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)

Bijal Y. Parikh

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:

Adam T. Teufel

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, 2022

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.

(a) 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 Dividend and Income Fund

• PIMCO RAE Emerging Markets Fund

• PIMCO RAE Global ex-US Fund

• PIMCO RAE International Fund

• PIMCO RAE US Fund

• PIMCO RAE US Small Fund

• PIMCO REALPATH^® Blend 2025 Fund

• PIMCO REALPATH^® Blend 2030 Fund

• PIMCO REALPATH^® Blend 2035 Fund

• PIMCO REALPATH^® Blend 2040 Fund

• PIMCO REALPATH^® Blend 2045 Fund

• PIMCO REALPATH^® Blend 2050 Fund

• PIMCO REALPATH^® Blend 2055 Fund

• PIMCO REALPATH^® Blend 2060 Fund

• PIMCO REALPATH^® Blend Income Fund

• 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

PIMCO EQUITY SERIES^®

Annual Report

June 30, 2022

PIMCO Dividend and Income Fund

Table of Contents

	Page
Chairman’s Letter		2
Important Information About the PIMCO Dividend and Income Fund		5
Fund Summary		10
Expense Example		15
Financial Highlights		16
Statement of Assets and Liabilities		18
Statement of Operations		20
Statements of Changes in Net Assets		21
Schedule of Investments		22
Notes to Financial Statements		56
Report of Independent Registered Public Accounting Firm		92
Glossary		93
Federal Income Tax Information		94
Distribution Information		95
Management of the Trust		96
Privacy Policy		99
Liquidity Risk Management Program		101

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 remaining 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, 2022. On the subsequent pages, you will find specific details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended June 30, 2022

The global economy continued to be affected by the COVID-19 pandemic (“COVID-19”) and its variants. Looking back, third quarter 2021 U.S. annualized gross domestic product (“GDP”) grew 2.3%. Economic activity accelerated during the fourth quarter, as GDP growth was 6.9%. However, the U.S. economy then experienced a setback, as first quarter 2022 GDP growth was -1.6%. Finally, the Commerce Department’s initial estimate for second quarter 2022 GDP growth — released after the reporting period ended — was -0.9%.

In the U.S., the Federal Reserve Board (the “Fed”) took several steps to tighten monetary policy to combat elevated inflation. The Fed reduced the monthly pace of its net asset purchases of Treasury securities and agency mortgage-backed securities in November 2021 and again in December. The Fed ended its monthly asset purchases in mid-March 2022. The Fed then raised the federal funds rate 0.25% to a range between 0.25% and 0.50% in March 2022, its first rate hike since 2018. The central bank then raised rates 0.50% in its May 2022 meeting and 0.75% in its June meeting. Finally, on July 27, 2022 — after the reporting period ended — the Fed raised rates 0.75%, to a range between 2.25% and 2.50%.

Economies outside the U.S. also continued to be impacted by the pandemic. The war in Ukraine and its repercussions also led to increased uncertainties around the world. In its April 2022 World Economic Outlook Update, the International Monetary Fund (“IMF”) said it expects U.S. gross domestic product (“GDP”) growth to be 3.7% in 2022, compared to 5.7% in 2021. Elsewhere, the IMF expects 2022 GDP to grow 2.8% in the eurozone (from 5.3% in 2021), 3.7% in the U.K. (from 7.4% in 2021) and 2.4% in Japan (from 1.6% in 2021).

Several other central banks began tightening monetary policy during the period. In December 2021, the Bank of England (the “BoE”) surprised the market and raised rates for the first time since COVID-19 began. The BoE again raised rates at its meetings in February, March, May and June 2022. The European Central Bank (the “ECB”) indicated that it intended to raise rates at its September 2022 meeting.

2 PIMCO EQUITY SERIES

Elsewhere, the Bank of Japan (the “BoJ”) maintained its loose monetary policy and appears likely to remain accommodative in the near future given the headwinds facing its economy.

During the reporting period, short- and long-term U.S. Treasury yields moved sharply higher. The yield on the benchmark 10-year U.S. Treasury note was 2.98% on June 30, 2022, versus 1.45% on June 30, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -7.91%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -12.75%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -12.85%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -19.25%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -19.28%.

Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -10.62%. Global equities, as represented by the MSCI World Index, returned -14.34%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -25.28%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned -8.33% and European equities, as represented by the MSCI Europe Index (in EUR), returned -6.54%.

Commodity prices were volatile and generated mixed returns. Brent crude oil, which was approximately $75 a barrel at the start of the reporting period, rose to roughly $112 a barrel at the end of June 2022. We believe the oil-price increase was driven by supply shortages and stronger demand due to economic re-openings as COVID-19 restrictions eased. Repercussions from the war in Ukraine also contributed to higher oil prices. In terms of other commodities prices, copper declined, whereas gold rose during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was due to several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 11.59%, 11.95% and 18.13% 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

ANNUAL REPORT JUNE 30, 2022 3

Chairman’s Letter (Cont.)

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

ANNUAL REPORT JUNE 30, 2022 5

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

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from other countries, each 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 ultimately phase out the use of LIBOR. 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). Any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. The transition may also 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. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

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 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

6 PIMCO EQUITY SERIES

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 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

ANNUAL REPORT JUNE 30, 2022 7

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

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.

SEC rules 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. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary or, if invested directly with the Fund, investors can inform the Fund by calling (888) 87-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with the Fund or to all funds held in the investor’s account if invested through a financial intermediary.

In August 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.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions that was applicable to the Fund as of the date of this report. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and a certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Fund to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Fund’s investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements is August 19, 2022.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Investment Company Act of 1940 (the “Act”) without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the associated recordkeeping requirements is September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an

8 PIMCO EQUITY SERIES

expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Fund will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Fund) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Fund will not be known unless and until any final rulemaking is adopted.

ANNUAL REPORT JUNE 30, 2022 9

PIMCO Dividend and Income Fund

Cumulative Returns Through June 30, 2022

$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, 2022
		1 Year		5 Years		10 Years		Fund Inception (12/14/11)
	PIMCO Dividend and Income Fund Institutional Class		(7.76)%		3.97%		5.45%		5.85%
	PIMCO Dividend and Income Fund I-2		(7.93)%		3.86%		5.34%		5.76%
	PIMCO Dividend and Income Fund Class A		(8.16)%		3.60%		5.07%		5.48%
	PIMCO Dividend and Income Fund Class A (adjusted)		(13.21)%		2.44%		4.48%		4.91%
	PIMCO Dividend and Income Fund Class C		(8.76)%		2.83%		4.29%		4.69%
	PIMCO Dividend and Income Fund Class C (adjusted)		(9.65)%		2.83%		4.29%		4.69%
	MSCI ACWI High Dividend Yield Net USD±ª		(7.15)%		5.36%		6.92%		7.37%
	MSCI World Index		(14.34)%		7.67%		9.51%		9.98%
	50% MSCI ACWI High Dividend Yield Index / 50% Bloomberg US Aggregate Index±±		(8.59)%		3.35%		4.39%		4.70%

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 Effective November 1, 2021, the Fund’s primary benchmark is the MSCI ACWI High Dividend Yield Index. The Fund believes that the new primary benchmark better aligns with the Fund’s investment strategy. Prior to November 1, 2021, the Fund’s primary benchmark was the MSCI World Index.

^± MSCI ACWI High Dividend Yield Net USD includes large and mid cap stocks across a group of developed markets and emerging markets countries. The index is designed to include companies with high dividend income and quality characteristics, and that have higher than average dividend yields that are both sustainable and persistent. Securities are screened based on track record of consistent dividend payments with capacity to sustain dividend payouts into the future. Securities are also screened based on certain quality factors such as return on equity, earnings variability, debt to equity, and recent 12-month price performance. Issuer weights are capped at 5%. The index is market cap weighted and rebalanced semi-annually in May and November.

10 PIMCO EQUITY SERIES

Institutional Class - PQIIX	I-2 - PQIPX
Class A - PQIZX	Class C - PQICX

^±± The MSCI ACWI High Dividend Yield Index includes large and mid cap stocks across a group of developed markets and emerging markets countries. The index is designed to include companies with high dividend income and quality characteristics, and that have higher than average dividend yields that are both sustainable and persistent. Securities are screened based on track record of consistent dividend payments with capacity to sustain dividend payouts into the future. Securities are also screened based on certain quality factors such as return on equity, earnings variability, debt to equity, and recent 12-month price performance. Issuer weights are capped at 5%. The index is market cap weighted and rebalanced semi-annually in May and November. The Bloomberg US Aggregate Index represents securities that are registered with the Securities and Exchange Commission, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

The MSCI World Index is a broad global equity index that represents large and mid-cap equity performance across all 23 developed markets countries. It covers approximately 5% of the free float-adjusted market capitalization in each country.

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 was 0.73% for Institutional Class shares, 0.83% for I-2 shares, 1.08% for Class A shares, and 1.83% 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.

ANNUAL REPORT JUNE 30, 2022 11

PIMCO Dividend and Income Fund (Cont.)

Geographic Breakdown as of June 30, 2022†§
United States	62.1	%
Short-Term Instruments‡	7.1	%
United Kingdom	6.1	%
Switzerland	3.3	%
Japan	2.8	%
China	2.2	%
Australia	2.0	%
Brazil	1.6	%
France	1.5	%
Canada	1.3	%
Other	10.0	%

Sector Breakdown as of June 30, 2022†§
Industrials	11.6	%
Health Care	9.9	%
U.S. Government Agencies	9.3	%
Asset-Backed Securities	7.9	%
Short-Term Instruments‡	7.1	%
Consumer Staples	6.4	%
Financials	5.9	%
Real Estate	5.3	%
Information Technology	5.2	%
Non-Agency Mortgage-Backed Securities	4.8	%
Materials	4.1	%
U.S. Treasury Notes	3.7	%
Utilities	3.4	%
Loan Participations and Assignments	3.4	%
Banking & Finance	3.0	%
U.S. Treasury Inflation Protected Securities	2.4	%
Energy	1.9	%
Consumer Discretionary	1.3	%
Communication Services	1.3	%
Other	2.1	%

^†  % 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.

12 PIMCO EQUITY SERIES

Institutional Class - PQIIX	I-2 - PQIPX
Class A - PQIZX	Class C - PQICX

Investment Objective and Strategy Overview

PIMCO Dividend and Income Fund seeks to provide current income, 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 35-65% of its assets in equity and equity-related securities (such portion of the Fund’s portfolio, the “Equity Sleeve”) selected in accordance with PIMCO’s systematic equity income strategy. Equity-related securities include securities having an equity component (e.g., hybrids, bank capital, certain real estate investment trusts (“REITs”) and business development companies (“BDCs”)) 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 securities for the Equity Sleeve are selected by PIMCO from a broad universe of global equities. The Fund will also typically invest 35-65% of its assets in “Fixed Income Instruments” of varying maturities selected primarily based on their ability to deliver consistent income, subject to prudent risk management. 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.

Fund Insights

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

Equity Portfolio:

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

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

» There were no other material contributors for this Fund.

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

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

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

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

Tactical Portfolio:

» Exposure to the real estate sector detracted from returns, as the sector delivered negative returns.

» There were no material contributors for this Fund.

ANNUAL REPORT JUNE 30, 2022 13

PIMCO Dividend and Income Fund (Cont.)

Fixed Income Portfolio:

» Short exposure to United Kingdom (“U.K.”) duration contributed to performance, as interest rates in the U.K. rose across the yield curve.

» Exposure to a basket of emerging market currencies, including the Russian ruble, contributed to performance, as these currencies appreciated versus the U.S. dollar.

» There were no other material contributors for this Fund.

» Exposure to United States (“U.S.”) duration detracted from performance, as U.S. interest rates rose across the yield curve.

» Holdings of high yield corporate credit detracted from performance, as spreads on these securities widened.

» Exposure to emerging market external debt detracted from performance, as these securities posted negative returns.

» Holdings of investment grade corporate credit detracted from performance, as spreads on these securities widened.

14 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, 2022 to June 30, 2022 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 (01/01/22)		Ending Account Value (06/30/22)		Expenses Paid During Period*		Beginning Account Value (01/01/22)		Ending Account Value (06/30/22)		Expenses Paid During Period*		Net Annualized Expense Ratio**
Institutional Class	$	1,000.00	$	901.80	$	3.26	$	1,000.00	$	1,021.09	$	3.47		0.70	%
I-2		1,000.00		900.50		3.73		1,000.00		1,020.60		3.96		0.80
Class A		1,000.00		899.90		4.89		1,000.00		1,019.37		5.20		1.05
Class C		1,000.00		897.20		8.37		1,000.00		1,015.69		8.90		1.80

* 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 179/365 (to reflect the one-half year period).

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

ANNUAL REPORT JUNE 30, 2022 15

Financial Highlights PIMCO Dividend and Income Fund

				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			Total
Institutional Class
06/30/2022		$	12.72		$	0.47		$	(1.42	)		$	(0.95	)		$	(0.42	)		$	0.00		$	(0.42	)
06/30/2021			9.71			0.44			3.03				3.47				(0.46	)			0.00			(0.46	)
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	)
I-2
06/30/2022			12.74			0.48			(1.44	)			(0.96	)			(0.41	)			0.00			(0.41	)
06/30/2021			9.72			0.41			3.06				3.47				(0.45	)			0.00			(0.45	)
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	)
Class A
06/30/2022			12.71			0.43			(1.42	)			(0.99	)			(0.39	)			0.00			(0.39	)
06/30/2021			9.70			0.39			3.04				3.43				(0.42	)			0.00			(0.42	)
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	)
Class C
06/30/2022			12.72			0.34			(1.43	)			(1.09	)			(0.31	)			0.00			(0.31	)
06/30/2021			9.70			0.27			3.07				3.34				(0.32	)			0.00			(0.32	)
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	)

^ 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.

^(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)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund. Additionally, excludes initial sales charges and contingent deferred sales charges.

^(e)  Effective November 1, 2021, the Fund’s Investment advisory fee was decreased by 0.01% to an annual rate of 0.44%.

^(f)  Effective November 1, 2021, the Class’s Supervisory and Administrative fees was decreased by 0.05% to an annual rate of 0.25%.

^(g)  Effective October 1, 2020, the Fund’s Investment advisory fee was decreased by 0.04% to an annual rate of 0.45%.

^(h)  Effective November 1, 2021, the Class’s Supervisory and Administrative fees was decreased by 0.05% to an annual rate of 0.35%.

16 PIMCO EQUITY SERIES See Accompanying Notes

						Ratios/Supplemental Data
									Ratios to Average Net Assets
Net Asset Value End of Year(a)			Total Return(d)			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
	$	11.35		(7.76	)%		$	12,660		0.71	%(e)(f)		0.72	%(e)(f)		0.71	%(e)(f)		0.72	%(e)(f)		3.80	%		254	%
		12.72		36.27				32,512		0.79	(g)		0.80	(g)		0.77	(g)		0.78	(g)		3.79			218
		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
		11.37		(7.78	)			17,950		0.81	(e)(h)		0.82	(e)(h)		0.81	(e)(h)		0.82	(e)(h)		3.83			254
		12.74		36.19				19,919		0.89	(g)		0.90	(g)		0.87	(g)		0.88	(g)		3.64			218
		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
		11.33		(8.08	)			120,215		1.06	(e)(h)		1.07	(e)(h)		1.06	(e)(h)		1.07	(e)(h)		3.47			254
		12.71		35.89				136,346		1.14	(g)		1.15	(g)		1.12	(g)		1.13	(g)		3.41			218
		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
		11.32		(8.76	)			15,021		1.81	(e)(h)		1.82	(e)(h)		1.81	(e)(h)		1.82	(e)(h)		2.73			254
		12.72		34.82				18,882		1.89	(g)		1.90	(g)		1.87	(g)		1.88	(g)		2.52			218
		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

ANNUAL REPORT JUNE 30, 2022 17

Statement of Assets and Liabilities PIMCO Dividend and Income Fund

(Amounts in thousands†, except per share amounts)
Assets:
Investments, at value
Investments in securities*	$	167,344
Investments in Affiliates		11,603
Financial Derivative Instruments
Exchange-traded or centrally cleared		320
Over the counter		345
Cash		55
Deposits with counterparty		1,960
Foreign currency, at value		506
Receivable for investments sold		223
Receivable for investments sold on a delayed-delivery basis		17
Receivable for TBA investments sold		16,702
Receivable for Fund shares sold		281
Interest and/or dividends receivable		1,483
Dividends receivable from Affiliates		10
Reimbursement receivable from PIMCO		3
Total Assets		200,852
Liabilities:
Financial Derivative Instruments
Exchange-traded or centrally cleared	$	350
Over the counter		688
Payable for investments purchased		173
Payable for investments in Affiliates purchased		10
Payable for TBA investments purchased		33,474
Payable for unfunded loan commitments		15
Payable for Fund shares redeemed		148
Accrued investment advisory fees		61
Accrued supervisory and administrative fees		48
Accrued distribution fees		10
Accrued servicing fees		29
Total Liabilities		35,006
Net Assets	$	165,846
Net Assets Consist of:
Paid in capital	$	259,009
Distributable earnings (accumulated loss)		(93,163	)
Net Assets	$	165,846
Cost of investments in securities	$	178,437
Cost of investments in Affiliates	$	11,610
Cost of foreign currency held	$	514
Cost or premiums of financial derivative instruments, net	$	(1,271	)
* Includes repurchase agreements of:	$	1,002

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

18 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

Net Assets:
Institutional Class	$	12,660
I-2		17,950
Class A		120,215
Class C		15,021
Shares Issued and Outstanding:
Institutional Class		1,116
I-2		1,579
Class A		10,615
Class C		1,327
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	11.35
I-2		11.37
Class A		11.33
Class C		11.32

^(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, 2022 19

Statement of Operations PIMCO Dividend and Income Fund

Year Ended June 30, 2022
(Amounts in thousands†)
Investment Income:
Interest	$	2,834
Dividends, net of foreign taxes*		5,894
Dividends from Investments in Affiliates		56
Total Income		8,784
Expenses:
Investment advisory fees		857
Supervisory and administrative fees		684
Distribution and/or servicing fees - Class A		329
Distribution and/or servicing fees - Class C		168
Trustee fees		13
Interest expense		9
Miscellaneous expense		13
Total Expenses		2,073
Waiver and/or Reimbursement by PIMCO		(14	)
Net Expenses		2,059
Net Investment Income (Loss)		6,725
Net Realized Gain (Loss):
Investments in securities		18,216
Investments in Affiliates		(33	)
Exchange-traded or centrally cleared financial derivative instruments		(346	)
Over the counter financial derivative instruments		1,334
Foreign currency		62
Net Realized Gain (Loss)		19,233
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(41,679	)
Investments in Affiliates		(7	)
Exchange-traded or centrally cleared financial derivative instruments		1,023
Over the counter financial derivative instruments		(523	)
Foreign currency assets and liabilities		(21	)
Net Change in Unrealized Appreciation (Depreciation)		(41,207	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(15,249	)
* Foreign tax withholdings - Dividends	$	273

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

20 PIMCO EQUITY SERIES See Accompanying Notes

Statements of Changes in Net Assets PIMCO Dividend and Income Fund

(Amounts in thousands†)	Year Ended June 30, 2022			Year Ended June 30, 2021
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	6,725		$	6,225
Net realized gain (loss)		19,233			9,367
Net change in unrealized appreciation (depreciation)		(41,207	)		40,077
Net Increase (Decrease) in Net Assets Resulting from Operations		(15,249	)		55,669
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(894	)		(853	)
I-2		(566	)		(728	)
Class A		(4,051	)		(4,278	)
Class C		(414	)		(841	)
Total Distributions(a)		(5,925	)		(6,700	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		(20,639	)		(19,776	)
Total Increase (Decrease) in Net Assets		(41,813	)		29,193
Net Assets:
Beginning of year		207,659			178,466
End of year	$	165,846		$	207,659

^†  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, 2022 21

Schedule of Investments PIMCO Dividend and Income Fund

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.9%
ASSET-BACKED SECURITIES 8.5%
CAYMAN ISLANDS 0.2%
TruPS Financials Note Securitization Ltd.
3.666% due 09/20/2039 •	$		361	$		341
Total Cayman Islands						341
UNITED STATES 8.3%
Bear Stearns Asset-Backed Securities Trust
3.499% due 12/25/2034 •			973			931
Citigroup Mortgage Loan Trust, Inc.
2.254% due 02/25/2035 •			1,093			1,032
Conseco Finance Corp.
6.280% due 09/01/2030			66			67
Credit Suisse First Boston Mortgage Securities Corp.
2.244% due 01/25/2032 •			592			564
EMC Mortgage Loan Trust
2.924% due 02/25/2041 •			21			20
Home Equity Asset Trust
2.329% (US0001M + 0.705%) due 01/25/2036 ~			141			136
LCCM Trust
2.774% due 11/15/2038 •			1,000			973
Legacy Mortgage Asset Trust
3.383% due 01/28/2070 •			311			311
Morgan Stanley Home Equity Loan Trust
1.724% due 12/25/2036 •			1,423			772
Navient Student Loan Trust
2.674% (US0001M + 1.050%) due 12/27/2066 ~			436			430
Option One Mortgage Loan Trust
1.844% due 04/25/2037 •			2,060			1,541
Residential Asset Mortgage Products Trust
2.689% (US0001M + 0.710%) due 05/25/2035 ~			1,000			948
Residential Asset Securities Corp. Trust
2.509% due 01/25/2034 •			401			396
SLM Private Credit Student Loan Trust
2.159% due 06/15/2039 •			1,040			991
SMB Private Education Loan Trust
1.830% due 02/16/2055 •			900			897
Soundview Home Loan Trust
2.029% due 12/25/2036 •			1,000			965
2.624% (US0001M + 1.000%) due 09/25/2037 ~			1,990			1,532
Structured Asset Investment Loan Trust
1.774% due 09/25/2036 •			613			597

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Upstart Securitization Trust
1.310% due 11/20/2031	$		710	$		684
Total United States						13,787
Total Asset-Backed Securities (Cost $14,794)						14,128
LOAN PARTICIPATIONS AND ASSIGNMENTS 3.7%
CANADA 0.4%
Air Canada
4.250% (LIBOR03M + 3.500%) due 08/11/2028 «~			650			600
Total Canada						600
LUXEMBOURG 0.0%
Intelsat Jackson Holdings SA
4.920% due 02/01/2029			59			54
Total Luxembourg						54
PANAMA 0.5%
Carnival Corp.
5.877% (LIBOR06M + 3.000%) due 06/30/2025 ~			397			371
6.127% (LIBOR06M + 3.250%) due 10/18/2028 ��~			520			468
Total Panama						839
UNITED KINGDOM 0.8%
Ineos Finance PLC
2.500% (EUR003M + 2.000%) due 04/01/2024 ~	EUR		837			839
Softbank Vision Fund
5.000% due 12/21/2025 «	$		378			378
Total United Kingdom						1,217
UNITED STATES 2.0%
AmSurg Corp.
13.000% due 04/30/2028 «			141			131
Avolon TLB Borrower 1 (U.S.) LLC
3.095% (LIBOR01M + 1.500%) due 02/12/2027 ~			7			6
Caesars Resort Collection LLC
4.416% (LIBOR01M + 2.750%) due 12/23/2024 ~			1,000			966
Envision Healthcare Corp.
TBD% due 04/30/2027 µ			15			15
8.875% due 04/30/2027			85			83

22 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Hilton Worldwide Finance LLC
3.374% (LIBOR01M + 1.750%) due 06/22/2026 ~	$		230	$		221
Lealand Finance Co. BV
4.666% (LIBOR01M + 3.000%) due 06/28/2024 «~			1			1
Lealand Finance Co. BV (2.666% Cash and 3.000% PIK)
5.666% (LIBOR01M + 1.000%) due 06/30/2025 ~(a)			3			1
Press Ganey (Azalea Topco)
4.739% - 5.166% (LIBOR03M + 3.500%) due 07/24/2026 ~			3			3
PUG LLC
5.166% (LIBOR01M + 3.500%) due 02/12/2027 ~			4			4
SkyMiles IP Ltd.
4.813% (LIBOR03M + 3.750%) due 10/20/2027 ~			550			546
Sotera Health Holdings LLC
4.416% (LIBOR01M + 2.750%) due 12/11/2026 ~			525			500
Syniverse Holdings, Inc.
8.286% due 05/13/2027			8			7
Uber Technologies, Inc.
5.075% (LIBOR03M + 3.500%) due 02/25/2027 ~			889			854
Westmoreland Mining Holdings LLC (15.000% PIK)
15.000% due 03/15/2029 (a)			5			3
Total United States						3,341
Total Loan Participations and Assignments (Cost $6,530)						6,051
		SHARES
COMMON STOCKS 44.7%
AUSTRALIA 1.9%
INDUSTRIALS 0.1%
Aurizon Holdings Ltd.			43,397			114
MATERIALS 1.8%
BHP Group Ltd.			63,814			1,827
Fortescue Metals Group Ltd.			44,625			537
Rio Tinto Ltd.			10,065			718
						3,082
Total Australia						3,196

	SHARES			MARKET VALUE (000S)
BELGIUM 0.1%
FINANCIALS 0.1%
Ageas SA		5,217	$		230
Total Belgium					230
BRAZIL 1.3%
COMMUNICATION SERVICES 0.1%
Telefonica Brasil SA		13,200			119
CONSUMER STAPLES 0.1%
Ambev SA		50,700			130
ENERGY 0.3%
Petroleo Brasileiro SA		100,600			587
FINANCIALS 0.1%
Banco do Brasil SA		23,200			148
MATERIALS 0.7%
Vale SA		84,300			1,233
Total Brazil					2,217
CANADA 0.8%
CONSUMER DISCRETIONARY 0.1%
Canadian Tire Corp. Ltd. ‘A’		700			88
CONSUMER STAPLES 0.3%
George Weston Ltd.		1,089			127
Loblaw Cos., Ltd.		4,441			401
					528
FINANCIALS 0.2%
Fairfax Financial Holdings Ltd.		660			350
INDUSTRIALS 0.1%
Toromont Industries Ltd.		2,191			177
MATERIALS 0.1%
Lundin Mining Corp.		17,072			108
Total Canada					1,251

See Accompanying Notes ANNUAL REPORT JUNE 30, 2022 23

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

	SHARES			MARKET VALUE (000S)
CHINA 2.3%
ENERGY 0.2%
China Shenhua Energy Co. Ltd. ‘H’		92,000	$		264
PetroChina Co. Ltd. ‘H’		452,000			212
					476
FINANCIALS 1.8%
Agricultural Bank of China Ltd. ‘H’		327,000			124
China Construction Bank Corp. ‘H’		2,376,000			1,602
Industrial & Commercial Bank of China Ltd. ‘H’		1,486,000			887
PICC Property & Casualty Co. Ltd. ‘H’		186,000			194
Postal Savings Bank of China Co. Ltd. ‘H’		209,000			166
					2,973
INDUSTRIALS 0.1%
COSCO SHIPPING Holdings Co. Ltd. ‘H’		86,500			121
INFORMATION TECHNOLOGY 0.1%
Lenovo Group Ltd.		190,000			178
UTILITIES 0.1%
China Longyuan Power Group Corp. Ltd. ‘H’		70,000			136
Total China					3,884
CZECH REPUBLIC 0.1%
UTILITIES 0.1%
CEZ AS		4,352			196
Total Czech Republic					196
DENMARK 0.3%
INDUSTRIALS 0.3%
AP Moller - Maersk AS ‘A’		85			197
AP Moller - Maersk AS ‘B’		145			341
					538
Total Denmark					538

	SHARES			MARKET VALUE (000S)
FRANCE 1.4%
COMMUNICATION SERVICES 0.3%
Orange SA		42,232	$		498
HEALTH CARE 0.9%
Sanofi		14,363			1,448
INDUSTRIALS 0.2%
Bouygues SA		6,065			187
Thales SA		1,065			131
					318
Total France					2,264
GERMANY 0.3%
UTILITIES 0.3%
RWE AG		14,749			546
Total Germany					546
GREECE 0.1%
CONSUMER DISCRETIONARY 0.1%
OPAP SA		8,207			118
Total Greece					118
HONG KONG 0.2%
INDUSTRIALS 0.1%
Orient Overseas International Ltd.		4,000			107
SITC International Holdings Co. Ltd.		35,000			99
					206
UTILITIES 0.1%
CLP Holdings Ltd.		13,500			112
Total Hong Kong					318
INDONESIA 0.4%
COMMUNICATION SERVICES 0.2%
Telkom Indonesia Persero Tbk PT		1,334,600			359
CONSUMER DISCRETIONARY 0.1%
Astra International Tbk PT		551,700			246

24 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

	SHARES			MARKET VALUE (000S)
ENERGY 0.1%
Adaro Energy Indonesia Tbk PT		519,400	$		100
Total Indonesia					705
ISRAEL 0.1%
INDUSTRIALS 0.1%
ZIM Integrated Shipping Services Ltd.		2,283			108
Total Israel					108
JAPAN 2.6%
COMMUNICATION SERVICES 0.2%
Nippon Telegraph & Telephone Corp.		9,800			282
CONSUMER DISCRETIONARY 0.1%
Suzuki Motor Corp.		3,400			107
CONSUMER STAPLES 0.3%
Japan Tobacco, Inc.		32,600			565
HEALTH CARE 0.6%
Astellas Pharma, Inc.		49,100			766
Eisai Co. Ltd.		6,600			279
					1,045
INDUSTRIALS 1.1%
Dai Nippon Printing Co. Ltd.		6,000			129
Fuji Electric Co. Ltd.		2,800			116
ITOCHU Corp.		32,300			871
Nippon Yusen KK		4,300			295
Sumitomo Corp.		12,700			173
Taisei Corp.		4,900			153
Yamato Holdings Co. Ltd.		7,400			118
					1,855
INFORMATION TECHNOLOGY 0.1%
Disco Corp.		700			166
MATERIALS 0.2%
Nitto Denko Corp.		3,800			246
Total Japan					4,266

	SHARES			MARKET VALUE (000S)
LUXEMBOURG 0.0%
FINANCIALS 0.0%
Intelsat SA «(c)(i)		2,886	$		81
Total Luxembourg					81
MALAYSIA 0.1%
MATERIALS 0.1%
Petronas Chemicals Group Bhd		63,600			130
Total Malaysia					130
MEXICO 0.0%
CONSUMER DISCRETIONARY 0.0%
Desarrolladora Homex SAB de CV (c)		41,996			0
Total Mexico					0
NETHERLANDS 0.4%
CONSUMER STAPLES 0.4%
Koninklijke Ahold Delhaize NV		28,399			739
Total Netherlands					739
NORWAY 0.3%
COMMUNICATION SERVICES 0.2%
Telenor ASA		18,970			253
ENERGY 0.1%
Aker BP ASA		3,417			118
Equinor ASA		3,346			117
					235
Total Norway					488
PORTUGAL 0.1%
CONSUMER STAPLES 0.1%
Jeronimo Martins SGPS SA		6,435			139
Total Portugal					139
SINGAPORE 0.1%
INDUSTRIALS 0.1%
Singapore Technologies Engineering Ltd.		42,400			125
Total Singapore					125

See Accompanying Notes ANNUAL REPORT JUNE 30, 2022 25

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

	SHARES			MARKET VALUE (000S)
SOUTH AFRICA 0.6%
COMMUNICATION SERVICES 0.2%
MTN Group Ltd.		41,477	$		338
ENERGY 0.1%
Exxaro Resources Ltd.		8,717			106
FINANCIALS 0.3%
Absa Group Ltd.		21,811			208
FirstRand Ltd.		57,282			220
Nedbank Group Ltd.		12,147			156
					584
Total South Africa					1,028
SOUTH KOREA 0.4%
CONSUMER DISCRETIONARY 0.3%
Kia Corp.		7,110			424
CONSUMER STAPLES 0.1%
KT&G Corp.		2,964			188
Total South Korea					612
SPAIN 0.8%
FINANCIALS 0.5%
Banco Bilbao Vizcaya Argentaria SA		175,705			798
UTILITIES 0.3%
Enagas SA		6,559			145
Endesa SA		8,594			162
Red Electrica Corp. SA		11,021			209
					516
Total Spain					1,314
SWEDEN 0.5%
ENERGY 0.1%
Lundin Energy AB		4,469			3
Lundin Energy AB (i)		4,250			147
					150

	SHARES			MARKET VALUE (000S)
INFORMATION TECHNOLOGY 0.4%
Telefonaktiebolaget LM Ericsson ‘B’		78,945	$		590
Total Sweden					740
SWITZERLAND 3.4%
HEALTH CARE 3.1%
Novartis AG		27,030			2,292
Roche Holding AG		8,233			2,790
					5,082
INDUSTRIALS 0.2%
Kuehne & Nagel International AG		1,475			351
INFORMATION TECHNOLOGY 0.1%
STMicroelectronics NV		5,695			180
Total Switzerland					5,613
TAIWAN 1.1%
INFORMATION TECHNOLOGY 1.1%
MediaTek, Inc.		29,000			636
Novatek Microelectronics Corp.		15,000			152
Realtek Semiconductor Corp.		12,000			147
Taiwan Semiconductor Manufacturing Co. Ltd.		24,000			385
United Microelectronics Corp.		323,000			432
					1,752
Total Taiwan					1,752
UNITED KINGDOM 3.1%
CONSUMER STAPLES 0.4%
Imperial Brands PLC		24,520			549
HEALTH CARE 0.7%
GSK PLC		53,769			1,159
INDUSTRIALS 0.2%
BAE Systems PLC		37,000			375

26 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

	SHARES			MARKET VALUE (000S)
MATERIALS 1.4%
Anglo American PLC		14,171	$		506
Rio Tinto PLC		30,240			1,808
					2,314
UTILITIES 0.4%
National Grid PLC		9,626			124
SSE PLC		28,852			569
					693
Total United Kingdom					5,090
UNITED STATES 21.9%
COMMUNICATION SERVICES 0.2%
Clear Channel Outdoor Holdings, Inc. (c)		29,821			32
iHeartMedia, Inc. ‘A’ (c)		6,979			55
iHeartMedia, Inc. ‘B’ «(c)		5,486			39
Interpublic Group of Cos., Inc.		10,371			285
					411
CONSUMER DISCRETIONARY 0.8%
Genuine Parts Co.		3,807			507
LKQ Corp.		7,295			358
McDonald’s Corp.		1,058			261
Target Corp.		1,473			208
					1,334
CONSUMER STAPLES 5.2%
Altria Group, Inc.		45,296			1,892
Archer-Daniels-Midland Co.		14,576			1,131
Coca-Cola Co.		7,566			476
Kroger Co.		15,788			747
Philip Morris International, Inc.		25,436			2,512
Procter & Gamble Co.		8,356			1,201
Tyson Foods, Inc. ‘A’		7,768			669
					8,628
ENERGY 0.6%
APA Corp.		9,445			330
Marathon Petroleum Corp.		2,972			244
Noble Corp. (c)(i)		2,136			54
Phillips 66		2,599			213

	SHARES			MARKET VALUE (000S)
Valaris Ltd. (c)		112	$		5
Valero Energy Corp.		1,646			175
					1,021
FINANCIALS 3.3%
Aflac, Inc.		10,151			562
Allstate Corp.		4,301			545
Ally Financial, Inc.		9,071			304
American International Group, Inc.		1,945			99
Ameriprise Financial, Inc.		457			109
Capital One Financial Corp.		5,459			569
Discover Financial Services		7,756			734
Fifth Third Bancorp		2,895			97
Hartford Financial Services Group, Inc.		9,029			591
KeyCorp		25,258			435
MetLife, Inc.		3,992			251
Regions Financial Corp.		12,821			240
Synchrony Financial		14,191			392
U.S. Bancorp		11,610			534
					5,462
HEALTH CARE 5.5%
Bristol-Myers Squibb Co.		2,808			216
Elevance Health, Inc.		335			162
Johnson & Johnson		17,645			3,132
Merck & Co., Inc.		28,255			2,576
Pfizer, Inc.		54,241			2,844
Quest Diagnostics, Inc.		1,003			133
					9,063
INDUSTRIALS 2.2%
General Dynamics Corp.		6,426			1,422
Lockheed Martin Corp.		3,858			1,659
Neiman Marcus Group Ltd. LLC «(c)(i)		1,124			194
Textron, Inc.		5,843			357
Westmoreland Mining Holdings «(c)(i)		53			0
					3,632
INFORMATION TECHNOLOGY 3.9%
Apple, Inc.		5,236			716

See Accompanying Notes ANNUAL REPORT JUNE 30, 2022 27

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

		SHARES			MARKET VALUE (000S)
Broadcom, Inc.			2,763	$		1,342
Cisco Systems, Inc.			36,572			1,559
Intel Corp.			19,736			738
Microsoft Corp.			462			119
NetApp, Inc.			1,623			106
Seagate Technology Holdings PLC			3,371			241
Texas Instruments, Inc.			10,694			1,643
						6,464
MATERIALS 0.1%
CF Industries Holdings, Inc.			1,685			145
UTILITIES 0.1%
NRG Energy, Inc.			4,281			163
Total United States						36,323
Total Common Stocks (Cost $76,056)						74,011
		PRINCIPAL AMOUNT (000S)
CORPORATE BONDS & NOTES 12.8%
AUSTRIA 0.4%
BANKING & FINANCE 0.4%
Erste Group Bank AG
6.500% due 04/15/2024 •(g)(h)	EUR		600			613
Total Austria						613
BERMUDA 0.1%
INDUSTRIALS 0.1%
Valaris Ltd. (8.250% Cash or 12.000% PIK)
8.250% due 04/30/2028 (a)	$		1			1
Viking Ocean Cruises Ship Ltd.
5.625% due 02/15/2029			300			237
						238
Total Bermuda						238
BRAZIL 0.0%
INDUSTRIALS 0.0%
Odebrecht Oil & Gas Finance Ltd.
0.000% due 08/01/2022 (d)(g)			46			0
Total Brazil						0

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CANADA 0.3%
INDUSTRIALS 0.3%
Bombardier, Inc.
7.500% due 03/15/2025	$		486	$		441
Total Canada						441
CAYMAN ISLANDS 0.3%
BANKING & FINANCE 0.0%
Park Aerospace Holdings Ltd.
4.500% due 03/15/2023			21			21
5.500% due 02/15/2024			3			3
						24
INDUSTRIALS 0.2%
MGM China Holdings Ltd.
4.750% due 02/01/2027			253			179
5.375% due 05/15/2024			200			171
Noble Corp. PLC (11.000% Cash or 15.000% PIK)
11.000% due 02/15/2028 (a)			5			5
Transocean, Inc.
8.000% due 02/01/2027			10			7
7.250% due 11/01/2025			16			12
7.500% due 01/15/2026			10			7
						381
UTILITIES 0.1%
Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)
7.350% due 12/01/2026 ^(a)			100			62
Transocean Phoenix 2 Ltd.
7.750% due 10/15/2024			2			2
						64
Total Cayman Islands						469
FRANCE 0.2%
BANKING & FINANCE 0.2%
Societe Generale SA
7.375% due 10/04/2023 •(g)(h)			400			385
Total France						385
HONG KONG 0.1%
BANKING & FINANCE 0.1%
Huarong Finance Co. Ltd.
3.875% due 11/13/2029			265			212
Total Hong Kong						212

28 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
IRELAND 0.0%
INDUSTRIALS 0.0%
Russian Railways Via RZD Capital PLC
7.487% due 03/25/2031 ^(b)	GBP		300	$		36
Total Ireland						36
ITALY 0.2%
BANKING & FINANCE 0.2%
UniCredit SpA
7.830% due 12/04/2023	$		370			383
Total Italy						383
JAPAN 0.5%
INDUSTRIALS 0.5%
Nissan Motor Co. Ltd.
4.810% due 09/17/2030			868			772
Total Japan						772
LIBERIA 0.5%
INDUSTRIALS 0.5%
Royal Caribbean Cruises Ltd.
9.125% due 06/15/2023			895			887
Total Liberia						887
LUXEMBOURG 0.1%
INDUSTRIALS 0.1%
Intelsat Jackson Holdings SA
6.500% due 03/15/2030			208			172
Total Luxembourg						172
MEXICO 0.3%
INDUSTRIALS 0.3%
Corp. GEO SAB de CV
8.875% due 03/27/2049 «			300			0
Petroleos Mexicanos
6.950% due 01/28/2060			30			18
7.690% due 01/23/2050			10			7
6.500% due 06/02/2041			757			474
6.700% due 02/16/2032			20			15
						514
Total Mexico						514

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MULTINATIONAL 0.1%
INDUSTRIALS 0.1%
American Airlines, Inc.
5.750% due 04/20/2029	$		100	$		86
Total Multinational						86
NETHERLANDS 0.2%
INDUSTRIALS 0.2%
Syngenta Finance NV
5.182% due 04/24/2028			300			304
Total Netherlands						304
PERU 0.0%
BANKING & FINANCE 0.0%
Banco de Credito del Peru SA
4.650% due 09/17/2024	PEN		100			24
Total Peru						24
SPAIN 0.1%
INDUSTRIALS 0.1%
Cellnex Finance Co. SA
3.875% due 07/07/2041	$		260			179
Total Spain						179
SWITZERLAND 0.2%
BANKING & FINANCE 0.2%
Credit Suisse Group AG
7.500% due 12/11/2023 •(g)(h)			365			349
Total Switzerland						349
UNITED KINGDOM 2.0%
BANKING & FINANCE 1.5%
Barclays Bank PLC
7.625% due 11/21/2022 (h)			454			459
Barclays PLC
7.750% due 09/15/2023 •(g)(h)			600			591
4.972% due 05/16/2029 •			400			393
7.875% due 09/15/2022 •(g)(h)	GBP		200			243
HSBC Holdings PLC
6.000% due 09/29/2023 •(g)(h)	EUR		320			333
Lloyds Banking Group PLC
7.625% due 06/27/2023 •(g)(h)	GBP		200			244

See Accompanying Notes ANNUAL REPORT JUNE 30, 2022 29

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
7.875% due 06/27/2029 •(g)(h)	GBP		200	$		241
						2,504
INDUSTRIALS 0.5%
Market Bidco Finco PLC
4.750% due 11/04/2027	EUR		100			83
Marston’s Issuer PLC
3.607% (SONIO/N + 2.669%) due 07/16/2035 ~	GBP		200			195
Mitchells & Butlers Finance PLC
1.738% (SONIO/N + 0.569%) due 12/15/2030 ~			90			104
Rolls-Royce PLC
4.625% due 02/16/2026	EUR		375			370
						752
Total United Kingdom						3,256
UNITED STATES 7.0%
BANKING & FINANCE 0.1%
EPR Properties
4.750% due 12/15/2026	$		2			2
4.950% due 04/15/2028			2			2
GLP Capital LP
5.300% due 01/15/2029			19			18
5.250% due 06/01/2025			3			3
Omega Healthcare Investors, Inc.
3.625% due 10/01/2029			8			6
VICI Properties LP
4.625% due 06/15/2025			237			226
						257
INDUSTRIALS 4.6%
American Airlines Pass-Through Trust
3.350% due 04/15/2031			8			7
2.875% due 01/11/2036			482			412
Boeing Co.
6.125% due 02/15/2033			400			403
Broadcom, Inc.
3.137% due 11/15/2035			8			6
3.500% due 02/15/2041			225			170
3.187% due 11/15/2036			500			381
3.469% due 04/15/2034			263			214
4.926% due 05/15/2037			8			7
Carvana Co.
10.250% due 05/01/2030			200			165
5.500% due 04/15/2027			230			149
Charter Communications Operating LLC
3.900% due 06/01/2052			100			70

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.800% due 03/01/2050	$		16	$		13
Citrix Systems, Inc.
3.300% due 03/01/2030			3			3
Community Health Systems, Inc.
8.000% due 03/15/2026			184			168
Coty, Inc.
3.875% due 04/15/2026	EUR		245			228
CVS Pass-Through Trust
8.353% due 07/10/2031	$		399			456
DISH DBS Corp.
5.250% due 12/01/2026			490			385
Energy Transfer LP
4.950% due 05/15/2028			4			4
Exela Intermediate LLC
11.500% due 07/15/2026			12			4
Hyatt Hotels Corp.
4.850% due 03/15/2026			900			898
Magallanes, Inc.
4.279% due 03/15/2032			170			152
Netflix, Inc.
5.375% due 11/15/2029			8			8
Oracle Corp.
3.950% due 03/25/2051 (i)			510			375
Prime Healthcare Services, Inc.
7.250% due 11/01/2025			1,208			1,035
RegionalCare Hospital Partners Holdings, Inc.
9.750% due 12/01/2026			230			224
Surgery Center Holdings, Inc.
10.000% due 04/15/2027			200			194
Topaz Solar Farms LLC
4.875% due 09/30/2039			9			8
5.750% due 09/30/2039			70			64
U.S. Renal Care, Inc.
10.625% due 07/15/2027			6			2
Western Midstream Operating LP
2.621% (US0003M + 1.850%) due 01/13/2023 ~			4			4
Wynn Resorts Finance LLC
7.750% due 04/15/2025			1,400			1,364
						7,573
UTILITIES 2.3%
Pacific Gas & Electric Co.
2.950% due 03/01/2026			53			48
3.750% due 08/15/2042			2			1
3.750% due 07/01/2028			110			97
4.500% due 07/01/2040			131			102
4.950% due 07/01/2050			805			643
4.550% due 07/01/2030			127			113
4.200% due 03/01/2029			200			179

30 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.250% due 03/15/2046	$		4	$		3
3.300% due 03/15/2027			20			18
4.000% due 12/01/2046			2			1
3.400% due 08/15/2024			35			34
3.250% due 06/15/2023			23			23
4.500% due 12/15/2041			2			1
4.600% due 06/15/2043			210			161
4.750% due 02/15/2044			120			92
3.250% due 06/01/2031			559			452
Southern California Edison Co.
4.875% due 03/01/2049			1			1
Sprint Communications, Inc.
6.000% due 11/15/2022			900			907
Sprint Corp.
7.625% due 03/01/2026			7			7
7.625% due 02/15/2025			400			418
7.125% due 06/15/2024			435			448
						3,749
Total United States						11,579
VENEZUELA 0.0%
INDUSTRIALS 0.0%
Petroleos de Venezuela SA
9.750% due 05/17/2035 ^(b)			20			1
6.000% due 05/16/2024 ^(b)			20			1
6.000% due 11/15/2026 ^(b)			300			18
						20
Total Venezuela						20
VIRGIN ISLANDS (BRITISH) 0.2%
INDUSTRIALS 0.2%
Studio City Finance Ltd.
5.000% due 01/15/2029			550			285
Total Virgin Islands (British)						285
Total Corporate Bonds & Notes (Cost $25,614)						21,204
NON-AGENCY MORTGAGE-BACKED SECURITIES 5.2%
UNITED KINGDOM 0.8%
Eurosail PLC
2.290% due 09/13/2045 •	GBP		363			429
2.540% due 06/13/2045 •			235			283
2.540% (BP0003M + 0.950%) due 06/13/2045 ~			242			292
Grifonas Finance PLC
0.000% (EUR006M + 0.280%) due 08/28/2039 ~	EUR		213			212
Total United Kingdom						1,216

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UNITED STATES 4.4%
Banc of America Alternative Loan Trust
6.000% due 07/25/2046 ^	$		49	$		43
Banc of America Funding Trust
3.013% due 05/20/2036 ^~			6			6
Banc of America Mortgage Trust
3.242% due 11/20/2046 ^~			3			3
6.000% due 10/25/2036 ^			10			8
Bear Stearns Mortgage Funding Trust
7.500% due 08/25/2036 þ			16			16
Benchmark Mortgage Trust
3.626% due 09/15/2048 ~			865			811
Chase Mortgage Finance Trust
3.201% due 09/25/2036 ^~			20			18
Countrywide Alternative Loan Trust
6.000% due 06/25/2036 ^			86			58
6.000% due 02/25/2037 ^			50			22
6.250% (US0001M + 0.650%) due 12/25/2036 ^~			20			10
Countrywide Home Loan Mortgage Pass-Through Trust
2.124% (US0001M + 0.500%) due 07/25/2037 ^~			14			5
Credit Suisse First Boston Mortgage Securities Corp.
6.000% due 01/25/2036 ^			30			21
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates
6.000% due 11/25/2035 ^			313			113
Credit Suisse Mortgage Capital Certificates
2.476% due 12/29/2037 ~			119			85
Credit Suisse Mortgage Capital Trust
3.303% due 07/10/2034 ~			960			959
DBGS Mortgage Trust
3.975% (US0001M + 2.650%) due 10/15/2036 ~			900			859
First Horizon Alternative Mortgage Securities Trust
3.162% due 06/25/2036 ^~			154			131
HSI Asset Loan Obligation Trust
6.000% due 06/25/2037 ^			2			2
JP Morgan Alternative Loan Trust
5.843% due 05/26/2037 ~			44			38
JP Morgan Chase Commercial Mortgage Securities Trust
3.840% due 11/15/2038 •			967			908
JP Morgan Mortgage Trust
6.500% due 07/25/2036 ^			81			42
Merrill Lynch Mortgage Investors Trust
2.606% due 03/25/2036 ^~			10			6
Morgan Stanley Capital Trust
3.274% (US0001M + 1.950%) due 07/15/2035 ~			977			926

See Accompanying Notes ANNUAL REPORT JUNE 30, 2022 31

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
OBX Trust
2.474% (US0001M + 0.850%) due 04/25/2048 ~	$		41	$		40
Residential Accredit Loans, Inc. Trust
2.424% due 10/25/2045 •			48			43
5.500% due 03/25/2037 ^			239			205
6.250% due 03/25/2037 ^			20			17
Structured Adjustable Rate Mortgage Loan Trust
3.090% due 10/25/2036 ^~			1,281			837
Wells Fargo Alternative Loan Trust
3.411% due 07/25/2037 ^~			473			424
Wells Fargo Commercial Mortgage Trust
3.412% due 09/15/2058			703			696
Total United States						7,352
Total Non-Agency Mortgage-Backed Securities (Cost $9,099)						8,568
MUNICIPAL BONDS & NOTES 0.2%
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			5
Total Illinois						21
PUERTO RICO 0.1%
Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043			44			22
Commonwealth of Puerto Rico General Obligation Bonds, Series 2021
0.000% due 07/01/2033 (d)			11			7
4.000% due 07/01/2033			9			8
4.000% due 07/01/2035			8			7
4.000% due 07/01/2037			7			6
4.000% due 07/01/2041			7			6
Commonwealth of Puerto Rico General Obligation Notes, Series 2021
0.000% due 07/01/2024 (d)			5			4
5.250% due 07/01/2023			10			10
Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010
6.125% due 07/01/2040 ^(b)			100			80
Total Puerto Rico						150
VIRGINIA 0.1%
Tobacco Settlement Financing Corp., Virginia Revenue Bonds, Series 2007
6.706% due 06/01/2046			160			149
Total Virginia						149
Total Municipal Bonds & Notes (Cost $249)						320

	SHARES			MARKET VALUE (000S)
PREFERRED STOCKS 0.9%
BRAZIL 0.4%
ENERGY 0.4%
Petroleo Brasileiro SA		129,300	$		690
Total Brazil					690
NETHERLANDS 0.2%
BANKING & FINANCE 0.2%
Stichting AK Rabobank Certificaten
6.500% due 12/29/2049 þ(g)		261,275			267
Total Netherlands					267
SPAIN 0.1%
BANKING & FINANCE 0.1%
CaixaBank SA
6.000% due 07/18/2022 •(g)(h)		200,000			210
Total Spain					210
UNITED KINGDOM 0.1%
BANKING & FINANCE 0.1%
Nationwide Building Society
10.250% ~		1,130			201
Total United Kingdom					201
UNITED STATES 0.1%
INDUSTRIALS 0.1%
General Electric Co.
5.159% (US0003M + 3.330%) due 09/15/2022 ~(g)		169,000			149
Total United States					149
Total Preferred Stocks (Cost $1,702)					1,517
REAL ESTATE INVESTMENT TRUSTS 5.7%
AUSTRALIA 0.2%
REAL ESTATE 0.2%
Dexus		29,130			179
Stockland		64,652			162
					341
Total Australia					341

32 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

		SHARES			MARKET VALUE (000S)
UNITED STATES 5.5%
REAL ESTATE 5.5%
Apartment Income REIT Corp.			9,999	$		416
CBL & Associates Properties, Inc.			39			1
Cousins Properties, Inc.			8,922			261
EPR Properties			13,675			642
Equity Residential			4,570			330
Gaming & Leisure Properties, Inc.			17,880			820
Healthcare Realty Trust, Inc.			26,039			708
Highwoods Properties, Inc.			5,599			191
Hudson Pacific Properties, Inc.			10,988			163
Medical Properties Trust, Inc.			42,602			651
Physicians Realty Trust			11,765			205
Simon Property Group, Inc.			7,708			732
SITE Centers Corp.			29,050			391
SL Green Realty Corp.			3,740			173
Spirit Realty Capital, Inc.			10,271			388
Uniti Group, Inc.			32			0
Ventas, Inc.			6,174			317
VICI Properties, Inc.			66,978			1,995
Weyerhaeuser Co.			7,475			248
WP Carey, Inc.			5,167			428
						9,060
Total United States						9,060
Total Real Estate Investment Trusts (Cost $10,553)						9,401
RIGHTS 0.0%
LUXEMBOURG 0.0%
FINANCIALS 0.0%
Intelsat Jackson Holdings SA Exp - 12/05/2025 «(c)			348			2
Total Rights (Cost $0)						2
		PRINCIPAL AMOUNT (000S)
SOVEREIGN ISSUES 1.0%
ARGENTINA 0.2%
Argentina Government International Bond
0.500% due 07/09/2030 þ	$		299			65
1.000% due 07/09/2029			31			7
1.125% due 07/09/2035 þ			373			78
2.000% due 01/09/2038 þ			269			79

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.500% due 07/09/2041 þ	$		196	$		51
15.500% due 10/17/2026	ARS		1,226			2
47.331% (BADLARPP) due 10/04/2022 ~			28			0
Autonomous City of Buenos Aires
53.715% (BADLARPP + 3.250%) due 03/29/2024 ~			3,481			13
Provincia de Buenos Aires
49.102% due 04/12/2025			389			1
Total Argentina						296
PERU 0.1%
Peru Government International Bond
5.940% due 02/12/2029	PEN		238			57
6.150% due��08/12/2032			250			57
6.350% due 08/12/2028			266			65
6.900% due 08/12/2037			7			2
6.950% due 08/12/2031			87			22
8.200% due 08/12/2026			189			52
Total Peru						255
ROMANIA 0.1%
Romania Government International Bond
2.000% due 04/14/2033	EUR		214			146
Total Romania						146
SOUTH AFRICA 0.4%
South Africa Government International Bond
8.000% due 01/31/2030	ZAR		200			11
8.250% due 03/31/2032			300			15
8.750% due 02/28/2048			200			10
8.875% due 02/28/2035			200			10
10.500% due 12/21/2026			10,200			664
Total South Africa						710
TURKEY 0.2%
Turkey Government International Bond
4.250% due 03/13/2025	$		200			172
5.250% due 03/13/2030			200			143
Total Turkey						315
VENEZUELA 0.0%
Venezuela Government International Bond
6.000% due 12/09/2049			125			10
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			4
Total Venezuela						14
Total Sovereign Issues (Cost $2,487)						1,736

See Accompanying Notes ANNUAL REPORT JUNE 30, 2022 33

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. GOVERNMENT AGENCIES 10.0%
UNITED STATES 10.0%
Ginnie Mae, TBA
3.500% due 07/01/2052	$		100	$		97
Uniform Mortgage-Backed Security
3.000% due 11/01/2029 - 03/01/2050			56			53
3.500% due 02/01/2050			34			33
Uniform Mortgage-Backed Security, TBA
2.500% due 08/01/2052			100			90
3.000% due 08/01/2052			3,400			3,164
3.500% due 08/01/2052			7,100			6,822
4.000% due 04/01/2052			6,500			6,401
Total U.S. Government Agencies (Cost $16,692)						16,660
U.S. TREASURY OBLIGATIONS 7.6%
UNITED STATES 7.6%
U.S. Treasury Bonds
2.875% due 11/15/2046			600			547
3.000% due 02/15/2049			1,133			1,080
U.S. Treasury Inflation Protected Securities (f)
0.125% due 07/15/2030			316			301
0.125% due 07/15/2031			2,189			2,084
0.125% due 02/15/2051			333			257
0.250% due 07/15/2029 (l)			811			787
0.375% due 01/15/2027			38			38
0.375% due 07/15/2027			12			12
0.750% due 07/15/2028			242			244
0.875% due 01/15/2029			397			401
1.000% due 02/15/2048			117			112
1.000% due 02/15/2049			115			111
U.S. Treasury Notes
0.125% due 04/30/2023 (l)(n)			4,000			3,910
2.375% due 03/31/2029 (n)			2,800			2,681
2.875% due 05/15/2032			100			99
Total U.S. Treasury Obligations (Cost $13,500)						12,664
		SHARES
WARRANTS 0.0%
LUXEMBOURG 0.0%
FINANCIALS 0.0%
Intelsat Emergence SA - Exp. 02/17/2027 «			132			0
Intelsat Jackson Holdings SA-Exp. 12/05/2025 «			296			2
						2
Total Luxembourg						2

		SHARES			MARKET VALUE (000S)
UNITED STATES 0.0%
INFORMATION TECHNOLOGY 0.0%
Windstream Holdings LLC - Exp. 9/21/2055 «			40	$		1
Total United States						1
Total Warrants (Cost $53)						3
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.6%
REPURCHASE AGREEMENTS (j) 0.6%
						1,002
ARGENTINA TREASURY BILLS 0.0%
51.049% due 09/30/2022 (d)(e)	ARS		23,000			77
Total Argentina Treasury Bills (Cost $106)						77
Total Short-Term Instruments (Cost $1,108)						1,079
Total Investments in Securities (Cost $178,437)						167,344
		SHARES
INVESTMENTS IN AFFILIATES 7.0%
SHORT-TERM INSTRUMENTS 7.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.0%
PIMCO Short-Term Floating NAV Portfolio III			1,195,687			11,603
Total Short-Term Instruments (Cost $11,610)						11,603
Total Investments in Affiliates (Cost $11,610)						11,603
Total Investments 107.9% (Cost $190,047)				$		178,947
Financial Derivative Instruments (k)(m) (0.2)% (Cost or Premiums, net $(1,271))						(373	)
Other Assets and Liabilities, net (7.7)%						(12,728	)
Net Assets 100.0%				$		165,846

34 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

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.

(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) Zero coupon security.

(e) Coupon represents a yield to maturity.

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

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

(h) Contingent convertible security.

(i)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Intelsat SA		06/19/2017 - 02/23/2022	$	208	$	81		0.05	%
Lundin Energy AB		09/30/2021 - 06/08/2022		152		147		0.09
Neiman Marcus Group Ltd. LLC		09/25/2020		36		194		0.12
Noble Corp.		02/05/2021 - 02/27/2021		26		54		0.03
Oracle Corp. 3.950% due 03/25/2051		03/22/2021		509		375		0.23
Westmoreland Mining Holdings		03/26/2019		0		0		0.00
			$	931	$	851		0.52	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(j)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		0.400	%		06/30/2022		07/01/2022	$	1,002	U.S. Treasury Notes 3.000% due 06/30/2024	$	(1,022	)	$	1,002	$	1,002
Total Repurchase Agreements											$	(1,022	)	$	1,002	$	1,002

See Accompanying Notes ANNUAL REPORT JUNE 30, 2022 35

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, 2022:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/ (Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	1,002	$	0	$	0	$	1,002	$	(1,022	)	$	(20	)
Total Borrowings and Other Financing Transactions	$	1,002	$	0	$	0

⁽¹⁾ Includes accrued interest.

⁽²⁾ 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 average amount of borrowings outstanding during the period ended June 30, 2022 was $(916) at a weighted average interest rate of 0.071%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

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

WRITTEN OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CME 3-Month SOFR Active Contract December 2023 Futures	$	96.500		12/15/2023		2	$	5	$	(2	)	$	(2	)
Call - CME 3-Month SOFR Active Contract December 2023 Futures		98.000		12/15/2023		2		5		(1	)		(2	)
Total Written Options									$	(3	)	$	(4	)

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Variation Margin
										Asset		Liability
Euro-BTP Italy Government Bond September Futures		09/2022		7	$	903	$	(22	)	$	21	$	0
U.S. Treasury 2-Year Note September Futures		09/2022		1		210		(1	)		1		0
U.S. Treasury 10-Year Note September Futures		09/2022		176		20,862		(122	)		179		0
							$	(145	)	$	201	$	0

36 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
Australia Government 10-Year Bond September Futures		09/2022		18	$	(1,477	)	$	6		$	0	$	(10	)
U.S. Treasury 10-Year Ultra September Futures		09/2022		24		(3,057	)		22			0		(32	)
U.S. Treasury 30-Year Bond September Futures		09/2022		9		(1,248	)		7			0		(15	)
U.S. Treasury Ultra Long-Term Bond September Futures		09/2022		4		(617	)		13			0		(9	)
								$	48		$	0	$	(66	)
Total Futures Contracts								$	(97	)	$	201	$	(66	)

SWAP AGREEMENTS:

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

Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2022(2)			Notional Amount(3)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value(4)			Variation Margin
																						Asset		Liability
AT&T, Inc.		1.000	%		Quarterly		12/20/2026		1.227	%	$	1,000	$	16		$	(25	)	$	(9	)	$	0	$	(1	)
Boeing Co.		1.000			Quarterly		06/20/2023		1.520			100		0			0			0			0		0
Boeing Co.		1.000			Quarterly		12/20/2023		1.745			200		2			(4	)		(2	)		0		0
Devon Energy Corp.		1.000			Quarterly		12/20/2026		1.798			500		(1	)		(15	)		(16	)		0		(1	)
Ford Motor Co.		5.000			Quarterly		06/20/2027		4.446			200		24			(19	)		5			0		(1	)
Ford Motor Credit Co. LLC		5.000			Quarterly		06/20/2026		3.931			600		52			(29	)		23			0		(1	)
General Electric Co.		1.000			Quarterly		06/20/2026		1.530			300		1			(7	)		(6	)		0		0
General Motors Co.		5.000			Quarterly		12/20/2026		2.634			900		179			(94	)		85			0		(1	)
Hess Corp.		1.000			Quarterly		12/20/2026		1.797			500		(2	)		(14	)		(16	)		0		(1	)
Rolls-Royce PLC		1.000			Quarterly		06/20/2027		4.406		EUR	100		(8	)		(7	)		(15	)		0		(1	)
Rolls-Royce PLC		1.000			Quarterly		12/20/2025		3.940			100		(10	)		0			(10	)		0		(1	)
Rolls-Royce PLC		1.000			Quarterly		12/20/2026		4.270			200		(9	)		(18	)		(27	)		0		(2	)
Verizon Communications, Inc.		1.000			Quarterly		06/20/2026		1.105		$	500		11			(13	)		(2	)		0		(1	)
													$	255		$	(245	)	$	10		$	0	$	(11	)

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

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-36 5-Year Index		1.000	%		Quarterly		12/20/2026	$	1,200	$	(46	)	$	(110	)	$	(156	)	$	0	$	(1	)
CDX.HY-38 5-Year Index		5.000			Quarterly		06/20/2027		6,336		147			(323	)		(176	)		0		(8	)
CDX.IG-38 5-Year Index		1.000			Quarterly		06/20/2027		200		3			(3	)		0			0		0
iTraxx Asia Ex-Japan 37 5-Year Index		1.000			Quarterly		06/20/2027		100		0			(2	)		(2	)		0		0
iTraxx Europe Main 34 5-Year Index		1.000			Quarterly		12/20/2025	EUR	800		22			(20	)		2			0		(2	)
										$	126		$	(458	)	$	(332	)	$	0	$	(11	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2022 37

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
Receive(5)	1-Day GBP-SONIO Compounded-OIS		0.750	%	Annual		09/21/2032	GBP	1,300	$	126		$	103		$	229		$	0	$	(24	)
Receive	1-Day GBP-SONIO Compounded-OIS		0.500		Annual		03/16/2042		200		7			62			69			0		(5	)
Receive(5)	1-Day GBP-SONIO Compounded-OIS		0.750		Annual		09/21/2052		950		21			345			366			0		(28	)
Pay	1-Day JPY-MUTKCALM Compounded-OIS		0.176		Annual		04/27/2027	JPY	30,000		0			0			0			0		0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.020		Semi-Annual		09/20/2028		210,000		4			32			36			0		(2	)
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.000		Semi-Annual		03/15/2029		641,000		46			76			122			0		(7	)
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.400		Annual		06/15/2032		150,000		2			9			11			0		(2	)
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.500		Annual		03/15/2042		90,000		26			19			45			0		(2	)
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.711		Annual		04/27/2042		10,000		0			2			2			0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.928		Annual		03/25/2027	$	200		0			(7	)		(7	)		1		0
Receive	1-Day USD-SOFR Compounded-OIS		1.000		Annual		06/15/2027		200		8			9			17			0		(1	)
Receive(5)	1-Day USD-SOFR Compounded-OIS		2.450		Annual		10/04/2027		320		0			5			5			0		(2	)
Pay	1-Day USD-SOFR Compounded-OIS		1.000		Annual		06/15/2029		220		(9	)		(16	)		(25	)		1		0
Receive	1-Day USD-SOFR Compounded-OIS		1.000		Annual		06/15/2029		310		18			17			35			0		(2	)
Pay	1-Day USD-SOFR Compounded-OIS		1.817		Annual		04/05/2032		400		(2	)		(30	)		(32	)		3		0
Pay	1-Day USD-SOFR Compounded-OIS		1.872		Annual		04/06/2032		200		(1	)		(14	)		(15	)		1		0
Pay	1-Day USD-SOFR Compounded-OIS		1.250		Annual		06/15/2032		340		(32	)		(14	)		(46	)		3		0
Pay	1-Day USD-SOFR Compounded-OIS		1.750		Annual		06/15/2032		500		(33	)		(13	)		(46	)		4		0
Pay	1-Year BRL-CDI		5.830		Maturity		01/02/2023	BRL	800		8			(11	)		(3	)		0		0
Pay	1-Year BRL-CDI		5.836		Maturity		01/02/2023		600		6			(8	)		(2	)		0		0
Pay	1-Year BRL-CDI		5.855		Maturity		01/02/2023		200		2			(3	)		(1	)		0		0
Pay	1-Year BRL-CDI		6.170		Maturity		01/02/2023		5,200		(1	)		(47	)		(48	)		0		0
Receive	1-Year BRL-CDI		12.670		Maturity		01/02/2023		300		0			0			0			0		0
Receive	1-Year BRL-CDI		12.690		Maturity		01/02/2023		200		0			0			0			0		0
Receive	1-Year BRL-CDI		12.740		Maturity		01/02/2023		500		0			0			0			0		0
Receive	1-Year BRL-CDI		12.750		Maturity		01/02/2023		200		0			0			0			0		0
Receive	1-Year BRL-CDI		12.760		Maturity		01/02/2023		400		0			0			0			0		0
Receive	1-Year BRL-CDI		12.900		Maturity		01/02/2023		900		0			0			0			0		0
Receive	1-Year BRL-CDI		12.930		Maturity		01/02/2023		100		0			0			0			0		0
Receive	1-Year BRL-CDI		12.939		Maturity		01/02/2023		500		0			0			0			0		0
Receive	1-Year BRL-CDI		12.946		Maturity		01/02/2023		1,200		0			0			0			0		0
Receive	1-Year BRL-CDI		12.960		Maturity		01/02/2023		900		0			0			0			0		0
Receive	1-Year BRL-CDI		12.970		Maturity		01/02/2023		1,600		0			1			1			0		0
Pay	1-Year BRL-CDI		11.140		Maturity		01/02/2025		100		0			(1	)		(1	)		0		0
Pay	1-Year BRL-CDI		11.160		Maturity		01/02/2025		100		0			(1	)		(1	)		0		0
Pay	1-Year BRL-CDI		11.350		Maturity		01/02/2025		100		0			(1	)		(1	)		0		0
Pay	1-Year BRL-CDI		12.000		Maturity		01/02/2025		200		0			0			0			0		0
Pay	1-Year BRL-CDI		12.080		Maturity		01/02/2025		300		0			(1	)		(1	)		0		0
Pay	1-Year BRL-CDI		12.140		Maturity		01/02/2025		200		0			0			0			0		0
Pay	1-Year BRL-CDI		12.145		Maturity		01/02/2025		200		0			0			0			0		0
Pay	1-Year BRL-CDI		12.160		Maturity		01/02/2025		300		0			(1	)		(1	)		0		0
Pay	1-Year BRL-CDI		11.220		Maturity		01/04/2027		100		0			(1	)		(1	)		0		0

38 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

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		11.260	%	Maturity		01/04/2027	BAL	100	$	0		$	(1	)	$	(1	)	$	0	$	0
Pay	1-Year BRL-CDI		11.715		Maturity		01/04/2027		100		0			0			0			0		0
Pay	1-Year BRL-CDI		11.870		Maturity		01/04/2027		300		0			(1	)		(1	)		0		0
Pay(5)	3-Month USD-LIBOR		1.270		Semi-Annual		11/04/2023	$	2,200		(41	)		(9	)		(50	)		3		0
Pay	3-Month USD-LIBOR		1.088		Semi-Annual		02/03/2024		200		0			(6	)		(6	)		0		0
Pay(5)	3-Month USD-LIBOR		1.700		Semi-Annual		03/06/2024		400		(1	)		(6	)		(7	)		1		0
Receive	3-Month USD-LIBOR		2.500		Semi-Annual		12/18/2024		3,100		(293	)		344			51			0		(9	)
Receive	3-Month USD-LIBOR		0.928		Semi-Annual		05/06/2026		100		0			8			8			0		(1	)
Receive	3-Month USD-LIBOR		0.940		Semi-Annual		06/08/2026		100		0			8			8			0		0
Receive	3-Month USD-LIBOR		0.500		Semi-Annual		06/16/2026		1,000		15			81			96			0		(4	)
Receive	3-Month USD-LIBOR		3.000		Semi-Annual		06/19/2026		2,300		(345	)		352			7			0		(11	)
Receive	3-Month USD-LIBOR		1.250		Semi-Annual		12/15/2026		100		(2	)		10			8			0		(1	)
Receive	3-Month USD-LIBOR		1.740		Semi-Annual		12/16/2026		100		(8	)		13			5			0		(1	)
Pay	3-Month USD-LIBOR		1.380		Semi-Annual		01/04/2027		100		0			(7	)		(7	)		1		0
Pay	3-Month USD-LIBOR		1.570		Semi-Annual		01/11/2027		200		0			(12	)		(12	)		1		0
Pay	3-Month USD-LIBOR		1.425		Semi-Annual		01/18/2027		100		0			(7	)		(7	)		1		0
Pay	3-Month USD-LIBOR		1.443		Semi-Annual		01/18/2027		100		0			(6	)		(6	)		1		0
Receive	3-Month USD-LIBOR		1.350		Semi-Annual		01/20/2027		500		0			34			34			0		(3	)
Pay	3-Month USD-LIBOR		1.550		Semi-Annual		01/20/2027		2,400		(8	)		(135	)		(143	)		14		0
Pay	3-Month USD-LIBOR		1.580		Semi-Annual		02/16/2027		200		(1	)		(11	)		(12	)		1		0
Receive	3-Month USD-LIBOR		1.450		Semi-Annual		02/17/2027		1,200		0			79			79			0		(7	)
Pay	3-Month USD-LIBOR		1.700		Semi-Annual		02/17/2027		4,900		(18	)		(246	)		(264	)		28		0
Pay	3-Month USD-LIBOR		1.280		Semi-Annual		03/24/2028		400		(1	)		(35	)		(36	)		2		0
Receive	3-Month USD-LIBOR		1.235		Semi-Annual		05/12/2028		100		0			10			10			0		(1	)
Pay	3-Month USD-LIBOR		0.500		Semi-Annual		06/16/2028		1,610		(91	)		(134	)		(225	)		10		0
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		06/20/2028		4,900		(643	)		858			215			0		(30	)
Pay	3-Month USD-LIBOR		1.265		Semi-Annual		09/28/2028		100		0			(10	)		(10	)		1		0
Pay	3-Month USD-LIBOR		1.500		Semi-Annual		12/15/2028		422		11			(49	)		(38	)		3		0
Receive	3-Month USD-LIBOR		1.379		Semi-Annual		12/22/2028		100		0			10			10			0		(1	)
Receive	3-Month USD-LIBOR		1.500		Semi-Annual		01/12/2029		55		0			5			5			0		0
Pay	3-Month USD-LIBOR		1.700		Semi-Annual		01/12/2029		200		(1	)		(14	)		(15	)		1		0
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		12/10/2029		100		(12	)		19			7			0		(1	)
Receive	3-Month USD-LIBOR		1.500		Semi-Annual		12/18/2029		200		(15	)		36			21			0		(1	)
Receive	3-Month USD-LIBOR		1.750		Semi-Annual		01/15/2030		300		(30	)		55			25			0		(2	)
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		02/12/2030		200		(25	)		38			13			0		(2	)
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		03/10/2030		100		(13	)		20			7			0		(1	)
Receive	3-Month USD-LIBOR		1.250		Semi-Annual		06/17/2030		2,400		(130	)		438			308			0		(17	)
Receive	3-Month USD-LIBOR		1.000		Semi-Annual		12/16/2030		127		1			19			20			0		(1	)
Receive	3-Month USD-LIBOR		0.750		Semi-Annual		06/16/2031		2,600		213			261			474			0		(17	)
Pay	3-Month USD-LIBOR		0.750		Semi-Annual		06/16/2031		663		(60	)		(61	)		(121	)		5		0
Receive	3-Month USD-LIBOR		1.450		Semi-Annual		07/16/2031		100		(1	)		13			12			0		(1	)
Receive	3-Month USD-LIBOR		1.370		Semi-Annual		07/19/2031		100		0			13			13			0		(1	)
Receive	3-Month USD-LIBOR		1.360		Semi-Annual		07/20/2031		100		0			13			13			0		(1	)
Receive	3-Month USD-LIBOR		1.405		Semi-Annual		09/07/2031		100		(1	)		14			13			0		(1	)
Pay	3-Month USD-LIBOR		1.500		Semi-Annual		10/05/2031		100		0			(13	)		(13	)		1		0
Pay	3-Month USD-LIBOR		1.535		Semi-Annual		10/15/2031		100		0			(12	)		(12	)		1		0
Pay	3-Month USD-LIBOR		1.545		Semi-Annual		10/26/2031		100		0			(12	)		(12	)		1		0
Pay	3-Month USD-LIBOR		1.768		Semi-Annual		02/02/2032		100		0			(10	)		(10	)		1		0
Pay	3-Month USD-LIBOR		2.000		Semi-Annual		02/18/2032		200		(2	)		(15	)		(17	)		1		0
Receive	3-Month USD-LIBOR		1.910		Semi-Annual		10/17/2049		100		(23	)		43			20			0		(1	)
Receive	3-Month USD-LIBOR		1.895		Semi-Annual		10/18/2049		100		(23	)		44			21			0		(1	)
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		12/11/2049		900		(292	)		418			126			0		(8	)
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		01/15/2050		100		(26	)		44			18			0		(1	)
Receive	3-Month USD-LIBOR		1.625		Semi-Annual		01/16/2050		100		(16	)		41			25			0		(1	)
Receive	3-Month USD-LIBOR		1.750		Semi-Annual		01/22/2050		500		(97	)		212			115			0		(4	)
Receive	3-Month USD-LIBOR		1.625		Semi-Annual		02/03/2050		300		(48	)		124			76			0		(2	)
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		03/12/2050		600		(196	)		276			80			0		(5	)
Receive	3-Month USD-LIBOR		1.250		Semi-Annual		12/16/2050		400		41			93			134			0		(3	)
Pay	3-Month USD-LIBOR		1.491		Semi-Annual		01/21/2051		100		(1	)		(27	)		(28	)		1		0
Pay	3-Month USD-LIBOR		1.590		Semi-Annual		02/09/2051		900		(7	)		(231	)		(238	)		7		0
Receive	3-Month USD-LIBOR		1.785		Semi-Annual		08/12/2051		100		(1	)		24			23			0		(1	)
Pay	3-Month ZAR-JIBAR		7.250		Quarterly		09/19/2023	ZAR	900		5			(5	)		0			0		0
Pay	3-Month ZAR-JIBAR		4.848		Quarterly		01/11/2026		900		0			(5	)		(5	)		0		0

See Accompanying Notes ANNUAL REPORT JUNE 30, 2022 39

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

Pay/ Receive  Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																			Asset		Liability
Pay	3-Month ZAR-JIBAR		4.915	%	Quarterly		02/01/2026	ZAR	200	$	0		$	(1	)	$	(1	)	$	0	$	0
Pay	3-Month ZAR-JIBAR		5.020		Quarterly		02/11/2026		400		0			(2	)		(2	)		0		0
Receive	3-Month ZAR-JIBAR		8.300		Quarterly		03/15/2027		600		(5	)		5			0			0		0
Pay	6-Month AUD-BBR-BBSW		2.750		Semi-Annual		06/17/2026	AUD	5,080		483			(635	)		(152	)		8		0
Receive	6-Month AUD-BBR-BBSW		3.000		Semi-Annual		03/21/2027		80		(9	)		11			2			0		0
Receive	6-Month EUR-EURIBOR		0.150		Annual		03/18/2030	EUR	800		(2	)		133			131			0		(13	)
Receive(5)	6-Month EUR-EURIBOR		0.250		Annual		09/21/2032		1,200		94			137			231			0		(21	)
Pay	28-Day MXN-TIIE		7.640		Lunar		01/03/2023	MXN	200		1			(1	)		0			0		0
Pay	28-Day MXN-TIIE		7.645		Lunar		01/03/2023		2,000		6			(7	)		(1	)		0		0
Pay	28-Day MXN-TIIE		7.745		Lunar		01/05/2023		1,400		5			(5	)		0			0		0
Pay	28-Day MXN-TIIE		7.610		Lunar		01/23/2023		6,000		19			(21	)		(2	)		0		0
Pay	28-Day MXN-TIIE		7.805		Lunar		02/06/2023		3,400		12			(13	)		(1	)		0		0
Pay	28-Day MXN-TIIE		7.820		Lunar		02/06/2023		3,400		12			(13	)		(1	)		0		0
Receive	28-Day MXN-TIIE		8.675		Lunar		04/03/2024		8,800		0			6			6			0		(1	)
Receive	28-Day MXN-TIIE		8.660		Lunar		04/04/2024		3,700		0			3			3			0		0
Receive	28-Day MXN-TIIE		8.750		Lunar		04/05/2024		3,600		0			2			2			0		0
Pay	28-Day MXN-TIIE		5.990		Lunar		01/30/2026		4,300		9			(30	)		(21	)		1		0
Pay	28-Day MXN-TIIE		6.080		Lunar		03/10/2026		15,500		35			(109	)		(74	)		3		0
Pay	28-Day MXN-TIIE		6.490		Lunar		09/08/2026		30,000		97			(231	)		(134	)		6		0
Receive	28-Day MXN-TIIE		8.410		Lunar		03/31/2027		1,000		0			1			1			0		0
Receive	28-Day MXN-TIIE		8.730		Lunar		04/06/2027		1,500		0			1			1			0		0
Receive	28-Day MXN-TIIE		7.984		Lunar		12/10/2027		2,900		(22	)		28			6			0		(1	)
Receive	28-Day MXN-TIIE		8.005		Lunar		12/21/2027		11,400		(86	)		109			23			0		(3	)
Receive	28-Day MXN-TIIE		7.800		Lunar		12/28/2027		1,200		(8	)		11			3			0		0
Receive	28-Day MXN-TIIE		7.910		Lunar		12/30/2027		700		(5	)		7			2			0		0
Receive	28-Day MXN-TIIE		8.030		Lunar		01/31/2028		2,000		(15	)		19			4			0		0
Receive	28-Day MXN-TIIE		8.050		Lunar		01/31/2028		1,900		(15	)		19			4			0		0
Receive	28-Day MXN-TIIE		7.495		Lunar		01/14/2032		700		3			0			3			0		0
Receive	28-Day MXN-TIIE		7.498		Lunar		01/15/2032		2,900		12			1			13			0		(1	)
Receive	28-Day MXN-TIIE		8.732		Lunar		03/30/2032		700		0			0			0			0		0
Receive	28-Day MXN-TIIE		8.701		Lunar		03/31/2032		1,700		0			1			1			0		(1	)
Pay	28-Day MXN-TIIE		7.165		Lunar		09/06/2032		400		2			(4	)		(2	)		0		0
Pay	28-Day MXN-TIIE		7.380		Lunar		08/14/2037		100		1			(2	)		(1	)		0		0
Pay	28-Day MXN-TIIE		7.360		Lunar		08/21/2037		100		1			(2	)		(1	)		0		0
Receive	28-Day MXN-TIIE		8.103		Lunar		01/04/2038		900		(9	)		12			3			0		0
Pay	UKRPI		4.000		Maturity		09/15/2031	GBP	100		0			(9	)		(9	)		0		0
Pay	UKRPI		4.140		Maturity		10/15/2031		100		0			(7	)		(7	)		1		0
Pay	UKRPI		4.250		Maturity		11/15/2031		100		(1	)		(4	)		(5	)		1		0
										$	(1,375	)	$	2,912		$	1,537		$	119	$	(258	)
Total Swap Agreements										$	(994	)	$	2,209		$	1,215		$	119	$	(280	)

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, 2022:

	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	$	201	$	119	$	320	$	(4	)	$	(66	)	$	(280	)	$	(350	)

(l) Securities with an aggregate market value of $852 and cash of $1,960 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

40 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

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

(m) 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
AZD		07/2022		AUD	14	$		10	$	0	$	0
BOA		07/2022			35			25		1		0
		07/2022		GBP	1,999			2,527		94		0
		07/2022		PEN	892			222		0		(11	)
		07/2022	$		83		PEN	312		0		(1	)
		08/2022			402		MXN	8,162		1		0
		08/2022			150		NOK	1,430		0		(5	)
		08/2022			3		RUB	525		6		0
		11/2022		ZAR	402	$		25		1		0
BPS		07/2022		MXN	14,153			704		0		0
		07/2022	$		3,459		EUR	3,288		0		(13	)
		07/2022			106		GBP	84		0		(4	)
		07/2022			162		JPY	21,800		0		(1	)
		07/2022			805		MXN	16,833		32		0
		08/2022		EUR	3,237	$		3,411		12		0
		08/2022		GBP	1,934			2,350		0		(5	)
		08/2022	$		116		CAD	150		1		0
		08/2022			84		IDR	1,240,172		0		(1	)
		08/2022		ZAR	1,561	$		98		2		0
		09/2022	$		694		MXN	14,153		1		0
		11/2022		ZAR	864	$		54		2		0
BRC		07/2022	$		112		GBP	93		1		0
		08/2022			92		IDR	1,364,469		0		(1	)
		08/2022			263		NOK	2,573		0		(1	)
		11/2022		ZAR	306	$		19		1		0
CBK		07/2022		BRL	5,552			1,077		16		0
		07/2022		EUR	68			73		1		0
		07/2022		GBP	112			141		4		0
		07/2022		PEN	6			2		0		0
		07/2022	$		1,060		BRL	5,552		1		0
		07/2022			191		PEN	739		2		(1	)
		08/2022		PEN	101	$		27		0		0

See Accompanying Notes ANNUAL REPORT JUNE 30, 2022 41

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
		08/2022	$		1,068		BRL	5,552	$	0	$	(16	)
		08/2022			49		PEN	186		0		(1	)
		12/2022		PEN	167	$		43		0		0
		12/2022	$		23		PEN	97		2		0
		02/2023		PEN	185	$		47		0		(1	)
		04/2023			572			145		0		(1	)
DUB		07/2022	$		2		PEN	8		0		0
		08/2022		TWD	392	$		13		0		0
		08/2022	$		0		RUB	0		0		0
		10/2022			27			2,576		14		0
GLM		07/2022		BRL	5,552	$		1,060		0		(1	)
		07/2022		MXN	2,680			130		0		(4	)
		07/2022	$		1,118		BRL	5,552		0		(57	)
		07/2022			16		PEN	59		0		0
		08/2022			33			123		0		(1	)
		10/2022			67		RUB	6,359		36		0
		11/2022		ZAR	425	$		26		1		0
		02/2023			62			4		0		0
HUS		07/2022		AUD	583			403		1		(1	)
		07/2022		EUR	3,220			3,472		97		0
		07/2022	$		440		AUD	632		0		(4	)
		07/2022			1,369		JPY	181,800		0		(29	)
		08/2022		MXN	4,125	$		201		0		(2	)
		08/2022	$		377		AUD	548		1		0
		08/2022			218		CLP	182,929		0		(20	)
		08/2022			161		IDR	2,358,427		0		(3	)
		05/2023		CNH	48	$		7		0		0
JPM		08/2022			151			22		0		0
		08/2022		TWD	4,571			155		1		0
		08/2022	$		364		IDR	5,361,132		0		(6	)
MYI		08/2022		TWD	1,359	$		46		0		0
		08/2022	$		104		IDR	1,534,968		0		(2	)
RBC		08/2022			409		CAD	529		2		0
		08/2022			368		JPY	49,948		1		0
		09/2022			440		MXN	9,051		5		0
SCX		07/2022		PEN	6	$		1		0		0
		07/2022	$		9		PEN	34		0		0
		08/2022			381		JPY	51,656		1		0
		11/2022		PEN	29	$		7		0		0
UAG		07/2022		MXN	2,615			126		0		(4	)
		09/2022	$		28		MXN	551		0		(1	)
		11/2022		ZAR	941	$		60		3		0
Total Forward Foreign Currency Contracts									$	344	$	(198	)

WRITTEN OPTIONS:

CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES

Counterparty	Description	Buy/Sell Protection		Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
BPS	Put - OTC CDX.IG-37 5-Year Index		Sell		1.200	%		07/20/2022		100	$	0		$	0
BRC	Put - OTC iTraxx Europe 37 5-Year Index		Sell		1.600			08/17/2022		100		(1	)		0
CBK	Put - OTC CDX.IG-38 5-Year Index		Sell		1.200			07/20/2022		100		0			0
DUB	Put - OTC CDX.IG-38 5-Year Index		Sell		1.400			08/17/2022		100		0			0
GST	Put - OTC CDX.IG-38 5-Year Index		Sell		1.300			08/17/2022		100		0			0
MYC	Put - OTC CDX.IG-38 5-Year Index		Sell		1.250			07/20/2022		100		0			0
	Put - OTC CDX.IG-38 5-Year Index		Sell		1.350			08/17/2022		200		(1	)		(1	)
											$	(2	)	$	(1	)

42 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

INTEREST RATE SWAPTIONS

Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
BOA	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.150	%		12/01/2023		200	$	(1	)	$	(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.650			12/01/2023		200		(1	)		(1	)
	Call - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.250			08/26/2022		200		(1	)		0
	Put - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.850			08/26/2022		200		(1	)		(2	)
BPS	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.550			04/11/2023		100		1			0
	Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.100			04/11/2023		100		1			0
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.700			04/28/2023		300		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.250			04/28/2023		300		(1	)		(1	)
CBK	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.690			04/02/2024		100		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.690			04/02/2024		100		(1	)		(1	)
	Call - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		1.755			09/30/2022		200		(1	)		0
	Put - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.955			09/30/2022		200		(1	)		(2	)
DUB	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.920			10/13/2023		200		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.920			10/13/2023		200		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.790			04/08/2024		100		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.790			04/08/2024		100		(1	)		(1	)
FAR	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.688			04/02/2024		100		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.688			04/02/2024		100		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.781			04/05/2024		200		0			(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.781			04/05/2024		200		0			(1	)
GLM	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		0.870			11/02/2022		8,100		(15	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		1.270			11/02/2022		8,100		(15	)		(185	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.920			10/13/2023		100		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.920			10/13/2023		100		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.018			10/20/2023		100		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.018			10/20/2023		100		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.140			10/23/2023		100		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.140			10/23/2023		100		(1	)		0
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.190			10/23/2023		100		(1	)		(1	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2022 43

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

Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.190	%		10/23/2023		100	$	(1	)	$	0
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.225			10/23/2023		100		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.225			10/23/2023		100		(1	)		0
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.973			10/25/2023		100		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.973			10/25/2023		100		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.841			10/27/2023		100		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.841			10/27/2023		100		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.088			11/03/2023		100		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.088			11/03/2023		100		(1	)		0
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.910			11/10/2023		100		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.910			11/10/2023		100		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.250			11/17/2023		200		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.750			11/17/2023		200		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.150			11/20/2023		200		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.650			11/20/2023		200		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.250			12/07/2023		200		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.750			12/07/2023		200		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.697			04/02/2024		200		0			(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.697			04/02/2024		200		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.721			04/08/2024		100		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.721			04/08/2024		100		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.550			04/05/2023		300		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.100			04/05/2023		300		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.550			04/11/2023		500		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.100			04/11/2023		500		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.700			04/24/2023		300		1			0
	Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.250			04/24/2023		300		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.700			04/26/2023		300		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.250			04/26/2023		300		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.550			05/15/2023		300		(1	)		0

44 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
	Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.100	%		05/15/2023		300	$	(1	)	$	(1	)
MYC	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.993			10/11/2023		100		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.993			10/11/2023		100		(1	)		(1	)
NGF	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.020			11/06/2023		200		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.020			11/06/2023		200		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.845			11/13/2023		200		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.845			11/13/2023		200		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.785			04/08/2024		100		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.785			04/08/2024		100		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.835			04/08/2024		100		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.835			04/08/2024		100		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.550			04/03/2023		800		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.100			04/03/2023		800		(1	)		(3	)
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.550			04/04/2023		400		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.100			04/04/2023		400		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.550			05/12/2023		400		1			0
	Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.100			05/12/2023		400		(1	)		(1	)
											$	(93	)	$	(246	)

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
BOA	Call - OTC Uniform Mortgage-Backed Security, TBA 3.000% due 09/01/2052	$	93.563		09/07/2022		500	$	(4	)	$	(5	)
	Call - OTC Uniform Mortgage-Backed Security, TBA 3.000% due 09/01/2052		94.438		09/07/2022		500		(3	)		(3	)
	Call - OTC Uniform Mortgage-Backed Security, TBA 3.000% due 09/01/2052		94.703		09/07/2022		100		(1	)		(1	)
	Put - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 07/01/2052		98.297		07/07/2022		500		(3	)		(1	)
	Put - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 07/01/2052		99.141		07/07/2022		100		(1	)		(1	)
JPM	Put - OTC Fannie Mae, TBA 4.500% due 09/01/2052		99.141		09/07/2022		500		(2	)		(3	)
	Put - OTC Fannie Mae, TBA 4.500% due 09/01/2052		99.156		09/07/2022		100		0			(1	)
	Put - OTC Fannie Mae, TBA 4.500% due 09/01/2052		99.656		09/07/2022		500		(2	)		(4	)
	Call - OTC Fannie Mae, TBA 4.500% due 09/01/2052		101.141		09/07/2022		500		(1	)		(2	)
	Put - OTC Uniform Mortgage-Backed Security, TBA 3.500% due 08/01/2052		96.906		08/04/2022		500		(2	)		(6	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2022 45

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

Counterparty	Description	Strike Price		Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
SAL	Put - OTC Fannie Mae, TBA 4.500% due 09/01/2052	$	98.234		09/07/2022		500	$	(3	)	$	(2	)
	Put - OTC Fannie Mae, TBA 4.500% due 09/01/2052		99.406		09/07/2022		500		(2	)		(4	)
	Put - OTC Fannie Mae, TBA 4.500% due 09/01/2052		99.656		09/07/2022		500		(2	)		(4	)
	Call - OTC Fannie Mae, TBA 4.500% due 09/01/2052		100.234		09/07/2022		500		(2	)		(4	)
	Put - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 07/01/2052		99.563		07/07/2022		500		(2	)		0
								$	(30	)	$	(41	)
Total Written Options								$	(125	)	$	(288	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION⁽²⁾

Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at June  30, 2022(3)			Notional Amount(4)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value(5)
																			Asset		Liability
BPS	Mexico Government International Bond		1.000	%	Quarterly		06/20/2024		1.045	%	$	40	$	(1	)	$	1		$	0	$	0
CBK	Brazil Government International Bond		1.000		Quarterly		12/20/2022		0.877			245		(8	)		8			0		0
	Brazil Government International Bond		1.000		Quarterly		12/20/2024		1.870			300		(5	)		(1	)		0		(6	)
GST	Brazil Government International Bond		1.000		Quarterly		12/20/2024		1.870			200		(3	)		(1	)		0		(4	)
	Colombia Government International Bond		1.000		Quarterly		06/20/2027		2.912			100		(4	)		(4	)		0		(8	)
	Mexico Government International Bond		1.000		Quarterly		06/20/2023		0.801			100		(1	)		1			0		0
	Mexico Government International Bond		1.000		Quarterly		12/20/2024		1.183			100		(1	)		1			0		0
	Turkey Government International Bond		1.000		Quarterly		12/20/2024		9.043			100		(11	)		(6	)		0		(17	)
HUS	Brazil Government International Bond		1.000		Quarterly		06/20/2024		1.608			400		(12	)		8			0		(4	)
	Mexico Government International Bond		1.000		Quarterly		12/20/2023		0.965			300		(5	)		6			1		0
MYC	Mexico Government International Bond		1.000		Quarterly		12/20/2024		1.183			100		(1	)		1			0		0
	Mexico Government International Bond		1.000		Quarterly		06/20/2027		1.751			500		(1	)		(16	)		0		(17	)
	South Africa Government International Bond		1.000		Quarterly		12/20/2026		3.013			200		(9	)		(7	)		0		(16	)
													$	(62	)	$	(9	)	$	1	$	(72	)

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

Counterparty	Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount(4)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value(5)
																Asset		Liability
GST	CMBX.NA.AAA.10 Index		0.500	%	Monthly		11/17/2059	$	4,000	$	(85	)	$	70		$	0	$	(15	)
MYC	CMBX.NA.AAA.13 Index		0.500		Monthly		12/16/2072		5,700		(2	)		(99	)		0		(101	)
										$	(87	)	$	(29	)	$	0	$	(116	)

46 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

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
MYC	Pay	3-Month USD-LIBOR		2.900	%	Annual		10/04/2027	$	900	$	0	$	(8	)	$	0	$	(8	)

TOTAL RETURN SWAPS ON SECURITIES

Counterparty	Pay/ Receive(6)	Underlying Reference	# of Shares		Financing Rate	Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																	Asset		Liability
BOA	Receive	iBoxx USD Investment Grade Corporate Bond ETF		646	(0.220)% (1-Month USD-LIBOR less a specified spread)	Monthly		10/17/2022	$	48	$	0		$	0		$	0	$	0
	Receive	iBoxx USD Investment Grade Corporate Bond ETF		324	(0.520)% (1-Month USD-LIBOR less a specified spread)	Monthly		10/17/2022		25		0			(1	)		0		(1	)
	Receive	iBoxx USD Investment Grade Corporate Bond ETF		667	0.280% (1-Month USD-LIBOR less a specified spread)	Monthly		12/01/2022		52		0			(4	)		0		(4	)
	Receive	iBoxx USD Investment Grade Corporate Bond ETF		666	(0.420)% (1-Month USD-LIBOR less a specified spread)	Monthly		12/15/2022		50		0			(1	)		0		(1	)
											$	0		$	(6	)	$	0	$	(6	)
Total Swap Agreements											$	(149	)	$	(52	)	$	1	$	(202	)

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, 2022:

	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(7)
BOA	$	103	$	0	$	0	$	103	$	(17	)	$	(15	)	$	(6	)	$	(38	)	$	65		$	0	$	65
BPS		50		0		0		50		(24	)		(1	)		0			(25	)		25			0		25
BRC		2		0		0		2		(2	)		0			0			(2	)		0			0		0
CBK		26		0		0		26		(20	)		(4	)		(6	)		(30	)		(4	)		0		(4	)
DUB		14		0		0		14		0			(4	)		0			(4	)		10			0		10
FAR		0		0		0		0		0			(4	)		0			(4	)		(4	)		0		(4	)
GLM		37		0		0		37		(63	)		(214	)		0			(277	)		(240	)		245		5
GST		0		0		0		0		0			0			(44	)		(44	)		(44	)		0		(44	)
HUS		99		0		1		100		(59	)		0			(4	)		(63	)		37			0		37
JPM		1		0		0		1		(6	)		(16	)		0			(22	)		(21	)		0		(21	)
MYC		0		0		0		0		0			(3	)		(142	)		(145	)		(145	)		0		(145	)
MYI		0		0		0		0		(2	)		0			0			(2	)		(2	)		0		(2	)
NGF		0		0		0		0		0			(13	)		0			(13	)		(13	)		0		(13	)
RBC		8		0		0		8		0			0			0			0			8			0		8
SAL		0		0		0		0		0			(14	)		0			(14	)		(14	)		0		(14	)
SCX		1		0		0		1		0			0			0			0			1			0		1
UAG		3		0		0		3		(5	)		0			0			(5	)		(2	)		0		(2	)
Total Over the Counter	$	344	$	0	$	1	$	345	$	(198	)	$	(288	)	$	(202	)	$	(688	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2022 47

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

(n) Securities with an aggregate market value of $245 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2022.

⁽¹⁾ Notional Amount represents the number of contracts.

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

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

⁽⁵⁾ The prices and resulting values for credit default swap agreements 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.

⁽⁶⁾ 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.

⁽⁷⁾ 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 and Other 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, 2022:

	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	$	201	$	201
Swap Agreements		0		0		0		0		119		119
	$	0	$	0	$	0	$	0	$	320	$	320
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	344	$	0	$	344
Swap Agreements		0		1		0		0		0		1
	$	0	$	1	$	0	$	344	$	0	$	345
	$	0	$	1	$	0	$	344	$	320	$	665

48 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	0	$	0	$	4	$	4
Futures		0		0		0		0		66		66
Swap Agreements		0		22		0		0		258		280
	$	0	$	22	$	0	$	0	$	328	$	350
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	198	$	0	$	198
Written Options		0		1		0		0		287		288
Swap Agreements		0		188		6		0		8		202
	$	0	$	189	$	6	$	198	$	295	$	688
	$	0	$	211	$	6	$	198	$	623	$	1,038

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	(48	)	$	0		$	(246	)	$	(294	)
Swap Agreements		0		4			0			0			(56	)		(52	)
	$	0	$	4		$	(48	)	$	0		$	(302	)	$	(346	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0		$	1,176		$	0		$	1,176
Purchased Options		0		(1	)		0			0			(1	)		(2	)
Written Options		0		21			0			2			23			46
Swap Agreements		0		128			(17	)		0			3			114
	$	0	$	148		$	(17	)	$	1,178		$	25		$	1,334
	$	0	$	152		$	(65	)	$	1,178		$	(277	)	$	988
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Written Options	$	0	$	0		$	0		$	0		$	(1	)	$	(1	)
Futures		0		0			0			0			(136	)		(136	)
Swap Agreements		0		(736	)		0			0			1,896			1,160
	$	0	$	(736	)	$	0		$	0		$	1,759		$	1,023
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0		$	(75	)	$	0		$	(75	)
Purchased Options		0		1			0			0			5			6
Written Options		0		1			0			(1	)		(174	)		(174	)
Swap Agreements		0		(268	)		(6	)		0			(6	)		(280	)
	$	0	$	(266	)	$	(6	)	$	(76	)	$	(175	)	$	(523	)
	$	0	$	(1,002	)	$	(6	)	$	(76	)	$	1,584		$	500

See Accompanying Notes ANNUAL REPORT JUNE 30, 2022 49

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, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Asset-Backed Securities
Cayman Islands	$	0	$	341	$	0	$	341
United States		0		13,787		0		13,787
Loan Participations and Assignments
Canada		0		0		600		600
Luxembourg		0		54		0		54
Panama		0		371		468		839
United Kingdom		0		839		378		1,217
United States		0		3,209		132		3,341
Common Stocks
Australia
Industrials		0		114		0		114
Materials		0		3,082		0		3,082
Belgium
Financials		0		230		0		230
Brazil
Communication Services		119		0		0		119
Consumer Staples		130		0		0		130
Energy		587		0		0		587
Financials		148		0		0		148
Materials		1,233		0		0		1,233
Canada
Consumer Discretionary		88		0		0		88
Consumer Staples		528		0		0		528
Financials		350		0		0		350
Industrials		177		0		0		177
Materials		108		0		0		108
China
Energy		0		476		0		476
Financials		0		2,973		0		2,973
Industrials		0		121		0		121
Information Technology		0		178		0		178
Utilities		0		136		0		136
Czech Republic
Utilities		0		196		0		196
Denmark
Industrials		0		538		0		538
France
Communication Services		0		498		0		498
Health Care		0		1,448		0		1,448
Industrials		0		318		0		318
Germany
Utilities		0		546		0		546
Greece
Consumer Discretionary		0		118		0		118
Hong Kong
Industrials		0		206		0		206
Utilities		0		112		0		112
Indonesia
Communication Services		0		359		0		359
Consumer Discretionary		0		246		0		246
Energy		0		100		0		100

50 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Israel
Industrials	$	108	$	0	$	0	$	108
Japan
Communication Services		0		282		0		282
Consumer Discretionary		0		107		0		107
Consumer Staples		0		565		0		565
Health Care		0		1,045		0		1,045
Industrials		0		1,855		0		1,855
Information Technology		0		166		0		166
Materials		0		246		0		246
Luxembourg
Financials		0		0		81		81
Malaysia
Materials		0		130		0		130
Netherlands
Consumer Staples		0		739		0		739
Norway
Communication Services		0		253		0		253
Energy		0		235		0		235
Portugal
Consumer Staples		0		139		0		139
Singapore
Industrials		0		125		0		125
South Africa
Communication Services		0		338		0		338
Energy		0		106		0		106
Financials		0		584		0		584
South Korea
Consumer Discretionary		0		424		0		424
Consumer Staples		0		188		0		188
Spain
Financials		0		798		0		798
Utilities		0		516		0		516
Sweden
Energy		0		150		0		150
Information Technology		0		590		0		590
Switzerland
Health Care		0		5,082		0		5,082
Industrials		0		351		0		351
Information Technology		0		180		0		180
Taiwan
Information Technology		0		1,752		0		1,752
United Kingdom
Consumer Staples		0		549		0		549
Health Care		0		1,159		0		1,159
Industrials		0		375		0		375
Materials		0		2,314		0		2,314
Utilities		0		693		0		693
United States
Communication Services		372		0		39		411
Consumer Discretionary		1,334		0		0		1,334
Consumer Staples		8,628		0		0		8,628
Energy		1,021		0		0		1,021
Financials		5,462		0		0		5,462
Health Care		9,063		0		0		9,063
Industrials		3,438		0		194		3,632
Information Technology		6,464		0		0		6,464
Materials		145		0		0		145
Utilities		163		0		0		163

See Accompanying Notes ANNUAL REPORT JUNE 30, 2022 51

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

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Corporate Bonds & Notes
Austria
Banking & Finance	$	0	$	613	$	0	$	613
Bermuda
Industrials		0		238		0		238
Canada
Industrials		0		441		0		441
Cayman Islands
Banking & Finance		0		24		0		24
Industrials		0		381		0		381
Utilities		0		64		0		64
France
Banking & Finance		0		385		0		385
Hong Kong
Banking & Finance		0		212		0		212
Ireland
Industrials		0		36		0		36
Italy
Banking & Finance		0		383		0		383
Japan
Industrials		0		772		0		772
Liberia
Industrials		0		887		0		887
Luxembourg
Industrials		0		172		0		172
Mexico
Industrials		0		514		0		514
Multinational
Industrials		0		86		0		86
Netherlands
Industrials		0		304		0		304
Peru
Banking & Finance		0		24		0		24
Spain
Industrials		0		179		0		179
Switzerland
Banking & Finance		0		349		0		349
United Kingdom
Banking & Finance		0		2,504		0		2,504
Industrials		0		752		0		752
United States
Banking & Finance		0		257		0		257
Industrials		0		7,573		0		7,573
Utilities		0		3,749		0		3,749
Venezuela
Industrials		0		20		0		20
Virgin Islands (British)
Industrials		0		285		0		285
Non-Agency Mortgage-Backed Securities
United Kingdom		0		1,216		0		1,216
United States		0		7,352		0		7,352
Municipal Bonds & Notes
Illinois		0		21		0		21
Puerto Rico		0		150		0		150
Virginia		0		149		0		149
Preferred Stocks
Brazil
Energy		690		0		0		690
Netherlands
Banking & Finance		0		267		0		267

52 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2022
Spain
Banking & Finance	$	0		$	210		$	0	$	210
United Kingdom
Banking & Finance		0			201			0		201
United States
Industrials		0			149			0		149
Real Estate Investment Trusts
Australia
Real Estate		0			341			0		341
United States
Real Estate		9,060			0			0		9,060
Rights
Luxembourg
Financials		0			0			2		2
Sovereign Issues
Argentina		0			296			0		296
Peru		0			255			0		255
Romania		0			146			0		146
South Africa		0			710			0		710
Turkey		0			315			0		315
Venezuela		0			14			0		14
U.S. Government Agencies
United States		0			16,660			0		16,660
U.S. Treasury Obligations
United States		0			12,664			0		12,664
Warrants
Luxembourg
Financials		0			0			2		2
United States
Information Technology		0			0			1		1
Short-Term Instruments
Repurchase Agreements		0			1,002			0		1,002
Argentina Treasury Bills		0			77			0		77
	$	49,416		$	116,031		$	1,897	$	167,344
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	11,603		$	0		$	0	$	11,603
Total Investments	$	61,019		$	116,031		$	1,897	$	178,947
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		21			299			0		320
Over the counter		0			345			0		345
	$	21		$	644		$	0	$	665
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(10	)		(340	)		0		(350	)
Over the counter		0			(688	)		0		(688	)
	$	(10	)	$	(1,028	)	$	0	$	(1,038	)
Total Financial Derivative Instruments	$	11		$	(384	)	$	0	$	(373	)
Totals	$	61,030		$	115,647		$	1,897	$	178,574

See Accompanying Notes ANNUAL REPORT JUNE 30, 2022 53

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

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended June 30, 2022:

Category and Subcategory	Beginning Balance at 06/30/2021		Net Purchases		Net Sales/ Settlements			Accrued Discounts/ (Premiums)			Realized Gain/ (Loss)			Net Change in Unrealized Appreciation/ (Depreciation)(1)			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 06/30/2022		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 06/30/2022 (1)
Investments in Securities, at Value
Loan Participations and Assignments
Canada	$	0	$	661	$	0		$	(1	)	$	0		$	(60	)	$	0	$	0		$	600	$	(60	)
Panama		0		522		(3	)		0			0			(51	)		0		0			468		(51	)
United Kingdom		0		400		(22	)		0			0			0			0		0			378		0
United States		2		202		(1	)		(1	)		0			(67	)		0		(3	)		132		(69	)
Common Stocks
Luxembourg
Financials		0		208		0			0			0			(127	)		0		0			81		(127	)
United States
Communication Services		133		0		0			0			0			(94	)		0		0			39		(94	)
Industrials		124		0		0			0			0			70			0		0			194		70
Rights
Luxembourg
Financials		0		0		0			0			0			2			0		0			2		2
Warrants
Luxembourg
Financials		0		54		0			0			(1	)		(51	)		0		0			2		(51	)
United States
Information Technology	$	1	$	0	$	0		$	0		$	0		$	0		$	0	$	0		$	1	$	0
Totals	$	260	$	2,047	$	(26	)	$	(2	)	$	(1	)	$	(378	)	$	0	$	(3	)	$	1,897	$	(380	)

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

Category and Subcategory	Ending Balance at 06/30/2022			Valuation Technique	Unobservable Inputs		(% Unless Noted Otherwise)
							Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments
Canada		$	600	Third Party Vendor	Broker Quote			92.250		—
Panama			468	Third Party Vendor	Broker Quote			90.000		—
United Kingdom			378	Discounted Cash Flow	Discount Rate			5.136		—
United States			132	Third Party Vendor	Broker Quote			62.500-93.000		92.868
Common Stocks
Luxembourg
Financials			81	Indicative Market Quotation	EBITDA Multiple	X		7.000		—
United States
Communication Services			39	Reference Instrument	Liquidity Discount			10.000		—
Industrials			194	Discounted Cash Flow	Discount Rate			9.500-17.100		9.500
Rights
Luxembourg
Financials			2	Other Valuation Techniques(2)	—			—		—
Warrants
Luxembourg
Financials			1	Indicative Market Quotation	EBITDA Multiple	X		7.000		—

54 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

Category and Subcategory	Ending Balance at 06/30/2022			Valuation Technique	Unobservable Inputs		(% Unless Noted Otherwise)
							Input Value(s)		Weighted Average
		$	1	Other Valuation Techniques(2)	—			—		—
United States
Information Technology			1	Comparable Companies/Discounted Cash Flow	EBITDA Multiple	X		3.875		—
Total		$	1,897

⁽¹⁾ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2022 may be due to an investment no longer held or categorized as Level 3 at period end.

⁽²⁾ Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2022 55

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, 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. Prior to November 1, 2021, PIMCO had engaged Research Affiliates, LLC as the sub-adviser for the equity portion of the Fund and Parametric Portfolio Associates, LLC to implement the investment strategies of the equity portion of the Fund.

The Fund may invest in the least expensive class of shares of any actively managed or smart beta funds (including mutual funds or exchange-traded funds) of the Trust, or PIMCO ETF Trust or PIMCO Funds, each an affiliated open-end investment company, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (“Underlying PIMCO Funds”), and may also invest in other unaffiliated funds and exchange-traded funds (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”). 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

56 PIMCO EQUITY SERIES

June 30, 2022

Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

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

(b) 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

ANNUAL REPORT JUNE 30, 2022 57

Notes to Financial Statements (Cont.)

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.

Separately, if the Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), 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 determines or estimates, as applicable, 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 determined or estimated, as applicable, 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 but are not limited to, for certain Funds, the treatment of 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 provided to shareholders when such information is available.

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 and Regulatory Updates  In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”), 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. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Fund’s investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Fund’s financial statements.

58 PIMCO EQUITY SERIES

June 30, 2022

In October 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions that was applicable to the Fund as of the date of this report. Subject to certain exceptions, the rule requires funds to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a value-at-risk leverage limit, certain derivatives risk management program and reporting requirements. The rule went into effect on February 19, 2021. The compliance date for the new rule and the related reporting requirements is August 19, 2022. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Fund’s financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the associated recordkeeping requirements is September 8, 2022. At this time, management is evaluating the 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.

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. If regular trading on the NYSE closes earlier than scheduled, the Fund reserves the right to either (i) calculate its NAV as of the earlier closing time or (ii) calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day. The Fund generally does not calculate its NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, the Fund reserves the right to calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day or such other time that the Fund may determine.

ANNUAL REPORT JUNE 30, 2022 59

Notes to Financial Statements (Cont.)

For purposes of calculating 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 PIMCO 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 such data reflecting 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, quotes obtained from a quotation reporting system, established market makers or pricing services. Swap agreements are valued on the basis of market-based prices supplied by Pricing Services or quotes obtained from brokers and dealers. 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 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.

60 PIMCO EQUITY SERIES

June 30, 2022

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. 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.

When the Fund (or, in each instance in this paragraph, as applicable, an Underlying PIMCO Fund or an 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 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

ANNUAL REPORT JUNE 30, 2022 61

Notes to Financial Statements (Cont.)

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.

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Services or other valuation techniques which utilize significant observable inputs. 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, 2022

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 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, Level 2 and Level 3 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.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or pricing services. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

ANNUAL REPORT JUNE 30, 2022 63

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.

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.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Adviser may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Adviser does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indices, and/or other financial instruments, whose pricing information is readily available. Unobservable inputs may include those used in algorithms based on percentage change in the reference instruments and/or weights of each reference instrument. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source or input of the reference instrument.

64 PIMCO EQUITY SERIES

June 30, 2022

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Comparable Companies model is based on application of valuation multiples from publicly traded comparable companies to the financials of the subject company. Adjustments may be made to the market-derived valuation multiples based on differences between the comparable companies and the subject company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities 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 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, 2022 (amounts in thousands^†):

Investment in PIMCO Short-Term Floating NAV Portfolio III

Market Value 06/30/2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 06/30/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
$	1,231	$	84,057	$	(73,645)	$	(33)	$	(7)	$	11,603	$	56	$	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.

ANNUAL REPORT JUNE 30, 2022 65

Notes to Financial Statements (Cont.)

(b) Investments in Securities

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

Delayed-Delivery 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. When delayed-delivery transactions are outstanding, the Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

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 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.

66 PIMCO EQUITY SERIES

June 30, 2022

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 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

ANNUAL REPORT JUNE 30, 2022 67

Notes to Financial Statements (Cont.)

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.

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 (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 as of June 30, 2022, as applicable, are disclosed in the Notes to Schedule of Investments.

68 PIMCO EQUITY SERIES

June 30, 2022

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.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the “Single Security Initiative”). 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. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that requires the Fund to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Fund’s TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Fund and impose added operational complexity.

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 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.

ANNUAL REPORT JUNE 30, 2022 69

Notes to Financial Statements (Cont.)

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.

When-Issued Transactions  are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by the Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

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.

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.

70 PIMCO EQUITY SERIES

June 30, 2022

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

ANNUAL REPORT JUNE 30, 2022 71

Notes to Financial Statements (Cont.)

additional cost. The Fund will be subject to additional risks to the extent that it engages in short sales that are not “against the box.” The Fund’s loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(e) 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 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.

During the period ended June 30, 2022, 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.

(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

72 PIMCO EQUITY SERIES

June 30, 2022

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 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

ANNUAL REPORT JUNE 30, 2022 73

Notes to Financial Statements (Cont.)

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.

Foreign Currency Options  may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

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.

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

74 PIMCO EQUITY SERIES

June 30, 2022

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.

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.

ANNUAL REPORT JUNE 30, 2022 75

Notes to Financial Statements (Cont.)

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 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. 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 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. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is

76 PIMCO EQUITY SERIES

June 30, 2022

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 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.

ANNUAL REPORT JUNE 30, 2022 77

Notes to Financial Statements (Cont.)

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, the 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, the 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 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.

Allocation Risk  is the risk that the Fund could lose money as a result of less than optimal or poor asset allocation decisions. The 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 the 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 the 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.

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.

78 PIMCO EQUITY SERIES

June 30, 2022

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.

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

ANNUAL REPORT JUNE 30, 2022 79

Notes to Financial Statements (Cont.)

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.

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 actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Fund and may cause PIMCO to restrict or prohibit participation in certain investments. 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 and valuation complexity. Changes in the value of a 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”)

80 PIMCO EQUITY SERIES

June 30, 2022

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. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty resides with the Fund’s clearing broker, or the clearinghouse. 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 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.

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.

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, among other reasons, because of exchange rules, 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 the Fund invested in the exchange-traded fund.

Tracking Error Risk  is the risk that the portfolio of a Fund that seeks to track the investment results of an underlying index may not closely track the underlying index for a number of reasons. The Fund incurs operating expenses, which are not applicable to the underlying index, and the costs of buying and selling securities, especially when rebalancing the Fund’s portfolio to reflect changes in the composition of the underlying index. Performance of the Fund and the underlying index may vary due to asset valuation differences and differences between the Fund’s portfolio and the underlying index due to legal restrictions, cost or liquidity restraints. The risk that performance of the 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 the Fund to be less correlated to the return of the underlying index than if the Fund held all of the securities in the underlying index.

Indexing Risk  is the risk that an Underlying PIMCO Fund that seeks to track the investment results of an underlying index is negatively affected by general declines in the asset classes represented by the underlying index.

LIBOR Transition Risk  is the risk related to the anticipated discontinuation of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by the Fund rely in some fashion upon LIBOR.

ANNUAL REPORT JUNE 30, 2022 81

Notes to Financial Statements (Cont.)

Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in value of certain instruments held by the Fund.

(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 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

82 PIMCO EQUITY SERIES

June 30, 2022

Fund and the value of its investments, and limit and/or preclude the 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 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

ANNUAL REPORT JUNE 30, 2022 83

Notes to Financial Statements (Cont.)

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 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, which reflects changes in market value, is 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 Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations, and other events, including, but not limited to, margin, execution, and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Margin and other assets delivered as collateral are typically in the

84 PIMCO EQUITY SERIES

June 30, 2022

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.

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. 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 or as required by regulation. Similarly, if required by regulation, the Fund may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Fund is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. 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(1)	Supervisory and Administrative Fee(2)
All Classes	Institutional Class	I-2	I-3	Class A	Class C
0.44%	0.25%	0.35%	0.45%*(3)	0.35%	0.35%

⁽¹⁾  Effective November 1, 2021, the Fund’s investment advisory fee was reduced by 0.01%.

⁽²⁾  Effective November 1, 2021, the Fund’s supervisory and administrative fee was reduced by 0.05% for each class.

⁽³⁾  PIMCO has contractually agreed, through October 31, 2022, 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 particular share class has been registered with the SEC, but has not yet launched.

ANNUAL REPORT JUNE 30, 2022 85

Notes to Financial Statements (Cont.)

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

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A and Class C shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares, and in connection with personal services rendered to Class A and Class C shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A and Class C shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of 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, 2022, the Distributor retained $37,743 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker dealers, 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) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest 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 expenses, including costs of litigation and indemnification expenses; (vii) organizational expenses; and (viii) 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, through October 31, 2022, to waive a portion of the Fund’s Supervisory and Administrative Fee, or reimburse

86 PIMCO EQUITY SERIES

June 30, 2022

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”) within thirty-six months of the time 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, 2022, were as follows (amounts in thousands^†):

Expiring within
12 months		13-24 months		25-36 months		Total
$	18	$	14	$	14	$	46

^†  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, 2022, 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, 2022, the amount was $13,525.

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

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to the 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, 2022, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the Fund in an amount equal to its proportionate share of the Investment Advisory Fees and Supervisory

ANNUAL REPORT JUNE 30, 2022 87

Notes to Financial Statements (Cont.)

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.

The waivers are reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended June 30, 2022, there were no waived amounts.

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, 2022, were as follows (amounts in thousands^†):

Purchases		Sales
$	14,165	$	1,552

^†  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 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,

88 PIMCO EQUITY SERIES

June 30, 2022

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, 2022, were as follows (amounts in thousands^†):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	308,201	$	298,497	$	197,757	$	228,960

^†  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 06/30/2022						Year Ended 06/30/2021
	Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		705		$	8,804			1,581		$	19,056
I-2		868			10,873			366			4,274
Class A		1,504			18,602			3,455			38,735
Class C		375			4,638			201			2,395
Issued as reinvestment of distributions
Institutional Class		71			892			72			851
I-2		35			436			50			580
Class A		272			3,395			300			3,479
Class C		32			395			73			819
Cost of shares redeemed
Institutional Class		(2,216	)		(27,101	)		(791	)		(8,873	)
I-2		(887	)		(11,108	)		(831	)		(9,223	)
Class A		(1,892	)		(23,450	)		(2,936	)		(32,388	)
Class C		(564	)		(7,015	)		(3,598	)		(39,481	)
Net increase (decrease) resulting from Fund share transactions		(1,697	)	$	(20,639	)		(2,058	)	$	(19,776	)

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

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.

On May 17, 2022, Allianz Global Investors U.S. LLC (“AGI U.S.”) pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor.

ANNUAL REPORT JUNE 30, 2022 89

Notes to Financial Statements (Cont.)

Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Fund in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.-registered investment companies, including the Fund.

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, 2022, 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, 2022, 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)		Total Components of Distributable Earnings
PIMCO Dividend and Income Fund	$	3,023	$	0	$	(9,975	)	$	(13	)	$	(86,198	)	$	0	$	0	$	(93,163	)

^†  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 futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on: hyperinflationary investments, swap contracts, straddle loss deferrals, passive foreign investment companies (PFICs) and interest accrued on defaulted securities.

⁽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 as shown below.

90 PIMCO EQUITY SERIES

June 30, 2022

⁽⁵⁾  Capital losses realized during the period November 1, 2021 through June 30, 2022 which the Fund elected to defer to the following taxable year pursuant to income tax regulations.

⁽⁶⁾  Specified losses realized during the period November 1, 2021 through June 30, 2022 and Ordinary losses realized during the period January 1, 2022 through June 30, 2022 which the Fund elected to defer to the following taxable year pursuant to income tax regulations.

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

As of June 30, 2022, the Fund had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO Dividend and Income Fund	$	63,808	$	22,390

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

As of June 30, 2022, 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	$	189,688	$	12,268	$	(22,240	)	$	(9,972	)

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

⁽⁷⁾  Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or 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: hyperinflationary investments, swap contracts, straddle loss deferrals, passive foreign investment companies (PFICs) and interest accrued on defaulted securities.

For the fiscal years ended June 30, 2022 and June 30, 2021, respectively, the Fund made the following tax basis distributions (amounts in thousands^†):

	June 30, 2022						June 30, 2021
	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	$	5,925	$	0	$	0	$	6,700	$	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, 2022 91

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, 2022, the related statement of operations for the year ended June 30, 2022, the statement of changes in net assets for each of the two years in the period ended June 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended June 30, 2022 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, 2022 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 26, 2022

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:
AZD	Australia and New Zealand Banking Group	HUS	HSBC Bank USA N.A.
BOA	Bank of America N.A.	JPM	JP Morgan Chase Bank N.A.
BPS	BNP Paribas S.A.	MYC	Morgan Stanley Capital Services LLC
BRC	Barclays Bank PLC	MYI	Morgan Stanley & Co. International PLC
CBK	Citibank N.A.	NGF	Nomura Global Financial Products, Inc.
DUB	Deutsche Bank AG	RBC	Royal Bank of Canada
FAR	Wells Fargo Bank National Association	SAL	Citigroup Global Markets, Inc.
FICC	Fixed Income Clearing Corporation	SCX	Standard Chartered Bank, London
GLM	Goldman Sachs Bank USA	UAG	UBS AG Stamford
GST	Goldman Sachs International
Currency Abbreviations:
ARS	Argentine Peso	JPY	Japanese Yen
AUD	Australian Dollar	MXN	Mexican Peso
BRL	Brazilian Real	NOK	Norwegian Krone
CAD	Canadian Dollar	PEN	Peruvian New Sol
CLP	Chilean Peso	RUB	Russian Ruble
CNH	Chinese Renminbi (Offshore)	TWD	Taiwanese Dollar
EUR	Euro	USD (or $)	United States Dollar
GBP	British Pound	ZAR	South African Rand
IDR	Indonesian Rupiah
Exchange Abbreviations:
CME	Chicago Mercantile Exchange	OTC	Over the Counter
Index/Spread Abbreviations:
BADLARPP	Argentina Badlar Floating Rate Notes	LIBOR03M	3 Month USD-LIBOR
BP0003M	3 Month GBP-LIBOR	LIBOR06M	6 Month USD-LIBOR
CDX.EM	Credit Derivatives Index - Emerging Markets	MUTKCALM	Tokyo Overnight Average Rate
CDX.HY	Credit Derivatives Index - High Yield	PRIME	Daily US Prime Rate
CDX.IG	Credit Derivatives Index - Investment Grade	SOFR	Secured Overnight Financing Rate
CMBX	Commercial Mortgage-Backed Index	SONIO	Sterling Overnight Interbank Average Rate
EUR003M	3 Month EUR Swap Rate	UKRPI	United Kingdom Retail Prices Index
EUR006M	6 Month EUR Swap Rate	US0001M	ICE 1-Month USD LIBOR
LIBOR01M	1 Month USD-LIBOR	US0003M	ICE 3-Month USD LIBOR
Other Abbreviations:
BABs	Build America Bonds	LIBOR	London Interbank Offered Rate
BBR	Bank Bill Rate	Lunar	Monthly payment based on 28-day periods. One year consists of 13 periods.
BBSW	Bank Bill Swap Reference Rate	OIS	Overnight Index Swap
BTP	Buoni del Tesoro Poliennali “Long-term Treasury Bond”	PIK	Payment-in-Kind
CDI	Brazil Interbank Deposit Rate	REIT	Real Estate Investment Trust
EBITDA	Earnings before Interest, Taxes, Depreciation and Amoritization	TBA	To-Be-Announced
EURIBOR	Euro Interbank Offered Rate	TBD%	Interest rate to be determined when loan settles or at the time of funding
JIBAR	Johannesburg Interbank Agreed Rate	TIIE	Tasa de Interés Interbancaria de Equilibrio “Equilibrium Interbank Interest Rate”

ANNUAL REPORT JUNE 30, 2022 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 Fund’s 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 fund’s dividend distribution that qualifies under tax law. The percentage of the following Fund’s fiscal 2022 ordinary income dividend that qualifies for the corporate dividend 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, 2022 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 2022:

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, 2022 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, 2022 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.

Section 163(j) Interest Dividends.  The Fund intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) amount of ordinary income distributions are as follows:

	Dividend Received Deduction %			Qualified Dividend Income %			Qualified Interest Income (000s)†		Qualified Short-Term Capital Gains (000s)†		163(j) Interest Dividends (000s)†
PIMCO Dividend and Income Fund		31	%		87	%	$	2,330	$	0	$	1,574

^†  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 2023, 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 2022.

Section 199A Dividends.  Non-corporate fund shareholders of the Fund below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Fund as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

	199A Dividends
PIMCO Dividend and Income Fund		3%

94 PIMCO EQUITY SERIES

Distribution Information

(Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the six month period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the fiscal period ended June 30, 2022 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year.

See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO Dividend and Income Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2022	$	0.0102	$	0.0000	$	0.0000	$	0.0102
June 2022	$	0.0684	$	0.0000	$	0.0000	$	0.0684
I-2 Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2022	$	0.0096	$	0.0000	$	0.0000	$	0.0096
June 2022	$	0.0702	$	0.0000	$	0.0000	$	0.0702
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2022	$	0.0037	$	0.0000	$	0.0000	$	0.0037
June 2022	$	0.0626	$	0.0000	$	0.0000	$	0.0626
Class C	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0400	$	0.0000	$	0.0000	$	0.0400

* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits.

** Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund’s net income, yield, earnings or investment performance.

ANNUAL REPORT JUNE 30, 2022 95

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.	149	Chairman and Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Kimberley G. Stafford (1978) Trustee	02/2021 to present	Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO.	149	Trustee, 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.	149	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	Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P.	149	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.	149	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).	149	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.	149	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).	149	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, 2022.

¹  Ms. Stafford is an “interested persons” of the Trust (as that term is defined in the 1940 Act) because of his affiliations with PIMCO.

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

96 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 and Head of Funds Business Group Americas, 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.
Ryan G. Leshaw (1980)  Chief Legal Officer and Secretary	08/2021 to present	Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer 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.
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.
Joshua D. Ratner (1976)** Senior Vice President	05/2019 to present	Executive Vice President and Head of Americas 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.
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.
Douglas B. Burrill (1980)** Vice President	08/2022 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Jeffrey A. Byer (1976) Vice President	02/2020 to present	Executive Vice President, 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.
Elizabeth A. Duggan (1964) Vice President	02/2021 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.
Mark A. Jelic (1981)  Vice President	08/2021 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Kenneth W. Lee (1972) Vice President	08/2022 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, 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.
Keith A. Werber (1973) Vice President	05/2022 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.

ANNUAL REPORT JUNE 30, 2022 97

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†
Bijal Y. Parikh (1978) Treasurer	01/2021 to present	Senior Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT, 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	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Deputy Treasurer, 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 August 25, 2022.

^†  The term “PIMCO-Sponsored Closed-End Funds” as used herein includes: PIMCO Access Income Fund, 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 Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS^® & Income Fund, PIMCO High Income 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, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.

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

*** The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

98 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, 2022 99

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”).

100 PIMCO EQUITY SERIES

Liquidity Risk Management Program

(Unaudited)

In compliance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940, as amended (“1940 Act”), 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”) not regulated as a money market fund under 1940 Act Rule 2a-7, 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, Americas Operations, Compliance, Account Management and Portfolio Management, and is advised by members of PIMCO Legal.

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 15-16, 2022 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 12-month period ended December 31, 2021. The Report reviewed the operation of the Program’s components during such period and stated 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 period ended June 30, 2022.

ANNUAL REPORT JUNE 30, 2022 101

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, I-3, 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_063022

PIMCO EQUITY SERIES^®

Annual Report

June 30, 2022

PIMCO RAE Emerging Markets Fund

PIMCO RAE Global ex-US Fund

PIMCO RAE International Fund

PIMCO RAE US Fund

PIMCO RAE US Small Fund

Table of Contents

			Page
Chairman’s Letter				2
Important Information About the Funds				4
Expense Examples				19
Financial Highlights				22
Statements of Assets and Liabilities				26
Statements of Operations				28
Statements of Changes in Net Assets				30
Notes to Financial Statements				56
Report of Independent Registered Public Accounting Firm				74
Glossary				75
Federal Income Tax Information				76
Distribution Information				77
Management of the Trust				78
Privacy Policy				80
Liquidity Risk Management Program				81
Fund	Fund Summary		Schedule of Investments
PIMCO RAE Emerging Markets Fund		9		32
PIMCO RAE Global ex-US Fund		11		40
PIMCO RAE International Fund		13		41
PIMCO RAE US Fund		15		49
PIMCO RAE US Small Fund		17		52

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 remaining 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, 2022. On the subsequent pages, you will find specific details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended June 30, 2022

The global economy continued to be affected by the COVID-19 pandemic (“COVID-19”) and its variants. Looking back, third quarter 2021 U.S. annualized gross domestic product (“GDP”) grew 2.3%. Economic activity accelerated during the fourth quarter, as GDP growth was 6.9%. However, the U.S. economy then experienced a setback, as first quarter 2022 GDP growth was -1.6%. Finally, the Commerce Department’s initial estimate for second quarter 2022 GDP growth — released after the reporting period ended — was -0.9%.

In the U.S., the Federal Reserve Board (the “Fed”) took several steps to tighten monetary policy to combat elevated inflation. The Fed reduced the monthly pace of its net asset purchases of Treasury securities and agency mortgage-backed securities in November 2021 and again in December. The Fed ended its monthly asset purchases in mid-March 2022. The Fed then raised the federal funds rate 0.25% to a range between 0.25% and 0.50% in March 2022, its first rate hike since 2018. The central bank then raised rates 0.50% in its May 2022 meeting and 0.75% in its June meeting. Finally, on July 27, 2022 — after the reporting period ended — the Fed raised rates 0.75%, to a range between 2.25% and 2.50%.

Economies outside the U.S. also continued to be impacted by the pandemic. The war in Ukraine and its repercussions also led to increased uncertainties around the world. In its April 2022 World Economic Outlook Update, the International Monetary Fund (“IMF”) said it expects U.S. gross domestic product (“GDP”) growth to be 3.7% in 2022, compared to 5.7% in 2021. Elsewhere, the IMF expects 2022 GDP to grow 2.8% in the eurozone (from 5.3% in 2021), 3.7% in the U.K. (from 7.4% in 2021) and 2.4% in Japan (from 1.6% in 2021).

Several other central banks began tightening monetary policy during the period. In December 2021, the Bank of England (the “BoE”) surprised the market and raised rates for the first time since COVID-19 began. The BoE again raised rates at its meetings in February, March, May and June 2022. The European Central Bank (the “ECB”) indicated that it intended to raise rates at its September 2022 meeting. Elsewhere, the Bank of Japan (the “BoJ”) maintained its loose monetary policy and appears likely to remain accommodative in the near future given the headwinds facing its economy.

During the reporting period, short- and long-term U.S. Treasury yields moved sharply higher. The yield on the benchmark 10-year U.S. Treasury note was 2.98% on June 30, 2022, versus 1.45% on June 30, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -7.91%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -12.75%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -12.85%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -19.25%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -19.28%.

Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -10.62%. Global equities, as represented by the MSCI World Index, returned -14.34%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -25.28%. Meanwhile, Japanese equities, as

2 PIMCO EQUITY SERIES

represented by the Nikkei 225 Index (in JPY), returned -8.33% and European equities, as represented by the MSCI Europe Index (in EUR), returned -6.54%.

Commodity prices were volatile and generated mixed returns. Brent crude oil, which was approximately $75 a barrel at the start of the reporting period, rose to roughly $112 a barrel at the end of June 2022. We believe the oil-price increase was driven by supply shortages and stronger demand due to economic re-openings as COVID-19 restrictions eased. Repercussions from the war in Ukraine also contributed to higher oil prices. In terms of other commodities prices, copper declined, whereas gold rose during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was due to several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 11.59%, 11.95% and 18.13% 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, 2022 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 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.

PIMCO RAE Global ex-US Fund is a “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 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 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 and Other 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’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from other countries, each 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).

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 ultimately phase out the use of LIBOR. 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). Any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. The transition may also 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. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, 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, but not limited to 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, regional armed conflict and unpredictable taxation. Investments in Russia are particularly subject to the risk that further economic sanctions and other similar measures may be imposed by the United States and/or other countries. Other similar measures may include, but are not limited to, banning Russia or certain persons or entities associated with Russia from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors, and freezing Russian assets or those of particular countries, entities or persons with ties to Russia. Such sanctions and other similar measures — which may impact companies in many sectors, including energy, financial services and defense, among others — may negatively impact a Fund’s performance and/or ability to achieve its investment objective. For example, certain investments may be prohibited and/or existing investments may become illiquid (e.g., in the event that transacting in certain existing investments is prohibited, securities markets close, or market participants cease transacting in certain investments in light of geopolitical events, sanctions or related considerations), which could render any such securities held by a Fund unmarketable for an indefinite period of time and/or cause the Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions. In addition, such sanctions or other similar measures, and the Russian government’s response, could result in a downgrade of Russia’s credit rating or of securities of issuers located in or economically tied to Russia, devaluation of Russia’s currency and/or increased volatility with respect to Russian securities and the ruble.

Moreover, disruptions caused by Russian military action or other actions (including cyberattacks, espionage or other asymmetric measures) or resulting actual or threatened responses to such activity may impact Russia’s economy and Russian issuers of securities in which a Fund invests. Such resulting actual or threatened responses may include, but are not limited to, purchasing and financing restrictions, withdrawal of financial intermediaries, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians. The Russian securities market is characterized by limited volume of trading, resulting in difficulty in obtaining accurate prices and trading. These issues can be magnified as a result of sanctions and other similar measures that may be imposed and the Russian government’s response. 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. Prior to the implementation of the National Settlement Depository (“NSD”), a recognized central securities depository, there was no central registration system for equity share registration in Russia, and registration was carried out by either the issuers themselves or by registrars located throughout Russia. Title to Russian equities held through the NSD is now based on the records of the NSD and not the registrars. Although the implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, issues resulting in loss can still occur. Ownership of securities issued by Russian companies that are not held through depositories such as the NSD may be recorded by companies themselves and by registrars. In such cases, the risk is increased that a Fund could lose ownership rights through fraud, negligence or oversight. 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. In addition, issuers and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss relating to title or corporate actions relating

to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss. 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. 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

ANNUAL REPORT | JUNE 30, 2022 5

Important Information About the Funds (Cont.)

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, and to sanctions or other actions that may be directed at the Russian economy as a whole or at Russian oil, natural gas, metals or timber industries.

Russia has attempted, and may attempt in the future, to assert its influence in the region through economic or military measures. For example, in February 2022, Russia launched a large-scale invasion of Ukraine. Such measures may have an adverse effect on the Russian economy, which may, in turn, negatively impact a Fund.

Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available currency hedging instruments. In addition, there is the risk that the Russian government may impose capital controls on foreign portfolio investments in the event of extreme financial or political crisis. Such capital controls may prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.

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 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

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

6 PIMCO EQUITY SERIES

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.

SEC rules 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. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary or, if invested directly with the Fund, investors can inform the Fund by calling (888) 87-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with the Fund or to all funds held in the investor’s account if invested through a financial intermediary.

In August 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.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions that was applicable to the Funds as of the date of this report. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements is August 19, 2022.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Investment Company Act of 1940 (the “Act”) without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the associated recordkeeping requirements is September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and

ANNUAL REPORT | JUNE 30, 2022 7

Important Information About the Funds (Cont.)

valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Funds) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

8 PIMCO EQUITY SERIES

PIMCO RAE Emerging Markets Fund

Cumulative Returns Through June 30, 2022

$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, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended June 30, 2022*
		1 Year		5 Years		10 Years		Fund Inception (05/31/06)
	PIMCO RAE Emerging Markets Fund Institutional Class		(19.72)%		2.27%		3.27%		5.07%
	PIMCO RAE Emerging Markets Fund I-2		(19.78)%		2.14%		3.18%		5.02%
	PIMCO RAE Emerging Markets Fund Class A		(19.97)%		1.91%		3.02%		4.92%
	PIMCO RAE Emerging Markets Fund Class A (adjusted)		(22.96)%		1.13%		2.63%		4.68%
	MSCI Emerging Markets Value Index±		(18.59)%		1.25%		1.46%		3.66%
	MSCI Emerging Markets Index±±ª		(25.28)%		2.18%		3.06%		4.23%

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 was 0.78% for Institutional Class shares, 0.88% for I-2 shares and 1.13% 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.

ANNUAL REPORT | JUNE 30, 2022 9

Institutional Class - PEIFX I-2 -  PEPFX Class A -  PEAFX

Geographic Breakdown as of June 30, 2022^†§

China	17.7%
South Korea	12.7%
Brazil	11.8%
India	10.0%
Thailand	9.1%
Taiwan	7.4%
South Africa	7.3%
Mexico	6.0%
Turkey	3.8%
Short-Term Instruments	3.6%
Hong Kong	3.3%
Indonesia	2.6%
Malaysia	1.3%
Poland	1.0%
Other	2.4%

^† % 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 information technology sector contributed to relative returns, as the sector underperformed the benchmark index and the Fund’s holdings outperformed the benchmark index.

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

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

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

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

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

10 PIMCO EQUITY SERIES

PIMCO RAE Global ex-US Fund

Cumulative Returns Through June 30, 2022

$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, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended June 30, 2022
		1 Year		5 Years		Fund Inception (06/05/15)
	PIMCO RAE Global ex-US Fund Institutional Class		(15.58)%		1.73%		2.45%
	PIMCO RAE Global ex-US Fund I-2		(15.57)%		1.68%		2.37%
	PIMCO RAE Global ex-US Fund Class A		(15.87)%		1.38%		2.10%
	PIMCO RAE Global ex-US Fund Class A (adjusted)		(19.04)%		0.60%		1.55%
	MSCI All Country World ex US Value Index±		(12.77)%		1.23%		1.51%
	MSCI All Country World ex US Index±±ª		(19.42)%		2.50%		2.72%

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) was 1.12% for Institutional Class shares, 1.22% for I-2 shares and 1.47% 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.

ANNUAL REPORT | JUNE 30, 2022 11

Institutional Class - PZRIX I-2 -  PZRPX Class A - PZRAX

Top Holdings as of June 30, 2022^†§

PIMCO RAE International Fund	76.3%
PIMCO RAE Emerging Markets Fund	23.5%

^† % 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:

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

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

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

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

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

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

12 PIMCO EQUITY SERIES

PIMCO RAE International Fund

Cumulative Returns Through June 30, 2022

$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, 2022
		1 Year		5 Years		Fund Inception (06/05/15)
	PIMCO RAE International Fund Institutional Class		(14.14)%		1.67%		2.27%
	PIMCO RAE International Fund I-2		(14.25)%		1.59%		2.18%
	PIMCO RAE International Fund Class A		(14.41)%		1.33%		1.92%
	PIMCO RAE International Fund Class A (adjusted)		(17.61)%		0.55%		1.37%
	MSCI EAFE Value Index±		(11.95)%		0.52%		0.94%
	MSCI EAFE Index±±ª		(17.77)%		2.20%		2.50%

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 was 0.52% for Institutional Class shares, 0.62% for I-2 shares and 0.87% 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.

ANNUAL REPORT | JUNE 30, 2022 13

Institutional Class - PPYIX I-2 -  PPYPX Class A -  PPYAX

Geographic Breakdown as of June 30, 2022^†§

Japan	29.9%
United Kingdom	12.8%
Switzerland	7.1%
Australia	6.2%
Netherlands	6.2%
Spain	5.9%
Short-Term Instruments	5.5%
France	4.8%
Canada	4.8%
Germany	3.6%
Italy	3.2%
Hong Kong	2.5%
Israel	1.5%
Finland	1.3%
Other	4.7%

^† % 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 utilities sector contributed to relative returns, as 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.

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

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

» Overweight exposure to, and security selection in, the consumer discretionary sector detracted from relative returns, as the sector and 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.

14 PIMCO EQUITY SERIES

PIMCO RAE US Fund

Cumulative Returns Through June 30, 2022

$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, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended June 30, 2022*
		1 Year		5 Years		10 Years		Fund Inception (12/22/04)
	PIMCO RAE US Fund Institutional Class		(7.16)%		8.56%		11.19%		8.14%
	PIMCO RAE US Fund I-2		(7.25)%		8.45%		11.11%		8.10%
	PIMCO RAE US Fund Class A		(7.54)%		8.11%		10.87%		7.97%
	PIMCO RAE US Fund Class A (adjusted)		(11.03)%		7.29%		10.46%		7.74%
	Russell 1000® Value Index±		(6.82)%		7.17%		10.50%		7.20%
	S&P 500 Index±±ª		(10.62)%		11.31%		12.96%		8.89%

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 was 0.41% for Institutional Class shares, 0.51% for I-2 shares and 0.81% 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.

ANNUAL REPORT | JUNE 30, 2022 15

Institutional Class - PKAIX I-2 -  PKAPX Class A -  PKAAX

Sector Breakdown as of June 30, 2022^†§

Health Care	22.2%
Information Technology	20.8%
Energy	15.6%
Financials	10.6%
Consumer Discretionary	7.9%
Utilities	7.1%
Consumer Staples	6.6%
Industrials	5.2%
Real Estate	1.4%
Communication Services	1.1%
Short-Term Instruments	0.9%
Materials	0.6%

^† % 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:

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

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

» Underweight exposure to the communication services sector contributed to relative returns, as the sectors underperformed the benchmark index.

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

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

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

16 PIMCO EQUITY SERIES

PIMCO RAE US Small Fund

Cumulative Returns Through June 30, 2022

$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, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended June 30, 2022*
		1 Year		5 Years		10 Years		Fund Inception (09/29/05)
	PIMCO RAE US Small Fund Institutional Class		(13.65)%		9.07%		11.65%		8.60%
	PIMCO RAE US Small Fund I-2		(13.68)%		8.98%		11.57%		8.55%
	PIMCO RAE US Small Fund Class A		(13.98)%		8.64%		11.33%		8.41%
	PIMCO RAE US Small Fund Class A (adjusted)		(17.21)%		7.81%		10.90%		8.17%
	Russell 2000® Value Index±		(16.28)%		4.89%		9.05%		6.61%
	Russell 2000® Index±±ª		(25.20)%		5.17%		9.35%		7.19%

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

^¨ 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) was 0.53% for Institutional Class shares, 0.63% for I-2 shares and 0.93% 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.

ANNUAL REPORT | JUNE 30, 2022 17

Institutional Class - PMJIX I-2 -  PMJPX Class A -  PMJAX

Sector Breakdown as of June 30, 2022^†§

Energy	16.8%
Consumer Discretionary	13.3%
Real Estate	13.2%
Information Technology	9.1%
Financials	8.7%
Industrials	8.4%
Health Care	8.2%
Short-Term Instruments	6.6%
Consumer Staples	6.0%
Materials	4.5%
Utilities	4.3%
Communication Services	0.9%

^† % 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 energy 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 health care 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 materials sector contributed to relative returns, as the Fund’s holdings underperformed the benchmark index.

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

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

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

18 PIMCO EQUITY SERIES

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, 2022 to June 30, 2022 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 (01/01/22)		Ending Account Value (06/30/22)		Expenses Paid During Period*		Beginning Account Value (01/01/22)		Ending Account Value (06/30/22)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE Emerging Markets Fund
Institutional Class	$	1,000.00	$	833.30	$	3.42	$	1,000.00	$	1,020.79	$	3.77		0.76	%
I-2		1,000.00		832.50		3.86		1,000.00		1,020.30		4.26		0.86
Class A		1,000.00		831.70		4.99		1,000.00		1,019.08		5.50		1.11
PIMCO RAE Global ex-US Fund
Institutional Class	$	1,000.00	$	863.30	$	0.05	$	1,000.00	$	1,024.47	$	0.05		0.01	%
I-2		1,000.00		863.60		0.50		1,000.00		1,023.98		0.55		0.11
Class A		1,000.00		862.00		1.64		1,000.00		1,022.76		1.79		0.36
PIMCO RAE International Fund
Institutional Class	$	1,000.00	$	873.80	$	2.34	$	1,000.00	$	1,022.02	$	2.53		0.51	%
I-2		1,000.00		873.30		2.80		1,000.00		1,021.53		3.02		0.61
Class A		1,000.00		872.50		3.95		1,000.00		1,020.30		4.26		0.86
PIMCO RAE US Fund
Institutional Class	$	1,000.00	$	873.50	$	1.88	$	1,000.00	$	1,022.51	$	2.03		0.41	%
I-2		1,000.00		873.30		2.34		1,000.00		1,022.02		2.53		0.51
Class A		1,000.00		872.10		3.72		1,000.00		1,020.55		4.01		0.81

ANNUAL REPORT | JUNE 30, 2022 19

Expense Examples (Cont.)

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (01/01/22)		Ending Account Value (06/30/22)		Expenses Paid During Period*		Beginning Account Value (01/01/22)		Ending Account Value (06/30/22)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE US Small Fund
Institutional Class	$	1,000.00	$	883.50	$	2.36	$	1,000.00	$	1,022.02	$	2.53		0.51	%
I-2		1,000.00		884.30		2.82		1,000.00		1,021.53		3.02		0.61
Class A		1,000.00		882.00		4.20		1,000.00		1,020.06		4.51		0.91

* 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 179/365 (to reflect the one-half year period).

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

20 PIMCO EQUITY SERIES

(THIS PAGE INTENTIONALLY LEFT BLANK)

ANNUAL REPORT | JUNE 30, 2022 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
06/30/2022	$	12.02	$	0.55	$	(2.76	)	$	(2.21	)	$	(0.96	)	$	0.00		$	0.00		$	(0.96	)
06/30/2021		7.83		0.27		4.09			4.36			(0.17	)		0.00			0.00			(0.17	)
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	)
I-2
06/30/2022		11.97		0.50		(2.71	)		(2.21	)		(0.96	)		0.00			0.00			(0.96	)
06/30/2021		7.80		0.30		4.03			4.33			(0.16	)		0.00			0.00			(0.16	)
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	)
Class A
06/30/2022		11.86		0.47		(2.68	)		(2.21	)		(0.95	)		0.00			0.00			(0.95	)
06/30/2021		7.75		0.23		4.03			4.26			(0.15	)		0.00			0.00			(0.15	)
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	)
PIMCO RAE Global ex-US Fund
Institutional Class
06/30/2022	$	11.65	$	1.15	$	(2.80	)	$	(1.65	)	$	(1.22	)	$	0.00		$	0.00		$	(1.22	)
06/30/2021		8.20		0.21		3.45			3.66			(0.21	)		0.00			0.00			(0.21	)
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	)
I-2
06/30/2022		11.67		1.39		(3.04	)		(1.65	)		(1.22	)		0.00			0.00			(1.22	)
06/30/2021		8.18		0.02		3.63			3.65			(0.16	)		0.00			0.00			(0.16	)
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	)
Class A
06/30/2022		11.48		1.08		(2.74	)		(1.66	)		(1.20	)		0.00			0.00			(1.20	)
06/30/2021		8.10		0.18		3.39			3.57			(0.19	)		0.00			0.00			(0.19	)
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	)
PIMCO RAE International Fund
Institutional Class
06/30/2022	$	11.23	$	0.36	$	(1.69	)	$	(1.33	)	$	(0.46	)	$	(1.89	)	$	0.00		$	(2.35	)
06/30/2021		8.11		0.27		3.08			3.35			(0.23	)		0.00			0.00			(0.23	)
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	)
I-2
06/30/2022		11.17		0.35		(1.69	)		(1.34	)		(0.43	)		(1.89	)		0.00			(2.32	)
06/30/2021		8.07		0.40		2.92			3.32			(0.22	)		0.00			0.00			(0.22	)
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	)
Class A
06/30/2022		11.06		0.32		(1.66	)		(1.34	)		(0.44	)		(1.89	)		0.00			(2.33	)
06/30/2021		8.01		0.30		2.96			3.26			(0.21	)		0.00			0.00			(0.21	)
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	)

22 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Assets Value End of Year(a)		Total Return(d)			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
$	8.85		(19.72	)%	$	1,247,735		0.76	%		0.77	%		0.75	%		0.76	%		5.13	%		109	%
	12.02		56.09			1,716,375		0.79	(f)		0.85	(f)		0.78	(f)		0.84	(f)		2.66			79
	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
	8.80		(19.78	)		69,156		0.86			0.87			0.85			0.86			4.73			109
	11.97		55.95			59,609		0.89	(g)		0.95	(g)		0.88	(g)		0.94	(g)		2.71			79
	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
	8.70		(19.97	)		12,611		1.11			1.12			1.10			1.11			4.43			109
	11.86		55.42			15,798		1.14	(g)		1.20	(g)		1.13	(g)		1.19	(g)		2.24			79
	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
$	8.78		(15.58	)%	$	69,094		0.00	%		0.56	%		0.00	%		0.56	%		10.87	%		7	%
	11.65		44.96			80,502		0.02	(h)		0.63	(h)		0.02	(h)		0.63	(h)		2.08			18
	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
	8.80		(15.57	)		307		0.10			0.66			0.10			0.66			13.36			7
	11.67		44.90			154		0.12	(f)		0.73	(f)		0.12	(f)		0.73	(f)		0.18			18
	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
	8.62		(15.87	)		9,334		0.35			0.91			0.35			0.91			10.37			7
	11.48		44.43			11,523		0.37	(f)		0.98	(f)		0.37	(f)		0.98	(f)		1.88			18
	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
$	7.55		(14.14	)%	$	503,685		0.51	%		0.52	%		0.50	%		0.51	%		3.77	%		58	%
	11.23		41.64			1,025,896		0.51	(i)		0.55	(i)		0.51	(i)		0.55	(i)		2.79			87
	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
	7.51		(14.25	)		11,264		0.61			0.62			0.60			0.61			3.44			58
	11.17		41.51			25,494		0.61	(j)		0.65	(j)		0.61	(j)		0.65	(j)		3.66			87
	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
	7.39		(14.41	)		21,550		0.86			0.87			0.85			0.86			3.49			58
	11.06		41.10			25,298		0.86	(j)		0.90	(j)		0.86	(j)		0.90	(j)		2.87			87
	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

ANNUAL REPORT | JUNE 30, 2022 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 US Fund
Institutional Class
06/30/2022	$	14.03	$	0.26		$	(1.13	)	$	(0.87	)	$	(0.17	)	$	(1.18	)	$	0.00	$	(1.35	)
06/30/2021		9.72		0.25			4.44			4.69			(0.28	)		(0.10	)		0.00		(0.38	)
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	)
I-2
06/30/2022		13.94		0.25			(1.13	)		(0.88	)		(0.16	)		(1.18	)		0.00		(1.34	)
06/30/2021		9.67		0.23			4.41			4.64			(0.27	)		(0.10	)		0.00		(0.37	)
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	)
Class A
06/30/2022		13.75		0.21			(1.11	)		(0.90	)		(0.15	)		(1.18	)		0.00		(1.33	)
06/30/2021		9.55		0.19			4.37			4.56			(0.26	)		(0.10	)		0.00		(0.36	)
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	)
PIMCO RAE US Small Fund
Institutional Class
06/30/2022	$	15.90	$	0.15		$	(1.62	)	$	(1.47	)	$	(0.20	)	$	(5.96	)	$	0.00	$	(6.16	)
06/30/2021		8.80		0.09			8.05			8.14			(0.17	)		(0.87	)		0.00		(1.04	)
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	)
I-2
06/30/2022		15.80		0.15			(1.61	)		(1.46	)		(0.20	)		(5.96	)		0.00		(6.16	)
06/30/2021		8.76		0.02			8.06			8.08			(0.17	)		(0.87	)		0.00		(1.04	)
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	)
Class A
06/30/2022		15.62		0.12			(1.60	)		(1.48	)		(0.18	)		(5.96	)		0.00		(6.14	)
06/30/2021		8.68		(0.04	)		8.01			7.97			(0.16	)		(0.87	)		0.00		(1.03	)
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	)

^ 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 Funds.

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

^(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)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

^(e)  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.

^(f)  Effective November 1, 2020, the Class’s Supervisory and Administrative fee was decreased by 0.20% to an annual rate of 0.25%.

^(g)  Effective November 1, 2020, the Class’s Supervisory and Administrative fee was decreased by 0.20% to an annual rate of 0.35%.

^(h)  Effective November 1, 2020, the Class’s Supervisory and Administrative fee was decreased by 0.20% to an annual rate of 0.15%.

⁽ⁱ⁾  Effective November 1, 2020, the Class’s Supervisory and Administrative fee was decreased by 0.10% to an annual rate of 0.20%.

^(j)  Effective November 1, 2020, the Class’s Supervisory and Administrative fee was decreased by 0.10% to an annual rate of 0.30%.

^(k)  Effective November 1, 2020, the Class’s Supervisory and Administrative fee was decreased by 0.10% to an annual rate of 0.15%.

^(l)  Effective November 1, 2020, the Class’s Supervisory and Administrative fee was decreased by 0.10% to an annual rate of 0.25%.

24 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Assets Value End of Year(a)		Total Return(d)			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
$	11.81		(7.16	)%	$	778,671		0.40	%		0.41	%		0.40	%		0.41	%		1.94	%		69	%
	14.03		48.99			915,231		0.40	(k)		0.44	(k)		0.40	(k)		0.44	(k)		2.06			54
	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
	11.72		(7.25	)		44,350		0.50			0.51			0.50			0.51			1.87			69
	13.94		48.77			39,056		0.50	(l)		0.54	(l)		0.50	(l)		0.54	(l)		1.92			54
	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
	11.52		(7.54	)		15,623		0.80			0.81			0.80			0.81			1.57			69
	13.75		48.44			12,212		0.80	(j)		0.84	(j)		0.80	(j)		0.84	(j)		1.65			54
	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
$	8.27		(13.65	)%	$	274,652		0.50	%		0.51	%		0.50	%		0.51	%		1.33	%		131	%
	15.90		97.65			331,165		0.53	(k)		0.56	(k)		0.51	(k)		0.54	(k)		0.79			118
	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
	8.18		(13.68	)		47,933		0.60			0.61			0.60			0.61			1.39			131
	15.80		97.30			6,427		0.63	(l)		0.66	(l)		0.61	(l)		0.64	(l)		0.17			118
	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
	8.00		(13.98	)		73,766		0.90			0.91			0.90			0.91			1.11			131
	15.62		96.82			46,113		0.93	(j)		0.96	(j)		0.91	(j)		0.94	(j)		(0.27	)		118
	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

ANNUAL REPORT | JUNE 30, 2022 25

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	PIMCO RAE Emerging Markets 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*^	$	1,319,662		$	124		$	533,288	$	840,010	$	396,758
Investments in Affiliates		40,679			78,627			28,070		1,291		24,394
Cash		108			1			1		25		1
Foreign currency, at value		3,002			0			0		1		0
Receivable for investments sold		0			0			0		0		1
Receivable for Fund shares sold		407			4			197		87		1,347
Interest and/or dividends receivable		11,455			0			4,620		1,144		696
Reimbursement receivable from PIMCO		11			39			9		15		3
Other assets		9			0			24		0		0
Total Assets		1,375,333			78,795			566,209		842,573		423,200
Liabilities:
Payable for investments purchased	$	3,841		$	0		$	98	$	2,250	$	1,266
Payable upon return of securities loaned		40,787			0			28,070		1,291		24,394
Payable for Fund shares redeemed		329			20			554		66		975
Overdraft due to custodian		0			0			729		0		0
Accrued investment advisory fees		576			27			151		196		129
Accrued supervisory and administrative fees		295			11			103		123		69
Accrued servicing fees		3			2			5		3		16
Total Liabilities		45,831			60			29,710		3,929		26,849
Net Assets	$	1,329,502		$	78,735		$	536,499	$	838,644	$	396,351
Net Assets Consist of:
Paid in capital	$	1,610,210		$	90,686		$	534,432	$	644,873	$	368,313
Distributable earnings (accumulated loss)		(280,708	)		(11,951	)		2,067		193,771		28,038
Net Assets	$	1,329,502		$	78,735		$	536,499	$	838,644	$	396,351
Cost of investments in securities	$	1,398,368		$	124		$	479,143	$	690,713	$	359,619
Cost of investments in Affiliates	$	40,679		$	93,061		$	28,070	$	1,291	$	24,394
Cost of foreign currency held	$	2,726		$	0		$	0	$	0	$	0
* Includes repurchase agreements of:	$	8,387		$	124		$	2,759	$	6,464	$	3,245
^ Includes securities on loan of:	$	37,165		$	0		$	26,710	$	1,263	$	23,902

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

26 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

	PIMCO RAE Emerging Markets Fund		PIMCO RAE Global ex-US Fund		PIMCO RAE International Fund		PIMCO RAE US Fund		PIMCO RAE US Small Fund
Net Assets:
Institutional Class	$	1,247,735	$	69,094	$	503,685	$	778,671	$	274,652
I-2		69,156		307		11,264		44,350		47,933
Class A		12,611		9,334		21,550		15,623		73,766
Shares Issued and Outstanding:
Institutional Class		140,975		7,867		66,738		65,958		33,202
I-2		7,859		35		1,499		3,785		5,861
Class A		1,449		1,082		2,917		1,357		9,222
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	8.85	$	8.78	$	7.55	$	11.81	$	8.27
I-2		8.80		8.80		7.51		11.72		8.18
Class A		8.70		8.62		7.39		11.52		8.00

^(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, 2022 27

Statements of Operations

Year Ended June 30, 2022
(Amounts in thousands†)	PIMCO RAE Emerging Markets Fund			PIMCO RAE Global ex-US Fund			PIMCO RAE International Fund			PIMCO RAE US Fund			PIMCO RAE US Small Fund
Investment Income:
Interest	$	5		$	0		$	1		$	2		$	8
Dividends, net of foreign taxes*		73,320			0			33,425			26,279			6,733
Dividends from Investments in Affiliates		0			9,932			0			0			0
Securities lending income		1,130			0			1,197			10			48
Total Income		74,455			9,932			34,623			26,291			6,789
Expenses:
Investment advisory fees		6,344			366			2,432			2,803			1,260
Supervisory and administrative fees		3,259			149			1,667			1,743			663
Distribution and/or servicing fees - Class A		39			29			61			34			164
Trustee fees		91			6			62			73			24
Interest expense		159			0			45			6			15
Miscellaneous expense		62			5			40			55			18
Total Expenses		9,954			555			4,307			4,714			2,144
Waiver and/or Reimbursement by PIMCO		(91	)		(510	)		(63	)		(73	)		(25	)
Net Expenses		9,863			45			4,244			4,641			2,119
Net Investment Income (Loss)		64,592			9,887			30,379			21,650			4,670
Net Realized Gain (Loss):
Investments in securities**		317,322			0			140,708			82,856			96,742
Investments in Affiliates		0			(1,589	)		0			0			0
Net capital gain distributions received from Affiliate investments		0			7,649			0			0			0
Over the counter financial derivative instruments		10			0			(11	)		0			0
Foreign currency		(5,600	)		0			(288	)		0			0
Net Realized Gain (Loss)		311,732			6,060			140,409			82,856			96,742
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(680,317	)		0			(278,026	)		(167,813	)		(165,626	)
Investments in Affiliates		0			(30,683	)		0			0			0
Exchange-traded or centrally cleared financial derivative instruments		0			0			0			0			0
Foreign currency assets and liabilities		(44	)		0			(267	)		0			0
Net Change in Unrealized Appreciation (Depreciation)		(680,361	)		(30,683	)		(278,293	)		(167,813	)		(165,626	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(304,037	)	$	(14,736	)	$	(107,505	)	$	(63,307	)	$	(64,214	)
* Foreign tax withholdings - Dividends	$	10,330		$	0		$	3,160		$	0		$	2
** Net of foreign capital gains tax, if applicable	$	12,767		$	0		$	0		$	0		$	0

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

28 PIMCO EQUITY SERIES See Accompanying Notes

(THIS PAGE INTENTIONALLY LEFT BLANK)

ANNUAL REPORT | JUNE 30, 2022 29

Statements of Changes in Net Assets

	PIMCO RAE Emerging Markets Fund						PIMCO RAE Global ex-US Fund						PIMCO RAE International Fund
(Amounts in thousands†)	Year Ended June 30, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	64,592		$	41,044		$	9,887		$	1,632		$	30,379		$	29,973
Net realized gain (loss)		311,732			110,629			6,060			197			140,409			132,658
Net change in unrealized appreciation (depreciation)		(680,361	)		555,371			(30,683	)		26,859			(278,293	)		215,761
Net Increase (Decrease) in Net Assets Resulting from Operations		(304,037	)		707,044			(14,736	)		28,688			(107,505	)		378,392
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(65,718	)		(27,290	)		(8,675	)		(1,351	)		(159,212	)		(24,393	)
I-2		(5,877	)		(44	)		(42	)		0			(3,032	)		(20	)
Class A		(1,405	)		(166	)		(1,283	)		(249	)		(5,107	)		(87	)
Total Distributions(a)		(73,000	)		(27,500	)		(10,000	)		(1,600	)		(167,351	)		(24,500	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		(85,243	)		(83,176	)		11,292			581			(265,333	)		(37,481	)
Total Increase (Decrease) in Net Assets		(462,280	)		596,368			(13,444	)		27,669			(540,189	)		316,411
Net Assets:
Beginning of year		1,791,782			1,195,414			92,179			64,510			1,076,688			760,277
End of year	$	1,329,502		$	1,791,782		$	78,735		$	92,179		$	536,499		$	1,076,688

^† 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.

30 PIMCO EQUITY SERIES See Accompanying Notes

PIMCO RAE US Fund						PIMCO RAE US Small Fund
Year Ended June 30, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021
$	21,650		$	16,707		$	4,670		$	3,509
	82,856			84,181			96,742			193,954
	(167,813	)		216,736			(165,626	)		129,472
	(63,307	)		317,624			(64,214	)		326,935
	(114,851	)		(24,300	)		(91,057	)		(47,735	)
	(3,541	)		(633	)		(10,276	)		(91	)
	(1,233	)		(247	)		(30,767	)		(476	)
	(119,625	)		(25,180	)		(132,100	)		(48,302	)
	55,077			71,065			208,960			(188,303	)
	(127,855	)		363,509			12,646			90,330
	966,499			602,990			383,705			293,375
$	838,644		$	966,499		$	396,351		$	383,705

ANNUAL REPORT | JUNE 30, 2022 31

Schedule of Investments PIMCO RAE Emerging Markets Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.2%
COMMON STOCKS 93.9%
BRAZIL 7.8%
COMMUNICATION SERVICES 0.5%
Telefonica Brasil SA		764,345	$		6,873
CONSUMER DISCRETIONARY 0.7%
Vibra Energia SA		2,797,037			8,931
CONSUMER STAPLES 0.2%
Ambev SA		178,300			457
BRF SA (b)		177,300			460
JBS SA		234,475			1,415
					2,332
ENERGY 0.4%
Ultrapar Participacoes SA		2,383,365			5,606
FINANCIALS 3.7%
Banco do Brasil SA		6,195,040			39,513
Banco Santander Brasil SA		567,950			3,126
IRB Brasil Resseguros SA		8,652,335			3,356
Porto Seguro SA		479,500			1,627
XP, Inc. (b)		47,014			846
XP, Inc. ‘A’ (b)		34,832			626
					49,094
INDUSTRIALS 0.7%
CCR SA		78,500			188
Embraer SA (b)		4,086,385			8,932
					9,120
INFORMATION TECHNOLOGY 1.2%
Cielo SA		22,485,145			16,112
MATERIALS 0.2%
Vale SA		158,284			2,316
UTILITIES 0.2%
Cia de Saneamento Basico do Estado de Sao Paulo		97,255			784
Cia Paranaense de Energia		185,600			1,186
EDP - Energias do Brasil SA		325,700			1,276
					3,246
Total Brazil					103,630
CHILE 0.5%
CONSUMER DISCRETIONARY 0.0%
Falabella SA		169,354			397
CONSUMER STAPLES 0.2%
Cencosud SA		1,314,876			1,673
Cia Cervecerias Unidas SA		216,104			1,366
					3,039
FINANCIALS 0.1%
Banco de Chile		4,522,387			412
Banco Santander Chile		14,637,395			591
					1,003

	SHARES			MARKET VALUE (000S)
UTILITIES 0.2%
Aguas Andinas SA		2,416,507	$		389
Colbun SA		1,590,142			110
Enel Chile SA		61,335,867			1,387
Engie Energia Chile SA		743,547			289
					2,175
Total Chile					6,614
CHINA 18.1%
CONSUMER DISCRETIONARY 0.5%
BAIC Motor Corp. Ltd. ‘H’		9,387,000			3,126
Fuyao Glass Industry Group Co. Ltd.		108,400			548
Great Wall Motor Co. Ltd. ‘H’		877,000			1,816
Topsports International Holdings Ltd.		1,055,000			961
					6,451
CONSUMER STAPLES 0.3%
Tingyi Cayman Islands Holding Corp.		588,000			1,010
Want Want China Holdings Ltd.		4,012,000			3,499
					4,509
ENERGY 3.0%
China Coal Energy Co. Ltd. ‘H’		2,390,000			2,020
China Petroleum & Chemical Corp. ‘H’		48,966,400			22,064
China Shenhua Energy Co. Ltd. ‘H’		2,321,000			6,657
PetroChina Co. Ltd. ‘H’		19,126,000			8,970
					39,711
FINANCIALS 8.8%
Bank of China Ltd. ‘H’		97,196,000			38,837
Bank of Communications Co. Ltd. ‘H’		8,994,000			6,234
China Cinda Asset Management Co. Ltd. ‘H’		35,298,000			5,539
China Construction Bank Corp. ‘H’		57,163,000			38,542
China Everbright Bank Co. Ltd. ‘H’		1,988,000			644
Industrial & Commercial Bank of China Ltd. ‘H’		33,048,000			19,718
PICC Property & Casualty Co. Ltd. ‘H’		7,404,000			7,721
					117,235
HEALTH CARE 0.6%
China Resources Pharmaceutical Group Ltd.		2,906,500			1,974
Sinopharm Group Co. Ltd. ‘H’		2,358,400			5,710
					7,684
INDUSTRIALS 1.5%
AviChina Industry & Technology Co. Ltd. ‘H’		968,000			553
Beijing Capital International Airport Co. Ltd. ‘H’		300,000			205
China Communications Services Corp. Ltd. ‘H’		5,376,000			2,365
China Energy Engineering Corp. Ltd. ‘H’ (d)		3,080,000			429

	SHARES			MARKET VALUE (000S)
CITIC Ltd.		7,437,000	$		7,581
CRRC Corp. Ltd. ‘H’		3,495,000			1,303
Guangshen Railway Co. Ltd. ‘H’		1,458,000			274
Metallurgical Corp. of China Ltd.		1,195,000			287
Sinopec Engineering Group Co. Ltd. ‘H’		2,250,000			1,033
Sinotruk Hong Kong Ltd.		1,398,500			1,968
Weichai Power Co. Ltd. ‘H’		384,000			612
Yangzijiang Shipbuilding Holdings Ltd.		1,942,000			1,300
Zhejiang Expressway Co. Ltd. ‘H’		978,000			901
Zhuzhou CRRC Times Electric Co. Ltd.		136,100			673
					19,484
INFORMATION TECHNOLOGY 2.1%
AAC Technologies Holdings, Inc. (d)		488,000			1,128
FIH Mobile Ltd. (b)		9,651,000			1,381
Lenovo Group Ltd.		26,614,000			25,009
					27,518
MATERIALS 0.8%
Angang Steel Co. Ltd. ‘H’		8,136,000			3,046
China Hongqiao Group Ltd.		581,000			654
China National Building Material Co. Ltd. ‘H’		4,801,400			5,143
China Oriental Group Co. Ltd.		770,000			188
Sinopec Shanghai Petrochemical Co. Ltd. ‘H’		12,306,000			2,104
					11,135
REAL ESTATE 0.3%
China Evergrande Group «(d)		1,601,000			168
Greentown China Holdings Ltd.		514,000			1,069
Guangzhou R&F Properties Co. Ltd. ‘H’ (d)		2,307,400			611
KWG Group Holdings Ltd. (d)		1,439,000			460
Powerlong Real Estate Holdings Ltd.		1,407,000			236
Shui On Land Ltd.		5,440,000			737
Sino-Ocean Group Holding Ltd.		6,777,000			1,151
					4,432
UTILITIES 0.2%
Datang International Power Generation Co. Ltd. ‘H’		3,688,000			612
Huaneng Power International, Inc. ‘H’		3,964,000			1,974
					2,586
Total China					240,745
GREECE 0.6%
COMMUNICATION SERVICES 0.1%
Hellenic Telecommunications Organization SA		148,163			2,588
CONSUMER DISCRETIONARY 0.1%
OPAP SA		65,535			943

32 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

	SHARES			MARKET VALUE (000S)
ENERGY 0.1%
Motor Oil Hellas Corinth Refineries SA		41,349	$		770
FINANCIALS 0.3%
Alpha Services & Holdings SA (b)		2,337,822			2,065
National Bank of Greece SA (b)		738,616			2,210
					4,275
Total Greece					8,576
HONG KONG 3.4%
FINANCIALS 0.1%
China Everbright Ltd.		812,000			765
Far East Horizon Ltd.		1,207,000			1,014
					1,779
INDUSTRIALS 0.8%
China Merchants Port Holdings Co. Ltd.		358,000			610
COSCO SHIPPING Ports Ltd.		910,000			643
Orient Overseas International Ltd. (d)		276,000			7,354
Shanghai Industrial Holdings Ltd.		971,000			1,406
					10,013
MATERIALS 0.1%
China Resources Cement Holdings Ltd.		976,000			658
REAL ESTATE 0.3%
China Overseas Land & Investment Ltd.		988,000			3,143
Poly Property Group Co. Ltd.		2,658,000			642
Shenzhen Investment Ltd.		3,028,000			603
					4,388
UTILITIES 2.1%
Beijing Enterprises Holdings Ltd.		136,000			484
China Resources Power Holdings Co. Ltd.		8,990,000			18,569
Kunlun Energy Co. Ltd.		10,650,000			8,733
					27,786
Total Hong Kong					44,624
INDIA 10.2%
COMMUNICATION SERVICES 0.0%
Zee Entertainment Enterprises Ltd. (b)		202,331			552
CONSUMER DISCRETIONARY 1.2%
Bosch Ltd.		5,286			1,023
Hero MotoCorp Ltd.		157,815			5,460
Motherson Sumi Wiring India Ltd. (b)		577,281			513
Rajesh Exports Ltd.		218,927			1,738
Samvardhana Motherson International Ltd.		394,768			594
Tata Motors Ltd. (b)		1,187,485			6,190
					15,518

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.1%
ITC Ltd.		214,751	$		746
ENERGY 3.1%
Coal India Ltd.		2,573,799			6,058
Hindustan Petroleum Corp. Ltd.		809,931			2,236
Indian Oil Corp. Ltd.		7,442,225			7,020
Indian Oil Corp. Ltd. (b)		3,721,113			3,499
Oil & Natural Gas Corp. Ltd.		9,084,100			17,394
Oil India Ltd.		1,229,555			3,910
Petronet LNG Ltd.		232,703			641
					40,758
FINANCIALS 1.7%
Bank of India		425,650			240
Canara Bank		485,912			1,121
IDFC Ltd.		6,195,612			3,873
Indiabulls Housing Finance Ltd. ‘L’ (b)		5,569,310			6,714
Power Finance Corp. Ltd.		2,059,469			2,732
REC Ltd.		1,771,163			2,783
Shriram Transport Finance Co. Ltd.		56,634			925
State Bank of India		706,191			4,188
Yes Bank Ltd. (b)		3,406,176			437
					23,013
HEALTH CARE 0.1%
Dr Reddy’s Laboratories Ltd.		15,333			854
Glenmark Pharmaceuticals Ltd. (b)		28,929			142
Sun Pharmaceutical Industries Ltd.		71,281			751
					1,747
INDUSTRIALS 0.5%
Bharat Electronics Ltd.		707,708			2,100
Bharat Heavy Electricals Ltd. (b)		6,449,938			3,680
Hindustan Aeronautics Ltd. (b)		11,495			257
IRB Infrastructure Developers Ltd. (b)		165,666			426
					6,463
INFORMATION TECHNOLOGY 0.2%
Infosys Ltd.		33,687			626
Oracle Financial Services Software Ltd.		9,811			386
Redington India Ltd.		488,800			780
Wipro Ltd.		172,011			910
					2,702
MATERIALS 2.9%
Chambal Fertilisers and Chemicals Ltd. (b)		44,917			152
Dalmia Bharat Ltd.		20,640			337
Grasim Industries Ltd.		20,312			341
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (b)		43,235			314
Gujarat State Fertilizers & Chemicals Ltd.		190,285			319

	SHARES				MARKET VALUE (000S)
Jindal Steel & Power Ltd.		200,851		$		841
National Aluminium Co. Ltd.		9,962,991				8,724
NMDC Ltd.		1,236,660				1,700
Tata Steel Ltd.		221,923				2,447
Vedanta Ltd.		8,399,108				23,788
						38,963
UTILITIES 0.4%
GAIL India Ltd.		235,838				405
Jaiprakash Power Ventures Ltd. (b)		15,743,866				1,293
JSW Energy Ltd.		304,609				804
NHPC Ltd.		911,647				356
PTC India Ltd.		1,253,247				1,211
Reliance Infrastructure Ltd. (b)		555,481				639
Reliance Power Ltd. (b)		3,584,298				526
						5,234
Total India						135,696
INDONESIA 2.6%
COMMUNICATION SERVICES 0.7%
Indosat Tbk PT		667,300				294
Telkom Indonesia Persero Tbk PT		33,217,300				8,936
						9,230
CONSUMER DISCRETIONARY 0.2%
Astra International Tbk PT		7,661,700				3,415
CONSUMER STAPLES 0.1%
Gudang Garam Tbk PT		257,900				540
Hanjaya Mandala Sampoerna Tbk PT		5,298,000				347
			��
						887
ENERGY 1.0%
Adaro Energy Indonesia Tbk PT		36,076,600				6,948
AKR Corporindo Tbk PT		5,096,700				352
Bukit Asam Tbk PT		2,878,600				739
Indo Tambangraya Megah Tbk PT		2,881,500				5,945
						13,984
FINANCIALS 0.2%
Bank Mandiri Persero Tbk PT		4,418,400				2,359
HEALTH CARE 0.0%
Kalbe Farma Tbk PT		3,215,500				359
MATERIALS 0.1%
Indocement Tunggal Prakarsa Tbk PT		1,871,900				1,192
UTILITIES 0.3%
Perusahaan Gas Negara Tbk PT		34,031,100				3,638
Total Indonesia						35,064

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 33

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

	SHARES			MARKET VALUE (000S)
MALAYSIA 1.4%
COMMUNICATION SERVICES 0.2%
Astro Malaysia Holdings Bhd		761,900	$		157
Telekom Malaysia Bhd		1,842,700			2,196
					2,353
CONSUMER DISCRETIONARY 0.1%
Genting Bhd		1,687,400			1,740
CONSUMER STAPLES 0.0%
British American Tobacco Malaysia Bhd		108,200			265
ENERGY 0.0%
Petronas Dagangan Bhd.		67,500			324
FINANCIALS 0.7%
AMMB Holdings Bhd		780,300			661
CIMB Group Holdings Bhd		983,000			1,106
Hong Leong Financial Group Bhd		114,500			481
Malayan Banking Bhd		2,538,100			4,946
Public Bank Bhd		653,000			648
RHB Bank Bhd		750,500			976
					8,818
INDUSTRIALS 0.2%
CAPITAL A BHD (b)		11,021,800			1,528
IJM Corp. Bhd.		1,476,800			580
MISC Bhd		141,000			227
Sime Darby Bhd		1,097,200			531
					2,866
REAL ESTATE 0.0%
Mah Sing Group Bhd		2,041,300			278
UTILITIES 0.2%
Petronas Gas Bhd		145,200			541
Tenaga Nasional Bhd		566,300			1,025
YTL Power International Bhd		1,594,096			248
					1,814
Total Malaysia					18,458
MEXICO 6.1%
COMMUNICATION SERVICES 2.6%
America Movil SAB de CV		30,286,210			30,950
Grupo Televisa SAB		1,992,610			3,271
					34,221
CONSUMER DISCRETIONARY 0.0%
Nemak SAB de CV (b)		3,194,000			632
CONSUMER STAPLES 0.8%
Arca Continental SAB de CV		162,300			1,069
Coca-Cola Femsa SAB de CV		321,958			2,304
Gruma SAB de CV		151,751			1,679
Grupo Bimbo SAB de CV		918,775			2,987
Kimberly-Clark de Mexico SAB de CV		355,600			482
Wal-Mart de Mexico SAB de CV		440,500			1,519
					10,040

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.2%
Grupo Financiero Inbursa SAB de CV (b)		1,822,798	$		2,902
INDUSTRIALS 0.3%
Alfa SAB de CV		5,785,200			4,108
MATERIALS 2.2%
Alpek SAB de CV		1,262,700			1,745
Cemex SAB de CV (b)		61,288,040			23,864
Grupo Mexico SAB de CV		124,700			516
Orbia Advance Corp. SAB de CV		1,356,100			3,174
					29,299
Total Mexico					81,202
PHILIPPINES 0.7%
COMMUNICATION SERVICES 0.4%
Globe Telecom, Inc.		17,585			726
PLDT, Inc.		146,755			4,482
					5,208
ENERGY 0.1%
Semirara Mining & Power Corp.		2,546,500			1,626
INDUSTRIALS 0.2%
Alliance Global Group, Inc.		4,237,700			678
DMCI Holdings, Inc.		7,518,400			1,207
International Container Terminal Services, Inc.		106,250			356
					2,241
UTILITIES 0.0%
Aboitiz Power Corp.		321,400			172
First Gen Corp.		499,100			154
					326
Total Philippines					9,401
POLAND 1.0%
COMMUNICATION SERVICES 0.0%
Orange Polska SA		460,018			644
ENERGY 0.1%
Polski Koncern Naftowy ORLEN SA		54,033			830
FINANCIALS 0.6%
Bank Polska Kasa Opieki SA		217,130			3,975
mBank SA		3,041			153
Powszechny Zaklad Ubezpieczen SA		324,437			2,175
Santander Bank Polska SA		38,212			1,992
					8,295
MATERIALS 0.1%
Jastrzebska Spolka Weglowa SA (b)		63,509			909
UTILITIES 0.2%
Enea SA (b)		127,176			277
PGE Polska Grupa Energetyczna SA (b)		1,119,685			2,673
					2,950
Total Poland					13,628

	SHARES			MARKET VALUE (000S)
RUSSIA 0.0%
COMMUNICATION SERVICES 0.0%
Mobile TeleSystems PJSC «(d)		290,070	$		0
Rostelecom PJSC «(d)		341,490			0
Sistema PJSFC «		1,963,160			0
					0
CONSUMER STAPLES 0.0%
Magnit PJSC «		11,659			0
Magnit PJSC «		82,104			0
					0
ENERGY 0.0%
Gazprom PJSC «		3,725,600			0
LUKOIL PJSC «		254,140			0
					0
FINANCIALS 0.0%
Sberbank of Russia PJSC «		4,916,745			0
VTB Bank PJSC «		23,863,615,853			44
					44
MATERIALS 0.0%
Alrosa PJSC «		2,122,120			0
Magnitogorsk Iron & Steel Works PJSC «		6,974,129			0
MMC Norilsk Nickel PJSC «		3,797			0
Novolipetsk Steel PJSC «		3,113,725			0
Severstal PAO ^«(a)		339,609			0
					0
UTILITIES 0.0%
Inter RAO UES PJSC «		15,264,000			0
Rosseti PJSC «		88,235,012			0
Unipro PJSC «		3,938,000			0
					0
Total Russia					44
SAUDI ARABIA 0.3%
FINANCIALS 0.3%
Alinma Bank		265,751			2,375
Banque Saudi Fransi		81,596			1,034
					3,409
MATERIALS 0.0%
Saudi Industrial Investment Group		51,562			392
Total Saudi Arabia					3,801
SINGAPORE 0.0%
FINANCIALS 0.0%
Yangzijiang Shipbuilding Holdings Ltd. (b)		1,942,000			573
Total Singapore					573
SOUTH AFRICA 7.4%
COMMUNICATION SERVICES 1.4%
MTN Group Ltd.		1,726,235			14,048
Telkom SA SOC Ltd.		1,112,172			2,499

34 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

	SHARES			MARKET VALUE (000S)
Vodacom Group Ltd.		176,601	$		1,430
					17,977
CONSUMER DISCRETIONARY 0.7%
Motus Holdings Ltd.		315,437			2,075
Pepkor Holdings Ltd.		213,202			250
Truworths International Ltd.		849,919			2,647
Woolworths Holdings Ltd.		1,205,658			4,020
					8,992
CONSUMER STAPLES 0.7%
AVI Ltd.		41,859			169
Distell Group Holdings Ltd. (b)		40,631			428
Shoprite Holdings Ltd.		594,688			7,246
Tiger Brands Ltd. (d)		227,762			1,988
					9,831
ENERGY 0.1%
Exxaro Resources Ltd.		50,876			618
FINANCIALS 2.3%
Absa Group Ltd.		898,191			8,576
FirstRand Ltd.		582,830			2,243
Momentum Metropolitan Holdings		2,181,570			1,913
Nedbank Group Ltd.		628,779			8,048
Old Mutual Ltd.		2,879,712			1,952
Sanlam Ltd.		94,005			305
Standard Bank Group Ltd.		830,421			7,923
					30,960
HEALTH CARE 0.4%
Life Healthcare Group Holdings Ltd.		1,822,608			2,013
Netcare Ltd. (d)		3,479,215			3,072
					5,085
INDUSTRIALS 0.1%
Barloworld Ltd.		352,398			1,944
MATERIALS 1.7%
AngloGold Ashanti Ltd.		34,167			505
Kumba Iron Ore Ltd. (d)		48,245			1,564
Sappi Ltd.		1,123,485			3,719
Sasol Ltd. (b)		741,707			17,103
					22,891
Total South Africa					98,298
SOUTH KOREA 13.0%
COMMUNICATION SERVICES 2.4%
KT Corp.		991,627			27,883
KT Corp. SP ADR		62,706			875
SK Telecom Co. Ltd.		94,150			3,778
					32,536
CONSUMER DISCRETIONARY 3.1%
Hankook Tire & Technology Co. Ltd.		66,880			1,705
Hyundai Mobis Co. Ltd.		6,612			1,019
Hyundai Wia Corp.		15,360			663

	SHARES			MARKET VALUE (000S)
Kia Corp.		389,348	$		23,239
LG Electronics, Inc.		181,918			12,406
LOTTE Himart Co. Ltd.		70,219			910
Lotte Shopping Co. Ltd.		10,103			812
					40,754
CONSUMER STAPLES 0.3%
KT&G Corp.		67,536			4,281
FINANCIALS 1.4%
BNK Financial Group, Inc.		195,481			1,014
DB Insurance Co. Ltd.		71,990			3,410
Hanwha Life Insurance Co. Ltd.		1,389,385			2,386
Hyundai Marine & Fire Insurance Co. Ltd.		163,840			3,916
KB Financial Group, Inc.		62,624			2,339
Meritz Financial Group, Inc. (d)		34,617			692
Meritz Fire & Marine Insurance Co. Ltd.		67,312			1,724
Samsung Card Co. Ltd.		103,894			2,444
Samsung Fire & Marine Insurance Co. Ltd.		6,891			1,071
					18,996
INDUSTRIALS 2.1%
GS Holdings Corp.		53,890			1,741
Hanwha Aerospace Co. Ltd.		14,627			549
Hanwha Corp.		249,356			4,975
Hyundai Engineering & Construction Co. Ltd.		226,863			7,256
LG International Corp.		216,280			5,407
LS Corp.		41,516			2,042
Posco International Corp.		420,158			6,237
SK Networks Co. Ltd.		71,337			232
					28,439
INFORMATION TECHNOLOGY 1.2%
LG Display Co. Ltd. (d)		665,272			7,464
LG Innotek Co. Ltd.		14,464			3,836
Samsung Electronics Co. Ltd.		95,961			4,233
					15,533
MATERIALS 1.2%
Dongkuk Steel Mill Co. Ltd. (d)		146,931			1,459
KCC Corp.		2,483			551
Kolon Industries, Inc.		70,741			2,860
Lotte Chemical Corp.		9,441			1,316
POSCO Holdings, Inc.		52,084			9,288
Taekwang Industrial Co. Ltd.		252			176
					15,650
UTILITIES 1.3%
Korea Electric Power Corp.		882,681			15,394
Korea Gas Corp.		46,416			1,419
					16,813
Total South Korea					173,002
TAIWAN 7.6%
COMMUNICATION SERVICES 0.2%
Chunghwa Telecom Co. Ltd.		385,000			1,581

	SHARES			MARKET VALUE (000S)
Far EasTone Telecommunications Co. Ltd.		327,000	$		920
					2,501
CONSUMER DISCRETIONARY 0.2%
Cheng Shin Rubber Industry Co. Ltd.		596,000			710
China Motor Corp.		800,000			1,672
Formosa Taffeta Co. Ltd.		332,000			298
					2,680
FINANCIALS 0.3%
CTBC Financial Holding Co. Ltd.		682,000			577
Fubon Financial Holding Co. Ltd.		1,551,905			3,121
					3,698
INDUSTRIALS 0.3%
Eva Airways Corp. (b)		1,175,686			1,254
Walsin Lihwa Corp.		2,590,000			3,140
					4,394
INFORMATION TECHNOLOGY 6.6%
Acer, Inc.		767,000			561
Asustek Computer, Inc.		1,196,000			12,508
AUO Corp.		1,294,000			708
Catcher Technology Co. Ltd.		452,000			2,521
Chicony Electronics Co. Ltd.		359,000			895
Compal Electronics, Inc.		14,460,000			11,071
General Interface Solution Holding Ltd.		49,000			126
Hon Hai Precision Industry Co. Ltd.		4,779,316			17,546
Innolux Corp.		5,945,000			2,419
Inventec Corp.		7,942,000			6,715
Lite-On Technology Corp.		1,909,035			3,715
Pegatron Corp.		6,776,000			12,993
Powertech Technology, Inc.		570,000			1,685
Quanta Computer, Inc.		1,445,000			3,876
Silicon Motion Technology Corp. ADR		16,077			1,346
Supreme Electronics Co. Ltd.		1,540,000			2,181
Synnex Technology International Corp.		510,650			914
Transcend Information, Inc.		140,000			326
Wistron Corp.		3,422,515			3,073
WPG Holdings Ltd.		1,217,320			2,259
					87,438
REAL ESTATE 0.0%
Farglory Land Development Co. Ltd.		84,000			177
Total Taiwan					100,888
THAILAND 9.3%
COMMUNICATION SERVICES 0.2%
Advanced Info Service PCL		332,500			1,831
Jasmine International PCL (b)		10,057,200			980
Total Access Communication PCL		137,800			174
					2,985

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 35

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

	SHARES				MARKET VALUE (000S)
CONSUMER STAPLES 0.2%
Charoen Pokphand Foods PCL		807,900		$		595
Thai Union Group PCL ‘F’		2,875,300	��			1,393
						1,988
ENERGY 1.2%
Bangchak Corp. PCL		588,700				521
Banpu PCL (d)		9,858,599				3,522
IRPC PCL		24,818,200				2,265
PTT Exploration & Production PCL		255,200				1,150
PTT PCL		2,052,500				1,976
Star Petroleum Refining PCL		19,345,400				6,635
						16,069
FINANCIALS 7.3%
Bangkok Bank PCL		2,152,200				8,116
Kasikornbank PCL		9,019,400				38,489
Kiatnakin Bank PCL		345,200				606
Krung Thai Bank PCL		13,674,975				6,010
SCB PCL		10,968,700				32,266
Thanachart Capital PCL		6,805,504				7,273
Tisco Financial Group PCL		1,705,500				4,274
						97,034
INDUSTRIALS 0.0%
Jasmine Broadband Internet Infrastructure Fund		2,000,600				543
INFORMATION TECHNOLOGY 0.0%
Cal-Comp Electronics Thailand PCL (d)		2,769,091				184
MATERIALS 0.3%
PTT Global Chemical PCL		805,900				1,040
Siam Cement PCL		162,600				1,723
Siam City Cement PCL		184,200				787
						3,550
REAL ESTATE 0.1%
Pruksa Holding PCL		447,400				166
Sansiri PCL		10,177,800				291
Supalai PCL		990,900				522
						979
Total Thailand						123,332
TURKEY 3.7%
COMMUNICATION SERVICES 0.2%
Turkcell Iletisim Hizmetleri AS (d)		2,825,713				2,757
CONSUMER DISCRETIONARY 0.2%
Arcelik AS (d)		219,817				957
Tofas Turk Otomobil Fabrikasi AS (d)		608,825				2,204
						3,161

	SHARES			MARKET VALUE (000S)
ENERGY 0.1%
Turkiye Petrol Rafinerileri AS (b)		68,401	$		1,078
FINANCIALS 2.8%
Akbank TAS (d)		9,877,129			4,746
Haci Omer Sabanci Holding AS (d)		7,880,647			8,928
Is Yatirim Menkul Degerler AS		1,669,727			1,907
Turkiye Garanti Bankasi AS (d)		16,542,035			13,772
Turkiye Is Bankasi AS ‘C’ (d)		20,409,264			5,393
Yapi ve Kredi Bankasi AS (d)		6,753,127			1,752
					36,498
INDUSTRIALS 0.1%
AG Anadolu Grubu Holding AS		147,931			420
Tekfen Holding AS		492,348			637
					1,057
MATERIALS 0.1%
Eregli Demir ve Celik Fabrikalari TAS		664,612			1,081
UTILITIES 0.2%
Aygaz AS		1,048,476			2,339
Enerjisa Enerji AS		664,145			542
					2,881
Total Turkey					48,513
UNITED STATES 0.2%
CONSUMER DISCRETIONARY 0.2%
Nexteer Automotive Group Ltd.		3,891,000			2,811
Total United States					2,811
Total Common Stocks (Cost $1,325,160)					1,248,900
PREFERRED STOCKS 4.3%
BRAZIL 4.2%
BANKING & FINANCE 2.8%
Banco Bradesco SA		3,224,246			10,597
Banco do Estado do Rio Grande do Sul SA		1,787,400			3,060
Itau Unibanco Holding SA		5,509,364			23,865
					37,522
ENERGY 0.1%
Petroleo Brasileiro SA		165,500			883
INDUSTRIALS 0.5%
Braskem SA		1,065,195			7,580
UTILITIES 0.8%
Cia Energetica de Minas Gerais		4,064,509			8,061
Cia Paranaense de Energia		1,842,500			2,405
					10,466
Total Brazil					56,451

	SHARES			MARKET VALUE (000S)
CHILE 0.1%
INDUSTRIALS 0.1%
Embotelladora Andina SA		399,787	$		713
Total Chile					713
RUSSIA 0.0%
ENERGY 0.0%
Bashneft PJSC «		31,237			0
Transneft PJSC «		810			0
					0
Total Russia					0
Total Preferred Stocks (Cost $58,739)					57,164
REAL ESTATE INVESTMENT TRUSTS 0.4%
SOUTH AFRICA 0.1%
REAL ESTATE 0.1%
Growthpoint Properties Ltd.		476,111			361
Redefine Properties Ltd.		3,894,988			879
					1,240
Total South Africa					1,240
TURKEY 0.3%
REAL ESTATE 0.3%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (d)		24,978,174			3,971
Total Turkey					3,971
Total Real Estate Investment Trusts (Cost $6,082)					5,211
SHORT-TERM INSTRUMENTS 0.6%
REPURCHASE AGREEMENTS (f) 0.6%
					8,387
Total Short-Term Instruments (Cost $8,387)					8,387
Total Investments in Securities (Cost $1,398,368)					1,319,662
INVESTMENTS IN AFFILIATES 3.1%
SHORT-TERM INSTRUMENTS 3.1%
MUTUAL FUNDS 3.1%
PIMCO Government Money Market Fund
1.450% (c)(d)(e)		40,679,266			40,679
Total Short-Term Instruments (Cost $40,679)					40,679
Total Investments in Affiliates (Cost $40,679)					40,679
Total Investments 102.3% (Cost $1,439,047)			$		1,360,341
Other Assets and Liabilities, net (2.3)%					(30,839	)
Net Assets 100.0%			$		1,329,502

36 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

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).

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

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

(c) Institutional Class Shares of each Fund.

(d) Securities with an aggregate market value of $37,165 were out on loan in exchange for $40,787 of cash collateral as of June 30, 2022. 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(1)
FICC		0.400	%		06/30/2022		07/01/2022	$	8,387	U.S. Treasury Notes 3.000% due 06/30/2024	$	(8,555	)	$	8,387	$	8,387
Total Repurchase Agreements											$	(8,555	)	$	8,387	$	8,387

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, 2022:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		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(2)
Global/Master Repurchase Agreement
FICC	$	8,387	$	0	$	0	$	0	$	8,387	$	(8,555	)	$	(168	)
Master Securities Lending Agreement
BCY		0		0		0		1,872		1,872		(2,195	)		(323	)
BOS		0		0		0		2,378		2,378		(2,612	)		(234	)
GSC		0		0		0		7,197		7,197		(7,598	)		(401	)
MBC		0		0		0		9,044		9,044		(10,002	)		(958	)
MSC		0		0		0		11,270		11,270		(12,640	)		(1,370	)
SAL		0		0		0		3,121		3,121		(3,305	)		(184	)
UBS		0		0		0		2,283		2,283		(2,435	)		(152	)
Total Borrowings and Other Financing Transactions	$	8,387	$	0	$	0	$	37,165

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(3)
Common Stocks	$	40,372	$	0	$	0	$	0	$	40,372
Real Estate Investment Trusts		415		0		0		0		415
Total Borrowings	$	40,787	$	0	$	0	$	0	$	40,787
Payable for securities on loan - cash collateral									$	40,787

⁽¹⁾ Includes accrued interest.

⁽²⁾ 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.

⁽³⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 37

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

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 and Other 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, 2022:

	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	$	10	$	0	$	10

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Common Stocks
Brazil
Communication Services	$	6,873	$	0	$	0	$	6,873
Consumer Discretionary		8,931		0		0		8,931
Consumer Staples		2,332		0		0		2,332
Energy		5,606		0		0		5,606
Financials		49,094		0		0		49,094
Industrials		9,120		0		0		9,120
Information Technology		16,112		0		0		16,112
Materials		2,316		0		0		2,316
Utilities		3,246		0		0		3,246
Chile
Consumer Discretionary		397		0		0		397
Consumer Staples		3,039		0		0		3,039
Financials		1,003		0		0		1,003
Utilities		2,175		0		0		2,175
China
Consumer Discretionary		0		6,451		0		6,451
Consumer Staples		0		4,509		0		4,509
Energy		0		39,711		0		39,711
Financials		0		117,235		0		117,235
Health Care		0		7,684		0		7,684
Industrials		0		19,484		0		19,484
Information Technology		0		27,518		0		27,518
Materials		0		11,135		0		11,135
Real Estate		0		4,264		168		4,432
Utilities		0		2,586		0		2,586
Greece
Communication Services		0		2,588		0		2,588
Consumer Discretionary		0		943		0		943
Energy		0		770		0		770
Financials		0		4,275		0		4,275
Hong Kong
Financials		0		1,779		0		1,779
Industrials		0		10,013		0		10,013
Materials		0		658		0		658
Real Estate		0		4,388		0		4,388
Utilities		0		27,786		0		27,786
India
Communication Services		0		552		0		552
Consumer Discretionary		0		15,518		0		15,518
Consumer Staples		0		746		0		746
Energy		0		40,758		0		40,758
Financials		0		23,013		0		23,013
Health Care		0		1,747		0		1,747
Industrials		0		6,463		0		6,463
Information Technology		0		2,702		0		2,702
Materials		0		38,963		0		38,963
Utilities		0		5,234		0		5,234

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Indonesia
Communication Services	$	0	$	9,230	$	0	$	9,230
Consumer Discretionary		0		3,415		0		3,415
Consumer Staples		0		887		0		887
Energy		0		13,984		0		13,984
Financials		0		2,359		0		2,359
Health Care		0		359		0		359
Materials		0		1,192		0		1,192
Utilities		0		3,638		0		3,638
Malaysia
Communication Services		0		2,353		0		2,353
Consumer Discretionary		0		1,740		0		1,740
Consumer Staples		265		0		0		265
Energy		0		324		0		324
Financials		0		8,818		0		8,818
Industrials		0		2,866		0		2,866
Real Estate		0		278		0		278
Utilities		0		1,814		0		1,814
Mexico
Communication Services		34,221		0		0		34,221
Consumer Discretionary		632		0		0		632
Consumer Staples		10,040		0		0		10,040
Financials		2,902		0		0		2,902
Industrials		4,108		0		0		4,108
Materials		29,299		0		0		29,299
Philippines
Communication Services		0		5,208		0		5,208
Energy		0		1,626		0		1,626
Industrials		0		2,241		0		2,241
Utilities		0		326		0		326
Poland
Communication Services		0		644		0		644
Energy		0		830		0		830
Financials		0		8,295		0		8,295
Materials		0		909		0		909
Utilities		0		2,950		0		2,950
Russia
Financials		0		0		44		44
Saudi Arabia
Financials		0		3,409		0		3,409
Materials		0		392		0		392
Singapore
Financials		573		0		0		573
South Africa
Communication Services		2,499		15,478		0		17,977
Consumer Discretionary		8,992		0		0		8,992
Consumer Staples		2,585		7,246		0		9,831
Energy		0		618		0		618
Financials		0		30,960		0		30,960
Health Care		0		5,085		0		5,085
Industrials		1,944		0		0		1,944
Materials		3,719		19,172		0		22,891

38 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
South Korea
Communication Services	$	875	$	31,661	$	0	$	32,536
Consumer Discretionary		0		40,754		0		40,754
Consumer Staples		0		4,281		0		4,281
Financials		0		18,996		0		18,996
Industrials		0		28,439		0		28,439
Information Technology		0		15,533		0		15,533
Materials		0		15,650		0		15,650
Utilities		0		16,813		0		16,813
Taiwan
Communication Services		0		2,501		0		2,501
Consumer Discretionary		0		2,680		0		2,680
Financials		0		3,698		0		3,698
Industrials		0		4,394		0		4,394
Information Technology		1,346		86,092		0		87,438
Real Estate		0		177		0		177
Thailand
Communication Services		0		2,985		0		2,985
Consumer Staples		0		1,988		0		1,988
Energy		0		16,069		0		16,069
Financials		0		97,034		0		97,034
Industrials		0		543		0		543
Information Technology		0		184		0		184
Materials		0		3,550		0		3,550
Real Estate		0		979		0		979
Turkey
Communication Services		0		2,757		0		2,757
Consumer Discretionary		0		3,161		0		3,161

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Energy	$	0	$	1,078	$	0	$	1,078
Financials		15,426		21,072		0		36,498
Industrials		420		637		0		1,057
Materials		0		1,081		0		1,081
Utilities		2,339		542		0		2,881
United States
Consumer Discretionary		0		2,811		0		2,811
Preferred Stocks
Brazil
Banking & Finance		37,522		0		0		37,522
Energy		883		0		0		883
Industrials		7,580		0		0		7,580
Utilities		10,466		0		0		10,466
Chile
Industrials		713		0		0		713
Real Estate Investment Trusts
South Africa
Real Estate		1,240		0		0		1,240
Turkey
Real Estate		0		3,971		0		3,971
Short-Term Instruments
Repurchase Agreements		0		8,387		0		8,387
	$	290,833	$	1,028,617	$	212	$	1,319,662
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		40,679		0		0		40,679
Total Investments	$	331,512	$	1,028,617	$	212	$	1,360,341

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 39

Schedule of Investments PIMCO RAE Global ex-US Fund June 30, 2022

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

		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 0.2%
SHORT-TERM INSTRUMENTS 0.2%
REPURCHASE AGREEMENTS (b) 0.2%
	$		124
Total Short-Term Instruments (Cost $124)			124
Total Investments in Securities (Cost $124)			124

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 99.8%
MUTUAL FUNDS (a) 99.8%
UNITED STATES 99.8%
PIMCO RAE Emerging Markets Fund		2,093,757	$		18,530
PIMCO RAE International Fund		7,959,956			60,097
Total Mutual Funds (Cost $93,061)					78,627
Total Investments in Affiliates (Cost $93,061)					78,627
Total Investments 100.0% (Cost $93,185)			$		78,751
Other Assets and Liabilities, net 0.0%					(16	)
Net Assets 100.0%			$		78,735

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(1)
FICC		0.400	%		06/30/2022		07/01/2022	$	124	U.S. Treasury Notes 3.000% due 06/30/2024	$	(127	)	$	124	$	124
Total Repurchase Agreements											$	(127	)	$	124	$	124

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, 2022:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	124	$	0	$	0	$	124	$	(127	)	$	(3	)
Total Borrowings and Other Financing Transactions	$	124	$	0	$	0

⁽¹⁾ Includes accrued interest.

⁽²⁾ 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.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Short-Term Instruments
Repurchase Agreements	$	0	$	124	$	0	$	124
	$	0	$	124	$	0	$	124
Investments in Affiliates, at Value
Mutual Funds
United States		78,627		0		0		78,627
Total Investments	$	78,627	$	124	$	0	$	78,751

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

40 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE International Fund June 30, 2022

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.4%
COMMON STOCKS 97.5%
AUSTRALIA 6.2%
COMMUNICATION SERVICES 0.8%
Telstra Corp. Ltd.		1,543,493	$		4,105
CONSUMER DISCRETIONARY 0.2%
Wesfarmers Ltd.		32,101			928
CONSUMER STAPLES 0.5%
Coles Group Ltd.		60,328			743
Endeavour Group Ltd.		19,193			100
Metcash Ltd.		141,563			415
Woolworths Group Ltd.		49,665			1,220
					2,478
ENERGY 0.4%
Ampol Ltd.		46,184			1,090
Viva Energy Group Ltd.		185,879			371
Woodside Energy Group Ltd.		25,018			550
Woodside Energy Group Ltd. (a)		5,595			119
					2,130
FINANCIALS 1.1%
AMP Ltd. (a)		874,337			578
Australia & New Zealand Banking Group Ltd.		12,799			195
Bendigo & Adelaide Bank Ltd.		27,724			174
Medibank Pvt Ltd.		554,123			1,246
QBE Insurance Group Ltd.		9,935			83
Suncorp Group Ltd.		482,176			3,677
					5,953
INDUSTRIALS 0.3%
Aurizon Holdings Ltd.		442,753			1,165
Brambles Ltd.		27,108			200
Downer EDI Ltd.		59,734			208
Qantas Airways Ltd. (a)		55,599			172
					1,745
MATERIALS 1.7%
BHP Group Ltd.		80,141			2,274
BlueScope Steel Ltd.		34,802			383
Orica Ltd.		21,626			237
Rio Tinto Ltd.		87,026			6,208
					9,102
REAL ESTATE 0.0%
Lendlease Corp. Ltd.		16,209			102
UTILITIES 1.2%
AGL Energy Ltd. (c)		1,148,016			6,563
Total Australia					33,106
AUSTRIA 0.4%
FINANCIALS 0.0%
Vienna Insurance Group AG Wiener Versicherung Gruppe		11,544			264

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.0%
Strabag SE		2,547	$		108
MATERIALS 0.4%
Lenzing AG		1,446			117
voestalpine AG		86,950			1,859
					1,976
Total Austria					2,348
BELGIUM 0.6%
COMMUNICATION SERVICES 0.2%
Proximus SADP		87,440			1,291
CONSUMER STAPLES 0.1%
Etablissements Franz Colruyt NV		20,288			552
ENERGY 0.0%
Euronav NV		9,663			117
HEALTH CARE 0.2%
UCB SA		9,597			813
INDUSTRIALS 0.1%
bpost SA		55,268			327
MATERIALS 0.0%
Bekaert SA		2,471			81
Total Belgium					3,181
CANADA 4.8%
CONSUMER DISCRETIONARY 2.3%
Canadian Tire Corp. Ltd. ‘A’		6,551			826
Gildan Activewear, Inc.		14,091			406
Magna International, Inc.		198,267			10,887
					12,119
CONSUMER STAPLES 0.3%
George Weston Ltd.		3,661			428
Loblaw Cos., Ltd.		11,900			1,073
					1,501
ENERGY 0.8%
Crescent Point Energy Corp.		211,517			1,504
Suncor Energy, Inc.		57,741			2,026
Vermilion Energy, Inc.		42,683			812
					4,342
FINANCIALS 0.4%
CI Financial Corp. (c)		41,351			439
Great-West Lifeco, Inc. (e)		6,678			163
IGM Financial, Inc.		4,400			118
Onex Corp.		4,310			215
Power Corp. of Canada		41,220			1,060
Sun Life Financial, Inc.		9,453			433
					2,428
INDUSTRIALS 0.4%
Air Canada (a)		10,005			125

	SHARES			MARKET VALUE (000S)
Finning International, Inc.		9,700	$		204
Thomson Reuters Corp.		16,329			1,702
					2,031
INFORMATION TECHNOLOGY 0.2%
Celestica, Inc. (a)		99,642			969
MATERIALS 0.0%
Teck Resources Ltd. ‘B’		1,302			40
UTILITIES 0.4%
Atco Ltd. ‘I’		55,681			1,908
Canadian Utilities Ltd. ‘A’		12,181			363
					2,271
Total Canada					25,701
DENMARK 0.6%
CONSUMER STAPLES 0.1%
Carlsberg AS ‘B’		2,497			319
Schouw & Co. AS		1,034			72
					391
HEALTH CARE 0.1%
H Lundbeck AS		35,228			171
H Lundbeck AS ‘A’ (a)		8,807			42
Novo Nordisk AS ‘B’		1,157			129
					342
INDUSTRIALS 0.4%
ISS AS		164,165			2,617
Total Denmark					3,350
FINLAND 1.3%
CONSUMER DISCRETIONARY 0.0%
Nokian Renkaat Oyj		7,425			82
CONSUMER STAPLES 0.0%
Kesko Oyj ‘B’		9,590			227
FINANCIALS 0.7%
Nordea Bank Abp		420,337			3,713
INDUSTRIALS 0.0%
Wartsila Oyj Abp		31,401			246
INFORMATION TECHNOLOGY 0.5%
Nokia Oyj		537,413			2,491
MATERIALS 0.1%
Outokumpu OYJ		33,424			139
UPM-Kymmene Oyj		9,586			294
					433
Total Finland					7,192

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 41

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
FRANCE 4.4%
COMMUNICATION SERVICES 0.4%
Orange SA		171,455	$		2,020
CONSUMER DISCRETIONARY 1.0%
Cie Generale des Etablissements Michelin S.C.A.		29,204			798
Renault SA		34,680			875
Valeo SA		172,845			3,368
					5,041
CONSUMER STAPLES 0.6%
Carrefour SA		143,383			2,545
Casino Guichard Perrachon SA (a)(c)		32,926			427
					2,972
ENERGY 0.2%
TotalEnergies SE		23,598			1,242
FINANCIALS 0.4%
AXA SA		97,620			2,230
HEALTH CARE 0.5%
Sanofi		27,238			2,747
INDUSTRIALS 0.7%
ALD SA		9,271			109
Cie de Saint-Gobain		46,956			2,029
Eiffage SA		3,627			328
Schneider Electric SE		10,897			1,298
					3,764
INFORMATION TECHNOLOGY 0.0%
Capgemini SE		944			163
UTILITIES 0.6%
Engie SA		232,137			2,688
Veolia Environnement SA		27,877			683
					3,371
Total France					23,550
GERMANY 3.6%
COMMUNICATION SERVICES 0.1%
Telefonica Deutschland Holding AG		124,134			358
CONSUMER DISCRETIONARY 1.6%
Bayerische Motoren Werke AG		34,832			2,700
Continental AG		6,819			479
Mercedes-Benz Group AG		80,850			4,696
TUI AG		359,344			584
					8,459
CONSUMER STAPLES 0.4%
Metro AG		258,342			2,192
FINANCIALS 0.4%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		6,163			1,458
Talanx AG		9,848			376
					1,834

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.1%
Fresenius Medical Care AG & Co. KGaA		9,302	$		466
INDUSTRIALS 0.4%
Brenntag SE		4,833			317
Daimler Truck Holding AG (a)		24,011			632
Deutsche Post AG		37,164			1,403
					2,352
MATERIALS 0.4%
BASF SE		29,665			1,298
Evonik Industries AG		44,972			964
					2,262
UTILITIES 0.2%
Uniper SE		75,799			1,133
Total Germany					19,056
HONG KONG 2.6%
COMMUNICATION SERVICES 0.1%
PCCW Ltd.		506,000			268
CONSUMER DISCRETIONARY 0.4%
Chow Tai Fook Jewellery Group Ltd.		72,600			137
Melco Resorts & Entertainment Ltd. ADR (a)		86,851			499
Skyworth Group Ltd.		1,870,215			928
Yue Yuen Industrial Holdings Ltd.		379,000			494
					2,058
CONSUMER STAPLES 0.2%
First Pacific Co. Ltd.		580,000			226
WH Group Ltd.		1,045,500			809
					1,035
INDUSTRIALS 0.2%
CK Hutchison Holdings Ltd.		60,000			407
Hutchison Port Holdings Trust		2,972,600			699
MTR Corp. Ltd.		9,500			50
					1,156
INFORMATION TECHNOLOGY 0.3%
Kingboard Holdings Ltd.		281,500			1,068
Kingboard Laminates Holdings Ltd.		422,500			522
					1,590
MATERIALS 0.0%
Lee & Man Paper Manufacturing Ltd.		372,000			160
Nine Dragons Paper Holdings Ltd.		102,000			86
					246
REAL ESTATE 1.4%
CK Asset Holdings Ltd.		181,500			1,290
Hang Lung Group Ltd.		72,000			136
Henderson Land Development Co. Ltd.		28,000			105

	SHARES			MARKET VALUE (000S)
Hongkong Land Holdings Ltd.		71,800	$		361
Hopson Development Holdings Ltd.		94,112			144
Hysan Development Co. Ltd.		23,000			69
Kerry Properties Ltd.		356,500			991
New World Development Co. Ltd.		37,000			133
Sino Land Co. Ltd.		70,000			103
Sun Hung Kai Properties Ltd.		17,000			201
Swire Pacific Ltd. ‘A’		356,500			2,129
Wharf Holdings Ltd.		490,000			1,786
Wharf Real Estate Investment Co. Ltd.		22,000			105
					7,553
Total Hong Kong					13,906
IRELAND 0.2%
FINANCIALS 0.1%
Bank of Ireland Group PLC		87,951			556
INDUSTRIALS 0.1%
AerCap Holdings NV (a)		12,607			516
Total Ireland					1,072
ISRAEL 1.5%
COMMUNICATION SERVICES 0.4%
Bezeq The Israeli Telecommunication Corp. Ltd.		1,503,922			2,344
Taboola.com Ltd. (a)		26,900			68
					2,412
ENERGY 0.3%
Delek Group Ltd. (a)		4,538			590
Oil Refineries Ltd.		2,355,141			846
Paz Oil Co. Ltd. (a)		3,615			435
					1,871
FINANCIALS 0.1%
Bank Hapoalim BM		43,790			367
Bank Leumi Le-Israel BM		10,590			95
					462
HEALTH CARE 0.3%
Teva Pharmaceutical Industries Ltd. SP - ADR (a)		262,612			1,975
INFORMATION TECHNOLOGY 0.1%
Check Point Software Technologies Ltd. (a)		2,500			304
MATERIALS 0.2%
ICL Group Ltd.		6,211			57
Israel Corp. Ltd. (a)		1,906			845
					902
REAL ESTATE 0.1%
G City Ltd.		52,922			303
Total Israel					8,229

42 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

	SHARES			MARKET VALUE (000S)
ITALY 3.4%
COMMUNICATION SERVICES 0.1%
Telecom Italia SpA		3,381,119	$		887
ENERGY 1.7%
Eni SpA		655,963			7,780
Saras SpA (a)		860,100			1,255
					9,035
FINANCIALS 0.8%
Assicurazioni Generali SpA		106,915			1,708
Banca Monte dei Paschi di Siena SpA (a)(c)		237,560			135
Intesa Sanpaolo SpA		960,303			1,797
Unipol Gruppo SpA		85,264			388
UnipolSai Assicurazioni SpA		60,534			145
					4,173
INDUSTRIALS 0.1%
Leonardo SpA		32,701			332
UTILITIES 0.7%
A2A SpA		375,632			478
Enel SpA		610,547			3,348
					3,826
Total Italy					18,253
JAPAN 31.3%
COMMUNICATION SERVICES 2.9%
Dentsu Group, Inc. (c)		3,900			118
KDDI Corp.		70,100			2,211
Mixi, Inc.		43,900			729
Nippon Telegraph & Telephone Corp.		424,500			12,197
Square Enix Holdings Co. Ltd.		4,100			182
					15,437
CONSUMER DISCRETIONARY 7.2%
Bridgestone Corp. (c)		130,700			4,765
Casio Computer Co. Ltd.		18,500			172
EDION Corp.		108,100			1,015
Exedy Corp.		28,100			356
H2O Retailing Corp.		86,900			671
Isetan Mitsukoshi Holdings Ltd.		46,700			378
Isuzu Motors Ltd.		349,400			3,865
Izumi Co. Ltd.		3,500			79
JTEKT Corp.		27,100			204
K’s Holdings Corp.		49,300			481
Mazda Motor Corp.		352,600			2,878
NHK Spring Co. Ltd.		21,500			141
Nikon Corp.		147,500			1,701
Nissan Motor Co. Ltd.		1,338,600			5,243
NOK Corp.		7,100			58
Paltac Corp.		1,900			59
Panasonic Holdings Corp.		1,096,700			8,855
Sega Sammy Holdings, Inc.		69,300			1,113
Sekisui House Ltd.		85,000			1,492
Shimamura Co. Ltd.		11,300			993
Subaru Corp.		112,200			1,985
Sumitomo Electric Industries Ltd.		64,100			708
Sumitomo Forestry Co. Ltd.		8,000			114

	SHARES			MARKET VALUE (000S)
Sumitomo Rubber Industries Ltd. (c)		24,500	$		209
Suzuki Motor Corp.		10,800			339
Tokai Rika Co. Ltd.		19,600			214
TS Tech Co. Ltd.		21,100			218
Yamada Holdings Co. Ltd.		110,300			397
					38,703
CONSUMER STAPLES 0.9%
Ajinomoto Co., Inc.		34,100			831
Arcs Co. Ltd.		5,200			77
Itoham Yonekyu Holdings, Inc.		71,400			364
Japan Tobacco, Inc. (c)		110,856			1,921
Kewpie Corp.		8,800			149
NH Foods Ltd.		5,000			157
Pola Orbis Holdings, Inc. (c)		18,700			231
Seven & i Holdings Co. Ltd.		13,000			504
United Super Markets Holdings, Inc.		36,800			290
Yamazaki Baking Co. Ltd.		11,500			141
					4,665
ENERGY 0.1%
Cosmo Energy Holdings Co. Ltd.		7,100			196
ENEOS Holdings, Inc.		25,500			96
					292
FINANCIALS 6.0%
Chiba Bank Ltd.		17,100			94
Concordia Financial Group Ltd.		64,600			224
Credit Saison Co. Ltd.		13,100			150
Japan Post Holdings Co. Ltd.		2,493,800			17,843
MS&AD Insurance Group Holdings, Inc.		195,600			5,998
ORIX Corp.		102,900			1,725
Sompo Holdings, Inc.		84,200			3,719
Sumitomo Mitsui Trust Holdings, Inc.		5,100			158
Tokio Marine Holdings, Inc.		35,800			2,087
					31,998
HEALTH CARE 1.0%
Alfresa Holdings Corp.		25,300			340
Astellas Pharma, Inc.		85,400			1,332
Eisai Co. Ltd.		8,300			351
Medipal Holdings Corp.		119,700			1,689
Shionogi & Co. Ltd.		17,600			898
Suzuken Co. Ltd.		26,200			739
Toho Holdings Co. Ltd.		5,100			79
					5,428
INDUSTRIALS 3.8%
AGC, Inc. (c)		9,100			320
Amada Co. Ltd.		31,700			234
ANA Holdings, Inc.		6,300			116
Dai Nippon Printing Co. Ltd.		122,600			2,637
East Japan Railway Co.		5,400			276
Ebara Corp.		8,000			299
Fujikura Ltd.		125,900			713
Furukawa Electric Co. Ltd.		33,600			551
GS Yuasa Corp.		17,600			275
Hanwa Co. Ltd.		7,400			155
Hino Motors Ltd.		82,200			423

	SHARES			MARKET VALUE (000S)
Hitachi Transport System Ltd.		6,100	$		386
Inabata & Co. Ltd.		37,900			619
Japan Airlines Co. Ltd.		132,600			2,278
Kajima Corp.		19,400			222
Kandenko Co. Ltd.		12,100			75
Mitsubishi Electric Corp.		127,900			1,375
Mitsubishi Heavy Industries Ltd.		44,000			1,538
Nagase & Co. Ltd.		8,800			121
Nippon Express Holdings, Inc.		3,300			180
Nippon Steel Trading Corp.		13,500			506
NTN Corp.		80,100			153
Obayashi Corp.		26,200			191
Persol Holdings Co. Ltd.		52,700			962
Secom Co. Ltd.		11,100			685
Seibu Holdings, Inc.		25,200			266
SG Holdings Co. Ltd.		13,100			222
Shimizu Corp.		54,500			301
Sojitz Corp.		21,720			308
Taisei Corp.		24,900			776
Toppan, Inc.		36,500			609
Toshiba Corp.		16,700			679
Toyota Tsusho Corp.		9,100			297
West Japan Railway Co.		7,100			261
Yamato Holdings Co. Ltd.		89,000			1,424
					20,433
INFORMATION TECHNOLOGY 4.5%
Alps Alpine Co. Ltd.		170,100			1,728
Brother Industries Ltd.		24,400			429
Canon Marketing Japan, Inc. (c)		10,700			223
Canon, Inc. (c)		307,150			6,960
Citizen Watch Co. Ltd.		135,900			553
FUJIFILM Holdings Corp.		29,000			1,558
Fujitsu Ltd.		40,700			5,093
Konica Minolta, Inc.		67,500			225
NEC Corp.		7,700			300
Nippon Electric Glass Co. Ltd. (c)		13,200			253
Omron Corp.		11,900			606
Ricoh Co. Ltd.		297,800			2,325
Rohm Co. Ltd.		3,300			231
SCREEN Holdings Co. Ltd.		3,000			204
Seiko Epson Corp.		146,900			2,078
TDK Corp.		14,700			455
Tokyo Electron Ltd.		3,200			1,044
Trend Micro, Inc.		2,700			132
					24,397
MATERIALS 2.3%
Daicel Corp.		141,900			877
DIC Corp. (c)		29,900			531
JFE Holdings, Inc.		35,400			372
JSR Corp.		14,300			372
Kaneka Corp.		13,400			330
Mitsubishi Chemical Holdings Corp.		188,100			1,022
Mitsubishi Materials Corp.		16,500			236
Mitsui Chemicals, Inc.		32,900			702
Nippon Light Metal Holdings Co. Ltd.		9,200			101
Nippon Steel Corp.		15,000			210
Nitto Denko Corp.		67,100			4,340
Taiheiyo Cement Corp.		30,500			454
Toray Industries, Inc.		226,700			1,276

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 43

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
Toyo Seikan Group Holdings Ltd.		124,100	$		1,302
UBE Corp.		10,500			156
Zeon Corp.		10,600			103
					12,384
REAL ESTATE 1.1%
Daito Trust Construction Co. Ltd.		59,800			5,173
Nomura Real Estate Holdings, Inc.		43,800			1,072
					6,245
UTILITIES 1.5%
Chubu Electric Power Co., Inc.		249,800			2,515
Electric Power Development Co. Ltd. ‘C’		106,000			1,752
Hokkaido Electric Power Co., Inc.		84,500			308
Hokuriku Electric Power Co.		52,200			205
Shikoku Electric Power Co., Inc.		48,000			281
Tohoku Electric Power Co., Inc.		185,300			995
Tokyo Electric Power Co. Holdings, Inc. (a)		431,400			1,805
					7,861
Total Japan					167,843
LUXEMBOURG 0.4%
COMMUNICATION SERVICES 0.1%
Millicom International Cellular SA (a)		8,171			117
RTL Group SA		8,739			366
					483
MATERIALS 0.3%
ArcelorMittal SA		75,210			1,687
Total Luxembourg					2,170
MACAU 0.0%
CONSUMER DISCRETIONARY 0.0%
Sands China Ltd. (a)		47,200			114
Total Macau					114
NETHERLANDS 6.4%
COMMUNICATION SERVICES 0.3%
Koninklijke KPN NV		275,979			982
VEON Ltd. ADR (a)		1,443,617			664
					1,646
CONSUMER DISCRETIONARY 0.4%
Stellantis NV		21,871			272
Stellantis NV (c)		162,004			2,002
					2,274
CONSUMER STAPLES 3.8%
Koninklijke Ahold Delhaize NV		774,901			20,170
FINANCIALS 0.2%
Aegon NV		118,494			510
ING Groep NV		42,057			415
					925

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.1%
Koninklijke Philips NV		24,927	$		535
INDUSTRIALS 1.1%
Randstad NV		70,939			3,429
Signify NV		81,580			2,691
					6,120
MATERIALS 0.5%
Akzo Nobel NV		40,714			2,662
Koninklijke DSM NV		1,772			254
					2,916
Total Netherlands					34,586
NEW ZEALAND 0.4%
COMMUNICATION SERVICES 0.1%
Spark New Zealand Ltd.		140,878			422
INDUSTRIALS 0.2%
Air New Zealand Ltd. (a)		469,971			167
Fletcher Building Ltd.		321,535			1,009
					1,176
UTILITIES 0.1%
Contact Energy Ltd.		71,124			323
Total New Zealand					1,921
NORWAY 0.7%
COMMUNICATION SERVICES 0.1%
Telenor ASA		34,202			457
ENERGY 0.4%
Equinor ASA		66,578			2,320
FINANCIALS 0.0%
DNB Bank ASA		7,489			135
INFORMATION TECHNOLOGY 0.1%
Atea ASA		18,036			188
MATERIALS 0.1%
Norsk Hydro ASA		31,984			181
Yara International ASA		5,394			226
					407
Total Norway					3,507
PORTUGAL 0.6%
CONSUMER STAPLES 0.2%
Jeronimo Martins SGPS SA		8,794			191
Sonae SGPS SA		561,222			688
					879
ENERGY 0.0%
Galp Energia SGPS SA		21,398			250
MATERIALS 0.1%
Navigator Co. SA		181,778			731

	SHARES			MARKET VALUE (000S)
UTILITIES 0.3%
EDP - Energias de Portugal SA		337,950	$		1,575
Total Portugal					3,435
SINGAPORE 0.3%
COMMUNICATION SERVICES 0.1%
Singapore Telecommunications Ltd.		254,700			464
CONSUMER STAPLES 0.0%
Golden Agri-Resources Ltd.		1,360,500			245
INDUSTRIALS 0.2%
ComfortDelGro Corp. Ltd.		534,700			539
Jardine Cycle & Carriage Ltd.		15,100			308
					847
UTILITIES 0.0%
Sembcorp Industries Ltd.		67,900			139
Total Singapore					1,695
SPAIN 6.2%
COMMUNICATION SERVICES 3.5%
Telefonica SA		3,696,017			18,870
ENERGY 0.1%
Repsol SA		50,019			737
FINANCIALS 1.4%
Banco Bilbao Vizcaya Argentaria SA		115,997			527
Banco de Sabadell SA		3,976,599			3,188
Banco Santander SA		937,650			2,653
Mapfre SA (c)		687,494			1,216
					7,584
INDUSTRIALS 0.2%
ACS Actividades de Construccion y Servicios SA		32,693			797
UTILITIES 1.0%
Endesa SA (c)		67,191			1,271
Naturgy Energy Group SA		143,340			4,142
					5,413
Total Spain					33,401
SWEDEN 0.6%
COMMUNICATION SERVICES 0.1%
Telia Co. AB		80,022			307
CONSUMER DISCRETIONARY 0.2%
Electrolux AB (c)		15,528			210
H & M Hennes & Mauritz AB ‘B’		84,421			1,013
JM AB		5,485			91
					1,314
FINANCIALS 0.2%
Ratos AB ‘B’		37,114			159
Swedbank AB ‘A’		62,703			795
					954

44 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.1%
Securitas AB ‘B’		32,416	$		280
Skanska AB ‘B’		19,712			304
					584
INFORMATION TECHNOLOGY 0.0%
Telefonaktiebolaget LM Ericsson ‘B’		7,613			57
MATERIALS 0.0%
Hexpol AB		7,508			64
Total Sweden					3,280
SWITZERLAND 7.5%
COMMUNICATION SERVICES 0.1%
Swisscom AG		1,135			628
CONSUMER DISCRETIONARY 0.7%
Swatch Group AG		15,810			3,755
CONSUMER STAPLES 2.7%
Nestle SA		124,665			14,570
FINANCIALS 1.2%
Swiss Life Holding AG		2,665			1,301
UBS Group AG		81,047			1,310
Zurich Insurance Group AG		8,646			3,771
					6,382
HEALTH CARE 1.4%
Novartis AG		32,649			2,768
Roche Holding AG		14,740			4,928
					7,696
INDUSTRIALS 0.7%
ABB Ltd.		22,693			608
Adecco Group AG		88,682			3,023
					3,631
INFORMATION TECHNOLOGY 0.1%
TE Connectivity Ltd.		1,953			221
MATERIALS 0.6%
Glencore PLC		478,057			2,589
Holcim AG		11,257			483
					3,072
Total Switzerland					39,955
UNITED KINGDOM 13.4%
COMMUNICATION SERVICES 0.8%
ITV PLC		189,104			151
Pearson PLC		28,113			257
WPP PLC		387,367			3,913
					4,321
CONSUMER DISCRETIONARY 0.8%
Barratt Developments PLC		48,779			273
Berkeley Group Holdings PLC		6,082			276

	SHARES			MARKET VALUE (000S)
Currys PLC		181,738	$		151
Inchcape PLC		256,631			2,181
Kingfisher PLC		420,875			1,258
Persimmon PLC		5,525			126
Taylor Wimpey PLC		69,877			99
					4,364
CONSUMER STAPLES 1.1%
British American Tobacco PLC		40,948			1,755
Imperial Brands PLC		67,236			1,505
Marks & Spencer Group PLC		1,152,803			1,913
Unilever PLC		15,604			711
					5,884
ENERGY 3.7%
Shell PLC		751,276			19,535
Subsea 7 SA		52,387			418
					19,953
FINANCIALS 1.4%
abrdn PLC		155,329			303
Aviva PLC		166,593			816
Direct Line Insurance Group PLC		162,426			499
M&G PLC		2,439,002			5,782
					7,400
HEALTH CARE 0.7%
GSK PLC		166,413			3,586
Smith & Nephew PLC		5,058			71
					3,657
INDUSTRIALS 0.4%
Ferguson PLC		6,107			684
Royal Mail PLC		470,897			1,556
					2,240
INFORMATION TECHNOLOGY 0.1%
Micro Focus International PLC		203,824			694
MATERIALS 2.0%
Evraz PLC «		238,175			234
Mondi PLC		25,586			454
Rio Tinto PLC		167,187			9,996
					10,684
UTILITIES 2.4%
Centrica PLC (a)		8,974,415			8,764
SSE PLC		202,102			3,988
					12,752
Total United Kingdom					71,949
UNITED STATES 0.1%
MATERIALS 0.1%
Sims Ltd.		37,171			353
Total United States					353
Total Common Stocks (Cost $467,033)					523,153

	SHARES			MARKET VALUE (000S)
WARRANTS 0.0%
SPAIN 0.0%
INDUSTRIALS 0.0%
Abengoa SA ‘B’ - Exp. 03/31/2025		226,011	$		0
Total Warrants (Cost $0)					0
PREFERRED STOCKS 0.2%
GERMANY 0.2%
CONSUMER DISCRETIONARY 0.2%
Schaeffler AG		173,641			987
INDUSTRIALS 0.0%
Henkel AG & Co. KGaA		2,908			180
Total Preferred Stocks (Cost $1,388)					1,167
REAL ESTATE INVESTMENT TRUSTS 1.2%
AUSTRALIA 0.3%
REAL ESTATE 0.3%
Scentre Group		314,656			565
Stockland		253,992			634
Vicinity Centres		276,744			351
					1,550
Total Australia					1,550
CANADA 0.2%
REAL ESTATE 0.2%
H&R Real Estate Investment Trust REIT		98,586			954
Primaris REIT		14,671			139
RioCan Real Estate Investment Trust		8,942			139
					1,232
Total Canada					1,232
FRANCE 0.7%
REAL ESTATE 0.7%
Unibail-Rodamco-Westfield		67,408			3,427
Total France					3,427
Total Real Estate Investment Trusts (Cost $7,963)					6,209
SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENTS (f) 0.5%
					2,759
Total Short-Term Instruments (Cost $2,759)					2,759
Total Investments in Securities (Cost $479,143)					533,288

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 45

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 5.2%
SHORT-TERM INSTRUMENTS 5.2%
MUTUAL FUNDS 5.2%
PIMCO Government Money Market Fund
1.450% (b)(c)(d)		28,069,778	$		28,070
Total Short-Term Instruments (Cost $28,070)					28,070
Total Investments in Affiliates (Cost $28,070)					28,070
Total Investments 104.6% (Cost $507,213)			$		561,358
Other Assets and Liabilities, net (4.6)%					(24,859	)
Net Assets 100.0%			$		536,499

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 $26,710 were out on loan in exchange for $28,070 of cash collateral as of June 30, 2022. 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.	03/12/2020 - 04/06/2020	$	106	$	163		0.03%

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(1)
FICC		0.400	%		06/30/2022		07/01/2022	$	2,759	U.S. Treasury Notes 3.000% due 06/30/2024	$	(2,814	)	$	2,759	$	2,759
Total Repurchase Agreements											$	(2,814	)	$	2,759	$	2,759

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, 2022:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		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(2)
Global/Master Repurchase Agreement
FICC	$	2,759	$	0	$	0	$	0	$	2,759	$	(2,814	)	$	(55	)
Master Securities Lending Agreement
BCY		0		0		0		93		93		(125	)		(32	)
BSN		0		0		0		444		444		(467	)		(23	)
FOB		0		0		0		1,291		1,291		(1,362	)		(71	)
GSC		0		0		0		13,321		13,321		(13,991	)		(670	)
MBC		0		0		0		506		506		(534	)		(28	)
MSC		0		0		0		10,188		10,188		(10,651	)		(463	)
SAL		0		0		0		513		513		(544	)		(31	)
UBS		0		0		0		354		354		(396	)		(42	)
Total Borrowings and Other Financing Transactions	$	2,759	$	0	$	0	$	26,710

46 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

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(3)
Common Stocks	$	28,070	$	0	$	0	$	0	$	28,070
Total Borrowings	$	28,070	$	0	$	0	$	0	$	28,070
Payable for securities on loan - cash collateral									$	28,070

⁽¹⁾ Includes accrued interest.

⁽²⁾ 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.

⁽³⁾ Includes cash as described in Note 5 in the Notes to Financial Statements.

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 and Other 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, 2022:

	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	$	(11	)	$	0	$	(11	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Common Stocks
Australia
Communication Services	$	0	$	4,105	$	0	$	4,105
Consumer Discretionary		0		928		0		928
Consumer Staples		0		2,478		0		2,478
Energy		119		2,011		0		2,130
Financials		0		5,953		0		5,953
Industrials		0		1,745		0		1,745
Materials		0		9,102		0		9,102
Real Estate		0		102		0		102
Utilities		0		6,563		0		6,563
Austria
Financials		0		264		0		264
Industrials		108		0		0		108
Materials		0		1,976		0		1,976
Belgium
Communication Services		0		1,291		0		1,291
Consumer Staples		552		0		0		552
Energy		0		117		0		117
Health Care		0		813		0		813
Industrials		0		327		0		327
Materials		0		81		0		81
Canada
Consumer Discretionary		12,119		0		0		12,119
Consumer Staples		1,501		0		0		1,501
Energy		4,342		0		0		4,342
Financials		2,428		0		0		2,428
Industrials		2,031		0		0		2,031
Information Technology		969		0		0		969

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Materials	$	40	$	0	$	0	$	40
Utilities		2,271		0		0		2,271
Denmark
Consumer Staples		0		391		0		391
Health Care		213		129		0		342
Industrials		0		2,617		0		2,617
Finland
Consumer Discretionary		0		82		0		82
Consumer Staples		0		227		0		227
Financials		0		3,713		0		3,713
Industrials		0		246		0		246
Information Technology		0		2,491		0		2,491
Materials		0		433		0		433
France
Communication Services		0		2,020		0		2,020
Consumer Discretionary		0		5,041		0		5,041
Consumer Staples		0		2,972		0		2,972
Energy		0		1,242		0		1,242
Financials		0		2,230		0		2,230
Health Care		0		2,747		0		2,747
Industrials		0		3,764		0		3,764
Information Technology		0		163		0		163
Utilities		0		3,371		0		3,371
Germany
Communication Services		0		358		0		358
Consumer Discretionary		0		8,459		0		8,459
Consumer Staples		0		2,192		0		2,192
Financials		0		1,834		0		1,834
Health Care		0		466		0		466
Industrials		0		2,352		0		2,352

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 47

Schedule of Investments PIMCO RAE International Fund (Cont.) June 30, 2022

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Materials	$	0	$	2,262	$	0	$	2,262
Utilities		0		1,133		0		1,133
Hong Kong
Communication Services		0		268		0		268
Consumer Discretionary		499		1,559		0		2,058
Consumer Staples		0		1,035		0		1,035
Industrials		0		1,156		0		1,156
Information Technology		0		1,590		0		1,590
Materials		0		246		0		246
Real Estate		0		7,553		0		7,553
Ireland
Financials		0		556		0		556
Industrials		516		0		0		516
Israel
Communication Services		68		2,344		0		2,412
Energy		0		1,871		0		1,871
Financials		0		462		0		462
Health Care		1,975		0		0		1,975
Information Technology		304		0		0		304
Materials		0		902		0		902
Real Estate		0		303		0		303
Italy
Communication Services		0		887		0		887
Energy		0		9,035		0		9,035
Financials		0		4,173		0		4,173
Industrials		0		332		0		332
Utilities		0		3,826		0		3,826
Japan
Communication Services		0		15,437		0		15,437
Consumer Discretionary		0		38,703		0		38,703
Consumer Staples		0		4,665		0		4,665
Energy		0		292		0		292
Financials		0		31,998		0		31,998
Health Care		0		5,428		0		5,428
Industrials		0		20,433		0		20,433
Information Technology		0		24,397		0		24,397
Materials		0		12,384		0		12,384
Real Estate		0		6,245		0		6,245
Utilities		0		7,861		0		7,861
Luxembourg
Communication Services		0		483		0		483
Materials		0		1,687		0		1,687
Macau
Consumer Discretionary		0		114		0		114
Netherlands
Communication Services		664		982		0		1,646
Consumer Discretionary		2,002		272		0		2,274
Consumer Staples		0		20,170		0		20,170
Financials		0		925		0		925
Health Care		0		535		0		535
Industrials		0		6,120		0		6,120
Materials		0		2,916		0		2,916
New Zealand
Communication Services		0		422		0		422
Industrials		0		1,176		0		1,176
Utilities		0		323		0		323
Norway
Communication Services		0		457		0		457
Energy		0		2,320		0		2,320
Financials		0		135		0		135
Information Technology		0		188		0		188
Materials		0		407		0		407
Portugal
Consumer Staples		0		879		0		879
Energy		0		250		0		250

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Materials	$	0	$	731	$	0	$	731
Utilities		0		1,575		0		1,575
Singapore
Communication Services		0		464		0		464
Consumer Staples		245		0		0		245
Industrials		0		847		0		847
Utilities		0		139		0		139
Spain
Communication Services		0		18,870		0		18,870
Energy		0		737		0		737
Financials		0		7,584		0		7,584
Industrials		0		797		0		797
Utilities		0		5,413		0		5,413
Sweden
Communication Services		0		307		0		307
Consumer Discretionary		0		1,314		0		1,314
Financials		0		954		0		954
Industrials		0		584		0		584
Information Technology		0		57		0		57
Materials		0		64		0		64
Switzerland
Communication Services		0		628		0		628
Consumer Discretionary		0		3,755		0		3,755
Consumer Staples		0		14,570		0		14,570
Financials		0		6,382		0		6,382
Health Care		0		7,696		0		7,696
Industrials		0		3,631		0		3,631
Information Technology		221		0		0		221
Materials		0		3,072		0		3,072
United Kingdom
Communication Services		0		4,321		0		4,321
Consumer Discretionary		0		4,364		0		4,364
Consumer Staples		0		5,884		0		5,884
Energy		0		19,953		0		19,953
Financials		0		7,400		0		7,400
Health Care		0		3,657		0		3,657
Industrials		0		2,240		0		2,240
Information Technology		0		694		0		694
Materials		0		10,450		234		10,684
Utilities		0		12,752		0		12,752
United States
Materials		0		353		0		353
Preferred Stocks
Germany
Consumer Discretionary		0		987		0		987
Industrials		0		180		0		180
Real Estate Investment Trusts
Australia
Real Estate		0		1,550		0		1,550
Canada
Real Estate		1,232		0		0		1,232
France
Real Estate		0		3,427		0		3,427
Short-Term Instruments
Repurchase Agreements		0		2,759		0		2,759
	$	34,419	$	498,635	$	234	$	533,288
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		28,070		0		0		28,070
Total Investments	$	62,489	$	498,635	$	234	$	561,358

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

48 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE US Fund June 30, 2022

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.2%
COMMON STOCKS 98.0%
UNITED KINGDOM 0.2%
CONSUMER DISCRETIONARY 0.2%
Capri Holdings Ltd. (a)		37,600	$		1,542
CONSUMER STAPLES 0.0%
Coca-Cola Europacific Partners PLC		6,493			335
Total United Kingdom					1,877
UNITED STATES 97.8%
COMMUNICATION SERVICES 1.1%
Altice USA, Inc. ‘A’ (a)		65,765			608
Liberty Media Corp.-Liberty SiriusXM ‘C’ (a)		40,898			1,475
Loyalty Ventures, Inc. (a)		14,643			52
Lumen Technologies, Inc.		194,347			2,120
News Corp. ‘A’		10,397			162
Paramount Global		10,536			260
Verizon Communications, Inc.		95,557			4,850
					9,527
CONSUMER DISCRETIONARY 7.7%
Adient PLC (a)		11,299			335
AutoNation, Inc. (a)		6,351			710
Bed Bath & Beyond, Inc. (a)(c)		253,179			1,258
Best Buy Co., Inc.		27,318			1,781
Booking Holdings, Inc. (a)		1,448			2,532
Carnival Corp. (a)		223,306			1,932
Dick’s Sporting Goods, Inc.		2,985			225
Dollar General Corp.		6,404			1,572
eBay, Inc.		220,725			9,198
Expedia Group, Inc. (a)		1,769			168
Foot Locker, Inc.		15,696			396
Ford Motor Co.		477,207			5,311
Gap, Inc.		25,297			208
General Motors Co. (a)		23,291			740
Goodyear Tire & Rubber Co. (a)		64,308			689
Hyatt Hotels Corp. ‘A’ (a)		806			60
Kohl’s Corp.		362,073			12,922
Las Vegas Sands Corp. (a)		14,257			479
Lear Corp.		3,388			426
Lowe’s Cos., Inc.		4,578			800
Macy’s, Inc.		492,131			9,016
MGM Resorts International		7,318			212
Nordstrom, Inc.		61,238			1,294
Norwegian Cruise Line Holdings Ltd. (a)		8,376			93
PulteGroup, Inc.		6,308			250
Qurate Retail, Inc.		491,094			1,409
Starbucks Corp.		1,701			130
Tapestry, Inc.		19,495			595
Target Corp.		58,904			8,319
Victoria’s Secret & Co. (a)		8,514			238
Whirlpool Corp.		8,259			1,279
Yum! Brands, Inc.		3,305			375
					64,952
CONSUMER STAPLES 6.5%
Albertsons Cos., Inc. ‘A’		3,591			96
Altria Group, Inc.		131,987			5,513
Bunge Ltd.		10,469			949

	SHARES			MARKET VALUE (000S)
Ingredion, Inc.		3,500	$		309
Kroger Co.		190,477			9,015
Philip Morris International, Inc.		37,466			3,699
Sysco Corp.		14,389			1,219
Walgreens Boots Alliance, Inc.		588,070			22,288
Walmart, Inc.		96,444			11,726
					54,814
ENERGY 15.7%
APA Corp.		24,173			844
Baker Hughes Co.		24,595			710
ConocoPhillips		121,905			10,948
Exxon Mobil Corp.		268,317			22,979
HF Sinclair Corp.		129,810			5,862
Marathon Oil Corp.		203,452			4,574
Marathon Petroleum Corp.		319,403			26,258
PBF Energy, Inc. ‘A’ (a)		77,585			2,251
Phillips 66		247,941			20,329
Transocean Ltd. (a)		547,234			1,822
Valero Energy Corp.		319,411			33,947
World Fuel Services Corp.		43,113			882
					131,406
FINANCIALS 10.7%
Aflac, Inc.		20,689			1,145
Allstate Corp.		23,645			2,997
Ally Financial, Inc.		82,189			2,754
American International Group, Inc.		118,837			6,076
Ameriprise Financial, Inc.		12,245			2,910
Bank of New York Mellon Corp.		29,256			1,220
Capital One Financial Corp.		24,963			2,601
Citigroup, Inc.		86,635			3,984
Comerica, Inc.		14,704			1,079
Discover Financial Services		75,593			7,150
Franklin Resources, Inc.		209,354			4,880
Genworth Financial, Inc. ‘A’ (a)		335,279			1,184
Invesco Ltd.		24,332			392
Jefferies Financial Group, Inc.		5,231			144
Loews Corp.		17,380			1,030
Navient Corp.		250,172			3,500
Old Republic International Corp.		1,113			25
Synchrony Financial		405,297			11,194
Travelers Cos., Inc.		30,632			5,181
Wells Fargo & Co.		769,006			30,122
					89,568
HEALTH CARE 22.3%
AmerisourceBergen Corp.		979			139
Amgen, Inc.		99,621			24,238
Biogen, Inc. (a)		60,098			12,256
Cardinal Health, Inc.		281,710			14,725
DaVita, Inc. (a)		31,851			2,547
Elevance Health, Inc.		8,292			4,002
Gilead Sciences, Inc.		392,521			24,262
Humana, Inc.		5,778			2,704
Johnson & Johnson		60,905			10,811
McKesson Corp.		71,869			23,444
Merck & Co., Inc.		224,635			20,480
Organon & Co.		46,210			1,560
Pfizer, Inc.		849,168			44,522
Universal Health Services, Inc. ‘B’		3,751			378
Viatris, Inc.		24,196			253
Waters Corp. (a)		1,146			379
					186,700

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 5.2%
AECOM		3,236	$		211
American Airlines Group, Inc. (a)		722,881			9,166
Carlisle Cos., Inc.		1,450			346
CH Robinson Worldwide, Inc.		20,300			2,058
CSX Corp.		4,700			137
Cummins, Inc.		4,057			785
Delta Air Lines, Inc. (a)		19,668			570
Eaton Corp. PLC		10,157			1,280
Emerson Electric Co.		16,439			1,307
Fluor Corp. (a)		254,052			6,184
General Electric Co.		107,962			6,874
Honeywell International, Inc.		2,478			431
Howmet Aerospace, Inc.		9,236			290
Illinois Tool Works, Inc.		8,145			1,484
JetBlue Airways Corp. (a)		20,965			175
Johnson Controls International PLC		2,187			105
ManpowerGroup, Inc.		52,849			4,038
Robert Half International, Inc.		3,160			237
Southwest Airlines Co. (a)		18,592			671
Spirit AeroSystems Holdings, Inc. ‘A’		47,975			1,406
Union Pacific Corp.		24,187			5,159
United Airlines Holdings, Inc. (a)		18,354			650
WW Grainger, Inc.		620			282
					43,846
INFORMATION TECHNOLOGY 20.9%
Amdocs Ltd.		6,574			548
Apple, Inc.		253,106			34,605
Applied Materials, Inc.		35,441			3,224
Arrow Electronics, Inc. (a)		21,724			2,435
Avnet, Inc.		90,387			3,876
Bread Financial Holdings, Inc.		76,310			2,828
Cisco Systems, Inc.		815,578			34,776
Citrix Systems, Inc.		23,558			2,289
Cognizant Technology Solutions Corp. ‘A’		24,520			1,655
DXC Technology Co. (a)		44,407			1,346
Flex Ltd. (a)		15,641			226
Hewlett Packard Enterprise Co.		528,940			7,014
HP, Inc.		158,435			5,193
Intel Corp.		440,698			16,486
Jabil, Inc.		70,908			3,631
Juniper Networks, Inc.		173,816			4,954
KLA Corp.		3,039			970
NetApp, Inc.		137,765			8,988
NortonLifeLock, Inc.		250,344			5,498
Oracle Corp.		127,609			8,916
Qorvo, Inc. (a)		3,851			363
QUALCOMM, Inc.		124,338			15,883
Seagate Technology Holdings PLC		39,387			2,814
Skyworks Solutions, Inc.		2,685			249
Texas Instruments, Inc.		4,448			683
Western Digital Corp. (a)		69,208			3,103
Western Union Co.		7,513			124
Xerox Holdings Corp.		144,750			2,149
					174,826
MATERIALS 0.6%
Alcoa Corp.		7,096			324
International Paper Co.		31,421			1,314
LyondellBasell Industries NV ‘A’		17,870			1,563
Reliance Steel & Aluminum Co.		8,515			1,446
					4,647

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 49

Schedule of Investments PIMCO RAE US Fund (Cont.)

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.0%
Jones Lang LaSalle, Inc. (a)		1,482	$		259
UTILITIES 7.1%
AES Corp.		134,835			2,833
Ameren Corp.		12,729			1,150
Consolidated Edison, Inc.		21,101			2,007
Constellation Energy Corp.		37,234			2,132
Evergy, Inc.		133,412			8,705
Exelon Corp.		277,627			12,582
FirstEnergy Corp.		119,251			4,578
NRG Energy, Inc.		46,530			1,776
Pinnacle West Capital Corp.		10,041			734
PPL Corp.		75,734			2,055
Public Service Enterprise Group, Inc.		41,534			2,628
Southern Co.		118,567			8,455
Vistra Corp.		435,672			9,955
WEC Energy Group, Inc.		209			21
					59,611
Total United States					820,156
Total Common Stocks (Cost $672,171)					822,033

	SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 1.4%
UNITED STATES 1.4%
REAL ESTATE 1.4%
Host Hotels & Resorts, Inc.		414,286	$		6,496
Iron Mountain, Inc.		31,285			1,523
Park Hotels & Resorts, Inc.		44,440			603
Simon Property Group, Inc.		16,693			1,584
Ventas, Inc.		5,709			294
Weyerhaeuser Co.		30,579			1,013
					11,513
Total Real Estate Investment Trusts (Cost $12,078)					11,513
SHORT-TERM INSTRUMENTS 0.8%
REPURCHASE AGREEMENTS (e) 0.8%
					6,464
Total Short-Term Instruments (Cost $6,464)					6,464
Total Investments in Securities (Cost $690,713)					840,010

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 0.1%
SHORT-TERM INSTRUMENTS 0.1%
MUTUAL FUNDS 0.1%
PIMCO Government Money Market Fund
1.450% (b)(c)(d)		1,290,810	$		1,291
Total Short-Term Instruments (Cost $1,291)					1,291
Total Investments in Affiliates (Cost $1,291)					1,291
Total Investments 100.3% (Cost $692,004)			$		841,301
Other Assets and Liabilities, net (0.3)%					(2,657	)
Net Assets 100.0%			$		838,644

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 $1,263 were out on loan in exchange for $1,291 of cash collateral as of June 30, 2022. 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

(e)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		0.400	%		06/30/2022		07/01/2022	$	6,464	U.S. Treasury Notes 3.000% due 06/30/2024	$	(6,593	)	$	6,464	$	6,464
Total Repurchase Agreements											$	(6,593	)	$	6,464	$	6,464

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, 2022:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		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(2)
Global/Master Repurchase Agreement
FICC	$	6,464	$	0	$	0	$	0	$	6,464	$	(6,593	)	$	(129	)
Master Securities Lending Agreement
BPG		0		0		0		189		189		(193	)		(4	)
BSN		0		0		0		1,074		1,074		(1,098	)		(24	)
Total Borrowings and Other Financing Transactions	$	��6,464	$	0	$	0	$	1,263

50 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

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(3)
Common Stocks	$	1,291	$	0	$	0	$	0	$	1,291
Total Borrowings	$	1,291	$	0	$	0	$	0	$	1,291
Payable for securities on loan - cash collateral									$	1,291

⁽¹⁾ Includes accrued interest.

⁽²⁾ 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.

⁽³⁾ 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, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Common Stocks
United Kingdom
Consumer Discretionary	$	1,542	$	0	$	0	$	1,542
Consumer Staples		335		0		0		335
United States
Communication Services		9,527		0		0		9,527
Consumer Discretionary		64,952		0		0		64,952
Consumer Staples		54,814		0		0		54,814
Energy		131,406		0		0		131,406
Financials		89,568		0		0		89,568
Health Care		186,700		0		0		186,700
Industrials		43,846		0		0		43,846
Information Technology		174,826		0		0		174,826
Materials		4,647		0		0		4,647

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Real Estate	$	259	$	0	$	0	$	259
Utilities		59,611		0		0		59,611
Real Estate Investment Trusts
United States
Real Estate		11,513		0		0		11,513
Short-Term Instruments
Repurchase Agreements		0		6,464		0		6,464
	$	833,546	$	6,464	$	0	$	840,010
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		1,291		0		0		1,291
Total Investments	$	834,837	$	6,464	$	0	$	841,301

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 51

Schedule of Investments PIMCO RAE US Small Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.1%
COMMON STOCKS 83.8%
UNITED KINGDOM 0.4%
FINANCIALS 0.4%
Janus Henderson Group PLC		65,536	$		1,541
Total United Kingdom					1,541
UNITED STATES 83.4%
COMMUNICATION SERVICES 1.0%
AMC Entertainment Holdings, Inc. ‘A’ (a)(c)		3,224			44
AMC Networks, Inc. ‘A’ (a)		49,196			1,433
Cinemark Holdings, Inc. (a)		5,948			89
iHeartMedia, Inc. ‘A’ (a)		25,844			204
John Wiley & Sons, Inc. ‘A’		15,650			747
NII Holdings, Inc.(a)		22,836			55
Scholastic Corp.		20,514			738
TripAdvisor, Inc. (a)		10,127			180
Yelp, Inc. (a)		17,677			491
					3,981
CONSUMER DISCRETIONARY 14.1%
Aaron’s Co., Inc.		2,314			34
Abercrombie & Fitch Co. ‘A’ (a)		295,371			4,998
Academy Sports & Outdoors, Inc.		13,454			478
Adtalem Global Education, Inc. (a)		69,180			2,488
American Axle & Manufacturing Holdings, Inc. (a)		15,192			114
American Eagle Outfitters, Inc.		13,861			155
Asbury Automotive Group, Inc. (a)		5,354			907
Brinker International, Inc. (a)		38,368			845
Buckle, Inc.		18,887			523
Children’s Place, Inc. (a)		17,153			668
Cracker Barrel Old Country Store, Inc.		2,885			241
Dave & Buster’s Entertainment, Inc. (a)		2,507			82
Designer Brands, Inc.’A’		100,060			1,307
Dillard’s, Inc. ‘A’ (c)		66,281			14,620
Fossil Group, Inc. (a)		6,743			35
G-III Apparel Group Ltd. (a)		60,548			1,225
GameStop Corp. ‘A’ (a)(c)		3,107			380
Genesco, Inc. (a)		5,835			291
Group 1 Automotive, Inc.		1,151			195
Groupon, Inc. (a)(c)		51,024			577
Guess?, Inc. (c)		38,409			655
H&R Block, Inc.		24,644			870
Hilton Grand Vacations, Inc. (a)		16,758			599
International Game Technology PLC		22,559			419
Jack in the Box, Inc.		37,563			2,106
Kontoor Brands, Inc.		1,794			60
La-Z-Boy, Inc.		8,495			201
Laureate Education, Inc. ‘A’		86,908			1,006
MDC Holdings, Inc.		7,933			256
Meritage Homes Corp. (a)		8,228			597
Murphy USA, Inc.		39,941			9,301
ODP Corp. (a)		37,859			1,145
Red Rock Resorts, Inc. ‘A’		2,174			72
Signet Jewelers Ltd.		30,176			1,613
Sleep Number Corp. (a)		11,510			356
Sonic Automotive, Inc. ‘A’		12,704			465
Steven Madden Ltd.		12,455			401
Travel & Leisure Co.		19,384			752

	SHARES			MARKET VALUE (000S)
Tri Pointe Homes, Inc. (a)		32,033	$		540
Tupperware Brands Corp. (a)		66,548			422
Visteon Corp. (a)		36,065			3,736
Wolverine World Wide, Inc.		15,074			304
					56,039
CONSUMER STAPLES 6.4%
B&G Foods, Inc. (c)		108,284			2,575
Edgewell Personal Care Co.		7,467			258
Fresh Del Monte Produce, Inc.		38,836			1,147
Ingles Markets, Inc. ‘A’		33,122			2,873
J & J Snack Foods Corp.		1,193			167
National Beverage Corp.		4,666			228
Nu Skin Enterprises, Inc. ‘A’		41,785			1,809
PriceSmart, Inc.		2,656			190
Rite Aid Corp. (a)(c)		650,089			4,382
Sanderson Farms, Inc.		4,928			1,062
SpartanNash Co.		33,538			1,012
Sprouts Farmers Market, Inc. (a)		72,991			1,848
TreeHouse Foods, Inc. (a)		10,387			434
United Natural Foods, Inc. (a)		27,970			1,102
Universal Corp.		36,374			2,201
USANA Health Sciences, Inc. (a)		10,924			791
Vector Group Ltd.		64,798			680
Weis Markets, Inc.		34,607			2,580
					25,339
ENERGY 17.8%
Arch Resources, Inc. (c)		6,723			962
Callon Petroleum Co. (a)		1,008			40
Centennial Resource Development, Inc. (a)		1,629,083			9,742
CNX Resources Corp. (a)		91,835			1,512
CVR Energy, Inc.		169,108			5,665
Delek U.S. Holdings, Inc.		151,431			3,913
Dril-Quip, Inc. (a)		4,656			120
Helmerich & Payne, Inc.		299,982			12,917
Kosmos Energy Ltd. (a)		476,044			2,947
Magnolia Oil & Gas Corp.		27,077			568
Murphy Oil Corp.		183,189			5,531
Nabors Industries Ltd. (a)		3,545			475
Oasis Petroleum, Inc.		26,817			3,262
Oceaneering International, Inc. (a)		490,454			5,238
Patterson-UTI Energy, Inc.		648,063			10,213
PDC Energy, Inc.		6,071			374
Peabody Energy Corp. (a)		29,187			623
RPC, Inc. (a)		16,701			115
SM Energy Co.		187,898			6,424
					70,641
FINANCIALS 6.0%
Affiliated Managers Group, Inc.		30,890			3,602
American Equity Investment Life Holding Co.		31,824			1,164
Associated Banc-Corp.		28,756			525
Bank of Hawaii Corp.		7,763			578
Bank OZK		5,115			192
BankUnited, Inc.		15,068			536
Banner Corp.		1,473			83
BGC Partners, Inc. ‘A’		62,406			210
Brightsphere Investment Group, Inc.		50,560			911
Capitol Federal Financial, Inc.		37,301			342

	SHARES			MARKET VALUE (000S)
Cathay General Bancorp		12,334	$		483
Cohen & Steers, Inc.		3,575			227
Columbia Banking System, Inc.		3,190			91
Evercore, Inc. ‘A’		2,782			260
Federated Hermes, Inc. ‘B’		17,725			564
First Hawaiian, Inc.		26,530			603
FirstCash Holdings, Inc.		1,857			129
FNB Corp.		22,845			248
Fulton Financial Corp.		45,484			657
Hilltop Holdings, Inc.		13,305			355
Home BancShares, Inc.		6,409			133
Hope Bancorp, Inc.		27,011			374
International Bancshares Corp.		7,606			305
Mercury General Corp.		4,848			215
Nelnet, Inc. ‘A’		5,945			507
Old National Bancorp		9,266			137
PacWest Bancorp		44,464			1,185
ProAssurance Corp.		90,012			2,127
PROG Holdings, Inc. (a)		27,836			459
Radian Group, Inc.		21,640			425
Stewart Information Services Corp.		20,029			996
Trustmark Corp.		15,575			455
Umpqua Holdings Corp.		55,582			932
Walker & Dunlop, Inc.		661			64
Washington Federal, Inc.		63,881			1,918
White Mountains Insurance Group Ltd.		1,505			1,875
					23,867
HEALTH CARE 8.7%
Acadia Healthcare Co., Inc. (a)		17,306			1,170
Allscripts Healthcare Solutions, Inc. (a)		61,640			914
Brookdale Senior Living, Inc. (a)		70,386			319
Haemonetics Corp. (a)		1,398			91
Ionis Pharmaceuticals, Inc. (a)		10,567			391
MEDNAX, Inc. (a)		284,357			5,974
Myriad Genetics, Inc. (a)		202,254			3,675
OPKO Health, Inc. (a)		22,772			58
Owens & Minor, Inc.		100,404			3,158
Patterson Cos., Inc.		263,223			7,976
Syneos Health, Inc. (a)		5,425			389
United Therapeutics Corp. (a)		44,189			10,413
					34,528
INDUSTRIALS 7.8%
ABM Industries, Inc.		6,354			276
ACCO Brands Corp.		35,798			234
Acuity Brands, Inc.		10,380			1,599
Allegiant Travel Co. (a)		2,558			289
Allison Transmission Holdings, Inc.		46,472			1,787
Apogee Enterprises, Inc.		18,133			711
Applied Industrial Technologies, Inc.		4,054			390
Arcosa, Inc.		9,239			429
Barnes Group, Inc.		6,638			207
Boise Cascade Co.		3,133			186
Brady Corp. ‘A’		4,910			232
CoreCivic, Inc. (a)		271,088			3,012
Deluxe Corp.		47,913			1,038
Dycom Industries, Inc. (a)		10,263			955
EMCOR Group, Inc.		3,818			393
Encore Wire Corp.		1,849			192
EnerSys		4,683			276
Forward Air Corp.		890			82

52 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

	SHARES			MARKET VALUE (000S)
Franklin Electric Co., Inc.		1,953	$		143
FTI Consulting, Inc. (a)		5,664			1,024
GATX Corp.		8,114			764
Hawaiian Holdings, Inc. (a)		16,785			240
Healthcare Services Group, Inc.		42,129			733
Herc Holdings, Inc.		5,703			514
HNI Corp.		12,279			426
Hub Group, Inc. ‘A’ (a)		3,094			220
Hyster-Yale Materials Handling, Inc.		2,330			75
Kaman Corp.		1,999			62
KBR, Inc.		12,256			593
Kelly Services, Inc. ‘A’		23,331			463
Kennametal, Inc.		6,928			161
Korn Ferry		2,343			136
Landstar System, Inc.		4,523			658
Matthews International Corp. ‘A’		4,597			132
Moog, Inc. ‘A’		7,788			618
Mueller Industries, Inc.		14,743			786
NOW, Inc. (a)		136,304			1,333
Pitney Bowes, Inc.		171,977			623
Primoris Services Corp.		3,550			77
Regal Rexnord Corp.		2,986			339
Resideo Technologies, Inc. (a)		13,924			270
Rush Enterprises, Inc. ‘A’		10,614			512
Schneider National, Inc. ‘B’		29,657			664
SkyWest, Inc. (a)		6,240			133
Steelcase, Inc. ‘A’		35,151			377
Terex Corp.		12,672			347
Tetra Tech, Inc.		3,243			443
Timken Co.		6,698			355
Trinity Industries, Inc.		15,371			372
TrueBlue, Inc. (a)		23,865			427
Tutor Perini Corp. (a)		22,677			199
UFP Industries, Inc.		1,907			130
Valmont Industries, Inc.		6,229			1,399
Veritiv Corp. (a)		8,012			870
Wabash National Corp.		97,667			1,326
Watts Water Technologies, Inc. ‘A’		2,269			279
Werner Enterprises, Inc.		8,754			337
					30,848
INFORMATION TECHNOLOGY 9.7%
Amkor Technology, Inc.		48,408			820
Belden, Inc.		9,981			532
Benchmark Electronics, Inc.		81,269			1,833
Cirrus Logic, Inc. (a)		31,625			2,294
Coherent, Inc. (a)		2,057			548
Conduent, Inc. (a)		602,963			2,605
CSG Systems International, Inc.		12,946			773
Diodes, Inc. (a)		5,882			380
InterDigital, Inc.		9,927			603
Knowles Corp. (a)		25,386			440
LiveRamp Holdings, Inc. (a)		5,723			148
Manhattan Associates, Inc. (a)		7,529			863
NetScout Systems, Inc. (a)		113,725			3,849
PC Connection, Inc.		7,356			324
Plantronics, Inc. (a)		42,146			1,672
Plexus Corp. (a)		5,262			413
Sabre Corp. (a)		268,173			1,563
Sanmina Corp. (a)		167,152			6,808
Silicon Laboratories, Inc. (a)		910			128
Synaptics, Inc. (a)		25,792			3,045
Teradata Corp. (a)		184,021			6,811
TTM Technologies, Inc. (a)		40,145			502

	SHARES			MARKET VALUE (000S)
Vishay Intertechnology, Inc.		65,345	$		1,164
Xperi Holding Corp.		14,818			214
					38,332
MATERIALS 4.8%
Cabot Corp.		11,462			731
Carpenter Technology Corp.		7,497			209
Element Solutions, Inc.		75,396			1,342
Graphic Packaging Holding Co.		43,919			900
HB Fuller Co.		2,784			168
Innospec, Inc.		2,963			284
Kaiser Aluminum Corp.		3,859			305
Louisiana-Pacific Corp.		4,700			246
Minerals Technologies, Inc.		2,305			142
NewMarket Corp.		1,511			455
O-I Glass, Inc. (a)		22,789			319
Olin Corp.		4,364			202
Schnitzer Steel Industries, Inc. ‘A’		5,838			192
Schweitzer-Mauduit International, Inc.		8,407			211
Sensient Technologies Corp.		9,756			786
Stepan Co.		2,273			230
Trinseo PLC		25,237			971
Warrior Met Coal, Inc.		369,260			11,303
					18,996
REAL ESTATE 2.5%
Anywhere Real Estate, Inc. (a)		954,028			9,378
Douglas Elliman, Inc.		19,589			94
Kennedy-Wilson Holdings, Inc.		13,777			261
New York REIT, Inc. «(a)		4,082			32
					9,765
UTILITIES 4.6%
ALLETE, Inc.		10,748			632
Avista Corp.		26,437			1,150
Hawaiian Electric Industries, Inc.		40,799			1,669
IDACORP, Inc.		19,383			2,053
Macquarie Infrastructure Holdings LLC		27,271			107
NorthWestern Corp.		15,061			887
OGE Energy Corp.		166,825			6,433
ONE Gas, Inc.		7,678			623
PNM Resources, Inc.		15,477			739
Portland General Electric Co.		49,319			2,384
Southwest Gas Holdings, Inc.		13,459			1,172
Spire, Inc.		5,327			396
					18,245
Total United States					330,581
Total Common Stocks (Cost $285,728)					332,122
REAL ESTATE INVESTMENT TRUSTS 15.5%
UNITED STATES 15.5%
FINANCIALS 2.8%
Chimera Investment Corp.		979,096			8,635
Invesco Mortgage Capital, Inc.		3,812			56
Ladder Capital Corp. REIT		16,020			169
MFA Financial, Inc.		204,077			2,194
Two Harbors Investment Corp.		28,092			140
					11,194
INDUSTRIALS 1.2%
GEO Group, Inc.		698,986			4,613

	SHARES			MARKET VALUE (000S)
REAL ESTATE 11.5%
Acadia Realty Trust		2,822	$		44
Alexander & Baldwin, Inc.		37,987			682
Apple Hospitality REIT, Inc.		286,031			4,196
Brandywine Realty Trust		44,881			433
Corporate Office Properties Trust		15,108			396
DiamondRock Hospitality Co.		163,360			1,341
DigitalBridge Group, Inc.		540,395			2,637
Diversified Healthcare Trust		564,122			1,027
Empire State Realty Trust, Inc. ‘A’		65,152			458
Equity Commonwealth		16,305			449
InvenTrust Properties Corp.		37,065			956
Kite Realty Group Trust		57,040			986
Macerich Co.		414,016			3,606
Office Properties Income Trust		55,634			1,110
Outfront Media, Inc.		19,161			325
Paramount Group, Inc.		68,648			496
Pebblebrook Hotel Trust		84,847			1,406
Piedmont Office Realty Trust, Inc. ‘A’		54,464			715
PS Business Parks, Inc.		2,032			380
Rayonier, Inc.		15,631			584
Retail Opportunity Investments Corp.		16,544			261
RLJ Lodging Trust		500,359			5,519
Ryman Hospitality Properties, Inc.		1,406			107
Sabra Health Care REIT, Inc.		12,938			181
Service Properties Trust		200,776			1,050
SITE Centers Corp.		124,119			1,672
SL Green Realty Corp.		22,175			1,023
Sunstone Hotel Investors, Inc.		546,614			5,423
Tanger Factory Outlet Centers, Inc.		180,180			2,562
Uniti Group, Inc.		323,489			3,047
Urban Edge Properties		4,889			74
Washington REIT		7,833			167
Xenia Hotels & Resorts, Inc.		156,283			2,271
					45,584
Total Real Estate Investment Trusts (Cost $70,646)					61,391
SHORT-TERM INSTRUMENTS 0.8%
REPURCHASE AGREEMENTS (e) 0.8%
					3,245
Total Short-Term Instruments (Cost $3,245)					3,245
Total Investments in Securities (Cost $359,619)					396,758
INVESTMENTS IN AFFILIATES 6.2%
SHORT-TERM INSTRUMENTS 6.2%
MUTUAL FUNDS 6.2%
PIMCO Government Money Market Fund
1.450% (b)(c)(d)		24,393,764			24,394
Total Short-Term Instruments (Cost $24,394)					24,394
Total Investments in Affiliates (Cost $24,394)					24,394
Total Investments 106.3% (Cost $384,013)			$		421,152
Other Assets and Liabilities, net (6.3)%					(24,801	)
Net Assets 100.0%			$		396,351

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 53

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

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 $23,902 were out on loan in exchange for $24,394 of cash collateral as of June 30, 2022. 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

(e)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		0.400	%		06/30/2022		07/01/2022	$	3,245	U.S. Treasury Notes 3.000% due 06/30/2024	$	(3,310	)	$	3,245	$	3,245
Total Repurchase Agreements											$	(3,310	)	$	3,245	$	3,245

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, 2022:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		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(2)
Global/Master Repurchase Agreement
FICC	$	3,245	$	0	$	0	$	0	$	3,245	$	(3,310	)	$	(65	)
Master Securities Lending Agreement
BPG		0		0		0		2,463		2,463		(2,523	)		(60	)
GSC		0		0		0		18,118		18,118		(18,483	)		(365	)
MSC		0		0		0		2,668		2,668		(2,722	)		(54	)
BSN		0		0		0		653		653		(666	)		(13	)
Total Borrowings and Other Financing Transactions	$	3,245	$	0	$	0	$	23,902

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(3)
Common Stocks	$	24,394	$	0	$	0	$	0	$	24,394
Total Borrowings	$	24,394	$	0	$	0	$	0	$	24,394
Payable for securities on loan - cash collateral									$	24,394

⁽¹⁾ Includes accrued interest.

⁽²⁾ 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.

⁽³⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

54 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Common Stocks
United Kingdom
Financials	$	1,541	$	0	$	0	$	1,541
United States
Communication Services		3,926		55		0		3,981
Consumer Discretionary		56,039		0		0		56,039
Consumer Staples		25,339		0		0		25,339
Energy		70,641		0		0		70,641
Financials		23,867		0		0		23,867
Health Care		34,528		0		0		34,528
Industrials		30,848		0		0		30,848
Information Technology		38,332		0		0		38,332
Materials		18,996		0		0		18,996
Real Estate		9,733		0		32		9,765

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Utilities	$	18,245	$	0	$	0	$	18,245
Real Estate Investment Trusts
United States
Financials		11,194		0		0		11,194
Industrials		4,613		0		0		4,613
Real Estate		45,584		0		0		45,584
Short-Term Instruments
Repurchase Agreements		0		3,245		0		3,245
	$	393,426	$	3,300	$	32	$	396,758
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		24,394		0		0		24,394
Total Investments	$	417,820	$	3,300	$	32	$	421,152

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 55

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. Prior to September 24, 2021, with respect to the PIMCO RAE US Fund and PIMCO RAE US Small Fund, and February 4, 2022, with respect to the PIMCO RAE Emerging Markets Fund, PIMCO RAE Global ex-US Fund, and PIMCO RAE International Fund, PIMCO and Research Affiliates engaged Parametric Portfolio Associates, LLC (“Parametric”) to implement all or a portion of the Funds’ investment strategies. 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 ex-US Fund may invest in other affiliated funds and unaffiliated funds, which may or may not be registered under the Act (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.

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

(b) 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

56 PIMCO EQUITY SERIES

June 30, 2022

currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(c) 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 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.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), 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 determines or estimates, as applicable, 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 determined or estimated, as applicable, 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 but are not limited to, for certain Funds, the treatment of 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 provided to shareholders when such information is available.

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 and Regulatory Updates  In March 2020, the Financial Accounting Standards Board issued an

ANNUAL REPORT | JUNE 30, 2022 57

Notes to Financial Statements (Cont.)

Accounting Standards Update (“ASU”), 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. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Funds’ financial statements.

In October 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions that was applicable to the Funds as of the date of this report. Subject to certain exceptions, the rule requires funds to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a value-at-risk leverage limit, certain derivatives risk management program and reporting requirements. The rule went into effect on February 19, 2021. The compliance date for the new rule and the related reporting requirements is August 19, 2022. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds’ financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for

the new rule and the associated recordkeeping requirements is September 8, 2022. At this time, management is evaluating the 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. If regular trading on the NYSE closes earlier than scheduled, each Fund reserves the right to either (i) calculate its NAV as of the earlier closing time or (ii) calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day. Each Fund generally does not calculate its NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, each Fund reserves the right to calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day or such other time that the Fund may determine.

For purposes of calculating 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 PIMCO 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 such data reflecting the principal

58 PIMCO EQUITY SERIES

June 30, 2022

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, quotes obtained from a quotation reporting system, established market makers or pricing services. Swap agreements are valued on the basis of market-based prices supplied by Pricing Services or quotes obtained from brokers and dealers. 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. 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 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

ANNUAL REPORT | JUNE 30, 2022 59

Notes to Financial Statements (Cont.)

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, Level 2 and Level 3 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, Level 2 and Level 3 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.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or pricing services. Financial derivatives using these valuation adjustments are 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.

60 PIMCO EQUITY SERIES

June 30, 2022

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.

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, 2022 (amounts in thousands^†):

Investments in PIMCO Government Money Market Fund

Fund Name	Market Value 06/30/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 06/30/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAE Emerging Markets Fund	$	66,503	$	210,705	$	(236,529	)	$	0	$	0	$	40,679	$	52	$	0
PIMCO RAE International Fund		68,669		361,442		(402,041	)		0		0		28,070		26		0
PIMCO RAE US Fund		4,257		122,512		(125,478	)		0		0		1,291		4		0
PIMCO RAE US Small Fund		11,264		63,184		(50,054	)		0		0		24,394		14		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.

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 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

ANNUAL REPORT | JUNE 30, 2022 61

Notes to Financial Statements (Cont.)

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 Funds for the period ended June 30, 2022 (amounts in thousands^†):

PIMCO RAE Global ex-US Fund

Underlying PIMCO Funds	Market Value 06/30/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAE Emerging Markets Fund	$	22,403	$	4,269	$	(1,686	)	$	(218	)	$	(6,238	)	$	18,530	$	1,871	$	0
PIMCO RAE International Fund		69,363		21,038		(4,488	)		(1,371	)		(24,445	)		60,097		8,061		7,649
Totals	$	91,766	$	25,307	$	(6,174	)	$	(1,589	)	$	(30,683	)	$	78,627	$	9,932	$	7,649

^†  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, unless otherwise advised on IRS Form 1099-DIV. 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.

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.

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 as of June 30, 2022, 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 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 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.

62 PIMCO EQUITY SERIES

June 30, 2022

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 sub custodians 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 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 Fund’s 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 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.

During the period ended June 30, 2022, 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

ANNUAL REPORT | JUNE 30, 2022 63

Notes to Financial Statements (Cont.)

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 RAE Emerging Markets 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	—	—	—
Acquired Fund	—	X	—	—	—
Equity	X	X	X	X	X
Value Investing	X	X	X	X	X
Foreign (Non-U.S.) Investment	X	X	X	—	—
Emerging Markets	X	X	X	—	—
Market	X	X	X	X	X
Issuer	X	X	X	X	X
Credit	X	X	X	X	X
Distressed Company	—	X	—	—	X
Currency	X	X	X	—	—
Real Estate	X	X	X	X	X
Liquidity	X	X	X	X	X
Leveraging	X	X	X	X	X
Management	X	X	X	X	X
Small Company	—	X	—	—	X
Derivatives	X	X	X	X	X
Model	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. A Fund could miss

64 PIMCO EQUITY SERIES

June 30, 2022

attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

Acquired Fund Risk  is the risk that a Fund’s performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives.

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

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

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

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

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 actual or potential conflicts of interest, 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 and may cause the Sub-Adviser to restrict or prohibit participation in certain investments. 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.

ANNUAL REPORT | JUNE 30, 2022 65

Notes to Financial Statements (Cont.)

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 and 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. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty resides with a Fund’s clearing broker, or the clearinghouse. 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.

(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 that may impact a 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. Additionally, to the extent the Fund invests in securities and instruments economically tied to Russia, the recent Russian invasion of Ukraine may adversely affect the Fund’s investments. Please see the Important Information section for additional discussion of the COVID-19 pandemic as well as the Russian invasion of Ukraine.

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

66 PIMCO EQUITY SERIES

June 30, 2022

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, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures

ANNUAL REPORT | JUNE 30, 2022 67

Notes to Financial Statements (Cont.)

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. 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 or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a

third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. 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		I-2		I-3			Class A
PIMCO RAE Emerging Markets Fund		0.50%		0.25%		0.35%		N/A			0.35%
PIMCO RAE Global ex-US Fund		0.40%		0.15%		0.25%		N/A			0.25%
PIMCO RAE International Fund		0.30%		0.20%		0.30%		N/A			0.30%
PIMCO RAE US Fund		0.25%		0.15%		0.25%		0.35%	*(1)		0.30%
PIMCO RAE US Small Fund		0.35%		0.15%		0.25%		N/A			0.30%

⁽¹⁾  PIMCO has contractually agreed, through October 31, 2022, 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 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 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

68 PIMCO EQUITY SERIES

June 30, 2022

period ended June 30, 2022, the Distributor retained $37,743 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker dealers, 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) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest 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 expenses, including costs of litigation and indemnification expenses; (vii) organizational expenses; and (viii) 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, through October 31, 2022, 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 on 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 time 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, 2022, were as follows (amounts in thousands^†):

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO RAE Emerging Markets Fund	$	5,389	$	889	$	91	$	6,369
PIMCO RAE Global ex-US Fund		156		51		7		214
PIMCO RAE International Fund		629		389		63		1,081
PIMCO RAE US Fund		780		288		74		1,142
PIMCO RAE US Small Fund		219		158		24		401

^†  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, 2022, 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.

ANNUAL REPORT | JUNE 30, 2022 69

Notes to Financial Statements (Cont.)

The waivers are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended June 30, 2022, the amounts were (in thousands^†):

Fund Name	Waived Fees
PIMCO RAE Emerging Markets Fund	$	91
PIMCO RAE Global ex-US Fund		6
PIMCO RAE International Fund		63
PIMCO RAE US Fund		73
PIMCO RAE US Small Fund		25

^†  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.

PIMCO has contractually agreed, through October 31, 2022, 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, 2022, the amounts were (in thousands^†):

Fund Name	Waived Fees
PIMCO RAE Emerging Markets Fund	$	0
PIMCO RAE Global ex-US Fund		504
PIMCO RAE International Fund		0
PIMCO RAE US Fund		0
PIMCO RAE US Small Fund		0

^†  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.

70 PIMCO EQUITY SERIES

June 30, 2022

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2022, 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	$	1,402,463	$	1,510,792
PIMCO RAE Global ex-US Fund		0		0		25,307		6,174
PIMCO RAE International Fund		0		0		460,729		862,515
PIMCO RAE US Fund		0		0		790,313		753,406
PIMCO RAE US Small Fund		0		0		551,705		467,523

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

13. REDEMPTIONS IN-KIND

The redemptions in-kind are reflected on the Statement of Operations as a component of Net Realized Gain (Loss) on Investments in securities. For the period ended June 30, 2022, the PIMCO RAE US Fund realized gains or losses from in-kind redemptions, by affiliated Funds, of approximately (amounts in thousands^†):

Realized Gains		Realized Losses
$	5,900	$	(14,253)

14. 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 ex-US Fund												PIMCO RAE International Fund
	Year Ended 06/30/2022						Year Ended 06/30/2021						Year Ended 06/30/2022						Year Ended 06/30/2021						Year Ended 06/30/2022						Year Ended 06/30/2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		97,422		$	1,018,219			90,678		$	794,687			508		$	5,555			956		$	10,641			18,328		$	171,420			60,949		$	545,204
I-2		5,146			56,049			4,941			52,084			34			371			13			147			2,501			25,826			2,273			25,205
Class A		466			5,028			8,306			89,323			379			3,979			285			2,595			616			5,603			1,917			20,724
Issued as reinvestment of distributions
Institutional Class		6,017			64,018			2,728			27,030			855			8,675			133			1,351			17,771			157,094			2,431			24,117
I-2		507			5,364			2			22			4			42			0			0			286			2,514			2			17
Class A		128			1,341			17			163			129			1,283			25			249			586			5,075			9			86
Cost of shares redeemed
Institutional Class		(105,271	)		(1,201,372	)		(101,955	)		(956,691	)		(408	)		(4,128	)		(663	)		(7,380	)		(60,704	)		(591,702	)		(65,286	)		(651,421	)
I-2		(2,774	)		(29,044	)		(357	)		(3,532	)		(16	)		(169	)		(8	)		(65	)		(3,571	)		(35,682	)		(96	)		(959	)
Class A		(476	)		(4,846	)		(7,976	)		(86,262	)		(430	)		(4,316	)		(695	)		(6,957	)		(571	)		(5,481	)		(47	)		(454	)
Net increase (decrease) resulting from Fund share transactions		1,165		$	(85,243	)		(3,616	)	$	(83,176	)		1,055		$	11,292			46		$	581			(24,758	)	$	(265,333	)		2,152		$	(37,481	)
	PIMCO RAE US Fund												PIMCO RAE US Small Fund
	Year Ended 06/30/2022						Year Ended 06/30/2021						Year Ended 06/30/2022						Year Ended 06/30/2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		39,919		$	555,289			22,764		$	258,994			32,219		$	359,498			28,708		$	305,247
I-2		1,836			24,431			1,534			20,537			6,453			69,295			440			6,253
Class A		616			7,999			404			5,109			9,590			115,946			3,632			52,055
Issued as reinvestment of distributions
Institutional Class		8,452			112,599			2,030			23,702			9,290			88,386			4,184			47,265
I-2		268			3,540			55			633			1,092			10,276			8			91
Class A		95			1,231			22			247			3,337			30,755			43			476
Cost of shares redeemed
Institutional Class		(47,655	)		(631,820	)		(19,072	)		(227,677	)		(29,132	)		(368,627	)		(44,846	)		(581,210	)
I-2		(1,120	)		(14,972	)		(543	)		(6,815	)		(2,091	)		(21,259	)		(142	)		(2,060	)
Class A		(242	)		(3,220	)		(316	)		(3,665	)		(6,657	)		(75,310	)		(1,172	)		(16,420	)
Net increase (decrease) resulting from Fund share transactions		2,169		$	55,077			6,878		$	71,065			24,101		$	208,960			(9,145	)	$	(188,303	)

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

ANNUAL REPORT | JUNE 30, 2022 71

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, 2022. 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%		45%
PIMCO RAE Global ex-US Fund		2		0		70%		0%
PIMCO RAE International Fund		0		3		0%		53%
PIMCO RAE US Fund		1		0		11%		0%
PIMCO RAE US Small Fund		0		2		0%		23%

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.

On May 17, 2022, Allianz Global Investors U.S. LLC (“AGI U.S.”) pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Funds in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.-registered investment companies, including the Funds.

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 Adviser has reviewed the Funds’ tax positions for all open tax years. As of June 30, 2022, 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, 2022, 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)			Total Components of Distributable Earnings
PIMCO RAE Emerging Markets Fund	$	0	$	112,011	$	(135,673	)	$	(11	)	$	(256,675	)		$	0		$	(360	)	$	(280,708	)
PIMCO RAE Global ex-US Fund		304		5,806		(18,059	)		(2	)		0				0			0			(11,951	)
PIMCO RAE International Fund		10,586		35,028		4,787			(5	)		(48,329	)	��		0			0			2,067
PIMCO RAE US Fund		10,733		66,344		123,233			(11	)		0				(6,528	)		0			193,771
PIMCO RAE US Small Fund		0		41,767		10,707			(2	)		(24,434	)			0			0			28,038

^†  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. Also adjusted for differences between book and tax realized and unrealized gain (loss) on: passive foreign investment companies (PFICs) and partnerships.

72 PIMCO EQUITY SERIES

June 30, 2022

⁽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 as shown below.

⁽⁵⁾  Capital losses realized during the period November 1, 2021 through June 30, 2022 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, 2021 through June 30, 2022 and Ordinary losses realized during the period January 1, 2022 through June 30, 2022 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

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

As of June 30, 2022, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO RAE Emerging Markets Fund*	$	121,840	$	134,835
PIMCO RAE Global ex-US Fund		0		0
PIMCO RAE International Fund*		23,880		24,449
PIMCO RAE US Fund		0		0
PIMCO RAE US Small Fund*		17,069		7,365

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

* Portion of amount represents realized loss and recognized built-in loss under IRC sections 382-83, which is carried forward to future years to offset future realized gain subject to certain limitations.

As of June 30, 2022, 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	$	1,496,024	$	106,111	$	(241,794	)	$	(135,683	)
PIMCO RAE Global ex-US Fund		96,811		0		(18,059	)		(18,059	)
PIMCO RAE International Fund		556,335		35,337		(30,313	)		5,024
PIMCO RAE US Fund		718,053		166,223		(42,975	)		123,248
PIMCO RAE US Small Fund		410,439		36,899		(26,186	)		10,713

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

⁽⁷⁾  Adjusted for open wash sale loss deferrals. Also adjusted for differences between book and tax realized and unrealized gain (loss) on: passive foreign investment companies (PFICs) and partnerships.

For the fiscal years ended June 30, 2022 and June 30, 2021, respectively, the Funds made the following tax basis distributions (amounts in thousands^†):

	June 30, 2022						June 30, 2021
	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	$	73,000	$	0	$	0	$	27,500	$	0	$	0
PIMCO RAE Global ex-US Fund		10,000		0		0		1,600		0		0
PIMCO RAE International Fund		85,901		81,450		0		24,500		0		0
PIMCO RAE US Fund		23,950		95,675		0		18,680		6,500		0
PIMCO RAE US Small Fund		43,760		88,340		0		44,602		3,700		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, 2022 73

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 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 ex-US Fund, PIMCO RAE International Fund, PIMCO RAE US Fund and PIMCO RAE US Small Fund (five of the funds constituting PIMCO Equity Series^®, hereafter collectively referred to as the “Funds”) as of June 30, 2022, the related statements of operations for the year ended June 30, 2022, the statements of changes in net assets for each of the two years in the period ended June 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2022 (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, 2022, 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, 2022 and each of the financial highlights for each of the five years in the period ended June 30, 2022 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, 2022 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 26, 2022

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

74 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.
BOS	BofA Securities, Inc.	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
Index/Spread Abbreviations:
OTC	Over the Counter
Other Abbreviations:
ADR	American Depositary Receipt	REIT	Real Estate Investment Trust	TBA	To-Be-Announced
AID	Agency International Development	SP - ADR	Sponsored American Depositary Receipt

ANNUAL REPORT | JUNE 30, 2022 75

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 fund’s dividend distribution that qualifies under tax law. The percentage of the following Funds’ fiscal 2022 ordinary income dividend that qualifies for the corporate dividend 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, 2022 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 2022:

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, 2022 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, 2022 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.

Section 163(j) Interest Dividends.  The Funds intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) amount of ordinary income distributions are as follows:

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 Gains (000s)†		163(j) Interest  Dividends (000s)†		Foreign Source Income		Foreign Taxes Pass Through
PIMCO RAE Emerging Markets Fund		0%		62%	$	88	$	0	$	0	$	83,179,882	$	10,235,674
PIMCO RAE Global ex-US Fund		2%		29%		1		0		0		9,905,967		1,879,091
PIMCO RAE International Fund		2%		11%		19		47,900		0		36,539,020		3,021,702
PIMCO RAE US Fund		100%		98%		5		7,950		0		0		0
PIMCO RAE US Small Fund		87%		87%		3		40,725		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 2023, 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 2022.

Section 199A Dividends.  Non-corporate fund shareholders of the Funds below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Funds as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

	199A Dividends
PIMCO RAE Emerging Markets Fund		0%
PIMCO RAE Global ex-US Fund		0%
PIMCO RAE International Fund		0%
PIMCO RAE US Fund		1%
PIMCO RAE US Small Fund		10%

76 PIMCO EQUITY SERIES

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Rule 19a-1(e) under the Act, sets forth the actual source information for dividends paid during the six month period ended June 30, 2022 calculated as of each distribution period pursuant to Section 19 of the Act. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. The Funds distribute annually in December. The Funds did not pay distributions for the six month period ending June 30, 2022. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

ANNUAL REPORT | JUNE 30, 2022 77

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.	149	Chairman and Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Kimberley G. Stafford (1978) Trustee	02/2021 to present	Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO.	149	Trustee, 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.	149	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	Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P.	149	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.	149	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).	149	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.	149	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).	149	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, 2022.

¹  Ms. Stafford is an “interested persons” of the Trust (as that term is defined in the 1940 Act) because of his affiliations with PIMCO.

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

78 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 and Head of Funds Business Group Americas, 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.
Ryan G. Leshaw (1980) Chief Legal Officer and Secretary	08/2021 to present	Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer 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.
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.
Joshua D. Ratner (1976)** Senior Vice President	05/2019 to present	Executive Vice President and Head of Americas 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.
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.
Douglas B. Burrill (1980)** Vice President	08/2022 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Jeffrey A. Byer (1976) Vice President	02/2020 to present	Executive Vice President, 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.
Elizabeth A. Duggan (1964) Vice President	02/2021 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.
Mark A. Jelic (1981) Vice President	08/2021 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Kenneth W. Lee (1972) Vice President	08/2022 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, 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.
Keith A. Werber (1973) Vice President	05/2022 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Bijal Y. Parikh (1978) Treasurer	01/2021 to present	Senior Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT, 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	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Deputy Treasurer, 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 August 25, 2022.

^† The term “PIMCO-Sponsored Closed-End Funds” as used herein includes: PIMCO Access Income Fund, 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 Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS^® & Income Fund, PIMCO High Income 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, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.

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

*** The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

ANNUAL REPORT | JUNE 30, 2022 79

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”).

80 PIMCO EQUITY SERIES

Liquidity Risk Management Program (Unaudited)

In compliance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940, as amended (“1940 Act”), 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”) not regulated as a money market fund under 1940 Act Rule 2a-7, 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, Americas Operations, Compliance, Account Management and Portfolio Management, and is advised by members of PIMCO Legal.

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 15-16, 2022, 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 12-month period ended December 31, 2021. The Report reviewed the operation of the Program’s components during such period and stated 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 period ended June 30, 2022.

ANNUAL REPORT | JUNE 30, 2022 81

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Adviser

Research Affiliates, LLC

620 Newport Center Drive, Suite 900

Newport Beach, CA 92660

Portfolio Implementer

Parametric Portfolio Associates

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

Transfer Agent

DST Asset Manager Solutions, Inc.

Institutional Class, I-2, I-3, 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_063022

PIMCO EQUITY SERIES^®

Annual Report

June 30, 2022

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

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				71
Report of Independent Registered Public Accounting Firm				94
Glossary				95
Federal Income Tax Information				96
Distribution Information				97
Management of the Trust				102
Privacy Policy				104
Liquidity Risk Management Program				105
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		50
PIMCO REALPATH® Blend 2040 Fund		14		53
PIMCO REALPATH® Blend 2045 Fund		16		56
PIMCO REALPATH® Blend 2050 Fund		18		59
PIMCO REALPATH® Blend 2055 Fund		20		62
PIMCO REALPATH® Blend 2060 Fund		22		65
PIMCO REALPATH® Blend Income Fund		24		67

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 remaining 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, 2022. On the subsequent pages, you will find specific details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended June 30, 2022

The global economy continued to be affected by the COVID-19 pandemic (“COVID-19”) and its variants. Looking back, third quarter 2021 U.S. annualized gross domestic product (“GDP”) grew 2.3%. Economic activity accelerated during the fourth quarter, as GDP growth was 6.9%. However, the U.S. economy then experienced a setback, as first quarter 2022 GDP growth was -1.6%. Finally, the Commerce Department’s initial estimate for second quarter 2022 GDP growth — released after the reporting period ended — was -0.9%.

In the U.S., the Federal Reserve Board (the “Fed”) took several steps to tighten monetary policy to combat elevated inflation. The Fed reduced the monthly pace of its net asset purchases of Treasury securities and agency mortgage-backed securities in November 2021 and again in December. The Fed ended its monthly asset purchases in mid-March 2022. The Fed then raised the federal funds rate 0.25% to a range between 0.25% and 0.50% in March 2022, its first rate hike since 2018. The central bank then raised rates 0.50% in its May 2022 meeting and 0.75% in its June meeting. Finally, on July 27, 2022 — after the reporting period ended — the Fed raised rates 0.75%, to a range between 2.25% and 2.50%.

Economies outside the U.S. also continued to be impacted by the pandemic. The war in Ukraine and its repercussions also led to increased uncertainties around the world. In its April 2022 World Economic Outlook Update, the International Monetary Fund (“IMF”) said it expects U.S. gross domestic product (“GDP”) growth to be 3.7% in 2022, compared to 5.7% in 2021. Elsewhere, the IMF expects 2022 GDP to grow 2.8% in the eurozone (from 5.3% in 2021), 3.7% in the U.K. (from 7.4% in 2021) and 2.4% in Japan (from 1.6% in 2021).

Several other central banks began tightening monetary policy during the period. In December 2021, the Bank of England (the “BoE”) surprised the market and raised rates for the first time since COVID-19 began. The BoE again raised rates at its meetings in February, March, May and June 2022. The European Central Bank (the “ECB”) indicated that it intended to raise rates at its September 2022 meeting. Elsewhere, the Bank of Japan (the “BoJ”) maintained its loose monetary policy and appears likely to remain accommodative in the near future given the headwinds facing its economy.

During the reporting period, short- and long-term U.S. Treasury yields moved sharply higher. The yield on the benchmark 10-year U.S. Treasury note was 2.98% on June 30, 2022, versus 1.45% on June 30, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -7.91%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -12.75%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -12.85%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -19.25%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -19.28%.

Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -10.62%. Global equities, as represented by the MSCI World Index, returned -14.34%, while emerging market

2 PIMCO EQUITY SERIES

equities, as measured by the MSCI Emerging Markets Index, returned -25.28%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned -8.33% and European equities, as represented by the MSCI Europe Index (in EUR), returned -6.54%.

Commodity prices were volatile and generated mixed returns. Brent crude oil, which was approximately $75 a barrel at the start of the reporting period, rose to roughly $112 a barrel at the end of June 2022. We believe the oil-price increase was driven by supply shortages and stronger demand due to economic re-openings as COVID-19 restrictions eased. Repercussions from the war in Ukraine also contributed to higher oil prices. In terms of other commodities prices, copper declined, whereas gold rose during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was due to several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 11.59%, 11.95% and 18.13% 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, 2022 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 PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (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 ascending from 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 and Other Risks in the Notes to Financial Statements.

4 PIMCO EQUITY SERIES

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’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from other countries, each 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 ultimately phase out the use of LIBOR. 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). Any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. The transition may also 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. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.

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 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

ANNUAL REPORT | JUNE 30, 2022 5

Important Information About the Funds (Cont.)

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.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The

6 PIMCO EQUITY SERIES

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.

SEC rules 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. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary or, if invested directly with a Fund, investors can inform the Fund by calling (888) 87-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with a Fund or to all funds held in the investor’s account if invested through a financial intermediary.

In August 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.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions that was applicable to the Funds as of the date of this report. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and a certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements is August 19, 2022.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Investment Company Act of 1940 (the “Act”) without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition will apply in all contexts under the Act. The SEC adopted an eighteen-month transition period beginning from the effective date for both the new rule and the associated new recordkeeping requirements. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the associated recordkeeping requirements is September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Funds) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

ANNUAL REPORT | JUNE 30, 2022 7

PIMCO REALPATH^® Blend 2025 Fund

Cumulative Returns Through June 30, 2022

$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, 2022
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2025 Fund Institutional Class		(13.36)%		5.20%		5.15%
	PIMCO REALPATH® Blend 2025 Fund Administrative Class		(13.60)%		4.95%		4.88%
	PIMCO REALPATH® Blend 2025 Fund Class A		(13.73)%		4.71%		4.65%
	PIMCO REALPATH® Blend 2025 Fund Class A (adjusted)		(18.45)%		3.53%		3.86%
	S&P Target Date 2025 Index±		(11.40)%		4.87%		5.17%

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) was 0.34% for the Institutional Class shares, 0.59% for the Administrative Class shares, and 0.79% 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, 2022^†§

Vanguard Institutional Index Fund ‘Institutional’	25.1%
Vanguard Developed Markets Index Fund ‘Institutional’	17.2%
PIMCO Income Fund	12.1%
PIMCO Total Return Fund	9.9%
PIMCO Long-Term U.S. Government Fund	6.9%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	6.2%
PIMCO Long-Term Real Return Fund	5.6%
PIMCO Emerging Markets Local Currency and Bond Fund	5.0%
PIMCO Real Return Fund	3.0%
PIMCO High Yield Fund	2.2%

^† % 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 U.S. core bonds detracted from absolute performance, as U.S. core bonds posted negative returns.

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

» There were no material contributors for this Fund.

ANNUAL REPORT | JUNE 30, 2022 9

PIMCO REALPATH^® Blend 2030 Fund

Cumulative Returns Through June 30, 2022

$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, 2022
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2030 Fund Institutional Class		(13.97)%		5.56%		5.59%
	PIMCO REALPATH® Blend 2030 Fund Administrative Class		(14.20)%		5.31%		5.32%
	PIMCO REALPATH® Blend 2030 Fund Class A		(14.42)%		5.06%		5.07%
	PIMCO REALPATH® Blend 2030 Fund Class A (adjusted)		(19.15)%		3.87%		4.28%
	S&P Target Date 2030 Index±		(12.24)%		5.39%		5.65%

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) was 0.29% for the Institutional Class shares, 0.54% for the Administrative Class shares, and 0.74% 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, 2022^†§

Vanguard Institutional Index Fund ‘Institutional’	31.7%
Vanguard Developed Markets Index Fund ‘Institutional’	19.7%
PIMCO Income Fund	7.6%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	7.5%
PIMCO Long-Term U.S. Government Fund	7.1%
PIMCO Total Return Fund	5.9%
PIMCO Long-Term Real Return Fund	4.9%
PIMCO Emerging Markets Local Currency and Bond Fund	4.4%
Vanguard Small-Cap Index Fund ‘Institutional’	2.7%
PIMCO Real Return Fund	1.9%

^† % 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 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 long-term U.S. Treasuries detracted from absolute performance, as long-term U.S. Treasuries posted negative returns.

» There were no material contributors for this Fund.

ANNUAL REPORT | JUNE 30, 2022 11

PIMCO REALPATH^® Blend 2035 Fund

Cumulative Returns Through June 30, 2022

$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, 2022
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2035 Fund Institutional Class		(14.03)%		5.96%		5.90%
	PIMCO REALPATH® Blend 2035 Fund Administrative Class		(14.26)%		5.69%		5.62%
	PIMCO REALPATH® Blend 2035 Fund Class A		(14.46)%		5.43%		5.37%
	PIMCO REALPATH® Blend 2035 Fund Class A (adjusted)		(19.18)%		4.24%		4.58%
	S&P Target Date 2035 Index±		(13.15)%		5.92%		6.15%

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) was 0.25% for the Institutional Class shares, 0.50% for the Administrative Class shares, and 0.70% 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, 2022^†§

Vanguard Institutional Index Fund ‘Institutional’	36.2%
Vanguard Developed Markets Index Fund ‘Institutional’	22.4%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	8.1%
PIMCO Long-Term U.S. Government Fund	5.3%
PIMCO Income Fund	5.3%
PIMCO Total Return Fund	4.0%
PIMCO Emerging Markets Local Currency and Bond Fund	3.9%
PIMCO Long-Term Real Return Fund	3.5%
Vanguard Small-Cap Index Fund ‘Institutional’	3.5%
PIMCO Real Return Fund	1.4%

^† % 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 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 long-term U.S. Treasuries detracted from absolute performance, as long-term U.S. Treasuries posted negative returns.

» There were no material contributors for this Fund.

ANNUAL REPORT | JUNE 30, 2022 13

PIMCO REALPATH^® Blend 2040 Fund

Cumulative Returns Through June 30, 2022

$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, 2022
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2040 Fund Institutional Class		(14.20)%		6.30%		6.20%
	PIMCO REALPATH® Blend 2040 Fund Administrative Class		(14.40)%		6.04%		5.93%
	PIMCO REALPATH® Blend 2040 Fund Class A		(14.58)%		5.77%		5.67%
	PIMCO REALPATH® Blend 2040 Fund Class A (adjusted)		(19.30)%		4.58%		4.88%
	S&P Target Date 2040 Index±		(13.76)%		6.30%		6.49%

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) was 0.21% for the Institutional Class shares, 0.46% for the Administrative Class shares, and 0.66% 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, 2022^†§

Vanguard Institutional Index Fund ‘Institutional’	39.6%
Vanguard Developed Markets Index Fund ‘Institutional’	26.0%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	8.4%
Vanguard Small-Cap Index Fund ‘Institutional’	3.8%
PIMCO Long-Term U.S. Government Fund	3.7%
PIMCO Income Fund	3.3%
PIMCO Emerging Markets Local Currency and Bond Fund	3.3%
PIMCO Total Return Fund	2.7%
PIMCO Long-Term Real Return Fund	2.4%
PIMCO Real Return Fund	1.1%

^† % of Investments, at value.

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

Fund Insights

The following affected performance (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 capitalization equities detracted from absolute performance, as U.S. large 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. small capitalization equities detracted from absolute performance, as U.S. small capitalization equities posted negative returns.

» There were no material contributors for this Fund.

ANNUAL REPORT | JUNE 30, 2022 15

PIMCO REALPATH^® Blend 2045 Fund

Cumulative Returns Through June 30, 2022

$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, 2022
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2045 Fund Institutional Class		(14.23)%		6.60%		6.35%
	PIMCO REALPATH® Blend 2045 Fund Administrative Class		(14.45)%		6.32%		6.08%
	PIMCO REALPATH® Blend 2045 Fund Class A		(14.69)%		6.05%		5.82%
	PIMCO REALPATH® Blend 2045 Fund Class A (adjusted)		(19.40)%		4.86%		5.02%
	S&P Target Date 2045 Index±		(14.15)%		6.47%		6.69%

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) was 0.17% for the Institutional Class shares, 0.42% for the Administrative Class shares, and 0.62% 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, 2022^†§

Vanguard Institutional Index Fund ‘Institutional’	41.5%
Vanguard Developed Markets Index Fund ‘Institutional’	29.3%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	8.8%
Vanguard Small-Cap Index Fund ‘Institutional’	4.1%
PIMCO Long-Term U.S. Government Fund	2.8%
PIMCO Emerging Markets Local Currency and Bond Fund	2.3%
PIMCO Income Fund	1.9%
PIMCO Total Return Fund	1.8%
PIMCO Long-Term Real Return Fund	1.7%
PIMCO Real Return Fund	0.7%

^† % 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 capitalization equities detracted from absolute performance, as U.S. large 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. small capitalization equities detracted from absolute performance, as U.S. small capitalization equities posted negative returns.

» There were no material contributors for this Fund.

ANNUAL REPORT | JUNE 30, 2022 17

PIMCO REALPATH^® Blend 2050 Fund

Cumulative Returns Through June 30, 2022

$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, 2022
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2050 Fund Institutional Class		(14.29)%		6.70%		6.48%
	PIMCO REALPATH® Blend 2050 Fund Administrative Class		(14.50)%		6.43%		6.20%
	PIMCO REALPATH® Blend 2050 Fund Class A		(14.73)%		6.17%		5.93%
	PIMCO REALPATH® Blend 2050 Fund Class A (adjusted)		(19.41)%		4.98%		5.14%
	S&P Target Date 2050 Index±		(14.33)%		6.59%		6.83%

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.

^± 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) was 0.15% for the Institutional Class shares, 0.40% for the Administrative Class shares, and 0.60% 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, 2022^†§

Vanguard Institutional Index Fund ‘Institutional’	43.9%
Vanguard Developed Markets Index Fund ‘Institutional’	31.2%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	8.9%
Vanguard Small-Cap Index Fund ‘Institutional’	4.4%
PIMCO Long-Term U.S. Government Fund	2.0%
PIMCO Emerging Markets Local Currency and Bond Fund	1.6%
PIMCO Long-Term Real Return Fund	1.2%
PIMCO Total Return Fund	1.2%
PIMCO Income Fund	1.1%
PIMCO Real Return Fund	0.5%

^† % 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 capitalization equities detracted from absolute performance, as U.S. large 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. small capitalization equities detracted from absolute performance, as U.S. small capitalization equities posted negative returns.

» There were no material contributors for this Fund.

ANNUAL REPORT | JUNE 30, 2022 19

PIMCO REALPATH^® Blend 2055 Fund

Cumulative Returns Through June 30, 2022

$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, 2022
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2055 Fund Institutional Class		(14.32)%		6.62%		6.41%
	PIMCO REALPATH® Blend 2055 Fund Administrative Class		(14.57)%		6.36%		6.14%
	PIMCO REALPATH® Blend 2055 Fund Class A		(14.73)%		6.10%		5.86%
	PIMCO REALPATH® Blend 2055 Fund Class A (adjusted)		(19.43)%		4.91%		5.07%
	S&P Target Date 2055 Index±		(14.40)%		6.64%		6.90%

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) was 0.14% for the Institutional Class shares, 0.39% for the Administrative Class shares, and 0.59% 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, 2022^†§

Vanguard Institutional Index Fund ‘Institutional’	44.3%
Vanguard Developed Markets Index Fund ‘Institutional’	31.4%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	8.8%
Vanguard Small-Cap Index Fund ‘Institutional’	4.4%
PIMCO Long-Term U.S. Government Fund	1.7%
PIMCO Emerging Markets Local Currency and Bond Fund	1.3%
PIMCO Long-Term Real Return Fund	1.0%
PIMCO Total Return Fund	0.9%
PIMCO Income Fund	0.9%
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 global equities detracted from absolute performance, as global equities posted negative returns.

» Exposure to U.S. large capitalization equities detracted from absolute performance, as U.S. large 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. small capitalization equities detracted from absolute performance, as U.S. small capitalization equities posted negative returns.

» There were no material contributors for this Fund.

ANNUAL REPORT | JUNE 30, 2022 21

PIMCO REALPATH^® Blend 2060 Fund

Cumulative Returns Through June 30, 2022

$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.

Average Annual Total Return for the period ended June 30, 2022
		1 Year		Fund Inception (12/31/19)
	PIMCO REALPATH® Blend 2060 Fund Institutional Class		(13.93)%		3.73%
	PIMCO REALPATH® Blend 2060 Fund Administrative Class		(14.19)%		3.46%
	PIMCO REALPATH® Blend 2060 Fund Class A		(14.32)%		3.27%
	PIMCO REALPATH® Blend 2060 Fund Class A (adjusted)		(19.01)%		0.96%
	S&P Target Date 2060+ Index±		(14.45)%		3.62%

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) was 0.15% for the Institutional Class shares, 0.40% for the Administrative Class shares, and 0.60% 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, 2022^†§

Vanguard Institutional Index Fund ‘Institutional’	44.6%
Vanguard Developed Markets Index Fund ‘Admiral’	31.6%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	8.9%
Vanguard Small-Cap Index Fund ‘Admiral’	4.4%
PIMCO Long-Term U.S. Government Fund	1.6%
PIMCO Emerging Markets Local Currency and Bond Fund	1.4%
PIMCO Long-Term Real Return Fund	1.0%
PIMCO Total Return Fund	0.9%
PIMCO Income Fund	0.9%
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 global equities detracted from absolute performance, as global equities posted negative returns.

» Exposure to U.S. large capitalization equities detracted from absolute performance, as U.S. large 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. small capitalization equities detracted from absolute performance, as U.S. small capitalization equities posted negative returns.

» There were no material contributors for this Fund.

ANNUAL REPORT | JUNE 30, 2022 23

PIMCO REALPATH^® Blend Income Fund

Cumulative Returns Through June 30, 2022

$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 PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (“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, 2022
		1 Year			5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend Income Fund Institutional Class		(12.98)%			4.42%		4.55%
	PIMCO REALPATH® Blend Income Fund Administrative Class		(13.25)%			4.16%		4.30%
	PIMCO REALPATH® Blend Income Fund Class A		(13.41)%			3.91%		4.04%
	PIMCO REALPATH® Blend Income Fund Class A (adjusted)		(18.18)%	��		2.74%		3.26%
	S&P Target Date Retirement Income Index±		(9.75)%			3.13%		3.26%

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) was 0.39% for the Institutional Class shares, 0.64% for the Administrative Class shares, and 0.84% 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, 2022^†§

Vanguard Institutional Index Fund ‘Institutional’	19.7%
PIMCO Income Fund	16.2%
Vanguard Developed Markets Index Fund ‘Institutional’	16.0%
PIMCO Total Return Fund	13.7%
PIMCO Long-Term U.S. Government Fund	5.7%
PIMCO Long-Term Real Return Fund	5.5%
PIMCO Emerging Markets Local Currency and Bond Fund	5.4%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	5.2%
PIMCO Real Return Fund	4.0%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	3.0%

^† % 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 detracted from absolute performance, as U.S. core bonds posted negative returns.

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

» Exposure to U.S. large cap equities detracted from absolute performance, as U.S. large cap equities posted negative returns.

» Exposure to long-term Treasury Inflation Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS posted negative returns.

» There were no material contributors for this Fund.

ANNUAL REPORT | JUNE 30, 2022 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, 2022 to June 30, 2022 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 (01/01/22)		Ending Account Value (06/30/22)		Expenses Paid During Period*		Beginning Account Value (01/01/22)		Ending Account Value (06/30/22)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO REALPATH® Blend 2025 Fund
Institutional Class	$	1,000.00	$	833.50	$	0.18	$	1,000.00	$	1,024.32	$	0.20		0.04	%
Administrative Class		1,000.00		832.10		1.30		1,000.00		1,023.10		1.44		0.29
Class A		1,000.00		832.30		2.20		1,000.00		1,022.12		2.43		0.49
PIMCO REALPATH® Blend 2030 Fund
Institutional Class	$	1,000.00	$	824.00	$	0.18	$	1,000.00	$	1,024.32	$	0.20		0.04	%
Administrative Class		1,000.00		822.70		1.30		1,000.00		1,023.10		1.44		0.29
Class A		1,000.00		821.90		2.19		1,000.00		1,022.12		2.43		0.49
PIMCO REALPATH® Blend 2035 Fund
Institutional Class	$	1,000.00	$	819.60	$	0.22	$	1,000.00	$	1,024.28	$	0.25		0.05	%
Administrative Class		1,000.00		818.20		1.34		1,000.00		1,023.05		1.49		0.30
Class A		1,000.00		817.20		2.23		1,000.00		1,022.07		2.48		0.50
PIMCO REALPATH® Blend 2040 Fund
Institutional Class	$	1,000.00	$	815.60	$	0.27	$	1,000.00	$	1,024.23	$	0.30		0.06	%
Administrative Class		1,000.00		815.00		1.38		1,000.00		1,023.00		1.54		0.31
Class A		1,000.00		814.00		2.27		1,000.00		1,022.02		2.53		0.51

26 PIMCO EQUITY SERIES

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (01/01/22)		Ending Account Value (06/30/22)		Expenses Paid During Period*		Beginning Account Value (01/01/22)		Ending Account Value (06/30/22)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO REALPATH® Blend 2045 Fund
Institutional Class	$	1,000.00	$	812.90	$	0.27	$	1,000.00	$	1,024.23	$	0.30		0.06	%
Administrative Class		1,000.00		812.10		1.38		1,000.00		1,023.00		1.54		0.31
Class A		1,000.00		811.20		2.27		1,000.00		1,022.02		2.53		0.51
PIMCO REALPATH® Blend 2050 Fund
Institutional Class	$	1,000.00	$	810.90	$	0.27	$	1,000.00	$	1,024.23	$	0.30		0.06	%
Administrative Class		1,000.00		810.20		1.38		1,000.00		1,023.00		1.54		0.31
Class A		1,000.00		808.70		2.26		1,000.00		1,022.02		2.53		0.51
PIMCO REALPATH® Blend 2055 Fund
Institutional Class	$	1,000.00	$	810.60	$	0.27	$	1,000.00	$	1,024.23	$	0.30		0.06	%
Administrative Class		1,000.00		809.00		1.38		1,000.00		1,023.00		1.54		0.31
Class A		1,000.00		808.70		2.26		1,000.00		1,022.02		2.53		0.51
PIMCO REALPATH® Blend 2060 Fund
Institutional Class	$	1,000.00	$	813.90	$	0.22	$	1,000.00	$	1,024.28	$	0.25		0.05	%
Administrative Class		1,000.00		812.60		1.33		1,000.00		1,023.05		1.49		0.30
Class A		1,000.00		812.30		2.22		1,000.00		1,022.07		2.48		0.50
PIMCO REALPATH® Blend Income Fund
Institutional Class	$	1,000.00	$	842.70	$	0.18	$	1,000.00	$	1,024.32	$	0.20		0.04	%
Administrative Class		1,000.00		841.00		1.31		1,000.00		1,023.10		1.44		0.29
Class A		1,000.00		840.70		2.21		1,000.00		1,022.12		2.43		0.49

* 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 179/365 (to reflect the one-half year period).

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

ANNUAL REPORT | JUNE 30, 2022 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			Total
PIMCO REALPATH® Blend 2025 Fund
Institutional Class
06/30/2022	$	13.50	$	0.44	$	(2.16	)	$	(1.72	)	$	(0.37	)	$	(0.12	)	$	(0.49	)
06/30/2021		11.71		0.36		2.25			2.61			(0.65	)		(0.17	)		(0.82	)
06/30/2020		11.33		0.36		0.36			0.72			(0.34	)		0.00			(0.34	)
06/30/2019		11.15		0.36		0.32			0.68			(0.32	)		(0.18	)		(0.50	)
06/30/2018		10.63		0.31		0.43			0.74			(0.22	)		0.00			(0.22	)
Administrative Class
06/30/2022		13.47		0.41		(2.17	)		(1.76	)		(0.34	)		(0.12	)		(0.46	)
06/30/2021		11.69		0.32		2.25			2.57			(0.62	)		(0.17	)		(0.79	)
06/30/2020		11.31		0.34		0.36			0.70			(0.32	)		0.00			(0.32	)
06/30/2019		11.13		0.32		0.34			0.66			(0.30	)		(0.18	)		(0.48	)
06/30/2018		10.62		0.33		0.38			0.71			(0.20	)		0.00			(0.20	)
Class A
06/30/2022		13.46		0.37		(2.15	)		(1.78	)		(0.31	)		(0.12	)		(0.43	)
06/30/2021		11.68		0.28		2.27			2.55			(0.60	)		(0.17	)		(0.77	)
06/30/2020		11.31		0.31		0.35			0.66			(0.29	)		0.00			(0.29	)
06/30/2019		11.13		0.29		0.34			0.63			(0.27	)		(0.18	)		(0.45	)
06/30/2018		10.62		0.25		0.43			0.68			(0.17	)		0.00			(0.17	)
PIMCO REALPATH® Blend 2030 Fund
Institutional Class
06/30/2022	$	14.09	$	0.41	$	(2.30	)	$	(1.89	)	$	(0.34	)	$	(0.17	)	$	(0.51	)
06/30/2021		11.76		0.34		2.69			3.03			(0.55	)		(0.15	)		(0.70	)
06/30/2020		11.54		0.35		0.22			0.57			(0.33	)		(0.02	)		(0.35	)
06/30/2019		11.39		0.34		0.39			0.73			(0.32	)		(0.26	)		(0.58	)
06/30/2018		10.81		0.30		0.54			0.84			(0.24	)		(0.02	)		(0.26	)
Administrative Class
06/30/2022		14.06		0.38		(2.30	)		(1.92	)		(0.31	)		(0.17	)		(0.48	)
06/30/2021		11.75		0.30		2.68			2.98			(0.52	)		(0.15	)		(0.67	)
06/30/2020		11.52		0.33		0.22			0.55			(0.30	)		(0.02	)		(0.32	)
06/30/2019		11.38		0.30		0.39			0.69			(0.29	)		(0.26	)		(0.55	)
06/30/2018		10.80		0.32		0.50			0.82			(0.22	)		(0.02	)		(0.24	)
Class A
06/30/2022		14.02		0.35		(2.30	)		(1.95	)		(0.28	)		(0.17	)		(0.45	)
06/30/2021		11.71		0.27		2.68			2.95			(0.49	)		(0.15	)		(0.64	)
06/30/2020		11.50		0.29		0.22			0.51			(0.28	)		(0.02	)		(0.30	)
06/30/2019		11.36		0.28		0.39			0.67			(0.27	)		(0.26	)		(0.53	)
06/30/2018		10.78		0.25		0.54			0.79			(0.19	)		(0.02	)		(0.21	)
PIMCO REALPATH® Blend 2035 Fund
Institutional Class
06/30/2022	$	14.54	$	0.39	$	(2.34	)	$	(1.95	)	$	(0.34	)	$	(0.17	)	$	(0.51	)
06/30/2021		11.65		0.31		3.11			3.42			(0.44	)		(0.09	)		(0.53	)
06/30/2020		11.58		0.33		0.08			0.41			(0.32	)		(0.02	)		(0.34	)
06/30/2019		11.58		0.33		0.38			0.71			(0.32	)		(0.39	)		(0.71	)
06/30/2018		10.91		0.29		0.64			0.93			(0.26	)		0.00			(0.26	)
Administrative Class
06/30/2022		14.51		0.35		(2.33	)		(1.98	)		(0.31	)		(0.17	)		(0.48	)
06/30/2021		11.63		0.27		3.11			3.38			(0.41	)		(0.09	)		(0.50	)
06/30/2020		11.57		0.31		0.06			0.37			(0.29	)		(0.02	)		(0.31	)
06/30/2019		11.57		0.29		0.39			0.68			(0.29	)		(0.39	)		(0.68	)
06/30/2018		10.91		0.31		0.59			0.90			(0.24	)		0.00			(0.24	)
Class A
06/30/2022		14.55		0.32		(2.34	)		(2.02	)		(0.28	)		(0.17	)		(0.45	)
06/30/2021		11.67		0.24		3.11			3.35			(0.38	)		(0.09	)		(0.47	)
06/30/2020		11.61		0.27		0.08			0.35			(0.27	)		(0.02	)		(0.29	)
06/30/2019		11.61		0.26		0.39			0.65			(0.26	)		(0.39	)		(0.65	)
06/30/2018		10.94		0.24		0.64			0.88			(0.21	)		0.00			(0.21	)

28 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Assets Value End of Year or Period(a)		Total Return(d)			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
$	11.29		(13.29	)%	$	211,435		0.04	%		0.04	%		0.04	%		0.04	%		3.35	%		21	%
	13.50		22.73			220,130		0.04			0.04			0.04			0.04			2.78			20
	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
	11.25		(13.60	)		25,795		0.29			0.29			0.29			0.29			3.11			21
	13.47		22.40			29,727		0.29			0.29			0.29			0.29			2.53			20
	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
	11.25		(13.73	)		6,905		0.51	(f)		0.51	(f)		0.51	(f)		0.51	(f)		2.85	%		21
	13.46		22.18			10,114		0.54			0.54			0.54			0.54			2.21			20
	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
$	11.69		(13.97	)%	$	239,698		0.04	%		0.04	%		0.04	%		0.04	%		3.04	%		22	%
	14.09		26.14			239,041		0.04			0.04			0.04			0.04			2.59			26
	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
	11.66		(14.20	)		30,094		0.29			0.29			0.29			0.29			2.77			22
	14.06		25.71			33,946		0.29			0.29			0.29			0.29			2.31			26
	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
	11.62		(14.42	)		7,847		0.51	(f)		0.51	(f)		0.51	(f)		0.51	(f)		2.56			22
	14.02		25.53			9,243		0.54			0.54			0.54			0.54			2.04			26
	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
$	12.08		(14.03	)%	$	215,450		0.05	%		0.05	%		0.05	%		0.05	%		2.78	%		17	%
	14.54		29.68			193,069		0.04			0.05			0.04			0.05			2.32			21
	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
	12.05		(14.26	)		25,937		0.30			0.30			0.30			0.30			2.52			17
	14.51		29.36			28,579		0.29			0.30			0.29			0.30			2.05			21
	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
	12.08		(14.46	)		6,983		0.52	(f)		0.52	(f)		0.52	(f)		0.52	(f)		2.29			17
	14.55		28.97			7,914		0.54			0.55			0.54			0.55			1.80			21
	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

ANNUAL REPORT | JUNE 30, 2022 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			Total
PIMCO REALPATH® Blend 2040 Fund
Institutional Class
06/30/2022	$	14.96	$	0.38	$	(2.42	)	$	(2.04	)	$	(0.35	)	$	(0.17	)	$	(0.52	)
06/30/2021		11.68		0.30		3.46			3.76			(0.41	)		(0.07	)		(0.48	)
06/30/2020		11.71		0.31		0.02			0.33			(0.34	)		(0.02	)		(0.36	)
06/30/2019		11.71		0.32		0.38			0.70			(0.31	)		(0.39	)		(0.70	)
06/30/2018		11.00		0.29		0.71			1.00			(0.27	)		(0.02	)		(0.29	)
Administrative Class
06/30/2022		14.92		0.34		(2.40	)		(2.06	)		(0.32	)		(0.17	)		(0.49	)
06/30/2021		11.65		0.26		3.46			3.72			(0.38	)		(0.07	)		(0.45	)
06/30/2020		11.69		0.29		0.01			0.30			(0.32	)		(0.02	)		(0.34	)
06/30/2019		11.69		0.28		0.39			0.67			(0.28	)		(0.39	)		(0.67	)
06/30/2018		10.99		0.31		0.66			0.97			(0.25	)		(0.02	)		(0.27	)
Class A
06/30/2022		14.88		0.30		(2.39	)		(2.09	)		(0.30	)		(0.17	)		(0.47	)
06/30/2021		11.62		0.22		3.45			3.67			(0.34	)		(0.07	)		(0.41	)
06/30/2020		11.67		0.26		0.00			0.26			(0.29	)		(0.02	)		(0.31	)
06/30/2019		11.67		0.26		0.38			0.64			(0.25	)		(0.39	)		(0.64	)
06/30/2018		10.98		0.23		0.70			0.93			(0.22	)		(0.02	)		(0.24	)
PIMCO REALPATH® Blend 2045 Fund
Institutional Class
06/30/2022	$	15.11	$	0.36	$	(2.42	)	$	(2.06	)	$	(0.32	)	$	(0.19	)	$	(0.51	)
06/30/2021		11.58		0.29		3.69			3.98			(0.38	)		(0.07	)		(0.45	)
06/30/2020		11.67		0.30		(0.04	)		0.26			(0.33	)		(0.02	)		(0.35	)
06/30/2019		11.79		0.31		0.37			0.68			(0.32	)		(0.48	)		(0.80	)
06/30/2018		11.00		0.28		0.77			1.05			(0.26	)		0.00			(0.26	)
Administrative Class
06/30/2022		15.06		0.32		(2.41	)		(2.09	)		(0.29	)		(0.19	)		(0.48	)
06/30/2021		11.55		0.25		3.68			3.93			(0.35	)		(0.07	)		(0.42	)
06/30/2020		11.65		0.28		(0.06	)		0.22			(0.30	)		(0.02	)		(0.32	)
06/30/2019		11.77		0.27		0.39			0.66			(0.30	)		(0.48	)		(0.78	)
06/30/2018		10.99		0.31		0.71			1.02			(0.24	)		0.00			(0.24	)
Class A
06/30/2022		15.05		0.29		(2.42	)		(2.13	)		(0.27	)		(0.19	)		(0.46	)
06/30/2021		11.54		0.21		3.69			3.90			(0.32	)		(0.07	)		(0.39	)
06/30/2020		11.64		0.24		(0.04	)		0.20			(0.28	)		(0.02	)		(0.30	)
06/30/2019		11.77		0.25		0.37			0.62			(0.27	)		(0.48	)		(0.75	)
06/30/2018		10.99		0.22		0.77			0.99			(0.21	)		0.00			(0.21	)
PIMCO REALPATH® Blend 2050 Fund
Institutional Class
06/30/2022	$	15.28	$	0.36	$	(2.44	)	$	(2.08	)	$	(0.34	)	$	(0.21	)	$	(0.55	)
06/30/2021		11.59		0.29		3.83			4.12			(0.36	)		(0.07	)		(0.43	)
06/30/2020		11.74		0.29		(0.08	)		0.21			(0.34	)		(0.02	)		(0.36	)
06/30/2019		11.86		0.30		0.39			0.69			(0.31	)		(0.50	)		(0.81	)
06/30/2018		11.05		0.28		0.79			1.07			(0.26	)		0.00			(0.26	)
Administrative Class
06/30/2022		15.23		0.32		(2.43	)		(2.11	)		(0.32	)		(0.21	)		(0.53	)
06/30/2021		11.56		0.24		3.83			4.07			(0.33	)		(0.07	)		(0.40	)
06/30/2020		11.71		0.27		(0.09	)		0.18			(0.31	)		(0.02	)		(0.33	)
06/30/2019		11.84		0.27		0.39			0.66			(0.29	)		(0.50	)		(0.79	)
06/30/2018		11.04		0.31		0.73			1.04			(0.24	)		0.00			(0.24	)
Class A
06/30/2022		15.16		0.29		(2.43	)		(2.14	)		(0.30	)		(0.21	)		(0.51	)
06/30/2021		11.51		0.21		3.81			4.02			(0.30	)		(0.07	)		(0.37	)
06/30/2020		11.67		0.23		(0.08	)		0.15			(0.29	)		(0.02	)		(0.31	)
06/30/2019		11.80		0.24		0.39			0.63			(0.26	)		(0.50	)		(0.76	)
06/30/2018		11.00		0.22		0.79			1.01			(0.21	)		0.00			(0.21	)

30 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Assets Value End of Year or Period(a)		Total Return(d)			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
$	12.40		(14.20	)%	$	224,639		0.06	%		0.06	%		0.06	%		0.06	%		2.59	%		17	%
	14.96		32.50			212,568		0.05			0.06			0.05			0.06			2.20			26
	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
	12.37		(14.33	)		19,014		0.31			0.31			0.31			0.31			2.32	%		17
	14.92		32.21			21,456		0.30			0.31			0.30			0.31			1.90			26
	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
	12.32		(14.58	)		7,441		0.53	(f)		0.53	(f)		0.53	(f)		0.53	(f)		2.08	%		17
	14.88		31.91			9,024		0.55			0.56			0.55			0.56			1.66			26
	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
$	12.54		(14.23	)%	$	207,869		0.06	%		0.06	%		0.06	%		0.06	%		2.47	%		13	%
	15.11		34.67			200,184		0.05			0.06			0.05			0.06			2.13			22
	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
	12.49		(14.45	)		18,702		0.31			0.31			0.31			0.31			2.21	%		13
	15.06		34.30			20,168		0.30			0.31			0.30			0.31			1.85			22
	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
	12.46		(14.69	)		3,967		0.53	(f)		0.53	(f)		0.53	(f)		0.53	(f)		1.97			13
	15.05		34.03			4,593		0.55			0.56			0.55			0.56			1.57			22
	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
$	12.65		(14.29	)%	$	206,038		0.06	%		0.06	%		0.06	%		0.06	%		2.43	%		9	%
	15.28		35.82			200,851		0.05			0.06			0.05			0.06			2.08			19
	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
	12.59		(14.50	)		19,530		0.31			0.31			0.31			0.31			2.15			9
	15.23		35.44			22,454		0.30			0.31			0.30			0.31			1.78			19
	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
	12.51		(14.73	)		3,704		0.53	(f)		0.53	(f)		0.53	(f)		0.53	(f)		1.93			9
	15.16		35.11			4,896		0.55			0.56			0.55			0.56			1.51			19
	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

ANNUAL REPORT | JUNE 30, 2022 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			Total
PIMCO REALPATH® Blend 2055 Fund
Institutional Class
06/30/2022	$	15.33	$	0.37	$	(2.48	)	$	(2.11	)	$	(0.30	)	$	(0.17	)	$	(0.47	)
06/30/2021		11.59		0.29		3.87			4.16			(0.38	)		(0.04	)		(0.42	)
06/30/2020		11.79		0.29		(0.12	)		0.17			(0.36	)		(0.01	)		(0.37	)
06/30/2019		11.74		0.31		0.37			0.68			(0.21	)		(0.42	)		(0.63	)
06/30/2018		11.02		0.28		0.77			1.05			(0.33	)		0.00			(0.33	)
Administrative Class
06/30/2022		15.31		0.33		(2.48	)		(2.15	)		(0.28	)		(0.17	)		(0.45	)
06/30/2021		11.58		0.25		3.87			4.12			(0.35	)		(0.04	)		(0.39	)
06/30/2020		11.78		0.28		(0.13	)		0.15			(0.34	)		(0.01	)		(0.35	)
06/30/2019		11.75		0.29		0.35			0.64			(0.19	)		(0.42	)		(0.61	)
06/30/2018		11.03		0.30		0.73			1.03			(0.31	)		0.00			(0.31	)
Class A
06/30/2022		15.24		0.29		(2.45	)		(2.16	)		(0.27	)		(0.17	)		(0.44	)
06/30/2021		11.53		0.21		3.86			4.07			(0.32	)		(0.04	)		(0.36	)
06/30/2020		11.73		0.23		(0.12	)		0.11			(0.30	)		(0.01	)		(0.31	)
06/30/2019		11.69		0.24		0.38			0.62			(0.16	)		(0.42	)		(0.58	)
06/30/2018		10.98		0.21		0.78			0.99			(0.28	)		0.00			(0.28	)
PIMCO REALPATH® Blend 2060 Fund
Institutional Class
06/30/2022	$	12.47	$	0.30	$	(1.85	)	$	(1.55	)	$	(0.27	)	$	(0.81	)	$	(1.08	)
06/30/2021		9.35		0.24		3.12			3.36			(0.24	)		0.00			(0.24	)
12/31/2019 - 06/30/2020		10.00		0.09		(0.74	)		(0.65	)		0.00			0.00			0.00
Administrative Class
06/30/2022		12.45		0.29		(1.87	)		(1.58	)		(0.26	)		(0.81	)		(1.07	)
06/30/2021		9.33		0.24		3.10			3.34			(0.22	)		0.00			(0.22	)
12/31/2019 - 06/30/2020		10.00		0.08		(0.75	)		(0.67	)		0.00			0.00			0.00
Class A
06/30/2022		12.43		0.24		(1.84	)		(1.60	)		(0.24	)		(0.81	)		(1.05	)
06/30/2021		9.32		0.20		3.11			3.31			(0.20	)		0.00			(0.20	)
12/31/2019 - 06/30/2020		10.00		0.08		(0.76	)		(0.68	)		0.00			0.00			0.00
PIMCO REALPATH® Blend Income Fund
Institutional Class
06/30/2022	$	12.92	$	0.43	$	(2.04	)	$	(1.61	)	$	(0.37	)	$	(0.13	)	$	(0.50	)
06/30/2021		11.58		0.36		1.84			2.20			(0.68	)		(0.18	)		(0.86	)
06/30/2020		11.28		0.35		0.34			0.69			(0.39	)		0.00			(0.39	)
06/30/2019		10.92		0.37		0.34			0.71			(0.35	)		0.00			(0.35	)
06/30/2018		10.54		0.32		0.26			0.58			(0.20	)		0.00			(0.20	)
Administrative Class
06/30/2022		12.93		0.40		(2.05	)		(1.65	)		(0.34	)		(0.13	)		(0.47	)
06/30/2021		11.59		0.33		1.84			2.17			(0.65	)		(0.18	)		(0.83	)
06/30/2020		11.28		0.33		0.34			0.67			(0.36	)		0.00			(0.36	)
06/30/2019		10.92		0.33		0.35			0.68			(0.32	)		0.00			(0.32	)
06/30/2018		10.55		0.33		0.22			0.55			(0.18	)		0.00			(0.18	)
Class A
06/30/2022		12.84		0.37		(2.03	)		(1.66	)		(0.32	)		(0.13	)		(0.45	)
06/30/2021		11.53		0.30		1.82			2.12			(0.63	)		(0.18	)		(0.81	)
06/30/2020		11.24		0.32		0.32			0.64			(0.35	)		0.00			(0.35	)
06/30/2019		10.88		0.32		0.34			0.66			(0.30	)		0.00			(0.30	)
06/30/2018		10.52		0.27		0.25			0.52			(0.16	)		0.00			(0.16	)

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

* Annualized, except for organizational expense, if any.

^(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.

^(d)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

^(e)  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.

^(f)  Effective November 1, 2021, the Class’s Supervisory and Administrative fees was decreased by 0.05% to an annual rate of 0.22%.

32 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Assets Value End of Year or Period(a)		Total Return(d)			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
$	12.75		(14.32	)%	$	145,097		0.06	%		0.06	%		0.06	%		0.06	%		2.47	%		9	%
	15.33		36.15			122,612		0.06			0.06			0.06			0.06			2.11			14
	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
	12.71		(14.57	)		8,409		0.31			0.31			0.31			0.31			2.21			9
	15.31		35.81			7,860		0.31			0.31			0.31			0.31			1.81			14
	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
	12.64		(14.73	)		2,622		0.53	(f)		0.53	(f)		0.53	(f)		0.53	(f)		1.92			9
	15.24		35.46			3,159		0.56			0.56			0.56			0.56			1.52			14
	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
$	9.84		(13.93	)%	$	22,421		0.06	%		0.06	%		0.06	%		0.06	%		2.60	%		50	%
	12.47		36.18			11,451		0.06			0.07			0.06			0.07			2.10			20
	9.35		(6.50	)		2,817		0.05	*		2.52	*		0.05	*		2.52	*		1.95	*		12
	9.80		(14.19	)		364		0.31			0.31			0.31			0.31			2.60			50
	12.45		36.00			62		0.31			0.32			0.31			0.32			2.07			20
	9.33		(6.70	)		9		0.30	*		2.77	*		0.30	*		2.77	*		1.69	*		12
	9.78		(14.32	)		536		0.53	(f)		0.53	(f)		0.53	(f)		0.53	(f)		2.05			50
	12.43		35.70			834		0.56			0.57			0.56			0.57			1.72			20
	9.32		(6.80	)		29		0.55	*		3.02	*		0.55	*		3.02	*		1.70	*		12
$	10.81		(12.98	)%	$	170,997		0.03	%		0.04	%		0.03	%		0.04	%		3.49	%		18	%
	12.92		19.37			191,873		0.03			0.04			0.03			0.04			2.88			17
	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
	10.81		(13.25	)		25,098		0.28			0.29			0.28			0.29			3.23			18
	12.93		19.09			31,198		0.28			0.29			0.28			0.29			2.67			17
	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
	10.73		(13.41	)		28,738		0.50	(f)		0.51	(f)		0.50	(f)		0.51	(f)		3.03			18
	12.84		18.71			30,699		0.53			0.54			0.53			0.54			2.39			17
	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

ANNUAL REPORT | JUNE 30, 2022 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*	$	122,236		$	171,942		$	175,442		$	197,346
Investments in Affiliates		118,384			104,076			72,283			54,419
Financial Derivative Instruments
Exchange-traded or centrally cleared		1,744			1,973			0			0
Cash		1			1			1			1
Receivable for investments sold		664			549			664			762
Receivable for investments in Affiliates sold		2,913			2,483			1,448			1,194
Receivable for Fund shares sold		1,634			896			2,098			716
Interest and/or dividends receivable		0			0			0			0
Dividends receivable from Affiliates		438			383			250			180
Reimbursement receivable from PIMCO		3			3			3			3
Total Assets		248,017			282,306			252,189			254,621
Liabilities:
Financial Derivative Instruments
Exchange-traded or centrally cleared	$	395		$	447		$	0		$	0
Over the counter		11			12			11			12
Payable for investments purchased		2,877			3,660			3,358			3,256
Payable for investments in Affiliates purchased		452			395			258			185
Payable for Fund shares redeemed		134			137			176			56
Accrued investment advisory fees		2			2			4			6
Accrued supervisory and administrative fees		5			6			5			6
Accrued distribution fees		5			6			5			4
Accrued servicing fees		1			2			2			2
Total Liabilities		3,882			4,667			3,819			3,527
Net Assets	$	244,135		$	277,639		$	248,370		$	251,094
Net Assets Consist of:
Paid in capital	$	261,692		$	291,932		$	258,841		$	255,824
Distributable earnings (accumulated loss)		(17,557	)		(14,293	)		(10,471	)		(4,730	)
Net Assets	$	244,135		$	277,639		$	248,370		$	251,094
Cost of investments in securities	$	119,866		$	168,566		$	175,544		$	194,831
Cost of investments in Affiliates	$	140,652		$	123,751		$	84,608		$	63,004
Cost or premiums of financial derivative instruments, net	$	1,304		$	1,469		$	0		$	0
* Includes repurchase agreements of:	$	365		$	579		$	526		$	255

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

34 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

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
$	193,775		$	204,355	$	139,645		$	20,566		$	93,779
	36,234			25,020		16,226			2,425			126,777
	0			0		0			0			1,682
	1			1		1			230			1
	8			30		22			1			3,176
	0			0		0			0			1,211
	1,321			610		1,030			177			596
	0			0		0			0			1
	109			73		43			6			471
	3			3		2			0			3
	231,451			230,092		156,969			23,405			227,697
$	0		$	0	$	0		$	0		$	378
	11			11		8			1			10
	706			703		475			73			1,861
	112			76		44			6			486
	68			15		305			2			107
	6			6		4			1			2
	5			4		3			1			9
	4			4		1			0			5
	1			1		1			0			6
	913			820		841			84			2,864
$	230,538		$	229,272	$	156,128		$	23,321		$	224,833
$	231,631		$	224,709	$	160,118		$	26,263		$	242,787
	(1,093	)		4,563		(3,990	)		(2,942	)		(17,954	)
$	230,538		$	229,272	$	156,128		$	23,321		$	224,833
$	191,772		$	199,367	$	143,666		$	23,382		$	88,561
$	41,435		$	28,507	$	18,081		$	2,644		$	149,142
$	0		$	0	$	0		$	0		$	1,260
$	315		$	621	$	561		$	0		$	550

ANNUAL REPORT | JUNE 30, 2022 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	$	211,435	$	239,698	$	215,450	$	224,639
Administrative Class		25,795		30,094		25,937		19,014
Class A		6,905		7,847		6,983		7,441
Shares Issued and Outstanding:
Institutional Class		18,736		20,509		17,842		18,109
Administrative Class		2,292		2,581		2,152		1,538
Class A		614		675		578		604
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	11.29	$	11.69	$	12.08	$	12.40
Administrative Class		11.25		11.66		12.05		12.37
Class A		11.25		11.62		12.08		12.32

^(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, 2022

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
$	207,869	$	206,038	$	145,097	$	22,421	$	170,997
	18,702		19,530		8,409		364		25,098
	3,967		3,704		2,622		536		28,738
	16,580		16,294		11,381		2,278		15,824
	1,497		1,551		662		37		2,322
	318		296		208		55		2,679
$	12.54	$	12.65	$	12.75	$	9.84	$	10.81
	12.49		12.59		12.71		9.80		10.81
	12.46		12.51		12.64		9.78		10.73

ANNUAL REPORT | JUNE 30, 2022 37

Statements of Operations

Year Ended June 30, 2022
(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	$	1		$	2		$	1		$	1
Dividends		2,935			3,979			3,880			4,532
Dividends from Investments in Affiliates		5,921			5,008			3,137			2,344
Total Income		8,857			8,989			7,018			6,877
Expenses:
Investment advisory fees		26			29			50			78
Supervisory and administrative fees		73			79			67			72
Distribution and/or servicing fees - Administrative Class		73			86			72			54
Distribution and/or servicing fees - Class A		24			24			20			23
Trustee fees		17			19			16			16
Miscellaneous expense		0			0			0			0
Total Expenses		213			237			225			243
Waiver and/or Reimbursement by PIMCO		(5	)		(5	)		(4	)		(4	)
Net Expenses		208			232			221			239
Net Investment Income (Loss)		8,649			8,757			6,797			6,638
Net Realized Gain (Loss):
Investments in securities		1,342			84			(532	)		(1,514	)
Investments in Affiliates		(2,228	)		(2,405	)		(1,297	)		(957	)
Net capital gain distributions received from investments		1,992			2,760			2,643			3,038
Net capital gain distributions received from Affiliate investments		1,814			1,899			1,192			949
Exchange-traded or centrally cleared financial derivative instruments		(1,087	)		(1,230	)		0			0
Over the counter financial derivative instruments		(466	)		(594	)		(584	)		(601	)
Net Realized Gain (Loss)		1,367			514			1,422			915
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(26,240	)		(35,189	)		(35,513	)		(39,824	)
Investments in Affiliates		(21,916	)		(19,973	)		(13,226	)		(9,637	)
Exchange-traded or centrally cleared financial derivative instruments		729			836			0			0
Over the counter financial derivative instruments		(7	)		(8	)		(8	)		(8	)
Net Change in Unrealized Appreciation (Depreciation)		(47,434	)		(54,334	)		(48,747	)		(49,469	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(37,418	)	$	(45,063	)	$	(40,528	)	$	(41,916	)

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

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
$	2		$	2		$	1		$	0		$	1
	4,502			4,772			3,109			374			2,363
	1,511			1,184			716			79			6,590
	6,015			5,958			3,826			453			8,954
	72			72			45			5			25
	58			59			37			5			120
	52			56			22			1			75
	11			12			8			2			80
	15			16			10			1			17
	0			0			0			0			13
	208			215			122			14			330
	(4	)		(4	)		(2	)		(0	)		(17	)
	204			211			120			14			313
	5,811			5,747			3,706			439			8,641
	(761	)		(45	)		(295	)		816			12
	(590	)		(504	)		(323	)		(54	)		(2,041	)
	2,898			3,086			1,981			220			1,492
	652			496			259			27			1,397
	0			0			0			0			(1,130	)
	(561	)		(483	)		(408	)		(75	)		(323	)
	1,638			2,550			1,214			934			(593	)
	(39,812	)		(42,046	)		(28,269	)		(4,392	)		(20,195	)
	(5,888	)		(3,981	)		(2,119	)		(240	)		(23,454	)
	0			0			0			0			768
	(8	)		(7	)		(6	)		(1	)		(6	)
	(45,708	)		(46,034	)		(30,394	)		(4,633	)		(42,887	)
$	(38,259	)	$	(37,737	)	$	(25,474	)	$	(3,260	)	$	(34,839	)

ANNUAL REPORT | JUNE 30, 2022 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, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	8,649		$	5,351		$	8,757		$	5,607		$	6,797		$	3,971		$	6,638		$	4,017
Net realized gain (loss)		1,367			7,444			514			8,106			1,422			5,149			915			5,630
Net change in unrealized appreciation (depreciation)		(47,434	)		25,245			(54,334	)		35,198			(48,747	)		34,324			(49,469	)		40,612
Net Increase (Decrease) in Net Assets Resulting from Operations		(37,418	)		38,040			(45,063	)		48,911			(40,528	)		43,444			(41,916	)		50,259
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(8,018	)		(11,035	)		(9,001	)		(10,302	)		(7,076	)		(6,202	)		(7,842	)		(6,080	)
Administrative Class		(1,020	)		(1,732	)		(1,183	)		(1,571	)		(965	)		(953	)		(733	)		(644	)
Class A		(313	)		(483	)		(316	)		(378	)		(245	)		(245	)		(300	)		(258	)
Total Distributions(a)		(9,351	)		(13,250	)		(10,500	)		(12,251	)		(8,286	)		(7,400	)		(8,875	)		(6,982	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		30,933			120,107			50,972			106,079			67,622			87,900			58,837			82,383
Total Increase (Decrease) in Net Assets		(15,836	)		144,897			(4,591	)		142,739			18,808			123,944			8,046			125,660
Net Assets:
Beginning of year		259,971			115,074			282,230			139,491			229,562			105,618			243,048			117,388
End of year	$	244,135		$	259,971		$	277,639		$	282,230		$	248,370		$	229,562		$	251,094		$	243,048

^†  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, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021
$	5,811		$	3,556		$	5,747		$	3,682		$	3,706		$	2,007		$	439		$	151		$	8,641		$	5,840
	1,638			5,475			2,550			6,521			1,214			3,188			934			143			(593	)		7,649
	(45,708	)		39,352			(46,034	)		43,063			(30,394	)		23,075			(4,633	)		1,769			(42,887	)		21,836
	(38,259	)		48,383			(37,737	)		53,266			(25,474	)		28,270			(3,260	)		2,063			(34,839	)		35,325
	(6,960	)		(5,403	)		(7,450	)		(5,238	)		(4,157	)		(3,040	)		(1,260	)		(173	)		(7,604	)		(11,107	)
	(675	)		(556	)		(792	)		(580	)		(261	)		(189	)		(14	)		(1	)		(1,147	)		(1,988	)
	(141	)		(116	)		(173	)		(113	)		(91	)		(72	)		(90	)		(11	)		(1,174	)		(1,655	)
	(7,776	)		(6,075	)		(8,415	)		(5,931	)		(4,509	)		(3,301	)		(1,364	)		(185	)		(9,925	)		(14,750	)
	51,628			73,380			47,223			54,833			52,480			50,089			15,598			7,614			15,827			81,142
	5,593			115,688			1,071			102,168			22,497			75,058			10,974			9,492			(28,937	)		101,717
	224,945			109,257			228,201			126,033			133,631			58,573			12,347			2,855			253,770			152,053
$	230,538		$	224,945		$	229,272		$	228,201		$	156,128		$	133,631		$	23,321		$	12,347		$	224,833		$	253,770

ANNUAL REPORT | JUNE 30, 2022 41

Schedule of Investments PIMCO REALPATH^® Blend 2025  Fund

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

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 50.1%
MUTUAL FUNDS 49.5%
Vanguard Developed Markets Index Fund ‘Institutional’			3,152,947	$		41,304
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			571,822			15,027
Vanguard Institutional Index Fund ‘Institutional’			188,412			60,407
Vanguard Small-Cap Index Fund ‘Institutional’			48,005			4,051
Total Mutual Funds (Cost $118,419)						120,789
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.6%
REPURCHASE AGREEMENTS (d) 0.1%
						365
U.S. TREASURY BILLS 0.5%
0.958% due 07/26/2022 - 08/18/2022 (a)(b)(g)	$		1,083			1,082
Total Short-Term Instruments (Cost $1,447)						1,447
Total Investments in Securities (Cost $119,866)						122,236

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 48.5%
MUTUAL FUNDS (c) 46.2%
PIMCO Emerging Markets Local Currency and Bond Fund		2,280,797	$		11,974
PIMCO High Yield Fund		708,969			5,381
PIMCO Income Fund		2,738,078			29,051
PIMCO International Bond Fund (U.S. Dollar-Hedged)		538,500			5,250
PIMCO Long-Term Real Return Fund		2,642,050			13,527
PIMCO Long-Term U.S. Government Fund		3,954,405			16,688
PIMCO Real Return Fund		668,824			7,170
PIMCO Total Return Fund		2,633,205			23,699
Total Mutual Funds (Cost $135,005)					112,740

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 2.3%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.3%
PIMCO Short-Term Floating NAV Portfolio III		581,646	$		5,644
Total Short-Term Instruments (Cost $5,647)					5,644
Total Investments in Affiliates (Cost $140,652)					118,384
Total Investments 98.6% (Cost $260,518)			$		240,620
Financial Derivative Instruments (e)(f) 0.5% (Cost or Premiums, net $1,304)					1,338
Other Assets and Liabilities, net 0.9%					2,177
Net Assets 100.0%			$		244,135

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(1)
FICC		0.400	%		06/30/2022		07/01/2022	$	365	U.S. Treasury Notes 3.000% due 06/30/2024	$	(372	)	$	365	$	365
Total Repurchase Agreements											$	(372	)	$	365	$	365

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, 2022:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	365	$	0	$	0	$	365	$	(372	)	$	(7	)
Total Borrowings and Other Financing Transactions	$	365	$	0	$	0

⁽¹⁾  Includes accrued interest.

⁽²⁾  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, 2022

(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		3,100.000		09/16/2022		21	$	2	$	166	$	58
Put - CBOE S&P 500		3,425.000		09/16/2022		22		2		259		154
Put - CBOE S&P 500		3,175.000		12/16/2022		13		1		117		110
Put - CBOE S&P 500		3,525.000		12/16/2022		25		3		333		402
Put - CBOE S&P 500		3,050.000		03/17/2023		14		1		120		140
Put - CBOE S&P 500		3,375.000		03/17/2023		27		3		339		444
Put - CBOE S&P 500		2,850.000		06/16/2023		45		5		505		436
Total Purchased Options									$	1,839	$	1,744

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		2,600.000		09/16/2022		22	$	2	$	(89	)	$	(20	)
Put - CBOE S&P 500		2,625.000		12/16/2022		25		3		(117	)		(80	)
Put - CBOE S&P 500		2,500.000		03/17/2023		27		3		(119	)		(118	)
Put - CBOE S&P 500		2,200.000		06/16/2023		45		5		(210	)		(177	)
Total Written Options									$	(535	)	$	(395	)

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, 2022:

	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	$	1,744	$	0	$	0	$	1,744	$	(395)	$	0	$	0	$	(395)

(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
JPM	Receive	FNRETR Index		122	1.510% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/24/2022	$	2,586	$	0	$	(4	)	$	0	$	(4	)
	Receive	FNRETR Index		300	1.980% (1-Month USD-LIBOR plus a specified spread)	Monthly	02/22/2023		6,359		0		(7	)		0		(7	)
Total Swap Agreements										$	0	$	(11	)	$	0	$	(11	)

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, 2022:

	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)
JPM	$	0	$	0	$	0	$	0	$	0	$	0	$	(11	)	$	(11	)	$	(11	)	$	740	$	729
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(11	)	$	(11	)

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 43

Schedule of Investments PIMCO REALPATH^® Blend 2025  Fund (Cont.)

(g) Securities with an aggregate market value of $740 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2022.

⁽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 and Other 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, 2022:

	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	$	1,744	$	0	$	0	$	1,744
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	395	$	0	$	0	$	395
Over the counter
Swap Agreements	$	0	$	0	$	11	$	0	$	0	$	11
	$	0	$	0	$	406	$	0	$	0	$	406

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2022:

	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	$	(1,349	)	$	0	$	0	$	(1,349	)
Written Options		0		0		262			0		0		262
	$	0	$	0	$	(1,087	)	$	0	$	0	$	(1,087	)
Over the counter
Swap Agreements	$	0	$	0	$	(466	)	$	0	$	0	$	(466	)
	$	0	$	0	$	(1,553	)	$	0	$	0	$	(1,553	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	790		$	0	$	0	$	790
Written Options		0		0		(61	)		0		0		(61	)
	$	0	$	0	$	729		$	0	$	0	$	729
Over the counter
Swap Agreements	$	0	$	0	$	(7	)	$	0	$	0	$	(7	)
	$	0	$	0	$	722		$	0	$	0	$	722

44 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Mutual Funds	$	120,789	$	0	$	0	$	120,789
Short-Term Instruments
Repurchase Agreements		0		365		0		365
U.S. Treasury Bills		0		1,082		0		1,082
	$	120,789	$	1,447	$	0	$	122,236
Investments in Affiliates, at Value
Mutual Funds		112,740		0		0		112,740
Short-Term Instruments
Central Funds Used for Cash Management Purposes		5,644		0		0		5,644
	$	118,384	$	0	$	0	$	118,384
Total Investments	$	239,173	$	1,447	$	0	$	240,620

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2022
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	1,744		$	0	$	1,744
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(395	)		0		(395	)
Over the counter		0		(11	)		0		(11	)
	$	0	$	(406	)	$	0	$	(406	)
Total Financial Derivative Instruments	$	0	$	1,338		$	0	$	1,338
Totals	$	239,173	$	2,785		$	0	$	241,958

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 45

Schedule of Investments PIMCO REALPATH^® Blend 2030  Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 62.0%
MUTUAL FUNDS 61.3%
Vanguard Developed Markets Index Fund ‘Institutional’		4,140,110	$		54,236
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		788,210			20,714
Vanguard Institutional Index Fund ‘Institutional’		273,247			87,606
Vanguard Small-Cap Index Fund ‘Institutional’		89,284			7,535
Total Mutual Funds (Cost $166,714)					170,091
	PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.7%
REPURCHASE AGREEMENTS (d) 0.2%
					579
U.S. TREASURY BILLS 0.5%
0.943% due 07/26/2022 - 08/18/2022 (a)(b)(g)	$	1,274			1,272
Total Short-Term Instruments (Cost $1,852)					1,851
Total Investments in Securities (Cost $168,566)					171,942

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 37.4%
MUTUAL FUNDS (c) 34.6%
PIMCO Emerging Markets Local Currency and Bond Fund		2,292,239	$		12,034
PIMCO High Yield Fund		635,088			4,820
PIMCO Income Fund		1,978,402			20,991
PIMCO International Bond Fund (U.S. Dollar-Hedged)		360,417			3,514
PIMCO Long-Term Real Return Fund		2,659,715			13,618
PIMCO Long-Term U.S. Government Fund		4,659,730			19,664
PIMCO Real Return Fund		496,478			5,322
PIMCO Total Return Fund		1,800,040			16,201
Total Mutual Funds (Cost $115,837)					96,164

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 2.8%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.8%
PIMCO Short-Term Floating NAV Portfolio III		815,328	$		7,912
Total Short-Term Instruments (Cost $7,914)					7,912
Total Investments in Affiliates (Cost $123,751)					104,076
Total Investments 99.4% (Cost $292,317)			$		276,018
Financial Derivative Instruments (e)(f) 0.5% (Cost or Premiums, net $1,469)					1,514
Other Assets and Liabilities, net 0.1%					107
Net Assets 100.0%			$		277,639

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(1)
FICC		0.400	%		06/30/2022		07/01/2022	$	579	U.S. Treasury Notes 3.000% due 06/30/2024	$	(591	)	$	579	$	579
Total Repurchase Agreements											$	(591	)	$	579	$	579

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, 2022:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	579	$	0	$	0	$	579	$	(591	)	$	(12	)
Total Borrowings and Other Financing Transactions	$	579	$	0	$	0

⁽¹⁾  Includes accrued interest.

⁽²⁾  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.

46 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

(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		3,100.000		09/16/2022		23	$	2	$	182	$	64
Put - CBOE S&P 500		3,425.000		09/16/2022		24		2		283		168
Put - CBOE S&P 500		3,175.000		12/16/2022		15		2		135		126
Put - CBOE S&P 500		3,525.000		12/16/2022		28		3		373		450
Put - CBOE S&P 500		3,050.000		03/17/2023		16		2		137		160
Put - CBOE S&P 500		3,375.000		03/17/2023		31		3		389		510
Put - CBOE S&P 500		2,850.000		06/16/2023		51		5		572		495
Total Purchased Options									$	2,071	$	1,973

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		2,600.000		09/16/2022		24	$	2	$	(97	)	$	(22	)
Put - CBOE S&P 500		2,625.000		12/16/2022		28		3		(131	)		(90	)
Put - CBOE S&P 500		2,500.000		03/17/2023		31		3		(136	)		(135	)
Put - CBOE S&P 500		2,200.000		06/16/2023		51		5		(238	)		(200	)
Total Written Options									$	(602	)	$	(447	)

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, 2022:

	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	$	1,973	$	0	$	0	$	1,973	$	(447	)	$	0	$	0	$	(447	)

(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
JPM	Receive	FNRETR Index		126	1.510% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/24/2022	$	2,671	$	0	$	(3	)	$	0	$	(3	)
	Receive	FNRETR Index		362	1.980% (1-Month USD-LIBOR plus a specified spread)	Monthly	02/22/2023		7,673		0		(9	)		0		(9	)
Total Swap Agreements										$	0	$	(12	)	$	0	$	(12	)

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, 2022:

	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)
JPM	$	0	$	0	$	0	$	0	$	0	$	0	$	(12	)	$	(12	)	$	(12	)	$	619	$	607

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 47

Schedule of Investments PIMCO REALPATH^® Blend 2030  Fund (Cont.)

(g) Securities with an aggregate market value of $619 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2022.

⁽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 and Other 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, 2022:

	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	$	1,973	$	0	$	0	$	1,973
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	447	$	0	$	0	$	447
Over the counter
Swap Agreements	$	0	$	0	$	12	$	0	$	0	$	12
	$	0	$	0	$	459	$	0	$	0	$	459

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2022:

	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	$	(1,527	)	$	0	$	0	$	(1,527	)
Written Options		0		0		297			0		0		297
	$	0	$	0	$	(1,230	)	$	0	$	0	$	(1,230	)
Over the counter
Swap Agreements	$	0	$	0	$	(594	)	$	0	$	0	$	(594	)
	$	0	$	0	$	(1,824	)	$	0	$	0	$	(1,824	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	909		$	0	$	0	$	909
Written Options		0		0		(73	)		0		0		(73	)
	$	0	$	0	$	836		$	0	$	0	$	836
Over the counter
Swap Agreements	$	0	$	0	$	(8	)	$	0	$	0	$	(8	)
	$	0	$	0	$	828		$	0	$	0	$	828

48 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Mutual Funds	$	170,091	$	0	$	0	$	170,091
Short-Term Instruments
Repurchase Agreements		0		579		0		579
U.S. Treasury Bills		0		1,272		0		1,272
	$	170,091	$	1,851	$	0	$	171,942
Investments in Affiliates, at Value
Mutual Funds		96,164		0		0		96,164
Short-Term Instruments
Central Funds Used for Cash Management Purposes		7,912		0		0		7,912
	$	104,076	$	0	$	0	$	104,076
Total Investments	$	274,167	$	1,851	$	0	$	276,018

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2022
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	1,973		$	0	$	1,973
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(447	)		0		(447	)
Over the counter		0		(12	)		0		(12	)
	$	0	$	(459	)	$	0	$	(459	)
Total Financial Derivative Instruments	$	0	$	1,514		$	0	$	1,514
Totals	$	274,167	$	3,365		$	0	$	277,532

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 49

Schedule of Investments PIMCO REALPATH^® Blend 2035  Fund

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

		SHARES		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 70.7%
MUTUAL FUNDS 70.1%
Vanguard Developed Markets Index Fund ‘Institutional’		4,243,607	$		55,591
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		762,843			20,048
Vanguard Institutional Index Fund ‘Institutional’		279,329			89,556
Vanguard Small-Cap Index Fund ‘Institutional’		102,015			8,609
Total Mutual Funds (Cost $173,906)					173,804
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.6%
REPURCHASE AGREEMENTS (d) 0.2%
					526
U.S. TREASURY BILLS 0.4%
0.921% due 07/26/2022 - 08/18/2022 (a)(b)(f)	$	1,113			1,112
Total Short-Term Instruments (Cost $1,638)					1,638
Total Investments in Securities (Cost $175,544)					175,442

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 29.0%
MUTUAL FUNDS (c) 25.3%
PIMCO Emerging Markets Local Currency and Bond Fund	1,824,720	$		9,580
PIMCO High Yield Fund	407,413			3,092
PIMCO Income Fund	1,225,786			13,006
PIMCO International Bond Fund (U.S. Dollar-Hedged)	215,943			2,105
PIMCO Long-Term Real Return Fund	1,682,464			8,614
PIMCO Long-Term U.S. Government Fund	3,131,088			13,213
PIMCO Real Return Fund	333,360			3,574
PIMCO Total Return Fund	1,111,693			10,005
Total Mutual Funds (Cost $75,511)				63,189

	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	937,113	$		9,094
Total Short-Term Instruments (Cost $9,097)				9,094
Total Investments in Affiliates (Cost $84,608)				72,283
Total Investments 99.7% (Cost $260,152)		$		247,725
Financial Derivative Instruments (e) (0.0)% (Cost or Premiums, net $0)				(11	)
Other Assets and Liabilities, net 0.3%				656
Net Assets 100.0%		$		248,370

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(1)
FICC		0.400	%		06/30/2022		07/01/2022	$	526	U.S. Treasury Notes 3.000% due 06/30/2024	$	(537	)	$	526	$	526
Total Repurchase Agreements											$	(537	)	$	526	$	526

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, 2022:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	526	$	0	$	0	$	526	$	(537	)	$	(11	)
Total Borrowings and Other Financing Transactions	$	526	$	0	$	0

⁽¹⁾  Includes accrued interest.

⁽²⁾  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.

50 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

(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
JPM	Receive	FNRETR Index		94	1.510% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/24/2022	$	1,992	$	0	$	(3	)	$	0	$	(3	)
	Receive	FNRETR Index		352	1.980% (1-Month USD-LIBOR plus a specified spread)	Monthly	02/22/2023		7,461		0		(8	)		0		(8	)
Total Swap Agreements										$	0	$	(11	)	$	0	$	(11	)

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, 2022:

	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)
JPM	$	0	$	0	$	0	$	0	$	0	$	0	$	(11	)	$	(11	)	$	(11	)	$	750	$	739
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(11	)	$	(11	)

(f) Securities with an aggregate market value of $750 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2022.

⁽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 and Other 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, 2022:

	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	$	11	$	0	$	0	$	11

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2022:

	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	$	(584	)	$	0	$	0	$	(584	)
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(8	)	$	0	$	0	$	(8	)

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 51

Schedule of Investments PIMCO REALPATH^® Blend 2035  Fund (Cont.) June 30, 2022

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Mutual Funds	$	173,804	$	0	$	0	$	173,804
Short-Term Instruments
Repurchase Agreements		0		526		0		526
U.S. Treasury Bills		0		1,112		0		1,112
	$	173,804	$	1,638	$	0	$	175,442
Investments in Affiliates, at Value
Mutual Funds		63,189		0		0		63,189
Short-Term Instruments
Central Funds Used for Cash Management Purposes		9,094		0		0		9,094
	$	72,283	$	0	$	0	$	72,283
Total Investments	$	246,087	$	1,638	$	0	$	247,725

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2022
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(11	)	$	0	$	(11	)
Total Financial Derivative Instruments	$	0	$	(11	)	$	0	$	(11	)
Totals	$	246,087	$	1,627		$	0	$	247,714

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

52 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2040  Fund June 30, 2022

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

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 78.6%
MUTUAL FUNDS 78.0%
Vanguard Developed Markets Index Fund ‘Institutional’			4,997,489	$		65,467
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			801,943			21,075
Vanguard Institutional Index Fund ‘Institutional’			310,937			99,689
Vanguard Small-Cap Index Fund ‘Institutional’			114,796			9,688
Total Mutual Funds (Cost $193,404)						195,919
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.6%
REPURCHASE AGREEMENTS (d) 0.1%
						255
U.S. TREASURY BILLS 0.5%
0.920% due 07/26/2022 - 08/18/2022 (a)(b)(f)	$		1,173			1,172
Total Short-Term Instruments (Cost $1,427)						1,427
Total Investments in Securities (Cost $194,831)						197,346

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 21.7%
MUTUAL FUNDS (c) 17.7%
PIMCO Emerging Markets Local Currency and Bond Fund		1,558,904	$		8,184
PIMCO High Yield Fund		186,211			1,414
PIMCO Income Fund		784,435			8,323
PIMCO International Bond Fund (U.S. Dollar-Hedged)		151,203			1,474
PIMCO Long-Term Real Return Fund		1,203,057			6,160
PIMCO Long-Term U.S. Government Fund		2,233,008			9,423
PIMCO Real Return Fund		247,504			2,653
PIMCO Total Return Fund		761,979			6,858
Total Mutual Funds (Cost $53,071)					44,489

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0%
PIMCO Short-Term Floating NAV Portfolio III		1,023,334	$		9,930
Total Short-Term Instruments (Cost $9,933)					9,930
Total Investments in Affiliates (Cost $63,004)					54,419
Total Investments 100.3% (Cost $257,835)			$		251,765
Financial Derivative Instruments (e)(f) (0.0)% (Cost or Premiums, net $0)					(12	)
Other Assets and Liabilities, net (0.3)%					(659	)
Net Assets 100.0%			$		251,094

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(1)
FICC		0.400	%		06/30/2022		07/01/2022	$	255	U.S. Treasury Notes 3.000% due 06/30/2024	$	(260	)	$	255	$	255
Total Repurchase Agreements											$	(260	)	$	255	$	255

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, 2022:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	255	$	0	$	0	$	255	$	(260	)	$	(5	)
Total Borrowings and Other Financing Transactions	$	255	$	0	$	0

⁽¹⁾  Includes accrued interest.

⁽²⁾  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, 2022 53

Schedule of Investments PIMCO REALPATH^® Blend 2040  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
JPM	Receive	FNRETR Index		136	1.510% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/24/2022	$	2,883	$	0	$	(4	)	$	0	$	(4	)
	Receive	FNRETR Index		333	1.980% (1-Month USD-LIBOR plus a specified spread)	Monthly	02/22/2023		7,058		0		(8	)		0		(8	)
Total Swap Agreements										$	0	$	(12	)	$	0	$	(12	)

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, 2022:

	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)
JPM	$	0	$	0	$	0	$	0	$	0	$	0	$	(12	)	$	(12	)	$	(12	)	$	800	$	788
								��
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(12	)	$	(12	)

(f) Securities with an aggregate market value of $800 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2022.

⁽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 and Other 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, 2022:

	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	$	12	$	0	$	0	$	12

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2022:

	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	$	(601	)	$	0	$	0	$	(601	)
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(8	)	$	0	$	0	$	(8	)

54 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Mutual Funds	$	195,919	$	0	$	0	$	195,919
Short-Term Instruments
Repurchase Agreements		0		255		0		255
U.S. Treasury Bills		0		1,172		0		1,172
	$	195,919	$	1,427	$	0	$	197,346
Investments in Affiliates, at Value
Mutual Funds		44,489		0		0		44,489
Short-Term Instruments
Central Funds Used for Cash Management Purposes		9,930		0		0		9,930
	$	54,419	$	0	$	0	$	54,419
Total Investments	$	250,338	$	1,427	$	0	$	251,765

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2022
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(12	)	$	0	$	(12	)
Total Financial Derivative Instruments	$	0	$	(12	)	$	0	$	(12	)
Totals	$	250,338	$	1,415		$	0	$	251,753

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 55

Schedule of Investments PIMCO REALPATH^® Blend 2045  Fund

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

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 84.1%
MUTUAL FUNDS 83.5%
Vanguard Developed Markets Index Fund ‘Institutional’			5,141,487	$		67,353
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			769,127			20,213
Vanguard Institutional Index Fund ‘Institutional’			297,670			95,436
Vanguard Small-Cap Index Fund ‘Institutional’			111,106			9,376
Total Mutual Funds (Cost $190,375)						192,378
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.6%
REPURCHASE AGREEMENTS (d) 0.1%
						315
U.S. TREASURY BILLS 0.5%
0.918% due 07/26/2022 - 08/18/2022 (a)(b)(f)	$		1,083			1,082
Total Short-Term Instruments (Cost $1,397)						1,397
Total Investments in Securities (Cost $191,772)						193,775

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 15.7%
MUTUAL FUNDS (c) 11.7%
PIMCO Emerging Markets Local Currency and Bond Fund		1,017,642	$		5,343
PIMCO High Yield Fund		35,797			272
PIMCO Income Fund		416,581			4,420
PIMCO International Bond Fund (U.S. Dollar-Hedged)		103,301			1,007
PIMCO Long-Term Real Return Fund		781,489			4,001
PIMCO Long-Term U.S. Government Fund		1,504,975			6,351
PIMCO Real Return Fund		148,071			1,587
PIMCO Total Return Fund		453,887			4,085
Total Mutual Funds (Cost $32,265)					27,066

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0%
PIMCO Short-Term Floating NAV Portfolio III		944,738	$		9,168
Total Short-Term Instruments (Cost $9,170)					9,168
Total Investments in Affiliates (Cost $41,435)					36,234
Total Investments 99.8% (Cost $233,207)			$		230,009
Financial Derivative Instruments (e)(f) (0.0)% (Cost or Premiums, net $0)					(11	)
Other Assets and Liabilities, net 0.2%					540
Net Assets 100.0%			$		230,538

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(1)
FICC		0.400	%		06/30/2022		07/01/2022	$	315	U.S. Treasury Notes 3.000% due 06/30/2024	$	(321	)	$	315	$	315
Total Repurchase Agreements											$	(321	)	$	315	$	315

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, 2022:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	315	$	0	$	0	$	315	$	(321	)	$	(6	)
Total Borrowings and Other Financing Transactions	$	315	$	0	$	0

⁽¹⁾  Includes accrued interest.

⁽²⁾  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.

56 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

(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
JPM	Receive	FNRETR Index		131	1.510% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/24/2022	$	2,777	$	0	$	(4	)	$	0	$	(4	)
	Receive	FNRETR Index		308	1.980% (1-Month USD-LIBOR plus a specified spread)	Monthly	02/22/2023		6,528		0		(7	)		0		(7	)
Total Swap Agreements										$	0	$	(11	)	$	0	$	(11	)

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, 2022:

	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)
JPM	$	0	$	0	$	0	$	0	$	0	$	0	$	(11	)	$	(11	)	$	(11	)	$	740	$	729
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(11	)	$	(11	)

(f) Securities with an aggregate market value of $740 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2022.

⁽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 and Other 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, 2022:

	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	$	11	$	0	$	0	$	11

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2022:

	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	$	(561	)	$	0	$	0	$	(561	)
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(8	)	$	0	$	0	$	(8	)

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 57

Schedule of Investments PIMCO REALPATH^® Blend 2045  Fund (Cont.) June 30, 2022

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Mutual Funds	$	192,378	$	0	$	0	$	192,378
Short-Term Instruments
Repurchase Agreements		0		315		0		315
U.S. Treasury Bills		0		1,082		0		1,082
	$	192,378	$	1,397	$	0	$	193,775
Investments in Affiliates, at Value
Mutual Funds		27,066		0		0		27,066
Short-Term Instruments
Central Funds Used for Cash Management Purposes		9,168		0		0		9,168
	$	36,234	$	0	$	0	$	36,234
Total Investments	$	228,612	$	1,397	$	0	$	230,009

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2022
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(11	)	$	0	$	(11	)
Total Financial Derivative Instruments	$	0	$	(11	)	$	0	$	(11	)
Totals	$	228,612	$	1,386		$	0	$	229,998

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

58 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2050  Fund June 30, 2022

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

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 89.1%
MUTUAL FUNDS 88.4%
Vanguard Developed Markets Index Fund ‘Institutional’			5,468,377	$		71,636
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			775,242			20,373
Vanguard Institutional Index Fund ‘Institutional’			313,942			100,653
Vanguard Small-Cap Index Fund ‘Institutional’			118,374			9,990
Total Mutual Funds (Cost $197,664)						202,652
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.7%
REPURCHASE AGREEMENTS (d) 0.3%
						621
U.S. TREASURY BILLS 0.4%
0.919% due 07/26/2022 - 08/18/2022 (a)(b)(f)	$		1,083			1,082
Total Short-Term Instruments (Cost $1,703)						1,703
Total Investments in Securities (Cost $199,367)						204,355

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 10.9%
MUTUAL FUNDS (c) 7.9%
PIMCO Emerging Markets Local Currency and Bond Fund		689,572	$		3,620
PIMCO Income Fund		242,569			2,573
PIMCO International Bond Fund (U.S. Dollar-Hedged)		94,391			920
PIMCO Long-Term Real Return Fund		550,742			2,820
PIMCO Long-Term U.S. Government Fund		1,063,419			4,488
PIMCO Real Return Fund		99,053			1,062
PIMCO Total Return Fund		300,526			2,705
Total Mutual Funds (Cost $21,671)					18,188

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 3.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.0%
PIMCO Short-Term Floating NAV Portfolio III		704,044	$		6,832
Total Short-Term Instruments (Cost $6,836)					6,832
Total Investments in Affiliates (Cost $28,507)					25,020
Total Investments 100.0% (Cost $227,874)			$		229,375
Financial Derivative Instruments (e)(f) (0.0)% (Cost or Premiums, net $0)					(11	)
Other Assets and Liabilities, net 0.0%					(92	)
Net Assets 100.0%			$		229,272

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(1)
FICC		0.400	%		06/30/2022		07/01/2022	$	621	U.S. Treasury Notes 3.000% due 06/30/2024	$	(634	)	$	621	$	621
Total Repurchase Agreements											$	(634	)	$	621	$	621

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, 2022:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	621	$	0	$	0	$	621	$	(634	)	$	(13	)
Total Borrowings and Other Financing Transactions	$	621	$	0	$	0

⁽¹⁾  Includes accrued interest.

⁽²⁾  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, 2022 59

Schedule of Investments PIMCO REALPATH^® Blend 2050  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
JPM	Receive	FNRETR Index		147	1.510% (1-Month  USD-LIBOR plus a specified spread)	Monthly	08/24/2022	$	3,116	$	0	$	(4	)	$	0	$	(4	)
	Receive	FNRETR Index		302	1.980% (1-Month  USD-LIBOR plus a specified spread)	Monthly	02/22/2023		6,401		0		(7	)		0		(7	)
Total Swap Agreements										$	0	$	(11	)	$	0	$	(11	)

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, 2022:

	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)
JPM	$	0	$	0	$	0	$	0	$	0	$	0	$	(11	)	$	(11	)	$	(11	)	$	710	$	699
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(11	)	$	(11	)

(f) Securities with an aggregate market value of $710 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2022.

⁽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 and Other 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, 2022:

	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	$	11	$	0	$	0	$	11

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2022:

	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	$	(483	)	$	0	$	0	$	(483	)
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(7	)	$	0	$	0	$	(7	)

60 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Mutual Funds	$	202,652	$	0	$	0	$	202,652
Short-Term Instruments
Repurchase Agreements		0		621		0		621
U.S. Treasury Bills		0		1,082		0		1,082
	$	202,652	$	1,703	$	0	$	204,355
Investments in Affiliates, at Value
Mutual Funds		18,188		0		0		18,188
Short-Term Instruments
Central Funds Used for Cash Management Purposes		6,832		0		0		6,832
	$	25,020	$	0	$	0	$	25,020
Total Investments	$	227,672	$	1,703	$	0	$	229,375

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2022
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(11	)	$	0	$	(11	)
Total Financial Derivative Instruments	$	0	$	(11	)	$	0	$	(11	)
Totals	$	227,672	$	1,692		$	0	$	229,364

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 61

Schedule of Investments PIMCO REALPATH^® Blend 2055  Fund

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

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 89.4%
MUTUAL FUNDS 88.7%
Vanguard Developed Markets Index Fund ‘Institutional’			3,734,585	$		48,923
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			523,188			13,749
Vanguard Institutional Index Fund ‘Institutional’			215,320			69,034
Vanguard Small-Cap Index Fund ‘Institutional’			81,748			6,899
Total Mutual Funds (Cost $142,625)						138,605
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.7%
REPURCHASE AGREEMENTS (d) 0.4%
						561
U.S. TREASURY BILLS 0.3%
1.011% due 07/26/2022 - 08/18/2022 (a)(b)(f)	$		480			479
Total Short-Term Instruments (Cost $1,041)						1,040
Total Investments in Securities (Cost $143,666)						139,645

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 10.4%
MUTUAL FUNDS (c) 6.6%
PIMCO Emerging Markets Local Currency and Bond Fund	$		391,575	$		2,056
PIMCO Income Fund			130,464			1,384
PIMCO International Bond Fund (U.S. Dollar-Hedged)			60,739			592
PIMCO Long-Term Real Return Fund			314,660			1,611
PIMCO Long-Term U.S. Government Fund			607,674			2,565
PIMCO Real Return Fund			53,753			576
PIMCO Total Return Fund			159,230			1,433
Total Mutual Funds (Cost $12,071)						10,217

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 3.8%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.8%
PIMCO Short-Term Floating NAV Portfolio III	$		619,230	$		6,009
Total Short-Term Instruments (Cost $6,010)						6,009
Total Investments in Affiliates (Cost $18,081)						16,226
Total Investments 99.8% (Cost $161,747)				$		155,871
Financial Derivative Instruments (e) (0.0)% (Cost or Premiums, net $0)						(8	)
Other Assets and Liabilities, net 0.2%						265
Net Assets 100.0%				$		156,128

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(1)
FICC		0.400	%		06/30/2022		07/01/2022	$	561	U.S. Treasury Notes 3.000% due 06/30/2024	$	(572	)	$	561	$	561
Total Repurchase Agreements											$	(572	)	$	561	$	561

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, 2022:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	561	$	0	$	0	$	561	$	(572	)	$	(11	)
Total Borrowings and Other Financing Transactions	$	561	$	0	$	0

⁽¹⁾  Includes accrued interest.

⁽²⁾  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.

62 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

(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
JPM	Receive	FNRETR Index		81	1.510% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/24/2022	$	1,717	$	0	$	(2	)	$	0	$	(2	)
	Receive	FNRETR Index		223	1.980% (1-Month USD-LIBOR plus a specified spread)	Monthly	02/22/2023		4,727		0		(6	)		0		(6	)
Total Swap Agreements										$	0	$	(8	)	$	0	$	(8	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2022:

	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)
JPM	$	0	$	0	$	0	$	0	$	0	$	0	$	(8	)	$	(8	)	$	(8	)	$	480	$	472
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(8	)	$	(8	)

(f) Securities with an aggregate market value of $480 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2022.

⁽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 and Other 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, 2022:

	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	$	8	$	0	$	0	$	8

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2022:

	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	$	(408	)	$	0	$	0	$	(408	)
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(6	)	$	0	$	0	$	(6	)

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 63

Schedule of Investments PIMCO REALPATH^® Blend 2055  Fund (Cont.) June 30, 2022

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Mutual Funds	$	138,605	$	0	$	0	$	138,605
Short-Term Instruments
Repurchase Agreements		0		561		0		561
U.S. Treasury Bills		0		479		0		479
	$	138,605	$	1,040	$	0	$	139,645
Investments in Affiliates, at Value
Mutual Funds		10,217		0		0		10,217
Short-Term Instruments
Central Funds Used for Cash Management Purposes		6,009		0		0		6,009
	$	16,226	$	0	$	0	$	16,226
Total Investments	$	154,831	$	1,040	$	0	$	155,871

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2022
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(8	)	$	0	$	(8	)
Total Financial Derivative Instruments	$	0	$	(8	)	$	0	$	(8	)
Totals	$	154,831	$	1,032		$	0	$	155,863

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

64 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2060  Fund June 30, 2022

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 88.2%
MUTUAL FUNDS 88.2%
Vanguard Developed Markets Index Fund ‘Admiral’		554,693	$		7,255
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		58,962			2,038
Vanguard Institutional Index Fund ‘Institutional’		31,971			10,250
Vanguard Small-Cap Index Fund ‘Admiral’		12,118			1,023
Total Mutual Funds (Cost $23,382)					20,566
Total Investments in Securities (Cost $23,382)					20,566

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 10.4%
MUTUAL FUNDS (a) 6.5%
PIMCO Emerging Markets Local Currency and Bond Fund		59,337	$		312
PIMCO Income Fund		19,781			210
PIMCO International Bond Fund (U.S. Dollar-Hedged)		9,348			91
PIMCO Long-Term Real Return Fund		46,295			237
PIMCO Long-Term U.S. Government Fund		87,729			370
PIMCO Real Return Fund		8,481			91
PIMCO Total Return Fund		23,549			212
Total Mutual Funds (Cost $1,742)					1,523

	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		92,954	$		902
Total Short-Term Instruments (Cost $902)					902
Total Investments in Affiliates (Cost $2,644)					2,425
Total Investments 98.6% (Cost $26,026)			$		22,991
Financial Derivative Instruments (b) (0.0)% (Cost or Premiums, net $0)					(1	)
Other Assets and Liabilities, net 1.4%					331
Net Assets 100.0%			$		23,321

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
JPM	Receive	FNRETR Index		10	1.510% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/24/2022	$	212	$	0	$	0		$	0	$	0
	Receive	FNRETR Index		35	1.980% (1-Month USD-LIBOR plus a specified spread)	Monthly	02/22/2023		742		0		(1	)		0		(1	)
Total Swap Agreements										$	0	$	(1	)	$	0	$	(1	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2022:

	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)
JPM	$	0	$	0	$	0	$	0	$	0	$	0	$	(1	)	$	(1	)	$	(1	)	$	0	$	(1	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(1	)	$	(1	)

⁽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, 2022 65

Schedule of Investments PIMCO REALPATH^® Blend 2060  Fund (Cont.) June 30, 2022

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 and Other 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, 2022:

	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	$	1	$	0	$	0	$	1

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2022:

	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	$	(75	)	$	0	$	0	$	(75	)
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(1	)	$	0	$	0	$	(1	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Mutual Funds	$	20,566	$	0	$	0	$	20,566
	$	20,566	$	0	$	0	$	20,566
Investments in Affiliates, at Value
Mutual Funds		1,523		0		0		1,523
Short-Term Instruments
Central Funds Used for Cash Management Purposes		902		0		0		902
	$	2,425	$	0	$	0	$	2,425
Total Investments	$	22,991	$	0	$	0	$	22,991

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2022
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(1	)	$	0	$	(1	)
Total Financial Derivative Instruments	$	0	$	(1	)	$	0	$	(1	)
Totals	$	22,991	$	(1	)	$	0	$	22,990

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

66 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend Income  Fund June 30, 2022

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

		SHARES		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 41.7%
MUTUAL FUNDS 41.2%
Vanguard Developed Markets Index Fund ‘Institutional’		2,686,661	$		35,196
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		438,169			11,515
Vanguard Institutional Index Fund ‘Institutional’		135,847			43,554
Vanguard Small-Cap Index Fund ‘Institutional’		27,658			2,334
Total Mutual Funds (Cost $87,381)					92,599
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENTS (d) 0.2%
					550
U.S. TREASURY BILLS 0.3%
0.989% due 07/26/2022 - 08/18/2022 (a)(b)(g)	$	631			630
Total Short-Term Instruments (Cost $1,180)					1,180
Total Investments in Securities (Cost $88,561)					93,779

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 56.4%
MUTUAL FUNDS (c) 54.9%
PIMCO Emerging Markets Local Currency and Bond Fund	2,259,658	$		11,863
PIMCO High Yield Fund	739,540			5,613
PIMCO Income Fund	3,367,095			35,725
PIMCO International Bond Fund (U.S. Dollar-Hedged)	685,239			6,681
PIMCO Long-Term Real Return Fund	2,357,853			12,072
PIMCO Long-Term U.S. Government Fund	2,989,094			12,614
PIMCO Real Return Fund	816,013			8,748
PIMCO Total Return Fund	3,350,892			30,158
Total Mutual Funds (Cost $145,840)				123,474

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 1.5%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.5%
PIMCO Short-Term Floating NAV Portfolio III		340,358	$		3,303
Total Short-Term Instruments (Cost $3,302)					3,303
Total Investments in Affiliates (Cost $149,142)					126,777
Total Investments 98.1% (Cost $237,703)			$		220,556
Financial Derivative Instruments (e)(f) 0.6% (Cost or Premiums, net $1,260)					1,294
Other Assets and Liabilities, net 1.3%					2,983
Net Assets 100.0%			$		224,833

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(1)
FICC		0.400	%		06/30/2022		07/01/2022	$	550	U.S. Treasury Notes 3.000% due 06/30/2024	$	(561	)	$	550	$	550
Total Repurchase Agreements											$	(561	)	$	550	$	550

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, 2022:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	550	$	0	$	0	$	550	$	(561	)	$	(11	)
Total Borrowings and Other Financing Transactions	$	550	$	0	$	0

⁽¹⁾  Includes accrued interest.

⁽²⁾  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, 2022 67

Schedule of Investments PIMCO REALPATH^® Blend Income  Fund (Cont.)

(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		3,100.000		09/16/2022		21	$	2	$	167	$	58
Put - CBOE S&P 500		3,425.000		09/16/2022		21		2		247		147
Put - CBOE S&P 500		3,175.000		12/16/2022		13		1		117		110
Put - CBOE S&P 500		3,525.000		12/16/2022		25		3		333		402
Put - CBOE S&P 500		3,050.000		03/17/2023		13		1		111		130
Put - CBOE S&P 500		3,375.000		03/17/2023		26		3		326		428
Put - CBOE S&P 500		2,850.000		06/16/2023		42		4		472		407
Total Purchased Options									$	1,773	$	1,682

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		2,600.000		09/16/2022		21	$	2	$	(85	)	$	(19	)
Put - CBOE S&P 500		2,625.000		12/16/2022		25		3		(117	)		(80	)
Put - CBOE S&P 500		2,500.000		03/17/2023		26		3		(115	)		(114	)
Put - CBOE S&P 500		2,200.000		06/16/2023		42		4		(196	)		(165	)
Total Written Options									$	(513	)	$	(378	)

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, 2022:

	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	$	1,682	$	0	$	0	$	1,682	$	(378)	$	0	$	0	$	(378)

(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
JPM	Receive	FNRETR Index		109	1.510% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/24/2022	$	2,310	$	0	$	(3	)	$	0	$	(3	)
	Receive	FNRETR Index		274	1.980% (1-Month USD-LIBOR plus a specified spread)	Monthly	02/22/2023		5,808		0		(7	)		0		(7	)
Total Swap Agreements										$	0	$	(10	)	$	0	$	(10	)

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, 2022:

	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)
JPM	$	0	$	0	$	0	$	0	$	0	$	0	$	(10	)	$	(10	)	$	(10	)	$	630	$	620
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(10	)	$	(10	)

68 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

(g) Securities with an aggregate market value of $630 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2022.

⁽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 and Other 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, 2022:

	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	$	1,682	$	0	$	0	$	1,682
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	378	$	0	$	0	$	378
Over the counter
Swap Agreements	$	0	$	0	$	10	$	0	$	0	$	10
	$	0	$	0	$	388	$	0	$	0	$	388

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2022:

	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	$	(1,402	)	$	0	$	0	$	(1,402	)
Written Options		0		0		272			0		0		272
	$	0	$	0	$	(1,130	)	$	0	$	0	$	(1,130	)
Over the counter
Swap Agreements	$	0	$	0	$	(323	)	$	0	$	0	$	(323	)
	$	0	$	0	$	(1,453	)	$	0	$	0	$	(1,453	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	844		$	0	$	0	$	844
Written Options		0		0		(76	)		0		0		(76	)
	$	0	$	0	$	768		$	0	$	0	$	768
Over the counter
Swap Agreements	$	0	$	0	$	(6	)	$	0	$	0	$	(6	)
	$	0	$	0	$	762		$	0	$	0	$	762

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 69

Schedule of Investments PIMCO REALPATH^® Blend Income  Fund (Cont.) June 30, 2022

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Mutual Funds	$	92,599	$	0	$	0	$	92,599
Short-Term Instruments
Repurchase Agreements		0		550		0		550
U.S. Treasury Bills		0		630		0		630
	$	92,599	$	1,180	$	0	$	93,779
Investments in Affiliates, at Value
Mutual Funds		123,474		0		0		123,474
Short-Term Instruments
Central Funds Used for Cash Management Purposes		3,303		0		0		3,303
	$	126,777	$	0	$	0	$	126,777
Total Investments	$	219,376	$	1,180	$	0	$	220,556

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2022
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	1,682		$	0	$	1,682
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(378	)		0		(378	)
Over the counter		0		(10	)		0		(10	)
	$	0	$	(388	)	$	0	$	(388	)
Total Financial Derivative Instruments	$	0	$	1,294		$	0	$	1,294
Totals	$	219,376	$	2,474		$	0	$	221,850

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

70 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements June 30, 2022

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 PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (“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

ANNUAL REPORT | JUNE 30, 2022 71

Notes to Financial Statements (Cont.)

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.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), 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 determines or estimates, as applicable, 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 determined or estimated, as applicable, 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 but are not limited to, for certain Funds, the treatment of 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 provided to shareholders when such information is available.

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 and Regulatory Updates  In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”), 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. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Funds’ financial statements.

In October 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions that was applicable to the Funds as of the date of this report. Subject to certain exceptions, the rule requires funds to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a value-at-risk leverage limit, certain derivatives risk management program and reporting requirements. The rule went into effect on February 19, 2021. The compliance date for the new rule and the related reporting requirements is August 19, 2022. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds’ financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted

72 PIMCO EQUITY SERIES

June 30, 2022

that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the associated recordkeeping requirements is September 8, 2022. At this time, management is evaluating the 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. If regular trading on the NYSE closes earlier than scheduled, each Fund reserves the right to either (i) calculate its NAV as of the earlier closing time or (ii) calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day. Each Fund generally does not calculate its NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, each Fund reserves the right to calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day or such other time that the Fund may determine.

For purposes of calculating 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 PIMCO 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 such data reflecting 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, quotes obtained from a quotation reporting system, established market makers or pricing services. Swap agreements are valued on the basis of market-based prices supplied by Pricing Services or quotes obtained from brokers and dealers. 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

ANNUAL REPORT | JUNE 30, 2022 73

Notes to Financial Statements (Cont.)

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 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.

74 PIMCO EQUITY SERIES

June 30, 2022

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, Level 2 and Level 3 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, Level 2 and Level 3 of the fair value hierarchy are as follows:

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

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

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Services (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Services (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

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

ANNUAL REPORT | JUNE 30, 2022 75

Notes to Financial Statements (Cont.)

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, 2022 (amounts in thousands^†):

PIMCO REALPATH® Blend 2025 Fund
Underlying PIMCO Funds	Market Value 06/30/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	10,730	$	4,989	$	(1,082	)	$	(141	)	$	(2,522	)	$	11,974	$	504	$	0
PIMCO High Yield Fund		3,997		2,480		(137	)		(15	)		(944	)		5,381		217		0
PIMCO Income Fund		29,397		10,039		(6,242	)		(261	)		(3,882	)		29,051		1,288		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		2,624		3,530		(393	)		(36	)		(475	)		5,250		61		0
PIMCO Long-Term Real Return Fund		17,985		6,214		(4,504	)		(657	)		(5,511	)		13,527		2,079		895
PIMCO Long-Term U.S. Government Fund		20,064		4,722		(3,275	)		(602	)		(4,221	)		16,688		366		919
PIMCO Real Return Fund		9,592		3,095		(4,442	)		(89	)		(986	)		7,170		639		0
PIMCO Short-Term Floating NAV Portfolio III		13,424		47,165		(54,800	)		(134	)		(11	)		5,644		165		0
PIMCO Total Return Fund		22,955		8,327		(3,926	)		(293	)		(3,364	)		23,699		602		0
Totals	$	130,768	$	90,561	$	(78,801	)	$	(2,228	)	$	(21,916	)	$	118,384	$	5,921	$	1,814
PIMCO REALPATH® Blend 2030 Fund
Underlying PIMCO Funds	Market Value 06/30/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	9,793	$	6,243	$	(1,402	)	$	(212	)	$	(2,388	)	$	12,034	$	485	$	0
PIMCO High Yield Fund		3,713		2,151		(173	)		(20	)		(851	)		4,820		199		0
PIMCO Income Fund		22,006		8,937		(6,881	)		(282	)		(2,789	)		20,991		965		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,725		2,449		(314	)		(28	)		(318	)		3,514		41		0
PIMCO Long-Term Real Return Fund		14,107		7,908		(2,411	)		(484	)		(5,502	)		13,618		1,800		712
PIMCO Long-Term U.S. Government Fund		25,532		8,973		(8,821	)		(880	)		(5,140	)		19,664		461		1,187
PIMCO Real Return Fund		6,197		2,224		(2,305	)		(60	)		(734	)		5,322		447		0
PIMCO Short-Term Floating NAV Portfolio III		12,788		56,802		(61,500	)		(171	)		(7	)		7,912		202		0
PIMCO Total Return Fund		15,197		6,573		(3,057	)		(268	)		(2,244	)		16,201		408		0
Totals	$	111,058	$	102,260	$	(86,864	)	$	(2,405	)	$	(19,973	)	$	104,076	$	5,008	$	1,899
PIMCO REALPATH® Blend 2035 Fund
Underlying PIMCO Funds	Market Value 06/30/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	6,937	$	5,652	$	(980	)	$	(159	)	$	(1,870	)	$	9,580	$	365	$	0
PIMCO High Yield Fund		1,729		1,891		0			0			(528	)		3,092		110		0
PIMCO Income Fund		13,351		6,532		(4,938	)		(214	)		(1,725	)		13,006		598		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		890		1,585		(164	)		(14	)		(192	)		2,105		25		0
PIMCO Long-Term Real Return Fund		7,422		5,303		(555	)		(108	)		(3,448	)		8,614		1,025		387
PIMCO Long-Term U.S. Government Fund		16,939		7,938		(7,567	)		(479	)		(3,618	)		13,213		317		805
PIMCO Real Return Fund		3,555		1,451		(930	)		(27	)		(475	)		3,574		272		0
PIMCO Short-Term Floating NAV Portfolio III		11,772		47,684		(50,200	)		(157	)		(5	)		9,094		184		0
PIMCO Total Return Fund		8,582		4,180		(1,253	)		(139	)		(1,365	)		10,005		241		0
Totals	$	71,177	$	82,216	$	(66,587	)	$	(1,297	)	$	(13,226	)	$	72,283	$	3,137	$	1,192

76 PIMCO EQUITY SERIES

June 30, 2022

PIMCO REALPATH® Blend 2040 Fund
Underlying PIMCO Funds	Market Value 06/30/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	5,084	$	5,426	$	(712	)	$	(129	)	$	(1,485	)	$	8,184	$	283	$	0
PIMCO High Yield Fund		0		1,604		0			0			(190	)		1,414		24		0
PIMCO Income Fund		9,834		4,551		(4,725	)		(163	)		(1,174	)		8,323		423		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		709		1,052		(142	)		(10	)		(135	)		1,474		18		0
PIMCO Long-Term Real Return Fund		5,860		3,345		(427	)		1			(2,619	)		6,160		775		301
PIMCO Long-Term U.S. Government Fund		13,710		6,219		(7,436	)		(361	)		(2,709	)		9,423		243		648
PIMCO Real Return Fund		2,767		1,006		(741	)		(25	)		(354	)		2,653		208		0
PIMCO Short-Term Floating NAV Portfolio III		10,505		43,290		(43,700	)		(162	)		(3	)		9,930		190		0
PIMCO Total Return Fund		6,860		2,393		(1,319	)		(108	)		(968	)		6,858		180		0
Totals	$	55,329	$	68,886	$	(59,202	)	$	(957	)	$	(9,637	)	$	54,419	$	2,344	$	949
PIMCO REALPATH® Blend 2045 Fund
Underlying PIMCO Funds	Market Value 06/30/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	1,972	$	4,523	$	(292	)	$	(53	)	$	(807	)	$	5,343	$	137	$	0
PIMCO High Yield Fund		0		309		0			0			(37	)		272		5		0
PIMCO Income Fund		5,215		2,279		(2,383	)		(67	)		(624	)		4,420		223		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		475		628		0			0			(96	)		1,007		11		0
PIMCO Long-Term Real Return Fund		4,045		2,111		(439	)		(19	)		(1,697	)		4,001		521		208
PIMCO Long-Term U.S. Government Fund		9,457		3,513		(4,595	)		(211	)		(1,813	)		6,351		165		444
PIMCO Real Return Fund		1,891		461		(534	)		(11	)		(220	)		1,587		133		0
PIMCO Short-Term Floating NAV Portfolio III		10,743		39,599		(41,000	)		(170	)		(4	)		9,168		199		0
PIMCO Total Return Fund		4,732		1,471		(1,469	)		(59	)		(590	)		4,085		117		0
Totals	$	38,530	$	54,894	$	(50,712	)	$	(590	)	$	(5,888	)	$	36,234	$	1,511	$	652
PIMCO REALPATH® Blend 2050 Fund
Underlying PIMCO Funds	Market Value 06/30/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	879	$	3,234	$	0		$	0		$	(493	)	$	3,620	$	74	$	0
PIMCO Income Fund		3,390		1,181		(1,573	)		(47	)		(378	)		2,573		141		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		357		647		0			0			(84	)		920		10		0
PIMCO Long-Term Real Return Fund		4,195		1,415		(1,440	)		(114	)		(1,236	)		2,820		485		224
PIMCO Long-Term U.S. Government Fund		5,618		2,596		(2,361	)		(121	)		(1,244	)		4,488		106		272
PIMCO Real Return Fund		1,323		436		(537	)		(7	)		(153	)		1,062		95		0
PIMCO Short-Term Floating NAV Portfolio III		11,908		34,490		(39,400	)		(162	)		(4	)		6,832		190		0
PIMCO Total Return Fund		3,462		944		(1,259	)		(53	)		(389	)		2,705		83		0
Totals	$	31,132	$	44,943	$	(46,570	)	$	(504	)	$	(3,981	)	$	25,020	$	1,184	$	496

ANNUAL REPORT | JUNE 30, 2022 77

Notes to Financial Statements (Cont.)

PIMCO REALPATH® Blend 2055 Fund
Underlying PIMCO Funds	Market Value 06/30/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	391	$	1,926	$	0		$	0		$	(261	)	$	2,056	$	39	$	0
PIMCO Income Fund		1,688		563		(651	)		(22	)		(194	)		1,384		72		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		219		424		0			0			(51	)		592		6		0
PIMCO Long-Term Real Return Fund		3,134		1,287		(1,943	)		(161	)		(706	)		1,611		347		173
PIMCO Long-Term U.S. Government Fund		1,686		1,627		(120	)		(4	)		(624	)		2,565		41		86
PIMCO Real Return Fund		677		220		(235	)		(6	)		(80	)		576		49		0
PIMCO Short-Term Floating NAV Portfolio III		6,093		33,820		(33,800	)		(102	)		(2	)		6,009		119		0
PIMCO Total Return Fund		1,692		677		(707	)		(28	)		(201	)		1,433		43		0
Totals	$	15,580	$	40,544	$	(37,456	)	$	(323	)	$	(2,119	)	$	16,226	$	716	$	259
PIMCO REALPATH® Blend 2060 Fund
Underlying PIMCO Funds	Market Value 06/30/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	32	$	337	$	(25	)	$	(3	)	$	(29	)	$	312	$	5	$	0
PIMCO Income Fund		152		170		(86	)		(4	)		(22	)		210		8		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		16		82		0			0			(7	)		91		1		0
PIMCO Long-Term Real Return Fund		305		314		(275	)		(24	)		(83	)		237		39		19
PIMCO Long-Term U.S. Government Fund		128		345		(29	)		(8	)		(66	)		370		4		8
PIMCO Real Return Fund		58		70		(26	)		(1	)		(10	)		91		5		0
PIMCO Short-Term Floating NAV Portfolio III		501		8,311		(7,900	)		(10	)		0			902		12		0
PIMCO Total Return Fund		153		171		(85	)		(4	)		(23	)		212		5		0
Totals	$	1,345	$	9,800	$	(8,426	)	$	(54	)	$	(240	)	$	2,425	$	79	$	27
PIMCO REALPATH® Blend Income Fund
Underlying PIMCO Funds	Market Value 06/30/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	12,513	$	3,475	$	(1,225	)	$	(205	)	$	(2,695	)	$	11,863	$	569	$	0
PIMCO High Yield Fund		4,562		2,366		(276	)		(41	)		(998	)		5,613		241		0
PIMCO Income Fund		40,290		7,102		(6,402	)		(343	)		(4,922	)		35,725		1,694		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		3,964		4,014		(618	)		(50	)		(629	)		6,681		85		0
PIMCO Long-Term Real Return Fund		16,096		5,154		(3,599	)		(327	)		(5,252	)		12,072		1,860		795
PIMCO Long-Term U.S. Government Fund		13,176		4,580		(1,505	)		(390	)		(3,247	)		12,614		258		602
PIMCO Real Return Fund		14,244		1,900		(6,029	)		(121	)		(1,246	)		8,748		878		0
PIMCO Short-Term Floating NAV Portfolio III		9,477		47,060		(53,100	)		(130	)		(4	)		3,303		158		0
PIMCO Total Return Fund		34,243		5,463		(4,653	)		(434	)		(4,461	)		30,158		847		0
Totals	$	148,565	$	81,114	$	(77,407	)	$	(2,041	)	$	(23,454	)	$	126,777	$	6,590	$	1,397

^†  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, unless otherwise advised on IRS Form 1099-DIV. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

78 PIMCO EQUITY SERIES

June 30, 2022

(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.

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 Fund’s 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 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.

During the period ended June 30, 2022, the Funds did not participate in the Interfund Lending Program.

ANNUAL REPORT | JUNE 30, 2022 79

Notes to Financial Statements (Cont.)

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 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

80 PIMCO EQUITY SERIES

June 30, 2022

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 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
Allocation	X	X	X	X	X	X	X	X	X
Acquired Fund	X	X	X	X	X	X	X	X	X
Small Fund	—	—	—	—	—	—	—	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

ANNUAL REPORT | JUNE 30, 2022 81

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
Market	X	X	X	X	X	X	X	X	X
Issuer	X	X	X	X	X	X	X	X	X
Liquidity	X	X	X	X	X	X	X	X	X
Derivatives	X	X	X	X	X	X	X	X	X
Commodity	X	X	X	X	X	X	X	X	X
Mortgage-Related and Other Asset-Backed Securities	X	X	X	X	X	X	X	X	X
Foreign (Non-U.S.) Investment	X	X	X	X	X	X	X	X	X
Real Estate	X	X	X	X	X	X	X	X	X
Emerging Markets	X	X	X	X	X	X	X	X	X
Sovereign Debt	X	X	X	X	X	X	X	X	X
Currency	X	X	X	X	X	X	X	X	X
Leveraging	X	X	X	X	X	X	X	X	X
Small-Cap and Mid-Cap Company	X	X	X	X	X	X	X	X	X
Management	X	X	X	X	X	X	X	X	X
Short Exposure	X	X	X	X	X	X	X	X	X
Tax	X	X	X	X	X	X	X	X	X
Subsidiary	X	X	X	X	X	X	X	X	X
Convertible Securities	X	X	X	X	X	X	X	X	X
Exchange-Traded Fund	X	X	X	X	X	X	X	X	X
LIBOR Transition	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.

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.

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

82 PIMCO EQUITY SERIES

June 30, 2022

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 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 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 and valuation complexity. Changes in the value of a 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. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty resides with a Fund’s clearing broker, or the clearinghouse. 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, public health emergencies, 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.

ANNUAL REPORT | JUNE 30, 2022 83

Notes to Financial Statements (Cont.)

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

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

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

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

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

Management Risk  is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, 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 and may cause PIMCO to restrict or prohibit participation in certain investments. 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 Act and may not be subject to all the investor protections of the 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, among other reasons, because of exchange rules, 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.

LIBOR Transition Risk  is the risk related to the anticipated discontinuation of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by a Fund rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which the Fund invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in value of certain instruments held by a 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 that may impact a 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,

84 PIMCO EQUITY SERIES

June 30, 2022

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.

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 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

ANNUAL REPORT | JUNE 30, 2022 85

Notes to Financial Statements (Cont.)

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, which reflects changes in market value, is 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. 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 or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. 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.

86 PIMCO EQUITY SERIES

June 30, 2022

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(1)		Class R
PIMCO REALPATH® Blend 2025 Fund		0.01%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2030 Fund		0.01%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2035 Fund		0.02%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2040 Fund		0.03%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2045 Fund		0.03%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2050 Fund		0.03%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2055 Fund		0.03%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2060 Fund		0.03%		0.02%		0.02%		0.22%		N/A
PIMCO REALPATH® Blend Income Fund		0.01%		0.02%		0.02%		0.22%		0.27%	*

⁽¹⁾  Effective November 1, 2021, the supervisory and administrative fee was reduced by 0.05% for each Fund.

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

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

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.25% for Class R shares and in connection with personal services rendered to Class A and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the 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, 2022, the Distributor retained $37,743 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker dealers, 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) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest 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 expenses, including costs of litigation and indemnification expenses; (vii) organizational expenses; and (viii) 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.

ANNUAL REPORT | JUNE 30, 2022 87

Notes to Financial Statements (Cont.)

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, through October 31, 2022, 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, if any, is reflected on 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”) within thirty-six months of the time 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, 2022, 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	$	12	$	12
PIMCO RealPath® Blend 2030 Fund		0		0		14		14
PIMCO RealPath® Blend 2035 Fund		0		0		12		12
PIMCO RealPath® Blend 2040 Fund		0		0		13		13
PIMCO RealPath® Blend 2045 Fund		0		0		14		14
PIMCO RealPath® Blend 2050 Fund		0		0		16		16
PIMCO RealPath® Blend 2055 Fund		0		0		6		6
PIMCO RealPath® Blend 2060 Fund		67		0		1		68
PIMCO RealPath® Blend Income Fund		0		0		12		12

^†  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

88 PIMCO EQUITY SERIES

June 30, 2022

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, 2022, 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	$	86,630	$	52,264
PIMCO REALPATH® Blend 2030 Fund		0		0		115,491		60,464
PIMCO REALPATH® Blend 2035 Fund		0		0		111,629		41,220
PIMCO REALPATH® Blend 2040 Fund		0		0		102,637		42,147
PIMCO REALPATH® Blend 2045 Fund		0		0		82,780		29,871
PIMCO REALPATH® Blend 2050 Fund		0		0		73,189		21,201
PIMCO REALPATH® Blend 2055 Fund		0		0		65,644		12,590
PIMCO REALPATH® Blend 2060 Fund		0		0		22,562		8,202
PIMCO REALPATH® Blend Income Fund		0		0		62,365		43,690

^†  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^†):

	PIMCO REALPATH® Blend 2025 Fund												PIMCO REALPATH® Blend 2030 Fund
	Year Ended 06/30/2022						Year Ended 06/30/2021						Year Ended 06/30/2022						Year Ended 06/30/2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		6,242		$	80,925			11,135		$	141,756			7,130		$	96,460			9,816		$	127,467
Administrative Class		272			3,509			188			2,422			303			4,107			200			2,579
Class A		141			1,844			347			4,454			137			1,873			130			1,723
Issued as reinvestment of distributions
Institutional Class		585			7,804			819			10,693			620			8,658			735			9,901
Administrative Class		76			1,020			133			1,732			84			1,183			117			1,571
Class A		23			310			37			477			22			315			28			376
Cost of shares redeemed
Institutional Class		(4,395	)		(57,184	)		(2,487	)		(31,940	)		(4,210	)		(56,697	)		(2,543	)		(33,565	)
Administrative Class		(263	)		(3,432	)		(560	)		(7,146	)		(220	)		(3,006	)		(251	)		(3,297	)
Class A		(301	)		(3,863	)		(182	)		(2,341	)		(143	)		(1,921	)		(53	)		(676	)
Net increase (decrease) resulting from Fund share transactions		2,380		$	30,933			9,430		$	120,107			3,723		$	50,972			8,179		$	106,079

ANNUAL REPORT | JUNE 30, 2022 89

Notes to Financial Statements (Cont.)

	PIMCO REALPATH® Blend 2035 Fund												PIMCO REALPATH® Blend 2040 Fund
	Year Ended 06/30/2022						Year Ended 06/30/2021						Year Ended 06/30/2022						Year Ended 06/30/2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		7,204		$	100,911			8,363		$	109,354			6,180		$	88,871			7,980		$	106,187
Administrative Class		331			4,715			228			3,081			208			2,931			154			2,044
Class A		89			1,272			94			1,259			75			1,090			116			1,585
Issued as reinvestment of distributions
Institutional Class		459			6,682			423			5,839			489			7,393			406			5,737
Administrative Class		66			965			69			953			48			733			46			644
Class A		17			245			18			245			20			300			18			258
Cost of shares redeemed
Institutional Class		(3,103	)		(43,060	)		(2,072	)		(27,626	)		(2,773	)		(38,905	)		(2,114	)		(28,619	)
Administrative Class		(215	)		(3,063	)		(303	)		(3,987	)		(156	)		(2,207	)		(199	)		(2,688	)
Class A		(72	)		(1,045	)		(92	)		(1,218	)		(98	)		(1,369	)		(208	)		(2,765	)
Net increase (decrease) resulting from Fund share transactions		4,776		$	67,622			6,728		$	87,900			3,993		$	58,837			6,199		$	82,383

	PIMCO REALPATH® Blend 2045 Fund												PIMCO REALPATH® Blend 2050 Fund
	Year Ended 06/30/2022						Year Ended 06/30/2021						Year Ended 06/30/2022						Year Ended 06/30/2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		5,303		$	77,193			6,517		$	87,372			4,764		$	69,813			5,522		$	74,111
Administrative Class		234			3,405			195			2,648			176			2,585			93			1,306
Class A		45			659			49			662			64			951			68			925
Issued as reinvestment of distributions
Institutional Class		428			6,584			356			5,111			462			7,211			350			5,073
Administrative Class		44			675			39			556			51			792			40			580
Class A		9			141			8			116			11			173			8			113
Cost of shares redeemed
Institutional Class		(2,397	)		(34,648	)		(1,499	)		(20,208	)		(2,080	)		(30,553	)		(1,695	)		(23,028	)
Administrative Class		(120	)		(1,763	)		(144	)		(1,989	)		(150	)		(2,242	)		(213	)		(2,861	)
Class A		(41	)		(618	)		(69	)		(888	)		(102	)		(1,507	)		(109	)		(1,386	)
Net increase (decrease) resulting from Fund share transactions		3,505		$	51,628			5,452		$	73,380			3,196		$	47,223			4,064		$	54,833

	PIMCO REALPATH® Blend 2055 Fund												PIMCO REALPATH® Blend 2060 Fund
	Year Ended 06/30/2022						Year Ended 06/30/2021						Year Ended 06/30/2022						Year Ended 06/30/2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		4,887		$	72,104			4,689		$	63,764			1,709		$	19,212			702		$	7,847
Administrative Class		230			3,411			170			2,333			33			376			4			49
Class A		47			684			53			723			35			416			64			690
Issued as reinvestment of distributions
Institutional Class		258			4,051			202			2,964			94			1,140			13			154
Administrative Class		17			261			13			189			1			14			0			1
Class A		6			88			5			72			7			90			1			11
Cost of shares redeemed
Institutional Class		(1,763	)		(25,902	)		(1,297	)		(17,711	)		(443	)		(5,001	)		(98	)		(1,121	)
Administrative Class		(98	)		(1,456	)		(87	)		(1,162	)		(2	)		(22	)		0			(2	)
Class A		(52	)		(761	)		(84	)		(1,083	)		(54	)		(627	)		(1	)		(15	)
Net increase (decrease) resulting from Fund share transactions		3,532		$	52,480			3,664		$	50,089			1,380		$	15,598			685		$	7,614

90 PIMCO EQUITY SERIES

June 30, 2022

	PIMCO REALPATH® Blend Income Fund
	Year Ended 06/30/2022						Year Ended 06/30/2021
	Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		5,321		$	66,789			8,670		$	108,154
Administrative Class		221			2,789			168			2,108
Class A		1,004			12,546			1,083			13,537
Issued as reinvestment of distributions
Institutional Class		583			7,420			855			10,790
Administrative Class		90			1,147			158			1,988
Class A		91			1,150			130			1,633
Cost of shares redeemed
Institutional Class		(4,928	)		(61,063	)		(3,828	)		(48,133	)
Administrative Class		(402	)		(4,987	)		(462	)		(5,768	)
Class A		(807	)		(9,964	)		(254	)		(3,167	)
Net increase (decrease) resulting from Fund share transactions		1,173		$	15,827			6,520		$	81,142

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

The following table discloses the number of shareholders that owned 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of June 30, 2022. 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 2025 Fund		1		0		17%		0%
PIMCO REALPATH® Blend 2030 Fund		1		0		12%		0%
PIMCO REALPATH® Blend 2035 Fund		1		0		13%		0%
PIMCO REALPATH® Blend 2040 Fund		1		0		12%		0%
PIMCO REALPATH® Blend 2045 Fund		1		0		12%		0%
PIMCO REALPATH® Blend 2055 Fund		1		0		16%		0%
PIMCO REALPATH® Blend 2060 Fund		1		0		27%		0%

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.

On May 17, 2022, Allianz Global Investors U.S. LLC (“AGI U.S.”) pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Funds in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.-registered investment companies, including the Funds.

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, 2022, 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, 2022 91

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, 2022, 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)		Total Components of Distributable Earnings
PIMCO REALPATH® Blend 2025 Fund	$	1,076	$	4,473	$	(23,106	)	$	0	$	0	$	0	$	0	$	(17,557	)
PIMCO REALPATH® Blend 2030 Fund		1,155		4,985		(20,433	)		0		0		0		0		(14,293	)
PIMCO REALPATH® Blend 2035 Fund		933		3,997		(15,401	)		0		0		0		0		(10,471	)
PIMCO REALPATH® Blend 2040 Fund		769		3,830		(9,329	)		0		0		0		0		(4,730	)
PIMCO REALPATH® Blend 2045 Fund		753		3,470		(5,316	)		0		0		0		0		(1,093	)
PIMCO REALPATH® Blend 2050 Fund		733		3,350		480			0		0		0		0		4,563
PIMCO REALPATH® Blend 2055 Fund		620		1,969		(6,579	)		0		0		0		0		(3,990	)
PIMCO REALPATH® Blend 2060 Fund		70		232		(3,244	)		0		0		0		0		(2,942	)
PIMCO REALPATH® Blend Income Fund		962		2,184		(21,100	)		0		0		0		0		(17,954	)

^†  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.

⁽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 as shown below.

⁽⁵⁾  Capital losses realized during the period November 1, 2021 through June 30, 2022 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, 2021 through June 30, 2022 and Ordinary losses realized during the period January 1, 2022 through June 30, 2022 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

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

As of June 30, 2022, 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		0		0
PIMCO REALPATH® Blend Income Fund		0		0

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

92 PIMCO EQUITY SERIES

June 30, 2022

As of June 30, 2022, 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	$	265,064	$	6,122	$	(29,227	)	$	(23,105	)
PIMCO REALPATH® Blend 2030 Fund		297,962		8,347		(28,777	)		(20,430	)
PIMCO REALPATH® Blend 2035 Fund		263,114		5,802		(21,202	)		(15,400	)
PIMCO REALPATH® Blend 2040 Fund		261,081		8,976		(18,303	)		(9,327	)
PIMCO REALPATH® Blend 2045 Fund		235,313		9,473		(14,788	)		(5,315	)
PIMCO REALPATH® Blend 2050 Fund		228,884		11,428		(10,948	)		480
PIMCO REALPATH® Blend 2055 Fund		162,444		2,540		(9,120	)		(6,580	)
PIMCO REALPATH® Blend 2060 Fund		26,233		0		(3,243	)		(3,243	)
PIMCO REALPATH® Blend Income Fund		243,056		7,673		(28,879	)		(21,206	)

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

⁽⁷⁾  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.

For the fiscal years ended June 30, 2022 and June 30, 2021, respectively, the Funds made the following tax basis distributions (amounts in thousands^†):

	June 30, 2022						June 30, 2021
	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	$	7,101	$	2,250	$	0	$	9,169	$	4,081	$	0
PIMCO REALPATH® Blend 2030 Fund		7,000		3,500		0		9,792		2,459		0
PIMCO REALPATH® Blend 2035 Fund		5,736		2,550		0		6,550		850		0
PIMCO REALPATH® Blend 2040 Fund		6,200		2,675		0		6,032		950		0
PIMCO REALPATH® Blend 2045 Fund		5,201		2,575		0		5,200		875		0
PIMCO REALPATH® Blend 2050 Fund		5,515		2,900		0		5,001		930		0
PIMCO REALPATH® Blend 2055 Fund		3,059		1,450		0		3,001		300		0
PIMCO REALPATH® Blend 2060 Fund		764		600		0		185		0		0
PIMCO REALPATH® Blend Income Fund		7,350		2,575		0		10,451		4,299		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, 2022 93

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, 2022, the related statements of operations for the year ended June 30, 2022, the statements of changes in net assets for each of the two years in the period ended June 30, 2022, 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, 2022, 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, 2022 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, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

August 26, 2022

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

94 PIMCO EQUITY SERIES

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

Counterparty Abbreviations:
FICC	Fixed Income Clearing Corporation	JPM	JP Morgan Chase Bank N.A.
Currency Abbreviations:
USD (or $)	United States Dollar
Exchange Abbreviations:
CBOE	Chicago Board Options Exchange	OTC	Over the Counter
Index/Spread Abbreviations:
FNRETR	FTSE Nareit Equity REITs 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, 2022 95

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 fund’s dividend distribution that qualifies under tax law. The percentage of the following Funds’ fiscal 2022 ordinary income dividend that qualifies for the corporate dividend 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, 2022 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 2022:

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, 2022 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, 2022 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.

Section 163(j) Interest Dividends.  The Funds intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) amount of ordinary income distributions are as follows:

	Dividend Received Deduction %		Qualified Dividend Income %		Qualified Interest Income (000s)†		Qualified Short-Term Capital Gains (000s)†		163(j) Interest Dividends (000s)†
PIMCO REALPATH® Blend 2025 Fund		0%		0%	$	1	$	0	$	0
PIMCO REALPATH® Blend 2030 Fund		0%		0%		1		0		0
PIMCO REALPATH® Blend 2035 Fund		0%		0%		1		85		0
PIMCO REALPATH® Blend 2040 Fund		0%		0%		1		250		0
PIMCO REALPATH® Blend 2045 Fund		0%		0%		1		300		0
PIMCO REALPATH® Blend 2050 Fund		0%		0%		1		315		0
PIMCO REALPATH® Blend 2055 Fund		0%		0%		0		160		0
PIMCO REALPATH® Blend 2060 Fund		0%		0%		0		415		0
PIMCO REALPATH® Blend Income Fund		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 2023, 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 2022.

Section 199A Dividends.  Non-corporate fund shareholders of the Funds below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Funds as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

	199A Dividends
PIMCO REALPATH® Blend 2025 Fund		0%
PIMCO REALPATH® Blend 2030 Fund		0%
PIMCO REALPATH® Blend 2035 Fund		0%
PIMCO REALPATH® Blend 2040 Fund		0%
PIMCO REALPATH® Blend 2045 Fund		0%
PIMCO REALPATH® Blend 2050 Fund		0%
PIMCO REALPATH® Blend 2055 Fund		0%
PIMCO REALPATH® Blend 2060 Fund		0%
PIMCO REALPATH® Blend Income Fund		0%

96 PIMCO EQUITY SERIES

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the fiscal period ended June 30, 2022 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO REALPATH® Blend 2025 Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other  Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0295	$	0.0000	$	0.0000	$	0.0295
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0476	$	0.0000	$	0.0000	$	0.0476
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0223	$	0.0000	$	0.0000	$	0.0223
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0399	$	0.0000	$	0.0000	$	0.0399
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0153	$	0.0000	$	0.0000	$	0.0153
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0318	$	0.0000	$	0.0000	$	0.0318

ANNUAL REPORT | JUNE 30, 2022 97

Distribution Information (Cont.)

PIMCO REALPATH® Blend 2030 Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0312	$	0.0000	$	0.0000	$	0.0312
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0429	$	0.0000	$	0.0000	$	0.0429
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0238	$	0.0000	$	0.0000	$	0.0238
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0349	$	0.0000	$	0.0000	$	0.0349
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0179	$	0.0000	$	0.0000	$	0.0179
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0279	$	0.0000	$	0.0000	$	0.0279
PIMCO REALPATH® Blend 2035 Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0138	$	0.0000	$	0.0000	$	0.0138
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0304	$	0.0000	$	0.0000	$	0.0304
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0061	$	0.0000	$	0.0000	$	0.0061
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0221	$	0.0000	$	0.0000	$	0.0221
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0001	$	0.0000	$	0.0000	$	0.0001
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0153	$	0.0000	$	0.0000	$	0.0153

98 PIMCO EQUITY SERIES

(Unaudited)

PIMCO REALPATH® Blend 2040 Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0028	$	0.0000	$	0.0000	$	0.0028
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0205	$	0.0000	$	0.0000	$	0.0205
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0120	$	0.0000	$	0.0000	$	0.0120
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0045	$	0.0000	$	0.0000	$	0.0045
PIMCO REALPATH® Blend 2045 Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0120	$	0.0000	$	0.0000	$	0.0120
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000

ANNUAL REPORT | JUNE 30, 2022 99

Distribution Information
(Cont.)

PIMCO REALPATH® Blend 2050 Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
PIMCO REALPATH® Blend 2055 Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000

100 PIMCO EQUITY SERIES

(Unaudited)

PIMCO REALPATH® Blend 2060 Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
PIMCO REALPATH® Blend Income Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0088	$	0.0000	$	0.0000	$	0.0088
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0548	$	0.0000	$	0.0000	$	0.0548
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0022	$	0.0000	$	0.0000	$	0.0022
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0472	$	0.0000	$	0.0000	$	0.0472
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
April 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0414	$	0.0000	$	0.0000	$	0.0414

* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits.

** Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund’s net income, yield, earnings or investment performance.

ANNUAL REPORT | JUNE 30, 2022 101

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.	149	Chairman and Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Kimberley G. Stafford (1978) Trustee	02/2021 to present	Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO.	149	Trustee, 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.	149	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	Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P.	149	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.	149	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).	149	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.	149	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).	149	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, 2022.

¹  Ms. Stafford is an “interested persons” of the Trust (as that term is defined in the 1940 Act) because of his affiliations with PIMCO.

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

102 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 and Head of Funds Business Group Americas, 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.
Ryan G. Leshaw (1980) Chief Legal Officer and Secretary	08/2021 to present	Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer 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.
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.
Joshua D. Ratner (1976)** Senior Vice President	05/2019 to present	Executive Vice President and Head of Americas 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.
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.
Douglas B. Burrill (1980)** Vice President	08/2022 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Jeffrey A. Byer (1976) Vice President	02/2020 to present	Executive Vice President, 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.
Elizabeth A. Duggan (1964) Vice President	02/2021 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.
Mark A. Jelic (1981) Vice President	08/2021 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Kenneth W. Lee (1972) Vice President	08/2022 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, 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.
Keith A. Werber (1973) Vice President	05/2022 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Bijal Y. Parikh (1978) Treasurer	01/2021 to present	Senior Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT, 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	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Deputy Treasurer, 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 August 25, 2022.

^† The term “PIMCO-Sponsored Closed-End Funds” as used herein includes: PIMCO Access Income Fund, 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 Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS^® & Income Fund, PIMCO High Income 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, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.

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

*** The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

ANNUAL REPORT | JUNE 30, 2022 103

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”).

104 PIMCO EQUITY SERIES

Liquidity Risk Management Program (Unaudited)

In compliance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940, as amended (“1940 Act”), 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”) not regulated as a money market fund under 1940 Act Rule 2a-7, 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, Americas Operations, Compliance, Account Management and Portfolio Management, and is advised by members of PIMCO Legal.

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 15-16, 2022, 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 12-month period ended December 31, 2021. The Report reviewed the operation of the Program’s components during such period and stated 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 period ended June 30, 2022.

ANNUAL REPORT | JUNE 30, 2022 105

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, I-3, 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_063022

PIMCO EQUITY SERIES^®

Annual Report

June 30, 2022

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

Table of Contents

			Page
Chairman’s Letter				2
Important Information About the Funds				4
Index Descriptions				9
Expense Examples				17
Financial Highlights				18
Statements of Assets and Liabilities				20
Statements of Operations				21
Statements of Changes in Net Assets				22
Notes to Financial Statements				55
Report of Independent Registered Public Accounting Firm				71
Glossary				72
Federal Income Tax Information				73
Distribution Information				74
Management of the Trust				75
Privacy Policy				77
Liquidity Risk Management Program				78
Fund	Fund Summary		Schedule of Investments
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		9		23
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		11		33
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		13		46
PIMCO RAFI ESG U.S. ETF		15		53

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 remaining 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, 2022. On the subsequent pages, you will find specific details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended June 30, 2022

The global economy continued to be affected by the COVID-19 pandemic (“COVID-19”) and its variants. Looking back, third quarter 2021 U.S. annualized gross domestic product (“GDP”) grew 2.3%. Economic activity accelerated during the fourth quarter, as GDP growth was 6.9%. However, the U.S. economy then experienced a setback, as first quarter 2022 GDP growth was -1.6%. Finally, the Commerce Department’s initial estimate for second quarter 2022 GDP growth — released after the reporting period ended — was -0.9%.

In the U.S., the Federal Reserve Board (the “Fed”) took several steps to tighten monetary policy to combat elevated inflation. The Fed reduced the monthly pace of its net asset purchases of Treasury securities and agency mortgage-backed securities in November 2021 and again in December. The Fed ended its monthly asset purchases in mid-March 2022. The Fed then raised the federal funds rate 0.25% to a range between 0.25% and 0.50% in March 2022, its first rate hike since 2018. The central bank then raised rates 0.50% in its May 2022 meeting and 0.75% in its June meeting. Finally, on July 27, 2022 — after the reporting period ended — the Fed raised rates 0.75%, to a range between 2.25% and 2.50%.

Economies outside the U.S. also continued to be impacted by the pandemic. The war in Ukraine and its repercussions also led to increased uncertainties around the world. In its April 2022 World Economic Outlook Update, the International Monetary Fund (“IMF”) said it expects U.S. gross domestic product (“GDP”) growth to be 3.7% in 2022, compared to 5.7% in 2021. Elsewhere, the IMF expects 2022 GDP to grow 2.8% in the eurozone (from 5.3% in 2021), 3.7% in the U.K. (from 7.4% in 2021) and 2.4% in Japan (from 1.6% in 2021).

Several other central banks began tightening monetary policy during the period. In December 2021, the Bank of England (the “BoE”) surprised the market and raised rates for the first time since COVID-19 began. The BoE again raised rates at its meetings in February, March, May and June 2022. The European Central Bank (the “ECB”) indicated that it intended to raise rates at its September 2022 meeting. Elsewhere, the Bank of Japan (the “BoJ”) maintained its loose monetary policy and appears likely to remain accommodative in the near future given the headwinds facing its economy.

During the reporting period, short- and long-term U.S. Treasury yields moved sharply higher. The yield on the benchmark 10-year U.S. Treasury note was 2.98% on June 30, 2022, versus 1.45% on June 30, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -7.91%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -12.75%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -12.85%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -19.25%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -19.28%.

Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -10.62%. Global equities, as represented by the MSCI World Index, returned -14.34%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -25.28%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned -8.33% and European equities, as represented by the MSCI Europe Index (in EUR), returned -6.54%.

2 PIMCO EQUITY SERIES

Commodity prices were volatile and generated mixed returns. Brent crude oil, which was approximately $75 a barrel at the start of the reporting period, rose to roughly $112 a barrel at the end of June 2022. We believe the oil-price increase was driven by supply shortages and stronger demand due to economic re-openings as COVID-19 restrictions eased. Repercussions from the war in Ukraine also contributed to higher oil prices. In terms of other commodities prices, copper declined, whereas gold rose during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was due to several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 11.59%, 11.95% and 18.13% 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, 2022 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 and Other 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’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from other countries, each 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

4 PIMCO EQUITY SERIES

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 ultimately phase out the use of LIBOR. 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). Any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. The transition may also 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. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, 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, but not limited to 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, regional armed conflict and unpredictable taxation. Investments in Russia are particularly subject to the risk that further economic sanctions and other similar measures may be imposed by the United States and/or other countries. Other similar measures may include, but are not limited to, banning Russia or certain persons or entities associated with Russia from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors, and freezing Russian assets or those of particular countries, entities or persons with ties to Russia. Such sanctions and other similar measures — which may impact companies in many sectors, including energy, financial services and defense, among others — may negatively impact a Fund’s performance and/or ability to achieve its investment objective. For example, certain investments may be prohibited and/or existing investments may become illiquid (e.g., in the event that transacting in certain existing investments is prohibited, securities markets close, or market participants cease transacting in certain investments in light of geopolitical events, sanctions or related considerations), which could render any such securities held by a Fund unmarketable for an indefinite period of time and/or cause the Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions. In addition, such sanctions or other

similar measures, and the Russian government’s response, could result in a downgrade of Russia’s credit rating or of securities of issuers located in or economically tied to Russia, devaluation of Russia’s currency and/or increased volatility with respect to Russian securities and the ruble. Moreover, disruptions caused by Russian military action or other actions (including cyberattacks, espionage or other asymmetric measures) or resulting actual or threatened responses to such activity may impact Russia’s economy and Russian issuers of securities in which a Fund invests. Such resulting actual or threatened responses may include, but are not limited to, purchasing and financing restrictions, withdrawal of financial intermediaries, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians. The Russian securities market is characterized by limited volume of trading, resulting in difficulty in obtaining accurate prices and trading. These issues can be magnified as a result of sanctions and other similar measures that may be imposed and the Russian government’s response. 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. Prior to the implementation of the National Settlement Depository (“NSD”), a recognized central securities depository, there was no central registration system for equity share registration in Russia, and registration was carried out by either the issuers themselves or by registrars located throughout Russia. Title to Russian equities held through the NSD is now based on the records of the NSD and not the registrars. Although the implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, issues resulting in loss can still occur. Ownership of securities issued by Russian companies that are not held through depositories such as the NSD may be recorded by companies themselves and by registrars. In such cases, the risk is increased that a Fund could lose ownership rights through fraud, negligence or oversight. 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. In addition, issuers and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss. 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

ANNUAL REPORT | JUNE 30, 2022 5

Important Information About the Funds (Cont.)

securities they hold for their clients. 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, and to sanctions or other actions that may be directed at the Russian economy as a whole or at Russian oil, natural gas, metals or timber industries.

Russia has attempted, and may attempt in the future, to assert its influence in the region through economic or military measures. For example, in February 2022, Russia launched a large-scale invasion of Ukraine. Such measures may have an adverse effect on the Russian economy, which may, in turn, negatively impact a Fund.

Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available currency hedging instruments. In addition, there is the risk that the Russian government may impose capital controls on foreign portfolio investments in the event of extreme financial or political crisis. Such capital controls may prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.

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.

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

6 PIMCO EQUITY SERIES

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.

On each business day, before commencement of trading on NYSE Arca, each Fund will disclose on www.pimcoetfs.com the identities and quantities of the Fund’s portfolio holdings. 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.

SEC rules 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. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary. Any election to receive reports in paper will apply to all funds held in the investor’s account at the financial intermediary.

In August 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.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions that was applicable to the Funds as of the date of this report. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and a certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements is August 19, 2022.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Investment Company Act of 1940 (the “Act”) without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the associated recordkeeping requirements is September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

ANNUAL REPORT | JUNE 30, 2022 7

Important Information About the Funds (Cont.)

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Funds) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

8 PIMCO EQUITY SERIES

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

Cumulative Returns Through June 30, 2022

$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, 2022
		1 Year		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Based on Net Asset Value)		(23.00)%		0.67%
	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (At Market Price)(1)(2)		(22.35)%		0.76%
	RAFI Dynamic Multi-Factor Emerging Markets Index±		(21.86)%		1.38%
	MSCI Emerging Markets Index±±		(25.28)%		0.58%

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 EM index strategy takes time-varying exposures to four return factors; value, low volatility, quality, and momentum. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis. It is not possible to invest directly in the index.

^±± 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 0.52%. 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.

ANNUAL REPORT | JUNE 30, 2022 9

Ticker symbol - MFEM

Top 10 Holdings as of June 30, 2022^†§

Infosys Ltd.	3.2%
Bank of China Ltd. ‘H’	1.7%
Taiwan Semiconductor Manufacturing Co. Ltd.	1.4%
Tata Consultancy Services Ltd.	1.2%
Hyundai Motor Co.	1.2%
America Movil SAB de CV	1.2%
Kia Corp.	1.2%
ITC Ltd.	1.0%
Vale SA	1.0%
China Petroleum & Chemical Corp. ‘H’	1.0%

Geographic Breakdown as of June 30, 2022^†**

India	16.3%
Taiwan	16.1%
China	15.4%
South Korea	13.6%
Thailand	5.7%
Brazil	5.1%
South Africa	4.2%
Hong Kong	3.6%
Saudi Arabia	3.6%
Mexico	3.3%
Indonesia	2.2%
Turkey	2.2%
United Kingdom	2.0%
Short-Term Instruments	1.8%
Malaysia	1.8%
Chile	1.0%
Other	2.1%

^† % of Investments, at value.

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

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

Fund Insights at NAV

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

» Underweight exposure to, and security selection in, the information technology 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 and the Fund’s holdings outperformed the secondary benchmark index.

» Underweight exposure to, and security selection in, the health care 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 and the Fund’s holdings outperformed the secondary benchmark index.

» Underweight exposure to, and security selection in, the consumer discretionary 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 and the Fund’s holdings outperformed the secondary benchmark index.

» Security selection in the energy sector 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.

» Underweight exposure to the financials sector detracted from relative returns compared to the Fund’s secondary benchmark, the MSCI Emerging Markets Index, as the sector outperformed the secondary benchmark index.

» Security selection in the materials sector 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.

10 PIMCO EQUITY SERIES

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

Cumulative Returns Through June 30, 2022

$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, 2022
		1 Year		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Based on Net Asset Value)		(12.60)%		2.56%
	PIMCO RAFI Dynamic Multi-Factor International Equity ETF (At Market Price)(1)(2)		(12.60)%		2.50%
	RAFI Dynamic Multi-Factor Developed Ex-U.S. Index±		(12.92)%		2.86%
	MSCI EAFE Index±		(17.77)%		1.69%

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 Dev. 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. It is not possible to invest directly in the index.

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed 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 0.39%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

ANNUAL REPORT | JUNE 30, 2022 11

Ticker symbol - MFDX

Top 10 Holdings as of June 30, 2022^†§

AstraZeneca PLC	1.6%
BP PLC	1.2%
Novo Nordisk AS ‘B’	1.2%
Nestle SA	1.1%
GSK PLC	1.0%
Glencore PLC	1.0%
Vodafone Group PLC	0.8%
Equinor ASA	0.8%
Koninklijke Ahold Delhaize NV	0.8%
Telefonica SA	0.8%

Geographic Breakdown as of June 30, 2022^†**

Japan	26.4%
United Kingdom	14.0%
Canada	8.1%
France	7.3%
Switzerland	6.9%
Germany	5.2%
Australia	4.3%
Spain	4.2%
Netherlands	3.8%
Short-Term Instruments	3.0%
Italy	2.5%
Denmark	2.3%
Sweden	1.9%
Hong Kong	1.7%
Norway	1.7%
Singapore	1.5%
Ireland	1.1%
Finland	1.1%
Other	3.0%

^† % 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 at NAV

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

» Overweight exposure to, and security selection in, the energy 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.

» Security selection in the industrials sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the Fund’s holdings outperformed the secondary benchmark index.

» Security selection in the communication services sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as 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 the real estate sector 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.

» Overweight exposure to, and security selection in, the consumer discretionary sector detracted from relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector and the Fund’s holdings underperformed the secondary benchmark index.

12 PIMCO EQUITY SERIES

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

Cumulative Returns Through June 30, 2022

$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, 2022
		1 Year		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Based on Net Asset Value)		(5.66)%		9.98%
	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (At Market Price)(1)(2)		(6.10)%		9.93%
	RAFI Dynamic Multi-Factor U.S. Index±		(5.40)%		10.38%
	S&P 500 Index±±		(10.62)%		11.18%

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.

ANNUAL REPORT | JUNE 30, 2022 13

Ticker symbol - MFUS

Top 10 Holdings as of June 30, 2022^†§

Exxon Mobil Corp.	2.8%
Chevron Corp.	2.5%
Pfizer, Inc.	2.3%
Walmart, Inc.	1.9%
Johnson & Johnson	1.9%
Procter & Gamble Co.	1.8%
Merck & Co., Inc.	1.8%
PepsiCo, Inc.	1.4%
Coca-Cola Co.	1.3%
International Business Machines Corp.	1.3%

Sector Breakdown as of June 30, 2022^†**

Health Care	17.8%
Consumer Staples	15.8%
Energy	11.9%
Information Technology	11.6%
Financials	10.5%
Consumer Discretionary	10.1%
Industrials	7.5%
Communication Services	5.4%
Real Estate	3.3%
Materials	3.2%
Utilities	2.1%
Short-Term Instruments	0.8%

^† % 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 at NAV

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

» Overweight exposure to, and security selection in, the energy sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index.

» Underweight exposure to the communication services 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.

» Overweight exposure to, and security selection in, the health care sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index.

» Overweight exposure to, and security selection in, the consumer discretionary 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 the utilities 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.

» Security selection in the financials sector 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.

14 PIMCO EQUITY SERIES

PIMCO RAFI ESG U.S. ETF

Cumulative Returns Through June 30, 2022

$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.

Average Annual Total Return for the period ended June 30, 2022
		1 Year		Fund Inception (12/18/19)
	PIMCO RAFI ESG U.S. ETF (Based on Net Asset Value)		(8.73)%		5.99%
	PIMCO RAFI ESG U.S. ETF (At Market Price)(1)(2)		(9.05)%		5.72%
	RAFI ESG US Index±		(8.52)%		6.33%
	S&P 500 Index±±		(10.62)%		8.70%

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. It is not possible to invest directly in the index.

^±± 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.

ANNUAL REPORT | JUNE 30, 2022 15

Ticker symbol - RAFE

Top 10 Holdings as of June 30, 2022^†§

Apple, Inc.	5.1%
Microsoft Corp.	5.0%
Johnson & Johnson	3.8%
AT&T, Inc.	3.6%
Intel Corp.	3.1%
Verizon Communications, Inc.	2.9%
JPMorgan Chase & Co.	2.6%
UnitedHealth Group, Inc.	2.4%
Wells Fargo & Co.	2.4%
Procter & Gamble Co.	2.4%

Sector Breakdown as of June 30, 2022^†**

Information Technology	27.7%
Health Care	22.7%
Financials	15.3%
Communication Services	9.2%
Consumer Staples	9.0%
Consumer Discretionary	6.7%
Industrials	4.2%
Materials	2.9%
Real Estate	2.0%
Utilities	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.

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

Fund Insights at NAV

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

» Overweight exposure to, and security selection in, the health care sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index.

» Underweight exposure to, and security selection in, the communication services 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 consumer staples sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index.

» Underweight exposure to the energy 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.

» 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 the utilities 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.

16 PIMCO EQUITY SERIES

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, 2022 to June 30, 2022 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 (01/01/22)		Ending Account Value (06/30/22)		Expenses Paid During Period*		Beginning Account Value (01/01/22)		Ending Account Value (06/30/22)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	1,000.00	$	792.40	$	2.20	$	1,000.00	$	1,022.07	$	2.48		0.50	%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		1,000.00		856.40		1.82		1,000.00		1,022.56		1.98		0.40
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		1,000.00		882.00		1.38		1,000.00		1,023.05		1.49		0.30
PIMCO RAFI ESG U.S. ETF		1,000.00		835.70		1.35		1,000.00		1,023.05		1.49		0.30

* 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 179/365 (to reflect the one-half year period).

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

ANNUAL REPORT | JUNE 30, 2022 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			Net Assets End of Year or Period(a)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF
06/30/2022	$	31.06	$	1.21	$	(6.94	)	$	(5.73	)	$	(2.46	)	$	(4.54	)	$	(7.00	)	$	18.33
06/30/2021		20.84		0.50		10.14			10.64			(0.42	)		0.00			(0.42	)		31.06
06/30/2020		24.24		0.59		(3.41	)		(2.82	)		(0.58	)		0.00			(0.58	)		20.84
06/30/2019		23.94		0.64		0.39			1.03			(0.73	)		0.00			(0.73	)		24.24
08/31/2017 - 06/30/2018		25.00		0.42		(1.41	)		(0.99	)		(0.07	)		0.00			(0.07	)		23.94
PIMCO RAFI Dynamic Multi-Factor International Equity ETF
06/30/2022	$	29.66	$	0.95	$	(4.57	)	$	(3.62	)	$	(0.88	)	$	0.00		$	(0.88	)	$	25.16
06/30/2021		22.86		0.69		6.53			7.22			(0.42	)		0.00			(0.42	)		29.66
06/30/2020		24.94		0.53		(1.84	)		(1.31	)		(0.77	)		0.00			(0.77	)		22.86
06/30/2019		25.87		0.72		(0.89	)		(0.17	)		(0.76	)		0.00			(0.76	)		24.94
08/31/2017 - 06/30/2018		25.00		0.62		0.44			1.06			(0.19	)		0.00			(0.19	)		25.87
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF
06/30/2022	$	39.00	$	0.75	$	(2.90	)	$	(2.15	)	$	(0.61	)	$	0.00		$	(0.61	)	$	36.24
06/30/2021		27.74		0.52		11.28			11.80			(0.54	)		0.00			(0.54	)		39.00
06/30/2020		29.21		0.62		(1.44	)		(0.82	)		(0.65	)		0.00			(0.65	)		27.74
06/30/2019		28.30		0.59		0.91			1.50			(0.59	)		0.00			(0.59	)		29.21
08/31/2017 - 06/30/2018		25.00		0.43		3.17			3.60			(0.30	)		0.00			(0.30	)		28.30
PIMCO RAFI ESG U.S. ETF
06/30/2022	$	30.72	$	0.60	$	(3.22	)	$	(2.62	)	$	(0.52	)	$	0.00		$	(0.52	)	$	27.58
06/30/2021		21.40		0.51		9.32			9.83			(0.51	)		0.00			(0.51	)		30.72
12/18/2019 - 06/30/2020		25.00		0.33		(3.72	)		(3.39	)		(0.21	)		0.00			(0.21	)		21.40

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

* Annualized, except for organizational expense, if any.

^(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.

^(d)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

18 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
								Ratios to Average Net Assets
Total Return(d)			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
	(23.00	)%	$	75,517		0.49	%		0.50.	%		0.49	%		0.50	%		4.50	%		54	%
	51.62			494,452		0.50			0.51			0.50			0.51			1.91			58
	(11.86	)		619,324		0.49			0.50			0.49			0.50			2.66			59
	4.53			477,943		0.49			0.50			0.49			0.50			2.75			43
	(3.99	)		357,169		0.50	*		0.55	*		0.50	*		0.55	*		1.94	*		52
	(12.60	)%	$	85,539		0.39	%		0.40	%		0.39	%		0.40	%		3.30	%		39	%
	31.87			88,978		0.40			0.40			0.40			0.40			2.54			48
	(5.37	)		24,231		0.40			0.41			0.40			0.41			2.21			35
	(0.59	)		42,888		0.39			0.40			0.39			0.40			2.96			24
	4.22			28,976		0.40	*		0.87	*		0.40	*		0.87	*		2.81	*		36
	(5.66	)%	$	94,954		0.29	%		0.30	%		0.29	%		0.30	%		1.88	%		43	%
	43.02			82,677		0.29			0.30			0.29			0.30			1.53			63
	(2.80	)		25,525		0.30			0.31			0.30			0.31			2.12			36
	5.50			96,980		0.29			0.30			0.29			0.30			2.08			40
	14.43			65,658		0.29	*		0.60	*		0.29	*		0.60	*		1.89	*		56
	(8.73	)%	$	28,615		0.29	%		0.30	%		0.29	%		0.30	%		1.94	%		26	%
	46.63			20,584		0.30			0.31			0.30			0.31			1.91			32
	(13.42	)		8,988		0.30	*		0.86	*		0.30	*		0.86	*		2.75	*		12

ANNUAL REPORT | JUNE 30, 2022 19

Statements of Assets and Liabilities June 30, 2022

(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*^	$	74,662		$	84,683		$	94,836		$	28,392
Investments in Affiliates		72			1,189			25			0
Cash		0			618			0			203
Foreign currency, at value		489			472			0			0
Receivable for investments sold		0			67			0			0
Receivable for Fund shares sold		0			0			3,649			0
Interest and/or dividends receivable		571			345			110			27
Reimbursement receivable from PIMCO		1			1			1			0
Other assets		1			0			0			0
Total Assets		75,796			87,375			98,621			28,622
Liabilities:
Payable for investments purchased	$	175		$	0		$	3,621		$	0
Payable upon return of securities loaned		72			1,807			25			0
Accrued management fees		32			29			21			7
Total Liabilities		279			1,836			3,667			7
Net Assets	$	75,517		$	85,539		$	94,954		$	28,615
Net Assets Consist of:
Paid in capital	$	79,547		$	99,388		$	107,597		$	32,066
Distributable earnings (accumulated loss)		(4,030	)		(13,849	)		(12,643	)		(3,451	)
Net Assets	$	75,517		$	85,539		$	94,954		$	28,615
Shares Issued and Outstanding		4,120			3,400			2,620			1,038
Net Asset Value Per Share Outstanding(a):	$	18.33		$	25.16		$	36.24		$	27.58
Cost of investments in securities	$	77,949		$	86,247		$	90,787		$	30,422
Cost of investments in Affiliates	$	72		$	1,189		$	25		$	0
Cost of foreign currency held	$	453		$	472		$	0		$	0
* Includes repurchase agreements of:	$	1,300		$	1,354		$	728		$	0
^ Includes securities on loan of:	$	59		$	1,695		$	24		$	0

^†  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, 2022
(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
Investment Income:
Dividends, net of foreign taxes*	$	8,948		$	3,465		$	1,893		$	574
Securities lending income		116			20			1			0
Total Income		9,064			3,485			1,894			574
Expenses:
Management fees		894			368			253			75
Trustee fees		20			6			5			1
Interest expense		6			1			0			0
Miscellaneous expense		9			6			4			1
Total Expenses		929			381			262			77
Waiver and/or Reimbursement by PIMCO		(20	)		(6	)		(6	)		(2	)
Net Expenses		909			375			256			75
Net Investment Income (Loss)		8,155			3,110			1,638			499
Net Realized Gain (Loss):
Investments in securities		65,155			(4,937	)		(2,613	)		(847	)
In-kind redemptions		17,718			6,610			3,551			1,259
Over the counter financial derivative instruments		(1	)		(5	)		0			0
Foreign currency		(458	)		(95	)		0			0
Net Realized Gain (Loss)		82,414			1,573			938			412
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(124,939	)		(17,516	)		(8,348	)		(4,250	)
Foreign currency assets and liabilities		23			(12	)		0			0
Net Change in Unrealized Appreciation (Depreciation)		(124,916	)		(17,528	)		(8,348	)		(4,250	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(34,347	)	$	(12,845	)	$	(5,772	)	$	(3,339	)
* Foreign tax withholdings - Dividends	$	1,236		$	384		$	0		$	0

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

ANNUAL REPORT | JUNE 30, 2022 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, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	8,155		$	12,389		$	3,110		$	1,730		$	1,638		$	937		$	499		$	244
Net realized gain (loss)		82,414			154,863			1,573			(2,024	)		938			6,125			412			445
Net change in unrealized appreciation (depreciation)		(124,916	)		127,110			(17,528	)		17,508			(8,348	)		14,062			(4,250	)		3,930
Net Increase (Decrease) in Net Assets Resulting from Operations		(34,347	)		294,362			(12,845	)		17,214			(5,772	)		21,124			(3,339	)		4,619
Distributions to Shareholders:
From net investment income and/or net realized capital gains		(35,613	)		(12,004	)		(2,872	)		(943	)		(1,311	)		(868	)		(411	)		(235	)
Total Distributions(a)		(35,613	)		(12,004	)		(2,872	)		(943	)		(1,311	)		(868	)		(411	)		(235	)
Fund Share Transactions:
Receipts for shares sold		19,206			23,871			36,080			50,169			31,146			64,915			17,482			10,114
Cost of shares redeemed		(368,181	)		(431,101	)		(23,802	)		(1,693	)		(11,786	)		(28,019	)		(5,701	)		(2,902	)
Net increase (decrease) resulting from Fund share transactions		(348,975	)		(407,230	)		12,278			48,476			19,360			36,896			11,781			7,212
Total Increase (Decrease) in Net Assets		(418,935	)		(124,872	)		(3,439	)		64,747			12,277			57,152			8,031			11,596
Net Assets:
Beginning of year		494,452			619,324			88,978			24,231			82,677			25,525			20,584			8,988
End of year	$	75,517		$	494,452		$	85,539		$	88,978		$	94,954		$	82,677		$	28,615		$	20,584
Shares of Beneficial Interest:
Shares sold		800			800			1,200			2,000			800			2,000			550			350
Shares redeemed		(12,600	)		(14,600	)		(800	)		(60	)		(300	)		(800	)		(182	)		(100	)
Net increase (decrease) in shares outstanding		(11,800	)		(13,800	)		400			1,940			500			1,200			368			250

^†  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, 2022

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 98.9%
COMMON STOCKS 93.3%
BRAZIL 3.6%
COMMUNICATION SERVICES 0.1%
Telefonica Brasil SA		6,400	$		58
CONSUMER DISCRETIONARY 0.2%
Vibra Energia SA		54,500			174
CONSUMER STAPLES 0.8%
Ambev SA		106,800			273
BRF SA (b)		8,100			21
JBS SA		51,000			308
Raia Drogasil SA		8,500			31
					633
ENERGY 0.2%
Cosan SA		6,400			22
Ultrapar Participacoes SA		61,400			145
					167
FINANCIALS 0.6%
B3 SA - Brasil Bolsa Balcao		15,300			32
Banco BTG Pactual SA		5,000			21
Banco do Brasil SA		54,600			348
BB Seguridade Participacoes SA		6,200			31
					432
HEALTH CARE 0.0%
Hypera SA		3,000			22
INDUSTRIALS 0.1%
CCR SA		10,900			26
WEG SA		5,500			28
					54
MATERIALS 1.3%
Cia Siderurgica Nacional SA		12,900			38
Klabin SA		21,900			85
Suzano SA		7,100			67
Vale SA		51,500			753
					943
UTILITIES 0.3%
Centrais Eletricas Brasileiras SA		5,700			51
Cia de Saneamento Basico do Estado de Sao Paulo		4,500			36
Cia Paranaense de Energia		13,300			85
Engie Brasil Energia SA		3,325			26
Equatorial Energia SA		6,700			29
					227
Total Brazil					2,710
CHILE 0.7%
CONSUMER DISCRETIONARY 0.1%
Falabella SA		30,490			72

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.1%
Cencosud SA		44,596	$		57
Cia Cervecerias Unidas SA		8,455			53
					110
ENERGY 0.1%
Empresas COPEC SA		5,023			37
FINANCIALS 0.2%
Banco de Chile		1,115,175			101
Banco de Credito e Inversiones SA		811			24
Banco Santander Chile		563,873			23
					148
MATERIALS 0.0%
Empresas CMPC SA		14,492			24
UTILITIES 0.2%
Aguas Andinas SA		150,567			24
Colbun SA		318,289			22
Enel Americas SA		939,004			89
Enel Chile SA		519,731			12
					147
Total Chile					538
CHINA 15.3%
COMMUNICATION SERVICES 0.6%
Baidu, Inc. SP - ADR (b)		1,417			211
China Tower Corp. Ltd. ‘H’		370,000			47
NetEase, Inc. ADR		2,450			229
					487
CONSUMER DISCRETIONARY 2.4%
ANTA Sports Products Ltd.		5,200			64
BAIC Motor Corp. Ltd. ‘H’		85,000			28
BYD Co. Ltd. ‘H’		6,000			242
Dongfeng Motor Group Co. Ltd. ‘H’		68,000			52
Fuyao Glass Industry Group Co. Ltd.		9,600			49
Great Wall Motor Co. Ltd. ‘H’		76,000			157
Guangzhou Automobile Group Co. Ltd. ‘H’		34,000			33
Haier Smart Home Co. Ltd. ‘H’		17,400			65
JD.com, Inc. ADR		5,245			337
Meituan ‘B’ (b)		23,700			591
Shenzhou International Group Holdings Ltd.		8,100			99
Yum China Holdings, Inc.		1,898			92
Zhongsheng Group Holdings Ltd.		5,000			35
					1,844
CONSUMER STAPLES 0.6%
Dali Foods Group Co. Ltd.		44,000			24
Hengan International Group Co. Ltd.		24,500			115
Nongfu Spring Co. Ltd.		8,200			47
Tingyi Cayman Islands Holding Corp.		58,000			100
Tsingtao Brewery Co. Ltd. ‘H’		4,000			42
Uni-President China Holdings Ltd.		35,000			30
Want Want China Holdings Ltd.		86,000			75
					433

	SHARES			MARKET VALUE (000S)
ENERGY 2.7%
China Oilfield Services Ltd. ‘H’		16,000	$		15
China Petroleum & Chemical Corp. ‘H’		1,606,000			724
China Shenhua Energy Co. Ltd. ‘H’		176,000			505
PetroChina Co. Ltd. ‘H’		1,012,000			475
Yankuang Energy Group Co. Ltd. ‘H’		94,000			294
					2,013
FINANCIALS 4.7%
Agricultural Bank of China Ltd. ‘H’		1,062,000			402
Bank of China Ltd. ‘H’		3,119,000			1,246
Bank of Communications Co. Ltd. ‘H’		484,000			336
China Cinda Asset Management Co. Ltd. ‘H’		274,000			43
China CITIC Bank Corp. Ltd. ‘H’		386,000			173
China Construction Bank Corp. ‘H’		523,000			353
China Everbright Bank Co. Ltd. ‘H’		105,000			34
China Galaxy Securities Co. Ltd. ‘H’		44,000			25
China Reinsurance Group Corp. ‘H’		271,000			22
China Zheshang Bank Co. Ltd. ‘H’		66,000			30
CITIC Securities Co. Ltd. ‘H’		25,500			57
GF Securities Co. Ltd. ‘H’		14,034			19
Guotai Junan Securities Co. Ltd. ‘H’		18,400			23
Huatai Securities Co. Ltd. ‘H’		15,800			24
Industrial & Commercial Bank of China Ltd. ‘H’		498,000			297
People’s Insurance Co. Group of China Ltd. ‘H’		99,000			30
PICC Property & Casualty Co. Ltd. ‘H’		50,000			52
Postal Savings Bank of China Co. Ltd. ‘H’		453,000			361
					3,527
HEALTH CARE 0.4%
China Resources Pharmaceutical Group Ltd.		89,500			61
CSPC Pharmaceutical Group Ltd.		59,680			60
Shanghai Pharmaceuticals Holding Co. Ltd. ‘H’		22,900			38
Sinopharm Group Co. Ltd. ‘H’		45,600			110
					269
INDUSTRIALS 1.6%
Air China Ltd. ‘H’		52,000			45
Beijing Capital International Airport Co. Ltd. ‘H’		56,000			38
China Communications Services Corp. Ltd. ‘H’		46,000			20
China Energy Engineering Corp. Ltd. ‘H’		262,000			37
China Railway Group Ltd. ‘H’ (b)		476,000			295
CITIC Ltd.		142,000			145
CRRC Corp. Ltd. ‘H’		99,000			37
Guangshen Railway Co. Ltd. ‘H’		98,000			18
Jiangsu Expressway Co. Ltd. ‘H’		50,000			50
Metallurgical Corp. of China Ltd.		145,000			35
Sinopec Engineering Group Co. Ltd. ‘H’		50,500			23
Sinotrans Ltd. ‘H’		127,000			37
Weichai Power Co. Ltd. ‘H’		40,000			64

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 23

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Yangzijiang Shipbuilding Holdings Ltd.		265,600	$		178
Zhejiang Expressway Co. Ltd. ‘H’		36,000			33
Zhuzhou CRRC Times Electric Co. Ltd.		10,000			49
ZTO Express Cayman, Inc. ADR		2,461			68
					1,172
INFORMATION TECHNOLOGY 0.3%
FIH Mobile Ltd. (b)		179,000			26
Lenovo Group Ltd.		224,000			210
					236
MATERIALS 0.8%
Angang Steel Co. Ltd. ‘H’		78,000			29
Anhui Conch Cement Co. Ltd. ‘H’		28,500			124
China National Building Material Co. Ltd. ‘H’		278,000			298
China Zhongwang Holdings Ltd. «(b)		338,800			0
Jiangxi Copper Co. Ltd. ‘H’		74,000			101
Shandong Gold Mining Co. Ltd.		20,250			35
Sinopec Shanghai Petrochemical Co. Ltd. ‘H’		136,000			23
					610
REAL ESTATE 0.2%
China Evergrande Group «(d)		121,000			13
China Vanke Co. Ltd. ‘H’		17,100			43
Greentown China Holdings Ltd.		25,000			52
Guangzhou R&F Properties Co. Ltd. ‘H’		79,600			21
Longfor Group Holdings Ltd.		8,500			40
					169
UTILITIES 1.0%
Beijing Jingneng Clean Energy Co. Ltd. ‘H’		116,000			27
CGN Power Co. Ltd. ‘H’		146,000			35
China Longyuan Power Group Corp. Ltd. ‘H’		21,000			41
Datang International Power Generation Co. Ltd. ‘H’		304,000			50
ENN Energy Holdings Ltd.		16,600			274
Huadian Power International Corp. Ltd. ‘H’		334,000			122
Huaneng Power International, Inc. ‘H’		452,000			225
					774
Total China					11,534
GREECE 0.6%
COMMUNICATION SERVICES 0.1%
Hellenic Telecommunications Organization SA		4,949			87
CONSUMER DISCRETIONARY 0.1%
OPAP SA		4,668			67
ENERGY 0.0%
Motor Oil Hellas Corinth Refineries SA		1,283			24

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.4%
Alpha Services & Holdings SA (b)		111,230	$		98
Eurobank Ergasias Services & Holdings SA (b)		88,136			79
National Bank of Greece SA (b)		37,454			112
					289
UTILITIES 0.0%
Public Power Corp. SA (b)		4,020			22
Total Greece					489
HONG KONG 3.6%
CONSUMER STAPLES 0.1%
China Resources Beer Holdings Co. Ltd.		10,000			75
FINANCIALS 0.8%
BOC Hong Kong Holdings Ltd.		150,000			595
Far East Horizon Ltd.		27,000			23
					618
INDUSTRIALS 0.3%
China Merchants Port Holdings Co. Ltd.		10,000			17
China State Construction International Holdings Ltd.		18,000			20
COSCO SHIPPING Ports Ltd.		64,000			46
Orient Overseas International Ltd.		3,500			93
Shanghai Industrial Holdings Ltd.		18,000			26
					202
REAL ESTATE 0.9%
China Jinmao Holdings Group Ltd.		140,000			38
China Overseas Land & Investment Ltd.		172,500			549
China Resources Land Ltd.		10,000			47
Poly Property Group Co. Ltd.		113,000			27
Yuexiu Property Co. Ltd.		25,400			32
					693
UTILITIES 1.5%
Beijing Enterprises Holdings Ltd.		10,000			36
China Power International Development Ltd.		501,000			318
China Resources Gas Group Ltd.		28,000			130
China Resources Power Holdings Co. Ltd.		220,000			454
Guangdong Investment Ltd.		68,000			72
Kunlun Energy Co. Ltd.		130,000			107
					1,117
Total Hong Kong					2,705
INDIA 16.0%
COMMUNICATION SERVICES 0.6%
Bharti Airtel Ltd. (b)		43,096			375
Indus Towers Ltd.		16,618			44
					419
CONSUMER DISCRETIONARY 1.1%
Bajaj Auto Ltd.		1,797			85
Eicher Motors Ltd. (b)		1,117			40

	SHARES			MARKET VALUE (000S)
Hero MotoCorp Ltd.		3,183	$		110
Mahindra & Mahindra Ltd.		3,400			47
Maruti Suzuki India Ltd. (b)		638			69
Rajesh Exports Ltd.		4,332			34
Tata Motors Ltd. (b)		67,732			353
Titan Co. Ltd.		3,017			74
					812
CONSUMER STAPLES 1.8%
Avenue Supermarts Ltd. (b)		1,262			55
Britannia Industries Ltd.		807			36
Dabur India Ltd. (b)		4,994			31
Godrej Consumer Products Ltd. (b)		3,743			36
Hindustan Unilever Ltd.		9,362			265
ITC Ltd.		223,506			776
Marico Ltd.		5,421			33
Nestle India Ltd.		273			61
Tata Consumer Products Ltd.		3,414			31
					1,324
ENERGY 2.1%
Bharat Petroleum Corp. Ltd.		23,897			94
Coal India Ltd.		124,887			294
Hindustan Petroleum Corp. Ltd.		41,935			116
Indian Oil Corp. Ltd. (b)		64,433			61
Indian Oil Corp. Ltd.		128,866			121
Mangalore Refinery & Petrochemicals Ltd. (b)		26,560			30
Oil & Natural Gas Corp. Ltd.		139,683			267
Oil India Ltd.		11,908			38
Petronet LNG Ltd.		16,243			45
Reliance Industries Ltd. (b)		16,692			551
					1,617
FINANCIALS 1.4%
Bajaj Finserv Ltd.		290			40
Bajaj Holdings & Investment Ltd.		552			32
Bandhan Bank Ltd. (b)		8,704			29
Bank of Baroda		27,337			34
Cholamandalam Investment and Finance Co. Ltd.		3,873			31
Federal Bank Ltd. (b)		30,650			35
HDFC Bank Ltd.		9,361			160
ICICI Bank Ltd.		36,802			331
IDFC Ltd.		47,946			30
Indiabulls Housing Finance Ltd. ‘L’ (b)		29,339			35
Kotak Mahindra Bank Ltd. (b)		7,410			157
Power Finance Corp. Ltd.		28,405			38
SBI Life Insurance Co. Ltd.		2,394			33
State Bank of India		18,286			108
					1,093
HEALTH CARE 0.8%
Alkem Laboratories Ltd.		812			31
Aurobindo Pharma Ltd.		4,165			27
Cipla Ltd. (b)		8,005			93
Divi’s Laboratories Ltd. (b)		1,009			47
Dr Reddy’s Laboratories Ltd.		2,499			139
Lupin Ltd. (b)		4,165			32
Sun Pharmaceutical Industries Ltd.		22,630			238
					607

24 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.5%
Adani Enterprises Ltd. (b)		8,367	$		233
Bharat Electronics Ltd.		11,587			35
Havells India Ltd.		2,455			34
Larsen & Toubro Ltd.		5,350			106
					408
INFORMATION TECHNOLOGY 5.9%
HCL Technologies Ltd.		37,735			467
Infosys Ltd.		127,531			2,370
Mindtree Ltd.		704			26
Mphasis Ltd.		1,503			44
Redington India Ltd.		26,640			43
Tata Consultancy Services Ltd.		22,246			924
Tech Mahindra Ltd.		22,744			289
Wipro Ltd.		57,503			304
					4,467
MATERIALS 0.9%
ACC Ltd.		1,300			35
Ambuja Cements Ltd.		7,728			36
Asian Paints Ltd.		4,407			151
Jindal Steel & Power Ltd.		27,373			115
National Aluminium Co. Ltd.		79,894			70
NMDC Ltd.		16,686			23
Pidilite Industries Ltd. (b)		1,177			31
SRF Ltd.		1,073			31
Steel Authority of India Ltd.		26,690			23
Tata Steel Ltd.		3,137			35
UPL Ltd. (b)		4,035			32
Vedanta Ltd.		36,154			102
					684
REAL ESTATE 0.0%
DLF Ltd. (b)		7,219			29
UTILITIES 0.9%
Adani Power Ltd. (b)		11,390			38
GAIL India Ltd.		16,533			29
Jaiprakash Power Ventures Ltd. (b)		365,442			30
NTPC Ltd. (b)		183,912			333
Power Grid Corp. of India Ltd. (b)		70,915			191
Tata Power Co. Ltd.		10,881			28
					649
Total India					12,109
INDONESIA 2.2%
COMMUNICATION SERVICES 0.5%
Telkom Indonesia Persero Tbk PT		1,259,300			339
CONSUMER DISCRETIONARY 0.2%
Astra International Tbk PT		409,500			182
CONSUMER STAPLES 0.2%
Charoen Pokphand Indonesia Tbk PT		49,000			20
Indofood CBP Sukses Makmur Tbk PT		47,000			30
Indofood Sukses Makmur Tbk PT		28,100			13
Sumber Alfaria Trijaya Tbk PT		287,300			39
Unilever Indonesia Tbk PT		107,400			35
					137

	SHARES			MARKET VALUE (000S)
ENERGY 0.4%
Adaro Energy Indonesia Tbk PT		729,400	$		140
Bukit Asam Tbk PT		142,900			37
Indo Tambangraya Megah Tbk PT		52,900			109
United Tractors Tbk PT		26,600			51
					337
FINANCIALS 0.7%
Bank Central Asia Tbk PT		700,700			341
Bank Mandiri Persero Tbk PT		57,900			31
Bank Negara Indonesia Persero Tbk PT		63,100			33
Bank Rakyat Indonesia Persero Tbk PT		428,300			120
					525
HEALTH CARE 0.0%
Kalbe Farma Tbk PT		321,700			36
MATERIALS 0.1%
Indah Kiat Pulp & Paper Tbk PT		48,800			25
Indocement Tunggal Prakarsa Tbk PT		36,500			23
					48
UTILITIES 0.1%
Perusahaan Gas Negara Tbk PT		410,700			44
Total Indonesia					1,648
MALAYSIA 1.8%
COMMUNICATION SERVICES 0.2%
Axiata Group Bhd		36,100			23
DiGi.Com Bhd		64,800			52
Maxis Bhd		40,100			30
Telekom Malaysia Bhd		42,700			51
					156
CONSUMER DISCRETIONARY 0.1%
Genting Bhd		38,200			39
Genting Malaysia Bhd		80,200			52
					91
CONSUMER STAPLES 0.2%
IOI Corp. Bhd.		22,800			20
Kuala Lumpur Kepong Bhd		4,900			24
PPB Group Bhd		9,800			35
Sime Darby Plantation Bhd		60,600			60
					139
ENERGY 0.1%
Petronas Dagangan Bhd.		7,600			37
FINANCIALS 0.8%
Alliance Bank Malaysia Bhd.		44,400			32
AMMB Holdings Bhd		28,200			24
CIMB Group Holdings Bhd		102,800			116
Hong Leong Bank Bhd		7,500			35
Malayan Banking Bhd		83,600			163
Public Bank Bhd		191,100			189
RHB Bank Bhd		41,500			54
					613

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.1%
CAPITAL A BHD (b)		151,800	$		21
Malaysia Airports Holdings Bhd (b)		21,300			32
MISC Bhd		16,400			26
Sime Darby Bhd		49,600			24
					103
MATERIALS 0.2%
Petronas Chemicals Group Bhd		58,700			120
Press Metal Aluminium Holdings Bhd		15,100			16
					136
UTILITIES 0.1%
Petronas Gas Bhd		6,300			23
Tenaga Nasional Bhd		29,700			54
					77
Total Malaysia					1,352
MEXICO 3.2%
COMMUNICATION SERVICES 1.2%
America Movil SAB de CV		883,106			903
Grupo Televisa SAB		10,266			17
Megacable Holdings SAB de CV		10,834			26
					946
CONSUMER STAPLES 1.2%
Arca Continental SAB de CV		12,400			82
Coca-Cola Femsa SAB de CV		21,155			117
Gruma SAB de CV		9,089			101
Grupo Bimbo SAB de CV		10,600			34
Kimberly-Clark de Mexico SAB de CV		59,330			80
Wal-Mart de Mexico SAB de CV		155,162			535
					949
FINANCIALS 0.2%
Grupo Elektra SAB de CV		460			26
Grupo Financiero Banorte SAB de CV		14,834			83
Grupo Financiero Inbursa SAB de CV (b)		20,200			32
					141
INDUSTRIALS 0.2%
Alfa SAB de CV		78,898			56
Grupo Aeroportuario del Pacifico SAB de CV		4,566			64
Grupo Aeroportuario del Sureste SAB de CV		1,030			20
					140
MATERIALS 0.4%
Alpek SAB de CV		13,632			19
Grupo Mexico SAB de CV		59,796			247
Orbia Advance Corp. SAB de CV		8,100			19
					285
Total Mexico					2,461

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 25

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
PHILIPPINES 0.5%
COMMUNICATION SERVICES 0.1%
Globe Telecom, Inc.		515	$		21
PLDT, Inc.		1,585			49
					70
CONSUMER STAPLES 0.0%
Universal Robina Corp.		14,670			30
FINANCIALS 0.1%
Bank of the Philippine Islands		13,891			22
BDO Unibank, Inc.		11,420			23
Metro Pacific Investments Corp.		435,000			28
Metropolitan Bank & Trust Co.		32,632			28
					101
INDUSTRIALS 0.1%
Ayala Corp.		1,140			12
International Container Terminal Services, Inc.		17,270			58
					70
REAL ESTATE 0.1%
SM Prime Holdings, Inc.		50,900			34
UTILITIES 0.1%
AC Energy Corp.		3,420			1
Manila Electric Co.		7,000			45
					46
Total Philippines					351
POLAND 0.8%
COMMUNICATION SERVICES 0.1%
Cyfrowy Polsat SA		3,165			15
Orange Polska SA		21,608			30
					45
ENERGY 0.4%
Grupa Lotos SA		4,323			67
Polski Koncern Naftowy ORLEN SA		12,724			195
Polskie Gornictwo Naftowe i Gazownictwo SA		32,540			42
					304
FINANCIALS 0.1%
Powszechny Zaklad Ubezpieczen SA		15,520			104
MATERIALS 0.1%
Grupa Azoty SA (b)		1,217			12
Jastrzebska Spolka Weglowa SA (b)		2,280			33
KGHM Polska Miedz SA		1,583			42
					87
UTILITIES 0.1%
PGE Polska Grupa Energetyczna SA (b)		20,320			48
Tauron Polska Energia SA (b)		55,439			43
					91
Total Poland					631

	SHARES			MARKET VALUE (000S)
ROMANIA 0.0%
REAL ESTATE 0.0%
NEPI Rockcastle SA		3,317	$		18
Total Romania					18
RUSSIA 0.0%
CONSUMER STAPLES 0.0%
Magnit PJSC «		2,673			0
ENERGY 0.0%
Gazprom Neft PJSC «		13,620			0
Gazprom PJSC «		635,130			0
LUKOIL PJSC «		15,703			0
Novatek PJSC «		21,924			0
Rosneft Oil Co. PJSC «		66,050			0
Surgutneftegas PJSC «		701,700			0
Tatneft PJSC «		19,086			0
					0
FINANCIALS 0.0%
Sberbank of Russia PJSC «		117,340			0
VTB Bank PJSC «		598,992,500			1
					1
MATERIALS 0.0%
Magnitogorsk Iron & Steel Works PJSC «		160,600			0
MMC Norilsk Nickel PJSC «		1,269			0
Novolipetsk Steel PJSC «		88,470			0
Severstal PAO ^«(a)		17,344			0
					0
UTILITIES 0.0%
Inter RAO UES PJSC «		1,587,500			0
Rosseti PJSC «		3,309,000			0
					0
Total Russia					1
SAUDI ARABIA 3.6%
COMMUNICATION SERVICES 0.4%
Etihad Etisalat Co.		3,269			31
Saudi Telecom Co.		11,545			299
					330
CONSUMER DISCRETIONARY 0.1%
Jarir Marketing Co.		1,116			48
CONSUMER STAPLES 0.1%
Almarai Co. JSC		3,481			49
ENERGY 0.5%
Saudi Arabian Oil Co.		40,948			423
FINANCIALS 1.3%
Al Rajhi Bank		22,203			489
Alinma Bank		4,688			42
Arab National Bank		2,200			17
Bank Al-Jazira		5,190			31
Bank AlBilad (b)		2,358			28

	SHARES			MARKET VALUE (000S)
Banque Saudi Fransi		2,630	$		33
Bupa Arabia for Cooperative Insurance Co.		823			35
Riyad Bank		3,330			29
Saudi British Bank		5,605			61
Saudi Investment Bank		4,938			26
Saudi National Bank		10,858			191
					982
HEALTH CARE 0.0%
Dr Sulaiman Al Habib Medical Services Group Co.		317			16
MATERIALS 1.1%
Advanced Petrochemical Co.		1,389			19
SABIC Agri-Nutrients Co.		4,167			153
Sahara International Petrochemical Co.		1,517			20
Saudi Arabian Mining Co. (b)		4,952			66
Saudi Basic Industries Corp.		16,659			452
Saudi Industrial Investment Group		7,769			59
Yanbu National Petrochemical Co.		2,851			39
					808
UTILITIES 0.1%
Saudi Electricity Co.		7,516			49
Total Saudi Arabia					2,705
SINGAPORE 0.1%
INDUSTRIALS 0.1%
BOC Aviation Ltd.		5,200			44
Total Singapore					44
SOUTH AFRICA 4.1%
COMMUNICATION SERVICES 0.7%
MTN Group Ltd.		49,333			401
MultiChoice Group		7,089			51
Telkom SA SOC Ltd.		19,733			44
Vodacom Group Ltd.		3,545			29
					525
CONSUMER DISCRETIONARY 0.3%
Foschini Group Ltd.		2,943			22
Motus Holdings Ltd.		6,128			40
Mr Price Group Ltd.		4,699			51
Truworths International Ltd.		13,038			41
Woolworths Holdings Ltd.		23,657			79
					233
CONSUMER STAPLES 0.5%
AVI Ltd.		6,208			25
Bid Corp. Ltd.		6,307			119
Pick n Pay Stores Ltd.		8,861			31
Shoprite Holdings Ltd.		13,332			162
SPAR Group Ltd.		4,228			36
					373
ENERGY 0.2%
Exxaro Resources Ltd.		9,615			117

26 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.7%
Absa Group Ltd.		7,364	$		70
Capitec Bank Holdings Ltd.		519			64
Discovery Ltd. (b)		3,177			25
FirstRand Ltd.		36,687			141
Nedbank Group Ltd.		2,467			32
Old Mutual Ltd.		26,846			18
Remgro Ltd.		4,170			33
Sanlam Ltd.		5,366			18
Standard Bank Group Ltd.		17,420			166
					567
HEALTH CARE 0.1%
Aspen Pharmacare Holdings Ltd.		1,457			13
Life Healthcare Group Holdings Ltd.		19,861			22
Netcare Ltd.		24,114			21
					56
INDUSTRIALS 0.1%
Barloworld Ltd.		3,895			21
Bidvest Group Ltd.		1,749			23
					44
MATERIALS 1.5%
Anglo American Platinum Ltd.		309			27
AngloGold Ashanti Ltd.		12,504			185
Gold Fields Ltd.		20,959			193
Impala Platinum Holdings Ltd.		3,578			40
Kumba Iron Ore Ltd.		1,777			58
Sappi Ltd.		18,194			60
Sasol Ltd. (b)		25,987			599
					1,162
Total South Africa					3,077
SOUTH KOREA 13.4%
COMMUNICATION SERVICES 1.6%
KT Corp.		15,164			426
LG Uplus Corp.		13,133			129
NAVER Corp.		1,169			218
NCSoft Corp.		167			45
SK Telecom Co. Ltd.		9,285			373
					1,191
CONSUMER DISCRETIONARY 3.7%
Coway Co. Ltd.		1,565			77
Hankook Tire & Technology Co. Ltd.		2,456			63
Hanon Systems		3,905			30
Hyundai Department Store Co. Ltd.		639			35
Hyundai Mobis Co. Ltd.		2,232			344
Hyundai Motor Co.		6,475			905
Hyundai Wia Corp.		423			18
Kangwon Land, Inc.		5,338			105
Kia Corp.		14,416			860
LG Electronics, Inc.		4,331			295
Lotte Shopping Co. Ltd.		865			70
Shinsegae, Inc.		116			20
					2,822
CONSUMER STAPLES 0.7%
Amorepacific Corp.		290			29
Amorepacific Group		796			23

	SHARES			MARKET VALUE (000S)
CJ CheilJedang Corp.		252	$		74
E-MART, Inc.		1,253			102
GS Retail Co. Ltd.		885			18
KT&G Corp.		3,397			215
LG H&H Co. Ltd.		95			50
					511
ENERGY 0.8%
HD Hyundai Co. Ltd.		2,432			112
S-Oil Corp.		293			23
SK Innovation Co. Ltd.		3,124			464
					599
FINANCIALS 2.1%
BNK Financial Group, Inc.		13,876			72
DB Insurance Co. Ltd.		1,942			92
DGB Financial Group, Inc.		7,910			47
Hana Financial Group, Inc.		2,117			64
Hanwha Life Insurance Co. Ltd.		10,951			19
Hyundai Marine & Fire Insurance Co. Ltd.		5,225			125
Industrial Bank of Korea		15,943			118
KB Financial Group, Inc.		1,722			64
Meritz Financial Group, Inc.		2,312			46
Meritz Fire & Marine Insurance Co. Ltd.		3,551			91
Samsung Card Co. Ltd.		693			16
Samsung Fire & Marine Insurance Co. Ltd.		1,112			173
Samsung Life Insurance Co. Ltd.		2,619			127
Samsung Securities Co. Ltd.		1,116			29
Shinhan Financial Group Co. Ltd.		15,803			453
Woori Financial Group, Inc.		7,357			69
					1,605
INDUSTRIALS 1.6%
CJ Corp.		386			23
Doosan Co. Ltd. (d)		521			28
Doosan Enerbility Co. Ltd. (b)		9,666			145
GS Engineering & Construction Corp.		610			15
GS Holdings Corp.		2,274			74
Hanwha Corp.		2,314			46
Hyundai Engineering & Construction Co. Ltd.		2,461			79
Hyundai Glovis Co. Ltd.		1,226			170
Korea Shipbuilding & Offshore Engineering Co. Ltd. (b)		269			20
Korean Air Lines Co. Ltd. (b)		3,157			62
LG Corp.		2,334			140
LG International Corp.		2,587			65
LS Corp.		767			38
Posco International Corp.		4,462			66
SK Networks Co. Ltd.		5,566			18
SK, Inc.		1,306			217
					1,206
INFORMATION TECHNOLOGY 1.1%
LG Display Co. Ltd.		18,483			207
Samsung Electro-Mechanics Co. Ltd.		720			73
SK Hynix, Inc.		7,413			523
					803

	SHARES			MARKET VALUE (000S)
MATERIALS 1.3%
Dongkuk Steel Mill Co. Ltd.		7,423	$		74
Hyundai Steel Co.		5,359			133
Kolon Industries, Inc.		461			18
Korea Zinc Co. Ltd.		346			130
POSCO Holdings, Inc.		3,509			626
SKC Co. Ltd.		130			13
					994
UTILITIES 0.5%
Korea Electric Power Corp.		16,660			291
Korea Gas Corp.		3,375			103
					394
Total South Korea					10,125
TAIWAN 16.0%
COMMUNICATION SERVICES 0.9%
Chunghwa Telecom Co. Ltd.		90,000			369
Far EasTone Telecommunications Co. Ltd.		61,000			172
Taiwan Mobile Co. Ltd.		28,000			102
					643
CONSUMER DISCRETIONARY 0.6%
Cheng Shin Rubber Industry Co. Ltd.		67,000			80
China Motor Corp.		8,000			17
Eclat Textile Co. Ltd.		3,000			42
Feng TAY Enterprise Co. Ltd.		5,000			29
Giant Manufacturing Co. Ltd.		2,000			16
Hotai Motor Co. Ltd.		3,000			61
Kinpo Electronics		40,000			18
Nien Made Enterprise Co. Ltd.		2,000			20
Pou Chen Corp.		68,000			68
Ruentex Industries Ltd.		15,800			41
Yulon Motor Co. Ltd.		40,509			64
					456
CONSUMER STAPLES 0.4%
Great Wall Enterprise Co. Ltd.		15,960			26
President Chain Store Corp.		14,000			128
Uni-President Enterprises Corp.		71,000			160
					314
ENERGY 0.1%
Formosa Petrochemical Corp.		24,000			76
FINANCIALS 3.9%
Cathay Financial Holding Co. Ltd.		235,000			402
Chailease Holding Co. Ltd.		3,832			27
Chang Hwa Commercial Bank Ltd.		120,000			70
China Development Financial Holding Corp.		473,096			234
CTBC Financial Holding Co. Ltd.		514,000			435
E.Sun Financial Holding Co. Ltd.		236,648			231
First Financial Holding Co. Ltd.		165,490			146
Fubon Financial Holding Co. Ltd.		201,369			405
Hua Nan Financial Holdings Co. Ltd. ‘C’		140,371			107
Mega Financial Holding Co. Ltd.		240,000			285
Shanghai Commercial & Savings Bank Ltd.		22,000			39

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 27

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Shin Kong Financial Holding Co. Ltd.		164,307	$		49
SinoPac Financial Holdings Co. Ltd.		176,528			100
Taichung Commercial Bank Co. Ltd.		46,000			21
Taishin Financial Holding Co. Ltd.		270,552			148
Taiwan Business Bank (b)		97,000			38
Taiwan Cooperative Financial Holding Co. Ltd.		169,560			153
Yuanta Financial Holding Co. Ltd.		84,000			56
					2,946
INDUSTRIALS 1.0%
China Airlines Ltd.		159,000			126
CTCI Corp.		20,000			30
Eva Airways Corp. (b)		123,400			132
Evergreen Marine Corp. Taiwan Ltd.		20,000			57
Far Eastern New Century Corp.		75,000			80
Taiwan High Speed Rail Corp.		20,000			19
Teco Electric & Machinery Co. Ltd.		33,000			33
Walsin Lihwa Corp.		170,000			206
Wan Hai Lines Ltd.		13,000			52
					735
INFORMATION TECHNOLOGY 7.0%
Accton Technology Corp.		3,000			24
Acer, Inc.		122,000			89
Advantech Co. Ltd.		7,291			85
Asustek Computer, Inc.		24,000			251
AUO Corp.		454,000			249
Catcher Technology Co. Ltd.		17,000			95
Chicony Electronics Co. Ltd.		27,000			67
Compal Electronics, Inc.		190,000			145
Delta Electronics, Inc.		10,000			75
Foxconn Technology Co. Ltd.		17,000			28
Hon Hai Precision Industry Co. Ltd.		87,600			322
HTC Corp. (b)		9,000			15
Innolux Corp.		815,000			332
Inventec Corp.		92,000			78
Largan Precision Co. Ltd.		290			17
Lite-On Technology Corp.		58,000			113
MediaTek, Inc.		24,000			527
Micro-Star International Co. Ltd.		25,000			95
Nan Ya Printed Circuit Board Corp.		2,000			18
Nanya Technology Corp.		8,000			13
Novatek Microelectronics Corp.		19,000			193
Pegatron Corp.		63,000			121
Powertech Technology, Inc.		40,000			118
Quanta Computer, Inc.		83,000			223
Radiant Opto-Electronics Corp.		6,000			17
Realtek Semiconductor Corp.		3,000			37
Silicon Motion Technology Corp. ADR		212			18
Supreme Electronics Co. Ltd.		55,593			79
Synnex Technology International Corp.		42,000			75
Taiwan Semiconductor Manufacturing Co. Ltd.		67,000			1,074
TPK Holding Co. Ltd.		11,000			13
Transcend Information, Inc.		6,000			14
Tripod Technology Corp.		10,000			37
Unimicron Technology Corp.		3,000			16
United Microelectronics Corp.		215,000			287
Wistron Corp.		131,347			118
Wiwynn Corp.		1,000			23
WPG Holdings Ltd.		46,560			86

	SHARES			MARKET VALUE (000S)
WT Microelectronics Co. Ltd.		23,000	$		52
Yageo Corp.		2,000			21
Zhen Ding Technology Holding Ltd.		9,000			31
					5,291
MATERIALS 2.0%
Asia Cement Corp.		66,000			97
Cheng Loong Corp.		24,000			21
China Steel Corp.		418,000			400
Eternal Materials Co. Ltd.		24,000			26
Formosa Chemicals & Fibre Corp.		50,000			126
Formosa Plastics Corp.		87,000			318
Nan Ya Plastics Corp.		87,000			243
TA Chen Stainless Pipe		12,000			14
Taiwan Cement Corp.		137,422			183
Taiwan Fertilizer Co. Ltd.		10,000			21
Tung Ho Steel Enterprise Corp.		16,020			28
YFY, Inc.		27,000			23
					1,500
REAL ESTATE 0.1%
Farglory Land Development Co. Ltd.		9,000			19
Highwealth Construction Corp.		17,000			26
Ruentex Development Co. Ltd.		19,800			49
					94
Total Taiwan					12,055
THAILAND 5.7%
COMMUNICATION SERVICES 0.6%
Advanced Info Service PCL		41,400			228
Digital Telecommunications Infrastructure Fund		157,600			60
Intouch Holdings PCL		27,000			52
Jasmine International PCL (b)		312,300			31
Total Access Communication PCL		37,500			47
					418
CONSUMER DISCRETIONARY 0.1%
Central Retail Corp. PCL		30,700			30
Home Product Center PCL		66,100			24
Sri Trang Agro-Industry PCL		52,700			32
					86
CONSUMER STAPLES 0.8%
Berli Jucker PCL		21,400			20
Charoen Pokphand Foods PCL		166,900			123
CP ALL PCL		154,700			263
Thai Beverage PCL		195,900			91
Thai Union Group PCL ‘F’		221,600			107
					604
ENERGY 1.2%
Bangchak Corp. PCL		88,000			78
Esso Thailand PCL (b)		100,100			33
IRPC PCL		831,100			76
PTT Exploration & Production PCL		20,100			90
PTT PCL		486,800			468
Star Petroleum Refining PCL		204,000			70
Thai Oil PCL		34,100			50
					865

	SHARES			MARKET VALUE (000S)
FINANCIALS 1.1%
Bangkok Bank PCL		70,400	$		265
Kasikornbank PCL		33,000			141
Krung Thai Bank PCL		399,700			176
SCB PCL		18,700			55
Thanachart Capital PCL		78,900			84
Tisco Financial Group PCL		20,800			52
TMBThanachart Bank PCL		1,019,300			36
					809
HEALTH CARE 0.3%
Bangkok Dusit Medical Services PCL ‘F’		249,600			177
Bumrungrad Hospital PCL		15,200			77
					254
INDUSTRIALS 0.4%
Airports of Thailand PCL		66,600			134
Delta Electronics Thailand PCL		8,900			84
Jasmine Broadband Internet Infrastructure Fund		227,700			62
					280
INFORMATION TECHNOLOGY 0.0%
Fabrinet (b)		416			34
MATERIALS 0.9%
Indorama Ventures PCL		22,200			30
PTT Global Chemical PCL		84,700			109
SCG Packaging PCL		14,900			23
Siam Cement PCL		47,300			501
					663
REAL ESTATE 0.2%
Central Pattana PCL		22,000			38
Land & Houses PCL		369,400			88
Sansiri PCL		599,200			17
Supalai PCL		53,600			28
					171
UTILITIES 0.1%
Electricity Generating PCL		7,400			37
Gulf Energy Development PCL		25,200			33
Ratch Group PCL		20,250			22
					92
Total Thailand					4,276
TURKEY 2.1%
COMMUNICATION SERVICES 0.2%
Turkcell Iletisim Hizmetleri AS		150,253			147
CONSUMER DISCRETIONARY 0.3%
Arcelik AS		21,434			93
Ford Otomotiv Sanayi AS		4,502			73
Tofas Turk Otomobil Fabrikasi AS		9,376			34
					200
CONSUMER STAPLES 0.2%
Anadolu Efes Biracilik Ve Malt Sanayii AS		10,227			17

28 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

	SHARES			MARKET VALUE (000S)
BIM Birlesik Magazalar AS		22,683	$		110
Coca-Cola Icecek AS		2,974			23
					150
ENERGY 0.4%
Turkiye Petrol Rafinerileri AS (b)		17,285			272
FINANCIALS 0.4%
Akbank TAS		144,380			69
Haci Omer Sabanci Holding AS		91,257			103
Is Yatirim Menkul Degerler AS		23,883			27
Turkiye Is Bankasi AS ‘C’		339,324			90
Turkiye Vakiflar Bankasi TAO ‘D’ (b)		87,557			19
Yapi ve Kredi Bankasi AS		100,497			26
					334
INDUSTRIALS 0.5%
Enka Insaat ve Sanayi AS		72,229			75
KOC Holding AS		41,620			92
Turk Hava Yollari AO (b)		67,139			188
Turkiye Sise ve Cam Fabrikalari AS		26,717			34
					389
MATERIALS 0.1%
Eregli Demir ve Celik Fabrikalari TAS		28,731			47
Petkim Petrokimya Holding AS (b)		40,697			21
					68
UTILITIES 0.0%
Aygaz AS		10,166			23
Total Turkey					1,583
UNITED STATES 0.0%
CONSUMER DISCRETIONARY 0.0%
Nexteer Automotive Group Ltd.		40,000			29
Total United States					29
Total Common Stocks (Cost $74,047)					70,441
	UNITS
EQUITY-LINKED SECURITIES 2.0%
UNITED KINGDOM 2.0%
FINANCIALS 1.7%
HSBC Bank PLC, Bank of Beijing Co. Ltd. - Exp. 04/25/2023		139,600			95
HSBC Bank PLC, Bank of Jiangsu Co. Ltd. - Exp. 05/18/2023		67,695			72
HSBC Bank PLC, Bank of Nanjing Co. Ltd. - Exp. 12/17/2022		32,100			50
HSBC Bank PLC, China State Construction Engineering Corp. Ltd. - Exp. 05/18/2023		97,100			77
HSBC Bank PLC, China Yangtze Power Co. Ltd. - Exp. 05/18/2023		20,800			72
HSBC Bank PLC, Contemporary Amperex Technology Co. Ltd. - Exp. 03/24/2023		1,000			80
HSBC Bank PLC, Daqin Railway Co. Ltd. - Exp. 05/18/2023		39,700			39

	UNITS			MARKET VALUE (000S)
HSBC Bank PLC, GD Power Development Co. Ltd. - Exp. 06/17/2023		63,300	$		37
HSBC Bank PLC, GoerTek, Inc. - Exp. 12/07/2022		7,100			36
HSBC Bank PLC, Hesteel Co. Ltd. - Exp. 09/22/2022		73,500			25
HSBC Bank PLC, Huaxia Bank Co. Ltd. - Exp. 06/17/2023		45,100			35
HSBC Bank PLC, Huayu Automotive Systems Co. Ltd. - Exp. 07/18/2022		5,400			19
HSBC Bank PLC, Industrial Bank Co. Ltd. - Exp. 09/16/2022		60,300			179
HSBC Bank PLC, Kweichow Moutai Co. Ltd. - Exp. 08/15/2022		100			30
HSBC Bank PLC, LONGi Green Energy Technology Co. Ltd. - Exp. 11/02/2022		1,640			16
HSBC Bank PLC, Luxshare Precision Industry Co. Ltd. - Exp. 04/25/2023		6,800			34
HSBC Bank PLC, Poly Developments and Holdings Group Co. Ltd. - Exp. 02/11/2023		12,900			34
HSBC Bank PLC, Power Construction Corp. of China Ltd. - Exp. 05/18/2023		63,400			74
HSBC Bank PLC, Shanghai Construction Group Co. Ltd. - Exp. 12/02/2022		76,200			34
HSBC Bank PLC, TBEA Co. Ltd. - Exp. 05/18/2023		19,600			80
HSBC Bank PLC, Tongling Nonferrous Metals Group Co. Ltd. - Exp. 12/05/2022		59,300			29
HSBC Bank PLC, Wanhua Chemical Group Co. Ltd. - Exp. 10/11/2022		2,600			38
HSBC Bank PLC, Wens Foodstuffs Group Co. Ltd. - Exp. 11/02/2022		23,900			76
HSBC Bank PLC, Xiamen ITG Group Corp. Ltd. - Exp. 06/17/2023		29,300			33
					1,294
INDUSTRIALS 0.3%
HSBC Bank PLC, China United Network Communications Ltd. - Exp. 06/17/2023		65,900			34
HSBC Bank PLC, Inner Mongolia Yili Industrial Group Co. Ltd. - Exp. 1/17/2023		10,600			62
HSBC Bank PLC, SAIC Motor Corp. Ltd. - Exp. 12/07/2022		6,000			16
HSBC Bank PLC, Tongwei Co. Ltd. - Exp. 12/17/2022		4,500			40
HSBC Bank PLC, Xiamen C & D, Inc. - Exp. 12/12/2022		18,100			35
					187
Total Equity-Linked Securities (Cost $1,450)					1,481
	SHARES
PREFERRED STOCKS 1.8%
BRAZIL 1.5%
BANKING & FINANCE 0.2%
Banco do Estado do Rio Grande do Sul SA		19,700			34
Itau Unibanco Holding SA		34,450			149
					183

	SHARES			MARKET VALUE (000S)
ENERGY 0.4%
Petroleo Brasileiro SA		50,100	$		267
INDUSTRIALS 0.4%
Braskem SA		5,400			39
Gerdau SA		33,300			142
Metalurgica Gerdau SA		68,400			125
					306
UTILITIES 0.5%
Cia de Transmissao de Energia Eletrica Paulista		16,300			71
Cia Energetica de Minas Gerais		150,571			299
					370
Total Brazil					1,126
CHILE 0.3%
INDUSTRIALS 0.3%
Embotelladora Andina SA		22,603			40
Sociedad Quimica y Minera de Chile SA		2,430			203
					243
Total Chile					243
RUSSIA 0.0%
ENERGY 0.0%
Bashneft PJSC «		2,929			0
Transneft PJSC «(d)		22			0
					0
Total Russia					0
Total Preferred Stocks (Cost $1,061)					1,369
REAL ESTATE INVESTMENT TRUSTS 0.1%
INDIA 0.1%
REAL ESTATE 0.1%
Embassy Office Parks REIT		7,306			34
Total India					34
SOUTH AFRICA 0.0%
REAL ESTATE 0.0%
Growthpoint Properties Ltd.		23,472			18
Total South Africa					18
TURKEY 0.0%
REAL ESTATE 0.0%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (d)		119,172			19
Total Turkey					19
Total Real Estate Investment Trusts (Cost $91)					71
SHORT-TERM INSTRUMENTS 1.7%
REPURCHASE AGREEMENTS (f) 1.7%
					1,300
Total Short-Term Instruments (Cost $1,300)					1,300
Total Investments in Securities (Cost $77,949)					74,662

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 29

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 0.1%
SHORT-TERM INSTRUMENTS 0.1%
MUTUAL FUNDS 0.1%
PIMCO Government Money Market Fund
1.450% (c)(d)(e)		72,038	$		72
Total Short-Term Instruments (Cost $72)					72
Total Investments in Affiliates (Cost $72)					72
Total Investments 99.0% (Cost $78,021)			$		74,734
Other Assets and Liabilities, net 1.0%					783
Net Assets 100.0%			$		75,517

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).

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

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

(c) Institutional Class Shares of each Fund.

(d) Securities with an aggregate market value of $59 were out on loan in exchange for $72 of cash collateral as of June 30, 2022. 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(1)
FICC		0.400	%		06/30/2022		07/01/2022	$	1,300	U.S. Treasury Notes 2.875% due 06/15/2025	$	(1,326	)	$	1,300	$	1,300
Total Repurchase Agreements											$	(1,326	)	$	1,300	$	1,300

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, 2022:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		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(2)
Global/Master Repurchase Agreement
FICC	$	1,300	$	0	$	0	$	0	$	1,300	$	(1,326	)	$	(26	)
Master Securities Lending Agreement
BCY		0		0		0		42		42		(53	)		(11	)
MBC		0		0		0		8		8		(9	)		(1	)
UBS		0		0		0		9		9		(10	)		(1	)
Total Borrowings and Other Financing Transactions	$	1,300	$	0	$	0	$	59

30 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

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(3)
Common Stocks	$	53	$	0	$	0	$	0	$	53
Preferred Securities		10		0		0		0		10
Real Estate Investment Trusts		9		0		0		0		9
Total Borrowings	$	72	$	0	$	0	$	0	$	72
Payable for securities on loan - cash collateral									$	72

⁽¹⁾ Includes accrued interest.

⁽²⁾ 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.

⁽³⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

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 and Other 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, 2022:

	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	$	(1	)	$	0	$	(1	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Common Stocks
Brazil
Communication Services	$	58	$	0	$	0	$	58
Consumer Discretionary		174		0		0		174
Consumer Staples		633		0		0		633
Energy		167		0		0		167
Financials		432		0		0		432
Health Care		22		0		0		22
Industrials		54		0		0		54
Materials		943		0		0		943
Utilities		227		0		0		227
Chile
Consumer Discretionary		72		0		0		72
Consumer Staples		110		0		0		110
Energy		37		0		0		37
Financials		148		0		0		148
Materials		24		0		0		24
Utilities		147		0		0		147
China
Communication Services		440		47		0		487
Consumer Discretionary		429		1,415		0		1,844
Consumer Staples		0		433		0		433
Energy		0		2,013		0		2,013
Financials		30		3,497		0		3,527
Health Care		0		269		0		269
Industrials		68		1,104		0		1,172
Information Technology		0		236		0		236

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Materials	$	0	$	610	$	0	$	610
Real Estate		0		156		13		169
Utilities		0		774		0		774
Greece
Communication Services		0		87		0		87
Consumer Discretionary		0		67		0		67
Energy		0		24		0		24
Financials		0		289		0		289
Utilities		0		22		0		22
Hong Kong
Consumer Staples		0		75		0		75
Financials		0		618		0		618
Industrials		0		202		0		202
Real Estate		0		693		0		693
Utilities		0		1,117		0		1,117
India
Communication Services		0		419		0		419
Consumer Discretionary		0		812		0		812
Consumer Staples		0		1,324		0		1,324
Energy		0		1,617		0		1,617
Financials		0		1,093		0		1,093
Health Care		0		607		0		607
Industrials		0		408		0		408
Information Technology		0		4,467		0		4,467
Materials		0		684		0		684
Real Estate		0		29		0		29
Utilities		0		649		0		649

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 31

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.) June 30, 2022

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Indonesia
Communication Services	$	0	$	339	$	0	$	339
Consumer Discretionary		0		182		0		182
Consumer Staples		0		137		0		137
Energy		0		337		0		337
Financials		0		525		0		525
Health Care		0		36		0		36
Materials		0		48		0		48
Utilities		0		44		0		44
Malaysia
Communication Services		23		133		0		156
Consumer Discretionary		0		91		0		91
Consumer Staples		79		60		0		139
Energy		0		37		0		37
Financials		0		613		0		613
Industrials		0		103		0		103
Materials		0		136		0		136
Utilities		0		77		0		77
Mexico
Communication Services		946		0		0		946
Consumer Staples		949		0		0		949
Financials		141		0		0		141
Industrials		140		0		0		140
Materials		285		0		0		285
Philippines
Communication Services		0		70		0		70
Consumer Staples		0		30		0		30
Financials		0		101		0		101
Industrials		0		70		0		70
Real Estate		0		34		0		34
Utilities		0		46		0		46
Poland
Communication Services		0		45		0		45
Energy		0		304		0		304
Financials		0		104		0		104
Materials		0		87		0		87
Utilities		0		91		0		91
Romania
Real Estate		0		18		0		18
Russia
Financials		0		0		1		1
Saudi Arabia
Communication Services		0		330		0		330
Consumer Discretionary		0		48		0		48
Consumer Staples		0		49		0		49
Energy		0		423		0		423
Financials		0		982		0		982
Health Care		0		16		0		16
Materials		0		808		0		808
Utilities		0		49		0		49
Singapore
Industrials		0		44		0		44
South Africa
Communication Services		95		430		0		525
Consumer Discretionary		182		51		0		233
Consumer Staples		211		162		0		373
Energy		0		117		0		117
Financials		33		534		0		567
Health Care		0		56		0		56
Industrials		44		0		0		44
Materials		87		1,075		0		1,162
South Korea
Communication Services		0		1,191		0		1,191
Consumer Discretionary		0		2,822		0		2,822
Consumer Staples		0		511		0		511
Energy		0		599		0		599
Financials		0		1,605		0		1,605

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Industrials	$	0	$	1,206	$	0	$	1,206
Information Technology		0		803		0		803
Materials		0		994		0		994
Utilities		0		394		0		394
Taiwan
Communication Services		0		643		0		643
Consumer Discretionary		0		456		0		456
Consumer Staples		0		314		0		314
Energy		0		76		0		76
Financials		0		2,946		0		2,946
Industrials		0		735		0		735
Information Technology		18		5,273		0		5,291
Materials		0		1,500		0		1,500
Real Estate		0		94		0		94
Thailand
Communication Services		0		418		0		418
Consumer Discretionary		0		86		0		86
Consumer Staples		0		604		0		604
Energy		0		865		0		865
Financials		0		809		0		809
Health Care		0		254		0		254
Industrials		0		280		0		280
Information Technology		34		0		0		34
Materials		30		633		0		663
Real Estate		0		171		0		171
Utilities		0		92		0		92
Turkey
Communication Services		0		147		0		147
Consumer Discretionary		0		200		0		200
Consumer Staples		110		40		0		150
Energy		0		272		0		272
Financials		217		117		0		334
Industrials		222		167		0		389
Materials		0		68		0		68
Utilities		23		0		0		23
United States
Consumer Discretionary		0		29		0		29
Equity-Linked Securities
United Kingdom
Financials		0		1,294		0		1,294
Industrials		0		187		0		187
Preferred Stocks
Brazil
Banking & Finance		183		0		0		183
Energy		267		0		0		267
Industrials		306		0		0		306
Utilities		370		0		0		370
Chile
Industrials		243		0		0		243
Real Estate Investment Trusts
India
Real Estate		0		34		0		34
South Africa
Real Estate		18		0		0		18
Turkey
Real Estate		0		19		0		19
Short-Term Instruments
Repurchase Agreements		0		1,300		0		1,300
	$	9,471	$	65,177	$	14	$	74,662
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		72		0		0		72
Total Investments	$	9,543	$	65,177	$	14	$	74,734

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

32 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF June 30, 2022

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.0%
COMMON STOCKS 95.0%
AUSTRALIA 4.2%
COMMUNICATION SERVICES 0.5%
carsales.com Ltd.		1,346	$		17
Nine Entertainment Co. Holdings Ltd.		5,374			7
REA Group Ltd.		300			23
SEEK Ltd.		1,816			26
Telstra Corp. Ltd.		123,543			329
					402
CONSUMER DISCRETIONARY 0.3%
Domino’s Pizza Enterprises Ltd.		477			23
Harvey Norman Holdings Ltd.		8,564			22
JB Hi-Fi Ltd.		1,372			37
Lottery Corp. Ltd. (a)		8,397			26
Super Retail Group Ltd.		3,812			22
Tabcorp Holdings Ltd.		8,397			6
Wesfarmers Ltd.		5,021			145
					281
CONSUMER STAPLES 0.6%
Coles Group Ltd.		9,145			113
GrainCorp Ltd. ‘A’		7,302			48
Metcash Ltd.		19,577			57
Woolworths Group Ltd.		13,339			328
					546
ENERGY 0.4%
Ampol Ltd.		3,218			76
Santos Ltd.		5,824			29
Viva Energy Group Ltd.		16,312			33
Whitehaven Coal Ltd.		14,115			47
Woodside Energy Group Ltd.		5,088			112
					297
FINANCIALS 0.7%
AMP Ltd. (a)		50,368			33
ASX Ltd.		471			27
Bank of Queensland Ltd.		5,127			24
Bendigo & Adelaide Bank Ltd.		4,700			30
Insurance Australia Group Ltd.		8,482			26
Macquarie Group Ltd.		780			89
Medibank Pvt Ltd.		26,444			59
National Australia Bank Ltd.		7,164			136
NIB Holdings Ltd.		4,593			23
Perpetual Ltd.		772			15
QBE Insurance Group Ltd.		5,141			43
Suncorp Group Ltd.		16,557			126
					631
HEALTH CARE 0.2%
Cochlear Ltd.		195			27
CSL Ltd.		431			80
Ramsay Health Care Ltd.		495			25
Sonic Healthcare Ltd.		1,725			39
					171

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.4%
Aurizon Holdings Ltd.		29,728	$		78
Brambles Ltd.		8,618			64
Downer EDI Ltd.		7,600			26
Qantas Airways Ltd. (a)		7,675			24
Transurban Group		10,973			109
					301
INFORMATION TECHNOLOGY 0.0%
Computershare Ltd.		1,793			30
MATERIALS 0.8%
BHP Group Ltd.		4,215			121
BlueScope Steel Ltd.		5,210			57
CSR Ltd.		9,021			25
Fortescue Metals Group Ltd.		11,598			139
IGO Ltd.		3,857			26
Iluka Resources Ltd.		3,811			25
Incitec Pivot Ltd.		20,852			48
Mineral Resources Ltd.		1,097			37
Newcrest Mining Ltd.		4,008			57
Northern Star Resources Ltd.		4,648			22
Orica Ltd.		2,530			28
Rio Tinto Ltd.		1,185			85
					670
REAL ESTATE 0.0%
Lendlease Corp. Ltd.		4,243			27
UTILITIES 0.3%
AGL Energy Ltd.		15,523			89
APA Group		5,127			40
Origin Energy Ltd.		29,453			117
					246
Total Australia					3,602
AUSTRIA 0.3%
COMMUNICATION SERVICES 0.0%
Telekom Austria AG		3,783			25
ENERGY 0.1%
OMV AG		1,505			71
FINANCIALS 0.0%
UNIQA Insurance Group AG		3,585			25
INDUSTRIALS 0.0%
Andritz AG		596			24
MATERIALS 0.0%
voestalpine AG		1,069			23
REAL ESTATE 0.1%
CA Immobilien Anlagen AG		1,128			36
UTILITIES 0.1%
Verbund AG		287			28
Total Austria					232

	SHARES			MARKET VALUE (000S)
BELGIUM 0.4%
COMMUNICATION SERVICES 0.1%
Proximus SADP		2,842	$		42
CONSUMER DISCRETIONARY 0.0%
Telenet Group Holding NV		1,069			22
CONSUMER STAPLES 0.1%
Etablissements Franz Colruyt NV		1,385			38
FINANCIALS 0.1%
Ageas SA		919			40
Gimv NV		397			22
					62
HEALTH CARE 0.1%
UCB SA		948			80
INDUSTRIALS 0.0%
Ackermans & Van Haaren NV		162			24
INFORMATION TECHNOLOGY 0.0%
Barco NV		1,356			29
MATERIALS 0.0%
Solvay SA		270			22
Total Belgium					319
CANADA 8.0%
COMMUNICATION SERVICES 0.6%
BCE, Inc.		3,796			187
Cineplex, Inc. (a)		2,891			24
Cogeco Communications, Inc.		351			24
Quebecor, Inc. ‘B’		1,352			29
Rogers Communications, Inc. ‘B’		1,652			79
Shaw Communications, Inc. ‘B’		4,120			122
TELUS Corp.		4,012			89
					554
CONSUMER DISCRETIONARY 0.5%
Canadian Tire Corp. Ltd. ‘A’		783			99
Dollarama, Inc.		1,255			72
Gildan Activewear, Inc.		1,051			30
Lululemon Athletica, Inc. (a)		126			34
Magna International, Inc.		3,886			214
					449
CONSUMER STAPLES 0.8%
Alimentation Couche-Tard, Inc.		3,840			150
Empire Co. Ltd. ‘A’		3,209			99
George Weston Ltd.		845			99
Loblaw Cos., Ltd.		1,572			142
Maple Leaf Foods, Inc.		874			17
Metro, Inc.		1,714			92
North West Co., Inc.		907			23
Premium Brands Holdings Corp.		338			24
Saputo, Inc.		1,423			31
					677

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 33

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
ENERGY 1.9%
ARC Resources Ltd.		7,754	$		98
Birchcliff Energy Ltd.		4,935			34
Canadian Natural Resources Ltd.		1,604			86
Crescent Point Energy Corp.		26,267			187
Enbridge, Inc.		3,216			136
Enerplus Corp.		5,719			76
Gibson Energy, Inc.		2,372			44
Imperial Oil Ltd.		3,444			162
MEG Energy Corp. (a)		5,927			82
Peyto Exploration & Development Corp.		4,739			44
Suncor Energy, Inc.		13,744			482
TC Energy Corp.		686			35
Vermilion Energy, Inc.		3,509			67
Whitecap Resources, Inc. (e)		11,254			78
					1,611
FINANCIALS 1.4%
Bank of Montreal		1,533			147
Bank of Nova Scotia		2,391			141
Brookfield Asset Management, Inc. ‘A’		1,499			67
Canadian Imperial Bank of Commerce		4,088			199
CI Financial Corp.		2,825			30
Fairfax Financial Holdings Ltd.		255			135
Great-West Lifeco, Inc. (e)		1,233			30
Home Capital Group, Inc.		1,203			23
IGM Financial, Inc.		889			24
Intact Financial Corp. (e)		714			101
Onex Corp.		472			23
Power Corp. of Canada		2,860			74
Toronto-Dominion Bank		2,762			181
					1,175
HEALTH CARE 0.0%
Chartwell Retirement Residences		2,011			17
INDUSTRIALS 0.9%
Aecon Group, Inc.		2,293			23
Canadian National Railway Co.		1,385			156
Canadian Pacific Railway Ltd.		1,906			133
Finning International, Inc.		1,921			41
Ritchie Bros Auctioneers, Inc.		787			51
Russel Metals, Inc.		1,139			23
TFI International, Inc.		960			77
Thomson Reuters Corp.		1,703			178
Toromont Industries Ltd.		818			66
Westshore Terminals Investment Corp.		1,821			45
					793
INFORMATION TECHNOLOGY 0.3%
Celestica, Inc. (a)		3,721			36
CGI, Inc. (a)		1,139			91
Constellation Software, Inc. (e)		40			59
Open Text Corp.		739			28
					214
MATERIALS 0.9%
Barrick Gold Corp.		2,431			43
Eldorado Gold Corp. (a)		3,613			23

	SHARES			MARKET VALUE (000S)
First Quantum Minerals Ltd.		2,882	$		55
Franco-Nevada Corp.		660			87
Interfor Corp. (a)		1,260			25
Methanex Corp.		989			38
Nutrien Ltd.		1,242			99
Resolute Forest Products, Inc.		2,362			30
Stelco Holdings, Inc.		1,118			28
Teck Resources Ltd. ‘B’		6,139			188
Transcontinental, Inc. ‘A’		1,808			21
Turquoise Hill Resources Ltd. (a)		1,748			47
West Fraser Timber Co. Ltd.		805			62
					746
REAL ESTATE 0.1%
Colliers International Group, Inc.		262			29
FirstService Corp.		299			36
					65
UTILITIES 0.6%
Algonquin Power & Utilities Corp.		1,470			20
Atco Ltd. ‘I’		1,435			49
Canadian Utilities Ltd. ‘A’		975			29
Emera, Inc.		1,321			62
Fortis, Inc.		3,000			142
Hydro One Ltd.		2,473			66
Northland Power, Inc.		1,332			40
Superior Plus Corp.		2,784			24
TransAlta Corp.		4,540			52
TransAlta Renewables, Inc.		1,871			24
					508
Total Canada					6,809
CHILE 0.0%
MATERIALS 0.0%
Antofagasta PLC		1,313			19
Total Chile					19
DENMARK 2.3%
CONSUMER DISCRETIONARY 0.0%
Pandora AS		319			20
CONSUMER STAPLES 0.2%
Carlsberg AS ‘B’		496			64
Royal Unibrew AS		407			36
Scandinavian Tobacco Group AS		1,649			32
					132
FINANCIALS 0.1%
Sydbank AS		952			30
Topdanmark AS		653			34
Tryg AS		1,255			28
					92
HEALTH CARE 1.2%
Coloplast AS ‘B’		246			28
Novo Nordisk AS ‘B’		8,994			997
					1,025
INDUSTRIALS 0.6%
AP Moller - Maersk AS ‘B’		140			329

	SHARES			MARKET VALUE (000S)
D/S Norden AS		1,213	$		42
DSV AS		581			82
ISS AS		1,614			26
Vestas Wind Systems AS		1,704			36
					515
MATERIALS 0.1%
CHR Hansen Holding AS		374			27
Novozymes AS ‘B’		979			59
					86
UTILITIES 0.1%
Orsted AS		544			57
Total Denmark					1,927
FINLAND 1.1%
COMMUNICATION SERVICES 0.1%
Elisa Oyj		1,084			61
CONSUMER STAPLES 0.1%
Kesko Oyj ‘B’		4,232			100
ENERGY 0.1%
Neste Oyj		2,094			93
FINANCIALS 0.2%
Nordea Bank Abp		8,859			78
Sampo Oyj ‘A’		3,865			169
					247
HEALTH CARE 0.1%
Orion Oyj ‘B’		1,186			53
INDUSTRIALS 0.1%
Kone Oyj ‘B’		1,674			80
INFORMATION TECHNOLOGY 0.1%
Nokia Oyj		9,917			46
TietoEVRY Oyj		1,230			30
					76
MATERIALS 0.2%
Kemira Oyj		1,882			23
Outokumpu OYJ		6,937			29
Stora Enso Oyj ‘R’		3,601			57
UPM-Kymmene Oyj		1,842			57
					166
REAL ESTATE 0.1%
Citycon Oyj		3,892			27
Kojamo OYJ		1,730			30
					57
UTILITIES 0.0%
Fortum Oyj		2,483			38
Total Finland					971

34 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

	SHARES			MARKET VALUE (000S)
FRANCE 7.2%
COMMUNICATION SERVICES 1.1%
Eutelsat Communications SA		5,488	$		62
Lagardere SA		1,050			18
Metropole Television SA		1,533			23
Orange SA		54,955			648
Publicis Groupe SA		869			43
Television Francaise 1		2,446			17
Vivendi SE		8,469			86
					897
CONSUMER DISCRETIONARY 0.9%
Cie Generale des Etablissements Michelin S.C.A.		2,416			66
Faurecia SE		1,187			24
Hermes International		91			102
Kering SA		170			88
LVMH Moet Hennessy Louis Vuitton SE		396			243
Renault SA		6,759			171
Sodexo SA		501			35
					729
CONSUMER STAPLES 1.1%
Carrefour SA		22,834			405
Casino Guichard Perrachon SA (a)		1,687			22
Danone SA		3,465			194
L’Oreal SA		429			149
Pernod Ricard SA		731			135
					905
ENERGY 0.8%
TotalEnergies SE		12,600			663
FINANCIALS 0.7%
AXA SA		4,795			109
BNP Paribas SA		2,049			98
Eurazeo SE		360			22
SCOR SE		1,149			25
Societe Generale SA		17,317			383
					637
HEALTH CARE 0.7%
BioMerieux		291			29
Sanofi		5,416			546
Sartorius Stedim Biotech		102			32
					607
INDUSTRIALS 1.1%
Airbus SE		254			25
Alstom SA		1,273			29
Bouygues SA		3,405			105
Bureau Veritas SA		3,086			79
Cie de Saint-Gobain		1,821			79
Dassault Aviation SA		297			46
Elis SA		1,875			25
Legrand SA		431			32
Nexans SA		536			42
Rexel SA		6,934			107
Safran SA		443			44
Societe BIC SA		545			30

	SHARES			MARKET VALUE (000S)
Teleperformance		157	$		49
Thales SA		803			99
Vinci SA		1,972			177
					968
INFORMATION TECHNOLOGY 0.1%
Alten SA		231			25
Capgemini SE		277			48
Dassault Systemes SE		1,044			39
					112
MATERIALS 0.1%
Air Liquide SA		707			95
Vicat SA		785			22
					117
UTILITIES 0.6%
Electricite de France SA		5,151			42
Engie SA		29,627			343
Veolia Environnement SA		6,060			149
					534
Total France					6,169
GERMANY 4.6%
COMMUNICATION SERVICES 0.3%
CTS Eventim AG & Co. KGaA (a)		447			24
Deutsche Telekom AG		4,481			89
Freenet AG		2,343			58
ProSiebenSat.1 Media SE		2,585			24
Scout24 SE		465			24
Telefonica Deutschland Holding AG		15,710			45
					264
CONSUMER DISCRETIONARY 1.3%
adidas AG		147			26
Bayerische Motoren Werke AG		6,679			518
Continental AG		1,166			82
ElringKlinger AG		2,359			18
Fielmann AG		507			25
Hornbach Holding AG & Co. KGaA		410			34
Hugo Boss AG		1,087			57
Mercedes-Benz Group AG		5,750			334
Vitesco Technologies Group AG (a)		802			31
					1,125
CONSUMER STAPLES 0.1%
Beiersdorf AG		522			54
Metro AG		4,374			37
Suedzucker AG		1,817			29
					120
FINANCIALS 0.9%
Aareal Bank AG (a)		1,436			48
Commerzbank AG		30,522			216
Deutsche Bank AG		15,565			137
Deutsche Boerse AG		886			149
Deutsche Pfandbriefbank AG		4,228			38
Hannover Rueck SE		301			44
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		255			60

	SHARES			MARKET VALUE (000S)
Talanx AG		750	$		29
					721
HEALTH CARE 0.4%
Bayer AG		1,501			90
Carl Zeiss Meditec AG		238			28
Fresenius Medical Care AG & Co. KGaA		699			35
Gerresheimer AG		333			22
Merck KGaA		676			115
Siemens Healthineers AG		907			46
					336
INDUSTRIALS 0.5%
Bilfinger SE		901			26
Deutsche Lufthansa AG		20,255			119
Deutsche Post AG		1,329			50
Hapag-Lloyd AG (c)		178			47
Indus Holding AG		981			23
Kloeckner & Co. SE		2,598			20
Knorr-Bremse AG		414			24
MTU Aero Engines AG		136			25
Rational AG		30			17
Rheinmetall AG		116			27
					378
INFORMATION TECHNOLOGY 0.2%
SAP SE		1,799			164
MATERIALS 0.4%
Aurubis AG		713			49
BASF SE		1,357			59
Covestro AG		1,736			60
K&S AG		6,722			164
Salzgitter AG		1,543			38
					370
REAL ESTATE 0.1%
LEG Immobilien SE		803			67
Vonovia SE		775			24
					91
UTILITIES 0.4%
E.ON SE		11,713			99
RWE AG		4,939			183
Uniper SE		3,031			45
					327
Total Germany					3,896
HONG KONG 1.7%
COMMUNICATION SERVICES 0.2%
HKBN Ltd.		26,500			30
HKT Trust & HKT Ltd.		40,000			54
PCCW Ltd.		99,295			52
					136
CONSUMER DISCRETIONARY 0.1%
Bosideng International Holdings Ltd.		68,000			42
Chow Tai Fook Jewellery Group Ltd.		20,000			38

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 35

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Skyworth Group Ltd.		52,000	$		26
					106
CONSUMER STAPLES 0.0%
WH Group Ltd.		50,000			39
FINANCIALS 0.1%
Hong Kong Exchanges & Clearing Ltd.		1,500			74
INDUSTRIALS 0.5%
Cathay Pacific Airways Ltd. (a)		46,000			50
CK Hutchison Holdings Ltd.		14,000			95
Hutchison Port Holdings Trust		149,100			35
Jardine Matheson Holdings Ltd.		1,500			79
MTR Corp. Ltd.		8,000			42
NWS Holdings Ltd.		31,000			29
Pacific Basin Shipping Ltd.		54,000			21
SITC International Holdings Co. Ltd.		13,000			37
Xinyi Glass Holdings Ltd.		11,000			27
					415
INFORMATION TECHNOLOGY 0.1%
Kingboard Holdings Ltd.		8,200			31
Kingboard Laminates Holdings Ltd.		18,000			22
Truly International Holdings Ltd.		88,000			27
					80
REAL ESTATE 0.5%
CK Asset Holdings Ltd.		17,000			121
Hongkong Land Holdings Ltd.		11,900			60
Hopson Development Holdings Ltd.		21,010			32
New World Development Co. Ltd.		15,000			54
Sun Hung Kai Properties Ltd.		6,000			71
Swire Pacific Ltd. ‘A’		5,000			30
Wharf Holdings Ltd.		10,000			36
					404
UTILITIES 0.2%
CLP Holdings Ltd.		10,100			84
HK Electric Investments & HK Electric Investments Ltd.		21,000			19
Hong Kong & China Gas Co. Ltd.		25,972			28
Power Assets Holdings Ltd.		5,000			32
					163
Total Hong Kong					1,417
IRELAND 1.1%
CONSUMER DISCRETIONARY 0.0%
Aptiv PLC (a)		303			27
CONSUMER STAPLES 0.1%
Glanbia PLC		3,228			35
Kerry Group PLC ‘A’		817			78
					113
FINANCIALS 0.0%
Bank of Ireland Group PLC		5,389			34

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.6%
ICON PLC (a)		435	$		94
Jazz Pharmaceuticals PLC (a)		230			36
Medtronic PLC		3,792			341
					471
INDUSTRIALS 0.2%
Allegion PLC		253			25
DCC PLC		371			23
Experian PLC		1,639			48
Grafton Group PLC		2,436			23
Kingspan Group PLC		487			30
Trane Technologies PLC		387			50
					199
MATERIALS 0.2%
CRH PLC		716			25
James Hardie Industries PLC		3,624			79
Smurfit Kappa Group PLC		721			24
					128
Total Ireland					972
ISRAEL 0.9%
COMMUNICATION SERVICES 0.1%
Bezeq The Israeli Telecommunication Corp. Ltd.		39,321			61
CONSUMER STAPLES 0.0%
Strauss Group Ltd.		915			23
ENERGY 0.2%
Delek Group Ltd. (a)		476			62
Oil Refineries Ltd.		130,768			47
Paz Oil Co. Ltd. (a)		179			22
					131
FINANCIALS 0.3%
Bank Hapoalim BM		9,497			80
Bank Leumi Le-Israel BM		10,252			91
Harel Insurance Investments & Financial Services Ltd.		2,649			26
Israel Discount Bank Ltd. ‘A’		7,824			41
Mizrahi Tefahot Bank Ltd.		1,045			35
Plus500 Ltd.		1,022			21
					294
HEALTH CARE 0.0%
Teva Pharmaceutical Industries Ltd. SP - ADR (a)		5,554			42
INDUSTRIALS 0.0%
Elbit Systems Ltd.		167			38
INFORMATION TECHNOLOGY 0.1%
Check Point Software Technologies Ltd. (a)		269			33
Nice Ltd. (a)		137			26
					59

	SHARES			MARKET VALUE (000S)
MATERIALS 0.1%
ICL Group Ltd.		12,270	$		112
REAL ESTATE 0.1%
Azrieli Group Ltd.		331			23
G City Ltd.		4,360			25
					48
Total Israel					808
ITALY 2.5%
COMMUNICATION SERVICES 0.2%
Infrastrutture Wireless Italiane SpA		2,855			29
MFE-MediaForEurope NV ‘B’		9,786			7
Telecom Italia SpA		566,589			149
					185
CONSUMER DISCRETIONARY 0.1%
Brembo SpA		2,525			25
Ferrari NV		289			53
Moncler SpA		616			26
					104
CONSUMER STAPLES 0.0%
MARR SpA		1,399			19
ENERGY 0.8%
Eni SpA		55,787			662
Saras SpA (a)		19,683			29
					691
FINANCIALS 0.5%
Anima Holding SpA		6,174			23
Assicurazioni Generali SpA		1,412			22
Azimut Holding SpA		2,153			37
Banca Generali SpA		679			19
Banca IFIS SpA		2,359			34
Banca Popolare di Sondrio SPA		8,351			29
Banco BPM SpA		20,894			60
BPER Banca		20,185			33
FinecoBank Banca Fineco SpA		2,219			27
UniCredit SpA		11,813			113
Unipol Gruppo SpA		12,278			56
					453
HEALTH CARE 0.1%
Amplifon SpA		901			28
DiaSorin SpA		290			38
Recordati Industria Chimica e Farmaceutica SpA		1,021			44
					110
INDUSTRIALS 0.2%
Atlantia SpA		1,098			26
Enav SpA		4,897			21
Leonardo SpA		6,847			69
					116
UTILITIES 0.6%
Enel SpA		47,823			262
ERG SpA		2,138			67

36 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

	SHARES			MARKET VALUE (000S)
Iren SpA		10,160	$		22
Snam SpA		12,348			65
Terna - Rete Elettrica Nazionale		10,211			80
					496
Total Italy					2,174
JAPAN 25.7%
COMMUNICATION SERVICES 2.2%
Avex, Inc.		2,200			22
Capcom Co. Ltd.		1,500			36
Fuji Media Holdings, Inc.		3,300			28
Internet Initiative Japan, Inc.		1,000			35
Kadokawa Corp.		2,200			47
KDDI Corp.		16,800			530
Koei Tecmo Holdings Co. Ltd.		580			19
Nexon Co. Ltd.		1,400			29
Nintendo Co. Ltd.		200			86
Nippon Telegraph & Telephone Corp.		18,700			537
Nippon Television Holdings, Inc.		3,700			33
Softbank Corp.		34,300			381
Square Enix Holdings Co. Ltd.		600			27
Toho Co. Ltd.		900			33
Yahoo Japan Corp.		8,600			25
					1,868
CONSUMER DISCRETIONARY 4.8%
Aisin Corp.		3,100			96
Arata Corp.		100			3
Bandai Namco Holdings, Inc.		1,100			78
Bridgestone Corp. (c)		5,200			190
Casio Computer Co. Ltd.		2,500			23
DCM Holdings Co. Ltd.		4,600			35
Denso Corp.		2,000			106
EDION Corp.		2,800			26
Exedy Corp.		2,200			28
Food & Life Cos., Ltd.		1,900			41
Haseko Corp.		2,000			24
Honda Motor Co. Ltd.		16,900			407
Iida Group Holdings Co. Ltd.		2,000			31
Isetan Mitsukoshi Holdings Ltd.		8,500			69
Isuzu Motors Ltd.		11,900			132
J Front Retailing Co. Ltd.		3,800			32
JTEKT Corp.		5,300			40
K’s Holdings Corp.		4,200			41
Kohnan Shoji Co. Ltd.		1,600			43
Mazda Motor Corp.		20,500			167
McDonald’s Holdings Co. Japan Ltd.		600			22
Mitsubishi Motors Corp.		14,200			48
NHK Spring Co. Ltd.		3,000			20
Nikon Corp.		4,200			48
Nishimatsuya Chain Co. Ltd.		2,300			24
Nissan Motor Co. Ltd.		64,800			254
Nitori Holdings Co. Ltd.		300			29
NOK Corp.		2,800			23
Oriental Land Co. Ltd.		600			84
Paltac Corp.		100			3
Pan Pacific International Holdings Corp.		3,700			59
Panasonic Holdings Corp.		15,500			125
Plenus Co. Ltd.		1,400			21
Rinnai Corp.		100			7
Round One Corp.		2,500			28
Saizeriya Co. Ltd.		1,200			24

	SHARES			MARKET VALUE (000S)
Sankyo Co. Ltd.		1,100	$		33
Sega Sammy Holdings, Inc.		1,500			24
Sekisui Chemical Co. Ltd.		2,400			33
Sekisui House Ltd.		3,100			54
Shimamura Co. Ltd.		800			70
Shimano, Inc.		400			67
Skylark Holdings Co. Ltd.		1,400			16
Sony Group Corp.		2,500			204
Stanley Electric Co. Ltd.		1,500			25
Subaru Corp.		4,000			71
Sumitomo Electric Industries Ltd.		10,600			117
Sumitomo Forestry Co. Ltd.		1,800			26
Sumitomo Rubber Industries Ltd.		4,500			38
Suzuki Motor Corp.		1,800			57
Takashimaya Co. Ltd.		2,700			26
Tokai Rika Co. Ltd.		1,500			16
Tomy Co. Ltd.		2,200			22
Toyo Tire Corp.		2,300			29
Toyoda Gosei Co. Ltd.		1,900			30
Toyota Boshoku Corp.		3,000			45
Toyota Motor Corp.		25,100			387
TS Tech Co. Ltd.		2,100			22
USS Co. Ltd.		2,100			36
Yamada Holdings Co. Ltd.		27,600			99
Yamaha Corp.		700			29
Yamaha Motor Co. Ltd.		1,900			35
Yoshinoya Holdings Co. Ltd.		1,200			22
Zensho Holdings Co. Ltd.		1,100			26
					4,090
CONSUMER STAPLES 2.6%
Aeon Co. Ltd.		3,900			68
Ain Holdings, Inc.		100			5
Ajinomoto Co., Inc.		5,400			132
Asahi Group Holdings Ltd.		1,200			39
Calbee, Inc.		1,300			26
Cawachi Ltd.		1,500			24
Earth Corp.		100			4
Fuji Oil Holdings, Inc.		3,600			57
House Foods Group, Inc.		1,200			25
Itoham Yonekyu Holdings, Inc.		5,300			27
Japan Tobacco, Inc. (c)		19,800			343
Kagome Co. Ltd.		1,000			24
Kao Corp.		2,800			114
Kewpie Corp.		1,600			27
Kikkoman Corp.		700			37
Kirin Holdings Co. Ltd.		8,500			134
Kobe Bussan Co. Ltd.		900			22
Lawson, Inc.		800			27
Maruha Nichiro Corp.		1,400			26
MatsukiyoCocokara & Co.		200			8
MEIJI Holdings Co. Ltd.		1,700			84
Mitsubishi Shokuhin Co. Ltd.		1,200			33
Mitsui DM Sugar Holdings Co. Ltd.		1,800			25
Morinaga & Co. Ltd.		1,000			32
Morinaga Milk Industry Co. Ltd.		800			29
NH Foods Ltd.		2,300			72
Nippn Corp.		2,300			28
Nisshin Oillio Group Ltd.		1,000			23
Nisshin Seifun Group, Inc.		2,300			27
Nissin Foods Holdings Co. Ltd.		600			41
Pola Orbis Holdings, Inc.		2,300			28
Sakata Seed Corp.		200			7
Seven & i Holdings Co. Ltd.		8,700			338

	SHARES			MARKET VALUE (000S)
Sugi Holdings Co. Ltd.		200	$		9
Sundrug Co. Ltd.		1,300			29
Suntory Beverage & Food Ltd.		1,500			57
Toyo Suisan Kaisha Ltd.		700			27
Tsuruha Holdings, Inc.		600			33
Unicharm Corp.		1,000			34
United Super Markets Holdings, Inc.		3,200			25
Yakult Honsha Co. Ltd.		800			46
Yamazaki Baking Co. Ltd.		2,200			27
Yokorei Co. Ltd.		4,100			27
					2,250
ENERGY 0.8%
Cosmo Energy Holdings Co. Ltd.		2,400			66
ENEOS Holdings, Inc.		68,000			256
Idemitsu Kosan Co. Ltd.		5,512			132
Inpex Corp. (c)		24,400			261
Iwatani Corp.		700			27
					742
FINANCIALS 1.8%
Aozora Bank Ltd.		1,700			33
Dai-ichi Life Holdings, Inc.		2,200			41
Daiwa Securities Group, Inc.		7,600			34
Hokuhoku Financial Group, Inc.		4,200			26
Hyakujushi Bank Ltd.		2,400			30
Jafco Co. Ltd.		700			8
Japan Post Bank Co. Ltd.		7,300			57
Japan Post Holdings Co. Ltd.		60,600			434
Japan Post Insurance Co. Ltd.		1,900			30
Mebuki Financial Group, Inc.		15,000			30
Mitsubishi UFJ Financial Group, Inc.		27,400			147
Mizuho Financial Group, Inc.		4,700			53
MS&AD Insurance Group Holdings, Inc.		2,600			80
Nanto Bank Ltd.		2,300			34
Nishi-Nippon Financial Holdings, Inc.		8,700			48
ORIX Corp.		2,300			38
Resona Holdings, Inc.		7,900			30
Senshu Ikeda Holdings, Inc.		22,500			33
Seven Bank Ltd.		14,900			28
Sompo Holdings, Inc.		600			26
Sumitomo Mitsui Financial Group, Inc.		4,600			137
Sumitomo Mitsui Trust Holdings, Inc.		2,100			65
Tokio Marine Holdings, Inc.		1,300			76
Zenkoku Hosho Co. Ltd.		200			6
					1,524
HEALTH CARE 1.9%
Alfresa Holdings Corp.		2,400			32
Astellas Pharma, Inc.		20,100			314
Chugai Pharmaceutical Co. Ltd.		1,000			26
Daiichi Sankyo Co. Ltd.		4,500			114
H.U. Group Holdings, Inc.		1,200			26
Hoya Corp.		1,500			128
Kaken Pharmaceutical Co. Ltd.		900			25
M3, Inc.		800			23
Medipal Holdings Corp.		2,900			41
Olympus Corp.		4,400			89
Ono Pharmaceutical Co. Ltd.		1,300			33
Otsuka Holdings Co. Ltd.		1,500			54
Shionogi & Co. Ltd.		1,500			77
Suzuken Co. Ltd.		1,100			31

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 37

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Sysmex Corp.		400	$		24
Taisho Pharmaceutical Holdings Co. Ltd.		600			24
Takeda Pharmaceutical Co. Ltd.		15,841			445
Terumo Corp.		1,500			45
Toho Holdings Co. Ltd.		1,900			29
Tsumura & Co.		1,000			23
					1,603
INDUSTRIALS 6.0%
AGC, Inc.		2,600			91
ANA Holdings, Inc.		3,200			59
Central Glass Co. Ltd.		1,300			30
COMSYS Holdings Corp.		1,500			29
Dai Nippon Printing Co. Ltd.		3,300			71
Daikin Industries Ltd.		700			112
East Japan Railway Co.		3,500			179
EXEO Group, Inc.		1,700			27
FANUC Corp.		400			63
Fuji Electric Co. Ltd.		500			21
Fujikura Ltd.		6,600			37
Fujitec Co. Ltd.		1,300			29
Hankyu Hanshin Holdings, Inc.		1,200			33
Hanwa Co. Ltd.		1,000			21
Hazama Ando Corp.		2,500			15
Hino Motors Ltd.		7,100			37
Hitachi Ltd.		12,300			585
Hitachi Transport System Ltd.		800			51
Hitachi Zosen Corp.		5,600			35
Hoshizaki Corp.		200			6
IHI Corp.		1,500			40
ITOCHU Corp.		3,100			84
Japan Airlines Co. Ltd.		5,700			98
Kajima Corp.		2,600			30
Kamigumi Co. Ltd.		1,300			25
Kandenko Co. Ltd.		4,100			25
Kawasaki Heavy Industries Ltd.		2,900			54
Kawasaki Kisen Kaisha Ltd.		800			49
Keio Corp.		700			25
Kinden Corp.		2,300			27
Kintetsu Group Holdings Co. Ltd. ‘L’		1,100			34
Kubota Corp.		1,600			24
Kurita Water Industries Ltd.		800			29
Kyushu Railway Co.		1,600			33
LIXIL Group Corp.		1,600			30
Marubeni Corp.		31,000			278
Meitec Corp.		900			14
Minebea Mitsumi, Inc.		2,000			34
Mirait Holdings Corp.		1,800			21
Mitsubishi Corp.		2,900			86
Mitsubishi Heavy Industries Ltd.		7,800			273
Mitsui & Co. Ltd.		5,800			127
Mitsui OSK Lines Ltd.		10,500			242
Nagase & Co. Ltd.		2,000			27
Nagoya Railroad Co. Ltd. (a)		1,600			25
Nankai Electric Railway Co. Ltd.		1,400			28
Nippon Steel Trading Corp.		700			26
Nippon Yusen KK		5,800			398
Nisshinbo Holdings, Inc.		4,400			33
NSK Ltd.		11,100			60
NTN Corp.		12,200			23
Obayashi Corp.		5,500			40
Persol Holdings Co. Ltd.		1,500			27
Recruit Holdings Co. Ltd.		4,000			118
Secom Co. Ltd.		1,200			74

	SHARES			MARKET VALUE (000S)
Senko Group Holdings Co. Ltd.		3,800	$		25
SG Holdings Co. Ltd.		1,300			22
Shibaura Machine Co. Ltd.		1,200			23
Shinmaywa Industries Ltd.		2,900			23
SHO-BOND Holdings Co. Ltd.		200			9
SMC Corp.		100			44
Sohgo Security Services Co. Ltd.		1,000			28
Sojitz Corp.		5,540			78
Sotetsu Holdings, Inc.		1,500			26
Sumitomo Corp.		2,100			29
Taikisha Ltd.		1,100			26
Taisei Corp.		3,200			100
Takeuchi Manufacturing Co. Ltd.		1,400			24
Tobu Railway Co. Ltd.		1,800			41
Tokyu Corp.		4,700			55
Toppan, Inc.		4,800			80
Toshiba Corp.		4,500			183
TOTO Ltd.		900			30
Toyota Tsusho Corp.		2,900			95
West Japan Railway Co.		2,000			74
Yaskawa Electric Corp.		900			29
Yuasa Trading Co. Ltd.		1,000			25
					5,161
INFORMATION TECHNOLOGY 2.5%
Advantest Corp.		700			38
Azbil Corp.		700			18
BIPROGY, Inc.		900			18
Brother Industries Ltd.		1,500			26
Canon Marketing Japan, Inc.		1,500			31
Canon, Inc. (c)		14,400			326
Citizen Watch Co. Ltd.		7,000			28
Daiwabo Holdings Co. Ltd.		1,900			25
DTS Corp.		1,400			31
FUJIFILM Holdings Corp.		2,400			129	��
Fujitsu Ltd.		1,200			150
Horiba Ltd.		100			4
Hosiden Corp.		2,400			22
Ibiden Co. Ltd.		1,400			40
Konica Minolta, Inc.		11,000			37
Macnica Fuji Electronics Holdings, Inc.		1,300			25
Maxell Ltd.		2,300			22
Murata Manufacturing Co. Ltd.		3,100			169
NEC Corp.		4,300			168
Nippon Electric Glass Co. Ltd.		2,400			46
Nomura Research Institute Ltd.		2,000			54
Obic Co. Ltd.		300			43
Omron Corp.		900			46
Otsuka Corp.		400			12
Renesas Electronics Corp. (a)		2,700			24
Ricoh Co. Ltd.		11,400			89
SCREEN Holdings Co. Ltd.		200			14
SCSK Corp.		300			5
Seiko Epson Corp.		2,100			30
Shimadzu Corp.		800			25
Shinko Electric Industries Co. Ltd.		2,000			52
SUMCO Corp.		1,500			19
TIS, Inc.		1,700			45
Tokyo Electron Ltd.		800			261
Tokyo Seimitsu Co. Ltd.		200			7
Toshiba TEC Corp.		200			6
Trend Micro, Inc.		400			20
Ulvac, Inc.		500			17
					2,122

	SHARES			MARKET VALUE (000S)
MATERIALS 1.6%
Asahi Holdings, Inc.		1,500	$		24
Daicel Corp.		4,300			27
Dowa Holdings Co. Ltd.		200			7
FP Corp.		200			4
Hitachi Metals Ltd.		1,700			26
JFE Holdings, Inc.		17,700			186
Kaneka Corp.		900			22
Kobe Steel Ltd.		14,800			67
Mitsubishi Chemical Holdings Corp.		15,300			83
Mitsubishi Materials Corp.		1,700			24
Mitsui Chemicals, Inc.		2,400			51
Nippon Paper Industries Co. Ltd. ‘L’		4,900			35
Nippon Steel Corp.		23,900			334
Nissan Chemical Corp.		600			28
Nitto Denko Corp.		1,400			91
Oji Holdings Corp.		9,300			40
Shin-Etsu Chemical Co. Ltd.		200			22
Sumitomo Chemical Co. Ltd.		29,000			113
Sumitomo Osaka Cement Co. Ltd.		1,400			35
Taiheiyo Cement Corp.		1,700			25
Tokuyama Corp.		1,900			24
Tokyo Ohka Kogyo Co. Ltd.		900			44
Tokyo Steel Manufacturing Co. Ltd.		3,100			34
Tosoh Corp.		1,900			24
Toyo Seikan Group Holdings Ltd.		3,200			34
UBE Corp.		1,700			25
					1,429
REAL ESTATE 0.1%
Daito Trust Construction Co. Ltd.		600			52
UTILITIES 1.4%
Chubu Electric Power Co., Inc.		12,300			124
Chugoku Electric Power Co., Inc.		7,800			50
Electric Power Development Co. Ltd. ‘C’		6,800			112
Hokkaido Electric Power Co., Inc.		7,200			26
Hokuriku Electric Power Co.		6,000			24
Kansai Electric Power Co., Inc.		9,300			92
Kyushu Electric Power Co., Inc.		8,000			52
Okinawa Electric Power Co., Inc.		3,200			31
Osaka Gas Co. Ltd.		5,000			96
Shikoku Electric Power Co., Inc.		4,600			27
Toho Gas Co. Ltd.		1,300			31
Tohoku Electric Power Co., Inc.		6,700			36
Tokyo Electric Power Co. Holdings, Inc. (a)		79,900			334
Tokyo Gas Co. Ltd.		7,100			147
					1,182
Total Japan					22,023
LUXEMBOURG 0.6%
COMMUNICATION SERVICES 0.2%
RTL Group SA		672			28
SES SA		10,048			88
					116
HEALTH CARE 0.0%
Eurofins Scientific SE		386			31

38 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

	SHARES			MARKET VALUE (000S)
MATERIALS 0.4%
APERAM SA		795	$		22
ArcelorMittal SA		15,311			343
					365
Total Luxembourg					512
NETHERLANDS 3.8%
COMMUNICATION SERVICES 0.2%
Koninklijke KPN NV		43,424			154
VEON Ltd. ADR (a)		53,864			25
					179
CONSUMER DISCRETIONARY 0.3%
Stellantis NV		19,921			247
CONSUMER STAPLES 0.9%
Heineken Holding NV		821			60
Heineken NV		700			64
Koninklijke Ahold Delhaize NV		26,356			686
					810
FINANCIALS 0.8%
ABN AMRO Bank NV		16,874			190
Aegon NV		47,946			207
ASR Nederland NV		669			27
Euronext NV		684			56
Flow Traders		845			24
ING Groep NV		7,346			72
NN Group NV		2,631			119
					695
HEALTH CARE 0.1%
Qiagen NV (a)		986			47
INDUSTRIALS 0.5%
Arcadis NV		845			28
IMCD NV		459			63
Intertrust NV (a)		1,325			26
Randstad NV		583			28
Signify NV		3,607			119
TKH Group NV		390			15
Wolters Kluwer NV		1,379			134
					413
INFORMATION TECHNOLOGY 0.6%
ASM International NV		361			90
ASML Holding NV		703			332
BE Semiconductor Industries NV		451			21
NXP Semiconductors NV		828			123
					566
MATERIALS 0.4%
Akzo Nobel NV		1,648			108
Corbion NV		790			24
Koninklijke DSM NV		1,288			184
					316
Total Netherlands					3,273

	SHARES			MARKET VALUE (000S)
NEW ZEALAND 0.2%
COMMUNICATION SERVICES 0.0%
Spark New Zealand Ltd.		13,939	$		42
HEALTH CARE 0.0%
Fisher & Paykel Healthcare Corp. Ltd. ‘C’		2,122			26
INDUSTRIALS 0.1%
Auckland International Airport Ltd. (a)		5,882			27
Fletcher Building Ltd.		9,026			28
					55
REAL ESTATE 0.0%
Kiwi Property Group Ltd.		42,507			26
UTILITIES 0.1%
Contact Energy Ltd.		5,438			25
Meridian Energy Ltd.		7,681			22
					47
Total New Zealand					196
NORWAY 1.8%
COMMUNICATION SERVICES 0.2%
Telenor ASA		10,611			142
CONSUMER STAPLES 0.2%
Mowi ASA		4,067			93
Orkla ASA		8,104			65
Salmar ASA		727			51
					209
ENERGY 0.9%
Aker Solutions ASA		16,025			43
Equinor ASA		19,881			693
					736
FINANCIALS 0.1%
Gjensidige Forsikring ASA		1,712			35
SpareBank 1 Nord Norge		2,584			23
SpareBank 1 SR-Bank ASA		2,874			31
					89
INDUSTRIALS 0.1%
Tomra Systems ASA		2,748			52
INFORMATION TECHNOLOGY 0.0%
Atea ASA		2,556			27
MATERIALS 0.3%
Norsk Hydro ASA		6,651			37
Yara International ASA		4,292			180
					217
REAL ESTATE 0.0%
Entra ASA		1,788			23
Total Norway					1,495

	SHARES			MARKET VALUE (000S)
PORTUGAL 0.4%
CONSUMER STAPLES 0.1%
Jeronimo Martins SGPS SA		2,325	$		50
UTILITIES 0.3%
EDP - Energias de Portugal SA		64,565			301
REN - Redes Energeticas Nacionais SGPS SA		9,892			30
					331
Total Portugal					381
SINGAPORE 1.3%
COMMUNICATION SERVICES 0.2%
NetLink NBN Trust		35,100			24
Singapore Telecommunications Ltd.		93,900			171
					195
CONSUMER STAPLES 0.2%
Golden Agri-Resources Ltd.		255,200			46
Wilmar International Ltd.		37,900			110
					156
ENERGY 0.0%
BW LPG Ltd.		4,563			34
FINANCIALS 0.4%
DBS Group Holdings Ltd.		4,100			88
Oversea-Chinese Banking Corp. Ltd.		15,900			130
United Overseas Bank Ltd.		6,600			125
					343
INDUSTRIALS 0.4%
ComfortDelGro Corp. Ltd.		25,300			26
Jardine Cycle & Carriage Ltd.		2,100			43
Keppel Corp. Ltd.		9,300			43
Singapore Airlines Ltd. (a)		37,300			137
Singapore Technologies Engineering Ltd.		16,200			48
					297
INFORMATION TECHNOLOGY 0.0%
Venture Corp. Ltd.		2,400			29
UTILITIES 0.1%
Sembcorp Industries Ltd.		29,900			61
Total Singapore					1,115
SOUTH AFRICA 0.0%
HEALTH CARE 0.0%
Mediclinic International PLC		4,940			28
Total South Africa					28
SPAIN 4.2%
COMMUNICATION SERVICES 0.8%
Mediaset Espana Comunicacion SA		6,197			26
Telefonica SA		134,199			685
					711

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 39

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
CONSUMER DISCRETIONARY 0.1%
Gestamp Automocion SA		7,518	$		26
Industria de Diseno Textil SA		2,830			64
					90
CONSUMER STAPLES 0.1%
Viscofan SA		687			38
ENERGY 0.7%
Repsol SA		40,492			597
FINANCIALS 1.0%
Banco Bilbao Vizcaya Argentaria SA		28,472			129
Banco de Sabadell SA		173,332			139
Banco Santander SA (c)		173,669			492
Bankinter SA		5,952			37
Mapfre SA		16,586			29
Unicaja Banco SA		62,445			61
					887
HEALTH CARE 0.0%
Almirall SA		2,442			27
INDUSTRIALS 0.2%
ACS Actividades de Construccion y Servicios SA		1,864			45
Aena SME SA (a)		284			36
Cia de Distribucion Integral Logista Holdings SA		1,614			32
Ferrovial SA		20			1
Sacyr SA		8,084			19
					133
INFORMATION TECHNOLOGY 0.1%
Amadeus IT Group SA (a)		818			46
MATERIALS 0.0%
Acerinox SA		3,361			33
UTILITIES 1.2%
Acciona SA		293			54
EDP Renovaveis SA		1,576			37
Enagas SA		1,148			25
Endesa SA		6,854			130
Iberdrola SA		46,430			484
Naturgy Energy Group SA		6,859			198
Red Electrica Corp. SA		5,640			107
					1,035
Total Spain					3,597
SWEDEN 1.9%
COMMUNICATION SERVICES 0.4%
Tele2 AB ‘B’		4,163			47
Telia Co. AB		69,523			267
					314
CONSUMER DISCRETIONARY 0.2%
Autoliv, Inc.		477			34
Bilia AB ‘A’		1,835			26
Electrolux AB		2,675			36

	SHARES			MARKET VALUE (000S)
H & M Hennes & Mauritz AB ‘B’		5,050	$		61
Scandic Hotels Group AB		8,192			32
					189
CONSUMER STAPLES 0.3%
AAK AB		1,572			25
Axfood AB		1,101			32
Cloetta AB ‘B’		12,709			26
Essity AB ‘B’		4,866			127
Swedish Match AB		7,226			74
					284
FINANCIALS 0.2%
EQT AB		987			21
Skandinaviska Enskilda Banken AB ‘A’		2,939			29
Svenska Handelsbanken AB ‘A’		8,753			75
Swedbank AB ‘A’		6,409			81
					206
INDUSTRIALS 0.5%
Assa Abloy AB ‘B’		1,591			34
Atlas Copco AB ‘A’		11,676			109
Epiroc AB		3,297			51
Indutrade AB		1,425			26
Nibe Industrier AB ‘B’		3,769			28
Sandvik AB		3,307			54
SKF AB ‘B’		2,079			31
Volvo AB ‘B’		6,711			105
					438
INFORMATION TECHNOLOGY 0.1%
Telefonaktiebolaget LM Ericsson ‘B’		6,492			48
MATERIALS 0.1%
Hexpol AB		1,840			16
SSAB AB ‘A’		18,640			82
					98
REAL ESTATE 0.1%
Atrium Ljungberg AB ‘B’		1,784			23
Hufvudstaden AB ‘A’		2,035			23
					46
Total Sweden					1,623
SWITZERLAND 6.9%
COMMUNICATION SERVICES 0.2%
Swisscom AG		281			156
CONSUMER DISCRETIONARY 0.3%
Cie Financiere Richemont SA		1,517			163
Forbo Holding AG		16			22
Garmin Ltd.		641			63
Valora Holding AG		140			24
					272
CONSUMER STAPLES 1.3%
Aryzta AG (a)		25,883			29
Barry Callebaut AG		19			43
Chocoladefabriken Lindt & Spruengli AG		8			81

	SHARES			MARKET VALUE (000S)
Emmi AG		26	$		25
Nestle SA		8,257			965
					1,143
FINANCIALS 1.3%
Banque Cantonale Vaudoise		408			32
Cembra Money Bank AG		428			31
St Galler Kantonalbank AG		51			23
Swiss Life Holding AG		218			106
Swiss Re AG		2,158			167
UBS Group AG		7,492			121
Valiant Holding AG		359			32
Zurich Insurance Group AG		1,407			614
					1,126
HEALTH CARE 1.3%
Alcon, Inc.		994			70
Galenica AG		575			44
Novartis AG		3,237			275
Roche Holding AG		1,867			624
Sonova Holding AG		282			90
Straumann Holding AG		260			31
					1,134
INDUSTRIALS 0.8%
ABB Ltd.		9,944			267
Adecco Group AG		1,311			45
Bucher Industries AG		67			23
DKSH Holding AG		429			36
Flughafen Zurich AG (a)		147			22
Geberit AG		136			66
Georg Fischer AG		520			26
Kuehne & Nagel International AG		435			103
Schindler Holding AG		281			51
SGS SA		18			41
					680
INFORMATION TECHNOLOGY 0.1%
Landis & Gyr Group AG		474			25
Logitech International SA		737			38
					63
MATERIALS 1.4%
EMS-Chemie Holding AG		35			26
Givaudan SA		29			102
Glencore PLC		160,400			869
SIG Group AG		1,565			35
Sika AG		588			136
					1,168
REAL ESTATE 0.2%
Allreal Holding AG		156			26
PSP Swiss Property AG		448			50
Swiss Prime Site AG		839			73
					149
UTILITIES 0.0%
BKW AG		290			30
Total Switzerland					5,921

40 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

	SHARES			MARKET VALUE (000S)
UNITED KINGDOM 13.8%
COMMUNICATION SERVICES 1.2%
BT Group PLC		94,814	$		215
Pearson PLC		11,229			103
Vodafone Group PLC		453,389			705
					1,023
CONSUMER DISCRETIONARY 0.7%
B&M European Value Retail SA		5,537			25
Berkeley Group Holdings PLC		535			24
Burberry Group PLC		1,318			26
Cazoo Group Ltd. (a)		1,563			1
Compass Group PLC		6,066			125
Frasers Group PLC (a)		3,339			27
Greggs PLC		1,289			29
Halfords Group PLC		5,881			10
Inchcape PLC		3,077			26
Kingfisher PLC		53,253			159
Marston’s PLC (a)		26,465			17
Mitchells & Butlers PLC (a)		9,268			21
Next PLC		841			60
Pets at Home Group PLC		4,946			19
Taylor Wimpey PLC		15,062			21
					590
CONSUMER STAPLES 2.5%
Associated British Foods PLC		3,713			72
British American Tobacco PLC		7,123			305
Cranswick PLC		576			22
Diageo PLC		11,484			496
Imperial Brands PLC		10,677			239
J Sainsbury PLC		38,134			95
Marks & Spencer Group PLC		34,473			57
Premier Foods PLC		19,561			27
Reckitt Benckiser Group PLC		3,091			232
Tate & Lyle PLC		4,672			43
Tesco PLC		87,231			272
Unilever PLC		5,672			258
					2,118
ENERGY 1.9%
BP PLC		227,026			1,066
Shell PLC		20,782			541
Subsea 7 SA		6,914			56
					1,663
FINANCIALS 1.4%
3i Group PLC		3,145			43
Admiral Group PLC		1,591			44
Direct Line Insurance Group PLC		25,710			79
HSBC Holdings PLC		73,055			477
IG Group Holdings PLC		3,375			28
M&G PLC		40,455			96
Man Group PLC		13,679			42
NatWest Group PLC		28,832			77
Provident Financial PLC		6,647			16
Schroders PLC		655			21
Standard Chartered PLC		38,815			293
					1,216
HEALTH CARE 2.7%
AstraZeneca PLC		10,190			1,344
ConvaTec Group PLC		10,261			28

	SHARES				MARKET VALUE (000S)
GSK PLC		41,213	$			888
Indivior PLC (a)		10,813				41
Smith & Nephew PLC		2,898				41
						2,342
INDUSTRIALS 1.7%
Ashtead Group PLC		1,632				69
BAE Systems PLC		34,887				353
Balfour Beatty PLC		8,093				25
Bunzl PLC		1,854				62
CNH Industrial NV		4,858				56
Diploma PLC		921				25
Ferguson PLC		725				81
Firstgroup PLC		24,667				38
Howden Joinery Group PLC		4,698				35
IMI PLC		2,099				30
International Consolidated Airlines Group SA		44,473				58
Morgan Sindall Group PLC		1,045				23
National Express Group PLC (a)		6,143				15
Pagegroup PLC		3,827				19
RELX PLC		12,340				335
Rentokil Initial PLC		7,403				43
Royal Mail PLC		18,485				61
RS GROUP PLC		3,255				35
Spirax-Sarco Engineering PLC		376				45
Travis Perkins PLC		2,003				24
Ultra Electronics Holdings PLC		630				26
						1,458
				��
INFORMATION TECHNOLOGY 0.1%
Computacenter PLC		849				24
Micro Focus International PLC		7,781				27
						51
MATERIALS 0.5%
Anglo American PLC		2,948				105
Croda International PLC		1,164				92
Johnson Matthey PLC		1,502				36
Rio Tinto PLC		3,131				187
						420
REAL ESTATE 0.1%
Grainger PLC		5,124				17
Savills PLC		1,759				22
						39
UTILITIES 1.0%
Centrica PLC (a)		107,125				105
Drax Group PLC		6,883				54
National Grid PLC		32,168				413
Severn Trent PLC		980				33
SSE PLC		9,480				187
United Utilities Group PLC		5,011				62
						854
Total United Kingdom						11,774
UNITED STATES 0.1%
MATERIALS 0.1%
Sims Ltd.		4,222				40
Total United States						40
Total Common Stocks (Cost $82,407)						81,293

	SHARES			MARKET VALUE (000S)
PREFERRED STOCKS 0.7%
GERMANY 0.7%
CONSUMER DISCRETIONARY 0.5%
Schaeffler AG		3,766	$		22
Volkswagen AG		2,875			387
					409
HEALTH CARE 0.0%
Sartorius AG		101			35
INDUSTRIALS 0.2%
Fuchs Petrolub SE		1,391			39
Henkel AG & Co. KGaA		1,872			116
					155
Total Preferred Stocks (Cost $845)					599
REAL ESTATE INVESTMENT TRUSTS 1.7%
AUSTRALIA 0.1%
REAL ESTATE 0.1%
GPT Group		8,824			26
Stockland		10,231			25
Vicinity Centres		14,643			19
					70
Total Australia					70
BELGIUM 0.1%
REAL ESTATE 0.1%
Befimmo SA		547			27
Cofinimmo SA		210			23
Warehouses De Pauw CVA		843			27
					77
Total Belgium					77
CANADA 0.1%
REAL ESTATE 0.1%
Allied Properties Real Estate Investment Trust		850			22
Canadian Apartment Properties REIT		720			25
Dream Office Real Estate Investment Trust		1,299			19
Granite Real Estate Investment Trust		521			32
					98
Total Canada					98
FRANCE 0.1%
REAL ESTATE 0.1%
Klepierre SA		1,370			26
Unibail-Rodamco-Westfield		567			29
					55
Total France					55
HONG KONG 0.1%
REAL ESTATE 0.1%
Fortune REIT		25,000			21
Link REIT		7,100			58
					79
Total Hong Kong					79

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 41

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
JAPAN 0.8%
REAL ESTATE 0.8%
Activia Properties, Inc.		7	$		21
Advance Residence Investment Corp.		12			32
AEON REIT Investment Corp.		24			27
Daiwa House REIT Investment Corp.		11			25
Daiwa Office Investment Corp.		2			10
Daiwa Securities Living Investments Corp.		37			32
Frontier Real Estate Investment Corp.		2			8
Fukuoka REIT Corp.		16			20
GLP J-Reit		22			27
Hulic Reit, Inc.		16			19
Industrial & Infrastructure Fund Investment Corp.		16			21
Japan Excellent, Inc.		23			21
Japan Logistics Fund, Inc.		12			28
Japan Metropolitan Fund Invest		50			39
Japan Prime Realty Investment Corp.		8			24
Japan Real Estate Investment Corp.		7			32
Kenedix Office Investment Corp.		5			25
Mori Hills REIT Investment Corp.		17			19
Mori Trust Sogo Reit, Inc.		23			24
Nippon Accommodations Fund, Inc.		3			15
Nippon Building Fund, Inc.		9			45
Nippon Prologis REIT, Inc.		11			27
Nomura Real Estate Master Fund, Inc.		24			30
NTT UD REIT Investment Corp.		26			28
Orix JREIT, Inc.		21			29
Sekisui House Reit, Inc.		42			25
United Urban Investment Corp.		25			26
					679
Total Japan					679

	SHARES			MARKET VALUE (000S)
SINGAPORE 0.2%
REAL ESTATE 0.2%
Ascendas Real Estate Investment Trust		20,700	$		42
CapitaLand Integrated Commercial Trust		16,700			26
Keppel DC REIT		16,300			23
Mapletree Industrial Trust		14,835			28
Mapletree North Asia Commercial Trust		37,900			33
					152
Total Singapore					152
SPAIN 0.0%
REAL ESTATE 0.0%
Inmobiliaria Colonial Socimi SA		1,958			13
Total Spain					13
UNITED KINGDOM 0.2%
REAL ESTATE 0.2%
Assura PLC		19,339			15
Big Yellow Group PLC		1,505			24
Great Portland Estates PLC		2,564			18
Land Securities Group PLC		4,749			39
LondonMetric Property PLC		9,410			26
Segro PLC		4,069			49
Tritax Big Box REIT PLC		19,292			43
					214
Total United Kingdom					214
Total Real Estate Investment Trusts (Cost $1,641)					1,437

	SHARES			MARKET VALUE (000S)
RIGHTS 0.0%
AUSTRALIA 0.0%
ENERGY 0.0%
Carsales.com Ltd. (a)		324	$		0
Total Rights (Cost $0)					0
SHORT-TERM INSTRUMENTS 1.6%
REPURCHASE AGREEMENTS (f) 1.6%
					1,354
Total Short-Term Instruments (Cost $1,354)					1,354
Total Investments in Securities (Cost $86,247)					84,683
INVESTMENTS IN AFFILIATES 1.4%
SHORT-TERM INSTRUMENTS 1.4%
MUTUAL FUNDS 1.4%
PIMCO Government Money Market Fund
1.450% (b)(c)(d)		1,189,088			1,189
Total Short-Term Instruments (Cost $1,189)					1,189
Total Investments in Affiliates (Cost $1,189)					1,189
Total Investments 100.4% (Cost $87,436)			$		85,872
Other Assets and Liabilities, net (0.4)%					(333	)
Net Assets 100.0%			$		85,539

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 $1,695 were out on loan in exchange for $1,807 of cash collateral as of June 30, 2022. 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
Constellation Software, Inc.	03/01/2019 - 04/12/2022	$	47	$	59		0.07	%
Great-West Lifeco, Inc.	06/27/2018 - 04/12/2022		29		30		0.04
Intact Financial Corp.	08/12/2019 - 04/12/2022		86		101		0.12
Whitecap Resources, Inc.	09/30/2020 - 09/15/2021		32		78		0.09
		$	194	$	268		0.32	%

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(1)
FICC		0.400	%		06/30/2022		07/01/2022	$	1,354	U.S. Treasury Notes 2.875% due 06/15/2025	$	(1,381	)	$	1,354	$	1,354
Total Repurchase Agreements											$	(1,381	)	$	1,354	$	1,354

42 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

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, 2022:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		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(2)
Global/Master Repurchase Agreement
FICC	$	1,354	$	0	$	0	$	0	$	1,354	$	(1,381	)	$	(27	)
Master Securities Lending Agreement
GSC		0		0		0		1,102		1,102		(1,158	)		(56	)
BSN		0		0		0		27		27		(31	)		(4	)
UBS		0		0		0		566		566		(618	)		(52	)
Total Borrowings and Other Financing Transactions	$	1,354	$	0	$	0	$	1,695

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(3)
Common Stock	$	1,807	$	0	$	0	$	0	$	1,807
Total Borrowings	$	1,807	$	0	$	0	$	0	$	1,807
Payable for securities on loan - cash collateral									$	1,807

⁽¹⁾ Includes accrued interest.

⁽²⁾ 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.

⁽³⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

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 and Other 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, 2022:

	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	$	(5	)	$	0	$	(5	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Common Stocks
Australia
Communication Services	$	0	$	402	$	0	$	402
Consumer Discretionary		26		255		0		281
Consumer Staples		0		546		0		546
Energy		0		297		0		297
Financials		0		631		0		631
Health Care		0		171		0		171
Industrials		0		301		0		301
Information Technology		0		30		0		30

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Materials	$	0	$	670	$	0	$	670
Real Estate		0		27		0		27
Utilities		0		246		0		246
Austria
Communication Services		25		0		0		25
Energy		0		71		0		71
Financials		0		25		0		25
Industrials		0		24		0		24
Materials		0		23		0		23
Real Estate		0		36		0		36
Utilities		0		28		0		28

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 43

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Belgium
Communication Services	$	0	$	42	$	0	$	42
Consumer Discretionary		0		22		0		22
Consumer Staples		38		0		0		38
Financials		0		62		0		62
Health Care		0		80		0		80
Industrials		0		24		0		24
Information Technology		0		29		0		29
Materials		0		22		0		22
Canada
Communication Services		554		0		0		554
Consumer Discretionary		449		0		0		449
Consumer Staples		677		0		0		677
Energy		1,611		0		0		1,611
Financials		1,175		0		0		1,175
Health Care		17		0		0		17
Industrials		793		0		0		793
Information Technology		214		0		0		214
Materials		746		0		0		746
Real Estate		65		0		0		65
Utilities		508		0		0		508
Chile
Materials		0		19		0		19
Denmark
Consumer Discretionary		0		20		0		20
Consumer Staples		0		132		0		132
Financials		34		58		0		92
Health Care		0		1,025		0		1,025
Industrials		0		515		0		515
Materials		0		86		0		86
Utilities		0		57		0		57
Finland
Communication Services		0		61		0		61
Consumer Staples		0		100		0		100
Energy		0		93		0		93
Financials		0		247		0		247
Health Care		0		53		0		53
Industrials		0		80		0		80
Information Technology		0		76		0		76
Materials		0		166		0		166
Real Estate		0		57		0		57
Utilities		0		38		0		38
France
Communication Services		0		897		0		897
Consumer Discretionary		0		729		0		729
Consumer Staples		0		905		0		905
Energy		0		663		0		663
Financials		0		637		0		637
Health Care		0		607		0		607
Industrials		0		968		0		968
Information Technology		0		112		0		112
Materials		0		117		0		117
Utilities		0		534		0		534
Germany
Communication Services		0		264		0		264
Consumer Discretionary		0		1,125		0		1,125
Consumer Staples		0		120		0		120
Financials		48		673		0		721
Health Care		0		336		0		336
Industrials		0		378		0		378
Information Technology		0		164		0		164
Materials		0		370		0		370
Real Estate		0		91		0		91
Utilities		0		327		0		327
Hong Kong
Communication Services		30		106		0		136
Consumer Discretionary		0		106		0		106
Consumer Staples		0		39		0		39
Financials		0		74		0		74
Industrials		0		415		0		415
Information Technology		0		80		0		80

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Real Estate	$	0	$	404	$	0	$	404
Utilities		19		144		0		163
Ireland
Consumer Discretionary		27		0		0		27
Consumer Staples		0		113		0		113
Financials		0		34		0		34
Health Care		471		0		0		471
Industrials		75		124		0		199
Materials		0		128		0		128
Israel
Communication Services		0		61		0		61
Consumer Staples		0		23		0		23
Energy		0		131		0		131
Financials		0		294		0		294
Health Care		42		0		0		42
Industrials		0		38		0		38
Information Technology		33		26		0		59
Materials		0		112		0		112
Real Estate		0		48		0		48
Italy
Communication Services		0		185		0		185
Consumer Discretionary		0		104		0		104
Consumer Staples		0		19		0		19
Energy		0		691		0		691
Financials		0		453		0		453
Health Care		0		110		0		110
Industrials		0		116		0		116
Utilities		0		496		0		496
Japan
Communication Services		0		1,868		0		1,868
Consumer Discretionary		0		4,090		0		4,090
Consumer Staples		0		2,250		0		2,250
Energy		0		742		0		742
Financials		0		1,524		0		1,524
Health Care		0		1,603		0		1,603
Industrials		0		5,161		0		5,161
Information Technology		0		2,122		0		2,122
Materials		0		1,429		0		1,429
Real Estate		0		52		0		52
Utilities		0		1,182		0		1,182
Luxembourg
Communication Services		0		116		0		116
Health Care		0		31		0		31
Materials		0		365		0		365
Netherlands
Communication Services		25		154		0		179
Consumer Discretionary		0		247		0		247
Consumer Staples		0		810		0		810
Financials		0		695		0		695
Health Care		47		0		0		47
Industrials		26		387		0		413
Information Technology		123		443		0		566
Materials		0		316		0		316
New Zealand
Communication Services		0		42		0		42
Health Care		0		26		0		26
Industrials		0		55		0		55
Real Estate		0		26		0		26
Utilities		0		47		0		47
Norway
Communication Services		0		142		0		142
Consumer Staples		0		209		0		209
Energy		0		736		0		736
Financials		23		66		0		89
Industrials		0		52		0		52
Information Technology		0		27		0		27
Materials		0		217		0		217
Real Estate		0		23		0		23
Portugal
Consumer Staples		0		50		0		50
Utilities		0		331		0		331

44 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Singapore
Communication Services	$	24	$	171	$	0	$	195
Consumer Staples		46		110		0		156
Energy		0		34		0		34
Financials		0		343		0		343
Industrials		0		297		0		297
Information Technology		0		29		0		29
Utilities		0		61		0		61
South Africa
Health Care		0		28		0		28
Spain
Communication Services		0		711		0		711
Consumer Discretionary		0		90		0		90
Consumer Staples		0		38		0		38
Energy		0		597		0		597
Financials		0		887		0		887
Health Care		0		27		0		27
Industrials		0		133		0		133
Information Technology		0		46		0		46
Materials		0		33		0		33
Utilities		0		1,035		0		1,035
Sweden
Communication Services		0		314		0		314
Consumer Discretionary		34		155		0		189
Consumer Staples		0		284		0		284
Financials		0		206		0		206
Industrials		0		438		0		438
Information Technology		0		48		0		48
Materials		0		98		0		98
Real Estate		23		23		0		46
Switzerland
Communication Services		0		156		0		156
Consumer Discretionary		63		209		0		272
Consumer Staples		0		1,143		0		1,143
Financials		0		1,126		0		1,126
Health Care		0		1,134		0		1,134
Industrials		0		680		0		680
Information Technology		0		63		0		63
Materials		0		1,168		0		1,168
Real Estate		0		149		0		149
Utilities		0		30		0		30
United Kingdom
Communication Services		0		1,023		0		1,023
Consumer Discretionary		17		573		0		590
Consumer Staples		27		2,091		0		2,118

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Energy	$	0	$	1,663	$	0	$	1,663
Financials		0		1,216		0		1,216
Health Care		0		2,342		0		2,342
Industrials		25		1,433		0		1,458
Information Technology		0		51		0		51
Materials		0		420		0		420
Real Estate		17		22		0		39
Utilities		0		854		0		854
United States
Materials		0		40		0		40
Preferred Stocks
Germany
Consumer Discretionary		0		409		0		409
Health Care		0		35		0		35
Industrials		0		155		0		155
Real Estate Investment Trusts
Australia
Real Estate		0		70		0		70
Belgium
Real Estate		0		77		0		77
Canada
Real Estate		98		0		0		98
France
Real Estate		0		55		0		55
Hong Kong
Real Estate		0		79		0		79
Japan
Real Estate		0		679		0		679
Singapore
Real Estate		0		152		0		152
Spain
Real Estate		0		13		0		13
United Kingdom
Real Estate		15		199		0		214
Short-Term Instruments
Repurchase Agreements		0		1,354		0		1,354
	$	8,310	$	76,373	$	0	$	84,683
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		1,189		0		0		1,189
Total Investments	$	9,499	$	76,373	$	0	$	85,872

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 45

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.9%
COMMON STOCKS 95.4%
IRELAND 0.4%
INFORMATION TECHNOLOGY 0.4%
Accenture PLC ‘A’		1,272	$		353
Total Ireland					353
SWITZERLAND 0.2%
FINANCIALS 0.2%
Chubb Ltd.		1,053			207
Total Switzerland					207
UNITED KINGDOM 0.3%
COMMUNICATION SERVICES 0.1%
Liberty Global PLC ‘C’ (a)		5,412			120
CONSUMER STAPLES 0.0%
Nomad Foods Ltd. (a)		607			12
ENERGY 0.0%
TechnipFMC PLC (a)		3,117			21
FINANCIALS 0.1%
Willis Towers Watson PLC		387			76
INDUSTRIALS 0.1%
Nvent Electric PLC		252			8
Pentair PLC		675			31
					39
MATERIALS 0.0%
Amcor PLC		2,072			26
Total United Kingdom					294
UNITED STATES 94.5%
COMMUNICATION SERVICES 5.2%
Activision Blizzard, Inc.		777			60
AMC Entertainment Holdings, Inc. ‘A’ (a)(c)		1,020			14
AMC Networks, Inc. ‘A’ (a)		590			17
AT&T, Inc.		59,549			1,248
Cable One, Inc.		12			15
Charter Communications, Inc. ‘A’ (a)		443			207
Cinemark Holdings, Inc. (a)		1,140			17
Comcast Corp. ‘A’		21,093			828
Electronic Arts, Inc.		1,024			125
Fox Corp. ‘A’		1,674			54
iHeartMedia, Inc. ‘A’ (a)		1,019			8
Interpublic Group of Cos., Inc.		2,270			62
John Wiley & Sons, Inc. ‘A’		306			15
Liberty Broadband Corp. ‘C’ (a)		189			22
Liberty Media Corp.-Liberty Formula One ‘C’ (a)		335			21
Liberty Media Corp.-Liberty SiriusXM ‘C’ (a)		2,885			104
Live Nation Entertainment, Inc. (a)		231			19
Lumen Technologies, Inc.		22,233			243
New York Times Co. ‘A’		288			8
News Corp. ‘A’		2,927			46
Nexstar Media Group, Inc. ‘A’		133			22

	SHARES			MARKET VALUE (000S)
Omnicom Group, Inc.		1,425	$		91
Paramount Global		4,043			100
Sinclair Broadcast Group, Inc. ‘A’		331			7
T-Mobile U.S., Inc. (a)		536			72
Take-Two Interactive Software, Inc. (a)		206			25
TEGNA, Inc.		2,212			46
Telephone & Data Systems, Inc.		1,422			22
TripAdvisor, Inc. (a)		268			5
Verizon Communications, Inc.		23,697			1,203
Walt Disney Co. (a)		2,610			246
Yelp, Inc. (a)		454			13
					4,985
CONSUMER DISCRETIONARY 10.1%
Abercrombie & Fitch Co. ‘A’ (a)		951			16
Academy Sports & Outdoors, Inc.		225			8
Adient PLC (a)		1,930			57
Adtalem Global Education, Inc. (a)		662			24
Advance Auto Parts, Inc.		162			28
American Axle & Manufacturing Holdings, Inc. (a)		1,835			14
American Eagle Outfitters, Inc.		2,450			27
Asbury Automotive Group, Inc. (a)		318			54
AutoNation, Inc. (a)		1,154			129
AutoZone, Inc. (a)		82			176
Bath & Body Works, Inc.		526			14
Bed Bath & Beyond, Inc. (a)		5,961			30
Best Buy Co., Inc.		2,425			158
Big Lots, Inc.		336			7
Bloomin’ Brands, Inc.		589			10
Booking Holdings, Inc. (a)		36			63
BorgWarner, Inc.		578			19
Bright Horizons Family Solutions, Inc. (a)		94			8
Brunswick Corp.		367			24
Buckle, Inc.		573			16
Burlington Stores, Inc. (a)		42			6
Carnival Corp. (a)		4,769			41
Carter’s, Inc.		532			38
Cheesecake Factory, Inc.		420			11
Chipotle Mexican Grill, Inc. (a)		109			142
Churchill Downs, Inc.		121			23
Cracker Barrel Old Country Store, Inc.		357			30
Dana, Inc.		2,144			30
Darden Restaurants, Inc.		110			12
Deckers Outdoor Corp. (a)		104			27
Designer Brands, Inc.’A’		1,647			22
Dick’s Sporting Goods, Inc.		1,454			110
Dillard’s, Inc. ‘A’		70			15
Dollar General Corp.		1,425			350
Dollar Tree, Inc. (a)		1,243			194
Domino’s Pizza, Inc.		211			82
Dorman Products, Inc. (a)		156			17
eBay, Inc.		5,463			228
Foot Locker, Inc.		2,121			54
Ford Motor Co.		77,052			858
G-III Apparel Group Ltd. (a)		504			10
Gap, Inc.		5,690			47
General Motors Co. (a)		19,931			633
Gentex Corp.		1,253			35
Genuine Parts Co.		422			56
Goodyear Tire & Rubber Co. (a)		8,217			88
Graham Holdings Co. ‘B’		28			16

	SHARES			MARKET VALUE (000S)
Grand Canyon Education, Inc. (a)		184	$		17
Group 1 Automotive, Inc.		254			43
Guess?, Inc.		443			8
H&R Block, Inc.		2,144			76
Hanesbrands, Inc.		2,288			24
Harley-Davidson, Inc.		477			15
Hasbro, Inc.		121			10
Helen of Troy Ltd. (a)		63			10
Hilton Grand Vacations, Inc. (a)		389			14
Hilton Worldwide Holdings, Inc.		466			52
Home Depot, Inc.		2,263			621
International Game Technology PLC		930			17
Jack in the Box, Inc.		381			21
Kohl’s Corp.		4,228			151
Kontoor Brands, Inc.		477			16
La-Z-Boy, Inc.		603			14
Las Vegas Sands Corp. (a)		572			19
Lear Corp.		283			36
Leggett & Platt, Inc.		742			26
Lithia Motors, Inc.		69			19
LKQ Corp.		344			17
Lowe’s Cos., Inc.		1,834			320
Macy’s, Inc.		11,250			206
Marriott International, Inc. ‘A’		572			78
Mattel, Inc. (a)		532			12
McDonald’s Corp.		2,744			677
MDC Holdings, Inc.		350			11
Meritage Homes Corp. (a)		173			13
Murphy USA, Inc.		457			106
Newell Brands, Inc.		594			11
NIKE, Inc. ‘B’		554			57
Nordstrom, Inc.		2,387			50
NVR, Inc. (a)		5			20
O’Reilly Automotive, Inc. (a)		380			240
ODP Corp. (a)		610			18
Penske Automotive Group, Inc.		586			61
Pool Corp.		194			68
PulteGroup, Inc.		1,543			61
PVH Corp.		158			9
Qurate Retail, Inc.		12,446			36
Ralph Lauren Corp.		419			38
Red Rock Resorts, Inc. ‘A’		200			7
Ross Stores, Inc.		118			8
Sally Beauty Holdings, Inc. (a)		1,783			21
Service Corp. International		846			58
Signet Jewelers Ltd.		861			46
Six Flags Entertainment Corp. (a)		449			10
Sonic Automotive, Inc. ‘A’		238			9
Starbucks Corp.		469			36
Steven Madden Ltd.		410			13
Target Corp.		7,317			1,033
Taylor Morrison Home Corp. ‘A’ (a)		869			20
Tempur Sealy International, Inc.		446			10
Terminix Global Holdings, Inc. (a)		335			14
Texas Roadhouse, Inc.		182			13
Thor Industries, Inc.		201			15
TJX Cos., Inc.		563			31
Toll Brothers, Inc.		680			30
TopBuild Corp. (a)		45			8
Tractor Supply Co.		635			123
Tri Pointe Homes, Inc. (a)		1,109			19
Ulta Beauty, Inc. (a)		190			73
Urban Outfitters, Inc. (a)		702			13
Vail Resorts, Inc.		162			35
VF Corp.		297			13

46 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

	SHARES			MARKET VALUE (000S)
Vista Outdoor, Inc. (a)		236	$		7
Visteon Corp. (a)		250			26
Wendy’s Co.		2,691			51
Whirlpool Corp.		712			110
Williams-Sonoma, Inc.		729			81
Wyndham Hotels & Resorts, Inc.		389			26
Yum! Brands, Inc.		1,911			217
					9,551
CONSUMER STAPLES 15.8%
Altria Group, Inc.		16,164			675
Andersons, Inc.		368			12
Archer-Daniels-Midland Co.		7,179			557
B&G Foods, Inc. (c)		744			18
Boston Beer Co., Inc. ‘A’ (a)		33			10
Brown-Forman Corp. ‘B’		389			27
Bunge Ltd.		3,431			311
Cal-Maine Foods, Inc.		585			29
Campbell Soup Co.		1,184			57
Casey’s General Stores, Inc.		361			67
Central Garden & Pet Co. ‘A’ (a)		260			10
Church & Dwight Co., Inc.		1,221			113
Clorox Co.		452			64
Coca-Cola Co.		20,018			1,259
Colgate-Palmolive Co.		3,217			258
Conagra Brands, Inc.		2,338			80
Constellation Brands, Inc. ‘A’		481			112
Costco Wholesale Corp.		2,380			1,141
Darling Ingredients, Inc. (a)		310			19
Edgewell Personal Care Co.		679			23
Estee Lauder Cos., Inc. ‘A’		354			90
Flowers Foods, Inc.		1,599			42
General Mills, Inc.		3,906			295
Hain Celestial Group, Inc. (a)		354			8
Herbalife Nutrition Ltd. (a)		474			10
Hershey Co.		563			121
Hormel Foods Corp.		1,677			79
Ingles Markets, Inc. ‘A’		172			15
Ingredion, Inc.		771			68
J M Smucker Co.		783			100
Kellogg Co.		1,833			131
Keurig Dr Pepper, Inc.		3,011			107
Kimberly-Clark Corp.		1,801			243
Kraft Heinz Co.		8,250			315
Kroger Co.		13,319			630
Lamb Weston Holdings, Inc.		350			25
Lancaster Colony Corp.		120			15
McCormick & Co., Inc.		929			77
Molson Coors Beverage Co. ‘B’		2,744			150
Mondelez International, Inc. ‘A’		6,642			412
Monster Beverage Corp. (a)		386			36
National Beverage Corp.		158			8
Nu Skin Enterprises, Inc. ‘A’		985			43
PepsiCo, Inc.		7,757			1,293
Performance Food Group Co. (a)		556			26
Philip Morris International, Inc.		9,306			919
Post Holdings, Inc. (a)		467			38
PriceSmart, Inc.		158			11
Procter & Gamble Co.		12,059			1,734
Sanderson Farms, Inc.		370			80
SpartanNash Co.		467			14
Sprouts Farmers Market, Inc. (a)		2,721			69
Sysco Corp.		667			56
TreeHouse Foods, Inc. (a)		610			25

	SHARES			MARKET VALUE (000S)
Tyson Foods, Inc. ‘A’		4,339	$		373
U.S. Foods Holding Corp. (a)		1,787			55
United Natural Foods, Inc. (a)		684			27
Universal Corp.		175			11
USANA Health Sciences, Inc. (a)		106			8
Vector Group Ltd.		1,589			17
Walgreens Boots Alliance, Inc.		14,035			532
Walmart, Inc.		15,084			1,834
Weis Markets, Inc.		119			9
					14,993
ENERGY 11.9%
Antero Resources Corp. (a)		2,933			90
APA Corp.		511			18
Arch Resources, Inc.		58			8
Archrock, Inc.		1,348			11
Baker Hughes Co.		10,846			313
Centennial Resource Development, Inc. (a)		1,834			11
Cheniere Energy, Inc.		336			45
Chevron Corp.		16,409			2,376
CNX Resources Corp. (a)		1,785			29
ConocoPhillips		6,996			628
Coterra Energy, Inc.		2,084			54
CVR Energy, Inc.		543			18
Delek U.S. Holdings, Inc.		1,599			41
Devon Energy Corp.		2,829			156
Diamondback Energy, Inc.		267			32
Dril-Quip, Inc. (a)		345			9
DT Midstream, Inc.		146			7
EOG Resources, Inc.		822			91
EQT Corp.		509			18
Equitrans Midstream Corp.		1,303			8
Exxon Mobil Corp.		30,492			2,611
Halliburton Co.		1,173			37
Helmerich & Payne, Inc.		1,096			47
Hess Corp.		1,075			114
Kinder Morgan, Inc.		7,078			119
Kosmos Energy Ltd. (a)		1,831			11
Marathon Oil Corp.		13,325			300
Marathon Petroleum Corp.		12,242			1,007
Matador Resources Co.		167			8
Murphy Oil Corp.		1,766			53
NOV, Inc.		6,497			110
Occidental Petroleum Corp.		7,808			460
Oceaneering International, Inc. (a)		1,139			12
ONEOK, Inc.		626			35
Ovintiv, Inc.		389			17
Patterson-UTI Energy, Inc.		3,577			56
PBF Energy, Inc. ‘A’ (a)		3,470			101
PDC Energy, Inc.		148			9
Peabody Energy Corp. (a)		799			17
Phillips 66		8,089			663
Pioneer Natural Resources Co.		322			72
Range Resources Corp. (a)		1,576			39
Schlumberger NV		5,641			202
SM Energy Co.		1,645			56
Targa Resources Corp.		1,234			74
Transocean Ltd. (a)		17,220			57
Valero Energy Corp.		8,555			909
Whiting Petroleum Corp.		425			29
Williams Cos., Inc.		1,715			54
World Fuel Services Corp.		1,082			22
					11,264

	SHARES			MARKET VALUE (000S)
FINANCIALS 9.8%
Affiliated Managers Group, Inc.		283	$		33
Aflac, Inc.		2,042			113
Alleghany Corp. (a)		17			14
Allstate Corp.		3,844			487
Ally Financial, Inc.		4,731			159
American Equity Investment Life Holding Co.		447			16
American Express Co.		774			107
American Financial Group, Inc.		108			15
American International Group, Inc.		9,800			501
Ameriprise Financial, Inc.		155			37
Aon PLC ‘A’		450			121
Ares Management Corp.		290			16
Arthur J Gallagher & Co.		795			130
Assurant, Inc.		81			14
Bank of New York Mellon Corp.		2,466			103
Berkshire Hathaway, Inc. ‘B’ (a)		2,447			668
Blackstone, Inc.		1,414			129
Brighthouse Financial, Inc. (a)		912			37
Brightsphere Investment Group, Inc.		528			10
Brown & Brown, Inc.		990			58
Capital One Financial Corp.		5,103			532
Capitol Federal Financial, Inc.		803			7
Carlyle Group, Inc.		335			11
Cincinnati Financial Corp.		217			26
Citigroup, Inc.		24,149			1,111
CME Group, Inc.		1,357			278
CNO Financial Group, Inc.		1,298			23
Comerica, Inc.		182			13
Commerce Bancshares, Inc.		167			11
Cullen/Frost Bankers, Inc.		87			10
Discover Financial Services		1,528			145
East West Bancorp, Inc.		212			14
Erie Indemnity Co. ‘A’		105			20
Evercore, Inc. ‘A’		204			19
FactSet Research Systems, Inc.		108			42
Federated Hermes, Inc. ‘B’		699			22
Fidelity National Financial, Inc.		654			24
First American Financial Corp.		893			47
First Horizon Corp.		792			17
Franklin Resources, Inc.		4,887			114
Genworth Financial, Inc. ‘A’ (a)		7,251			26
Goldman Sachs Group, Inc.		740			220
Hanover Insurance Group, Inc.		283			41
Hartford Financial Services Group, Inc.		462			30
Houlihan Lokey, Inc.		293			23
Intercontinental Exchange, Inc.		1,260			118
Invesco Ltd.		6,170			100
Jefferies Financial Group, Inc.		1,872			52
Lincoln National Corp.		2,605			122
Loews Corp.		1,708			101
LPL Financial Holdings, Inc.		502			93
M&T Bank Corp.		249			40
Markel Corp. (a)		17			22
MarketAxess Holdings, Inc.		45			12
Marsh & McLennan Cos., Inc.		2,226			346
Mercury General Corp.		305			14
MetLife, Inc.		4,188			263
MGIC Investment Corp.		960			12
Moelis & Co. ‘A’		215			8
Moody’s Corp.		28			8
Morningstar, Inc.		99			24
MSCI, Inc.		129			53

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 47

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Nasdaq, Inc.		231	$		35
Navient Corp.		3,609			50
Nelnet, Inc. ‘A’		97			8
New York Community Bancorp, Inc.		3,213			29
Old Republic International Corp.		1,110			25
OneMain Holdings, Inc.		417			16
PacWest Bancorp		633			17
PRA Group, Inc. (a)		287			10
Principal Financial Group, Inc.		355			24
Progressive Corp.		2,967			345
Prosperity Bancshares, Inc.		133			9
Prudential Financial, Inc.		3,985			381
Raymond James Financial, Inc.		262			23
RLI Corp.		180			21
S&P Global, Inc.		95			32
SEI Investments Co.		804			43
SLM Corp.		671			11
Stewart Information Services Corp.		343			17
Stifel Financial Corp.		152			9
Synchrony Financial		2,419			67
T Rowe Price Group, Inc.		329			37
Travelers Cos., Inc.		2,787			471
Unum Group		3,420			116
Virtu Financial, Inc. ‘A’		598			14
Voya Financial, Inc.		154			9
Washington Federal, Inc.		324			10
Wells Fargo & Co.		10,089			395
White Mountains Insurance Group Ltd.		20			25
WR Berkley Corp.		280			19
Zions Bancorp NA		195			10
					9,260
HEALTH CARE 17.8%
AbbVie, Inc.		3,630			556
Align Technology, Inc. (a)		49			12
AmerisourceBergen Corp.		349			49
Amgen, Inc.		1,416			344
AMN Healthcare Services, Inc. (a)		155			17
Baxter International, Inc.		2,110			135
Becton Dickinson & Co.		977			241
Bio-Rad Laboratories, Inc. ‘A’ (a)		46			23
Biogen, Inc. (a)		160			33
BioMarin Pharmaceutical, Inc. (a)		278			23
Boston Scientific Corp. (a)		2,011			75
Bristol-Myers Squibb Co.		11,934			919
Brookdale Senior Living, Inc. (a)		1,931			9
Bruker Corp.		205			13
Cardinal Health, Inc.		5,460			285
Centene Corp. (a)		806			68
Chemed Corp.		102			48
Cooper Cos., Inc.		87			27
CVS Health Corp.		12,382			1,147
Danaher Corp.		2,449			621
DaVita, Inc. (a)		1,259			101
Dentsply Sirona, Inc.		1,051			37
Dexcom, Inc. (a)		589			44
Edwards Lifesciences Corp. (a)		868			82
Elevance Health, Inc.		1,119			540
Eli Lilly & Co.		3,059			992
Encompass Health Corp.		474			27
Envista Holdings Corp. (a)		245			9
Exelixis, Inc. (a)		479			10
Gilead Sciences, Inc.		19,344			1,196
HCA Healthcare, Inc.		637			107

	SHARES			MARKET VALUE (000S)
Henry Schein, Inc. (a)		836	$		64
Hologic, Inc. (a)		806			56
Humana, Inc.		406			190
ICU Medical, Inc. (a)		78			13
IDEXX Laboratories, Inc. (a)		25			9
Incyte Corp. (a)		280			21
Integra LifeSciences Holdings Corp. (a)		125			7
Johnson & Johnson		10,183			1,808
Laboratory Corp. of America Holdings		201			47
Masimo Corp. (a)		103			13
McKesson Corp.		2,324			758
MEDNAX, Inc. (a)		989			21
Merck & Co., Inc.		18,630			1,698
Mettler-Toledo International, Inc. (a)		63			72
Molina Healthcare, Inc. (a)		254			71
Myriad Genetics, Inc. (a)		720			13
Organon & Co.		2,869			97
Owens & Minor, Inc.		888			28
Patterson Cos., Inc.		1,011			31
PerkinElmer, Inc.		189			27
Pfizer, Inc.		40,939			2,146
Premier, Inc. ‘A’		719			26
Quest Diagnostics, Inc.		885			118
Regeneron Pharmaceuticals, Inc. (a)		189			112
ResMed, Inc.		534			112
Royalty Pharma PLC ‘A’		587			25
Sarepta Therapeutics, Inc. (a)		126			9
Seagen, Inc. (a)		204			36
STERIS PLC		297			61
Teleflex, Inc.		67			16
Tenet Healthcare Corp. (a)		1,947			102
Thermo Fisher Scientific, Inc.		550			299
United Therapeutics Corp. (a)		550			130
UnitedHealth Group, Inc.		1,312			674
Universal Health Services, Inc. ‘B’		209			21
Vertex Pharmaceuticals, Inc. (a)		357			101
Viatris, Inc.		3,312			35
Waters Corp. (a)		94			31
West Pharmaceutical Services, Inc.		66			20
Zoetis, Inc.		127			22
					16,930
INDUSTRIALS 7.4%
3M Co.		1,437			186
A O Smith Corp.		662			36
AAR Corp. (a)		341			14
ABM Industries, Inc.		790			34
Acuity Brands, Inc.		163			25
AECOM		1,081			71
AGCO Corp.		721			71
Allegiant Travel Co. (a)		72			8
Allison Transmission Holdings, Inc.		1,256			48
AMERCO		37			18
American Airlines Group, Inc. (a)		8,185			104
Apogee Enterprises, Inc.		253			10
Applied Industrial Technologies, Inc.		94			9
Arcosa, Inc.		254			12
Armstrong World Industries, Inc.		130			10
ASGN, Inc. (a)		74			7
Atlas Air Worldwide Holdings, Inc. (a)		289			18

	SHARES			MARKET VALUE (000S)
Avis Budget Group, Inc. (a)		1,349	$		198
Boise Cascade Co.		339			20
Booz Allen Hamilton Holding Corp.		1,020			92
Builders FirstSource, Inc. (a)		257			14
BWX Technologies, Inc.		499			27
CACI International, Inc. ‘A’ (a)		154			43
Carlisle Cos., Inc.		73			17
Carrier Global Corp.		269			10
Caterpillar, Inc.		324			58
CH Robinson Worldwide, Inc.		1,138			115
Cintas Corp.		33			12
Comfort Systems USA, Inc.		92			8
Copart, Inc. (a)		346			38
CoreCivic, Inc. (a)		1,554			17
Crane Holdings Co.		237			21
CSX Corp.		1,926			56
Cummins, Inc.		234			45
Curtiss-Wright Corp.		219			29
Delta Air Lines, Inc. (a)		187			5
Deluxe Corp.		359			8
Donaldson Co., Inc.		451			22
Emerson Electric Co.		651			52
Encore Wire Corp.		160			17
Equifax, Inc.		355			65
Expeditors International of Washington, Inc.		871			85
Fastenal Co.		376			19
Fluor Corp. (a)		3,151			77
FTI Consulting, Inc. (a)		328			59
GATX Corp.		281			26
Generac Holdings, Inc. (a)		187			39
General Dynamics Corp.		342			76
General Electric Co.		6,143			391
GMS, Inc. (a)		247			11
Graco, Inc.		327			19
Granite Construction, Inc.		535			16
Greenbrier Cos., Inc.		525			19
Hawaiian Holdings, Inc. (a)		1,213			17
Healthcare Services Group, Inc.		979			17
HEICO Corp.		152			20
Hexcel Corp.		500			26
HNI Corp.		328			11
Howmet Aerospace, Inc.		254			8
Hub Group, Inc. ‘A’ (a)		292			21
Hubbell, Inc.		132			24
Huntington Ingalls Industries, Inc.		24			5
IDEX Corp.		116			21
Illinois Tool Works, Inc.		252			46
Insperity, Inc.		150			15
ITT, Inc.		221			15
Jacobs Engineering Group, Inc.		547			70
JB Hunt Transport Services, Inc.		183			29
JetBlue Airways Corp. (a)		4,260			36
KAR Auction Services, Inc. (a)		1,127			17
KBR, Inc.		962			47
Knight-Swift Transportation Holdings, Inc.		1,059			49
L3Harris Technologies, Inc.		1,104			267
Landstar System, Inc.		258			38
Leidos Holdings, Inc.		228			23
Lennox International, Inc.		183			38
Lincoln Electric Holdings, Inc.		333			41
Lockheed Martin Corp.		1,447			622
ManpowerGroup, Inc.		831			64
ManTech International Corp. ‘A’		136			13

48 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

	SHARES			MARKET VALUE (000S)
Masco Corp.		200	$		10
Masonite International Corp. (a)		105			8
Matson, Inc.		97			7
MDU Resources Group, Inc.		637			17
Meritor, Inc. (a)		476			17
MillerKnoll, Inc.		401			11
Moog, Inc. ‘A’		219			17
MSC Industrial Direct Co., Inc. ‘A’		594			45
Mueller Industries, Inc.		488			26
Nielsen Holdings PLC		796			18
Nordson Corp.		171			35
Northrop Grumman Corp.		936			448
NOW, Inc. (a)		1,234			12
Oshkosh Corp.		377			31
Otis Worldwide Corp.		1,008			71
Owens Corning		386			29
Pitney Bowes, Inc.		2,020			7
Primoris Services Corp.		390			8
Quanta Services, Inc.		1,080			135
Raytheon Technologies Corp.		2,093			201
Regal Rexnord Corp.		101			11
Republic Services, Inc.		1,033			135
Resideo Technologies, Inc. (a)		505			10
Robert Half International, Inc.		388			29
Rockwell Automation, Inc.		65			13
Rollins, Inc.		987			34
Rush Enterprises, Inc. ‘A’		421			20
Ryder System, Inc.		619			44
Saia, Inc. (a)		39			7
Schneider National, Inc. ‘B’		617			14
SkyWest, Inc. (a)		386			8
Southwest Airlines Co. (a)		153			6
Spirit AeroSystems Holdings, Inc. ‘A’		1,484			43
Steelcase, Inc. ‘A’		1,101			12
Stericycle, Inc. (a)		273			12
Terex Corp.		865			24
Tetra Tech, Inc.		80			11
Timken Co.		325			17
Toro Co.		537			41
TransDigm Group, Inc. (a)		11			6
TriNet Group, Inc. (a)		140			11
Trinity Industries, Inc.		583			14
UFP Industries, Inc.		460			31
Union Pacific Corp.		723			154
United Airlines Holdings, Inc. (a)		411			15
United Parcel Service, Inc. ‘B’		1,922			351
Verisk Analytics, Inc.		606			105
Veritiv Corp. (a)		57			6
Waste Connections, Inc.		914			113
Waste Management, Inc.		1,872			286
Watsco, Inc.		283			68
Werner Enterprises, Inc.		1,042			40
WESCO International, Inc. (a)		683			73
WW Grainger, Inc.		50			23
Xylem, Inc.		267			21
					7,068
INFORMATION TECHNOLOGY 11.2%
Advanced Micro Devices, Inc. (a)		2,270			174
Akamai Technologies, Inc. (a)		411			38
Amdocs Ltd.		955			80
Amkor Technology, Inc.		616			10
Ansys, Inc. (a)		110			26
Apple, Inc.		8,988			1,229
Applied Materials, Inc.		946			86

	SHARES			MARKET VALUE (000S)
Arista Networks, Inc. (a)		348	$		33
Arrow Electronics, Inc. (a)		1,106			124
Aspen Technology, Inc. (a)		187			34
Automatic Data Processing, Inc.		860			181
Avnet, Inc.		1,428			61
Belden, Inc.		300			16
Black Knight, Inc. (a)		440			29
Bread Financial Holdings, Inc.		1,242			46
Broadcom, Inc.		702			341
Broadridge Financial Solutions, Inc.		533			76
CDK Global, Inc.		636			35
CDW Corp.		302			48
Ciena Corp. (a)		208			10
Cirrus Logic, Inc. (a)		252			18
Cisco Systems, Inc.		12,315			525
Citrix Systems, Inc.		542			53
CMC Materials, Inc.		41			7
Coherent, Inc. (a)		35			9
Concentrix Corp.		63			9
Conduent, Inc. (a)		2,373			10
Corning, Inc.		9,689			305
CSG Systems International, Inc.		250			15
Dell Technologies, Inc. ‘C’		59			3
Dolby Laboratories, Inc. ‘A’		219			16
DXC Technology Co. (a)		2,840			86
Entegris, Inc.		204			19
F5, Inc. (a)		170			26
Fair Isaac Corp. (a)		41			16
Flex Ltd. (a)		2,332			34
Fortinet, Inc. (a)		1,255			71
Gartner, Inc. (a)		170			41
Genpact Ltd.		1,465			62
GoDaddy, Inc. ‘A’ (a)		245			17
Hewlett Packard Enterprise Co.		20,183			268
HP, Inc.		4,022			132
Insight Enterprises, Inc. (a)		207			18
International Business Machines Corp.		8,859			1,251
Intuit, Inc.		78			30
Jabil, Inc.		2,050			105
Jack Henry & Associates, Inc.		446			80
Juniper Networks, Inc.		8,438			240
Keysight Technologies, Inc. (a)		272			37
KLA Corp.		334			107
Kyndryl Holdings, Inc. (a)		3,488			34
Lam Research Corp.		102			43
Littelfuse, Inc.		35			9
Lumentum Holdings, Inc. (a)		101			8
Manhattan Associates, Inc. (a)		93			11
Marvell Technology, Inc.		1,193			52
Mastercard, Inc. ‘A’		261			82
MAXIMUS, Inc.		514			32
Microsoft Corp.		3,547			911
Monolithic Power Systems, Inc.		64			25
Motorola Solutions, Inc.		1,465			307
National Instruments Corp.		262			8
NCR Corp. (a)		652			20
NetApp, Inc.		343			22
NetScout Systems, Inc. (a)		605			20
NortonLifeLock, Inc.		4,356			96
NVIDIA Corp.		3,558			539
ON Semiconductor Corp. (a)		606			30
Oracle Corp.		11,426			798
Palo Alto Networks, Inc. (a)		144			71
Paychex, Inc.		1,125			128
Plexus Corp. (a)		189			15

	SHARES			MARKET VALUE (000S)
Pure Storage, Inc. ‘A’ (a)		423	$		11
QUALCOMM, Inc.		2,267			290
Roper Technologies, Inc.		53			21
Sanmina Corp. (a)		622			25
Seagate Technology Holdings PLC		99			7
ServiceNow, Inc. (a)		300			143
Silicon Laboratories, Inc. (a)		48			7
Skyworks Solutions, Inc.		171			16
Splunk, Inc. (a)		241			21
Super Micro Computer, Inc. (a)		260			10
Synaptics, Inc. (a)		214			25
Teledyne Technologies, Inc. (a)		120			45
Teradata Corp. (a)		569			21
Teradyne, Inc.		358			32
Texas Instruments, Inc.		668			103
Tyler Technologies, Inc. (a)		30			10
VeriSign, Inc. (a)		90			15
Visa, Inc. ‘A’		612			120
Vishay Intertechnology, Inc.		1,328			24
Vontier Corp.		293			7
Western Digital Corp. (a)		1,845			83
Western Union Co.		1,466			24
Xerox Holdings Corp.		2,171			32
					10,640
MATERIALS 3.2%
Albemarle Corp.		174			36
Alcoa Corp.		3,963			181
Allegheny Technologies, Inc. (a)		550			12
AptarGroup, Inc.		296			31
Arconic Corp. (a)		730			20
Ashland Global Holdings, Inc.		76			8
Avery Dennison Corp.		243			39
Avient Corp.		324			13
Axalta Coating Systems Ltd. (a)		605			13
Ball Corp.		1,036			71
Berry Global Group, Inc. (a)		468			26
Cabot Corp.		439			28
Carpenter Technology Corp.		445			12
Celanese Corp.		183			22
CF Industries Holdings, Inc.		292			25
Chemours Co.		710			23
Commercial Metals Co.		1,091			36
Corteva, Inc.		1,300			70
Crown Holdings, Inc.		606			56
DuPont de Nemours, Inc.		1,390			77
Eastman Chemical Co.		268			24
Ecolab, Inc.		299			46
FMC Corp.		188			20
Graphic Packaging Holding Co.		3,327			68
Greif, Inc. ‘A’		210			13
Huntsman Corp.		256			7
Innospec, Inc.		121			12
International Flavors & Fragrances, Inc.		442			53
Kaiser Aluminum Corp.		124			10
Louisiana-Pacific Corp.		691			36
LyondellBasell Industries NV ‘A’		2,975			260
Mosaic Co.		8,187			387
NewMarket Corp.		44			13
Newmont Corp.		2,088			125
Nucor Corp.		1,268			132
O-I Glass, Inc. (a)		1,421			20
Olin Corp.		1,614			75
Packaging Corp. of America		104			14

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 49

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
PPG Industries, Inc.		213	$		24
Reliance Steel & Aluminum Co.		644			109
Royal Gold, Inc.		192			20
RPM International, Inc.		694			55
Scotts Miracle-Gro Co.		287			23
Sealed Air Corp.		1,244			72
Sensient Technologies Corp.		268			22
Sherwin-Williams Co.		664			149
Silgan Holdings, Inc.		654			27
Sonoco Products Co.		821			47
Steel Dynamics, Inc.		704			47
Sylvamo Corp.		363			12
United States Steel Corp.		3,709			66
Vulcan Materials Co.		177			25
Warrior Met Coal, Inc.		1,160			35
WestRock Co.		3,556			142
Worthington Industries, Inc.		217			10
					2,999
REAL ESTATE 0.0%
Anywhere Real Estate, Inc. (a)		2,150			21
UTILITIES 2.1%
AES Corp.		3,484			73
Ameren Corp.		361			33
American Electric Power Co., Inc.		1,317			126
Atmos Energy Corp.		208			23
Avista Corp.		447			19
Black Hills Corp.		97			7
CenterPoint Energy, Inc.		886			26
Clearway Energy, Inc. ‘C’		436			15
CMS Energy Corp.		407			28
Consolidated Edison, Inc.		499			47
Dominion Energy, Inc.		1,672			133
DTE Energy Co.		239			30
Duke Energy Corp.		1,083			116
Edison International		537			34
Entergy Corp.		610			69
Essential Utilities, Inc.		345			16
Evergy, Inc.		929			61
Eversource Energy		479			41
Exelon Corp.		10,576			479
FirstEnergy Corp.		806			31
Hawaiian Electric Industries, Inc.		530			22
IDACORP, Inc.		76			8
National Fuel Gas Co.		580			38
NiSource, Inc.		572			17
NRG Energy, Inc.		616			24
OGE Energy Corp.		304			12
Ormat Technologies, Inc.		189			15
PG&E Corp. (a)		2,725			27
Public Service Enterprise Group, Inc.		1,335			85
Sempra Energy		442			66
Southern Co.		1,493			107
Southwest Gas Holdings, Inc.		187			16
Vistra Corp.		3,499			80
WEC Energy Group, Inc.		443			45
Xcel Energy, Inc.		766			54
					2,023
Total United States					89,734
Total Common Stocks (Cost $86,538)					90,588

	SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 3.7%
UNITED STATES 3.7%
FINANCIALS 0.4%
AGNC Investment Corp.		3,835	$		43
Annaly Capital Management, Inc.		9,025			53
Apollo Commercial Real Estate Finance, Inc.		1,082			11
Blackstone Mortgage Trust, Inc. ‘A’		1,025			28
Chimera Investment Corp.		3,152			28
Ladder Capital Corp. REIT		1,100			12
MFA Financial, Inc.		2,164			23
New Residential Investment Corp.		7,067			66
New York Mortgage Trust, Inc.		3,062			9
PennyMac Mortgage Investment Trust		1,614			22
Redwood Trust, Inc.		1,613			12
Starwood Property Trust, Inc.		2,100			44
Two Harbors Investment Corp.		3,922			20
					371
REAL ESTATE 3.3%
Agree Realty Corp.		112			8
Alexander & Baldwin, Inc.		594			11
American Campus Communities, Inc.		378			24
American Homes 4 Rent ‘A’		1,023			36
American Tower Corp.		1,197			306
Apartment Income REIT Corp.		204			8
Apple Hospitality REIT, Inc.		2,098			31
AvalonBay Communities, Inc.		193			38
Boston Properties, Inc.		192			17
Brandywine Realty Trust		1,390			13
Brixmor Property Group, Inc.		453			9
Camden Property Trust		480			65
Corporate Office Properties Trust		611			16
Cousins Properties, Inc.		701			21
Crown Castle International Corp.		872			147
CubeSmart		837			36
DiamondRock Hospitality Co.		1,525			13
Digital Realty Trust, Inc.		416			54
DigitalBridge Group, Inc.		5,129			25
Douglas Emmett, Inc.		656			15
Duke Realty Corp.		1,540			85
EastGroup Properties, Inc.		126			19
Equinix, Inc.		146			96
Equity Commonwealth		737			20
Equity LifeStyle Properties, Inc.		520			37
Equity Residential		514			37
Essex Property Trust, Inc.		88			23
Extra Space Storage, Inc.		459			78
Federal Realty OP LP		302			29
First Industrial Realty Trust, Inc.		484			23
Gaming & Leisure Properties, Inc.		1,295			59
Healthcare Realty Trust, Inc.		767			21
Healthcare Trust of America, Inc. ‘A’		1,150			32
Highwoods Properties, Inc.		423			14
Host Hotels & Resorts, Inc.		2,861			45
Invitation Homes, Inc.		2,262			80
Iron Mountain, Inc.		1,536			75
Kilroy Realty Corp.		638			33
Kimco Realty Corp.		1,616			32
Kite Realty Group Trust		613			11
Lamar Advertising Co. ‘A’		393			35
Life Storage, Inc.		352			39
LXP Industrial Trust		1,647			18
Macerich Co.		1,754			15

	SHARES			MARKET VALUE (000S)
Medical Properties Trust, Inc.		1,261	$		19
Mid-America Apartment Communities, Inc.		162			28
National Retail Properties, Inc.		265			11
Office Properties Income Trust		517			10
Outfront Media, Inc.		563			10
Paramount Group, Inc.		3,025			22
Park Hotels & Resorts, Inc.		3,177			43
Physicians Realty Trust		1,210			21
Piedmont Office Realty Trust, Inc. ‘A’		1,226			16
Prologis, Inc.		1,803			212
PS Business Parks, Inc.		135			25
Public Storage		603			189
Rayonier, Inc.		799			30
Realty Income Corp.		848			58
Regency Centers Corp.		742			44
Rexford Industrial Realty, Inc.		249			14
RLJ Lodging Trust		1,658			18
Ryman Hospitality Properties, Inc.		223			17
SBA Communications Corp.		203			65
Service Properties Trust		1,733			9
Simon Property Group, Inc.		305			29
SITE Centers Corp.		1,524			21
SL Green Realty Corp.		217			10
Spirit Realty Capital, Inc.		205			8
STAG Industrial, Inc.		560			17
Sun Communities, Inc.		372			59
Sunstone Hotel Investors, Inc.		1,378			14
UDR, Inc.		1,243			57
Veris Residential, Inc.		770			10
VICI Properties, Inc.		825			25
Washington REIT		632			13
Welltower, Inc.		640			53
Weyerhaeuser Co.		1,047			35
WP Carey, Inc.		919			76
Xenia Hotels & Resorts, Inc.		819			12
					3,149
Total Real Estate Investment Trusts (Cost $3,521)					3,520
SHORT-TERM INSTRUMENTS 0.8%
REPURCHASE AGREEMENTS (e) 0.8%
					728
Total Short-Term Instruments (Cost $728)					728
Total Investments in Securities (Cost $90,787)					94,836
INVESTMENTS IN AFFILIATES 0.0%
SHORT-TERM INSTRUMENTS 0.0%
MUTUAL FUNDS 0.0%
PIMCO Government Money Market Fund
1.450% (b)(c)(d)		24,787			25
Total Short-Term Instruments (Cost $25)					25
Total Investments in Affiliates (Cost $25)					25
Total Investments 99.9% (Cost $90,812)			$		94,861
Other Assets and Liabilities, net 0.1%					93
Net Assets 100.0%			$		94,954

50 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2022

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 $24 were out on loan in exchange for $25 of cash collateral as of June 30, 2022. 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

(e)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		0.400	%		06/30/2022		07/01/2022	$	728	U.S. Treasury Notes 2.875% due 06/15/2025	$	(743	)	$	728	$	728
Total Repurchase Agreements											$	(743	)	$	728	$	728

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, 2022:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		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(2)
Global/Master Repurchase Agreement
FICC	$	728	$	0	$	0	$	0	$	728	$	(743	)	$	(15	)
Master Securities Lending Agreement
GSC		0		0		0		24		24		(25	)		(1	)
Total Borrowings and Other Financing Transactions	$	728	$	0	$	0	$	24

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(3)
Common Stocks	$	25	$	0	$	0	$	0	$	25
Total Borrowings	$	25	$	0	$	0	$	0	$	25
Payable for securities on loan - cash collateral									$	25

⁽¹⁾ Includes accrued interest.

⁽²⁾ 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.

⁽³⁾ 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, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Common Stocks
Ireland
Information Technology	$	353	$	0	$	0	$	353
Switzerland
Financials		207		0		0		207

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
United Kingdom
Communication Services	$	120	$	0	$	0	$	120
Consumer Staples		12		0		0		12
Energy		21		0		0		21
Financials		76		0		0		76
Industrials		39		0		0		39

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 51

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.) June 30, 2022

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Materials	$	26	$	0	$	0	$	26
United States
Communication Services		4,985		0		0		4,985
Consumer Discretionary		9,551		0		0		9,551
Consumer Staples		14,993		0		0		14,993
Energy		11,264		0		0		11,264
Financials		9,260		0		0		9,260
Health Care		16,930		0		0		16,930
Industrials		7,068		0		0		7,068
Information Technology		10,640		0		0		10,640
Materials		2,999		0		0		2,999
Real Estate		21		0		0		21
Utilities		2,023		0		0		2,023

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Real Estate Investment Trusts
United States
Financials	$	371	$	0	$	0	$	371
Real Estate		3,149		0		0		3,149
Short-Term Instruments
Repurchase Agreements		0		728		0		728
	$	94,108	$	728	$	0	$	94,836
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		25		0		0		25
Total Investments	$	94,133	$	728	$	0	$	94,861

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

52 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI ESG U.S. Exchange-Traded Fund June 30, 2022

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.2%
COMMON STOCKS 97.5%
IRELAND 0.6%
INFORMATION TECHNOLOGY 0.6%
Accenture PLC ‘A’		601	$		167
Total Ireland					167
SWITZERLAND 0.1%
INFORMATION TECHNOLOGY 0.1%
TE Connectivity Ltd.		294			33
Total Switzerland					33
UNITED KINGDOM 0.9%
COMMUNICATION SERVICES 0.1%
Liberty Global PLC ‘C’ (a)		1,812			40
CONSUMER DISCRETIONARY 0.0%
Capri Holdings Ltd. (a)		189			8
MATERIALS 0.8%
Amcor PLC		1,820			23
Linde PLC		672			193
					216
Total United Kingdom					264
UNITED STATES 95.9%
COMMUNICATION SERVICES 9.0%
AT&T, Inc.		48,562			1,018
Comcast Corp. ‘A’		6,978			274
Electronic Arts, Inc.		559			68
Loyalty Ventures, Inc. (a)		39			0
Lumen Technologies, Inc.		5,296			58
Meta Platforms, Inc. ‘A’ (a)		1,203			194
Omnicom Group, Inc.		301			19
T-Mobile U.S., Inc. (a)		198			26
Verizon Communications, Inc.		15,994			812
Walt Disney Co. (a)		1,221			115
					2,584
CONSUMER DISCRETIONARY 6.7%
Adient PLC (a)		568			17
Advance Auto Parts, Inc.		45			8
Bed Bath & Beyond, Inc. (a)		675			3
Best Buy Co., Inc.		1,057			69
BorgWarner, Inc.		398			13
Carnival Corp. (a)		1,394			12
Dollar General Corp.		176			43
eBay, Inc.		2,276			95
Foot Locker, Inc.		260			7
Ford Motor Co.		20,038			223
Gap, Inc.		1,331			11
General Motors Co. (a)		9,214			293
Genuine Parts Co.		109			15
Goodyear Tire & Rubber Co. (a)		3,041			33
Hilton Worldwide Holdings, Inc.		161			18
Home Depot, Inc.		1,102			302
Kohl’s Corp.		750			27
Lear Corp.		244			31
Lowe’s Cos., Inc.		979			171
Macy’s, Inc.		1,336			25
Marriott International, Inc. ‘A’		364			50

	SHARES			MARKET VALUE (000S)
Newell Brands, Inc.		858	$		16
NIKE, Inc. ‘B’		338			35
O’Reilly Automotive, Inc. (a)		16			10
PVH Corp.		323			18
Ralph Lauren Corp.		71			6
Starbucks Corp.		855			65
Tapestry, Inc.		367			11
Target Corp.		1,143			161
Tesla, Inc. (a)		14			9
TJX Cos., Inc.		881			49
VF Corp.		756			33
Whirlpool Corp.		155			24
					1,903
CONSUMER STAPLES 8.9%
Archer-Daniels-Midland Co.		2,201			171
Campbell Soup Co.		511			25
Church & Dwight Co., Inc.		56			5
Clorox Co.		236			33
Coca-Cola Co.		5,390			339
Colgate-Palmolive Co.		1,489			119
Conagra Brands, Inc.		960			33
Estee Lauder Cos., Inc. ‘A’		85			22
General Mills, Inc.		1,437			108
Hershey Co.		118			25
Hormel Foods Corp.		243			12
Ingredion, Inc.		253			22
J M Smucker Co.		268			34
Kellogg Co.		689			49
Keurig Dr Pepper, Inc.		221			8
Kimberly-Clark Corp.		658			89
Kraft Heinz Co.		2,089			80
Kroger Co.		1,458			69
Molson Coors Beverage Co. ‘B’		703			38
Mondelez International, Inc. ‘A’		1,092			68
PepsiCo, Inc.		1,632			272
Procter & Gamble Co.		4,690			674
Sysco Corp.		1,244			105
Tyson Foods, Inc. ‘A’		368			32
Walgreens Boots Alliance, Inc.		2,863			109
					2,541
FINANCIALS 15.2%
Aflac, Inc.		1,525			84
Allstate Corp.		843			107
American Express Co.		887			123
Ameriprise Financial, Inc.		219			52
Bank of America Corp.		19,335			602
Bank of New York Mellon Corp.		2,789			116
BlackRock, Inc.		163			99
Charles Schwab Corp.		259			16
Citigroup, Inc.		14,253			656
Equitable Holdings, Inc.		1,148			30
Goldman Sachs Group, Inc.		650			193
Hartford Financial Services Group, Inc.		761			50
JPMorgan Chase & Co.		6,579			741
Lincoln National Corp.		690			32
MetLife, Inc.		2,242			141
Moody’s Corp.		67			18
Morgan Stanley		898			68
Nasdaq, Inc.		24			4
PNC Financial Services Group, Inc.		606			96
Principal Financial Group, Inc.		587			39
Prudential Financial, Inc.		1,649			158
S&P Global, Inc.		204			69

	SHARES			MARKET VALUE (000S)
State Street Corp.		816	$		50
U.S. Bancorp		2,718			125
Wells Fargo & Co.		17,560			688
					4,357
HEALTH CARE 22.5%
Abbott Laboratories		1,906			207
AbbVie, Inc.		1,561			239
Agilent Technologies, Inc.		262			31
AmerisourceBergen Corp.		261			37
Amgen, Inc.		1,444			351
Baxter International, Inc.		1,092			70
Becton Dickinson & Co.		389			96
Biogen, Inc. (a)		562			115
Boston Scientific Corp. (a)		791			29
Bristol-Myers Squibb Co.		2,626			202
Cardinal Health, Inc.		1,992			104
Cigna Corp.		1,017			268
CVS Health Corp.		4,132			383
DaVita, Inc. (a)		334			27
Edwards Lifesciences Corp. (a)		281			27
Elevance Health, Inc.		752			363
Eli Lilly & Co.		658			213
Embecta Corp. (a)		63			2
Gilead Sciences, Inc.		4,566			282
Henry Schein, Inc. (a)		54			4
Humana, Inc.		447			209
Illumina, Inc. (a)		107			20
Intuitive Surgical, Inc. (a)		63			13
Johnson & Johnson		6,095			1,082
Laboratory Corp. of America Holdings		125			29
McKesson Corp.		585			191
Merck & Co., Inc.		7,259			662
Pfizer, Inc.		6,925			363
Quest Diagnostics, Inc.		335			45
Regeneron Pharmaceuticals, Inc. (a)		62			37
Stryker Corp.		177			35
UnitedHealth Group, Inc.		1,342			689
Waters Corp. (a)		83			27
Zimvie, Inc. (a)		4			0
					6,452
INDUSTRIALS 4.2%
3M Co.		1,635			212
American Airlines Group, Inc. (a)		2,616			33
Carrier Global Corp.		382			14
Cummins, Inc.		616			119
Deere & Co.		120			36
Dover Corp.		201			24
Eaton Corp. PLC		336			42
FedEx Corp.		283			64
Illinois Tool Works, Inc.		376			69
Johnson Controls International PLC		1,834			88
ManpowerGroup, Inc.		412			32
Nielsen Holdings PLC		1,698			39
Otis Worldwide Corp.		120			8
Owens Corning		391			29
Republic Services, Inc.		234			31
Rockwell Automation, Inc.		146			29
Stanley Black & Decker, Inc.		265			28
United Parcel Service, Inc. ‘B’		754			138
United Rentals, Inc. (a)		121			29
Waste Management, Inc.		576			88
WW Grainger, Inc.		90			41
					1,193

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2022 53

Schedule of Investments PIMCO RAFI ESG U.S. Exchange-Traded Fund (Cont.) June 30, 2022

	SHARES			MARKET VALUE (000S)
INFORMATION TECHNOLOGY 26.7%
Adobe, Inc. (a)		246	$		90
Akamai Technologies, Inc. (a)		60			5
Amdocs Ltd.		272			23
Analog Devices, Inc.		446			65
Apple, Inc.		10,591			1,448
Applied Materials, Inc.		1,336			122
Arrow Electronics, Inc. (a)		317			35
Automatic Data Processing, Inc.		438			92
Avnet, Inc.		725			31
Bread Financial Holdings, Inc.		317			12
Cadence Design Systems, Inc. (a)		144			22
CDW Corp.		161			25
Cisco Systems, Inc.		15,318			653
Citrix Systems, Inc.		227			22
Cognizant Technology Solutions Corp. ‘A’		344			23
Corning, Inc.		2,176			69
Dell Technologies, Inc. ‘C’		380			18
DXC Technology Co. (a)		1,192			36
F5, Inc. (a)		45			7
Fidelity National Information Services, Inc.		199			18
Flex Ltd. (a)		1,747			25
Hewlett Packard Enterprise Co.		10,567			140
HP, Inc.		4,617			151
Intel Corp.		23,511			880
International Business Machines Corp.		1,656			234
Intuit, Inc.		60			23
Jabil, Inc.		211			11
Juniper Networks, Inc.		1,683			48
Lam Research Corp.		147			63
Mastercard, Inc. ‘A’		444			140
Micron Technology, Inc.		3,088			171
Microsoft Corp.		5,496			1,412
Motorola Solutions, Inc.		212			44
NetApp, Inc.		766			50
NortonLifeLock, Inc.		1,659			36
NVIDIA Corp.		277			42

	SHARES			MARKET VALUE (000S)
ON Semiconductor Corp. (a)		506	$		25
Oracle Corp.		4,737			331
PayPal Holdings, Inc. (a)		219			15
QUALCOMM, Inc.		2,226			284
salesforce.com, Inc. (a)		302			50
Seagate Technology Holdings PLC		598			43
Skyworks Solutions, Inc.		204			19
Synopsys, Inc. (a)		36			11
Texas Instruments, Inc.		1,389			213
Visa, Inc. ‘A’		1,176			232
VMware, Inc. ‘A’		247			28
Western Digital Corp. (a)		1,784			80
Western Union Co.		398			7
Xerox Holdings Corp.		1,933			29
					7,653
MATERIALS 2.2%
Air Products & Chemicals, Inc.		159			38
CF Industries Holdings, Inc.		246			21
Dow, Inc.		1,938			100
DuPont de Nemours, Inc.		1,209			67
Eastman Chemical Co.		456			41
Ecolab, Inc.		405			62
International Flavors & Fragrances, Inc.		169			20
International Paper Co.		1,339			56
Mosaic Co.		908			43
Newmont Corp.		785			47
Packaging Corp. of America		179			25
PPG Industries, Inc.		559			64
Sherwin-Williams Co.		137			31
Sylvamo Corp.		33			1
					616
REAL ESTATE 0.2%
CBRE Group, Inc. ‘A’ (a)		512			38
Jones Lang LaSalle, Inc. (a)		80			14
					52

	SHARES			MARKET VALUE (000S)
UTILITIES 0.3%
American Water Works Co., Inc.		236	$		35
Constellation Energy Corp.		178			10
Edison International		493			31
					76
Total United States					27,427
Total Common Stocks (Cost $29,888)					27,891
REAL ESTATE INVESTMENT TRUSTS 1.7%
UNITED STATES 1.7%
REAL ESTATE 1.7%
American Tower Corp.		178			45
AvalonBay Communities, Inc.		143			28
Digital Realty Trust, Inc.		48			6
Equinix, Inc.		52			34
Equity Residential		468			34
Essex Property Trust, Inc.		68			18
Healthpeak Properties, Inc.		906			23
Host Hotels & Resorts, Inc.		2,721			43
Iron Mountain, Inc.		709			34
Mid-America Apartment Communities, Inc.		21			4
Prologis, Inc.		235			28
Ventas, Inc.		1,139			59
Welltower, Inc.		901			74
Weyerhaeuser Co.		2,133			71
					501
Total Real Estate Investment Trusts (Cost $534)					501
Total Investments in Securities (Cost $30,422)					28,392
Total Investments 99.2% (Cost $30,422)			$		28,392
Other Assets and Liabilities, net 0.8%					223
Net Assets 100.0%			$		28,615

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.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Common Stocks
Ireland
Information Technology	$	167	$	0	$	0	$	167
Switzerland
Information Technology		33		0		0		33
United Kingdom
Communication Services		40		0		0		40
Consumer Discretionary		8		0		0		8
Materials		216		0		0		216
United States
Communication Services		2,584		0		0		2,584
Consumer Discretionary		1,903		0		0		1,903

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Consumer Staples	$	2,541	$	0	$	0	$	2,541
Financials		4,357		0		0		4,357
Health Care		6,452		0		0		6,452
Industrials		1,193		0		0		1,193
Information Technology		7,653		0		0		7,653
Materials		616		0		0		616
Real Estate		52		0		0		52
Utilities		76		0		0		76
Real Estate Investment Trusts
United States
Real Estate		501		0		0		501
Total Investments	$	28,392	$	0	$	0	$	28,392

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

54 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements June 30, 2022

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. Prior to August 12, 2022, Parametric Portfolio Associates LLC (“Parametric” or “Sub-Adviser”) served 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.

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

(b) 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

ANNUAL REPORT | JUNE 30, 2022 55

Notes to Financial Statements (Cont.)

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

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

	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.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), 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 determines or estimates, as applicable, 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 determined or estimated, as applicable, 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 but are not limited to, for certain Funds, the treatment of 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 provided to shareholders when such information is available.

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 and Regulatory Updates  In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”), 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. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Funds’ financial statements.

In October 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions that was applicable to the Funds as of the date of this report. Subject to certain exceptions, the rule requires funds to trade

56 PIMCO EQUITY SERIES

June 30, 2022

derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a value-at-risk leverage limit, certain derivatives risk management program and reporting requirements. The rule went into effect on February 19, 2021. The compliance date for the new rule and the related reporting requirements is August 19, 2022. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds’ financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the associated recordkeeping requirements is September 8, 2022. At this time, management is evaluating the 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 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. If regular trading on the NYSE closes earlier than scheduled, each Fund reserves the right to either (i) calculate its NAV as of the earlier closing time or (ii) calculate its NAV as of the normally

scheduled close of regular trading on the NYSE for that day. Each Fund generally does not calculate their NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, each Fund reserves the right to calculate their NAV as of the normally scheduled close of regular trading on the NYSE for that day or such other time that the Fund may determine.

For purposes of calculating 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 PIMCO 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 such data reflecting 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, quotes obtained from a quotation reporting system, established market makers or pricing services. Swap agreements are valued on the basis of market-based prices supplied by Pricing Services or quotes obtained from brokers and dealers. 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.

ANNUAL REPORT | JUNE 30, 2022 57

Notes to Financial Statements (Cont.)

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 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,

58 PIMCO EQUITY SERIES

June 30, 2022

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, Level 2 and Level 3 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, Level 2 and Level 3 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.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the

exchange settlement and the NYSE close. These securities are valued

ANNUAL REPORT | JUNE 30, 2022 59

Notes to Financial Statements (Cont.)

using quotes obtained from a quotation reporting system, established market makers or pricing services. Financial derivatives using these valuation adjustments are 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, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

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

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

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in 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, 2022 (amounts in thousands^†):

Investments in PIMCO Government Money Market Fund

Fund Name	Market Value 06/30/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 06/30/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	7,978	$	24,044	$	(31,950	)	$	0	$	0	$	72	$	0	$	0
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		1,186		9,966		(9,963	)		0		0		1,189		1		0
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		209		2,631		(2,815	)		0		0		25		0		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.

60 PIMCO EQUITY SERIES

June 30, 2022

(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.

Exchange-Traded Funds  typically are index-based investment companies that hold substantially all of their assets in securities representing their specific index, but may also be actively-managed investment companies. Shares of ETFs trade throughout the day on an exchange and represent an investment in a portfolio of securities and other assets. As a shareholder of another investment company, the Funds would bear their pro rata portion of the other investment company’s expenses, including advisory fees, in addition to the expenses the Funds bear directly in connection with their own operations. Investments in ETFs entail certain risks; in particular, investments in ETFs involve the risk that the ETF’s performance may not track the performance of the index the ETF is designed to track.

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 as of June 30, 2022, 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 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 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

ANNUAL REPORT | JUNE 30, 2022 61

Notes to Financial Statements (Cont.)

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 Fund’s 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 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.

During the period ended June 30, 2022, 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

62 PIMCO EQUITY SERIES

June 30, 2022

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
Small Fund	—	X	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
Environmental, Social and Governance Investing	—	—	—	X

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

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 particularly during times of market stress.

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, and valuation complexity. Changes in the value of a derivative may not

ANNUAL REPORT | JUNE 30, 2022 63

Notes to Financial Statements (Cont.)

correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. A Fund’s use of derivatives may result in losses to 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. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty resides with a Fund’s clearing broker, or the clearinghouse. 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, 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.

Leveraging Risk  is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be

more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management and Tracking Error Risk  is the risk that the portfolio manager’s investment decisions may not produce the desired results or that a Fund’s portfolio may not closely track the Underlying Index for a number of reasons. A Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing a Fund’s portfolio to reflect changes in the composition of the Underlying Index. Performance of a Fund and the Underlying Index may vary due to asset valuation differences and differences between a Fund’s portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. The risk that performance of a Fund and the Underlying Index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, a Fund’s use of a representative sampling approach may cause a Fund to be less correlated to the return of the Underlying Index than if a Fund held all of the securities in the Underlying Index.

Indexing Risk  is the risk that a Fund is negatively affected by general declines in the asset classes represented by the Underlying Index.

Environmental, Social and Governance Investing Risk  is the risk that, because the Underlying Index may select or exclude securities of certain issuers for reasons other than performance, a Fund’s performance will differ from funds that do not utilize an ESG investing strategy. ESG investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by the Index Provider or any judgment exercised by the Index Provider in constructing the Underlying Index will reflect the opinions 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 that may impact a 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

64 PIMCO EQUITY SERIES

June 30, 2022

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. Additionally, to the extent the Fund invests in securities and instruments economically tied to Russia, the recent Russian invasion of Ukraine may adversely affect the Fund’s investments. Please see the Important Information section for additional discussion of the COVID-19 pandemic as well as the Russian invasion of Ukraine.

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 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

ANNUAL REPORT | JUNE 30, 2022 65

Notes to Financial Statements (Cont.)

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, which reflects changes in market value, is 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. 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 or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. 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

66 PIMCO EQUITY SERIES

June 30, 2022

secondary market in shares of the Funds. During the period ended June 30, 2022 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) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses;

(v) securities lending fees and expenses; (vi) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vii) extraordinary expenses, including costs of litigation and indemnification expenses; and (viii) 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, through October 31, 2022, 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, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

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”) within thirty-six months of the time 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, 2022, 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	$	34	$	46	$	20	$	100
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		1		3		6		10
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		8		3		6		17
PIMCO RAFI ESG U.S. ETF		76		0		2		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.

ANNUAL REPORT | JUNE 30, 2022 67

Notes to Financial Statements (Cont.)

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, 2022, 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	$	99,308	$	331,546
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0		0		36,300		36,369
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		0		0		37,960		37,553
PIMCO RAFI ESG U.S. ETF		0		0		6,771		7,708

^†  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.

The consideration for the purchase of Creation Units of a Fund generally consists of a basket of cash and/or securities that a 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, 2022, 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	$	5,158	$	139,411
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		35,541		23,543
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		30,989		11,664
PIMCO RAFI ESG U.S. ETF		17,338		4,676

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

68 PIMCO EQUITY SERIES

June 30, 2022

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 which were executed in kind 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.

On May 17, 2022, Allianz Global Investors U.S. LLC (“AGI U.S.”) pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Funds in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.-registered investment companies, including the Funds.

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, 2022, 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, 2022, 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)		Total Components of Distributable Earnings
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	1,044	$	2,431	$	(7,505	)	$	0	$	0		$	0	$	0	$	(4,030	)
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		1,126		0		(1,685	)		0		(13,290	)		0		0		(13,849	)
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		432		0		4,011			0		(17,086	)		0		0		(12,643	)
PIMCO RAFI ESG U.S. ETF		149		0		(2,437	)		0		(1,163	)		0		0		(3,451	)

^†  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. Also adjusted for differences between book and tax realized and unrealized gain (loss) on: passive foreign investment companies (PFICs), return of capital from Real Estate Investment Trusts (REITs), and partnerships.

⁽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 as shown below.

⁽⁵⁾ Capital losses realized during the period November 1, 2021 through June 30, 2022 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, 2021 through June 30, 2022 and Ordinary losses realized during the period January 1, 2022 through June 30, 2022 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

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

ANNUAL REPORT | JUNE 30, 2022 69

Notes to Financial Statements (Cont.) June 30, 2022

As of June 30, 2022, 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	$	0	$	0
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		9,112		4,178
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		12,871		4,215
PIMCO RAFI ESG U.S. ETF		1,048		115

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

As of June 30, 2022, 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	$	82,271	$	9,164	$	(16,702	)	$	(7,538	)
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		87,545		5,392		(7,065	)		(1,673	)
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		90,850		9,002		(4,992	)		4,010
PIMCO RAFI ESG U.S. ETF		30,830		1,072		(3,511	)		(2,439	)

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

⁽⁷⁾ Adjusted for open wash sale loss deferrals. Also adjusted for differences between book and tax realized and unrealized gain (loss) on: passive foreign investment companies (PFICs), return of capital from Real Estate Investment Trusts (REITs), and partnerships.

For the fiscal years ended June 30, 2022 and June 30, 2021, respectively, the Funds made the following tax basis distributions (amounts in thousands^†):

	June 30, 2022						June 30, 2021
	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	$	16,013	$	19,600	$	0	$	12,004	$	0	$	0
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		2,872		0		0		943		0		0
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		1,311		0		0		868		0		0
PIMCO RAFI ESG U.S. ETF		411		0		0		235		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.

17. SUBSEQUENT EVENTS

On August 12, 2022, PIMCO terminated the Sub-Advisory Agreement between PIMCO and Parametric with respect to 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.

There were no other subsequent events identified that require recognition or disclosure.

70 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, 2022, the related statements of operations for the year ended June 30, 2022, the statements of changes in net assets for each of the two years in the period ended June 30, 2022, 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, 2022, 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, 2022 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, 2022 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 26, 2022

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

ANNUAL REPORT | JUNE 30, 2022 71

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

Counterparty Abbreviations:
BCY	Barclays Capital, Inc.	FICC	Fixed Income Clearing Corporation	MBC	HSBC Bank Plc
BSN	The Bank of Nova Scotia - Toronto	GSC	Goldman Sachs & Co. LLC	UBS	UBS Securities LLC
Currency Abbreviations:
USD (or $)	United States Dollar
Other Abbreviations:
ADR	American Depositary Receipt	REIT	Real Estate Investment Trust	TBA	To-Be-Announced
JSC	Joint Stock Company	SP - ADR	Sponsored American Depositary Receipt

72 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 fund’s dividend distribution that qualifies under tax law. The percentage of the following Funds’ fiscal 2022 ordinary income dividend that qualifies for the corporate dividend 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, 2022 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 2022:

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, 2022 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, 2022 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.

Section 163(j) Interest Dividends.  The funds intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) amount of ordinary income distributions are as follows:

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 Gains (000s†)		163(j) Interest Dividends (000s†)		Foreign Source Income		Foreign Taxes Pass Through
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		0%		29%	$	0	$	0	$	0	$	9,652,783	$	1,246,810
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0%		100%		0		0		0		3,841,753		371,498
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		100%		96%		0		0		0		0		0
PIMCO RAFI ESG U.S. ETF		100%		99%		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 2023, 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 2022.

Section 199A Dividends.  Non-corporate fund shareholders of the funds below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the funds as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

	199A Dividends
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		0%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0%
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		4%
PIMCO RAFI ESG U.S. ETF		1%

ANNUAL REPORT | JUNE 30, 2022 73

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended June 30, 2022 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year.

See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
April 2022	$	0.1000	$	0.0000	$	0.0000	$	0.1000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
PIMCO RAFI Dynamic Multi-Factor International Equity ETF	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
April 2022	$	0.1000	$	0.0000	$	0.0000	$	0.1000
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
April 2022	$	0.1800	$	0.0000	$	0.0000	$	0.1800
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
PIMCO RAFI ESG U.S. ETF	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
January 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
February 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
March 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
April 2022	$	0.1400	$	0.0000	$	0.0000	$	0.1400
May 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2022	$	0.0000	$	0.0000	$	0.0000	$	0.0000

* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits.

** Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund’s net income, yield, earnings or investment performance.

74 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.	149	Chairman and Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Kimberley G. Stafford (1978) Trustee	02/2021 to present	Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO.	149	Trustee, 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.	149	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	Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P.	149	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.	149	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).	149	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.	149	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).	149	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, 2022.

¹  Ms. Stafford is an “interested persons” of the Trust (as that term is defined in the 1940 Act) because of his affiliations with PIMCO.

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

ANNUAL REPORT | JUNE 30, 2022 75

Management of the Trust (Cont.) (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 and Head of Funds Business Group Americas, 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.
Ryan G. Leshaw (1980) Chief Legal Officer and Secretary	08/2021 to present	Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer 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.
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.
Joshua D. Ratner (1976)** Senior Vice President	05/2019 to present	Executive Vice President and Head of Americas 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.
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.
Douglas B. Burrill (1980)** Vice President	08/2022 to present	Senior Vice President, PIMCO. Vice President PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO-Sponsored Interval Funds and PIMCO Sponsored Closed-End Funds.
Jeffrey A. Byer (1976) Vice President	02/2020 to present	Executive Vice President, 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.
Elizabeth A. Duggan (1964) Vice President	02/2021 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.
Mark A. Jelic (1981) Vice President	08/2021 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Kenneth W. Lee (1972) Vice President	08/2022 to present	Senior Vice President, PIMCO. Vice President PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, 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.
Keith A. Werber (1973) Vice President	05/2022 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Bijal Y. Parikh (1978) Treasurer	01/2021 to present	Senior Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT, 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	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Deputy Treasurer, 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 August 25, 2022.

^† The term “PIMCO-Sponsored Closed-End Funds” as used herein includes: PIMCO Access Income Fund, 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 Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS^® & Income Fund, PIMCO High Income 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, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.

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

*** The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

76 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, 2021 77

Liquidity Risk Management Program (Unaudited)

In compliance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940, as amended (“1940 Act”), 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”) not regulated as a money market fund under 1940 Act Rule 2a-7, 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, Americas Operations, Compliance, Account Management and Portfolio Management, and is advised by members of PIMCO Legal.

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 15-16, 2022, 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 12-month period ended December 31, 2021. The Report reviewed the operation of the Program’s components during such period and stated 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 period ended June 30, 2022.

78 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_063022

(b) Not applicable to the Registrant.

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, 2022	$ 616,174
	June 30, 2021	$ 692,562
(b)	Fiscal Year Ended	Audit-Related Fees(1)
	June 30, 2022	$ —
	June 30, 2021	$ —
(c)	Fiscal Year Ended	Tax Fees
	June 30, 2022	$ 89,600
	June 30, 2021	$ 144,025
(d)	Fiscal Year Ended	All Other Fees(2)
	June 30, 2022	$ —
	June 30, 2021	$ —

“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, 2022		June 30, 2021
PIMCO Equity Series Trust	$	89,600	$	144,025
Pacific Investment Management Company LLC (“PIMCO”)		13,128,802		15,411,504
Totals	$	13,218,402	$	15,555,529

(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.

(i) Not applicable.

(j) Not applicable.

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:	September 1, 2022

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:	September 1, 2022
By:	/s/      Bijal Y. Parikh
	Bijal Y. Parikh
	Treasurer (Principal Financial & Accounting Officer)
Date:	September 1, 2022