,127
HP, Inc.		76,704			1,337
Intel Corp.		193,730			11,591
International Business Machines Corp.		103,487			12,498
Jabil, Inc.		29,629			951
Juniper Networks, Inc.		55,002			1,257
KLA Corp.		4,689			912
Lam Research Corp.		836			270
Leidos Holdings, Inc.		4,305			403
Micron Technology, Inc. (a)		48,508			2,499
Microsoft Corp.		69,434			14,131
Motorola Solutions, Inc.		3,856			540
NCR Corp. (a)		18,499			320

58 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
NetApp, Inc.		35,010	$		1,553
NortonLifeLock, Inc.		155,294			3,080
Oracle Corp.		119,997			6,632
Qorvo, Inc. (a)		4,481			495
QUALCOMM, Inc.		115,652			10,549
Seagate Technology PLC		56,663			2,743
Skyworks Solutions, Inc.		2,501			320
Teradata Corp. (a)		22,564			469
Texas Instruments, Inc.		20,200			2,565
Western Digital Corp.		90,719			4,005
Western Union Co.		49,642			1,073
Xerox Holdings Corp.		11,144			170
Xilinx, Inc.		803			79
					134,242
MATERIALS 1.7%
Alcoa Corp. (a)		47,160			530
DuPont de Nemours, Inc.		5,853			311
Eastman Chemical Co.		8,457			589
Huntsman Corp.		18,004			323
International Paper Co.		37,917			1,335
LyondellBasell Industries NV ‘A’		55,146			3,624
Mosaic Co.		50,657			634
PPG Industries, Inc.		11,982			1,271
Reliance Steel & Aluminum Co.		6,973			662
Sealed Air Corp.		23,046			757
WestRock Co.		10,712			303
					10,339
REAL ESTATE 0.0%
Jones Lang LaSalle, Inc.		976			101
UTILITIES 5.9%
AES Corp.		124,841			1,809
Ameren Corp.		15,785			1,111
American Electric Power Co., Inc.		32,073			2,554
CenterPoint Energy, Inc.		32,714			611
CMS Energy Corp.		8,112			474

	SHARES			MARKET VALUE (000S)
Consolidated Edison, Inc.		25,859	$		1,860
Dominion Energy, Inc.		9,491			770
DTE Energy Co.		4,987			536
Duke Energy Corp.		75,395			6,023
Edison International		23,620			1,283
Entergy Corp.		16,933			1,589
Eversource Energy		15,065			1,254
Exelon Corp.		124,819			4,530
FirstEnergy Corp.		18,846			731
NextEra Energy, Inc.		1,718			413
Pinnacle West Capital Corp.		9,325			683
PPL Corp.		70,613			1,825
Public Service Enterprise Group, Inc.		29,262			1,439
Sempra Energy		3,158			370
Southern Co.		58,635			3,040
UGI Corp.		7,039			224
Vistra Energy Corp.		26,747			498
WEC Energy Group, Inc.		3,656			320
Xcel Energy, Inc.		27,171			1,698
					35,645
Total United States					591,330
Total Common Stocks (Cost $493,964)					596,288
REAL ESTATE INVESTMENT TRUSTS 0.7%
UNITED STATES 0.7%
FINANCIALS 0.1%
Annaly Capital Management, Inc.		42,414			278
Starwood Property Trust, Inc.		8,718			131
					409
REAL ESTATE 0.6%
Brixmor Property Group, Inc.		19,541			251
Colony Capital, Inc.		94,103			226
CoreCivic, Inc.		30,998			290
Diversified Healthcare Trust		57,408			254
Healthpeak Properties, Inc.		4,015			111
Host Hotels & Resorts, Inc.		27,342			295

	SHARES			MARKET VALUE (000S)
Iron Mountain, Inc.		15,380	$		401
Kimco Realty Corp.		9,219			118
Macerich Co. (c)		6,345			57
Service Properties Trust		16,330			116
SL Green Realty Corp.		3,031			149
Ventas, Inc.		23,109			846
VEREIT, Inc.		45,484			292
Welltower, Inc.		4,476			232
Weyerhaeuser Co.		13,613			306
					3,944
Total Real Estate Investment Trusts (Cost $6,318)					4,353
RIGHTS 0.0%
UNITED STATES 0.0%
COMMUNICATION SERVICES 0.0%
T-Mobile US, Inc. - Exp. 07/27/20		1			0
Total Rights (Cost $0)					0
Total Investments in Securities (Cost $500,282)					600,641
INVESTMENTS IN AFFILIATES 1.8%
SHORT-TERM INSTRUMENTS 1.8%
MUTUAL FUNDS 1.8%
PIMCO Government Money Market Fund
0.180% (b)(c)(d)		10,842,804			10,843
Total Short-Term Instruments (Cost $10,843)					10,843
Total Investments in Affiliates (Cost $10,843)					10,843
Total Investments 101.4% (Cost $511,125)			$		611,484
Other Assets and Liabilities, net (1.4)%					(8,494	)
Net Assets 100.0%			$		602,990

NOTES TO SCHEDULE OF INVESTMENTS:

* 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) Institutional Class Shares of each Fund.

(c) Securities with an aggregate market value of $10,238 were out on loan in exchange for $10,475 of cash collateral as of June 30, 2020. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(1)
Master Securities Lending Agreement
BPG	$	0	$	0	$	0	$	295	$	295	$	(303	)	$	(8	)
BSN		0		0		0		213		213		(218	)		(5	)
GSC		0		0		0		4,337		4,337		(4,426	)		(89	)
MSC		0		0		0		2,232		2,232		(2,288	)		(56	)
SAL		0		0		0		3,161		3,161		(3,240	)		(79	)
Total Borrowings and Other Financing Transactions	$	0	$	0	$	0	$	10,238

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 59

Schedule of Investments PIMCO RAE US Fund (Cont.)

June 30, 2020

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
Securities Lending Transactions(2)
Common Stocks	$	10,418	$	0	$	0	$	0	$	10,418
Real Estate Investment Trusts		57		0		0		0		57
Total Borrowings	$	10,475	$	0	$	0	$	0	$	10,475
Payable for securities on loan - cash collateral									$	10,475

⁽¹⁾  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.

⁽²⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Common Stocks
Ireland
Industrials	$	63	$	0	$	0	$	63
Luxembourg
Materials		76		0		0		76
Switzerland
Financials		400		0		0		400
United Kingdom
Communication Services		1,817		0		0		1,817
Consumer Discretionary		137		0		0		137
Consumer Staples		144		0		0		144
Energy		58		0		0		58
Financials		277		0		0		277
Health Care		506		0		0		506
Industrials		325		0		0		325
Materials		1,155		0		0		1,155
United States
Communication Services		36,757		0		0		36,757
Consumer Discretionary		60,127		0		0		60,127
Consumer Staples		69,511		0		0		69,511

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Energy	$	23,619	$	0	$	0	$	23,619
Financials		81,912		0		0		81,912
Health Care		94,800		0		0		94,800
Industrials		44,277		0		0		44,277
Information Technology		134,242		0		0		134,242
Materials		10,339		0		0		10,339
Real Estate		101		0		0		101
Utilities		35,645		0		0		35,645
Real Estate Investment Trusts
United States
Financials		409		0		0		409
Real Estate		3,944		0		0		3,944
	$	600,641	$	0	$	0	$	600,641
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		10,843		0		0		10,843
Total Investments	$	611,484	$	0	$	0	$	611,484

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

60 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE US Small Fund

June 30, 2020

(Amounts in thousands*, except number of shares, contracts and units, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.9%
COMMON STOCKS 88.9%
LUXEMBOURG 0.1%
MATERIALS 0.1%
Orion Engineered Carbons S.A.		13,632	$		144
Total Luxembourg					144
UNITED KINGDOM 0.6%
CONSUMER DISCRETIONARY 0.2%
Delphi Technologies PLC (a)		49,710			706
CONSUMER STAPLES 0.2%
Nomad Foods Ltd. (a)		21,348			458
FINANCIALS 0.2%
Janus Henderson Group PLC		28,401			601
INFORMATION TECHNOLOGY 0.0%
Cardtronics PLC ‘A’ (a)		2,597			62
MATERIALS 0.0%
Venator Materials PLC (a)		25,455			46
Total United Kingdom					1,873
UNITED STATES 88.2%
COMMUNICATION SERVICES 2.7%
AMC Entertainment Holdings, Inc. ‘A’ (c)		109,727			471
AMC Networks, Inc. ‘A’ (a)		12,116			283
ATN International, Inc.		2,240			136
Cars.com, Inc. (a)		53,060			306
Cinemark Holdings, Inc.		42,449			490
Cogent Communications Holdings, Inc.		4,442			344
Comscore, Inc. (a)		52,795			164
Consolidated Communications Holdings, Inc. (a)		89,143			603
Entercom Communications Corp. ‘A’		12,332			17
Gannett Co., Inc.		49,899			69
Gray Television, Inc. (a)		12,543			175
iHeartMedia, Inc. ‘A’ (a)(c)		48,014			401
Iridium Communications, Inc. (a)		12,985			330
John Wiley & Sons, Inc. ‘A’		19,017			742
Lions Gate Entertainment Corp. ‘A’ (a)		45,021			333
Marcus Corp.		3,231			43
Meredith Corp.		13,341			194
MSG Networks, Inc. ‘A’ (a)		6,598			66
NII Holdings, Inc. (a)		22,836			49
Scholastic Corp.		11,405			341
Shenandoah Telecommunications Co.		3,895			192
Sinclair Broadcast Group, Inc. ‘A’		31,257			577
TEGNA, Inc.		90,231			1,005
TrueCar, Inc. (a)		14,966			39
Vonage Holdings Corp. (a)		27,421			276
Yelp, Inc. (a)		8,571			198
					7,844
CONSUMER DISCRETIONARY 16.5%
1-800-Flowers.com, Inc. ‘A’ (a)		2,361			47

	SHARES			MARKET VALUE (000S)
Aaron’s, Inc.		26,756	$		1,215
Abercrombie & Fitch Co. ‘A’		170,529			1,814
Acushnet Holdings Corp.		6,138			213
Adtalem Global Education, Inc. (a)		11,599			361
American Axle & Manufacturing Holdings, Inc. (a)		46,349			352
American Eagle Outfitters, Inc.		55,437			604
Asbury Automotive Group, Inc. (a)		14,300			1,106
At Home Group, Inc. (a)		13,502			88
Big Lots, Inc.		52,729			2,215
BJ’s Restaurants, Inc.		5,444			114
Bloomin’ Brands, Inc.		49,644			529
Boot Barn Holdings, Inc. (a)		1,382			30
Boyd Gaming Corp.		17,100			357
Brinker International, Inc.		43,921			1,054
Buckle, Inc.		31,173			489
Caleres, Inc.		21,648			181
Callaway Golf Co.		6,117			107
Camping World Holdings, Inc. ‘A’		2,371			64
Cavco Industries, Inc. (a)		474			91
Century Communities, Inc. (a)		2,562			79
Cheesecake Factory, Inc. (c)		32,021			734
Chico’s FAS, Inc.		187,036			258
Children’s Place, Inc. (c)		3,739			140
Churchill Downs, Inc.		4,205			560
Conn’s, Inc. (a)(c)		10,775			109
Cooper Tire & Rubber Co.		34,508			953
Cooper-Standard Holding, Inc. (a)		19,350			256
Core-Mark Holding Co., Inc.		32,210			804
Cracker Barrel Old Country Store, Inc.		4,300			477
Crocs, Inc. (a)		5,239			193
Dana, Inc.		50,776			619
Dave & Buster’s Entertainment, Inc. (c)		5,709			76
Deckers Outdoor Corp. (a)		5,228			1,027
Denny’s Corp. (a)		11,647			118
Designer Brands, Inc.		37,157			252
Dine Brands Global, Inc.		2,707			114
Dorman Products, Inc. (a)		2,320			156
Eldorado Resorts, Inc. (a)(c)		3,710			149
Extended Stay America, Inc.		62,415			698
Floor & Decor Holdings, Inc. (a)		3,132			181
Fossil Group, Inc. (a)		88,337			411
frontdoor, Inc. (a)		9,540			423
G-III Apparel Group Ltd. (a)		15,260			203
Genesco, Inc. (a)		21,131			458
Gentherm, Inc. (a)		4,179			163
GoPro, Inc. ‘A’ (a)		26,447			126
Graham Holdings Co. ‘B’		1,696			581
Group 1 Automotive, Inc.		13,988			923
Groupon, Inc. (a)		7,327			133
Guess?, Inc.		21,708			210
Helen of Troy Ltd. (a)		6,093			1,149
Hilton Grand Vacations, Inc. (a)		26,630			521
Houghton Mifflin Harcourt Co. (a)		83,177			151
Hudson Ltd. ‘A’ (a)		19,150			93
Installed Building Products, Inc. (a)		773			53
iRobot Corp. (a)		972			82
Jack in the Box, Inc.		25,052			1,856
K12, Inc. (a)		9,751			266
KB Home		20,369			625
La-Z-Boy, Inc.		16,882			457
Laureate Education, Inc. ‘A’ (a)		18,554			185
LCI Industries		2,481			285

	SHARES			MARKET VALUE (000S)
LGI Homes, Inc. (a)		1,427	$		126
Lithia Motors, Inc. ‘A’		5,607			848
M/I Homes, Inc. (a)		13,251			456
MDC Holdings, Inc.		12,899			460
Meritage Homes Corp. (a)		11,984			912
Michaels Cos., Inc. (a)(c)		80,107			566
Modine Manufacturing Co. (a)		14,235			79
Monro, Inc.		2,352			129
Movado Group, Inc.		5,450			59
Murphy USA, Inc. (a)		12,863			1,448
National Vision Holdings, Inc. (a)		6,621			202
Office Depot, Inc.		473,516			1,113
Oxford Industries, Inc.		3,601			158
Papa John’s International, Inc.		4,816			382
Party City Holdco, Inc. (a)(c)		70,656			105
Penn National Gaming, Inc. (a)		31,172			952
Perdoceo Education Corp. (a)		14,354			229
Red Rock Resorts, Inc. ‘A’		11,492			125
Regis Corp. (a)		19,447			159
Rent-A-Center, Inc.		41,339			1,150
RH - Restoration Hardware Holdings, Inc. (a)		3,234			805
Scientific Games Corp. ‘A’ (a)		14,804			229
SeaWorld Entertainment, Inc. (a)		18,654			276
Sleep Number Corp. (a)		11,200			466
Smith & Wesson Brands, Inc. (a)		32,812			706
Sonic Automotive, Inc. ‘A’		23,661			755
Stamps.com, Inc. (a)		2,194			403
Standard Motor Products, Inc.		3,153			130
Steven Madden Ltd.		13,842			342
Stoneridge, Inc. (a)		2,857			59
Strategic Education, Inc.		591			91
Sturm Ruger & Co., Inc.		3,768			286
Tailored Brands, Inc. (c)		57,976			54
Taylor Morrison Home Corp. ‘A’ (a)		39,825			768
Tempur Sealy International, Inc. (a)		12,261			882
Tenneco, Inc. ‘A’ (a)		103,595			783
Thor Industries, Inc.		10,933			1,165
TopBuild Corp. (a)		3,667			417
TRI Pointe Group, Inc. (a)		36,956			543
Tupperware Brands Corp.		97,681			464
Winnebago Industries, Inc.		1,409			94
Wolverine World Wide, Inc.		17,028			405
WW International, Inc. (a)		7,389			187
Zumiez, Inc. (a)		5,107			140
					48,446
CONSUMER STAPLES 7.5%
Andersons, Inc.		8,611			118
B&G Foods, Inc. (c)		21,414			522
BJ’s Wholesale Club Holdings, Inc. (a)		15,355			572
Boston Beer Co., Inc. ‘A’ (a)		896			481
Central Garden & Pet Co. ‘A’ (a)		6,841			231
Chefs’ Warehouse, Inc. (a)		2,663			36
Coca-Cola Consolidated, Inc.		872			200
Darling Ingredients, Inc. (a)		40,778			1,004
Edgewell Personal Care Co. (a)		26,702			832
Energizer Holdings, Inc.		6,309			300
Flowers Foods, Inc.		60,854			1,361
Fresh Del Monte Produce, Inc.		20,890			514
Hain Celestial Group, Inc. (a)		22,005			693
Hostess Brands, Inc. (a)		17,916			219
Ingles Markets, Inc. ‘A’		10,077			434
Inter Parfums, Inc.		1,491			72

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 61

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

	SHARES			MARKET VALUE (000S)
J&J Snack Foods Corp.		1,722	$		219
John B Sanfilippo & Son, Inc.		1,131			97
Lancaster Colony Corp.		2,126			330
Nu Skin Enterprises, Inc. ‘A’		37,466			1,432
Performance Food Group Co. (a)		26,299			766
PriceSmart, Inc.		4,487			271
Rite Aid Corp. (a)(c)		211,864			3,614
Sanderson Farms, Inc.		5,680			658
SpartanNash Co.		30,376			645
Sprouts Farmers Market, Inc. (a)		22,190			568
TreeHouse Foods, Inc. (a)		14,727			645
United Natural Foods, Inc. (a)		104,978			1,912
Universal Corp.		23,500			999
USANA Health Sciences, Inc. (a)		4,083			300
Vector Group Ltd.		73,855			743
WD-40 Co.		873			173
Weis Markets, Inc.		18,489			927
					21,888
ENERGY 3.1%
Arch Resources, Inc.		22,038			626
Archrock, Inc.		31,452			204
Berry Corp.		10,244			50
Callon Petroleum Co. (a)(c)		19,806			23
Centennial Resource Development, Inc. (a)		8,717			8
ChampionX Corp. (a)		7,962			78
CNX Resources Corp. (a)		53,991			467
CONSOL Energy, Inc. (a)(c)		32,073			163
Delek U.S. Holdings, Inc.		14,965			261
Dril-Quip, Inc. (a)		9,073			270
Forum Energy Technologies, Inc. (a)		8,029			4
Green Plains, Inc.		26,118			267
Gulfport Energy Corp. (a)		169,919			185
Helix Energy Solutions Group, Inc. (a)		23,679			82
Kosmos Energy Ltd.		12,570			21
Nabors Industries Ltd. (c)		21,934			812
Oasis Petroleum, Inc. (a)(c)		62,535			47
Oceaneering International, Inc. (a)		225,244			1,439
Oil States International, Inc. (a)		22,516			107
Par Pacific Holdings, Inc. (a)		7,498			67
Patterson-UTI Energy, Inc.		378,545			1,314
PDC Energy, Inc. (a)		16,209			202
Peabody Energy Corp.		56,747			163
QEP Resources, Inc.		57,668			74
Renewable Energy Group, Inc. (a)		2,032			50
SM Energy Co.		268,217			1,006
Southwestern Energy Co. (a)		148,199			379
Tidewater, Inc. (a)		10,670			60
U.S. Silica Holdings, Inc.		39,375			142
World Fuel Services Corp.		20,035			516
					9,087
FINANCIALS 13.2%
Affiliated Managers Group, Inc.		12,979			968
Ambac Financial Group, Inc. (a)		28,455			407
Amerant Bancorp, Inc. (a)		968			15
American Equity Investment Life Holding Co.		24,438			604
American National Insurance Co.		2,888			208
Ameris Bancorp		2,609			62
Amerisafe, Inc.		2,338			143

	SHARES			MARKET VALUE (000S)
Artisan Partners Asset Management, Inc. ‘A’		16,418	$		534
Associated Banc-Corp.		32,942			451
Atlantic Union Bankshares Corp.		4,523			105
Axos Financial, Inc. (a)		5,836			129
Banc of California, Inc.		4,400			48
BancFirst Corp.		2,173			88
BancorpSouth Bank		17,382			395
Bank of Hawaii Corp.		8,953			550
Bank OZK		15,580			366
BankUnited, Inc.		26,428			535
Banner Corp.		5,456			207
Berkshire Hills Bancorp, Inc.		4,985			55
BGC Partners, Inc. ‘A’		78,768			216
Blucora, Inc. (a)		2,856			33
Boston Private Financial Holdings, Inc.		20,401			140
Brookline Bancorp, Inc.		13,880			140
Bryn Mawr Bank Corp.		1,745			48
Cadence BanCorp		12,805			113
Calamos Asset Management, Inc. (a)		3,240			0
Camden National Corp.		2,253			78
Cannae Holdings, Inc. (a)		20,722			852
Capitol Federal Financial, Inc.		44,461			490
Cathay General Bancorp		14,041			369
Central Pacific Financial Corp.		10,496			168
City Holding Co.		1,963			128
Cohen & Steers, Inc.		3,648			248
Columbia Banking System, Inc.		10,068			285
Community Bank System, Inc.		6,119			349
Community Trust Bancorp, Inc.		3,218			105
Customers Bancorp, Inc. (a)		9,168			110
CVB Financial Corp.		10,422			195
Dime Community Bancshares, Inc.		7,051			97
Eagle Bancorp, Inc.		3,240			106
Employers Holdings, Inc.		3,234			97
Encore Capital Group, Inc. (a)		4,552			156
Enova International, Inc. (a)		6,508			97
Essent Group Ltd.		3,250			118
Evercore, Inc. ‘A’		12,216			720
FBL Financial Group, Inc. ‘A’		2,879			103
Federal Agricultural Mortgage Corp. ‘C’		1,305			84
Federated Investors, Inc. ‘B’		26,897			637
First Bancorp		1,695			42
First Busey Corp.		4,375			82
First Commonwealth Financial Corp.		19,440			161
First Financial Bancorp		6,807			95
First Financial Bankshares, Inc.		5,503			159
First Hawaiian, Inc.		30,675			529
First Interstate BancSystem, Inc. ‘A’		2,986			92
First Merchants Corp.		2,914			80
First Midwest Bancorp, Inc.		13,343			178
FirstCash, Inc.		4,563			308
Flagstar Bancorp, Inc.		7,384			217
Flushing Financial Corp.		7,270			84
FNB Corp.		55,549			417
Fulton Financial Corp.		61,126			644
Glacier Bancorp, Inc.		6,471			228
Great Southern Bancorp, Inc.		2,511			101
Great Western Bancorp, Inc.		16,237			223
Green Dot Corp. ‘A’ (a)		4,098			201
Hancock Holding Co.		15,200			322
Hanmi Financial Corp.		10,343			100
Heartland Financial USA, Inc.		2,785			93

	SHARES			MARKET VALUE (000S)
Hercules Capital, Inc.		14,041	$		147
Heritage Financial Corp.		2,253			45
Hilltop Holdings, Inc.		32,993			609
Home BancShares, Inc.		11,181			172
HomeStreet, Inc.		7,014			173
Hope Bancorp, Inc.		28,403			262
Horace Mann Educators Corp.		4,798			176
Houlihan Lokey, Inc.		3,608			201
IBERIABANK Corp.		2,952			134
Independent Bank Corp.		2,280			153
International Bancshares Corp.		11,436			366
Investors Bancorp, Inc.		64,213			546
Lakeland Bancorp, Inc.		8,992			103
Lakeland Financial Corp.		2,455			114
Legg Mason, Inc.		32,396			1,612
LendingTree, Inc. (a)		179			52
MBIA, Inc. (a)		86,876			630
Mercury General Corp.		5,578			227
Meridian Bancorp, Inc.		7,044			82
Meta Financial Group, Inc.		2,539			46
Moelis & Co. ‘A’		4,544			142
National Bank Holdings Corp. ‘A’		4,474			121
National General Holdings Corp.		2,058			44
National Western Life Group, Inc. ‘A’		212			43
NBT Bancorp, Inc.		7,369			227
Nelnet, Inc. ‘A’		6,596			315
Northfield Bancorp, Inc.		13,322			153
Northwest Bancshares, Inc.		30,743			314
Old National Bancorp		22,124			304
Pacific Premier Bancorp, Inc.		3,870			84
Park National Corp.		2,304			162
PennyMac Financial Services, Inc.		4,325			181
Peoples Bancorp, Inc.		3,246			69
Piper Jaffray Cos.		3,440			203
PRA Group, Inc. (a)		14,670			567
Premier Financial Corp.		2,475			44
ProAssurance Corp.		34,328			497
Provident Financial Services, Inc.		11,662			169
Radian Group, Inc.		26,240			407
Renasant Corp.		7,000			174
RLI Corp.		5,400			443
S&T Bancorp, Inc.		4,777			112
Safety Insurance Group, Inc.		1,855			141
Sandy Spring Bancorp, Inc.		4,604			114
Seacoast Banking Corp. of Florida (a)		3,265			67
Selective Insurance Group, Inc.		5,580			294
Simmons First National Corp. ‘A’		4,494			77
South State Corp.		5,184			247
Southside Bancshares, Inc.		3,318			92
Sterling Bancorp		5,821			68
Stewart Information Services Corp.		13,181			429
Stock Yards Bancorp, Inc.		2,476			100
TCF Financial Corp.		20,211			595
Texas Capital Bancshares, Inc. (a)		5,172			160
Tompkins Financial Corp.		1,642			106
Towne Bank		7,602			143
TriCo Bancshares		1,246			38
TrustCo Bank Corp.		21,268			135
Trustmark Corp.		17,817			437
UMB Financial Corp.		6,987			360
Umpqua Holdings Corp.		78,725			838
United Bankshares, Inc.		16,848			466
United Community Banks, Inc.		9,092			183
United Fire Group, Inc.		3,282			91
Universal Insurance Holdings, Inc.		4,059			72

62 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
Univest Financial Corp.		5,497	$		89
Valley National Bancorp		58,600			458
Virtus Investment Partners, Inc.		911			106
Waddell & Reed Financial, Inc. ‘A’		125,742			1,950
Walker & Dunlop, Inc.		4,270			217
Washington Federal, Inc.		33,446			898
Washington Trust Bancorp, Inc.		2,968			97
WesBanco, Inc.		5,276			107
Westamerica Bancorporation		2,558			147
White Mountains Insurance Group Ltd.		1,632			1,449
Wintrust Financial Corp.		8,095			353
World Acceptance Corp. (a)		4,369			286
WSFS Financial Corp.		3,962			114
					38,657
HEALTH CARE 5.7%
Acadia Healthcare Co., Inc. (a)		41,231			1,036
Acorda Therapeutics, Inc. (a)(c)		30,919			23
Allscripts Healthcare Solutions, Inc. (a)		71,923			487
Amedisys, Inc. (a)		3,037			603
AMN Healthcare Services, Inc. (a)		3,920			177
Amneal Pharmaceuticals, Inc. (a)		28,624			136
AngioDynamics, Inc. (a)		10,168			103
Avanos Medical, Inc. (a)		8,941			263
Cantel Medical Corp.		1,881			83
CONMED Corp.		3,220			232
Covetrus, Inc. (a)		67,643			1,210
Emergent BioSolutions, Inc. (a)		3,722			294
Ensign Group, Inc.		3,713			155
Haemonetics Corp. (a)		2,481			222
Hanger, Inc. (a)		17,796			295
HealthStream, Inc. (a)		1,754			39
HMS Holdings Corp. (a)		3,011			98
Inovalon Holdings, Inc. ‘A’ (a)		2,494			48
Integer Holdings Corp. (a)		2,208			161
LHC Group, Inc. (a)		1,119			195
Luminex Corp.		5,178			169
Magellan Health, Inc. (a)		18,555			1,354
Medpace Holdings, Inc. (a)		2,341			218
Meridian Bioscience, Inc. (a)		12,362			288
Merit Medical Systems, Inc. (a)		6,061			277
Myriad Genetics, Inc. (a)		39,607			449
National HealthCare Corp.		4,907			311
Natus Medical, Inc. (a)		4,668			102
Neogen Corp. (a)		1,923			149
NextGen Healthcare, Inc. (a)		9,363			103
NuVasive, Inc. (a)		6,817			379
Omnicell, Inc. (a)		1,586			112
OPKO Health, Inc. (a)(c)		101,037			345
Orthofix Medical, Inc. (a)		3,631			116
Patterson Cos., Inc.		143,756			3,163
Pennant Group, Inc. (a)		867			20
Prestige Consumer Healthcare, Inc. (a)		13,819			519
RadNet, Inc. (a)		6,375			101
Repligen Corp. (a)		618			76
Select Medical Holdings Corp. (a)		29,856			440
Syneos Health, Inc. (a)		8,177			476
Tivity Health, Inc. (a)		6,500			74
U.S. Physical Therapy, Inc.		829			67
United Therapeutics Corp. (a)		13,433			1,625
Varex Imaging Corp. (a)		5,742			87
					16,880

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 17.9%
AAON, Inc.		1,772	$		96
AAR Corp.		25,296			523
ABM Industries, Inc.		8,881			322
ACCO Brands Corp.		48,894			347
Advanced Disposal Services, Inc. (a)		11,615			350
Advanced Drainage Systems, Inc.		3,087			153
Aerojet Rocketdyne Holdings, Inc. (a)		3,270			130
Air Lease Corp.		28,290			829
Air Transport Services Group, Inc. (a)		9,376			209
Alamo Group, Inc.		1,116			115
Albany International Corp. ‘A’		2,574			151
Allegiant Travel Co.		5,255			574
Altra Industrial Motion Corp.		5,225			166
American Woodmark Corp. (a)		678			51
Apogee Enterprises, Inc.		7,739			178
Applied Industrial Technologies, Inc.		6,261			391
ArcBest Corp.		11,130			295
Arcosa, Inc.		21,744			918
Argan, Inc.		2,719			129
Armstrong World Industries, Inc.		6,877			536
ASGN, Inc. (a)		4,154			277
Astec Industries, Inc.		4,757			220
Atkore International Group, Inc. (a)		9,803			268
Atlas Air Worldwide Holdings, Inc. (a)		22,251			957
AZZ, Inc.		2,918			100
Barnes Group, Inc.		8,817			349
Beacon Roofing Supply, Inc. (a)		16,135			426
BMC Stock Holdings, Inc. (a)		16,221			408
Brady Corp. ‘A’		9,810			459
Brink’s Co.		3,821			174
Builders FirstSource, Inc. (a)		35,860			742
Casella Waste Systems, Inc. ‘A’ (a)		1,880			98
CBIZ, Inc. (a)		3,743			90
CIRCOR International, Inc. (a)		1,440			37
Clean Harbors, Inc. (a)		10,966			658
Columbus McKinnon Corp.		2,588			87
Comfort Systems USA, Inc.		3,691			150
Covanta Holding Corp.		51,555			494
Cubic Corp.		2,735			131
Deluxe Corp.		28,174			663
Douglas Dynamics, Inc.		2,354			83
DXP Enterprises, Inc. (a)		1,757			35
Dycom Industries, Inc. (a)		11,654			477
Echo Global Logistics, Inc. (a)		4,373			95
EMCOR Group, Inc.		10,491			694
Encore Wire Corp.		2,500			122
Enerpac Tool Group Corp.		22,894			403
EnerSys		7,213			464
EnPro Industries, Inc.		4,076			201
ESCO Technologies, Inc.		1,909			161
Evoqua Water Technologies Corp. (a)		5,545			103
Exponent, Inc.		2,704			219
Federal Signal Corp.		3,891			116
Forward Air Corp.		2,920			146
Franklin Electric Co., Inc.		4,296			226
FTI Consulting, Inc. (a)		7,389			846
GATX Corp.		18,607			1,135
Generac Holdings, Inc. (a)		8,590			1,047
Gibraltar Industries, Inc. (a)		3,181			153
GMS, Inc. (a)		14,561			358
Granite Construction, Inc.		7,359			141
Greenbrier Cos., Inc.		21,711			494
Griffon Corp.		21,556			399

	SHARES			MARKET VALUE (000S)
H&E Equipment Services, Inc.		8,624	$		159
Harsco Corp. (a)		9,031			122
Hawaiian Holdings, Inc.		30,309			426
Healthcare Services Group, Inc.		5,671			139
Heidrick & Struggles International, Inc.		4,653			101
Herc Holdings, Inc. (a)		11,710			360
Herman Miller, Inc.		15,248			360
Hillenbrand, Inc.		16,986			460
HNI Corp.		13,306			407
Hub Group, Inc. ‘A’ (a)		4,008			192
Huron Consulting Group, Inc. (a)		2,766			122
Hyster-Yale Materials Handling, Inc.		3,153			122
ICF International, Inc.		3,454			224
Interface, Inc.		16,352			133
JELD-WEN Holding, Inc. (a)		10,220			165
John Bean Technologies Corp.		1,637			141
Kadant, Inc.		311			31
Kaman Corp.		6,218			259
KBR, Inc.		17,524			395
Kelly Services, Inc. ‘A’		34,056			539
Kennametal, Inc.		10,164			292
Kforce, Inc.		7,486			219
Knoll, Inc.		10,671			130
Korn Ferry		7,995			246
Kratos Defense & Security Solutions, Inc. (a)		6,927			108
Landstar System, Inc.		5,195			583
Lindsay Corp.		1,891			174
Masonite International Corp. (a)		5,933			462
MasTec, Inc. (a)		10,929			490
Matson, Inc.		9,974			290
Matthews International Corp. ‘A’		7,774			149
McGrath RentCorp		2,991			162
Mercury Systems, Inc. (a)		1,209			95
Meritor, Inc. (a)		14,698			291
Mobile Mini, Inc.		8,146			240
Moog, Inc. ‘A’		11,688			619
MRC Global, Inc. (a)		30,848			182
MSA Safety, Inc.		2,660			304
Mueller Industries, Inc.		20,407			542
Mueller Water Products, Inc. ‘A’		20,999			198
National Presto Industries, Inc.		738			65
Navistar International Corp. (a)		5,384			152
NOW, Inc. (a)		23,136			200
Primoris Services Corp.		9,315			165
Quad/Graphics, Inc.		44,846			146
RBC Bearings, Inc. (a)		908			122
Regal Beloit Corp.		11,994			1,047
Resideo Technologies, Inc. (a)		150,311			1,762
Rexnord Corp.		25,870			754
Rush Enterprises, Inc. ‘A’		7,335			304
Saia, Inc. (a)		4,100			456
Schneider National, Inc. ‘B’		18,451			455
SEACOR Holdings, Inc. (a)		3,626			103
Simpson Manufacturing Co., Inc.		5,876			496
SiteOne Landscape Supply, Inc. (a)		2,064			235
SkyWest, Inc.		12,332			402
SP Plus Corp. (a)		3,396			70
Spirit Airlines, Inc. (a)(c)		15,200			271
SPX Corp. (a)		1,416			58
SPX FLOW, Inc. (a)		13,632			510
Standex International Corp.		977			56
Steelcase, Inc. ‘A’		40,407			487
Stericycle, Inc. (a)		20,115			1,126

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 63

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

	SHARES			MARKET VALUE (000S)
Sunrun, Inc. (a)		2,146	$		42
Tennant Co.		1,880			122
Terex Corp.		68,414			1,284
Tetra Tech, Inc.		7,402			586
Thermon Group Holdings, Inc. (a)		3,568			52
Timken Co.		18,936			861
Trex Co., Inc. (a)		1,410			183
TriMas Corp. (a)		5,085			122
TriNet Group, Inc. (a)		1,743			106
Trinity Industries, Inc.		47,111			1,003
Triumph Group, Inc.		11,279			102
TrueBlue, Inc. (a)		11,731			179
Tutor Perini Corp. (a)		31,631			385
UFP Industries, Inc.		10,372			514
UniFirst Corp.		2,001			358
Univar Solutions, Inc. (a)		51,492			868
Valmont Industries, Inc.		7,147			812
Viad Corp.		3,009			57
Wabash National Corp.		10,025			106
Watts Water Technologies, Inc. ‘A’		5,079			411
Welbilt, Inc. (a)		21,422			130
Werner Enterprises, Inc.		10,125			441
WESCO International, Inc. (a)		69,949			2,456
WillScot Corp. (a)		1,958			24
					52,648
INFORMATION TECHNOLOGY 10.5%
Acacia Communications, Inc. (a)		2,253			151
ACI Worldwide, Inc. (a)		11,415			308
ADTRAN, Inc.		32,316			353
Advanced Energy Industries, Inc. (a)		3,856			261
Ambarella, Inc. (a)		2,928			134
Amkor Technology, Inc. (a)		54,452			670
Avaya Holdings Corp. (a)		111,135			1,374
Badger Meter, Inc.		1,596			100
Belden, Inc.		11,797			384
Benchmark Electronics, Inc.		35,889			775
Blackbaud, Inc.		2,341			134
Bottomline Technologies de, Inc. (a)		641			33
Brooks Automation, Inc.		4,306			191
Cabot Microelectronics Corp.		1,504			210
Cirrus Logic, Inc. (a)		19,683			1,216
Coherent, Inc. (a)		2,417			317
CommVault Systems, Inc. (a)		6,710			260
Comtech Telecommunications Corp.		8,198			138
Conduent, Inc. (a)		192,262			460
CoreLogic, Inc.		26,294			1,768
CSG Systems International, Inc.		7,345			304
CTS Corp.		4,789			96
Diebold Nixdorf, Inc. (a)		78,768			477
Diodes, Inc. (a)		6,490			329
Ebix, Inc.		3,203			72
Endurance International Group Holdings, Inc. (a)		29,120			117
Envestnet, Inc. (a)		2,374			175
ePlus, Inc. (a)		2,667			189
ExlService Holdings, Inc. (a)		1,791			114
Extreme Networks, Inc. (a)		13,632			59
FARO Technologies, Inc. (a)		2,256			121
FireEye, Inc. (a)		9,967			121
Fitbit, Inc. ‘A’ (a)		49,082			317
FormFactor, Inc. (a)		6,309			185

	SHARES			MARKET VALUE (000S)
II-VI, Inc. (a)		8,225	$		388
Infinera Corp. (a)		30,394			180
Inphi Corp. (a)		2,049			241
Insight Enterprises, Inc. (a)		19,197			945
InterDigital, Inc.		11,110			629
Itron, Inc. (a)		4,252			282
J2 Global, Inc.		9,120			576
Knowles Corp. (a)		30,316			463
LiveRamp Holdings, Inc. (a)		6,775			288
LogMeIn, Inc.		5,518			468
Lumentum Holdings, Inc. (a)		2,579			210
MACOM Technology Solutions Holdings, Inc. (a)		5,574			191
Manhattan Associates, Inc. (a)		10,771			1,015
ManTech International Corp. ‘A’		3,865			265
Methode Electronics, Inc.		4,142			129
MicroStrategy, Inc. ‘A’ (a)		1,853			219
MTS Systems Corp.		3,600			63
NETGEAR, Inc. (a)		7,298			189
NetScout Systems, Inc. (a)		49,496			1,265
NIC, Inc.		8,159			187
OSI Systems, Inc. (a)		2,679			200
PC Connection, Inc.		3,547			164
Perficient, Inc. (a)		4,278			153
Perspecta, Inc.		45,897			1,066
Photronics, Inc. (a)		16,805			187
Plantronics, Inc.		15,018			220
Plexus Corp. (a)		5,780			408
Power Integrations, Inc.		2,487			294
Progress Software Corp.		10,596			411
Qualys, Inc. (a)		1,002			104
Rambus, Inc. (a)		24,766			376
Rogers Corp. (a)		1,750			218
Sanmina Corp. (a)		30,302			759
ScanSource, Inc. (a)		9,339			225
Science Applications International Corp.		6,130			476
Semtech Corp. (a)		4,997			261
Silicon Laboratories, Inc. (a)		2,730			274
Stratasys Ltd. (a)(c)		8,587			136
Sykes Enterprises, Inc. (a)		13,773			381
Synaptics, Inc. (a)		16,402			986
TTEC Holdings, Inc.		1,733			81
TTM Technologies, Inc. (a)		45,798			543
Unisys Corp. (a)		28,988			316
Verint Systems, Inc. (a)		9,324			421
Viavi Solutions, Inc. (a)		21,093			269
Virtusa Corp. (a)		2,510			82
Vishay Intertechnology, Inc.		40,939			625
Xperi Holding Corp.		64,918			958
					30,700
MATERIALS 5.8%
AdvanSix, Inc. (a)		8,167			96
Allegheny Technologies, Inc. (a)		4,090			42
Balchem Corp.		1,151			109
Boise Cascade Co.		5,885			221
Cabot Corp.		15,452			573
Carpenter Technology Corp.		10,217			248
Cleveland-Cliffs, Inc. (c)		116,897			645
Coeur Mining, Inc. (a)		14,433			73
Commercial Metals Co.		24,630			502
Compass Minerals International, Inc.		9,756			476
Domtar Corp.		79,744			1,683

	SHARES			MARKET VALUE (000S)
Eagle Materials, Inc.		6,219	$		437
Element Solutions, Inc. (a)		105,702			1,147
Ferro Corp. (a)		9,321			111
GCP Applied Technologies, Inc. (a)		10,677			198
Graphic Packaging Holding Co.		73,532			1,029
Greif, Inc. ‘A’		15,411			530
HB Fuller Co.		4,555			203
Hecla Mining Co.		115,305			377
Innospec, Inc.		3,721			287
Kaiser Aluminum Corp.		4,341			320
Kraton Corp. (a)		11,041			191
Louisiana-Pacific Corp.		23,451			602
Materion Corp.		2,579			159
Minerals Technologies, Inc.		6,008			282
Myers Industries, Inc.		7,922			115
Neenah Paper, Inc.		1,765			87
O-I Glass, Inc.		55,231			496
Olin Corp.		35,300			406
PolyOne Corp.		29,352			770
PQ Group Holdings, Inc. (a)		6,353			84
Quaker Chemical Corp.		768			143
Rayonier Advanced Materials, Inc.		23,814			67
Schnitzer Steel Industries, Inc. ‘A’		5,818			103
Schweitzer-Mauduit International, Inc.		9,334			312
Sensient Technologies Corp.		10,974			572
Silgan Holdings, Inc.		20,801			674
Stepan Co.		3,400			330
Summit Materials, Inc. ‘A’ (a)		20,348			327
SunCoke Energy, Inc.		29,223			87
Trinseo S.A.		15,737			349
U.S. Concrete, Inc. (a)		1,428			35
United States Steel Corp. (c)		40,793			295
Valvoline, Inc.		15,907			307
Verso Corp.		5,704			68
Warrior Met Coal, Inc.		27,257			419
Worthington Industries, Inc.		12,604			470
					17,057
REAL ESTATE 1.4%
Cushman & Wakefield PLC (a)		2,847			35
Kennedy-Wilson Holdings, Inc.		19,005			289
New York REIT, Inc. «(a)		4,082			78
Newmark Group, Inc.		34,318			167
Realogy Holdings Corp.		453,110			3,358
St. Joe Co. (a)		9,085			176
					4,103
UTILITIES 3.9%
ALLETE, Inc.		12,139			663
American States Water Co.		4,030			317
Avista Corp.		30,096			1,095
Black Hills Corp.		15,069			854
California Water Service Group		4,570			218
Chesapeake Utilities Corp.		368			31
Clearway Energy, Inc. ‘C’		23,296			537
El Paso Electric Co.		12,839			860
Hawaiian Electric Industries, Inc.		45,753			1,650
MGE Energy, Inc.		4,555			294
New Jersey Resources Corp.		10,252			335
Northwest Natural Holding Co.		6,057			338
NorthWestern Corp.		14,151			771
Ormat Technologies, Inc.		2,521			160
Otter Tail Corp.		9,067			352

64 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
PNM Resources, Inc.		28,847	$		1,109
SJW Group		2,425			151
South Jersey Industries, Inc.		7,958			199
Southwest Gas Holdings, Inc.		5,069			350
Spire, Inc.		12,103			795
TerraForm Power, Inc. ‘A’		13,615			251
Unitil Corp.		3,863			173
					11,503
Total United States					258,813
Total Common Stocks (Cost $192,977)					260,830
REAL ESTATE INVESTMENT TRUSTS 10.4%
UNITED STATES 10.4%
FINANCIALS 1.3%
Apollo Commercial Real Estate Finance, Inc.		13,976			137
Arbor Realty Trust, Inc.		10,822			100
Blackstone Mortgage Trust, Inc. ‘A’		9,054			218
Capstead Mortgage Corp.		61,333			337
Chimera Investment Corp.		86,124			828
Colony Credit Real Estate, Inc.		15,683			110
Granite Point Mortgage Trust, Inc.		7,570			54
Invesco Mortgage Capital, Inc. (c)		59,211			222
Ladder Capital Corp.		21,009			170
MFA Financial, Inc.		116,169			289
New York Mortgage Trust, Inc.		48,415			127
PennyMac Mortgage Investment Trust		35,467			622
Redwood Trust, Inc.		27,842			195
TPG RE Finance Trust, Inc.		9,662			83
Two Harbors Investment Corp.		81,011			408
					3,900
REAL ESTATE 9.1%
Acadia Realty Trust		10,524			137
Agree Realty Corp.		1,491			98
Alexander & Baldwin, Inc.		30,669			374
American Assets Trust, Inc.		4,093			114
American Finance Trust, Inc.		28,416			225
Americold Realty Trust		4,615			168
Apple Hospitality REIT, Inc.		90,900			878
Armada Hoffler Properties, Inc.		5,939			59
Brandywine Realty Trust		49,986			544
CareTrust REIT, Inc.		6,676			115
Chatham Lodging Trust		12,911			79
Columbia Property Trust, Inc.		42,463			558

	SHARES			MARKET VALUE (000S)
CorePoint Lodging, Inc.		36,528	$		154
Corporate Office Properties Trust		22,799			578
Cousins Properties, Inc.		23,771			709
DiamondRock Hospitality Co.		74,011			409
Diversified Healthcare Trust		166,087			735
Easterly Government Properties, Inc.		2,446			57
EastGroup Properties, Inc.		2,606			309
Empire State Realty Trust, Inc. ‘A’		28,796			202
Equity Commonwealth		18,809			606
First Industrial Realty Trust, Inc.		8,786			338
Four Corners Property Trust, Inc.		1,369			33
Franklin Street Properties Corp.		35,536			181
GEO Group, Inc.		55,765			660
Getty Realty Corp.		1,406			42
Global Net Lease, Inc.		12,546			210
Healthcare Realty Trust, Inc.		21,799			638
Hersha Hospitality Trust		24,884			143
Independence Realty Trust, Inc.		11,500			132
Industrial Logistics Properties Trust		11,094			228
Investors Real Estate Trust		3,436			242
Kite Realty Group Trust		42,033			485
Lexington Realty Trust		74,915			790
LTC Properties, Inc.		4,075			154
Mack-Cali Realty Corp.		26,316			402
Monmouth Real Estate Investment Corp.		2,298			33
National Health Investors, Inc.		3,222			196
National Storage Affiliates Trust		4,923			141
Office Properties Income Trust		8,307			216
Outfront Media, Inc.		55,453			786
Paramount Group, Inc.		64,453			497
Pebblebrook Hotel Trust		17,494			239
Physicians Realty Trust		25,150			441
Piedmont Office Realty Trust, Inc. ‘A’		62,124			1,032
PotlatchDeltic Corp.		4,187			159
Preferred Apartment Communities, Inc. ‘A’		21,913			167
PS Business Parks, Inc.		2,254			298
QTS Realty Trust, Inc. ‘A’		4,047			259
Rayonier, Inc.		30,742			762
Retail Opportunity Investments Corp.		20,866			236
Retail Properties of America, Inc. ‘A’		106,009			776
Rexford Industrial Realty, Inc.		3,657			152
RLJ Lodging Trust		49,288			465
RPT Realty		25,847			180
Ryman Hospitality Properties, Inc.		7,249			251
Sabra Health Care REIT, Inc.		15,181			219

	SHARES			MARKET VALUE (000S)
Seritage Growth Properties ‘A’ (c)		4,456	$		51
SITE Centers Corp.		83,393			675
Spirit Realty Capital, Inc.		32,020			1,116
STAG Industrial, Inc.		6,248			183
Summit Hotel Properties, Inc.		22,865			136
Sunstone Hotel Investors, Inc.		74,838			610
Tanger Factory Outlet Centers, Inc. (c)		44,089			314
Taubman Centers, Inc.		15,925			601
Terreno Realty Corp.		2,832			149
Uniti Group, Inc.		164,482			1,538
Urban Edge Properties		13,777			164
Urstadt Biddle Properties, Inc. ‘A’		6,067			72
Washington Prime Group, Inc. (c)		157,054			132
Washington Real Estate Investment Trust		15,108			335
Weingarten Realty Investors		35,098			664
Xenia Hotels & Resorts, Inc.		50,836			474
					26,505
Total Real Estate Investment Trusts (Cost $24,972)					30,405
SHORT-TERM INSTRUMENTS 0.6%
REPURCHASE AGREEMENTS (e) 0.6%
					1,785
Total Short-Term Instruments (Cost $1,785)					1,785
Total Investments in Securities (Cost $219,734)					293,020
INVESTMENTS IN AFFILIATES 3.3%
SHORT-TERM INSTRUMENTS 3.3%
MUTUAL FUNDS 3.3%
PIMCO Government Money Market Fund
0.180% (b)(c)(d)		9,805,026			9,805
Total Short-Term Instruments (Cost $9,805)					9,805
Total Investments in Affiliates (Cost $9,805)					9,805
Total Investments 103.2% (Cost $229,539)			$		302,825
Other Assets and Liabilities, net (3.2)%					(9,450	)
Net Assets 100.0%			$		293,375

NOTES TO SCHEDULE OF INVESTMENTS:

* 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.

(b) Institutional Class Shares of each Fund.

(c) Securities with an aggregate market value of $9,669 were out on loan in exchange for $9,939 of cash collateral as of June 30, 2020. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 65

Schedule of Investments PIMCO RAE US Small 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
FICC		0.000	%		06/30/2020		07/01/2020	$	1,785	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2022	$	(1,821	)	$	1,785	$	1,785
Total Repurchase Agreements											$	(1,821	)	$	1,785	$	1,785

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 June 30, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(1)
Global/Master Repurchase Agreement
FICC	$	1,785	$	0	$	0	$	0	$	1,785	$	(1,821	)	$	(36	)
Master Securities Lending Agreement
BMO		0		0		0		106		106		(109	)		(3	)
BPG		0		0		0		3,885		3,885		(3,987	)		(102	)
SAL		0		0		0		648		648		(663	)		(15	)
GSC		0		0		0		2,152		2,152		(2,196	)		(44	)
MSC		0		0		0		2,878		2,878		(2,984	)		(106	)
Total Borrowings and Other Financing Transactions	$	1,785	$	0	$	0	$	9,669

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
Securities Lending Transactions(2)
Common Stocks	$	9,198	$	0	$	0	$	0	$	9,198
Real Estate Investment Trusts		741		0		0		0		741
Total Borrowings	$	9,939	$	0	$	0	$	0	$	9,939
Payable for securities on loan - cash collateral									$	9,939

⁽¹⁾  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.

⁽²⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Common Stocks
Luxembourg
Materials	$	144	$	0	$	0	$	144
United Kingdom
Consumer Discretionary		706		0		0		706
Consumer Staples		458		0		0		458
Financials		601		0		0		601
Information Technology		62		0		0		62
Materials		46		0		0		46
United States
Communication Services		7,795		49		0		7,844
Consumer Discretionary		48,446		0		0		48,446

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Consumer Staples	$	21,888	$	0	$	0	$	21,888
Energy		9,087		0		0		9,087
Financials		38,657		0		0		38,657
Health Care		16,880		0		0		16,880
Industrials		52,648		0		0		52,648
Information Technology		30,700		0		0		30,700
Materials		17,057		0		0		17,057
Real Estate		4,025		0		78		4,103
Utilities		11,503		0		0		11,503
Real Estate Investment Trusts
United States
Financials		3,900		0		0		3,900
Real Estate		26,505		0		0		26,505

66 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Short-Term Instruments
Repurchase Agreements	$	0	$	1,785	$	0	$	1,785
	$	291,108	$	1,834	$	78	$	293,020

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds	$	9,805	$	0	$	0	$	9,805
Total Investments	$	300,913	$	1,834	$	78	$	302,825

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 67

Notes to Financial Statements

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on March 30, 2010. 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, I-2 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. 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 Global Fund may invest substantially all of its assets in Institutional Class shares of the PIMCO RAE US Fund, PIMCO RAE International Fund (“International Fund”) and PIMCO RAE Emerging Markets Fund (“Emerging Markets Fund”) (collectively, “Underlying Funds”), and equity securities that are eligible investments for the Underlying Funds. The PIMCO RAE 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 Global Fund and PIMCO RAE 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 functional and reporting currency for the Funds is the U.S. dollar. 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) Foreign Currency Translation  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 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 exchange gains (losses) arising from changes in

68 PIMCO EQUITY SERIES

June 30, 2020

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) Multi-Class 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 Emerging Markets Fund		Annually		Annually
PIMCO RAE Global Fund		Annually		Annually
PIMCO RAE Global ex-US Fund		Annually		Annually
PIMCO RAE International Fund		Annually		Annually
PIMCO RAE US Fund		Annually		Annually
PIMCO RAE US Small Fund		Annually		Annually

In addition, each Fund distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently.

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 its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and accounting practices, the Fund will

notify shareholders 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 at a Fund’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements  In August 2018, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2018-13, which modifies certain disclosure requirements for fair value measurements in Accounting Standards Codification 820. The ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. At this time, management has elected to early adopt the ASU and the changes are incorporated in the financial statements.

In March 2020, the FASB issued ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. The ASU is

ANNUAL REPORT JUNE 30, 2020 69

Notes to Financial Statements (Cont.)

effective immediately upon release of the update on March 12, 2020 through December 31, 2022. At this time, management is evaluating implications of these changes on the 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 (normally 4:00 p.m., Eastern time) (“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 U.S. Securities and Exchange Commission (“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 are 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 are 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.

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June 30, 2020

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 Board. 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 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,

ANNUAL REPORT JUNE 30, 2020 71

Notes to Financial Statements (Cont.)

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

Each Fund eligible to participate in securities lending may invest the cash collateral received for securities out on loan in the PIMCO Government Money Market Fund under the Securities Lending Agreement. All or a portion of Dividend Income as shown in the table below represents the income earned on the cash collateral invested in PIMCO Government Money Market Fund and is included on the Statements of Operations as a component of Securities Lending Income. PIMCO Government Money Market Fund is considered to be affiliated with the Funds. The table below shows the Funds’ transactions in and earnings from investments in the affiliated Fund for the period ended June 30, 2020 (amounts in thousands^†):

Investments in PIMCO Government Money Market Fund
Fund Name	Market Value 06/30/2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 06/30/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAE Emerging Markets Fund	$	44,112	$	520,436	$	(522,897	)	$	0	$	0	$	41,651	$	1,147	$	0
PIMCO RAE International Fund		12,609		194,994		(164,536	)		0		0		43,067		119		0
PIMCO RAE US Fund		9,140		85,216		(83,513	)		0		0		10,843		109		0
PIMCO RAE US Small Fund		1,802		34,935		(26,932	)		0		0		9,805		33		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.

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June 30, 2020

The PIMCO RAE Global Fund may invest substantially all or a significant portion of its assets in Acquired Funds and equity securities that are eligible investments for the Underlying Funds. The PIMCO RAE Global ex-US Fund may invest substantially all of its assets in Acquired Funds (except the PIMCO RAE 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 Global Fund and PIMCO RAE 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. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each Acquired Fund’s shareholder report is also available at the SEC’s website at www.sec.gov, and a copy of each affiliate fund’s shareholder report is available on the Funds’ website at www.pimco.com, or upon request, as applicable. The tables below show the Funds’ transactions in and earnings from investments in the affiliated Funds for the period ended June 30, 2020 (amounts in thousands^†):

PIMCO RAE Global Fund
Underlying PIMCO Funds	Market Value 06/30/2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAE Emerging Markets Fund	$	38,807	$	16,017	$	(10,130	)	$	(1,400	)	$	(7,236	)	$	36,058	$	1,031	$	139
PIMCO RAE International Fund		132,456		48,140		(39,313	)		(6,379	)		(18,095	)		116,809		6,190		0
PIMCO RAE US Fund		122,675		51,991		(36,259	)		(1,968	)		(12,364	)		124,075		3,539		2,788
Totals	$	293,938	$	116,148	$	(85,702	)	$	(9,747	)	$	(37,695	)	$	276,942	$	10,760	$	2,927
PIMCO RAE Global ex-US Fund
Underlying PIMCO Funds	Market Value 06/30/2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAE Emerging Markets Fund	$	17,750	$	6,706	$	(5,331	)	$	(676	)	$	(3,218	)	$	15,231	$	447	$	63
PIMCO RAE International Fund		60,336		19,970		(20,195	)		(2,391	)		(8,486	)		49,234		2,671		0
Totals	$	78,086	$	26,676	$	(25,526	)	$	(3,067	)	$	(11,704	)	$	64,465	$	3,118	$	63

^†   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 (and where applicable, certain Acquired Funds and Underlying Funds) may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.

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 June 30, 2020, as applicable, are disclosed in the Notes to Schedules of Investments.

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

ANNUAL REPORT JUNE 30, 2020 73

Notes to Financial Statements (Cont.)

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.

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. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds (and where applicable, certain Acquired Funds and Underlying 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 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) Securities Lending  The Funds listed below may seek to earn additional income by lending their securities to certain qualified broker-dealers and institutions on a short-term or long-term basis via a lending agent.

Fund Name

PIMCO RAE Emerging Markets Fund

PIMCO RAE Global ex-US Fund

PIMCO RAE International Fund

PIMCO RAE US Fund

PIMCO RAE US Small Fund

Securities on loan are required to be secured by cash collateral at least equal to 102% of the domestic, or 105% of the foreign security’s market value. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Funds will then invest the cash collateral received in the PIMCO Government Money Market Fund and record a liability for the return of the collateral during the period the securities are on loan. Each Fund is subject to a lending limit of 33.33% of total assets (including the value of collateral).

The loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail to return loaned securities, the Fund has the right to repurchase the securities using the collateral in the open market.

The borrower pays fees at the Funds’ direction to the lending agent. The lending agent may retain a portion of the fees and interest earned

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on the cash collateral invested as compensation for its services. Investments made with the cash collateral are disclosed on the Schedules of Investments, if applicable. The lending fees and the Funds’ portion of the interest income earned on cash collateral are included on the Statements of Operations as securities lending income, if applicable.

(c) Interfund Lending  In accordance with an exemptive order (the “Order”) from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Funds’ investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the funds’ investment restrictions). If a borrowing funds’ total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

On March 23, 2020, the SEC issued an exemptive order (the “Temporary Order”) to provide temporary relief to the Funds of the Trust in relation to the Interfund Lending Program, and the Funds’ Board of Trustees has authorized the Funds to rely on the Temporary Order. With respect to interfund lending, the Temporary Order permits, under certain conditions, a lending fund to lend in aggregate up to 25% of its current net assets at the time of the interfund loan and to make interfund loans with term limits of up to the expiration of the Temporary Order, notwithstanding the current limit of seven business days under the Order. The SEC determined in June 2020 that the Temporary Order would not be extended after its expiration on June 30, 2020.

During the period ended June 30, 2020, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds (and where applicable, certain Acquired Funds and Underlying 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.

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.

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Notes to Financial Statements (Cont.)

7. PRINCIPAL AND OTHER RISKS

(a) 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 RAE Emerging Markets Fund	PIMCO RAE Global Fund	PIMCO RAE Global ex-US Fund	PIMCO RAE International Fund	PIMCO RAE US Fund	PIMCO RAE US Small Fund
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	—	—
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
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.

Small Fund Risk  is the risk that a smaller Fund may not achieve investment or trading efficiencies. Additionally, a smaller Fund may be more adversely affected by large purchases or redemptions of Fund shares.

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.

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

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, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as 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.

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 investments 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, including the use of quantitative models or methods, 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 or may rely on inaccurate data inputs, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data, any of which may result in a decline in the value of an investment in a Fund.

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Notes to Financial Statements (Cont.)

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cybersecurity risks. Please see a Fund’s prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments (such as the anticipated discontinuation of the London Interbank Offered Rate) that may impact a Fund’s performance.

Market Disruption Risk  A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund’s service providers, including PIMCO as a Fund’s investment adviser, rely, and could otherwise disrupt a Fund’s service providers’ ability to fulfill their obligations to a Fund. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities a Fund holds, and may adversely affect a Fund’s investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets  Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund’s ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund’s holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk  Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund’s ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk  An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk  As the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

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 are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is

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intended to improve 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 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 certain 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 certain 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. 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 generally 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.

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.

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Notes to Financial Statements (Cont.)

(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		I-2		I-3			Class A
PIMCO RAE Emerging Markets Fund(1)		0.50%		0.45%		0.55%		N/A			0.55%
PIMCO RAE Global Fund(1)		0.40%		0.30%		0.40%		N/A			0.40%
PIMCO RAE Global ex-US Fund(1)		0.40%		0.35%		0.45%		N/A			0.45%
PIMCO RAE International Fund(2)		0.30%		0.30%		0.40%		N/A			0.40%
PIMCO RAE US Fund(2)		0.25%		0.25%		0.35%		0.45%	*(3)		0.40%
PIMCO RAE US Small Fund(2)		0.35%		0.25%		0.35%		N/A			0.40%

* This particular share class has been registered with the SEC, but has not yet launched.

⁽¹⁾  PIMCO has contractually agreed, through October 31, 2020, to reduce its Investment Advisory Fee by 0.20% of the average daily net assets of the Fund.

⁽²⁾ PIMCO has contractually agreed, through October 31, 2020, to reduce its Investment Advisory Fee by 0.10% of the average daily net assets of the Fund.

⁽³⁾  PIMCO has contractually agreed, through October 31, 2020, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares 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 shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with personal services rendered to Class A 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 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%

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 shares. For the period ended June 30, 2020, the Distributor retained $21,424 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 expenses; (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.

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, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier 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.

80 PIMCO EQUITY SERIES

June 30, 2020

Pursuant to the Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2020, to waive a portion of the Investment Advisory Fee as set forth in the following table (calculated as a percentage of each Fund’s average daily net assets). This 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. 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 Emerging Markets Fund		0.20%		10/31/2020
PIMCO RAE Global Fund		0.20%		10/31/2020
PIMCO RAE Global ex-US Fund		0.20%		10/31/2020
PIMCO RAE International Fund		0.10%		10/31/2020
PIMCO RAE US Fund		0.10%		10/31/2020
PIMCO RAE US Small Fund		0.10%		10/31/2020

In any month in which the investment advisory contract or supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the “Reimbursement Amount”) during the previous thirty-six months from the date of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. In addition, in any month in which the investment advisory contract is in effect, PIMCO is entitled to reimbursement by a Fund of any portion of the advisory fee waived as set forth above (the “RAE Reimbursement Amount”) during the previous thirty-six months from the time of waiver, provided that such amount paid to PIMCO will not: i) together with any recoupment of organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees or supervisory and administrative fees pursuant to the Expense Limitation Agreement, exceed, for such month, the Expense Limit; ii) exceed the total RAE Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO (from the Fee Waiver Agreement and Expense Limitation Agreement combined) at June 30, 2020, were as follows (amounts in thousands^†):

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO RAE Emerging Markets Fund	$	3,921	$	4,311	$	5,389	$	13,621
PIMCO RAE Global Fund		866		707		605		2,178
PIMCO RAE Global ex-US Fund		178		160		156		494
PIMCO RAE International Fund		564		609		629		1,802
PIMCO RAE US Fund		718		857		780		2,355
PIMCO RAE US Small Fund		124		161		219		504

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

Pursuant to a Fee Waiver, PIMCO has contractually agreed, through October 31, 2020, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of PIMCO RAE US Fund. This 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.

The waivers are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended June 30, 2020, the amounts were (in thousands^†):

	Waived Fees
PIMCO RAE Emerging Markets Fund	$	198
PIMCO RAE Global Fund		22
PIMCO RAE Global ex-US Fund		6
PIMCO RAE International Fund		38
PIMCO RAE US Fund		56
PIMCO RAE US Small Fund		11

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

(f) Acquired Fund Fees and Expenses  Acquired Fund expenses incurred by the Funds, if any, will vary with changes in the expenses of the Acquired Funds, as well as the allocation of the Funds’ assets.

ANNUAL REPORT JUNE 30, 2020 81

Notes to Financial Statements (Cont.)

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, 2020, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the PIMCO RAE Global Fund in an amount equal to its proportionate share of the Investment Advisory Fees and Supervisory and Administrative Fees charged by PIMCO to the Underlying Funds in which the Fund invests (the “Underlying Fund Fees”) indirectly incurred by the Fund in connection with its investments in Underlying Funds, to the extent the Fund’s Investment Advisory Fee or Investment Advisory Fee and Supervisory and Administrative Fee, taken together, are greater than or equal to the Underlying Fund Fees. This waiver 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 has contractually agreed, through October 31, 2020, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the PIMCO RAE Global ex-US Fund in an amount equal to the Underlying Fund Fees indirectly incurred by the Fund in connection with its investments in Underlying Funds, to the extent the Fund’s Investment Advisory Fee or Investment Advisory Fee and Supervisory and Administrative Fee, taken together, are greater than or equal to the Underlying Fund Fees. This waiver 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.

The waivers are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended June 30, 2020, the amounts were (in thousands^†):

Fund Name	Waived Fees
PIMCO RAE Emerging Markets Fund	$	5,191
PIMCO RAE Global Fund		2,014
PIMCO RAE Global ex-US Fund		565
PIMCO RAE International Fund		591
PIMCO RAE US Fund		724
PIMCO RAE US Small Fund		208

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

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.

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, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. 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 when distributed to shareholders). The transaction costs 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 June 30, 2020, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PIMCO RAE Emerging Markets Fund	$	0	$	0	$	1,404,965	$	2,113,091
PIMCO RAE Global Fund		0		0		116,148		85,702
PIMCO RAE Global ex-US Fund		0		0		26,676		25,526
PIMCO RAE International Fund		0		0		785,656		542,397
PIMCO RAE US Fund		0		0		239,683		320,444
PIMCO RAE US Small Fund		158		155		546,704		412,882

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

82 PIMCO EQUITY SERIES

June 30, 2020

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 RAE Emerging Markets Fund												PIMCO RAE Global Fund												PIMCO RAE Global ex-US Fund
	Year Ended 06/30/2020						Year Ended 06/30/2019						Year Ended 06/30/2020						Year Ended 06/30/2019						Year Ended 06/30/2020						Year Ended 06/30/2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		106,725		$	971,435			102,453		$	1,015,229			9,288		$	80,341			8,350		$	92,149			676		$	5,338			1,259		$	12,709
I-2		542			4,758			1,627			15,760			5			43			23			260			3			34			12			123
Class A		3,035			29,025			6,668			69,158			24			201			92			976			1,860			18,577			164			1,654
Class C		N/A			N/A			2	(a)		27	(a)		N/A			N/A			3	(a)		34	(a)		N/A			N/A			0	(a)		1	(a)
Issued as reinvestment of distributions
Institutional Class		8,443			84,424			20,956			196,505			2,098			21,861			2,703			26,021			449			4,610			211			1,951
I-2		8			77			113			1,053			1			15			18			170			1			10			1			12
Class A		33			324			90			838			12			120			14			137			67			680			4			37
Cost of shares redeemed
Institutional Class		(229,152	)		(1,735,767	)		(30,251	)		(304,408	)		(7,205	)		(62,887	)		(15,301	)		(164,049	)		(2,030	)		(18,776	)		(1,193	)		(11,767	)
I-2		(1,806	)		(16,841	)		(1,727	)		(17,183	)		(11	)		(90	)		(319	)		(3,313	)		(38	)		(377	)		(56	)		(562	)
Class A		(3,730	)		(34,998	)		(5,800	)		(60,478	)		(89	)		(826	)		(57	)		(584	)		(739	)		(6,753	)		(111	)		(1,115	)
Class C		N/A			N/A			(194	)(a)		(1,933	)(a)		N/A			N/A			(139	)(a)		(1,483	)(a)		N/A			N/A			(155	)(a)		(1,555	)(a)
Net increase (decrease) resulting from Fund share transactions		(115,902	)	$	(697,563	)		93,937		$	914,568			4,123		$	38,778			(4,613	)	$	(49,682	)		249		$	3,343			136		$	1,488

	PIMCO RAE International Fund												PIMCO RAE US Fund												PIMCO RAE US Small Fund
	Year Ended 06/30/2020						Year Ended 06/30/2019						Year Ended 06/30/2020						Year Ended 06/30/2019						Year Ended 06/30/2020						Year Ended 06/30/2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		99,138		$	731,893			24,322		$	242,483			15,595		$	157,838			17,018		$	187,272			64,231		$	474,380			6,118		$	73,970
I-2		166			1,451			80			782			1,715			17,369			939			10,218			86			777			87			938
Class A		98			884			136			1,306			336			3,362			776			8,577			301			2,794			168			1,828
Class C		N/A			N/A			5	(a)		49	(a)		N/A			N/A			28	(a)		321	(a)		N/A			N/A			8	(a)		97	(a)
Issued as reinvestment of distributions
Institutional Class		2,050			20,419			3,050			27,859			2,956			34,450			4,229			43,121			198			2,246			946			9,610
I-2		4			41			6			52			94			1,094			38			389			3			39			19			196
Class A		18			181			25			228			33			381			66			667			5			61			30			302
Cost of shares redeemed
Institutional Class		(64,099	)		(506,205	)		(22,511	)		(223,559	)		(26,279	)		(267,969	)		(22,286	)		(246,638	)		(42,767	)		(343,280	)		(6,409	)		(71,246	)
I-2		(152	)		(1,128	)		(189	)		(1,986	)		(1,345	)		(13,429	)		(331	)		(3,662	)		(228	)		(2,236	)		(221	)		(2,539	)
Class A		(235	)		(2,023	)		(110	)		(1,132	)		(341	)		(3,419	)		(715	)		(7,765	)		(237	)		(2,215	)		(216	)		(2,164	)
Class C		N/A			N/A			(90	)(a)		(883	)(a)		N/A			N/A			(457	)(a)		(5,213	)(a)		N/A			N/A			(72	)(a)		(817	)(a)
Net increase (decrease) resulting from Fund share transactions		36,988		$	245,513			4,724		$	45,199			(7,236	)	$	(70,323	)		(695	)	$	(12,713	)		21,592		$	132,566			458		$	10,175

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

^(a)  Class C Shares liquidated at the close of business on October 31, 2018.

ANNUAL REPORT JUNE 30, 2020 83

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, as of June 30, 2020. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser 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
PIMCO RAE Emerging Markets Fund		0		2		0%		65%
PIMCO RAE Global ex-US Fund		3		0		90%		0%
PIMCO RAE International Fund		0		2		0%		48%
PIMCO RAE US Fund		0		1		0%		21%
PIMCO RAE US Small Fund		0		2		0%		79%

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 June 30, 2020, 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.

As of June 30, 2020, the components of distributable taxable earnings are as follows (amounts in thousands^†):

	Undistributed Ordinary Income(1)		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation)(2)			Other Book-to-Tax Accounting Differences(3)			Accumulated Capital Losses(4)			Qualified Late-Year Loss Deferral - Capital(5)		Qualified Late-Year Loss Deferral - Ordinary(6)
PIMCO RAE Emerging Markets Fund	$	10,809	$	0	$	(37,343	)	$	(13	)	$	(512,100	)	$	0	$	0
PIMCO RAE Global Fund		0		748		(14,719	)		(5	)		0			0		(23	)
PIMCO RAE Global ex-US Fund		385		0		(13,058	)		(2	)		(1,628	)		0		0
PIMCO RAE International Fund		8,814		0		14,227			(6	)		(36,930	)		0		0
PIMCO RAE US Fund		6,847		0		77,386			(14	)		0			0		0
PIMCO RAE US Small Fund		35,493		3,688		33,456			(3	)		(28,605	)		0		0

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

⁽¹⁾  Includes undistributed short-term capital gains, if any.

⁽²⁾  Adjusted for open wash sale loss deferrals for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on convertible preferred securities, non-REIT return of capital, and passive foreign investment companies (PFICs).

⁽³⁾  Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for organizational expenditures.

⁽⁴⁾  Capital losses available to offset future net capital gains expire in varying amounts as shown below.

⁽⁵⁾  Capital losses realized during the period November 1, 2019 through June 30, 2020 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

⁽⁶⁾  Specified losses realized during the period November 1, 2019 through June 30, 2020 and Ordinary losses realized during the period January 1, 2020 through June 30, 2020, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

84 PIMCO EQUITY SERIES

June 30, 2020

Under the Regulated Investment Company 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 June 30, 2020, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO RAE Emerging Markets Fund*	$	232,414	$	279,686
PIMCO RAE Global Fund		0		0
PIMCO RAE Global ex-US Fund		157		1,471
PIMCO RAE International Fund*		18,248		18,682
PIMCO RAE US Fund		0		0
PIMCO RAE US Small Fund*		19,982		8,623

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

* 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.

As of June 30, 2020, 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)(7)
PIMCO RAE Emerging Markets Fund	$	1,262,798	$	175,649	$	(212,760	)	$	(37,111	)
PIMCO RAE Global Fund		292,280		2,972		(17,693	)		(14,721	)
PIMCO RAE Global ex-US Fund		77,522		0		(13,057	)		(13,057	)
PIMCO RAE International Fund		785,519		20,935		(6,732	)		14,203
PIMCO RAE US Fund		534,098		134,161		(56,775	)		77,386
PIMCO RAE US Small Fund		269,369		39,362		(5,906	)		33,456

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

⁽⁷⁾  Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) on investments are attributable to open wash sale loss deferrals, passive foreign investment companies (PFICs), convertible preferred securities, and non-REIT return of capital.

For the fiscal years ended June 30, 2020 and June 30, 2019, respectively, the Funds made the following tax basis distributions (amounts in thousands^†):

	June 30, 2020						June 30, 2019
	Ordinary Income Distributions(8)		Long-Term Capital Gain Distributions		Return of Capital(9)		Ordinary Income Distributions(8)		Long-Term Capital Gain Distributions		Return of Capital(9)
PIMCO RAE Emerging Markets Fund	$	75,011	$	10,192	$	0	$	70,027	$	128,371	$	0
PIMCO RAE Global Fund		10,700		11,300		0		10,981		15,349		0
PIMCO RAE Global ex-US Fund		3,068		2,232		0		2,000		0		0
PIMCO RAE International Fund		21,499		0		0		16,081		13,005		0
PIMCO RAE US Fund		21,796		16,805		0		20,150		26,421		0
PIMCO RAE US Small Fund		2,700		0		0		3,828		7,497		0

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

⁽⁹⁾  Includes short-term capital gains distributed, if any.

⁽¹⁰⁾  A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

ANNUAL REPORT JUNE 30, 2020 85

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Equity Series^® and Shareholders of PIMCO RAE Emerging Markets Fund, PIMCO RAE Global Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE International Fund, PIMCO RAE US Fund and PIMCO RAE US Small Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PIMCO RAE Emerging Markets Fund, PIMCO RAE Global Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE International Fund, PIMCO RAE US Fund and PIMCO RAE US Small Fund (six of the funds constituting PIMCO Equity Series^®, hereafter collectively referred to as the “Funds”) as of June 30, 2020, the related statements of operations for the year ended June 30, 2020, the statements of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2020, and each of the financial highlights for each of the five years in the period ended June 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

August 20, 2020

We have served as the auditor of one or more investment companies PIMCO Equity Series^® since 2010.

86 PIMCO EQUITY SERIES

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

(Unaudited)

Counterparty Abbreviations:
BCY	Barclays Capital, Inc.	FICC	Fixed Income Clearing Corporation	MSC	Morgan Stanley & Co. LLC.
BMO	BMO Capital Markets Corp.	FOB	Credit Suisse Securities (USA) LLC	SAL	Citigroup Global Markets, Inc.
BPG	BNP Paribas Securities Corp.	GSC	Goldman Sachs & Co. LLC	UBS	UBS Securities LLC
BSN	The Bank of Nova Scotia - Toronto	MBC	HSBC Bank Plc
Currency Abbreviations:
USD (or $)	United States Dollar
Exchange Abbreviations:
OTC	Over the Counter
Other Abbreviations:
ADR	American Depositary Receipt	REIT	Real Estate Investment Trust	TBA	To-Be-Announced
GDR	Global Depositary Receipt	SP - ADR	Sponsored American Depositary Receipt

ANNUAL REPORT JUNE 30, 2020 87

Federal Income Tax Information

(Unaudited)

As required by the Internal Revenue Code (“Code”) and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Funds’ fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Funds’ dividend distribution that qualifies under tax law. The percentage of the following Funds’ Fiscal 2020 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below:

Qualified Dividend Income.  Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended June 30, 2020 was designated as ‘qualified dividend income’ as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2020:

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).  Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2020 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2020 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Foreign Taxes.  The Funds’ have made an election under the Internal Revenue Code Section 853 to pass through foreign taxes paid. Shareholders will receive more detailed information along with their Form 1099-DIV.

	Dividend Received Deduction %		Qualified Dividend Income %		Qualified Interest Income (000s† )		Qualified Short-Term Capital Gain (000s†)		Foreign Source Income		Foreign Taxes Pass Through
PIMCO RAE Emerging Markets Fund		0.00%		89.98%	$	218	$	0	$	99,258,258	$	12,199,666
PIMCO RAE Global Fund		54.73%		100.00%		17		0		7,214,292		1,827,104
PIMCO RAE Global ex-US Fund		0.00%		86.90%		3		0		3,114,897		796,432
PIMCO RAE International Fund		0.00%		80.43%		17		0		20,085,997		1,940,598
PIMCO RAE US Fund		92.56%		95.38%		142		0		0		0
PIMCO RAE US Small Fund		100.00%		94.72%		45		0		0		0

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

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2021, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2020.

88 PIMCO EQUITY SERIES

Management of the Trust

(Unaudited)

The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Funds’ Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Funds’ website at www.pimco.com.

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served†	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Public Company and Investment Company Directorships Held by Trustee During the Past 5 Years
Interested Trustees1
Peter G. Strelow (1970) Chairman of the Board and Trustee	02/2019 to present	Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO.	146	Chairman and Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Brent R. Harris (1959) Trustee	03/2010 to present	Managing Director, PIMCO. Senior Vice President of the Trust, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust. Formerly, member of Executive Committee, PIMCO.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust; Director, StocksPLUS® Management, Inc; and member of Board of Governors, Investment Company Institute. Formerly, Chairman, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Independent Trustees
George E. Borst (1948) Trustee	05/2019 to present	Executive Advisor, McKinsey & Company; Formerly, Executive Advisor, Toyota Financial Services; and CEO, Toyota Financial Services.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, MarineMax Inc.
Jennifer Holden Dunbar (1963) Trustee	02/2016 to present	Managing Director, Dunbar Partners, LLC (business consulting and investments). Formerly, Partner, Leonard Green & Partners, L.P.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation.
Kym M. Hubbard (1957) Trustee	05/2019 to present	Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, State Auto Financial Corporation.
Gary F. Kennedy (1955) Trustee	05/2019 to present	Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group).	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.
Peter B. McCarthy (1950) Trustee	09/2011 to present	Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.
Ronald C. Parker (1951) Lead Independent Trustee	02/2016 to present Lead Independent Trustee 05/2019 to present	Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products).	146	Lead Independent Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.

* Unless otherwise noted, the information for the individuals listed is as of June 30, 2020.

¹  Mr. Harris and Mr. Strelow are “interested persons” of the Trust (as that term is defined in the Investment Company Act of 1940, as amended) because of their affiliations with PIMCO.

^†  Trustees serve until their successors are duly elected and qualified.

ANNUAL REPORT JUNE 30, 2020 89

Management of the Trust (Cont.)

Executive Officers

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years†
Eric D. Johnson (1970) President	06/2019 to present	Executive Vice President, PIMCO. President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
David C. Flattum (1964) Chief Legal Officer	05/2019 to present	Managing Director and General Counsel, PIMCO. Chief Legal Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Formerly, Managing Director, Chief Operating Officer and General Counsel, Allianz Asset Management of America L.P.
Keisha Audain-Pressley (1975)** Chief Compliance Officer	01/2020 to present	Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Brent R. Harris (1959) Senior Vice President	03/2010 to present	Managing Director, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Formerly, member of Executive Committee, PIMCO.
Joshua D. Ratner (1976)** Senior Vice President	05/2019 to present	Executive Vice President and Head of U.S. Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Peter G. Strelow (1970) Senior Vice President	06/2019 to present	Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO.
Ryan G. Leshaw (1980) Vice President, Senior Counsel, Secretary	05/2019 to present	Senior Vice President and Senior Counsel, PIMCO. Vice President, Senior Counsel and Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Associate, Willkie Farr & Gallagher LLP.
Wu-Kwan Kit (1981) Assistant Secretary	08/2017 to present	Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Assistant General Counsel, VanEck Associates Corp.
Stacie D. Anctil (1969) Vice President	05/2015 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Jeffrey A. Byer (1976) Vice President	02/2020 to present	Executive Vice President and Head of Americas Investment & Client Operations, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Brian J. Pittluck (1977) Vice President	01/2020 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Bradley A. Todd (1960) Treasurer	06/2019 to present	Senior Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Consultant, EY.
Bijal Y. Parikh (1978) Deputy Treasurer	01/2020 to present	Senior Vice President, PIMCO. Deputy Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Assistant Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Erik C. Brown (1967)** Assistant Treasurer	03/2010 to present	Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Brandon T. Evans (1982) Assistant Treasurer	05/2019 to present	Vice President, PIMCO. Assistant Treasurer, Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Colleen D. Miller (1980)** Assistant Treasurer	02/2017 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Christopher M. Morin (1980) Assistant Treasurer	08/2016 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Jason J. Nagler (1982)** Assistant Treasurer	05/2015 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.

90 PIMCO EQUITY SERIES

(Unaudited)

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years†
H. Jessica Zhang (1973)** Assistant Treasurer	01/2020 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.

* Unless otherwise noted, the information for the individuals listed is as of June 30, 2020.

^† The term “PIMCO-Sponsored Closed-End Funds” as used herein includes: PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Credit and Mortgage Income Fund, PIMCO Dynamic Income Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS^® & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term “PIMCO-Sponsored Interval Funds” as used herein includes: PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund.

** The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

ANNUAL REPORT JUNE 30, 2020 91

Privacy Policy¹

(Unaudited)

The Funds^2,3 consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ non-public personal information. The Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers or sub-advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Funds do not disclose any non-public personal information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Funds or their affiliates may also retain non-affiliated companies to market Fund shares or products which use Fund shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Funds reserve the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Funds believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any Fund in which a shareholder has invested. In addition, the Funds may disclose information about a shareholder or a shareholder’s accounts to a non-affiliated third party at the shareholder’s request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Funds may share shareholder information with their affiliates in connection with servicing shareholders’ accounts, and subject to applicable law may provide shareholders with information about products and services that the Funds or their Advisers, distributors or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds may share may include, for example, a shareholder’s participation in the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), information about the Funds’ experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder’s accounts, subject to applicable law. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have implemented procedures that are designed to restrict access to a shareholder’s non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder’s non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Funds or their service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Funds or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Funds may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

¹ Amended as of June 25, 2020.

² PIMCO Investments LLC (“PI”) serves as the Funds’ distributor and does not provide brokerage services or any financial advice to investors in the Funds solely because it distributes the Funds. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to “the Funds” shall include PI when acting in this capacity.

³ When distributing this Policy, a Fund may combine the distribution with any similar distribution of its investment adviser’s privacy policy. The distributed, combined, policy may be written in the first person (i.e. by using “we” instead of “the Funds”).

92 PIMCO EQUITY SERIES

Liquidity Risk Management Program

(Unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), PIMCO Equity Series (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for each series of the Trust (each a “Fund” and collectively, the “Funds”), which is reasonably designed to assess and manage the Funds’ liquidity risk. The Trust’s Board of Trustees (the “Board”) previously approved the designation of the PIMCO Liquidity Risk Committee (the “Administrator”) as Program administrator. The PIMCO Liquidity Risk Committee consists of senior members from certain PIMCO business areas, such as Portfolio Risk Management, Operations, Compliance, Funds Business Group, Account Management and Portfolio Management.

A Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions. Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. Each Fund has adopted a “Highly Liquid Investment Minimum” (or “HLIM”), which is a minimum amount of Fund net assets to be invested in highly liquid investments that are assets. As required under the Liquidity Rule, each Fund’s HLIM is periodically reviewed, no less frequently than annually, and the Funds have adopted policies and procedures for responding to a shortfall of a Fund’s highly liquid investments below its HLIM. The Liquidity Rule also limits the Funds’ investments in illiquid investments by prohibiting a Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. Certain non-public reporting is generally required if a Fund’s holdings of illiquid investments that are assets were to exceed 15% of Fund net assets.

At a meeting of the Board held on February 11-12, 2020, the Board received a report (the “Report”) from the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through November 30, 2019. The Report noted that the Program is operating effectively to assess and manage each Fund’s liquidity risk and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Funds’ liquidity developments. This has remained true for the 12-month reporting period ended June 30, 2020.

ANNUAL REPORT JUNE 30, 2020 93

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 Avenue

Kansas City, MO 64105

Transfer Agent

DST Asset Manager Solutions, Inc.

Institutional Class, I-2, Administrative Class

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

DST Asset Manager Solutions, Inc.

Class A, Class C, Class R

430 W 7th Street STE 219294

Kansas City, MO 64105-1407

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 Funds listed on the Report cover.

PES3003AR_063020

PIMCO EQUITY SERIES^®

Annual Report

June 30, 2020

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 2060 Fund

PIMCO REALPATH^® Blend Income Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, pimco.com/literature, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by visiting pimco.com/edelivery or by contacting your financial intermediary, such as a broker-dealer or bank.

You may elect to receive all future reports in paper free of charge. If you own these shares through a financial intermediary, such as a broker-dealer or bank, you may contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 888.87.PIMCO (888.877.4626). Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Fund or to all funds held in your account if you invest through a financial intermediary, such as a broker-dealer or bank.

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				69
Report of Independent Registered Public Accounting Firm				92
Glossary				93
Federal Income Tax Information				94
Management of the Trust				95
Privacy Policy				98
Liquidity Risk Management Program				99
Fund	Fund Summary		Schedule of Investments
PIMCO REALPATH® Blend 2025 Fund		8		42
PIMCO REALPATH® Blend 2030 Fund		10		46
PIMCO REALPATH® Blend 2035 Fund		12		49
PIMCO REALPATH® Blend 2040 Fund		14		52
PIMCO REALPATH® Blend 2045 Fund		16		55
PIMCO REALPATH® Blend 2050 Fund		18		58
PIMCO REALPATH® Blend 2055 Fund		20		61
PIMCO REALPATH® Blend 2060 Fund		22		64
PIMCO REALPATH® Blend Income Fund		24		66

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,

We hope that you and your family are staying safe and healthy during these challenging times. We continue to work tirelessly to navigate markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Equity Series Annual Report, which covers the 12-month reporting period ended June 30, 2020. On the subsequent pages, you will find specific details regarding investment results and discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended June 30, 2020

The coronavirus took its toll on the U.S. economy, as it entered its first recession since the 2008 financial crisis. Looking back, U.S. gross domestic product (“GDP”) grew at a revised annual pace of 2.6% and 2.4% during the third and fourth quarters of 2019, respectively. The pandemic then caused the economy to significantly weaken, as annualized GDP growth in the first quarter of 2020 was -5.0%. The Commerce Department’s initial estimate for second quarter annualized GDP growth — released after the reporting period ended — was -32.9%. This represented the sharpest quarterly decline on record.

The Federal Reserve (the “Fed”) took unprecedented actions to support the economy and keep markets functioning properly. In early March 2020, the Fed lowered the federal funds rate to a range between 1.00% and 1.25%. Later in the month, the Fed lowered the rate to a range between 0.00% and 0.25%. On March 23, the Fed announced, “It has become clear that our economy will face severe disruptions. Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate.” The Fed’s efforts included the ability to make unlimited purchases of Treasury and mortgage securities. It also announced that, for the first time, it would purchase existing corporate bonds on the open market. In addition, the U.S. government passed a $2 trillion fiscal stimulus bill to aid the economy in March.

In its June 2020 World Economic Outlook Update, the International Monetary Fund (“IMF”) stated that it expects the U.S. economy to contract 8.0% in 2020, compared to the 2.3% GDP expansion in 2019. Elsewhere, the IMF has also stated that it anticipates that 2020 GDP growth in the eurozone, U.K. and Japan will be -10.2%, -10.2% and -5.8%, respectively. For comparison purposes, the GDP of these economies expanded 1.3%, 1.4% and 0.7%, respectively, in 2019.

Against this backdrop, central banks around the world took a number of aggressive actions. In Europe, the European Central Bank (the “ECB”) unveiled a new €750 billion bond-buying program, which was subsequently expanded by another €600 billion in June 2020. Finally, in July — after the reporting period ended — the European Union agreed on a $2.06 trillion spending package to bolster its economy. In March, the Bank of England reduced its key lending rate to 0.10% — a record low. Elsewhere, the Bank of Japan maintained its short-term interest rates at -0.1%, while increasing the target for its holdings of corporate bonds to ¥4.2 trillion from ¥3.2 trillion. Japan’s central bank also doubled its purchases of exchange-traded stock funds. Meanwhile, in May 2020, the Japanese government doubled its stimulus measures with a ¥117 trillion package.

Both short- and long-term U.S. Treasury yields fell sharply during the reporting period. In our view, this was due to a combination of declining global growth given the coronavirus, the Fed’s accommodative monetary policy and periods of extreme investor risk aversion. The yield on the benchmark 10-year U.S. Treasury note was 0.66% at the end of the reporting period, versus 2.00% on June 30, 2019. The Bloomberg Barclays Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including both developed and emerging markets, returned 6.01%. Meanwhile, the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned 6.90%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated weaker results. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below investment grade bonds, returned -0.75%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 1.52%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -2.82%.

2 PIMCO EQUITY SERIES

After initially rising, global equities experienced a sharp decline in February and March 2020. We believe this was largely due to concerns over the impact of the coronavirus. In March 2020, the U.S. equity market ended its 11-year bull market run, and then posted the fastest fall on record from its all-time high to bear market territory. However, global equities rallied sharply in April, May and June 2020, in our view because investor sentiment improved given significant stimulus efforts from central banks around the world. All told, during the 12-months ended June 30, 2020, U.S. equities, as represented by the S&P 500 Index, returned 7.51% and global equities, as represented by the MSCI World Index, returned 2.84%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 6.98% and European equities, as represented by the MSCI Europe Index (in EUR), returned -5.48%. Finally, emerging market equities, as measured by the MSCI Emerging Markets Index, returned -3.39%.

Commodity prices were extremely volatile and generated mixed results. When the reporting period began, Brent crude oil was approximately $67 a barrel. It ended the reporting period at roughly $41 a barrel after briefly trading below $15. Elsewhere, copper prices were relatively flat, whereas gold prices moved higher.

Finally, there were periods of volatility in the foreign exchange markets, due in part, in our view, to signs of moderating global growth, trade conflicts and changing central bank monetary policies, along with a number of geopolitical events. The U.S. dollar strengthened against a number of other major currencies. For example, the U.S. dollar returned 1.22%, 2.32% and 0.07% versus the euro, the British pound and the Japanese yen, respectively.

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

Sincerely,     Peter G. Strelow Chairman of the Board
PIMCO Equity Series  

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.

ANNUAL REPORT JUNE 30, 2020 3

Important Information About the Funds

PIMCO Equity Series (the “Trust”) is an open-end management investment company that includes 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 2060 Fund and PIMCO REALPATH^® Blend Income Fund (each, a “Fund” and collectively, the “Funds”).

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 and funds sub-advised by Gurtin Municipal Bond Management (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.

We believe that equity funds and bond funds have an important role to play in a well-diversified portfolio. It is important to note, however, that equity funds and bond 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.

Bond funds and fixed income securities are subject to a variety of risks, including interest rate risk, liquidity risk and market risk. In an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund (and/or Underlying PIMCO Funds or Acquired Funds, as applicable) are likely to decrease in value. A wide variety 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 unpredictable, and there is no guarantee that management will anticipate such movement accurately. A Fund may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States are at or near historically low levels. Thus, the Funds currently face a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. 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.

Classifications of the Funds’ portfolio holdings in this report are made according to financial reporting standards. The classification of a

4 PIMCO EQUITY SERIES

particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Funds’ compliance calculations, including those used in the Funds’ prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, 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.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds’ performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds’ service providers and disrupt the Funds’ operations.

The United States presidential administration’s enforcement of tariffs on goods from other countries, with a focus on China, has contributed to international trade tensions and may impact portfolio securities held by the Underlying PIMCO Funds or Acquired Funds.

The United Kingdom’s withdrawal from the European Union may impact Fund returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to phase out the use of LIBOR by the end of 2021. The transition may result in a reduction in the value of certain instruments held by a Fund or a reduction in the effectiveness of related Fund transactions such as hedges. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace

U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities), and any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests are not known and could result in losses to a Fund.

Under the direction of the Federal Housing Finance Agency, the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Mortgage Corporation (“FHLMC”) have entered into a joint initiative to develop a common securitization platform for the issuance of a uniform mortgage-backed security (the “Single Security Initiative”) that aligns the characteristics of FNMA and FHLMC certificates. The Single Security Initiative was implemented on June 3, 2019, and the effects it may have on the market for mortgage-backed securities are uncertain.

The PIMCO REALPATH^® Blend Funds are intended for investors who prefer to have their asset allocation decisions made by professional

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

ANNUAL REPORT JUNE 30, 2020 5

Important Information About the Funds (cont.)

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. Historical performance for a Fund or share class may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

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 A

Class R

Diversification Status

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 2060 Fund

12/31/19

12/31/19

12/31/19

12/31/19

—

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 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.

6 PIMCO EQUITY SERIES

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds’ complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. Prior to its use of Form N-PORT, each Fund filed its complete schedule of its portfolio holdings with the SEC on Form N-Q, which is available online at www.sec.gov.

The SEC adopted a rule that, beginning in 2021, generally will allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Pursuant to the rule, investors may still elect to receive a complete shareholder report in the mail. Instructions for electing to receive paper copies of a Fund’s shareholder reports going forward may be found on the front cover of this report.

In November 2019, the SEC published a proposed rulemaking related to the use of derivatives and certain other transactions by registered investment companies. If the proposal is adopted in substantially the same form as it was proposed, these requirements could limit the ability of a Fund to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies. Any new requirements, if adopted, may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors.

In April 2020, the SEC issued a proposed rulemaking setting forth a proposed framework for fair valuation of fund investments. If the proposal is adopted in substantially the same form as it was proposed, the rule would set forth requirements for good faith determinations of fair value, establish conditions under which a market quotation is considered readily available for purposes of the definition of “value” under the Investment Company Act of 1940, and address the roles and responsibilities of a fund’s board of trustees and investment adviser with respect to fair valuation of fund investments. The impact that any such requirements may have on the Funds is uncertain.

On August 5, 2020, the SEC proposed changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which, if adopted, will change the disclosures provided to shareholders.

ANNUAL REPORT JUNE 30, 2020 7

PIMCO REALPATH^® Blend 2025 Fund

Cumulative Returns Through June 30, 2020

$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 under normal circumstances 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 of the preceding securities mentioned. 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. 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 June 30, 2020
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2025 Fund Institutional Class		6.41%		6.42%		5.90%
	PIMCO REALPATH® Blend 2025 Fund Administrative Class		6.19%		6.15%		5.64%
	PIMCO REALPATH® Blend 2025 Fund Class A		5.88%		5.89%		5.38%
	PIMCO REALPATH® Blend 2025 Fund Class A (adjusted)		0.04%		4.70%		4.30%
	S&P Target Date 2025 Index±		3.65%		5.82%		5.66%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

^± 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 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 0.50% for the Institutional Class shares, 0.75% for the Administrative Class shares, and 1.00% 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 - PPZRX Administrative Class - PPZDX Class A -  PPZAX

Top 10 Holdings as of June 30, 2020^†§

Vanguard Institutional Index Fund ‘Institutional’	25.6%
PIMCO Income Fund	13.7%
Vanguard Developed Markets Index Fund ‘Institutional’	12.8%
PIMCO Total Return Fund	11.3%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	8.3%
PIMCO Long-Term Real Return Fund	5.7%
PIMCO Real Return Fund	4.7%
PIMCO Emerging Markets Local Currency and Bond Fund	3.8%
PIMCO Long-Term U.S. Government Fund	2.4%
PIMCO High Yield Fund	2.4%

^† % 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 (on a gross basis) during the reporting period:

» Exposure to U.S. core bonds contributed to absolute performance, as U.S. core bonds posted positive returns.

» Exposure to U.S. long-term Treasury inflation-protected securities (“TIPS”) contributed to absolute performance, as U.S. long-term TIPS posted positive returns.

» Exposure to U.S. large market capitalization equities contributed to absolute performance, as U.S. large market capitalization equities posted positive returns.

» Exposure to U.S. long-term Treasuries contributed to absolute performance, as U.S. long-term Treasuries posted positive returns.

» Exposure to U.S. real estate investment trusts (“REITs”) detracted from absolute performance, as REITs posted negative returns.

ANNUAL REPORT JUNE 30, 2020 9

PIMCO REALPATH^® Blend 2030 Fund

Cumulative Returns Through June 30, 2020

$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 under normal circumstances 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 of the preceding securities mentioned. 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. 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 June 30, 2020
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2030 Fund Institutional Class		4.98%		6.64%		6.12%
	PIMCO REALPATH® Blend 2030 Fund Administrative Class		4.76%		6.38%		5.86%
	PIMCO REALPATH® Blend 2030 Fund Class A		4.41%		6.11%		5.59%
	PIMCO REALPATH® Blend 2030 Fund Class A (adjusted)		(1.34)%		4.92%		4.52%
	S&P Target Date 2030 Index±		2.91%		6.02%		5.88%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

^± 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 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 0.44% for the Institutional Class shares, 0.69% for the Administrative Class shares, and 0.94% 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 - PBPNX Administrative Class - PBPRX Class A - PBPAX

Top 10 Holdings as of June 30, 2020^†§

Vanguard Institutional Index Fund ‘Institutional’	31.1%
Vanguard Developed Markets Index Fund ‘Institutional’	14.7%
PIMCO Income Fund	12.0%
PIMCO Total Return Fund	9.6%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	9.1%
PIMCO Real Return Fund	4.0%
PIMCO Emerging Markets Local Currency and Bond Fund	3.4%
PIMCO Long-Term Real Return Fund	3.0%
Vanguard Small-Cap Index Fund ‘Admiral’	2.7%
PIMCO High Yield Fund	2.4%

^† % 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 (on a gross basis) during the reporting period:

» Exposure to U.S. core bonds contributed to absolute performance, as U.S. core bonds posted positive returns.

» Exposure to U.S. long-term Treasury inflation-protected securities (“TIPS”) contributed to absolute performance, as U.S. long-term TIPS posted positive returns.

» Exposure to U.S. large market capitalization equities contributed to absolute performance, as U.S. large market capitalization equities posted positive returns.

» Exposure to U.S. long-term Treasuries contributed to absolute performance, as U.S. long-term Treasuries posted positive returns.

» Exposure to U.S. real estate investment trusts (“REITs”) detracted from absolute performance, as REITs posted negative returns.

ANNUAL REPORT JUNE 30, 2020 11

PIMCO REALPATH^® Blend 2035 Fund

Cumulative Returns Through June 30, 2020

$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 under normal circumstances 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 of the preceding securities mentioned. 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. 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 June 30, 2020
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2035 Fund Institutional Class		3.47%		6.44%		6.01%
	PIMCO REALPATH® Blend 2035 Fund Administrative Class		3.15%		6.15%		5.73%
	PIMCO REALPATH® Blend 2035 Fund Class A		2.95%		5.92%		5.50%
	PIMCO REALPATH® Blend 2035 Fund Class A (adjusted)		(2.75)%		4.74%		4.42%
	S&P Target Date 2035 Index±		2.12%		6.17%		6.06%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

^± 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 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 0.37% for the Institutional Class shares, 0.62% for the Administrative Class shares, and 0.87% 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 - PDGZX Administrative Class - PDGDX Class A -  PDGAX

Top 10 Holdings as of June 30, 2020^†§

Vanguard Institutional Index Fund ‘Institutional’	35.2%
Vanguard Developed Markets Index Fund ‘Institutional’	17.4%
PIMCO Income Fund	10.2%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	9.5%
PIMCO Total Return Fund	7.8%
PIMCO Real Return Fund	3.2%
Vanguard Small-Cap Index Fund ‘Admiral’	3.2%
PIMCO Emerging Markets Local Currency and Bond Fund	3.0%
PIMCO High Yield Fund	2.3%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.9%

^† % 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 (on a gross basis) during the reporting period:

» Exposure to U.S. core bonds contributed to absolute performance, as U.S. core bonds posted positive returns.

» Exposure to U.S. long-term Treasury inflation-protected securities (“TIPS”) contributed to absolute performance, as U.S. long-term TIPS posted positive returns.

» Exposure to U.S. large market capitalization equities contributed to absolute performance, as U.S. large market capitalization equities posted positive returns.

» Exposure to U.S. long-term Treasuries contributed to absolute performance, as U.S. long-term Treasuries posted positive returns.

» Exposure to U.S. real estate investment trusts (“REITs”) detracted from absolute performance, as REITs posted negative returns.

ANNUAL REPORT JUNE 30, 2020 13

PIMCO REALPATH^® Blend 2040 Fund

Cumulative Returns Through June 30, 2020

$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 under normal circumstances 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 of the preceding securities mentioned. 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. 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 June 30, 2020
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2040 Fund Institutional Class		2.76%		6.41%		6.05%
	PIMCO REALPATH® Blend 2040 Fund Administrative Class		2.45%		6.13%		5.77%
	PIMCO REALPATH® Blend 2040 Fund Class A		2.17%		5.86%		5.50%
	PIMCO REALPATH® Blend 2040 Fund Class A (adjusted)		(3.46)%		4.66%		4.43%
	S&P Target Date 2040 Index±		1.56%		6.28%		6.19%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

^± 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 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 0.30% for the Institutional Class shares, 0.55% for the Administrative Class shares, and 0.80% 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 - PVPNX Administrative Class - PVPRX Class A -  PVPAX

Top 10 Holdings as of June 30, 2020^†§

Vanguard Institutional Index Fund ‘Institutional’	39.6%
Vanguard Developed Markets Index Fund ‘Institutional’	20.0%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	9.9%
PIMCO Income Fund	8.1%
PIMCO Total Return Fund	5.7%
Vanguard Small-Cap Index Fund ‘Admiral’	3.8%
PIMCO Emerging Markets Local Currency and Bond Fund	2.5%
PIMCO High Yield Fund	2.4%
PIMCO Real Return Fund	2.4%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.6%

^† % 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 (on a gross basis) during the reporting period:

» Exposure to U.S. core bonds contributed to absolute performance, as U.S. core bonds posted positive returns.

» Exposure to U.S. long-term Treasury inflation-protected securities (“TIPS”) contributed to absolute performance, as U.S. long-term TIPS posted positive returns.

» Exposure to U.S. large market capitalization equities contributed to absolute performance, as U.S. large market capitalization equities posted positive returns.

» Exposure to U.S. long-term Treasuries contributed to absolute performance, as U.S. long-term Treasuries posted positive returns.

» Exposure to global equities detracted from absolute performance, as global equities posted negative returns.

ANNUAL REPORT JUNE 30, 2020 15

PIMCO REALPATH^® Blend 2045 Fund

Cumulative Returns Through June 30, 2020

$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 under normal circumstances 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 of the preceding securities mentioned. 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. 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 June 30, 2020
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2045 Fund Institutional Class		2.16%		6.24%		5.95%
	PIMCO REALPATH® Blend 2045 Fund Administrative Class		1.85%		5.98%		5.68%
	PIMCO REALPATH® Blend 2045 Fund Class A		1.64%		5.72%		5.41%
	PIMCO REALPATH® Blend 2045 Fund Class A (adjusted)		(3.97)%		4.53%		4.34%
	S&P Target Date 2045 Index±		1.19%		6.34%		6.26%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

^± 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 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 0.25% for the Institutional Class shares, 0.50% for the Administrative Class 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 - PVQNX Administrative Class - PVQDX Class A -  PVQAX

Top 10 Holdings as of June 30, 2020^†§

Vanguard Institutional Index Fund ‘Institutional’	42.7%
Vanguard Developed Markets Index Fund ‘Institutional’	21.7%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	10.3%
PIMCO Income Fund	6.0%
Vanguard Small-Cap Index Fund ‘Admiral’	4.2%
PIMCO Total Return Fund	3.7%
PIMCO High Yield Fund	2.4%
PIMCO Emerging Markets Local Currency and Bond Fund	2.0%
PIMCO Real Return Fund	1.5%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.4%

^† % 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 (on a gross basis) during the reporting period:

» Exposure to U.S. core bonds contributed to absolute performance, as U.S. core bonds posted positive returns.

» Exposure to U.S. long-term Treasury inflation-protected securities (“TIPS”) contributed to absolute performance, as U.S. long-term TIPS posted positive returns.

» Exposure to U.S. large market capitalization equities contributed to absolute performance, as U.S. large market capitalization equities posted positive returns.

» Exposure to U.S. long-term Treasuries contributed to absolute performance, as U.S. long-term Treasuries posted positive returns.

» Exposure to global equities detracted from absolute performance, as global equities posted negative returns.

ANNUAL REPORT JUNE 30, 2020 17

PIMCO REALPATH^® Blend 2050 Fund

Cumulative Returns Through June 30, 2020

$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 under normal circumstances 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 of the preceding securities mentioned. 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. 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 June 30, 2020
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2050 Fund Institutional Class		1.66%		6.24%		5.97%
	PIMCO REALPATH® Blend 2050 Fund Administrative Class		1.43%		5.98%		5.69%
	PIMCO REALPATH® Blend 2050 Fund Class A		1.16%		5.71%		5.43%
	PIMCO REALPATH® Blend 2050 Fund Class A (adjusted)		(4.41)%		4.51%		4.35%
	S&P Target Date 2050 Index±		1.05%		6.42%		6.36%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

^± 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 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 0.22% for the Institutional Class shares, 0.47% for the Administrative Class 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.

18 PIMCO EQUITY SERIES

Institutional Class - PPQZX Administrative Class - PPQDX Class A -  PPQAX

Top 10 Holdings as of June 30, 2020^†§

Vanguard Institutional Index Fund ‘Institutional’	44.3%
Vanguard Developed Markets Index Fund ‘Institutional’	23.5%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	10.6%
PIMCO Income Fund	4.8%
Vanguard Small-Cap Index Fund	4.4%
PIMCO Total Return Fund	2.4%
PIMCO High Yield Fund	2.4%
PIMCO Emerging Markets Local Currency and Bond Fund	1.8%
PIMCO Real Return Fund	1.0%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.3%

^† % 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 (on a gross basis) during the reporting period:

» Exposure to U.S. core bonds contributed to absolute performance, as U.S. core bonds posted positive returns.

» Exposure to U.S. long-term Treasury inflation-protected securities (“TIPS”) contributed to absolute performance, as U.S. long-term TIPS posted positive returns.

» Exposure to U.S. large market capitalization equities contributed to absolute performance, as U.S. large market capitalization equities posted positive returns.

» Exposure to U.S. long-term Treasuries contributed to absolute performance, as U.S. long-term Treasuries posted positive returns.

» Exposure to global equities detracted from absolute performance, as global equities posted negative returns.

ANNUAL REPORT JUNE 30, 2020 19

PIMCO REALPATH^® Blend 2055 Fund

Cumulative Returns Through June 30, 2020

$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 under normal circumstances 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 of the preceding securities mentioned. 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. 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 June 30, 2020
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2055 Fund Institutional Class		1.33%		6.10%		5.84%
	PIMCO REALPATH® Blend 2055 Fund Administrative Class		1.15%		5.84%		5.58%
	PIMCO REALPATH® Blend 2055 Fund Class A		0.85%		5.55%		5.28%
	PIMCO REALPATH® Blend 2055 Fund Class A (adjusted)		(4.67)%		4.36%		4.21%
	S&P Target Date 2055 Index±		0.89%		6.45%		6.40%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

^± 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 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 0.23% for the Institutional Class shares, 0.48% for the Administrative Class 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.

20 PIMCO EQUITY SERIES

Institutional Class - PRQZX Administrative Class - PRQDX Class A -  PRQAX

Top 10 Holdings as of June 30, 2020^†§

Vanguard Institutional Index Fund ‘Institutional’	43.4%
Vanguard Developed Markets Index Fund ‘Institutional’	23.7%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	10.5%
PIMCO Income Fund	4.3%
Vanguard Small-Cap Index Fund ‘Admiral’	4.3%
PIMCO High Yield Fund	2.3%
PIMCO Total Return Fund	2.0%
PIMCO Emerging Markets Local Currency and Bond Fund	1.6%
PIMCO Real Return Fund	0.8%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.2%

^† % 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 (on a gross basis) during the reporting period:

» Exposure to U.S. core bonds contributed to absolute performance, as U.S. core bonds posted positive returns.

» Exposure to U.S. long-term Treasury inflation-protected securities (“TIPS”) contributed to absolute performance, as U.S. long-term TIPS posted positive returns.

» Exposure to U.S. large market capitalization equities contributed to absolute performance, as U.S. large market capitalization equities posted positive returns.

» Exposure to U.S. long-term Treasuries contributed to absolute performance, as U.S. long-term Treasuries posted positive returns.

» Exposure to global equities detracted from absolute performance, as global equities posted negative returns.

ANNUAL REPORT JUNE 30, 2020 21

PIMCO REALPATH^® Blend 2060 Fund

Cumulative Returns Through June 30, 2020

$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 2060 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances 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 of the preceding securities mentioned. 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. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Cumulative Total Return for the period ended June 30, 2020
		Fund Inception (12/31/19)
	PIMCO REALPATH® Blend 2060 Fund Institutional Class		(6.50)%
	PIMCO REALPATH® Blend 2060 Fund Administrative Class		(6.60)%
	PIMCO REALPATH® Blend 2060 Fund Class A		(6.80)%
	PIMCO REALPATH® Blend 2060 Fund Class A (adjusted)		(11.91)%
	S&P Target Date 2060+ Index±		(6.67)%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

^± 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 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 0.39% for the Institutional Class shares, 0.64% for the Administrative Class shares, and 0.89% 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 - PRBMX Administrative Class - PRBEX Class A -  PRBAX

Top 10 Holdings as of June 30, 2020^†§

Vanguard 500 Index Fund ‘Admiral’	46.7%
Vanguard Developed Markets Index Fund ‘Admiral’	25.6%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	11.3%
PIMCO Income Fund	4.6%
Vanguard Small-Cap Index Fund ‘Admiral’	4.5%
PIMCO High Yield Fund	2.5%
PIMCO Total Return Fund	2.1%
PIMCO Emerging Markets Local Currency and Bond Fund	1.7%
PIMCO Real Return Fund	0.8%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.2%

^† % 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 (on a gross basis) during the reporting period:

» Exposure to global equities detracted from absolute performance, as global equities posted negative returns.

» Exposure to U.S. large market capitalization equities detracted from absolute performance, as U.S. large market capitalization equities posted negative returns.

» Exposure to emerging market equities detracted from absolute performance, as emerging market equities posted negative returns.

» Exposure to U.S. real estate investment trusts (“REITs”) detracted from absolute performance, as REITs posted negative returns.

» Exposure to U.S. core bonds contributed to absolute performance, as U.S. core bonds posted positive returns.

ANNUAL REPORT JUNE 30, 2020 23

PIMCO REALPATH^® Blend Income Fund

Cumulative Returns Through June 30, 2020

$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 under normal circumstances 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 of the preceding securities mentioned. The Fund may invest in Institutional Class or Class M shares of any funds of the PIMCO Equity Series (the “Trust”) and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds and series of PIMCO Funds sub-advised by Gurtin Municipal Bond Management (“Underlying PIMCO Funds”), and unaffiliated funds that are registered under the 1940 Act (collectively, “Acquired Funds”). 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. 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 June 30, 2020
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend Income Fund Institutional Class		6.16%		6.10%		5.53%
	PIMCO REALPATH® Blend Income Fund Administrative Class		6.02%		5.87%		5.28%
	PIMCO REALPATH® Blend Income Fund Class A		5.71%		5.59%		5.03%
	PIMCO REALPATH® Blend Income Fund Class A (adjusted)		(0.07)%		4.39%		3.95%
	S&P Target Date Retirement Income Index±		5.39%		4.70%		4.42%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

^± 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 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 0.60% for the Institutional Class shares, 0.85% for the Administrative Class shares, and 1.10% 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 June 30, 2020^†§

Vanguard Institutional Index Fund ‘Institutional’	19.4%
PIMCO Income Fund	17.1%
PIMCO Total Return Fund	14.6%
Vanguard Developed Markets Index Fund ‘Institutional’	10.2%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	7.3%
PIMCO Real Return Fund	6.0%
PIMCO Long-Term Real Return Fund	5.6%
PIMCO Emerging Markets Local Currency and Bond Fund	4.6%
PIMCO High Yield Fund	2.4%
PIMCO Long-Term U.S. Government Fund	2.4%

^† % 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 (on a gross basis) during the reporting period:

» Exposure to U.S. core bonds contributed to absolute performance, as U.S. core bonds posted positive returns.

» Exposure to U.S. long-term Treasury inflation-protected securities (“TIPS”) contributed to absolute performance, as U.S. long-term TIPS posted positive returns.

» Exposure to U.S. large market capitalization equities contributed to absolute performance, as U.S. large market capitalization equities posted positive returns.

» Exposure to U.S. long-term Treasuries contributed to absolute performance, as U.S. long-term Treasuries posted positive returns.

» Exposure to U.S. real estate investment trusts (“REITs”) detracted from absolute performance, as REITs posted negative returns.

ANNUAL REPORT JUNE 30, 2020 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 investment advisory fees, supervisory and administrative 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 January 1, 2020 to June 30, 2020 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 investment advisory fees and supervisory and administrative 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 (01/01/20)		Ending Account Value (06/30/20)		Expenses Paid During Period*		Beginning Account Value (01/01/20)		Ending Account Value (06/30/20)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO REALPATH® Blend 2025 Fund
Institutional Class	$	1,000.00	$	1,001.20	$	0.20	$	1,000.00	$	1,024.53	$	0.20		0.04	%
Administrative Class		1,000.00		1,000.10		1.43		1,000.00		1,023.29		1.45		0.29
Class A		1,000.00		998.50		2.67		1,000.00		1,022.06		2.70		0.54
PIMCO REALPATH® Blend 2030 Fund
Institutional Class	$	1,000.00	$	981.10	$	0.24	$	1,000.00	$	1,024.48	$	0.25		0.05	%
Administrative Class		1,000.00		980.00		1.47		1,000.00		1,023.24		1.50		0.30
Class A		1,000.00		977.60		2.69		1,000.00		1,022.01		2.75		0.55
PIMCO REALPATH® Blend 2035 Fund
Institutional Class	$	1,000.00	$	961.90	$	0.29	$	1,000.00	$	1,024.43	$	0.30		0.06	%
Administrative Class		1,000.00		960.70		1.50		1,000.00		1,023.19		1.55		0.31
Class A		1,000.00		960.10		2.71		1,000.00		1,021.96		2.80		0.56
PIMCO REALPATH® Blend 2040 Fund
Institutional Class	$	1,000.00	$	952.00	$	0.29	$	1,000.00	$	1,024.43	$	0.30		0.06	%
Administrative Class		1,000.00		950.00		1.49		1,000.00		1,023.19		1.55		0.31
Class A		1,000.00		948.30		2.70		1,000.00		1,021.96		2.80		0.56

26 PIMCO EQUITY SERIES

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (01/01/20)		Ending Account Value (06/30/20)		Expenses Paid During Period*		Beginning Account Value (01/01/20)		Ending Account Value (06/30/20)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO REALPATH® Blend 2045 Fund
Institutional Class	$	1,000.00	$	943.90	$	0.29	$	1,000.00	$	1,024.43	$	0.30		0.06	%
Administrative Class		1,000.00		942.70		1.49		1,000.00		1,023.19		1.55		0.31
Class A		1,000.00		941.80		2.69		1,000.00		1,021.96		2.80		0.56
PIMCO REALPATH® Blend 2050 Fund
Institutional Class	$	1,000.00	$	938.70	$	0.29	$	1,000.00	$	1,024.43	$	0.30		0.06	%
Administrative Class		1,000.00		937.50		1.49		1,000.00		1,023.19		1.55		0.31
Class A		1,000.00		935.70		2.68		1,000.00		1,021.96		2.80		0.56
PIMCO REALPATH® Blend 2055 Fund
Institutional Class	$	1,000.00	$	934.80	$	0.33	$	1,000.00	$	1,024.38	$	0.35		0.07	%
Administrative Class		1,000.00		933.70		1.53		1,000.00		1,023.14		1.60		0.32
Class A		1,000.00		932.80		2.72		1,000.00		1,021.91		2.85		0.57
PIMCO REALPATH® Blend 2060 Fund
Institutional Class	$	1,000.00	$	935.00	$	0.24	$	1,000.00	$	1,024.48	$	0.25		0.05	%
Administrative Class		1,000.00		934.00		1.43		1,000.00		1,023.24		1.50		0.30
Class A		1,000.00		932.00		2.63		1,000.00		1,022.01		2.75		0.55
PIMCO REALPATH® Blend Income Fund
Institutional Class	$	1,000.00	$	1,007.50	$	0.20	$	1,000.00	$	1,024.53	$	0.20		0.04	%
Administrative Class		1,000.00		1,006.50		1.44		1,000.00		1,023.29		1.45		0.29
Class A		1,000.00		1,005.20		2.68		1,000.00		1,022.06		2.70		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 181/366 (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.

ANNUAL REPORT JUNE 30, 2020 27

Financial Highlights

			Investment Operations							Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total		From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO REALPATH® Blend 2025 Fund
Institutional Class
06/30/2020	$	11.33	$	0.36	$	0.36		$	0.72	$	(0.34	)	$	0.00		$	0.00	$	(0.34	)
06/30/2019		11.15		0.36		0.32			0.68		(0.32	)		(0.18	)		0.00		(0.50	)
06/30/2018		10.63		0.31		0.43			0.74		(0.22	)		0.00			0.00		(0.22	)
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	)
Administrative Class
06/30/2020		11.31		0.34		0.36			0.70		(0.32	)		0.00			0.00		(0.32	)
06/30/2019		11.13		0.32		0.34			0.66		(0.30	)		(0.18	)		0.00		(0.48	)
06/30/2018		10.62		0.33		0.38			0.71		(0.20	)		0.00			0.00		(0.20	)
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	)
Class A
06/30/2020		11.31		0.31		0.35			0.66		(0.29	)		0.00			0.00		(0.29	)
06/30/2019		11.13		0.29		0.34			0.63		(0.27	)		(0.18	)		0.00		(0.45	)
06/30/2018		10.62		0.25		0.43			0.68		(0.17	)		0.00			0.00		(0.17	)
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	)
PIMCO REALPATH® Blend 2030 Fund
Institutional Class
06/30/2020	$	11.54	$	0.35	$	0.22		$	0.57	$	(0.33	)	$	(0.02	)	$	0.00	$	(0.35	)
06/30/2019		11.39		0.34		0.39			0.73		(0.32	)		(0.26	)		0.00		(0.58	)
06/30/2018		10.81		0.30		0.54			0.84		(0.24	)		(0.02	)		0.00		(0.26	)
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	)
Administrative Class
06/30/2020		11.52		0.33		0.22			0.55		(0.30	)		(0.02	)		0.00		(0.32	)
06/30/2019		11.38		0.30		0.39			0.69		(0.29	)		(0.26	)		0.00		(0.55	)
06/30/2018		10.80		0.32		0.50			0.82		(0.22	)		(0.02	)		0.00		(0.24	)
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	)
Class A
06/30/2020		11.50		0.29		0.22			0.51		(0.28	)		(0.02	)		0.00		(0.30	)
06/30/2019		11.36		0.28		0.39			0.67		(0.27	)		(0.26	)		0.00		(0.53	)
06/30/2018		10.78		0.25		0.54			0.79		(0.19	)		(0.02	)		0.00		(0.21	)
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	)
PIMCO REALPATH® Blend 2035 Fund
Institutional Class
06/30/2020	$	11.58	$	0.33	$	0.08		$	0.41	$	(0.32	)	$	(0.02	)	$	0.00	$	(0.34	)
06/30/2019		11.58		0.33		0.38			0.71		(0.32	)		(0.39	)		0.00		(0.71	)
06/30/2018		10.91		0.29		0.64			0.93		(0.26	)		0.00			0.00		(0.26	)
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	)
Administrative Class
06/30/2020		11.57		0.31		0.06			0.37		(0.29	)		(0.02	)		0.00		(0.31	)
06/30/2019		11.57		0.29		0.39			0.68		(0.29	)		(0.39	)		0.00		(0.68	)
06/30/2018		10.91		0.31		0.59			0.90		(0.24	)		0.00			0.00		(0.24	)
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	)
Class A
06/30/2020		11.61		0.27		0.08			0.35		(0.27	)		(0.02	)		0.00		(0.29	)
06/30/2019		11.61		0.26		0.39			0.65		(0.26	)		(0.39	)		0.00		(0.65	)
06/30/2018		10.94		0.24		0.64			0.88		(0.21	)		0.00			0.00		(0.21	)
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	)

28 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(d)
Net Asset Value End of Year or Period(a)		Total Return(a)			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
$	11.71		6.41	%	$	80,067		0.04	%		0.05	%		0.04	%		0.05	%		3.18	%		39	%
	11.33		6.53			31,946		0.04			0.05			0.04			0.05			3.26			47
	11.15		6.92			6,824		0.04			0.04			0.04			0.04			2.75			75
	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
	11.69		6.19			28,587		0.29			0.30			0.29			0.30			2.99			39
	11.31		6.29			21,086		0.29			0.30			0.29			0.30			2.88			47
	11.13		6.65			19,661		0.29			0.29			0.29			0.29			2.90			75
	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
	11.68		5.88			6,420		0.54			0.55			0.54			0.55			2.68			39
	11.31		6.03			5,462		0.54			0.55			0.54			0.55			2.63			47
	11.13		6.36			5,078		0.54			0.54			0.54			0.54			2.30			75
	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
$	11.76		4.89	%	$	105,414		0.05	%		0.06	%		0.05	%		0.06	%		3.00	%		28	%
	11.54		6.84			52,133		0.05			0.06			0.05			0.06			3.08			40
	11.39		7.81			13,974		0.05			0.05			0.05			0.05			2.63			98
	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
	11.75		4.76			27,583		0.30			0.31			0.30			0.31			2.81			28
	11.52		6.50			21,469		0.30			0.31			0.30			0.31			2.71			40
	11.38		7.64			20,114		0.30			0.30			0.30			0.30			2.77			98
	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
	11.71		4.41			6,494		0.55			0.56			0.55			0.56			2.50			28
	11.50		6.28			5,774		0.55			0.56			0.55			0.56			2.52			40
	11.36		7.36			4,169		0.55			0.55			0.55			0.55			2.20			98
	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
$	11.65		3.47	%	$	76,525		0.06	%		0.07	%		0.06	%		0.07	%		2.85	%		34	%
	11.58		6.67			42,033		0.06			0.07			0.06			0.07			2.94			24
	11.58		8.56			16,958		0.06			0.07			0.06			0.07			2.52			101
	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
	11.63		3.15			22,984		0.31			0.32			0.31			0.32			2.66			34
	11.57		6.43			18,672		0.31			0.32			0.31			0.32			2.58			24
	11.57		8.29			17,270		0.31			0.32			0.31			0.32			2.69			101
	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
	11.67		2.95			6,109		0.56			0.57			0.56			0.57			2.36			34
	11.61		6.15			5,062		0.56			0.57			0.56			0.57			2.33			24
	11.61		8.06			4,330		0.56			0.57			0.56			0.57			2.10			101
	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

ANNUAL REPORT JUNE 30, 2020 29

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO REALPATH® Blend 2040 Fund
Institutional Class
06/30/2020	$	11.71	$	0.31	$	0.02		$	0.33		$	(0.34	)	$	(0.02	)	$	0.00	$	(0.36	)
06/30/2019		11.71		0.32		0.38			0.70			(0.31	)		(0.39	)		0.00		(0.70	)
06/30/2018		11.00		0.29		0.71			1.00			(0.27	)		(0.02	)		0.00		(0.29	)
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	)
Administrative Class
06/30/2020		11.69		0.29		0.01			0.30			(0.32	)		(0.02	)		0.00		(0.34	)
06/30/2019		11.69		0.28		0.39			0.67			(0.28	)		(0.39	)		0.00		(0.67	)
06/30/2018		10.99		0.31		0.66			0.97			(0.25	)		(0.02	)		0.00		(0.27	)
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	)
Class A
06/30/2020		11.67		0.26		0.00			0.26			(0.29	)		(0.02	)		0.00		(0.31	)
06/30/2019		11.67		0.26		0.38			0.64			(0.25	)		(0.39	)		0.00		(0.64	)
06/30/2018		10.98		0.23		0.70			0.93			(0.22	)		(0.02	)		0.00		(0.24	)
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	)
PIMCO REALPATH® Blend 2045 Fund
Institutional Class
06/30/2020	$	11.67	$	0.30	$	(0.04	)	$	0.26		$	(0.33	)	$	(0.02	)	$	0.00	$	(0.35	)
06/30/2019		11.79		0.31		0.37			0.68			(0.32	)		(0.48	)		0.00		(0.80	)
06/30/2018		11.00		0.28		0.77			1.05			(0.26	)		0.00			0.00		(0.26	)
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	)
Administrative Class
06/30/2020		11.65		0.28		(0.06	)		0.22			(0.30	)		(0.02	)		0.00		(0.32	)
06/30/2019		11.77		0.27		0.39			0.66			(0.30	)		(0.48	)		0.00		(0.78	)
06/30/2018		10.99		0.31		0.71			1.02			(0.24	)		0.00			0.00		(0.24	)
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	)
Class A
06/30/2020		11.64		0.24		(0.04	)		0.20			(0.28	)		(0.02	)		0.00		(0.30	)
06/30/2019		11.77		0.25		0.37			0.62			(0.27	)		(0.48	)		0.00		(0.75	)
06/30/2018		10.99		0.22		0.77			0.99			(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	)
PIMCO REALPATH® Blend 2050 Fund
Institutional Class
06/30/2020	$	11.74	$	0.29	$	(0.08	)	$	0.21		$	(0.34	)	$	(0.02	)	$	0.00	$	(0.36	)
06/30/2019		11.86		0.30		0.39			0.69			(0.31	)		(0.50	)		0.00		(0.81	)
06/30/2018		11.05		0.28		0.79			1.07			(0.26	)		0.00			0.00		(0.26	)
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	)
Administrative Class
06/30/2020		11.71		0.27		(0.09	)		0.18			(0.31	)		(0.02	)		0.00		(0.33	)
06/30/2019		11.84		0.27		0.39			0.66			(0.29	)		(0.50	)		0.00		(0.79	)
06/30/2018		11.04		0.31		0.73			1.04			(0.24	)		0.00			0.00		(0.24	)
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	)
Class A
06/30/2020		11.67		0.23		(0.08	)		0.15			(0.29	)		(0.02	)		0.00		(0.31	)
06/30/2019		11.80		0.24		0.39			0.63			(0.26	)		(0.50	)		0.00		(0.76	)
06/30/2018		11.00		0.22		0.79			1.01			(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	)

30 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(d)														��
Net Asset Value End of Year or Period(a)		Total Return(a)			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
$	11.68		2.76	%	$	92,728		0.06	%		0.07	%		0.06	%		0.07	%		2.70	%		21	%
	11.71		6.44			64,541		0.06			0.07			0.06			0.07			2.81			29
	11.71		9.17			26,413		0.06			0.07			0.06			0.07			2.50			95
	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
	11.65		2.45			16,746		0.31			0.32			0.31			0.32			2.52			21
	11.69		6.21			12,386		0.31			0.32			0.31			0.32			2.48			29
	11.69		8.90			11,003		0.31			0.32			0.31			0.32			2.66			95
	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
	11.62		2.17			7,914		0.56			0.57			0.56			0.57			2.22			21
	11.67		5.99			7,869		0.56			0.57			0.56			0.57			2.28			29
	11.67		8.52			5,484		0.56			0.57			0.56			0.57			2.03			95
	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
$	11.58		2.16	%	$	91,173		0.06	%		0.07	%		0.06	%		0.07	%		2.59	%		16	%
	11.67		6.45			69,426		0.06			0.07			0.06			0.07			2.70			16
	11.79		9.57			41,708		0.06			0.07			0.06			0.07			2.43			105
	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
	11.55		1.85			14,426		0.31			0.32			0.31			0.32			2.41			16
	11.65		6.21			10,935		0.31			0.32			0.31			0.32			2.38			16
	11.77		9.31			10,287		0.31			0.32			0.31			0.32			2.58			105
	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
	11.54		1.64			3,658		0.56			0.57			0.56			0.57			2.08			16
	11.64		5.88			4,280		0.56			0.57			0.56			0.57			2.15			16
	11.77		9.01			3,569		0.56			0.57			0.56			0.57			1.93			105
	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
$	11.59		1.66	%	$	103,972		0.06	%		0.07	%		0.06	%		0.07	%		2.53	%		20	%
	11.74		6.54			84,302		0.06			0.07			0.06			0.07			2.64			16
	11.86		9.69			50,057		0.06			0.07			0.06			0.07			2.39			108
	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
	11.56		1.43			17,960		0.31			0.32			0.31			0.32			2.32			20
	11.71		6.22			17,027		0.31			0.32			0.31			0.32			2.34			16
	11.84		9.44			14,382		0.31			0.32			0.31			0.32			2.58			108
	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
	11.51		1.16			4,101		0.56			0.57			0.56			0.57			2.03			20
	11.67		5.99			4,520		0.56			0.57			0.56			0.57			2.09			16
	11.80		9.20			3,782		0.56			0.57			0.56			0.57			1.90			108
	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

ANNUAL REPORT JUNE 30, 2020 31

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital			Total
PIMCO REALPATH® Blend 2055 Fund
Institutional Class
06/30/2020	$	11.79	$	0.29	$	(0.12	)	$	0.17		$	(0.36	)	$	(0.01	)	$	0.00		$	(0.37	)
06/30/2019		11.74		0.31		0.37			0.68			(0.21	)		(0.42	)		0.00			(0.63	)
06/30/2018		11.02		0.28		0.77			1.05			(0.33	)		0.00			0.00			(0.33	)
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	)
Administrative Class
06/30/2020		11.78		0.28		(0.13	)		0.15			(0.34	)		(0.01	)		0.00			(0.35	)
06/30/2019		11.75		0.29		0.35			0.64			(0.19	)		(0.42	)		0.00			(0.61	)
06/30/2018		11.03		0.30		0.73			1.03			(0.31	)		0.00			0.00			(0.31	)
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	)
Class A
06/30/2020		11.73		0.23		(0.12	)		0.11			(0.30	)		(0.01	)		0.00			(0.31	)
06/30/2019		11.69		0.24		0.38			0.62			(0.16	)		(0.42	)		0.00			(0.58	)
06/30/2018		10.98		0.21		0.78			0.99			(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	)
PIMCO REALPATH® Blend 2060 Fund
Institutional Class
12/31/2019 - 06/30/2020	$	10.00	$	0.09	$	(0.74	)	$	(0.65	)	$	0.00		$	0.00		$	0.00		$	0.00
Administrative Class
12/31/2019 - 06/30/2020		10.00		0.08		(0.75	)		(0.67	)		0.00			0.00			0.00			0.00
Class A
12/31/2019 - 06/30/2020		10.00		0.08		(0.76	)		(0.68	)		0.00			0.00			0.00			0.00
PIMCO REALPATH® Blend Income Fund
Institutional Class
06/30/2020	$	11.28	$	0.35	$	0.34		$	0.69		$	(0.39	)	$	0.00		$	0.00		$	(0.39	)
06/30/2019		10.92		0.37		0.34			0.71			(0.35	)		0.00			0.00			(0.35	)
06/30/2018		10.54		0.32		0.26			0.58			(0.20	)		0.00			0.00			(0.20	)
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	)
Administrative Class
06/30/2020		11.28		0.33		0.34			0.67			(0.36	)		0.00			0.00			(0.36	)
06/30/2019		10.92		0.33		0.35			0.68			(0.32	)		0.00			0.00			(0.32	)
06/30/2018		10.55		0.33		0.22			0.55			(0.18	)		0.00			0.00			(0.18	)
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	)
Class A
06/30/2020		11.24		0.32		0.32			0.64			(0.35	)		0.00			0.00			(0.35	)
06/30/2019		10.88		0.32		0.34			0.66			(0.30	)		0.00			0.00			(0.30	)
06/30/2018		10.52		0.27		0.25			0.52			(0.16	)		0.00			0.00			(0.16	)
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	)

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

* Annualized

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

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

^(c)  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.

^(d)  Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, 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(d)
Net Asset Value End of Year or Period(a)		Total Return(a)			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
$	11.59		1.33	%	$	51,061		0.07	%		0.07	%		0.06	%		0.06	%		2.49	%		28	%
	11.79		6.41			32,098		0.06			0.07			0.06			0.07			2.76			51
	11.74		9.56			10,558		0.06			0.07			0.06			0.07			2.43			67
	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
	11.58		1.15			4,828		0.32			0.32			0.31			0.31			2.46			28
	11.78		6.02			605		0.31			0.32			0.31			0.32			2.58			51
	11.75		9.37			152		0.31			0.32			0.31			0.32			2.54			67
	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
	11.53		0.85			2,684		0.57			0.57			0.56			0.56			1.98			28
	11.73		5.86			2,758		0.56			0.57			0.56			0.57			2.11			51
	11.69		9.04			2,038		0.56			0.57			0.56			0.57			1.85			67
	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
$	9.35		(6.50	)%	$	2,817		0.05	%*		2.52	%*		0.05	%*		2.52	%*		1.95	%*		12	%
	9.33		(6.70	)		9		0.30	*		2.77	*		0.30	*		2.77	*		1.69	*		12
	9.32		(6.80	)		29		0.55	*		3.02	*		0.55	*		3.02	*		1.70	*		12
$	11.58		6.16	%	$	106,005		0.04	%		0.05	%		0.04	%		0.05	%		3.08	%		52	%
	11.28		6.70			21,432		0.04			0.05			0.04			0.05			3.41			64
	10.92		5.52			7,556		0.04			0.04			0.04			0.04			2.91			34
	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
	11.59		6.02			29,547		0.29			0.30			0.29			0.30			2.93			52
	11.28		6.44			11,586		0.29			0.30			0.29			0.30			3.08			64
	10.92		5.17			13,340		0.29			0.29			0.29			0.29			2.98			34
	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
	11.53		5.71			16,501		0.54			0.55			0.54			0.55			2.82			52
	11.24		6.25			7,204		0.54			0.55			0.54			0.55			2.92			64
	10.88		4.91			3,535		0.54			0.54			0.54			0.54			2.51			34
	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

ANNUAL REPORT JUNE 30, 2020 33

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	PIMCO REALPATH® Blend 2025 Fund		PIMCO REALPATH® Blend 2030 Fund		PIMCO REALPATH® Blend 2035 Fund		PIMCO REALPATH® Blend 2040 Fund
Assets:
Investments, at value
Investments in securities*	$	57,958	$	81,629	$	70,760	$	87,245
Investments in Affiliates		58,802		58,841		35,661		29,986
Financial Derivative Instruments
Exchange-traded or centrally cleared		226		266		0		0
Cash		0		1		0		0
Receivable for investments sold		329		509		375		722
Receivable for Fund shares sold		558		897		1,110		980
Interest and/or dividends receivable		0		0		0		0
Dividends receivable from Affiliates		135		144		92		83
Total Assets		118,008		142,287		107,998		119,016
Liabilities:
Financial Derivative Instruments
Exchange-traded or centrally cleared	$	44	$	51	$	0	$	0
Over the counter		82		112		74		77
Payable for investments purchased		1,186		1,287		1,308		933
Payable for investments in Affiliates purchased		1,501		1,222		962		518
Payable for Fund shares redeemed		110		111		24		88
Accrued investment advisory fees		1		2		3		3
Accrued supervisory and administrative fees		3		3		3		4
Accrued distribution fees		6		6		5		3
Accrued servicing fees		1		1		1		2
Accrued reimbursement to PIMCO		0		1		0		0
Total Liabilities		2,934		2,796		2,380		1,628
Net Assets	$	115,074	$	139,491	$	105,618	$	117,388
Net Assets Consist of:
Paid in capital	$	110,597	$	134,881	$	103,319	$	114,604
Distributable earnings (accumulated loss)		4,477		4,610		2,299		2,784
Net Assets	$	115,074	$	139,491	$	105,618	$	117,388
Cost of investments in securities	$	56,544	$	79,208	$	68,786	$	84,292
Cost of investments in Affiliates	$	57,480	$	57,996	$	35,578	$	30,088
Cost or premiums of financial derivative instruments, net	$	510	$	489	$	0	$	0
* Includes repurchase agreements of:	$	813	$	715	$	1,268	$	1,346

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

34 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

PIMCO REALPATH® Blend 2045 Fund		PIMCO REALPATH® Blend 2050 Fund		PIMCO REALPATH® Blend 2055 Fund		PIMCO REALPATH® Blend 2060 Fund			PIMCO REALPATH® Blend Income Fund
$	86,941	$	104,708	$	49,784	$	2,388		$	61,258
	22,284		20,548		9,813		322			96,193
	0		0		0		0			295
	1		0		0		163			0
	674		1,200		272		18			205
	583		320		182		0			119
	0		0		0		0			1
	60		57		24		1			220
	110,543		126,833		60,075		2,892			158,291
$	0	$	0	$	0	$	0		$	57
	71		99		20		0			49
	940		569		1,211		30			2,033
	237		59		229		7			4,023
	28		62		38		0			58
	3		3		1		0			1
	3		3		1		0			6
	3		4		1		0			6
	1		1		1		0			4
	0		0		0		0			1
	1,286		800		1,502		37			6,238
$	109,257	$	126,033	$	58,573	$	2,855		$	152,053
$	106,622	$	122,144	$	57,549	$	3,051		$	145,847
	2,635		3,889		1,024		(196	)		6,206
$	109,257	$	126,033	$	58,573	$	2,855		$	152,053
$	83,559	$	99,970	$	48,264	$	2,547		$	58,869
$	22,449	$	20,726	$	9,878	$	335		$	94,155
$	0	$	0	$	0	$	0		$	677
$	738	$	897	$	721	$	0		$	567

ANNUAL REPORT JUNE 30, 2020 35

Statements of Assets and Liabilities (Cont.)

	PIMCO REALPATH® Blend 2025 Fund		PIMCO REALPATH® Blend 2030 Fund		PIMCO REALPATH® Blend 2035 Fund		PIMCO REALPATH® Blend 2040 Fund
Net Assets:
Institutional Class	$	80,067	$	105,414	$	76,525	$	92,728
Administrative Class		28,587		27,583		22,984		16,746
Class A		6,420		6,494		6,109		7,914
Shares Issued and Outstanding:
Institutional Class		6,837		8,961		6,568		7,941
Administrative Class		2,446		2,348		1,976		1,437
Class A		549		554		524		681
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	11.71	$	11.76	$	11.65	$	11.68
Administrative Class		11.69		11.75		11.63		11.65
Class A		11.68		11.71		11.67		11.62

^(a)   Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

36 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

PIMCO REALPATH® Blend 2045 Fund		PIMCO REALPATH® Blend 2050 Fund		PIMCO REALPATH® Blend 2055 Fund		PIMCO REALPATH® Blend 2060 Fund		PIMCO REALPATH® Blend Income Fund
$	91,173	$	103,972	$	51,061	$	2,817	$	106,005
	14,426		17,960		4,828		9		29,547
	3,658		4,101		2,684		29		16,501
	7,872		8,971		4,405		301		9,151
	1,249		1,554		417		1		2,549
	317		356		233		3		1,432
$	11.58	$	11.59	$	11.59	$	9.35	$	11.58
	11.55		11.56		11.58		9.33		11.59
	11.54		11.51		11.53		9.32		11.53

ANNUAL REPORT JUNE 30, 2020 37

Statements of Operations

Year Ended June 30, 2020
(Amounts in thousands†)	PIMCO REALPATH® Blend 2025 Fund			PIMCO REALPATH® Blend 2030 Fund			PIMCO REALPATH® Blend 2035 Fund			PIMCO REALPATH® Blend 2040 Fund
Investment Income:
Interest	$	7		$	8		$	7		$	7
Dividends		1,082			1,615			1,362			1,757
Dividends from Investments in Affiliates		1,770			1,888			1,128			1,023
Total Income		2,859			3,511			2,497			2,787
Expenses:
Investment advisory fees		9			23			26			30
Supervisory and administrative fees		32			39			32			42
Distribution and/or servicing fees - Administrative Class		67			67			56			40
Servicing fees - Class A		15			16			14			22
Trustee fees		5			7			5			6
Interest expense		1			1			0			0
Organizational expense		0			0			0			0
Miscellaneous expense		5			6			4			5
Total Expenses		134			159			137			145
Waiver and/or Reimbursement by PIMCO		(6	)		(7	)		(6	)		(7	)
Net Expenses		128			152			131			138
Net Investment Income (Loss)		2,731			3,359			2,366			2,649
Net Realized Gain (Loss):
Investments in securities		(250	)		(685	)		(584	)		(656	)
Investments in Affiliates		1,333			1,649			990			818
Net capital gain distributions received from investments		309			478			409			518
Exchange-traded or centrally cleared financial derivative instruments		1,046			885			0			0
Over the counter financial derivative instruments		(788	)		(1,084	)		(881	)		(961	)
Net Realized Gain (Loss)		1,650			1,243			(66	)		(281	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		138			252			(275	)		37
Investments in Affiliates		696			38			(401	)		(537	)
Exchange-traded or centrally cleared financial derivative instruments		(186	)		(274	)		0			0
Over the counter financial derivative instruments		(44	)		(54	)		(30	)		(23	)
Net Change in Unrealized Appreciation (Depreciation)		604			(38	)		(706	)		(523	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,985		$	4,564		$	1,594		$	1,845

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

* Inception date of the Fund was December 31, 2019.

38 PIMCO EQUITY SERIES See Accompanying Notes

PIMCO REALPATH® Blend 2045 Fund			PIMCO REALPATH® Blend 2050 Fund			PIMCO REALPATH® Blend 2055 Fund			PIMCO REALPATH® Blend 2060 Fund*			PIMCO REALPATH® Blend Income Fund
$	7		$	8		$	4		$	0		$	4
	1,819			2,256			919			19			754
	775			778			289			8			1,932
	2,601			3,042			1,212			27			2,690
	29			35			14			1			9
	31			35			17			0			47
	34			46			9			0			50
	12			12			8			0			30
	7			8			3			0			5
	0			1			4			0			1
	0			0			0			68			0
	5			6			0			0			4
	118			143			55			69			146
	(7	)		(8	)		(1	)		(68	)		(5	)
	111			135			54			1			141
	2,490			2,907			1,158			26			2,549
	(729	)		(637	)		(244	)		(21	)		(926	)
	347			168			34			1			1,749
	544			666			270			0			210
	0			0			0			0			1,633
	(919	)		(1,060	)		(490	)		(31	)		(1,046	)
	(757	)		(863	)		(430	)		(51	)		1,620
	114			388			147			(159	)		(2,725	)
	(440	)		(464	)		(166	)		(12	)		1,410
	0			0			0			0			(333	)
	(20	)		(28	)		(5	)		0			(35	)
	(346	)		(104	)		(24	)		(171	)		(1,683	)
$	1,387		$	1,940		$	704		$	(196	)	$	2,486

ANNUAL REPORT JUNE 30, 2020 39

Statements of Changes in Net Assets

	PIMCO REALPATH® Blend 2025 Fund						PIMCO REALPATH® Blend 2030 Fund						PIMCO REALPATH® Blend 2035 Fund						PIMCO REALPATH® Blend 2040 Fund
(Amounts in thousands†)	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	2,731		$	1,338		$	3,359		$	1,692		$	2,366		$	1,383		$	2,649		$	1,669
Net realized gain (loss)		1,650			36			1,243			164			(66	)		204			(281	)		337
Net change in unrealized appreciation (depreciation)		604			1,924			(38	)		2,671			(706	)		2,250			(523	)		2,771
Net Increase (Decrease) in Net Assets Resulting from Operations		4,985			3,298			4,564			4,527			1,594			3,837			1,845			4,777
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(1,586	)		(886	)		(2,365	)		(1,689	)		(1,594	)		(1,647	)		(2,279	)		(2,563	)
Administrative Class		(764	)		(864	)		(774	)		(943	)		(630	)		(1,025	)		(473	)		(667	)
Class A		(150	)		(210	)		(177	)		(254	)		(143	)		(292	)		(238	)		(362	)
Total Distributions(a)		(2,500	)		(1,960	)		(3,316	)		(2,886	)		(2,367	)		(2,964	)		(2,990	)		(3,592	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		54,095			25,593			58,867			39,478			40,624			26,336			33,737			40,711
Total Increase (Decrease) in Net Assets		56,580			26,931			60,115			41,119			39,851			27,209			32,592			41,896
Net Assets:
Beginning of year		58,494			31,563			79,376			38,257			65,767			38,558			84,796			42,900
End of year	$	115,074		$	58,494		$	139,491		$	79,376		$	105,618		$	65,767		$	117,388		$	84,796

^†   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. 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 2045 Fund						PIMCO REALPATH® Blend 2050 Fund						PIMCO REALPATH® Blend 2055 Fund						PIMCO REALPATH® Blend 2060 Fund			PIMCO REALPATH® Blend Income Fund
Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019			Inception date through June 30, 2020			Year Ended June 30, 2020			Year Ended June 30, 2019
$	2,490		$	1,791		$	2,907		$	2,145		$	1,158		$	611		$	26		$	2,549		$	1,065
	(757	)		373			(863	)		528			(430	)		99			(51	)		1,620			(281	)
	(346	)		2,750			(104	)		3,609			24			1,178			(171	)		(1,683	)		1,544
	1,387			4,914			1,940			6,282			704			1,888			(196	)		2,486			2,328
	(2,361	)		(3,683	)		(2,820	)		(4,349	)		(1,244	)		(1,053	)		0			(930	)		(525	)
	(400	)		(701	)		(539	)		(1,024	)		(110	)		(17	)		0			(412	)		(353	)
	(124	)		(253	)		(130	)		(270	)		(81	)		(117	)		0			(303	)		(147	)
	(2,885	)		(4,637	)		(3,489	)		(5,643	)		(1,435	)		(1,187	)		0			(1,645	)		(1,025	)
	26,114			28,800			21,733			36,989			23,843			22,012			3,051			110,990			14,488
	24,616			29,077			20,184			37,628			23,112			22,713			2,855			111,831			15,791
	84,641			55,564			105,849			68,221			35,461			12,748			0			40,222			24,431
$	109,257		$	84,641		$	126,033		$	105,849		$	58,573		$	35,461		$	2,855		$	152,053		$	40,222

ANNUAL REPORT JUNE 30, 2020 41

Schedule of Investments PIMCO REALPATH^® Blend 2025 Fund

(Amounts in thousands*, except number of shares, contracts and units, if any)

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 50.4%
MUTUAL FUNDS 49.7%
Vanguard Developed Markets Index Fund ‘Institutional’			1,198,063	$		15,000
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			385,728			9,743
Vanguard Institutional Index Fund ‘Institutional’			108,077			29,883
Vanguard Small-Cap Index Fund ‘Admiral’			35,916			2,511
Total Mutual Funds (Cost $55,723)						57,137
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.7%
REPURCHASE AGREEMENTS (d) 0.7%
						813
U.S. TREASURY BILLS 0.0%
0.152% due 09/03/2020 (a)(b)	$		8			8
Total Short-Term Instruments (Cost $821)						821
Total Investments in Securities (Cost $56,544)						57,958

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 51.1%
MUTUAL FUNDS (c) 45.9%
PIMCO Emerging Markets Local Currency and Bond Fund		703,046	$		4,471
PIMCO High Yield Fund		324,136			2,745
PIMCO Income Fund		1,388,835			15,972
PIMCO International Bond Fund (U.S. Dollar-Hedged)		138,974			1,501
PIMCO Long-Term Real Return Fund		654,743			6,633
PIMCO Long-Term U.S. Government Fund		361,885			2,852
PIMCO Real Return Fund		460,523			5,457
PIMCO Total Return Fund		1,215,925			13,168
Total Mutual Funds (Cost $51,485)					52,799

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.2%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.2%
PIMCO Short-Term Floating NAV Portfolio III		608,892	$		6,003
Total Short-Term Instruments (Cost $5,995)					6,003
Total Investments in Affiliates (Cost $57,480)					58,802
Total Investments 101.5% (Cost $114,024)			$		116,760
Financial Derivative Instruments (e)(f) 0.1% (Cost or Premiums, net $510)					100
Other Assets and Liabilities, net (1.6)%					(1,786	)
Net Assets 100.0%			$		115,074

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Zero coupon security.

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

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  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
FICC		0.000	%		06/30/2020		07/01/2020	$	813	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2022	$	(829	)	$	813	$	813
Total Repurchase Agreements											$	(829	)	$	813	$	813

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 June 30, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(1)
Global/Master Repurchase Agreement
FICC	$	813	$	0	$	0	$	813	$	(829	)	$	(16	)
Total Borrowings and Other Financing Transactions	$	813	$	0	$	0

⁽¹⁾  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.

42 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

(e)  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		1,450.000		09/18/2020		10	$	1	$	57	$	3
Put - CBOE S&P 500		1,725.000		09/18/2020		9		1		103		4
Put - CBOE S&P 500		1,500.000		12/18/2020		9		1		59		7
Put - CBOE S&P 500		1,800.000		12/18/2020		10		1		93		15
Put - CBOE S&P 500		1,400.000		03/19/2021		7		1		52		8
Put - CBOE S&P 500		1,650.000		03/19/2021		8		1		110		15
Put - CBOE S&P 500		2,050.000		06/18/2021		11		1		77		70
Put - CBOE S&P 500		2,325.000		06/18/2021		10		1		108		104
Total Purchased Options									$	659	$	226

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		1,300.000		09/18/2020		9	$	1	$	(39	)	$	(2	)
Put - CBOE S&P 500		1,350.000		12/18/2020		10		1		(31	)		(6	)
Put - CBOE S&P 500		1,200.000		03/19/2021		8		1		(44	)		(6	)
Put - CBOE S&P 500		1,700.000		06/18/2021		10		1		(35	)		(30	)
Total Written Options									$	(149	)	$	(44	)

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 June 30, 2020:

	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	$	226	$	0	$	0	$	226	$	(44)	$	0	$	0	$	(44)

(f)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

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
BRC	Receive	DWRTFT Index		211	0.524% (1-Month USD-LIBOR plus a specified spread)	Monthly		11/18/2020	$	1,971	$	0	$	(81	)	$	0	$	(81	)
UAG	Receive	DWRTFT Index		311	0.448% (1-Month USD-LIBOR plus a specified spread)	Monthly		08/26/2020		2,787		0		(1	)		0		(1	)
Total Swap Agreements											$	0	$	(82	)	$	0	$	(82	)

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 June 30, 2020:

	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)
BRC	$	0	$	0	$	0	$	0	$	0	$	0	$	(81	)	$	(81	)	$	(81	)	$	0	$	(81	)
UAG		0		0		0		0		0		0		(1	)		(1	)		(1	)		0		(1	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(82	)	$	(82	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 43

Schedule of Investments PIMCO REALPATH^® Blend 2025 Fund (Cont.)

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

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 June 30, 2020:

	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	$	226	$	0	$	0	$	226
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	44	$	0	$	0	$	44
Over the counter
Swap Agreements	$	0	$	0	$	82	$	0	$	0	$	82
	$	0	$	0	$	126	$	0	$	0	$	126

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2020:

	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	$	1,611		$	0	$	0	$	1,611
Written Options		0		0		(565	)		0		0		(565	)
	$	0	$	0	$	1,046		$	0	$	0	$	1,046
Over the counter
Swap Agreements	$	0	$	0	$	(788	)	$	0	$	0	$	(788	)
	$	0	$	0	$	258		$	0	$	0	$	258
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(253	)	$	0	$	0	$	(253	)
Written Options		0		0		67			0		0		67
	$	0	$	0	$	(186	)	$	0	$	0	$	(186	)
Over the counter
Swap Agreements	$	0	$	0	$	(44	)	$	0	$	0	$	(44	)
	$	0	$	0	$	(230	)	$	0	$	0	$	(230	)

44 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Mutual Funds	$	57,137	$	0	$	0	$	57,137
Short-Term Instruments
Repurchase Agreements		0		813		0		813
U.S. Treasury Bills		0		8		0		8
	$	57,137	$	821	$	0	$	57,958
Investments in Affiliates, at Value
Mutual Funds		52,799		0		0		52,799
Short-Term Instruments
Central Funds Used for Cash Management Purposes		6,003		0		0		6,003
	$	58,802	$	0	$	0	$	58,802
Total Investments	$	115,939	$	821	$	0	$	116,760

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2020
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	226		$	0	$	226
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(44	)		0		(44	)
Over the counter		0		(82	)		0		(82	)
	$	0	$	(126	)	$	0	$	(126	)
Total Financial Derivative Instruments	$	0	$	100		$	0	$	100
Totals	$	115,939	$	921		$	0	$	116,860

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 45

Schedule of Investments PIMCO REALPATH^® Blend 2030 Fund

(Amounts in thousands*, except number of shares, contracts and units, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 58.5%
MUTUAL FUNDS 58.0%
Vanguard Developed Markets Index Fund ‘Institutional’		1,643,240	$		20,573
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		508,005			12,832
Vanguard Institutional Index Fund ‘Institutional’		158,145			43,727
Vanguard Small-Cap Index Fund ‘Admiral’		54,108			3,782
Total Mutual Funds (Cost $78,493)					80,914
SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENTS (b) 0.5%
					715
Total Short-Term Instruments (Cost $715)					715
Total Investments in Securities (Cost $79,208)					81,629

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 42.2%
MUTUAL FUNDS (a) 37.1%
PIMCO Emerging Markets Local Currency and Bond Fund		759,108	$		4,828
PIMCO High Yield Fund		391,808			3,319
PIMCO Income Fund		1,464,977			16,847
PIMCO International Bond Fund (U.S. Dollar-Hedged)		142,990			1,544
PIMCO Long-Term Real Return Fund		419,133			4,246
PIMCO Long-Term U.S. Government Fund		233,851			1,843
PIMCO Real Return Fund		471,024			5,582
PIMCO Total Return Fund		1,243,707			13,469
Total Mutual Funds (Cost $50,842)					51,678

	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		726,557	$		7,163
Total Short-Term Instruments (Cost $7,154)					7,163
Total Investments in Affiliates (Cost $57,996)					58,841
Total Investments 100.7% (Cost $137,204)			$		140,470
Financial Derivative Instruments (c)(d) 0.1% (Cost or Premiums, net $489)					103
Other Assets and Liabilities, net (0.8)%					(1,082	)
Net Assets 100.0%			$		139,491

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  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
FICC		0.000	%		06/30/2020		07/01/2020	$	715	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2022	$	(729	)	$	715	$	715
Total Repurchase Agreements											$	(729	)	$	715	$	715

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 June 30, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(1)
Global/Master Repurchase Agreement
FICC	$	715	$	0	$	0	$	715	$	(729	)	$	(14	)
Total Borrowings and Other Financing Transactions	$	715	$	0	$	0

⁽¹⁾  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.

(c)  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		1,500.000		12/18/2020		12	$	1	$	79	$	10
Put - CBOE S&P 500		1,800.000		12/18/2020		13		1		121		20
Put - CBOE S&P 500		1,400.000		03/19/2021		9		1		67		10
Put - CBOE S&P 500		1,650.000		03/19/2021		10		1		137		19
Put - CBOE S&P 500		2,050.000		06/18/2021		13		1		91		82
Put - CBOE S&P 500		2,325.000		06/18/2021		12		1		130		125
Total Purchased Options									$	625	$	266

46 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		1,350.000		12/18/2020		13	$	1	$	(39	)	$	(8	)
Put - CBOE S&P 500		1,200.000		03/19/2021		10		1		(55	)		(7	)
Put - CBOE S&P 500		1,700.000		06/18/2021		12		1		(42	)		(36	)
Total Written Options									$	(136	)	$	(51	)

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 June 30, 2020:

	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	$	266	$	0	$	0	$	266	$	(51)	$	0	$	0	$	(51)

(d)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

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
BRC	Receive	DWRTFT Index		288	0.524% (1-Month USD-LIBOR plus a specified spread)	Monthly	11/18/2020	$	2,690	$	0	$	(111	)	$	0	$	(111	)
UAG	Receive	DWRTFT Index		385	0.448% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/26/2020		3,450		0		(1	)		0		(1	)
Total Swap Agreements										$	0	$	(112	)	$	0	$	(112	)

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 June 30, 2020:

	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)
BRC	$	0	$	0	$	0	$	0	$	0	$	0	$	(111	)	$	(111	)	$	(111	)	$	0	$	(111	)
UAG		0		0		0		0		0		0		(1	)		(1	)		(1	)		0		(1	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(112	)	$	(112	)

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

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 47

Schedule of Investments PIMCO REALPATH^® Blend 2030 Fund (Cont.)

June 30, 2020

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 June 30, 2020:

	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	$	266	$	0	$	0	$	266
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	51	$	0	$	0	$	51
Over the counter
Swap Agreements	$	0	$	0	$	112	$	0	$	0	$	112
	$	0	$	0	$	163	$	0	$	0	$	163

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2020:

	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	$	1,220		$	0	$	0	$	1,220
Written Options		0		0		(335	)		0		0		(335	)
	$	0	$	0	$	885		$	0	$	0	$	885
Over the counter
Swap Agreements	$	0	$	0	$	(1,084	)	$	0	$	0	$	(1,084	)
	$	0	$	0	$	(199	)	$	0	$	0	$	(199	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(359	)	$	0	$	0	$	(359	)
Written Options		0		0		85			0		0		85
	$	0	$	0	$	(274	)	$	0	$	0	$	(274	)
Over the counter
Swap Agreements	$	0	$	0	$	(54	)	$	0	$	0	$	(54	)
	$	0	$	0	$	(328	)	$	0	$	0	$	(328	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Mutual Funds	$	80,914	$	0	$	0	$	80,914
Short-Term Instruments
Repurchase Agreements		0		715		0		715
	$	80,914	$	715	$	0	$	81,629
Investments in Affiliates, at Value
Mutual Funds		51,678		0		0		51,678
Short-Term Instruments
Central Funds Used for Cash Management Purposes		7,163		0		0		7,163
	$	58,841	$	0	$	0	$	58,841
			��
Total Investments	$	139,755	$	715	$	0	$	140,470

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2020
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	266		$	0	$	266
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(51	)		0		(51	)
Over the counter		0		(112	)		0		(112	)
	$	0	$	(163	)	$	0	$	(163	)
Total Financial Derivative Instruments	$	0	$	103		$	0	$	103
Totals	$	139,755	$	818		$	0	$	140,573

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

48 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2035 Fund

June 30, 2020

(Amounts in thousands*, except number of shares, contracts and units, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 67.0%
MUTUAL FUNDS 65.8%
Vanguard Developed Markets Index Fund ‘Institutional’		1,483,332	$		18,571
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		399,604			10,094
Vanguard Institutional Index Fund ‘Institutional’		135,427			37,446
Vanguard Small-Cap Index Fund ‘Admiral’		48,378			3,381
Total Mutual Funds (Cost $67,518)					69,492
SHORT-TERM INSTRUMENTS 1.2%
REPURCHASE AGREEMENTS (b) 1.2%
					1,268
Total Short-Term Instruments (Cost $1,268)					1,268
Total Investments in Securities (Cost $68,786)					70,760

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 33.8%
MUTUAL FUNDS (a) 28.8%
PIMCO Emerging Markets Local Currency and Bond Fund		502,337	$		3,195
PIMCO High Yield Fund		294,986			2,498
PIMCO Income Fund		939,897			10,809
PIMCO International Bond Fund (U.S. Dollar-Hedged)		90,140			973
PIMCO Long-Term Real Return Fund		84,244			853
PIMCO Long-Term U.S. Government Fund		47,952			378
PIMCO Real Return Fund		289,332			3,429
PIMCO Total Return Fund		764,007			8,275
Total Mutual Funds (Cost $30,333)					30,410

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.0%
PIMCO Short-Term Floating NAV Portfolio III		532,631	$		5,251
Total Short-Term Instruments (Cost $5,245)					5,251
Total Investments in Affiliates (Cost $35,578)					35,661
Total Investments 100.8% (Cost $104,364)			$		106,421
Financial Derivative Instruments (c)(d) (0.1)% (Cost or Premiums, net $0)					(74	)
Other Assets and Liabilities, net (0.7)%					(729	)
Net Assets 100.0%			$		105,618

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  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
FICC		0.000	%		06/30/2020		07/01/2020	$	1,268	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2022	$	(1,293	)	$	1,268	$	1,268
Total Repurchase Agreements											$	(1,293	)	$	1,268	$	1,268

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 June 30, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(1)
Global/Master Repurchase Agreement
FICC	$	1,268	$	0	$	0	$	1,268	$	(1,293	)	$	(25	)
Total Borrowings and Other Financing Transactions	$	1,268	$	0	$	0

⁽¹⁾   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.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 49

Schedule of Investments PIMCO REALPATH^® Blend 2035 Fund (Cont.)

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

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
BRC	Receive	DWRTFT Index		190	0.524% (1-Month USD-LIBOR plus a specified spread)	Monthly	11/18/2020	$	1,775	$	0	$	(73	)	$	0	$	(73	)
UAG	Receive	DWRTFT Index		325	0.448% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/26/2020		2,912		0		(1	)		0		(1	)
Total Swap Agreements										$	0	$	(74	)	$	0	$	(74	)

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 June 30, 2020:

	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)
BRC	$	0	$	0	$	0	$	0	$	0	$	0	$	(73	)	$	(73	)	$	(73	)	$	0	$	(73	)
UAG		0		0		0		0		0		0		(1	)		(1	)		(1	)		0		(1	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(74	)	$	(74	)

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

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 June 30, 2020:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	74	$	0	$	0	$	74

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2020:

	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
Swap Agreements	$	0	$	0	$	(881	)	$	0	$	0	$	(881	)
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(30	)	$	0	$	0	$	(30	)

50 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Mutual Funds	$	69,492	$	0	$	0	$	69,492
Short-Term Instruments
Repurchase Agreements		0		1,268		0		1,268
	$	69,492	$	1,268	$	0	$	70,760
Investments in Affiliates, at Value
Mutual Funds		30,410		0		0		30,410
Short-Term Instruments
Central Funds Used for Cash Management Purposes		5,251		0		0		5,251
	$	35,661	$	0	$	0	$	35,661
Total Investments	$	105,153	$	1,268	$	0	$	106,421

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2020
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(74	)	$	0	$	(74	)
Total Financial Derivative Instruments	$	0	$	(74	)	$	0	$	(74	)
Totals	$	105,153	$	1,194		$	0	$	106,347

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 51

Schedule of Investments PIMCO REALPATH^® Blend 2040 Fund

(Amounts in thousands*, except number of shares, contracts and units, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 74.3%
MUTUAL FUNDS 73.2%
Vanguard Developed Markets Index Fund ‘Institutional’		1,877,584	$		23,507
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		459,761			11,614
Vanguard Institutional Index Fund ‘Institutional’		167,715			46,373
Vanguard Small-Cap Index Fund ‘Admiral’		63,016			4,405
Total Mutual Funds (Cost $82,946)					85,899
SHORT-TERM INSTRUMENTS 1.1%
REPURCHASE AGREEMENTS (b) 1.1%
					1,346
Total Short-Term Instruments (Cost $1,346)					1,346
Total Investments in Securities (Cost $84,292)					87,245

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 25.6%
MUTUAL FUNDS (a) 21.7%
PIMCO Emerging Markets Local Currency and Bond Fund		465,215	$		2,959
PIMCO High Yield Fund		328,497			2,782
PIMCO Income Fund		824,650			9,483
PIMCO International Bond Fund (U.S. Dollar-Hedged)		68,754			743
PIMCO Real Return Fund		233,274			2,764
PIMCO Total Return Fund		616,051			6,672
Total Mutual Funds (Cost $25,514)					25,403

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 3.9%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.9%
PIMCO Short-Term Floating NAV Portfolio III		464,871	$		4,583
Total Short-Term Instruments (Cost $4,574)					4,583
Total Investments in Affiliates (Cost $30,088)					29,986
Total Investments 99.9% (Cost $114,380)			$		117,231
Financial Derivative Instruments (c) (0.1)% (Cost or Premiums, net $0)					(77	)
Other Assets and Liabilities, net 0.2%					234
Net Assets 100.0%			$		117,388

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  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
FICC		0.000	%		06/30/2020		07/01/2020	$	1,346	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2022	$	(1,373	)	$	1,346	$	1,346
Total Repurchase Agreements											$	(1,373	)	$	1,346	$	1,346

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 June 30, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(1)
Global/Master Repurchase Agreement
FICC	$	1,346	$	0	$	0	$	1,346	$	(1,373	)	$	(27	)
Total Borrowings and Other Financing Transactions	$	1,346	$	0	$	0

⁽¹⁾  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.

52 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

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
BRC	Receive	DWRTFT Index		198	0.524% (1-Month USD-LIBOR plus a specified spread)	Monthly	11/18/2020	$	1,850	$	0	$	(76	)	$	0	$	(76	)
UAG	Receive	DWRTFT Index		378	0.448% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/26/2020		3,387		0		(1	)		0		(1	)
Total Swap Agreements										$	0	$	(77	)	$	0	$	(77	)

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 June 30, 2020:

	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)
BRC	$	0	$	0	$	0	$	0	$	0	$	0	$	(76	)	$	(76	)	$	(76	)	$	0	$	(76	)
UAG		0		0		0		0		0		0		(1	)		(1	)		(1	)		0		(1	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(77	)	$	(77	)

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

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 June 30, 2020:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	77	$	0	$	0	$	77

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2020:

	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
Swap Agreements	$	0	$	0	$	(961	)	$	0	$	0	$	(961	)
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(23	)	$	0	$	0	$	(23	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 53

Schedule of Investments PIMCO REALPATH^® Blend 2040 Fund (Cont.)

June 30, 2020

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Mutual Funds	$	85,899	$	0	$	0	$	85,899
Short-Term Instruments
Repurchase Agreements		0		1,346		0		1,346
	$	85,899	$	1,346	$	0	$	87,245
Investments in Affiliates, at Value
Mutual Funds		25,403		0		0		25,403
Short-Term Instruments
Central Funds Used for Cash Management Purposes		4,583		0		0		4,583
	$	29,986	$	0	$	0	$	29,986
Total Investments	$	115,885	$	1,346	$	0	$	117,231

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2020
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(77	)	$	0	$	(77	)
Total Financial Derivative Instruments	$	0	$	(77	)	$	0	$	(77	)
Totals	$	115,885	$	1,269		$	0	$	117,154

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

54 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2045 Fund

June 30, 2020

(Amounts in thousands*, except number of shares, contracts and units, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 79.6%
MUTUAL FUNDS 78.9%
Vanguard Developed Markets Index Fund ‘Institutional’		1,894,106	$		23,714
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		445,082			11,243
Vanguard Institutional Index Fund ‘Institutional’		168,830			46,681
Vanguard Small-Cap Index Fund ‘Admiral’		65,309			4,565
Total Mutual Funds (Cost $82,821)					86,203
SHORT-TERM INSTRUMENTS 0.7%
REPURCHASE AGREEMENTS (b) 0.7%
					738
Total Short-Term Instruments (Cost $738)					738
Total Investments in Securities (Cost $83,559)					86,941

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 20.4%
MUTUAL FUNDS (a) 16.0%
PIMCO Emerging Markets Local Currency and Bond Fund		345,209	$		2,195
PIMCO High Yield Fund		306,394			2,595
PIMCO Income Fund		572,589			6,585
PIMCO International Bond Fund (U.S. Dollar-Hedged)		42,517			459
PIMCO Real Return Fund		136,347			1,616
PIMCO Total Return Fund		370,418			4,012
Total Mutual Funds (Cost $17,633)					17,462

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.4%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.4%
PIMCO Short-Term Floating NAV Portfolio III		489,057	$		4,822
Total Short-Term Instruments (Cost $4,816)					4,822
Total Investments in Affiliates (Cost $22,449)					22,284
Total Investments 100.0% (Cost $106,008)			$		109,225
Financial Derivative Instruments (c) (0.1)% (Cost or Premiums, net $0)					(71	)
Other Assets and Liabilities, net 0.1%					103
Net Assets 100.0%			$		109,257

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  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
FICC		0.000	%		06/30/2020		07/01/2020	$	738	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2022	$	(753	)	$	738	$	738
Total Repurchase Agreements											$	(753	)	$	738	$	738

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 June 30, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(1)
Global/Master Repurchase Agreement
FICC	$	738	$	0	$	0	$	738	$	(753	)	$	(15	)
Total Borrowings and Other Financing Transactions	$	738	$	0	$	0

⁽¹⁾  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.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 55

Schedule of Investments PIMCO REALPATH^® Blend 2045 Fund (Cont.)

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

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
BRC	Receive	DWRTFT Index		183	0.524% (1-Month USD-LIBOR plus a specified spread)	Monthly	11/18/2020	$	1,710	$	0	$	(70	)	$	0	$	(70	)
UAG	Receive	DWRTFT Index		367	0.448% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/26/2020		3,288		0		(1	)		0		(1	)
Total Swap Agreements										$	0	$	(71	)	$	0	$	(71	)

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 June 30, 2020:

	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)
BRC	$	0	$	0	$	0	$	0	$	0	$	0	$	(70	)	$	(70	)	$	(70	)	$	0	$	(70	)
UAG		0		0		0		0		0		0		(1	)		(1	)		(1	)		0		(1	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(71	)	$	(71	)

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

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 June 30, 2020:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	71	$	0	$	0	$	71

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2020:

	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
Swap Agreements	$	0	$	0	$	(919	)	$	0	$	0	$	(919	)
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(20	)	$	0	$	0	$	(20	)

56 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Mutual Funds	$	86,203	$	0	$	0	$	86,203
Short-Term Instruments
Repurchase Agreements		0		738		0		738
	$	86,203	$	738	$	0	$	86,941
Investments in Affiliates, at Value
Mutual Funds		17,462		0		0		17,462
Short-Term Instruments
Central Funds Used for Cash Management Purposes		4,822		0		0		4,822
	$	22,284	$	0	$	0	$	22,284
Total Investments	$	108,487	$	738	$	0	$	109,225

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2020
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(71	)	$	0	$	(71	)
Total Financial Derivative Instruments	$	0	$	(71	)	$	0	$	(71	)
Totals	$	108,487	$	667		$	0	$	109,154

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 57

Schedule of Investments PIMCO REALPATH^® Blend 2050 Fund

(Amounts in thousands*, except number of shares, contracts and units, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 83.1%
MUTUAL FUNDS 82.3%
Vanguard Developed Markets Index Fund ‘Institutional’		2,351,279	$		29,438
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		527,063			13,314
Vanguard Institutional Index Fund ‘Institutional’		200,751			55,508
Vanguard Small-Cap Index Fund ‘Institutional’		78,701			5,501
Total Mutual Funds (Cost $99,023)					103,761
SHORT-TERM INSTRUMENTS 0.8%
REPURCHASE AGREEMENTS (d) 0.7%
					897

	SHARES			MARKET VALUE (000S)
U.S. TREASURY BILLS 0.1%
0.105% due 07/07/2020 - 07/21/2020 (a)(b)		50	$		50
Total Short-Term Instruments (Cost $947)					947
Total Investments in Securities (Cost $99,970)					104,708
INVESTMENTS IN AFFILIATES 16.3%
MUTUAL FUNDS (c) 12.6%
PIMCO Emerging Markets Local Currency and Bond Fund		345,263			2,196
PIMCO High Yield Fund		351,524			2,977
PIMCO Income Fund		525,712			6,046
PIMCO International Bond Fund (U.S. Dollar-Hedged)		32,655			353
PIMCO Real Return Fund		104,342			1,236
PIMCO Total Return Fund		282,109			3,055
Total Mutual Funds (Cost $16,053)					15,863

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 3.7%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.7%
PIMCO Short-Term Floating NAV Portfolio III		475,186	$		4,685
Total Short-Term Instruments (Cost $4,673)					4,685
Total Investments in Affiliates (Cost $20,726)					20,548
Total Investments 99.4% (Cost $120,696)			$		125,256
Financial Derivative Instruments (e) (0.1)% (Cost or Premiums, net $0)					(99	)
Other Assets and Liabilities, net 0.7%					876
Net Assets 100.0%			$		126,033

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

(b) Zero coupon security.

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  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
FICC		0.000	%		06/30/2020		07/01/2020	$	897	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2022	$	(915	)	$	897	$	897
Total Repurchase Agreements											$	(915	)	$	897	$	897

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 June 30, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(1)
Global/Master Repurchase Agreement
FICC	$	897	$	0	$	0	$	897	$	(915	)	$	(18	)
Total Borrowings and Other Financing Transactions	$	897	$	0	$	0

⁽¹⁾  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.

58 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

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
BRC	Receive	DWRTFT Index		255	0.524% (1-Month USD-LIBOR plus a specified spread)	Monthly	11/18/2020	$	2,382	$	0	$	(98	)	$	0	$	(98	)
UAG	Receive	DWRTFT Index		411	0.448% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/26/2020		3,683		0		(1	)		0		(1	)
Total Swap Agreements										$	0	$	(99	)	$	0	$	(99	)

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 June 30, 2020:

	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)
BRC	$	0	$	0	$	0	$	0	$	0	$	0	$	(98	)	$	(98	)	$	(98	)	$	0	$	(98	)
UAG		0		0		0		0		0		0		(1	)		(1	)		(1	)		0		(1	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(99	)	$	(99	)

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

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 June 30, 2020:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	99	$	0	$	0	$	99

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2020:

	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
Swap Agreements	$	0	$	0	$	(1,060	)	$	0	$	0	$	(1,060	)
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(28	)	$	0	$	0	$	(28	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 59

Schedule of Investments PIMCO REALPATH^® Blend 2050 Fund (Cont.)

June 30, 2020

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Mutual Funds	$	103,761	$	0	$	0	$	103,761
Short-Term Instruments
Repurchase Agreements		0		897		0		897
U.S. Treasury Bills		0		50		0		50
	$	103,761	$	947	$	0	$	104,708
Investments in Affiliates, at Value
Mutual Funds		15,863		0		0		15,863
Short-Term Instruments
Central Funds Used for Cash Management Purposes		4,685		0		0		4,685
	$	20,548	$	0	$	0	$	20,548
Total Investments	$	124,309	$	947	$	0	$	125,256

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2020
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(99	)	$	0	$	(99	)
Total Financial Derivative Instruments	$	0	$	(99	)	$	0	$	(99	)
Totals	$	124,309	$	848		$	0	$	125,157

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

60 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2055 Fund

June 30, 2020

(Amounts in thousands*, except number of shares, contracts and units, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 85.0%
MUTUAL FUNDS 83.4%
Vanguard Developed Markets Index Fund ‘Institutional’		1,129,583	$		14,142
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		247,675			6,256
Vanguard Institutional Index Fund ‘Institutional’		93,467			25,844
Vanguard Small-Cap Index Fund ‘Admiral’		36,624			2,560
Total Mutual Funds (Cost $47,282)					48,802
SHORT-TERM INSTRUMENTS 1.6%
REPURCHASE AGREEMENTS (d) 1.2%
					721

	SHARES			MARKET VALUE (000S)
U.S. TREASURY BILLS 0.4%
0.152% due 09/03/2020 (a)(b)		261	$		261
Total Short-Term Instruments (Cost $982)					982
Total Investments in Securities (Cost $48,264)					49,784
INVESTMENTS IN AFFILIATES 16.7%
MUTUAL FUNDS (c) 11.4%
PIMCO Emerging Markets Local Currency and Bond Fund		151,402			963
PIMCO High Yield Fund		164,659			1,395
PIMCO Income Fund		224,384			2,580
PIMCO International Bond Fund (U.S. Dollar-Hedged)		11,387			123
PIMCO Real Return Fund		41,308			490
PIMCO Total Return Fund		109,053			1,181
Total Mutual Funds (Cost $6,801)					6,732

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.3%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.3%
PIMCO Short-Term Floating NAV Portfolio III		312,536	$		3,081
Total Short-Term Instruments (Cost $3,077)					3,081
Total Investments in Affiliates (Cost $9,878)					9,813
Total Investments 101.7% (Cost $58,142)			$		59,597
Financial Derivative Instruments (e) (0.0)% (Cost or Premiums, net $0)					(20	)
Other Assets and Liabilities, net (1.7)%					(1,004	)
Net Assets 100.0%			$		58,573

NOTES TO SCHEDULE OF INVESTMENTS:

* 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.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  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
FICC		0.000	%		06/30/2020		07/01/2020	$	721	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2022	$	(735	)	$	721	$	721
Total Repurchase Agreements											$	(735	)	$	721	$	721

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 June 30, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(1)
Global/Master Repurchase Agreement
FICC	$	721	$	0	$	0	$	721	$	(735	)	$	(14	)
Total Borrowings and Other Financing Transactions	$	721	$	0	$	0

⁽¹⁾  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.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 61

Schedule of Investments PIMCO REALPATH^® Blend 2055 Fund (Cont.)

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

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
BRC	Receive	DWRTFT Index		50	0.524% (1-Month USD-LIBOR plus a specified spread)	Monthly	11/18/2020	$	467	$	0	$	(19	)	$	0	$	(19	)
UAG	Receive	DWRTFT Index		271	0.448% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/26/2020		2,428		0		(1	)		0		(1	)
Total Swap Agreements										$	0	$	(20	)	$	0	$	(20	)

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 June 30, 2020:

	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)
BRC	$	0	$	0	$	0	$	0	$	0	$	0	$	(19	)	$	(19	)	$	(19	)	$	0	$	(19	)
UAG		0		0		0		0		0		0		(1	)		(1	)		(1	)		0		(1	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(20	)	$	(20	)

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

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 June 30, 2020:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	20	$	0	$	0	$	20

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2020:

	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
Swap Agreements	$	0	$	0	$	(490	)	$	0	$	0	$	(490	)
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(5	)	$	0	$	0	$	(5	)

62 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Mutual Funds	$	48,802	$	0	$	0	$	48,802
Short-Term Instruments
Repurchase Agreements		0		721		0		721
U.S. Treasury Bills		0		261		0		261
	$	48,802	$	982	$	0	$	49,784
Investments in Affiliates, at Value
Mutual Funds		6,732		0		0		6,732
Short-Term Instruments
Central Funds Used for Cash Management Purposes		3,081		0		0		3,081
	$	9,813	$	0	$	0	$	9,813
Total Investments	$	58,615	$	982	$	0	$	59,597

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2020
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(20	)	$	0	$	(20	)
Total Financial Derivative Instruments	$	0	$	(20	)	$	0	$	(20	)
Totals	$	58,615	$	962		$	0	$	59,577

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 63

Schedule of Investments PIMCO REALPATH^® Blend 2060 Fund

(Amounts in thousands*, except number of shares, contracts and units, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 83.6%
MUTUAL FUNDS 83.6%
Vanguard 500 Index Fund ‘Admiral’		4,423	$		1,265
Vanguard Developed Markets Index Fund ‘Admiral’		55,411			693
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		9,244			307
Vanguard Small-Cap Index Fund ‘Admiral’		1,754			123
Total Mutual Funds (Cost $2,547)					2,388
Total Investments in Securities (Cost $2,547)					2,388

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 11.3%
MUTUAL FUNDS (a) 11.3%
PIMCO Emerging Markets Local Currency and Bond Fund		7,236	$		46
PIMCO High Yield Fund		8,045			68
PIMCO Income Fund		10,783			124
PIMCO International Bond Fund (U.S. Dollar-Hedged)		600			6
PIMCO Real Return Fund		1,866			22
PIMCO Total Return Fund		5,138			56
Total Mutual Funds (Cost $335)					322
Total Investments in Affiliates (Cost $335)					322
Total Investments 94.9% (Cost $2,882)			$		2,710
Other Assets and Liabilities, net 5.1%					145
Net Assets 100.0%			$		2,855

NOTES TO SCHEDULE OF INVESTMENTS:

* 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 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
UAG	Receive	DWRTFT Index		16	0.448% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/26/2020	$	143	$	0	$	0	$	0	$	0
Total Swap Agreements										$	0	$	0	$	0	$	0

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 June 30, 2020:

	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)
UAG	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0

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

64 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

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.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2020:

	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
Swap Agreements	$	0	$	0	$	(31	)	$	0	$	0	$	(31	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Mutual Funds	$	2,388	$	0	$	0	$	2,388
	$	2,388	$	0	$	0	$	2,388
Investments in Affiliates, at Value
Mutual Funds	$	322	$	0	$	0		322
Total Investments	$	2,710	$	0	$	0	$	2,710

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 65

Schedule of Investments PIMCO REALPATH^® Blend Income Fund

(Amounts in thousands*, except number of shares, contracts and units, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 40.3%
MUTUAL FUNDS 39.9%
Vanguard Developed Markets Index Fund ‘Institutional’		1,284,970	$		16,088
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		455,409			11,503
Vanguard Institutional Index Fund ‘Institutional’		110,245			30,483
Vanguard Small-Cap Index Fund ‘Admiral’		37,445			2,617
Total Mutual Funds (Cost $58,302)					60,691
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS (b) 0.4%
					567
Total Short-Term Instruments (Cost $567)					567
Total Investments in Securities (Cost $58,869)					61,258

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 63.3%
MUTUAL FUNDS (a) 56.4%
PIMCO Emerging Markets Local Currency and Bond Fund		1,152,423	$		7,330
PIMCO High Yield Fund		452,423			3,832
PIMCO Income Fund		2,341,736			26,930
PIMCO International Bond Fund (U.S. Dollar-Hedged)		250,550			2,706
PIMCO Long-Term Real Return Fund		863,991			8,752
PIMCO Long-Term U.S. Government Fund		477,524			3,763
PIMCO Real Return Fund		795,415			9,426
PIMCO Total Return Fund		2,123,553			22,998
Total Mutual Funds (Cost $83,705)					85,737

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 6.9%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.9%
PIMCO Short-Term Floating NAV Portfolio III		1,060,591	$		10,456
Total Short-Term Instruments (Cost $10,450)					10,456
Total Investments in Affiliates (Cost $94,155)					96,193
Total Investments 103.6% (Cost $153,024)			$		157,451
Financial Derivative Instruments (c)(d) 0.1% (Cost or Premiums, net $677)					189
Other Assets and Liabilities, net (3.7)%					(5,587	)
Net Assets 100.0%			$		152,053

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  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
FICC		0.000	%		06/30/2020		07/01/2020	$	567	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2022	$	(578	)	$	567	$	567
Total Repurchase Agreements											$	(578	)	$	567	$	567

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 June 30, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(1)
Global/Master Repurchase Agreement
FICC	$	567	$	0	$	0	$	567	$	(578	)	$	(11	)
Total Borrowings and Other Financing Transactions	$	567	$	0	$	0

⁽¹⁾   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.

(c)  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		1,450.000		09/18/2020		13	$	1	$	73	$	3
Put - CBOE S&P 500		1,725.000		09/18/2020		12		1		138		5
Put - CBOE S&P 500		1,500.000		12/18/2020		12		1		78		10

66 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOE S&P 500		1,800.000		12/18/2020		13	$	1	$	121	$	20
Put - CBOE S&P 500		1,400.000		03/19/2021		10		1		75		11
Put - CBOE S&P 500		1,650.000	��	03/19/2021		11		1		151		21
Put - CBOE S&P 500		2,050.000		06/18/2021		14		1		98		89
Put - CBOE S&P 500		2,325.000		06/18/2021		13		1		141		136
Total Purchased Options									$	875	$	295

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		1,300.000		09/18/2020		12	$	1	$	(53	)	$	(2	)
Put - CBOE S&P 500		1,350.000		12/18/2020		13		1		(40	)		(8	)
Put - CBOE S&P 500		1,200.000		03/19/2021		11		1		(60	)		(8	)
Put - CBOE S&P 500		1,700.000		06/18/2021		13		1		(45	)		(39	)
Total Written Options									$	(198	)	$	(57	)

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 June 30, 2020:

	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	$	295	$	0	$	0	$	295	$	(57)	$	0	$	0	$	(57)

(d)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

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
BRC	Receive	DWRTFT Index		125	0.524% (1-Month USD-LIBOR plus a specified spread)	Monthly	11/18/2020	$	1,168	$	0	$	(48	)	$	0	$	(48	)
UAG	Receive	DWRTFT Index		502	0.448% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/26/2020		4,498		0		(1	)		0		(1	)
Total Swap Agreements										$	0	$	(49	)	$	0	$	(49	)

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 June 30, 2020:

	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)
BRC	$	0	$	0	$	0	$	0	$	0	$	0	$	(48	)	$	(48	)	$	(48	)	$	0	$	(48	)
UAG		0		0		0		0		0		0		(1	)		(1	)		(1	)		0		(1	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(49	)	$	(49	)

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

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 67

Schedule of Investments PIMCO REALPATH^® Blend Income Fund (Cont.)

June 30, 2020

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 June 30, 2020:

	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	$	295	$	0	$	0	$	295
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	57	$	0	$	0	$	57
Over the counter
Swap Agreements	$	0	$	0	$	49	$	0	$	0	$	49
	$	0	$	0	$	106	$	0	$	0	$	106

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2020:

	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	$	2,499		$	0	$	0	$	2,499
Written Options		0		0		(866	)		0		0		(866	)
	$	0	$	0	$	1,633		$	0	$	0	$	1,633
Over the counter
Swap Agreements	$	0	$	0	$	(1,046	)	$	0	$	0	$	(1,046	)
	$	0	$	0	$	587		$	0	$	0	$	587
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(447	)	$	0	$	0	$	(447	)
Written Options		0		0		114			0		0		114
	$	0	$	0	$	(333	)	$	0	$	0	$	(333	)
Over the counter
Swap Agreements	$	0	$	0	$	(35	)	$	0	$	0	$	(35	)
	$	0	$	0	$	(368	)	$	0	$	0	$	(368	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Mutual Funds	$	60,691	$	0	$	0	$	60,691
Short-Term Instruments
Repurchase Agreements		0		567		0		567
	$	60,691	$	567	$	0	$	61,258
Investments in Affiliates, at Value
Mutual Funds		85,737		0		0		85,737
Short-Term Instruments
Central Funds Used for Cash Management Purposes		10,456		0		0		10,456
	$	96,193	$	0	$	0	$	96,193
Total Investments	$	156,884	$	567	$	0	$	157,451

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2020
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	295		$	0	$	295
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(57	)		0		(57	)
Over the counter		0		(49	)		0		(49	)
	$	0	$	(106	)	$	0	$	(106	)
Total Financial Derivative Instruments	$	0	$	189		$	0	$	189
Totals	$	156,884	$	756		$	0	$	157,640

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

68 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements

June 30, 2020

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on March 30, 2010. 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 and series of PIMCO Funds sub-advised by Gurtin Municipal Bond Management (“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 functional and reporting currency for the Funds is the U.S. dollar. 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) Multi-Class 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 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 2060 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend Income Fund		Quarterly		Quarterly

In addition, each Fund distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently.

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

ANNUAL REPORT JUNE 30, 2020 69

Notes to Financial Statements (Cont.)

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 its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and accounting practices, the Fund will notify shareholders 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 at a Fund’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements  In August 2018, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2018-13, which modifies certain disclosure requirements for fair value measurements in Accounting Standards

Codification 820. The ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. At this time, management has elected to early adopt the ASU and the changes are incorporated in the financial statements.

In March 2020, the FASB issued ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31, 2022. At this time, management is evaluating implications of these changes on the 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 (normally 4:00 p.m., Eastern time) (“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 U.S. Securities and Exchange Commission (“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

70 PIMCO EQUITY SERIES

June 30, 2020

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 are 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 are 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 Board. 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

ANNUAL REPORT JUNE 30, 2020 71

Notes to Financial Statements (Cont.)

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 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.

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.

72 PIMCO EQUITY SERIES

June 30, 2020

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, London Interbank Offered Rate 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 or a significant portion 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 Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each Acquired Fund’s shareholder report is also available at the SEC’s website at www.sec.gov, and a copy of each affiliate fund’s shareholder report is available on the Funds’ website at www.pimco.com, or upon request, as applicable. The tables below show the Funds’ transactions in and earnings from investments in the affiliated Funds for the period ended June 30, 2020 (amounts in thousands^†):

PIMCO REALPATH®Blend 2025 Fund
Underlying PIMCO Funds	Market Value 06/30/2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	1,078	$	3,677	$	(96	)	$	(9	)	$	(179	)	$	4,471	$	34	$	0
PIMCO High Yield Fund		3,270		2,810		(3,186	)		(38	)		(111	)		2,745		186		0
PIMCO Income Fund		7,355		9,671		(414	)		(33	)		(607	)		15,972		693		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		889		1,029		(377	)		(17	)		(23	)		1,501		82		0
PIMCO Long-Term Real Return Fund		5,913		6,300		(6,969	)		675			714			6,633		335		0
PIMCO Long-Term U.S. Government Fund		3,977		4,137		(6,419	)		810			347			2,852		114		0
PIMCO Real Return Fund		1,006		4,697		(423	)		(11	)		188			5,457		41		0
PIMCO Short-Term Floating NAV Portfolio III		2,170		29,949		(26,100	)		(23	)		7			6,003		49		0
PIMCO Total Return Fund		3,555		10,503		(1,229	)		(21	)		360			13,168		236		0
Totals	$	29,213	$	72,773	$	(45,213	)	$	1,333		$	696		$	58,802	$	1,770	$	0

ANNUAL REPORT JUNE 30, 2020 73

Notes to Financial Statements (Cont.)

PIMCO REALPATH® Blend 2030 Fund
Underlying PIMCO Funds	Market Value 06/30/2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	1,514	$	3,688	$	(167	)	$	(17	)	$	(190	)	$	4,828	$	34	$	0
PIMCO High Yield Fund		4,471		3,271		(4,236	)		(39	)		(148	)		3,319		244		0
PIMCO Income Fund		8,253		9,654		(331	)		(35	)		(694	)		16,847		753		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		776		935		(126	)		(9	)		(32	)		1,544		75		0
PIMCO Long-Term Real Return Fund		6,033		5,346		(8,391	)		902			356			4,246		322		0
PIMCO Long-Term U.S. Government Fund		4,021		3,653		(6,919	)		909			179			1,843		107		0
PIMCO Real Return Fund		1,468		4,324		(422	)		(10	)		222			5,582		49		0
PIMCO Short-Term Floating NAV Portfolio III		3,216		30,072		(26,100	)		(32	)		7			7,163		72		0
PIMCO Total Return Fund		3,419		10,930		(1,198	)		(20	)		338			13,469		232		0
Totals	$	33,171	$	71,873	$	(47,890	)	$	1,649		$	38		$	58,841	$	1,888	$	0
PIMCO REALPATH®Blend 2035 Fund
Underlying PIMCO Funds	Market Value 06/30/2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	1,259	$	2,222	$	(138	)	$	(12	)	$	(136	)	$	3,195	$	18	$	0
PIMCO High Yield Fund		3,677		2,186		(3,214	)		(33	)		(118	)		2,498		181		0
PIMCO Income Fund		5,660		6,151		(511	)		(53	)		(438	)		10,809		473		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		446		605		(56	)		(4	)		(18	)		973		39		0
PIMCO Long-Term Real Return Fund		3,373		2,501		(5,609	)		587			1			853		154		0
PIMCO Long-Term U.S. Government Fund		2,247		1,727		(4,134	)		558			(20	)		378		50		0
PIMCO Real Return Fund		792		2,902		(385	)		(9	)		129			3,429		28		0
PIMCO Short-Term Floating NAV Portfolio III		2,415		28,356		(25,500	)		(25	)		5			5,251		56		0
PIMCO Total Return Fund		1,912		7,170		(982	)		(19	)		194			8,275		129		0
Totals	$	21,781	$	53,820	$	(40,529	)	$	990		$	(401	)	$	35,661	$	1,128	$	0
PIMCO REALPATH® Blend 2040 Fund
Underlying PIMCO Funds	Market Value 06/30/2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	1,624	$	1,533	$	(92	)	$	(8	)	$	(98	)	$	2,959	$	10	$	0
PIMCO High Yield Fund		4,742		1,950		(3,757	)		(31	)		(122	)		2,782		217		0
PIMCO Income Fund		6,028		4,288		(411	)		(43	)		(379	)		9,483		449		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		336		471		(53	)		(2	)		(9	)		743		24		0
PIMCO Long-Term Real Return Fund		2,559		1,418		(4,374	)		520			(123	)		0		101		0
PIMCO Long-Term U.S. Government Fund		1,637		892		(2,895	)		437			(71	)		0		34		0
PIMCO Real Return Fund		598		2,366		(294	)		(7	)		101			2,764		22		0
PIMCO Short-Term Floating NAV Portfolio III		3,443		24,267		(23,100	)		(34	)		7			4,583		68		0
PIMCO Total Return Fund		1,438		5,807		(716	)		(14	)		157			6,672		98		0
Totals	$	22,405	$	42,992	$	(35,692	)	$	818		$	(537	)	$	29,986	$	1,023	$	0

74 PIMCO EQUITY SERIES

June 30, 2020

PIMCO REALPATH® Blend 2045 Fund
Underlying PIMCO Funds	Market Value 06/30/2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2020		Dividend Income(1)			Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	1,654	$	731	$	(109	)	$	(7	)	$	(74	)	$	2,195	$	1		$	0
PIMCO High Yield Fund		4,579		1,873		(3,702	)		(30	)		(125	)		2,595		211			0
PIMCO Income Fund		4,875		2,676		(649	)		(33	)		(284	)		6,585		352			0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		169		296		0			0			(6	)		459		12			0
PIMCO Long-Term Real Return Fund		1,223		512		(1,925	)		246			(56	)		0		48			0
PIMCO Long-Term U.S. Government Fund		813		341		(1,328	)		208			(34	)		0		16			0
PIMCO Real Return Fund		301		1,420		(155	)		(4	)		54			1,616		12			0
PIMCO Short-Term Floating NAV Portfolio III		3,373		24,869		(23,400	)		(24	)		4			4,822		69			0
PIMCO Total Return Fund		679		3,701		(440	)		(9	)		81			4,012		54			0
Totals	$	17,666	$	36,419	$	(31,708	)	$	347		$	(440	)	$	22,284	$	775		$	0
PIMCO REALPATH® Blend 2050 Fund
Underlying PIMCO Funds	Market Value 06/30/2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2020		Dividend Income(1)			Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	1,938	$	540	$	(228	)	$	3		$	(57	)	$	2,196	$	(5	)	$	0
PIMCO High Yield Fund		5,655		1,671		(4,177	)		(13	)		(159	)		2,977		253			0
PIMCO Income Fund		5,443		2,165		(1,263	)		(24	)		(275	)		6,046		362			0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		93		264		0			0			(4	)		353		7			0
PIMCO Long-Term Real Return Fund		679		162		(935	)		141			(47	)		0		25			0
PIMCO Long-Term U.S. Government Fund		449		134		(665	)		101			(19	)		0		8			0
PIMCO Real Return Fund		167		1,149		(113	)		(3	)		36			1,236		9			0
PIMCO Short-Term Floating NAV Portfolio III		4,323		20,084		(19,700	)		(31	)		9			4,685		83			0
PIMCO Total Return Fund		374		2,912		(277	)		(6	)		52			3,055		36			0
Totals	$	19,121	$	29,081	$	(27,358	)	$	168		$	(464	)	$	20,548	$	778		$	0
PIMCO REALPATH® Blend 2055 Fund
Underlying PIMCO Funds	Market Value 06/30/2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2020		Dividend Income(1)			Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	631	$	405	$	(47	)	$	0		$	(26	)	$	963	$	1		$	0
PIMCO High Yield Fund		1,745		1,414		(1,693	)		(13	)		(58	)		1,395		93			0
PIMCO Income Fund		1,667		1,656		(634	)		(13	)		(96	)		2,580		132			0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		24		100		0			0			(1	)		123		2			0
PIMCO Long-Term Real Return Fund		214		58		(301	)		44			(15	)		0		8			0
PIMCO Long-Term U.S. Government Fund		116		70		(211	)		30			(5	)		0		3			0
PIMCO Real Return Fund		44		463		(29	)		(1	)		13			490		3			0
PIMCO Short-Term Floating NAV Portfolio III		1,155		18,734		(16,800	)		(11	)		3			3,081		34			0
PIMCO Total Return Fund		97		1,172		(105	)		(2	)		19			1,181		13			0
Totals	$	5,693	$	24,072	$	(19,820	)	$	34		$	(166	)	$	9,813	$	289		$	0

ANNUAL REPORT JUNE 30, 2020 75

Notes to Financial Statements (Cont.)

PIMCO REALPATH® Blend 2060 Fund
Underlying PIMCO Funds	Market Value 06/30/2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	0	$	53	$	(2	)	$	0		$	(5	)	$	46	$	1	$	0
PIMCO High Yield Fund		0		149		(75	)		(2	)		(4	)		68		2		0
PIMCO Income Fund		0		156		(26	)		(1	)		(5	)		124		4		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		0		6		0			0			0			6		0		0
PIMCO Long-Term Real Return Fund		0		21		(23	)		2			0			0		0		0
PIMCO Long-Term U.S. Government Fund		0		14		(16	)		2			0			0		0		0
PIMCO Real Return Fund		0		24		(3	)		0			1			22		0		0
PIMCO Total Return Fund		0		62		(7	)		0			1			56		1		0
Totals	$	0	$	485	$	(152	)	$	1		$	(12	)	$	322	$	8	$	0
PIMCO REALPATH® Blend Income Fund
Underlying PIMCO Funds	Market Value 06/30/2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	789	$	7,236	$	(326	)	$	(31	)	$	(338	)	$	7,330	$	55	$	0
PIMCO High Yield Fund		2,328		6,322		(4,646	)		(61	)		(111	)		3,832		169		0
PIMCO Income Fund		6,833		22,070		(883	)		(36	)		(1,054	)		26,930		873		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		960		2,634		(865	)		(23	)		0			2,706		82		0
PIMCO Long-Term Real Return Fund		4,517		12,308		(10,090	)		823			1,194			8,752		229		0
PIMCO Long-Term U.S. Government Fund		3,044		8,066		(9,048	)		1,143			558			3,763		104		0
PIMCO Real Return Fund		1,125		8,588		(659	)		(16	)		388			9,426		64		0
PIMCO Short-Term Floating NAV Portfolio III		1,447		49,316		(40,300	)		(14	)		7			10,456		36		0
PIMCO Total Return Fund		3,781		20,363		(1,876	)		(36	)		766			22,998		320		0
Totals	$	24,824	$	136,903	$	(68,693	)	$	1,749		$	1,410		$	96,193	$	1,932	$	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 (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, 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 which do not distribute

interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

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.

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5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO 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 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) Interfund Lending  In accordance with an exemptive order (the “Order”) from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Funds’ investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the funds’ investment restrictions). If a borrowing funds’ total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency

purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

On March 23, 2020, the SEC issued an exemptive order (the “Temporary Order”) to provide temporary relief to the Funds of the Trust in relation to the Interfund Lending Program, and the Funds’ Board of Trustees has authorized the Funds to rely on the Temporary Order. With respect to interfund lending, the Temporary Order permits, under certain conditions, a lending fund to lend in aggregate up to 25% of its current net assets at the time of the interfund loan and to make interfund loans with term limits of up to the expiration of the Temporary Order, notwithstanding the current limit of seven business days under the Order. The SEC determined in June 2020 that the Temporary Order would not be extended after its expiration on June 30, 2020.

During the period ended June 30, 2020, the Funds did not participate in the Interfund Lending Program.

6. 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) 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 and subsequently marked to market to reflect the

ANNUAL REPORT JUNE 30, 2020 77

Notes to Financial Statements (Cont.)

current value of the option written. These amounts 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.

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.

(b) 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 certain of a Fund’s investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure 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

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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.

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 AND OTHER RISKS

(a) 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 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 2060 Fund	PIMCO REALPATH® Blend Income Fund
Small Fund	X	X	X	X	X	—	X	X	X
Allocation	X	X	X	X	X	X	X	X	X
Acquired Fund	X	X	X	X	X	X	X	X	X
Investment in Acquired Fund Risks
New Fund	X	X	X	X	X	X	X	X	X
Small Fund	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

ANNUAL REPORT JUNE 30, 2020 79

Notes to Financial Statements (Cont.)

Risks	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 2060 Fund	PIMCO REALPATH® Blend Income Fund
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
Convertible Securities	X	X	X	X	X	X	X	X	X
Exchange-Traded Fund	X	X	X	X	X	X	X	X	X

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.

Small Fund Risk  is the risk that a smaller Fund may not achieve investment or trading efficiencies. Additionally, a smaller Fund may be more adversely affected by large purchases or redemptions on Fund shares.

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 Fund Risk  is the risk that a new 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 Funds may not attract sufficient assets to achieve investment and trading efficiencies.

Small Fund Risk  is the risk that a smaller Fund may not achieve investment or trading efficiencies. Additionally, a smaller Fund may be more adversely affected by large purchases or redemptions of Fund shares

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.

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, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as 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

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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 investments 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 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.

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,

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Notes to Financial Statements (Cont.)

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 character, timing and/or amount of a 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.

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.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cybersecurity risks. Please see a Fund’s prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments (such as the anticipated discontinuation of the London Interbank Offered Rate) that may impact a Fund’s performance.

Market Disruption Risk  A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund’s service providers, including PIMCO as a Fund’s investment adviser, rely, and could otherwise disrupt a Fund’s service providers’ ability to fulfill their obligations to a Fund. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities a Fund holds, and may adversely affect a Fund’s investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets  Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund’s ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund’s holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention

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cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk  Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund’s ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk  An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk  As the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

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 are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve 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 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 certain 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

ANNUAL REPORT JUNE 30, 2020 83

Notes to Financial Statements (Cont.)

securities, delayed-delivery or certain 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. 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 generally 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.

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		Administrative Class		Class A		Class R
PIMCO REALPATH® Blend 2025 Fund		0.01%		0.02%		0.02%		0.27%		0.27%	*
PIMCO REALPATH® Blend 2030 Fund		0.02%		0.02%		0.02%		0.27%		0.27%	*
PIMCO REALPATH® Blend 2035 Fund		0.03%		0.02%		0.02%		0.27%		0.27%	*
PIMCO REALPATH® Blend 2040 Fund		0.03%		0.02%		0.02%		0.27%		0.27%	*
PIMCO REALPATH® Blend 2045 Fund		0.03%		0.02%		0.02%		0.27%		0.27%	*
PIMCO REALPATH® Blend 2050 Fund		0.03%		0.02%		0.02%		0.27%		0.27%	*
PIMCO REALPATH® Blend 2055 Fund		0.03%		0.02%		0.02%		0.27%		0.27%	*
PIMCO REALPATH® Blend 2060 Fund		0.03%		0.02%		0.02%		0.27%		N/A
PIMCO REALPATH® Blend Income Fund		0.01%		0.02%		0.02%		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

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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 Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the “Administrative Class Plan”). Under the terms of the 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 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 June 30, 2020, the Distributor retained $21,424 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 expenses; (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.

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, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier 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. The waiver is reflected in the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the investment advisory contract or supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the “Reimbursement Amount”) during the previous thirty-six months from the date of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO at June 30, 2020, were as follows (amounts in thousands^†):

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO RealPath® Blend 2025 Fund	$	0	$	0	$	4	$	4
PIMCO RealPath® Blend 2030 Fund		0		0		6		6
PIMCO RealPath® Blend 2035 Fund		0		0		6		6

ANNUAL REPORT JUNE 30, 2020 85

Notes to Financial Statements (Cont.)

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO RealPath® Blend 2040 Fund	$	0	$	0	$	7	$	7
PIMCO RealPath® Blend 2045 Fund		0		0		5		5
PIMCO RealPath® Blend 2050 Fund		0		1		8		9
PIMCO RealPath® Blend 2055 Fund		0		0		3		3
PIMCO RealPath® Blend 2060 Fund		0		0		68		68
PIMCO RealPath® Blend Income Fund		0		0		4		4

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

(f) Acquired Fund Fees and Expenses  Acquired Fund expenses incurred by the Funds, if any, 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.

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.

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, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. 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 when distributed to shareholders). The transaction costs 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 June 30, 2020, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PIMCO REALPATH® Blend 2025 Fund	$	0	$	0	$	83,781	$	32,689
PIMCO REALPATH® Blend 2030 Fund		0		0		85,387		30,415
PIMCO REALPATH® Blend 2035 Fund		0		0		64,860		27,469
PIMCO REALPATH® Blend 2040 Fund		0		0		50,547		19,965
PIMCO REALPATH® Blend 2045 Fund		0		0		38,610		14,838
PIMCO REALPATH® Blend 2050 Fund		0		0		41,330		22,027
PIMCO REALPATH® Blend 2055 Fund		0		0		34,577		12,653
PIMCO REALPATH® Blend 2060 Fund		0		0		3,221		320
PIMCO REALPATH® Blend Income Fund		0		0		86,100		43,349

^†   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 REALPATH® Blend 2025 Fund												PIMCO REALPATH® Blend 2030 Fund
	Year Ended 06/30/2020						Year Ended 06/30/2019						Year Ended 06/30/2020						Year Ended 06/30/2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		5,446		$	62,831			2,602		$	28,619			5,976		$	69,709			3,875		$	43,525
Administrative Class		856			9,802			210			2,304			839			9,655			305			3,395
Class A		95			1,096			56			614			164			1,925			147			1,683
Issued as reinvestment of distributions
Institutional Class		136			1,586			83			885			199			2,365			156			1,688
Administrative Class		66			764			81			864			65			774			88			943
Class A		13			150			20			210			15			177			24			253
Cost of shares redeemed
Institutional Class		(1,566	)		(17,815	)		(476	)		(5,239	)		(1,732	)		(19,492	)		(739	)		(8,268	)
Administrative Class		(341	)		(3,845	)		(193	)		(2,124	)		(419	)		(4,783	)		(298	)		(3,346	)
Class A		(42	)		(474	)		(49	)		(540	)		(127	)		(1,463	)		(36	)		(395	)
Net increase (decrease) resulting from Fund share transactions		4,663		$	54,095			2,334		$	25,593			4,980		$	58,867			3,522		$	39,478

	PIMCO REALPATH® Blend 2035 Fund												PIMCO REALPATH® Blend 2040 Fund
	Year Ended 06/30/2020						Year Ended 06/30/2019						Year Ended 06/30/2020						Year Ended 06/30/2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		4,095		$	48,247			2,654		$	29,908			3,630		$	42,768			3,682		$	42,098
Administrative Class		609			7,020			244			2,740			544			6,307			177			2,011
Class A		170			1,954			167			1,904			160			1,862			194			2,235
Issued as reinvestment of distributions
Institutional Class		134			1,594			152			1,646			189			2,279			234			2,563
Administrative Class		53			630			95			1,025			39			473			61			667
Class A		12			143			27			292			20			237			33			361
Cost of shares redeemed
Institutional Class		(1,290	)		(14,620	)		(641	)		(7,231	)		(1,389	)		(16,002	)		(661	)		(7,592	)
Administrative Class		(300	)		(3,272	)		(217	)		(2,457	)		(206	)		(2,242	)		(119	)		(1,377	)
Class A		(94	)		(1,072	)		(131	)		(1,491	)		(173	)		(1,945	)		(23	)		(255	)
Net increase (decrease) resulting from Fund share transactions		3,389		$	40,624			2,350		$	26,336			2,814		$	33,737			3,578		$	40,711

	PIMCO REALPATH® Blend 2045 Fund												PIMCO REALPATH® Blend 2050 Fund
	Year Ended 06/30/2020						Year Ended 06/30/2019						Year Ended 06/30/2020						Year Ended 06/30/2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		3,055		$	35,705			2,660		$	30,398			2,725		$	31,580			3,249		$	37,065
Administrative Class		463			5,341			147			1,680			358			4,118			322			3,677
Class A		74			863			56			632			89			1,004			76			877
Issued as reinvestment of distributions
Institutional Class		196			2,361			338			3,683			233			2,820			398			4,349
Administrative Class		33			400			65			701			44			539			94			1,024
Class A		10			124			23			253			11			130			25			270
Cost of shares redeemed
Institutional Class		(1,326	)		(15,077	)		(588	)		(6,707	)		(1,171	)		(13,499	)		(684	)		(7,856	)
Administrative Class		(186	)		(2,085	)		(147	)		(1,678	)		(302	)		(3,464	)		(177	)		(2,039	)
Class A		(135	)		(1,518	)		(14	)		(162	)		(131	)		(1,495	)		(34	)		(378	)
Net increase (decrease) resulting from Fund share transactions		2,184		$	26,114			2,540		$	28,800			1,856		$	21,733			3,269		$	36,989

ANNUAL REPORT JUNE 30, 2020 87

Notes to Financial Statements (Cont.)

	PIMCO REALPATH® Blend 2055 Fund												PIMCO REALPATH® Blend 2060 Fund
	Year Ended 06/30/2020						Year Ended 06/30/2019						Inception date through 06/30/2020
	Shares			Amount			Shares			Amount			Shares		Amount
Receipts for shares sold
Institutional Class		2,686		$	31,279			2,229		$	25,607			301	$	3,011
Administrative Class		405			4,695			37			442			1		10
Class A		73			840			72			816			3		33
Issued as reinvestment of distributions
Institutional Class		103			1,244			96			1,053			0		0
Administrative Class		9			110			2			17			0		0
Class A		7			81			11			117			0		0
Cost of shares redeemed
Institutional Class		(1,107	)		(12,926	)		(501	)		(5,777	)		0		0
Administrative Class		(48	)		(540	)		(1	)		(16	)		0		0
Class A		(82	)		(940	)		(22	)		(247	)		0		(3	)
Net increase (decrease) resulting from Fund share transactions		2,046		$	23,843			1,923		$	22,012			305	$	3,051

	PIMCO REALPATH® Blend Income Fund
	Year Ended 06/30/2020						Year Ended 06/30/2019
	Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		6,527		$	74,835			2,038		$	22,261
Administrative Class		322			3,680			93			1,016
Class A		575			6,449			350			3,847
Issued as reinvestment of distributions
Institutional Class		81			930			49			525
Administrative Class		36			412			33			353
Class A		26			303			14			147
Issued in reorganization^
Institutional Class		3,894			45,204			N/A			N/A
Administrative Class		1,507			17,511			N/A			N/A
Class A		429			4,958			N/A			N/A
Cost of shares redeemed
Institutional Class		(3,251	)		(36,815	)		(879	)		(9,650	)
Administrative Class		(343	)		(3,806	)		(321	)		(3,491	)
Class A		(239	)		(2,671	)		(48	)		(520	)
Net increase (decrease) resulting from Fund share transactions		9,564		$	110,990			1,329		$	14,488

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

^{^}  See Note 15 in the Notes to Financial Statements.

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, as of June 30, 2020. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser 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
PIMCO REALPATH® Blend 2055 Fund		1		0		14%		0%
PIMCO REALPATH® Blend 2060 Fund		0		1		0%		98%

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. REORGANIZATION

The Board approved the reorganization (the “Reorganization”) of the PIMCO REALPATH^® Blend 2020 Fund (the “Acquired Fund”) into the PIMCO REALPATH^® Blend Income Fund (the “Acquiring Fund”). Pursuant to the Reorganization, shareholders of each class of the

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Acquired Fund became shareholders of the corresponding class of shares of the Acquiring Fund. The reorganization became effective upon the close of business on January 10, 2020. As a result, all shares held in the Acquired Fund were automatically exchanged for shares of the Acquiring Fund. The transaction was structured to qualify as a tax-free reorganization under Section 368(a) of the Code. Pursuant to the Agreement and Plan of Reorganization, Institutional Class, Administrative Class and Class A of the Acquired Fund received a number of shares of the corresponding class in the Acquiring Fund, with a value equal to their holdings in the Acquired Fund as of the close of business on the date of the reorganization. The investment portfolio of the Acquired Fund, with a fair value of approximately $67,670,713 and identified cost of approximately $64,350,156 as of the date of the reorganization, was the principal asset acquired by the Acquiring Fund. For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. As of January 10, 2020, the Acquired Fund did not have any pre-enactment net capital loss carryforwards. The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization (amounts in thousands):

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Acquired Fund								3,321
Institutional Class		3,923		45,204		11.52
Administrative Class		1,522		17,511		11.51
Class A		431		4,958		11.50
Acquiring Fund								3,542,410
Institutional Class		2,305		26,769		11.61
Administrative Class		1,145		13,307		11.62
Class A		913		10,553		11.56
Post Reorganization
Acquiring Fund								3,545,731
Institutional Class		6,199		71,973		11.61
Administrative Class		2,652		30,818		11.62
Class A		1,341		15,511		11.56

PIMCO paid all fees and expenses, including legal and accounting expenses, printing and mailing expenses, or other similar expenses incurred in connection with the reorganization transaction, excluding costs in connection with the purchase or sale of portfolio securities, if any. Assuming the reorganization had been completed on July 1, 2019, the beginning of the annual reporting period, the pro forma results of operations for the year ended June 30, 2020, are as follows (amounts in thousands):

Net investment income (loss)	3,933
Net realized and unrealized gains (losses)	3,819
Net increase in net assets resulting from operations	7,752

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Statements of Operations since January 10, 2020.

16. 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 June 30, 2020, 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.

ANNUAL REPORT JUNE 30, 2020 89

Notes to Financial Statements (Cont.)

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.

As of June 30, 2020, the components of distributable taxable earnings are as follows (amounts in thousands^†):

	Undistributed Ordinary Income(1)		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation)(2)			Other Book-to-Tax Accounting Differences(3)		Accumulated Capital Losses(4)			Qualified Late-Year Loss Deferral - Capital(5)		Qualified Late-Year Loss Deferral - Ordinary(6)
PIMCO REALPATH® Blend 2025 Fund	$	896	$	1,464	$	2,117		$	0	$	0		$	0	$	0
PIMCO REALPATH® Blend 2030 Fund		760		1,532		2,318			0		0			0		0
PIMCO REALPATH® Blend 2035 Fund		270		795		1,233			0		0			0		0
PIMCO REALPATH® Blend 2040 Fund		0		783		2,001			0		0			0		0
PIMCO REALPATH® Blend 2045 Fund		0		717		2,420			0		0			0		(502	)
PIMCO REALPATH® Blend 2050 Fund		0		740		3,880			0		0			0		(731	)
PIMCO REALPATH® Blend 2055 Fund		0		293		1,096			0		0			0		(365	)
PIMCO REALPATH® Blend 2060 Fund		0		0		(178	)		0		(13	)		0		(5	)
PIMCO REALPATH® Blend Income Fund		1,830		1,317		3,059			0		0			0		0

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

⁽¹⁾  Includes undistributed short-term capital gains, if any.

⁽²⁾  Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain options contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, non-taxable transactions, and Return of Capital Distributions from Underlying Funds .

⁽³⁾  Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for organizational costs.

⁽⁴⁾  Capital losses available to offset future net capital gains expire in varying amounts as shown below.

⁽⁵⁾  Capital losses realized during the period November 1, 2019 through June 30, 2020 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

⁽⁶⁾  Specified losses realized during the period November 1, 2019 through June 30, 2020 and Ordinary losses realized during the period January 1, 2020 through June 30, 2020, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company 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 June 30, 2020, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO REALPATH® Blend 2025 Fund	$	0	$	0
PIMCO REALPATH® Blend 2030 Fund		0		0
PIMCO REALPATH® Blend 2035 Fund		0		0
PIMCO REALPATH® Blend 2040 Fund		0		0
PIMCO REALPATH® Blend 2045 Fund		0		0
PIMCO REALPATH® Blend 2050 Fund		0		0
PIMCO REALPATH® Blend 2055 Fund		0		0
PIMCO REALPATH® Blend 2060 Fund		13		0
PIMCO REALPATH® Blend Income Fund		0		0

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

90 PIMCO EQUITY SERIES

June 30, 2020

As of June 30, 2020, 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)(7)
PIMCO REALPATH® Blend 2025 Fund	$	114,743	$	4,042	$	(1,925	)	$	2,117
PIMCO REALPATH® Blend 2030 Fund		138,254		4,365		(2,045	)		2,320
PIMCO REALPATH® Blend 2035 Fund		105,114		2,718		(1,485	)		1,233
PIMCO REALPATH® Blend 2040 Fund		115,152		3,496		(1,494	)		2,002
PIMCO REALPATH® Blend 2045 Fund		106,734		3,883		(1,463	)		2,420
PIMCO REALPATH® Blend 2050 Fund		121,276		5,425		(1,545	)		3,880
PIMCO REALPATH® Blend 2055 Fund		58,483		1,603		(508	)		1,095
PIMCO REALPATH® Blend 2060 Fund		2,888		2		(180	)		(178	)
PIMCO REALPATH® Blend Income Fund		154,686		5,334		(2,381	)		2,953

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

⁽⁷⁾  Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) on investments are attributable to open wash sale loss deferrals, unrealized gain or loss on certain options contracts, realized and unrealized gain (loss) swap contracts, non-taxable transactions, and Return of Capital Distributions from Underlying Funds.

For the fiscal years ended June 30, 2020 and June 30, 2019, respectively, the Funds made the following tax basis distributions (amounts in thousands^†):

	June 30, 2020						June 30, 2019
	Ordinary Income Distributions(8)		Long-Term Capital Gain Distributions		Return of Capital(9)		Ordinary Income Distributions(8)		Long-Term Capital Gain Distributions		Return of Capital(9)
PIMCO REALPATH® Blend 2025 Fund	$	2,500	$	0	$	0	$	1,421	$	539	$	0
PIMCO REALPATH® Blend 2030 Fund		3,196		120		0		1,766		1,120		0
PIMCO REALPATH® Blend 2035 Fund		2,297		70		0		1,534		1,430		0
PIMCO REALPATH® Blend 2040 Fund		2,720		270		0		1,772		1,820		0
PIMCO REALPATH® Blend 2045 Fund		2,728		157		0		2,092		2,545		0
PIMCO REALPATH® Blend 2050 Fund		3,291		198		0		2,543		3,100		0
PIMCO REALPATH® Blend 2055 Fund		1,385		50		0		507		680		0
PIMCO REALPATH® Blend 2060 Fund		0		0		0		NA		NA		NA
PIMCO REALPATH® Blend Income Fund		1,645		0		0		1,025		0		0

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

⁽⁸⁾  Includes short-term capital gains distributed, if any.

⁽⁹⁾  A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

ANNUAL REPORT JUNE 30, 2020 91

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Equity Series^® and Shareholders of 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 2060 Fund and PIMCO REALPATH^® Blend Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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 2060 Fund and PIMCO REALPATH^® Blend Income Fund (nine of the funds constituting PIMCO Equity Series^®, hereafter collectively referred to as the “Funds”) as of June 30, 2020, the related statements of operations for the year ended June 30, 2020 (or for PIMCO REALPATH^® Blend 2060 Fund, for the period December 31, 2019 (inception date) through June 30, 2020), the statements of changes in net assets for each of the two years in the period ended June 30, 2020 (or for PIMCO REALPATH^® Blend 2060 Fund, for the period December 31, 2019 (inception date) through June 30, 2020), including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2020, the results of each of their operations for the year then ended (or for PIMCO REALPATH^® Blend 2060 Fund, for the period December 31, 2019 (inception date) through June 30, 2020), the changes in each of their net assets for each of the two years in the period ended June 30, 2020 (or for PIMCO REALPATH^® Blend 2060 Fund, for the period December 31, 2019 (inception date) through June 30, 2020) and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020 by correspondence with the custodian, transfer agents and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

August 20, 2020

We have served as the auditor of one or more investment companies in PIMCO Equity Series^® since 2010.

92 PIMCO EQUITY SERIES

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

(Unaudited)

Counterparty Abbreviations:
BRC	Barclays Bank PLC	FICC	Fixed Income Clearing Corporation	UAG	UBS AG Stamford
Currency Abbreviations:
USD (or $)	United States Dollar
Exchange Abbreviations:
CBOE	Chicago Board Options Exchange	OTC	Over the Counter
Index/Spread Abbreviations:
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

ANNUAL REPORT JUNE 30, 2020 93

Federal Income Tax Information

(Unaudited)

As required by the Internal Revenue Code (“Code”) and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Funds’ fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Funds’ dividend distribution that qualifies under tax law. The percentage of the following Funds’ Fiscal 2020 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below:

Qualified Dividend Income.  Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended June 30, 2020 was designated as ‘qualified dividend income’ as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2020:

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).  Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2020 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2020 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

	Dividend Received Deduction %		Qualified Dividend Income %		Qualified Interest Income (000s† )		Qualified Short-Term Capital Gain (000s†)
PIMCO REALPATH® Blend 2025 Fund		0.00%		45.62%	$	26	$	0
PIMCO REALPATH® Blend 2030 Fund		0.00%		55.07%		33		0
PIMCO REALPATH® Blend 2035 Fund		0.00%		66.58%		21		0
PIMCO REALPATH® Blend 2040 Fund		0.00%		67.51%		21		0
PIMCO REALPATH® Blend 2045 Fund		0.00%		73.42%		14		0
PIMCO REALPATH® Blend 2050 Fund		0.00%		74.23%		14		0
PIMCO REALPATH® Blend 2055 Fund		0.00%		71.85%		24		0
PIMCO REALPATH® Blend 2060 Fund		0.00%		0.00%		0		0
PIMCO REALPATH® Blend Income Fund		0.00%		48.39%		16		0

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

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2021, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2020.

94 PIMCO EQUITY SERIES

Management of the Trust

(Unaudited)

The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Funds’ Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Funds’ website at www.pimco.com.

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served†	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Public Company and Investment Company Directorships Held by Trustee During the Past 5 Years
Interested Trustees1
Peter G. Strelow (1970) Chairman of the Board and Trustee	02/2019 to present	Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO.	146	Chairman and Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Brent R. Harris (1959) Trustee	03/2010 to present	Managing Director, PIMCO. Senior Vice President of the Trust, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust. Formerly, member of Executive Committee, PIMCO.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust; Director, StocksPLUS® Management, Inc; and member of Board of Governors, Investment Company Institute. Formerly, Chairman, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Independent Trustees
George E. Borst (1948) Trustee	05/2019 to present	Executive Advisor, McKinsey & Company; Formerly, Executive Advisor, Toyota Financial Services; and CEO, Toyota Financial Services.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, MarineMax Inc.
Jennifer Holden Dunbar (1963) Trustee	02/2016 to present	Managing Director, Dunbar Partners, LLC (business consulting and investments). Formerly, Partner, Leonard Green & Partners, L.P.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation.
Kym M. Hubbard (1957) Trustee	05/2019 to present	Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, State Auto Financial Corporation.
Gary F. Kennedy (1955) Trustee	05/2019 to present	Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group).	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.
Peter B. McCarthy (1950) Trustee	09/2011 to present	Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.
Ronald C. Parker (1951) Lead Independent Trustee	02/2016 to present Lead Independent Trustee 05/2019 to present	Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products).	146	Lead Independent Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.

* Unless otherwise noted, the information for the individuals listed is as of June 30, 2020.

¹  Mr. Harris and Mr. Strelow are “interested persons” of the Trust (as that term is defined in the Investment Company Act of 1940, as amended) because of their affiliations with PIMCO.

^†  Trustees serve until their successors are duly elected and qualified.

ANNUAL REPORT JUNE 30, 2020 95

Management of the Trust (Cont.)

Executive Officers

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years†
Eric D. Johnson (1970) President	06/2019 to present	Executive Vice President, PIMCO. President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
David C. Flattum (1964) Chief Legal Officer	05/2019 to present	Managing Director and General Counsel, PIMCO. Chief Legal Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Formerly, Managing Director, Chief Operating Officer and General Counsel, Allianz Asset Management of America L.P.
Keisha Audain-Pressley (1975)** Chief Compliance Officer	01/2020 to present	Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Brent R. Harris (1959) Senior Vice President	03/2010 to present	Managing Director, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Formerly, member of Executive Committee, PIMCO.
Joshua D. Ratner (1976)** Senior Vice President	05/2019 to present	Executive Vice President and Head of U.S. Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Peter G. Strelow (1970) Senior Vice President	06/2019 to present	Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO.
Ryan G. Leshaw (1980) Vice President, Senior Counsel, Secretary	05/2019 to present	Senior Vice President and Senior Counsel, PIMCO. Vice President, Senior Counsel and Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Associate, Willkie Farr & Gallagher LLP.
Wu-Kwan Kit (1981) Assistant Secretary	08/2017 to present	Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Assistant General Counsel, VanEck Associates Corp.
Stacie D. Anctil (1969) Vice President	05/2015 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Jeffrey A. Byer (1976) Vice President	02/2020 to present	Executive Vice President and Head of Americas Investment & Client Operations, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Brian J. Pittluck (1977) Vice President	01/2020 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Bradley A. Todd (1960) Treasurer	06/2019 to present	Senior Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Consultant, EY.
Bijal Y. Parikh (1978) Deputy Treasurer	01/2020 to present	Senior Vice President, PIMCO. Deputy Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Assistant Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Erik C. Brown (1967)** Assistant Treasurer	03/2010 to present	Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Brandon T. Evans (1982) Assistant Treasurer	05/2019 to present	Vice President, PIMCO. Assistant Treasurer, Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Colleen D. Miller (1980)** Assistant Treasurer	02/2017 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Christopher M. Morin (1980) Assistant Treasurer	08/2016 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Jason J. Nagler (1982)** Assistant Treasurer	05/2015 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.

96 PIMCO EQUITY SERIES

(Unaudited)

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years†
H. Jessica Zhang (1973)** Assistant Treasurer	01/2020 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.

* Unless otherwise noted, the information for the individuals listed is as of June 30, 2020.

^† The term “PIMCO-Sponsored Closed-End Funds” as used herein includes: PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Credit and Mortgage Income Fund, PIMCO Dynamic Income Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS^® & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term “PIMCO-Sponsored Interval Funds” as used herein includes: PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund.

** The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

ANNUAL REPORT JUNE 30, 2020 97

Privacy Policy¹

(Unaudited)

The Funds^2,3 consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ non-public personal information. The Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers or sub-advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Funds do not disclose any non-public personal information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Funds or their affiliates may also retain non-affiliated companies to market Fund shares or products which use Fund shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Funds reserve the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Funds believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any Fund in which a shareholder has invested. In addition, the Funds may

disclose information about a shareholder or a shareholder’s accounts to a non-affiliated third party at the shareholder’s request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Funds may share shareholder information with their affiliates in connection with servicing shareholders’ accounts, and subject to applicable law may provide shareholders with information about products and services that the Funds or their Advisers, distributors or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds may share may include, for example, a shareholder’s participation in the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), information about the Funds’ experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder’s accounts, subject to applicable law. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have implemented procedures that are designed to restrict access to a shareholder’s non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder’s non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Funds or their service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Funds or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Funds may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

¹ Amended as of June 25, 2020.

² PIMCO Investments LLC (“PI”) serves as the Funds’ distributor and does not provide brokerage services or any financial advice to investors in the Funds solely because it distributes the Funds. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to “the Funds” shall include PI when acting in this capacity.

³ When distributing this Policy, a Fund may combine the distribution with any similar distribution of its investment adviser’s privacy policy. The distributed, combined, policy may be written in the first person (i.e. by using “we” instead of “the Funds”).

98 PIMCO EQUITY SERIES

Liquidity Risk Management Program

(Unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), PIMCO Equity Series (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for each series of the Trust (each a “Fund” and collectively, the “Funds”), which is reasonably designed to assess and manage the Funds’ liquidity risk. The Trust’s Board of Trustees (the “Board”) previously approved the designation of the PIMCO Liquidity Risk Committee (the “Administrator”) as Program administrator. The PIMCO Liquidity Risk Committee consists of senior members from certain PIMCO business areas, such as Portfolio Risk Management, Operations, Compliance, Funds Business Group, Account Management and Portfolio Management.

A Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions. Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. Each Fund has adopted a “Highly Liquid Investment Minimum” (or “HLIM”), which is a minimum amount of Fund net assets to be invested in highly liquid investments that are assets. As required under the Liquidity Rule, each Fund’s HLIM is periodically reviewed, no less frequently than annually, and the Funds have adopted policies and procedures for responding to a shortfall of a Fund’s highly liquid investments below its HLIM. The Liquidity Rule also limits the Funds’ investments in illiquid investments by prohibiting a Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. Certain non-public reporting is generally required if a Fund’s holdings of illiquid investments that are assets were to exceed 15% of Fund net assets.

At a meeting of the Board held on February 11-12, 2020, the Board received a report (the “Report”) from the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through November 30, 2019. The Report noted that the Program is operating effectively to assess and manage each Fund’s liquidity risk and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Funds’ liquidity developments. This has remained true for the 12-month reporting period ended June 30, 2020.

ANNUAL REPORT JUNE 30, 2020 99

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 Avenue

Kansas City, MO 64105

Transfer Agent

DST Asset Manager Solutions, Inc.

Institutional Class, I-2, Administrative Class

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

DST Asset Manager Solutions, Inc.

Class A, Class C, Class R

430 W 7th Street STE 219294

Kansas City, MO 64105-1407

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 Funds listed on the Report cover.

PES3002AR_063020

PIMCO EQUITY SERIES^®

Annual Report

June 30, 2020

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | MFEM | NYSE Arca

PIMCO RAFI Dynamic Multi-Factor International Equity ETF | MFDX | NYSE Arca

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | MFUS | NYSE Arca

PIMCO RAFI ESG U.S. ETF | RAFE | NYSE Arca

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail from the financial intermediary, such as a broker-dealer or bank, which offers the Fund unless you specifically request paper copies of the reports from the financial intermediary. Instead, the shareholder reports will be made available on a website, and the financial intermediary will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the financial intermediary electronically by following the instructions provided by the financial intermediary.

You may elect to receive all future reports in paper free of charge from the financial intermediary. You should contact the financial intermediary if you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account at the financial intermediary.

Table of Contents

			Page
Chairman’s Letter				2
Important Information About the Funds				4
Expense Examples				16
Financial Highlights				18
Statements of Assets and Liabilities				20
Statements of Operations				21
Statements of Changes in Net Assets				22
Notes to Financial Statements				57
Report of Independent Registered Public Accounting Firm				73
Glossary				74
Federal Income Tax Information				75
Management of the Trust				76
Privacy Policy				79
Liquidity Risk Management Program				80
Fund	Fund Summary		Schedule of Investments
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		8		23
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		10		33
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		12		47
PIMCO RAFI ESG U.S. ETF		14		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,

We hope that you and your family are staying safe and healthy during these challenging times. We continue to work tirelessly to navigate markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Equity Series Annual Report, which covers the 12-month reporting period ended June 30, 2020. On the subsequent pages, you will find specific details regarding investment results and discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended June 30, 2020

The coronavirus took its toll on the U.S. economy, as it entered its first recession since the 2008 financial crisis. Looking back, U.S. gross domestic product (“GDP”) grew at a revised annual pace of 2.6% and 2.4% during the third and fourth quarters of 2019, respectively. The pandemic then caused the economy to significantly weaken, as annualized GDP growth in the first quarter of 2020 was -5.0%. The Commerce Department’s initial estimate for second quarter annualized GDP growth — released after the reporting period ended — was -32.9%. This represented the sharpest quarterly decline on record.

The Federal Reserve (the “Fed”) took unprecedented actions to support the economy and keep markets functioning properly. In early March 2020, the Fed lowered the federal funds rate to a range between 1.00% and 1.25%. Later in the month, the Fed lowered the rate to a range between 0.00% and 0.25%. On March 23, the Fed announced, “It has become clear that our economy will face severe disruptions. Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate.” The Fed’s efforts included the ability to make unlimited purchases of Treasury and mortgage securities. It also announced that, for the first time, it would purchase existing corporate bonds on the open market. In addition, the U.S. government passed a $2 trillion fiscal stimulus bill to aid the economy in March.

In its June 2020 World Economic Outlook Update, the International Monetary Fund (“IMF”) stated that it expects the U.S. economy to contract 8.0% in 2020, compared to the 2.3% GDP expansion in 2019. Elsewhere, the IMF has also stated that it anticipates that 2020 GDP growth in the eurozone, U.K. and Japan will be -10.2%, -10.2% and -5.8%, respectively. For comparison purposes, the GDP of these economies expanded 1.3%, 1.4% and 0.7%, respectively, in 2019.

Against this backdrop, central banks around the world took a number of aggressive actions. In Europe, the European Central Bank (the “ECB”) unveiled a new €750 billion bond-buying program, which was subsequently expanded by another €600 billion in June 2020. Finally, in July — after the reporting period ended — the European Union agreed on a $2.06 trillion spending package to bolster its economy. In March, the Bank of England reduced its key lending rate to 0.10% — a record low. Elsewhere, the Bank of Japan maintained its short-term interest rates at -0.1%, while increasing the target for its holdings of corporate bonds to ¥4.2 trillion from ¥3.2 trillion. Japan’s central bank also doubled its purchases of exchange-traded stock funds. Meanwhile, in May 2020, the Japanese government doubled its stimulus measures with a ¥117 trillion package.

Both short- and long-term U.S. Treasury yields fell sharply during the reporting period. In our view, this was due to a combination of declining global growth given the coronavirus, the Fed’s accommodative monetary policy and periods of extreme investor risk aversion. The yield on the benchmark 10-year U.S. Treasury note was 0.66% at the end of the reporting period, versus 2.00% on June 30, 2019. The Bloomberg Barclays Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including both developed and emerging markets, returned 6.01%. Meanwhile, the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned 6.90%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated weaker results. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below investment grade bonds, returned -0.75%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 1.52%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -2.82%.

2 PIMCO EQUITY SERIES

After initially rising, global equities experienced a sharp decline in February and March 2020. We believe this was largely due to concerns over the impact of the coronavirus. In March 2020, the U.S. equity market ended its 11-year bull market run, and then posted the fastest fall on record from its all-time high to bear market territory. However, global equities rallied sharply in April, May and June 2020, in our view because investor sentiment improved given significant stimulus efforts from central banks around the world. All told, during the 12-months ended June 30, 2020, U.S. equities, as represented by the S&P 500 Index, returned 7.51% and global equities, as represented by the MSCI World Index, returned 2.84%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 6.98% and European equities, as represented by the MSCI Europe Index (in EUR), returned -5.48%. Finally, emerging market equities, as measured by the MSCI Emerging Markets Index, returned -3.39%.

Commodity prices were extremely volatile and generated mixed results. When the reporting period began, Brent crude oil was approximately $67 a barrel. It ended the reporting period at roughly $41 a barrel after briefly trading below $15. Elsewhere, copper prices were relatively flat, whereas gold prices moved higher.

Finally, there were periods of volatility in the foreign exchange markets, due in part, in our view, to signs of moderating global growth, trade conflicts and changing central bank monetary policies, along with a number of geopolitical events. The U.S. dollar strengthened against a number of other major currencies. For example, the U.S. dollar returned 1.22%, 2.32% and 0.07% versus the euro, the British pound and the Japanese yen, respectively.

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

Sincerely,     Peter G. Strelow Chairman of the Board
PIMCO Equity Series  

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.

ANNUAL REPORT JUNE 30, 2020 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, PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF and PIMCO RAFI ESG U.S. 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.

Classifications of the Funds’ portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Funds’ compliance calculations, including those used in the Funds’ prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, 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.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds’ performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds’ service providers and disrupt the Funds’ operations.

The United States presidential administration’s enforcement of tariffs on goods from other countries, with a focus on China, has contributed to international trade tensions and may impact portfolio securities.

A Fund may have significant exposure to issuers in the United Kingdom. The United Kingdom’s withdrawal from the European Union may impact Fund returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

4 PIMCO EQUITY SERIES

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to phase out the use of LIBOR by the end of 2021. The transition may result in a reduction in the value of certain instruments held by a Fund or a reduction in the effectiveness of related Fund transactions such as hedges. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities), and any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests are not known and could result in losses to a Fund.

A Fund may invest in securities and instruments that are economically tied to Russia. Investments in Russia are subject to various risks such as political, economic, legal, market and currency risks. The risks include uncertain political and economic policies, short-term market volatility, poor accounting standards, corruption and crime, an inadequate regulatory system, and unpredictable taxation. Investments in Russia are particularly subject to the risk that economic sanctions may be imposed by the United States and/or other countries. Such sanctions — which may impact companies in many sectors, including energy, financial services and defense, among others — may negatively impact the Portfolios’ performance and/or ability to achieve their investment objectives. The Russian securities market is characterized by limited volume of trading, resulting in difficulty in obtaining accurate prices. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, a smaller market capitalization and a smaller number of traded securities. There may be little publicly available information about issuers. Settlement, clearing and registration of securities transactions are subject to risks because of registration systems that may not be subject to effective government supervision. This may result in significant delays or problems in registering the transfer of securities. Russian securities laws may not recognize foreign nominee accounts held with a custodian bank, and therefore the custodian may be considered the ultimate owner of securities they hold for their clients. Ownership of securities issued by Russian companies is recorded by companies themselves and by registrars instead of through a central registration system. It is possible that the ownership rights of a Fund could be lost through fraud or negligence. While applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. Adverse currency

exchange rates are a risk and there may be a lack of available currency hedging instruments. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Oil, natural gas, metals, and timber account for a significant portion of Russia’s exports, leaving the country vulnerable to swings in world prices.

Engaging in a responsible investment strategy, which may select or exclude securities of certain issuers for reasons other than performance, carries the risk that a Fund may underperform funds that do not utilize a responsible investment strategy. The application of this strategy may affect a Fund’s exposure to certain sectors or types of investments, which could negatively impact the Fund’s performance. Responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized or any judgment exercised in pursuing a responsible investment strategy will reflect the beliefs or values of any particular investor. In evaluating a company, the information and data obtained through voluntary or third-party reporting may be incomplete, inaccurate or unavailable, which could cause an incorrect assessment of a company’s business practices with respect to the environment, social responsibility and corporate governance (“ESG practices”). Socially responsible norms differ by region, and a company’s ESG practices or the assessment of a company’s ESG practices may change over time.

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and the 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 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. Historical performance for a Fund may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

ANNUAL REPORT JUNE 30, 2020 5

Important Information About the Funds (Cont.)

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
PIMCO RAFI ESG U.S. ETF		12/18/19		Diversified

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation 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

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 Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds’ complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimcoetfs.com, and will be made available, upon request, by calling PIMCO at (888) 400-4ETF. Prior to its use of Form N-PORT, each Fund filed its complete schedule of its portfolio holdings with the SEC on Form N-Q, which is available online at www.sec.gov.

The SEC adopted a rule that, beginning in 2021, generally will allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Pursuant to the rule, investors may still elect to receive a complete shareholder report in the mail. Instructions for electing to receive paper copies of a Fund’s shareholder reports going forward may be found on the front cover of this report.

In November 2019, the SEC published a proposed rulemaking related to the use of derivatives and certain other transactions by registered investment companies. If the proposal is adopted in substantially the same form as it was proposed, these requirements could limit the ability of a Fund to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies. Any new requirements, if adopted, may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors.

In April 2020, the SEC issued a proposed rulemaking setting forth a proposed framework for fair valuation of fund investments. If the

6 PIMCO EQUITY SERIES

proposal is adopted in substantially the same form as it was proposed, the rule would set forth requirements for good faith determinations of fair value, establish conditions under which a market quotation is considered readily available for purposes of the definition of “value” under the Investment Company Act of 1940, and address the roles and responsibilities of a fund’s board of trustees and investment adviser with respect to fair valuation of fund investments. The impact that any such requirements may have on the Funds is uncertain.

On August 5, 2020, the SEC proposed changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which, if adopted, will change the disclosures provided to shareholders.

ANNUAL REPORT JUNE 30, 2020 7

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

Cumulative Returns Through June 30, 2020

$10,000 invested at the end of the month when the Fund commenced operations.

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. 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 June 30, 2020
		1 Year		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Based on Net Asset Value)		(11.82)%		(4.23)%
	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (At Market Price(1)(2))		(12.34)%		(4.61)%
	RAFI Dynamic Multi-Factor Emerging Markets Index±		(11.68)%		(4.00)%
	MSCI Emerging Markets Index±±		(3.39)%		(0.83)%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

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.

⁽²⁾ The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.

^± 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.

^±± 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.

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 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 (888) 400-4ETF.

The Fund’s total annual operating expense ratio in effect as of period end was 0.50%. 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 -  MFEM

Top 10 Holdings as of June 30, 2020^†§

Taiwan Semiconductor Manufacturing Co. Ltd.	3.9%
Tencent Holdings Ltd.	2.1%
JD.com, Inc. ADR	1.9%
Alibaba Group Holding Ltd. SP — ADR	1.9%
Samsung Electronics Co. Ltd.	1.8%
Naspers Ltd. ‘N’	1.7%
Infosys Ltd. SP — ADR	1.7%
SK Hynix, Inc.	1.7%
Hyundai Motor Co.	1.6%
MMC Norilsk Nickel PJSC	1.5%

Geographic Breakdown as of June 30, 2020^†**

China	17.7%
South Korea	17.0%
Taiwan	15.1%
Russia	8.1%
Brazil	7.2%
South Africa	5.5%
India	5.4%
Thailand	4.6%
Ireland	4.6%
Hong Kong	2.8%
Mexico	2.6%
Malaysia	1.7%
Indonesia	1.6%
Short-Term Instruments	1.2%
Chile	1.1%
Turkey	1.1%
Other	2.7%

^† % of Investments, at value.

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

** Geographic Breakdown and % of Investments exclude securities sold short and financial derivative instruments, if any.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Underweight exposure to the financials sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI Emerging Markets Index, as the sector underperformed the secondary benchmark index.

» Underweight exposure to, and security selection in, the consumer discretionary, communications services and health care sectors detracted from relative returns compared to the Fund’s secondary benchmark, the MSCI Emerging Markets Index, as the sectors outperformed the secondary benchmark index and the Fund’s holdings underperformed the secondary benchmark index.

» Security selection in the consumer staples and information technology sectors detracted from relative returns compared to the Fund’s secondary benchmark, the MSCI Emerging Markets Index, as the Fund’s holdings underperformed the secondary benchmark index.

» Overweight exposure to, and security selection in, the energy sector detracted from relative returns compared to the Fund’s secondary benchmark, the MSCI Emerging Markets Index, as the sector and the Fund’s holdings underperformed the secondary benchmark index.

ANNUAL REPORT JUNE 30, 2020 9

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

Cumulative Returns Through June 30, 2020

$10,000 invested at the end of the month when the Fund commenced operations.

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. 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 June 30, 2020
		1 Year		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Based on Net Asset Value)		(5.33)%		(0.68)%
	PIMCO RAFI Dynamic Multi-Factor International Equity ETF (At Market Price(1)(2))		(6.03)%		(1.13)%
	RAFI Dynamic Multi-Factor Developed Ex-U.S. Index±		(5.35)%		(0.41)%
	MSCI EAFE Index±±		(5.13)%		(0.13)%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

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.

⁽²⁾ The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.

^± The RAFI Dynamic Multi-Factor Developed ex-US 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.

^±± 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 the 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 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 (888) 400-4ETF.

The Fund’s total annual operating expense ratio in effect as of period end was 0.40%. 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 -  MFDX

Top 10 Holdings as of June 30, 2020^†§

Nestle S.A.	1.4%
Roche Holding AG	1.2%
GlaxoSmithKline PLC	1.2%
ASML Holding NV	0.8%
Novo Nordisk A/S ‘B’	0.8%
AstraZeneca PLC	0.7%
KDDI Corp.	0.7%
Iberdrola S.A.	0.7%
Toyota Motor Corp.	0.7%
Zurich Insurance Group AG	0.7%

Geographic Breakdown as June 30, 2020^†**

Japan	26.8%
United Kingdom	14.2%
Canada	7.9%
Switzerland	7.8%
France	6.2%
Germany	6.0%
Australia	5.9%
Netherlands	3.7%
Sweden	3.5%
Spain	2.9%
Italy	2.2%
Denmark	2.0%
Hong Kong	2.0%
Ireland	1.7%
Finland	1.4%
Singapore	1.2%
Short-Term Instruments	0.5%
Other	4.1%

^† % of Investments, at value.

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

** Geographic Breakdown and % of Investments exclude securities sold short and financial derivative instruments, if any.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Underweight exposure to, and security selection in, the financials and energy sectors contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sectors underperformed the secondary benchmark index and the Fund’s holdings outperformed the secondary benchmark index.

» Overweight exposure to, and security selection in, the utilities sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index.

» Underweight exposure to the health care sector detracted from relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector outperformed the secondary benchmark index.

» Security selection in consumer discretionary and communications services sectors detracted from relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the Fund’s holdings underperformed the secondary benchmark index.

ANNUAL REPORT JUNE 30, 2020 11

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

Cumulative Returns Through June 30, 2020

$10,000 invested at the end of the month when the Fund commenced operations.

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. 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 June 30, 2020
		1 Year		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Based on Net Asset Value)		(2.76)%		5.83%
	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (At Market Price(1)(2))		(2.91)%		5.71%
	RAFI Dynamic Multi-Factor U.S. Index±		(2.55)%		6.17%
	S&P 500 Index±±		7.51%		10.48%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

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.

⁽²⁾ The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.

^± 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.

^±± 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.

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 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 (888) 400-4ETF.

The Fund’s total annual operating expense ratio in effect as of period end was 0.30%. 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

Ticker symbol -  MFUS

Top 10 Holdings as of June 30, 2020^†§

Apple, Inc.	2.8%
Walmart, Inc.	2.1%
Procter & Gamble Co.	2.0%
Verizon Communications, Inc.	1.6%
PepsiCo, Inc.	1.4%
Johnson & Johnson	1.4%
Home Depot, Inc.	1.4%
International Business Machines Corp.	1.3%
Costco Wholesale Corp.	1.3%
Target Corp.	1.3%

Sector Breakdown as of June 30, 2020^†**

Information Technology	18.1%
Consumer Discretionary	14.7%
Consumer Staples	14.5%
Health Care	13.1%
Industrials	9.7%
Communication Services	8.0%
Financials	7.7%
Real Estate	4.7%
Energy	3.9%
Materials	2.6%
Utilities	1.8%
Short-Term Instruments	1.2%

^† % of Investments, at value.

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

** Sector Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Underweight exposure to the financials sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector underperformed the secondary benchmark index.

» Underweight exposure to, and security selection in, the information technology and health care sectors detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sectors outperformed the secondary benchmark index and the Fund’s holdings underperformed the secondary benchmark index.

» Security selection in the consumer discretionary and communications services sectors detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the Fund’s holdings underperformed the secondary benchmark index.

» Overweight exposure to, and security selection in, the real estate sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings underperformed the secondary benchmark index.

ANNUAL REPORT JUNE 30, 2020 13

PIMCO RAFI ESG U.S. ETF

Cumulative Returns Through June 30, 2020

$10,000 invested at the end of the month when the Fund commenced operations.

Investment Objective and Strategy Overview

PIMCO RAFI ESG U.S. ETF seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the RAFI ESG US 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 (“Sub-Adviser”), believes will help the Fund track its Underlying Index. The Underlying Index is a long-only, smart beta index that seeks to achieve the dual objectives of social responsibility and long-horizon outperformance of the broad market. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Cumulative Total Return for the period ended June 30, 2020
		Fund Inception (12/18/19)
	PIMCO RAFI ESG U.S. ETF (Based on Net Asset Value)		(13.42)%
	PIMCO RAFI ESG U.S. ETF (At Market Price(1)(2))		(13.88)%
	RAFI ESG US Index±		(13.34)%
	S&P 500 Index±±		(1.83)%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

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.

⁽²⁾ The Fund was seeded on December 18, 2019, but was not listed for trading until December 19, 2019. Accordingly, there is no Market Price information for December 18, 2019.

^± The RAFI ESG US Index is a long-only, smart beta index that seeks to achieve the dual objectives of social responsibility and long-horizon outperformance of the broad market. The Index is constructed by RAFI Indices, LLC (the “Index Provider”) using a rules-based approach within publicly traded U.S. equities to create an integrated ESG strategy which overweights companies that rate well across various ESG (Environmental, Social, and Governance) themes and excludes companies with a major involvement in industries such as tobacco, gaming, weapons and fossil fuels. The strategy supplements traditional ESG metrics with metrics linked to long-term value creation, specifically financial discipline and diversity, for improved return potential.

^±± 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.

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 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 (888) 400-4ETF.

The Fund’s total annual operating expense ratio in effect as of period end was 0.45%. 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

Ticker symbol -  RAFE

Top 10 Holdings as of June 30, 2020^†§

JPMorgan Chase & Co.	3.6%
Johnson & Johnson	3.3%
Intel Corp.	3.1%
Citigroup, Inc.	2.8%
Verizon Communications, Inc.	2.7%
Microsoft Corp.	2.6%
Cisco Systems, Inc.	2.5%
Procter & Gamble Co.	2.5%
Pfizer, Inc.	2.4%
Wells Fargo & Co.	2.3%

Sector Breakdown as of June 30, 2020^†**

Financials	22.0%
Information Technology	18.9%
Health Care	17.0%
Consumer Discretionary	12.0%
Consumer Staples	9.7%
Communication Services	8.0%
Industrials	6.3%
Materials	3.7%
Utilities	1.4%
Real Estate	1.0%

^† % of Investments, at value.

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

** Sector Breakdown and % of investments exclude securities sold short and financial derivative instruments if any.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Underweight exposure to the energy sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector underperformed the secondary benchmark index.

» Underweight exposure to, and security selection in, the industrials sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector underperformed the secondary benchmark index and the Fund’s holdings outperformed the secondary benchmark index.

» Overweight exposure to, and security selection in, the financials sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings underperformed the secondary benchmark index.

» Underweight exposure to, and security selection in, the information technology sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector outperformed the secondary benchmark index and the Fund’s holdings underperformed the secondary benchmark index.

» Security selection in the consumer discretionary, communications services and health care sectors detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the Fund’s holdings underperformed the secondary benchmark index.

ANNUAL REPORT JUNE 30, 2020 15

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 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 January 1, 2020 to June 30, 2020 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 period to period because of various factors, such as an increase in expenses not covered by the management fees (such as expenses of the independent trustees and their counsel, extraordinary expenses and interest expense).

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (01/01/20)		Ending Account Value (06/30/20)		Expenses Paid During Period*		Beginning Account Value (01/01/20)		Ending Account Value (06/30/20)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	1,000.00	$	845.20	$	2.24	$	1,000.00	$	1,022.30	$	2.45		0.49	%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		1,000.00		884.70		1.91		1,000.00		1,022.70		2.05		0.41
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		1,000.00		895.90		1.41		1,000.00		1,023.24		1.50		0.30
PIMCO RAFI ESG U.S. ETF		1,000.00		857.30		1.38		1,000.00		1,023.24		1.50		0.30

* Expenses Paid During Period are equal to the net annualized expense ratio for the Fund, multiplied by the average account value over the period, multiplied by 181/366 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio 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 9, Fees and Expenses, in the Notes to Financial Statements.

16 PIMCO EQUITY SERIES

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ANNUAL REPORT JUNE 30, 2020 17

Financial Highlights

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains		Total
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF
06/30/2020	$	24.24	$	0.59	$	(3.41	)	$	(2.82	)	$	(0.58	)	$	0.00	$	(0.58	)
06/30/2019		23.94		0.64		0.39			1.03			(0.73	)		0.00		(0.73	)
08/31/2017 - 06/30/2018		25.00		0.42		(1.41	)		(0.99	)		(0.07	)		0.00		(0.07	)
PIMCO RAFI Dynamic Multi-Factor International Equity ETF
06/30/2020	$	24.94	$	0.53	$	(1.84	)	$	(1.31	)	$	(0.77	)	$	0.00	$	(0.77	)
06/30/2019		25.87		0.72		(0.89	)		(0.17	)		(0.76	)		0.00		(0.76	)
08/31/2017 - 06/30/2018		25.00		0.62		0.44			1.06			(0.19	)		0.00		(0.19	)
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF
06/30/2020	$	29.21	$	0.62	$	(1.44	)	$	(0.82	)	$	(0.65	)	$	0.00	$	(0.65	)
06/30/2019		28.30		0.59		0.91			1.50			(0.59	)		0.00		(0.59	)
08/31/2017 - 06/30/2018		25.00		0.43		3.17			3.60			(0.30	)		0.00		(0.30	)
PIMCO RAFI ESG U.S. ETF
12/18/2019 - 06/30/2020	$	25.00	$	0.33	$	(3.72	)	$	(3.39	)	$	(0.21	)	$	0.00	$	(0.21	)

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

* Annualized.

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

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

^(c)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information

18 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets
Net Asset Value End of Year or Period(a)		Total  Return(a)			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
$	20.84		(11.86	)%	$	619,324		0.49	%		0.50	%		0.49	%		0.50	%		2.66	%		59	%
	24.24		4.53			477,943		0.49			0.50			0.49			0.50			2.75			43
	23.94		(3.99	)		357,169		0.50	*		0.55	*		0.50	*		0.55	*		1.94	*		52
$	22.86		(5.37	)%	$	24,231		0.40	%		0.41	%		0.40	%		0.41	%		2.21	%		35	%
	24.94		(0.59	)		42,888		0.39			0.40			0.39			0.40			2.96			24
	25.87		4.22			28,976		0.40	*		0.87	*		0.40	*		0.87	*		2.81	*		36
$	27.74		(2.80	)%	$	25,525		0.30	%		0.31	%		0.30	%		0.31	%		2.12	%		36	%
	29.21		5.50			96,980		0.29			0.30			0.29			0.30			2.08			40
	28.30		14.43			65,658		0.29	*		0.60	*		0.29	*		0.60	*		1.89	*		56
$	21.40		(13.42	)%	$	8,988		0.30	%*		0.86	%*		0.30	%*		0.86	%*		2.75	%*		12	%

ANNUAL REPORT JUNE 30, 2020 19

Statements of Assets and Liabilities

June 30, 2020

(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			PIMCO RAFI ESG U.S. ETF
Assets:
Investments, at value
Investments in securities*^	$	610,861		$	23,969		$	25,481		$	8,901
Investments in Affiliates		6,038			0			39			0
Cash		1,287			0			0			97
Foreign currency, at value		1,971			332			0			0
Receivable for investments sold		94,479			1,868			2,776			583
Interest and/or dividends receivable		2,540			105			30			9
Other assets		5			0			0			0
Total Assets		717,181			26,274			28,326			9,590
Liabilities:
Payable for investments purchased	$	56,933		$	2,034		$	2,755		$	592
Payable upon return of securities loaned		7,325			0			39			8
Payable for Fund shares redeemed		33,360			0			0			0
Accrued management fees		229			9			6			2
Accrued reimbursement to PIMCO		10			0			1			0
Total Liabilities		97,857			2,043			2,801			602
Net Assets	$	619,324		$	24,231		$	25,525		$	8,988
Net Assets Consist of:
Paid in capital	$	743,987		$	32,031		$	39,609		$	11,054
Distributable earnings (accumulated loss)		(124,663	)		(7,800	)		(14,084	)		(2,066	)
Net Assets	$	619,324		$	24,231		$	25,525		$	8,988
Shares Issued and Outstanding		29,720			1,060			920			420
Net Asset Value Per Share Outstanding(a):	$	20.84		$	22.86		$	27.74		$	21.40
Cost of investments in securities	$	616,306		$	25,531		$	27,148		$	10,611
Cost of investments in Affiliates	$	6,038		$	0		$	39		$	0
Cost of foreign currency held	$	1,958		$	329		$	0		$	0
* Includes repurchase agreements of:	$	1,439		$	111		$	276		$	0
^ Includes securities on loan of:	$	6,785		$	0		$	38		$	8

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

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

20 PIMCO EQUITY SERIES See Accompanying Notes

Statements of Operations

Year Ended June 30, 2020
(Amounts in thousands†)	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			PIMCO RAFI ESG U.S. ETF(a)
Investment Income:
Interest	$	19		$	1		$	5		$	0
Dividends, net of foreign taxes*		16,745			975			2,415			226
Securities lending income		172			3			8			0
Total Income		16,936			979			2,428			226
Expenses:
Management fees		2,625			146			292			22
Trustee fees		34			3			8			0
Interest expense		13			2			0			0
Organizational expense		0			0			0			78
Miscellaneous expense		26			2			5			0
Total Expenses		2,698			153			305			100
Waiver and/or Reimbursement by PIMCO		(34	)		(3	)		(8	)		(78	)
Net Expenses		2,664			150			297			22
Net Investment Income (Loss)		14,272			829			2,131			204
Net Realized Gain (Loss):
Investments in securities		(78,297	)		(3,611	)		(6,092	)		(422	)
In-kind redemptions		5,530			2,270			3,031			(5,385	)
Over the counter financial derivative instruments		(446	)		1			0			0
Foreign currency		(720	)		(15	)		0			0
Net Realized Gain (Loss)		(73,933	)		(1,355	)		(3,061	)		(5,807	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(10,179	)		(1,548	)		(6,894	)		(1,710	)
Over the counter financial derivative instruments		3			0			0			0
Foreign currency assets and liabilities		(11	)		1			0			0
Net Change in Unrealized Appreciation (Depreciation)		(10,187	)		(1,547	)		(6,894	)		(1,710	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(69,848	)	$	(2,073	)	$	(7,824	)	$	(7,313	)
* Foreign tax withholdings - Dividends	$	2,491		$	91		$	0		$	0

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

^(a)  Inception date of the Fund was December 18, 2019.

ANNUAL REPORT JUNE 30, 2020 21

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						PIMCO RAFI ESG U.S. ETF
(Amounts in thousands†)	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019			Inception date through June 30, 2020
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	14,272		$	10,073		$	829		$	939		$	2,131		$	1,655		$	204
Net realized gain (loss)		(73,933	)		(27,870	)		(1,355	)		(959	)		(3,061	)		(519	)		(5,807	)
Net change in unrealized appreciation (depreciation)		(10,187	)		36,565			(1,547	)		358			(6,894	)		3,931			(1,710	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(69,848	)		18,768			(2,073	)		338			(7,824	)		5,067			(7,313	)
Distributions to Shareholders:
From net investment income and/or net realized capital gains		(13,291	)		(11,116	)		(1,302	)		(882	)		(2,511	)		(1,561	)		(138	)
Total Distributions(a)		(13,291	)		(11,116	)		(1,302	)		(882	)		(2,511	)		(1,561	)		(138	)
Fund Share Transactions:
Receipts for shares sold		305,403			113,122			14,949			24,540			56,341			56,199			28,240
Cost of shares redeemed		(80,883	)		0			(30,231	)		(10,084	)		(117,461	)		(28,383	)		(11,801	)
Net increase (decrease) resulting from Fund share transactions		224,520			113,122			(15,282	)		14,456			(61,120	)		27,816			16,439
Total Increase (Decrease) in Net Assets		141,381			120,774			(18,657	)		13,912			(71,455	)		31,322			8,988
Net Assets:
Beginning of year		477,943			357,169			42,888			28,976			96,980			65,658			0
End of year	$	619,324		$	477,943		$	24,231		$	42,888		$	25,525		$	96,980		$	8,988
Shares of Beneficial Interest:
Shares sold		14,000			4,800			600			1,000			1,900			2,000			1,120
Shares redeemed		(4,000	)		0			(1,260	)		(400	)		(4,300	)		(1,000	)		(700	)
Net increase (decrease) in shares outstanding		10,000			4,800			(660	)		600			(2,400	)		1,000			420

^†   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. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

22 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

June 30, 2020

(Amounts in thousands*, except number of shares, contracts and units, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 98.6%
COMMON STOCKS 91.4%
BRAZIL 5.9%
COMMUNICATION SERVICES 0.0%
TIM Participacoes S.A.		106,000	$		277
CONSUMER DISCRETIONARY 0.3%
Lojas Renner S.A.		119,680			920
Petrobras Distribuidora S.A.		248,400			984
					1,904
CONSUMER STAPLES 1.3%
Ambev S.A.		734,800			1,911
BRF S.A. (a)		204,400			799
JBS S.A.		1,111,900			4,324
Raia Drogasil S.A.		54,000			1,099
					8,133
ENERGY 0.3%
Cosan Ltd. ‘A’		17,831			269
Cosan S.A.		33,700			439
Ultrapar Participacoes S.A.		362,300			1,225
					1,933
FINANCIALS 1.2%
B3 S.A. - Brasil Bolsa Balcao		366,000			3,708
Banco BTG Pactual S.A.		101,600			1,429
Banco do Brasil S.A.		158,900			939
BB Seguridade Participacoes S.A.		110,200			553
IRB Brasil Resseguros S/A (a)		24,500			49
Porto Seguro S.A.		16,600			154
Sul America S.A.		31,100			258
					7,090
HEALTH CARE 0.1%
Hypera S.A.		104,800			642
INDUSTRIALS 0.5%
CCR S.A.		187,500			500
Embraer S.A. (a)		28,400			42
WEG S.A.		261,730			2,436
					2,978
MATERIALS 1.8%
Cia Siderurgica Nacional S.A.		228,600			449
Klabin S.A.		203,200			760
Suzano S.A.		107,100			724
Vale S.A.		870,100			8,947
					10,880
UTILITIES 0.4%
AES Tiete Energia S.A.		149,600			431
Cia de Saneamento Basico do Estado de Sao Paulo		70,200			745
Cia de Saneamento de Minas Gerais-COPASA		6,800			73
EDP - Energias do Brasil S.A.		21,900			70
Energisa S.A.		21,400			193
Engie Brasil Energia S.A.		105,225			814
Light S.A.		15,300			47

	SHARES			MARKET VALUE (000S)
Neoenergia S.A.		14,200	$		50
					2,423
Total Brazil					36,260
CHILE 1.0%
COMMUNICATION SERVICES 0.0%
Empresa Nacional de Telecomunicaciones S.A.		7,748			50
CONSUMER DISCRETIONARY 0.1%
Falabella S.A.		122,116			386
CONSUMER STAPLES 0.2%
Cencosud S.A.		495,566			694
Cia Cervecerias Unidas S.A.		43,316			312
					1,006
ENERGY 0.1%
Empresas COPEC S.A.		79,021			530
FINANCIALS 0.1%
Banco de Chile		6,822,790			602
Banco de Credito e Inversiones		3,295			112
Banco Santander Chile		1,428,580			59
Itau CorpBanca Chile S.A.		5,574,622			15
					788
MATERIALS 0.1%
CAP S.A.		20,138			130
Empresas CMPC S.A.		240,914			479
					609
UTILITIES 0.4%
AES Gener S.A.		1,159,622			167
Aguas Andinas S.A. ‘A’		828,370			280
Colbun S.A.		2,438,332			389
Enel Americas S.A.		9,512,360			1,436
Enel Chile S.A.		5,126,975			383
Engie Energia Chile S.A.		69,477			93
					2,748
Total Chile					6,117
CHINA 17.6%
COMMUNICATION SERVICES 3.4%
China Telecom Corp. Ltd. ‘H’		2,240,000			629
NetEase, Inc. ADR		17,787			7,637
Tencent Holdings Ltd.		198,700			12,803
					21,069
CONSUMER DISCRETIONARY 6.7%
Alibaba Group Holding Ltd. SP - ADR (a)		53,250			11,486
ANTA Sports Products Ltd.		245,000			2,180
BAIC Motor Corp. Ltd. ‘H’		170,500			75
China Yongda Automobiles Services Holdings Ltd.		75,500			91
GOME Retail Holdings Ltd. (a)(c)		2,776,000			465
Great Wall Motor Co. Ltd. ‘H’		1,026,500			646
JD.com, Inc. ADR (a)		195,804			11,784
Meituan Dianping (a)		320,700			7,166

	SHARES			MARKET VALUE (000S)
Minth Group Ltd.		70,000	$		201
New Oriental Education & Technology Group, Inc. SP - ADR (a)		21,650			2,820
Shenzhou International Group Holdings Ltd.		90,000			1,094
Vipshop Holdings Ltd. ADR (a)		93,439			1,860
Yum China Holdings, Inc.		22,923			1,102
Zhongsheng Group Holdings Ltd.		95,000			531
					41,501
CONSUMER STAPLES 0.8%
Dali Foods Group Co. Ltd.		579,000			353
Hengan International Group Co. Ltd.		249,500			1,964
Tingyi Cayman Islands Holding Corp.		488,000			760
Tsingtao Brewery Co. Ltd. ‘H’		84,000			627
Uni-President China Holdings Ltd.		246,000			246
Want Want China Holdings Ltd.		1,601,000			1,216
					5,166
ENERGY 0.9%
China Oilfield Services Ltd. ‘H’		166,000			151
China Petroleum & Chemical Corp. ‘H’		5,966,000			2,495
China Shenhua Energy Co. Ltd. ‘H’		894,000			1,388
CNOOC Ltd.		1,174,000			1,318
Yanzhou Coal Mining Co. Ltd. ‘H’		66,000			50
					5,402
FINANCIALS 0.3%
China Galaxy Securities Co. Ltd. ‘H’		635,000			346
China Minsheng Banking Corp. Ltd. ‘H’		421,000			290
China Reinsurance Group Corp. ‘H’		1,908,000			196
GF Securities Co. Ltd. ‘H’		269,434			290
Postal Savings Bank of China Co. Ltd. ‘H’		1,224,000			705
					1,827
HEALTH CARE 0.5%
China Resources Pharmaceutical Group Ltd.		331,500			192
CSPC Pharmaceutical Group Ltd.		832,800			1,577
Shandong Weigao Group Medical Polymer Co. Ltd. ‘H’		352,000			786
Shanghai Fosun Pharmaceutical Group Co. Ltd. (a)		37,500			126
Sinopharm Group Co. Ltd. ‘H’		105,600			271
					2,952
INDUSTRIALS 1.3%
AviChina Industry & Technology Co. Ltd. ‘H’		164,000			75
China Communications Services Corp. Ltd. ‘H’		384,000			241
China Conch Venture Holdings Ltd.		197,500			838
China Lesso Group Holdings Ltd. ‘L’		173,000			227

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 23

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
China Southern Airlines Co. Ltd. ‘H’		418,000	$		187
COSCO SHIPPING Energy Transportation Co. Ltd. ‘H’		268,000			120
Jiangsu Expressway Co. Ltd. ‘H’		366,000			430
Sinopec Engineering Group Co. Ltd. ‘H’		129,500			56
Sinotrans Ltd. ‘H’		626,000			127
Sinotruk Hong Kong Ltd.		50,500			131
Weichai Power Co. Ltd. ‘H’		308,000			580
Yangzijiang Shipbuilding Holdings Ltd.		527,900			355
Zhejiang Expressway Co. Ltd. ‘H’		312,000			222
Zhuzhou CRRC Times Electric Co. Ltd. ‘H’		64,500			165
Zoomlion Heavy Industry Science and Technology Co. Ltd. ‘H’		82,400			64
ZTO Express Cayman, Inc. ADR		110,151			4,044
					7,862
INFORMATION TECHNOLOGY 1.7%
AAC Technologies Holdings, Inc. (c)		145,500			899
Baidu, Inc. SP - ADR (a)		37,381			4,482
BYD Electronic International Co. Ltd.		66,000			152
FIH Mobile Ltd. (a)(c)		1,181,000			127
Lenovo Group Ltd.		788,000			440
Semiconductor Manufacturing International Corp. (a)(c)		573,500			2,012
Sunny Optical Technology Group Co. Ltd.		82,600			1,329
Xiaomi Corp. (a)		797,200			1,325
					10,766
MATERIALS 0.7%
Anhui Conch Cement Co. Ltd. ‘H’		228,000			1,545
China BlueChemical Ltd. ‘H’		896,000			134
China National Building Material Co. Ltd. ‘H’		1,220,000			1,308
China Oriental Group Co. Ltd.		594,000			163
Jiangxi Copper Co. Ltd. ‘H’		474,000			483
Shandong Gold Mining Co. Ltd.		61,750			131
Sinopec Shanghai Petrochemical Co. Ltd. ‘H’		1,448,000			349
					4,113
REAL ESTATE 0.7%
Agile Group Holdings Ltd.		456,000			541
China Evergrande Group		39,000			101
CIFI Holdings Group Co. Ltd.		314,000			247
Greentown China Holdings Ltd.		282,500			284
Guangzhou R&F Properties Co. Ltd. ‘H’		190,400			224
Kaisa Group Holdings Ltd.		673,000			256
KWG Property Holding Ltd.		199,500			339
Logan Group Co. Ltd.		234,000			418
Longfor Group Holdings Ltd.		233,000			1,115
Powerlong Real Estate Holdings Ltd.		318,000			179
Shui On Land Ltd.		1,935,000			326
Sino-Ocean Group Holding Ltd.		725,000			175
SOHO China Ltd.		760,000			269
					4,474

	SHARES			MARKET VALUE (000S)
UTILITIES 0.6%
CGN Power Co. Ltd. ‘H’		2,781,000	$		577
Datang International Power Generation Co. Ltd. ‘H’		922,000			120
ENN Energy Holdings Ltd.		216,100			2,442
Huadian Fuxin Energy Corp. Ltd. ‘H’		786,000			253
Huadian Power International Corp. Ltd. ‘H’		784,000			227
Huaneng Power International, Inc. ‘H’		808,000			305
					3,924
Total China					109,056
GREECE 0.5%
COMMUNICATION SERVICES 0.1%
Hellenic Telecommunications Organization S.A.		35,765			483
CONSUMER DISCRETIONARY 0.1%
OPAP S.A.		66,353			632
ENERGY 0.1%
Hellenic Petroleum S.A.		15,055			101
Motor Oil Hellas Corinth Refineries S.A.		21,572			298
					399
FINANCIALS 0.2%
Alpha Bank AE (a)		340,605			256
Eurobank Ergasias S.A. (a)		635,534			294
National Bank of Greece S.A. (a)		273,141			387
Piraeus Bank S.A. (a)(c)		124,585			221
					1,158
UTILITIES 0.0%
Public Power Corp. S.A. (a)(c)		61,933			243
Total Greece					2,915
HONG KONG 2.8%
COMMUNICATION SERVICES 0.3%
China Mobile Ltd.		258,500			1,747
China Unicom Hong Kong Ltd.		216,000			118
					1,865
CONSUMER DISCRETIONARY 0.0%
Brilliance China Automotive Holdings Ltd.		190,000			172
CONSUMER STAPLES 0.6%
China Resources Beer Holdings Co. Ltd.		714,000			3,986
FINANCIALS 0.1%
China Everbright Ltd.		250,000			364
INDUSTRIALS 0.1%
COSCO SHIPPING Ports Ltd.		380,000			205
Shanghai Industrial Holdings Ltd.		31,000			48

		SHARES			MARKET VALUE (000S)
Shenzhen International Holdings Ltd.			39,000	$		62
						315
MATERIALS 0.1%
China Resources Cement Holdings Ltd.			220,000			271
REAL ESTATE 0.9%
China Jinmao Holdings Group Ltd.			604,000			430
China Overseas Land & Investment Ltd.			1,144,000			3,493
China Resources Land Ltd.			320,000			1,223
Poly Property Group Co. Ltd.			881,000			267
Yuexiu Property Co. Ltd.			2,356,000			423
						5,836
UTILITIES 0.7%
China Power International Development Ltd.			2,168,000			399
China Resources Gas Group Ltd.			280,000			1,370
China Resources Power Holdings Co. Ltd.			638,000			753
Guangdong Investment Ltd.			696,000			1,200
Kunlun Energy Co. Ltd.			1,092,000			715
						4,437
Total Hong Kong						17,246
INDIA 5.4%
CONSUMER DISCRETIONARY 0.2%
Tata Motors Ltd. ADR (a)(c)			200,047			1,314
ENERGY 1.4%
Reliance Industries Ltd. GDR			189,784			8,735
FINANCIALS 1.0%
HDFC Bank Ltd. ADR			140,227			6,375
HEALTH CARE 0.6%
Dr Reddy’s Laboratories Ltd. ADR			74,264			3,937
INFORMATION TECHNOLOGY 2.2%
Infosys Ltd. SP - ADR			1,091,306			10,542
Wipro Ltd. ADR			814,143			2,695
						13,237
Total India						33,598
INDONESIA 1.6%
COMMUNICATION SERVICES 0.3%
Indosat Tbk PT (a)			186,500			31
Telekomunikasi Indonesia Persero Tbk PT			9,073,800			1,944
						1,975
CONSUMER DISCRETIONARY 0.2%
Astra International Tbk PT	��		3,514,700			1,189
CONSUMER STAPLES 0.3%
Charoen Pokphand Indonesia Tbk PT			897,300			352

24 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
Gudang Garam Tbk PT		120,200	$		398
Hanjaya Mandala Sampoerna Tbk PT		1,800,900			209
Indofood CBP Sukses Makmur Tbk PT		592,000			388
Indofood Sukses Makmur Tbk PT		885,900			407
Unilever Indonesia Tbk PT		631,000			350
					2,104
ENERGY 0.1%
Adaro Energy Tbk PT		2,101,300			148
Bukit Asam Tbk PT		1,343,400			192
Indo Tambangraya Megah Tbk PT		182,000			91
					431
FINANCIALS 0.4%
Bank Central Asia Tbk PT		1,367,800			2,737
HEALTH CARE 0.1%
Kalbe Farma Tbk PT		3,803,400			390
INDUSTRIALS 0.1%
United Tractors Tbk PT		238,600			278
MATERIALS 0.1%
Indah Kiat Pulp & Paper Corp. Tbk PT		78,500			33
Indocement Tunggal Prakarsa Tbk PT		297,800			247
Semen Indonesia Persero Tbk PT		559,500			379
					659
UTILITIES 0.0%
Perusahaan Gas Negara Tbk PT		805,200			64
Total Indonesia					9,827
MALAYSIA 1.8%
COMMUNICATION SERVICES 0.3%
Astro Malaysia Holdings Bhd.		175,300			34
Axiata Group Bhd.		563,800			470
DiGi.Com Bhd.		446,900			451
Maxis Bhd.		336,900			423
Telekom Malaysia Bhd.		315,800			307
					1,685
CONSUMER DISCRETIONARY 0.2%
Genting Bhd.		577,700			556
Genting Malaysia Bhd.		1,043,600			621
					1,177
CONSUMER STAPLES 0.2%
British American Tobacco Malaysia Bhd.		33,500			85
Felda Global Ventures Holdings Bhd.		850,600			199
IOI Corp. Bhd.		359,100			365
Kuala Lumpur Kepong Bhd.		72,700			376
PPB Group Bhd.		101,880			424
Sime Darby Plantation Bhd.		127,700			147
					1,596

	SHARES			MARKET VALUE (000S)
ENERGY 0.1%
Petronas Dagangan Bhd.		85,700	$		413
FINANCIALS 0.4%
AMMB Holdings Bhd.		298,100			217
CIMB Group Holdings Bhd.		651,300			543
Hong Leong Bank Bhd.		27,300			90
Hong Leong Financial Group Bhd.		15,300			47
Malayan Banking Bhd.		473,800			833
Public Bank Bhd.		197,300			762
RHB Bank Bhd.		52,600			59
					2,551
HEALTH CARE 0.0%
IHH Healthcare Bhd.		100,900			130
INDUSTRIALS 0.2%
IJM Corp. Bhd.		562,100			239
MISC Bhd.		230,300			412
Sime Darby Bhd.		901,900			455
					1,106
MATERIALS 0.1%
Petronas Chemicals Group Bhd.		357,700			521
UTILITIES 0.3%
Petronas Gas Bhd.		134,100			531
Tenaga Nasional Bhd.		385,000			1,047
YTL Corp. Bhd.		244,308			47
YTL Power International Bhd.		214,500			34
					1,659
Total Malaysia					10,838
MEXICO 2.5%
COMMUNICATION SERVICES 1.1%
America Movil S.A.B. de C.V.		10,437,600			6,698
Grupo Televisa S.A.B.		368,100			387
					7,085
CONSUMER STAPLES 0.9%
Arca Continental S.A.B. de C.V.		43,400			190
Becle S.A.B. de C.V.		25,900			50
Coca-Cola Femsa S.A.B. de C.V.		12,900			56
Gruma S.A.B. de C.V. ‘B’		56,170			606
Grupo Lala S.A.B. de C.V.		205,600			109
Industrias Bachoco S.A.B. de C.V.		40,700			119
Kimberly-Clark de Mexico S.A.B. de C.V. ‘A’		553,500			864
Wal-Mart de Mexico S.A.B. de C.V.		1,379,600			3,310
					5,304
FINANCIALS 0.1%
Grupo Elektra S.A.B. de C.V.		7,300			400
INDUSTRIALS 0.0%
Grupo Aeroportuario del Pacifico S.A.B. de C.V.		14,600			105

	SHARES			MARKET VALUE (000S)
Grupo Carso S.A.B. de C.V.		54,200	$		106
					211
MATERIALS 0.4%
Alpek S.A.B. de C.V.		219,000			167
Grupo Mexico S.A.B. de C.V. ‘B’		786,200			1,828
Industrias Penoles S.A.B. de C.V.		4,715			48
Orbia Advance Corp. S.A.B. de C.V.		75,400			111
					2,154
UTILITIES 0.0%
Infraestructura Energetica Nova S.A.B. de C.V.		60,900			176
Total Mexico					15,330
PHILIPPINES 0.7%
COMMUNICATION SERVICES 0.2%
Globe Telecom, Inc.		9,505			395
PLDT, Inc.		26,395			657
					1,052
CONSUMER STAPLES 0.1%
Universal Robina Corp.		188,940			495
ENERGY 0.0%
Semirara Mining & Power Corp.		91,800			23
FINANCIALS 0.1%
Bank of the Philippine Islands		203,421			295
BDO Unibank, Inc.		191,410			378
Metro Pacific Investments Corp.		2,844,000			212
Metropolitan Bank & Trust Co.		220,512			165
					1,050
INDUSTRIALS 0.1%
Alliance Global Group, Inc.		1,052,800			145
Ayala Corp.		23,330			366
DMCI Holdings, Inc.		714,700			59
GT Capital Holdings, Inc.		6,230			57
International Container Terminal Services, Inc.		34,360			71
SM Investments Corp.		3,160			60
					758
REAL ESTATE 0.1%
SM Prime Holdings, Inc.		545,400			351
UTILITIES 0.1%
Aboitiz Power Corp.		372,700			202
First Gen Corp.		154,800			76
Manila Electric Co.		41,980			227
					505
Total Philippines					4,234
POLAND 0.7%
COMMUNICATION SERVICES 0.2%
Cyfrowy Polsat S.A.		38,957			260

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 25

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Orange Polska S.A. (a)		186,601	$		295
PLAY Communications S.A.		54,770			423
					978
ENERGY 0.2%
Grupa Lotos S.A.		39,599			604
Polski Koncern Naftowy ORLEN S.A.		48,332			768
					1,372
FINANCIALS 0.1%
Bank Polska Kasa Opieki S.A.		3,701			51
Powszechny Zaklad Ubezpieczen S.A.		74,386			547
					598
MATERIALS 0.1%
Grupa Azoty S.A. (a)		6,795			53
KGHM Polska Miedz S.A. (a)		22,141			514
					567
UTILITIES 0.1%
Enea S.A. (a)		45,926			84
PGE Polska Grupa Energetyczna S.A. (a)		232,193			406
Tauron Polska Energia S.A. (a)		524,632			316
					806
Total Poland					4,321
ROMANIA 0.0%
REAL ESTATE 0.0%
NEPI Rockcastle PLC		33,678			173
Total Romania					173
RUSSIA 7.9%
COMMUNICATION SERVICES 1.2%
Mobile TeleSystems PJSC		956,530			4,467
Rostelecom PJSC		322,650			399
Sistema PJSC FC		4,042,100			976
Yandex NV (a)		38,520			1,927
					7,769
CONSUMER STAPLES 0.3%
Magnit PJSC (c)		7,783			442
X5 Retail Group NV GDR		35,201			1,248
					1,690
ENERGY 2.4%
Gazprom Neft PJSC		111,790			528
Gazprom PJSC		1,206,090			3,291
LUKOIL PJSC		48,254			3,598
Novatek PJSC		17,418			249
Rosneft Oil Co. PJSC		104,230			530
Surgutneftegas PJSC		10,189,000			5,529
Tatneft PJSC		122,868			961
TMK PJSC (c)		139,910			118
					14,804
FINANCIALS 0.6%
Credit Bank of Moscow PJSC		751,800			59

	SHARES			MARKET VALUE (000S)
Moscow Exchange MICEX-RTS PJSC		300,270	$		479
Sberbank of Russia PJSC		565,530			1,617
VTB Bank PJSC		3,789,390,000			1,869
					4,024
INDUSTRIALS 0.1%
Aeroflot PJSC (c)		191,250			220
Globaltrans Investment PLC GDR		27,913			151
					371
MATERIALS 2.7%
Alrosa PJSC (c)		1,530,790			1,392
Magnitogorsk Iron & Steel Works PJSC		1,288,500			672
MMC Norilsk Nickel PJSC		36,082			9,512
Novolipetsk Steel PJSC		521,900			1,035
PhosAgro PJSC		18,754			698
Polyus PJSC		13,577			2,281
Severstal PAO		80,880			985
					16,575
REAL ESTATE 0.0%
LSR Group PJSC		7,197			71
UTILITIES 0.6%
Federal Grid Co. Unified Energy System PJSC		98,650,000			260
Inter RAO UES PJSC		24,548,000			1,682
Mosenergo PJSC (c)		4,103,000			128
OGK-2 PJSC		7,101,000			79
Rosseti PJSC		20,582,000			434
RusHydro PJSC (c)		74,413,000			769
Unipro PJSC (c)		9,317,000			366
					3,718
Total Russia					49,022
SINGAPORE 0.0%
INDUSTRIALS 0.0%
BOC Aviation Ltd.		37,800			243
Total Singapore					243
SOUTH AFRICA 5.4%
COMMUNICATION SERVICES 0.5%
MTN Group Ltd.		721,715			2,210
Telkom S.A. SOC Ltd.		98,998			170
Vodacom Group Ltd. (c)		60,199			427
					2,807
CONSUMER DISCRETIONARY 1.9%
Foschini Group Ltd.		47,771			178
Motus Holdings Ltd. (a)		25,218			45
Mr Price Group Ltd.		41,602			344
Naspers Ltd. ‘N’		58,208			10,697
Truworths International Ltd.		90,130			177
Woolworths Holdings Ltd.		73,398			140
					11,581
CONSUMER STAPLES 0.3%
Bid Corp. Ltd.		62,504			1,027

	SHARES			MARKET VALUE (000S)
Shoprite Holdings Ltd.		76,474	$		470
SPAR Group Ltd.		27,090			268
Tiger Brands Ltd.		33,962			349
					2,114
ENERGY 0.0%
Exxaro Resources Ltd.		6,608			50
FINANCIALS 0.4%
Absa Group Ltd.		42,746			211
FirstRand Ltd.		207,575			457
Liberty Holdings Ltd.		11,252			43
Momentum Metropolitan Holdings		54,171			55
Sanlam Ltd.		197,604			672
Standard Bank Group Ltd.		134,228			810
					2,248
HEALTH CARE 0.1%
Aspen Pharmacare Holdings Ltd.		37,168			309
Netcare Ltd.		274,401			215
					524
INDUSTRIALS 0.0%
Barloworld Ltd.		75,010			299
MATERIALS 2.2%
Anglo American Platinum Ltd.		6,351			462
AngloGold Ashanti Ltd.		156,846			4,615
Gold Fields Ltd.		565,148			5,336
Impala Platinum Holdings Ltd.		361,685			2,436
Kumba Iron Ore Ltd.		29,077			777
Sappi Ltd.		141,896			222
Sasol Ltd.		13,026			100
					13,948
Total South Africa					33,571
SOUTH KOREA 16.9%
COMMUNICATION SERVICES 2.2%
Kakao Corp.		6,435			1,444
KT Corp. SP - ADR		208,684			2,032
LG Uplus Corp.		80,022			818
NAVER Corp.		22,940			5,161
NCSoft Corp.		2,734			2,034
SK Telecom Co. Ltd.		11,713			2,063
					13,552
CONSUMER DISCRETIONARY 3.9%
Coway Co. Ltd.		15,203			919
Hankook Tire & Technology Co. Ltd.		27,474			569
Hanon Systems		56,124			426
Hyundai Department Store Co. Ltd.		4,190			197
Hyundai Mobis Co. Ltd.		26,540			4,260
Hyundai Motor Co.		118,372			9,724
Hyundai Wia Corp.		14,491			422
Kangwon Land, Inc.		40,449			729
Kia Motors Corp.		153,696			4,153
LG Electronics, Inc.		23,064			1,222
LOTTE Himart Co. Ltd.		4,406			142
Lotte Shopping Co. Ltd.		9,475			633
Mando Corp.		11,167			210

26 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
Shinsegae, Inc.		1,453	$		269
					23,875
CONSUMER STAPLES 1.1%
Amorepacific Corp.		13,918			1,230
BGF retail Co. Ltd.		441			51
CJ CheilJedang Corp.		1,752			478
E-MART, Inc.		7,267			643
GS Retail Co. Ltd.		7,555			231
KT&G Corp.		38,001			2,482
LG Household & Health Care Ltd.		1,218			1,365
NongShim Co. Ltd.		910			277
					6,757
ENERGY 0.7%
GS Holdings Corp.		24,754			750
SK Gas Ltd.		3,214			199
SK Innovation Co. Ltd.		33,465			3,699
					4,648
FINANCIALS 1.5%
BNK Financial Group, Inc.		61,714			259
DB Insurance Co. Ltd.		9,815			352
DGB Financial Group, Inc.		1,958			8
Hanwha Life Insurance Co. Ltd.		147,306			169
Hyundai Marine & Fire Insurance Co. Ltd.		14,143			272
Industrial Bank of Korea		81,189			552
KB Financial Group, Inc.		72,051			2,040
Meritz Financial Group, Inc.		4,890			38
Meritz Fire & Marine Insurance Co. Ltd.		22,625			240
Samsung Card Co. Ltd.		12,745			291
Samsung Fire & Marine Insurance Co. Ltd.		10,038			1,476
Samsung Life Insurance Co. Ltd.		18,397			692
Shinhan Financial Group Co. Ltd.		122,876			2,969
					9,358
INDUSTRIALS 1.7%
CJ Corp.		7,677			555
CJ Logistics Corp. (a)		2,627			346
Daelim Industrial Co. Ltd.		6,366			438
Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a)		4,970			113
Doosan Bobcat, Inc.		11,306			251
Doosan Co. Ltd.		1,270			41
Doosan Heavy Industries & Construction Co. Ltd. (a)		45,148			184
Doosan Infracore Co. Ltd. (a)		11,031			67
Hanwha Corp.		10,419			195
Hyundai Engineering & Construction Co. Ltd.		15,313			424
Hyundai Glovis Co. Ltd.		7,295			620
Hyundai Heavy Industries Holdings Co., Ltd.		303			63
KCC Corp.		966			108
KCC Glass Corp. (a)		1			0
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)		2,119			156
Korean Air Lines Co. Ltd.		26,265			385
LG Corp.		22,544			1,345
LG International Corp.		15,806			206
LS Corp.		5,922			173

	SHARES			MARKET VALUE (000S)
Posco International Corp.		28,286	$		330
S-1 Corp.		755			54
Samsung C&T Corp.		17,322			1,685
Samsung Heavy Industries Co. Ltd. (a)		28,659			143
SK Holdings Co. Ltd.		9,674			2,353
SK Networks Co. Ltd.		126,977			504
					10,739
INFORMATION TECHNOLOGY 4.3%
LG Display Co. Ltd.		163,489			1,565
LG Innotek Co. Ltd.		915			134
Samsung Electro-Mechanics Co. Ltd.		14,598			1,584
Samsung Electronics Co. Ltd.		254,497			11,266
Samsung SDI Co. Ltd.		6,190			1,893
SK Hynix, Inc.		143,194			10,224
					26,666
MATERIALS 0.7%
Dongkuk Steel Mill Co. Ltd.		43,957			195
Hyundai Steel Co.		26,716			462
Kolon Industries, Inc.		6,248			168
Korea Petrochemical Ind Co. Ltd.		570			54
Korea Zinc Co. Ltd.		1,642			460
OCI Co. Ltd.		957			30
POSCO		20,993			3,058
Seah Besteel Corp.		4,330			37
Taekwang Industrial Co. Ltd.		123			71
Young Poong Corp.		101			39
					4,574
UTILITIES 0.8%
Korea Electric Power Corp.		251,223			4,097
Korea Gas Corp.		25,813			567
					4,664
Total South Korea					104,833
TAIWAN 15.0%
COMMUNICATION SERVICES 0.9%
Chunghwa Telecom Co. Ltd.		792,000			3,145
Far EasTone Telecommunications Co. Ltd.		432,000			998
Taiwan Mobile Co. Ltd.		425,000			1,594
					5,737
CONSUMER DISCRETIONARY 0.4%
Cheng Shin Rubber Industry Co. Ltd.		307,000			353
Formosa Taffeta Co. Ltd.		263,000			326
Hotai Motor Co. Ltd.		41,000			983
Pou Chen Corp.		351,000			344
Yulon Motor Co. Ltd.		532,000			391
					2,397
CONSUMER STAPLES 0.5%
President Chain Store Corp.		100,000			1,006
Uni-President Enterprises Corp.		880,000			2,132
					3,138

	SHARES			MARKET VALUE (000S)
ENERGY 0.1%
Formosa Petrochemical Corp.		298,000	$		902
FINANCIALS 2.3%
Chang Hwa Commercial Bank Ltd.		1,061,704			699
CTBC Financial Holding Co. Ltd.		3,037,000			2,105
E.Sun Financial Holding Co. Ltd.		2,259,965			2,141
First Financial Holding Co. Ltd.		1,615,971			1,246
Fubon Financial Holding Co. Ltd.		881,000			1,315
Hua Nan Financial Holdings Co. Ltd. ‘C’		1,503,837			1,024
Mega Financial Holding Co. Ltd.		2,287,000			2,404
Shanghai Commercial & Savings Bank Ltd.		342,605			531
Shin Kong Financial Holding Co. Ltd.		1,178,965			345
SinoPac Financial Holdings Co. Ltd.		2,352,528			870
Taishin Financial Holding Co. Ltd.		1,496,133			680
Taiwan Cooperative Financial Holding Co. Ltd.		1,615,602			1,140
					14,500
INDUSTRIALS 0.3%
China Airlines Ltd.		335,000			93
Eva Airways Corp.		122,400			47
Far Eastern New Century Corp.		777,000			738
Taiwan High Speed Rail Corp.		244,000			303
Walsin Lihwa Corp.		862,000			428
					1,609
INFORMATION TECHNOLOGY 9.3%
Acer, Inc.		448,000			273
Advantech Co. Ltd.		63,000			634
Asustek Computer, Inc.		161,000			1,183
AU Optronics Corp.		2,521,000			796
Catcher Technology Co. Ltd.		101,000			765
Compal Electronics, Inc.		1,449,000			948
Delta Electronics, Inc.		162,000			924
Foxconn Technology Co. Ltd.		30,000			58
Hon Hai Precision Industry Co. Ltd.		517,600			1,520
HTC Corp.		56,000			63
Innolux Corp.		6,755,000			1,820
Inventec Corp.		919,000			785
Largan Precision Co. Ltd.		6,700			932
Lite-On Technology Corp.		655,000			1,031
MediaTek, Inc.		424,000			8,383
Micro-Star International Co. Ltd.		313,000			1,146
Nanya Technology Corp.		107,000			223
Novatek Microelectronics Corp.		185,000			1,438
Pegatron Corp.		842,000			1,836
Powertech Technology, Inc.		356,000			1,299
Quanta Computer, Inc.		975,000			2,359
Synnex Technology International Corp.		511,000			724
Taiwan Semiconductor Manufacturing Co. Ltd.		2,260,000			24,136
TPK Holding Co. Ltd.		33,000			52
United Microelectronics Corp.		2,291,000			1,239
Winbond Electronics Corp.		239,000			109
Wistron Corp.		1,153,347			1,408
WPG Holdings Ltd.		448,560			598
Yageo Corp.		29,000			378

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 27

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Zhen Ding Technology Holding Ltd.		115,000	$		505
					57,565
MATERIALS 1.2%
Asia Cement Corp.		847,000			1,256
China Steel Corp.		1,005,000			708
Formosa Chemicals & Fibre Corp.		365,000			940
Formosa Plastics Corp.		523,000			1,557
Nan Ya Plastics Corp.		381,000			837
Taiwan Cement Corp.		1,386,096			2,017
					7,315
Total Taiwan					93,163
THAILAND 4.6%
COMMUNICATION SERVICES 0.5%
Advanced Info Service PCL		436,300			2,626
Total Access Communication PCL		567,200			724
					3,350
CONSUMER STAPLES 1.0%
Berli Jucker PCL		120,000			154
Charoen Pokphand Foods PCL		1,665,800			1,718
CP ALL PCL		1,424,500			3,140
Thai Beverage PCL		1,579,500			771
Thai Union Group PCL ‘F’		1,457,400			613
					6,396
ENERGY 1.2%
Bangchak Corp. PCL		721,500			496
Esso Thailand PCL (c)		607,200			140
IRPC PCL		4,465,100			382
PTT PCL		3,911,500			4,828
Star Petroleum Refining PCL		2,916,200			636
Thai Oil PCL		536,900			779
					7,261
FINANCIALS 0.4%
Bangkok Bank PCL		170,300			594
Kasikornbank PCL		178,000			541
Krung Thai Bank PCL		1,057,100			353
Thanachart Capital PCL		587,500			680
TMB Bank PCL		2,016,100			69
					2,237
HEALTH CARE 0.1%
Bangkok Dusit Medical Services PCL ‘F’		881,700			642
INDUSTRIALS 0.3%
Airports of Thailand PCL		721,600			1,421
Delta Electronics Thailand PCL (c)		223,400			388
					1,809
MATERIALS 0.8%
PTT Global Chemical PCL		821,100			1,240
Siam Cement PCL		287,200			3,436
					4,676

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.1%
Central Pattana PCL		161,000	$		256
Land & Houses PCL NVDR		2,596,500			643
					899
UTILITIES 0.2%
Electricity Generating PCL		61,800			498
Ratch Group PCL		248,900			504
					1,002
Total Thailand					28,272
TURKEY 1.1%
COMMUNICATION SERVICES 0.2%
Turk Telekomunikasyon A/S		380,424			450
Turkcell Iletisim Hizmetleri A/S		333,337			795
					1,245
CONSUMER DISCRETIONARY 0.1%
Arcelik A/S (a)		21,903			64
Ford Otomotiv Sanayi A/S		44,887			466
Tofas Turk Otomobil Fabrikasi A/S		44,762			174
					704
CONSUMER STAPLES 0.3%
Anadolu Efes Biracilik Ve Malt Sanayii A/S		18,550			58
BIM Birlesik Magazalar A/S		186,511			1,849
					1,907
ENERGY 0.1%
Tupras Turkiye Petrol Rafinerileri A/S		50,857			665
FINANCIALS 0.2%
Haci Omer Sabanci Holding A/S		397,339			535
Turkiye Halk Bankasi A/S		120,619			112
Turkiye Is Bankasi ‘C’		490,472			401
Turkiye Vakiflar Bankasi TAO ‘D’		214,429			167
Yapi ve Kredi Bankasi A/S (a)		113,207			40
					1,255
INDUSTRIALS 0.2%
Enka Insaat ve Sanayi A/S		265,374			239
KOC Holding A/S		65,787			173
TAV Havalimanlari Holding A/S		17,953			51
Turk Hava Yollari AO (a)		229,181			417
Turkiye Sise ve Cam Fabrikalari A/S		63,000			51
					931
MATERIALS 0.0%
Eregli Demir ve Celik Fabrikalari TAS		40,417			51
UTILITIES 0.0%
Aygaz A/S		38,796			68
Total Turkey					6,826

	SHARES			MARKET VALUE (000S)
UNITED STATES 0.0%
CONSUMER DISCRETIONARY 0.0%
Nexteer Automotive Group Ltd.		102,000	$		71
Total United States					71
Total Common Stocks (Cost $569,089)					565,916
	UNITS
EQUITY-LINKED SECURITIES 4.5%
IRELAND 4.5%
COMMUNICATION SERVICES 0.6%
Citigroup Global Markets Holdings, Inc., Bharti Airtel Ltd. - Exp. 02/19/2021		479,066			3,550
CONSUMER STAPLES 1.1%
Citigroup Global Markets Holdings, Inc., Hindustan Unilever Ltd. - Exp. 02/19/2021		155,597			4,490
Citigroup Global Markets Holdings, Inc., ITC Ltd. - Exp. 02/19/2021		1,008,732			2,599
					7,089
ENERGY 0.7%
Citigroup Global Markets Holdings, Inc., Bharat Petroleum Corp. Ltd. - Exp. 02/19/2021		353,003			1,748
Citigroup Global Markets Holdings, Inc., Coal India Ltd. - Exp. 02/19/2021		306,999			540
Citigroup Global Markets Holdings, Inc., Hindustan Petroleum Corp. Ltd. - Exp. 02/19/2021		368,286			1,057
Citigroup Global Markets Holdings, Inc., Indian Oil Corp. Ltd. - Exp. 02/19/2021		179,981			203
Citigroup Global Markets Holdings, Inc., Jindal Steel & Power Ltd. - Exp. 02/19/2021		92,866			199
Citigroup Global Markets Holdings, Inc., Petronet LNG Ltd. - Exp. 02/19/2021		134,848			461
					4,208
FINANCIALS 0.4%
Citigroup Global Markets Holdings, Inc., Kotak Mahindra Bank Ltd. - Exp. 02/19/2021		140,017			2,521
HEALTH CARE 0.3%
Citigroup Global Markets Holdings, Inc., Lupin Ltd. - Exp. 02/19/2021		47,231			570
Citigroup Global Markets Holdings, Inc., Sun Pharmaceutical Industries Ltd. - Exp. 02/19/2021		238,832			1,495
					2,065

28 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	UNITS			MARKET VALUE (000S)
INDUSTRIALS 0.1%
Citigroup Global Markets Holdings, Inc., Hero MotoCorp Ltd. - Exp. 02/19/2021		18,889	$		637
INFORMATION TECHNOLOGY 0.8%
Citigroup Global Markets Holdings, Inc., HCL Technologies Ltd. - Exp. 02/19/2021		173,246			1,277
Citigroup Global Markets Holdings, Inc., Tata Consultancy Services Ltd. - Exp. 02/19/2021		121,366			3,345
Citigroup Global Markets Holdings, Inc., Tech Mahindra Ltd. - Exp. 02/19/2021		74,211			534
					5,156
MATERIALS 0.4%
Citigroup Global Markets Holdings, Inc., Asian Paints Ltd. - Exp. 02/19/2021		110,157			2,461
Citigroup Global Markets Holdings, Inc., NMDC Ltd. - Exp. 02/19/2021		28,811			31
					2,492
UTILITIES 0.1%
Citigroup Global Markets Holdings, Inc., NTPC Ltd. - Exp. 02/19/2021		333,461			423
Total Equity-Linked Securities (Cost $28,397)					28,141
	SHARES
PREFERRED STOCKS 1.6%
BRAZIL 1.3%
BANKING & FINANCE 0.2%
Banco do Estado do Rio Grande do Sul S.A.		29,800			74
Itau Unibanco Holding S.A.		318,050			1,489
					1,563
COMMUNICATION SERVICES 0.2%
Telefonica Brasil S.A.		117,100			1,034
INDUSTRIALS 0.4%
Braskem S.A.		72,200			308
Gerdau S.A.		234,600			691
Lojas Americanas S.A.		123,115			729
Metalurgica Gerdau S.A.		433,100			582
					2,310

	SHARES			MARKET VALUE (000S)
UTILITIES 0.5%
Cia de Transmissao de Energia Eletrica Paulista		114,300	$		439
Cia Energetica de Minas Gerais		361,169			732
Cia Energetica de Sao Paulo		163,200			870
Cia Paranaense de Energia		97,300			1,088
					3,129
Total Brazil					8,036
CHILE 0.2%
INDUSTRIALS 0.2%
Embotelladora Andina S.A.		147,861			362
Sociedad Quimica y Minera de Chile S.A.		21,228			552
					914
Total Chile					914
RUSSIA 0.1%
UTILITIES 0.1%
Bashneft PJSC		14,950			303
Transneft PJSC		251			474
					777
Total Russia					777
Total Preferred Stocks (Cost $11,289)					9,727
REAL ESTATE INVESTMENT TRUSTS 0.1%
MEXICO 0.1%
REAL ESTATE 0.1%
Fibra Uno Administracion S.A. de C.V.		515,900			410
Total Mexico					410
SOUTH AFRICA 0.0%
REAL ESTATE 0.0%
Growthpoint Properties Ltd.		365,101			282
Redefine Properties Ltd.		421,075			81
					363
Total South Africa					363
TURKEY 0.0%
REAL ESTATE 0.0%
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		285,710			85
Total Turkey					85
Total Real Estate Investment Trusts (Cost $1,436)					858

	SHARES			MARKET VALUE (000S)
RIGHTS 0.0%
HONG KONG 0.0%
INDUSTRIALS 0.0%
Greentown China Holdings - Exp. 07/02/20		4,339	$		0
Total Rights (Cost $0)					0
WARRANTS 0.8%
UNITED KINGDOM 0.8%
FINANCIALS 0.8%
HSBC Bank PLC - Exp. 01/19/2021		114,488			1,890
HSBC Bank PLC - Exp. 01/28/2021		30,982			348
HSBC Bank PLC - Exp. 04/05/2021		43,700			1,153
HSBC Bank PLC - Exp. 07/20/2021		43,762			705
HSBC Bank PLC - Exp. 12/14/2020		12,370			66
HSBC Bank PLC - Exp. 12/16/2020		71,303			618
Total Warrants (Cost $4,656)					4,780
	PRINCIPAL AMOUNT (000s)
SHORT-TERM INSTRUMENTS 0.2%
REPURCHASE AGREEMENTS (e) 0.2%
					1,439
Total Short-Term Instruments (Cost $1,439)					1,439
Total Investments in Securities (Cost $616,306)					610,861
	SHARES
INVESTMENTS IN AFFILIATES 1.0%
SHORT-TERM INSTRUMENTS 1.0%
MUTUAL FUNDS 1.0%
PIMCO Government Money Market Fund
0.180% (b)(c)(d)		6,038,110			6,038
Total Short-Term Instruments (Cost $6,038)					6,038
Total Investments in Affiliates (Cost $6,038)					6,038
Total Investments 99.6% (Cost $622,344)			$		616,899
Other Assets and Liabilities, net 0.4%					2,425
Net Assets 100.0%			$		619,324

NOTES TO SCHEDULE OF INVESTMENTS:

* 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) Institutional Class Shares of each Fund.

(c) Securities with an aggregate market value of $6,785 were out on loan in exchange for $7,325 of cash collateral as of June 30, 2020. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 29

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (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
FICC		0.000	%		06/30/2020		07/01/2020	$	1,439	U.S. Treasury Inflation Protected Securities 0.125% due 07/15/2024	$	(1,468	)	$	1,439	$	1,439
Total Repurchase Agreements											$	(1,468	)	$	1,439	$	1,439

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 June 30, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(1)
Global/Master Repurchase Agreement
FICC	$	1,439	$	0	$	0	$	0	$	1,439	$	(1,468	)	$	(29	)
Master Securities Forward Transaction Agreement
BCY		0		0		0		15		15		(20	)		(5	)
FOB		0		0		0		500		500		(525	)		(25	)
GSC		0		0		0		2,446		2,446		(2,603	)		(157	)
MBC		0		0		0		85		85		(97	)		(12	)
MSC		0		0		0		858		858		(876	)		(18	)
SAL		0		0		0		1,491		1,491		(1,613	)		(122	)
UBS		0		0		0		1,390		1,390		(1,591	)		(201	)
Total Borrowings and Other Financing Transactions	$	1,439	$	0	$	0	$	6,785

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
Securities Lending Transactions(2)
Common Stocks	$	7,325	$	0	$	0	$	0	$	7,325
Total Borrowings	$	7,325	$	0	$	0	$	0	$	7,325
Payable for securities on loan - cash collateral									$	7,325

⁽¹⁾  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.

⁽²⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2020:

	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	$	(446	)	$	0	$	(446	)
Net Change in Unrealized Appreciation on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	3		$	0	$	3

30 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Common Stocks
Brazil
Communication Services	$	277	$	0	$	0	$	277
Consumer Discretionary		1,904		0		0		1,904
Consumer Staples		8,133		0		0		8,133
Energy		1,933		0		0		1,933
Financials		7,090		0		0		7,090
Health Care		642		0		0		642
Industrials		2,978		0		0		2,978
Materials		10,880		0		0		10,880
Utilities		2,423		0		0		2,423
Chile
Communication Services		50		0		0		50
Consumer Discretionary		386		0		0		386
Consumer Staples		1,006		0		0		1,006
Energy		530		0		0		530
Financials		788		0		0		788
Materials		609		0		0		609
Utilities		2,748		0		0		2,748
China
Communication Services		20,440		629		0		21,069
Consumer Discretionary		29,052		12,449		0		41,501
Consumer Staples		0		5,166		0		5,166
Energy		0		5,402		0		5,402
Financials		0		1,827		0		1,827
Health Care		126		2,826		0		2,952
Industrials		4,044		3,818		0		7,862
Information Technology		4,482		6,284		0		10,766
Materials		131		3,982		0		4,113
Real Estate		0		4,474		0		4,474
Utilities		0		3,924		0		3,924
Greece
Communication Services		0		483		0		483
Consumer Discretionary		0		632		0		632
Energy		0		399		0		399
Financials		0		1,158		0		1,158
Utilities		0		243		0		243
Hong Kong
Communication Services		0		1,865		0		1,865
Consumer Discretionary		0		172		0		172
Consumer Staples		0		3,986		0		3,986
Financials		0		364		0		364
Industrials		0		315		0		315
Materials		0		271		0		271
Real Estate		0		5,836		0		5,836
Utilities		0		4,437		0		4,437
India
Consumer Discretionary		1,314		0		0		1,314
Energy		8,735		0		0		8,735
Financials		6,375		0		0		6,375
Health Care		3,937		0		0		3,937
Information Technology		13,237		0		0		13,237
Indonesia
Communication Services		0		1,975		0		1,975
Consumer Discretionary		0		1,189		0		1,189
Consumer Staples		0		2,104		0		2,104
Energy		0		431		0		431
Financials		0		2,737		0		2,737
Health Care		0		390		0		390
Industrials		0		278		0		278
Materials		0		659		0		659
Utilities		0		64		0		64
Malaysia
Communication Services		0		1,685		0		1,685
Consumer Discretionary		0		1,177		0		1,177

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Consumer Staples	$	0	$	1,596	$	0	$	1,596
Energy		0		413		0		413
Financials		0		2,551		0		2,551
Health Care		0		130		0		130
Industrials		0		1,106		0		1,106
Materials		0		521		0		521
Utilities		0		1,659		0		1,659
Mexico
Communication Services		7,085		0		0		7,085
Consumer Staples		5,304		0		0		5,304
Financials		400		0		0		400
Industrials		211		0		0		211
Materials		2,154		0		0		2,154
Utilities		176		0		0		176
Philippines
Communication Services		0		1,052		0		1,052
Consumer Staples		0		495		0		495
Energy		0		23		0		23
Financials		0		1,050		0		1,050
Industrials		0		758		0		758
Real Estate		0		351		0		351
Utilities		0		505		0		505
Poland
Communication Services		0		978		0		978
Energy		0		1,372		0		1,372
Financials		0		598		0		598
Materials		0		567		0		567
Utilities		0		806		0		806
Romania
Real Estate		0		173		0		173
Russia
Communication Services		1,927		5,842		0		7,769
Consumer Staples		282		1,408		0		1,690
Energy		0		14,804		0		14,804
Financials		0		4,024		0		4,024
Industrials		0		371		0		371
Materials		0		16,575		0		16,575
Real Estate		0		71		0		71
Utilities		0		3,718		0		3,718
Singapore
Industrials		0		243		0		243
South Africa
Communication Services		0		2,807		0		2,807
Consumer Discretionary		177		11,404		0		11,581
Consumer Staples		819		1,295		0		2,114
Energy		0		50		0		50
Financials		0		2,248		0		2,248
Health Care		215		309		0		524
Industrials		0		299		0		299
Materials		222		13,726		0		13,948
South Korea
Communication Services		2,032		11,520		0		13,552
Consumer Discretionary		0		23,875		0		23,875
Consumer Staples		51		6,706		0		6,757
Energy		0		4,648		0		4,648
Financials		0		9,358		0		9,358
Industrials		0		10,739		0		10,739
Information Technology		0		26,666		0		26,666
Materials		0		4,574		0		4,574
Utilities		0		4,664		0		4,664
Taiwan
Communication Services		0		5,737		0		5,737
Consumer Discretionary		0		2,397		0		2,397
Consumer Staples		0		3,138		0		3,138
Energy		0		902		0		902
Financials		0		14,500		0		14,500

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 31

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

June 30, 2020

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Industrials	$	0	$	1,609	$	0	$	1,609
Information Technology		0		57,565		0		57,565
Materials		0		7,315		0		7,315
Thailand
Communication Services		0		3,350		0		3,350
Consumer Staples		0		6,396		0		6,396
Energy		0		7,261		0		7,261
Financials		0		2,237		0		2,237
Health Care		0		642		0		642
Industrials		388		1,421		0		1,809
Materials		0		4,676		0		4,676
Real Estate		0		899		0		899
Utilities		0		1,002		0		1,002
Turkey
Communication Services		0		1,245		0		1,245
Consumer Discretionary		0		704		0		704
Consumer Staples		0		1,907		0		1,907
Energy		0		665		0		665
Financials		0		1,255		0		1,255
Industrials		0		931		0		931
Materials		51		0		0		51
Utilities		0		68		0		68
United States
Consumer Discretionary		0		71		0		71
Equity-Linked Securities
Ireland
Communication Services		0		3,550		0		3,550
Consumer Staples		0		7,089		0		7,089
Energy		0		4,208		0		4,208
Financials		0		2,521		0		2,521
Health Care		0		2,065		0		2,065
Industrials		0		637		0		637
Information Technology		0		5,156		0		5,156

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Materials	$	0	$	2,492	$	0	$	2,492
Utilities		0		423		0		423
Preferred Stocks
Brazil
Banking & Finance		1,563		0		0		1,563
Communication Services		1,034		0		0		1,034
Industrials		2,310		0		0		2,310
Utilities		3,129		0		0		3,129
Chile
Industrials		914		0		0		914
Russia
Utilities		0		777		0		777
Real Estate Investment Trusts
Mexico
Real Estate		410		0		0		410
South Africa
Real Estate		0		363		0		363
Turkey
Real Estate		0		85		0		85
Warrants
United Kingdom
Financials		558		4,222		0		4,780
Short-Term Instruments
Repurchase Agreements		0		1,439		0		1,439
	$	165,662	$	445,199	$	0	$	610,861
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		6,038		0		0		6,038
Total Investments	$	171,700	$	445,199	$	0	$	616,899

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

32 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF

June 30, 2020

(Amounts in thousands*, except number of shares, contracts and units, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 98.9%
COMMON STOCKS 95.2%
AUSTRALIA 5.6%
COMMUNICATION SERVICES 0.5%
carsales.com Ltd.		705	$		9
Nine Entertainment Co. Holdings Ltd.		5,374			5
REA Group Ltd.		142			11
Telstra Corp. Ltd.		42,544			92
					117
CONSUMER DISCRETIONARY 0.7%
Aristocrat Leisure Ltd.		508			9
Breville Group Ltd.		703			11
Crown Resorts Ltd.		1,139			8
Domino’s Pizza Enterprises Ltd.		259			12
Harvey Norman Holdings Ltd.		2,869			7
JB Hi-Fi Ltd.		677			20
Super Retail Group Ltd.		1,568			9
Tabcorp Holdings Ltd.		3,175			8
Wesfarmers Ltd.		2,998			93
					177
CONSUMER STAPLES 0.6%
Coca-Cola Amatil Ltd.		1,725			10
Coles Group Ltd.		793			9
GrainCorp Ltd. ‘A’		2,199			6
Inghams Group Ltd.		3,449			8
Metcash Ltd.		7,377			14
Woolworths Group Ltd.		3,983			103
					150
ENERGY 0.4%
Ampol Ltd.		1,850			38
Origin Energy Ltd.		4,903			20
Santos Ltd.		2,435			9
Viva Energy Group Ltd.		6,038			8
Woodside Petroleum Ltd.		767			11
					86
FINANCIALS 0.7%
AMP Ltd.		11,312			15
ASX Ltd.		142			8
Bank of Queensland Ltd.		1,620			7
Genworth Mortgage Insurance Australia Ltd.		4,438			6
Insurance Australia Group Ltd.		2,205			9
Macquarie Group Ltd.		182			15
Magellan Financial Group Ltd.		304			12
Medibank Pvt Ltd.		10,482			22
National Australia Bank Ltd.		1,203			15
NIB Holdings Ltd.		2,375			8
Perpetual Ltd.		336			7
QBE Insurance Group Ltd.		2,408			15
Suncorp Group Ltd.		2,781			18
					157
HEALTH CARE 0.5%
Ansell Ltd.		584			15
Cochlear Ltd.		66			9
CSL Ltd.		479			95

	SHARES			MARKET VALUE (000S)
Ramsay Health Care Ltd.		205	$		9
					128
INDUSTRIALS 0.4%
Aurizon Holdings Ltd.		5,588			19
Austal Ltd.		3,000			7
Brambles Ltd.		2,755			21
CIMIC Group Ltd.		355			6
Downer EDI Ltd.		2,371			7
Monadelphous Group Ltd.		824			6
Qantas Airways Ltd.		2,339			6
Sydney Airport		1,917			8
Transurban Group		2,885			28
					108
INFORMATION TECHNOLOGY 0.2%
Atlassian Corp. PLC ‘A’ (a)		134			24
Computershare Ltd.		822			8
SEEK Ltd.		743			11
					43
MATERIALS 1.5%
BHP Group Ltd.		1,507			38
BHP Group PLC		2,402			49
BlueScope Steel Ltd.		927			8
Boral Ltd.		2,746			7
CSR Ltd.		4,229			11
Evolution Mining Ltd.		9,341			37
Fortescue Metals Group Ltd.		7,732			75
IGO Ltd.		1,920			7
Incitec Pivot Ltd.		5,522			7
Newcrest Mining Ltd.		1,567			35
Northern Star Resources Ltd.		4,060			38
Orica Ltd.		1,496			17
Regis Resources Ltd.		3,112			11
Resolute Mining Ltd.		9,243			7
Sandfire Resources Ltd.		2,014			7
					354
REAL ESTATE 0.0%
Lend Lease Group		877			8
UTILITIES 0.1%
AGL Energy Ltd.		1,312			16
APA Group		905			7
					23
Total Australia					1,351
AUSTRIA 0.2%
ENERGY 0.1%
OMV AG		436			15
INDUSTRIALS 0.1%
Andritz AG (a)		306			11
Oesterreichische Post AG		184			6
					17
MATERIALS 0.0%
voestalpine AG		337			7

	SHARES			MARKET VALUE (000S)
Wienerberger AG		336	$		8
					15
REAL ESTATE 0.0%
CA Immobilien Anlagen AG		196			6
Total Austria					53
BELGIUM 0.6%
COMMUNICATION SERVICES 0.1%
Proximus SADP		630			13
CONSUMER DISCRETIONARY 0.1%
D’ieteren S.A.		139			8
Telenet Group Holding NV		169			7
					15
CONSUMER STAPLES 0.1%
Anheuser-Busch InBev S.A. NV		194			9
Colruyt S.A.		232			13
					22
ENERGY 0.0%
Euronav NV		1,373			11
FINANCIALS 0.1%
Ageas S.A.		437			15
Gimv NV		121			7
					22
HEALTH CARE 0.1%
UCB S.A.		223			26
INFORMATION TECHNOLOGY 0.0%
Barco NV		49			9
MATERIALS 0.1%
Bekaert S.A.		330			7
Solvay S.A.		89			7
Umicore S.A.		152			7
					21
UTILITIES 0.0%
Elia System Operator S.A.		110			12
Total Belgium					151
CAMBODIA 0.0%
CONSUMER DISCRETIONARY 0.0%
NagaCorp Ltd.		6,000			7
Total Cambodia					7
CANADA 7.5%
COMMUNICATION SERVICES 0.5%
BCE, Inc.		959			40
Cogeco Communications, Inc.		165			12
Corus Entertainment, Inc. ‘B’		2,509			5
Quebecor, Inc. ‘B’		408			9
Rogers Communications, Inc. ‘B’		575			23

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 33

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Shaw Communications, Inc. ‘B’		820	$		13
TELUS Corp.		990			17
					119
CONSUMER DISCRETIONARY 0.9%
BRP, Inc.		252			11
Canadian Tire Corp. Ltd. ‘A’		313			27
Cogeco, Inc. (b)		111			6
Dollarama, Inc.		601			20
Gildan Activewear, Inc.		498			8
Great Canadian Gaming Corp. (a)		296			6
Lululemon Athletica, Inc. (a)		140			44
Magna International, Inc.		2,087			93
Martinrea International, Inc. (b)		1,101			8
					223
CONSUMER STAPLES 0.8%
Alimentation Couche-Tard, Inc. ‘B’		1,340			42
Empire Co. Ltd. ‘A’		1,004			24
George Weston Ltd.		377			28
Loblaw Cos. Ltd.		316			15
Maple Leaf Foods, Inc.		431			9
Metro, Inc.		921			38
North West Co., Inc.		418			9
Premium Brands Holdings Corp.		129			8
Saputo, Inc.		478			12
					185
ENERGY 0.5%
ARC Resources Ltd.		2,194			8
Cameco Corp.		718			7
Cenovus Energy, Inc.		3,381			16
Enbridge, Inc.		1,250			38
Frontera Energy Corp.		2,901			7
Gibson Energy, Inc.		505			8
Imperial Oil Ltd.		392			6
MEG Energy Corp. (a)		4,608			13
TC Energy Corp.		614			26
					129
FINANCIALS 1.0%
Bank of Montreal		314			17
Bank of Nova Scotia		654			27
Brookfield Asset Management, Inc. ‘A’		1,012			33
Canadian Imperial Bank of Commerce		469			31
CI Financial Corp.		1,342			17
Fairfax Financial Holdings Ltd.		23			7
Great-West Lifeco, Inc. (b)		507			9
Home Capital Group, Inc.		495			8
IGM Financial, Inc.		394			10
Intact Financial Corp.		232			22
National Bank of Canada		153			7
Onex Corp.		177			8
Power Corp. of Canada		1,072			19
Sun Life Financial, Inc.		300			11
TMX Group Ltd.		103			10
Toronto-Dominion Bank		157			7
					243
HEALTH CARE 0.0%
Chartwell Retirement Residences		877			6

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 1.2%
Aecon Group, Inc.		796	$		9
Boyd Group Services, Inc.		54			8
Canadian National Railway Co.		931			82
Canadian Pacific Railway Ltd.		230			59
Finning International, Inc.		502			7
Ritchie Bros Auctioneers, Inc.		476			19
Russel Metals, Inc.		564			7
TFI International, Inc.		452			16
Thomson Reuters Corp.		957			65
Toromont Industries Ltd.		185			9
Transcontinental, Inc. ‘A’		708			8
Westshore Terminals Investment Corp.		579			7
					296
INFORMATION TECHNOLOGY 0.6%
Canadian Solar, Inc. (a)		384			7
Celestica, Inc. (a)		1,170			8
CGI, Inc. (a)		555			35
Constellation Software, Inc. (b)		37			42
Open Text Corp.		321			14
Shopify, Inc. ‘A’ (a)		42			40
					146
MATERIALS 1.3%
Agnico Eagle Mines Ltd. (b)		166			11
Alamos Gold, Inc.		1,486			14
B2Gold Corp.		3,879			22
Barrick Gold Corp.		1,469			39
Centerra Gold, Inc.		1,024			11
Chemtrade Logistics Income Fund		1,810			7
Eldorado Gold Corp. (a)		3,325			32
First Quantum Minerals Ltd.		983			8
Franco-Nevada Corp.		136			19
IAMGOLD Corp. (a)		1,972			8
Intertape Polymer Group, Inc.		872			8
Kinross Gold Corp. (a)		1,036			7
Kirkland Lake Gold Ltd.		183			8
Lundin Mining Corp.		1,430			8
Methanex Corp.		393			7
New Gold, Inc. (a)		5,870			8
Pan American Silver Corp.		726			22
SSR Mining, Inc. (a)		467			10
Stella-Jones, Inc.		288			7
Teck Resources Ltd. ‘B’		937			10
Wheaton Precious Metals Corp.		299			13
Winpak Ltd.		233			7
Yamana Gold, Inc.		4,989			27
					313
REAL ESTATE 0.1%
Colliers International Group, Inc.		120			7
FirstService Corp.		135			13
					20
UTILITIES 0.6%
Algonquin Power & Utilities Corp. (b)		507			7
Atco Ltd. ‘I’		489			15
Boralex, Inc. (b)		354			8
Canadian Utilities Ltd. ‘A’		301			7
Emera, Inc.		365			14

	SHARES			MARKET VALUE (000S)
Fortis, Inc.		692	$		26
Hydro One Ltd.		747			14
Northland Power, Inc.		741			19
Superior Plus Corp.		1,012			8
TransAlta Corp.		1,363			8
TransAlta Renewables, Inc.		645			7
					133
Total Canada					1,813
DENMARK 2.0%
CONSUMER DISCRETIONARY 0.1%
Pandora A/S		296			16
CONSUMER STAPLES 0.2%
Carlsberg A/S ‘B’		209			28
Royal Unibrew A/S (a)		156			13
Scandinavian Tobacco Group A/S		494			7
					48
FINANCIALS 0.1%
Topdanmark A/S		196			8
Tryg A/S		345			10
					18
HEALTH CARE 0.9%
Coloplast A/S ‘B’		129			20
Demant A/S (a)		304			8
GN Store Nord A/S		182			10
H Lundbeck A/S		185			7
Novo Nordisk A/S ‘B’		2,713			177
					222
INDUSTRIALS 0.5%
AP Moller - Maersk A/S ‘B’		22			26
D/S Norden A/S		516			7
Dfds A/S (a)		247			8
DSV Panalpina A/S		251			31
ISS A/S (a)		511			8
Vestas Wind Systems A/S		426			43
					123
MATERIALS 0.1%
CHR Hansen Holding A/S		105			11
Novozymes A/S ‘B’		341			19
					30
UTILITIES 0.1%
Orsted A/S		293			34
Total Denmark					491
FINLAND 1.3%
COMMUNICATION SERVICES 0.1%
Elisa Oyj		490			30
CONSUMER STAPLES 0.1%
Kesko Oyj ‘B’		1,792			31
ENERGY 0.2%
Neste Oyj		1,208			47

34 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.2%
Nordea Bank Abp (a)		3,656	$		25
Sampo Oyj ‘A’		539			19
					44
HEALTH CARE 0.1%
Orion Oyj ‘B’		372			18
INDUSTRIALS 0.3%
Finnair Oyj		7,962			7
Kone Oyj ‘B’		933			64
YIT OYJ		1,321			7
					78
INFORMATION TECHNOLOGY 0.0%
TietoEVRY Oyj (a)		279			8
MATERIALS 0.2%
Kemira Oyj		614			8
Outokumpu OYJ		2,709			8
Stora Enso Oyj ‘R’		1,374			16
UPM-Kymmene Oyj		808			23
					55
UTILITIES 0.1%
Fortum Oyj		671			13
Total Finland					324
FRANCE 6.1%
COMMUNICATION SERVICES 0.6%
Eutelsat Communications S.A.		933			9
Iliad S.A.		45			9
IPSOS		281			7
Lagardere S.C.A. (a)		791			11
Orange S.A.		3,797			45
Publicis Groupe S.A.		230			7
Television Francaise (a)		1,073			6
Ubisoft Entertainment SA (a)		89			7
Vivendi S.A.		1,732			45
					146
CONSUMER DISCRETIONARY 1.1%
Cie Generale des Etablissements Michelin S.C.A.		155			16
EssilorLuxottica S.A. (a)		237			30
Hermes International		44			37
Kering S.A.		13			7
LVMH Moet Hennessy Louis Vuitton SE		282			125
Peugeot S.A. (a)		1,487			24
Sodexo S.A.		286			19
Valeo S.A.		324			9
					267
CONSUMER STAPLES 0.8%
Carrefour S.A.		2,179			34
Casino Guichard Perrachon S.A.		500			18
Danone S.A.		520			36
L’Oreal S.A. (a)		229			74
Pernod Ricard S.A.		119			19
					181

	SHARES			MARKET VALUE (000S)
ENERGY 0.1%
Total S.A.		799	$		31
FINANCIALS 0.2%
Eurazeo S.A. (a)		159			8
Natixis S.A. (a)		2,476			7
SCOR SE		302			8
Societe Generale S.A. (a)		1,511			25
					48
HEALTH CARE 0.5%
BioMerieux		95			13
Korian S.A. (a)		214			8
Sanofi		934			96
Sartorius Stedim Biotech		45			11
					128
INDUSTRIALS 1.5%
Air France-KLM (a)		1,045			5
Airbus SE (a)		212			15
Alstom S.A.		424			20
Bouygues S.A. (a)		768			26
Bureau Veritas S.A. (a)		472			10
Cie de Saint-Gobain (a)		543			20
Eiffage S.A. (a)		111			10
Elis S.A. (a)		678			8
Getlink SE (a)		656			9
Legrand S.A.		252			19
Nexans S.A. (a)		231			11
Rexel S.A.		1,570			18
Safran S.A. (a)		66			7
Schneider Electric SE		474			53
Societe BIC S.A.		130			7
Teleperformance		61			15
Thales S.A.		104			8
Vinci S.A.		1,160			108
					369
INFORMATION TECHNOLOGY 0.3%
Alten S.A.		81			7
Atos SE (a)		105			9
Dassault Systemes SE		114			20
Ingenico Group S.A. (a)		79			13
Quadient SAS		500			7
Worldline S.A. (a)		175			15
					71
MATERIALS 0.3%
Air Liquide S.A.		383			55
Arkema S.A.		75			7
Vicat S.A.		245			8
					70
REAL ESTATE 0.1%
Nexity S.A.		207			7
UTILITIES 0.6%
Electricite de France S.A.		2,781			26
Engie S.A. (a)		4,966			61
Suez S.A.		561			7

	SHARES			MARKET VALUE (000S)
Veolia Environnement S.A.		2,465	$		56
					150
Total France					1,468
GERMANY 5.3%
COMMUNICATION SERVICES 0.2%
Freenet AG		650			10
ProSiebenSat.1 Media SE (a)		627			8
Scout24 AG		237			18
Telefonica Deutschland Holding AG		2,326			7
					43
CONSUMER DISCRETIONARY 0.8%
adidas AG (a)		240			63
Bayerische Motoren Werke AG		500			32
Continental AG (a)		133			13
CTS Eventim AG & Co. KGaA (a)		133			6
Daimler AG		857			35
ElringKlinger AG		1,226			7
Fielmann AG		121			8
Hella GmbH & Co. KGaA		188			8
Puma SE (a)		178			14
TUI AG		1,964			9
Zalando SE (a)		169			12
					207
CONSUMER STAPLES 0.1%
Beiersdorf AG		162			18
Metro AG		1,052			10
Suedzucker AG		489			8
					36
FINANCIALS 1.2%
Aareal Bank AG (a)		586			11
Commerzbank AG (a)		3,349			15
Deutsche Bank AG		4,057			39
Deutsche Boerse AG		337			61
Deutsche Pfandbriefbank AG (a)		1,849			14
Hannover Rueck SE		146			25
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		413			108
Talanx AG (a)		227			8
					281
HEALTH CARE 0.6%
Bayer AG		890			66
Carl Zeiss Meditec AG (a)		113			11
Fresenius Medical Care AG & Co. KGaA		504			43
Fresenius SE & Co. KGaA		191			10
Merck KGaA		164			19
Siemens Healthineers AG		147			7
					156
INDUSTRIALS 0.4%
Brenntag AG		181			10
Deutsche Lufthansa AG		1,900			19
Deutz AG (a)		1,308			6
Duerr AG		240			6
GEA Group AG		254			8
Hochtief AG		101			9

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 35

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
KION Group AG		118	$		7
Kloeckner & Co. SE		1,359			8
Nordex SE (a)		674			7
OSRAM Licht AG		207			10
Rational AG		13			7
					97
INFORMATION TECHNOLOGY 0.4%
Infineon Technologies AG		1,301			30
SAP SE		427			60
					90
MATERIALS 0.4%
Aurubis AG		199			12
BASF SE		1,092			61
Lanxess AG		122			7
Symrise AG		125			15
					95
REAL ESTATE 0.4%
Deutsche Wohnen SE		396			18
LEG Immobilien AG		110			14
TAG Immobilien AG		387			9
Vonovia SE		870			53
					94
UTILITIES 0.8%
E.ON SE		5,797			65
RWE AG		2,505			88
Uniper SE		1,060			34
					187
Total Germany					1,286
HONG KONG 1.9%
COMMUNICATION SERVICES 0.1%
HKBN Ltd.		3,500			6
HKT Trust & HKT Ltd.		11,000			16
PCCW Ltd.		17,000			10
					32
CONSUMER DISCRETIONARY 0.3%
Bosideng International Holdings Ltd.		34,000			11
Cafe de Coral Holdings Ltd.		4,000			8
Chow Tai Fook Jewellery Group Ltd.		6,000			6
Galaxy Entertainment Group Ltd.		1,000			7
Luk Fook Holdings International Ltd.		2,000			4
Man Wah Holdings Ltd.		7,600			7
Melco Resorts & Entertainment Ltd. ADR		518			8
SJM Holdings Ltd.		6,000			7
Skyworth Group Ltd.		24,000			7
Yue Yuen Industrial Holdings Ltd.		4,500			7
					72
CONSUMER STAPLES 0.2%
Dairy Farm International Holdings Ltd.		1,300			6
Vinda International Holdings Ltd.		2,000			7
Vitasoy International Holdings Ltd.		2,000			8
WH Group Ltd.		34,000			29
					50

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.2%
Hong Kong Exchanges and Clearing Ltd.		800	$		34
HEALTH CARE 0.0%
Sino Biopharmaceutical Ltd.		4,500			8
INDUSTRIALS 0.3%
Cathay Pacific Airways Ltd.		6,000			6
CK Hutchison Holdings Ltd.		2,500			16
Hutchison Port Holdings Trust		70,200			7
Jardine Matheson Holdings Ltd.		500			21
Jardine Strategic Holdings Ltd.		400			9
MTR Corp. Ltd.		2,000			10
Techtronic Industries Co. Ltd.		1,000			10
					79
INFORMATION TECHNOLOGY 0.1%
Kingboard Holdings Ltd.		3,000			8
Kingboard Laminates Holdings Ltd.		5,000			5
VTech Holdings Ltd.		800			5
					18
REAL ESTATE 0.4%
Gemdale Properties & Investment Corp. Ltd.		34,000			6
Hang Lung Group Ltd.		3,000			7
Hongkong Land Holdings Ltd.		2,900			12
Hysan Development Co. Ltd.		1,000			3
Kerry Properties Ltd.		2,500			7
New World Development Co. Ltd.		3,250			15
Shimao Property Holdings Ltd.		3,500			15
Swire Pacific Ltd. ‘A’		2,000			11
Wharf Holdings Ltd.		3,000			6
Wheelock & Co. Ltd. «		2,000			17
					99
UTILITIES 0.3%
China Gas Holdings Ltd.		1,600			5
CLP Holdings Ltd.		4,000			39
Hong Kong & China Gas Co. Ltd.		11,450			18
Power Assets Holdings Ltd.		2,000			11
					73
Total Hong Kong					465
IRELAND 1.7%
CONSUMER DISCRETIONARY 0.2%
Aptiv PLC		179			14
Flutter Entertainment PLC (a)		301			40
					54
CONSUMER STAPLES 0.2%
Glanbia PLC		768			9
Kerry Group PLC ‘A’		296			37
					46
HEALTH CARE 0.5%
ICON PLC (a)		77			13
Jazz Pharmaceuticals PLC (a)		69			8
Medtronic PLC		900			82

	SHARES			MARKET VALUE (000S)
Perrigo Co. PLC		139	$		8
UDG Healthcare PLC		847			7
					118
INDUSTRIALS 0.4%
Allegion PLC		118			12
DCC PLC		222			18
Experian PLC		1,513			53
Grafton Group PLC		960			8
Kingspan Group PLC		183			12
					103
MATERIALS 0.4%
CRH PLC		720			25
James Hardie Industries PLC ADR		1,475			28
Smurfit Kappa Group PLC		798			27
					80
Total Ireland					401
ISRAEL 0.7%
COMMUNICATION SERVICES 0.0%
Bezeq The Israeli Telecommunication Corp. Ltd. (a)		10,489			10
CONSUMER STAPLES 0.0%
Shufersal Ltd.		1,124			7
ENERGY 0.1%
Oil Refineries Ltd.		35,100			7
Paz Oil Co. Ltd.		78			6
					13
FINANCIALS 0.2%
Bank Hapoalim BM		2,248			13
Bank Leumi Le-Israel BM		2,020			10
Israel Discount Bank Ltd. ‘A’		2,642			8
Mizrahi Tefahot Bank Ltd.		383			7
Plus500 Ltd.		646			11
					49
HEALTH CARE 0.1%
Teva Pharmaceutical Industries Ltd. SP - ADR (a)		1,291			16
INDUSTRIALS 0.1%
Elbit Systems Ltd.		48			7
Shikun & Binui Ltd.		1,921			7
					14
INFORMATION TECHNOLOGY 0.2%
Check Point Software Technologies Ltd. (a)		129			14
Nice Ltd. (a)		106			20
SolarEdge Technologies, Inc. (a)		162			22
					56
MATERIALS 0.0%
ICL Group Ltd.		2,428			7

36 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.0%
Alony Hetz Properties & Investments Ltd.		585	$		6
Total Israel					178
ITALY 2.2%
COMMUNICATION SERVICES 0.1%
Infrastrutture Wireless Italiane SpA		866			9
Telecom Italia SpA		57,685			23
					32
CONSUMER DISCRETIONARY 0.2%
De’ Longhi SpA (a)		272			7
Ferrari NV		185			32
Moncler SpA (a)		188			7
OVS SpA (a)		6,766			8
					54
CONSUMER STAPLES 0.0%
MARR SpA (a)		473			7
ENERGY 0.3%
Eni SpA		5,686			54
Saipem SpA		3,915			10
					64
FINANCIALS 0.5%
Anima Holding SpA		1,871			8
Azimut Holding SpA		476			8
Banca Generali SpA		255			8
Banca IFIS SpA (a)		761			7
Banca Popolare di Sondrio SCPA		3,168			6
Banco BPM SpA (a)		4,558			7
BPER Banca (a)		5,427			14
Intesa Sanpaolo SpA (a)		14,208			27
Societa Cattolica di Assicurazioni S.C.		1,101			6
UniCredit SpA (a)		993			9
Unione di Banche Italiane SpA (a)		5,092			17
Unipol Gruppo Finanziario SpA (a)		2,014			8
					125
HEALTH CARE 0.2%
Amplifon SpA (a)		294			8
DiaSorin SpA		88			17
Recordati SpA		210			10
					35
INDUSTRIALS 0.1%
ASTM SpA		367			8
Atlantia SpA		446			7
Enav SpA		1,484			7
Prysmian SpA		457			11
					33
UTILITIES 0.8%
Enel SpA		13,266			115
ERG SpA		440			10
Hera SpA		2,733			10
Iren SpA		3,390			8
Snam SpA		4,371			21

	SHARES			MARKET VALUE (000S)
Terna Rete Elettrica Nazionale SpA		3,605	$		25
					189
Total Italy					539
JAPAN 25.6%
COMMUNICATION SERVICES 2.6%
Avex, Inc.		300			2
Capcom Co. Ltd.		300			11
CyberAgent, Inc.		300			15
Daiichikosho Co. Ltd.		200			6
Fuji Media Holdings, Inc.		600			6
Kadokawa Corp.		300			6
Kakaku.com, Inc.		200			5
KDDI Corp.		5,800			173
Nintendo Co. Ltd.		100			44
Nippon Telegraph & Telephone Corp.		5,200			121
NTT DOCOMO, Inc.		5,000			133
Shochiku Co. Ltd.		100			14
Softbank Corp.		4,300			55
Square Enix Holdings Co. Ltd.		200			10
Yahoo Japan Corp.		7,300			36
					637
CONSUMER DISCRETIONARY 4.9%
ABC-Mart, Inc.		200			12
Adastria Co. Ltd.		400			6
Aisin Seiki Co. Ltd.		600			18
Arata Corp.		100			4
ASKUL Corp.		300			10
Autobacs Seven Co. Ltd.		300			4
Bandai Namco Holdings, Inc.		400			21
Benesse Holdings, Inc.		200			5
Bridgestone Corp.		2,200			71
Casio Computer Co. Ltd.		900			16
DCM Holdings Co. Ltd.		600			7
Denso Corp.		500			20
EDION Corp.		400			4
FCC Co. Ltd.		300			5
Geo Holdings Corp.		300			4
H2O Retailing Corp.		300			2
Haseko Corp.		400			5
Honda Motor Co. Ltd.		1,200			31
Iida Group Holdings Co. Ltd.		300			5
Isetan Mitsukoshi Holdings Ltd.		400			2
Isuzu Motors Ltd.		1,800			16
JVC Kenwood Corp.		4,500			7
K’s Holdings Corp.		1,000			14
Keihin Corp.		200			5
Kohnan Shoji Co. Ltd.		300			9
Koito Manufacturing Co. Ltd.		200			8
Komeri Co. Ltd.		300			8
Kura Sushi, Inc.		100			5
Mazda Motor Corp.		1,600			10
McDonald’s Holdings Co. Japan Ltd.		200			11
Musashi Seimitsu Industry Co. Ltd.		200			2
NHK Spring Co. Ltd.		500			3
Nikon Corp.		400			3
Nishimatsuya Chain Co. Ltd.		600			6
Nissan Motor Co. Ltd.		7,300			27
Nissin Kogyo Co. Ltd.		300			6
Nitori Holdings Co. Ltd.		200			39
NOK Corp.		600			7
Ohsho Food Service Corp.		100			6

		SHARES			MARKET VALUE (000S)
Oriental Land Co. Ltd.			300	$		40
Paltac Corp.			100			5
Pan Pacific International Holdings Corp.			300			7
Panasonic Corp.			8,200			72
Plenus Co. Ltd.			400			7
Rinnai Corp.			100			8
Royal Holdings Co. Ltd.			300			5
Saizeriya Co. Ltd.			300			6
Sankyo Co. Ltd.			200			5
Sanrio Co. Ltd.			300			5
Sega Sammy Holdings, Inc.			300			4
Sekisui Chemical Co. Ltd.			1,300			19
Sekisui House Ltd.			1,300			25
Seria Co. Ltd.			200			7
Shimachu Co. Ltd.			200			5
Shimamura Co. Ltd.			100			7
Shimano, Inc.			100			19
Showa Corp.			600			12
Skylark Co. Ltd.			300			5
Sony Corp.			1,500			103
Stanley Electric Co. Ltd.			100			2
Subaru Corp.			1,000			21
Sumitomo Electric Industries Ltd.			1,200			14
Sumitomo Forestry Co. Ltd.			300			4
Sumitomo Rubber Industries Ltd.			1,100			11
Sushiro Global Holdings Ltd.			800			18
Suzuki Motor Corp.	��		1,000			34
Takashimaya Co. Ltd.			500			4
Tokai Rika Co. Ltd.			300			4
Tomy Co. Ltd.			300			2
Toyoda Gosei Co. Ltd.			200			4
Toyota Boshoku Corp.			200			3
Toyota Motor Corp.			2,600			163
TS Tech Co. Ltd.			300			8
USS Co. Ltd.			500			8
Workman Co. Ltd.			100			9
Yamada Denki Co. Ltd.			3,700			18
Yamaha Corp.			300			14
Yellow Hat Ltd.			400			5
Yondoshi Holdings, Inc.			300			5
Yoshinoya Holdings Co. Ltd.			300			6
Zensho Holdings Co. Ltd.			300			6
Zojirushi Corp.			400			5
						1,178
CONSUMER STAPLES 2.7%
Aeon Co. Ltd.			1,600			37
Ain Holdings, Inc.			100			7
Ajinomoto Co., Inc.			2,400			40
Ariake Japan Co. Ltd.			100			6
Asahi Group Holdings Ltd.			500			18
Earth Corp.			100			8
Fuji Oil Holdings, Inc.			200			5
Heiwado Co. Ltd.			400			7
J-Oil Mills, Inc.			200			7
Japan Tobacco, Inc.			4,100			76
Kagome Co. Ltd.			300			9
Kao Corp.			800			63
Kewpie Corp.			300			6
Kikkoman Corp.			200			10
Kirin Holdings Co. Ltd.			2,400			51
Kobayashi Pharmaceutical Co. Ltd.			100			9
Lion Corp.			300			7

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 37

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Mandom Corp.		100	$		2
Matsumotokiyoshi Holdings Co. Ltd.		200			7
MEIJI Holdings Co. Ltd.		200			16
Mitsui Sugar Co. Ltd.		300			5
Morinaga & Co. Ltd.		200			8
Morinaga Milk Industry Co. Ltd.		300			13
NH Foods Ltd.		500			20
Nichirei Corp.		300			9
Nisshin Oillio Group Ltd.		200			6
Nisshin Seifun Group, Inc.		400			6
Nissin Foods Holdings Co. Ltd.		200			18
Noevir Holdings Co. Ltd.		100			4
Pigeon Corp.		200			8
Prima Meat Packers Ltd.		200			5
S Foods, Inc.		100			2
Sakata Seed Corp.		200			6
Seven & i Holdings Co. Ltd.		1,300			42
Sugi Holdings Co. Ltd.		200			14
Sundrug Co. Ltd.		300			10
Suntory Beverage & Food Ltd.		300			12
Toyo Suisan Kaisha Ltd.		300			17
Tsuruha Holdings, Inc.		100			14
Unicharm Corp.		400			16
Welcia Holdings Co. Ltd.		200			16
Yamazaki Baking Co. Ltd.		400			7
					649
ENERGY 0.2%
Idemitsu Kosan Co. Ltd.		212			5
Inpex Corp.		1,900			12
Iwatani Corp.		300			10
JXTG Holdings, Inc.		7,300			26
					53
FINANCIALS 0.4%
Aozora Bank Ltd.		200			3
Daiwa Securities Group, Inc.		3,300			14
Jafco Co. Ltd.		200			7
Japan Exchange Group, Inc.		300			7
Japan Post Bank Co. Ltd.		600			4
Japan Post Holdings Co. Ltd.		4,300			31
Nomura Holdings, Inc.		3,100			14
North Pacific Bank Ltd.		2,000			4
Okasan Securities Group, Inc.		1,100			3
Suruga Bank Ltd.		800			3
Zenkoku Hosho Co. Ltd.		200			8
					98
HEALTH CARE 3.7%
Astellas Pharma, Inc.		6,600			110
Chugai Pharmaceutical Co. Ltd.		1,800			96
Daiichi Sankyo Co. Ltd.		800			65
Eisai Co. Ltd.		600			48
Hisamitsu Pharmaceutical Co., Inc.		100			5
Hogy Medical Co. Ltd.		200			6
Hoya Corp.		1,000			96
Kaken Pharmaceutical Co. Ltd.		100			5
Kyowa Kirin Co. Ltd.		100			3
M3, Inc.		800			34
Medipal Holdings Corp.		300			6
Miraca Holdings, Inc.		400			10
NichiiGakkan Co. Ltd.		400			6
Nippon Shinyaku Co. Ltd.		100			8

	SHARES			MARKET VALUE (000S)
Olympus Corp.		3,400	$		66
Ono Pharmaceutical Co. Ltd.		300			9
Otsuka Holdings Co. Ltd.		900			39
Paramount Bed Holdings Co. Ltd.		200			8
Rohto Pharmaceutical Co. Ltd.		200			6
Santen Pharmaceutical Co. Ltd.		800			15
Sawai Pharmaceutical Co. Ltd.		200			10
Shionogi & Co. Ltd.		400			25
Suzuken Co. Ltd.		300			11
Sysmex Corp.		300			23
Taisho Pharmaceutical Holdings Co. Ltd.		100			6
Takeda Pharmaceutical Co. Ltd.		2,841			102
Terumo Corp.		1,800			69
Toho Holdings Co. Ltd.		300			6
Tsumura & Co.		200			5
					898
INDUSTRIALS 4.5%
Amada Co. Ltd.		500			4
ANA Holdings, Inc. (a)		500			11
Asahi Glass Co. Ltd.		200			6
Central Glass Co. Ltd.		200			3
COMSYS Holdings Corp.		200			6
Dai Nippon Printing Co. Ltd.		500			11
Daifuku Co. Ltd.		200			18
Daikin Industries Ltd.		700			113
DMG Mori Co. Ltd.		300			4
East Japan Railway Co.		200			14
FANUC Corp.		300			54
Fuji Electric Co. Ltd.		100			3
Fujikura Ltd.		1,300			4
Fujitec Co. Ltd.		400			7
Hankyu Hanshin Holdings, Inc.		300			10
Hanwa Co. Ltd.		200			4
Hazama Ando Corp.		500			3
Hino Motors Ltd.		1,400			9
Hitachi Zosen Corp.		1,600			6
Hoshizaki Corp.		100			9
ITOCHU Corp.		1,700			37
Japan Airlines Co. Ltd.		1,600			29
JTEKT Corp.		900			7
Kajima Corp.		400			5
Kanematsu Corp.		500			6
Kawasaki Heavy Industries Ltd.		400			6
Keihan Holdings Co. Ltd.		200			9
Keikyu Corp.		300			5
Keio Corp.		200			11
Kinden Corp.		400			7
Kintetsu Group Holdings Co. Ltd.		300			13
Kumagai Gumi Co. Ltd.		100			2
Kurita Water Industries Ltd.		200			6
Kyowa Exeo Corp.		200			5
Kyushu Railway Co.		200			5
LIXIL Group Corp.		500			7
Maeda Road Construction Co. Ltd.		200			4
Makita Corp.		700			25
Marubeni Corp.		1,600			7
Meitec Corp.		300			15
Minebea Mitsumi, Inc.		700			13
Mirait Holdings Corp.		400			6
Mitsubishi Electric Corp.		2,400			31
Mitsubishi Heavy Industries Ltd.		300			7
Mitsui & Co. Ltd.		2,300			34

	SHARES			MARKET VALUE (000S)
Mitsui OSK Lines Ltd.		300	$		5
Miura Co. Ltd.		200			8
Nagase & Co. Ltd.		300			4
Nagoya Railroad Co. Ltd.		200			6
Nankai Electric Railway Co. Ltd.		400			9
NGK Insulators Ltd.		300			4
Nippo Corp.		200			5
Nippon Sheet Glass Co. Ltd. (a)		2,000			7
Nippon Yusen KK		300			4
NSK Ltd.		1,300			10
NTN Corp.		1,400			3
Obayashi Corp.		3,000			28
OSG Corp.		300			5
Park24 Co. Ltd.		400			7
Penta-Ocean Construction Co. Ltd.		700			4
Recruit Holdings Co. Ltd.		2,100			72
Sakai Moving Service Co. Ltd.		100			5
Sanwa Holdings Corp.		300			3
Sanyo Denki Co. Ltd.		100			5
Secom Co. Ltd.		200			18
Seibu Holdings, Inc.		300			3
Seino Holdings Co. Ltd.		400			5
Shibaura Machine Co. Ltd.		200			4
Shimizu Corp.		900			7
Shinmaywa Industries Ltd.		400			4
SHO-BOND Holdings Co. Ltd.		200			9
SMC Corp.		100			51
Sohgo Security Services Co. Ltd.		300			14
Sojitz Corp.		1,600			3
Sotetsu Holdings, Inc.		200			5
Sumitomo Mitsui Construction Co. Ltd.		620			3
Taikisha Ltd.		200			6
Taisei Corp.		800			29
Takeuchi Manufacturing Co. Ltd.		400			7
Tobu Railway Co. Ltd.		400			13
TOKAI Holdings Corp.		500			5
Tokyu Corp.		800			11
Toppan Printing Co. Ltd.		900			15
Toshiba Corp.		500			16
TOTO Ltd.		300			12
Toyota Tsusho Corp.		800			20
West Japan Railway Co.		300			17
Yamato Holdings Co. Ltd.		300			6
Yuasa Trading Co. Ltd.		200			5
					1,083
INFORMATION TECHNOLOGY 4.3%
Advantest Corp.		500			29
Amano Corp.		300			6
Azbil Corp.		300			9
Brother Industries Ltd.		400			7
Canon Marketing Japan, Inc.		300			6
Canon, Inc.		1,600			32
Daiwabo Holdings Co. Ltd.		300			20
DTS Corp.		300			6
Fujitsu Ltd.		400			47
Hitachi Ltd.		3,600			114
Horiba Ltd.		100			5
Hosiden Corp.		300			3
Ibiden Co. Ltd.		400			12
Itochu Techno-Solutions Corp.		300			11
Keyence Corp.		300			126
Macnica Fuji Electronics Holdings, Inc.		300			4

38 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
Maxell Holdings Ltd.		500	$		5
Murata Manufacturing Co. Ltd.		1,300			77
NEC Corp.		1,400			67
NET One Systems Co. Ltd.		500			17
Nexon Co. Ltd.		600			13
Nihon Unisys Ltd.		500			16
Nomura Research Institute Ltd.		1,000			27
NSD Co. Ltd.		400			7
Obic Co. Ltd.		100			18
Oki Electric Industry Co. Ltd.		300			3
Omron Corp.		900			60
Oracle Corp. Japan		100			12
Otsuka Corp.		300			16
Renesas Electronics Corp. (a)		400			2
Ricoh Co. Ltd.		1,400			10
Rohm Co. Ltd.		100			7
Ryoyo Electro Corp.		200			5
SCREEN Holdings Co. Ltd.		200			9
SCSK Corp.		200			10
Seiko Epson Corp.		600			7
Shinko Electric Industries Co. Ltd.		600			8
SUMCO Corp.		400			6
Taiyo Yuden Co. Ltd.		200			6
TDK Corp.		200			20
TIS, Inc.		900			19
Toho Co. Ltd.		300			11
Tokyo Electron Ltd.		400			99
Tokyo Seimitsu Co. Ltd.		200			6
Toshiba TEC Corp.		200			8
Trend Micro, Inc.		200			11
Ulvac, Inc.		200			6
Yaskawa Electric Corp.		600			21
					1,046
MATERIALS 1.5%
Asahi Holdings, Inc.		200			5
Daicel Corp.		800			6
Daido Steel Co. Ltd.		100			3
DIC Corp.		200			5
Dowa Holdings Co. Ltd.		200			6
FP Corp.		100			8
Hitachi Metals Ltd.		1,000			12
JFE Holdings, Inc.		1,500			11
JSR Corp.		300			6
Kansai Paint Co. Ltd.		300			6
Kobe Steel Ltd.		2,000			7
Mitsubishi Chemical Holdings Corp.		800			5
Mitsubishi Materials Corp.		200			4
Mitsui Chemicals, Inc.		600			13
Nippon Paint Holdings Co. Ltd.		500			37
Nippon Paper Industries Co. Ltd. ‘L’		600			8
Nippon Steel Corp.		1,600			15
Nissan Chemical Corp.		200			10
Nitto Denko Corp.		500			28
Oji Holdings Corp.		2,700			13
Osaka Soda Co. Ltd.		200			4
Rengo Co. Ltd.		700			6
Shin-Etsu Chemical Co. Ltd.		500			59
Sumitomo Chemical Co. Ltd.		4,000			12
Sumitomo Osaka Cement Co. Ltd.		300			11
Tokuyama Corp.		300			7
Tokyo Ohka Kogyo Co. Ltd.		300			15
Tokyo Steel Manufacturing Co. Ltd.		700			4
Topy Industries Ltd.		600			7

	SHARES			MARKET VALUE (000S)
Toray Industries, Inc.		2,000	$		10
Tosoh Corp.		500			7
Toyo Seikan Group Holdings Ltd.		300			3
UACJ Corp.		400			7
Ube Industries Ltd.		300			5
					365
REAL ESTATE 0.1%
Daito Trust Construction Co. Ltd.		200			18
Hulic Co. Ltd.		500			5
					23
UTILITIES 0.7%
Chubu Electric Power Co., Inc.		1,900			24
Chugoku Electric Power Co., Inc.		1,100			15
Electric Power Development Co. Ltd. ‘C’		700			13
Hokuriku Electric Power Co.		900			6
Kansai Electric Power Co., Inc.		500			5
Kyushu Electric Power Co., Inc.		500			4
Osaka Gas Co. Ltd.		1,400			28
Shizuoka Gas Co. Ltd.		600			5
Toho Gas Co. Ltd.		300			15
Tohoku Electric Power Co., Inc.		800			7
Tokyo Electric Power Co. Holdings, Inc. (a)		4,500			14
Tokyo Gas Co. Ltd.		1,300			31
					167
Total Japan					6,197
JORDAN 0.0%
HEALTH CARE 0.0%
Hikma Pharmaceuticals PLC		309			9
Total Jordan					9
LUXEMBOURG 0.3%
COMMUNICATION SERVICES 0.0%
SES S.A.		1,022			7
HEALTH CARE 0.1%
Eurofins Scientific SE (a)		15			10
MATERIALS 0.1%
APERAM S.A.		255			7
ArcelorMittal S.A. (a)		2,481			26
					33
REAL ESTATE 0.1%
Aroundtown S.A. (a)		1,441			8
Grand City Properties S.A.		336			8
					16
Total Luxembourg					66
MACAU 0.1%
CONSUMER DISCRETIONARY 0.1%
Sands China Ltd.		2,800			11
Wynn Macau Ltd.		2,800			5
					16
Total Macau					16

	SHARES			MARKET VALUE (000S)
MONACO 0.0%
MATERIALS 0.0%
Endeavour Mining Corp. (a)		310	$		8
Total Monaco					8
NETHERLANDS 3.7%
COMMUNICATION SERVICES 0.2%
Koninklijke KPN NV		10,305			28
VEON Ltd. ADR		5,158			9
					37
CONSUMER DISCRETIONARY 0.0%
GrandVision NV (a)		273			8
CONSUMER STAPLES 0.7%
Heineken Holding NV		302			25
Heineken NV		207			19
Koninklijke Ahold Delhaize NV		4,580			125
					169
ENERGY 0.2%
Koninklijke Vopak NV		268			14
Royal Dutch Shell PLC ‘A’		2,320			37
					51
FINANCIALS 0.4%
Aegon NV		5,639			17
ASR Nederland NV		237			7
Euronext NV		151			15
ING Groep NV		5,321			37
NN Group NV		617			21
					97
HEALTH CARE 0.1%
Koninklijke Philips NV (a)		621			29
INDUSTRIALS 0.5%
Arcadis NV (a)		407			7
Boskalis Westminster (a)		330			7
Koninklijke BAM Groep NV (a)		2,821			5
PostNL NV		3,649			8
Signify NV (a)		998			26
TKH Group NV		189			7
Wolters Kluwer NV		646			50
					110
INFORMATION TECHNOLOGY 1.1%
ASM International NV		149			23
ASML Holding NV		535			196
BE Semiconductor Industries NV		215			9
NXP Semiconductors NV		385			44
					272
MATERIALS 0.5%
Akzo Nobel NV		514			46
Corbion NV		219			8
Koninklijke DSM NV		428			59
					113
Total Netherlands					886

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 39

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
NEW ZEALAND 0.4%
COMMUNICATION SERVICES 0.1%
Chorus Ltd.		1,638	$		8
Spark New Zealand Ltd.		4,369			13
					21
HEALTH CARE 0.1%
Fisher & Paykel Healthcare Corp. Ltd. ‘C’		1,182			27
INDUSTRIALS 0.0%
Air New Zealand Ltd.		8,578			7
MATERIALS 0.1%
Fletcher Building Ltd.		3,473			8
UTILITIES 0.1%
Contact Energy Ltd.		1,688			7
Genesis Energy Ltd.		4,190			8
Meridian Energy Ltd.		2,678			9
					24
Total New Zealand					87
NORWAY 0.9%
COMMUNICATION SERVICES 0.1%
Telenor ASA		2,374			35
CONSUMER STAPLES 0.3%
Austevoll Seafood ASA		786			7
Leroy Seafood Group ASA		1,257			8
Mowi ASA		1,096			21
Orkla ASA		2,084			18
Salmar ASA (a)		167			8
					62
ENERGY 0.2%
BW Offshore Ltd.		2,028			7
Equinor ASA		2,131			31
Frontline Ltd.		732			5
SFL Corp. Ltd.		577			5
					48
FINANCIALS 0.1%
Gjensidige Forsikring ASA (a)		641			12
SpareBank 1 SR-Bank ASA (a)		859			6
					18
INDUSTRIALS 0.1%
Tomra Systems ASA		358			13
MATERIALS 0.1%
Yara International ASA		778			27
REAL ESTATE 0.0%
Entra ASA		559			7
Total Norway					210

	SHARES			MARKET VALUE (000S)
PORTUGAL 0.5%
CONSUMER STAPLES 0.1%
Jeronimo Martins SGPS S.A.		1,276	$		22
Sonae SGPS S.A.		9,514			7
					29
MATERIALS 0.0%
Semapa-Sociedade de Investimento e Gestao		790			7
UTILITIES 0.4%
EDP - Energias de Portugal S.A.		16,741			80
REN - Redes Energeticas Nacionais SGPS S.A.		2,582			7
					87
Total Portugal					123
SINGAPORE 0.8%
COMMUNICATION SERVICES 0.2%
NetLink NBN Trust		9,400			7
Singapore Press Holdings Ltd.		8,700			8
Singapore Telecommunications Ltd.		20,500			36
					51
CONSUMER STAPLES 0.1%
Golden Agri-Resources Ltd.		44,700			5
Wilmar International Ltd.		7,400			22
					27
ENERGY 0.0%
BW LPG Ltd.		1,788			5
FINANCIALS 0.1%
Oversea-Chinese Banking Corp. Ltd.		1,300			9
Singapore Exchange Ltd.		1,200			7
United Overseas Bank Ltd.		900			13
					29
INDUSTRIALS 0.3%
ComfortDelGro Corp. Ltd.		8,100			9
Keppel Corp. Ltd.		4,200			18
SATS Ltd.		2,000			4
Sembcorp Industries Ltd.		4,400			6
Singapore Airlines Ltd.		4,500			12
Singapore Post Ltd.		10,400			6
Singapore Technologies Engineering Ltd.		4,800			11
					66
INFORMATION TECHNOLOGY 0.1%
Venture Corp. Ltd.		800			9
REAL ESTATE 0.0%
UOL Group Ltd.		1,400			7
Total Singapore					194
SOUTH AFRICA 0.0%
HEALTH CARE 0.0%
Mediclinic International PLC		1,995			7
Total South Africa					7

	SHARES			MARKET VALUE (000S)
SPAIN 2.8%
COMMUNICATION SERVICES 0.3%
Telefonica S.A.		16,577	$		79
CONSUMER DISCRETIONARY 0.2%
Industria de Diseno Textil S.A.		1,944			52
CONSUMER STAPLES 0.1%
Ebro Foods S.A.		383			8
Viscofan S.A.		188			12
					20
ENERGY 0.2%
Repsol S.A.		4,405			39
FINANCIALS 0.2%
Banco de Sabadell S.A.		21,010			7
Banco Santander S.A.		14,307			35
Mapfre S.A.		4,250			8
					50
HEALTH CARE 0.1%
Grifols S.A.		708			21
INDUSTRIALS 0.3%
ACS Actividades de Construccion Y Servicios S.A.		579			15
Aena SME S.A. (a)		121			16
Cia de Distribucion Integral Logista Holdings S.A.		410			8
Ferrovial S.A.		1,295			34
Sacyr S.A.		3,441			7
					80
INFORMATION TECHNOLOGY 0.1%
Amadeus IT Group S.A.		413			22
MATERIALS 0.0%
Acerinox S.A.		883			7
UTILITIES 1.3%
Acciona S.A.		64			7
Endesa S.A.		3,141			78
Iberdrola S.A.		14,304			167
Naturgy Energy Group S.A.		2,473			46
Red Electrica Corp. S.A.		1,187			22
					320
Total Spain					690
SWEDEN 3.5%
COMMUNICATION SERVICES 0.6%
Spotify Technology S.A. (a)		127			33
Tele2 AB ‘B’		4,506			60
Telia Co. AB		14,993			56
					149
CONSUMER DISCRETIONARY 0.5%
Autoliv, Inc.		276			18
Bilia AB ‘A’ (a)		844			7

40 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
Electrolux AB ‘B’		1,278	$		21
Hennes & Mauritz AB ‘B’		4,042			59
JM AB		677			15
Nobia AB (a)		1,501			7
					127
CONSUMER STAPLES 0.4%
AAK AB (a)		448			8
Axfood AB		622			14
Essity AB ‘B’ (a)		792			26
ICA Gruppen AB		178			8
Swedish Match AB		602			42
					98
FINANCIALS 0.2%
Ratos AB ‘B’ (a)		2,707			7
Skandinaviska Enskilda Banken AB ‘A’ (a)		942			8
Svenska Handelsbanken AB ‘A’ (a)		3,045			29
Swedbank AB ‘A’ (a)		1,046			14
					58
HEALTH CARE 0.1%
Getinge AB ‘B’		518			10
INDUSTRIALS 1.4%
Assa Abloy AB ‘B’		1,155			24
Atlas Copco AB ‘A’		1,992			85
Epiroc AB		2,534			32
Indutrade AB (a)		236			9
Intrum AB		403			7
Lifco AB ‘B’		138			9
NCC AB ‘B’		821			13
Nibe Industrier AB ‘B’ (a)		492			11
Peab AB (a)		841			7
S.A.S. AB (a)		5,421			5
Sandvik AB (a)		2,293			43
Skanska AB ‘B’ (a)		390			8
SKF AB ‘B’		1,466			27
Volvo AB ‘B’ (a)		3,097			49
					329
INFORMATION TECHNOLOGY 0.1%
Telefonaktiebolaget LM Ericsson ‘B’		2,654			24
MATERIALS 0.1%
BillerudKorsnas AB		711			10
Hexpol AB (a)		946			7
Svenska Cellulosa AB S.C.A. ‘B’ (a)		828			10
					27
REAL ESTATE 0.1%
Castellum AB		419			8
Fastighets AB Balder		185			7
					15
Total Sweden					837
SWITZERLAND 7.7%
COMMUNICATION SERVICES 0.2%
Sunrise Communications Group AG		106			9

	SHARES			MARKET VALUE (000S)
Swisscom AG		81	$		43
					52
CONSUMER DISCRETIONARY 0.3%
Cie Financiere Richemont S.A.		505			33
Forbo Holding AG		5			7
Garmin Ltd.		319			31
Valora Holding AG (a)		48			9
					80
CONSUMER STAPLES 1.7%
Barry Callebaut AG		4			8
Chocoladefabriken Lindt & Spruengli AG		4			33
Coca-Cola HBC AG		341			9
Emmi AG		8			7
Nestle S.A.		3,080			341
					398
FINANCIALS 1.3%
Baloise Holding AG		99			15
Banque Cantonale Vaudoise		130			13
Cembra Money Bank AG		118			11
Julius Baer Group Ltd.		219			9
St Galler Kantonalbank AG		15			7
Swiss Life Holding AG		61			23
Swiss Re AG		775			60
Valiant Holding AG		76			7
Zurich Insurance Group AG		452			160
					305
HEALTH CARE 1.5%
Galenica AG		170			12
Lonza Group AG		56			30
Roche Holding AG		833			289
Sonova Holding AG		66			13
Straumann Holding AG		12			10
Vifor Pharma AG		110			17
					371
INDUSTRIALS 1.3%
ABB Ltd.		4,877			111
Adecco Group AG		709			33
Belimo Holding AG		2			15
Bucher Industries AG		22			6
Conzzeta AG		8			7
Flughafen Zurich AG (a)		44			6
Geberit AG		51			26
Georg Fischer AG		10			9
Huber + Suhner AG		95			7
Kuehne + Nagel International AG (a)		213			35
Schindler Holding AG		95			22
SGS S.A.		9			22
Sulzer AG		62			5
Wizz Air Holdings PLC (a)		167			7
					311
INFORMATION TECHNOLOGY 0.3%
ALSO Holding AG		29			7
Landis + Gyr Group AG (a)		67			4
Logitech International S.A.		303			20
STMicroelectronics NV		542			15

	SHARES			MARKET VALUE (000S)
TE Connectivity Ltd.		351	$		29
					75
MATERIALS 0.9%
EMS-Chemie Holding AG		13			10
Ferrexpo PLC		3,140			7
Givaudan S.A.		19			71
Glencore PLC		34,828			74
Sika AG		250			48
					210
REAL ESTATE 0.2%
Allreal Holding AG		46			9
PSP Swiss Property AG		146			16
Swiss Prime Site AG		288			27
					52
UTILITIES 0.0%
BKW AG		73			6
Total Switzerland					1,860
UNITED KINGDOM 13.7%
COMMUNICATION SERVICES 0.8%
BT Group PLC		10,278			15
Daily Mail & General Trust PLC		881			7
Euromoney Institutional Investor PLC		289			3
Pearson PLC		3,778			27
Vodafone Group PLC		84,984			135
					187
CONSUMER DISCRETIONARY 1.7%
B&M European Value Retail S.A.		2,780			14
Barratt Developments PLC		1,268			8
Bellway PLC		633			20
Berkeley Group Holdings PLC		315			16
Burberry Group PLC		404			8
Compass Group PLC		2,826			39
Crest Nicholson Holdings PLC		1,959			5
Dixons Carphone PLC		6,692			7
Dunelm Group PLC		916			13
Fiat Chrysler Automobiles NV (a)		1,801			18
Frasers Group PLC		1,456			6
Greggs PLC		776			16
Halfords Group PLC		3,801			7
Inchcape PLC		1,368			8
InterContinental Hotels Group PLC		152			7
J D Wetherspoon PLC		693			9
JD Sports Fashion PLC		1,605			12
Kingfisher PLC		15,265			42
Marks & Spencer Group PLC		11,238			14
Marston’s PLC		12,215			8
McCarthy & Stone PLC		7,969			7
Mitchells & Butlers PLC (a)		3,012			7
Moneysupermarket.com Group PLC		2,377			10
Next PLC		474			29
Ocado Group PLC (a)		675			17
Persimmon PLC (a)		783			22
Pets at Home Group PLC		2,340			7
Taylor Wimpey PLC		8,091			14
WH Smith PLC		445			6
Whitbread PLC		189			5

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 41

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
William Hill PLC		5,783	$		8
					409
CONSUMER STAPLES 2.9%
Associated British Foods PLC		1,183			28
British American Tobacco PLC		1,783			68
Britvic PLC		806			8
Cranswick PLC		179			8
Diageo PLC		2,886			96
Imperial Brands PLC		3,208			61
J Sainsbury PLC		17,163			44
Reckitt Benckiser Group PLC		1,626			150
Tate & Lyle PLC		2,521			21
Tesco PLC		16,611			47
Unilever NV		1,468			78
Unilever PLC		1,195			65
WM Morrison Supermarkets PLC		17,167			40
					714
ENERGY 0.5%
BP PLC		22,498			86
John Wood Group PLC		4,383			11
Premier Oil PLC		13,178			9
Subsea 7 S.A.		1,601			10
					116
FINANCIALS 1.2%
3i Group PLC		1,484			15
Admiral Group PLC		859			25
Ashmore Group PLC		2,169			11
Barclays PLC		24,870			35
Direct Line Insurance Group PLC		9,338			31
Hargreaves Lansdown PLC		362			7
IG Group Holdings PLC		1,602			16
Jupiter Fund Management PLC		2,210			7
Lancashire Holdings Ltd.		886			9
London Stock Exchange Group PLC		464			48
Man Group PLC		4,382			7
Phoenix Group Holdings PLC		872			7
RSA Insurance Group PLC		1,771			9
Schroders PLC		238			9
Standard Chartered PLC		6,180			34
Standard Life Aberdeen PLC		3,675			12
TP ICAP PLC		1,573			7
					289
HEALTH CARE 2.1%
AstraZeneca PLC		1,688			175
ConvaTec Group PLC		3,402			8
GlaxoSmithKline PLC		13,947			282
Smith & Nephew PLC		2,137			40
					505
INDUSTRIALS 1.9%
Aggreko PLC		1,323			7
Ashtead Group PLC		820			28
Babcock International Group PLC		1,439			5
BAE Systems PLC		8,315			50
Balfour Beatty PLC		3,069			10
Bunzl PLC		434			12
CNH Industrial NV (a)		1,474			10
Diploma PLC		340			7

	SHARES			MARKET VALUE (000S)
easyJet PLC		1,737	$		15
Ferguson PLC		229			19
Go-Ahead Group PLC		302			3
Hays PLC		5,850			9
HomeServe PLC		699			11
Howden Joinery Group PLC		2,535			17
IMI PLC		927			11
International Consolidated Airlines Group S.A.		2,617			7
Intertek Group PLC		184			12
Morgan Sindall Group PLC		445			7
National Express Group PLC		2,921			7
Pagegroup PLC		1,723			8
QinetiQ Group PLC		1,865			7
RELX PLC		3,406			79
Rentokil Initial PLC		6,902			44
Royal Mail PLC		6,962			16
SIG PLC «		1,343			0
Smiths Group PLC		755			13
Spirax-Sarco Engineering PLC		208			26
Travis Perkins PLC		1,320			18
Ultra Electronics Holdings PLC		273			7
Vesuvius PLC		1,311			6
					471
INFORMATION TECHNOLOGY 0.2%
AVEVA Group PLC		181			9
Computacenter PLC		372			7
Dialog Semiconductor PLC (a)		189			9
Electrocomponents PLC		1,142			9
Halma PLC		339			10
					44
MATERIALS 0.8%
Anglo American PLC		1,409			33
Croda International PLC		241			16
Essentra PLC		1,506			5
Johnson Matthey PLC		706			18
Mondi PLC		646			12
Rio Tinto Ltd.		1,021			70
Rio Tinto PLC		596			34
Synthomer PLC		2,015			7
Victrex PLC		262			6
					201
REAL ESTATE 0.1%
Grainger PLC		2,018			7
Savills PLC		604			6
					13
UTILITIES 1.5%
Centrica PLC		46,084			22
Drax Group PLC		2,656			8
National Grid PLC		12,929			158
Pennon Group PLC		1,629			23
Severn Trent PLC		587			18
SSE PLC		6,092			103
United Utilities Group PLC		2,401			27
					359
Total United Kingdom					3,308

	SHARES			MARKET VALUE (000S)
UNITED STATES 0.1%
CONSUMER DISCRETIONARY 0.0%
Carnival PLC		594	$		7
MATERIALS 0.1%
Alacer Gold Corp. (a)		2,900			20
Sims Metal Management Ltd.		1,508			9
					29
Total United States					36
Total Common Stocks (Cost $24,525)					23,061
PREFERRED STOCKS 0.5%
GERMANY 0.5%
INDUSTRIALS 0.5%
Draegerwerk AG & Co. KGaA		115			9
Fuchs Petrolub SE		241			10
Henkel AG & Co. KGaA		220			21
Sartorius AG		49			16
Schaeffler AG		858			7
Volkswagen AG		475			72
					135
Total Preferred Stocks (Cost $142)					135
REAL ESTATE INVESTMENT TRUSTS 2.7%
AUSTRALIA 0.2%
REAL ESTATE 0.2%
Charter Hall Group		1,234			8
Goodman Group		1,135			12
GPT Group		2,052			6
Scentre Group		5,171			8
Stockland		5,379			13
Vicinity Centres		6,300			6
					53
Total Australia					53
BELGIUM 0.1%
REAL ESTATE 0.1%
Befimmo S.A.		237			11
Cofinimmo S.A.		75			10
Warehouses De Pauw CVA		254			7
					28
Total Belgium					28
CANADA 0.3%
REAL ESTATE 0.3%
Allied Properties Real Estate Investment Trust		450			14
Canadian Apartment Properties REIT		346			12
Cominar Real Estate Investment Trust		1,357			8
Dream Industrial Real Estate Investment Trust (b)		821			7
Dream Office Real Estate Investment Trust		390			6
Granite Real Estate Investment Trust		350			18
Northview Apartment Real Estate Investment Trust		269			7

42 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
RioCan Real Estate Investment Trust		658	$		7
					79
Total Canada					79
FRANCE 0.1%
REAL ESTATE 0.1%
Covivio		105			8
Gecina S.A.		95			12
Klepierre S.A.		372			7
					27
Total France					27
GERMANY 0.1%
REAL ESTATE 0.1%
Alstria Office REIT-AG		619			9
Total Germany					9
HONG KONG 0.1%
REAL ESTATE 0.1%
Fortune Real Estate Investment Trust		6,000			5
Link REIT		1,700			14
					19
Total Hong Kong					19
JAPAN 0.9%
REAL ESTATE 0.9%
Activia Properties, Inc.		2			7
Advance Residence Investment Corp.		4			12
AEON REIT Investment Corp.		4			4
Daiwa House REIT Investment Corp.		6			14
Daiwa Office Investment Corp.		2			11
Daiwa Securities Living Investments Corp.		7			7
Frontier Real Estate Investment Corp.		2			6
Fukuoka REIT Corp.		2			2
GLP J-Reit		9			13
Hulic Reit, Inc.		2			3
Industrial & Infrastructure Fund Investment Corp.		7			11
Japan Excellent, Inc.		4			5
Japan Hotel REIT Investment Corp.		5			2
Japan Logistics Fund, Inc.		4			11
Japan Prime Realty Investment Corp.		2			6
Japan Real Estate Investment Corp.		2			10

	SHARES			MARKET VALUE (000S)
Kenedix Office Investment Corp.		2	$		11
MCUBS MidCity Investment Corp.		7			5
Mori Hills REIT Investment Corp.		3			4
Mori Trust Sogo Reit, Inc.		4			5
Nippon Accommodations Fund, Inc.		3			17
Nippon Building Fund, Inc.		2			11
Nippon Prologis REIT, Inc.		7			21
Nomura Real Estate Master Fund, Inc.		5			6
Orix JREIT, Inc.		5			7
Premier Investment Corp.		4			5
Tokyu REIT, Inc.		3			4
					220
Total Japan					220
NETHERLANDS 0.0%
REAL ESTATE 0.0%
Wereldhave NV		805			7
Total Netherlands					7
SINGAPORE 0.4%
REAL ESTATE 0.4%
Ascendas Real Estate Investment Trust		5,600			13
Ascott Residence Trust		7,100			5
CapitaLand Mall Trust		4,100			6
CDL Hospitality Trusts		6,500			5
Keppel DC REIT		5,300			10
Mapletree Commercial Trust		10,227			14
Mapletree Industrial Trust		7,400			15
Mapletree Logistics Trust		13,800			19
Mapletree North Asia Commercial Trust		10,200			7
					94
Total Singapore					94
SPAIN 0.0%
REAL ESTATE 0.0%
Inmobiliaria Colonial Socimi S.A.		743			7
Total Spain					7
UNITED KINGDOM 0.5%
REAL ESTATE 0.5%
Assura PLC		6,631			6
Big Yellow Group PLC		671			8
British Land Co. PLC		2,140			10

	SHARES			MARKET VALUE (000S)
Derwent London PLC		302	$		10
Great Portland Estates PLC		784			6
Land Securities Group PLC		2,420			17
LondonMetric Property PLC		2,868			8
Segro PLC		2,055			23
Tritax Big Box REIT PLC		4,518			8
UNITE Group PLC (a)		1,347			16
					112
Total United Kingdom					112
Total Real Estate Investment Trusts (Cost $746)					655
RIGHTS 0.0%
AUSTRALIA 0.0%
INDUSTRIALS 0.0%
Super Retail Group Ltd. - Exp. 07/03/2020		270			0
Total Australia					0
SPAIN 0.0%
COMMUNICATION SERVICES 0.0%
Telefonica S.A. - Exp. 07/06/20		18,139			4
ENERGY 0.0%
Repsol S.A. - Exp. 07/09/20		4,290			2
INDUSTRIALS 0.0%
ACS Actividades de Construccion y Servicios S.A. - Exp. 07/10/20		579			1
Total Spain					7
Total Rights (Cost $7)					7
SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENTS (c) 0.5%
					111
Total Short-Term Instruments (Cost $111)					111
Total Investments in Securities (Cost $25,531)					23,969
Total Investments 98.9% (Cost $25,531)			$		23,969
Other Assets and Liabilities, net 1.1%					262
Net Assets 100.0%			$		24,231

NOTES TO SCHEDULE OF INVESTMENTS:

* 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
Agnico Eagle Mines Ltd.		03/31/2020	$	7	$	11		0.05	%��
Algonquin Power & Utilities Corp.		03/31/2020		7		7		0.03
Boralex, Inc.		03/31/2020		6		8		0.03
Cogeco, Inc.		03/31/2020		7		6		0.02
Constellation Software, Inc.		06/27/2018 - 12/18/2019		32		42		0.17
Dream Industrial Real Estate Investment Trust		12/20/2019		8		7		0.03

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 43

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Great-West Lifeco, Inc.		03/27/2018 - 12/18/2019	$	12	$	9		0.04	%
Martinrea International, Inc.		08/31/2017 - 12/18/2019		11		8		0.03
			$	90	$	98		0.40	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(c) 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
FICC		0.000	%		06/30/2020		07/01/2020	$	111	U.S. Treasury Inflation Protected Securities 0.125% due 07/15/2024	$	(114	)	$	111	$	111
Total Repurchase Agreements											$	(114	)	$	111	$	111

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 June 30, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(1)
Global/Master Repurchase Agreement
FICC	$	111	$	0	$	0	$	111	$	(114	)	$	(3	)
Total Borrowings and Other Financing Transactions	$	111	$	0	$	0

⁽¹⁾  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.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2020:

	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	$	1	$	0	$	1

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Common Stocks
Australia
Communication Services	$	0	$	117	$	0	$	117
Consumer Discretionary		12		165		0		177
Consumer Staples		0		150		0		150
Energy		0		86		0		86
Financials		0		157		0		157
Health Care		0		128		0		128
Industrials		0		108		0		108
Information Technology		24		19		0		43
Materials		14		340		0		354
Real Estate		0		8		0		8
Utilities		0		23		0		23
Austria
Energy		0		15		0		15

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Industrials	$	0	$	17	$	0	$	17
Materials		8		7		0		15
Real Estate		0		6		0		6
Belgium
Communication Services		0		13		0		13
Consumer Discretionary		7		8		0		15
Consumer Staples		0		22		0		22
Energy		0		11		0		11
Financials		0		22		0		22
Health Care		0		26		0		26
Information Technology		0		9		0		9
Materials		7		14		0		21
Utilities		0		12		0		12
Cambodia
Consumer Discretionary		7		0		0		7

44 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Canada
Communication Services	$	119	$	0	$	0	$	119
Consumer Discretionary		223		0		0		223
Consumer Staples		185		0		0		185
Energy		129		0		0		129
Financials		243		0		0		243
Health Care		6		0		0		6
Industrials		296		0		0		296
Information Technology		146		0		0		146
Materials		313		0		0		313
Real Estate		20		0		0		20
Utilities		133		0		0		133
Denmark
Consumer Discretionary		0		16		0		16
Consumer Staples		7		41		0		48
Financials		0		18		0		18
Health Care		0		222		0		222
Industrials		7		116		0		123
Materials		0		30		0		30
Utilities		34		0		0		34
Finland
Communication Services		0		30		0		30
Consumer Staples		0		31		0		31
Energy		0		47		0		47
Financials		0		44		0		44
Health Care		0		18		0		18
Industrials		14		64		0		78
Information Technology		0		8		0		8
Materials		8		47		0		55
Utilities		0		13		0		13
France
Communication Services		14		132		0		146
Consumer Discretionary		0		267		0		267
Consumer Staples		0		181		0		181
Energy		0		31		0		31
Financials		0		48		0		48
Health Care		0		128		0		128
Industrials		0		369		0		369
Information Technology		7		64		0		71
Materials		8		62		0		70
Real Estate		0		7		0		7
Utilities		0		150		0		150
Germany
Communication Services		0		43		0		43
Consumer Discretionary		7		200		0		207
Consumer Staples		0		36		0		36
Financials		0		281		0		281
Health Care		7		149		0		156
Industrials		10		87		0		97
Information Technology		30		60		0		90
Materials		0		95		0		95
Real Estate		0		94		0		94
Utilities		0		187		0		187
Hong Kong
Communication Services		0		32		0		32
Consumer Discretionary		16		56		0		72
Consumer Staples		7		43		0		50
Financials		34		0		0		34
Health Care		0		8		0		8
Industrials		7		72		0		79
Information Technology		0		18		0		18
Real Estate		15		84		0		99
Utilities		0		73		0		73
Ireland
Consumer Discretionary		14		40		0		54
Consumer Staples		0		46		0		46
Health Care		111		7		0		118
Industrials		12		91		0		103
Materials		0		80		0		80
Israel
Communication Services		0		10		0		10
Consumer Staples		7		0		0		7

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Energy	$	7	$	6	$	0	$	13
Financials		0		49		0		49
Health Care		16		0		0		16
Industrials		0		14		0		14
Information Technology		36		20		0		56
Materials		0		7		0		7
Real Estate		0		6		0		6
Italy
Communication Services		0		32		0		32
Consumer Discretionary		15		39		0		54
Consumer Staples		7		0		0		7
Energy		0		64		0		64
Financials		7		118		0		125
Health Care		0		35		0		35
Industrials		0		33		0		33
Utilities		0		189		0		189
Japan
Communication Services		0		637		0		637
Consumer Discretionary		14		1,164		0		1,178
Consumer Staples		7		642		0		649
Energy		0		53		0		53
Financials		7		91		0		98
Health Care		0		898		0		898
Industrials		6		1,077		0		1,083
Information Technology		0		1,046		0		1,046
Materials		7		358		0		365
Real Estate		0		23		0		23
Utilities		0		167		0		167
Jordan
Health Care		9		0		0		9
Luxembourg
Communication Services		0		7		0		7
Health Care		0		10		0		10
Materials		0		33		0		33
Real Estate		0		16		0		16
Macau
Consumer Discretionary		0		16		0		16
Monaco
Materials		8		0		0		8
Netherlands
Communication Services		9		28		0		37
Consumer Discretionary		0		8		0		8
Consumer Staples		44		125		0		169
Energy		14		37		0		51
Financials		0		97		0		97
Health Care		29		0		0		29
Industrials		58		52		0		110
Information Technology		44		228		0		272
Materials		0		113		0		113
New Zealand
Communication Services		0		21		0		21
Health Care		0		27		0		27
Industrials		7		0		0		7
Materials		0		8		0		8
Utilities		0		24		0		24
Norway
Communication Services		0		35		0		35
Consumer Staples		0		62		0		62
Energy		10		38		0		48
Financials		0		18		0		18
Industrials		0		13		0		13
Materials		0		27		0		27
Real Estate		0		7		0		7
Portugal
Consumer Staples		0		29		0		29
Materials		7		0		0		7
Utilities		7		80		0		87
Singapore
Communication Services		0		51		0		51
Consumer Staples		0		27		0		27
Energy		0		5		0		5
Financials		0		29		0		29

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 45

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

June 30, 2020

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Industrials	$	0	$	66	$	0	$	66
Information Technology		0		9		0		9
Real Estate		0		7		0		7
South Africa
Health Care		0		7		0		7
Spain
Communication Services		0		79		0		79
Consumer Discretionary		0		52		0		52
Consumer Staples		20		0		0		20
Energy		0		39		0		39
Financials		0		50		0		50
Health Care		0		21		0		21
Industrials		0		80		0		80
Information Technology		0		22		0		22
Materials		0		7		0		7
Utilities		0		320		0		320
Sweden
Communication Services		33		116		0		149
Consumer Discretionary		25		102		0		127
Consumer Staples		0		98		0		98
Financials		0		58		0		58
Health Care		0		10		0		10
Industrials		0		329		0		329
Information Technology		0		24		0		24
Materials		0		27		0		27
Real Estate		0		15		0		15
Switzerland
Communication Services		0		52		0		52
Consumer Discretionary		31		49		0		80
Consumer Staples		0		398		0		��  398
Financials		7		298		0		305
Health Care		0		371		0		371
Industrials		0		311		0		311
Information Technology		36		39		0		75
Materials		0		210		0		210
Real Estate		0		52		0		52
Utilities		0		6		0		6
United Kingdom
Communication Services		0		187		0		187
Consumer Discretionary		46		363		0		409
Consumer Staples		0		714		0		714
Energy		11		105		0		116
Financials		7		282		0		289
Health Care		0		505		0		505

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Industrials	$	7	$	464	$	0	$	471
Information Technology		10		34		0		44
Materials		0		201		0		201
Real Estate		0		13		0		13
Utilities		0		359		0		359
United States
Consumer Discretionary		0		7		0		7
Materials		20		9		0		29
Preferred Stocks
Germany
Industrials		0		135		0		135
Real Estate Investment Trusts
Australia
Real Estate		0		53		0		53
Belgium
Real Estate		0		28		0		28
Canada
Real Estate		79		0		0		79
France
Real Estate		0		27		0		27
Germany
Real Estate		0		9		0		9
Hong Kong
Real Estate		0		19		0		19
Japan
Real Estate		0		220		0		220
Netherlands
Real Estate		7		0		0		7
Singapore
Real Estate		0		94		0		94
Spain
Real Estate		0		7		0		7
United Kingdom
Real Estate		0		112		0		112
Rights
Spain
Communication Services		4		0		0		4
Energy		2		0		0		2
Industrials		1		0		0		1
Short-Term Instruments
Repurchase Agreements		0		111		0		111
Total Investments	$	2,989	$	20,980	$	0	$	23,969

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

46 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

June 30, 2020

(Amounts in thousands*, except number of shares, contracts and units, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.8%
COMMON STOCKS 93.7%
IRELAND 0.3%
INFORMATION TECHNOLOGY 0.3%
Accenture PLC ‘A’		374	$		80
Total Ireland					80
JERSEY, CHANNEL ISLANDS 0.0%
MATERIALS 0.0%
Amcor PLC		675			7
Total Jersey, Channel Islands					7
SWITZERLAND 0.2%
FINANCIALS 0.2%
Chubb Ltd.		464			59
Total Switzerland					59
UNITED KINGDOM 0.4%
CONSUMER STAPLES 0.1%
Coca-Cola European Partners PLC		172			6
Nomad Foods Ltd. (a)		413			9
					15
FINANCIALS 0.1%
Janus Henderson Group PLC		133			3
Willis Towers Watson PLC		157			31
					34
INDUSTRIALS 0.2%
IHS Markit Ltd.		382			29
Pentair PLC		212			8
					37
Total United Kingdom					86
UNITED STATES 92.8%
COMMUNICATION SERVICES 8.0%
Alphabet, Inc. ‘A’ (a)		178			252
Altice USA, Inc. ‘A’ (a)		167			4
AMC Entertainment Holdings, Inc. ‘A’ (d)		682			3
AMC Networks, Inc. ‘A’ (a)		160			4
AT&T, Inc.		9,922			300
Cable One, Inc.		15			27
CenturyLink, Inc.		5,568			56
Charter Communications, Inc. ‘A’ (a)		131			67
Cinemark Holdings, Inc.		379			4
Comcast Corp. ‘A’		2,549			99
Facebook, Inc. ‘A’ (a)		1,138			258
Interpublic Group of Cos., Inc.		985			17
John Wiley & Sons, Inc. ‘A’		82			3
Liberty Broadband Corp. ‘C’ (a)		208			26
Liberty Media Corp-Liberty Formula One (a)		194			6
Liberty Media Corp-Liberty SiriusXM ‘C’ (a)		1,320			45
Madison Square Garden Sports Corp. (a)		33			5
New York Times Co. ‘A’		155			6
News Corp. ‘A’		1,402			17
Omnicom Group, Inc.		500			27

	SHARES			MARKET VALUE (000S)
Sirius XM Holdings, Inc.		1,914	$		11
Snap, Inc. (a)		882			21
T-Mobile US, Inc.		325			34
Take-Two Interactive Software, Inc. (a)		98			14
TEGNA, Inc.		1,237			14
Telephone & Data Systems, Inc.		423			8
Verizon Communications, Inc.		7,526			415
ViacomCBS, Inc. ‘B’		1,511			35
Walt Disney Co.		2,288			255
Zillow Group, Inc. ‘C’ (a)		153			9
Zynga, Inc. ‘A’ (a)		919			9
					2,051
CONSUMER DISCRETIONARY 14.7%
Aaron’s, Inc.		177			8
Abercrombie & Fitch Co. ‘A’		1,032			11
Adient PLC (a)		619			10
Adtalem Global Education, Inc. (a)		202			6
Advance Auto Parts, Inc.		55			8
American Axle & Manufacturing Holdings, Inc. (a)		821			6
American Eagle Outfitters, Inc.		2,084			23
Aramark		226			5
Asbury Automotive Group, Inc. (a)		119			9
AutoNation, Inc. (a)		243			9
AutoZone, Inc. (a)		36			41
Bed Bath & Beyond, Inc. (d)		3,018			32
Best Buy Co., Inc.		1,234			108
Bloomin’ Brands, Inc.		630			7
Booking Holdings, Inc. (a)		14			22
BorgWarner, Inc.		133			5
Bright Horizons Family Solutions, Inc. (a)		63			7
Brinker International, Inc.		767			18
Brunswick Corp.		68			4
Buckle, Inc.		244			4
Burlington Stores, Inc. (a)		92			18
Caesars Entertainment Corp. (a)		469			6
CarMax, Inc. (a)		88			8
Carter’s, Inc.		228			18
Cheesecake Factory, Inc.		622			14
Chipotle Mexican Grill, Inc. (a)		52			55
Churchill Downs, Inc.		116			15
Cooper Tire & Rubber Co.		211			6
Core-Mark Holding Co., Inc.		132			3
Cracker Barrel Old Country Store, Inc.		131			15
Dana, Inc.		892			11
Darden Restaurants, Inc.		169			13
Deckers Outdoor Corp. (a)		202			40
Designer Brands, Inc.		692			5
Dick’s Sporting Goods, Inc.		311			13
Dillard’s, Inc. ‘A’		84			2
Dollar General Corp.		1,045			199
Dollar Tree, Inc. (a)		163			15
Domino’s Pizza, Inc.		158			58
Dorman Products, Inc. (a)		92			6
DR Horton, Inc.		183			10
Dunkin’ Brands Group, Inc.		166			11
eBay, Inc.		696			37
Extended Stay America, Inc.		682			8
Foot Locker, Inc.		758			22
Ford Motor Co.		15,939			97
G-III Apparel Group Ltd. (a)		301			4

	SHARES			MARKET VALUE (000S)
Gap, Inc.		1,931	$		24
GCI Liberty, Inc. ‘A’ (a)		84			6
General Motors Co.		5,030			127
Gentex Corp.		817			21
Genuine Parts Co.		147			13
Goodyear Tire & Rubber Co.		256			2
Graham Holdings Co. ‘B’		17			6
Grand Canyon Education, Inc. (a)		36			3
Group 1 Automotive, Inc.		132			9
Guess?, Inc.		477			5
H&R Block, Inc.		897			13
Hanesbrands, Inc.		853			10
Harley-Davidson, Inc.		150			4
Hasbro, Inc.		105			8
Helen of Troy Ltd. (a)		50			9
Hilton Worldwide Holdings, Inc.		126			9
Home Depot, Inc.		1,433			359
International Game Technology PLC		591			5
Jack in the Box, Inc.		268			20
KB Home		173			5
Kohl’s Corp.		680			14
Kontoor Brands, Inc.		254			5
L Brands, Inc.		886			13
La-Z-Boy, Inc.		147			4
Las Vegas Sands Corp.		470			21
LCI Industries		37			4
Lear Corp.		139			15
Leggett & Platt, Inc.		433			15
Lennar Corp. ‘A’		152			9
Lithia Motors, Inc. ‘A’		114			17
LKQ Corp. (a)		152			4
Lowe’s Cos., Inc.		1,404			190
Macy’s, Inc. (d)		2,603			18
Marriott International, Inc. ‘A’		160			14
Marriott Vacations Worldwide Corp.		71			6
Mattel, Inc. (a)		616			6
McDonald’s Corp.		1,486			274
MDC Holdings, Inc.		286			10
Meritage Homes Corp. (a)		217			17
Murphy USA, Inc. (a)		197			22
Newell Brands, Inc.		538			9
NIKE, Inc. ‘B’		889			87
Nordstrom, Inc.		776			12
NVR, Inc. (a)		9			29
O’Reilly Automotive, Inc. (a)		119			50
Office Depot, Inc.		2,589			6
Papa John’s International, Inc.		50			4
Penn National Gaming, Inc. (a)		240			7
Penske Automotive Group, Inc.		122			5
Polaris, Inc.		50			5
Pool Corp.		123			33
PulteGroup, Inc.		571			19
Qurate Retail, Inc. (a)		1,253			12
Ralph Lauren Corp.		121			9
Ross Stores, Inc.		417			36
Sally Beauty Holdings, Inc. (a)		979			12
SeaWorld Entertainment, Inc. (a)		347			5
Service Corp. International		178			7
ServiceMaster Global Holdings, Inc. (a)		154			5
Signet Jewelers Ltd.		674			7
Six Flags Entertainment Corp.		378			7
Skechers U.S.A., Inc. (a)		115			4
Sonic Automotive, Inc. ‘A’		196			6
Starbucks Corp.		1,617			119

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 47

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Steven Madden Ltd.		243	$		6
Target Corp.		2,682			322
Taylor Morrison Home Corp. ‘A’ (a)		307			6
Tempur Sealy International, Inc. (a)		87			6
Tenneco, Inc. ‘A’ (a)		477			4
Tesla, Inc. (a)		95			103
Texas Roadhouse, Inc.		115			6
Thor Industries, Inc.		271			29
Tiffany & Co.		90			11
TJX Cos., Inc.		1,935			98
TopBuild Corp. (a)		28			3
Tractor Supply Co.		176			23
Ulta Beauty, Inc. (a)		43			9
Urban Outfitters, Inc. (a)		691			11
Vail Resorts, Inc.		53			10
VF Corp.		329			20
Visteon Corp. (a)		183			13
Wendy’s Co.		1,951			42
Whirlpool Corp.		176			23
Williams-Sonoma, Inc.		662			54
Wyndham Destinations, Inc.		159			4
Yum! Brands, Inc.		708			62
					3,748
CONSUMER STAPLES 14.5%
Altria Group, Inc.		1,467			58
Archer-Daniels-Midland Co.		1,489			59
B&G Foods, Inc.		393			10
Boston Beer Co., Inc. ‘A’ (a)		45			24
Brown-Forman Corp. ‘B’		509			32
Bunge Ltd.		736			30
Cal-Maine Foods, Inc. (a)		158			7
Campbell Soup Co.		516			26
Casey’s General Stores, Inc.		142			21
Church & Dwight Co., Inc.		401			31
Clorox Co.		215			47
Coca-Cola Co.		6,385			285
Colgate-Palmolive Co.		1,266			93
Conagra Brands, Inc.		841			30
Constellation Brands, Inc. ‘A’		86			15
Costco Wholesale Corp.		1,074			326
Coty, Inc. ‘A’		181			1
Darling Ingredients, Inc. (a)		362			9
Edgewell Personal Care Co. (a)		341			11
Estee Lauder Cos., Inc. ‘A’		325			61
Flowers Foods, Inc.		637			14
Fresh Del Monte Produce, Inc.		154			4
General Mills, Inc.		1,050			65
Hain Celestial Group, Inc. (a)		117			4
Herbalife Nutrition Ltd. (a)		242			11
Hershey Co.		192			25
Hormel Foods Corp.		280			14
Ingredion, Inc.		101			8
J&J Snack Foods Corp.		31			4
JM Smucker Co.		192			20
Kellogg Co.		648			43
Keurig Dr Pepper, Inc.		259			7
Kimberly-Clark Corp.		484			68
Kraft Heinz Co.		1,238			39
Kroger Co.		5,538			187
Lamb Weston Holdings, Inc.		267			17
Lancaster Colony Corp.		66			10
McCormick & Co., Inc.		134			24
Mondelez International, Inc. ‘A’		415			21

	SHARES			MARKET VALUE (000S)
Monster Beverage Corp. (a)		384	$		27
Nu Skin Enterprises, Inc. ‘A’		389			15
PepsiCo, Inc.		2,772			367
Performance Food Group Co. (a)		824			24
Philip Morris International, Inc.		2,987			209
Pilgrim’s Pride Corp. (a)		53			1
PriceSmart, Inc.		65			4
Procter & Gamble Co.		4,196			502
Rite Aid Corp. (a)		691			12
Sanderson Farms, Inc.		175			20
Sprouts Farmers Market, Inc. (a)		849			22
Sysco Corp.		1,084			59
TreeHouse Foods, Inc. (a)		233			10
Tyson Foods, Inc. ‘A’		630			38
U.S. Foods Holding Corp. (a)		548			11
Universal Corp.		71			3
USANA Health Sciences, Inc. (a)		43			3
Vector Group Ltd.		409			4
Walgreens Boots Alliance, Inc.		1,425			60
Walmart, Inc.		4,481			537
Weis Markets, Inc.		61			3
					3,692
ENERGY 3.9%
Apache Corp.		240			3
Archrock, Inc.		657			4
Baker Hughes Co.		1,631			25
Chevron Corp.		2,480			221
CNX Resources Corp. (a)		930			8
ConocoPhillips		1,214			51
CVR Energy, Inc.		48			1
Delek U.S. Holdings, Inc.		181			3
Dril-Quip, Inc. (a)		158			5
Exxon Mobil Corp.		4,022			180
Helmerich & Payne, Inc.		125			2
Hess Corp.		729			38
HollyFrontier Corp.		1,137			33
Kinder Morgan, Inc.		1,179			18
Marathon Oil Corp.		2,149			13
Marathon Petroleum Corp.		2,164			81
Murphy Oil Corp.		632			9
National Oilwell Varco, Inc.		1,961			24
Oceaneering International, Inc. (a)		885			6
Patterson-UTI Energy, Inc.		1,262			4
PBF Energy, Inc. ‘A’		496			5
Phillips 66		1,672			120
Range Resources Corp.		1,027			6
Renewable Energy Group, Inc. (a)		192			5
SM Energy Co.		1,004			4
Transocean Ltd. (a)		1,602			3
Valero Energy Corp.		1,913			113
World Fuel Services Corp.		270			7
					992
FINANCIALS 7.0%
Affiliated Managers Group, Inc.		57			4
Aflac, Inc.		873			31
Alleghany Corp.		15			7
Allstate Corp.		797			77
Ally Financial, Inc.		1,575			31
American Financial Group, Inc.		101			6
American International Group, Inc.		4,201			131
Ameriprise Financial, Inc.		66			10
Arthur J Gallagher & Co.		230			22

	SHARES			MARKET VALUE (000S)
Artisan Partners Asset Management, Inc. ‘A’		168	$		6
Assurant, Inc.		188			19
BlackRock, Inc.		76			41
Blackstone Group, Inc.		534			30
Brighthouse Financial, Inc. (a)		366			10
Brown & Brown, Inc.		623			25
Cannae Holdings, Inc. (a)		181			7
Capital One Financial Corp.		1,273			80
Cincinnati Financial Corp.		139			9
CIT Group, Inc.		430			9
CME Group, Inc.		213			35
CNO Financial Group, Inc.		667			10
Cohen & Steers, Inc.		72			5
Discover Financial Services		379			19
Erie Indemnity Co. ‘A’		46			9
Evercore, Inc. ‘A’		80			5
FactSet Research Systems, Inc.		67			22
Federated Investors, Inc. ‘B’		264			6
Fidelity National Financial, Inc.		299			9
First American Financial Corp.		417			20
First Republic Bank		148			16
FirstCash, Inc.		76			5
Franklin Resources, Inc.		1,250			26
Genworth Financial, Inc. ‘A’ (a)		2,584			6
Goldman Sachs Group, Inc.		372			74
Hanover Insurance Group, Inc.		114			12
Houlihan Lokey, Inc.		89			5
Intercontinental Exchange, Inc.		571			52
Invesco Ltd.		973			11
Jefferies Financial Group, Inc.		342			5
Kemper Corp.		79			6
Legg Mason, Inc.		387			19
Lincoln National Corp.		590			22
Loews Corp.		723			25
LPL Financial Holdings, Inc.		343			27
Markel Corp. (a)		11			10
MarketAxess Holdings, Inc.		58			29
Marsh & McLennan Cos., Inc.		1,051			113
Mercury General Corp.		174			7
MetLife, Inc.		862			32
Moody’s Corp.		162			45
Morgan Stanley		634			31
Morningstar, Inc.		43			6
MSCI, Inc.		176			59
Nasdaq, Inc.		177			21
National General Holdings Corp.		149			3
Navient Corp.		1,309			9
New York Community Bancorp, Inc.		241			3
Old Republic International Corp.		480			8
PRA Group, Inc. (a)		146			6
Progressive Corp.		438			35
Prudential Financial, Inc.		291			18
RLI Corp.		74			6
S&P Global, Inc.		238			78
Santander Consumer USA Holdings, Inc.		419			8
SEI Investments Co.		315			17
State Street Corp.		186			12
T Rowe Price Group, Inc.		391			48
Tradeweb Markets, Inc.		50			3
Travelers Cos., Inc.		958			109
Unum Group		296			5
Voya Financial, Inc.		479			22
Waddell & Reed Financial, Inc. ‘A’		502			8

48 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
Western Alliance Bancorp		81	$		3
White Mountains Insurance Group Ltd.		6			5
WR Berkley Corp.		187			11
					1,776
HEALTH CARE 13.1%
AbbVie, Inc.		2,225			218
Amedisys, Inc. (a)		38			8
AmerisourceBergen Corp.		80			8
Amgen, Inc.		661			156
Anthem, Inc.		263			69
Baxter International, Inc.		629			54
Becton Dickinson and Co.		81			19
Bio-Rad Laboratories, Inc. ‘A’ (a)		42			19
Bio-Techne Corp.		33			9
Biogen, Inc. (a)		204			55
BioMarin Pharmaceutical, Inc. (a)		157			19
Bristol-Myers Squibb Co.		1,491			88
Brookdale Senior Living, Inc. (a)		1,162			3
Bruker Corp.		119			5
Cardinal Health, Inc.		1,297			68
Catalent, Inc. (a)		247			18
Centene Corp. (a)		305			19
Cerner Corp.		170			12
Charles River Laboratories International, Inc. (a)		42			7
Chemed Corp.		49			22
Cigna Corp.		199			37
Cooper Cos., Inc.		45			13
CVS Health Corp.		4,402			286
Danaher Corp.		705			125
DaVita, Inc. (a)		314			25
Dentsply Sirona, Inc.		240			11
Edwards Lifesciences Corp. (a)		642			44
Eli Lilly & Co.		528			87
Encompass Health Corp.		233			14
Gilead Sciences, Inc.		3,268			251
Globus Medical, Inc. ‘A’ (a)		68			3
HCA Healthcare, Inc.		331			32
Henry Schein, Inc. (a)		203			12
Humana, Inc.		281			109
Intuitive Surgical, Inc. (a)		8			5
Johnson & Johnson		2,572			362
Laboratory Corp. of America Holdings (a)		123			20
LHC Group, Inc. (a)		32			6
Magellan Health, Inc. (a)		107			8
Masimo Corp. (a)		96			22
McKesson Corp.		676			104
MEDNAX, Inc. (a)		555			9
Merck & Co., Inc.		3,089			239
Mettler-Toledo International, Inc. (a)		23			18
Molina Healthcare, Inc. (a)		99			18
Myriad Genetics, Inc. (a)		465			5
Patterson Cos., Inc.		587			13
Pfizer, Inc.		1,693			55
Premier, Inc. ‘A’ (a)		151			5
Quest Diagnostics, Inc.		279			32
Regeneron Pharmaceuticals, Inc. (a)		41			26
ResMed, Inc.		357			69
Select Medical Holdings Corp. (a)		438			6
Steris PLC		73			11
Syneos Health, Inc. (a)		74			4
Teleflex, Inc.		78			28

	SHARES			MARKET VALUE (000S)
Tenet Healthcare Corp. (a)		1,045	$		19
United Therapeutics Corp. (a)		178			22
UnitedHealth Group, Inc.		508			150
Varian Medical Systems, Inc. (a)		32			4
Vertex Pharmaceuticals, Inc. (a)		226			66
Waters Corp. (a)		45			8
West Pharmaceutical Services, Inc.		72			16
Zimmer Biomet Holdings, Inc.		112			13
Zoetis, Inc.		369			51
					3,339
INDUSTRIALS 9.5%
3M Co.		628			98
AAR Corp.		170			4
ABM Industries, Inc.		195			7
Acuity Brands, Inc.		87			8
Advanced Disposal Services, Inc. (a)		196			6
AECOM (a)		436			16
AGCO Corp.		217			12
Allegiant Travel Co.		46			5
Allison Transmission Holdings, Inc.		388			14
AMERCO		20			6
American Airlines Group, Inc.		689			9
AO Smith Corp.		240			11
Applied Industrial Technologies, Inc.		107			7
Arcosa, Inc.		164			7
Armstrong World Industries, Inc.		92			7
Atlas Air Worldwide Holdings, Inc. (a)		202			9
Avis Budget Group, Inc. (a)		956			22
Boeing Co.		376			69
Brady Corp. ‘A’		68			3
BWX Technologies, Inc.		270			15
CH Robinson Worldwide, Inc.		413			33
Cintas Corp.		171			46
Colfax Corp. (a)		203			6
Copart, Inc. (a)		749			62
CoStar Group, Inc. (a)		33			23
Covanta Holding Corp.		435			4
Crane Co.		80			5
CSX Corp.		578			40
Cummins, Inc.		198			34
Curtiss-Wright Corp.		68			6
Delta Air Lines, Inc.		198			6
Deluxe Corp.		200			5
Donaldson Co., Inc.		214			10
Eaton Corp. PLC		216			19
Emerson Electric Co.		704			44
Enerpac Tool Group Corp.		191			3
Equifax, Inc.		105			18
Expeditors International of Washington, Inc.		289			22
Fastenal Co.		795			34
Fluor Corp.		800			10
Fortive Corp.		72			5
Fortune Brands Home & Security, Inc.		74			5
Franklin Electric Co., Inc.		85			4
FTI Consulting, Inc. (a)		156			18
GATX Corp.		144			9
Generac Holdings, Inc. (a)		204			25
General Dynamics Corp.		174			26
General Electric Co.		6,057			41
Graco, Inc.		214			10
Greenbrier Cos., Inc.		234			5
Hawaiian Holdings, Inc.		547			8
HD Supply Holdings, Inc. (a)		387			13

	SHARES			MARKET VALUE (000S)
Healthcare Services Group, Inc.		293	$		7
Heartland Express, Inc.		147			3
Herman Miller, Inc.		188			4
Hexcel Corp.		174			8
Hub Group, Inc. ‘A’ (a)		125			6
Hubbell, Inc.		40			5
Huntington Ingalls Industries, Inc.		17			3
IDEX Corp.		74			12
Illinois Tool Works, Inc.		475			83
ITT, Inc.		141			8
Jacobs Engineering Group, Inc.		360			31
JB Hunt Transport Services, Inc.		115			14
JetBlue Airways Corp. (a)		835			9
Kansas City Southern		51			8
KAR Auction Services, Inc.		296			4
KBR, Inc.		727			16
Knight-Swift Transportation Holdings, Inc.		253			11
L3Harris Technologies, Inc.		272			46
Landstar System, Inc.		101			11
Lennox International, Inc.		82			19
Lincoln Electric Holdings, Inc.		157			13
Lockheed Martin Corp.		469			171
Macquarie Infrastructure Corp.		475			15
ManpowerGroup, Inc.		254			17
Masco Corp.		672			34
Masonite International Corp. (a)		95			7
Moog, Inc. ‘A’		105			6
MRC Global, Inc. (a)		514			3
MSA Safety, Inc.		46			5
MSC Industrial Direct Co., Inc. ‘A’		227			17
Mueller Industries, Inc.		111			3
Neilsen Holdings PLC		239			4
Nordson Corp.		115			22
Northrop Grumman Corp.		314			97
NOW, Inc. (a)		521			4
Old Dominion Freight Line, Inc.		170			29
Owens Corning		104			6
Parker-Hannifin Corp.		69			13
Quanta Services, Inc.		385			15
Republic Services, Inc.		188			15
Rexnord Corp.		102			3
Robert Half International, Inc.		217			11
Rockwell Automation, Inc.		173			37
Rollins, Inc.		370			16
Rush Enterprises, Inc. ‘A’		86			4
Ryder System, Inc.		109			4
Simpson Manufacturing Co., Inc.		37			3
SkyWest, Inc.		292			10
Southwest Airlines Co.		109			4
SPX FLOW, Inc. (a)		122			5
Steelcase, Inc. ‘A’		353			4
Stericycle, Inc. (a)		257			14
Teledyne Technologies, Inc. (a)		75			23
Terex Corp.		495			9
Tetra Tech, Inc.		47			4
Timken Co.		317			14
Toro Co.		302			20
TransDigm Group, Inc.		51			23
TransUnion		165			14
Trinity Industries, Inc.		552			12
Tutor Perini Corp. (a)		369			4
UFP Industries, Inc.		150			7
Union Pacific Corp.		853			144
United Airlines Holdings, Inc. (a)		43			1

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 49

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
United Parcel Service, Inc. ‘B’		955	$		106
United Rentals, Inc. (a)		39			6
Verisk Analytics, Inc.		359			61
Waste Connections, Inc.		125			12
Waste Management, Inc.		353			37
Watsco, Inc.		111			20
Werner Enterprises, Inc.		248			11
WESCO International, Inc. (a)		488			17
WW Grainger, Inc.		69			22
XPO Logistics, Inc. (a)		79			6
Xylem, Inc.		178			12
					2,438
INFORMATION TECHNOLOGY 17.7%
Activision Blizzard, Inc.		411			31
Adobe, Inc. (a)		260			113
Advanced Micro Devices, Inc. (a)		1,018			54
Akamai Technologies, Inc. (a)		139			15
Alliance Data Systems Corp.		41			2
Amdocs Ltd.		283			17
Amkor Technology, Inc. (a)		519			6
ANSYS, Inc. (a)		148			43
Apple, Inc.		1,925			702
Applied Materials, Inc.		967			58
Arrow Electronics, Inc. (a)		321			22
Aspen Technology, Inc. (a)		30			3
Autodesk, Inc. (a)		191			46
Automatic Data Processing, Inc.		162			24
Avnet, Inc.		506			14
Benchmark Electronics, Inc.		128			3
Black Knight, Inc. (a)		217			16
Booz Allen Hamilton Holding Corp.		501			39
Broadcom, Inc.		65			21
Broadridge Financial Solutions, Inc.		164			21
CACI International, Inc. ‘A’ (a)		82			18
Cadence Design Systems, Inc. (a)		231			22
CDK Global, Inc.		192			8
CDW Corp.		56			6
Ciena Corp. (a)		132			7
Cirrus Logic, Inc. (a)		157			10
Citrix Systems, Inc.		136			20
Cognex Corp.		179			11
Conduent, Inc. (a)		1,248			3
CoreLogic, Inc.		68			5
Corning, Inc.		2,930			76
Cree, Inc. (a)		305			18
Dolby Laboratories, Inc. ‘A’		100			7
Electronic Arts, Inc. (a)		191			25
Entegris, Inc.		116			7
EPAM Systems, Inc. (a)		46			12
F5 Networks, Inc. (a)		40			6
Fair Isaac Corp. (a)		59			25
Fidelity National Information Services, Inc.		383			51
Fiserv, Inc. (a)		625			61
FleetCor Technologies, Inc. (a)		17			4
Flex Ltd. (a)		593			6
FLIR Systems, Inc.		183			7
Fortinet, Inc. (a)		121			17
Gartner, Inc. (a)		35			4
Genpact Ltd.		623			23
Global Payments, Inc.		259			44
Hewlett Packard Enterprise Co.		4,763			46
HP, Inc.		1,874			33

	SHARES			MARKET VALUE (000S)
II-VI, Inc. (a)		76	$		4
Insight Enterprises, Inc. (a)		154			8
Intel Corp.		2,283			137
International Business Machines Corp.		2,811			339
Intuit, Inc.		67			20
Jabil, Inc.		517			17
Jack Henry & Associates, Inc.		254			47
Juniper Networks, Inc.		1,169			27
KLA Corp.		246			48
Lam Research Corp.		181			59
Leidos Holdings, Inc.		76			7
LogMeIn, Inc.		65			6
Manhattan Associates, Inc. (a)		151			14
ManTech International Corp. ‘A’		94			6
Marvell Technology Group Ltd.		577			20
Mastercard, Inc. ‘A’		832			246
Maxim Integrated Products, Inc.		116			7
MAXIMUS, Inc.		133			9
Microchip Technology, Inc.		130			14
Micron Technology, Inc. (a)		600			31
Microsoft Corp.		1,397			284
MKS Instruments, Inc.		48			5
Motorola Solutions, Inc.		711			100
NCR Corp. (a)		298			5
NetScout Systems, Inc. (a)		237			6
NortonLifeLock, Inc.		513			10
Nuance Communications, Inc. (a)		242			6
NVIDIA Corp.		354			134
Oracle Corp.		723			40
Paychex, Inc.		345			26
PayPal Holdings, Inc. (a)		632			110
Pegasystems, Inc.		34			3
Plexus Corp. (a)		75			5
Qorvo, Inc. (a)		62			7
QUALCOMM, Inc.		2,151			196
Sanmina Corp. (a)		193			5
Science Applications International Corp.		55			4
Seagate Technology PLC		1,406			68
Skyworks Solutions, Inc.		218			28
Sykes Enterprises, Inc. (a)		103			3
Synaptics, Inc. (a)		158			9
SYNNEX Corp.		95			11
Synopsys, Inc. (a)		131			26
Teradata Corp. (a)		339			7
Teradyne, Inc.		255			22
Texas Instruments, Inc.		1,309			166
Tyler Technologies, Inc. (a)		36			12
Ubiquiti, Inc.		17			3
VeriSign, Inc. (a)		61			13
Visa, Inc. ‘A’		1,183			229
Vishay Intertechnology, Inc.		552			8
Western Digital Corp.		483			21
Western Union Co.		1,170			25
Xerox Holdings Corp.		205			3
Xilinx, Inc.		185			18
Zebra Technologies Corp. ‘A’ (a)		45			12
					4,528
MATERIALS 2.6%
Air Products & Chemicals, Inc.		119			29
Albemarle Corp.		92			7
Alcoa Corp. (a)		683			8

	SHARES			MARKET VALUE (000S)
AptarGroup, Inc.		145	$		16
Avery Dennison Corp.		118			13
Axalta Coating Systems Ltd. (a)		252			6
Ball Corp.		228			16
Boise Cascade Co.		137			5
Carpenter Technology Corp.		225			5
Celanese Corp.		98			8
Commercial Metals Co.		608			12
Compass Minerals International, Inc.		116			6
Crown Holdings, Inc. (a)		364			24
Domtar Corp.		454			10
Eastman Chemical Co.		83			6
Ecolab, Inc.		165			33
FMC Corp.		112			11
Freeport-McMoRan, Inc.		530			6
Graphic Packaging Holding Co.		1,182			17
Greif, Inc. ‘A’		111			4
Hecla Mining Co.		1,044			3
Huntsman Corp.		131			2
Innospec, Inc.		41			3
International Flavors & Fragrances, Inc.		19			2
Kaiser Aluminum Corp.		61			5
Louisiana-Pacific Corp.		184			5
LyondellBasell Industries NV ‘A’		1,427			94
Mosaic Co.		1,603			20
NewMarket Corp.		23			9
Newmont Corp.		513			32
Nucor Corp.		243			10
O-I Glass, Inc.		925			8
Olin Corp.		614			7
PolyOne Corp.		317			8
PPG Industries, Inc.		234			25
Reliance Steel & Aluminum Co.		230			22
Royal Gold, Inc.		57			7
RPM International, Inc.		284			21
Schweitzer-Mauduit International, Inc.		93			3
Scotts Miracle-Gro Co.		196			26
Sealed Air Corp.		137			5
Sensient Technologies Corp.		129			7
Sherwin-Williams Co.		53			31
Silgan Holdings, Inc.		303			10
Sonoco Products Co.		235			12
Steel Dynamics, Inc.		146			4
Trinseo S.A.		179			4
Warrior Met Coal, Inc.		481			7
WestRock Co.		651			18
Worthington Industries, Inc.		96			4
WR Grace & Co.		90			5
					661
REAL ESTATE 0.0%
Realogy Holdings Corp.		1,333			10
UTILITIES 1.8%
AES Corp.		2,510			36
Alliant Energy Corp.		134			6
American Water Works Co., Inc.		98			13
Avangrid, Inc.		41			2
Avista Corp.		160			6
CMS Energy Corp.		154			9
Dominion Energy, Inc.		187			15
El Paso Electric Co.		53			4
Entergy Corp.		441			41

50 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
Essential Utilities, Inc.		203	$		9
Evergy, Inc.		122			7
Eversource Energy		180			15
Exelon Corp.		1,429			52
FirstEnergy Corp.		292			11
Hawaiian Electric Industries, Inc.		258			9
MDU Resources Group, Inc.		154			4
NextEra Energy, Inc.		264			63
NRG Energy, Inc.		90			3
Ormat Technologies, Inc.		47			3
PPL Corp.		572			15
Southern Co.		1,489			77
Vistra Energy Corp.		1,077			20
WEC Energy Group, Inc.		170			15
Xcel Energy, Inc.		283			18
					453
Total United States					23,688
Total Common Stocks (Cost $25,433)					23,920
PREFERRED STOCKS 0.0%
UNITED STATES 0.0%
INDUSTRIALS 0.0%
WESCO International, Inc.
10.625% (H15T5Y + 10.325%) due 06/22/2025 ~(b)		144			4
Total Preferred Stocks (Cost $4)					4
REAL ESTATE INVESTMENT TRUSTS 5.0%
UNITED STATES 5.0%
FINANCIALS 0.4%
AGNC Investment Corp.		675			9
Annaly Capital Management, Inc.		1,901			12
Blackstone Mortgage Trust, Inc. ‘A’		285			7
Chimera Investment Corp.		1,820			18
Invesco Mortgage Capital, Inc.		1,403			5
Ladder Capital Corp.		353			3
New Residential Investment Corp.		194			1
PennyMac Mortgage Investment Trust		722			13
Redwood Trust, Inc.		854			6
Starwood Property Trust, Inc.		822			12
Two Harbors Investment Corp.		1,843			9
					95
REAL ESTATE 4.6%
Alexandria Real Estate Equities, Inc.		252			41
American Campus Communities, Inc.		341			12
American Homes 4 Rent ‘A’		592			16
American Tower Corp.		372			96
Apartment Investment & Management Co.		245			9
Apple Hospitality REIT, Inc.		1,372			13
AvalonBay Communities, Inc.		47			7
Boston Properties, Inc.		71			6
Brandywine Realty Trust		634			7
Brixmor Property Group, Inc.		735			9

	SHARES			MARKET VALUE (000S)
Camden Property Trust		158	$		14
Colony Capital, Inc.		2,268			5
Columbia Property Trust, Inc.		370			5
CoreCivic, Inc.		519			5
Corporate Office Properties Trust		276			7
Cousins Properties, Inc.		160			5
Crown Castle International Corp.		431			72
CubeSmart		276			7
CyrusOne, Inc.		216			16
Digital Realty Trust, Inc.		107			15
Diversified Healthcare Trust		807			4
Douglas Emmett, Inc.		256			8
Duke Realty Corp.		919			33
EastGroup Properties, Inc.		69			8
EPR Properties		106			4
Equinix, Inc.		80			56
Equity Commonwealth		375			12
Equity LifeStyle Properties, Inc.		303			19
Equity Residential		330			19
Essex Property Trust, Inc.		21			5
Extra Space Storage, Inc.		140			13
Federal Realty Investment Trust		103			9
First Industrial Realty Trust, Inc.		273			11
Gaming and Leisure Properties, Inc.		309			11
GEO Group, Inc.		401			5
Healthcare Realty Trust, Inc.		232			7
Healthcare Trust of America, Inc. ‘A’		578			15
Healthpeak Properties, Inc.		276			8
Highwoods Properties, Inc.		257			10
Hudson Pacific Properties, Inc.		326			8
Invitation Homes, Inc.		1,047			29
Iron Mountain, Inc.		203			5
JBG SMITH Properties		95			3
Kilroy Realty Corp.		178			10
Kimco Realty Corp.		954			12
Kite Realty Group Trust		357			4
Lamar Advertising Co. ‘A’		260			17
Lexington Realty Trust		841			9
Life Storage, Inc.		122			12
Mack-Cali Realty Corp.		387			6
Medical Properties Trust, Inc.		1,024			19
Mid-America Apartment Communities, Inc.		124			14
National Retail Properties, Inc.		123			4
Office Properties Income Trust		121			3
Omega Healthcare Investors, Inc.		312			9
Outfront Media, Inc.		883			13
Paramount Group, Inc.		755			6
Physicians Realty Trust		346			6
Piedmont Office Realty Trust, Inc. ‘A’		468			8
Prologis, Inc.		739			69
PS Business Parks, Inc.		50			7
Public Storage		151			29
Rayonier, Inc.		365			9
Realty Income Corp.		88			5
Regency Centers Corp.		289			13
Retail Properties of America, Inc. ‘A’		1,020			8
RLJ Lodging Trust		601			6

	SHARES			MARKET VALUE (000S)
Sabra Health Care REIT, Inc.		209	$		3
SBA Communications Corp.		131			39
Service Properties Trust		1,027			7
Simon Property Group, Inc.		304			21
SITE Centers Corp.		975			8
SL Green Realty Corp.		61			3
Spirit Realty Capital, Inc.		241			8
STAG Industrial, Inc.		122			4
STORE Capital Corp.		275			7
Sun Communities, Inc.		179			24
Taubman Centers, Inc.		204			8
UDR, Inc.		351			13
Ventas, Inc.		222			8
VEREIT, Inc.		808			5
VICI Properties, Inc.		259			5
Vornado Realty Trust		84			3
Washington Real Estate Investment Trust		193			4
Weingarten Realty Investors		326			6
Welltower, Inc.		228			12
Weyerhaeuser Co.		434			10
WP Carey, Inc.		257			17
Xenia Hotels & Resorts, Inc.		422			4
					1,186
Total Real Estate Investment Trusts (Cost $1,435)					1,281
RIGHTS 0.0%
UNITED STATES 0.0%
COMMUNICATION SERVICES 0.0%
T-Mobile US, Inc. - Exp. 07/27/20		1			0
Total Rights (Cost $0)					0
SHORT-TERM INSTRUMENTS 1.1%
REPURCHASE AGREEMENTS (f) 1.1%
					276
Total Short-Term Instruments (Cost $276)					276
Total Investments in Securities (Cost $27,148)					25,481
INVESTMENTS IN AFFILIATES 0.2%
SHORT-TERM INSTRUMENTS 0.2%
MUTUAL FUNDS 0.2%
PIMCO Government Money Market Fund
0.180% (c)(d)(e)		39,470			39
Total Short-Term Instruments (Cost $39)					39
Total Investments in Affiliates (Cost $39)					39
Total Investments 100.0% (Cost $27,187)			$		25,520
Other Assets and Liabilities, net 0.0%					5
Net Assets 100.0%			$		25,525

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 51

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

(c) Institutional Class Shares of each Fund.

(d) Securities with an aggregate market value of $38 were out on loan in exchange for $39 of cash collateral as of June 30, 2020. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(e) Coupon represents a 7-Day Yield.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(f)  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
FICC		0.000	%		06/30/2020		07/01/2020	$	276	U.S. Treasury Inflation Protected Securities 0.125% due 07/15/2024	$	(281	)	$	276	$	276
Total Repurchase Agreements											$	(281	)	$	276	$	276

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 June 30, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(1)
Global/Master Repurchase Agreement
FICC	$	276	$	0	$	0	$	0	$	276	$	(281	)	$	(5	)
Master Securities Lending Agreement
BPG		0		0		0		1		1		(1	)		(0	)
BSN		0		0		0		20		20		(21	)		(1	)
MSC		0		0		0		17		17		(17	)		(0	)
Total Borrowings and Other Financing Transactions	$	276	$	0	$	0	$	38

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
Securities Lending Transactions(2)
Common Stocks	$	39	$	0	$	0	$	0	$	39
Total Borrowings	$	39	$	0	$	0	$	0	$	39
Payable for securities on loan - cash collateral									$	39

⁽¹⁾   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.

⁽²⁾  Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

52 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Common Stocks
Ireland
Information Technology	$	80	$	0	$	0	$	80
Jersey, Channel Islands
Materials		7		0		0		7
Switzerland
Financials		59		0		0		59
United Kingdom
Consumer Staples		15		0		0		15
Financials		34		0		0		34
Industrials		37		0		0		37
United States
Communication Services		2,051		0		0		2,051
Consumer Discretionary		3,748		0		0		3,748
Consumer Staples		3,692		0		0		3,692
Energy		992		0		0		992
Financials		1,776		0		0		1,776
Health Care		3,339		0		0		3,339
Industrials		2,438		0		0		2,438
Information Technology		4,528		0		0		4,528

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Materials	$	661	$	0	$	0	$	661
Real Estate		10		0		0		10
Utilities		453		0		0		453
Preferred Stocks
United States
Industrials		4		0		0		4
Real Estate Investment Trusts
United States
Financials		95		0		0		95
Real Estate		1,186		0		0		1,186
Short-Term Instruments
Repurchase Agreements		0		276		0		276
	$	25,205	$	276	$	0	$	25,481
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		39		0		0		39
Total Investments	$	25,244	$	276	$	0	$	25,520

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 53

Schedule of Investments PIMCO RAFI ESG U.S. Exchange-Traded Fund

(Amounts in thousands*, except number of shares, contracts and units, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.0%
COMMON STOCKS 98.1%
IRELAND 0.9%
INDUSTRIALS 0.2%
Trane Technologies PLC		149	$		13
INFORMATION TECHNOLOGY 0.7%
Accenture PLC ‘A’		307			66
Total Ireland					79
JERSEY, CHANNEL ISLANDS 0.1%
MATERIALS 0.1%
Amcor PLC		541			5
Total Jersey, Channel Islands					5
SWITZERLAND 0.1%
FINANCIALS 0.1%
Chubb Ltd.		70			9
Total Switzerland					9
UNITED KINGDOM 1.0%
COMMUNICATION SERVICES 0.2%
Liberty Global PLC (a)		836			18
CONSUMER STAPLES 0.1%
Coca-Cola European Partners PLC		239			9
FINANCIALS 0.2%
Aon PLC		82			16
INDUSTRIALS 0.1%
IHS Markit Ltd.		64			5
Pentair PLC		88			3
					8
MATERIALS 0.4%
Linde PLC		201			43
Total United Kingdom					94
UNITED STATES 96.0%
COMMUNICATION SERVICES 7.7%
AT&T, Inc.		4,900			148
CenturyLink, Inc.		1,766			18
Comcast Corp. ‘A’		1,791			70
News Corp. ‘A’		331			4
Omnicom Group, Inc.		232			13
T-Mobile US, Inc.		1			0
Verizon Communications, Inc.		4,283			236
ViacomCBS, Inc. ‘B’		994			23
Walt Disney Co.		1,661			185
					697
CONSUMER DISCRETIONARY 11.8%
Advance Auto Parts, Inc.		40			6
Aramark		67			1
Bed Bath & Beyond, Inc. (b)		1,376			15
Best Buy Co., Inc.		475			41
BorgWarner, Inc.		131			5

	SHARES			MARKET VALUE (000S)
Carnival Corp.		1,006	$		17
Darden Restaurants, Inc.		77			6
Dollar General Corp.		160			30
Dollar Tree, Inc. (a)		57			5
eBay, Inc.		798			42
Foot Locker, Inc.		248			7
Ford Motor Co.		10,901			66
Gap, Inc.		1,552			20
General Motors Co.		3,454			87
Genuine Parts Co.		26			2
Goodyear Tire & Rubber Co.		817			7
Harley-Davidson, Inc.		84			2
Hasbro, Inc.		108			8
Hilton Worldwide Holdings, Inc.		55			4
Home Depot, Inc.		541			136
Kohl’s Corp.		678			14
L Brands, Inc.		603			9
Lowe’s Cos., Inc.		655			88
Macy’s, Inc.		2,267			16
Marriott International, Inc. ‘A’		100			9
McDonald’s Corp.		503			93
Newell Brands, Inc.		578			9
NIKE, Inc. ‘B’		646			63
Nordstrom, Inc.		434			7
O’Reilly Automotive, Inc. (a)		9			4
PVH Corp.		51			2
Ralph Lauren Corp.		84			6
Ross Stores, Inc.		129			11
Royal Caribbean Cruises Ltd.		82			4
Signet Jewelers Ltd.		339			3
Starbucks Corp.		447			33
Tapestry, Inc.		287			4
Target Corp.		758			91
Tiffany & Co.		89			11
TJX Cos., Inc.		887			45
VF Corp.		280			17
Yum! Brands, Inc.		225			20
					1,066
CONSUMER STAPLES 9.5%
Archer-Daniels-Midland Co.		297			12
Brown-Forman Corp. ‘B’		105			7
Bunge Ltd.		400			16
Campbell Soup Co.		94			5
Clorox Co.		58			13
Coca-Cola Co.		2,342			104
Colgate-Palmolive Co.		573			42
Conagra Brands, Inc.		236			8
Estee Lauder Cos., Inc. ‘A’		62			12
General Mills, Inc.		274			17
Hershey Co.		67			9
Ingredion, Inc.		82			7
JM Smucker Co.		51			5
Kellogg Co.		218			14
Kimberly-Clark Corp.		210			30
Kraft Heinz Co.		464			15
Kroger Co.		1,979			67
Molson Coors Brewing Co.		81			3
Mondelez International, Inc. ‘A’		1,227			63
PepsiCo, Inc.		1,007			133
Procter & Gamble Co.		1,874			224
Sysco Corp.		205			11
Walgreens Boots Alliance, Inc.		825			35
					852

	SHARES			MARKET VALUE (000S)
FINANCIALS 21.5%
Aflac, Inc.		385	$		14
Allstate Corp.		441			43
Ally Financial, Inc.		404			8
American Express Co.		635			60
American International Group, Inc.		2,759			86
Ameriprise Financial, Inc.		220			33
Bank of America Corp.		5,890			140
Bank of New York Mellon Corp.		1,361			53
Capital One Financial Corp.		802			50
Charles Schwab Corp.		86			3
CIT Group, Inc.		160			3
Citigroup, Inc.		4,807			246
Citizens Financial Group, Inc.		270			7
CME Group, Inc.		44			7
Comerica, Inc.		218			8
Fifth Third Bancorp		1,149			22
Franklin Resources, Inc.		508			11
Goldman Sachs Group, Inc.		649			128
Hartford Financial Services Group, Inc.		416			16
Huntington Bancshares, Inc.		473			4
Intercontinental Exchange, Inc.		74			7
JPMorgan Chase & Co.		3,404			320
KeyCorp.		1,031			13
Legg Mason, Inc.		99			5
Lincoln National Corp.		368			14
M&T Bank Corp.		48			5
Marsh & McLennan Cos., Inc.		203			22
MetLife, Inc.		1,097			40
Moody’s Corp.		23			6
Morgan Stanley		1,402			68
Northern Trust Corp.		149			12
PNC Financial Services Group, Inc.		571			60
Principal Financial Group, Inc.		349			14
Prudential Financial, Inc.		780			47
Regions Financial Corp.		1,089			12
S&P Global, Inc.		72			24
Synchrony Financial		697			15
Travelers Cos., Inc.		368			42
U.S. Bancorp		926			34
Unum Group		335			6
Voya Financial, Inc.		305			14
Wells Fargo & Co.		8,091			207
					1,929
HEALTH CARE 16.8%
Abbott Laboratories		355			32
AbbVie, Inc.		1,182			116
Agilent Technologies, Inc.		146			13
Amgen, Inc.		517			122
Anthem, Inc.		239			63
Baxter International, Inc.		150			13
Biogen, Inc. (a)		103			27
Boston Scientific Corp. (a)		121			4
Bristol-Myers Squibb Co.		979			58
Cardinal Health, Inc.		571			30
Cigna Corp.		108			20
CVS Health Corp.		1,441			94
Danaher Corp.		168			30
DaVita, Inc. (a)		118			9
Dentsply Sirona, Inc.		66			3
Gilead Sciences, Inc.		888			68
HCA Healthcare, Inc.		78			8

54 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2020

	SHARES			MARKET VALUE (000S)
Humana, Inc.		49	$		19
Johnson & Johnson		2,075			292
Laboratory Corp. of America Holdings (a)		22			4
McKesson Corp.		354			54
Merck & Co., Inc.		2,257			174
Mylan NV (a)		1,096			18
Pfizer, Inc.		6,594			216
Quest Diagnostics, Inc.		22			2
Regeneron Pharmaceuticals, Inc. (a)		7			4
Thermo Fisher Scientific, Inc.		39			14
Zoetis, Inc.		28			4
					1,511
INDUSTRIALS 6.0%
3M Co.		687			107
Alaska Air Group, Inc.		146			5
American Airlines Group, Inc.		780			10
Caterpillar, Inc.		274			35
CH Robinson Worldwide, Inc.		54			4
Cummins, Inc.		82			14
Delta Air Lines, Inc.		146			4
Dover Corp.		21			2
Eaton Corp. PLC		267			23
Emerson Electric Co.		635			39
Fastenal Co.		214			9
FedEx Corp.		325			46
Illinois Tool Works, Inc.		220			39
Ingersoll Rand, Inc. (a)		130			4
JetBlue Airways Corp. (a)		281			3
Johnson Controls International PLC		1,055			36
ManpowerGroup, Inc.		161			11
Neilsen Holdings PLC		829			12
Owens Corning		92			5
Republic Services, Inc.		103			8
Rockwell Automation, Inc.		74			16
Southwest Airlines Co.		103			4
Stanley Black & Decker, Inc.		46			6
United Airlines Holdings, Inc. (a)		102			4
United Parcel Service, Inc. ‘B’		377			42
United Rentals, Inc. (a)		34			5
Waste Connections, Inc.		31			3
Waste Management, Inc.		272			29
WW Grainger, Inc.		46			15
					540
INFORMATION TECHNOLOGY 18.0%
Adobe, Inc. (a)		31			13
Alliance Data Systems Corp.		64			3
Amdocs Ltd.		56			3

	SHARES			MARKET VALUE (000S)
Analog Devices, Inc.		55	$		7
Applied Materials, Inc.		193			12
Arrow Electronics, Inc. (a)		42			3
Automatic Data Processing, Inc.		150			22
Avnet, Inc.		400			11
Cisco Systems, Inc.		4,844			226
Citrix Systems, Inc.		54			8
Cognizant Technology Solutions Corp. ‘A’		480			27
Corning, Inc.		1,207			31
Electronic Arts, Inc. (a)		71			9
Flex Ltd. (a)		870			9
HP, Inc.		1,943			34
Intel Corp.		4,661			279
International Business Machines Corp.		904			109
Intuit, Inc.		37			11
Juniper Networks, Inc.		606			14
Lam Research Corp.		64			21
Mastercard, Inc. ‘A’		31			9
Maxim Integrated Products, Inc.		134			8
Micron Technology, Inc. (a)		164			8
Microsoft Corp.		1,118			228
Motorola Solutions, Inc.		55			8
NetApp, Inc.		248			11
NortonLifeLock, Inc.		603			12
NVIDIA Corp.		71			27
Oracle Corp.		2,325			128
QUALCOMM, Inc.		1,093			100
salesforce.com, Inc. (a)		26			5
Seagate Technology PLC		332			16
Texas Instruments, Inc.		658			84
Visa, Inc. ‘A’		461			89
Western Digital Corp.		377			17
Western Union Co.		399			9
Xerox Holdings Corp.		352			5
					1,616
MATERIALS 3.2%
Air Products & Chemicals, Inc.		112			27
Ball Corp.		71			5
Celanese Corp.		121			10
CF Industries Holdings, Inc.		253			7
DuPont de Nemours, Inc.		674			36
Eastman Chemical Co.		165			12
Ecolab, Inc.		111			22
Freeport-McMoRan, Inc.		1,584			18
International Paper Co.		792			28
LyondellBasell Industries NV ‘A’		657			43
Mosaic Co.		610			8
Newmont Corp.		421			26

	SHARES			MARKET VALUE (000S)
Nucor Corp.		107	$		4
PPG Industries, Inc.		139			15
Sealed Air Corp.		90			3
Sherwin-Williams Co.		12			7
United States Steel Corp.		209			2
Vulcan Materials Co.		26			3
WestRock Co.		326			9
					285
REAL ESTATE 0.1%
CBRE Group, Inc. ‘A’ (a)		155			7
Jones Lang LaSalle, Inc.		28			3
					10
UTILITIES 1.4%
American Water Works Co., Inc.		95			12
Consolidated Edison, Inc.		388			28
Edison International		352			19
Eversource Energy		125			10
Exelon Corp.		1,556			57
					126
Total United States					8,632
Total Common Stocks (Cost $10,509)					8,819
REAL ESTATE INVESTMENT TRUSTS 0.9%
UNITED STATES 0.9%
REAL ESTATE 0.9%
Equinix, Inc.		7			5
Equity Residential		103			6
Healthpeak Properties, Inc.		242			7
Host Hotels & Resorts, Inc.		987			11
Iron Mountain, Inc.		142			4
Park Hotels & Resorts, Inc.		245			2
Prologis, Inc.		118			11
Ventas, Inc.		229			8
Welltower, Inc.		222			11
Weyerhaeuser Co.		745			17
					82
Total Real Estate Investment Trusts (Cost $102)					82
Total Investments in Securities (Cost $10,611)					8,901
Total Investments 99.0% (Cost $10,611)			$		8,901
Other Assets and Liabilities, net 1.0%					87
Net Assets 100.0%			$		8,988

NOTES TO SCHEDULE OF INVESTMENTS:

* 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) Securities with an aggregate market value of $8 were out on loan in exchange for $8 of cash collateral as of June 30, 2020. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2020 55

Schedule of Investments PIMCO RAFI ESG U.S. Exchange-Traded Fund (Cont.)

June 30, 2020

BORROWINGS AND OTHER FINANCING TRANSACTIONS

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(1)
Master Securities Forward Transaction Agreement
GSC	$	0	$	0	$	0	$	8	$	8	$	(8	)	$	(0	)
Total Borrowings and Other Financing Transactions	$	0	$	0	$	0	$	8

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
Securities Lending Transactions(2)
Common Stocks	$	8	$	0	$	0	$	0	$	8
Total Borrowings	$	8	$	0	$	0	$	0	$	8
Payable for securities on loan - cash collateral									$	8

⁽¹⁾  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.

⁽²⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Common Stocks
Ireland
Industrials	$	13	$	0	$	0	$	13
Information Technology		66		0		0		66
Jersey, Channel Islands
Materials		5		0		0		5
Switzerland
Financials		9		0		0		9
United Kingdom
Communication Services		18		0		0		18
Consumer Staples		9		0		0		9
Financials		16		0		0		16
Industrials		8		0		0		8
Materials		43		0		0		43

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
United States
Communication Services	$	697	$	0	$	0	$	697
Consumer Discretionary		1,066		0		0		1,066
Consumer Staples		852		0		0		852
Financials		1,929		0		0		1,929
Health Care		1,511		0		0		1,511
Industrials		540		0		0		540
Information Technology		1,616		0		0		1,616
Materials		285		0		0		285
Real Estate		10		0		0		10
Utilities		126		0		0		126
Real Estate Investment Trusts
United States
Real Estate		82		0		0		82
Total Investments	$	8,901	$	0	$	0	$	8,901

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

56 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements

June 30, 2020

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on March 30, 2010. 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 the 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. Each Fund offers and issues shares only in aggregations of a specified number of shares (“Creation Units”).

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 functional and reporting currency for the Funds is the U.S. dollar. 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) Foreign Currency Translation  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.

ANNUAL REPORT JUNE 30, 2020 57

Notes to Financial Statements (Cont.)

(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 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
PIMCO RAFI ESG U.S. ETF		Quarterly		Quarterly

In addition, each Fund distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently. 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 its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and accounting practices, the Fund will notify shareholders 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 at a Fund’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements  In August 2018, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2018-13, which modifies certain disclosure requirements for fair value measurements in Accounting Standards Codification 820. The ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. At this time, management has elected to early adopt the ASU and the changes are incorporated in the financial statements.

In March 2020, the FASB issued ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31, 2022. At this time, management is evaluating implications of these changes on the 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 (normally 4:00 p.m., Eastern time) (“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

58 PIMCO EQUITY SERIES

June 30, 2020

calculated if the Fund closes earlier, or as permitted by the U.S. Securities and Exchange Commission (“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 are 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 are 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 Manager the responsibility for applying the fair

ANNUAL REPORT JUNE 30, 2020 59

Notes to Financial Statements (Cont.)

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 Board. 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 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

60 PIMCO EQUITY SERIES

June 30, 2020

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 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, London Interbank Offered Rate 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.

ANNUAL REPORT JUNE 30, 2020 61

Notes to Financial Statements (Cont.)

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund eligible to participate in securities lending may invest the cash collateral received for securities out on loan in the PIMCO Government Money Market Fund under the Securities Lending Agreement. All or a portion of Dividend Income as shown in the table below represents the income earned on the cash collateral invested in PIMCO Government Money Market Fund and is included on the Statements of Operations as a component of Securities Lending Income. PIMCO Government Money Market Fund is considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each affiliate fund’s shareholder report is also available at the SEC’s website at www.sec.gov, on the Funds’ website at www.pimco.com, or upon request, as applicable. The table below shows the Funds’ transactions in and earnings from investments in the affiliated Fund for the period ended June 30, 2020 (amounts in thousands^†):

Investments in PIMCO Government Money Market Fund

Fund Name	Market Value 06/30/2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 06/30/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	3,911	$	67,646	$	(65,519	)	$	0	$	0	$	6,038	$	87	$	0
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		29		560		(589	)		0		0		0		0		0
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		210		3,015		(3,186	)		0		0		39		3		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.

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.

Perpetual Bonds  are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

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 June 30, 2020, as applicable, 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

62 PIMCO EQUITY SERIES

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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. 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 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) Securities Lending  The Funds listed below may seek to earn additional income by lending their securities to certain qualified broker-dealers and institutions on a short-term or long-term basis via a lending agent.

Fund Name

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

PIMCO RAFI ESG U.S. ETF

Securities on loan are required to be secured by cash collateral at least equal to 102% of the domestic, or 105% of the foreign security’s market value. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Funds will then invest the cash collateral received in the PIMCO Government Money Market Fund and record a liability for the return of the collateral during the period the securities are on loan. Each Fund is subject to a lending limit of 33.33% of total assets (including the value of collateral).

The loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail to return loaned securities, the Fund has the right to repurchase the securities using the collateral in the open market.

The borrower pays fees at the Funds’ direction to the lending agent. The lending agent may retain a portion of the fees and interest earned on the cash collateral invested as compensation for its services. Investments made with the cash collateral are disclosed on the Schedules of Investments, if applicable. The lending fees and the Funds’ portion of the interest income earned on cash collateral are included on the Statements of Operations as securities lending income, if applicable.

(c) Interfund Lending  In accordance with an exemptive order (the “Order”) from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Funds’ investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may

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Notes to Financial Statements (Cont.)

lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the funds’ investment restrictions). If a borrowing funds’ total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

On March 23, 2020, the SEC issued an exemptive order (the “Temporary Order”) to provide temporary relief to the Funds of the Trust in relation to the Interfund Lending Program, and the Funds’ Board of Trustees has authorized the Funds to rely on the Temporary Order. With respect to interfund lending, the Temporary Order permits, under certain conditions, a lending fund to lend in aggregate up to 25% of its current net assets at the time of the interfund loan and to make interfund loans with term limits of up to the expiration of the Temporary Order, notwithstanding the current limit of seven business days under the Order. The SEC determined in June 2020 that the Temporary Order would not be extended after its expiration on June 30, 2020.

During the period ended June 30, 2020, the Funds did not participate in the Interfund Lending Program.

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 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.

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.

7. PRINCIPAL AND OTHER RISKS

(a) 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 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		PIMCO RAFI ESG U.S. ETF
New Fund		—		—		—		X
Small Fund		—		X		—		X
Market Trading		X		X		X		X
Equity		X		X		X		X
Credit		X		X		X		X
Market		X		X		X		X
Liquidity		X		X		X		X
Issuer		X		X		X		X
Derivatives		X		X		X		X
Foreign (Non-U.S.) Investment		X		X		—		—
Emerging Markets		X		—		—		—
Currency		X		X		—		—
Model		X		X		X		X
Leveraging		X		X		X		X
Management and Tracking Error		X		X		X		X
Indexing		X		X		X		X
Responsible Investing		—		—		—		X

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June 30, 2020

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 Fund Risk  is the risk that a new fund’s performance may not represent how the 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 funds may not attract sufficient assets to achieve investment and trading efficiencies.

Small Fund Risk  is the risk that a smaller Fund may not achieve investment or trading efficiencies. Additionally, a smaller Fund may be more adversely affected by large purchases or redemptions of Fund shares.

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, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as 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.

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 investments 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 the 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 or may rely on inaccurate data inputs, 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,

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Notes to Financial Statements (Cont.)

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.

Responsible Investing Risk  is the risk that, because a Fund’s responsible investment strategy may select or exclude securities of certain issuers for reasons other than performance, the Fund may underperform funds that do not utilize a responsible investment strategy. Responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by the Sub-Adviser or any judgment exercised by the Sub-Adviser will reflect the beliefs or values of any particular investor.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cybersecurity risks. Please see a Fund’s prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments (such as the anticipated discontinuation of the London Interbank Offered Rate) that may impact a Fund’s performance.

Market Disruption Risk  A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments,

public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund’s service providers, including PIMCO as a Fund’s investment adviser, rely, and could otherwise disrupt a Fund’s service providers’ ability to fulfill their obligations to a Fund. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities a Fund holds, and may adversely affect a Fund’s investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets  Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund’s ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund’s holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk  Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund’s ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk  An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures,

66 PIMCO EQUITY SERIES

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errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk  As the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

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 are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve 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 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 certain 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 certain 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. 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 generally exchanged daily, but may not be netted between

ANNUAL REPORT JUNE 30, 2020 67

Notes to Financial Statements (Cont.)

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.

9. 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%
PIMCO RAFI ESG U.S. 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 June 30, 2020, 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. 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 expenses; (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.

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, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier 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). 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. The waiver is reflected in the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

68 PIMCO EQUITY SERIES

June 30, 2020

In any month in which the investment management agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the Management Fee and/or other expenses waived or reimbursed as set forth above (the “Reimbursement Amount”) during the previous thirty-six months from the date of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO at June 30, 2020, were as follows (amounts in thousands^†):

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	74	$	28	$	34	$	136
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		118		2		3		123
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		113		6		7		126
PIMCO RAFI ESG U.S. Exchange-Traded Fund		0		0		78		78

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

10. RELATED PARTY TRANSACTIONS

The Manager 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.

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, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. 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 when distributed to shareholders). The transaction costs 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 June 30, 2020, 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	$	446,662	$	311,043
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0		0		13,059		14,355
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		0		0		34,788		34,391
PIMCO RAFI ESG U.S. Exchange-Traded Fund		0		0		4,512		1,509

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

13. 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.

ANNUAL REPORT JUNE 30, 2020 69

Notes to Financial Statements (Cont.)

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%
PIMCO RAFI ESG U.S. ETF	$	500		3.00%		2.00%

* Applicable to in-kind contributions or redemptions only.

** As a percentage of the net asset value per Creation Unit purchased or redeemed, inclusive of the standard creation transaction fee (if imposed).

14. INVESTMENT TRANSACTIONS

For the period ended June 30, 2020, certain Funds had in-kind contributions and in-kind redemptions as follows (amounts in thousands^†):

Fund Name	Contributions		Redemptions
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	106,916	$	35,940
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		14,813		28,614
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		55,996		116,907
PIMCO RAFI ESG U.S. ETF		25,148		11,731

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

The in-kind contributions and in-kind redemptions in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. The table represents the accumulation of each Fund’s daily net shareholder transactions while the Statements of Changes in Net Assets reflect gross shareholder transactions including any cash component of the transactions.

15. 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.

16. 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 June 30, 2020, 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.

70 PIMCO EQUITY SERIES

June 30, 2020

As of June 30, 2020, the components of distributable taxable earnings are as follows (amounts in thousands^†):

	Undistributed Ordinary Income(1)		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation)(2)			Other Book-to-Tax Accounting Differences(3)		Accumulated Capital Losses(4)			Qualified Late-Year Loss Deferral - Capital(5)		Qualified Late-Year Loss Deferral - Ordinary(6)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	3,171	$	0	$	(30,809	)	$	0	$	(97,025	)	$	0	$	0
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		101		0		(1,591	)		0		(6,310	)		0		0
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		95		0		(1,675	)		0		(12,504	)		0		0
PIMCO RAFI ESG U.S. ETF		65		0		(1,726	)		0		(405	)		0		0

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

⁽¹⁾  Includes undistributed short-term capital gains, if any.

⁽²⁾  Adjusted for open wash sale loss deferrals for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on Passive Foreign Investment Companies (PFICs), Real Estate Investment Trusts (REITs), and Convertible Preferred Securities.

⁽³⁾  Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America

⁽⁴⁾  Capital losses available to offset future net capital gains expire in varying amounts as shown below.

⁽⁵⁾  Capital losses realized during the period November 1, 2019 through June 30, 2020 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

⁽⁶⁾  Specified losses realized during the period November 1, 2019 through June 30, 2020 and Ordinary losses realized during the period January 1, 2020 through June 30, 2020, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company 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 June 30, 2020, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	57,600	$	39,425
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		3,529		2,781
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		9,257		3,247
PIMCO RAFI ESG U.S. ETF		405		0

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

As of June 30, 2020, 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)(7)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	647,705	$	54,116	$	(84,922	)	$	(30,806	)
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		25,564		1,753		(3,349	)		(1,596	)
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		27,196		1,276		(2,952	)		(1,676	)
PIMCO RAFI ESG U.S. ETF		10,627		161		(1,886	)		(1,725	)

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

⁽⁷⁾  Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to open wash sale loss deferrals, convertible preferred securities, unrealized gain or loss on Passive Foreign Investment Companies (PFICs), and Real Estate Investment Trusts (REITs)

ANNUAL REPORT JUNE 30, 2020 71

Notes to Financial Statements (Cont.)

June 30, 2020

For the fiscal years ended June 30, 2020 and June 30, 2019, respectively, the Funds made the following tax basis distributions (amounts in thousands^†):

	June 30, 2020						June 30, 2019
	Ordinary Income Distributions(8)		Long-Term Capital Gain Distributions		Return of Capital(9)		Ordinary Income Distributions(8)		Long-Term Capital Gain Distributions		Return of Capital(9)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	13,291	$	0	$	0	$	11,116	$	0	$	0
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		1,302		0		0		882		0		0
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		2,511		0		0		1,561		0		0
PIMCO RAFI ESG U.S. ETF		138		0		0		0		0		0

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

⁽⁸⁾  Includes short-term capital gains distributed, if any.

⁽⁹⁾  A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

72 PIMCO EQUITY SERIES

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Equity Series^® and Shareholders of 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 and PIMCO RAFI ESG U.S. ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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 and PIMCO RAFI ESG U.S. ETF (four of the funds constituting PIMCO Equity Series^®, hereafter collectively referred to as the “Funds”) as of June 30, 2020, the related statements of operations for the year ended June 30, 2020 (or for PIMCO RAFI ESG U.S. ETF, for the period December 18, 2019 (inception date) through June 30, 2020), the statements of changes in net assets for each of the two years in the period ended June 30, 2020 (or for PIMCO RAFI ESG U.S. ETF, for the period December 18, 2019 (inception date) through June 30, 2020), including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2020, the results of each of their operations for the year then ended (or for PIMCO RAFI ESG U.S. ETF, for the period December 18, 2019 (inception date) through June 30, 2020), the changes in each of their net assets for each of the two years in the period ended June 30, 2020 (or for PIMCO RAFI ESG U.S. ETF, for the period December 18, 2019 (inception date) through June 30, 2020), and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

August 20, 2020

We have served as the auditor of one or more investment companies in PIMCO Equity Series^® since 2010.

ANNUAL REPORT JUNE 30, 2020 73

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

(Unaudited)

Counterparty Abbreviations:
BCY	Barclays Capital, Inc.	FOB	Credit Suisse Securities (USA) LLC	MSC	Morgan Stanley & Co. LLC.
BPG	BNP Paribas Securities Corp.	GSC	Goldman Sachs & Co. LLC	SAL	Citigroup Global Markets, Inc.
BSN	The Bank of Nova Scotia - Toronto	MBC	HSBC Bank Plc	UBS	UBS Securities LLC
FICC	Fixed Income Clearing Corporation
Currency Abbreviations:
USD (or $)	United States Dollar
Exchange Abbreviations:
OTC	Over the Counter
Index/Spread Abbreviations:
H15T5Y	5 Year US Treasury Yield Curve Constant Maturity Rate
Other Abbreviations:
ADR	American Depositary Receipt	NVDR	Non-Voting Depositary Receipt	SP - ADR	Sponsored American Depositary Receipt
AID	Agency International Development	REIT	Real Estate Investment Trust	TBA	To-Be-Announced
GDR	Global Depositary Receipt

74 PIMCO EQUITY SERIES

Federal Income Tax Information

(Unaudited)

As required by the Internal Revenue Code (“Code”) and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Funds’ fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Funds’ dividend distribution that qualifies under tax law. The percentage of the following Funds’ Fiscal 2020 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below:

Qualified Dividend Income.  Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended June 30, 2020 was designated as ‘qualified dividend income’ as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2020:

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).  Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2020 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2020 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Foreign Taxes.  The Funds’ have made an election under the Internal Revenue Code Section 853 to pass through foreign taxes paid. Shareholders will receive more detailed information along with their Form 1099-DIV.

	Dividend Received Deduction %		Qualified Dividend Income %		Qualified Interest Income (000s†)		Qualified Short-Term Capital Gain (000s†)		Foreign Source Income		Foreign Taxes Pass Through
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		0%		82.46%	$	0	$	0	$	18,746,106	$	2,449,173
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0%		72.52%		0		0		1,064,234		92,743
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		84.00%		86.06%		0		0		0		0
PIMCO RAFI ESG U.S. ETF		0%		0%		0		0		0		0

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

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2021, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2020.

ANNUAL REPORT JUNE 30, 2020 75

Management of the Trust

The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Funds’ Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Funds’ website at www.pimco.com.

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served†	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Public Company and Investment Company Directorships Held by Trustee During the Past 5 Years
Interested Trustees1
Peter G. Strelow (1970) Chairman of the Board and Trustee	02/2019 to present	Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO.	146	Chairman and Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Brent R. Harris (1959) Trustee	03/2010 to present	Managing Director, PIMCO. Senior Vice President of the Trust, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust. Formerly, member of Executive Committee, PIMCO.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust; Director, StocksPLUS® Management, Inc; and member of Board of Governors, Investment Company Institute. Formerly, Chairman, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Independent Trustees
George E. Borst (1948) Trustee	05/2019 to present	Executive Advisor, McKinsey & Company; Formerly, Executive Advisor, Toyota Financial Services; and CEO, Toyota Financial Services.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, MarineMax Inc.
Jennifer Holden Dunbar (1963) Trustee	02/2016 to present	Managing Director, Dunbar Partners, LLC (business consulting and investments). Formerly, Partner, Leonard Green & Partners, L.P.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation.
Kym M. Hubbard (1957) Trustee	05/2019 to present	Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, State Auto Financial Corporation.
Gary F. Kennedy (1955) Trustee	05/2019 to present	Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group).	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.
Peter B. McCarthy (1950) Trustee	09/2011 to present	Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance.	146	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.
Ronald C. Parker (1951) Lead Independent Trustee	02/2016 to present Lead Independent Trustee 05/2019 to present	Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products).	146	Lead Independent Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.

* Unless otherwise noted, the information for the individuals listed is as of June 30, 2020.

¹  Mr. Harris and Mr. Strelow are “interested persons” of the Trust (as that term is defined in the Investment Company Act of 1940, as amended) because of their affiliations with PIMCO.

^†  Trustees serve until their successors are duly elected and qualified.

76 PIMCO EQUITY SERIES

(Unaudited)

Executive Officers

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years†
Eric D. Johnson (1970) President	06/2019 to present	Executive Vice President, PIMCO. President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
David C. Flattum (1964) Chief Legal Officer	05/2019 to present	Managing Director and General Counsel, PIMCO. Chief Legal Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Formerly, Managing Director, Chief Operating Officer and General Counsel, Allianz Asset Management of America L.P.
Keisha Audain-Pressley (1975)** Chief Compliance Officer	01/2020 to present	Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Brent R. Harris (1959) Senior Vice President	03/2010 to present	Managing Director, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Formerly, member of Executive Committee, PIMCO.
Joshua D. Ratner (1976)** Senior Vice President	05/2019 to present	Executive Vice President and Head of U.S. Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Peter G. Strelow (1970) Senior Vice President	06/2019 to present	Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO.
Ryan G. Leshaw (1980) Vice President, Senior Counsel, Secretary	05/2019 to present	Senior Vice President and Senior Counsel, PIMCO. Vice President, Senior Counsel and Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Associate, Willkie Farr & Gallagher LLP.
Wu-Kwan Kit (1981) Assistant Secretary	08/2017 to present	Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Assistant General Counsel, VanEck Associates Corp.
Stacie D. Anctil (1969) Vice President	05/2015 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Jeffrey A. Byer (1976) Vice President	02/2020 to present	Executive Vice President and Head of Americas Investment & Client Operations, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Brian J. Pittluck (1977) Vice President	01/2020 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Bradley A. Todd (1960) Treasurer	06/2019 to present	Senior Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Consultant, EY.
Bijal Y. Parikh (1978) Deputy Treasurer	01/2020 to present	Senior Vice President, PIMCO. Deputy Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Assistant Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Erik C. Brown (1967)** Assistant Treasurer	03/2010 to present	Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Brandon T. Evans (1982) Assistant Treasurer	05/2019 to present	Vice President, PIMCO. Assistant Treasurer, Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Colleen D. Miller (1980)** Assistant Treasurer	02/2017 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Christopher M. Morin (1980) Assistant Treasurer	08/2016 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Jason J. Nagler (1982)** Assistant Treasurer	05/2015 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.

ANNUAL REPORT JUNE 30, 2020 77

Management of the Trust (Cont.)

(Unaudited)

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years†
H. Jessica Zhang (1973)** Assistant Treasurer	01/2020 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.

* Unless otherwise noted, the information for the individuals listed is as of June 30, 2020.

^†  The term “PIMCO-Sponsored Closed-End Funds” as used herein includes: PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Credit and Mortgage Income Fund, PIMCO Dynamic Income Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS^® & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term “PIMCO-Sponsored Interval Funds” as used herein includes: PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund.

** The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

78 PIMCO EQUITY SERIES

Privacy Policy¹

(Unaudited)

The Funds^2,3 consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ non-public personal information. The Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers or sub-advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Funds do not disclose any non-public personal information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Funds or their affiliates may also retain non-affiliated companies to market Fund shares or products which use Fund shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Funds reserve the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Funds believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any Fund in which a shareholder has invested. In addition, the Funds may disclose information about a shareholder or a shareholder’s accounts to a non-affiliated third party at the shareholder’s request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Funds may share shareholder information with their affiliates in connection with servicing shareholders’ accounts, and subject to applicable law may provide shareholders with information about products and services that the Funds or their Advisers, distributors or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds may share may include, for example, a shareholder’s participation in the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), information about the Funds’ experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder’s accounts, subject to applicable law. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have implemented procedures that are designed to restrict access to a shareholder’s non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder’s non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Funds or their service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Funds or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Funds may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

¹ Amended as of June 25, 2020.

² PIMCO Investments LLC (“PI”) serves as the Funds’ distributor and does not provide brokerage services or any financial advice to investors in the Funds solely because it distributes the Funds. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to “the Funds” shall include PI when acting in this capacity.

³ When distributing this Policy, a Fund may combine the distribution with any similar distribution of its investment adviser’s privacy policy. The distributed, combined, policy may be written in the first person (i.e. by using “we” instead of “the Funds”).

ANNUAL REPORT JUNE 30, 2020 79

Liquidity Risk Management Program

(Unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), PIMCO Equity Series (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for each series of the Trust (each a “Fund” and collectively, the “Funds”), which is reasonably designed to assess and manage the Funds’ liquidity risk. The Trust’s Board of Trustees (the “Board”) previously approved the designation of the PIMCO Liquidity Risk Committee (the “Administrator”) as Program administrator. The PIMCO Liquidity Risk Committee consists of senior members from certain PIMCO business areas, such as Portfolio Risk Management, Operations, Compliance, Funds Business Group, Account Management and Portfolio Management.

A Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions. Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. Each Fund has adopted a “Highly Liquid Investment Minimum” (or “HLIM”), which is a minimum amount of Fund net assets to be invested in highly liquid investments that are assets. As required under the Liquidity Rule, each Fund’s HLIM is periodically reviewed, no less frequently than annually, and the Funds have adopted policies and procedures for responding to a shortfall of a Fund’s highly liquid investments below its HLIM. The Liquidity Rule also limits the Funds’ investments in illiquid investments by prohibiting a Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. Certain non-public reporting is generally required if a Fund’s holdings of illiquid investments that are assets were to exceed 15% of Fund net assets.

At a meeting of the Board held on February 11-12, 2020, the Board received a report (the “Report”) from the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through November 30, 2019. The Report noted that the Program is operating effectively to assess and manage each Fund’s liquidity risk and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Funds’ liquidity developments. This has remained true for the 12-month reporting period ended June 30, 2020.

80 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 & Trust Co.

State Street Financial Center

One Lincoln Street

Boston, MA 02111

Transfer Agent

State Street Bank & Trust Co.

State Street Financial Center

One Lincoln Street

Boston, MA 02111

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 Funds listed on the Report cover.

PES3004AR_063020

Item 2. Code of Ethics.

As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer and principal financial officer. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the principal executive officer or principal financial officer during the period covered by this report.

A copy of the Code is included as an exhibit to this report.

Item 3. Audit Committee Financial Expert.

The Board of Trustees has determined that Peter B. McCarthy, who serves on the Board’s Audit Committee, qualifies as an “audit committee financial expert” as such term is defined in the instructions to this Item 3. The Board has also determined that Mr. McCarthy is “independent” as such term is interpreted under this Item 3.

Item 4. Principal Accountant Fees and Services.

(a)	Fiscal Year Ended	Audit Fees
	June 30, 2020	$ 680,748
	June 30, 2019	$ 658,743
(b)	Fiscal Year Ended	Audit-Related Fees(1)
	June 30, 2020	$ —
	June 30, 2019	$ —
(c)	Fiscal Year Ended	Tax Fees
	June 30, 2020	$ 81,275
	June 30, 2019	$ 16,550
(d)	Fiscal Year Ended	All Other Fees(2)
	June 30, 2020	$ —
	June 30, 2019	$ —

“Audit Fees” represents aggregate fees billed for each of the last two fiscal years for professional services rendered for the audit of the PIMCO Equity Series (the “Trust” or “Registrant”) annual financial statements or services that are normally provided by the accountant in connection with statutory or regulatory filings or engagements for those fiscal years.

“Audit-Related Fees” represents aggregate fees billed for each of the last two fiscal years for assurance and related services reasonably related to the performance of the audit of the Trust’s annual financial statements for those years.

“Tax Fees” represents aggregate fees billed for each of the last two fiscal years for professional services related to tax compliance, tax advice and tax planning, including review of federal and state income tax returns, review of excise tax distribution requirements and preparation of excise tax returns.

“All Other Fees” represents aggregate fees, if any, billed for other products and services rendered by the principal accountant to the Trust for the last two fiscal years.

___________

⁽¹⁾  There were no “Audit-Related Fees” for the last two fiscal years.

⁽²⁾  There were no “All Other Fees” for the last two fiscal years.

(e) Pre-approval policies and procedures

(1) The Registrant’s Audit Committee has adopted pre-approval policies and procedures (the “Procedures”) to govern the Audit Committee’s pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant’s investment adviser and to any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the “Service Affiliates”) if the services provided directly relate to the Registrant’s operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant’s financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of types or categories of non-audit services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting.

(2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g)

	Aggregate Non-Audit Fees Billed to Entity
Entity	June 30, 2020		June 30, 2019
PIMCO Equity Series Trust	$	81,275	$	16,550
Pacific Investment Management Company LLC (“PIMCO”)		18,842,940		12,402,651
Totals	$	18,924,215	$	12,419,201

(h) The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Audit Committee is comprised of:

George E. Borst

Jennifer Holden Dunbar

Kym M. Hubbard

Gary F. Kennedy

Peter B. McCarthy

Ronald C. Parker

Item 6. Schedule of Investments.

The information required by this Item 6 is included as part of the annual report 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 to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

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 last 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 to open-end investment companies.

Item 13. Exhibits.

(a)(1)	Exhibit 99.CODE—Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.
(a)(2)	Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(a)(3)	Not applicable for open-end investment companies.
(a)(4)	There was no change in the registrant’s independent public accountant for the period covered by the report.
(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/   Eric D. Johnson
	Eric D. Johnson
	President (Principal Executive Officer)
Date:	August 26, 2020

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/   Eric D. Johnson
	Eric D. Johnson
	President (Principal Executive Officer)
Date:	August 26, 2020
By:	/s/   Bradley Todd
	Bradley Todd
	Treasurer (Principal Financial & Accounting Officer)
Date:	August 26, 2020